Archer-Daniels-Midland Co.
Archer-Daniels-Midland Company Announces Restatement of Prior Financial Filings
Summary
On November 4, 2024, Archer-Daniels-Midland Company (ADM) announced that it will restate its fiscal year 2023 Form 10-K and Form 10-Qs for the first and second quarters of 2024 due to errors in the disclosure of intersegment sales. The restatement will correct previously disclosed errors and newly identified misclassifications of intersegment transactions. The Company does not expect the restatement to impact its Consolidated Statements of Earnings, Comprehensive Income (Loss), Balance Sheets, Cash Flow, or Shareholders' Equity. ADM is working to complete the restatements as soon as reasonably practical and is enhancing its internal controls to prevent future errors.
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About Archer-Daniels-Midland Co.
Archer-Daniels-Midland Co. is a global food processing and commodities trading corporation. Its primary function is to procure, transport, store, process, and merchandize a wide variety of agricultural products. Notably involved in the production of oilseeds, corn, wheat, and cocoa, the company plays a critical role in creating essentials like food and animal feed ingredients, renewable fuels, and other industrial products. Archer-Daniels-Midland impacts sectors such as agriculture, energy, and nutrition. Additionally, it emphasizes sustainable practices, focusing on responsible production and supply chain management. Established in 1902, the company has grown to become a significant player in the agricultural industry, with operations spanning over various continents, fortifying its market significance by ensuring food security and supporting energy alternatives like ethanol. Archer-Daniels-Midland serves a broad array of customers, including food manufacturers and industrial processors, by converting natural products into key ingredients and solutions, thus driving forward the global food supply chain.
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