During the three months ended March 31, 2024, the Company acquired Revela Foods (“Revela”), a Wisconsin-based developer and manufacturer of innovative dairy flavor ingredients and solutions, and FDL, a UK-based leading developer and producer of premium flavor and functional ingredient systems.

In 2024, the Company expects total capital expenditures of approximately $1.3 billion and additional cash outlays of approximately $1.0 billion in dividends and up to $2.3 billion in share repurchases, subject to other strategic uses of capital and the evolution of operating cash flows and the working capital position throughout the year.

ADM is committed to eliminating deforestation from all of the Company's supply chains by 2025. In 2023, after a strategic investigation of the impact of conversion of native habitats in its key supply chains, the Company announced its commitment to eliminate conversion of native habitats in high risk areas in South America for direct suppliers of all commodities by 2025 and indirect suppliers by 2027.

Selling, general, and administrative expenses increased $70 million to $951 million due primarily to higher legal and professional fees, increased amortization of intangibles, and higher salaries and benefit costs.

The Company is in the process of implementing enhancements to its internal controls to remediate the identified material weakness in its internal control over financial reporting related to the Company's accounting practices and procedures for intersegment sales and to enhance the reliability of its financial statements with respect to the pricing and reporting of such sales.

ADM plans to support the three pillars with investments in technology, which include expanding digital capabilities and investing further in research and development.

The Company is unable to predict the final outcome of these investigations with any reasonable degree of certainty.

The Company is unable to predict the final outcome of these proceedings with any reasonable degree of certainty.

As these actions are in pretrial proceedings, the Company is unable at this time to predict the final outcome with any reasonable degree of certainty, but believes the outcome will not have a material adverse effect on its financial condition, results of operations, or cash flows.

Following two years of very favorable market conditions, several headwinds in the agriculture cycle led to more normalized results throughout the entire value chain.

Crushing saw strong run rates, the anticipation of a more normal global supply environment, and new capacity suppressing meal values. In Refined Products and Other, oil values in North America were under pressure due to low carbon intensity feedstocks competing in the renewable diesel market.

Demand for starches and sweeteners remained solid with margins remaining steady across the entire portfolio. Industry ethanol stocks remained elevated.

Manufacturing expenses decreased $86 million to $1.8 billion due principally to lower energy costs, partially offset by higher salaries and benefit costs and commercial service fees.

The Productivity pillar includes (1) partnering across various global teams including procurement, supply chain, operations, and commercial to optimize costs and improve production volumes across the enterprise.

The Productivity pillar includes (2) continued roll out of the 1ADM business transformation program and implementation of improved standardized business processes.

The Productivity pillar includes (3) increased use of technology, data analytics, and automation at production facilities, in offices, and with customers to improve efficiencies and customer service.

The Innovation pillar includes expansions and investments in (1) improving the customer experience by leveraging producer relationships and enhancing the use of state-of-the-art digital technology.

ADM plans to support the three pillars with investments in technology, which include expanding digital capabilities and investing further in research and development.

For the three months ended March 31, 2024, the Company spent approximately $0.3 billion in capital expenditures, $0.3 billion in dividends, and $1.3 billion in share repurchases.

In 2024, the Company expects total capital expenditures of approximately $1.3 billion and additional cash outlays of approximately $1.0 billion in dividends and up to $2.3 billion in share repurchases, subject to other strategic uses of capital and the evolution of operating cash flows and the working capital position throughout the year.

At March 31, 2024, the Company's capital resources included shareholders' equity of $23.2 billion and lines of credit, including the accounts receivable securitization programs described below, totaling $12.8 billion, of which $8.8 billion was unused.

ADM is committed to eliminating deforestation from all of the Company's supply chains by 2025.

ADM aims to reduce its absolute water withdrawal by 10%, from a 2019 baseline, by 2035.

ADM aims to increase its use of low-carbon energy sources to 25% of total energy used by 2035.

Ag Services experienced slow South American farmer selling, low demand for North American exports, along with low margins in all regions with the move to a carry market.

The global feed and feed additives market remained challenged on the demand side, with weakness in the Chinese beef and pork business and continued subdued global shrimp prices.

Human Nutrition was impacted by inflation which drove lower demand and impacted volumes in alternative proteins.