ADM acquired Revela Foods, Fuerst Day Lawson Ltd., PT Trouw Nutrition Indonesia, and Totally Natural Solutions Ltd. during the nine months ended September 30, 2024. While these acquisitions add capabilities to the Nutrition segment, their post-acquisition results were immaterial.

ADM is focused on three strategic pillars: Productivity, Innovation, and Culture. This includes optimizing costs, improving production volumes, enhancing customer experience, and driving sustainability-driven innovation.

ADM identified a material weakness in its internal control over financial reporting related to segment disclosures. The company is implementing enhancements to remediate this weakness, but its effectiveness is yet to be determined.

The Productivity pillar includes partnering across global teams to optimize costs and improve production volumes across the enterprise, continued roll out of the 1ADM business transformation program and implementation of improved standardized business processes, and increased use of technology, data analytics, and automation at production facilities, in offices, and with customers to improve efficiencies and customer service.

The Company faces risks related to international conflicts, acts of terrorism or war, or other geopolitical events, such as the ongoing Russia-Ukraine war, Israel-Hamas war, sanctions, and other economic disruptions. These events could lead to property damage, business disruption, and loss in value.

The Company received a voluntary document request from the SEC relating to intersegment sales, and subsequently received additional document requests from the SEC. Following the Company's January 21, 2024 announcement of the Investigation, the Company received document requests from the Department of Justice (“DOJ”) focused primarily on the same subject matter, and the DOJ directed grand jury subpoenas to certain current and former Company employees.

The Company is a defendant in commodities class action lawsuits alleging manipulation of benchmark prices for ethanol derivatives. These actions are in pretrial proceedings, and the Company is unable at this time to predict the final outcome with any reasonable degree of certainty.

Global crushing margins were pressured from more global competition than in previous years. This indicates a more challenging competitive landscape for ADM's crushing operations.

Oil values in North America were under pressure due to low carbon intensity feedstocks competing in the renewable diesel market and uncertainty around Biodiesel industry policy changes.

Manufacturing expenses increased $124 million to $1.9 billion driven by increases in maintenance expenses due to work performed at Ag Services & Oilseeds facilities in Decatur, Illinois and Spiritwood, North Dakota, among others, increased salaries and benefits due to salary increases, higher depreciation expenses, and higher operating supplies driven by increases in EMEA

Low river water levels and hurricanes caused some operational disruptions in North America, indicating potential operational bottlenecks and supply chain challenges.

The Company is undertaking upgrades to its IT platforms and, in particular, certain of its enterprise resource planning (ERP) systems on a worldwide basis, which is expected to occur in phases over the next several years. The Company did not have any further deployments of updated ERP systems during the quarter ended September 30, 2024.

On March 12, 2024, the Company entered into an accelerated share repurchase (“ASR”) transaction agreement to repurchase $1.0 billion of ADM common stock. As of September 30, 2024, the Company had 14.8 million shares remaining under its existing share repurchase program.

In 2023, ADM refined two of its Strive 35 commitments to more meaningfully drive progress: ADM aims to reduce its absolute water withdrawal by 10%, from a 2019 baseline, by 2035, and ADM aims to increase its use of low-carbon energy sources to 25% of total energy used by 2035.

ADM is committed to eliminating deforestation from all of the Company's supply chains by end of 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 end of 2025 and indirect suppliers by 2027

Following two years of very favorable market conditions, several headwinds in the agriculture cycle led to more normalized results throughout the entire value chain. This indicates a shift to a less favorable market environment for ADM.