ADM said it conducted an internal investigation after a voluntary SEC document request on intersegment sales between its Nutrition segment and its Ag Services and Oilseeds and Carbohydrate Solutions segments, and that it restated its consolidated financial statements.

1. 01

   ADM said it conducted an internal investigation after a voluntary SEC document request on intersegment sales between its Nutrition segment and its Ag Services and Oilseeds and Carbohydrate Solutions segments, and that it restated its consolidated financial statements.

2. 02

   The company said earnings before income taxes in 2023 fell 18%, or $939 million, to $4.3 billion. Total segment operating profit (a non-GAAP measure) fell 9%, or $613 million, to $5.9 billion. The company cited lower results in Crushing, Wilmar and Nutrition.

3. 03

   The company said revenues fell $7.6 billion, or $93.9 billion, in 2023. It said lower sales prices ($10.3 billion) were partially offset by higher sales volumes ($2.7 billion).

4. 04

   The company said it recognized a goodwill impairment charge of $137 million for its Animal Nutrition reporting unit in Q4 2023. After the impairment, the goodwill balance for the reporting unit was $0.9 billion as of December 31, 2023.

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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