ADM Announces Closure of Government Investigations Related to ADM's Prior Reporting Regarding Intersegment Sales

Core Viewpoint - ADM has resolved investigations by the SEC and DOJ regarding prior reporting on intersegment sales, entering a settlement with the SEC for $40 million without admitting wrongdoing [1] Group 1: Investigations and Settlements - ADM has entered into a settlement agreement with the SEC to resolve its investigation into prior reporting on intersegment sales, agreeing to pay $40 million [1] - The DOJ has closed its investigation of ADM with no further action required [1] - The investigations by the SEC and DOJ have now concluded, allowing ADM to move forward [1] Group 2: Internal Actions and Financial Reporting - Following the investigations, ADM conducted an internal investigation led by outside counsel and reported findings to the SEC [1] - In March 2024, ADM corrected prior period errors and restated its 2023 Form 10-K and Forms 10-Q for the first and second quarters of 2024 to address historical segment reporting errors [1] - The transactions involved in the SEC resolution did not affect ADM's consolidated balance sheet, earnings, or cash flows for the periods presented in the restated filings [1] Group 3: Leadership and Future Commitment - ADM has made significant changes to its financial leadership team and financial controls to enhance internal processes [1] - The Chair of the Board, President, and CEO expressed satisfaction in resolving these matters and emphasized the company's commitment to transparency and integrity moving forward [1]