ADM Reports Correction Of Certain Segment-Specific Historical Financial Information

(RTTNews) - ADM (ADM) issued an update with respect to the internal investigation led by the Audit Committee of its Board regarding certain accounting practices and procedures with respect to Nutrition reporting segment, including as related to certain intersegment sales. The company identified and corrected certain intersegment sales that occurred between the Nutrition reporting segment and the Ag Services and Oilseeds and Carbohydrate Solutions reporting segments that were not recorded at amounts approximating market. The company said the adjustments related to reporting segments does not impact consolidated statement of earnings.

In connection with the internal investigation, the company identified a material weakness in its internal control over financial reporting related to its accounting practices and procedures for intersegment sales.