Debt Instrument, Face Amount

  
Archer-Daniels-Midland Company  
Notes to Consolidated Financial Statements (Continued)(Unaudited)  
Note 7.     Accrued Expenses and Other Payables  
The following table sets forth the items in accrued expenses and other payables:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | September 30, |  | December 31, |
|  | 2022 |  | 2021 |
|   | (In millions) |
|  |  |  |  |
| Unrealized losses on derivative contracts | $ | 1,727  |  |  | $ | 1,950  |  |
| Accrued compensation | 423  |  |  | 445  |  |
| Income tax payable | 211  |  |  | 132  |  |
| Other taxes payable | 141  |  |  | 168  |  |
|  |  |  |  |
|  |  |  |  |
| Insurance claims payable | 229  |  |  | 220  |  |
| Contract liability | 423  |  |  | 581  |  |
|  |  |  |  |
|  |  |  |  |
| Other accruals and payables | 1,532  |  |  | 1,294  |  |
|   | $ | 4,686  |  |  | $ | 4,790  |  |

  
Note 8.    Debt and Financing Arrangements  
On February 28, 2022, the Company issued its first sustainability bond of $750 million aggregate principal amount of 2.900% notes due March 1, 2032. Net proceeds before expenses were $748 million. The Company expects to apply an amount equal to the net proceeds to finance or refinance eligible green projects and/or eligible social projects.  
During the quarter ended September 30, 2022, the Company redeemed €500 million aggregate principal amount of Fixed-to-Floating Rate Senior Notes due 2022 issued in a private placement on March 25, 2021.  
On September 29, 2022, Archer Daniels Midland Singapore, Pte. Ltd., a wholly-owned subsidiary of the Company, closed on a $500 million revolving credit facility at an interest rate of SOFR plus 45 basis points. The facility will be used to finance working capital requirements of ADM entities in the Asia Pacific region and general corporate purposes.  
At September 30, 2022, the fair value of the Company’s long-term debt was below the carrying value by $0.3 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).  
At September 30, 2022, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $12.2 billion, of which $10.1 billion was unused. Of the Company’s total lines of credit, $5.0 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was no commercial paper outstanding at September 30, 2022.   
The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $2.6 billion in funding resulting from the sale of accounts receivable with $0.6 billion unused capacity as of September 30, 2022 (see Note 14 for more information about the Programs). Note 9.    Income Taxes  
The Company’s effective tax rates were 15.7% and 16.9% for the three and nine months ended September 30, 2022, respectively, compared to 18.4% and 15.8% for the three and nine months ended September 30, 2021, respectively. The change in the rate was primarily due to changes in the geographic mix of earnings and the impact of discrete tax items.   
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (“Inflation Act”), which includes, among other provisions, changes to the U.S. corporate income tax system, including a 15% minimum tax based on “adjusted financial statement income,” and a one percent excise tax on net repurchases of stock for tax years beginning after December 31, 2022. While the Inflation Act has no immediate impact and is not expected to have a material adverse effect on ADM’s results of operations going forward, the Company will continue to evaluate its impact as further information becomes available.   
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