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Debt Financing Arrangements
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Financing Arrangements Debt Financing Arrangements
The Company’s long-term debt consisted of the following:
Debt Instrument
Interest RateFace AmountDue DateDecember 31, 2023December 31, 2022
 (In millions)
2.5% Notes$1 billion2026$998 $997 
3.25% Notes$1 billion2030991 989 
2.900% Notes$750 million2032744 744 
2.700% Notes$750 million2051732 731 
1% Notes€650 million2025717 691 
4.5% Notes$600 million2049589 589 
4.500% Notes$500 million2033492 — 
5.375% Debentures$432 million 2035426 425 
3.75% Notes$408 million 2047403 403 
5.935% Debentures$336 million 2032334 334 
5.765% Debentures$297 million 2041297 297 
4.535% Debentures$383 million 2042288 286 
4.016% Debentures$371 million 2043263 260 
7% Debentures$160 million 2031159 159 
6.95% Debentures$157 million 2097154 154 
7.5% Debentures$147 million 2027147 147 
6.625% Debentures$144 million 2029144 144 
6.75% Debentures$103 million 2027103 103 
6.45% Debentures$103 million 2038102 102 
1.750% Notes€600 million2023— 641 
0% Bonds$300 million2023— 304 
Other177 177 
Total long-term debt including current maturities8,260 8,677 
Current maturities(1)(942)
Total long-term debt$8,259 $7,735 
 
On April 3, 2023, the Company issued $500 million aggregate principal amount of 4.500% Notes due August 15, 2033. Net proceeds before expenses were $493 million. Proceeds from the borrowings were used for general corporate purposes.

In June 2023, the Company redeemed €600 million aggregate principal amount of 1.750% Notes due 2023.

In August 2023, the Company redeemed $300 million aggregate principal amount of zero coupon exchangeable bonds due 2023.
During the year ended December 31, 2023, Archer Daniels Midland Singapore, Pte. Ltd., a wholly-owned subsidiary of the Company, increased its revolving credit facility from $500 million to $750 million at an interest rate of Secured Overnight Financing Rate plus a fixed spread. The facility is used to finance working capital requirements and for general corporate purposes.

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 $745 million. Proceeds from the borrowings were used to finance investments and expenditures in eligible green projects that contribute to environmental objectives and/or eligible social projects that aim to address or mitigate a specific social issue and/or seek to achieve positive social outcomes.

In September 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.

Discount amortization expense, net of premium amortization, of $15 million, $6 million, and $10 million for the years ended December 31, 2023, 2022, and 2021, respectively, are included in interest expense related to the Company’s long-term debt.

At December 31, 2023, the fair value of the Company’s long-term debt exceeded the carrying value by $0.3 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

The aggregate maturities of long-term debt for the five years after December 31, 2023, are $1 million, $718 million, $999 million, $251 million, and $1 million, respectively.

At December 31, 2023, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $13.2 billion, of which $11.5 billion was unused.  The weighted average interest rates on short-term borrowings outstanding at December 31, 2023 and 2022, were 7.44% and 6.21%, respectively.  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 $5 million commercial paper outstanding at December 31, 2023.

The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements.  The Company is in compliance with these covenants as of December 31, 2023.

The Company had outstanding standby letters of credit and surety bonds at December 31, 2023 and 2022, totaling $1.6 billion.

The Company has accounts receivable securitization programs (the “Programs”).  The Programs provide the Company with up to $3.0 billion in funding resulting from the sale of accounts receivable.  As of December 31, 2023, the Company utilized $1.6 billion of its facility under the Programs (see Note 19 for more information on the Programs).