7 unchanged sentences
The highest, lowest, and average weekly position together with the market risk from a hypothetical 10% adverse price change is as follows:
−Removed: Nine months ended Year ended
−Removed: September 30, 2023 December 31, 2022
+Added: Three months ended Year ended
+Added: March 31, 2024 December 31, 2023
Long/(Short) (In millions)
3 unchanged sentences
Average position (56) (6) 125 13
−Removed: The change in fair value of the average position was due to the decrease in prices of certain commodities.
+Added: The change in fair value of the average position was due to the overall decrease in average quantities, partially offset by the increase in prices of certain commodities.
+Added: CONTROLS AND PROCEDURES
+Added: Evaluation of Disclosure Controls and Procedures
+Added: As of March 31, 2024, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and interim Chief Financial Officer, of the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)).
+Added: Based on that evaluation, the Company’s Chief Executive Officer and interim Chief Financial Officer, concluded the Company’s disclosure controls and procedures were not effective as of March 31, 2024, due to the material weakness described below.
+Added: Internal Control Over Financial Reporting
+Added: As disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, during the fourth quarter of 2023, in connection with the Investigation, the Company identified a material weakness in its internal control over financial reporting related to the Company’s accounting practices and procedures for intersegment sales.
+Added: The material weakness resulted from inadequate controls that allowed for certain intersegment sales to be reported at amounts that were not in accordance with ASC 606, Revenue from Contracts with Customers .
+Added: Specifically, the Company did not have adequate controls in place around measurement of certain intersegment sales between the Nutrition reporting segment and the Ag Services and Oilseeds and Carbohydrate Solutions reporting segments.
+Added: The absence of adequate controls with respect to the reporting of intersegment sales impacted the accuracy of the Company’s segment disclosures and review controls over projected financial information utilized in goodwill and other long-lived asset impairment tests.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.