ARCHER-DANIELS-MIDLAND CO, 10-Q filed on 7/30/2024
Quarterly Report
v3.24.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 29, 2024
Class of Stock [Line Items]    
Entity Central Index Key 0000007084  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 1-44  
Entity Registrant Name ARCHER-DANIELS-MIDLAND CO  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 41-0129150  
Entity Address, Address Line One 77 West Wacker Drive, Suite 4600  
Entity Address, City or Town Chicago,  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60601  
City Area Code 312  
Local Phone Number 634-8100  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   478,142,028
Debt Securities [Member]    
Class of Stock [Line Items]    
Title of 12(b) Security 1.000% Notes due 2025  
Security Exchange Name NYSE  
No Trading Symbol Flag true  
Common Stock [Member]    
Class of Stock [Line Items]    
Title of 12(b) Security Common Stock, no par value  
Trading Symbol ADM  
Security Exchange Name NYSE  
v3.24.2
Consolidated Statements Of Earnings - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Revenues $ 22,248 $ 25,190 $ 44,095 $ 49,262
Cost of Products Sold 20,852 23,307 41,040 45,299
Gross Profit 1,396 1,883 3,055 3,963
Selling, general, and administrative expenses 907 841 1,858 1,722
Asset impairment, exit, and restructuring costs 7 60 25 67
Interest Expense 187 180 353 327
Equity in (earnings) losses of unconsolidated affiliates (152) (151) (364) (325)
Interest and investment income (140) (142) (263) (276)
Other (Income) Expense - Net (9) (37) (35) (81)
Earnings Before Income Taxes 596 1,132 1,481 2,529
Income taxes 115 204 281 429
Net earnings including noncontrolling interests 481 928 1,200 2,100
Net Income (Loss) Attributable to Noncontrolling Interest (5) 1 (15) 3
Net Earnings Attributable to Controlling Interests $ 486 $ 927 $ 1,215 $ 2,097
Average number of shares outstanding - basic 492 545 503 548
Average number of shares outstanding - diluted 493 546 503 549
Earnings Per Share, Basic $ 0.99 $ 1.70 $ 2.42 $ 3.83
Earnings Per Share, Diluted 0.98 1.70 2.41 3.82
Dividends per common share $ 0.50 $ 0.45 $ 1.00 $ 0.90
v3.24.2
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net earnings including noncontrolling interests $ 481 $ 928 $ 1,200 $ 2,100
Other Comprehensive Income (Loss), before Tax        
Foreign currency translation adjustment, before tax (261) 35 (257) 188
Pension and other postretirement benefit liabilities adjustment, before tax (3) (6) (7) (32)
Unrealized gain (loss) on investments, before tax 0 4 (7) 8
Other Comprehensive Income (Loss), Tax        
Foreign currency translation adjustment, tax effect (6) 14 (26) 28
Pension and other postretirement benefit liabilities adjustment, tax effect 1 4 2 (9)
Unrealized gain (loss) on investments, tax effect 0 (1) (1) (2)
Other Comprehensive Income (Loss), Net of Tax        
Foreign currency translation adjustment, net of tax (267) 49 (283) 216
Pension and other postretirement benefit liabilities adjustment, net of tax (2) (2) (5) (41)
Other Comprehensive Income (Loss), Cash Flow Hedge And Net Investment Hedge, Gain (Loss), Before Reclassification, Before Tax (48) (37) (117) (141)
Other Comprehensive Income (Loss), Cash Flow Hedge And Net Investment Hedge, Gain (Loss), After Reclassification Adjustment, Tax 6 16 16 32
Other Comprehensive Income (Loss), Cash Flow Hedge And Net Investment Hedge, Gain (Loss), After Reclassification Adjustment, After Tax (42) (21) (101) (109)
Unrealized gain (loss) on investments, net of tax 0 3 (8) 6
Other comprehensive income (loss) (311) 29 (397) 72
Comprehensive income (loss) including noncontrolling interests 170 957 803 2,172
Less: Comprehensive income (loss) attributable to noncontrolling interests (6) 0 (19) (1)
Comprehensive income (loss) attributable to controlling interests $ 176 $ 957 $ 822 $ 2,173
v3.24.2
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 764 $ 1,368
Segregated cash and investments 6,975 7,228
Trade receivables 4,382 4,232
Inventories 10,443 11,957
Other current assets 4,398 4,982
Total Current Assets 26,962 29,767
Investments and Other Assets    
Investments in and advances to affiliates 5,557 5,500
Goodwill and other intangible assets 6,970 6,341
Operating Lease, Right-of-Use Asset 1,293 1,211
Other assets 1,288 1,304
Total Investments and Other Assets 15,108 14,356
Property, Plant, and Equipment    
Land and Land Improvements 570 573
Buildings 6,002 5,876
Machinery and equipment 20,397 20,223
Construction in progress 1,458 1,360
Gross Property, Plant, and Equipment 28,427 28,032
Accumulated depreciation (17,799) (17,524)
Net Property, Plant, and Equipment 10,628 10,508
Total Assets 52,698 54,631
Current Liabilities    
Short-term debt 2,312 105
Trade payables 5,035 6,313
Payables to Brokerage Customers 7,468 7,867
Accrued expenses and other payables 3,569 4,076
Operating Lease, Liability, Current 299 300
Current maturities of long-term debt 1 1
Total Current Liabilities 18,684 18,662
Long-Term Liabilities    
Long-term debt 8,247 8,259
Deferred income taxes 1,289 1,309
Operating Lease, Liability, Noncurrent 1,017 931
Other 1,000 1,005
Total Long-Term Liabilities 11,553 11,504
Redeemable Noncontrolling Interest, Equity, Carrying Amount 302 320
Shareholders' Equity    
Common stock 3,200 3,154
Reinvested earnings 21,828 23,465
Accumulated other comprehensive income (loss) (2,880) (2,487)
Noncontrolling interests 11 13
Total Shareholders' Equity 22,159 24,145
Total Liabilities and Shareholders' Equity $ 52,698 $ 54,631
v3.24.2
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net earnings including noncontrolling interests $ 1,200 $ 2,100
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities    
Depreciation and amortization 566 521
Asset impairment charges 10 46
Deferred income taxes (92) 8
Equity in earnings of affiliates, net of dividends (121) (80)
Stock compensation expense 84 86
Deferred cash flow hedges (118) (141)
(Gain) Loss on Disposition of Assets 9 (32)
Other - net 154 (18)
Increase (Decrease) of Restricted Investments (261) (1,392)
Changes in operating assets and liabilities, net of businesses acquired    
Trade receivables (180) 846
Inventories 1,443 2,917
Other current assets 628 582
Trade payables (1,257) (2,762)
Increase (Decrease) in Payables to Brokerage Customers (390) (1,213)
Accrued expenses and other payables (507) (569)
Total Operating Activities 1,168 899
Investing Activities    
Purchases of property, plant, and equipment (690) (614)
Proceeds from sale of business and assets 16 17
Net assets of businesses acquired (936) 0
Payments to Acquire Interest in Subsidiaries and Affiliates (8) (6)
Distributions from affiliates 2 0
Payments to Acquire Other Investments 0 (5)
Other - net 4 (3)
Total Investing Activities (1,612) (611)
Financing Activities    
Long-term debt borrowings 0 500
Long-term debt payments 0 (662)
Net borrowings (payments) under lines of credit agreements 2,208 (371)
Purchases of treasury stock (2,327) (1,001)
Cash dividends (503) (494)
Other - net (39) (103)
Total Financing Activities (661) (2,131)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations (14) (3)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (1,119) (1,846)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning 5,390 7,033
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending 4,271 5,187
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents [Abstract]    
Cash and cash equivalents 764 1,426
Restricted Cash and Cash Equivalents $ 3,507 $ 3,761
v3.24.2
Consolidated Statements Of Shareholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Noncontrolling Interests [Member]
Balance (shares) at Dec. 31, 2022   547      
Balance at Dec. 31, 2022 $ 24,317 $ 3,147 $ 23,646 $ (2,509) $ 33
Comprehensive income          
Net earnings including noncontrolling interests 2,100   2,097   3
Other comprehensive income (loss) 72     76 (4)
Total comprehensive income $ 2,172        
Common Stock, Dividends, Per Share, Cash Paid $ 0.90        
Cash dividends paid $ (494)   (494)    
Stock Repurchased During Period, Value (1,005)   (1,005)    
Stock Repurchased During Period, Shares   (13)      
Stock compensation expense, shares   3      
Stock compensation expense 86 $ 86      
Stock option exercises net of taxes, value (107) $ (107)      
Stock option exercises net of taxes, shares   (1)      
Other, shares   0      
Other 6 $ 2 0 0 4
Balance (shares) at Jun. 30, 2023   536      
Balance at Jun. 30, 2023 24,975 $ 3,128 24,244 (2,433) 36
Balance (shares) at Mar. 31, 2023   545      
Balance at Mar. 31, 2023 24,896 $ 3,106 24,217 (2,463) 36
Comprehensive income          
Net earnings including noncontrolling interests 928   927   1
Other comprehensive income (loss) 29     30 (1)
Total comprehensive income $ 957        
Common Stock, Dividends, Per Share, Cash Paid $ 0.45        
Cash dividends paid $ (246)   (246)    
Stock Repurchased During Period, Value (654)   (654)    
Stock Repurchased During Period, Shares   (9)      
Stock compensation expense, shares   0      
Stock compensation expense 21 $ 21      
Stock option exercises net of taxes, value 1 $ 1      
Stock option exercises net of taxes, shares   0      
Balance (shares) at Jun. 30, 2023   536      
Balance at Jun. 30, 2023 24,975 $ 3,128 24,244 (2,433) 36
Balance (shares) at Dec. 31, 2023   513      
Balance at Dec. 31, 2023 24,145 $ 3,154 23,465 (2,487) 13
Balance (shares) at Mar. 31, 2024   502      
Balance at Mar. 31, 2024 23,232 $ 2,720 23,069 (2,570) 13
Balance (shares) at Dec. 31, 2023   513      
Balance at Dec. 31, 2023 24,145 $ 3,154 23,465 (2,487) 13
Comprehensive income          
Net earnings including noncontrolling interests 1,200   1,215   (15)
Other comprehensive income (loss) (397)     (393) (4)
Total comprehensive income $ 803        
Common Stock, Dividends, Per Share, Cash Paid $ 1.00        
Cash dividends paid $ (503)   (503)    
Stock Repurchased During Period, Value (2,349)   (2,349)    
Stock Repurchased During Period, Shares   (37)      
Stock compensation expense, shares   3      
Stock compensation expense 84 $ 84      
Stock option exercises net of taxes, value (41) $ (41)      
Stock option exercises net of taxes, shares   (1)      
Other, shares   0      
Other 20 $ 3 0 0 17
Balance (shares) at Jun. 30, 2024   478      
Balance at Jun. 30, 2024 22,159 $ 3,200 21,828 (2,880) 11
Balance (shares) at Mar. 31, 2024   502      
Balance at Mar. 31, 2024 23,232 $ 2,720 23,069 (2,570) 13
Comprehensive income          
Net earnings including noncontrolling interests 481   486   (5)
Other comprehensive income (loss) (311)     (310) (1)
Total comprehensive income $ 170        
Common Stock, Dividends, Per Share, Cash Paid $ 0.50        
Cash dividends paid $ (247)   (247)    
Stock Repurchased During Period, Value (1,018)   (1,480)    
Stock Repurchased During Period, Shares   (24)      
Stock compensation expense, shares        
Stock compensation expense 18 $ 18      
Other, shares   0      
Other 4 $ 0 0 0 4
Balance (shares) at Jun. 30, 2024   478      
Balance at Jun. 30, 2024 $ 22,159 $ 3,200 $ 21,828 $ (2,880) $ 11
v3.24.2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Cash dividends paid, per share $ 0.50 $ 0.45 $ 1.00 $ 0.90
v3.24.2
Basis of Presentation
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.  For further information, refer to the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023 for Archer-Daniels-Midland Company (the Company or ADM).

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries.  All significant intercompany accounts and transactions have been eliminated.  The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee’s activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, where appropriate, for basis differences between the investment balance and the underlying net assets of the investee and impairments determined to be other than temporary in nature.  The Company’s portion of the results of certain affiliates and results of certain VIEs are included using the most recent available financial statements.  In each case, the financial statements are within 93 days of the Company’s year end and are consistent from period to period.

Segregated Cash and Investments

The Company segregates certain cash, cash equivalents, and investment balances in accordance with regulatory requirements, commodity exchange requirements, and insurance arrangements. These balances represent deposits received from customers of the Company’s registered futures commission merchant and commodity brokerage services, cash margins and securities pledged to commodity exchange clearinghouses, and cash pledged as security under certain insurance arrangements. Segregated cash and investments also include restricted cash collateral for the various insurance programs of the Company’s captive insurance business. To the degree these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and cash equivalents on the consolidated statements of cash flows.

Receivables

The Company records receivables at net realizable value in trade receivables, other current assets, and other assets.  These amounts include allowances for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances including any accrued interest thereon. The Company estimates uncollectible accounts by pooling receivables according to type, region, credit risk rating, and age. Each pool is assigned an expected loss co-efficient to arrive at a general reserve based on historical write-offs adjusted, as needed, for regional, economic, and other forward-looking factors. The Company minimizes credit risk due to the large and diversified nature of its worldwide customer base. ADM manages its exposure to counter-party credit risk through credit analysis and approvals, credit limits, and monitoring procedures. Long-term receivables recorded in other assets were not material to the Company’s overall receivables portfolio.
Changes to the allowance for estimated uncollectible accounts were as follows:

Three Months Ended June 30
20242023
(In millions)
Beginning, April 1$216 $182 
Current year provisions(12)9
Write-offs against allowance(3)(16)
Foreign exchange translation adjustment(1)— 
Other(6)(1)
Ending, June 30$194 $174 
Six Months Ended June 30
20242023
(In millions)
Beginning, January 1 $215 $199 
Current year provisions(7)13
Recoveries8 1 
Write-offs against allowance(16)(40)
Foreign exchange translation adjustment— 1 
Other(6)— 
Ending, June 30$194 $174 

Current year provisions in the three months ended June 30, 2024 include reversals of prior general provisions for economic factors related to the pandemic. Write-offs against allowance in the three months and six months ended June 30, 2024 were primarily related to trade receivables and long-term receivables, respectively. Write-offs against allowance in the three months ended June 30, 2023 were primarily related to a customer in Brazil. Also included in write-offs against allowance in the six months ended June 30, 2023 was allowance on receivables that were subsequently sold.

Inventories

Certain merchandisable agricultural commodity inventories, which include inventories acquired under deferred pricing contracts, are stated at market value.  In addition, the Company values certain inventories using the first-in, first-out (FIFO) method at the lower of cost or net realizable value.

The following table sets forth the Company’s inventories as of June 30, 2024 and December 31, 2023.
June 30, 2024December 31, 2023
 (In millions)
Raw materials and supplies$1,787 $1,944 
Finished goods2,909 3,026 
Market inventories5,747 6,987 
Total inventories$10,443 $11,957 

Included in raw materials and supplies are work in process inventories which were not material as of June 30, 2024 and December 31, 2023.
Cost Method Investments

Cost method investments of $440 million and $438 million as of June 30, 2024 and December 31, 2023, respectively, were included in Other Assets in the Company’s consolidated balance sheets. Revaluation losses of $18 million in the six months ended June 30, 2024 were related to an investment in alternative protein and precision fermentation, partially offset by an upward adjustment of $2 million in the six months ended June 30, 2024. There were no revaluation gains or losses in the three and six months ended June 30, 2023. Revaluation gains and losses are recorded in interest and investment income in the Company’s consolidated statements of earnings. As of June 30, 2024, the cumulative amounts of upward and downward adjustments were $115 million and $94 million, respectively.

Investments in Affiliates

The Company applies the equity method of accounting for investments over which the Company has the ability to exercise significant influence, including its 22.5% investment in Wilmar International Limited (“Wilmar”). The Company’s investment in Wilmar had a carrying value of $4.1 billion as of June 30, 2024, and a market value of $3.2 billion based on the quoted Singapore Exchange market price converted to U.S. dollars at the applicable exchange rate at June 30, 2024. Wilmar does not have a recent history of operating losses, has positive working capital and positive cash flows and has a long history of paying dividends.

A significant portion of the decline in market value of Wilmar based on the quoted Singapore Exchange market price occurred during the quarter ended June 30, 2024. The Company considers its investment in Wilmar a significant and strategic relationship and has the intent and ability to retain its investment in Wilmar for a period of time sufficient to allow for any anticipated recovery in market value.

Based on the evaluation of the factors above and the Company’s evaluation of the near-term prospects of Wilmar in relation to the severity and duration of the decline in fair value, the Company does not consider the investment to be other-than-temporarily impaired at June 30, 2024.
v3.24.2
New Accounting Standards
 6 Months Ended
Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]  
Accounting Standards Update and Change in Accounting Principle [Text Block] New Accounting Standards
Through December 31, 2024, the Company has the option to adopt the amended guidance of Accounting Standards Codification (ASC) 848, Reference Rate Reform, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amended guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ADM has completed the transition of its financing, funding, and hedging portfolios from LIBOR to alternative reference rates. The transition did not have an impact on the Company’s consolidated financial statements.

Effective December 31, 2024, the Company will be required to adopt the amended guidance of ASC 280, Segment Reporting, which improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for more detailed information about a reportable segment’s expenses. The amended guidance improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and permits entities to disclose more than one measure of a reportable segment’s profitability used by the Chief Operating Decision Maker. The adoption of the amended guidance will result in expanded disclosures in the Company’s segment and geographic information footnote but will not have an impact on the consolidated financial statements.

Effective December 31, 2025, the Company will be required to adopt the amended guidance of ASC 740, Income Taxes, which enhances the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for more transparency about income tax information. The adoption of the amended guidance will result in expanded disclosures in the Company’s income taxes footnote but will not have an impact on the consolidated financial statements.
v3.24.2
Revenues Revenues
 6 Months Ended
Jun. 30, 2023
Revenues [Abstract]  
Revenues [Text Block] Revenues
Revenue Recognition

The Company principally generates revenue from merchandising and transporting agricultural commodities, and manufacturing products for use in food, beverages, feed, energy, and industrial applications, and ingredients and solutions for human and animal nutrition. Revenue is measured based on the consideration specified in the contract with a customer. The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product or service to a customer. The majority of the Company’s contracts with customers have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in paragraph 10-50-14 of ASC 606, Revenue from Contracts with Customers, (Topic 606) and does not disclose information about remaining performance obligations that have original expected durations of one year or less. For transportation service contracts, the Company recognizes revenue over time as the mode of transportation moves towards its destination in accordance with the transfer of control guidance of Topic 606. The Company recognized revenue from transportation service contracts of $252 million and $445 million for the three and six months ended June 30, 2024, respectively, and $200 million and $378 million for the three and six months ended June 30, 2023, respectively. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20).
Shipping and Handling Costs
Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in cost of products sold. Accordingly, amounts billed to customers for such costs are included as a component of revenues.
Taxes Collected from Customers and Remitted to Governmental Authorities
The Company does not include taxes assessed by governmental authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in the measurement of transaction prices or as a component of revenues and cost of products sold.

Contract Liabilities

Contract liabilities relate to advance payments from customers for goods and services the Company has yet to provide. Contract liabilities of $364 million and $626 million as of June 30, 2024 and December 31, 2023, respectively, were recorded in accrued expenses and other payables in the consolidated balance sheets. Revenues recognized in the three and six months ended June 30, 2024 from the December 31, 2023 contract liabilities were $120 million and $355 million, respectively.
Disaggregation of Revenues

The following tables present revenue disaggregated by timing of recognition and major product lines for the three and six months ended June 30, 2024 and 2023.
Three Months Ended June 30, 2024
Topic 606 Revenue
Topic 815(1)
Total
(In millions)Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$925 $252 $1,177 $10,569 $11,746 
Crushing104 — 104 2,746 2,850 
Refined Products and Other523 — 523 2,214 2,737 
Total Ag Services and Oilseeds1,552 252 1,804 15,529 17,333 
Carbohydrate Solutions
Starches and Sweeteners1,654 — 1,654 557 2,211 
Vantage Corn Processors683 — 683 — 683 
Total Carbohydrate Solutions2,337 — 2,337 557 2,894 
Nutrition
Human Nutrition1,061 — 1,061 — 1,061 
Animal Nutrition847 — 847 — 847 
Total Nutrition1,908 — 1,908 — 1,908 
Other Business113 — 113 — 113 
Total Revenues$5,910 $252 $6,162 $16,086 $22,248 
Six Months Ended June 30, 2024
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
(In millions)
Ag Services and Oilseeds
Ag Services$1,947 $445 $2,392 $20,551 $22,943 
Crushing220 — 220 5,957 6,177 
Refined Products and Other1,070 — 1,070 4,362 5,432 
Total Ag Services and Oilseeds3,237 445 3,682 30,870 34,552 
Carbohydrate Solutions
Starches and Sweeteners3,247 — 3,247 1,120 4,367 
Vantage Corn Processors1,210 — 1,210 — 1,210 
Total Carbohydrate Solutions4,457 — 4,457 1,120 5,577 
Nutrition
Human Nutrition2,025 — 2,025 — 2,025 
Animal Nutrition1,719 — 1,719 — 1,719 
Total Nutrition3,744 — 3,744 — 3,744 
Other Business222 — 222 — 222 
Total Revenues$11,660 $445 $12,105 $31,990 $44,095 
Three Months Ended June 30, 2023
Topic 606 Revenue
Topic 815(1)
Total
(In millions)Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$1,071 $200 $1,271 $12,095 $13,366 
Crushing32 — 32 3,448 3,480 
Refined Products and Other577 — 577 2,421 2,998 
Total Ag Services and Oilseeds1,680 200 1,880 17,964 19,844 
Carbohydrate Solutions
Starches and Sweeteners1,872 — 1,872 603 2,475 
Vantage Corn Processors906 — 906 — 906 
Total Carbohydrate Solutions2,778 — 2,778 603 3,381 
Nutrition
Human Nutrition966 — 966 — 966 
Animal Nutrition887 — 887 — 887 
Total Nutrition1,853 — 1,853 — 1,853 
Other Business112 — 112 — 112 
Total Revenues$6,423 $200 $6,623 $18,567 $25,190 
Six Months Ended June 30, 2023
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
(In millions)
Ag Services and Oilseeds
Ag Services$2,088 $378 $2,466 $22,595 $25,061 
Crushing223 — 223 6,940 7,163 
Refined Products and Other1,203 — 1,203 4,996 6,199 
Total Ag Services and Oilseeds3,514 378 3,892 34,531 38,423 
Carbohydrate Solutions
Starches and Sweeteners3,956 — 3,956 1,256 5,212 
Vantage Corn Processors1,706 — 1,706 — 1,706 
Total Carbohydrate Solutions5,662 — 5,662 1,256 6,918 
Nutrition
Human Nutrition1,902 — 1,902 — 1,902 
Animal Nutrition1,804 — 1,804 — 1,804 
Total Nutrition3,706 — 3,706 — 3,706 
Other Business215 — 215 — 215 
Total Revenues$13,097 $378 $13,475 $35,787 $49,262 
(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606.

Ag Services and Oilseeds

The Ag Services and Oilseeds segment generates revenue from the sale of commodities, from service fees for the transportation of goods, from the sale of products manufactured in its global processing facilities, and from its structured trade finance activities. Revenue is measured based on the consideration specified in the contract. Revenue is recognized when a performance obligation is satisfied by transferring control over a product or providing service to a customer. For transportation service contracts, the Company recognizes revenue over time as the mode of transportation moves towards its destination in accordance with the transfer of control guidance of Topic 606. The amount of revenue recognized follows the contractually specified price, which may include freight or other contractually specified cost components. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by Topic 610-20.

Carbohydrate Solutions

The Carbohydrate Solutions segment generates revenue from the sale of products manufactured at the Company’s global corn and wheat milling facilities around the world. Revenue is recognized when control over products is transferred to the customer. Products are shipped to customers from the Company’s various facilities and from its network of storage terminals. The amount of revenue recognized is based on the consideration specified in the contract, which could include freight and other costs depending on the specific shipping terms of each contract. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by Topic 610-20.
Nutrition

The Nutrition segment sells ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, enzymes, botanical extracts, edible beans, formula feeds, animal health and nutrition products, pet food and treats, and other specialty food and feed ingredients. Revenue is recognized when control over products is transferred to the customer. The amount of revenue recognized follows the contracted price or the mutually agreed price of the product. Freight and shipping are recognized as a component of revenue at the same time control transfers to the customer.

Other Business

Other Business includes the Company’s futures commission business whose primary sources of revenue are commissions and brokerage income generated from executing orders and clearing futures contracts and options on futures contracts on behalf of its customers. Commissions and brokerage revenue are recognized on the date the transaction is executed. Other Business also includes the Company’s captive insurance business, which generates third party revenue through its proportionate share of premiums from third-party reinsurance pools. Reinsurance premiums are recognized on a straight-line basis over the period underlying the policy.
v3.24.2
Acquisitions
 6 Months Ended
Jun. 30, 2024
Business Combinations [Abstract]  
Acquisitions Acquisitions
During the six months ended June 30, 2024, the Company acquired Revela Foods (“Revela”), a Wisconsin-based developer and manufacturer of innovative dairy flavor ingredients and solutions, FDL, a UK-based leading developer and producer of premium flavor and functional ingredient systems, PT Trouw Nutrition Indonesia (“PT”), a subsidiary of Nutreco and leading provider of functional and nutritional solutions for livestock farming in Indonesia, and Totally Natural Solutions (“TNS”), a UK-based hops flavoring producer, for an aggregate cash consideration of $948 million.

The aggregate cash consideration of these acquisitions, net of $12 million in cash acquired, was allocated as follows, subject to final measurement period adjustments:

(In millions)RevelaFDLPTTNSTotal
Working capital$50 $16 $5 $2 $73 
Property, plant, and equipment38 34 5 2 79 
Goodwill410 128 5 8 551 
Other intangible assets166 97 — 11 274 
Other long-term assets28 1 — — 29 
Long-term liabilities(43)(26)— (1)(70)
Aggregate cash consideration$649 $250 $15 $22 $936 

Goodwill recorded in connection with the acquisitions is primarily attributable to the synergies expected to arise after the Company’s acquisition of the businesses. Of the $551 million allocated to goodwill, $313 million is expected to be deductible for tax purposes.

These acquisitions add capabilities to the Human and Animal Nutrition businesses. The Company’s consolidated statement of earnings for the three and six months ended June 30, 2024 includes the post-acquisition results of the acquired businesses which were immaterial.
The following table sets forth the fair values and the useful lives of the other intangible assets acquired.
Useful LivesRevelaFDLTNSTotal
(In years)(In millions)
Intangible assets with finite lives:
Trademarks/brands3$— $4 $1 $5 
Customer lists10to18124 73 8 205 
Recipes and others10to2142 20 2 64 
Total other intangible assets acquired$166 $97 $11 $274 
v3.24.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2024 and December 31, 2023.

 Fair Value Measurements at June 30, 2024
 
Quoted Prices in
 Active Markets
 for Identical
 Assets
 (Level 1)		Significant
 Other
 Observable
 Inputs
 (Level 2)		Significant 
Unobservable
Inputs
(Level 3)		Total
 (In millions)
 
Assets:    
Inventories carried at market$— $3,201 $2,546 $5,747 
Unrealized derivative gains:    
Commodity contracts— 735 395 1,130 
Foreign currency contracts— 188 — 188 
Interest rate contracts— 5 — 5 
Cash equivalents260 — — 260 
Segregated investments1,748 — — 1,748 
Total Assets$2,008 $4,129 $2,941 $9,078 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $545 $367 $912 
Foreign currency contracts— 158 — 158 
Inventory-related payables— 1,149 34 1,183 
Total Liabilities$— $1,852 $401 $2,253 
Fair Value Measurements at December 31, 2023
  
Quoted Prices in
 Active Markets
 for Identical
 Assets
 (Level 1)		Significant
 Other
 Observable
 Inputs
 (Level 2)		Significant 
Unobservable
Inputs
(Level 3)		Total
 (In millions)
Assets:    
Inventories carried at market$— $4,274 $2,713 $6,987 
Unrealized derivative gains:    
Commodity contracts— 628 731 1,359 
Foreign currency contracts— 187 — 187 
Cash equivalents209 — — 209 
Segregated investments1,362 — — 1,362 
Total Assets$1,571 $5,089 $3,444 $10,104 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $500 $457 $957 
Foreign currency contracts— 144 — 144 
Inventory-related payables— 1,219 101 1,320 
Total Liabilities$— $1,863 $558 $2,421 


Estimated fair values for inventories and inventory-related payables carried at market are based on exchange-quoted prices, adjusted for differences in local markets and quality, referred to as basis. Market valuations for the Company’s inventories are adjusted for location and quality (basis) because the exchange-quoted prices represent contracts with standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using the inputs from competitor and broker quotations or market transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments. In some cases, the basis adjustments are unobservable because they are supported by little to no market activity. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the inventory is classified in Level 3. Changes in the fair value of inventories and inventory-related payables are recognized in the consolidated statements of earnings as a component of cost of products sold.
Derivative contracts include exchange-traded commodity futures and options contracts, forward commodity purchase and sale contracts, and over-the-counter (OTC) instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies.  Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1.  Substantially all of the Company’s exchange-traded futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables.  Fair value for forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets.  Market valuations for the Company’s forward commodity purchase and sale contracts are adjusted for location (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments. In some cases, the basis adjustments are unobservable because they are supported by little to no market activity.  When observable inputs are available for substantially the full term of the contract, it is classified in Level 2.  When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the contract is classified in Level 3.  Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the consolidated statements of earnings as a component of cost of products sold.  Changes in the fair value of foreign currency-related derivatives are recognized in the consolidated statements of earnings as a component of revenues, cost of products sold, and other (income) expense - net, depending upon the purpose of the contract.  The changes in the fair value of derivatives designated as effective cash flow hedges are recognized in the consolidated balance sheets as a component of accumulated other comprehensive income (AOCI) until the hedged items are recorded in earnings or it is probable the hedged transaction will no longer occur.

The Company’s cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1.

The Company’s segregated investments are comprised of U.S. Treasury securities. U.S. Treasury securities are valued using quoted market prices and are classified in Level 1.

The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2024.
 Level 3 Fair Value Asset Measurements at
June 30, 2024
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total 
Assets
 (In millions)
Balance, March 31, 2024$2,948 $764 $3,712 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*
187 197 384 
Purchases3,637 3,637 
Sales(4,194)— (4,194)
Settlements— (438)(438)
Transfers into Level 3557 29 586 
Transfers out of Level 3(589)(157)(746)
Ending balance, June 30, 2024$2,546 $395 $2,941 

* Includes increase in unrealized gains of $325 million relating to Level 3 assets still held at June 30, 2024.
The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2024.

Level 3 Fair Value Liability Measurements at
 June 30, 2024
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses
 
Total 
Liabilities
 (In millions)
Balance, March 31, 2024$62 $435 $497 
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*(4)203 199 
Purchases2 — 2 
Sales(26)— (26)
Settlements— (282)(282)
Transfers into Level 3— 15 15 
Transfers out of Level 3— (4)(4)
Ending balance, June 30, 2024$34 $367 $401 

* Includes increase in unrealized losses of $208 million relating to Level 3 liabilities still held at June 30, 2024.

The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2023.
 Level 3 Fair Value Asset Measurements at
June 30, 2023
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total 
Assets
 (In millions)
Balance, March 31, 2023$3,503 $649 $4,152 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*362 475 837 
Purchases9,910 — 9,910 
Sales(10,646)— (10,646)
Settlements(4)(457)(461)
Transfers into Level 3547 240 787 
Transfers out of Level 3(813)(21)(834)
Ending balance, June 30, 2023$2,859 $886 $3,745 

* Includes increase in unrealized gains of $780 million relating to Level 3 assets still held at June 30, 2023.
The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2023.
Level 3 Fair Value Liability Measurements at
 June 30, 2023
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses		Debt Conversion Option
 
Total 
Liabilities
 (In millions)
Balance, March 31, 2023$57 $455 $1 $513 
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*4 535 (1)538 
Purchases5 — — 5 
Settlements(3)(283)— (286)
Transfers into Level 32 86 — 88 
Transfers out of Level 3— (2)— (2)
Ending balance, June 30, 2023$65 $791 $— $856 

* Includes increase in unrealized losses of $545 million relating to Level 3 liabilities still held at June 30, 2023.

The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2024.

Level 3 Fair Value Asset Measurements at
 June 30, 2024
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total 
Assets
 (In millions)
Balance, December 31, 2023$2,713 $731 $3,444 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*90 572 662 
Purchases7,426 — 7,426 
Sales(8,077)— (8,077)
Settlements— (790)(790)
Transfers into Level 31,073 57 1,130 
Transfers out of Level 3(679)(175)(854)
Ending balance, June 30, 2024$2,546 $395 $2,941 
* Includes increase in unrealized gains of $889 million relating to Level 3 assets still held at June 30, 2024.


The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2024.

Level 3 Fair Value Liability Measurements at
 June 30, 2024
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses
 
Total 
Liabilities
 (In millions)
Balance, December 31, 2023$101 $457 $558 
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*(7)532 525 
Purchases3 — 3 
Sales(64)— (64)
Settlements— (572)(572)
Transfers into Level 31 28 29 
Transfers out of Level 3— (78)(78)
Ending balance, June 30, 2024$34 $367 $401 
* Includes increase in unrealized losses of $546 million relating to Level 3 liabilities still held at June 30, 2024.
The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2023.
 Level 3 Fair Value Asset Measurements at
June 30, 2023
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total 
Assets
 (In millions)
Balance, December 31, 2022$2,760 $541 $3,301 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*364 952 1,316 
Purchases18,575 — 18,575 
Sales(18,900)— (18,900)
Settlements(4)(839)(843)
Transfers into Level 31,152 290 1,442 
Transfers out of Level 3(1,088)(58)(1,146)
Ending balance, June 30, 2023$2,859 $886 $3,745 
* Includes increase in unrealized gains of $1.4 billion relating to Level 3 assets still held at June 30, 2023.

The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2023.
Level 3 Fair Value Liability Measurements at
 June 30, 2023
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses		Debt Conversion Option
 
Total 
Liabilities
 (In millions)
Balance, December 31, 2022$89 $603 $6 $698 
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*2 778 (6)774 
Purchases7 — — 7 
Settlements(34)(707)— (741)
Transfers into Level 31 125 — 126 
Transfers out of Level 3— (8)— (8)
Ending balance, June 30, 2023$65 $791 $— $856 

* Includes increase in unrealized losses of $0.8 billion relating to Level 3 liabilities still held at June 30, 2023.

Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2.

In some cases, the price components that result in differences between exchange-traded prices and local prices for inventories
and commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable. These price components primarily include transportation costs and other adjustments required due to location, quality, or other contract terms. In the table below, these other adjustments are referred to as basis. The changes in unobservable price components are determined by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components.

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of June 30, 2024 and December 31, 2023. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with basis, the unobservable component as of June 30, 2024 is a weighted average 39.1% of the total price for assets and 42.7% of the total price for liabilities.
Weighted Average % of Total Price
June 30, 2024December 31, 2023
Component TypeAssetsLiabilitiesAssetsLiabilities
Inventories and Related Payables
Basis39.1 %42.7 %25.0 %33.2 %
Transportation cost17.4 %— %11.5 %— %
Commodity Derivative Contracts
Basis32.7 %25.3 %24.2 %24.9 %
Transportation cost24.8 %19.8 %9.3 %3.2 %

In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts. These price quotes are generally not further adjusted by the Company in determining the applicable market price. In some cases, availability of third-party quotes is limited to only one or two independent sources. In these situations, absent other corroborating evidence, the Company considers these price quotes as 100% unobservable and, therefore, the fair value of these items is reported in Level 3.
v3.24.2
Derivative Instruments and Hedging Activities
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Derivatives Not Designated as Hedging Instruments

The majority of the Company’s derivative instruments have not been designated as hedging instruments. The Company uses exchange-traded futures and exchange-traded and OTC options contracts to manage its net position of merchandisable agricultural product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies.  The Company also uses exchange-traded futures and exchange-traded and OTC options contracts as components of merchandising strategies designed to enhance margins. The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures contracts and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets. Derivatives, including exchange-traded contracts and forward commodity purchase or sale contracts, and inventories of certain merchandisable agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value.  Inventory is not a derivative and therefore fair values of and changes in fair values of inventories are not included in the tables below.
The following table sets forth the fair value of derivatives not designated as hedging instruments as of June 30, 2024 and December 31, 2023.
 June 30, 2024December 31, 2023
 AssetsLiabilitiesAssetsLiabilities
 (In millions)
Foreign Currency Contracts$133 $158 $187 $122 
Interest Rate Contracts— — — — 
Commodity Contracts1,121 912 1,343 957 
Total$1,254 $1,070 $1,530 $1,079 


The following tables set forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the three and six months ended June 30, 2024 and 2023.
Other (income) expense - net
 Cost ofInterest
(In millions)Revenuesproducts soldexpense
Three Months Ended June 30, 2024
Consolidated Statement of Earnings$22,248 $20,852 $(9)$187 
Pre-tax gains (losses) on:
Foreign Currency Contracts$18 $(155)$8 $— 
Commodity Contracts— (22)— — 
Total gain (loss) recognized in earnings$18 $(177)$8 $— $(151)
Three Months Ended June 30, 2023
Consolidated Statement of Earnings$25,190 $23,307 $(37)$180 
Pre-tax gains (losses) on:
Foreign Currency Contracts$(15)$153 $43 $— 
Commodity Contracts— 35 — — 
Debt Conversion Option— — — 1 
Total gain (loss) recognized in earnings$(15)$188 $43 $1 $217 
Other (income) expense - net
 Cost ofInterest
(In millions)Revenuesproducts soldexpense
Six Months Ended June 30, 2024
Consolidated Statement of Earnings$44,095 $41,040 $(35)$353 
Pre-tax gains (losses) on:
Foreign Currency Contracts$19 $(218)$62 $— 
Commodity Contracts— 175 — — 
Total gain (loss) recognized in earnings$19 $(43)$62 $— $38 
Six Months Ended June 30, 2023
Consolidated Statement of Earnings$49,262 $45,299 $(81)$327 
Pre-tax gains (losses) on:
Foreign Currency Contracts$(26)$248 $27 $— 
Commodity Contracts— 475 — — 
Debt Conversion Option— — — 6 
Total gain (loss) recognized in earnings$(26)$723 $27 $6 $730 
Changes in the market value of inventories of certain merchandisable agricultural commodities, inventory-related payables, forward cash purchase and sales contracts, exchange-traded futures and exchange-traded and OTC options contracts are recognized in earnings immediately as a component of cost of products sold.

Changes in the fair value of foreign currency-related derivatives are recognized in the consolidated statements of earnings as a component of revenues, cost of products sold, and other (income) expense - net depending on the purpose of the contract.

Derivatives Designated as Cash Flow, Fair Value, and Net Investment Hedging Strategies

The Company had certain derivatives designated as cash flow and net investment hedges as of June 30, 2024 and December 31, 2023. In addition, the Company had certain derivatives designated as fair value hedges as of June 30, 2024.

For derivative instruments that are designated and qualify as highly-effective cash flow hedges (i.e., hedging the exposure to variability in expected future cash flow that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of AOCI and as an operating activity in the statement of cash flows, and is reclassified into earnings in the same line item affected by the hedged transaction in the same period or periods during which the hedged transaction affects earnings.  Hedge components excluded from the assessment of effectiveness and gains and losses related to discontinued hedges are recognized in the consolidated statement of earnings during the current period.

Commodity Contracts
For each of the hedge programs described below, the derivatives are designated as cash flow hedges.  The changes in the market value of such derivative contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged item.  Once the hedged item is recognized in earnings, the gains and losses arising from the hedge are reclassified from AOCI to either revenues or cost of products sold, as applicable.

The Company uses futures or options contracts to hedge the purchase price of anticipated volumes of corn to be purchased and processed in a future month.  The objective of this hedging program is to reduce the variability of cash flows associated with the Company’s forecasted purchases of corn.  The Company’s corn processing plants normally grind approximately 59 million bushels of corn per month. During the past 12 months, the Company hedged between 12% and 34% of its monthly grind. At June 30, 2024, the Company had designated hedges representing between 1% and 31% of its anticipated monthly grind of corn for the next 12 months.
The Company uses futures and options contracts to hedge the purchase price of the anticipated volumes of soybeans to be purchased and processed in a future month for certain of its U.S. soybean crush facilities, subject to certain program limits. The Company also uses futures or options contracts to hedge the sales prices of anticipated soybean meal and soybean oil sales proportionate to the soybean crushing process at these facilities, subject to certain program limits. During the past 12 months, the Company hedged between 77% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and oil sales at the designated facilities. At June 30, 2024, the Company had designated hedges representing between 0% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and oil sales at the designated facilities over the next 12 months.

The Company uses futures and OTC swaps to hedge the purchase price of anticipated volumes of natural gas consumption in a future month for certain of its facilities in North America and Europe, subject to certain program limits. During the past 12 months, the Company hedged between 39% and 76% of the anticipated monthly natural gas consumption at the designated facilities. At June 30, 2024, the Company had designated hedges representing between 33% and 58% of the anticipated monthly natural gas consumption over the next 12 months.

As of June 30, 2024 and December 31, 2023, the Company had after-tax gains of $26 million and after-tax gains of $42 million in AOCI, respectively, related to gains and losses from these programs.  The Company expects to recognize $26 million of the June 30, 2024 after-tax gains in its consolidated statement of earnings during the next 12 months.

Fair Value Hedges
The Company uses interest rate swaps designated as fair value hedges to protect the fair value of fixed-rate debt due to changes in interest rates. The changes in the fair value of the interest rate swaps and the underlying fixed-rate debt is recognized in the consolidated statement of earnings during the current period. The terms of the interest rate swaps match the terms of the underlying debt. The Company executed fixed to floating rate interest swaps with an aggregate notional amount of $500 million as of as of June 30, 2024. As of June 30, 2024, the Company had after-tax gains of $5 million in other current assets and a corresponding decrease to the underlying debt for the same amount with no net impact to earnings.

Foreign Currency Contracts
The Company uses cross-currency swaps and foreign exchange forwards designated as net investment hedges to protect the Company’s investment in a foreign subsidiary against changes in foreign currency exchange rates. The Company executed USD-fixed to Euro-fixed cross-currency swaps with an aggregate notional amount of $0.8 billion as of June 30, 2024 and December 31, 2023, and foreign exchange forwards with an aggregate notional amount of $2.0 billion and $2.1 billion as of June 30, 2024 and December 31, 2023, respectively.

As of June 30, 2024 and December 31, 2023, the Company had after-tax gains of $60 million and after-tax losses of $5 million in AOCI, respectively, related to foreign exchange gains and losses from net investment hedge transactions. The amount is deferred in AOCI until the underlying investment is divested.

The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2024 and December 31, 2023.

 June 30, 2024December 31, 2023
 AssetsLiabilitiesAssetsLiabilities
 (In millions)
Commodity Contracts$9 $— $16 $— 
Foreign Currency Contracts55 — — 22 
Interest Rate Contracts5 — — — 
Total$69 $— $16 $22 
The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three and six months ended June 30, 2024 and 2023.

Cost of products sold
(In millions)
Three Months Ended June 30, 2024
Consolidated Statement of Earnings$20,852 
Effective amounts recognized in earnings 
Pre-tax gains (losses) on:
Commodity Contracts$(23)
Total gain (loss) recognized in earnings$(23)$(23)
Three Months Ended June 30, 2023
Consolidated Statement of Earnings$23,307 
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts$(41)
Total gain (loss) recognized in earnings$(41)$(41)
Cost of products sold
(In millions)
Six Months Ended June 30, 2024
Consolidated Statement of Earnings$41,040 
Effective amounts recognized in earnings 
Pre-tax gains (losses) on:
Commodity Contracts$(4)
Total gain (loss) recognized in earnings$(4)$(4)
Six Months Ended June 30, 2023
Consolidated Statement of Earnings$45,299 
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts$(145)
Total gain (loss) recognized in earnings$(145)$(145)
Other Net Investment Hedging Strategies

The Company has designated €0.7 billion of its outstanding long-term debt and commercial paper borrowings at June 30, 2024 and December 31, 2023 as hedges of its net investment in a foreign subsidiary. As of June 30, 2024 and December 31, 2023, the Company had after-tax gains of $227 million and $212 million in AOCI, respectively, related to foreign exchange gains and losses from the net investment hedge transactions. The amount is deferred in AOCI until the underlying investment is divested.
v3.24.2
Other Current Assets
 6 Months Ended
Jun. 30, 2024
Other Assets [Abstract]  
Other Current Assets Other Current Assets
The following table sets forth the items in other current assets:
June 30,December 31,
20242023
 (In millions)
Unrealized gains on derivative contracts$1,323 $1,546 
Margin deposits and grain accounts601 560 
Customer omnibus receivable812 1,052 
Financing receivables - net (1)
145 237 
Insurance premiums receivable79 61 
Prepaid expenses373 445 
Biodiesel tax credit150 119 
Tax receivables535 491 
Non-trade receivables280 304 
Other current assets100 167 
 $4,398 $4,982 
(1) The Company provides financing to certain suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $6 million at each of June 30, 2024 and December 31, 2023. Interest earned on financing receivables of $5 million and $10 million for the three and six months ended June 30, 2024, respectively, and $4 million and $10 million for the three and six months ended June 30, 2023, respectively, is included in interest and investment income in the consolidated statements of earnings.
v3.24.2
Accrued Expenses And Other Payables
 6 Months Ended
Jun. 30, 2024
Accrued Liabilities and Other Liabilities [Abstract]  
Accrued Expenses And Other Payables Accrued Expenses and Other Payables
The following table sets forth the items in accrued expenses and other payables:
June 30,December 31,
20242023
 (In millions)
Unrealized losses on derivative contracts$1,070 $1,101 
Accrued compensation290 439 
Income tax payable202 284 
Other taxes payable206 172 
Insurance claims payable86 73 
Contract liability364 626 
Other accruals and payables
1,351 1,381 
 $3,569 $4,076 
v3.24.2
Debt And Financing Arrangements
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt And Financing Arrangements Debt and Financing Arrangements
At June 30, 2024, the fair value of the Company’s long-term debt was below the carrying value by $0.5 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At June 30, 2024, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $12.3 billion, of which $7.8 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 $1.0 billion of commercial paper outstanding at June 30, 2024.
The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $2.8 billion in funding resulting from the sale of accounts receivable with $0.7 billion unused capacity as of June 30, 2024.
v3.24.2
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective tax rate was 19.3% and 19.0% for the three and six months ended June 30, 2024, respectively, compared to 18.0% and 17.0% for the three and six months ended June 30, 2023, respectively. The increase in the rate was primarily due to the impact of discrete tax items, partially offset by the change in the geographic mix of forecasted pretax earnings.

The Organization for Economic Cooperation and Development’s Pillar Two initiative introduced a 15% global minimum tax applied on a country-by-country basis that has been enacted in certain jurisdictions in which the Company operates, with effective dates starting in fiscal year 2024. The Company is in scope of the enacted legislation and has performed an assessment of the potential exposure based on its most recent tax filings, country-by-country reporting, and the financial results of the constituent entities. Based on the assessment, the effective tax rates in most of the jurisdictions in which the Company operates are above the 15% global minimum tax threshold. However, there are a limited number of jurisdictions where the effective tax rate is close to 15%. ADM does not expect a material liability to global minimum tax in those jurisdictions.

The Company is subject to income taxation and routine examinations in many jurisdictions around the world and frequently faces challenges regarding the amount of taxes due.  These challenges include positions taken by the Company related to the timing, nature, and amount of deductions and the allocation of income among various tax jurisdictions.  In its routine evaluations of the exposure associated with various tax filing positions, the Company recognizes a liability, when necessary, for estimated potential tax owed by the Company in accordance with applicable accounting standards. Resolution of the related tax positions, through negotiations with relevant tax authorities or through litigation, may take years to complete. Therefore, it is difficult to predict the timing for resolution of tax positions and the Company cannot predict or provide assurance as to the ultimate outcome of these ongoing or future examinations. However, the Company does not anticipate the total amount of unrecognized tax benefits will increase or decrease significantly in the next twelve months. Given the long periods of time involved in resolving tax positions, the Company does not expect the recognition of unrecognized tax benefits will have a material impact on the Company’s effective income tax rate in any given period.
In 2014, the Company’s wholly-owned subsidiary in the Netherlands, ADM Europe B.V., received a tax assessment from the Netherlands tax authority challenging the transfer pricing aspects of a 2009 business reorganization, which involved two of its subsidiary companies in the Netherlands. As of June 30, 2024, this assessment was $87 million in tax and $35 million in interest (adjusted for variation in currency exchange rates). On April 23, 2020, the court issued an unfavorable ruling and in October 2020, assigned a third party expert to establish a valuation. During the second quarter of 2021, the third party expert issued a final valuation. On September 30, 2022, the court issued a ruling consistent with the valuation report, and both the Dutch tax authorities and ADM filed an appeal. On July 11, 2024, the Court of Appeals issued a decision which resulted in the Company increasing its uncertain tax position for this matter equal to the Court’s decision. The Company is evaluating the legal options. As of June 30, 2024, the Company has accrued its best estimate of what it believes will be the likely outcome of the litigation.
v3.24.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Equity Shareholders’ Equity
Accelerated Share Repurchase

On March 12, 2024, the Company entered into an accelerated share repurchase (“ASR”) transaction agreement (“ASR Agreement”) with Merrill Lynch International, an affiliate of BofA Securities, Inc., to repurchase $1.0 billion (the “Prepayment Amount”) of ADM common stock (“Common Stock”). The ASR transaction is part of ADM’s existing share repurchase program to repurchase up to 200 million shares through December 31, 2024.
Under the terms of the ASR Agreement, on March 13, 2024, the Company paid the Prepayment Amount and received no upfront shares of Common Stock. The total number of shares of Common Stock repurchased under the ASR Agreement were determined based on volume weighted-average prices of the Common Stock during the term of the ASR transaction less a discount and subject to certain adjustments pursuant to the terms of the ASR Agreement.

On March 28, 2024, the Company received an interim delivery of 8,880,986 shares at an average share price of $60.596 or $538 million. The Prepayment Amount initially recorded in additional paid in capital was partially reclassified to reinvested earnings for the $538 million amount repurchased. On April 15, 2024, the Company received a final delivery of 7,325,733 shares at an average share price of $63.045, or $462 million in aggregate, as final settlement of the ASR transaction and such amount was reclassified during the quarter ended June 30, 2024, to reinvested earnings.

As of June 30, 2024, the Company had 14.8 million remaining shares under its share repurchase program.
Accumulated Other Comprehensive Income

The following tables set forth the changes in AOCI by component for the three and six months ended June 30, 2024 and the reclassifications out of AOCI for the three and six months ended June 30, 2024 and 2023:

Three Months Ended June 30, 2024
 Foreign Currency Translation AdjustmentDeferred Gain (Loss) on Hedging ActivitiesPension Liability AdjustmentUnrealized Gain (Loss) on InvestmentsTotal
 (In millions)
Balance at March 31, 2024$(2,552)$99 $(111)$(6)$(2,570)
Other comprehensive income (loss) before reclassifications(285)(71)1 — (355)
Gain (loss) on net investment hedges25 — — — 25 
Amounts reclassified from AOCI— 23 (4)— 19 
Tax effect(6)6 1 — 1 
Net of tax amount(266)(42)(2)— (310)
Balance at June 30, 2024$(2,818)$57 $(113)$(6)$(2,880)
Six Months Ended June 30, 2024
 Foreign Currency Translation AdjustmentDeferred Gain (Loss) on Hedging ActivitiesPension Liability AdjustmentUnrealized Gain (Loss) on InvestmentsTotal
 (In millions)
Balance at December 31, 2023$(2,539)$158 $(108)$2 $(2,487)
Other comprehensive income (loss) before reclassifications(362)(121)(1)(7)(491)
Gain (loss) on net investment hedges109 — — — 109 
Amounts reclassified from AOCI— 4 (6)— (2)
Tax effect(26)16 2 (1)(9)
Net of tax amount(279)(101)(5)(8)(393)
Balance at June 30, 2024$(2,818)$57 $(113)$(6)$(2,880)
Amount reclassified from AOCI
Three Months Ended June 30,Six Months Ended June 30,Affected line item in the consolidated statements of earnings
Details about AOCI components2024202320242023
(In millions)
Deferred loss (gain) on hedging activities
$23 $41 $4 $145 Cost of products sold
23 41 4 145 Total before tax
(4)(8)— (26)Tax
$19 $33 $4 $119 Net of tax
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service loss (credit)$(5)$(6)$(10)$(17)Other (income) expense-net
Actuarial losses 1 2 4 (18)Other (income) expense-net
(4)(4)(6)(35)Total before tax
1 3 2 (9)Tax
$(3)$(1)$(4)$(44)Net of tax
The Company’s accounting policy is to release the income tax effects from AOCI when the individual units of account are sold, terminated, or extinguished.
v3.24.2
Other (Income) Expense - Net
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Other (Income) Expense - Net Other (Income) Expense – Net
The following table sets forth the items in other (income) expense:
Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
 (In millions)
Gains on sale of assets$(5)$(21)$(7)$(32)
Other – net(4)(16)(28)(49)
Other (Income) Expense – Net$(9)$(37)$(35)$(81)

Gains on sale of assets in the three and six months ended June 30, 2024 and 2023 consisted of gains on sales of certain assets and disposals of individually insignificant assets in the ordinary course of business.
Other – net in the three and six months ended June 30, 2024 included the non-service components of net pension benefit income of $5 million and $9 million, respectively, net foreign exchange gains, and net other income. Other – net in the three and six months ended June 30, 2023 included the non-service components of net pension benefit income of $5 million and $9 million, respectively, net foreign exchange gains, and net other income.
v3.24.2
Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s operations are organized, managed, and classified into three reportable business segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. Each of these segments is organized based upon the nature of products and services offered. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Other Business.
Intersegment sales have been recorded using principles consistent with ASC 606, Revenue from Contracts with Customers. Operating profit for each segment is based on net sales less identifiable operating expenses. Also included in operating profit for each segment is equity in earnings of affiliates based on the equity method of accounting. Specified items included in total segment operating profit and certain corporate items are not allocated to the Company’s individual business segments because operating performance of each business segment is evaluated by management exclusive of these items. Corporate results principally include unallocated corporate expenses, interest cost net of interest income, and revaluation gains and losses on cost method investments and the share of the results of equity investments in early-stage start-up companies.

Correction of Certain Segment-Specific Historical Financial Information

As previously disclosed, the Company received a voluntary document request from the Securities and Exchange Commission (“SEC”) relating to intersegment sales between the Company’s Nutrition segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments. In response, the Company engaged external counsel, assisted by a forensic accounting firm, to conduct an internal investigation, overseen by the Audit Committee of the Company’s Board of Directors, which is separately advised by external counsel (the “Investigation”).

The Company has historically disclosed in the footnotes to its financial statements that intersegment sales have been recorded at amounts approximating market. In connection with the Investigation, the Company identified certain intersegment sales for the years ended December 31, 2021 through 2023 that occurred between the Company’s Nutrition segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments that were not recorded at amounts approximating market. The Company corrected these immaterial errors in its Annual Report on Form 10-K for the year ended December 31, 2023 for the years presented therein. The correction of these immaterial errors for the three and six months ended June 30, 2023 is set forth below.

The correction of these immaterial errors does not have any impact on the Company’s previously reported Consolidated Statement of Earnings, Consolidated Statement of Comprehensive Income (Loss), Consolidated Balance Sheet, Consolidated Statement of Cash Flows, or Consolidated Statement of Shareholders’ Equity as of and for the period presented below.

The following tables present: (i) adjustments and revised gross revenues, intersegment revenues, and operating profit amounts for the Ag Services and Oilseeds segment; (ii) adjustments and revised gross revenues, intersegment revenues and operating profit amounts for the Carbohydrate Solutions segment; and (iii) adjustments and revised operating profit amounts for the Nutrition segment, in each case, for the three and six months ended June 30, 2023. No adjustments were required to the gross revenues of the Nutrition segment.

Impact of the Adjustments on Ag Services and Oilseeds Segment Gross Revenues and Operating Profit
(In millions)Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Gross revenues, as originally reported$20,864 $40,778 
Adjustments1 2 
Gross revenues, as revised$20,865 $40,780 
Intersegment revenues, as originally reported$1,020 $2,355 
Adjustments1 2 
Intersegment revenues, as revised$1,021 $2,357 
Segment operating profit, as originally reported$1,054 $2,264 
Adjustments— 1 
Segment operating profit, as revised$1,054 $2,265 
Impact of the Adjustments on Carbohydrate Solutions Segment Gross Revenues and Operating Profit
(In millions)Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Gross revenues, as originally reported$3,829 $8,095 
Adjustments16 22 
Gross revenues, as revised$3,845 $8,117 
Intersegment revenues, as originally reported$448 $1,177 
Adjustments16 22 
Intersegment revenues, as revised$464 $1,199 
Segment operating profit, as originally reported$303 $576 
Adjustments16 22 
Segment operating profit, as revised$319 $598 

Impact of the Adjustments on Nutrition Segment Operating Profit
(In millions)Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Segment operating profit, as originally reported$185 $330 
Adjustments(16)(23)
Segment operating profit, as revised$169 $307 

Separately, the Company determined that a portion of the originally reported gross revenues and intersegment revenues of each of the Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition segments included certain intrasegment revenues (resulting from sales within the segment), and should have included exclusively intersegment revenues (resulting from sales from one segment to the other).

The correction of these immaterial errors does not have any impact on the Company’s previously reported Consolidated Statement of Earnings, Consolidated Statement of Comprehensive Income (Loss), Consolidated Balance Sheet, Consolidated Statements of Cash Flow, or Consolidated Statement of Shareholders’ Equity as of and for the period presented below.

The following tables present: (i) additional adjustments and further revised gross revenues and intersegment revenues amounts for the Ag Services and Oilseeds segment; (ii) additional adjustments and further revised gross revenues and intersegment revenues amounts for the Carbohydrate Solutions segment; and (iii) adjustments and revised gross revenues and intersegment revenues amounts for the Nutrition segment, for the three and six months ended June 30, 2023.
Additional Impact of the Adjustments on Ag Services and Oilseeds Segment Gross Revenues and Intersegment Revenues
(In millions)Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Gross revenues, as revised$20,865 $40,780 
Additional adjustments(320)(915)
Gross revenues, as further revised$20,545 $39,865 
Intersegment revenues, as revised$1,021 $2,357 
Additional adjustments(320)(915)
Intersegment revenues, as further revised$701 $1,442 
Additional Impact of the Adjustments on Carbohydrate Solutions Segment Gross Revenues and Intersegment Revenues
(In millions)Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Gross revenues, as revised$3,845 $8,117 
Additional adjustments(60)(290)
Gross revenues, as further revised$3,785 $7,827 
Intersegment revenues, as revised$464 $1,199 
Additional adjustments(60)(290)
Intersegment revenues, as further revised$404 $909 

Impact of the Adjustments on Nutrition Segment Gross Revenues and Intersegment Revenues
(In millions)Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Gross revenues, as originally reported$1,926 $3,870 
Adjustments(39)(94)
Gross revenues, as revised$1,887 $3,776 
Intersegment revenues, as originally reported$73 $164 
Adjustments(39)(94)
Intersegment revenues, as revised$34 $70 

For more information about the Company’s business segments, refer to Note 17 of “Notes to Consolidated Financial Statements” included in Item 8, “Financial Statements and Supplementary Data” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Segment Information
Three Months EndedSix Months Ended
June 30,June 30,
(In millions)2024202320242023
Gross revenues    
Ag Services and Oilseeds$17,879 $20,545 $35,707 $39,865 
Carbohydrate Solutions3,133 3,785 6,095 7,827 
Nutrition1,921 1,887 3,763 3,776 
Other Business113 112 222 215 
Intersegment elimination(798)(1,139)(1,692)(2,421)
Total gross revenues$22,248 $25,190 $44,095 $49,262 
Intersegment sales    
Ag Services and Oilseeds$546 $701 $1,155 $1,442 
Carbohydrate Solutions239 404 518 909 
Nutrition13 34 19 70 
Total intersegment sales$798 $1,139 $1,692 $2,421 
Revenues from external customers    
Ag Services and Oilseeds
Ag Services $11,746 $13,366 $22,943 $25,061 
Crushing2,850 3,480 6,177 7,163 
Refined Products and Other2,737 2,998 5,432 6,199 
Total Ag Services and Oilseeds17,333 19,844 34,552 38,423 
Carbohydrate Solutions
Starches and Sweeteners2,211 2,475 4,367 5,212 
Vantage Corn Processors683 906 1,210 1,706 
Total Carbohydrate Solutions2,894 3,381 5,577 6,918 
Nutrition
Human Nutrition1,061 966 2,025 1,902 
Animal Nutrition847 887 1,719 1,804 
Total Nutrition1,908 1,853 3,744 3,706 
Other Business113 112 222 215 
Total revenues from external customers$22,248 $25,190 $44,095 $49,262 
Segment operating profit
Ag Services and Oilseeds$459 $1,054 $1,323 $2,265 
Carbohydrate Solutions357 319 605 598 
Nutrition109 169 193 307 
Other Business96 86 217 183 
Specified Items: Gains on sale of assets(1)
— 11 — 12 
Impairment and restructuring charges(2)
(7)(114)(13)(121)
Total segment operating profit1,014 1,525 2,325 3,244 
Corporate Unallocated(418)(393)(844)(715)
Earnings before income taxes$596 $1,132 $1,481 $2,529 
(1) Prior year period gains were related to the sale of certain assets.
(2) Current and prior year period charges were related to the impairment of certain long-lived assets and restructuring.
v3.24.2
Asset Impairment, Exit, and Restructuring Costs
 6 Months Ended
Jun. 30, 2024
Restructuring, Settlement and Impairment Provisions [Abstract]  
Asset Impairment, Exit, and Restructuring Costs Asset Impairment, Exit, and Restructuring Costs
Asset impairment, exit, and restructuring costs in the three and six months ended June 30, 2024 consisted of impairments related to certain long-lived assets of $7 million and $10 million, respectively, and restructuring charges of $3 million for the six months ended June 30, 2024, presented as specified items within segment operating profit, and restructuring charges in Corporate Unallocated of $12 million, for the six months ended June 30, 2024.

Asset impairment, exit, and restructuring costs in the three and six months ended June 30, 2023 consisted of $43 million and $46 million, respectively, of impairments related to certain long-lived assets and intangibles, respectively, and $17 million and $21 million, respectively, of restructuring charges, presented as specified items within segment operating profit.
v3.24.2
Sale of Accounts Receivable
 6 Months Ended
Jun. 30, 2024
Transfers and Servicing [Abstract]  
Sale of Accounts Receivable
The Company has an accounts receivable securitization program (the “First Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “First Purchasers”).  Under the First Program, certain U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”). ADM Receivables transfers certain of the purchased accounts receivable to each of the First Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Receivables receives a cash payment of up to $1.7 billion for the accounts receivable transferred. The First Program terminates on May 16, 2025, unless extended.
The Company also has an accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”). Under the Second Program, certain non-U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Ireland Receivables Company (ADM Ireland Receivables). ADM Ireland Receivables transfers certain of the purchased accounts receivable to each of the Second Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Ireland Receivables receives a cash payment of up to $1.1 billion (€1.0 billion) for the accounts receivables transferred. The Second Program terminates on April 18, 2025, unless extended.

Under the First and Second Programs (collectively, the “Programs”), ADM Receivables and ADM Ireland Receivables use the cash proceeds from the transfer of receivables to the First Purchasers and Second Purchasers (collectively, the “Purchasers”) and other consideration, as applicable, to finance the purchase of receivables from the Company and the ADM subsidiaries originating the receivables. The Company accounts for these transfers as sales. The Company acts as a servicer for the transferred receivables. At June 30, 2024 and December 31, 2023, the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions, and its cost of servicing the receivables sold.

As of June 30, 2024 and December 31, 2023, the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s consolidated balance sheets was $2.1 billion and $1.6 billion, respectively. Total receivables sold were $23.6 billion and $28.8 billion for the six months ended June 30, 2024 and 2023, respectively. Cash collections from customers on receivables sold were $23.0 billion and $28.4 billion for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, receivables pledged as collateral to the Purchasers was $0.8 billion and $1.1 billion, respectively.

Transfers of receivables under the Programs resulted in an expense for the loss on sale of $26 million and $53 million for the three and six months ended June 30, 2024, respectively, and $11 million and $34 million for the three and six months ended June, 30, 2023, respectively, which is classified as selling, general, and administrative expenses in the consolidated statements of earnings.

All cash flows under the Programs are classified as operating activities because the cash received from the Purchasers upon both the sale and collection of the receivables is not subject to significant interest rate risk given the short-term nature of the Company’s trade receivables.
v3.24.2
Supplier Finance Programs
 6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Supplier Finance Program Supplier Finance Programs
ADM has Supplier Payable Programs (“SPP”) with financial institutions which act as its paying agents for payables due to certain of its suppliers. The Company has neither an economic interest in a supplier’s participation in the SPP nor a direct financial relationship with the financial institutions, and has concluded that its obligations to the suppliers, including amounts due and scheduled payment terms, are not impacted by their participation in the SPP. Accordingly, amounts associated with the SPP continue to be classified in trade payables in the Company’s consolidated balance sheet and in operating activities in its consolidated statement of cash flows. The supplier invoices that have been confirmed as valid under the program require payment in full generally within 90 days of the invoice date. As of June 30, 2024 and December 31, 2023, the Company’s outstanding payment obligations that suppliers had elected to sell to the financial institutions were $289 million and $274 million, respectively.

Changes to the outstanding payment obligations were as follows:
June 30, 2024
(In millions)
Beginning, January 1, 2024$274 
Obligations confirmed520 
Obligations paid(505)
Ending, June 30, 2024$289 
v3.24.2
Legal Proceedings
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Legal Matters and Contingencies Legal Proceedings
The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability (see Note 10 for information on income tax matters), and class actions. The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of its business, and at any given time, the Company has matters at various stages of resolution. The outcomes of these matters are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief including injunctive relief, that could require significant expenditures or result in lost revenues. In accordance with applicable accounting standards, the Company records a liability in its consolidated financial statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the consolidated financial statements. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete facts or legal discovery; involve unsubstantiated or indeterminate claims for damages; potentially involve penalties, fines, disgorgement, or punitive damages; or could result in a change in business practice. The Company’s estimated loss or range of loss with respect to loss contingencies may change from time to time, and it is reasonably possible the Company will incur actual losses in excess of the amounts currently accrued and such additional amounts may be material. While the Company continues to work with parties with respect to potential resolution, no assurance can be given that it will be successful in doing so and the Company cannot predict the outcome of these matters.
Commodities Class Actions

On September 4, 2019, AOT Holding AG (“AOT”) filed a putative class action under the U.S. Commodities Exchange Act in federal district court in Urbana, Illinois, alleging the Company sought to manipulate the benchmark price used to price and settle ethanol derivatives traded on futures exchanges. On March 16, 2021, AOT filed an amended complaint adding a second named plaintiff Maize Capital Group, LLC (“Maize”). AOT and Maize allege that members of the putative class collectively suffered damages calculated to be between approximately $500 million to over $2.0 billion as a result of the Company’s alleged actions. On July 14, 2020, Green Plains Inc. and its related entities (“GP”) filed a putative class action lawsuit, alleging substantially the same operative facts, in federal court in Nebraska, seeking to represent sellers of ethanol. On July 23, 2020, Midwest Renewable Energy, LLC (“MRE”) filed a putative class action in federal court in Illinois alleging substantially the same operative facts and asserting claims under the Sherman Act. On November 11, 2020, United Wisconsin Grain Producers LLC (“UWGP”) and five other ethanol producers filed a lawsuit in federal court in Illinois alleging substantially the same facts and asserting claims under the Sherman Act and Illinois, Iowa, and Wisconsin law. The court granted ADM’s motion to dismiss the MRE and UWGP complaints without prejudice on August 9, 2021 and September 28, 2021, respectively. On August 16, 2021, the court granted ADM’s motion to dismiss the GP complaint, dismissing one claim with prejudice and declining jurisdiction over the remaining state law claim. MRE filed an amended complaint on August 30, 2021, which ADM moved to dismiss on September 27, 2021. The court denied ADM’s motion to dismiss on September 26, 2023. UWGP filed an amended complaint on October 19, 2021, which the court dismissed on July 12, 2022. UWGP has appealed the dismissal to the United States Court of Appeals for the Seventh Circuit. On October 26, 2021, GP filed a new complaint in Nebraska federal district court, alleging substantially the same facts and asserting a claim for tortious interference with contractual relations. On March 18, 2022, the Nebraska federal district court granted ADM’s motion to transfer the GP case back to the Central District of Illinois for further proceedings. ADM moved to dismiss the complaint on May 20, 2022 and on December 30, 2022, the court dismissed GP’s complaint with prejudice. GP appealed the dismissal. On January 12, 2024, the appellate court vacated the dismissal and remanded the case to the district court for further proceedings. On March 8, 2024, GP filed an amended complaint, which ADM has moved to dismiss. The Company denies liability, and is vigorously defending itself in these actions. As these actions are in pretrial proceedings, the Company is unable at this time to predict the final outcome with any reasonable degree of certainty, but believes the outcome will not have a material adverse effect on its financial condition, results of operations, or cash flows.

Intersegment Sales Investigations

On June 30, 2023, the Company received a voluntary document request from the SEC relating to intersegment sales between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments, and subsequently received additional document requests from the SEC. The Company is cooperating with the SEC. Following the Company’s January 21, 2024 announcement of the Investigation, the Company received document requests from the Department of Justice (“DOJ”) focused primarily on the same subject matter, and the DOJ directed grand jury subpoenas to certain current and former Company employees. The Company is cooperating with the DOJ. The Company is unable to predict the final outcome of these investigations with any reasonable degree of certainty.

Shareholder Litigation

On January 24, 2024, following the Company’s January 21, 2024 announcement of the investigation relating to intersegment sales, a purported stockholder of the Company filed a putative class action in the U.S. District Court for the Northern District of Illinois against the Company and its Chief Executive Officer, as well as Vikram Luthar and Ray Young. On June 24, 2024, the court-appointed lead plaintiffs filed an amended putative class action complaint against the Company, its Chief Executive Officer, as well as Vikram Luthar, Ray Young, and Vince Macciocchi. Plaintiffs allege false and misleading statements in the Company’s disclosures related to ADM’s Nutrition segment and seek unspecified compensatory and punitive damages. Beginning on March 29, 2024, purported stockholders of the Company filed four derivative lawsuits in the U.S. District Court for the Northern District of Illinois and the U.S. District Court for the District of Delaware, against the Chief Executive Officer, Vikram Luthar, Ray Young, and certain individual current and former ADM Directors, alleging false and misleading statements in the Company’s proxy statements, breach of fiduciary duty, and corporate waste, among other claims, and seeking unspecified damages. The plaintiffs voluntarily dismissed one of the derivative complaints; the remainder have been consolidated in the U.S. District Court for the District of Delaware and the plaintiffs’ amended complaint is due September 13, 2024. The Company is unable to predict the final outcome of these proceedings with any reasonable degree of certainty.
v3.24.2
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events [Text Block] Subsequent Event
On July 28, 2024, there was an explosion at the Company’s Decatur, Illinois production complex resulting in damage to an elevator with no injuries to employees. The Company is assessing the operational and financial impacts of this event.
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) Attributable to Parent $ 486 $ 927 $ 1,215 $ 2,097
v3.24.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 6, 2024, Juan R. Luciano, the Company’s Chair of the Board, President and Chief Executive Officer, entered into a pre-arranged trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. This plan provides for the sale of up to 905,920 shares of the Company’s common stock in the aggregate, and terminates on the earlier of the close of market on May 2, 2025 or the date all shares are sold thereunder.

On May 9, 2024, Gregory A. Morris, the Company’s Senior Vice President, President, Agricultural Services and Oilseeds, entered into a pre-arranged trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. This plan provides for the sale of up to 90,000 shares of the Company’s common stock in the aggregate, and terminates on the earlier of the close of market on August 12, 2025 or the date all shares are sold thereunder.

On June 10, 2024, Jennifer L. Weber, the Company’s Senior Vice President, Chief People and Diversity Officer, entered into a pre-arranged trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. This plan provides for the sale of up to 23,077 shares of the Company’s common stock in the aggregate, and terminates on the earlier of the close of market on February 28, 2025 or the date all shares are sold thereunder.

There were no other Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements adopted, modified or terminated by the Company’s directors and executive officers during the quarter ended June 30, 2024.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Juan R. Luciano [Member]  
Trading Arrangements, by Individual  
Name Juan R. Luciano
Title Chair of the Board, President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 6, 2024
Aggregate Available 905,920
Gregory A. Morris [Member]  
Trading Arrangements, by Individual  
Name Gregory A. Morris
Title Senior Vice President, President, Agricultural Services and Oilseeds
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 9, 2024
Aggregate Available 90,000
Jennifer L. Weber [Member]  
Trading Arrangements, by Individual  
Name Jennifer L. Weber
Title Senior Vice President, Chief People and Diversity Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 10, 2024
Aggregate Available 23,077
v3.24.2
Revenues Revenues (Policies)
 6 Months Ended
Jun. 30, 2023
Revenues [Abstract]  
Revenue Recognition, Policy [Policy Text Block]
Revenue Recognition

The Company principally generates revenue from merchandising and transporting agricultural commodities, and manufacturing products for use in food, beverages, feed, energy, and industrial applications, and ingredients and solutions for human and animal nutrition. Revenue is measured based on the consideration specified in the contract with a customer. The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product or service to a customer. The majority of the Company’s contracts with customers have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in paragraph 10-50-14 of ASC 606, Revenue from Contracts with Customers, (Topic 606) and does not disclose information about remaining performance obligations that have original expected durations of one year or less. For transportation service contracts, the Company recognizes revenue over time as the mode of transportation moves towards its destination in accordance with the transfer of control guidance of Topic 606. The Company recognized revenue from transportation service contracts of $252 million and $445 million for the three and six months ended June 30, 2024, respectively, and $200 million and $378 million for the three and six months ended June 30, 2023, respectively. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20).
Shipping and Handling Costs
Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in cost of products sold. Accordingly, amounts billed to customers for such costs are included as a component of revenues.
Taxes Collected from Customers and Remitted to Governmental Authorities
The Company does not include taxes assessed by governmental authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in the measurement of transaction prices or as a component of revenues and cost of products sold.
v3.24.2
Basis of Presentation (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Accounts Receivable, Allowance for Credit Loss
Changes to the allowance for estimated uncollectible accounts were as follows:

Three Months Ended June 30
20242023
(In millions)
Beginning, April 1$216 $182 
Current year provisions(12)9
Write-offs against allowance(3)(16)
Foreign exchange translation adjustment(1)— 
Other(6)(1)
Ending, June 30$194 $174 
Six Months Ended June 30
20242023
(In millions)
Beginning, January 1 $215 $199 
Current year provisions(7)13
Recoveries8 1 
Write-offs against allowance(16)(40)
Foreign exchange translation adjustment— 1 
Other(6)— 
Ending, June 30$194 $174 
Schedule of Inventory, Current
The following table sets forth the Company’s inventories as of June 30, 2024 and December 31, 2023.
June 30, 2024December 31, 2023
 (In millions)
Raw materials and supplies$1,787 $1,944 
Finished goods2,909 3,026 
Market inventories5,747 6,987 
Total inventories$10,443 $11,957 
v3.24.2
Revenues Revenues (Tables)
 6 Months Ended
Jun. 30, 2024
Revenues [Abstract]  
Disaggregation of Revenue [Table Text Block]
Disaggregation of Revenues

The following tables present revenue disaggregated by timing of recognition and major product lines for the three and six months ended June 30, 2024 and 2023.
Three Months Ended June 30, 2024
Topic 606 Revenue
Topic 815(1)
Total
(In millions)Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$925 $252 $1,177 $10,569 $11,746 
Crushing104 — 104 2,746 2,850 
Refined Products and Other523 — 523 2,214 2,737 
Total Ag Services and Oilseeds1,552 252 1,804 15,529 17,333 
Carbohydrate Solutions
Starches and Sweeteners1,654 — 1,654 557 2,211 
Vantage Corn Processors683 — 683 — 683 
Total Carbohydrate Solutions2,337 — 2,337 557 2,894 
Nutrition
Human Nutrition1,061 — 1,061 — 1,061 
Animal Nutrition847 — 847 — 847 
Total Nutrition1,908 — 1,908 — 1,908 
Other Business113 — 113 — 113 
Total Revenues$5,910 $252 $6,162 $16,086 $22,248 
Six Months Ended June 30, 2024
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
(In millions)
Ag Services and Oilseeds
Ag Services$1,947 $445 $2,392 $20,551 $22,943 
Crushing220 — 220 5,957 6,177 
Refined Products and Other1,070 — 1,070 4,362 5,432 
Total Ag Services and Oilseeds3,237 445 3,682 30,870 34,552 
Carbohydrate Solutions
Starches and Sweeteners3,247 — 3,247 1,120 4,367 
Vantage Corn Processors1,210 — 1,210 — 1,210 
Total Carbohydrate Solutions4,457 — 4,457 1,120 5,577 
Nutrition
Human Nutrition2,025 — 2,025 — 2,025 
Animal Nutrition1,719 — 1,719 — 1,719 
Total Nutrition3,744 — 3,744 — 3,744 
Other Business222 — 222 — 222 
Total Revenues$11,660 $445 $12,105 $31,990 $44,095 
Three Months Ended June 30, 2023
Topic 606 Revenue
Topic 815(1)
Total
(In millions)Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$1,071 $200 $1,271 $12,095 $13,366 
Crushing32 — 32 3,448 3,480 
Refined Products and Other577 — 577 2,421 2,998 
Total Ag Services and Oilseeds1,680 200 1,880 17,964 19,844 
Carbohydrate Solutions
Starches and Sweeteners1,872 — 1,872 603 2,475 
Vantage Corn Processors906 — 906 — 906 
Total Carbohydrate Solutions2,778 — 2,778 603 3,381 
Nutrition
Human Nutrition966 — 966 — 966 
Animal Nutrition887 — 887 — 887 
Total Nutrition1,853 — 1,853 — 1,853 
Other Business112 — 112 — 112 
Total Revenues$6,423 $200 $6,623 $18,567 $25,190 
Six Months Ended June 30, 2023
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
(In millions)
Ag Services and Oilseeds
Ag Services$2,088 $378 $2,466 $22,595 $25,061 
Crushing223 — 223 6,940 7,163 
Refined Products and Other1,203 — 1,203 4,996 6,199 
Total Ag Services and Oilseeds3,514 378 3,892 34,531 38,423 
Carbohydrate Solutions
Starches and Sweeteners3,956 — 3,956 1,256 5,212 
Vantage Corn Processors1,706 — 1,706 — 1,706 
Total Carbohydrate Solutions5,662 — 5,662 1,256 6,918 
Nutrition
Human Nutrition1,902 — 1,902 — 1,902 
Animal Nutrition1,804 — 1,804 — 1,804 
Total Nutrition3,706 — 3,706 — 3,706 
Other Business215 — 215 — 215 
Total Revenues$13,097 $378 $13,475 $35,787 $49,262 
(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606.
v3.24.2
Acquisitions Business Acquisition (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
The aggregate cash consideration of these acquisitions, net of $12 million in cash acquired, was allocated as follows, subject to final measurement period adjustments:

(In millions)RevelaFDLPTTNSTotal
Working capital$50 $16 $5 $2 $73 
Property, plant, and equipment38 34 5 2 79 
Goodwill410 128 5 8 551 
Other intangible assets166 97 — 11 274 
Other long-term assets28 1 — — 29 
Long-term liabilities(43)(26)— (1)(70)
Aggregate cash consideration$649 $250 $15 $22 $936 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]
The following table sets forth the fair values and the useful lives of the other intangible assets acquired.
Useful LivesRevelaFDLTNSTotal
(In years)(In millions)
Intangible assets with finite lives:
Trademarks/brands3$— $4 $1 $5 
Customer lists10to18124 73 8 205 
Recipes and others10to2142 20 2 64 
Total other intangible assets acquired$166 $97 $11 $274 
v3.24.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2024 and December 31, 2023.

 Fair Value Measurements at June 30, 2024
 
Quoted Prices in
 Active Markets
 for Identical
 Assets
 (Level 1)		Significant
 Other
 Observable
 Inputs
 (Level 2)		Significant 
Unobservable
Inputs
(Level 3)		Total
 (In millions)
 
Assets:    
Inventories carried at market$— $3,201 $2,546 $5,747 
Unrealized derivative gains:    
Commodity contracts— 735 395 1,130 
Foreign currency contracts— 188 — 188 
Interest rate contracts— 5 — 5 
Cash equivalents260 — — 260 
Segregated investments1,748 — — 1,748 
Total Assets$2,008 $4,129 $2,941 $9,078 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $545 $367 $912 
Foreign currency contracts— 158 — 158 
Inventory-related payables— 1,149 34 1,183 
Total Liabilities$— $1,852 $401 $2,253 
Fair Value Measurements at December 31, 2023
  
Quoted Prices in
 Active Markets
 for Identical
 Assets
 (Level 1)		Significant
 Other
 Observable
 Inputs
 (Level 2)		Significant 
Unobservable
Inputs
(Level 3)		Total
 (In millions)
Assets:    
Inventories carried at market$— $4,274 $2,713 $6,987 
Unrealized derivative gains:    
Commodity contracts— 628 731 1,359 
Foreign currency contracts— 187 — 187 
Cash equivalents209 — — 209 
Segregated investments1,362 — — 1,362 
Total Assets$1,571 $5,089 $3,444 $10,104 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $500 $457 $957 
Foreign currency contracts— 144 — 144 
Inventory-related payables— 1,219 101 1,320 
Total Liabilities$— $1,863 $558 $2,421 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2024.
 Level 3 Fair Value Asset Measurements at
June 30, 2024
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total 
Assets
 (In millions)
Balance, March 31, 2024$2,948 $764 $3,712 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*
187 197 384 
Purchases3,637 3,637 
Sales(4,194)— (4,194)
Settlements— (438)(438)
Transfers into Level 3557 29 586 
Transfers out of Level 3(589)(157)(746)
Ending balance, June 30, 2024$2,546 $395 $2,941 

* Includes increase in unrealized gains of $325 million relating to Level 3 assets still held at June 30, 2024.
The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2023.
 Level 3 Fair Value Asset Measurements at
June 30, 2023
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total 
Assets
 (In millions)
Balance, March 31, 2023$3,503 $649 $4,152 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*362 475 837 
Purchases9,910 — 9,910 
Sales(10,646)— (10,646)
Settlements(4)(457)(461)
Transfers into Level 3547 240 787 
Transfers out of Level 3(813)(21)(834)
Ending balance, June 30, 2023$2,859 $886 $3,745 

* Includes increase in unrealized gains of $780 million relating to Level 3 assets still held at June 30, 2023.
The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2024.

Level 3 Fair Value Asset Measurements at
 June 30, 2024
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total 
Assets
 (In millions)
Balance, December 31, 2023$2,713 $731 $3,444 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*90 572 662 
Purchases7,426 — 7,426 
Sales(8,077)— (8,077)
Settlements— (790)(790)
Transfers into Level 31,073 57 1,130 
Transfers out of Level 3(679)(175)(854)
Ending balance, June 30, 2024$2,546 $395 $2,941 
* Includes increase in unrealized gains of $889 million relating to Level 3 assets still held at June 30, 2024.
 Level 3 Fair Value Asset Measurements at
June 30, 2023
 Inventories
 Carried at
 Market		Commodity
Derivative
Contracts
Gains
 
Total 
Assets
 (In millions)
Balance, December 31, 2022$2,760 $541 $3,301 
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*364 952 1,316 
Purchases18,575 — 18,575 
Sales(18,900)— (18,900)
Settlements(4)(839)(843)
Transfers into Level 31,152 290 1,442 
Transfers out of Level 3(1,088)(58)(1,146)
Ending balance, June 30, 2023$2,859 $886 $3,745 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2024.

Level 3 Fair Value Liability Measurements at
 June 30, 2024
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses
 
Total 
Liabilities
 (In millions)
Balance, March 31, 2024$62 $435 $497 
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*(4)203 199 
Purchases2 — 2 
Sales(26)— (26)
Settlements— (282)(282)
Transfers into Level 3— 15 15 
Transfers out of Level 3— (4)(4)
Ending balance, June 30, 2024$34 $367 $401 

* Includes increase in unrealized losses of $208 million relating to Level 3 liabilities still held at June 30, 2024.
The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2023.
Level 3 Fair Value Liability Measurements at
 June 30, 2023
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses		Debt Conversion Option
 
Total 
Liabilities
 (In millions)
Balance, March 31, 2023$57 $455 $1 $513 
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*4 535 (1)538 
Purchases5 — — 5 
Settlements(3)(283)— (286)
Transfers into Level 32 86 — 88 
Transfers out of Level 3— (2)— (2)
Ending balance, June 30, 2023$65 $791 $— $856 

* Includes increase in unrealized losses of $545 million relating to Level 3 liabilities still held at June 30, 2023.
Level 3 Fair Value Liability Measurements at
 June 30, 2024
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses
 
Total 
Liabilities
 (In millions)
Balance, December 31, 2023$101 $457 $558 
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*(7)532 525 
Purchases3 — 3 
Sales(64)— (64)
Settlements— (572)(572)
Transfers into Level 31 28 29 
Transfers out of Level 3— (78)(78)
Ending balance, June 30, 2024$34 $367 $401 
* Includes increase in unrealized losses of $546 million relating to Level 3 liabilities still held at June 30, 2024.
Level 3 Fair Value Liability Measurements at
 June 30, 2023
 Inventory-
 related
 Payables		Commodity
Derivative
Contracts
Losses		Debt Conversion Option
 
Total 
Liabilities
 (In millions)
Balance, December 31, 2022$89 $603 $6 $698 
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*2 778 (6)774 
Purchases7 — — 7 
Settlements(34)(707)— (741)
Transfers into Level 31 125 — 126 
Transfers out of Level 3— (8)— (8)
Ending balance, June 30, 2023$65 $791 $— $856 

* Includes increase in unrealized losses of $0.8 billion relating to Level 3 liabilities still held at June 30, 2023.
Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of June 30, 2024 and December 31, 2023. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with basis, the unobservable component as of June 30, 2024 is a weighted average 39.1% of the total price for assets and 42.7% of the total price for liabilities.
Weighted Average % of Total Price
June 30, 2024December 31, 2023
Component TypeAssetsLiabilitiesAssetsLiabilities
Inventories and Related Payables
Basis39.1 %42.7 %25.0 %33.2 %
Transportation cost17.4 %— %11.5 %— %
Commodity Derivative Contracts
Basis32.7 %25.3 %24.2 %24.9 %
Transportation cost24.8 %19.8 %9.3 %3.2 %
v3.24.2
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following table sets forth the fair value of derivatives not designated as hedging instruments as of June 30, 2024 and December 31, 2023.
 June 30, 2024December 31, 2023
 AssetsLiabilitiesAssetsLiabilities
 (In millions)
Foreign Currency Contracts$133 $158 $187 $122 
Interest Rate Contracts— — — — 
Commodity Contracts1,121 912 1,343 957 
Total$1,254 $1,070 $1,530 $1,079 


The following tables set forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the three and six months ended June 30, 2024 and 2023.
Other (income) expense - net
 Cost ofInterest
(In millions)Revenuesproducts soldexpense
Three Months Ended June 30, 2024
Consolidated Statement of Earnings$22,248 $20,852 $(9)$187 
Pre-tax gains (losses) on:
Foreign Currency Contracts$18 $(155)$8 $— 
Commodity Contracts— (22)— — 
Total gain (loss) recognized in earnings$18 $(177)$8 $— $(151)
Three Months Ended June 30, 2023
Consolidated Statement of Earnings$25,190 $23,307 $(37)$180 
Pre-tax gains (losses) on:
Foreign Currency Contracts$(15)$153 $43 $— 
Commodity Contracts— 35 — — 
Debt Conversion Option— — — 1 
Total gain (loss) recognized in earnings$(15)$188 $43 $1 $217 
Other (income) expense - net
 Cost ofInterest
(In millions)Revenuesproducts soldexpense
Six Months Ended June 30, 2024
Consolidated Statement of Earnings$44,095 $41,040 $(35)$353 
Pre-tax gains (losses) on:
Foreign Currency Contracts$19 $(218)$62 $— 
Commodity Contracts— 175 — — 
Total gain (loss) recognized in earnings$19 $(43)$62 $— $38 
Six Months Ended June 30, 2023
Consolidated Statement of Earnings$49,262 $45,299 $(81)$327 
Pre-tax gains (losses) on:
Foreign Currency Contracts$(26)$248 $27 $— 
Commodity Contracts— 475 — — 
Debt Conversion Option— — — 6 
Total gain (loss) recognized in earnings$(26)$723 $27 $6 $730 
The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2024 and December 31, 2023.

 June 30, 2024December 31, 2023
 AssetsLiabilitiesAssetsLiabilities
 (In millions)
Commodity Contracts$9 $— $16 $— 
Foreign Currency Contracts55 — — 22 
Interest Rate Contracts5 — — — 
Total$69 $— $16 $22 
The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three and six months ended June 30, 2024 and 2023.

Cost of products sold
(In millions)
Three Months Ended June 30, 2024
Consolidated Statement of Earnings$20,852 
Effective amounts recognized in earnings 
Pre-tax gains (losses) on:
Commodity Contracts$(23)
Total gain (loss) recognized in earnings$(23)$(23)
Three Months Ended June 30, 2023
Consolidated Statement of Earnings$23,307 
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts$(41)
Total gain (loss) recognized in earnings$(41)$(41)
Cost of products sold
(In millions)
Six Months Ended June 30, 2024
Consolidated Statement of Earnings$41,040 
Effective amounts recognized in earnings 
Pre-tax gains (losses) on:
Commodity Contracts$(4)
Total gain (loss) recognized in earnings$(4)$(4)
Six Months Ended June 30, 2023
Consolidated Statement of Earnings$45,299 
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts$(145)
Total gain (loss) recognized in earnings$(145)$(145)
v3.24.2
Other Current Assets (Tables)
 6 Months Ended
Jun. 30, 2024
Other Assets [Abstract]  
Other Current Assets
The following table sets forth the items in other current assets:
June 30,December 31,
20242023
 (In millions)
Unrealized gains on derivative contracts$1,323 $1,546 
Margin deposits and grain accounts601 560 
Customer omnibus receivable812 1,052 
Financing receivables - net (1)
145 237 
Insurance premiums receivable79 61 
Prepaid expenses373 445 
Biodiesel tax credit150 119 
Tax receivables535 491 
Non-trade receivables280 304 
Other current assets100 167 
 $4,398 $4,982 
(1) The Company provides financing to certain suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $6 million at each of June 30, 2024 and December 31, 2023. Interest earned on financing receivables of $5 million and $10 million for the three and six months ended June 30, 2024, respectively, and $4 million and $10 million for the three and six months ended June 30, 2023, respectively, is included in interest and investment income in the consolidated statements of earnings.
v3.24.2
Accrued Expenses And Other Payables (Tables)
 6 Months Ended
Jun. 30, 2024
Accrued Liabilities and Other Liabilities [Abstract]  
Accrued Expenses And Other Payables
The following table sets forth the items in accrued expenses and other payables:
June 30,December 31,
20242023
 (In millions)
Unrealized losses on derivative contracts$1,070 $1,101 
Accrued compensation290 439 
Income tax payable202 284 
Other taxes payable206 172 
Insurance claims payable86 73 
Contract liability364 626 
Other accruals and payables
1,351 1,381 
 $3,569 $4,076 
v3.24.2
Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following tables set forth the changes in AOCI by component for the three and six months ended June 30, 2024 and the reclassifications out of AOCI for the three and six months ended June 30, 2024 and 2023:

Three Months Ended June 30, 2024
 Foreign Currency Translation AdjustmentDeferred Gain (Loss) on Hedging ActivitiesPension Liability AdjustmentUnrealized Gain (Loss) on InvestmentsTotal
 (In millions)
Balance at March 31, 2024$(2,552)$99 $(111)$(6)$(2,570)
Other comprehensive income (loss) before reclassifications(285)(71)1 — (355)
Gain (loss) on net investment hedges25 — — — 25 
Amounts reclassified from AOCI— 23 (4)— 19 
Tax effect(6)6 1 — 1 
Net of tax amount(266)(42)(2)— (310)
Balance at June 30, 2024$(2,818)$57 $(113)$(6)$(2,880)
Six Months Ended June 30, 2024
 Foreign Currency Translation AdjustmentDeferred Gain (Loss) on Hedging ActivitiesPension Liability AdjustmentUnrealized Gain (Loss) on InvestmentsTotal
 (In millions)
Balance at December 31, 2023$(2,539)$158 $(108)$2 $(2,487)
Other comprehensive income (loss) before reclassifications(362)(121)(1)(7)(491)
Gain (loss) on net investment hedges109 — — — 109 
Amounts reclassified from AOCI— 4 (6)— (2)
Tax effect(26)16 2 (1)(9)
Net of tax amount(279)(101)(5)(8)(393)
Balance at June 30, 2024$(2,818)$57 $(113)$(6)$(2,880)
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
Amount reclassified from AOCI
Three Months Ended June 30,Six Months Ended June 30,Affected line item in the consolidated statements of earnings
Details about AOCI components2024202320242023
(In millions)
Deferred loss (gain) on hedging activities
$23 $41 $4 $145 Cost of products sold
23 41 4 145 Total before tax
(4)(8)— (26)Tax
$19 $33 $4 $119 Net of tax
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service loss (credit)$(5)$(6)$(10)$(17)Other (income) expense-net
Actuarial losses 1 2 4 (18)Other (income) expense-net
(4)(4)(6)(35)Total before tax
1 3 2 (9)Tax
$(3)$(1)$(4)$(44)Net of tax
v3.24.2
Other (Income) Expense - Net (Tables)
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Other (Income) Expense - Net
The following table sets forth the items in other (income) expense:
Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
 (In millions)
Gains on sale of assets$(5)$(21)$(7)$(32)
Other – net(4)(16)(28)(49)
Other (Income) Expense – Net$(9)$(37)$(35)$(81)
v3.24.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information
The following tables present: (i) adjustments and revised gross revenues, intersegment revenues, and operating profit amounts for the Ag Services and Oilseeds segment; (ii) adjustments and revised gross revenues, intersegment revenues and operating profit amounts for the Carbohydrate Solutions segment; and (iii) adjustments and revised operating profit amounts for the Nutrition segment, in each case, for the three and six months ended June 30, 2023. No adjustments were required to the gross revenues of the Nutrition segment.

Impact of the Adjustments on Ag Services and Oilseeds Segment Gross Revenues and Operating Profit
(In millions)Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Gross revenues, as originally reported$20,864 $40,778 
Adjustments1 2 
Gross revenues, as revised$20,865 $40,780 
Intersegment revenues, as originally reported$1,020 $2,355 
Adjustments1 2 
Intersegment revenues, as revised$1,021 $2,357 
Segment operating profit, as originally reported$1,054 $2,264 
Adjustments— 1 
Segment operating profit, as revised$1,054 $2,265 
Impact of the Adjustments on Carbohydrate Solutions Segment Gross Revenues and Operating Profit
(In millions)Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Gross revenues, as originally reported$3,829 $8,095 
Adjustments16 22 
Gross revenues, as revised$3,845 $8,117 
Intersegment revenues, as originally reported$448 $1,177 
Adjustments16 22 
Intersegment revenues, as revised$464 $1,199 
Segment operating profit, as originally reported$303 $576 
Adjustments16 22 
Segment operating profit, as revised$319 $598 

Impact of the Adjustments on Nutrition Segment Operating Profit
(In millions)Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Segment operating profit, as originally reported$185 $330 
Adjustments(16)(23)
Segment operating profit, as revised$169 $307 

Separately, the Company determined that a portion of the originally reported gross revenues and intersegment revenues of each of the Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition segments included certain intrasegment revenues (resulting from sales within the segment), and should have included exclusively intersegment revenues (resulting from sales from one segment to the other).

The correction of these immaterial errors does not have any impact on the Company’s previously reported Consolidated Statement of Earnings, Consolidated Statement of Comprehensive Income (Loss), Consolidated Balance Sheet, Consolidated Statements of Cash Flow, or Consolidated Statement of Shareholders’ Equity as of and for the period presented below.

The following tables present: (i) additional adjustments and further revised gross revenues and intersegment revenues amounts for the Ag Services and Oilseeds segment; (ii) additional adjustments and further revised gross revenues and intersegment revenues amounts for the Carbohydrate Solutions segment; and (iii) adjustments and revised gross revenues and intersegment revenues amounts for the Nutrition segment, for the three and six months ended June 30, 2023.
Additional Impact of the Adjustments on Ag Services and Oilseeds Segment Gross Revenues and Intersegment Revenues
(In millions)Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Gross revenues, as revised$20,865 $40,780 
Additional adjustments(320)(915)
Gross revenues, as further revised$20,545 $39,865 
Intersegment revenues, as revised$1,021 $2,357 
Additional adjustments(320)(915)
Intersegment revenues, as further revised$701 $1,442 
Additional Impact of the Adjustments on Carbohydrate Solutions Segment Gross Revenues and Intersegment Revenues
(In millions)Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Gross revenues, as revised$3,845 $8,117 
Additional adjustments(60)(290)
Gross revenues, as further revised$3,785 $7,827 
Intersegment revenues, as revised$464 $1,199 
Additional adjustments(60)(290)
Intersegment revenues, as further revised$404 $909 

Impact of the Adjustments on Nutrition Segment Gross Revenues and Intersegment Revenues
(In millions)Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Gross revenues, as originally reported$1,926 $3,870 
Adjustments(39)(94)
Gross revenues, as revised$1,887 $3,776 
Intersegment revenues, as originally reported$73 $164 
Adjustments(39)(94)
Intersegment revenues, as revised$34 $70 

For more information about the Company’s business segments, refer to Note 17 of “Notes to Consolidated Financial Statements” included in Item 8, “Financial Statements and Supplementary Data” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Segment Information
Three Months EndedSix Months Ended
June 30,June 30,
(In millions)2024202320242023
Gross revenues    
Ag Services and Oilseeds$17,879 $20,545 $35,707 $39,865 
Carbohydrate Solutions3,133 3,785 6,095 7,827 
Nutrition1,921 1,887 3,763 3,776 
Other Business113 112 222 215 
Intersegment elimination(798)(1,139)(1,692)(2,421)
Total gross revenues$22,248 $25,190 $44,095 $49,262 
Intersegment sales    
Ag Services and Oilseeds$546 $701 $1,155 $1,442 
Carbohydrate Solutions239 404 518 909 
Nutrition13 34 19 70 
Total intersegment sales$798 $1,139 $1,692 $2,421 
Revenues from external customers    
Ag Services and Oilseeds
Ag Services $11,746 $13,366 $22,943 $25,061 
Crushing2,850 3,480 6,177 7,163 
Refined Products and Other2,737 2,998 5,432 6,199 
Total Ag Services and Oilseeds17,333 19,844 34,552 38,423 
Carbohydrate Solutions
Starches and Sweeteners2,211 2,475 4,367 5,212 
Vantage Corn Processors683 906 1,210 1,706 
Total Carbohydrate Solutions2,894 3,381 5,577 6,918 
Nutrition
Human Nutrition1,061 966 2,025 1,902 
Animal Nutrition847 887 1,719 1,804 
Total Nutrition1,908 1,853 3,744 3,706 
Other Business113 112 222 215 
Total revenues from external customers$22,248 $25,190 $44,095 $49,262 
Segment operating profit
Ag Services and Oilseeds$459 $1,054 $1,323 $2,265 
Carbohydrate Solutions357 319 605 598 
Nutrition109 169 193 307 
Other Business96 86 217 183 
Specified Items: Gains on sale of assets(1)
— 11 — 12 
Impairment and restructuring charges(2)
(7)(114)(13)(121)
Total segment operating profit1,014 1,525 2,325 3,244 
Corporate Unallocated(418)(393)(844)(715)
Earnings before income taxes$596 $1,132 $1,481 $2,529 
(1) Prior year period gains were related to the sale of certain assets.
(2) Current and prior year period charges were related to the impairment of certain long-lived assets and restructuring.
v3.24.2
Supplier Finance Programs (Tables)
 6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Supplier Finance Program
Changes to the outstanding payment obligations were as follows:
June 30, 2024
(In millions)
Beginning, January 1, 2024$274 
Obligations confirmed520 
Obligations paid(505)
Ending, June 30, 2024$289 
v3.24.2
Basis of Presentation Basis of Presentation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Equity Securities, FV-NI and without Readily Determinable Fair Value $ 440   $ 440     $ 438    
Inventory, Raw Materials and Supplies, Net of Reserves 1,787   1,787     1,944    
Inventory, Finished Goods, Net of Reserves 2,909   2,909     3,026    
Inventories at market 5,747   5,747     6,987    
Inventories 10,443   10,443     11,957    
Accounts Receivable, Allowance for Credit Loss 194 $ 174 194 $ 174 $ 216 $ 215 $ 182 $ 199
Accounts Receivable, Credit Loss Expense (Reversal) (12) 9 (7) 13        
Accounts Receivable, Allowance for Credit Loss, Recovery     8 1        
Accounts Receivable, Allowance for Credit Loss, Writeoff (3) (16) (16) (40)        
Accounts Receivable, Allowance for Credit Loss, Foreign Currency (1) 0 0 1        
Accounts Receivable, Allowance for Credit Loss, Other Adjustments (6) (1) (6) 0        
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Cumulative Amount 115   115          
Equity Securities without Readily Determinable Fair Value, Downward Price Adjustment, Cumulative Amount $ 94   94          
Equity Securities, FV-NI, Unrealized Gain (Loss)   $ 0   $ 0        
Equity Securities, FV-NI, Unrealized Loss     18          
Equity Securities, FV-NI, Unrealized Gain     $ 2          
Wilmar                
Debt and Equity Securities, Unrealized Gain (Loss) [Abstract]                
Equity Method Investment, Ownership Percentage 22.50%   22.50%          
Equity Method Investments $ 4,100   $ 4,100          
Equity Method Investment, Quoted Market Value $ 3,200   $ 3,200          
v3.24.2
Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax $ 22,248 $ 25,190 $ 44,095 $ 49,262  
Contract with Customer, Liability [Abstract]          
Contract with Customer, Liability 364   364   $ 626
Change in Contract with Customer, Liability [Abstract]          
Contract with Customer, Liability, Revenue Recognized 120   355    
Ag Services and Oilseeds [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 17,333 19,844 34,552 38,423  
Ag Services [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 11,746 13,366 22,943 25,061  
Crushing [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 2,850 3,480 6,177 7,163  
Refined Products and Other [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 2,737 2,998 5,432 6,199  
Carbohydrate Solutions [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 2,894 3,381 5,577 6,918  
Starches and sweeteners [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 2,211 2,475 4,367 5,212  
VCP [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 683 906 1,210 1,706  
Nutrition [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 1,908 1,853 3,744 3,706  
Human Nutrition [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 1,061 966 2,025 1,902  
Animal Nutrition [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 847 887 1,719 1,804  
Other [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 113 112 222 215  
Non MTM Products and Services [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 6,162 6,623 12,105 13,475  
Non MTM Products and Services [Member] | Transferred at Point in Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 5,910 6,423 11,660 13,097  
Non MTM Products and Services [Member] | Transferred over Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 252 200 445 378  
Non MTM Products and Services [Member] | Ag Services and Oilseeds [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 1,804 1,880 3,682 3,892  
Non MTM Products and Services [Member] | Ag Services and Oilseeds [Member] | Transferred at Point in Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 1,552 1,680 3,237 3,514  
Non MTM Products and Services [Member] | Ag Services and Oilseeds [Member] | Transferred over Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 252 200 445 378  
Non MTM Products and Services [Member] | Ag Services [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 1,177 1,271 2,392 2,466  
Non MTM Products and Services [Member] | Ag Services [Member] | Transferred at Point in Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 925 1,071 1,947 2,088  
Non MTM Products and Services [Member] | Ag Services [Member] | Transferred over Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 252 200 445 378  
Non MTM Products and Services [Member] | Crushing [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 104 32 220 223  
Non MTM Products and Services [Member] | Crushing [Member] | Transferred at Point in Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 104 32 220 223  
Non MTM Products and Services [Member] | Refined Products and Other [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 523 577 1,070 1,203  
Non MTM Products and Services [Member] | Refined Products and Other [Member] | Transferred at Point in Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 523 577 1,070 1,203  
Non MTM Products and Services [Member] | Carbohydrate Solutions [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 2,337 2,778 4,457 5,662  
Non MTM Products and Services [Member] | Carbohydrate Solutions [Member] | Transferred at Point in Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 2,337 2,778 4,457 5,662  
Non MTM Products and Services [Member] | Starches and sweeteners [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 1,654 1,872 3,247 3,956  
Non MTM Products and Services [Member] | Starches and sweeteners [Member] | Transferred at Point in Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 1,654 1,872 3,247 3,956  
Non MTM Products and Services [Member] | VCP [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 683 906 1,210 1,706  
Non MTM Products and Services [Member] | VCP [Member] | Transferred at Point in Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 683 906 1,210 1,706  
Non MTM Products and Services [Member] | Nutrition [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 1,908 1,853 3,744 3,706  
Non MTM Products and Services [Member] | Nutrition [Member] | Transferred at Point in Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 1,908 1,853 3,744 3,706  
Non MTM Products and Services [Member] | Human Nutrition [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 1,061 966 2,025 1,902  
Non MTM Products and Services [Member] | Human Nutrition [Member] | Transferred at Point in Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 1,061 966 2,025 1,902  
Non MTM Products and Services [Member] | Animal Nutrition [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 847 887 1,719 1,804  
Non MTM Products and Services [Member] | Animal Nutrition [Member] | Transferred at Point in Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 847 887 1,719 1,804  
Non MTM Products and Services [Member] | Other [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 113 112 222 215  
Non MTM Products and Services [Member] | Other [Member] | Transferred at Point in Time [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 113 112 222 215  
Mark-to-Market Products [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 16,086 18,567 31,990 35,787  
Mark-to-Market Products [Member] | Ag Services and Oilseeds [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 15,529 17,964 30,870 34,531  
Mark-to-Market Products [Member] | Ag Services [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 10,569 12,095 20,551 22,595  
Mark-to-Market Products [Member] | Crushing [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 2,746 3,448 5,957 6,940  
Mark-to-Market Products [Member] | Refined Products and Other [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 2,214 2,421 4,362 4,996  
Mark-to-Market Products [Member] | Carbohydrate Solutions [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax 557 603 1,120 1,256  
Mark-to-Market Products [Member] | Starches and sweeteners [Member]          
Revenue from Contract with Customer [Abstract]          
Revenue from Contract with Customer, Excluding Assessed Tax $ 557 $ 603 $ 1,120 $ 1,256  
v3.24.2
Acquisitions (Narrative) (Details)
 6 Months Ended
Jun. 30, 2024
USD ($)
Business Acquisition [Line Items]  
Payments to Acquire Businesses, Gross $ 948,000,000
Cash Acquired from Acquisition 12,000,000
Business Acquisition, Goodwill, Expected Tax Deductible Amount 313,000,000
Goodwill, Acquired During Period $ 551,000,000
v3.24.2
Acquisitions Other Intangible Assets (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill $ 274
Revela  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 166
FDL  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 97
PT  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 0
TNS  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 11
Trademarks and Trade Names [Member]  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill $ 5
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 3 years
Trademarks and Trade Names [Member] | Revela  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill $ 0
Trademarks and Trade Names [Member] | FDL  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 4
Trademarks and Trade Names [Member] | TNS  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 1
Customer Lists [Member]  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 205
Customer Lists [Member] | Revela  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 124
Customer Lists [Member] | FDL  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 73
Customer Lists [Member] | TNS  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 8
Recipes  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 64
Recipes | Revela  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 42
Recipes | FDL  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 20
Recipes | TNS  
Schedule of Other Intangible Assets [Line Items]  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill $ 2
Minimum [Member] | Customer Lists [Member]  
Schedule of Other Intangible Assets [Line Items]  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 10 years
Minimum [Member] | Recipes  
Schedule of Other Intangible Assets [Line Items]  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 10 years
Maximum [Member] | Customer Lists [Member]  
Schedule of Other Intangible Assets [Line Items]  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 18 years
Maximum [Member] | Recipes  
Schedule of Other Intangible Assets [Line Items]  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 21 years
v3.24.2
Acquisitions (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Business Acquisition [Line Items]    
Business Acquisition, Purchase Price Allocation, Working Capital $ 73  
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment 79  
Goodwill, Acquired During Period 551  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 274  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets 29  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities (70)  
Payments to Acquire Businesses, Net of Cash Acquired 936 $ 0
Revela    
Business Acquisition [Line Items]    
Business Acquisition, Purchase Price Allocation, Working Capital 50  
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment 38  
Goodwill, Acquired During Period 410  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 166  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets 28  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities (43)  
Payments to Acquire Businesses, Net of Cash Acquired 649  
FDL    
Business Acquisition [Line Items]    
Business Acquisition, Purchase Price Allocation, Working Capital 16  
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment 34  
Goodwill, Acquired During Period 128  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 97  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets 1  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities (26)  
Payments to Acquire Businesses, Net of Cash Acquired 250  
PT    
Business Acquisition [Line Items]    
Business Acquisition, Purchase Price Allocation, Working Capital 5  
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment 5  
Goodwill, Acquired During Period 5  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 0  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets 0  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities 0  
Payments to Acquire Businesses, Net of Cash Acquired 15  
TNS    
Business Acquisition [Line Items]    
Business Acquisition, Purchase Price Allocation, Working Capital 2  
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment 2  
Goodwill, Acquired During Period 8  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 11  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets 0  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities (1)  
Payments to Acquire Businesses, Net of Cash Acquired $ 22  
v3.24.2
Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Fair Value Measurements [Line Items]          
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) $ (208) $ (545) $ (546) $ (800)  
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) $ 325 $ 780 $ 889 $ 1,400  
Weighted Average [Member] | Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Inventory Related Payables [Member]          
Fair Value Measurements [Line Items]          
Basis 42.70%   42.70%   33.20%
Weighted Average [Member] | Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Inventories Carried At Market [Member]          
Fair Value Measurements [Line Items]          
Basis 39.10%   39.10%   25.00%
v3.24.2
Fair Value Measurements (Fair Value Measurements At Reporting Date) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Derivative Asset $ 1,323 $ 1,546
Liabilities:    
Derivative Liability 1,070 1,101
Fair Value, Recurring [Member]    
Assets:    
Inventories carried at market 5,747 6,987
Cash Equivalents, at Carrying Value 260 209
Restricted Investments, at Fair Value 1,748 1,362
Total Assets 9,078 10,104
Liabilities:    
Inventory-related payables 1,183 1,320
Total Liabilities 2,253 2,421
Fair Value, Recurring [Member] | Commodity Contracts [Member]    
Assets:    
Derivative Asset 1,130 1,359
Liabilities:    
Derivative Liability 912 957
Fair Value, Recurring [Member] | Foreign Exchange Contracts [Member]    
Assets:    
Derivative Asset 188 187
Liabilities:    
Derivative Liability 158 144
Fair Value, Recurring [Member] | Interest Rate Contracts [Member]    
Assets:    
Derivative Asset 5  
Fair Value, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]    
Assets:    
Inventories carried at market 0 0
Cash Equivalents, at Carrying Value 260 209
Restricted Investments, at Fair Value 1,748 1,362
Total Assets 2,008 1,571
Liabilities:    
Inventory-related payables 0 0
Total Liabilities 0 0
Fair Value, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Commodity Contracts [Member]    
Assets:    
Derivative Asset 0 0
Liabilities:    
Derivative Liability 0 0
Fair Value, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Foreign Exchange Contracts [Member]    
Assets:    
Derivative Asset 0 0
Liabilities:    
Derivative Liability 0 0
Fair Value, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Interest Rate Contracts [Member]    
Assets:    
Derivative Asset 0  
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Assets:    
Inventories carried at market 3,201 4,274
Cash Equivalents, at Carrying Value 0 0
Restricted Investments, at Fair Value 0 0
Total Assets 4,129 5,089
Liabilities:    
Inventory-related payables 1,149 1,219
Total Liabilities 1,852 1,863
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commodity Contracts [Member]    
Assets:    
Derivative Asset 735 628
Liabilities:    
Derivative Liability 545 500
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member]    
Assets:    
Derivative Asset 188 187
Liabilities:    
Derivative Liability 158 144
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member]    
Assets:    
Derivative Asset 5  
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Assets:    
Inventories carried at market 2,546 2,713
Cash Equivalents, at Carrying Value 0 0
Restricted Investments, at Fair Value 0 0
Total Assets 2,941 3,444
Liabilities:    
Inventory-related payables 34 101
Total Liabilities 401 558
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commodity Contracts [Member]    
Assets:    
Derivative Asset 395 731
Liabilities:    
Derivative Liability 367 457
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Exchange Contracts [Member]    
Assets:    
Derivative Asset 0 0
Liabilities:    
Derivative Liability 0 $ 0
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Contracts [Member]    
Assets:    
Derivative Asset $ 0  
v3.24.2
Fair Value Measurements (Reconciliation Of Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) $ 325 $ 780 $ 889 $ 1,400
Significant Unobservable Inputs (Level 3) [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance at beginning of period 3,712 4,152 3,444 3,301
Total increase (decrease) in unrealized gains included in cost of products sold 384 837 662 1,316
Purchases 3,637 9,910 7,426 18,575
Sales (4,194) (10,646) (8,077) (18,900)
Settlements (438) (461) (790) (843)
Transfers into Level 3 586 787 1,130 1,442
Transfers out of Level 3 (746) (834) (854) (1,146)
Balance at end of period 2,941 3,745 2,941 3,745
Significant Unobservable Inputs (Level 3) [Member] | Inventories Carried At Market [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance at beginning of period 2,948 3,503 2,713 2,760
Total increase (decrease) in unrealized gains included in cost of products sold 187 362 90 364
Purchases 3,637 9,910 7,426 18,575
Sales (4,194) (10,646) (8,077) (18,900)
Settlements 0 (4) 0 (4)
Transfers into Level 3 557 547 1,073 1,152
Transfers out of Level 3 (589) (813) (679) (1,088)
Balance at end of period 2,546 2,859 2,546 2,859
Significant Unobservable Inputs (Level 3) [Member] | Commodity Derivative Contracts Gains [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance at beginning of period 764 649 731 541
Total increase (decrease) in unrealized gains included in cost of products sold 197 475 572 952
Purchases 0 0 0
Sales 0 0 0 0
Settlements (438) (457) (790) (839)
Transfers into Level 3 29 240 57 290
Transfers out of Level 3 (157) (21) (175) (58)
Balance at end of period $ 395 $ 886 $ 395 $ 886
v3.24.2
Fair Value Measurements (Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) $ 208 $ 545 $ 546 $ 800
Significant Unobservable Inputs (Level 3) [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance at beginning of period 497 513 558 698
Total increase (decrease) in unrealized losses included in cost of products sold 199 538 525 774
Purchases 2 5 3 7
Sales (26)   (64)  
Settlements (282) (286) (572) (741)
Transfers into Level 3 15 88 29 126
Transfers out of Level 3 (4) (2) (78) (8)
Balance at end of period 401 856 401 856
Significant Unobservable Inputs (Level 3) [Member] | Long-term Debt [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance at beginning of period   1   6
Total increase (decrease) in unrealized losses included in cost of products sold   (1)   (6)
Purchases   0   0
Balance at end of period   0   0
Significant Unobservable Inputs (Level 3) [Member] | Inventory Related Payables [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance at beginning of period 62 57 101 89
Total increase (decrease) in unrealized losses included in cost of products sold (4) 4 (7) 2
Purchases 2 5 3 7
Sales (26)   (64)  
Settlements 0 (3) 0 (34)
Transfers into Level 3 0 2 1 1
Transfers out of Level 3 0 0 0 0
Balance at end of period 34 65 34 65
Significant Unobservable Inputs (Level 3) [Member] | Commodity Derivative Contracts Losses [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance at beginning of period 435 455 457 603
Total increase (decrease) in unrealized losses included in cost of products sold 203 535 532 778
Purchases 0 0 0 0
Sales 0   0  
Settlements (282) (283) (572) (707)
Transfers into Level 3 15 86 28 125
Transfers out of Level 3 (4) (2) (78) (8)
Balance at end of period $ 367 $ 791 $ 367 $ 791
v3.24.2
Fair Value Measurements (Unobservable Inputs In Level 3 Valuations Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Weighted Average [Member] - Significant Unobservable Inputs (Level 3) [Member] - Fair Value, Recurring [Member]
Jun. 30, 2024
Dec. 31, 2023
Inventory Related Payables [Member]    
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]    
Basis 42.70% 33.20%
Transportation cost 0.00% 0.00%
Commodity Derivative Contracts Losses [Member]    
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]    
Basis 25.30% 24.90%
Transportation cost 19.80% 3.20%
Inventories Carried At Market [Member]    
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]    
Basis 39.10% 25.00%
Transportation cost 17.40% 11.50%
Commodity Derivative Contracts Gains [Member]    
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]    
Basis 32.70% 24.20%
Transportation cost 24.80% 9.30%
v3.24.2
Derivative Instruments and Hedging Activities (Narrative) (Details)
bu in Millions, $ in Millions, € in Billions
 3 Months Ended
Jun. 30, 2024
EUR (€)
Mar. 31, 2024
EUR (€)
Jun. 30, 2024
USD ($)
bu
Dec. 31, 2023
USD ($)
Derivative [Line Items]        
Corn processed per month (in bushels) | bu     59  
Notional Amount of Nonderivative Instruments | € € 0.7 € 0.7    
Foreign Debt used in Net Investment Hedge, Net of Tax     $ 227 $ 212
Designated As Hedging Instrument [Member]        
Derivative [Line Items]        
Unrealized Gain (Loss) on Price Risk Cash Flow Hedges, after Tax, Accumulated Other Comprehensive Income     26 (42)
Interest Rate Derivative Assets, at Fair Value     5 0
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months     $ 26  
Corn [Member] | Designated As Hedging Instrument [Member]        
Derivative [Line Items]        
Derivative Hedged Item Time Period 12 months      
Corn [Member] | Minimum [Member] | Designated As Hedging Instrument [Member]        
Derivative [Line Items]        
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)     12.00%  
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)     1.00%  
Corn [Member] | Maximum [Member] | Designated As Hedging Instrument [Member]        
Derivative [Line Items]        
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)     34.00%  
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)     31.00%  
Soybean [Member] | Designated As Hedging Instrument [Member]        
Derivative [Line Items]        
Derivative Hedged Item Time Period 12 months      
Soybean [Member] | Minimum [Member] | Designated As Hedging Instrument [Member]        
Derivative [Line Items]        
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)     77.00%  
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)     0.00%  
Soybean [Member] | Maximum [Member] | Designated As Hedging Instrument [Member]        
Derivative [Line Items]        
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)     100.00%  
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)     100.00%  
Natural Gas | Designated As Hedging Instrument [Member]        
Derivative [Line Items]        
Derivative Hedged Item Time Period 12 months      
Natural Gas | Minimum [Member] | Designated As Hedging Instrument [Member]        
Derivative [Line Items]        
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)     39.00%  
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)     33.00%  
Natural Gas | Maximum [Member] | Designated As Hedging Instrument [Member]        
Derivative [Line Items]        
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)     76.00%  
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)     58.00%  
Fair Value Hedging [Member]        
Derivative [Line Items]        
Derivative Liability, Notional Amount     $ 500  
Fair Value Hedging [Member] | Designated As Hedging Instrument [Member]        
Derivative [Line Items]        
Interest Rate Derivative Assets, at Fair Value     5  
Net Investment Hedging [Member]        
Derivative [Line Items]        
Derivatives used in Net Investment Hedge, Net of Tax     (60) 5
Net Investment Hedging [Member] | Currency Swap [Member]        
Derivative [Line Items]        
Derivative Liability, Notional Amount     800 800
Net Investment Hedging [Member] | Foreign Exchange Forward [Member]        
Derivative [Line Items]        
Derivative Liability, Notional Amount     $ 2,000 $ 2,100
v3.24.2
Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Not Designated As Hedging Instruments) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Not Designated As Hedging Instrument [Member]    
Derivative [Line Items]    
FX Contracts Assets $ 133 $ 187
Commodity Contracts Assets 1,121 1,343
Interest Rate Derivative Assets, at Fair Value 0 0
Total fair value of derivative assets not designated as hedging instruments 1,254 1,530
FX Contracts Liabilities 158 122
Interest Rate Derivative Liabilities, at Fair Value 0 0
Commodity Contracts Liabilities 912 957
Total fair value of derivative liabilities not designated as hedging instruments. 1,070 1,079
Designated As Hedging Instrument [Member]    
Derivative [Line Items]    
Interest Rate Derivative Assets, at Fair Value 5 0
Interest Rate Derivative Liabilities, at Fair Value $ 0 $ 0
v3.24.2
Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Not Designated As Hedging Instruments) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative [Line Items]        
Revenues $ 22,248 $ 25,190 $ 44,095 $ 49,262
Cost of Products Sold 20,852 23,307 41,040 45,299
Other (Income) Expense - Net (9) (37) (35) (81)
Interest Expense 187 180 353 327
Total gain (loss) recognized in earnings (151) 217 38 730
Revenues [Member]        
Derivative [Line Items]        
FX Contracts 18 (15) 19 (26)
Total gain (loss) recognized in earnings 18 (15) 19 (26)
Cost of Products Sold [Member]        
Derivative [Line Items]        
FX Contracts (155) 153 (218) 248
Commodity Contracts (22) 35 175 475
Total gain (loss) recognized in earnings (177) 188 (43) 723
Interest Expense [Member]        
Derivative [Line Items]        
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net   1   6
Total gain (loss) recognized in earnings 0 1 0 6
Other (Income) Expense - Net [Member]        
Derivative [Line Items]        
FX Contracts 8 43 62 27
Commodity Contracts 0 0 0 0
Total gain (loss) recognized in earnings $ 8 $ 43 $ 62 $ 27
v3.24.2
Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Designated As Hedging Instruments) (Details) - Designated As Hedging Instrument [Member] - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Interest Rate Derivative Assets, at Fair Value $ 5 $ 0
Price Risk Cash Flow Hedge Asset, at Fair Value 9 16
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value 55 0
Derivative Instruments in Hedges, Assets, at Fair Value 69 16
Interest Rate Derivative Liabilities, at Fair Value 0 0
Price Risk Fair Value Hedge Liability, at Fair Value 0 0
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value 0 22
Derivative Instruments in Hedges, Liabilities, at Fair Value $ 0 $ 22
v3.24.2
Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Designated As Hedging Instruments) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments, Gains (Loss) [Line Items]        
Revenues $ 22,248 $ 25,190 $ 44,095 $ 49,262
Cost of Products Sold 20,852 23,307 41,040 45,299
Interest Expense 187 180 353 327
Other (Income) Expense - Net (9) (37) (35) (81)
Designated As Hedging Instrument [Member]        
Derivative Instruments, Gains (Loss) [Line Items]        
Gain (Loss) on Hedging Activity (23) (41) (4) (145)
Designated As Hedging Instrument [Member] | Cost of Products Sold [Member]        
Derivative Instruments, Gains (Loss) [Line Items]        
Gain (Loss) on Hedging Activity (23) (41) (4) (145)
Commodity Contracts effective amount recognized in earnings $ (23) $ (41) $ (4) $ (145)
v3.24.2
Other Current Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Other Assets [Abstract]          
Derivative Asset $ 1,323   $ 1,323   $ 1,546
Margin Deposit Assets 601   601   560
Receivables from Customers 812   812   1,052
Financing Receivable, after Allowance for Credit Loss 145   145   237
Premiums Receivable, Net 79   79   61
Prepaid Expense, Current 373   373   445
Biodiesel tax credit 150   150   119
Tax receivables 535   535   491
Other Receivables 280   280   304
Other current assets 100   100   167
Total other current assets 4,398   4,398   4,982
Financing Receivable, Allowance for Credit Loss 6   6   $ 6
Interest on financing receivables $ 5 $ 4 $ 10 $ 10  
v3.24.2
Accrued Expenses And Other Payables (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]    
Derivative Liability $ 1,070 $ 1,101
Employee-related Liabilities 290 439
Accrued Income Taxes, Current 202 284
Accrual for Taxes Other than Income Taxes, Current 206 172
Liability for Claims and Claims Adjustment Expense 86 73
Contract with Customer, Liability 364 626
Accrued expenses and other payables 1,351 1,381
Total accrued expenses and other payables $ 3,569 $ 4,076
Accrued Expenses And Other Payables Accrued Expenses and Other Payables
The following table sets forth the items in accrued expenses and other payables:
June 30,December 31,
20242023
 (In millions)
Unrealized losses on derivative contracts$1,070 $1,101 
Accrued compensation290 439 
Income tax payable202 284 
Other taxes payable206 172 
Insurance claims payable86 73 
Contract liability364 626 
Other accruals and payables
1,351 1,381 
 $3,569 $4,076 
  
v3.24.2
Debt And Financing Arrangements (Narrative) (Details)
$ in Millions, € in Billions
 3 Months Ended
Jun. 30, 2024
EUR (€)
Mar. 31, 2024
EUR (€)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Notional Amount of Nonderivative Instruments | € € 0.7 € 0.7    
Fair Value of Debt Below Carrying Value     $ 500  
Line of Credit [Member]        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity     12,300  
Unused lines of credit     7,800  
Commercial Paper [Member]        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity     5,000  
Commercial Paper     1,000  
Accounts Receivable Securitization Facility [Member]        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity     2,800  
Unused lines of credit     700  
Not Designated as Hedging Instrument [Member]        
Debt Instrument [Line Items]        
Interest Rate Derivative Liabilities, at Fair Value     $ 0 $ 0
v3.24.2
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Contingency [Line Items]        
Effective income tax rate 19.30% 18.00% 19.00% 17.00%
Tax and Customs Administration, Netherlands [Member]        
Income Tax Contingency [Line Items]        
Income tax assessment $ 87   $ 87  
Additional income tax assessment - Interest and Penalties $ 35   $ 35  
v3.24.2
Shareholders' Equity Share Repurchase Program (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Accelerated Share Repurchases [Line Items]          
Stock Repurchased During Period, Value $ 1,018   $ 654 $ 2,349 $ 1,005
Total Share Repurchase Program          
Accelerated Share Repurchases [Line Items]          
Stock Repurchase Program, Number of Shares Authorized to be Repurchased 200,000,000     200,000,000  
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased 14,800,000     14,800,000  
Stock Repurchase Program Expiration Date Dec. 31, 2024        
ASR $1.0 billion          
Accelerated Share Repurchases [Line Items]          
Stock Repurchase Program, Authorized Amount $ 1,000     $ 1,000  
Shares Acquired, Average Cost Per Share $ 63.045 $ 60.596      
Stock Repurchased During Period, Value $ 462 $ 538      
Stock Repurchased During Period, Shares 7,325,733 8,880,986      
v3.24.2
Shareholders' Equity AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period $ (2,570) $ (2,487)
Other comprehensive income (loss) before reclassifications (355) (491)
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax 25 109
Amounts reclassified from AOCI 19 (2)
Other comprehensive income (loss), tax, portion attributable to parent 1 (9)
Other Comprehensive Income (Loss), Net of Tax (310) (393)
Balance of Accumulated Other Comprehensive Income (Loss) at End of period (2,880) (2,880)
Foreign Currency Translation Adjustment [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period (2,552) (2,539)
Other comprehensive income (loss) before reclassifications (285) (362)
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax 25 109
Amounts reclassified from AOCI 0 0
Other comprehensive income (loss), tax, portion attributable to parent (6) (26)
Other Comprehensive Income (Loss), Net of Tax (266) (279)
Balance of Accumulated Other Comprehensive Income (Loss) at End of period (2,818) (2,818)
Deferred Gain (Loss) On Hedging Activities [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period 99 158
Other comprehensive income (loss) before reclassifications (71) (121)
Amounts reclassified from AOCI 23 4
Other comprehensive income (loss), tax, portion attributable to parent 6 16
Other Comprehensive Income (Loss), Net of Tax (42) (101)
Balance of Accumulated Other Comprehensive Income (Loss) at End of period 57 57
Pension Liability Adjustment [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period (111) (108)
Other comprehensive income (loss) before reclassifications 1 (1)
Amounts reclassified from AOCI (4) (6)
Other comprehensive income (loss), tax, portion attributable to parent 1 2
Other Comprehensive Income (Loss), Net of Tax (2) (5)
Balance of Accumulated Other Comprehensive Income (Loss) at End of period (113) (113)
Unrealized Gain (Loss) On Investments [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period (6) 2
Other comprehensive income (loss) before reclassifications 0 (7)
Amounts reclassified from AOCI 0 0
Other comprehensive income (loss), tax, portion attributable to parent 0 (1)
Other Comprehensive Income (Loss), Net of Tax 0 (8)
Balance of Accumulated Other Comprehensive Income (Loss) at End of period $ (6) $ (6)
v3.24.2
Shareholders' Equity Reclassification (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Earnings Before Income Taxes $ (596) $ (1,132) $ (1,481) $ (2,529)
Income taxes (115) (204) (281) (429)
Net Earnings Including Noncontrolling Interests (481) (928) (1,200) (2,100)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred (Gain) Loss On Hedging Activities [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Earnings Before Income Taxes 23 41 4 145
Income taxes 4 8 0 26
Net Earnings Including Noncontrolling Interests 19 33 4 119
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension Liability Adjustment [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Earnings Before Income Taxes (4) (4) (6) (35)
Income taxes (1) (3) (2) 9
Net Earnings Including Noncontrolling Interests (3) (1) (4) (44)
Cost of Products Sold [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred (Gain) Loss On Hedging Activities [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax 23 41 4 145
Other (Income) Expense - Net [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension Liability Adjustment [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Prior Service Cost (Credit) (5) (6) (10) (17)
Actuarial Losses $ 1 $ 2 $ 4 $ (18)
v3.24.2
Other (Income) Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Gain (Loss) on Sale and Revaluation of Assets $ 5 $ 21 $ 7 $ 32
Other - net 4 16 28 49
Other (Income) Expense - Net (9) (37) (35) (81)
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component $ (5) $ (5) $ (9) $ (9)
v3.24.2
Segment Information (Narrative) (Details)
 6 Months Ended
Jun. 30, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.24.2
Segment Information (Segment Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Information        
Revenues $ (22,248) $ (25,190) $ (44,095) $ (49,262)
Earnings Before Income Taxes 596 1,132 1,481 2,529
Restructuring, Settlement and Impairment Provisions (7) (60) (25) (67)
Ag Services and Oilseeds [Member]        
Segment Information        
Revenues (17,333) (19,844) (34,552) (38,423)
Ag Services [Member]        
Segment Information        
Revenues (11,746) (13,366) (22,943) (25,061)
Crushing [Member]        
Segment Information        
Revenues (2,850) (3,480) (6,177) (7,163)
Refined Products and Other [Member]        
Segment Information        
Revenues (2,737) (2,998) (5,432) (6,199)
Carbohydrate Solutions [Member]        
Segment Information        
Revenues (2,894) (3,381) (5,577) (6,918)
Starches and sweeteners [Member]        
Segment Information        
Revenues (2,211) (2,475) (4,367) (5,212)
VCP [Member]        
Segment Information        
Revenues (683) (906) (1,210) (1,706)
Nutrition [Member]        
Segment Information        
Revenues (1,908) (1,853) (3,744) (3,706)
Human Nutrition [Member]        
Segment Information        
Revenues (1,061) (966) (2,025) (1,902)
Animal Nutrition [Member]        
Segment Information        
Revenues (847) (887) (1,719) (1,804)
Other [Member]        
Segment Information        
Revenues (113) (112) (222) (215)
Operating Segments [Member]        
Segment Information        
Earnings Before Income Taxes 1,014 1,525 2,325 3,244
Operating Segments [Member] | Ag Services and Oilseeds [Member]        
Segment Information        
Revenues (17,879) (20,545) (35,707) (39,865)
Earnings Before Income Taxes 459 1,054 1,323 2,265
Operating Segments [Member] | Ag Services and Oilseeds [Member] | Revised for Transfer Price Adjustment        
Segment Information        
Revenues   (20,865)   (40,780)
Operating Segments [Member] | Ag Services and Oilseeds [Member] | Previously Reported [Member]        
Segment Information        
Revenues   (20,864)   (40,778)
Earnings Before Income Taxes   1,054   2,264
Operating Segments [Member] | Ag Services and Oilseeds [Member] | Revision of Prior Period, Error Correction, Adjustment        
Segment Information        
Revenues   (1)   (2)
Earnings Before Income Taxes   0   1
Operating Segments [Member] | Ag Services and Oilseeds [Member] | Revision of Prior Period, Reclassification, Adjustment        
Segment Information        
Revenues   320   915
Operating Segments [Member] | Carbohydrate Solutions [Member]        
Segment Information        
Revenues (3,133) (3,785) (6,095) (7,827)
Earnings Before Income Taxes 357 319 605 598
Operating Segments [Member] | Carbohydrate Solutions [Member] | Revised for Transfer Price Adjustment        
Segment Information        
Revenues   (3,845)   (8,117)
Operating Segments [Member] | Carbohydrate Solutions [Member] | Previously Reported [Member]        
Segment Information        
Revenues   (3,829)   (8,095)
Earnings Before Income Taxes   303   576
Operating Segments [Member] | Carbohydrate Solutions [Member] | Revision of Prior Period, Error Correction, Adjustment        
Segment Information        
Revenues   (16)   (22)
Earnings Before Income Taxes   16   22
Operating Segments [Member] | Carbohydrate Solutions [Member] | Revision of Prior Period, Reclassification, Adjustment        
Segment Information        
Revenues   60   290
Operating Segments [Member] | Nutrition [Member]        
Segment Information        
Revenues (1,921) (1,887) (3,763) (3,776)
Earnings Before Income Taxes 109 169 193 307
Operating Segments [Member] | Nutrition [Member] | Revised for Transfer Price Adjustment        
Segment Information        
Earnings Before Income Taxes   169   307
Operating Segments [Member] | Nutrition [Member] | Previously Reported [Member]        
Segment Information        
Revenues   (1,926)   (3,870)
Earnings Before Income Taxes   185   330
Operating Segments [Member] | Nutrition [Member] | Revision of Prior Period, Error Correction, Adjustment        
Segment Information        
Earnings Before Income Taxes   (16)   (23)
Operating Segments [Member] | Nutrition [Member] | Revision of Prior Period, Reclassification, Adjustment        
Segment Information        
Revenues   39   94
Operating Segments [Member] | Other [Member]        
Segment Information        
Revenues (113) (112) (222) (215)
Earnings Before Income Taxes 96 86 217 183
Intersegment Elimination [Member]        
Segment Information        
Revenues 798 1,139 1,692 2,421
Intersegment Elimination [Member] | Ag Services and Oilseeds [Member]        
Segment Information        
Revenues 546 701 1,155 1,442
Intersegment Elimination [Member] | Ag Services and Oilseeds [Member] | Revised for Transfer Price Adjustment        
Segment Information        
Revenues   1,021   2,357
Intersegment Elimination [Member] | Ag Services and Oilseeds [Member] | Previously Reported [Member]        
Segment Information        
Revenues   1,020   2,355
Intersegment Elimination [Member] | Ag Services and Oilseeds [Member] | Revision of Prior Period, Error Correction, Adjustment        
Segment Information        
Revenues   1   2
Intersegment Elimination [Member] | Ag Services and Oilseeds [Member] | Revision of Prior Period, Reclassification, Adjustment        
Segment Information        
Revenues   (320)   (915)
Intersegment Elimination [Member] | Carbohydrate Solutions [Member]        
Segment Information        
Revenues 239 404 518 909
Intersegment Elimination [Member] | Carbohydrate Solutions [Member] | Revised for Transfer Price Adjustment        
Segment Information        
Revenues   464   1,199
Intersegment Elimination [Member] | Carbohydrate Solutions [Member] | Previously Reported [Member]        
Segment Information        
Revenues   448   1,177
Intersegment Elimination [Member] | Carbohydrate Solutions [Member] | Revision of Prior Period, Error Correction, Adjustment        
Segment Information        
Revenues   16   22
Intersegment Elimination [Member] | Carbohydrate Solutions [Member] | Revision of Prior Period, Reclassification, Adjustment        
Segment Information        
Revenues   (60)   (290)
Intersegment Elimination [Member] | Nutrition [Member]        
Segment Information        
Revenues 13 34 19 70
Intersegment Elimination [Member] | Nutrition [Member] | Previously Reported [Member]        
Segment Information        
Revenues   73   164
Intersegment Elimination [Member] | Nutrition [Member] | Revision of Prior Period, Reclassification, Adjustment        
Segment Information        
Revenues   (39)   (94)
Segment Reconciling Items [Member]        
Segment Information        
Gain (Loss) on Disposition of Other Assets 0 11 0 12
Restructuring, Settlement and Impairment Provisions (7) (114) 13 121
Corporate, Non-Segment [Member]        
Segment Information        
Earnings Before Income Taxes $ (418) $ (393) $ (844) $ (715)
v3.24.2
Asset Impairment, Exit, and Restructuring Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Asset Impairment Charges And Exit Costs [Line Items]        
Asset Impairment Charges $ 7 $ 43 $ 10 $ 46
Restructuring Charges   $ 17 3 $ 21
Corporate Segment        
Asset Impairment Charges And Exit Costs [Line Items]        
Restructuring Charges     $ 12  
v3.24.2
Sale of Accounts Receivable (Narrative) (Details)
$ in Millions, € in Billions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]            
Transfer of Financial Assets Accounted for as Sales, Fair Value of Derecognized Assets $ 2,100   $ 2,100     $ 1,600
Proceeds from Sale of Other Receivables     23,000 $ 28,400    
Loss on transfer of accounts receivables to purchasers 26 $ 11 53 34    
Amount of receivables sold     23,600 $ 28,800    
Accounts Receivable, after Allowance for Credit Loss, Current 4,382   4,382     4,232
Asset Pledged as Collateral without Right            
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]            
Accounts Receivable, after Allowance for Credit Loss, Current 800   800     $ 1,100
Accounts Receivable Securitization Facility [Member]            
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]            
Line of Credit Facility, Maximum Borrowing Capacity 2,800   2,800      
First Purchasers [Member] | Accounts Receivable Securitization Facility [Member]            
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]            
Line of Credit Facility, Maximum Borrowing Capacity 1,700   1,700      
Second Purchasers [Member] | Accounts Receivable Securitization Facility [Member]            
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]            
Line of Credit Facility, Maximum Borrowing Capacity $ 1,100   $ 1,100   € 1.0  
v3.24.2
Supplier Finance Programs (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Supplier Finance Program, Obligation $ 289 $ 274
Supplier Finance Program, Obligation, Addition 520  
Supplier Finance Program, Obligation, Settlement $ (505)  
v3.24.2
Legal Proceedings (Details) - AOT and Maize
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Minimum [Member]  
Loss Contingencies [Line Items]  
Loss Contingency, Damages Sought, Value $ 500
Maximum [Member]  
Loss Contingencies [Line Items]  
Loss Contingency, Damages Sought, Value $ 2,000