DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivative Instruments

The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis.

(US$ in millions)		September 30, 2025		December 31, 2024		Unit of Measure
Hedging instrument type:
Fair value hedges of interest rate risk
	Interest rate swap - notional amount	$	6,500	$	4,900	$ Notional
	Cumulative adjustment to long-term debt from active application of hedge accounting	$	(92)	$	(246)	$ Notional
	Carrying value of hedged debt	$	6,334	$	4,600	$ Notional
Cash flow hedges of currency risk
	Foreign currency forward - notional amount	$	54	$	—	$ Notional
	Foreign currency option - notional amount	$	30	$	120	$ Notional
	Cross currency swaps - notional amount	$	588	$	—	$ Notional
	Carrying value of hedged debt under the cross currency swap	$	587	$	—	$ Notional
Net investment hedges
	Foreign currency forward - notional amount	$	695	$	550	$ Notional
	Carrying value of non-derivative hedging instrument	$	235	$	—	$ Notional

The table below summarizes the volume of economic derivatives as of September 30, 2025, and December 31, 2024. For those contracts traded bilaterally through the over-the-counter markets (e.g., forwards, forward rate agreements ("FRA"), and swaps), the gross position is provided. For exchange traded (e.g., futures, FFAs, and options) and cleared positions (e.g., energy swaps), the net position is provided.

	September 30,				December 31,
	2025				2024				Unit of Measure
(US$ in millions)	Long		(Short)		Long		(Short)
Interest rate
Swaps	$	860	$	(1,299)	$	234	$	(1,420)	$ Notional
Futures	$	—	$	(43)	$	—	$	(69)	$ Notional
Forwards	$	487	$	(246)	$	—	$	—	$ Notional
Currency
Forwards	$	18,367	$	(13,439)	$	8,439	$	(8,961)	$ Notional
Swaps	$	3,754	$	(2,055)	$	3,566	$	(2,105)	$ Notional
Futures	$	3,501	$	—	$	—	$	(15)	$ Notional
Options	$	58	$	(46)	$	107	$	(60)	Delta
Agricultural commodities
Forwards	41,802,799		(64,004,284)		25,166,668		(35,384,917)		Metric Tons
Swaps	—		(453,592)		—		—		Metric Tons
Futures	—		(7,174,842)		—		(3,699,452)		Metric Tons
Options	113,285		(1,241,842)		11,835		(116,481)		Metric Tons
Ocean freight
FFA	—		(9,817)		—		(7,484)		Hire Days
Natural gas
Forwards	37,471		(18,735)		—		—		MMBtus
Swaps	963,507		—		1,114,929		—		MMBtus
Futures	3,300,825		—		7,058,632		—		MMBtus
Electricity
Futures	156,710		—		123,565		—		MWh
Energy - other
Swaps	340,994		—		339,947		—		Metric Tons
Energy - CO2
Futures	378,000		—		418,000		—		Metric Tons
Other
Swaps and futures	$	130	$	(130)	$	90	$	(90)	$ Notional

Schedule of Effect of Derivative Instruments Designated as Fair Value Hedges and Undesignated Derivative Instruments on Condensed Consolidated Statements of Income

The tables below summarize the net effect of derivative instruments and hedge accounting on the condensed consolidated statements of income for the three and nine months ended September 30, 2025, and 2024.

		Gain (Loss) Recognized in Income on Derivative Instruments
		Three Months Ended September 30,
(US$ in millions)		2025		2024
Income statement classification	Type of derivative
Net sales
Hedge accounting	Foreign currency	$	2	$	(1)
Cost of goods sold
Economic hedges	Foreign currency	$	283	$	39
	Commodities	(17)		(202)
	Other (1)	(23)		(37)
Total Cost of goods sold		$	243	$	(200)
Interest expense
Hedge accounting	Interest rate	$	(22)	$	(31)
Foreign exchange (losses) gains – net
Hedge accounting	Foreign currency	$	(2)	$	—
Economic hedges	Foreign currency	$	(3)	$	(7)
Total Foreign exchange (losses) gains – net		$	(5)	$	(7)
Other income (expense)
Economic hedges	Other	$	(2)	$	—
Other comprehensive income (loss)
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period		$	(4)	$	(18)
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period		$	(28)	$	(39)
Amounts released from Accumulated other comprehensive income (loss) during the period
Cash flow hedge of foreign currency risk - loss/(gain)		$	—	$	(1)

(1)    Other includes results from freight, energy, and other derivatives.

		Gain (Loss) Recognized in Income on Derivative Instruments
		Nine months ended September 30,
(US$ in millions)		2025		2024
Income statement classification	Type of derivative
Net sales
Hedge accounting	Foreign currency	$	2	$	(1)
Cost of goods sold
Economic hedges	Foreign currency	$	455	$	(160)
	Commodities	57		(228)
	Other (1)	(16)		(91)
Total Cost of goods sold		$	496	$	(479)
Interest expense
Hedge accounting	Interest rate	$	(67)	$	(92)
Foreign exchange (losses) gains
Hedge accounting	Foreign currency	$	(2)	$	—
Economic hedges	Foreign currency	$	34	$	(5)
Total Foreign exchange (losses) gains - net		$	32	$	(5)
Other income (expense)
Economic hedges	Other	$	(2)	$	—
Other comprehensive income (loss)
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period		$	6	$	4
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period		$	(125)	$	64
Amounts released from Accumulated other comprehensive income (loss) during the period
Cash flow hedge of foreign currency risk - loss/(gain)		$	—	$	(2)

(1)    Other includes results from freight, energy, and other derivatives.