Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

Impact of the Restatement on the Ag Services and Oilseeds Segment


	Year Ended December 31
(In millions)	2023 (Restated)		2022 (Restated)		2021 (Restated)




Intersegment revenues, as originally reported	$	4,031	$	4,123	$	3,408
Intersegment pricing adjustments	1		15		24
Intersegment classification adjustments	$	(1,446)	$	(1,579)	$	(1,115)
Intersegment revenues, as previously reported	2,586		2,559		2,317
Additional intersegment classification adjustments	(478)		(514)		(711)
Intersegment revenues, as restated	2,108		2,045		1,606

Segment operating profit, as originally reported	$	4,066	$	4,386	$	2,775
Intersegment pricing adjustments	1		15		24
Segment operating profit, as restated	$	4,067	$	4,401	$	2,799

Impact of the Restatement on the Carbohydrate Solutions Segment


	Year Ended December 31
(In millions)	2023 (Restated)		2022 (Restated)		2021 (Restated)




Intersegment revenues, as originally reported	$	1,635	$	2,375	$	1,562
Intersegment pricing adjustments	30		53		35
Intersegment classification adjustments	$	(11)	$	(487)	$	(295)
Intersegment revenues, as previously reported	1,654		1,941		1,302
Additional intersegment classification adjustments	(736)		(973)		(347)
Intersegment revenues, as restated	918		968		955

Segment operating profit, as originally reported	$	1,345	$	1,360	$	1,283
Intersegment pricing adjustments	30		53		35
Segment operating profit, as restated	$	1,375	$	1,413	$	1,318

Impact of the Restatement on the Nutrition Segment


	Year Ended December 31
(In millions)	2023 (Restated)		2022 (Restated)		2021 (Restated)
Intersegment revenues, as originally reported	$	255	$	200	$	221
Intersegment pricing adjustments	—		—		—
Intersegment classification adjustments	(141)		(15)		(68)
Intersegment revenues, as previously reported	114		185		153
Additional intersegment classification adjustments	(66)		(123)		(105)
Intersegment revenues, as restated	$	48	$	62	$	48

Segment operating profit, as originally reported	$	458	$	736	$	691
Intersegment pricing adjustments	(31)		(68)		(59)
Segment operating profit, as restated	$	427	$	668	$	632

Segment Information for the Years ended December 31, 2023, 2022 and 2021

The following tables present data by segment, adjusted for the matters discussed above, for the years ended December 31, 2023, 2022 and 2021.


(In millions)	Year Ended December 31
	2023		2022		2021

















Revenues from external customers






Ag Services and Oilseeds
Ag Services	$	47,420	$	53,181	$	45,017
Crushing	14,020		13,139		11,368
Refined Products and Other	11,986		13,243		10,662
Total Ag Services and Oilseeds	73,426		79,563		67,047

Carbohydrate Solutions
Starches and Sweeteners	9,885		10,251		7,611
Vantage Corn Processors	2,989		3,710		3,499
Total Carbohydrate Solutions	12,874		13,961		11,110

Nutrition
Human Nutrition	3,634		3,769		3,189
Animal Nutrition	3,577		3,867		3,523
Total Nutrition	7,211		7,636		6,712


Total segment revenues from external customers	93,511		101,160		84,869

Other Business	424		396		380


Total revenues from external customers	$	93,935	$	101,556	$	85,249

Intersegment revenues, as restated

Ag Services and Oilseeds	$	2,108	$	2,045	$	1,606
Carbohydrate Solutions	918		968		955
Nutrition	48		62		48

Total intersegment revenues, as restated	$	3,074	$	3,075	$	2,609
Segment operating profit, as restated

Ag Services and Oilseeds	$	4,067	$	4,401	$	2,799
Carbohydrate Solutions	1,375		1,413		1,318
Nutrition	427		668		632
Total segment operating profit, as restated	5,869		6,482		4,749

Other Business earnings (loss)	375		167		25
Corporate	(1,606)		(1,316)		(1,325)
Specified Items:
Gains on sales of assets and businesses(1)	17		47		77
Impairment, restructuring, and net settlement contingencies(2)	(361)		(147)		(213)

Earnings before income taxes	$	4,294	$	5,233	$	3,313

(1) The gains in 2023 and 2022 were related to the sale of certain assets. The gains in 2021 were related to the sale of ethanol and certain other assets.

(2) The charges in 2023 were related to the impairment of certain long-lived assets, goodwill, intangibles, and an equity investment, restructuring, and a contingency related to import duties, partially offset by settlement/contingency adjustments. The charges in 2022 were related to the impairment of certain assets, restructuring, and settlement contingencies. The charges in 2021 were related to the impairment of certain long-lived assets, goodwill, and other intangibles, restructuring, and a legal settlement.















(In millions)	Year Ended December 31
	2023		2022		2021
Depreciation

Ag Services and Oilseeds	$	350	$	334	$	349
Carbohydrate Solutions	304		307		322
Nutrition	132		120		101
Total segment depreciation	786		761		772
Other Business	10		9		8
Corporate	29		24		27
Total depreciation	$	825	$	794	$	807

Long-lived asset impairments(1)

Ag Services and Oilseeds	$	11	$	—	$	10
Carbohydrate Solutions	32		14		13
Nutrition	65		21		50

Total segment long-lived asset impairments(1)	$	108	$	35	$	73

Interest and investment income

Ag Services and Oilseeds	$	54	$	52	$	27

Nutrition	(18)		2		1
Total segment interest and investment income	36		54		28
Other Business	499		185		16
Corporate	(36)		54		52
Total interest and investment income	$	499	$	293	$	96

Equity in earnings of affiliates

Ag Services and Oilseeds	$	459	$	714	$	500
Carbohydrate Solutions	76		94		70
Nutrition	21		23		24
Total segment equity in earnings of affiliates	556		831		594

Corporate	(5)		1		1
Total equity in earnings of affiliates	$	551	$	832	$	595

(1) See Note 18 for total asset impairment, exit, and restructuring costs.


(In millions)	December 31
	2023		2022
Investments in and advances to affiliates

Ag Services and Oilseeds	$	4,888	$	4,863
Carbohydrate Solutions	380		365
Nutrition	145		111
Total segment investments in and advances to affiliates	5,413		5,339

Corporate	87		128
Total investments in and advances to affiliates	$	5,500	$	5,467

Identifiable assets

Ag Services and Oilseeds	$	25,473	$	28,657
Carbohydrate Solutions	6,334		6,801
Nutrition	10,341		10,615
Total segment identifiable assets	42,148		46,073
Other Business	8,701		10,569
Corporate	3,782		3,132
Total identifiable assets	$	54,631	$	59,774

(In millions)	Year Ended December 31
	2023		2022
Gross additions to property, plant, and equipment

Ag Services and Oilseeds	$	732	$	568
Carbohydrate Solutions	351		261
Nutrition	262		314
Total segment gross additions to property, plant, and equipment	1,345		1,143
Other Business	1		15
Corporate	37		53
Total gross additions to property, plant, and equipment	$	1,383	$	1,211

Geographic Information

The following geographic data include revenues attributed to the countries based on the location of the subsidiary making the sale and long-lived assets based on physical location. Long-lived assets represent the net book value of property, plant, and equipment.


	Year Ended
(In millions)	December 31
	2023		2022		2021
Revenues
United States	$	38,783	$	43,272	$	35,396
Switzerland	19,898		21,821		18,453
Cayman Islands	7,646		5,883		5,515
Brazil	3,361		4,004		3,213
Mexico	3,185		3,709		2,934
Canada	2,400		2,272		1,818
United Kingdom	2,219		2,231		1,848
Other Foreign	16,443		18,364		16,072
	$	93,935	$	101,556	$	85,249


(In millions)	December 31
	2023		2022
Long-lived assets
United States	$	6,660	$	6,322
Brazil	874		801
Other Foreign	2,974		2,810
	$	10,508	$	9,933