Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Impact of the Restatement on the Ag Services and Oilseeds Segment

	Three Months Ended
	March 31,
(In millions)	2024 (Restated)		2023 (Restated)
Intersegment revenues, as originally reported	$	609	$	1,335
Intersegment pricing adjustments	—		1
Intersegment classification adjustments	—		(595)
Intersegment revenues, as previously reported	609		741
Additional intersegment classification adjustments	(183)		(211)
Intersegment revenues, as restated	$	426	$	530
Segment operating profit, as originally reported	$	864	$	1,210
Intersegment pricing adjustments	—		1
Segment operating profit, as restated	$	864	$	1,211

Impact of the Restatement on the Carbohydrate Solutions Segment

	Three Months Ended
	March 31,
(In millions)	2024 (Restated)		2023 (Restated)
Intersegment revenues, as originally reported	$	279	$	729
Intersegment pricing adjustments	—		6
Intersegment classification adjustments	—		(230)
Intersegment revenues, as previously reported	279		505
Additional intersegment classification adjustments	(71)		(235)
Intersegment revenues, as restated	$	208	$	270
Segment operating profit, as originally reported	$	248	$	273
Intersegment pricing adjustments	—		6
Segment operating profit, as restated	$	248	$	279

Impact of the Restatement on the Nutrition Segment

	Three Months Ended
	March 31,
(In millions)	2024 (Restated)		2023 (Restated)
Intersegment revenues, as originally reported	$	6	$	91
Intersegment pricing adjustments	—		—
Intersegment classification adjustments	—		(55)
Intersegment revenues, as previously reported	6		36
Additional intersegment classification adjustments	7		(24)
Intersegment revenues, as restated	$	13	$	12
Segment operating profit, as originally reported	$	84	$	145
Intersegment pricing adjustments	—		(7)
Segment operating profit, as restated	$	84	$	138

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/A for the year ended December 31, 2023.

Segment Information for the Three Months ended March 31, 2024 and 2023
	Three Months Ended
	March 31,
(In millions)	2024		2023
Revenues from external customers
Ag Services and Oilseeds
Ag Services	$	11,197	$	11,695
Crushing	3,327		3,683
Refined Products and Other	2,695		3,201
Total Ag Services and Oilseeds	17,219		18,579
Carbohydrate Solutions
Starches and Sweeteners	2,156		2,737
Vantage Corn Processors	527		800
Total Carbohydrate Solutions	2,683		3,537
Nutrition
Human Nutrition	964		936
Animal Nutrition	872		917
Total Nutrition	1,836		1,853
Total segment revenues from external customers	21,738		23,969
Other Business	109		103
Total revenues from external customers	$	21,847	$	24,072
Intersegment revenues, as restated
Ag Services and Oilseeds	$	426	$	530
Carbohydrate Solutions	208		270
Nutrition	13		12
Total intersegment revenues, as restated	$	647	$	812
Segment operating profit, as restated
Ag Services and Oilseeds	$	864	$	1,211
Carbohydrate Solutions	248		279
Nutrition	84		138
Total segment operating profit, as restated	1,196		1,628
Other Business earnings (loss)	121		97
Corporate	(426)		(322)
Specified items:
Gains on sale of assets(1)	—		1
Impairment and restructuring charges(2)	(6)		(7)
Earnings before income taxes	$	885	$	1,397

(1) Prior quarter gains were related to the sale of certain assets.

(2) Current and prior quarter charges were related to the impairment of certain long-lived assets and restructuring.