Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

Impact of the Restatement on the Ag Services and Oilseeds Segment

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2024 (Restated)		2023 (Restated)		2024 (Restated)		2023 (Restated)
Intersegment revenues, as originally reported	$	546	$	1,020	$	1,155	$	2,355
Intersegment pricing adjustments	—		1		—		2
Intersegment classification adjustments	—		(320)		—		(915)
Intersegment revenues, as previously reported	546		701		1,155		1,442
Additional intersegment classification adjustments	(114)		(139)		(297)		(350)
Intersegment revenues, as restated	$	432	$	562	$	858	$	1,092
Segment operating profit, as originally reported	$	459	$	1,054	$	1,323	$	2,264
Intersegment pricing adjustments	—		—		—		1
Segment operating profit, as restated	$	459	$	1,054	$	1,323	$	2,265

Impact of the Restatement on the Carbohydrate Solutions Segment

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2024 (Restated)		2023 (Restated)		2024 (Restated)		2023 (Restated)
Intersegment revenues, as originally reported	$	239	$	448	$	518	$	1,177
Intersegment pricing adjustments	—		16		—		22
Intersegment classification adjustments	—		(60)		—		(290)
Intersegment revenues, as previously reported	239		404		518		909
Additional intersegment classification adjustments	(14)		(180)		(84)		(415)
Intersegment revenues, as restated	$	225	$	224	$	434	$	494
Segment operating profit, as originally reported	$	357	$	303	$	605	$	576
Intersegment pricing adjustments	—		16		—		22
Segment operating profit, as restated	$	357	$	319	$	605	$	598

Impact of the Restatement on the Nutrition Segment

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2024 (Restated)		2023 (Restated)		2024 (Restated)		2023 (Restated)
Intersegment revenues, as originally reported	$	13	$	73	$	19	$	164
Intersegment pricing adjustments	—		—		—		—
Intersegment classification adjustments	—		(39)		—		(94)
Intersegment revenues, as previously reported	13		34		19		70
Additional intersegment classification adjustments	5		(22)		12		(46)
Intersegment revenues, as restated	$	18	$	12	$	31	$	24
Segment operating profit, as originally reported	$	109	$	185	$	193	$	330
Intersegment pricing adjustments	—		(16)		—		(23)
Segment operating profit, as restated	$	109	$	169	$	193	$	307

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 and Six Months ended June 30, 2024 and 2023
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2024		2023		2024		2023
Revenues from external customers
Ag Services and Oilseeds
Ag Services	$	11,746	$	13,366	$	22,943	$	25,061
Crushing	2,850		3,480		6,177		7,163
Refined Products and Other	2,737		2,998		5,432		6,199
Total Ag Services and Oilseeds	17,333		19,844		34,552		38,423
Carbohydrate Solutions
Starches and Sweeteners	2,211		2,475		4,367		5,212
Vantage Corn Processors	683		906		1,210		1,706
Total Carbohydrate Solutions	2,894		3,381		5,577		6,918
Nutrition
Human Nutrition	1,061		966		2,025		1,902
Animal Nutrition	847		887		1,719		1,804
Total Nutrition	1,908		1,853		3,744		3,706
Total segment revenues from external customers	22,135		25,078		43,873		49,047
Other Business	113		112		222		215
Total revenues from external customers	$	22,248	$	25,190	$	44,095	$	49,262
Intersegment revenues, as restated
Ag Services and Oilseeds	$	432	$	562	$	858	$	1,092
Carbohydrate Solutions	225		224		434		494
Nutrition	18		12		31		24
Total intersegment revenues, as restated	$	675	$	798	$	1,323	$	1,610
Segment operating profit, as restated
Ag Services and Oilseeds	$	459	$	1,054	$	1,323	$	2,265
Carbohydrate Solutions	357		319		605		598
Nutrition	109		169		193		307
Total segment operating profit, as restated	925		1,542		2,121		3,170
Other Business earnings (loss)	96		86		217		183
Corporate	(418)		(393)		(844)		(715)
Specified items:
Gains on sale of assets(1)	—		11		—		12
Impairment and restructuring charges(2)	(7)		(114)		(13)		(121)
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.