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Revenues
 9 Months Ended
Sep. 30, 2024
Revenues [Abstract]  
Revenues 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 $249 million and $694 million for the three and nine months ended September 30, 2024, respectively, and $174 million and $552 million for the three and nine months ended September 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 $365 million and $626 million as of September 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 nine months ended September 30, 2024 related to the December 31, 2023 contract liabilities were $145 million and $500 million, respectively.
Disaggregation of Revenues

The following tables present revenue disaggregated by timing of recognition and major product lines for the three and nine months ended September 30, 2024 and 2023 (in millions).
Three Months Ended September 30, 2024
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$824 $249 $1,073 $8,580 $9,653 
Crushing97 — 97 2,772 2,869 
Refined Products and Other529 — 529 2,038 2,567 
Total Ag Services and Oilseeds1,450 249 1,699 13,390 15,089 
Carbohydrate Solutions
Starches and Sweeteners1,633 — 1,633 559 2,192 
Vantage Corn Processors716 — 716 — 716 
Total Carbohydrate Solutions2,349 — 2,349 559 2,908 
Nutrition
Human Nutrition1,004 — 1,004 — 1,004 
Animal Nutrition827 — 827 — 827 
Total Nutrition1,831 — 1,831 — 1,831 
Total Segment Revenues5,630 249 5,879 13,949 19,828 
Other Business109 — 109 — 109 
Total Revenues$5,739 $249 $5,988 $13,949 $19,937 
Nine Months Ended September 30, 2024
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$2,772 $694 $3,466 $29,131 $32,597 
Crushing317 — 317 8,729 9,046 
Refined Products and Other1,599 — 1,599 6,400 7,999 
Total Ag Services and Oilseeds4,688 694 5,382 44,260 49,642 
Carbohydrate Solutions
Starches and Sweeteners4,881 — 4,881 1,678 6,559 
Vantage Corn Processors1,925 — 1,925 — 1,925 
Total Carbohydrate Solutions6,806 — 6,806 1,678 8,484 
Nutrition
Human Nutrition3,029 — 3,029 — 3,029 
Animal Nutrition2,546 — 2,546 — 2,546 
Total Nutrition5,575 — 5,575 — 5,575 
Total Segment Revenues17,069 694 17,763 45,938 63,701 
Other Business331 — 331 — 331 
Total Revenues$17,400 $694 $18,094 $45,938 $64,032 
Three Months Ended September 30, 2023
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$980 $174 $1,154 $9,044 $10,198 
Crushing118 — 118 3,234 3,352 
Refined Products and Other527 — 527 2,402 2,929 
Total Ag Services and Oilseeds1,625 174 1,799 14,680 16,479 
Carbohydrate Solutions
Starches and Sweeteners1,831 — 1,831 617 2,448 
Vantage Corn Processors877 — 877 — 877 
Total Carbohydrate Solutions2,708 — 2,708 617 3,325 
Nutrition
Human Nutrition900 — 900 — 900 
Animal Nutrition884 — 884 — 884 
Total Nutrition1,784 — 1,784 — 1,784 
Total Segment Revenues6,117 174 6,291 15,297 21,588 
Other Business107 — 107 — 107 
Total Revenues$6,224 $174 $6,398 $15,297 $21,695 
Nine Months Ended September 30, 2023
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$3,068 $552 $3,620 $31,639 $35,259 
Crushing341 — 341 10,174 10,515 
Refined Products and Other1,730 — 1,730 7,398 9,128 
Total Ag Services and Oilseeds5,139 552 5,691 49,211 54,902 
Carbohydrate Solutions
Starches and Sweeteners5,787 — 5,787 1,873 7,660 
Vantage Corn Processors2,583 — 2,583 — 2,583 
Total Carbohydrate Solutions8,370 — 8,370 1,873 10,243 
Nutrition
Human Nutrition2,802 — 2,802 — 2,802 
Animal Nutrition2,688 — 2,688 — 2,688 
Total Nutrition5,490 — 5,490 — 5,490 
Total Segment Revenues18,999 552 19,551 51,084 70,635 
Other Business322 — 322 — 322 
Total Revenues$19,321 $552 $19,873 $51,084 $70,957 
(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 generates revenue from the sale of 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.