Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

The following tables present adjustments to intersegment sales and segment operating profit amounts for the three and nine months ended September 30, 2023 for each reportable segment.

Impact of the Restatement on the Ag Services and Oilseeds Segment

	Three Months Ended		Nine Months Ended
(In millions)	September 30, 2023 (Restated)		September 30, 2023 (Restated)
Intersegment revenues, as originally reported	$	1,164	$	3,519
Intersegment pricing adjustments	—		2
Intersegment classification adjustments	(532)		(1,447)
Additional intersegment classification adjustments	(38)		(388)
Intersegment revenues, as restated	$	594	$	1,686
Segment operating profit, as originally reported	$	848	$	3,112
Intersegment pricing adjustments	—		1
Segment operating profit, as restated	$	848	$	3,113

Impact of the Restatement on the Carbohydrate Solutions Segment

	Three Months Ended		Nine Months Ended
(In millions)	September 30, 2023 (Restated)		September 30, 2023 (Restated)
Intersegment revenues, as originally reported	$	159	$	1,336
Intersegment pricing adjustments	8		30
Intersegment classification adjustments	278		(12)
Additional intersegment revenue classifications	(213)		(628)
Intersegment revenues, as restated	$	232	$	726
Segment operating profit, as originally reported	$	460	$	1,036
Intersegment pricing adjustments	8		30
Segment operating profit, as restated	$	468	$	1,066

Impact of the Restatement on the Nutrition Segment

	Three Months Ended		Nine Months Ended
(In millions)	September 30, 2023 (Restated)		September 30, 2023 (Restated)
Intersegment revenues, as originally reported	$	67	$	231
Intersegment pricing adjustments	—		—
Intersegment classification adjustments	(47)		(141)
Additional intersegment classification adjustments	(9)		(55)
Intersegment revenues, as restated	$	11	$	35
Segment operating profit, as originally reported	$	138	$	468
Intersegment pricing adjustments	(8)		(31)
Segment operating profit, as restated	$	130	$	437

For more information about the Company’s reportable 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 Nine Months ended September 30, 2024 and 2023

The following table reflects results of operations of the Company’s reportable segments (in millions).

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2024		2023		2024		2023
Revenues from external customers
Ag Services and Oilseeds
Ag Services	$	9,653	$	10,198	$	32,597	$	35,259
Crushing	2,869		3,352		9,046		10,515
Refined Products and Other	2,567		2,929		7,999		9,128
Total Ag Services and Oilseeds	15,089		16,479		49,642		54,902
Carbohydrate Solutions
Starches and Sweeteners	2,192		2,448		6,559		7,660
Vantage Corn Processors	716		877		1,925		2,583
Total Carbohydrate Solutions	2,908		3,325		8,484		10,243
Nutrition
Human Nutrition	1,004		900		3,029		2,802
Animal Nutrition	827		884		2,546		2,688
Total Nutrition	1,831		1,784		5,575		5,490
Total segment revenues from external customers	19,828		21,588		63,701		70,635
Other Business	109		107		331		322
Total revenues from external customers	$	19,937	$	21,695	$	64,032	$	70,957
Intersegment revenues(1)
Ag Services and Oilseeds	$	463	$	594	$	1,320	$	1,686
Carbohydrate Solutions	247		232		680		726
Nutrition	23		11		55		35
Total intersegment revenues	$	733	$	837	$	2,055	$	2,447
Segment operating profit(1)
Ag Services and Oilseeds	$	480	$	848	$	1,803	$	3,113
Carbohydrate Solutions	452		468		1,057		1,066
Nutrition	105		130		298		437
Total segment operating profit	1,037		1,446		3,158		4,616
Other Business (loss) earnings	(17)		46		200		229
Corporate(2)	(409)		(390)		(1,254)		(1,105)
Specified items:
(Gain) loss on sales of assets	1		(2)		1		10
Impairment and restructuring charges	(504)		(69)		(517)		(190)
Earnings before income taxes	$	108	$	1,031	$	1,588	$	3,560

(1)Amounts presented for Intersegment revenues and Segment operating profit for the three and nine months ended September 30, 2023 reflect the restatements described above.

(2)Includes restructuring costs of $12 million and $5 million for the nine months ended September 30, 2024 and 2023, respectively. Includes restructuring costs of $2 million for the three months ended September 30, 2023.