Revenues

12 Months Ended

Dec. 31, 2024

Revenues [Abstract]

Revenues

Revenues

The following tables present revenue disaggregated by timing of recognition and major product lines for the years ended December 31, 2024, 2023, and 2022 (in millions).

	Year Ended December 31, 2024
	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
Ag Services and Oilseeds
Ag Services	3,779		$	923	$	4,702	$	39,381	$	44,083
Crushing	462		—		462		11,374		11,836
Refined Products and Other	2,447		—		2,447		8,150		10,597
Total Ag Services and Oilseeds	6,688		923		7,611		58,905		66,516
Carbohydrate Solutions
Starches and Sweeteners	6,335		—		6,335		2,252		8,587
Vantage Corn Processors	2,647		—		2,647		—		2,647
Total Carbohydrate Solutions	8,982		—		8,982		2,252		11,234
Nutrition
Human Nutrition	3,944		—		3,944		—		3,944
Animal Nutrition	3,405		—		3,405		—		3,405
Total Nutrition	7,349		—		7,349		—		7,349
Total Segment Revenues	23,019		923		23,942		61,157		85,099
Other Business	431		—		431		—		431
Total Revenues	$	23,450	$	923	$	24,373	$	61,157	$	85,530

	Year Ended December 31, 2023
	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
Ag Services and Oilseeds
Ag Services	$	4,110	$	761	$	4,871	$	42,549	$	47,420
Crushing	470		—		470		13,550		14,020
Refined Products and Other	2,295		—		2,295		9,691		11,986
Total Ag Services and Oilseeds	6,875		761		7,636		65,790		73,426
Carbohydrate Solutions
Starches and Sweeteners	7,431		—		7,431		2,454		9,885
Vantage Corn Processors	2,989		—		2,989		—		2,989
Total Carbohydrate Solutions	10,420		—		10,420		2,454		12,874
Nutrition
Human Nutrition	3,634		—		3,634		—		3,634
Animal Nutrition	3,577		—		3,577		—		3,577
Total Nutrition	7,211		—		7,211		—		7,211
Total Segment Revenues	24,506		761		25,267		68,244		93,511
Other Business	424		—		424		—		424
Total Revenues	$	24,930	$	761	$	25,691	$	68,244	$	93,935

	Year Ended December 31, 2022
	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
Ag Services and Oilseeds
Ag Services	$	4,053	$	818	$	4,871	$	48,310	$	53,181
Crushing	573		—		573		12,566		13,139
Refined Products and Other	2,724		—		2,724		10,519		13,243
Total Ag Services and Oilseeds	7,350		818		8,168		71,395		79,563
Carbohydrate Solutions
Starches and Sweeteners	7,696		—		7,696		2,555		10,251
Vantage Corn Processors	3,710		—		3,710		—		3,710
Total Carbohydrate Solutions	11,406		—		11,406		2,555		13,961
Nutrition
Human Nutrition	3,769		—		3,769		—		3,769
Animal Nutrition	3,867		—		3,867		—		3,867
Total Nutrition	7,636		—		7,636		—		7,636
Total Segment Revenues	26,392		818		27,210		73,950		101,160
Other Business	396		—		396		—		396
Total Revenues	$	26,788	$	818	$	27,606	$	73,950	$	101,556

(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts 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.

The Company engages in various structured trade finance activities to leverage its global trade flows whereby the Company obtains letters of credit (LCs) to guarantee payments on both global purchases and sales of grain. LCs guaranteeing payment on grain sales are sold on a non-recourse basis with no continuing involvement. The Company earns returns from the difference in interest rates between the LCs that guarantee payment on the underlying purchases and sales of grain given the differing risk profiles of the underlying transactions. The net return related to structured trade finance activities is included in revenue and was not significant for the years ended December 31, 2024, 2023, and 2022.

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.

Nutrition

The Nutrition segment sells ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, 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.

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.