Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

The following tables present data by segment (in millions).


	Year Ended December 31, 2024
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	66,516	$	11,234	$	7,349	$	85,099
Other Business							431
Total revenues							$	85,530

Less:
Cost of materials	60,378		7,170		4,651
Manufacturing costs	3,436		2,592		1,249
Selling, general, and administrative expenses	919		326		1,166
Other segment items (1)	(664)		(230)		(103)
Segment operating profit	$	2,447	$	1,376	$	386	$	4,209

Reconciliation of segment operating profit
Other Business							247
Corporate							(1,721)
Specified items:
Gains on sales of assets and businesses							10
Asset impairment, restructuring, and net settlement contingencies (2)							(490)
Earnings before income taxes							$	2,255

(1) Other segment items for each reportable segment include:

Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income, interest expense; and other income/expense.

Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.

Nutrition: Equity in the earnings of affiliates; asset impairment, exit, and restructuring charges; and other income/expense.

(2) These charges primarily include a $461 million impairment charge related to the Company's investment in Wilmar, within the Ag Services and Oilseeds segment, and a $43 million impairment charge related to the discontinued animal nutrition trademarks, within the Nutrition segment, partially offset by reversals of certain contingency liabilities in the Ag Services and Oilseeds segment.


	Year Ended December 31, 2023
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	73,426	$	12,874	$	7,211	$	93,511
Other Business							424
Total revenues							$	93,935

Less:
Cost of materials	65,751		8,729		4,608
Manufacturing costs	3,338		2,550		1,136
Selling, general, and administrative expenses	880		323		1,034
Other segment items(1)	(610)		(103)		6
Segment operating profit	$	4,067	$	1,375	$	427	$	5,869

Reconciliation of segment operating profit
Other Business							375
Corporate							(1,606)
Specified items:
Gains on sales of assets and businesses							17
Asset impairment, restructuring, and net settlement contingencies (2)							(361)
Earnings before income taxes							$	4,294

(1) Other segment items for each reportable segment include:

Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income; and other income/expense.

Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.

Nutrition: Equity in the earnings of affiliates; interest and investment income; and other income/expense.

(2) These charges were related to the impairment of certain long-lived assets, goodwill, intangibles, and an equity investment, restructuring, and a contingency related to import duties, partially offset by settlement/contingency adjustments.


	Year Ended December 31, 2022
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	79,563	$	13,961	$	7,636	$	101,160
Other Business							396
Total revenues							$	101,556

Less:
Cost of materials	72,464		9,867		4,900
Manufacturing costs	3,135		2,522		1,075
Selling, general, and administrative expenses	839		338		1,040
Other segment items(1)	(1,276)		(179)		(47)
Segment operating profit	$	4,401	$	1,413	$	668	$	6,482

Reconciliation of segment operating profit
Other Business							167
Corporate							(1,316)
Specified items:
Gains on sales of assets and businesses							47
Asset impairment, restructuring, and net settlement contingencies							(147)
Earnings before income taxes							$	5,233

(1) Other segment items for each reportable segment include:

Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income; and other income/expense.

Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.

Nutrition: Equity in the earnings of affiliates and other income/expense.


(In millions)	Year Ended December 31
	2024		2023		2022
Intersegment revenue
Ag Services and Oilseeds	$	1,716	$	2,108	$	2,045
Carbohydrate Solutions	889		918		968
Nutrition	68		48		62
Total intersegment revenue	$	2,673	$	3,074	$	3,075

Depreciation expense
Ag Services and Oilseeds	$	376	$	350	$	334
Carbohydrate Solutions	305		304		307
Nutrition	151		132		120
Total segment depreciation expense	832		786		761
Other Business	9		10		9
Corporate	34		29		24
Total depreciation expense	$	875	$	825	$	794

Amortization expense
Ag Services and Oilseeds	$	14	$	17	$	17
Carbohydrate Solutions	6		8		9
Nutrition	158		136		139
Total segment amortization expense	178		161		165

Corporate	88		73		69
Total amortization expense	$	266	$	234	$	234








Interest and investment income
Ag Services and Oilseeds	$	84	$	54	$	52

Nutrition	—		(18)		2
Total segment interest and investment income	84		36		54
Other Business	463		499		185
Corporate	15		(36)		54
Total interest and investment income	$	562	$	499	$	293



Equity in earnings of unconsolidated affiliates
Ag Services and Oilseeds	$	474	$	459	$	714
Carbohydrate Solutions	127		76		94
Nutrition	29		21		23
Total segment equity in earnings of unconsolidated affiliates	630		556		831

Corporate	(9)		(5)		1
Total equity in earnings of affiliates	$	621	$	551	$	832

Geographic Information

The following geographic data include revenues from external customers attributed to the countries based on the location of the subsidiary making the sale (in millions).


	Year Ended
	December 31
	2024		2023		2022
Revenues
United States	$	33,550	$	38,783	$	43,272
Switzerland	19,877		19,898		21,821
Cayman Islands	5,603		7,646		5,883
Brazil	3,353		3,361		4,004
Mexico	3,209		3,185		3,709
Canada	2,055		2,400		2,272
United Kingdom	2,186		2,219		2,231
Other Foreign	15,697		16,443		18,364
	$	85,530	$	93,935	$	101,556

Long-lived assets represent the net book value of property, plant, and equipment and right-of-use (ROU) assets based on physical location (in millions).


	December 31
	2024		2023
Property, plant, and equipment, net
United States	$	6,965	$	6,660
Brazil	872		874
Other Foreign	3,000		2,974
Total property, plant, and equipment, net	$	10,837	$	10,508

ROU assets
United States	$	1,063	$	913

Other Foreign	295		298
Total ROU assets	$	1,358	$	1,211

Total long-lived assets	$	12,195	$	11,719