XML 34 R20.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds (AS&O), Carbohydrate Solutions, and Nutrition.

Each of these segments is organized based upon the nature of products and services offered. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified within either Corporate or Other Business.

The reportable segments have been identified based on financial data utilized by the Chief Operating Decision Maker (CODM), which is the Company’s Chief Executive Officer, who is also the Company’s Chair of the Board. The CODM uses segment operating profit as the measurement of segment profit or loss. Separate financial information for the Company’s three reportable segments is evaluated by the CODM on a monthly basis to allocate resources and assess performance. The CODM does not use total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included. Operating profit for each segment is based on net sales less identifiable operating expenses. Also included in operating profit for each segment is equity in earnings of affiliates based on the equity method of accounting. Specified items and certain corporate items are not allocated to the Company’s individual business segments because operating performance of each business segment is evaluated by the CODM exclusive of these items.
The Ag Services and Oilseeds segment includes global activities related to the origination, merchandising, transportation, and storage of agricultural raw materials, and the crushing and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals. Oilseeds products produced and marketed by the segment include ingredients for food, feed, energy, and industrial customers. Crude vegetable oils produced by the segment’s crushing activities are sold “as is” to manufacturers of renewable green diesel and other customers or are further processed by refining, deodorizing, bleaching, and blending, as applicable, into salad oils. Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel and glycols or are sold to other manufacturers for use in chemicals, paints, and other industrial products. Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds. The Ag Services and Oilseeds segment is also a major supplier of peanuts and peanut-derived ingredients to both the U.S. and export markets. In North America, cotton cellulose pulp is manufactured and sold to the chemical, paper, and other industrial markets. The Ag Services and Oilseeds segment’s grain sourcing, handling, and transportation network (including barge, ocean-going vessel, truck, rail, and container freight services) provides reliable and efficient services to the Company’s customers and agricultural processing operations. The Ag Services and Oilseeds segment also includes agricultural commodity and feed product import, export, and global distribution, and structured trade finance activities. The Company engages in various structured trade finance activities to leverage its global trade flows. This segment also includes the Company’s share of the results of its equity investments in Wilmar, Pacificor, LLC, Stratas Foods LLC, Edible Oils Limited, Olenex Holdings BV, SoyVen Holding BV, and Gradable, LLC.

The Carbohydrate Solutions segment is engaged in corn and wheat wet and dry milling and other activities. The Carbohydrate Solutions segment converts corn and wheat into products and ingredients used in the food and beverage industry including sweeteners, corn and wheat starches, syrup, glucose, wheat flour, and dextrose. Dextrose and starch are used by the Carbohydrate Solutions segment as feedstocks in other downstream processes. By fermentation of dextrose, the Carbohydrate Solutions segment produces alcohol and other food and animal feed ingredients. Ethyl alcohol is produced by the Company for industrial use in products such as hand sanitizers and ethanol for use in gasoline due to its ability to increase octane as an extender and oxygenate. Corn gluten feed and meal, as well as distillers’ grains, are produced for use as animal feed ingredients. Corn germ, a by-product of the wet milling process, is further processed into vegetable oil and protein meal. Other Carbohydrate Solutions products include citric acids which are used in various food and industrial products. The Carbohydrate Solutions segment is a leader in carbon capture and sequestration. This segment also includes the Company’s share of the results of its equity investments in Hungrana Ltd., Almidones Mexicanos S.A. de C.V., Aston Foods and Food Ingredients, Red Star Yeast Company, LLC, and LSCP, LLP.

The Nutrition segment serves various end markets including food, beverages, and nutritional supplements for humans, and complete feed, feed premix and additives, petfood and pet treats for livestock, aquaculture, and pets. The segment engages in the creation, manufacturing, sale, and distribution of a wide array of ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, and other specialty food and feed ingredients and systems. The Nutrition segment also includes activities related to the procurement, processing, and distribution of edible beans, the processing and distribution of formula feeds and animal health and nutrition products and the manufacture of contract and private label pet treats and foods. This segment also includes the Company’s share of the results of its equity investments in Vimison S.A. de C.V., ADM Matsutani LLC, Matsutani Singapore Pte. Ltd., Dusial S.A., and Vitafort ZRT.

Other Business results include the Company’s financial business units related to futures commission and insurance activities. Corporate results principally include unallocated corporate expenses, interest cost net of interest income, and revaluation gains and losses on cost method investments and the share of the results of equity investments in early-stage start-up companies.

Intersegment sales have been recorded using principles consistent with ASC 606, Revenue from Contracts with Customers.
Segment Information for the Three Months ended March 31, 2025 and 2024

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

Three Months Ended March 31, 2025
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$15,675 $2,571 $1,817 $20,063 
Other Business112 
Total consolidated revenue$20,175 
Less:
Cost of materials14,339 1,602 1,139 
Manufacturing costs881 677 319 
Selling, general, and administrative expenses193 82 278 
Other segment items(1)
(150)(30)(14)
Segment operating profit$412 $240 $95 $747 
Reconciliation of segment operating profit
Other Business96 
Corporate(441)
Specified items:
Impairment, exit, restructuring charges, and settlement contingencies(2)
(49)
Earnings before income taxes$353 
(1) Other segment items for each reportable segment include:
Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income/expense, 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.

(2) These charges were related to restructuring and a contingent loss settlement provision.
Three Months Ended March 31, 2024
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$17,219 $2,683 $1,836 $21,738 
Other Business109 
Total consolidated revenue$21,847 
Less:
Cost of materials15,482 1,732 1,164 
Manufacturing costs833 641 298 
Selling, general, and administrative expenses242 92 296 
Other segment items(1)
(202)(30)(6)
Segment operating profit$864 $248 $84 $1,196 
Reconciliation of segment operating profit
Other Business121 
Corporate(426)
Specified items:
Gains on sales of assets and businesses— 
Impairment, exit, restructuring charges, and settlement contingencies(2)
(6)
Earnings before income taxes$885 

(1) Other segment items for each reportable segment include:
Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income/expense; 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.

(2) These charges were related to the impairment of certain long-lived assets and restructuring.
(In millions)Three Months Ended March 31,
 20252024
Intersegment revenue
Ag Services and Oilseeds$421 $426 
Carbohydrate Solutions199 208 
Nutrition19 13 
Total intersegment revenue
$639 $647 
Depreciation expense
Ag Services and Oilseeds$100 $92 
Carbohydrate Solutions75 75 
Nutrition37 36 
Total segment depreciation expense
212 203 
Other Business
2 2 
Corporate10 9 
Total depreciation expense
$224 $214 
Amortization expense
Ag Services and Oilseeds$3 $3 
Carbohydrate Solutions1 2 
Nutrition39 39 
Total segment amortization expense
43 44 
Corporate20 22 
Total amortization expense
$63 $66 
Interest and investment income
Ag Services and Oilseeds$21 $9 
Total segment interest and investment income
21 9 
Other Business
97 119 
Corporate20 (5)
Total interest and investment income
$138 $123 
Equity in earnings of unconsolidated affiliates
Ag Services and Oilseeds$110 $180 
Carbohydrate Solutions29 32 
Nutrition7 5 
Total segment equity in earnings of unconsolidated affiliates
146 217 
Corporate(2)(5)
Total equity in earnings of unconsolidated affiliates$144 $212