Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

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		Nutrition		Total
Revenue from external customers	$	15,675	$	2,571	$	1,817	$	20,063
Other Business							112
Total consolidated revenue							$	20,175

Less:
Cost of materials	14,339		1,602		1,139
Manufacturing costs	881		677		319
Selling, general, and administrative expenses	193		82		278
Other segment items(1)	(150)		(30)		(14)
Segment operating profit	$	412	$	240	$	95	$	747

Reconciliation of segment operating profit
Other Business							96
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		Nutrition		Total
Revenue from external customers	$	17,219	$	2,683	$	1,836	$	21,738
Other Business							109
Total consolidated revenue							$	21,847

Less:
Cost of materials	15,482		1,732		1,164
Manufacturing costs	833		641		298
Selling, general, and administrative expenses	242		92		296
Other segment items(1)	(202)		(30)		(6)
Segment operating profit	$	864	$	248	$	84	$	1,196

Reconciliation of segment operating profit
Other Business							121
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,
	2025		2024
Intersegment revenue
Ag Services and Oilseeds	$	421	$	426
Carbohydrate Solutions	199		208
Nutrition	19		13
Total intersegment revenue	$	639	$	647

Depreciation expense
Ag Services and Oilseeds	$	100	$	92
Carbohydrate Solutions	75		75
Nutrition	37		36
Total segment depreciation expense	212		203
Other Business	2		2
Corporate	10		9
Total depreciation expense	$	224	$	214

Amortization expense
Ag Services and Oilseeds	$	3	$	3
Carbohydrate Solutions	1		2
Nutrition	39		39
Total segment amortization expense	43		44

Corporate	20		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
Corporate	20		(5)
Total interest and investment income	$	138	$	123



Equity in earnings of unconsolidated affiliates
Ag Services and Oilseeds	$	110	$	180
Carbohydrate Solutions	29		32
Nutrition	7		5
Total segment equity in earnings of unconsolidated affiliates	146		217

Corporate	(2)		(5)
Total equity in earnings of unconsolidated affiliates	$	144	$	212