Acquisitions

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Acquisitions

On January 31, 2025, the Company acquired Vandamme Hugaria Kft (“Vandamme”), a 700 metric ton/day non-genetically modified crush and extraction facility based in Hungary for an aggregate cash consideration of $123 million. This acquisition adds capabilities to the Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments.

The aggregate cash consideration, net of $28 million cash acquired, was allocated as follows, subject to final measurement period adjustments (in millions).

	Vandamme
Working capital, net of cash acquired	$	24
Property, plant, and equipment	27
Goodwill	25
Other intangible assets(1)	22
Deferred tax liabilities	(3)
Aggregate cash consideration, net of cash acquired	$	95

(1) Primarily represents customer lists with expected useful lives of 10 years to 18 years.

During the three months ended June 30, 2025, the Company recorded certain measurement period adjustments to its initial allocation of the purchase price related to the Vandamme acquisition, resulting in a decrease to goodwill of $6 million. There was no impact on the Consolidated Statements of Earnings from measurement period adjustments.

Goodwill recorded in connection with the acquisition is primarily attributable to the synergies expected to arise after the Company’s acquisition of the business. This goodwill is not expected to be deductible for tax purposes.

The Company’s Consolidated Statements of Earnings for the three and six months ended June 30, 2025 includes the post-acquisition results of the acquired business which were immaterial.