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Segment Information
 6 Months Ended
Jun. 30, 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, SoyVen Holding BV, Olenex Holdings BV, Edible Oils Limited, Stratas Foods LLC, Terminal de Grãos Ponta da Montanha S.A., 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., Dusial S.A., ADM Matsutani LLC, Vitafort ZRT, and Matsutani Singapore Pte. Ltd.

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 and Six Months ended June 30, 2025 and 2024

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

Three Months Ended June 30, 2025
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$16,269 $2,792 $1,993 $21,054 
Other Business112 
Total consolidated revenue$21,166 
Less:
Cost of materials14,940 1,745 1,214 
Manufacturing costs867 647 326 
Selling, general, and administrative expenses223 83 284 
Other segment items(1)
(140)(20)55 
Segment operating profit$379 $337 $114 $830 
Reconciliation of segment operating profit
Other Business94 
Corporate(498)
Specified items:
Gains on sales of assets and businesses8 
Impairment, exit, restructuring charges, and settlement contingencies(224)
Gain on contract termination69 
Earnings Before Income Taxes$279 
(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; interest and investment income/expense; and other income/expense.
Six Months Ended June 30, 2025
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$31,944 $5,362 $3,810 $41,116 
Other Business225 
Total consolidated revenue$41,341 
Less:
Cost of materials29,280 3,347 2,354 
Manufacturing costs1,747 1,325 645 
Selling, general, and administrative expenses415 165 562 
Other segment items(1)
(289)(51)39 
Segment operating profit$791 $576 $210 $1,577 
Reconciliation of segment operating profit
Other Business190 
Corporate(939)
Specified items:
Gains on sales of assets and businesses8 
Impairment, exit, restructuring charges, and settlement contingencies(273)
Gain on contract termination69 
Earnings Before Income Taxes$632 
(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; interest and investment income/expense; and other income/expense.
Three Months Ended June 30, 2024
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$17,333 $2,894 $1,908 $22,135 
Other Business113 
Total consolidated revenue$22,248 
Less:
Cost of materials15,942 1,862 1,196 
Manufacturing costs843 639 312 
Selling, general, and administrative expenses219 78 293 
Other segment items(1)
(130)(42)(2)
Segment operating profit$459 $357 $109 $925 
Reconciliation of segment operating profit
Other Business96 
Corporate(418)
Specified items:
Impairment, exit, restructuring charges, and settlement contingencies(7)
Earnings Before Income Taxes$596 

(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.
Six Months Ended June 30, 2024
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$34,552 $5,577 $3,744 $43,873 
Other Business222 
Total consolidated revenue$44,095 
Less:
Cost of materials31,423 3,594 2,360 
Manufacturing costs1,676 1,280 610 
Selling, general, and administrative expenses461 170 590 
Other segment items(1)
(331)(72)(9)
Segment operating profit$1,323 $605 $193 $2,121 
Reconciliation of segment operating profit
Other Business217 
Corporate(844)
Specified items:
Impairment, exit, restructuring charges, and settlement contingencies(13)
Earnings Before Income Taxes$1,481 

(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.
(In millions)Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Intersegment sales
Ag Services and Oilseeds$506 $432 $927 $858 
Carbohydrate Solutions207 225 406 434 
Nutrition14 18 33 31 
Total intersegment sales$727 $675 $1,366 $1,323 
Depreciation expense
Ag Services and Oilseeds$104 $95 $203 $186 
Carbohydrate Solutions75 75 150 151 
Nutrition38 38 75 73 
Total segment depreciation expense
217 208 428 410 
Other Business
2 2 5 5 
Corporate9 8 19 17 
Total depreciation expense
$228 $218 $452 $432 
Amortization expense
Ag Services and Oilseeds$3 $4 $6 $7 
Carbohydrate Solutions1 1 2 3 
Nutrition39 41 78 80 
Total segment amortization expense
43 46 86 90 
Corporate20 22 40 44 
Total amortization expense
$63 $68 $126 $134 
Interest and investment income (expense)
Ag Services and Oilseeds$9 $13 $31 $21 
Nutrition(88)— (88)— 
Total segment interest and investment income (expense)(79)13 (57)21 
Other Business
100 122 197 242 
Corporate(91)5 (72)— 
Total interest and investment income (expense) $(70)$140 $68 $263 
Equity in earnings of unconsolidated affiliates
Ag Services and Oilseeds$109 $117 $219 $298 
Carbohydrate Solutions21 31 50 62 
Nutrition5 6 12 11 
Total segment equity in earnings of unconsolidated affiliates
135 154 281 371 
Corporate(1)(2)(3)(7)
Total equity in earnings of unconsolidated affiliates$134 $152 $278 $364