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Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2025 and 2024 (in millions).

 Fair Value Measurements at December 31, 2025
Level 1
Level 2
Level 3
Total
Assets:    
Inventories carried at market$— $3,549 $2,673 $6,222 
Unrealized derivative gains:    
Commodity contracts— 310 512 822 
Foreign exchange contracts
— 108 — 108 
Interest rate contracts— 17 — 17 
Cash equivalents280 — — 280 
Marketable securities32 — — 32 
Segregated investments and restricted cash equivalents1,771 — — 1,771 
Total Assets$2,083 $3,984 $3,185 $9,252 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $300 $313 $613 
Foreign exchange contracts
— 144 — 144 
Inventory-related payables— 714 16 730 
Total Liabilities$— $1,158 $329 $1,487 
 Fair Value Measurements at December 31, 2024
Level 1
Level 2
Level 3
Total
Assets:    
Inventories carried at market$— $3,930 $3,031 $6,961 
Unrealized derivative gains:    
Commodity contracts— 404 427 831 
Foreign currency contracts— 272 — 272 
Interest rate contracts— 5 — 5 
Cash equivalents70 — — 70 
Marketable securities246 — — 246 
Segregated investments and restricted cash equivalents1,681 — — 1,681 
Total Assets$1,997 $4,611 $3,458 $10,066 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $355 $405 $760 
Foreign currency contracts— 212 — 212 
Inventory-related payables— 654 88 742 
Total Liabilities$— $1,221 $493 $1,714 
 
Inventories Carried at Market and Inventory-Related Payables

Estimated fair values of inventories and inventory-related payables stated at market are based on exchange-quoted prices, adjusted for differences in local markets and quality, referred to as basis. Market valuations for the Company’s inventories are adjusted for location and quality (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. 

The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments. In certain cases, the basis adjustments are unobservable because they are supported by little to no market activity. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the inventory is classified as Level 3.

Changes in the fair value of inventories and inventory-related payables are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold.

Unrealized Derivative Gains and Losses

Derivative contracts include exchange-traded commodity futures and options contracts, forward commodity purchase and sale contracts, and over-the-counter (OTC) instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies.

Substantially all of the Company’s exchange-traded commodity futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables. 

Fair value for forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets. Market valuations for the Company’s forward commodity purchase and sale contracts are adjusted for location (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade.
The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments.

In certain cases, the basis adjustments are unobservable because they are supported by little to no market activity. When observable inputs are available for substantially the full term of the contract, it is classified in Level 2. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the contract is classified in Level 3. 

Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold. 

Except for certain derivatives designated as net investment hedges, changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Revenues, Cost of products sold, and Other (income) - net, depending upon the purpose of the contract. 

Cash Equivalents

The Company’s cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1.

Marketable Securities

The Company's marketable securities are comprised of foreign government securities and foreign term deposits with original maturities greater than 90 days. These securities are valued using quoted market prices and are classified as Level 1.

Segregated Investments and Restricted Cash Equivalents

The Company’s segregated investments and restricted cash equivalents are primarily comprised of U.S. Treasury securities purchased using ADM Investor Services customer funds and segregated to meet regulatory requirements. U.S. Treasury securities are valued using quoted market prices and are classified as Level 1.
Level 3 Assets and Liabilities

The following tables present a rollforward of the activity of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2025 and 2024 (in millions).

 AssetsLiabilities
December 31, 2025December 31, 2025
Inventories
Carried at
Market		Commodity
Derivative
Contracts
Gains		Total AssetsInventory-related PayablesCommodity
Derivative
Contracts
Losses
 
Total 
Liabilities
Opening balance, January 1, 2025$3,031 $427 $3,458 $88 $405 $493 
Increase (decrease) in unrealized gains included in Cost of products sold(1,021)1,075 54 — — — 
Increase (decrease) in unrealized losses included in Cost of products sold— — — — 13 852 865 
Realized increases (decreases) included in Cost of products sold28 — 28 (15)— (15)
Purchases18,640 — 18,640 21 — 21 
Sales(17,761)— (17,761)(91)— (91)
Settlements— (1,106)(1,106)— (985)(985)
Transfers into Level 31,616 241 1,857 — 72 72 
Transfers out of Level 3(1,860)(125)(1,985)— (31)(31)
Closing balance, December 31, 2025$2,673 $512 $3,185 $16 $313 $329 

 AssetsLiabilities
December 31, 2024December 31, 2024
Inventories
Carried at
Market		Commodity
Derivative
Contracts
Gains		Total AssetsInventory-related PayablesCommodity
Derivative
Contracts
Losses
 
Total 
Liabilities
Opening balance, January 1, 2024$2,713 $731 $3,444 $101 $457 $558 
Increase (decrease) in unrealized gains included in Cost of products sold697 1,010 1,707 — — — 
Increase (decrease) in unrealized losses included in Cost of products sold— — — — 17 1,124 1,141 
Realized increases (decreases) included in Cost of products sold(51)— (51)(29)— (29)
Purchases16,296 — 16,296 79 — 79 
Sales(16,609)— (16,609)(81)— (81)
Settlements— (1,369)(1,369)— (1,142)(1,142)
Transfers into Level 31,416 241 1,657 1 68 69 
Transfers out of Level 3(1,431)(186)(1,617)— (102)(102)
Closing balance, December 31, 2024$3,031 $427 $3,458 $88 $405 $493 
Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2.

In some cases, the price components that result in differences between exchange-traded prices and local prices for inventories and physical commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable. These price components primarily include transportation costs and other basis adjustments required due to location, quality, or other contract terms. The changes in unobservable price components are determined by specific local supply and demand characteristics at each location and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components.

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of December 31, 2025 and 2024. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components. 

Weighted Average % of Total Price
 December 31, 2025December 31, 2024
Component TypeAssetsLiabilitiesAssetsLiabilities
Inventories and Related Payables    
Basis21.1%9.0%24.9%31.3%
Transportation cost22.4%—%10.8%—%
Commodity Derivative Contracts    
Basis23.3%23.6%21.8%23.4%
Transportation cost25.7%—%10.8%10.8%

In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts. These price quotes are generally not further adjusted by the Company in determining the applicable market price. In some cases, availability of third-party quotes is limited to only one or two independent sources. In these situations, absent other corroborating evidence, the Company considers these price quotes as 100% unobservable and, therefore, the fair value of these items is reported in Level 3.