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INVENTORIES | 3 Months Ended
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Mar. 31, 2021
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Inventories by segment are presented below. Readily marketable inventories (“RMI”) are agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, corn, and wheat carried at fair value because of their commodity characteristics, widely available markets, and international pricing mechanisms. The Company engages in trading and distribution, or merchandising activities, and part of RMI can be attributable to such activities and is not held for processing. All other inventories are carried at lower of cost or net realizable value.
(US$ in millions) | March 31, 2021 | December 31, 2020
Agribusiness (1) | $ | 7,349 |  | $ | 6,019 |
Refined and Specialty Oils (2) | 973 |  | 885 |
Milling (3) | 294 |  | 268 |
Total | $ | 8,616 |  | $ | 7,172 |
(1) Includes RMI of $6,931 million and $5,735 million at March 31, 2021 and December 31, 2020, respectively. Assets held for sale includes RMI of $190 million and $365 million at March 31, 2021 and December 31, 2020, respectively (see Note 3 - Portfolio Rationalization Initiatives). Of these amounts, $5,504 million and $4,369 million can be attributable to merchandising activities at March 31, 2021 and December 31, 2020, respectively. (2) Includes RMI of $214 million and $174 million at March 31, 2021 and December 31, 2020, respectively. (3) Includes RMI of $50 million and $52 million at March 31, 2021 and December 31, 2020, respectively.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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