XML 25 R11.htm IDEA: XBRL DOCUMENT
v3.20.2

Revenues Revenues | 6 Months Ended
--- | ---
Jun. 30, 2020
Revenues [Abstract] |
Revenues [Text Block] | Revenues Revenue Recognition The Company principally generates revenue from merchandising and transporting agricultural commodities and manufactured products used as ingredients in food, feed, energy, and industrial products. Revenue is measured based on the consideration specified in the contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product or service to a customer. The majority of the Company’s contracts with customers have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in paragraph 10-50-14 of ASC 606, Revenue from Contracts with Customers (“Topic 606”) and does not disclose information about remaining performance obligations that have original expected durations of one year or less. For transportation service contracts, the Company recognizes revenue over time as the barge, ocean-going vessel, truck, rail, or container freight moves towards its destination in accordance with the transfer of control guidance of Topic 606. The Company recognized revenue from transportation service contracts of $106 million and $223 million for the three and six months ended June 30, 2020, respectively, and $128 million and $243 million for the three and six months ended June 30, 2019, respectively. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“Topic 610-20”). Shipping and Handling Costs Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in cost of products sold. Accordingly, amounts billed to customers for such costs are included as a component of revenues. Taxes Collected from Customers and Remitted to Governmental Authorities The Company does not include taxes assessed by governmental authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in the measurement of transactions prices or as a component of revenues and cost of products sold. Contract Liabilities Contract liabilities relate to advance payments from customers for goods and services that the Company has yet to provide. Contract liabilities of $286 million and $604 million as of June 30, 2020 and December 31, 2019, respectively, were recorded in accrued expenses and other payables in the consolidated balance sheets. Contract liabilities recognized as revenues for the three and six months ended June 30, 2020 were $339 million and $621 million, respectively, and $160 million and $326 million for the three and six months ended June 30, 2019, respectively. Disaggregation of Revenues The following tables present revenue disaggregated by timing of recognition and major product lines for the three and six months ended June 30, 2020 and 2019.
| Three Months Ended June 30, 2020
| Topic 606 Revenue | Topic 815(1) | Total
| Point in Time | Over Time | Total | Revenue | Revenues
| (In millions)
Ag Services and Oilseeds |  |  |  |  |
Ag Services | $ | 877 |  | $ | 106 |  | $ | 983 |  | $ | 7,669 |  | $ | 8,652 |
Crushing | 200 |  | — |  | 200 |  | 2,205 |  | 2,405 |
Refined Products and Other | 521 |  | — |  | 521 |  | 1,163 |  | 1,684 |
Total Ag Services and Oilseeds | 1,598 |  | 106 |  | 1,704 |  | 11,037 |  | 12,741 |
Carbohydrate Solutions |  |  |  |  |
Starches and Sweeteners | 1,137 |  | — |  | 1,137 |  | 408 |  | 1,545 |
Vantage Corn Processors | 469 |  | — |  | 469 |  | — |  | 469 |
Total Carbohydrate Solutions | 1,606 |  | — |  | 1,606 |  | 408 |  | 2,014 |
Nutrition |  |  |  |  |
Human Nutrition | 723 |  | — |  | 723 |  | — |  | 723 |
Animal Nutrition | 714 |  | — |  | 714 |  | — |  | 714 |
Total Nutrition | 1,437 |  | — |  | 1,437 |  | — |  | 1,437 |
Other Business | 89 |  | — |  | 89 |  | — |  | 89 |
Total Revenues | $ | 4,730 |  | $ | 106 |  | $ | 4,836 |  | $ | 11,445 |  | $ | 16,281 |
| Six Months Ended June 30, 2020
| Topic 606 Revenue | Topic 815(1) | Total
| Point in Time | Over Time | Total | Revenue | Revenues
| (In millions)
Ag Services and Oilseeds |  |  |  |  |
Ag Services | $ | 1,728 |  | $ | 223 |  | $ | 1,951 |  | $ | 13,627 |  | $ | 15,578 |
Crushing | 380 |  | — |  | 380 |  | 4,338 |  | 4,718 |
Refined Products and Other | 1,039 |  | — |  | 1,039 |  | 2,485 |  | 3,524 |
Total Ag Services and Oilseeds | 3,147 |  | 223 |  | 3,370 |  | 20,450 |  | 23,820 |
Carbohydrate Solutions |  |  |  |  |
Starches and Sweeteners | 2,377 |  | — |  | 2,377 |  | 818 |  | 3,195 |
Vantage Corn Processors | 1,135 |  | — |  | 1,135 |  | — |  | 1,135 |
Total Carbohydrate Solutions | 3,512 |  | — |  | 3,512 |  | 818 |  | 4,330 |
Nutrition |  |  |  |  |
Human Nutrition | 1,442 |  | — |  | 1,442 |  | — |  | 1,442 |
Animal Nutrition | 1,466 |  | — |  | 1,466 |  | — |  | 1,466 |
Total Nutrition | 2,908 |  | — |  | 2,908 |  | — |  | 2,908 |
Other Business | 193 |  | — |  | 193 |  | — |  | 193 |
Total Revenues | $ | 9,760 |  | $ | 223 |  | $ | 9,983 |  | $ | 21,268 |  | $ | 31,251 |
| Three Months Ended June 30, 2019
| Topic 606 Revenue | Topic 815(1) | Total
| Point in Time | Over Time | Total | Revenue | Revenues
| (In millions)
Ag Services and Oilseeds |  |  |  |  |
Ag Services | $ | 810 |  | $ | 128 |  | $ | 938 |  | $ | 7,092 |  | $ | 8,030 |
Crushing | 201 |  | — |  | 201 |  | 2,115 |  | 2,316 |
Refined Products and Other | 523 |  | — |  | 523 |  | 1,359 |  | 1,882 |
Total Ag Services and Oilseeds | 1,534 |  | 128 |  | 1,662 |  | 10,566 |  | 12,228 |
Carbohydrate Solutions |  |  |  |  |
Starches and Sweeteners | 1,260 |  | — |  | 1,260 |  | 424 |  | 1,684 |
Vantage Corn Processors | 757 |  | — |  | 757 |  | — |  | 757 |
Total Carbohydrate Solutions | 2,017 |  | — |  | 2,017 |  | 424 |  | 2,441 |
Nutrition |  |  |  |  |
Human Nutrition | 728 |  | — |  | 728 |  | — |  | 728 |
Animal Nutrition | 796 |  | — |  | 796 |  | — |  | 796 |
Total Nutrition | 1,524 |  | — |  | 1,524 |  | — |  | 1,524 |
Other Business | 104 |  | — |  | 104 |  | — |  | 104 |
Total Revenues | $ | 5,179 |  | $ | 128 |  | $ | 5,307 |  | $ | 10,990 |  | $ | 16,297 |
| Six Months Ended June 30, 2019
| Topic 606 Revenue | Topic 815(1) | Total
| Point in Time | Over Time | Total | Revenue | Revenues
| (In millions)
Ag Services and Oilseeds |  |  |  |  |
Ag Services | $ | 1,141 |  | $ | 243 |  | $ | 1,384 |  | $ | 14,023 |  | $ | 15,407 |
Crushing | 372 |  | — |  | 372 |  | 4,293 |  | 4,665 |
Refined Products and Other | 1,035 |  | — |  | 1,035 |  | 2,659 |  | 3,694 |
Total Ag Services and Oilseeds | 2,548 |  | 243 |  | 2,791 |  | 20,975 |  | 23,766 |
Carbohydrate Solutions |  |  |  |  |
Starches and Sweeteners | 2,459 |  | — |  | 2,459 |  | 847 |  | 3,306 |
Vantage Corn Processors | 1,538 |  | — |  | 1,538 |  | — |  | 1,538 |
Total Carbohydrate Solutions | 3,997 |  | — |  | 3,997 |  | 847 |  | 4,844 |
Nutrition |  |  |  |  |
Human Nutrition | 1,402 |  | — |  | 1,402 |  | — |  | 1,402 |
Animal Nutrition | 1,404 |  | — |  | 1,404 |  | — |  | 1,404 |
Total Nutrition | 2,806 |  | — |  | 2,806 |  | — |  | 2,806 |
Other Business | 185 |  | — |  | 185 |  | — |  | 185 |
Total Revenues | $ | 9,536 |  | $ | 243 |  | $ | 9,779 |  | $ | 21,822 |  | $ | 31,601 |
(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606. Ag Services and Oilseeds The Ag Services and Oilseeds segment generates revenue from the sale of commodities, from service fees for the transportation of goods, and from the sale of products manufactured in its global processing facilities. Revenue is measured based on the consideration specified in the contract and excludes any sales incentives and amounts collected on behalf of third parties. Revenue is recognized when a performance obligation is satisfied by transferring control over a product or providing service to a customer. For transportation service contracts, the Company recognizes revenue over time as the barge, ocean-going vessel, truck, rail, or container freight moves towards its destination in accordance with the transfer of control guidance of Topic 606. The amount of revenue recognized follows the contractually specified price which may include freight or other contractually specified cost components. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by Topic 610-20. Carbohydrate Solutions The Carbohydrate Solutions segment generates revenue from the sale of products manufactured at the Company’s global corn and wheat milling facilities around the world. Revenue is recognized when control over products is transferred to the customer. Products are shipped to customers from the Company’s various facilities and from its network of storage terminals. The amount of revenue recognized is based on the consideration specified in the contract which could include freight and other costs depending on the specific shipping terms of each contract. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by Topic 610-20. Nutrition The Nutrition segment sells specialty products including natural flavor ingredients, flavor systems, natural colors, animal nutrition products, and other specialty food and feed ingredients. Revenue is recognized when control over products is transferred to the customer. The amount of revenue recognized follows the contracted price or the mutually agreed price of the product. Freight and shipping are recognized as a component of revenue at the same time control transfers to the customer. Other Business Other Business includes the Company’s futures commission business whose primary sources of revenue are commissions and brokerage income generated from executing orders and clearing futures contracts and options on futures contracts on behalf of its customers. Commissions and brokerage revenue are recognized on the date the transaction is executed. Other also includes the Company’s captive insurance business which generates third party revenue through its proportionate share of premiums from third-party reinsurance pools. Reinsurance premiums are recognized on a straight-line basis over the period underlying the policy.

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenuesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration