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Segment and Geographic Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | The following tables present: (i) adjustments and revised gross revenues, intersegment revenues, and operating profit amounts for the Ag Services and Oilseeds segment; (ii) adjustments and revised gross revenues, intersegment revenues and operating profit amounts for the Carbohydrate Solutions segment; and (iii) adjustments and revised operating profit amounts for the Nutrition segment, in each case, for each of the years ended December 31, 2023, 2022, and 2021. No adjustments were required to the gross revenues of the Nutrition segment. Impact of the Adjustments on Ag Services and Oilseeds Segment Gross Revenues and Operating Profit
| Years Ended December 31
(In millions) | 2023(1) |  | 2022 |  | 2021
Gross revenues, as originally reported for 2022 and 2021 | $ | 77,457 |  |  | $ | 83,686 |  |  | $ | 70,455 |
Adjustments | 1 |  |  | 15 |  |  | 24 |
Gross revenues, as revised | $ | 77,458 |  |  | $ | 83,701 |  |  | $ | 70,479 |
Intersegment revenues, as originally reported for 2022 and 2021 | $ | 4,031 |  |  | $ | 4,123 |  |  | $ | 3,408 |
Adjustments | 1 |  |  | 15 |  |  | 24 |
Intersegment revenues, as revised | $ | 4,032 |  |  | $ | 4,138 |  |  | $ | 3,432 |
Segment operating profit, as originally reported for 2022 and 2021 | $ | 4,066 |  |  | $ | 4,386 |  |  | $ | 2,775 |
Adjustments | 1 |  |  | 15 |  |  | 24 |
Segment operating profit, as revised | $ | 4,067 |  |  | $ | 4,401 |  |  | $ | 2,799 |
(1) The adjustments set forth in the table above for the year ended December 31, 2023 reflect adjustments effected for the period January 1, 2023 through September 30, 2023. Given the timing of the Investigation, no adjustments were effected in the fourth quarter of 2023. Impact of the Adjustments on Carbohydrate Solutions Segment Gross Revenues and Operating Profit
| Years Ended December 31
(In millions) | 2023(1) |  | 2022 |  | 2021
Gross revenues, as originally reported for 2022 and 2021 | $ | 14,509 |  |  | $ | 16,336 |  |  | $ | 12,672 |
Adjustments | 30 |  |  | 53 |  |  | 35 |
Gross revenues, as revised | $ | 14,539 |  |  | $ | 16,389 |  |  | $ | 12,707 |
Intersegment revenues, as originally reported for 2022 and 2021 | $ | 1,635 |  |  | $ | 2,375 |  |  | $ | 1,562 |
Adjustments | 30 |  |  | 53 |  |  | 35 |
Intersegment revenues, as revised | $ | 1,665 |  |  | $ | 2,428 |  |  | $ | 1,597 |
Segment operating profit, as originally reported for 2022 and 2021 | $ | 1,345 |  |  | $ | 1,360 |  |  | $ | 1,283 |
Adjustments | 30 |  |  | 53 |  |  | 35 |
Segment operating profit, as revised | $ | 1,375 |  |  | $ | 1,413 |  |  | $ | 1,318 |
(1) The adjustments set forth in the table above for the year ended December 31, 2023 reflect adjustments effected for the period January 1, 2023 through September 30, 2023. Given the timing of the Investigation, no adjustments were effected in the fourth quarter of 2023. Impact of the Adjustments on Nutrition Segment Operating Profit
| Years Ended December 31
(In millions) | 2023(1) |  | 2022 |  | 2021
Segment operating profit, as originally reported for 2022 and 2021 | $ | 458 |  |  | $ | 736 |  |  | $ | 691 |
Adjustments | (31) |  |  | (68) |  |  | (59) |
Segment operating profit, as revised | $ | 427 |  |  | $ | 668 |  |  | $ | 632 |
(1) The adjustments set forth in the table above for the year ended December 31, 2023 reflect adjustments effected for the period January 1, 2023 through September 30, 2023. Given the timing of the Investigation, no adjustments were effected in the fourth quarter of 2023. Separately, the Company determined that a portion of the originally reported gross revenues and intersegment revenues of each of the Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition segments included certain intrasegment revenues (resulting from sales within the segment), and should have included exclusively intersegment revenues (resulting from sales from one segment to the other). The correction of these immaterial errors does not have any impact on the Company’s previously reported Consolidated Statements of Earnings, Consolidated Statements of Comprehensive Income (Loss), Consolidated Balance Sheets, Consolidated Statements of Cash Flows, or Consolidated Statements of Shareholders’ Equity for any of the periods presented below. The following tables present: (i) additional adjustments and further revised gross revenues and intersegment revenues amounts for the Ag Services and Oilseeds segment; (ii) additional adjustments and further revised gross revenues and intersegment revenues amounts for the Carbohydrate Solutions segment; and (iii) adjustments and revised gross revenues and intersegment revenues amounts for the Nutrition segment, for each of the years ended December 31, 2023, 2022, and 2021. Additional Impact of the Adjustments on Ag Services and Oilseeds Segment Gross Revenues and Intersegment Revenues
| Years Ended December 31
(In millions) | 2023(1) |  | 2022 |  | 2021
Gross revenues, as revised | $ | 77,458 |  |  | $ | 83,701 |  |  | $ | 70,479 |
Additional adjustments | (1,446) |  |  | (1,579) |  |  | (1,115) |
Gross revenues, as further revised | $ | 76,012 |  |  | $ | 82,122 |  |  | $ | 69,364 |
Intersegment revenues, as revised | $ | 4,032 |  |  | $ | 4,138 |  |  | $ | 3,432 |
Additional adjustments | (1,446) |  |  | (1,579) |  |  | (1,115) |
Intersegment revenues, as further revised | $ | 2,586 |  |  | $ | 2,559 |  |  | $ | 2,317 |
(1) The adjustments set forth in the table above for the year ended December 31, 2023 reflect adjustments effected for the period January 1, 2023 through September 30, 2023. Given the timing of the Investigation, no adjustments were effected in the fourth quarter of 2023. Additional Impact of the Adjustments on Carbohydrate Solutions Segment Gross Revenues and Intersegment Revenues
| Years Ended December 31
(In millions) | 2023(1) |  | 2022 |  | 2021
Gross revenues, as revised | $ | 14,539 |  |  | $ | 16,389 |  |  | $ | 12,707 |
Additional adjustments | (11) |  |  | (487) |  |  | (295) |
Gross revenues, as further revised | $ | 14,528 |  |  | $ | 15,902 |  |  | $ | 12,412 |
Intersegment revenues, as revised | $ | 1,665 |  |  | $ | 2,428 |  |  | $ | 1,597 |
Additional adjustments | (11) |  |  | (487) |  |  | (295) |
Intersegment revenues, as further revised | $ | 1,654 |  |  | $ | 1,941 |  |  | $ | 1,302 |
(1) The adjustments set forth in the table above for the year ended December 31, 2023 reflect adjustments effected for the period January 1, 2023 through September 30, 2023. Given the timing of the Investigation, no adjustments were effected in the fourth quarter of 2023. Impact of the Adjustments on Nutrition Segment Gross Revenues and Intersegment Revenues
| Years Ended December 31
(In millions) | 2023(1) |  | 2022 |  | 2021
Gross revenues, as originally reported for 2022 and 2021 | $ | 7,466 |  |  | $ | 7,836 |  |  | $ | 6,933 |
Adjustments | (141) |  |  | (15) |  |  | (68) |
Gross revenues, as revised | $ | 7,325 |  |  | $ | 7,821 |  |  | $ | 6,865 |
Intersegment revenues, as originally reported for 2022 and 2021 | $ | 255 |  |  | $ | 200 |  |  | $ | 221 |
Adjustments | (141) |  |  | (15) |  |  | (68) |
Intersegment revenues, as revised | $ | 114 |  |  | $ | 185 |  |  | $ | 153 |
(1) The adjustments set forth in the table above for the year ended December 31, 2023 reflect adjustments effected for the period January 1, 2023 through September 30, 2023. Given the timing of the Investigation, no adjustments were effected in the fourth quarter of 2023. Segment Information The following tables present data by segment, adjusted for the matters discussed above, for the years ended December 31, 2023, 2022 and 2021.
(In millions) | Year Ended December 31
| 2023 |  | 2022 |  | 2021
Gross revenues |  |  |  |  |
Ag Services and Oilseeds | $ | 76,012 |  |  | $ | 82,122 |  |  | $ | 69,364 |
Carbohydrate Solutions | 14,528 |  |  | 15,902 |  |  | 12,412 |
Nutrition | 7,325 |  |  | 7,821 |  |  | 6,865 |
Other | 424 |  |  | 396 |  |  | 380 |
Intersegment elimination | (4,354) |  |  | (4,685) |  |  | (3,772) |
Total | $ | 93,935 |  |  | $ | 101,556 |  |  | $ | 85,249 |
Intersegment revenues |  |  |  |  |
Ag Services and Oilseeds | $ | 2,586 |  |  | $ | 2,559 |  |  | $ | 2,317 |
Carbohydrate Solutions | 1,654 |  |  | 1,941 |  |  | 1,302 |
Nutrition | 114 |  |  | 185 |  |  | 153 |
Total | $ | 4,354 |  |  | $ | 4,685 |  |  | $ | 3,772 |
Revenues from external customers |  |  |  |  |
Ag Services and Oilseeds |  |  |  |  |
Ag Services | $ | 47,420 |  |  | $ | 53,181 |  |  | $ | 45,017 |
Crushing | 14,020 |  |  | 13,139 |  |  | 11,368 |
Refined Products and Other | 11,986 |  |  | 13,243 |  |  | 10,662 |
Total Ag Services and Oilseeds | 73,426 |  |  | 79,563 |  |  | 67,047 |
Carbohydrate Solutions |  |  |  |  |
Starches and Sweeteners | 9,885 |  |  | 10,251 |  |  | 7,611 |
Vantage Corn Processors | 2,989 |  |  | 3,710 |  |  | 3,499 |
Total Carbohydrate Solutions | 12,874 |  |  | 13,961 |  |  | 11,110 |
Nutrition |  |  |  |  |
Human Nutrition | 3,634 |  |  | 3,769 |  |  | 3,189 |
Animal Nutrition | 3,577 |  |  | 3,867 |  |  | 3,523 |
Total Nutrition | 7,211 |  |  | 7,636 |  |  | 6,712 |
Other | 424 |  |  | 396 |  |  | 380 |
Total | $ | 93,935 |  |  | $ | 101,556 |  |  | $ | 85,249 |
(In millions) | Year Ended December 31
| 2023 |  | 2022 |  | 2021
Depreciation |  |  |  |  |
Ag Services and Oilseeds | $ | 350 |  |  | $ | 334 |  |  | $ | 349 |
Carbohydrate Solutions | 304 |  |  | 307 |  |  | 322 |
Nutrition | 132 |  |  | 120 |  |  | 101 |
Other | 10 |  |  | 9 |  |  | 8 |
Corporate | 29 |  |  | 24 |  |  | 27 |
Total | $ | 825 |  |  | $ | 794 |  |  | $ | 807 |
Long-lived asset impairments(1) |  |  |  |  |
Ag Services and Oilseeds | $ | 11 |  |  | $ | — |  |  | $ | 10 |
Carbohydrate Solutions | 32 |  |  | 14 |  |  | 13 |
Nutrition | 65 |  |  | 21 |  |  | 50 |
Total | $ | 108 |  |  | $ | 35 |  |  | $ | 73 |
Interest and investment income |  |  |  |  |
Ag Services and Oilseeds | $ | 54 |  |  | $ | 52 |  |  | $ | 27 |
Nutrition | (18) |  |  | 2 |  |  | 1 |
Other | 499 |  |  | 185 |  |  | 16 |
Corporate | (36) |  |  | 54 |  |  | 52 |
Total | $ | 499 |  |  | $ | 293 |  |  | $ | 96 |
Equity in earnings of affiliates |  |  |  |  |
Ag Services and Oilseeds | $ | 459 |  |  | $ | 714 |  |  | $ | 500 |
Carbohydrate Solutions | 76 |  |  | 94 |  |  | 70 |
Nutrition | 21 |  |  | 23 |  |  | 24 |
Corporate | (5) |  |  | 1 |  |  | 1 |
Total | $ | 551 |  |  | $ | 832 |  |  | $ | 595 |
(1) See Note 18 for total asset impairment, exit, and restructuring costs. |  |  |  |  |
(In millions) | Year Ended December 31
| 2023 |  | 2022 |  | 2021
Segment Operating Profit |  |  |  |  |
Ag Services and Oilseeds | $ | 4,067 |  |  | $ | 4,401 |  |  | $ | 2,799 |
Carbohydrate Solutions | 1,375 |  |  | 1,413 |  |  | 1,318 |
Nutrition | 427 |  |  | 668 |  |  | 632 |
Other | 375 |  |  | 167 |  |  | 25 |
Specified Items: |  |  |  |  |
Gains on sales of assets and businesses(1) | 17 |  |  | 47 |  |  | 77 |
Impairment, restructuring, and net settlement contingencies(2) | (361) |  |  | (147) |  |  | (213) |
Total segment operating profit | 5,900 |  |  | 6,549 |  |  | 4,638 |
Corporate | (1,606) |  |  | (1,316) |  |  | (1,325) |
Earnings before income taxes | $ | 4,294 |  |  | $ | 5,233 |  |  | $ | 3,313 |
(1) The gains in 2023 and 2022 were related to the sale of certain assets. The gains in 2021 were related to the sale of ethanol and certain other assets. (2) The charges in 2023 were related to the impairment of certain long-lived assets, goodwill, intangibles, and an equity investment, restructuring, and a contingency related to import duties, partially offset by settlement/contingency adjustments. The charges in 2022 were related to the impairment of certain assets, restructuring, and settlement contingencies. The charges in 2021 were related to the impairment of certain long-lived assets, goodwill, and other intangibles, restructuring, and a legal settlement.
(In millions) | December 31
| 2023 |  | 2022
Investments in and advances to affiliates |  |  |
Ag Services and Oilseeds | $ | 4,888 |  |  | $ | 4,863 |
Carbohydrate Solutions | 380 |  |  | 365 |
Nutrition | 145 |  |  | 111 |
Corporate | 87 |  |  | 128 |
Total | $ | 5,500 |  |  | $ | 5,467 |
Identifiable assets |  |  |
Ag Services and Oilseeds | $ | 25,473 |  |  | $ | 28,657 |
Carbohydrate Solutions | 6,334 |  |  | 6,801 |
Nutrition | 10,341 |  |  | 10,615 |
Other | 8,701 |  |  | 10,569 |
Corporate | 3,782 |  |  | 3,132 |
Total | $ | 54,631 |  |  | $ | 59,774 |
(In millions) | Year Ended December 31
| 2023 |  | 2022
Gross additions to property, plant, and equipment |  |  |
Ag Services and Oilseeds | $ | 732 |  |  | $ | 568 |
Carbohydrate Solutions | 351 |  |  | 261 |
Nutrition | 262 |  |  | 314 |
Other | 1 |  |  | 15 |
Corporate | 37 |  |  | 53 |
Total | $ | 1,383 |  |  | $ | 1,211 |
Geographic Information | Geographic information: The following geographic data include revenues attributed to the countries based on the location of the subsidiary making the sale and long-lived assets based on physical location. Long-lived assets represent the net book value of property, plant, and equipment.
| Year Ended
(In millions) | December 31
| 2023 |  | 2022 |  | 2021
Revenues |  |  |  |  |
United States | $ | 38,783 |  |  | $ | 43,272 |  |  | $ | 35,396 |
Switzerland | 19,898 |  |  | 21,821 |  |  | 18,453 |
Cayman Islands | 7,646 |  |  | 5,883 |  |  | 5,515 |
Brazil | 3,361 |  |  | 4,004 |  |  | 3,213 |
Mexico | 3,185 |  |  | 3,709 |  |  | 2,934 |
Canada | 2,400 |  |  | 2,272 |  |  | 1,818 |
United Kingdom | 2,219 |  |  | 2,231 |  |  | 1,848 |
Other Foreign | 16,443 |  |  | 18,364 |  |  | 16,072 |
| $ | 93,935 |  |  | $ | 101,556 |  |  | $ | 85,249 |
(In millions) | December 31
| 2023 |  | 2022
Long-lived assets |  |  |
United States | $ | 6,660 |  |  | $ | 6,322 |
Brazil | 874 |  |  | 801 |
Other Foreign | 2,974 |  |  | 2,810 |
| $ | 10,508 |  |  | $ | 9,933 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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