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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
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 the three and six months ended June 30, 2023. 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
(In millions) | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023
Gross revenues, as originally reported | $ | 20,864 |  | $ | 40,778 |
Adjustments | 1 |  | 2 |
Gross revenues, as revised | $ | 20,865 |  | $ | 40,780 |
Intersegment revenues, as originally reported | $ | 1,020 |  | $ | 2,355 |
Adjustments | 1 |  | 2 |
Intersegment revenues, as revised | $ | 1,021 |  | $ | 2,357 |
Segment operating profit, as originally reported | $ | 1,054 |  | $ | 2,264 |
Adjustments | — |  | 1 |
Segment operating profit, as revised | $ | 1,054 |  | $ | 2,265 |
Impact of the Adjustments on Carbohydrate Solutions Segment Gross Revenues and Operating Profit
(In millions) | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023
Gross revenues, as originally reported | $ | 3,829 |  | $ | 8,095 |
Adjustments | 16 |  | 22 |
Gross revenues, as revised | $ | 3,845 |  | $ | 8,117 |
Intersegment revenues, as originally reported | $ | 448 |  | $ | 1,177 |
Adjustments | 16 |  | 22 |
Intersegment revenues, as revised | $ | 464 |  | $ | 1,199 |
Segment operating profit, as originally reported | $ | 303 |  | $ | 576 |
Adjustments | 16 |  | 22 |
Segment operating profit, as revised | $ | 319 |  | $ | 598 |
Impact of the Adjustments on Nutrition Segment Operating Profit
(In millions) | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023
Segment operating profit, as originally reported | $ | 185 |  | $ | 330 |
Adjustments | (16) |  | (23) |
Segment operating profit, as revised | $ | 169 |  | $ | 307 |
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 Statement of Earnings, Consolidated Statement of Comprehensive Income (Loss), Consolidated Balance Sheet, Consolidated Statements of Cash Flow, or Consolidated Statement of Shareholders’ Equity as of and for the period 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 the three and six months ended June 30, 2023. Additional Impact of the Adjustments on Ag Services and Oilseeds Segment Gross Revenues and Intersegment Revenues
(In millions) | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023
Gross revenues, as revised | $ | 20,865 |  | $ | 40,780 |
Additional adjustments | (320) |  | (915) |
Gross revenues, as further revised | $ | 20,545 |  | $ | 39,865 |
Intersegment revenues, as revised | $ | 1,021 |  | $ | 2,357 |
Additional adjustments | (320) |  | (915) |
Intersegment revenues, as further revised | $ | 701 |  | $ | 1,442 |
Additional Impact of the Adjustments on Carbohydrate Solutions Segment Gross Revenues and Intersegment Revenues
(In millions) | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023
Gross revenues, as revised | $ | 3,845 |  | $ | 8,117 |
Additional adjustments | (60) |  | (290) |
Gross revenues, as further revised | $ | 3,785 |  | $ | 7,827 |
Intersegment revenues, as revised | $ | 464 |  | $ | 1,199 |
Additional adjustments | (60) |  | (290) |
Intersegment revenues, as further revised | $ | 404 |  | $ | 909 |
Impact of the Adjustments on Nutrition Segment Gross Revenues and Intersegment Revenues
(In millions) | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023
Gross revenues, as originally reported | $ | 1,926 |  | $ | 3,870 |
Adjustments | (39) |  | (94) |
Gross revenues, as revised | $ | 1,887 |  | $ | 3,776 |
Intersegment revenues, as originally reported | $ | 73 |  | $ | 164 |
Adjustments | (39) |  | (94) |
Intersegment revenues, as revised | $ | 34 |  | $ | 70 |
For more information about the Company’s business segments, refer to Note 17 of “Notes to Consolidated Financial Statements” included in Item 8, “Financial Statements and Supplementary Data” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Segment Information |  |  |  |  |  |  |
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Gross revenues |  |  |  |  |  |  |
Ag Services and Oilseeds | $ | 17,879 |  |  | $ | 20,545 |  |  | $ | 35,707 |  |  | $ | 39,865 |
Carbohydrate Solutions | 3,133 |  |  | 3,785 |  |  | 6,095 |  |  | 7,827 |
Nutrition | 1,921 |  |  | 1,887 |  |  | 3,763 |  |  | 3,776 |
Other Business | 113 |  |  | 112 |  |  | 222 |  |  | 215 |
Intersegment elimination | (798) |  |  | (1,139) |  |  | (1,692) |  |  | (2,421) |
Total gross revenues | $ | 22,248 |  |  | $ | 25,190 |  |  | $ | 44,095 |  |  | $ | 49,262 |
Intersegment sales |  |  |  |  |  |  |
Ag Services and Oilseeds | $ | 546 |  |  | $ | 701 |  |  | $ | 1,155 |  |  | $ | 1,442 |
Carbohydrate Solutions | 239 |  |  | 404 |  |  | 518 |  |  | 909 |
Nutrition | 13 |  |  | 34 |  |  | 19 |  |  | 70 |
Total intersegment sales | $ | 798 |  |  | $ | 1,139 |  |  | $ | 1,692 |  |  | $ | 2,421 |
Revenues from external customers |  |  |  |  |  |  |
Ag Services and Oilseeds |  |  |  |  |  |  |
Ag Services | $ | 11,746 |  |  | $ | 13,366 |  |  | $ | 22,943 |  |  | $ | 25,061 |
Crushing | 2,850 |  |  | 3,480 |  |  | 6,177 |  |  | 7,163 |
Refined Products and Other | 2,737 |  |  | 2,998 |  |  | 5,432 |  |  | 6,199 |
Total Ag Services and Oilseeds | 17,333 |  |  | 19,844 |  |  | 34,552 |  |  | 38,423 |
Carbohydrate Solutions |  |  |  |  |  |  |
Starches and Sweeteners | 2,211 |  |  | 2,475 |  |  | 4,367 |  |  | 5,212 |
Vantage Corn Processors | 683 |  |  | 906 |  |  | 1,210 |  |  | 1,706 |
Total Carbohydrate Solutions | 2,894 |  |  | 3,381 |  |  | 5,577 |  |  | 6,918 |
Nutrition |  |  |  |  |  |  |
Human Nutrition | 1,061 |  |  | 966 |  |  | 2,025 |  |  | 1,902 |
Animal Nutrition | 847 |  |  | 887 |  |  | 1,719 |  |  | 1,804 |
Total Nutrition | 1,908 |  |  | 1,853 |  |  | 3,744 |  |  | 3,706 |
Other Business | 113 |  |  | 112 |  |  | 222 |  |  | 215 |
Total revenues from external customers | $ | 22,248 |  |  | $ | 25,190 |  |  | $ | 44,095 |  |  | $ | 49,262 |
Segment operating profit |  |  |  |  |  |  |
Ag Services and Oilseeds | $ | 459 |  |  | $ | 1,054 |  |  | $ | 1,323 |  |  | $ | 2,265 |
Carbohydrate Solutions | 357 |  |  | 319 |  |  | 605 |  |  | 598 |
Nutrition | 109 |  |  | 169 |  |  | 193 |  |  | 307 |
Other Business | 96 |  |  | 86 |  |  | 217 |  |  | 183 |
Specified Items: Gains on sale of assets(1) | — |  |  | 11 |  |  | — |  |  | 12 |
Impairment and restructuring charges(2) | (7) |  |  | (114) |  |  | (13) |  |  | (121) |
Total segment operating profit | 1,014 |  |  | 1,525 |  |  | 2,325 |  |  | 3,244 |
Corporate Unallocated | (418) |  |  | (393) |  |  | (844) |  |  | (715) |
Earnings before income taxes | $ | 596 |  |  | $ | 1,132 |  |  | $ | 1,481 |  |  | $ | 2,529 |
(1) Prior year period gains were related to the sale of certain assets. (2) Current and prior year period charges were related to the impairment of certain long-lived assets and restructuring.

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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