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Segment and Geographic Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment and Geographic Information | Segment and Geographic Information The Company’s operations are organized, managed, and classified into three reportable business segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. Each of these segments is organized based upon the nature of products and services offered. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified within either Corporate or Other Business. The reportable segments have been identified based on financial data utilized by the Chief Operating Decision Maker (CODM), which is the Company’s Chief Executive Officer, who is also the Company’s Chair of the Board. The CODM uses segment operating profit as the measurement of segment profit or loss. Separate financial information for the Company’s three reportable segments is evaluated by the CODM on a monthly basis to allocate resources and assess performance. The CODM does not use total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included. Operating profit for each segment is based on net sales less identifiable operating expenses. Also included in operating profit for each segment is equity in earnings of affiliates based on the equity method of accounting. Specified items and certain corporate items are not allocated to the Company’s individual business segments because operating performance of each business segment is evaluated by the CODM exclusive of these items. The Ag Services and Oilseeds segment includes global activities related to the origination, merchandising, transportation, and storage of agricultural raw materials, and the crushing and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals. Oilseeds products produced and marketed by the segment include ingredients for food, feed, energy, and industrial customers. Crude vegetable oils produced by the segment’s crushing activities are sold “as is” to manufacturers of renewable green diesel and other customers or are further processed by refining, blending, bleaching, and deodorizing into salad oils. Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel and glycols or are sold to other manufacturers for use in chemicals, paints, and other industrial products. Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds. The Ag Services and Oilseeds segment is also a major supplier of peanuts and peanut-derived ingredients to both the U.S. and export markets. In North America, cotton cellulose pulp is manufactured and sold to the chemical, paper, and other industrial markets. The Ag Services and Oilseeds segment’s grain sourcing, handling, and transportation network (including barge, ocean-going vessel, truck, rail, and container freight services) provides reliable and efficient services to the Company’s customers and agricultural processing operations. The Ag Services and Oilseeds segment also includes agricultural commodity and feed product import, export, and global distribution, and structured trade finance activities. The Company engages in various structured trade finance activities to leverage its global trade flows. This segment also includes the Company’s share of the results of its equity investments in Wilmar, Pacificor, Stratas Foods LLC, Edible Oils Limited, Olenex, SoyVen, and Gradable. The Carbohydrate Solutions segment is engaged in corn and wheat wet and dry milling and other activities. The Carbohydrate Solutions segment converts corn and wheat into products and ingredients used in the food and beverage industry including sweeteners, corn and wheat starches, syrup, glucose, wheat flour, and dextrose. Dextrose and starch are used by the Carbohydrate Solutions segment as feedstocks in other downstream processes. By fermentation of dextrose, the Carbohydrate Solutions segment produces alcohol and other food and animal feed ingredients. Ethyl alcohol is produced by the Company for industrial use in products such as hand sanitizers and ethanol for use in gasoline due to its ability to increase octane as an extender and oxygenate. Corn gluten feed and meal, as well as distillers’ grains, are produced for use as animal feed ingredients. Corn germ, a by-product of the wet milling process, is further processed into vegetable oil and protein meal. Other Carbohydrate Solutions products include citric acids which are used in various food and industrial products. The Carbohydrate Solutions segment is a leader in carbon capture and sequestration. This segment also includes the Company’s share of the results of its equity investments in Hungrana Ltd., Almidones Mexicanos S.A., Aston Foods and Food Ingredients, Red Star Yeast Company, LLC, and LSCP, LLLP. The Nutrition segment serves various end markets including food, beverages, and nutritional supplements for humans, and complete feed, feed premix and additives, petfood and pet treats for livestock, aquaculture, and pets. The segment engages in the creation, manufacturing, sale, and distribution of a wide array of ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, and other specialty food and feed ingredients and systems. The Nutrition segment also includes activities related to the procurement, processing, and distribution of edible beans, the processing and distribution of formula feeds and animal health and nutrition products and the manufacture of contract and private label pet treats and foods. This segment also includes the Company’s share of the results of its equity investments in Vimison S.A. de C.V., ADM Matsutani LLC, Matsutani Singapore Pte. Ltd., ADM Vland Biotech Shandong Co., Ltd., Dusial S.A., and Vitafort ZRT. Other Business results include the Company’s financial business units related to futures commission and insurance activities. Corporate results principally include unallocated corporate expenses, interest cost net of interest income, and revaluation gains and losses on cost method investments and the share of the results of equity investments in early-stage start-up companies. Intersegment sales have been recorded using principles consistent with ASC 606, Revenue from Contracts with Customers. Segment Information for the Years ended December 31, 2024, 2023 and 2022 The following tables present data by segment (in millions).
|  | Year Ended December 31, 2024
|  | Ag Services and Oilseeds |  | Carbohydrate Solutions |  | Nutrition |  | Total
Revenue from external customers |  | $ | 66,516 |  |  | $ | 11,234 |  |  | $ | 7,349 |  |  | $ | 85,099 |
Other Business |  |  |  |  |  |  |  | 431 |
Total revenues |  |  |  |  |  |  |  | $ | 85,530 |
Less: |  |  |  |  |  |  |  |
Cost of materials |  | 60,378 |  |  | 7,170 |  |  | 4,651 |  |  |
Manufacturing costs |  | 3,436 |  |  | 2,592 |  |  | 1,249 |  |  |
Selling, general, and administrative expenses |  | 919 |  |  | 326 |  |  | 1,166 |  |  |
Other segment items (1) |  | (664) |  |  | (230) |  |  | (103) |  |  |
Segment operating profit |  | $ | 2,447 |  |  | $ | 1,376 |  |  | $ | 386 |  |  | $ | 4,209 |
Reconciliation of segment operating profit |  |  |  |  |  |  |  |
Other Business |  |  |  |  |  |  |  | 247 |
Corporate |  |  |  |  |  |  |  | (1,721) |
Specified items: |  |  |  |  |  |  |  |
Gains on sales of assets and businesses |  |  |  |  |  |  |  | 10 |
Asset impairment, restructuring, and net settlement contingencies (2) |  |  |  |  |  |  |  | (490) |
Earnings before income taxes |  |  |  |  |  |  |  | $ | 2,255 |
(1) Other segment items for each reportable segment include: Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income, interest expense; and other income/expense. Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense. Nutrition: Equity in the earnings of affiliates; asset impairment, exit, and restructuring charges; and other income/expense. (2) These charges primarily include a $461 million impairment charge related to the Company's investment in Wilmar, within the Ag Services and Oilseeds segment, and a $43 million impairment charge related to the discontinued animal nutrition trademarks, within the Nutrition segment, partially offset by reversals of certain contingency liabilities in the Ag Services and Oilseeds segment.
|  | Year Ended December 31, 2023
|  | Ag Services and Oilseeds |  | Carbohydrate Solutions |  | Nutrition |  | Total
Revenue from external customers |  | $ | 73,426 |  |  | $ | 12,874 |  |  | $ | 7,211 |  |  | $ | 93,511 |
Other Business |  |  |  |  |  |  |  | 424 |
Total revenues |  |  |  |  |  |  |  | $ | 93,935 |
Less: |  |  |  |  |  |  |  |
Cost of materials |  | 65,751 |  |  | 8,729 |  |  | 4,608 |  |  |
Manufacturing costs |  | 3,338 |  |  | 2,550 |  |  | 1,136 |  |  |
Selling, general, and administrative expenses |  | 880 |  |  | 323 |  |  | 1,034 |  |  |
Other segment items(1) |  | (610) |  |  | (103) |  |  | 6 |  |  |
Segment operating profit |  | $ | 4,067 |  |  | $ | 1,375 |  |  | $ | 427 |  |  | $ | 5,869 |
Reconciliation of segment operating profit |  |  |  |  |  |  |  |
Other Business |  |  |  |  |  |  |  | 375 |
Corporate |  |  |  |  |  |  |  | (1,606) |
Specified items: |  |  |  |  |  |  |  |
Gains on sales of assets and businesses |  |  |  |  |  |  |  | 17 |
Asset impairment, restructuring, and net settlement contingencies (2) |  |  |  |  |  |  |  | (361) |
Earnings before income taxes |  |  |  |  |  |  |  | $ | 4,294 |
(1) Other segment items for each reportable segment include: Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income; and other income/expense. Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense. Nutrition: Equity in the earnings of affiliates; interest and investment income; and other income/expense. (2) These charges 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.
|  | Year Ended December 31, 2022
|  | Ag Services and Oilseeds |  | Carbohydrate Solutions |  | Nutrition |  | Total
Revenue from external customers |  | $ | 79,563 |  |  | $ | 13,961 |  |  | $ | 7,636 |  |  | $ | 101,160 |
Other Business |  |  |  |  |  |  |  | 396 |
Total revenues |  |  |  |  |  |  |  | $ | 101,556 |
Less: |  |  |  |  |  |  |  |
Cost of materials |  | 72,464 |  |  | 9,867 |  |  | 4,900 |  |  |
Manufacturing costs |  | 3,135 |  |  | 2,522 |  |  | 1,075 |  |  |
Selling, general, and administrative expenses |  | 839 |  |  | 338 |  |  | 1,040 |  |  |
Other segment items(1) |  | (1,276) |  |  | (179) |  |  | (47) |  |  |
Segment operating profit |  | $ | 4,401 |  |  | $ | 1,413 |  |  | $ | 668 |  |  | $ | 6,482 |
Reconciliation of segment operating profit |  |  |  |  |  |  |  |
Other Business |  |  |  |  |  |  |  | 167 |
Corporate |  |  |  |  |  |  |  | (1,316) |
Specified items: |  |  |  |  |  |  |  |
Gains on sales of assets and businesses |  |  |  |  |  |  |  | 47 |
Asset impairment, restructuring, and net settlement contingencies |  |  |  |  |  |  |  | (147) |
Earnings before income taxes |  |  |  |  |  |  |  | $ | 5,233 |
(1) Other segment items for each reportable segment include: Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income; and other income/expense. Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense. Nutrition: Equity in the earnings of affiliates and other income/expense.
(In millions) | Year Ended December 31
| 2024 |  | 2023 |  | 2022
Intersegment revenue |  |  |  |  |
Ag Services and Oilseeds | $ | 1,716 |  |  | $ | 2,108 |  |  | $ | 2,045 |
Carbohydrate Solutions | 889 |  |  | 918 |  |  | 968 |
Nutrition | 68 |  |  | 48 |  |  | 62 |
Total intersegment revenue | $ | 2,673 |  |  | $ | 3,074 |  |  | $ | 3,075 |
Depreciation expense |  |  |  |  |
Ag Services and Oilseeds | $ | 376 |  |  | $ | 350 |  |  | $ | 334 |
Carbohydrate Solutions | 305 |  |  | 304 |  |  | 307 |
Nutrition | 151 |  |  | 132 |  |  | 120 |
Total segment depreciation expense | 832 |  |  | 786 |  |  | 761 |
Other Business | 9 |  |  | 10 |  |  | 9 |
Corporate | 34 |  |  | 29 |  |  | 24 |
Total depreciation expense | $ | 875 |  |  | $ | 825 |  |  | $ | 794 |
Amortization expense |  |  |  |  |
Ag Services and Oilseeds | $ | 14 |  |  | $ | 17 |  |  | $ | 17 |
Carbohydrate Solutions | 6 |  |  | 8 |  |  | 9 |
Nutrition | 158 |  |  | 136 |  |  | 139 |
Total segment amortization expense | 178 |  |  | 161 |  |  | 165 |
Corporate | 88 |  |  | 73 |  |  | 69 |
Total amortization expense | $ | 266 |  |  | $ | 234 |  |  | $ | 234 |
Interest and investment income |  |  |  |  |
Ag Services and Oilseeds | $ | 84 |  |  | $ | 54 |  |  | $ | 52 |
Nutrition | — |  |  | (18) |  |  | 2 |
Total segment interest and investment income | 84 |  |  | 36 |  |  | 54 |
Other Business | 463 |  |  | 499 |  |  | 185 |
Corporate | 15 |  |  | (36) |  |  | 54 |
Total interest and investment income | $ | 562 |  |  | $ | 499 |  |  | $ | 293 |
Equity in earnings of unconsolidated affiliates |  |  |  |  |
Ag Services and Oilseeds | $ | 474 |  |  | $ | 459 |  |  | $ | 714 |
Carbohydrate Solutions | 127 |  |  | 76 |  |  | 94 |
Nutrition | 29 |  |  | 21 |  |  | 23 |
Total segment equity in earnings of unconsolidated affiliates | 630 |  |  | 556 |  |  | 831 |
Corporate | (9) |  |  | (5) |  |  | 1 |
Total equity in earnings of affiliates | $ | 621 |  |  | $ | 551 |  |  | $ | 832 |
Geographic Information for the Company for Years ended December 31, 2024, 2023 and 2022 The following geographic data include revenues from external customers attributed to the countries based on the location of the subsidiary making the sale (in millions).
| Year Ended
| December 31
| 2024 |  | 2023 |  | 2022
Revenues |  |  |  |  |
United States | $ | 33,550 |  |  | $ | 38,783 |  |  | $ | 43,272 |
Switzerland | 19,877 |  |  | 19,898 |  |  | 21,821 |
Cayman Islands | 5,603 |  |  | 7,646 |  |  | 5,883 |
Brazil | 3,353 |  |  | 3,361 |  |  | 4,004 |
Mexico | 3,209 |  |  | 3,185 |  |  | 3,709 |
Canada | 2,055 |  |  | 2,400 |  |  | 2,272 |
United Kingdom | 2,186 |  |  | 2,219 |  |  | 2,231 |
Other Foreign | 15,697 |  |  | 16,443 |  |  | 18,364 |
| $ | 85,530 |  |  | $ | 93,935 |  |  | $ | 101,556 |
Long-lived assets represent the net book value of property, plant, and equipment and right-of-use (ROU) assets based on physical location (in millions).
| December 31
| 2024 |  | 2023
Property, plant, and equipment, net |  |  |
United States | $ | 6,965 |  |  | $ | 6,660 |
Brazil | 872 |  |  | 874 |
Other Foreign | 3,000 |  |  | 2,974 |
Total property, plant, and equipment, net | $ | 10,837 |  |  | $ | 10,508 |
ROU assets |  |  |
United States | $ | 1,063 |  |  | $ | 913 |
Other Foreign | 295 |  |  | 298 |
Total ROU assets | $ | 1,358 |  |  | $ | 1,211 |
Total long-lived assets | $ | 12,195 |  |  | $ | 11,719 |

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