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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill by reportable segment and Other Business for the years ended December 31, 2024 and 2023 are as follows (in millions):
| Ag Services & Oilseeds |  | Carbohydrate Solutions |  | Nutrition |  | Other Business |  | Total
Balance at December 31, 2022 | $ | 193 |  |  | $ | 224 |  |  | $ | 3,731 |  |  | $ | 14 |  |  | $ | 4,162 |
Acquisitions | 20 |  |  | — |  |  | — |  |  | — |  |  | 20 |
Impairments | — |  |  | — |  |  | (137) |  |  | — |  |  | (137) |
Currency translation adjustments and other | 22 |  |  | — |  |  | 46 |  |  | (10) |  |  | 58 |
Balance at December 31, 2023 | $ | 235 |  |  | $ | 224 |  |  | $ | 3,640 |  |  | $ | 4 |  |  | $ | 4,103 |
Acquisitions | — |  |  | — |  |  | 557 |  |  | — |  |  | 557 |
Currency translation adjustments and other | (17) |  |  | (8) |  |  | (127) |  |  | 1 |  |  | (151) |
Balance at December 31, 2024 | $ | 218 |  |  | $ | 216 |  |  | $ | 4,070 |  |  | $ | 5 |  |  | $ | 4,509 |
As of each of December 31, 2024 and 2023, accumulated impairment for goodwill was $156 million. During the year ended December 31, 2024, the Company evaluated goodwill for impairment using a qualitative assessment for two reporting units and using a quantitative assessment for five reporting units. Per the results of the impairment testing within the Ag Services and Oilseeds (AS&O) reportable segment for the year ended December 31, 2024, the estimated fair value of the Ag Services, Crushing, and RPO reporting units evaluated for impairment using a quantitative assessment was in excess of 128%, 191% and 209% of its carrying value, respectively, and no impairment was recorded for any of the AS&O reporting units. Per the results of the impairment testing within the Nutrition reportable segment for the year ended December 31, 2024, the estimated fair value of the Animal Nutrition and Human Nutrition reporting units evaluated for impairment using a quantitative assessment was in excess of 7% and 32% of its carrying value, respectively, and no impairment was recorded for either of the Nutrition reporting units. The Company used a combination of the income and market approaches when performing the quantitative assessment of goodwill for the Animal Nutrition reporting unit. The Company weighted the income approach with a probability weight of 75%, as it is based on the future business plans and growth estimates for the Company’s Animal Nutrition business and thus considers short-term and long-term cash flow expectations for the business. The market approach was weighted less heavily at 25%, as it represents an estimate of fair value based on market guideline companies for which future growth expectations are not precisely known. During the year ended December 31, 2023, the Company recorded a goodwill impairment charge of $137 million related to the Animal Nutrition reporting unit that was evaluated for impairment using a quantitative assessment. The decline in the fair value of the Animal Nutrition reporting unit was primarily driven by a higher discount rate due to changes in the underlying business performance and industry conditions as well as the macroeconomic environment, causing a decline in the projected cash flows. Following the recording of the impairment charge, the remaining carrying value of goodwill in the Animal Nutrition reporting unit as of December 31, 2023 was $946 million. There was no goodwill impairment charge recorded for the year ended December 31, 2022. Other Intangible Assets The following table sets forth the detail on other intangible assets.
|  |  |  |  | December 31, 2024 |  | December 31, 2023
| Useful |  | Gross |  | Accumulated |  |  |  | Gross |  | Accumulated |  |
| Life |  | Amount |  | Amortization |  | Net |  | Amount |  | Amortization |  | Net
| (In years) |  | (In millions)
Intangible assets with indefinite lives: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks/brands |  |  |  |  | $ | 290 |  |  | $ | — |  |  | $ | 290 |  |  | $ | 375 |  |  | $ | — |  |  | $ | 375 |
Other |  |  |  |  | — |  |  | — |  |  | — |  |  | 58 |  |  | — |  |  | 58 |
Intangible assets with definite lives: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks/brands | 5 | to | 20 |  | 86 |  |  | (42) |  |  | 44 |  |  | 53 |  |  | (35) |  |  | 18 |
Customer lists | 1 | to | 30 |  | 1,687 |  |  | (708) |  |  | 979 |  |  | 1,544 |  |  | (627) |  |  | 917 |
Capitalized software and related costs | 5 | to | 8 |  | 964 |  |  | (612) |  |  | 352 |  |  | 950 |  |  | (523) |  |  | 427 |
Land rights | 20 | to | 65 |  | 89 |  |  | (27) |  |  | 62 |  |  | 107 |  |  | (30) |  |  | 77 |
Other intellectual property | 5 | to | 20 |  | 187 |  |  | (142) |  |  | 45 |  |  | 211 |  |  | (135) |  |  | 76 |
Recipes and other | 1 | to | 35 |  | 620 |  |  | (339) |  |  | 281 |  |  | 511 |  |  | (304) |  |  | 207 |
Intangible assets in process |  |  |  |  | 207 |  |  | — |  |  | 207 |  |  | 83 |  |  | — |  |  | 83 |
Total |  |  |  |  | $ | 4,130 |  |  | $ | (1,870) |  |  | $ | 2,260 |  |  | $ | 3,892 |  |  | $ | (1,654) |  |  | $ | 2,238 |
The changes in the gross amounts during the year ended December 31, 2024 were primarily related to acquisitions of $269 million, and additions to capitalized software and intangible assets in process of $134 million, partially offset by foreign currency and other adjustments of $122 million and impairments of $43 million. Aggregate amortization expense was $266 million, $234 million, and $235 million for the years ended December 31, 2024, 2023, and 2022, respectively, of which $89 million, $72 million, and $69 million, respectively, were for amortization of capitalized software and related costs. The estimated future annual amortization expense for the next five years for intangible assets recorded at December 31, 2024 is $285 million, $284 million, $272 million, $266 million, and $205 million, respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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