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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The Company measures the fair value of certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at fair value. Three levels are established within the fair value hierarchy that may be used to report fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable inputs, including Level 1 prices that have been adjusted; quoted prices for similar assets or liabilities; quoted prices in markets that are less active than traded exchanges; and other inputs that are observable or can be substantially corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. The fair value hierarchy gives the lowest priority to Level 3 inputs. The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in millions).
| Fair Value Measurements at June 30, 2026
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Inventories carried at market | $ | — |  |  | $ | 3,222 |  |  | $ | 3,362 |  |  | $ | 6,584 |
Unrealized derivative gains: |  |  |  |  |  |  |
Commodity contracts | — |  |  | 343 |  |  | 598 |  |  | 941 |
Foreign currency contracts | — |  |  | 266 |  |  | — |  |  | 266 |
Interest rate contracts | — |  |  | 6 |  |  | — |  |  | 6 |
Cash equivalents | 192 |  |  | — |  |  | — |  |  | 192 |
Marketable securities | 33 |  |  | — |  |  | — |  |  | 33 |
Segregated investments and restricted cash equivalents | 2,592 |  |  | — |  |  | — |  |  | 2,592 |
Total Assets | $ | 2,817 |  |  | $ | 3,837 |  |  | $ | 3,960 |  |  | $ | 10,614 |
Liabilities: |  |  |  |  |  |  |
Unrealized derivative losses: |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | 501 |  |  | $ | 488 |  |  | $ | 989 |
Foreign currency contracts | — |  |  | 145 |  |  | — |  |  | 145 |
Inventory-related payables | — |  |  | 867 |  |  | 40 |  |  | 907 |
Total Liabilities | $ | — |  |  | $ | 1,513 |  |  | $ | 528 |  |  | $ | 2,041 |
| Fair Value Measurements at December 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Inventories carried at market | $ | — |  |  | $ | 3,549 |  |  | $ | 2,673 |  |  | $ | 6,222 |
Unrealized derivative gains: |  |  |  |  |  |  |
Commodity contracts | — |  |  | 310 |  |  | 512 |  |  | 822 |
Foreign currency contracts | — |  |  | 108 |  |  | — |  |  | 108 |
Interest rate contracts | — |  |  | 17 |  |  | — |  |  | 17 |
Cash equivalents | 280 |  |  | — |  |  | — |  |  | 280 |
Marketable securities | 32 |  |  | — |  |  | — |  |  | 32 |
Segregated investments and restricted cash equivalents | 1,771 |  |  | — |  |  | — |  |  | 1,771 |
Total Assets | $ | 2,083 |  |  | $ | 3,984 |  |  | $ | 3,185 |  |  | $ | 9,252 |
Liabilities: |  |  |  |  |  |  |
Unrealized derivative losses: |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | 300 |  |  | $ | 313 |  |  | $ | 613 |
Foreign currency contracts | — |  |  | 144 |  |  | — |  |  | 144 |
Inventory-related payables | — |  |  | 714 |  |  | 16 |  |  | 730 |
Total Liabilities | $ | — |  |  | $ | 1,158 |  |  | $ | 329 |  |  | $ | 1,487 |
Inventories Carried at Market and Inventory-Related Payables Estimated fair values for inventories and inventory-related payables stated at market are based on exchange-quoted prices, adjusted for differences in local markets and quality, referred to as basis. Market valuations for the Company’s inventories are adjusted for location and quality (basis) because the exchange-quoted prices represent contracts with standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments. Inventory is classified as Level 2, except in certain cases, where the basis adjustments are unobservable, and unobservable inputs have a significant impact (more than 10%) on the measurement of fair value. In such cases the inventory is classified as Level 3. Changes in the fair value of inventories and inventory-related payables are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold. Unrealized Derivative Gains and Losses Derivative contracts include exchange-traded commodity futures and options contracts, physical commodity purchase and sale contracts, and over-the-counter (“OTC”) instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies. Substantially all of the Company’s exchange-traded commodity futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables. Fair value for commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets. Market valuations for the Company’s physical commodity purchase and sale contracts are adjusted for location (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments. Physical commodity purchase and sale contracts are classified as Level 2, except in certain cases, where the basis adjustments are unobservable, and unobservable inputs have a significant impact (more than 10%) on the measurement of fair value. In such cases the contract is classified as Level 3. Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold. Except for certain derivatives designated as net investment hedges, changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Revenues, Cost of products sold, and Other (income) - net, depending upon the purpose of the contract. Cash Equivalents The Company’s cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1. Marketable Securities The Company's marketable securities are comprised of foreign government securities and foreign term deposits with original maturities greater than 90 days. These securities are valued using quoted market prices and are classified as Level 1. Segregated Investments and Restricted Cash Equivalents The Company’s segregated investments and restricted cash equivalents are primarily comprised of U.S. Treasury securities purchased using ADM Investor Services customer funds and segregated to meet regulatory requirements. U.S. Treasury securities are valued using quoted market prices and are classified as Level 1. Level 3 Assets and Liabilities The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2026 (in millions).
| Assets |  | Liabilities
| June 30, 2026 |  | June 30, 2026
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets |  | Inventory-related Payables |  | Commodity Derivative Contracts Losses |  | Total Liabilities
Opening balance, April 1, 2026 | $ | 3,242 |  |  | $ | 540 |  |  | $ | 3,782 |  |  | $ | 30 |  |  | $ | 634 |  |  | $ | 664 |
Increase (decrease) in unrealized gains included in Cost of products sold | (1,162) |  |  | 322 |  |  | (840) |  |  | — |  |  | — |  |  | — |
Increase in unrealized losses included in Cost of products sold | — |  |  | — |  |  | — |  |  | 2 |  |  | 305 |  |  | 307 |
Realized (decreases) included in Cost of products sold | (1,015) |  |  | — |  |  | (1,015) |  |  | (1) |  |  | — |  |  | (1) |
Purchases | 5,266 |  |  | — |  |  | 5,266 |  |  | 14 |  |  | — |  |  | 14 |
Sales | (3,032) |  |  | — |  |  | (3,032) |  |  | (5) |  |  | — |  |  | (5) |
Settlements | — |  |  | (277) |  |  | (277) |  |  | — |  |  | (401) |  |  | (401) |
Transfers into Level 3 | 554 |  |  | 16 |  |  | 570 |  |  | — |  |  | 17 |  |  | 17 |
Transfers out of Level 3 | (491) |  |  | (3) |  |  | (494) |  |  | — |  |  | (67) |  |  | (67) |
Closing balance, June 30, 2026 | $ | 3,362 |  |  | $ | 598 |  |  | $ | 3,960 |  |  | $ | 40 |  |  | $ | 488 |  |  | $ | 528 |
The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2025 (in millions).
| Assets |  | Liabilities
| June 30, 2025 |  | June 30, 2025
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets |  | Inventory-related Payables |  | Commodity Derivative Contracts Losses |  | Total Liabilities
Opening balance, April 1, 2025 | $ | 3,103 |  |  | $ | 508 |  |  | $ | 3,611 |  |  | $ | 52 |  |  | $ | 352 |  |  | $ | 404 |
Increase (decrease) in unrealized gains included in Cost of products sold | (1,030) |  |  | 353 |  |  | (677) |  |  | — |  |  | — |  |  | — |
Increase in unrealized losses included in Cost of products sold | — |  |  | — |  |  | — |  |  | 5 |  |  | 261 |  |  | 266 |
Realized (decreases) included in Cost of products sold | (46) |  |  | — |  |  | (46) |  |  | (1) |  |  | — |  |  | (1) |
Purchases | 4,620 |  |  | — |  |  | 4,620 |  |  | 4 |  |  | — |  |  | 4 |
Sales | (3,868) |  |  | — |  |  | (3,868) |  |  | (19) |  |  | — |  |  | (19) |
Settlements | — |  |  | (221) |  |  | (221) |  |  | — |  |  | (237) |  |  | (237) |
Transfers into Level 3 | 548 |  |  | 36 |  |  | 584 |  |  | — |  |  | 19 |  |  | 19 |
Transfers out of Level 3 | (620) |  |  | (80) |  |  | (700) |  |  | — |  |  | (10) |  |  | (10) |
Closing balance, June 30, 2025 | $ | 2,707 |  |  | $ | 596 |  |  | $ | 3,303 |  |  | $ | 41 |  |  | $ | 385 |  |  | $ | 426 |
The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2026 (in millions).
| Assets |  | Liabilities
| June 30, 2026 |  | June 30, 2026
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets |  | Inventory-related Payables |  | Commodity Derivative Contracts Losses |  | Total Liabilities
Opening balance, January 1, 2026 | $ | 2,673 |  |  | $ | 512 |  |  | $ | 3,185 |  |  | $ | 16 |  |  | $ | 313 |  |  | $ | 329 |
Increase (decrease) in unrealized gains included in Cost of products sold | (787) |  |  | 612 |  |  | (175) |  |  | — |  |  | — |  |  | — |
Increase in unrealized losses included in Cost of products sold | — |  |  | — |  |  | — |  |  | 3 |  |  | 859 |  |  | 862 |
Realized (decreases) included in Cost of products sold | (1,260) |  |  | — |  |  | (1,260) |  |  | (4) |  |  | — |  |  | (4) |
Purchases | 9,816 |  |  | — |  |  | 9,816 |  |  | 29 |  |  | — |  |  | 29 |
Sales | (7,454) |  |  | — |  |  | (7,454) |  |  | (6) |  |  | — |  |  | (6) |
Settlements | — |  |  | (526) |  |  | (526) |  |  | — |  |  | (623) |  |  | (623) |
Transfers into Level 3 | 1,049 |  |  | 26 |  |  | 1,075 |  |  | 2 |  |  | 45 |  |  | 47 |
Transfers out of Level 3 | (675) |  |  | (26) |  |  | (701) |  |  | — |  |  | (106) |  |  | (106) |
Closing balance, June 30, 2026 | $ | 3,362 |  |  | $ | 598 |  |  | $ | 3,960 |  |  | $ | 40 |  |  | $ | 488 |  |  | $ | 528 |
The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2025 (in millions).
| Assets |  | Liabilities
| June 30, 2025 |  | June 30, 2025
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets |  | Inventory-related Payables |  | Commodity Derivative Contracts Losses |  | Total Liabilities
Opening balance, January 1, 2025 | $ | 3,031 |  |  | $ | 427 |  |  | $ | 3,458 |  |  | $ | 88 |  |  | $ | 405 |  |  | $ | 493 |
Increase (decrease) in unrealized gains included in Cost of products sold | (933) |  |  | 566 |  |  | (367) |  |  | — |  |  | — |  |  | — |
Increase in unrealized losses included in Cost of products sold | — |  |  | — |  |  | — |  |  | 4 |  |  | 455 |  |  | 459 |
Realized increases (decreases) included in Cost of products sold | 10 |  |  | — |  |  | 10 |  |  | (3) |  |  | — |  |  | (3) |
Purchases | 8,705 |  |  | — |  |  | 8,705 |  |  | 7 |  |  | — |  |  | 7 |
Sales | (8,446) |  |  | — |  |  | (8,446) |  |  | (55) |  |  | — |  |  | (55) |
Settlements | — |  |  | (449) |  |  | (449) |  |  | — |  |  | (513) |  |  | (513) |
Transfers into Level 3 | 1,119 |  |  | 149 |  |  | 1,268 |  |  | — |  |  | 54 |  |  | 54 |
Transfers out of Level 3 | (779) |  |  | (97) |  |  | (876) |  |  | — |  |  | (16) |  |  | (16) |
Closing balance, June 30, 2025 | $ | 2,707 |  |  | $ | 596 |  |  | $ | 3,303 |  |  | $ | 41 |  |  | $ | 385 |  |  | $ | 426 |
Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2. In some cases, the price components that result in differences between exchange-traded prices and local prices for inventories and physical commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable. These price components primarily include transportation costs and other basis adjustments required due to location, quality, or other contract terms. The changes in unobservable price components are determined by specific local supply and demand characteristics at each location and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components. The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of June 30, 2026 and December 31, 2025. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components.
| Weighted Average % of Total Price
| June 30, 2026 |  | December 31, 2025
Component Type | Assets |  | Liabilities |  | Assets |  | Liabilities
Inventories and Inventory-Related Payables |  |  |  |  |  |  |
Basis | 21.9 | % |  | 15.3 | % |  | 21.1 | % |  | 9.0 | %
Transportation cost | 16.3 | % |  | — | % |  | 22.4 | % |  | — | %
Commodity Derivative Contracts |  |  |  |  |  |  |
Basis | 19.9 | % |  | 25.9 | % |  | 23.3 | % |  | 23.6 | %
Transportation cost | 20.8 | % |  | 22.1 | % |  | 25.7 | % |  | — | %
In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts. These price quotes are generally not further adjusted by the Company in determining the applicable market price. In some cases, availability of third-party quotes is limited to only one or two independent sources. In these situations, absent other corroborating evidence, the Company considers these price quotes as 100% unobservable and, therefore, the fair value of these items is reported in Level 3.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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