Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Cover page. | ||
Entity Central Index Key | 0000007084 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-44 | |
Entity Registrant Name | ARCHER-DANIELS-MIDLAND CO | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 41-0129150 | |
Entity Address, Address Line One | 77 West Wacker Drive, Suite 4600 | |
Entity Address, City or Town | Chicago, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60601 | |
City Area Code | 312 | |
Local Phone Number | 634-8100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | ADM | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 556,974,059 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 16,297 | $ 17,068 | $ 31,601 | $ 32,594 |
Cost of Products Sold | 15,325 | 15,887 | 29,701 | 30,524 |
Gross Profit | 972 | 1,181 | 1,900 | 2,070 |
Selling, general, and administrative expenses | 602 | 560 | 1,261 | 1,073 |
Asset impairment, exit, and restructuring costs | 136 | 24 | 147 | 40 |
Interest Expense | 109 | 89 | 210 | 180 |
Equity in (earnings) losses of unconsolidated affiliates | (90) | (100) | (191) | (247) |
Interest income | (46) | (42) | (95) | (75) |
Other (Income) Expense - Net | (13) | (2) | (21) | (17) |
Earnings Before Income Taxes | 274 | 652 | 589 | 1,116 |
Income taxes | 36 | 86 | 117 | 154 |
Net earnings including noncontrolling interests | 238 | 566 | 472 | 962 |
Less: Net earnings (losses) attributable to noncontrolling interests | 3 | 0 | 4 | 3 |
Net Earnings Attributable to Controlling Interests | $ 235 | $ 566 | $ 468 | $ 959 |
Average number of shares outstanding - basic | 565 | 564 | 565 | 564 |
Average number of shares outstanding - diluted | 566 | 567 | 566 | 566 |
Earnings Per Share, Basic | $ 0.42 | $ 1 | $ 0.83 | $ 1.70 |
Earnings Per Share, Diluted | 0.42 | 1 | 0.83 | 1.70 |
Dividends per common share | $ 0.35 | $ 0.335 | $ 0.70 | $ 0.67 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings including noncontrolling interests | $ 238 | $ 566 | $ 472 | $ 962 |
Other Comprehensive Income (Loss), before Tax | ||||
Foreign currency translation adjustment, before tax | 94 | (402) | 15 | (191) |
Pension and other postretirement benefit liabilities adjustment, before tax | (4) | 13 | 3 | 15 |
Deferred gain (loss) on hedging activities, before tax | (63) | (89) | ||
Unrealized gain (loss) on investments, before tax | 7 | (2) | 5 | (4) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (7) | 15 | ||
Other Comprehensive Income (Loss), Tax | ||||
Foreign currency translation adjustment, tax effect | 7 | (19) | (3) | (22) |
Pension and other postretirement benefit liabilities adjustment, tax effect | 2 | (1) | 15 | (4) |
Deferred gain (loss) on hedging activities, tax effect | 5 | 21 | ||
Unrealized gain (loss) on investments, tax effect | (1) | 0 | (1) | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 7 | (49) | ||
Other Comprehensive Income (Loss), Net of Tax | ||||
Foreign currency translation adjustment, net of tax | 101 | (421) | 12 | (213) |
Pension and other postretirement benefit liabilities adjustment, net of tax | (2) | 12 | 18 | 11 |
Deferred gain (loss) on hedging activities, net of tax | (58) | (68) | ||
Unrealized gain (loss) on investments, net of tax | 6 | (2) | 4 | (4) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 14 | (64) | ||
Other comprehensive income (loss) | 112 | (460) | (24) | (274) |
Comprehensive income (loss) including noncontrolling interests | 350 | 106 | 448 | 688 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 3 | 0 | 4 | 3 |
Comprehensive income (loss) attributable to controlling interests | $ 347 | $ 106 | $ 444 | $ 685 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 849 | $ 1,997 |
Short-term marketable securities | 4 | 6 |
Segregated cash and investments | 4,381 | 4,506 |
Trade receivables | 2,433 | 2,233 |
Inventories | 8,294 | 8,813 |
Other current assets | 3,587 | 3,033 |
Total Current Assets | 19,548 | 20,588 |
Investments and Other Assets | ||
Investments in and advances to affiliates | 5,449 | 5,317 |
Long-term marketable securities | 8 | 7 |
Goodwill and other intangible assets | 5,545 | 4,041 |
Other assets | 1,821 | 927 |
Total Investments and Other Assets | 12,823 | 10,292 |
Property, Plant, and Equipment | ||
Land and Land Improvements | 587 | 545 |
Buildings | 5,455 | 5,171 |
Machinery and equipment | 18,768 | 18,399 |
Construction in progress | 1,028 | 987 |
Gross Property, Plant, and Equipment | 25,838 | 25,102 |
Accumulated depreciation | (15,593) | (15,149) |
Net Property, Plant, and Equipment | 10,245 | 9,953 |
Total Assets | 42,616 | 40,833 |
Current Liabilities | ||
Short-term debt | 1,699 | 108 |
Trade payables | 3,067 | 3,545 |
Payables to Brokerage Customers | 4,696 | 4,628 |
Accrued expenses and other payables | 3,128 | 2,913 |
Current maturities of long-term debt | 12 | 582 |
Total Current Liabilities | 12,602 | 11,776 |
Long-Term Liabilities | ||
Long-term debt | 7,701 | 7,698 |
Deferred income taxes | 1,305 | 1,067 |
Other | 1,976 | 1,247 |
Total Long-Term Liabilities | 10,982 | 10,012 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 53 | 49 |
Shareholders' Equity | ||
Common stock | 2,588 | 2,560 |
Reinvested earnings | 18,497 | 18,527 |
Accumulated other comprehensive income (loss) | (2,130) | (2,106) |
Noncontrolling interests | 24 | 15 |
Total Shareholders' Equity | 18,979 | 18,996 |
Total Liabilities and Shareholders' Equity | $ 42,616 | $ 40,833 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Activities | ||
Net earnings including noncontrolling interests | $ 472 | $ 962 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 493 | 474 |
Asset impairment charges | 44 | 33 |
Deferred income taxes | 11 | (92) |
Equity in earnings of affiliates, net of dividends | (60) | (84) |
Stock compensation expense | 45 | 63 |
Deferred cash flow hedges | (63) | (90) |
Gain (Loss) on Disposition of Assets | (30) | (12) |
Other - net | 104 | (116) |
Changes in operating assets and liabilities, net of businesses acquired | ||
Segregated cash and investments | 113 | 729 |
Trade receivables | 129 | (30) |
Inventories | 852 | 1,156 |
Increase (Decrease) in Accounts Receivable from Securitization | (3,613) | (4,107) |
Other current assets | (467) | (519) |
Trade payables | (742) | (1,265) |
Increase (Decrease) in Payables to Brokerage Customers | 71 | (664) |
Accrued expenses and other payables | (72) | 383 |
Total Operating Activities | (2,713) | (3,179) |
Investing Activities | ||
Purchases of property, plant, and equipment | (383) | (379) |
Proceeds from sale of business and assets | 23 | 26 |
Net assets of businesses acquired | (1,944) | 0 |
Purchases of marketable securities | (2) | (2) |
Proceeds from sales of marketable securities | 67 | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | (10) | (132) |
Payments to Acquire Retained Interest in Securitized Receivables | (2,590) | (2,184) |
Proceeds from Collection of Retained Interest in Securitized Receivables | 6,203 | 6,212 |
Other - net | (18) | 7 |
Total Investing Activities | 1,346 | 3,548 |
Financing Activities | ||
Long-term debt borrowings | 2 | 0 |
Long-term debt payments | (611) | (6) |
Net borrowings (payments) under lines of credit agreements | 1,413 | 196 |
Purchases of treasury stock | (94) | 0 |
Cash dividends | (395) | (379) |
Other - net | (42) | 13 |
Total Financing Activities | 273 | (176) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (1,094) | 193 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning | 3,843 | 1,858 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending | 2,749 | 2,051 |
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents [Abstract] | ||
Cash and cash equivalents | 849 | 851 |
Restricted Cash and Cash Equivalents | 1,900 | 1,200 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 3,662 | $ 3,978 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2017 | $ 18,322 | $ 2,398 | $ 17,552 | $ (1,637) | $ 9 |
Balance (shares) at Dec. 31, 2017 | 557 | ||||
Comprehensive income | |||||
Net earnings including noncontrolling interests | 962 | 959 | 3 | ||
Other comprehensive income (loss) | (274) | (274) | 0 | ||
Total comprehensive income | $ 688 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.67 | ||||
Cash dividends paid | $ (379) | (379) | |||
Stock compensation expense, shares | 1 | ||||
Stock compensation expense | $ 63 | $ 63 | |||
Other, shares | 1 | ||||
Other | 18 | $ 28 | 0 | 0 | (10) |
Balance at Jun. 30, 2018 | 18,712 | $ 2,489 | 18,132 | (1,911) | 2 |
Balance (shares) at Jun. 30, 2018 | 559 | ||||
Balance at Mar. 31, 2018 | 18,737 | $ 2,428 | 17,755 | (1,451) | 5 |
Balance (shares) at Mar. 31, 2018 | 559 | ||||
Comprehensive income | |||||
Net earnings including noncontrolling interests | 566 | 566 | 0 | ||
Other comprehensive income (loss) | (460) | (460) | 0 | ||
Total comprehensive income | $ 106 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.335 | ||||
Cash dividends paid | $ (189) | (189) | |||
Stock compensation expense, shares | 0 | ||||
Stock compensation expense | $ 34 | $ 34 | |||
Other, shares | 0 | ||||
Other | 24 | $ 27 | 0 | 0 | (3) |
Balance at Jun. 30, 2018 | 18,712 | $ 2,489 | 18,132 | (1,911) | 2 |
Balance (shares) at Jun. 30, 2018 | 559 | ||||
Balance at Dec. 31, 2018 | 18,996 | $ 2,560 | 18,527 | (2,106) | 15 |
Balance (shares) at Dec. 31, 2018 | 559 | ||||
Comprehensive income | |||||
Net earnings including noncontrolling interests | 472 | 468 | 4 | ||
Other comprehensive income (loss) | (24) | (24) | 0 | ||
Total comprehensive income | $ 448 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.70 | ||||
Cash dividends paid | $ (395) | (395) | |||
Stock Repurchased During Period, Value | (94) | (94) | |||
Stock Repurchased During Period, Shares | (2) | ||||
Stock compensation expense, shares | 1 | ||||
Stock compensation expense | 45 | $ 45 | |||
Other, shares | |||||
Other | (21) | $ (17) | (9) | 0 | 5 |
Balance at Jun. 30, 2019 | 18,979 | $ 2,588 | 18,497 | (2,130) | 24 |
Balance (shares) at Jun. 30, 2019 | 558 | ||||
Balance at Mar. 31, 2019 | 18,910 | $ 2,584 | 18,553 | (2,242) | 15 |
Balance (shares) at Mar. 31, 2019 | 560 | ||||
Comprehensive income | |||||
Net earnings including noncontrolling interests | 238 | 235 | 3 | ||
Other comprehensive income (loss) | 112 | 112 | 0 | ||
Total comprehensive income | $ 350 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.35 | ||||
Cash dividends paid | $ (197) | (197) | |||
Stock Repurchased During Period, Value | $ (94) | (94) | |||
Stock Repurchased During Period, Shares | (2) | ||||
Stock compensation expense, shares | 0 | ||||
Stock compensation expense | $ 2 | $ 2 | |||
Other, shares | 0 | ||||
Other | 8 | $ 2 | 0 | 0 | 6 |
Balance at Jun. 30, 2019 | $ 18,979 | $ 2,588 | $ 18,497 | $ (2,130) | $ 24 |
Balance (shares) at Jun. 30, 2019 | 558 |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends paid, per share | $ 0.35 | $ 0.335 | $ 0.70 | $ 0.67 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these statements do not include all of the information and footnotes required by generally accepted accounting principles for audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee’s activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, where appropriate, for basis differences between the investment balance and the underlying net assets of the investee. The Company’s portion of the results of certain affiliates and results of certain VIEs are included using the most recent available financial statements. In each case, the financial statements are within 93 days of the Company’s year end and are consistent from period to period. Segregated Cash and Investments The Company segregates certain cash, cash equivalents, and investment balances in accordance with regulatory requirements, commodity exchange requirements, and insurance arrangements. These balances represent deposits received from customers of the Company’s registered futures commission merchant and commodity brokerage services, cash margins and securities pledged to commodity exchange clearinghouses, and cash pledged as security under certain insurance arrangements. Segregated cash and investments also include restricted cash collateral for the various insurance programs of the Company’s captive insurance business. To the degree these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and cash equivalents on the statement of cash flows. Last-in, First-out (LIFO) Inventories Interim period LIFO calculations are based on interim period costs and management’s estimates of year-end inventory levels. Because the availability and price of agricultural commodity-based LIFO inventories are unpredictable due to factors such as weather, government farm programs and policies, and changes in global demand, quantities of LIFO-based inventories at interim periods may vary significantly from management’s estimates of year-end inventory levels. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New Accounting Standards Effective January 1, 2019, the Company adopted the new guidance of ASC Topic 842, Leases (Topic 842), which superseded ASC Topic 840, Leases . Topic 842 requires lessees to recognize assets and liabilities for all leases. The Company adopted Topic 842 using the optional transition method that allows entities to forgo the comparative reporting requirements under the modified retrospective transition method. In addition, the Company elected to apply the package of practical expedients that allows entities to forego reassessing at the transition date: (1) whether any expired or existing contracts are or contain leases; (2) lease classification for any expired or existing leases; and (3) whether unamortized initial direct costs for existing leases meet the definition of initial direct costs under the new guidance. The Company also elected to use the practical expedient that allows the combination of lease and non-lease contract components in all of its underlying asset categories, as well as the optional transition practical expedient that permits entities to continue applying current accounting policy for land easements that existed as of or expired before January 1, 2019. The adoption of Topic 842 resulted in the recording of right-of-use assets and lease liabilities of $793 million and $795 million , respectively, at January 1, 2019. The new guidance did not have a material impact on the Company’s consolidated statement of earnings and had no impact on the consolidated statement of cash flows. For more information about the adoption of Topic 842, see Note 12. Effective January 1, 2019, the Company adopted the amended guidance of ASC Topic 220, Income Statement - Reporting Comprehensive Income (Topic 220), which allows the reclassification from accumulated other comprehensive income (AOCI) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Act”), eliminating the stranded tax effects resulting from the Act and improving the usefulness of information reported to financial statement users. In addition, the Company is required to disclose: (1) a description of its accounting policy for releasing income tax effects from accumulated other comprehensive income; (2) whether it elects to reclassify the stranded income tax effects from the Act; and (3) information about other income tax effects related to the application of the Act that are reclassified from AOCI to retained earnings, if any. The Company has made a policy election to not release income tax effects from accumulated comprehensive income, including the stranded income tax effects resulting from the Act. |
Pending Accounting Standards
Pending Accounting Standards | 6 Months Ended |
Jun. 30, 2019 | |
Prospective Adoption of New Accounting Pronouncements [Abstract] | |
Pending Accounting Standards | Pending Accounting Standards Effective January 1, 2020, the Company will be required to adopt the amended guidance of ASC Topic 326, Financial Instruments - Credit Losses , which is intended to improve financial reporting by requiring more timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The amended guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is evaluating its current accounting policy of recording allowance for doubtful accounts for short-term and long-term receivables for compliance with the amended guidance. Based on that evaluation, the Company does not expect the adoption of this amended guidance to have a significant impact on the Company’s financial results. Effective January 1, 2020, the Company will be required to adopt the amended guidance of ASC Topic 820, Fair Value Measurement , which modifies the disclosure requirements on fair value measurements. Early adoption is permitted. The adoption of this amended guidance will not impact the Company’s financial results. Effective December 31, 2020, the Company will be required to adopt the amended guidance of ASC Subtopic 715-20, Compensation - Retirement Benefits - Defined Benefit Plans - General , which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Early adoption is permitted. The adoption of this amended guidance will not impact the Company’s financial results. |
Revenues Revenues
Revenues Revenues | 6 Months Ended |
Jun. 30, 2019 | |
Revenues [Abstract] | |
Revenues [Text Block] | Revenues Revenue Recognition The Company principally generates revenue from merchandising and transporting agricultural commodities and manufactured products used as ingredients in food, feed, energy, and industrial products. Revenue is measured based on the consideration specified in the contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product or service to a customer. The majority of the Company’s contracts with customers have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in paragraph 10-50-14 of ASC 606, Revenue from Contracts with Customers (Topic 606) and does not disclose information about remaining performance obligations that have original expected durations of one year or less. For transportation service contracts, the Company recognizes revenue over time as the barge, ocean-going vessel, truck, rail, or container freight moves towards its destination in accordance with the transfer of control guidance of Topic 606. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20). Shipping and Handling Costs Shipping and handling costs related to contracts with customers for sale of goods are accounted for as a fulfillment activity and are included in cost of products sold. Accordingly, amounts billed to customers for such costs are included as a component of revenues. Taxes Collected from Customers and Remitted to Governmental Authorities The Company does not include taxes assessed by governmental authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in the measurement of transactions prices or as a component of revenues and cost of products sold. Contract Liabilities Contract liabilities relate to advance payments from customers for goods and services that the Company has yet to provide. Contract liabilities of $367 million and $501 million as of June 30, 2019 and December 31, 2018 , respectively, were recorded in accrued expenses and other payables in the consolidated balance sheets. Contract liabilities recognized as revenues were $160 million and $326 million for the three and six months ended June 30, 2019 , respectively and $183 million and $509 million for the three and six months ended June 30, 2018 , respectively. Disaggregation of Revenues The following tables present revenue disaggregated by timing of recognition and major product lines for the three and six months ended June 30, 2019 and 2018 . Three Months Ended June 30, 2019 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues (In millions) Origination Merchandising and Handling $ 809 $ 65 $ 874 $ 5,544 $ 6,418 Transportation — 63 63 — 63 Total Origination 809 128 937 5,544 6,481 Oilseeds Crushing and Origination 200 — 200 3,413 3,613 Refining, Packaging, Biodiesel, and Other 525 — 525 1,609 2,134 Total Oilseeds 725 — 725 5,022 5,747 Carbohydrate Solutions Starches and Sweeteners 1,260 — 1,260 424 1,684 Bioproducts 757 — 757 — 757 Total Carbohydrate Solutions 2,017 — 2,017 424 2,441 Nutrition Wild Flavors and Specialty Ingredients 728 — 728 — 728 Animal Nutrition 796 — 796 — 796 Total Nutrition 1,524 — 1,524 — 1,524 Other 104 — 104 — 104 Total Revenues $ 5,179 $ 128 $ 5,307 $ 10,990 $ 16,297 Six Months Ended June 30, 2019 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues (In millions) Origination Merchandising and Handling $ 1,140 $ 114 $ 1,254 $ 11,222 $ 12,476 Transportation — 129 129 — 129 Total Origination 1,140 243 1,383 11,222 12,605 Oilseeds Crushing and Origination 371 — 371 6,498 6,869 Refining, Packaging, Biodiesel, and Other 1,037 — 1,037 3,255 4,292 Total Oilseeds 1,408 — 1,408 9,753 11,161 Carbohydrate Solutions Starches and Sweeteners 2,459 — 2,459 847 3,306 Bioproducts 1,538 — 1,538 — 1,538 Total Carbohydrate Solutions 3,997 — 3,997 847 4,844 Nutrition Wild Flavors and Specialty Ingredients 1,402 — 1,402 — 1,402 Animal Nutrition 1,404 — 1,404 — 1,404 Total Nutrition 2,806 — 2,806 — 2,806 Other 185 — 185 — 185 Total Revenues $ 9,536 $ 243 $ 9,779 $ 21,822 $ 31,601 Three Months Ended June 30, 2018 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues (In millions) Origination Merchandising and Handling $ 561 $ 60 $ 621 $ 5,956 $ 6,577 Transportation — 63 63 — 63 Total Origination 561 123 684 5,956 6,640 Oilseeds Crushing and Origination 131 — 131 4,243 4,374 Refining, Packaging, Biodiesel, and Other 581 — 581 1,707 2,288 Total Oilseeds 712 — 712 5,950 6,662 Carbohydrate Solutions Starches and Sweeteners 1,281 — 1,281 423 1,704 Bioproducts 943 — 943 — 943 Total Carbohydrate Solutions 2,224 — 2,224 423 2,647 Nutrition Wild Flavors and Specialty Ingredients 693 — 693 — 693 Animal Nutrition 325 — 325 — 325 Total Nutrition 1,018 — 1,018 — 1,018 Other 101 — 101 — 101 Total Revenues $ 4,616 $ 123 $ 4,739 $ 12,329 $ 17,068 Six Months Ended June 30, 2018 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues (In millions) Origination Merchandising and Handling $ 1,232 $ 122 $ 1,354 $ 11,435 $ 12,789 Transportation — 118 118 — 118 Total Origination 1,232 240 1,472 11,435 12,907 Oilseeds Crushing and Origination 317 — 317 7,342 7,659 Refining, Packaging, Biodiesel, and Other 1,108 — 1,108 3,497 4,605 Total Oilseeds 1,425 — 1,425 10,839 12,264 Carbohydrate Solutions Starches and Sweeteners 2,438 — 2,438 904 3,342 Bioproducts 1,906 — 1,906 — 1,906 Total Carbohydrate Solutions 4,344 — 4,344 904 5,248 Nutrition Wild Flavors and Specialty Ingredients 1,329 — 1,329 — 1,329 Animal Nutrition 639 — 639 — 639 Total Nutrition 1,968 — 1,968 — 1,968 Other 207 — 207 — 207 Total Revenues $ 9,176 $ 240 $ 9,416 $ 23,178 $ 32,594 (1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606. Origination The Origination segment generates revenue from the sale of commodities and from service fees for the transportation of goods. Revenue is measured based on the consideration specified in the contract and excludes any sales incentives and amounts collected on behalf of third parties. Revenue is recognized when a performance obligation is satisfied by transferring control over a product or providing service to a customer. For transportation service contracts in Transportation, the Company recognizes revenue over time as the barge, ocean-going vessel, truck, rail, or container freight moves towards its destination in accordance with the transfer of control guidance of Topic 606. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by Topic 610-20. Oilseeds The Oilseeds segment generates revenue primarily from the sale of products manufactured in its global processing facilities. The segment also generates revenue from the sale of raw commodities in its South American grain origination business and from the sale of peanuts, tree nuts, and peanut-derived ingredients. Revenue is recognized when a performance obligation is satisfied by transferring control over a product. The amount of revenue recognized follows the contractually specified price which may include freight or other contractually specified cost components. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by Topic 610-20. Carbohydrate Solutions The Carbohydrate Solutions segment generates revenue from the sale of products manufactured at the Company’s global corn and milling facilities around the world. Revenue is recognized when control over products is transferred to the customer. Products are shipped to customers from the Company’s various facilities and from its network of storage terminals. The amount of revenue recognized is based on the consideration specified in the contract which could include freight and other costs depending on the specific shipping terms of each contract. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by Topic 610-20. Nutrition The Nutrition segment sells specialty products including natural flavor ingredients, flavor systems, natural colors, animal nutrition products, and other specialty food and feed ingredients. Revenue is recognized when control over products is transferred to the customer. The amount of revenue recognized follows the contracted price or the mutually agreed price of the product. Freight and shipping are recognized as a component of revenue at the same time control transfers to the customer. Other Other includes the Company’s futures commission business whose primary sources of revenue are commissions and brokerage income generated from executing orders and clearing futures contracts and options on futures contracts on behalf of its customers. Commissions and brokerage revenue are recognized on the date the transaction is executed. Other also includes the Company’s captive insurance business which generates third party revenue through its proportionate share of premiums from third-party reinsurance pools. Reinsurance premiums are recognized on a straight-line basis over the period underlying the policy. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company acquired Neovia SAS (Neovia), Florida Chemical Company (FCC), and the Ziegler Group (Ziegler) in January 2019, March 2019, and May 2019, respectively. These acquisitions are in line with the Company’s strategy to become one of the world’s leading nutrition companies. The post-acquisition financial results of Neovia, FCC, and Ziegler are reported in the Nutrition segment. During the six months ended June 30, 2019 , the Company acquired Neovia, FCC, Ziegler, and the remaining 50% interest in Gleadell Agriculture Ltd (Gleadell), for aggregate consideration of $2.0 billion in cash. The aggregate consideration of these acquisitions, net of $95 million in cash acquired, plus the acquisition-date value of the Company’s previously held equity interest in Gleadell of $15 million , were allocated as follows, subject to final measurement period adjustments: In millions Neovia FCC Ziegler Gleadell Total Working capital $ 103 $ 40 $ 20 $ (6 ) $ 157 Property, plant, and equipment 405 17 3 13 438 Goodwill 731 90 27 10 858 Other intangible assets 659 23 24 — 706 Other long-term assets 82 — 1 9 92 Long-term liabilities (289 ) — (7 ) (11 ) (307 ) Aggregate cash consideration, net of cash acquired, plus acquisition-date fair value of previously held equity interest $ 1,691 $ 170 $ 68 $ 15 $ 1,944 Goodwill allocated in connection with the acquisitions is primarily attributable to synergies expected to arise after the Company’s acquisition of the businesses. Of the $858 million preliminarily allocated to goodwill, $90 million is expected to be deductible for tax purposes. The Company recognized pre-tax gains of $3 million on the Gleadell transaction, representing the difference between the carrying value and acquisition-date fair value of the Company’s previously held equity interest. The acquisition-date fair value was determined based on a discounted cash flow analysis using market participant assumptions (a Level 3 measurement under applicable accounting standards). The following table sets forth the preliminary fair values and the useful lives of the other intangible assets acquired. Useful Lives Neovia FCC Ziegler Total (In years) (In millions) Intangible assets with finite lives: Trademarks/brands 5 to 15 $ 215 $ 7 $ 3 $ 225 Customer lists 10 to 20 306 12 5 323 Developed technology 6 to 11 138 4 16 158 Total other intangible assets acquired $ 659 $ 23 $ 24 $ 706 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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, 2019 and December 31, 2018 . Fair Value Measurements at June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In millions) Assets: Inventories carried at market $ — $ 2,600 $ 1,388 $ 3,988 Unrealized derivative gains: Commodity contracts — 302 159 461 Foreign currency contracts — 160 — 160 Interest rate contracts — 3 — 3 Cash equivalents 429 — — 429 Marketable securities 11 1 — 12 Segregated investments 925 — — 925 Deferred receivables consideration — 447 — 447 Total Assets $ 1,365 $ 3,513 $ 1,547 $ 6,425 Liabilities: Unrealized derivative losses: Commodity contracts $ — $ 393 $ 216 $ 609 Foreign currency contracts — 113 — 113 Interest rate contracts — 46 — 46 Inventory-related payables — 740 22 762 Total Liabilities $ — $ 1,292 $ 238 $ 1,530 Fair Value Measurements at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In millions) Assets: Inventories carried at market $ — $ 3,032 $ 1,515 $ 4,547 Unrealized derivative gains: Commodity contracts — 306 155 461 Foreign currency contracts — 175 — 175 Cash equivalents 1,288 — — 1,288 Marketable securities 12 1 — 13 Segregated investments 1,044 — — 1,044 Deferred receivables consideration — 379 — 379 Total Assets $ 2,344 $ 3,893 $ 1,670 $ 7,907 Liabilities: Unrealized derivative losses: Commodity contracts $ — $ 344 $ 245 $ 589 Foreign currency contracts — 152 — 152 Interest rate contracts — 20 — 20 Inventory-related payables — 579 18 597 Total Liabilities $ — $ 1,095 $ 263 $ 1,358 Estimated fair values for inventories carried at market are based on exchange-quoted prices adjusted for differences in local markets, broker or dealer quotations or market transactions in either listed or over-the-counter (OTC) markets. Market valuations for the Company’s inventories are adjusted for location and quality because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. When unobservable inputs have a significant impact on the measurement of fair value, the inventory is classified in Level 3. Changes in the fair value of inventories are recognized in the consolidated statements of earnings as a component of cost of products sold. Derivative contracts include exchange-traded commodity futures and options contracts, forward commodity purchase and sale contracts, and OTC instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1. The majority of the Company’s exchange-traded futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables. Fair value for forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets. These differences are generally determined using inputs from broker or dealer quotations or market transactions in either the listed or OTC markets. When observable inputs are available for substantially the full term of the contract, it is classified in Level 2. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the contract is classified in 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. 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, or other (income) expense - net depending upon the purpose of the contract. The changes in the fair value of derivatives designated as cash flow hedges are recognized in the consolidated balance sheets as a component of accumulated other comprehensive income (loss) (AOCI) until the hedged items are recorded in earnings or it is probable the hedged transaction will no longer occur. The Company’s cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1. The Company’s marketable securities are comprised of U.S. Treasury securities and corporate debt securities. U.S. Treasury securities are valued using quoted market prices and are classified in Level 1. Corporate debt securities are valued using third-party pricing services and substantially all are classified in Level 2. Unrealized changes in the fair value of available-for-sale marketable debt securities are recognized in the consolidated balance sheets as a component of AOCI unless a decline in value is deemed to be other-than-temporary at which point the decline is recorded in earnings. The Company’s segregated investments are comprised of U.S. Treasury securities. U.S. Treasury securities are valued using quoted market prices and are classified in Level 1. The Company has deferred consideration under its accounts receivable securitization programs (the “Programs”) which represents notes receivable from the purchasers under the Programs (see Note 17 for more information). This amount is reflected in other current assets on the consolidated balance sheet (see Note 8 for more information). The Company carries the deferred consideration at fair value determined by calculating the expected amount of cash to be received. The fair value is principally based on observable inputs (a Level 2 measurement) consisting mainly of the face amount of the receivables adjusted for anticipated credit losses and discounted at the appropriate market rate. Payment of deferred consideration is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred under the Programs, which have historically been insignificant. The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2019 . Level 3 Fair Value Asset Measurements at June 30, 2019 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, March 31, 2019 $ 1,511 $ 212 $ 1,723 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* 237 84 321 Purchases 2,657 — 2,657 Sales (2,958 ) — (2,958 ) Settlements — (137 ) (137 ) Transfers into Level 3 232 10 242 Transfers out of Level 3 (291 ) (10 ) (301 ) Ending balance, June 30, 2019 $ 1,388 $ 159 $ 1,547 * Includes increase in unrealized gains of $280 million relating to Level 3 assets still held at June 30, 2019 . The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2019 . Level 3 Fair Value Liability Measurements at June 30, 2019 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, March 31, 2019 $ 16 $ 143 $ 159 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* 1 154 155 Purchases 11 — 11 Sales (6 ) — (6 ) Settlements — (88 ) (88 ) Transfers into Level 3 — 17 17 Transfers out of Level 3 — (10 ) (10 ) Ending balance, June 30, 2019 $ 22 $ 216 $ 238 * Includes increase in unrealized losses of $157 million relating to Level 3 liabilities still held at June 30, 2019 . The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2018 . Level 3 Fair Value Asset Measurements at June 30, 2018 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, March 31, 2018 $ 1,829 $ 116 $ 1,945 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* (11 ) 125 114 Purchases 2,133 — 2,133 Sales (2,832 ) — (2,832 ) Settlements — (78 ) (78 ) Transfers into Level 3 340 57 397 Transfers out of Level 3 (81 ) (12 ) (93 ) Ending balance, June 30, 2018 $ 1,378 $ 208 $ 1,586 * Includes increase in unrealized gains of $105 million relating to Level 3 assets still held at June 30, 2018 . The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2018 . Level 3 Fair Value Liability Measurements at June 30, 2018 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, March 31, 2018 $ 75 $ 291 $ 366 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* (9 ) 48 39 Purchases 3 — 3 Sales (47 ) — (47 ) Settlements — (161 ) (161 ) Transfers into Level 3 — 41 41 Transfers out of Level 3 — (19 ) (19 ) Ending balance, June 30, 2018 $ 22 $ 200 $ 222 * Includes increase in unrealized losses of $48 million relating to Level 3 liabilities still held at June 30, 2018 . The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2019 . Level 3 Fair Value Asset Measurements at June 30, 2019 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, December 31, 2018 $ 1,515 $ 155 $ 1,670 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* 216 228 444 Purchases 5,346 — 5,346 Sales (5,782 ) — (5,782 ) Settlements — (240 ) (240 ) Transfers into Level 3 232 33 265 Transfers out of Level 3 (139 ) (17 ) (156 ) Ending balance, June 30, 2019 $ 1,388 $ 159 $ 1,547 * Includes increase in unrealized gains of $491 million relating to Level 3 assets still held at June 30, 2019 . The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2019 . Level 3 Fair Value Liability Measurements at June 30, 2019 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, December 31, 2018 $ 18 $ 245 $ 263 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* 1 172 173 Purchases 15 — 15 Sales (12 ) — (12 ) Settlements — (187 ) (187 ) Transfers into Level 3 — 24 24 Transfers out of Level 3 — (38 ) (38 ) Ending balance, June 30, 2019 $ 22 $ 216 $ 238 * Includes increase in unrealized losses of $177 million relating to Level 3 liabilities still held at June 30, 2019 . The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2018 . Level 3 Fair Value Asset Measurements at June 30, 2018 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, December 31, 2017 $ 1,486 $ 111 $ 1,597 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* 269 172 441 Purchases 4,372 — 4,372 Sales (4,982 ) — (4,982 ) Settlements — (144 ) (144 ) Transfers into Level 3 340 85 425 Transfers out of Level 3 (107 ) (16 ) (123 ) Ending balance, June 30, 2018 $ 1,378 $ 208 $ 1,586 * Includes increase in unrealized gains of $280 million relating to Level 3 assets still held at June 30, 2018 . The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2018 . Level 3 Fair Value Liability Measurements at June 30, 2018 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, December 31, 2017 $ 39 $ 103 $ 142 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* 8 246 254 Purchases 24 — 24 Sales (49 ) — (49 ) Settlements — (218 ) (218 ) Transfers into Level 3 — 106 106 Transfers out of Level 3 — (37 ) (37 ) Ending balance, June 30, 2018 $ 22 $ 200 $ 222 * Includes increase in unrealized losses of $246 million relating to Level 3 liabilities still held at June 30, 2018 . For all periods presented, the Company had no transfers between Levels 1 and 2. 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 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 adjustments required due to location, quality, or other contract terms. In the table below, these other adjustments are referred to as basis. The changes in unobservable price components are determined 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 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, 2019 and December 31, 2018 . The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with basis, the unobservable component as of June 30, 2019 is a weighted average 40.8% of the total price for assets and 29.6% of the total price for liabilities. Weighted Average % of Total Price June 30, 2019 December 31, 2018 Component Type Assets Liabilities Assets Liabilities Inventories and Related Payables Basis 40.8 % 29.6 % 18.5 % 125.0 % Transportation cost 31.5 % 25.0 % 25.9 % 39.4 % Commodity Derivative Contracts Basis 27.9 % 22.6 % 21.6 % 19.1 % Transportation cost 32.3 % 43.0 % 29.5 % 35.1 % 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. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Derivatives Not Designated as Hedging Instruments The majority of the Company’s derivative instruments have not been designated as hedging instruments. The Company uses exchange-traded futures and exchange-traded and OTC options contracts to manage its net position of merchandisable agricultural commodity inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies. The Company also uses exchange-traded futures and exchange-traded and OTC options contracts as components of merchandising strategies designed to enhance margins. The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures contracts and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets. Derivatives, including exchange-traded contracts and physical purchase or sale contracts, and inventories of certain merchandisable agricultural commodities, which include amounts acquired under deferred pricing contracts, are stated at market value. Inventory is not a derivative and therefore fair values of and changes in fair values of inventories are not included in the tables below. The following table sets forth the fair value of derivatives not designated as hedging instruments as of June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Assets Liabilities Assets Liabilities (In millions) Foreign Currency Contracts $ 160 $ 113 $ 175 $ 152 Commodity Contracts 461 609 461 589 Total $ 621 $ 722 $ 636 $ 741 The following tables set forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the three and six months ended June 30, 2019 and 2018 . Other expense (income) - net Cost of products sold (In millions) Revenues Three Months Ended June 30, 2019 Consolidated Statement of Earnings $ 16,297 $ 15,325 $ (13 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ (10 ) $ 51 $ 14 Commodity Contracts — (131 ) — Total gain (loss) recognized in earnings $ (10 ) $ (80 ) $ 14 $ (76 ) Three Months Ended June 30, 2018 Consolidated Statement of Earnings $ 17,068 $ 15,887 $ (2 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ 28 $ (186 ) $ (126 ) Commodity Contracts — 392 — Total gain (loss) recognized in earnings $ 28 $ 206 $ (126 ) $ 108 Other expense (income) - net Cost of products sold (In millions) Revenues Six Months Ended June 30, 2019 Consolidated Statement of Earnings $ 31,601 $ 29,701 $ (21 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ (2 ) $ 51 $ (16 ) Commodity Contracts — (11 ) — Total gain (loss) recognized in earnings $ (2 ) $ 40 $ (16 ) $ 22 Six Months Ended June 30, 2018 Consolidated Statement of Earnings $ 32,594 $ 30,524 $ (17 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ 25 $ (201 ) $ (61 ) Commodity Contracts — 79 — Total gain (loss) recognized in earnings $ 25 $ (122 ) $ (61 ) $ (158 ) Changes in the market value of inventories of certain merchandisable agricultural commodities, forward cash purchase and sales contracts, exchange-traded futures and exchange-traded and OTC options contracts are recognized in earnings immediately as a component of cost of products sold. Derivatives Designated as Cash Flow or Fair Value Hedging Strategies As of June 30, 2019 and December 31, 2018 , the Company had certain derivatives designated as cash flow and fair value hedges. For derivative instruments that are designated and qualify as highly-effective cash flow hedges, the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income (loss) (AOCI) and as an operating activity in the statement of cash flows and reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings. Hedge components excluded from the assessment of effectiveness and gains and losses related to discontinued hedges are recognized in the consolidated statement of earnings during the current period. The Company uses interest rate swaps designated as fair value hedges to protect the fair value of $496 million in fixed-rate debt due to changes in interest rates. The changes in the fair value of the interest rate swaps and the underlying fixed-rate debt are recorded in other (income) expense - net. The terms of the interest rate swaps match the terms of the underlying debt. At June 30, 2019 , the Company had $3 million in other current assets representing the fair value of the interest rate swaps and a corresponding increase in the underlying debt for the same amount with no net impact to earnings. The Company uses interest rate swaps designated as cash flow hedges to hedge the forecasted interest payments on certain letters of credit from banks. The terms of the interest rate swaps match the terms of the forecasted interest payments. The deferred gains and losses are recognized in other (income) expense - net over the period in which the related interest payments are paid to the banks. At June 30, 2019, the Company had $46 million of losses in AOCI related to these interest rate swaps. The Company expects to recognize this amount in its consolidated statement of earnings during the next 12 months . For each of the commodity hedge programs described below, the derivatives are designated as cash flow hedges. Assuming normal market conditions, the changes in the market value of such derivative contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. Once the hedged item is recognized in earnings, the gains/losses arising from the hedge are reclassified from AOCI to either revenues or cost of products sold, as applicable. As of June 30, 2019 , the Company had $15 million of after-tax gains in AOCI related to gains and losses from commodity cash flow hedge transactions. The Company expects to recognize $15 million of these after-tax gains in its consolidated statement of earnings during the next 12 months . The Company uses futures or options contracts to hedge the purchase price of anticipated volumes of corn to be purchased and processed in a future month. The objective of this hedging program is to reduce the variability of cash flows associated with the Company’s forecasted purchases of corn. The Company’s corn processing plants currently grind approximately 72 million bushels of corn per month. During the past 12 months, the Company hedged between 19% and 95% of its monthly anticipated grind. At June 30, 2019 , the Company had designated hedges representing between 1% and 32% of its anticipated monthly grind of corn for the next 12 months . The Company, from time to time, also uses futures, options, and swaps to hedge the sales price of certain ethanol sales contracts. The Company has established hedging programs for ethanol sales contracts that are indexed to unleaded gasoline prices and to various exchange-traded ethanol contracts. The objective of these hedging programs is to reduce the variability of cash flows associated with the Company’s sales of ethanol. During the past 12 months, the Company hedged between 0 million and 121 million gallons of ethanol sales per month under these programs. At June 30, 2019 , the Company had designated hedges representing between 0 million and 1 million gallons of ethanol sales per month over the next 3 months . The Company uses futures and options contracts to hedge the purchase price of anticipated volumes of soybeans to be purchased and processed in a future month for certain of its U.S. soybean crush facilities. The Company also uses futures or options contracts to hedge the sales prices of anticipated soybean meal and soybean oil sales proportionate to the soybean crushing process at these facilities. During the past 12 months, the Company hedged between 99% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and oil sales at the designated facilities. The Company has designated hedges representing between 0% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and oil sales at the designated facilities over the next 12 months . The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Assets Liabilities Assets Liabilities (In millions) Interest Rate Contracts $ 3 $ 46 $ — $ 20 Total $ 3 $ 46 $ — $ 20 The following tables set forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three and six months ended June 30, 2019 and 2018 . Cost of products sold Interest expense Other expense (income) - net (In millions) Revenues Three Months Ended June 30, 2019 Consolidated Statement of Earnings $ 16,297 $ 15,325 $ 109 $ (13 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ 5 $ 1 $ — $ — Interest Contracts — — — (6 ) Total gain (loss) recognized in earnings $ 5 $ 1 $ — $ (6 ) $ — Three Months Ended June 30, 2018 Consolidated Statement of Earnings $ 17,068 $ 15,887 $ 89 $ (2 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ (1 ) $ (34 ) $ — $ — Interest Contracts — — 1 — Total gain (loss) recognized in earnings $ (1 ) $ (34 ) $ 1 $ — $ (34 ) Cost of products sold Interest expense Other expense (income) - net (In millions) Revenues Six Months Ended June 30, 2019 Consolidated Statement of Earnings $ 31,601 $ 29,701 $ 210 $ (21 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ (8 ) $ 6 $ — $ — Interest Contracts — — — (8 ) Total gain (loss) recognized in earnings $ (8 ) $ 6 $ — $ (8 ) $ (10 ) Six Months Ended June 30, 2018 Consolidated Statement of Earnings $ 32,594 $ 30,524 $ 180 $ (17 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ 1 $ (28 ) $ — $ — Interest Contracts — — 1 — Total gain (loss) recognized in earnings $ 1 $ (28 ) $ 1 $ — $ (26 ) Net Investment Hedging Strategies The Company issued €500 million aggregate principal amount of Floating Rate Notes and €600 million aggregate principal amount of 1.75% Notes on June 24, 2015, €650 million aggregate principal amount of 1.0% Notes on September 12, 2018, and €1.1 billion of commercial paper in June 2019 (collectively, the “Notes”). The €500 million Floating Rate Notes matured in June 2019. The Company has designated €2.3 billion of the outstanding Notes as a hedge of its net investment in a foreign subsidiary. As of June 30, 2019 and December 31, 2018, the Company had after-tax losses of $25 million and $26 million , respectively, in AOCI related to gains and losses from the net investment hedge transaction. The amount is deferred in AOCI until the underlying investment is divested. |
Other Current Assets
Other Current Assets | 6 Months Ended |
Jun. 30, 2019 | |
Other Assets [Abstract] | |
Other Current Assets | Other Current Assets The following table sets forth the items in other current assets: June 30, December 31, 2019 2018 (In millions) Unrealized gains on derivative contracts $ 624 $ 636 Deferred receivables consideration 447 379 Customer omnibus receivable 593 450 Financing receivables - net (1) 514 424 Insurance premiums receivable 68 35 Prepaid expenses 286 184 Tax receivables 462 379 Non-trade receivables (2) 344 323 Other current assets 249 223 $ 3,587 $ 3,033 (1) The Company provides financing to certain suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $4 million and $3 million at June 30, 2019 and December 31, 2018 , respectively. Interest earned on financing receivables of $6 million and $14 million for the three and six months ended June 30, 2019 , respectively, and $5 million and $12 million for the three and six months ended June 30, 2018 , respectively, is included in interest income in the consolidated statements of earnings. (2) Non-trade receivables included $82 million and $84 million of reinsurance recoverables as of June 30, 2019 and December 31, 2018 , respectively. |
Accrued Expenses And Other Paya
Accrued Expenses And Other Payables | 6 Months Ended |
Jun. 30, 2019 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Expenses And Other Payables | The following table sets forth the items in accrued expenses and other payables: June 30, December 31, 2019 2018 (In millions) Unrealized losses on derivative contracts $ 768 $ 761 Accrued compensation 306 337 Income tax payable 38 — Other taxes payable 105 98 Reinsurance premiums payable 13 15 Insurance claims payable 300 277 Contract liability 367 501 Other accruals and payables 1,231 924 $ 3,128 $ 2,913 |
Debt And Financing Arrangements
Debt And Financing Arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt And Financing Arrangements | Debt and Financing Arrangements At June 30, 2019 , the fair value of the Company’s long-term debt exceeded the carrying value by $1.4 billion , as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards). At June 30, 2019 , the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $8.9 billion , of which $5.8 billion was unused. Of the Company’s total lines of credit, $5.0 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $1.5 billion of U.S. and European commercial paper outstanding at June 30, 2019 . The Company has accounts receivable securitization programs (the “Programs”). The Programs, as amended, provide the Company with up to $1.8 billion in funding resulting from the sale of accounts receivable, of which $0.4 billion was unused as of June 30, 2019 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective tax rate for the three and six months ended June 30, 2019 was 13.1% and 19.9% , respectively, compared to 13.2% and 13.8% for the three and six months ended June 30, 2018 , respectively. The change in the rates for the six months ended June 30, 2019 was primarily due to the absence of the 2017 biodiesel tax credit and a favorable discrete tax item recorded in 2018 due to a law change in Brazil related to certain value added tax items. The Company is subject to income taxation and routine examinations in many jurisdictions around the world and frequently faces challenges regarding the amount of taxes due. These challenges include positions taken by the Company related to the timing, nature and amount of deductions and the allocation of income among various tax jurisdictions. In its routine evaluations of the exposure associated with various tax filing positions, the Company recognizes a liability, when necessary, for estimated potential tax owed by the Company in accordance with applicable accounting standards. Resolution of the related tax positions, through negotiations with relevant tax authorities or through litigation, may take years to complete. Therefore, it is difficult to predict the timing for resolution of tax positions and the Company cannot predict or provide assurance as to the ultimate outcome of these ongoing or future examinations. However, the Company does not anticipate that the total amount of unrecognized tax benefits will increase or decrease significantly in the next twelve months. Given the long periods of time involved in resolving tax positions, the Company does not expect that the recognition of unrecognized tax benefits will have a material impact on the Company’s effective income tax rate in any given period. The Company’s wholly-owned subsidiary, ADM do Brasil Ltda. (ADM do Brasil), received three separate tax assessments from the Brazilian Federal Revenue Service (BFRS) challenging the tax deductibility of commodity hedging losses and related expenses for the tax years 2004, 2006, and 2007. These assessments totaled approximately $110 million in tax and $317 million in interest and penalties as of June 30, 2019 (adjusted for variation in currency exchange rates). The statute of limitations for tax years 2005 and 2008 to 2011 has expired. The Company does not expect to receive any additional tax assessments with respect to this issue. ADM do Brasil enters into commodity hedging transactions that can result in gains, which are included in ADM do Brasil’s calculation of taxable income in Brazil, and losses, which ADM do Brasil deducts from its taxable income in Brazil. The Company has evaluated its tax position regarding these hedging transactions and concluded, based upon advice from Brazilian legal counsel, that it was appropriate to recognize both gains and losses resulting from hedging transactions when determining its Brazilian income tax expense. Therefore, the Company has continued to recognize the tax benefit from hedging losses in its financial statements and has not recorded any tax liability for the amounts assessed by the BFRS. ADM do Brasil filed an administrative appeal for each of the assessments. The appeal panel found in favor of the BFRS on these assessments and ADM do Brasil filed a second level administrative appeal. The second administrative appeal panel continues to conduct customary procedural activities, including ongoing dialogue with the BFRS auditor. If ADM do Brasil continues to be unsuccessful in the administrative appellate process, the Company intends to file appeals in the Brazilian federal courts. While the Company believes its consolidated financial statements properly reflect the tax deductibility of these hedging losses, the ultimate resolution of this matter could result in the future recognition of additional payments of, and expense for, income tax and the associated interest and penalties. The Company intends to vigorously defend its position against the current assessments. The Company’s subsidiary in Argentina, ADM Agro SRL (formerly ADM Argentina SA and Alfred C. Toepfer Argentina SRL), received tax assessments challenging transfer prices used to price grain exports for the tax years 1999 through 2011. As of June 30, 2019 , these assessments totaled $20 million in tax and $69 million in interest and penalties (adjusted for variation in currency exchange rates). The Argentine tax authorities conducted a review of income and other taxes paid by large exporters and processors of cereals and other agricultural commodities resulting in allegations of income tax evasion. The Company strongly believes that it has complied with all Argentine tax laws. To date, the Company has not received assessments for years subsequent to 2011. However, it cannot rule out receiving additional assessments challenging transfer prices used to price grain exports for these years, and estimates that these potential assessments could be approximately $56 million in tax and $53 million in interest (adjusted for variation in currency exchange rates as of June 30, 2019 ). The Company believes that it has appropriately evaluated the transactions underlying these assessments, and has concluded, based on Argentine tax law, that its tax position would be sustained, and accordingly, has not recorded a tax liability for these assessments. The Company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for years subsequent to 2011. In accordance with the accounting requirements for uncertain tax positions, the Company has not recorded an uncertain tax liability for these assessments because it has concluded that it is more likely than not to prevail on the Brazil and Argentina matters based upon their technical merits and because the taxing jurisdictions’ processes do not provide a mechanism for settling at less than the full amount of the assessment. The Company’s consideration of these tax assessments requires judgments about the application of income tax regulations to specific facts and circumstances. The final outcome of these matters cannot reliably be predicted, may take many years to resolve, and could result in financial impacts of up to the entire amount of these assessments. In 2014, the Company’s wholly-owned subsidiary in the Netherlands, ADM Europe B.V., received a tax assessment from the Netherlands tax authority challenging the transfer pricing aspects of a 2009 business reorganization, which involved two of its subsidiary companies in the Netherlands. As of June 30, 2019 , this assessment was $92 million in tax and $33 million in interest (adjusted for variation in currency exchange rates). The Company has appealed the assessment and a hearing was held in the first quarter of 2019. The Company expects to receive a decision in the second half of 2019. Further appeals may take an extended period of time and could result in additional financial impacts of up to the entire amount of the assessment. The Company has carefully evaluated the underlying transactions and has concluded that the amount of the gain recognized on the reorganization for tax purposes was appropriate. The Company has accrued an amount it believes will be the likely outcome of the litigation and will vigorously defend its position against the assessment. |
Leases Leases (Notes)
Leases Leases (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases Lessee Accounting The Company leases certain transportation equipment, plant equipment, office equipment, land, buildings, and storage facilities. Most leases include options to renew, with renewal terms that can extend the lease term from 1 month to 49 years. Certain leases also include index and non-index escalation clauses and options to purchase the leased property. Leases accounted for as finance leases were immaterial at June 30, 2019 . As an accounting policy election, the Company does not apply the recognition requirements of Topic 842 to short-term leases in all of its underlying asset categories. The Company recognizes short-term lease payments in earnings on a straight-line basis over the lease term, and variable lease payments in the period in which the obligation for those payments is incurred. The following table sets forth the amounts relating to the Company’s total lease cost and other information. Three Months Ended Six Months Ended (In millions) Lease cost: Operating lease cost $ 73 $ 146 Short-term lease cost 24 47 Total lease cost $ 97 $ 193 Other information: Operating lease liability principal payments $ 98 Right-of-use assets obtained in exchange for new operating lease liabilities $ 168 June 30, 2019 Weighted-average remaining lease term - operating leases (in years) 8 Weighted average discount rate - operating leases 4.7 % Below is a tabular disclosure of the future annual undiscounted cash flows for operating lease liabilities. Undiscounted Cash Flows (In millions) Remainder of 2019 $ 116 2020 200 2021 167 2022 138 2023 101 2024 58 Thereafter 260 Total 1,040 Less interest (1) 183 Lease liability $ 857 (1) Calculated using the implicit rate of the lease, if available, or the incremental borrowing rate that is appropriate for the tenor and geography of the lease. As of June 30, 2019 , the Company had $837 million of right-of-use assets included in Other assets, $189 million of current lease liabilities included in Accrued expenses and other payables, and $668 million of non-current lease liabilities included in Other long-term liabilities in its consolidated balance sheet. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (AOCI) | 6 Months Ended |
Jun. 30, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Accumulated Other Comprehensive Income (AOCI) | Accumulated Other Comprehensive Income (AOCI) The following tables set forth the changes in AOCI by component for the three and six months ended June 30, 2019 and the reclassifications out of AOCI for the three and six months ended June 30, 2019 and 2018 : Three months ended June 30, 2019 Foreign Currency Translation Adjustment Deferred Gain (Loss) on Hedging Activities Pension Liability Adjustment Unrealized Gain (Loss) on Investments Total (In millions) Balance at March 31, 2019 $ (2,051 ) $ (4 ) $ (200 ) $ 13 $ (2,242 ) Other comprehensive income (loss) before reclassifications 94 14 (1 ) 7 114 Amounts reclassified from AOCI — — (3 ) — (3 ) Tax effect 7 (7 ) 2 (1 ) 1 Net of tax amount 101 7 (2 ) 6 112 Balance at June 30, 2019 $ (1,950 ) $ 3 $ (202 ) $ 19 $ (2,130 ) Six months ended June 30, 2019 Foreign Currency Translation Adjustment Deferred Gain (Loss) on Hedging Activities Pension Liability Adjustment Unrealized Gain (Loss) on Investments Total (In millions) Balance at December 31, 2018 $ (1,962 ) $ 61 $ (220 ) $ 15 $ (2,106 ) Other comprehensive income (loss) before reclassifications 16 (73 ) 9 5 (43 ) Amounts reclassified from AOCI (1 ) 10 (6 ) — 3 Tax effect (3 ) 5 15 (1 ) 16 Net of tax amount 12 (58 ) 18 4 (24 ) Balance at June 30, 2019 $ (1,950 ) $ 3 $ (202 ) $ 19 $ (2,130 ) Amount reclassified from AOCI Three months ended June 30, Six months ended June 30, Affected line item in the consolidated statement Details about AOCI components 2019 2018 2019 2018 of earnings (In millions) Foreign currency translation adjustment $ — $ — $ (1 ) $ — Other (income) expense-net — — — — Tax $ — $ — $ (1 ) $ — Net of tax Deferred loss (gain) on hedging activities $ (5 ) $ 1 $ 8 $ (1 ) Revenues (1 ) 34 (6 ) 28 Cost of products sold 6 — 8 — Other (income) expense-net — (1 ) — (1 ) Interest expense — 34 10 26 Total before tax 2 (8 ) — (6 ) Tax $ 2 $ 26 $ 10 $ 20 Net of tax Pension liability adjustment Amortization of defined benefit pension items: Prior service credit $ (9 ) $ (9 ) $ (13 ) $ (17 ) Other (income) expense-net Actuarial losses 6 16 7 32 Other (income) expense-net (3 ) 7 (6 ) 15 Total before tax 1 1 15 (3 ) Tax $ (2 ) $ 8 $ 9 $ 12 Net of tax |
Other (Income) Expense - Net
Other (Income) Expense - Net | 6 Months Ended |
Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense - Net | Other (Income) Expense - Net The following table sets forth the items in other (income) expense: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (In millions) Gains on sales of assets $ (15 ) $ (6 ) $ (30 ) $ (12 ) Other – net 2 4 9 (5 ) Other (Income) Expense - Net $ (13 ) $ (2 ) $ (21 ) $ (17 ) Gains on sales of assets in the three months ended June 30, 2019 and the three and six months ended June 30, 2018 included gains on disposals of individually insignificant assets in the ordinary course of business. Gains on sales of assets in the six months ended June 30, 2019 also included gains on the sale of certain assets, step-up gains on equity investments, and gains on disposals of individually insignificant assets in the ordinary course of business. Other - net in the three and six months ended June 30, 2019 and the three months ended June 30, 2018 included foreign exchange losses, partially offset by other income. Other-net in the six months ended June 30, 2018 included other income, partially offset by foreign exchange losses. Other-net also included the non-service components of net pension benefit income of $6 million and $8 million in the three and six months ended June 30, 2019 , respectively, compared to $2 million and $5 million in the three and six months ended June 30, 2018 , respectively. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities, products, and ingredients. The Company’s operations are organized, managed, and classified into four reportable business segments: Origination, 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 as Other. The Origination segment utilizes its extensive global grain elevator and transportation networks and port operations to buy, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, rice, and barley, and resells these commodities primarily as food and feed ingredients and as raw materials for the agricultural processing industry. The Origination segment includes international agricultural commodities merchandising and handling activities managed through a global trade desk based in Rolle, Switzerland. The Origination segment’s grain sourcing, handling, and transportation network provides reliable and efficient services to the Company’s customers and agricultural processing operations. The Origination segment’s transportation network capabilities include barge, ocean-going vessel, truck, rail, and container freight services. The Origination segment also includes the activities related to structured trade finance, the import and distribution of agricultural feed products, and the Company’s share of the results of its Pacificor joint venture. In February 2019, the Company purchased the remaining 50% interest owned by InVivo Group in the Gleadell Agriculture Ltd. joint venture. The Oilseeds segment includes global activities related to the origination, merchandising, 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 Company include ingredients for the food, feed, energy, and industrial products industries. Crude vegetable oils produced by the segment’s crushing activities are sold “as is” 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. In South America, the Oilseeds segment includes origination and merchandising activities as adjuncts to its oilseeds processing assets. These activities include a network of grain elevators, port facilities, and transportation assets used to buy, store, clean, and transport grains and oilseeds. The Oilseeds segment is a major supplier of peanuts, tree nuts, and peanut-derived ingredients to both the U.S. and export markets. In North America, cottonseed flour is produced and sold primarily to the pharmaceutical industry, and cotton cellulose pulp is manufactured and sold to the chemical, paper, and other industrial markets. The Oilseeds segment also includes the Company’s share of the results of its equity investment in Wilmar International Limited (Wilmar) and its share of the results of its Stratas Foods LLC, Edible Oils Limited, and Olenex Sarl (Olenex) joint ventures. The Company’s 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 sweeteners, corn and wheat starches, wheat flour, and bioproducts. Its products include ingredients used in the food and beverage industry including sweeteners, starch, syrup, glucose, flour, and dextrose. Dextrose and starch are used by the Carbohydrate Solutions segment as feedstocks for its bioproducts operations. 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 as ethanol or as beverage grade. Ethanol, in gasoline, increases octane and is used 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. This segment also includes the Company’s share of the results of its equity investments in Hungrana Ltd., Almidones Mexicanos S.A., and Red Star Yeast Company, LLC. The Nutrition segment engages in the manufacturing, sale, and distribution of specialty products including natural flavor ingredients, flavor systems, natural colors, proteins, emulsifiers, soluble fiber, polyols, hydrocolloids, natural health and nutrition products, and other specialty food and feed ingredients. The Nutrition segment includes activities related to the procurement, processing, and distribution of edible beans. The Nutrition segment also includes activities related to 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. During the six months ended June 30, 2019, the Company completed the acquisitions of Neovia, a French-based global provider of value-added animal nutrition solutions, with 72 production facilities and a presence in 25 countries; Florida Chemical Company, one of the world’s largest producers of citrus oils and ingredients; and Ziegler Group, a leading European provider of natural citrus flavor ingredients. Other includes the Company’s remaining operations, primarily its financial business units, related to futures commission and insurance activities. Intersegment sales have been recorded at amounts approximating market. 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 included in total segment operating profit and certain corporate items are not allocated to the Company’s individual business segments because operating performance of each business segment is evaluated by management exclusive of these items. Corporate results principally include the impact of LIFO-related adjustments, unallocated corporate expenses, interest cost net of investment income, and the Company’s share of the results of its equity investment in Compagnie Industrialle et Financiere des Produits Amylaces SA (Luxembourg) (CIP). In May 2019, the Company announced the creation of a new business unit called Ag Services & Oilseeds, which combines the Origination and Oilseeds business operations into a single reporting structure effective July 1, 2019. Three Months Ended Six Months Ended June 30, June 30, (In millions) 2019 2018 2019 2018 Gross revenues Origination $ 7,193 $ 7,757 $ 14,168 $ 14,936 Oilseeds 7,547 8,251 13,956 15,086 Carbohydrate Solutions 2,878 2,906 5,454 5,718 Nutrition 1,541 1,029 2,841 1,987 Other 104 101 185 207 Intersegment elimination (2,966 ) (2,976 ) (5,003 ) (5,340 ) Total gross revenues $ 16,297 $ 17,068 $ 31,601 $ 32,594 Intersegment sales Origination $ 712 $ 1,117 $ 1,563 $ 2,029 Oilseeds 1,800 1,589 2,795 2,822 Carbohydrate Solutions 437 259 610 470 Nutrition 17 11 35 19 Total intersegment sales $ 2,966 $ 2,976 $ 5,003 $ 5,340 Revenues from external customers Origination Merchandising and Handling $ 6,418 $ 6,577 $ 12,476 $ 12,789 Transportation 63 63 129 118 Total Origination 6,481 6,640 12,605 12,907 Oilseeds Crushing and Origination 3,613 4,374 6,869 7,659 Refining, Packaging, Biodiesel, and Other 2,134 2,288 4,292 4,605 Total Oilseeds 5,747 6,662 11,161 12,264 Carbohydrate Solutions Starches and Sweeteners 1,684 1,704 3,306 3,342 Bioproducts 757 943 1,538 1,906 Total Carbohydrate Solutions 2,441 2,647 4,844 5,248 Nutrition Wild Flavors and Specialty Ingredients 728 693 1,402 1,329 Animal Nutrition 796 325 1,404 639 Total Nutrition 1,524 1,018 2,806 1,968 Other 104 101 185 207 Total revenues from external customers $ 16,297 $ 17,068 $ 31,601 $ 32,594 Three Months Ended Six Months Ended June 30, June 30, (In millions) 2019 2018 2019 2018 Segment operating profit Origination $ 71 $ 191 $ 147 $ 237 Oilseeds 291 341 632 690 Carbohydrate Solutions 192 247 288 460 Nutrition 117 114 198 210 Other 11 31 25 44 Specified Items: Gains (losses) on sales of assets and businesses (1) — — 12 — Impairment, restructuring, and settlement charges (2) (37 ) (22 ) (46 ) (35 ) Total segment operating profit 645 902 1,256 1,606 Corporate (371 ) (250 ) (667 ) (490 ) Earnings before income taxes $ 274 $ 652 $ 589 $ 1,116 (1) Current year-to-date gains consisted of a gain on the sale of certain assets and a step-up gain on an equity investment. (2) Current quarter and year-to-date charges primarily related to the impairment of certain long-lived assets. Prior quarter charges consisted of an impairment charge related to a long-term financing receivable and restructuring charges. Prior year-to-date charges consisted of impairment charges related to a long-term financing receivable and an equity investment and restructuring charges. |
Asset Impairment, Exit, and Res
Asset Impairment, Exit, and Restructuring Costs | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring, Settlement and Impairment Provisions [Abstract] | |
Asset Impairment, Exit, and Restructuring Costs | Asset Impairment, Exit, and Restructuring Costs Asset impairment, exit, and restructuring costs consisted of $35 million and $44 million of impairments related to certain long-lived assets presented as specified items within segment operating profit in the three and six months ended June 30, 2019 , respectively, and $101 million and $103 million of restructuring and pension remeasurement charges in Corporate primarily related to early retirement and reorganization initiatives during the three and six months ended June 30, 2019 , respectively. Asset impairment, exit, and restructuring costs in the three months ended June 30, 2018 consisted of $21 million of long-term receivable impairment and $1 million of individually insignificant restructuring charges presented as separate items within segment operating profit, and $2 million of individually insignificant restructuring charges in Corporate. Asset impairment, exit, and restructuring costs in the six months ended June 30, 2018 consisted of $12 million of an equity investment impairment, $21 million of long-term receivable impairment, and $2 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $5 million of individually insignificant restructuring charges in Corporate. The $35 million impairment in the three months ended June 30, 2019 related to a Company facility and was based on the fair value of the asset determined using a third-party market participant’s offer to purchase the facility. The $21 million impairment in the three and six ended June 30, 2018 related to a long-term receivable included in other assets in the accompanying balance sheet, and was based on the fair value of the collateral provided as security for the advance. The fair value was determined using internal and external sources, including published information on Brazilian land values. |
Sale of Accounts Receivable
Sale of Accounts Receivable | 6 Months Ended |
Jun. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Sale of Accounts Receivable | Sale of Accounts Receivable The Company has an accounts receivable securitization program (the “Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “First Purchasers”). Under the Program, certain U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”). ADM Receivables in turn transfers such purchased accounts receivable in their entirety to the First Purchasers pursuant to a receivables purchase agreement. In exchange for the transfer of the accounts receivable, ADM Receivables receives a cash payment of up to $1.2 billion and an additional amount upon the collection of the accounts receivable (deferred consideration). The Program terminates on June 18, 2020, unless extended. The Company also has an accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”). Under the Second Program, certain non-U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Ireland Receivables Company (“ADM Ireland Receivables”). ADM Ireland Receivables in turn transfers such purchased accounts receivable in their entirety to the Second Purchasers pursuant to a receivables purchase agreement. In exchange for the transfer of the accounts receivable, ADM Ireland Receivables receives a cash payment of up to $0.6 billion ( €0.5 billion ) and an additional amount upon the collection of the accounts receivable (deferred consideration). The Second Program terminates on March 13, 2020, unless extended. Under the Program and Second Program (collectively, the “Programs”), ADM Receivables and ADM Ireland Receivables use the cash proceeds from the transfer of receivables to the First Purchasers and Second Purchasers (collectively, the “Purchasers”) and other consideration to finance the purchase of receivables from the Company and the ADM subsidiaries originating the receivables. The Company accounts for these transfers as sales. The Company has no retained interests in the transferred receivables, other than collection and administrative responsibilities and its right to the deferred consideration. At June 30, 2019 and December 31, 2018 , the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions, and its cost of servicing the receivables sold. As of June 30, 2019 and December 31, 2018 , the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s consolidated balance sheet was $1.8 billion and $1.9 billion , respectively. In exchange for the transfers as of June 30, 2019 and December 31, 2018 , the Company received cash of $1.4 billion and $1.5 billion , respectively, and recorded a receivable for deferred consideration included in other current assets of $447 million and $379 million , respectively. Cash collections from customers on receivables sold were $16.5 billion and $17.9 billion for the six months ended June 30, 2019 and 2018 , respectively. Of this amount, $6.2 billion were cash collections on the deferred consideration reflected as cash inflows from investing activities for the six months ended June 30, 2019 and 2018 . Deferred consideration is paid to the Company in cash on behalf of the Purchasers as receivables are collected; however, as this is a revolving facility, cash collected from the Company’s customers is reinvested by the Purchasers daily in new receivable purchases under the Programs. The Company’s risk of loss following the transfer of accounts receivable under the Programs is limited to the deferred consideration outstanding. The Company carries the deferred consideration at fair value determined by calculating the expected amount of cash to be received and is principally based on observable inputs (a Level 2 measurement under the applicable accounting standards) consisting mainly of the face amount of the receivables adjusted for anticipated credit losses and discounted at the appropriate market rate. Payment of deferred consideration is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred under the Programs which have historically been insignificant. Transfers of receivables under the Programs resulted in an expense for the loss on sale of $4 million and $5 million for the three months ended June 30, 2019 and 2018 , respectively, and $9 million for the six months ended June 30, 2019 and 2018 , which is classified as selling, general, and administrative expenses in the consolidated statements of earnings. In accordance with the amended guidance of Topic 230, the Company reflects cash flows related to the deferred consideration of the Programs as investing activities in its consolidated statements of cash flows. All other cash flows are classified as operating activities because the cash received from Purchasers upon both the sale and collection of the receivables is not subject to significant interest rate risk given the short-term nature of the Company’s trade receivables. The Company also sells certain of its receivables in their entirety to independent third-party institutions without recourse and no continuing involvement. The sold receivables are considered a true sale for accounting purposes, and therefore, are not reflected on the Company’s consolidated balance sheet. |
Revenues Revenues (Policies)
Revenues Revenues (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Revenues [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company principally generates revenue from merchandising and transporting agricultural commodities and manufactured products used as ingredients in food, feed, energy, and industrial products. Revenue is measured based on the consideration specified in the contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product or service to a customer. The majority of the Company’s contracts with customers have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in paragraph 10-50-14 of ASC 606, Revenue from Contracts with Customers (Topic 606) and does not disclose information about remaining performance obligations that have original expected durations of one year or less. For transportation service contracts, the Company recognizes revenue over time as the barge, ocean-going vessel, truck, rail, or container freight moves towards its destination in accordance with the transfer of control guidance of Topic 606. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20). Shipping and Handling Costs Shipping and handling costs related to contracts with customers for sale of goods are accounted for as a fulfillment activity and are included in cost of products sold. Accordingly, amounts billed to customers for such costs are included as a component of revenues. Taxes Collected from Customers and Remitted to Governmental Authorities The Company does not include taxes assessed by governmental authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in the measurement of transactions prices or as a component of revenues and cost of products sold. |
Leases Leases (Policies)
Leases Leases (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | As an accounting policy election, the Company does not apply the recognition requirements of Topic 842 to short-term leases in all of its underlying asset categories. The Company recognizes short-term lease payments in earnings on a straight-line basis over the lease term, and variable lease payments in the period in which the obligation for those payments is incurred. |
Revenues Revenues (Tables)
Revenues Revenues (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenues [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenues The following tables present revenue disaggregated by timing of recognition and major product lines for the three and six months ended June 30, 2019 and 2018 . Three Months Ended June 30, 2019 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues (In millions) Origination Merchandising and Handling $ 809 $ 65 $ 874 $ 5,544 $ 6,418 Transportation — 63 63 — 63 Total Origination 809 128 937 5,544 6,481 Oilseeds Crushing and Origination 200 — 200 3,413 3,613 Refining, Packaging, Biodiesel, and Other 525 — 525 1,609 2,134 Total Oilseeds 725 — 725 5,022 5,747 Carbohydrate Solutions Starches and Sweeteners 1,260 — 1,260 424 1,684 Bioproducts 757 — 757 — 757 Total Carbohydrate Solutions 2,017 — 2,017 424 2,441 Nutrition Wild Flavors and Specialty Ingredients 728 — 728 — 728 Animal Nutrition 796 — 796 — 796 Total Nutrition 1,524 — 1,524 — 1,524 Other 104 — 104 — 104 Total Revenues $ 5,179 $ 128 $ 5,307 $ 10,990 $ 16,297 Six Months Ended June 30, 2019 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues (In millions) Origination Merchandising and Handling $ 1,140 $ 114 $ 1,254 $ 11,222 $ 12,476 Transportation — 129 129 — 129 Total Origination 1,140 243 1,383 11,222 12,605 Oilseeds Crushing and Origination 371 — 371 6,498 6,869 Refining, Packaging, Biodiesel, and Other 1,037 — 1,037 3,255 4,292 Total Oilseeds 1,408 — 1,408 9,753 11,161 Carbohydrate Solutions Starches and Sweeteners 2,459 — 2,459 847 3,306 Bioproducts 1,538 — 1,538 — 1,538 Total Carbohydrate Solutions 3,997 — 3,997 847 4,844 Nutrition Wild Flavors and Specialty Ingredients 1,402 — 1,402 — 1,402 Animal Nutrition 1,404 — 1,404 — 1,404 Total Nutrition 2,806 — 2,806 — 2,806 Other 185 — 185 — 185 Total Revenues $ 9,536 $ 243 $ 9,779 $ 21,822 $ 31,601 Three Months Ended June 30, 2018 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues (In millions) Origination Merchandising and Handling $ 561 $ 60 $ 621 $ 5,956 $ 6,577 Transportation — 63 63 — 63 Total Origination 561 123 684 5,956 6,640 Oilseeds Crushing and Origination 131 — 131 4,243 4,374 Refining, Packaging, Biodiesel, and Other 581 — 581 1,707 2,288 Total Oilseeds 712 — 712 5,950 6,662 Carbohydrate Solutions Starches and Sweeteners 1,281 — 1,281 423 1,704 Bioproducts 943 — 943 — 943 Total Carbohydrate Solutions 2,224 — 2,224 423 2,647 Nutrition Wild Flavors and Specialty Ingredients 693 — 693 — 693 Animal Nutrition 325 — 325 — 325 Total Nutrition 1,018 — 1,018 — 1,018 Other 101 — 101 — 101 Total Revenues $ 4,616 $ 123 $ 4,739 $ 12,329 $ 17,068 Six Months Ended June 30, 2018 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues (In millions) Origination Merchandising and Handling $ 1,232 $ 122 $ 1,354 $ 11,435 $ 12,789 Transportation — 118 118 — 118 Total Origination 1,232 240 1,472 11,435 12,907 Oilseeds Crushing and Origination 317 — 317 7,342 7,659 Refining, Packaging, Biodiesel, and Other 1,108 — 1,108 3,497 4,605 Total Oilseeds 1,425 — 1,425 10,839 12,264 Carbohydrate Solutions Starches and Sweeteners 2,438 — 2,438 904 3,342 Bioproducts 1,906 — 1,906 — 1,906 Total Carbohydrate Solutions 4,344 — 4,344 904 5,248 Nutrition Wild Flavors and Specialty Ingredients 1,329 — 1,329 — 1,329 Animal Nutrition 639 — 639 — 639 Total Nutrition 1,968 — 1,968 — 1,968 Other 207 — 207 — 207 Total Revenues $ 9,176 $ 240 $ 9,416 $ 23,178 $ 32,594 (1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606. |
Acquisitions Business Acquisiti
Acquisitions Business Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | During the six months ended June 30, 2019 , the Company acquired Neovia, FCC, Ziegler, and the remaining 50% interest in Gleadell Agriculture Ltd (Gleadell), for aggregate consideration of $2.0 billion in cash. The aggregate consideration of these acquisitions, net of $95 million in cash acquired, plus the acquisition-date value of the Company’s previously held equity interest in Gleadell of $15 million , were allocated as follows, subject to final measurement period adjustments: In millions Neovia FCC Ziegler Gleadell Total Working capital $ 103 $ 40 $ 20 $ (6 ) $ 157 Property, plant, and equipment 405 17 3 13 438 Goodwill 731 90 27 10 858 Other intangible assets 659 23 24 — 706 Other long-term assets 82 — 1 9 92 Long-term liabilities (289 ) — (7 ) (11 ) (307 ) Aggregate cash consideration, net of cash acquired, plus acquisition-date fair value of previously held equity interest $ 1,691 $ 170 $ 68 $ 15 $ 1,944 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table sets forth the preliminary fair values and the useful lives of the other intangible assets acquired. Useful Lives Neovia FCC Ziegler Total (In years) (In millions) Intangible assets with finite lives: Trademarks/brands 5 to 15 $ 215 $ 7 $ 3 $ 225 Customer lists 10 to 20 306 12 5 323 Developed technology 6 to 11 138 4 16 158 Total other intangible assets acquired $ 659 $ 23 $ 24 $ 706 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 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, 2019 and December 31, 2018 . Fair Value Measurements at June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In millions) Assets: Inventories carried at market $ — $ 2,600 $ 1,388 $ 3,988 Unrealized derivative gains: Commodity contracts — 302 159 461 Foreign currency contracts — 160 — 160 Interest rate contracts — 3 — 3 Cash equivalents 429 — — 429 Marketable securities 11 1 — 12 Segregated investments 925 — — 925 Deferred receivables consideration — 447 — 447 Total Assets $ 1,365 $ 3,513 $ 1,547 $ 6,425 Liabilities: Unrealized derivative losses: Commodity contracts $ — $ 393 $ 216 $ 609 Foreign currency contracts — 113 — 113 Interest rate contracts — 46 — 46 Inventory-related payables — 740 22 762 Total Liabilities $ — $ 1,292 $ 238 $ 1,530 Fair Value Measurements at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In millions) Assets: Inventories carried at market $ — $ 3,032 $ 1,515 $ 4,547 Unrealized derivative gains: Commodity contracts — 306 155 461 Foreign currency contracts — 175 — 175 Cash equivalents 1,288 — — 1,288 Marketable securities 12 1 — 13 Segregated investments 1,044 — — 1,044 Deferred receivables consideration — 379 — 379 Total Assets $ 2,344 $ 3,893 $ 1,670 $ 7,907 Liabilities: Unrealized derivative losses: Commodity contracts $ — $ 344 $ 245 $ 589 Foreign currency contracts — 152 — 152 Interest rate contracts — 20 — 20 Inventory-related payables — 579 18 597 Total Liabilities $ — $ 1,095 $ 263 $ 1,358 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2019 . Level 3 Fair Value Asset Measurements at June 30, 2019 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, March 31, 2019 $ 1,511 $ 212 $ 1,723 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* 237 84 321 Purchases 2,657 — 2,657 Sales (2,958 ) — (2,958 ) Settlements — (137 ) (137 ) Transfers into Level 3 232 10 242 Transfers out of Level 3 (291 ) (10 ) (301 ) Ending balance, June 30, 2019 $ 1,388 $ 159 $ 1,547 * Includes increase in unrealized gains of $280 million relating to Level 3 assets still held at June 30, 2019 . Level 3 Fair Value Asset Measurements at June 30, 2019 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, December 31, 2018 $ 1,515 $ 155 $ 1,670 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* 216 228 444 Purchases 5,346 — 5,346 Sales (5,782 ) — (5,782 ) Settlements — (240 ) (240 ) Transfers into Level 3 232 33 265 Transfers out of Level 3 (139 ) (17 ) (156 ) Ending balance, June 30, 2019 $ 1,388 $ 159 $ 1,547 * Includes increase in unrealized losses of $177 million relating to Level 3 liabilities still held at June 30, 2019 . The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2018 . Level 3 Fair Value Asset Measurements at June 30, 2018 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, December 31, 2017 $ 1,486 $ 111 $ 1,597 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* 269 172 441 Purchases 4,372 — 4,372 Sales (4,982 ) — (4,982 ) Settlements — (144 ) (144 ) Transfers into Level 3 340 85 425 Transfers out of Level 3 (107 ) (16 ) (123 ) Ending balance, June 30, 2018 $ 1,378 $ 208 $ 1,586 The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2018 . Level 3 Fair Value Asset Measurements at June 30, 2018 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, March 31, 2018 $ 1,829 $ 116 $ 1,945 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* (11 ) 125 114 Purchases 2,133 — 2,133 Sales (2,832 ) — (2,832 ) Settlements — (78 ) (78 ) Transfers into Level 3 340 57 397 Transfers out of Level 3 (81 ) (12 ) (93 ) Ending balance, June 30, 2018 $ 1,378 $ 208 $ 1,586 * Includes increase in unrealized gains of $105 million relating to Level 3 assets still held at June 30, 2018 . |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | * Includes increase in unrealized gains of $491 million relating to Level 3 assets still held at June 30, 2019 . The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended June 30, 2019 . Level 3 Fair Value Liability Measurements at June 30, 2019 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, December 31, 2018 $ 18 $ 245 $ 263 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* 1 172 173 Purchases 15 — 15 Sales (12 ) — (12 ) Settlements — (187 ) (187 ) Transfers into Level 3 — 24 24 Transfers out of Level 3 — (38 ) (38 ) Ending balance, June 30, 2019 $ 22 $ 216 $ 238 The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2018 . Level 3 Fair Value Liability Measurements at June 30, 2018 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, March 31, 2018 $ 75 $ 291 $ 366 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* (9 ) 48 39 Purchases 3 — 3 Sales (47 ) — (47 ) Settlements — (161 ) (161 ) Transfers into Level 3 — 41 41 Transfers out of Level 3 — (19 ) (19 ) Ending balance, June 30, 2018 $ 22 $ 200 $ 222 * Includes increase in unrealized losses of $48 million relating to Level 3 liabilities still held at June 30, 2018 . The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2019 . Level 3 Fair Value Liability Measurements at June 30, 2019 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, March 31, 2019 $ 16 $ 143 $ 159 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* 1 154 155 Purchases 11 — 11 Sales (6 ) — (6 ) Settlements — (88 ) (88 ) Transfers into Level 3 — 17 17 Transfers out of Level 3 — (10 ) (10 ) Ending balance, June 30, 2019 $ 22 $ 216 $ 238 * Includes increase in unrealized losses of $157 million relating to Level 3 liabilities still held at June 30, 2019 . Level 3 Fair Value Liability Measurements at June 30, 2018 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, December 31, 2017 $ 39 $ 103 $ 142 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* 8 246 254 Purchases 24 — 24 Sales (49 ) — (49 ) Settlements — (218 ) (218 ) Transfers into Level 3 — 106 106 Transfers out of Level 3 — (37 ) (37 ) Ending balance, June 30, 2018 $ 22 $ 200 $ 222 |
Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis | 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, 2019 and December 31, 2018 . The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with basis, the unobservable component as of June 30, 2019 is a weighted average 40.8% of the total price for assets and 29.6% of the total price for liabilities. Weighted Average % of Total Price June 30, 2019 December 31, 2018 Component Type Assets Liabilities Assets Liabilities Inventories and Related Payables Basis 40.8 % 29.6 % 18.5 % 125.0 % Transportation cost 31.5 % 25.0 % 25.9 % 39.4 % Commodity Derivative Contracts Basis 27.9 % 22.6 % 21.6 % 19.1 % Transportation cost 32.3 % 43.0 % 29.5 % 35.1 % |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Assets Liabilities Assets Liabilities (In millions) Interest Rate Contracts $ 3 $ 46 $ — $ 20 Total $ 3 $ 46 $ — $ 20 The following tables set forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three and six months ended June 30, 2019 and 2018 . Cost of products sold Interest expense Other expense (income) - net (In millions) Revenues Three Months Ended June 30, 2019 Consolidated Statement of Earnings $ 16,297 $ 15,325 $ 109 $ (13 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ 5 $ 1 $ — $ — Interest Contracts — — — (6 ) Total gain (loss) recognized in earnings $ 5 $ 1 $ — $ (6 ) $ — Three Months Ended June 30, 2018 Consolidated Statement of Earnings $ 17,068 $ 15,887 $ 89 $ (2 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ (1 ) $ (34 ) $ — $ — Interest Contracts — — 1 — Total gain (loss) recognized in earnings $ (1 ) $ (34 ) $ 1 $ — $ (34 ) Cost of products sold Interest expense Other expense (income) - net (In millions) Revenues Six Months Ended June 30, 2019 Consolidated Statement of Earnings $ 31,601 $ 29,701 $ 210 $ (21 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ (8 ) $ 6 $ — $ — Interest Contracts — — — (8 ) Total gain (loss) recognized in earnings $ (8 ) $ 6 $ — $ (8 ) $ (10 ) Six Months Ended June 30, 2018 Consolidated Statement of Earnings $ 32,594 $ 30,524 $ 180 $ (17 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ 1 $ (28 ) $ — $ — Interest Contracts — — 1 — Total gain (loss) recognized in earnings $ 1 $ (28 ) $ 1 $ — $ (26 ) The following table sets forth the fair value of derivatives not designated as hedging instruments as of June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Assets Liabilities Assets Liabilities (In millions) Foreign Currency Contracts $ 160 $ 113 $ 175 $ 152 Commodity Contracts 461 609 461 589 Total $ 621 $ 722 $ 636 $ 741 The following tables set forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the three and six months ended June 30, 2019 and 2018 . Other expense (income) - net Cost of products sold (In millions) Revenues Three Months Ended June 30, 2019 Consolidated Statement of Earnings $ 16,297 $ 15,325 $ (13 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ (10 ) $ 51 $ 14 Commodity Contracts — (131 ) — Total gain (loss) recognized in earnings $ (10 ) $ (80 ) $ 14 $ (76 ) Three Months Ended June 30, 2018 Consolidated Statement of Earnings $ 17,068 $ 15,887 $ (2 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ 28 $ (186 ) $ (126 ) Commodity Contracts — 392 — Total gain (loss) recognized in earnings $ 28 $ 206 $ (126 ) $ 108 Other expense (income) - net Cost of products sold (In millions) Revenues Six Months Ended June 30, 2019 Consolidated Statement of Earnings $ 31,601 $ 29,701 $ (21 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ (2 ) $ 51 $ (16 ) Commodity Contracts — (11 ) — Total gain (loss) recognized in earnings $ (2 ) $ 40 $ (16 ) $ 22 Six Months Ended June 30, 2018 Consolidated Statement of Earnings $ 32,594 $ 30,524 $ (17 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ 25 $ (201 ) $ (61 ) Commodity Contracts — 79 — Total gain (loss) recognized in earnings $ 25 $ (122 ) $ (61 ) $ (158 ) |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Assets [Abstract] | |
Other Current Assets | The following table sets forth the items in other current assets: June 30, December 31, 2019 2018 (In millions) Unrealized gains on derivative contracts $ 624 $ 636 Deferred receivables consideration 447 379 Customer omnibus receivable 593 450 Financing receivables - net (1) 514 424 Insurance premiums receivable 68 35 Prepaid expenses 286 184 Tax receivables 462 379 Non-trade receivables (2) 344 323 Other current assets 249 223 $ 3,587 $ 3,033 (1) The Company provides financing to certain suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $4 million and $3 million at June 30, 2019 and December 31, 2018 , respectively. Interest earned on financing receivables of $6 million and $14 million for the three and six months ended June 30, 2019 , respectively, and $5 million and $12 million for the three and six months ended June 30, 2018 , respectively, is included in interest income in the consolidated statements of earnings. (2) Non-trade receivables included $82 million and $84 million of reinsurance recoverables as of June 30, 2019 and December 31, 2018 , respectively. |
Accrued Expenses And Other Pa_2
Accrued Expenses And Other Payables (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Expenses And Other Payables | Accrued Expenses and Other Payables The following table sets forth the items in accrued expenses and other payables: June 30, December 31, 2019 2018 (In millions) Unrealized losses on derivative contracts $ 768 $ 761 Accrued compensation 306 337 Income tax payable 38 — Other taxes payable 105 98 Reinsurance premiums payable 13 15 Insurance claims payable 300 277 Contract liability 367 501 Other accruals and payables 1,231 924 $ 3,128 $ 2,913 |
Leases Leases (Tables)
Leases Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | the amounts relating to the Company’s total lease cost and other information. Three Months Ended Six Months Ended (In millions) Lease cost: Operating lease cost $ 73 $ 146 Short-term lease cost 24 47 Total lease cost $ 97 $ 193 Other information: Operating lease liability principal payments $ 98 Right-of-use assets obtained in exchange for new operating lease liabilities $ 168 June 30, 2019 Weighted-average remaining lease term - operating leases (in years) 8 Weighted average discount rate - operating leases 4.7 % |
Lessee, Operating and Finance Leases, Liability Maturity [Table Text Block] | Below is a tabular disclosure of the future annual undiscounted cash flows for operating lease liabilities. Undiscounted Cash Flows (In millions) Remainder of 2019 $ 116 2020 200 2021 167 2022 138 2023 101 2024 58 Thereafter 260 Total 1,040 Less interest (1) 183 Lease liability $ 857 (1) Calculated using the implicit rate of the lease, if available, or the incremental borrowing rate that is appropriate for the tenor and geography of the lease. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (AOCI) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables set forth the changes in AOCI by component for the three and six months ended June 30, 2019 and the reclassifications out of AOCI for the three and six months ended June 30, 2019 and 2018 : Three months ended June 30, 2019 Foreign Currency Translation Adjustment Deferred Gain (Loss) on Hedging Activities Pension Liability Adjustment Unrealized Gain (Loss) on Investments Total (In millions) Balance at March 31, 2019 $ (2,051 ) $ (4 ) $ (200 ) $ 13 $ (2,242 ) Other comprehensive income (loss) before reclassifications 94 14 (1 ) 7 114 Amounts reclassified from AOCI — — (3 ) — (3 ) Tax effect 7 (7 ) 2 (1 ) 1 Net of tax amount 101 7 (2 ) 6 112 Balance at June 30, 2019 $ (1,950 ) $ 3 $ (202 ) $ 19 $ (2,130 ) Six months ended June 30, 2019 Foreign Currency Translation Adjustment Deferred Gain (Loss) on Hedging Activities Pension Liability Adjustment Unrealized Gain (Loss) on Investments Total (In millions) Balance at December 31, 2018 $ (1,962 ) $ 61 $ (220 ) $ 15 $ (2,106 ) Other comprehensive income (loss) before reclassifications 16 (73 ) 9 5 (43 ) Amounts reclassified from AOCI (1 ) 10 (6 ) — 3 Tax effect (3 ) 5 15 (1 ) 16 Net of tax amount 12 (58 ) 18 4 (24 ) Balance at June 30, 2019 $ (1,950 ) $ 3 $ (202 ) $ 19 $ (2,130 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amount reclassified from AOCI Three months ended June 30, Six months ended June 30, Affected line item in the consolidated statement Details about AOCI components 2019 2018 2019 2018 of earnings (In millions) Foreign currency translation adjustment $ — $ — $ (1 ) $ — Other (income) expense-net — — — — Tax $ — $ — $ (1 ) $ — Net of tax Deferred loss (gain) on hedging activities $ (5 ) $ 1 $ 8 $ (1 ) Revenues (1 ) 34 (6 ) 28 Cost of products sold 6 — 8 — Other (income) expense-net — (1 ) — (1 ) Interest expense — 34 10 26 Total before tax 2 (8 ) — (6 ) Tax $ 2 $ 26 $ 10 $ 20 Net of tax Pension liability adjustment Amortization of defined benefit pension items: Prior service credit $ (9 ) $ (9 ) $ (13 ) $ (17 ) Other (income) expense-net Actuarial losses 6 16 7 32 Other (income) expense-net (3 ) 7 (6 ) 15 Total before tax 1 1 15 (3 ) Tax $ (2 ) $ 8 $ 9 $ 12 Net of tax |
Other (Income) Expense - Net (T
Other (Income) Expense - Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense - Net | The following table sets forth the items in other (income) expense: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 (In millions) Gains on sales of assets $ (15 ) $ (6 ) $ (30 ) $ (12 ) Other – net 2 4 9 (5 ) Other (Income) Expense - Net $ (13 ) $ (2 ) $ (21 ) $ (17 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Three Months Ended Six Months Ended June 30, June 30, (In millions) 2019 2018 2019 2018 Gross revenues Origination $ 7,193 $ 7,757 $ 14,168 $ 14,936 Oilseeds 7,547 8,251 13,956 15,086 Carbohydrate Solutions 2,878 2,906 5,454 5,718 Nutrition 1,541 1,029 2,841 1,987 Other 104 101 185 207 Intersegment elimination (2,966 ) (2,976 ) (5,003 ) (5,340 ) Total gross revenues $ 16,297 $ 17,068 $ 31,601 $ 32,594 Intersegment sales Origination $ 712 $ 1,117 $ 1,563 $ 2,029 Oilseeds 1,800 1,589 2,795 2,822 Carbohydrate Solutions 437 259 610 470 Nutrition 17 11 35 19 Total intersegment sales $ 2,966 $ 2,976 $ 5,003 $ 5,340 Revenues from external customers Origination Merchandising and Handling $ 6,418 $ 6,577 $ 12,476 $ 12,789 Transportation 63 63 129 118 Total Origination 6,481 6,640 12,605 12,907 Oilseeds Crushing and Origination 3,613 4,374 6,869 7,659 Refining, Packaging, Biodiesel, and Other 2,134 2,288 4,292 4,605 Total Oilseeds 5,747 6,662 11,161 12,264 Carbohydrate Solutions Starches and Sweeteners 1,684 1,704 3,306 3,342 Bioproducts 757 943 1,538 1,906 Total Carbohydrate Solutions 2,441 2,647 4,844 5,248 Nutrition Wild Flavors and Specialty Ingredients 728 693 1,402 1,329 Animal Nutrition 796 325 1,404 639 Total Nutrition 1,524 1,018 2,806 1,968 Other 104 101 185 207 Total revenues from external customers $ 16,297 $ 17,068 $ 31,601 $ 32,594 Three Months Ended Six Months Ended June 30, June 30, (In millions) 2019 2018 2019 2018 Segment operating profit Origination $ 71 $ 191 $ 147 $ 237 Oilseeds 291 341 632 690 Carbohydrate Solutions 192 247 288 460 Nutrition 117 114 198 210 Other 11 31 25 44 Specified Items: Gains (losses) on sales of assets and businesses (1) — — 12 — Impairment, restructuring, and settlement charges (2) (37 ) (22 ) (46 ) (35 ) Total segment operating profit 645 902 1,256 1,606 Corporate (371 ) (250 ) (667 ) (490 ) Earnings before income taxes $ 274 $ 652 $ 589 $ 1,116 (1) Current year-to-date gains consisted of a gain on the sale of certain assets and a step-up gain on an equity investment. (2) Current quarter and year-to-date charges primarily related to the impairment of certain long-lived assets. Prior quarter charges consisted of an impairment charge related to a long-term financing receivable and restructuring charges. Prior year-to-date charges consisted of impairment charges related to a long-term financing receivable and an equity investment and restructuring charges. |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 837 | |
Operating Lease, Liability | $ 857 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 793 | |
Operating Lease, Liability | $ 795 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 16,297 | $ 17,068 | $ 31,601 | $ 32,594 | |
Contract with Customer, Liability [Abstract] | |||||
Contract with Customer, Liability | 367 | 367 | $ 501 | ||
Change in Contract with Customer, Liability [Abstract] | |||||
Contract with Customer, Liability, Revenue Recognized | 160 | 183 | 326 | 509 | |
Carbohydrate Solutions [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,441 | 2,647 | 4,844 | 5,248 | |
Starches and sweeteners [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,684 | 1,704 | 3,306 | 3,342 | |
Bioproducts [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 757 | 943 | 1,538 | 1,906 | |
Nutrition [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,524 | 1,018 | 2,806 | 1,968 | |
Wild Flavors and Specialty Ingredients [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 728 | 693 | 1,402 | 1,329 | |
Animal Nutrition [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 796 | 325 | 1,404 | 639 | |
Oilseeds [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,747 | 6,662 | 11,161 | 12,264 | |
Crushing and origination [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,613 | 4,374 | 6,869 | 7,659 | |
Refining, packaging, biodiesel, and other [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,134 | 2,288 | 4,292 | 4,605 | |
Origination [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,481 | 6,640 | 12,605 | 12,907 | |
Merchandising and handling [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,418 | 6,577 | 12,476 | 12,789 | |
Transportation [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 63 | 63 | 129 | 118 | |
Other [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 104 | 101 | 185 | 207 | |
Non MTM Products and Services [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,307 | 4,739 | 9,779 | 9,416 | |
Non MTM Products and Services [Member] | Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,179 | 4,616 | 9,536 | 9,176 | |
Non MTM Products and Services [Member] | Transferred over Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 128 | 123 | 243 | 240 | |
Non MTM Products and Services [Member] | Carbohydrate Solutions [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,017 | 2,224 | 3,997 | 4,344 | |
Non MTM Products and Services [Member] | Carbohydrate Solutions [Member] | Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,017 | 2,224 | 3,997 | 4,344 | |
Non MTM Products and Services [Member] | Starches and sweeteners [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,260 | 1,281 | 2,459 | 2,438 | |
Non MTM Products and Services [Member] | Starches and sweeteners [Member] | Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,260 | 1,281 | 2,459 | 2,438 | |
Non MTM Products and Services [Member] | Bioproducts [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 757 | 943 | 1,538 | 1,906 | |
Non MTM Products and Services [Member] | Bioproducts [Member] | Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 757 | 943 | 1,538 | 1,906 | |
Non MTM Products and Services [Member] | Nutrition [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,524 | 1,018 | 2,806 | 1,968 | |
Non MTM Products and Services [Member] | Nutrition [Member] | Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,524 | 1,018 | 2,806 | 1,968 | |
Non MTM Products and Services [Member] | Wild Flavors and Specialty Ingredients [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 728 | 693 | 1,402 | 1,329 | |
Non MTM Products and Services [Member] | Wild Flavors and Specialty Ingredients [Member] | Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 728 | 693 | 1,402 | 1,329 | |
Non MTM Products and Services [Member] | Animal Nutrition [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 796 | 325 | 1,404 | 639 | |
Non MTM Products and Services [Member] | Animal Nutrition [Member] | Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 796 | 325 | 1,404 | 639 | |
Non MTM Products and Services [Member] | Oilseeds [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 725 | 712 | 1,408 | 1,425 | |
Non MTM Products and Services [Member] | Oilseeds [Member] | Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 725 | 712 | 1,408 | 1,425 | |
Non MTM Products and Services [Member] | Crushing and origination [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 200 | 131 | 371 | 317 | |
Non MTM Products and Services [Member] | Crushing and origination [Member] | Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 200 | 131 | 371 | 317 | |
Non MTM Products and Services [Member] | Refining, packaging, biodiesel, and other [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 525 | 581 | 1,037 | 1,108 | |
Non MTM Products and Services [Member] | Refining, packaging, biodiesel, and other [Member] | Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 525 | 581 | 1,037 | 1,108 | |
Non MTM Products and Services [Member] | Origination [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 937 | 684 | 1,383 | 1,472 | |
Non MTM Products and Services [Member] | Origination [Member] | Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 809 | 561 | 1,140 | 1,232 | |
Non MTM Products and Services [Member] | Origination [Member] | Transferred over Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 128 | 123 | 243 | 240 | |
Non MTM Products and Services [Member] | Merchandising and handling [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 874 | 621 | 1,254 | 1,354 | |
Non MTM Products and Services [Member] | Merchandising and handling [Member] | Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 809 | 561 | 1,140 | 1,232 | |
Non MTM Products and Services [Member] | Merchandising and handling [Member] | Transferred over Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 65 | 60 | 114 | 122 | |
Non MTM Products and Services [Member] | Transportation [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 63 | 63 | 129 | 118 | |
Non MTM Products and Services [Member] | Transportation [Member] | Transferred over Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 63 | 63 | 129 | 118 | |
Non MTM Products and Services [Member] | Other [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 104 | 101 | 185 | 207 | |
Non MTM Products and Services [Member] | Other [Member] | Transferred at Point in Time [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 104 | 101 | 185 | 207 | |
Mark-to-Market Products [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,990 | 12,329 | 21,822 | 23,178 | |
Mark-to-Market Products [Member] | Carbohydrate Solutions [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 424 | 423 | 847 | 904 | |
Mark-to-Market Products [Member] | Starches and sweeteners [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 424 | 423 | 847 | 904 | |
Mark-to-Market Products [Member] | Oilseeds [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,022 | 5,950 | 9,753 | 10,839 | |
Mark-to-Market Products [Member] | Crushing and origination [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,413 | 4,243 | 6,498 | 7,342 | |
Mark-to-Market Products [Member] | Refining, packaging, biodiesel, and other [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,609 | 1,707 | 3,255 | 3,497 | |
Mark-to-Market Products [Member] | Origination [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,544 | 5,956 | 11,222 | 11,435 | |
Mark-to-Market Products [Member] | Merchandising and handling [Member] | |||||
Revenue from Contract with Customer [Abstract] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 5,544 | $ 5,956 | $ 11,222 | $ 11,435 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 2,000 | |
Cash Acquired from Acquisition | 95 | |
Business Acquisition, Purchase Price Allocation, Working Capital | 157 | |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 438 | |
Goodwill | 858 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 706 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 92 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (307) | |
Payments to Acquire Businesses, Net of Cash Acquired | 1,944 | $ 0 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 90 | |
Gleadell [Member] | ||
Business Acquisition [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 15 | |
Business Acquisition, Purchase Price Allocation, Working Capital | (6) | |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 13 | |
Goodwill | 10 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 9 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (11) | |
Payments to Acquire Businesses, Net of Cash Acquired | 15 | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 3 | |
Neovia [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Purchase Price Allocation, Working Capital | 103 | |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 405 | |
Goodwill | 731 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 659 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 82 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (289) | |
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | 1,691 | |
FCC [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Purchase Price Allocation, Working Capital | 40 | |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 17 | |
Goodwill | 90 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 23 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 0 | |
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | 170 | |
Ziegler [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Purchase Price Allocation, Working Capital | 20 | |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 3 | |
Goodwill | 27 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 24 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (7) | |
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | $ 68 |
Acquisitions Other Intangible A
Acquisitions Other Intangible Assets (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 706 |
Neovia [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 659 |
FCC [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 23 |
Ziegler [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 24 |
Gleadell [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 |
Trademarks and Trade Names [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 225 |
Trademarks and Trade Names [Member] | Neovia [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 215 |
Trademarks and Trade Names [Member] | FCC [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 7 |
Trademarks and Trade Names [Member] | Ziegler [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3 |
Customer Lists [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 323 |
Customer Lists [Member] | Neovia [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 306 |
Customer Lists [Member] | FCC [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 12 |
Customer Lists [Member] | Ziegler [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5 |
Developed Technology Rights [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 158 |
Developed Technology Rights [Member] | Neovia [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 138 |
Developed Technology Rights [Member] | FCC [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4 |
Developed Technology Rights [Member] | Ziegler [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 16 |
Minimum [Member] | Trademarks and Trade Names [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Minimum [Member] | Customer Lists [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Minimum [Member] | Developed Technology Rights [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years |
Maximum [Member] | Trademarks and Trade Names [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
Maximum [Member] | Customer Lists [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years |
Maximum [Member] | Developed Technology Rights [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Weighted Average [Member] - Fair Value, Recurring [Member] - Significant Unobservable Inputs (Level 3) [Member] | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Related Payables [Member] | ||
Fair Value Measurements [Line Items] | ||
Basis | 29.60% | 125.00% |
Inventories Carried At Market [Member] | ||
Fair Value Measurements [Line Items] | ||
Basis | 40.80% | 18.50% |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements At Reporting Date) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Derivative Asset | $ 624 | $ 636 |
Deferred receivables consideration | 447 | 379 |
Liabilities: | ||
Derivative Liability | 768 | 761 |
Fair Value, Recurring [Member] | ||
Assets: | ||
Inventories carried at market | 3,988 | 4,547 |
Cash Equivalents, at Carrying Value | 429 | 1,288 |
Available-for-sale Securities, Fair Value Disclosure | 12 | 13 |
Restricted Investments, at Fair Value | 925 | 1,044 |
Deferred receivables consideration | 447 | 379 |
Total Assets | 6,425 | 7,907 |
Liabilities: | ||
Inventory-related payables | 762 | 597 |
Total Liabilities | 1,530 | 1,358 |
Fair Value, Recurring [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 461 | 461 |
Liabilities: | ||
Derivative Liability | 609 | 589 |
Fair Value, Recurring [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 160 | 175 |
Liabilities: | ||
Derivative Liability | 113 | 152 |
Fair Value, Recurring [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | 3 | |
Liabilities: | ||
Derivative Liability | 46 | 20 |
Fair Value, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Assets: | ||
Inventories carried at market | 0 | 0 |
Cash Equivalents, at Carrying Value | 429 | 1,288 |
Available-for-sale Securities, Fair Value Disclosure | 11 | 12 |
Restricted Investments, at Fair Value | 925 | 1,044 |
Deferred receivables consideration | 0 | 0 |
Total Assets | 1,365 | 2,344 |
Liabilities: | ||
Inventory-related payables | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Fair Value, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Fair Value, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Inventories carried at market | 2,600 | 3,032 |
Cash Equivalents, at Carrying Value | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 1 | 1 |
Restricted Investments, at Fair Value | 0 | 0 |
Deferred receivables consideration | 447 | 379 |
Total Assets | 3,513 | 3,893 |
Liabilities: | ||
Inventory-related payables | 740 | 579 |
Total Liabilities | 1,292 | 1,095 |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 302 | 306 |
Liabilities: | ||
Derivative Liability | 393 | 344 |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 160 | 175 |
Liabilities: | ||
Derivative Liability | 113 | 152 |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | 3 | |
Liabilities: | ||
Derivative Liability | 46 | 20 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Inventories carried at market | 1,388 | 1,515 |
Cash Equivalents, at Carrying Value | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Restricted Investments, at Fair Value | 0 | 0 |
Deferred receivables consideration | 0 | 0 |
Total Assets | 1,547 | 1,670 |
Liabilities: | ||
Inventory-related payables | 22 | 18 |
Total Liabilities | 238 | 263 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 159 | 155 |
Liabilities: | ||
Derivative Liability | 216 | 245 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | |
Liabilities: | ||
Derivative Liability | $ 0 | $ 0 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation Of Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 280 | $ 105 | $ 491 | $ 280 |
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 1,723 | 1,945 | 1,670 | 1,597 |
Total increase (decrease) in unrealized gains included in cost of products sold | 321 | 114 | 444 | 441 |
Purchases | 2,657 | 2,133 | 5,346 | 4,372 |
Sales | (2,958) | (2,832) | (5,782) | (4,982) |
Settlements | (137) | (78) | (240) | (144) |
Transfers into Level 3 | 242 | 397 | 265 | 425 |
Transfers out of Level 3 | (301) | (93) | (156) | (123) |
Balance at end of period | 1,547 | 1,586 | 1,547 | 1,586 |
Significant Unobservable Inputs (Level 3) [Member] | Inventories Carried At Market [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 1,511 | 1,829 | 1,515 | 1,486 |
Total increase (decrease) in unrealized gains included in cost of products sold | 237 | (11) | 216 | 269 |
Purchases | 2,657 | 2,133 | 5,346 | 4,372 |
Sales | (2,958) | (2,832) | (5,782) | (4,982) |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 232 | 340 | 232 | 340 |
Transfers out of Level 3 | (291) | (81) | (139) | (107) |
Balance at end of period | 1,388 | 1,378 | 1,388 | 1,378 |
Significant Unobservable Inputs (Level 3) [Member] | Commodity Derivative Contracts Gains [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 212 | 116 | 155 | 111 |
Total increase (decrease) in unrealized gains included in cost of products sold | 84 | 125 | 228 | 172 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (137) | (78) | (240) | (144) |
Transfers into Level 3 | 10 | 57 | 33 | 85 |
Transfers out of Level 3 | (10) | (12) | (17) | (16) |
Balance at end of period | $ 159 | $ 208 | $ 159 | $ 208 |
Fair Value Measurements (Reco_2
Fair Value Measurements (Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ (157) | $ (48) | $ (177) | $ (246) |
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 159 | 366 | 263 | 142 |
Total increase (decrease) in unrealized losses included in cost of products sold | 155 | 39 | 173 | 254 |
Purchases | 11 | 3 | 15 | 24 |
Sales | (6) | (47) | (12) | (49) |
Settlements | (88) | (161) | (187) | (218) |
Transfers into Level 3 | 17 | 41 | 24 | 106 |
Transfers out of Level 3 | (10) | (19) | (38) | (37) |
Balance at end of period | 238 | 222 | 238 | 222 |
Significant Unobservable Inputs (Level 3) [Member] | Inventory Related Payables [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 16 | 75 | 18 | 39 |
Total increase (decrease) in unrealized losses included in cost of products sold | 1 | (9) | 1 | 8 |
Purchases | 11 | 3 | 15 | 24 |
Sales | (6) | (47) | (12) | (49) |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance at end of period | 22 | 22 | 22 | 22 |
Significant Unobservable Inputs (Level 3) [Member] | Commodity Derivative Contracts Losses [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 143 | 291 | 245 | 103 |
Total increase (decrease) in unrealized losses included in cost of products sold | 154 | 48 | 172 | 246 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (88) | (161) | (187) | (218) |
Transfers into Level 3 | 17 | 41 | 24 | 106 |
Transfers out of Level 3 | (10) | (19) | (38) | (37) |
Balance at end of period | $ 216 | $ 200 | $ 216 | $ 200 |
Fair Value Measurements (Unobse
Fair Value Measurements (Unobservable Inputs In Level 3 Valuations Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Weighted Average [Member] - Significant Unobservable Inputs (Level 3) [Member] - Fair Value, Recurring [Member] | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Related Payables [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 29.60% | 125.00% |
Transportation cost | 25.00% | 39.40% |
Commodity Derivative Contracts Losses [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 22.60% | 19.10% |
Transportation cost | 43.00% | 35.10% |
Inventories Carried At Market [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 40.80% | 18.50% |
Transportation cost | 31.50% | 25.90% |
Commodity Derivative Contracts Gains [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 27.90% | 21.60% |
Transportation cost | 32.30% | 29.50% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) € in Millions, gal in Millions, bu in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($)gal | Jun. 30, 2019USD ($)bugal | Jun. 30, 2019EUR (€)gal | Dec. 31, 2018USD ($) | Sep. 12, 2018EUR (€) | Jun. 24, 2015EUR (€) | |
Derivative [Line Items] | ||||||
Debt Instrument, Face Amount | € | € 650 | |||||
Unrealized gain (loss) on interest rate cash flow hedges, after-tax, AOCI | $ 46 | $ 46 | ||||
Corn processed per month (in bushels) | bu | 72 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||
Commercial Paper | 1,100 | $ 1,100 | ||||
Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Unrealized Gain (Loss) on Price Risk Cash Flow Hedges, after Tax, Accumulated Other Comprehensive Income | 15 | 15 | ||||
Interest Rate Derivative Liabilities, at Fair Value | 46 | 46 | $ 20 | |||
After-tax gains (losses) in AOCI from commodity cash flow hedge transactions | 15 | 15 | ||||
Floating Rate Notes Euros [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Face Amount | € | € 500 | |||||
1.75% Notes Euros [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Face Amount | € | € 600 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | |||||
Fair Value Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Notional Amount | $ 496 | $ 496 | ||||
Corn [Member] | Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Hedged Item Time Period | 12 months | |||||
Corn [Member] | Minimum [Member] | Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent) | 19.00% | 19.00% | 19.00% | |||
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent) | 1.00% | 1.00% | 1.00% | |||
Corn [Member] | Maximum [Member] | Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent) | 95.00% | 95.00% | 95.00% | |||
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent) | 32.00% | 32.00% | 32.00% | |||
Ethanol [Member] | Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Hedged Item Time Period | 3 months | |||||
Ethanol [Member] | Minimum [Member] | Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Commodity hedged during historical hedging period, (in gallons) | gal | 0 | 0 | 0 | |||
Commodity hedged over future hedging period, (in gallons) | gal | 0 | 0 | 0 | |||
Ethanol [Member] | Maximum [Member] | Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Commodity hedged during historical hedging period, (in gallons) | gal | 121 | 121 | 121 | |||
Commodity hedged over future hedging period, (in gallons) | gal | 1 | 1 | 1 | |||
Soybean [Member] | Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Hedged Item Time Period | 12 months | |||||
Soybean [Member] | Minimum [Member] | Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent) | 99.00% | 99.00% | 99.00% | |||
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent) | 0.00% | 0.00% | 0.00% | |||
Soybean [Member] | Maximum [Member] | Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent) | 100.00% | 100.00% | 100.00% | |||
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent) | 100.00% | 100.00% | 100.00% | |||
Foreign Exchange Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Debt amount designated as a net investment hedge | € | € 2,300 | |||||
Derivatives used in Net Investment Hedge, Net of Tax | $ 25 | $ 25 | $ (26) | |||
Fair Value Hedging [Member] | Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Interest Rate Derivative Liabilities, at Fair Value | $ 3 | $ 3 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Not Designated As Hedging Instruments) (Details) - Not Designated As Hedging Instrument [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
FX Contracts Assets | $ 160 | $ 175 |
Commodity Contracts Assets | 461 | 461 |
Total fair value of derivative assets not designated as hedging instruments | 621 | 636 |
FX Contracts Liabilities | 113 | 152 |
Commodity Contracts Liabilities | 609 | 589 |
Total fair value of derivative liabilities not designated as hedging instruments. | $ 722 | $ 741 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Not Designated As Hedging Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative [Line Items] | ||||
Revenues | $ 16,297 | $ 17,068 | $ 31,601 | $ 32,594 |
Cost of Products Sold | 15,325 | 15,887 | 29,701 | 30,524 |
Other (Income) Expense - Net | (13) | (2) | (21) | (17) |
Total gain (loss) recognized in earnings | (76) | 108 | 22 | (158) |
Revenues [Member] | ||||
Derivative [Line Items] | ||||
FX Contracts | (10) | 28 | (2) | 25 |
Total gain (loss) recognized in earnings | (10) | 28 | (2) | 25 |
Cost of Products Sold [Member] | ||||
Derivative [Line Items] | ||||
FX Contracts | 51 | (186) | 51 | (201) |
Commodity Contracts | (131) | 392 | (11) | 79 |
Total gain (loss) recognized in earnings | (80) | 206 | 40 | (122) |
Other (Income) Expense - Net [Member] | ||||
Derivative [Line Items] | ||||
FX Contracts | 14 | (126) | (16) | (61) |
Total gain (loss) recognized in earnings | $ 14 | $ (126) | $ (16) | $ (61) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Designated As Hedging Instruments) (Details) - Designated As Hedging Instrument [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | $ 3 | $ 0 |
Interest Rate Derivative Liabilities, at Fair Value | 46 | 20 |
Derivative Instruments in Hedges, Assets, at Fair Value | 3 | 0 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ 46 | $ 20 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Designated As Hedging Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Revenues | $ 16,297 | $ 17,068 | $ 31,601 | $ 32,594 |
Cost of Products Sold | 15,325 | 15,887 | 29,701 | 30,524 |
Interest Expense | 109 | 89 | 210 | 180 |
Other (Income) Expense - Net | (13) | (2) | (21) | (17) |
Designated As Hedging Instrument [Member] | ||||
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Total amount recognized in earnings | 0 | (34) | (10) | (26) |
Designated As Hedging Instrument [Member] | Other (Income) Expense - Net [Member] | ||||
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Interest contracts effective amount recognized in earnings | (6) | (8) | ||
Commodity Contracts effective amount recognized in earnings | 0 | 0 | 0 | |
Total amount recognized in earnings | (6) | 0 | (8) | 0 |
Designated As Hedging Instrument [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Interest contracts effective amount recognized in earnings | 0 | 1 | 0 | 1 |
Total amount recognized in earnings | 0 | 1 | 0 | 1 |
Designated As Hedging Instrument [Member] | Cost of Products Sold [Member] | ||||
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Commodity Contracts effective amount recognized in earnings | 1 | (34) | 6 | (28) |
Total amount recognized in earnings | 1 | (34) | 6 | (28) |
Designated As Hedging Instrument [Member] | Revenues [Member] | ||||
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Commodity Contracts effective amount recognized in earnings | 5 | (1) | (8) | 1 |
Total amount recognized in earnings | $ 5 | $ (1) | $ (8) | $ 1 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Other Assets [Abstract] | |||||
Derivative Asset | $ 624 | $ 624 | $ 636 | ||
Deferred receivables consideration | 447 | 447 | 379 | ||
Receivables from Customers | 593 | 593 | 450 | ||
Financing Receivable, after Allowance for Credit Loss | 514 | 514 | 424 | ||
Premiums Receivable, Net | 68 | 68 | 35 | ||
Prepaid Expense, Current | 286 | 286 | 184 | ||
Tax receivables | 462 | 462 | 379 | ||
Other Receivables | 344 | 344 | 323 | ||
Other current assets | 249 | 249 | 223 | ||
Total other current assets | 3,587 | 3,587 | 3,033 | ||
Financing Receivable, Allowance for Credit Loss | 4 | 4 | 3 | ||
Interest on financing receivables | 6 | $ 5 | 14 | $ 12 | |
Asset Impairment Charges | 35 | 44 | |||
Reinsurance Recoverables | $ 82 | $ 82 | $ 84 |
Accrued Expenses And Other Pa_3
Accrued Expenses And Other Payables (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Derivative Liability | $ 768 | $ 761 |
Employee-related Liabilities | 306 | 337 |
Accrued Income Taxes, Current | 38 | 0 |
Accrual for Taxes Other than Income Taxes, Current | 105 | 98 |
Reinsurance Payable | 13 | 15 |
Liability for Claims and Claims Adjustment Expense | 300 | 277 |
Contract with Customer, Liability | 367 | 501 |
Accrued expenses and other payables | 1,231 | 924 |
Total accrued expenses and other payables | $ 3,128 | $ 2,913 |
Debt And Financing Arrangemen_2
Debt And Financing Arrangements (Narrative) (Details) € in Millions, $ in Billions | Jun. 30, 2019USD ($) | Sep. 12, 2018EUR (€) |
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | € | € 650 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |
Excess of fair value over carrying value of long-term debt | $ 1.4 | |
Commercial Paper | 1.1 | |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 8.9 | |
Unused lines of credit | 5.8 | |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 5 | |
Commercial Paper | 1.5 | |
Accounts Receivable Securitization Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1.8 | |
Unused lines of credit | $ 0.4 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)assessment | Jun. 30, 2018 | Jun. 30, 2019USD ($)assessment | Jun. 30, 2018 | |
Income Tax Contingency [Line Items] | ||||
Effective income tax rate | 13.10% | 13.20% | 19.90% | 13.80% |
Brazilian Federal Revenue Service [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Number of separate tax assessments | assessment | 3 | 3 | ||
Income tax assessment | $ 110 | $ 110 | ||
Income tax assessment - Interest and Penalties | 317 | 317 | ||
Argentine Tax Authorities [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax assessment | 20 | 20 | ||
Income tax assessment - Interest and Penalties | 69 | 69 | ||
Estimated Additional Tax Assessment | 56 | 56 | ||
Additional income tax assessment - Interest and Penalties | 53 | 53 | ||
Tax and Customs Administration, Netherlands [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax assessment | 92 | 92 | ||
Additional income tax assessment - Interest and Penalties | $ 33 | $ 33 |
Leases Lease Cost (Details)
Leases Lease Cost (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 73 | $ 146 |
Short-term Lease, Cost | 24 | 47 |
Lease, Cost | $ 97 | 193 |
Operating Lease, Payments | 98 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 168 | |
Operating Lease, Weighted Average Remaining Lease Term | 8 years | 8 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.70% | 4.70% |
Leases Liability Maturity (Deta
Leases Liability Maturity (Details) $ in Millions | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 116 |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 200 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 167 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 138 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 101 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 58 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 260 |
Lessee, Operating Lease, Liability, Payments, Due | 1,040 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 183 |
Operating Lease, Liability | $ 857 |
Leases Narrative (Details)
Leases Narrative (Details) $ in Millions | Jun. 30, 2019USD ($) |
Operating Leased Assets [Line Items] | |
Operating Lease, Right-of-Use Asset | $ 837 |
Operating Lease, Liability, Current | 189 |
Operating Lease, Liability, Noncurrent | $ 668 |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Renewal Term | 1 month |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Renewal Term | 49 years |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | $ (2,242) | $ (2,106) |
Other comprehensive income (loss) before reclassifications | 114 | (43) |
Amounts reclassified from AOCI | (3) | 3 |
Other comprehensive income (loss), tax, portion attributable to parent | 1 | 16 |
Other Comprehensive Income (Loss), Net of Tax | 112 | (24) |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | (2,130) | (2,130) |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | (2,051) | (1,962) |
Other comprehensive income (loss) before reclassifications | 94 | 16 |
Amounts reclassified from AOCI | 0 | (1) |
Other comprehensive income (loss), tax, portion attributable to parent | 7 | (3) |
Other Comprehensive Income (Loss), Net of Tax | 101 | 12 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | (1,950) | (1,950) |
Deferred Gain (Loss) On Hedging Activities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | (4) | 61 |
Other comprehensive income (loss) before reclassifications | 14 | (73) |
Amounts reclassified from AOCI | 0 | 10 |
Other comprehensive income (loss), tax, portion attributable to parent | (7) | 5 |
Other Comprehensive Income (Loss), Net of Tax | 7 | (58) |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | 3 | 3 |
Pension Liability Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | (200) | (220) |
Other comprehensive income (loss) before reclassifications | (1) | 9 |
Amounts reclassified from AOCI | (3) | (6) |
Other comprehensive income (loss), tax, portion attributable to parent | 2 | 15 |
Other Comprehensive Income (Loss), Net of Tax | (2) | 18 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | (202) | (202) |
Unrealized Gain (Loss) On Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | 13 | 15 |
Other comprehensive income (loss) before reclassifications | 7 | 5 |
Amounts reclassified from AOCI | 0 | 0 |
Other comprehensive income (loss), tax, portion attributable to parent | (1) | (1) |
Other Comprehensive Income (Loss), Net of Tax | 6 | 4 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | $ 19 | $ 19 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (AOCI) Components (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Asset impairment, exit, and restructuring costs | $ 136 | $ 24 | $ 147 | $ 40 |
Earnings Before Income Taxes | (274) | (652) | (589) | (1,116) |
Income taxes | (36) | (86) | (117) | (154) |
Net Earnings Including Noncontrolling Interests | (238) | (566) | (472) | (962) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Translation Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income taxes | 0 | 0 | 0 | 0 |
Net Earnings Including Noncontrolling Interests | 0 | 0 | (1) | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred (Gain) Loss On Hedging Activities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 34 | 10 | 26 |
Income taxes | (2) | 8 | 0 | 6 |
Net Earnings Including Noncontrolling Interests | 2 | 26 | 10 | 20 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension Liability Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Earnings Before Income Taxes | (3) | 7 | (6) | 15 |
Income taxes | (1) | (1) | (15) | 3 |
Net Earnings Including Noncontrolling Interests | (2) | 8 | 9 | 12 |
Revenues [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred (Gain) Loss On Hedging Activities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (5) | 1 | 8 | (1) |
Cost of Products Sold [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred (Gain) Loss On Hedging Activities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (1) | 34 | (6) | 28 |
Other (Income) Expense - Net [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Translation Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | 1 | 0 |
Other (Income) Expense - Net [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred (Gain) Loss On Hedging Activities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 6 | 0 | 8 | 0 |
Other (Income) Expense - Net [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension Liability Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Prior Service Cost (Credit) | (9) | (9) | (13) | (17) |
Actuarial Losses | 6 | 16 | (7) | (32) |
Interest Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred (Gain) Loss On Hedging Activities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ (1) | $ 0 | $ (1) |
Other (Income) Expense (Details
Other (Income) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Gain (Loss) on Sale and Revaluation of Assets | $ 15 | $ 6 | $ 30 | $ 12 |
Other - net | 2 | 4 | 9 | (5) |
Other (Income) Expense - Net | (13) | (2) | (21) | (17) |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ (6) | $ (2) | $ (8) | $ (5) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2019segmentFacilitiesCountries | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 4 |
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% |
Number of production facilities | Facilities | 72 |
Number of Countries in which Entity Operates | Countries | 25 |
Segment Information (Segment In
Segment Information (Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Information | ||||
Revenues | $ 16,297 | $ 17,068 | $ 31,601 | $ 32,594 |
Earnings Before Income Taxes | 274 | 652 | 589 | 1,116 |
Origination [Member] | ||||
Segment Information | ||||
Revenues | 6,481 | 6,640 | 12,605 | 12,907 |
Earnings Before Income Taxes | 71 | 191 | 147 | 237 |
Merchandising and handling [Member] | ||||
Segment Information | ||||
Revenues | 6,418 | 6,577 | 12,476 | 12,789 |
Transportation [Member] | ||||
Segment Information | ||||
Revenues | 63 | 63 | 129 | 118 |
Oilseeds [Member] | ||||
Segment Information | ||||
Revenues | 5,747 | 6,662 | 11,161 | 12,264 |
Earnings Before Income Taxes | 291 | 341 | 632 | 690 |
Crushing and origination [Member] | ||||
Segment Information | ||||
Revenues | 3,613 | 4,374 | 6,869 | 7,659 |
Refining, packaging, biodiesel, and other [Member] | ||||
Segment Information | ||||
Revenues | 2,134 | 2,288 | 4,292 | 4,605 |
Carbohydrate Solutions [Member] | ||||
Segment Information | ||||
Revenues | 2,441 | 2,647 | 4,844 | 5,248 |
Earnings Before Income Taxes | 192 | 247 | 288 | 460 |
Starches and sweeteners [Member] | ||||
Segment Information | ||||
Revenues | 1,684 | 1,704 | 3,306 | 3,342 |
Bioproducts [Member] | ||||
Segment Information | ||||
Revenues | 757 | 943 | 1,538 | 1,906 |
Nutrition [Member] | ||||
Segment Information | ||||
Revenues | 1,524 | 1,018 | 2,806 | 1,968 |
Earnings Before Income Taxes | 117 | 114 | 198 | 210 |
Wild Flavors and Specialty Ingredients [Member] | ||||
Segment Information | ||||
Revenues | 728 | 693 | 1,402 | 1,329 |
Animal Nutrition [Member] | ||||
Segment Information | ||||
Revenues | 796 | 325 | 1,404 | 639 |
Other [Member] | ||||
Segment Information | ||||
Revenues | 104 | 101 | 185 | 207 |
Earnings Before Income Taxes | 11 | 31 | 25 | 44 |
Corporate, Non-Segment [Member] | ||||
Segment Information | ||||
Earnings Before Income Taxes | (371) | (250) | (667) | (490) |
Aggregate Segment [Member] | ||||
Segment Information | ||||
Earnings Before Income Taxes | 645 | 902 | 1,256 | 1,606 |
Operating Segments [Member] | Origination [Member] | ||||
Segment Information | ||||
Revenues | 7,193 | 7,757 | 14,168 | 14,936 |
Operating Segments [Member] | Oilseeds [Member] | ||||
Segment Information | ||||
Revenues | 7,547 | 8,251 | 13,956 | 15,086 |
Operating Segments [Member] | Carbohydrate Solutions [Member] | ||||
Segment Information | ||||
Revenues | 2,878 | 2,906 | 5,454 | 5,718 |
Operating Segments [Member] | Nutrition [Member] | ||||
Segment Information | ||||
Revenues | 1,541 | 1,029 | 2,841 | 1,987 |
Operating Segments [Member] | Other [Member] | ||||
Segment Information | ||||
Revenues | 104 | 101 | 185 | 207 |
Intersegment Elimination [Member] | ||||
Segment Information | ||||
Revenues | (2,966) | (2,976) | (5,003) | (5,340) |
Intersegment Elimination [Member] | Origination [Member] | ||||
Segment Information | ||||
Revenues | (712) | (1,117) | (1,563) | (2,029) |
Intersegment Elimination [Member] | Oilseeds [Member] | ||||
Segment Information | ||||
Revenues | (1,800) | (1,589) | (2,795) | (2,822) |
Intersegment Elimination [Member] | Carbohydrate Solutions [Member] | ||||
Segment Information | ||||
Revenues | (437) | (259) | (610) | (470) |
Intersegment Elimination [Member] | Nutrition [Member] | ||||
Segment Information | ||||
Revenues | (17) | (11) | (35) | (19) |
Other (Income) Expense - Net [Member] | Segment Reconciling Items [Member] | ||||
Segment Information | ||||
Earnings Before Income Taxes | 0 | 0 | 12 | 0 |
Asset impairment, restructuring, and settlement [Member] | Segment Reconciling Items [Member] | ||||
Segment Information | ||||
Earnings Before Income Taxes | $ (37) | $ (22) | $ (46) | $ (35) |
Asset Impairment, Exit, and R_2
Asset Impairment, Exit, and Restructuring Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Asset Impairment Charges And Exit Costs [Line Items] | ||||
Asset impairment, exit, and restructuring costs | $ 136 | $ 24 | $ 147 | $ 40 |
Asset Impairment Charges | 35 | 44 | ||
Restructuring Charges | 1 | 2 | ||
Equity Method Investment, Other than Temporary Impairment | 12 | |||
Other Asset Impairment Charges | 21 | 21 | ||
Corporate, Non-Segment [Member] | ||||
Asset Impairment Charges And Exit Costs [Line Items] | ||||
Restructuring Charges | $ 101 | $ 2 | $ 103 | $ 5 |
Sale of Accounts Receivable (Na
Sale of Accounts Receivable (Narrative) (Details) $ in Millions, € in Billions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019EUR (€) | Dec. 31, 2018USD ($) | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||||||
Transfer of Financial Assets Accounted for as Sales, Fair Value of Derecognized Assets | $ 1,800 | $ 1,800 | $ 1,900 | |||
Transfer of Financial Assets Accounted for as Sales, Cash Proceeds Received for Assets Derecognized, Amount | 1,400 | 1,400 | 1,500 | |||
Retained Interest, Fair Value Disclosure | 447 | 447 | $ 379 | |||
Proceeds from Sale of Other Receivables | 16,500 | $ 17,900 | ||||
Proceeds from Collection of Retained Interest in Securitized Receivables | 6,203 | 6,212 | ||||
Loss on transfer of accounts receivables to purchasers | 4 | $ 5 | 9 | $ 9 | ||
Accounts Receivable Securitization Facility [Member] | ||||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,800 | 1,800 | ||||
First Purchasers [Member] | Accounts Receivable Securitization Facility [Member] | ||||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200 | 1,200 | ||||
Second Purchasers [Member] | Accounts Receivable Securitization Facility [Member] | ||||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600 | $ 600 | € 0.5 |