Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 05, 2018 | |
Entity Information [Abstract] | ||
Entity Central Index Key | 7,084 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Registrant Name | ARCHER DANIELS MIDLAND CO | |
Entity Common Stock, Shares Outstanding | 560,644,375 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Revenues | $ 15,800 | $ 14,827 | $ 48,394 | $ 44,758 |
Cost of Products Sold | 14,742 | 14,015 | 45,266 | 42,182 |
Gross Profit | 1,058 | 812 | 3,128 | 2,576 |
Selling, general, and administrative expenses | 534 | 478 | 1,607 | 1,519 |
Asset impairment, exit, and restructuring costs | 1 | 107 | 41 | 140 |
Interest Expense | 87 | 79 | 267 | 246 |
Equity in (earnings) losses of unconsolidated affiliates | (131) | (46) | (378) | (327) |
Interest income | (40) | (27) | (115) | (75) |
Other (Income) Expense - Net | (25) | (4) | (42) | 7 |
Earnings Before Income Taxes | 632 | 225 | 1,748 | 1,066 |
Income taxes | 96 | 30 | 250 | 256 |
Net earnings including noncontrolling interests | 536 | 195 | 1,498 | 810 |
Less: Net earnings (losses) attributable to noncontrolling interests | 0 | 3 | 3 | 3 |
Net Earnings Attributable to Controlling Interests | $ 536 | $ 192 | $ 1,495 | $ 807 |
Average number of shares outstanding - basic | 565 | 566 | 564 | 571 |
Average number of shares outstanding - diluted | 568 | 569 | 567 | 574 |
Earnings Per Share, Basic | $ 0.95 | $ 0.34 | $ 2.65 | $ 1.41 |
Earnings Per Share, Diluted | 0.94 | 0.34 | 2.64 | 1.41 |
Dividends per common share | $ 0.335 | $ 0.320 | $ 1.005 | $ 0.96 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings including noncontrolling interests | $ 536 | $ 195 | $ 1,498 | $ 810 |
Other Comprehensive Income (Loss), before Tax | ||||
Foreign currency translation adjustment, before tax | (178) | 245 | (369) | 628 |
Pension and other postretirement benefit liabilities adjustment, before tax | 8 | 174 | 23 | 193 |
Deferred gain (loss) on hedging activities, before tax | 77 | (26) | (12) | 12 |
Unrealized gain (loss) on investments, before tax | (7) | 6 | (11) | 1 |
Other Comprehensive Income (Loss), Tax | ||||
Foreign currency translation adjustment, tax effect | (1) | (40) | (23) | (4) |
Pension and other postretirement benefit liabilities adjustment, tax effect | (3) | (66) | (7) | (74) |
Deferred gain (loss) on hedging activities, tax effect | (17) | 6 | 4 | 1 |
Unrealized gain (loss) on investments, tax effect | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | ||||
Foreign currency translation adjustment, net of tax | (179) | 205 | (392) | 624 |
Pension and other postretirement benefit liabilities adjustment, net of tax | 5 | 108 | 16 | 119 |
Deferred gain (loss) on hedging activities, net of tax | 60 | (20) | (8) | 13 |
Unrealized gain (loss) on investments, net of tax | (7) | 6 | (11) | 1 |
Other comprehensive income (loss) | (121) | 299 | (395) | 757 |
Comprehensive income (loss) including noncontrolling interests | 415 | 494 | 1,103 | 1,567 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 0 | 4 | 3 | 5 |
Comprehensive income (loss) attributable to controlling interests | $ 415 | $ 490 | $ 1,100 | $ 1,562 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 915 | $ 804 |
Segregated cash and investments | 4,426 | 4,826 |
Trade receivables | 1,934 | 1,947 |
Inventories | 8,483 | 9,173 |
Other current assets | 3,707 | 3,175 |
Total Current Assets | 19,465 | 19,925 |
Investments and Other Assets | ||
Investments in and advances to affiliates | 5,293 | 5,088 |
Long-term marketable securities | 26 | 92 |
Goodwill and other intangible assets | 4,065 | 3,918 |
Other assets | 930 | 802 |
Total Investments and Other Assets | 10,314 | 9,900 |
Property, Plant, and Equipment | ||
Land | 462 | 470 |
Buildings | 5,105 | 5,043 |
Machinery and equipment | 18,210 | 18,056 |
Construction in progress | 1,100 | 1,224 |
Gross Property, Plant, and Equipment | 24,877 | 24,793 |
Accumulated depreciation | (14,992) | (14,655) |
Net Property, Plant, and Equipment | 9,885 | 10,138 |
Total Assets | 39,664 | 39,963 |
Current Liabilities | ||
Short-term debt | 532 | 857 |
Trade payables | 3,082 | 3,894 |
Payables to Brokerage Customers | 4,519 | 4,973 |
Accrued expenses and other payables | 2,925 | 2,833 |
Current maturities of long-term debt | 590 | 13 |
Total Current Liabilities | 11,648 | 12,570 |
Long-Term Liabilities | ||
Long-term debt | 6,730 | 6,623 |
Deferred income taxes | 965 | 1,053 |
Other | 1,275 | 1,342 |
Total Long-Term Liabilities | 8,970 | 9,018 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 46 | 53 |
Shareholders' Equity | ||
Common stock | 2,541 | 2,398 |
Reinvested earnings | 18,478 | 17,552 |
Accumulated other comprehensive income (loss) | (2,032) | (1,637) |
Noncontrolling interests | 13 | 9 |
Total Shareholders' Equity | 19,000 | 18,322 |
Total Liabilities and Shareholders' Equity | $ 39,664 | $ 39,963 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Activities | ||
Net earnings including noncontrolling interests | $ 1,498 | $ 810 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 706 | 684 |
Asset impairment charges | 33 | 81 |
Deferred income taxes | (124) | (27) |
Equity in earnings of affiliates, net of dividends | (147) | (131) |
Stock compensation expense | 88 | 63 |
Deferred cash flow hedges | (11) | 12 |
Gain (Loss) on Disposition of Assets | (45) | (66) |
Other - net | (92) | 174 |
Changes in operating assets and liabilities, net of businesses acquired | ||
Segregated cash and investments | 1,144 | 268 |
Trade receivables | (62) | 106 |
Inventories | 578 | 703 |
Increase (Decrease) in Accounts Receivable from Securitization | (5,413) | (5,404) |
Other current assets | (720) | 1,317 |
Trade payables | (776) | (259) |
Increase (Decrease) in Payables to Brokerage Customers | (433) | (94) |
Accrued expenses and other payables | 96 | (1,486) |
Total Operating Activities | (3,680) | (3,249) |
Investing Activities | ||
Purchases of property, plant, and equipment | (555) | (696) |
Proceeds from sale of business and assets | 177 | 172 |
Net assets of businesses acquired | (324) | (187) |
Purchases of marketable securities | 0 | (499) |
Proceeds from sales of marketable securities | 0 | 572 |
Payments to Acquire Interest in Subsidiaries and Affiliates | (127) | (281) |
Payments to Acquire Retained Interest in Securitized Receivables | (3,391) | (3,089) |
Proceeds from Collection of Retained Interest in Securitized Receivables | 8,804 | 8,493 |
Other - net | (9) | (14) |
Total Investing Activities | 4,575 | 4,471 |
Financing Activities | ||
Long-term debt borrowings | 762 | 509 |
Long-term debt payments | (13) | (840) |
Net borrowings (payments) under lines of credit agreements | (317) | 558 |
Purchases of treasury stock | 0 | (676) |
Cash dividends | (568) | (544) |
Other - net | 32 | 4 |
Total Financing Activities | (104) | (989) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 791 | 233 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning | 1,858 | 1,561 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending | 2,649 | 1,794 |
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents [Abstract] | ||
Cash and cash equivalents | 915 | 518 |
Restricted Cash and Cash Equivalents | 1,734 | 1,276 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 5,598 | $ 5,257 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - 9 months ended Sep. 30, 2018 - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Balance (Scenario, Previously Reported [Member]) at Dec. 31, 2017 | $ 18,322 | $ 2,398 | $ 17,552 | $ (1,637) | $ 9 |
Balance at Dec. 31, 2017 | 18,322 | ||||
Balance (shares) (Scenario, Previously Reported [Member]) at Dec. 31, 2017 | 557 | ||||
Comprehensive income | |||||
Net earnings including noncontrolling interests | 1,498 | 1,495 | 3 | ||
Other comprehensive income (loss) | (395) | (395) | 0 | ||
Total comprehensive income | 1,103 | ||||
Cash dividends paid - $1.005 per share | (568) | (568) | |||
Stock compensation expense, shares | 1 | ||||
Stock compensation expense | 88 | $ 88 | |||
Other, shares | 2 | ||||
Other | 55 | $ 55 | (1) | 0 | 1 |
Balance at Sep. 30, 2018 | $ 19,000 | $ 2,541 | $ 18,478 | $ (2,032) | $ 13 |
Balance (shares) at Sep. 30, 2018 | 560 |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) | 9 Months Ended |
Sep. 30, 2018$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends paid, per share | $ 1.005 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
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 nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . 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, 2017 . 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. Reclassifications The Company classified $5.4 billion of cash inflows from net consideration received for beneficial interest obtained for selling trade receivables as investing instead of operating activities for the nine months ended September 30, 2018 in accordance with the adoption of Accounting Standards Codification (ASC) Topic 230, Statement of Cash Flows (see Note 2 for more information). Prior period amounts have been conformed to the current presentation, which resulted in a decrease of $5.4 billion in total cash provided by operating activities and a corresponding increase in cash provided by investing activities for the nine months ended September 30, 2017 . The Company classified $1 million of income and $4 million of other components of net benefit cost as other (income) expense - net in its consolidated statement of earnings for the quarter and nine months ended September 30, 2018 , respectively, as a result of the adoption of the amended guidance of ASC Topic 715, Compensation - Retirement Benefits (see Note 2 for more information). Amounts previously reported with the service cost component of net benefit cost in cost of goods sold of $9 million and selling, general, and administrative expenses of $11 million for the nine months ended September 30, 2017 have been reclassified to other (income) expense - net to conform to the current presentation. There were no amounts reported with the service cost component of net benefit cost in cost of goods sold and selling, general, and administrative expenses for the quarter ended September 30, 2017 . Effective January 1, 2018, the Company changed its segment reporting to reflect changes in its operating structure: Origination (formerly Agricultural Services), Oilseeds (formerly Oilseeds Processing), Carbohydrate Solutions (formerly Corn Processing) and Nutrition (formerly Wild Flavors and Specialty Ingredients). The European origination business previously reported in Oilseeds is now managed by leaders in Origination to better coordinate continental trading activities. Carbohydrate Solutions now includes the results of ADM Milling which were previously reported in Origination. In addition, the Company also moved the segment reporting of its renewable chemicals business from Carbohydrate Solutions to Oilseeds effective July 1, 2018. Nutrition now includes the results of Animal Nutrition and certain product lines previously reported in Carbohydrate Solutions, as well as certain product lines previously reported in Oilseeds. Throughout this quarterly report on Form 10-Q, prior period results have been reclassified to conform to the current period presentation. 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 | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018, the Company adopted the amended guidance of ASC Subtopic 825-10, Financial Instruments - Overall , which is intended to improve the recognition and measurement of financial instruments. The amended guidance requires an entity to measure equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, at fair value with changes in fair value recognized in net income. The amended guidance also simplifies the impairment assessment of equity investments without readily determinable fair values by using a qualitative assessment to identify impairment. The adoption of this amended guidance did not have a significant impact on the Company’s financial results. Effective January 1, 2018, the Company adopted the new guidance of ASC Topic 606, Revenue from Contracts with Customers (Topic 606), for all contracts that had not been completed as of the adoption date (the modified retrospective approach). Topic 606 requires the Company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance requires the Company to apply the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the Company satisfies a performance obligation. Many of the Company’s forward commodity sales contracts are considered physically settled derivatives under ASC Topic 815, Derivatives and Hedging (Topic 815), and are therefore excluded from the scope of Topic 606. Comparative balance sheet and statement of earnings information has not been restated and continues to be reported under the guidance of ASC 605, Revenue Recognition (Topic 605), that was in effect as of December 31, 2017 and in the three and nine months ended September 30, 2018 . The cumulative effect of initially applying the guidance as an adjustment to the opening reinvested earnings balance at January 1, 2018 was less than $1 million . For more information about the adoption of Topic 606, see Note 4. Effective January 1, 2018, the Company adopted the amended guidance of ASC 230, Statement of Cash Flows (Topic 230), which provides guidance on the application of the predominance principle and the presentation and classification of specific cash flow issues including a requirement to classify consideration received for beneficial interest obtained for selling trade receivables as investing instead of operating activities. The adoption of the amended guidance on the Company’s accounts receivable securitization programs resulted in expanded disclosures and a reclassification of cash inflows from operating activities to investing activities (see Note 1 for reclassification amounts). The adoption of amendments related to the other cash flow items did not have a significant impact on the Company's consolidated statements of cash flows. Effective January 1, 2018, the Company adopted the amended guidance of ASC Topic 715, Compensation - Retirement Benefits , which requires that an employer report the service cost component in the same line or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The adoption of this amended guidance requires expanded disclosures and the reclassification of the other components of net benefit cost from cost of products sold and selling, general, and administrative expenses to other (income) expense - net in the Company’s consolidated statements of earnings but did not impact financial results (see Note 1 for reclassification amounts). |
Pending Accounting Standards
Pending Accounting Standards | 9 Months Ended |
Sep. 30, 2018 | |
Prospective Adoption of New Accounting Pronouncements [Abstract] | |
Pending Accounting Standards | Pending Accounting Standards Effective January 1, 2019, the Company will be required to adopt the new guidance of ASC Topic 842, Leases (Topic 842), which will supersede ASC Topic 840, Leases . Topic 842 requires lessees to recognize assets and liabilities for all leases. The Company expects to adopt Topic 842 using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The adoption of this new guidance will require expanded disclosures in the Company’s consolidated financial statements. The Company has established a cross-functional implementation team consisting of representatives from accounting, legal, procurement, and operations. The Company utilized surveys to centrally gather more information about its existing leases and lease processes and to gather lease contracts. To ensure completeness of the population of lease contracts, the results of the survey will be cross-referenced against other available lease information (i.e., year-end disclosures and lease expense). The Company is also working with a vendor to implement a lease accounting system which will assist in delivering the required accounting changes and disclosures. As of September 30, 2018, the Company has completed the configuration of the lease accounting system and started testing activities. The final phase of the implementation plan will include testing and dry-run activities, updating the system with additional lease data since the initial upload, and system reconfiguration as needed. The impact of the new standard will result in a significant increase to right of use assets and lease liabilities on the Company’s consolidated balance sheet, primarily as a result of operating leases currently not recognized on the balance sheet. The Company expects to complete its assessment of the impact of the new guidance on its financial results during the final phase of the implementation, which is expected to be completed in early 2019. Effective January 1, 2019, the Company will be required to adopt the amended guidance of ASC Topic 220, Income Statement - Reporting Comprehensive Income (Topic 220), which allows a 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 will be 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. Early adoption is permitted in any interim period for which financial statements have not been issued. The Company expects to make a decision whether it will elect to reclassify the stranded tax effects resulting from the Act by the end of 2018. 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 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, 2021, 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 | 9 Months Ended |
Sep. 30, 2018 | |
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. 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. Transaction Price Allocated to Remaining Performance Obligations The Company generally recognizes revenue at a point in time with the exception of revenue from transportation services which is recognized over time. 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 Topic 606 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Disaggregation of Revenues The following table presents revenue disaggregated by timing of recognition and major product lines for the three months ended September 30, 2018 . Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues (In millions) Origination Merchandising and Handling $ 396 $ 57 $ 453 $ 5,333 $ 5,786 Transportation — 64 64 — 64 Total Origination 396 121 517 5,333 5,850 Oilseeds Crushing and Origination 330 — 330 4,109 4,439 Refining, Packaging, Biodiesel, and Other 593 — 593 1,378 1,971 Total Oilseeds 923 — 923 5,487 6,410 Carbohydrate Solutions Starches and Sweeteners 1,261 — 1,261 445 1,706 Bioproducts 828 — 828 — 828 Total Carbohydrate Solutions 2,089 — 2,089 445 2,534 Nutrition Wild Flavors and Specialty Ingredients 641 — 641 — 641 Animal Nutrition 281 — 281 — 281 Total Nutrition 922 — 922 — 922 Other 84 — 84 — 84 Total Revenues $ 4,414 $ 121 $ 4,535 $ 11,265 $ 15,800 (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. The following table presents revenue disaggregated by timing of recognition and major product lines for the nine months ended September 30, 2018 . Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues (In millions) Origination Merchandising and Handling $ 1,542 $ 179 $ 1,721 $ 16,768 $ 18,489 Transportation — 182 182 — 182 Total Origination 1,542 361 1,903 16,768 18,671 Oilseeds Crushing and Origination 647 — 647 12,225 12,872 Refining, Packaging, Biodiesel, and Other 1,787 — 1,787 4,101 5,888 Total Oilseeds 2,434 — 2,434 16,326 18,760 Carbohydrate Solutions Starches and Sweeteners 3,699 — 3,699 1,349 5,048 Bioproducts 2,734 — 2,734 — 2,734 Total Carbohydrate Solutions 6,433 — 6,433 1,349 7,782 Nutrition Wild Flavors and Specialty Ingredients 1,970 — 1,970 — 1,970 Animal Nutrition 920 — 920 — 920 Total Nutrition 2,890 — 2,890 — 2,890 Other 291 — 291 — 291 Total Revenues $ 13,590 $ 361 $ 13,951 $ 34,443 $ 48,394 (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 the 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, 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. Contract Liabilities Contract liabilities relate to advance payments from customers for goods and services that the Company has yet to provide. Contract liabilities of $106 million and $185 million as of September 30, 2018 and January 1, 2018, respectively, were recorded in accrued expenses and other payables in the consolidated balance sheet. Contract liabilities recognized as revenues for the three and nine months ended September 30, 2018 were $36 million and $286 million , respectively. Impacts on Financial Statements The following tables summarize the impacts of Topic 606 adoption on the various lines of the Company’s consolidated financial statements. Consolidated Balance Sheets (excerpt) January 1, 2018 September 30, 2018 After Adoption As Under Effect of of Topic 606 Reported Topic 605 Change (In millions) Assets Trade receivables $ 2,343 $ 1,934 $ 1,675 $ 259 Inventories 8,770 8,483 8,760 (277 ) Other current assets 3,175 3,707 3,713 (6 ) Total Current Assets 19,918 19,465 19,489 (24 ) Total Assets $ 39,956 $ 39,664 $ 39,688 $ (24 ) Liabilities, Temporary Equity, and Shareholders’ Equity Accrued expenses and other payables $ 2,826 $ 2,925 $ 2,947 $ (22 ) Total Current Liabilities 12,563 11,648 11,670 (22 ) Reinvested earnings 17,552 18,478 18,480 (2 ) Total Shareholders’ Equity 18,322 19,000 19,002 (2 ) Total Liabilities, Temporary Equity, and Shareholders’ Equity $ 39,956 $ 39,664 $ 39,688 $ (24 ) Consolidated Statements of Earnings (excerpt) Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 As Under Effect of As Under Effect of Reported Topic 605 Change Reported Topic 605 Change (In millions) Revenues $ 15,800 $ 15,785 $ 15 $ 48,394 $ 48,518 $ (124 ) Cost of products sold 14,742 14,729 13 45,266 45,388 (122 ) Gross profit 1,058 1,056 2 3,128 3,130 (2 ) Earnings before income taxes 632 630 2 1,748 1,750 (2 ) Income taxes 96 95 1 250 250 — Net earnings including noncontrolling interests 536 535 1 1,498 1,500 (2 ) Net earnings attributable to controlling interests 536 535 1 1,495 1,497 (2 ) |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions During the nine months ended September 30, 2018 , the Company acquired Probiotics International Limited (also known as Protexin) and Rodelle Inc. for an aggregate consideration of $366 million in cash. The aggregate consideration of these acquisitions, net of $42 million in cash acquired, was allocated as follows: (In millions) Working capital $ (7 ) Property, plant, and equipment 39 Goodwill 165 Other intangible assets 137 Long-term liabilities (1 ) Noncontrolling interest (9 ) Aggregate cash consideration, net of cash acquired $ 324 Goodwill allocated in connection with the acquisitions is primarily attributable to synergies expected to arise after the Company’s acquisition of the businesses. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017 . Fair Value Measurements at September 30, 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 $ — $ 2,932 $ 1,799 $ 4,731 Unrealized derivative gains: Commodity contracts — 461 217 678 Foreign currency contracts — 272 — 272 Cash equivalents 492 — — 492 Marketable securities 25 1 — 26 Segregated investments 1,193 — — 1,193 Deferred receivables consideration — 475 — 475 Total Assets $ 1,710 $ 4,141 $ 2,016 $ 7,867 Liabilities: Unrealized derivative losses: Commodity contracts $ — $ 619 $ 203 $ 822 Foreign currency contracts — 338 — 338 Interest rate contracts — 13 — 13 Inventory-related payables — 657 44 701 Total Liabilities $ — $ 1,627 $ 247 $ 1,874 Fair Value Measurements at December 31, 2017 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 $ — $ 3,400 $ 1,486 $ 4,886 Unrealized derivative gains: Commodity contracts — 275 111 386 Foreign currency contracts — 63 — 63 Cash equivalents 352 — — 352 Marketable securities 91 1 — 92 Segregated investments 1,733 — — 1,733 Deferred receivables consideration — 307 — 307 Total Assets $ 2,176 $ 4,046 $ 1,597 $ 7,819 Liabilities: Unrealized derivative losses: Commodity contracts $ — $ 268 $ 103 $ 371 Foreign currency contracts — 92 — 92 Interest rate contracts — 1 — 1 Inventory-related payables — 680 39 719 Total Liabilities $ — $ 1,041 $ 142 $ 1,183 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 16 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 September 30, 2018 . Level 3 Fair Value Asset Measurements at September 30, 2018 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, June 30, 2018 $ 1,378 $ 208 $ 1,586 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* 183 130 313 Purchases 3,518 — 3,518 Sales (3,282 ) — (3,282 ) Settlements — (150 ) (150 ) Transfers into Level 3 235 38 273 Transfers out of Level 3 (233 ) (9 ) (242 ) Ending balance, September 30, 2018 $ 1,799 $ 217 $ 2,016 * Includes increase in unrealized gains of $243 million relating to Level 3 assets still held at September 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 September 30, 2018 . Level 3 Fair Value Liability Measurements at September 30, 2018 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, June 30, 2018 $ 22 $ 200 $ 222 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* 4 114 118 Purchases 30 — 30 Sales (12 ) — (12 ) Settlements — (130 ) (130 ) Transfers into Level 3 — 30 30 Transfers out of Level 3 — (11 ) (11 ) Ending balance, September 30, 2018 $ 44 $ 203 $ 247 * Includes increase in unrealized losses of $118 million relating to Level 3 liabilities still held at September 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 three months ended September 30, 2017 . Level 3 Fair Value Asset Measurements at September 30, 2017 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, June 30, 2017 $ 1,000 $ 106 $ 1,106 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* 15 54 69 Purchases 2,792 — 2,792 Sales (2,655 ) — (2,655 ) Settlements — (82 ) (82 ) Transfers into Level 3 37 45 82 Transfers out of Level 3 (95 ) (3 ) (98 ) Ending balance, September 30, 2017 $ 1,094 $ 120 $ 1,214 * Includes increase in unrealized gains of $52 million relating to Level 3 assets still held at September 30, 2017 . 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 September 30, 2017 . Level 3 Fair Value Liability Measurements at September 30, 2017 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, June 30, 2017 $ 32 $ 154 $ 186 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* (9 ) 82 73 Purchases 2 — 2 Sales (5 ) — (5 ) Settlements — (123 ) (123 ) Transfers into Level 3 — 35 35 Transfers out of Level 3 — (3 ) (3 ) Ending balance, September 30, 2017 $ 20 $ 145 $ 165 * Includes increase in unrealized losses of $79 million relating to Level 3 liabilities still held at September 30, 2017 . The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2018 . Level 3 Fair Value Asset Measurements at September 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* 559 302 861 Purchases 7,890 — 7,890 Sales (8,264 ) — (8,264 ) Settlements — (294 ) (294 ) Transfers into Level 3 235 123 358 Transfers out of Level 3 (107 ) (25 ) (132 ) Ending balance, September 30, 2018 $ 1,799 $ 217 $ 2,016 * Includes increase in unrealized gains of $523 million relating to Level 3 assets still held at September 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 nine months ended September 30, 2018 . Level 3 Fair Value Liability Measurements at September 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* 12 360 372 Purchases 54 — 54 Sales (61 ) — (61 ) Settlements — (348 ) (348 ) Transfers into Level 3 — 136 136 Transfers out of Level 3 — (48 ) (48 ) Ending balance, September 30, 2018 $ 44 $ 203 $ 247 * Includes increase in unrealized losses of $364 million relating to Level 3 liabilities still held at September 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 nine months ended September 30, 2017 . Level 3 Fair Value Asset Measurements at September 30, 2017 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, December 31, 2016 $ 1,322 $ 140 $ 1,462 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* (55 ) 194 139 Purchases 8,369 — 8,369 Sales (8,526 ) — (8,526 ) Settlements — (291 ) (291 ) Transfers into Level 3 37 111 148 Transfers out of Level 3 (53 ) (34 ) (87 ) Ending balance, September 30, 2017 $ 1,094 $ 120 $ 1,214 * Includes increase in unrealized gains of $18 million relating to Level 3 assets still held at September 30, 2017 . The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2017 . Level 3 Fair Value Liability Measurements at September 30, 2017 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, December 31, 2016 $ 30 $ 142 $ 172 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* (4 ) 201 197 Purchases 19 — 19 Sales (25 ) — (25 ) Settlements — (289 ) (289 ) Transfers into Level 3 — 108 108 Transfers out of Level 3 — (17 ) (17 ) Ending balance, September 30, 2017 $ 20 $ 145 $ 165 * Includes increase in unrealized losses of $204 million relating to Level 3 assets still held at September 30, 2017 . For all periods presented, the Company had no transfers between Level 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 September 30, 2018 and December 31, 2017 . 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 September 30, 2018 is a weighted average 24.1% of the total price for assets and 45.3% of the total price for liabilities. Weighted Average % of Total Price September 30, 2018 December 31, 2017 Component Type Assets Liabilities Assets Liabilities Inventories and Related Payables Basis 24.1 % 45.3 % 12.8 % 99.9 % Transportation cost 11.6 % 23.0 % 19.2 % — Commodity Derivative Contracts Basis 21.6 % 23.6 % 24.2 % 23.0 % Transportation cost 14.9 % 22.3 % 12.5 % 10.4 % 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 | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017 . September 30, 2018 December 31, 2017 Assets Liabilities Assets Liabilities (In millions) Foreign Currency Contracts $ 272 $ 338 $ 63 $ 92 Commodity Contracts 678 822 386 371 Total $ 950 $ 1,160 $ 449 $ 463 The following table sets 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 nine months ended September 30, 2018 and 2017 . Other expense (income) - net Cost of products sold (In millions) Revenues Three Months Ended September 30, 2018 Consolidated Statement of Earnings $ 15,800 $ 14,742 $ (25 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ (4 ) $ 12 $ (30 ) Commodity Contracts — 84 — Total gain (loss) recognized in earnings $ (4 ) $ 96 $ (30 ) $ 62 Three Months Ended September 30, 2017 Consolidated Statement of Earnings $ 14,827 $ 14,015 $ (4 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ (8 ) $ 52 $ 52 Commodity Contracts — 34 — Total gain (loss) recognized in earnings $ (8 ) $ 86 $ 52 $ 130 Other expense (income) - net Cost of products sold (In millions) Revenues Nine Months Ended September 30, 2018 Consolidated Statement of Earnings $ 48,394 $ 45,266 $ (42 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ 21 $ (189 ) $ (91 ) Commodity Contracts — 163 — Total gain (loss) recognized in earnings $ 21 $ (26 ) $ (91 ) $ (96 ) Nine Months Ended September 30, 2017 Consolidated Statement of Earnings $ 44,758 $ 42,182 $ 7 Pre-tax gains (losses) on: Foreign Currency Contracts $ (16 ) $ 82 $ 186 Commodity Contracts — 294 — Total gain (loss) recognized in earnings $ (16 ) $ 376 $ 186 $ 546 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 September 30, 2018 and December 31, 2017 , the Company had certain derivatives designated as cash flow and fair value hedges. 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 September 30, 2018 , the Company had $8 million in other current liabilities representing the fair value of the interest rate swaps and a corresponding decrease in the underlying debt for the same amount with no net impact to earnings. 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 September 30, 2018 , the Company had $26 million of after-tax losses in AOCI related to gains and losses from commodity cash flow hedge transactions. The Company expects to recognize $26 million of these after-tax losses 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 23% and 95% of its monthly anticipated grind. At September 30, 2018 , the Company had designated hedges representing between 5% and 95% 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 1 million and 135 million gallons of ethanol sales per month under these programs. At September 30, 2018 , the Company had designated hedges representing between 15 million and 121 million gallons of ethanol sales per month over the next 3 months . During the first quarter of 2018, the Company started using 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 0% 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 September 30, 2018 and December 31, 2017 . September 30, 2018 December 31, 2017 Assets Liabilities Assets Liabilities (In millions) Interest Rate Contracts $ — $ 13 $ — $ 1 Total $ — $ 13 $ — $ 1 The following table sets 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 nine months ended September 30, 2018 and 2017 . Cost of products sold Interest expense Other expense (income) - net (In millions) Revenues Three Months Ended September 30, 2018 Consolidated Statement of Earnings $ 15,800 $ 14,742 $ 87 $ (25 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ 15 $ (87 ) $ — $ — Total gain (loss) recognized in earnings $ 15 $ (87 ) $ — $ — $ (72 ) Three Months Ended September 30, 2017 Consolidated Statement of Earnings $ 14,827 $ 14,015 $ 79 $ (4 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ — $ (15 ) $ — $ — Ineffective amount recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ — $ (4 ) $ — $ — Total gain (loss) recognized in earnings $ — $ (19 ) $ — $ — $ (19 ) Cost of products sold Interest expense Other expense (income) - net (In millions) Revenues Nine Months Ended September 30, 2018 Consolidated Statement of Earnings $ 48,394 $ 45,266 $ 267 $ (42 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ 16 $ (115 ) $ — $ — Interest Contracts — — 1 — Total gain (loss) recognized in earnings $ 16 $ (115 ) $ 1 $ — $ (98 ) Nine Months Ended September 30, 2017 Consolidated Statement of Earnings $ 44,758 $ 42,182 $ 246 $ 7 Effective amounts recognized in earnings Pre-tax gains (losses) on: Foreign Currency Contracts $ — $ — $ — $ (2 ) Commodity Contracts — (20 ) — — Ineffective amount recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ 4 $ 5 $ — $ — Total gain (loss) recognized in earnings $ 4 $ (15 ) $ — $ (2 ) $ (13 ) On October 1, 2017, the Company adopted the amended guidance of Topic 815. As a result, hedge ineffectiveness related to effective relationships is now deferred in AOCI until the hedged item impacts earnings. Prior to October 1, 2017, gains or losses on the derivative instrument in excess of the cumulative change in the cash flows of the hedged item, if any (i.e., the ineffective portion) were recognized in the consolidated statement of earnings during the current period. Net Investment Hedging Strategies On June 24, 2015, the Company issued €500 million aggregate principal amount of Floating Rate Notes and €600 million aggregate principal amount of 1.75% Notes (collectively, the “Notes”). The Company has designated €1.1 billion of the Notes as a hedge of its net investment in a foreign subsidiary. As of September 30, 2018 and December 31, 2017, the Company had $40 million of after-tax losses and $59 million of after-tax losses, 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. In July 2018, the Company entered into forward foreign exchange contracts and designated €500 million as a hedge of its net investment in a foreign subsidiary. As of September 30, 2018 , the Company had an immaterial after-tax loss in AOCI related to 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 | 9 Months Ended |
Sep. 30, 2018 | |
Other Assets [Abstract] | |
Other Current Assets | Other Current Assets The following table sets forth the items in other current assets: September 30, December 31, 2018 2017 (In millions) Unrealized gains on derivative contracts $ 950 $ 449 Deferred receivables consideration 475 307 Customer omnibus receivable 455 477 Financing receivables - net (1) 579 413 Insurance premiums receivable 48 129 Prepaid expenses 257 232 Tax receivables 416 425 Non-trade receivables (2) 324 371 Other current assets 203 372 $ 3,707 $ 3,175 (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 $3 million and $6 million at September 30, 2018 and December 31, 2017 , respectively. Additionally, at September 30, 2018, the Company had increased prepayments to farmers in South America for purchases of grain due to higher farmer selling activity in 2018 and the recent truckers strike in Brazil, which has created logistical delays in the delivery of grain. Interest earned on financing receivables of $6 million and $18 million for the three and nine months ended September 30, 2018 , respectively, and $6 million and $18 million for the three and nine months ended September 30, 2017 , respectively, is included in interest income in the consolidated statements of earnings. (2) Non-trade receivables included $67 million and $91 million of reinsurance recoverables as of September 30, 2018 and December 31, 2017 , respectively. |
Accrued Expenses And Other Paya
Accrued Expenses And Other Payables | 9 Months Ended |
Sep. 30, 2018 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Expenses And Other Payables | The following table sets forth the items in accrued expenses and other payables: September 30, December 31, 2018 2017 (In millions) Unrealized losses on derivative contracts $ 1,173 $ 464 Accrued compensation 295 235 Income tax payable 158 140 Other taxes payable 97 99 Reinsurance premiums payable 26 111 Insurance claims payable 253 268 Contract liability 106 185 Other accruals and payables 817 1,331 $ 2,925 $ 2,833 |
Debt And Financing Arrangements
Debt And Financing Arrangements | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt And Financing Arrangements | Debt and Financing Arrangements On September 12, 2018 , the Company issued €650 million ( $754 million as of September 30, 2018) aggregate principal amount of 1.0% Notes due in 2025 . Net proceeds before expenses were $747 million . At September 30, 2018 , the fair value of the Company’s long-term debt exceeded the carrying value by $0.7 billion , as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards). At September 30, 2018 , the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $8.8 billion , of which $6.8 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 $0.4 billion of U.S. commercial paper outstanding at September 30, 2018 . There was no commercial paper outstanding under the European program at September 30, 2018 . 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 $0.3 billion was unused as of September 30, 2018 (see Note 16 for more information about the Programs). |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective tax rate for the three and nine months ended September 30, 2018 was 15.2% and 14.3% , respectively, compared to 13.3% and 24.0% for the three and nine months ended September 30, 2017 , respectively. The rate for the three and nine months ended September 30, 2018 includes the impacts of the Tax Cuts and Jobs Act (the “Act”) which was enacted on December 22, 2017. The rate for the nine months ended September 30, 2018 also includes the impacts of the 2017 biodiesel tax credit which was retroactively reinstated in January 2018, and favorable second quarter discrete items. The rate for the three and nine months ended September 30, 2017 includes the impact of changes in discrete tax items, including the favorable resolution of an uncertain tax position related to a 2014 acquisition and a return to provision. The Act includes numerous significant tax law changes and modifications with varying effective dates, such as reducing the U.S. federal corporate income tax rate from 35% to 21% , creating a territorial tax system (with a one-time transition tax on previously deferred foreign earnings), broadening the tax base, and allowing for immediate capital expensing of certain qualified property. As of September 30, 2018 , the Company has not yet completed the accounting for the tax effects of the Act; however, the Company has recorded an increase to the 2017 provisional transition tax of $13 million and $4 million for the three and nine months ended September 30, 2018 , respectively, based on recently issued guidance. The Company has one year from the date of enactment to adjust the 2017 provisional tax. The Act also contains new provisions related to Global Intangible Low Taxed Income (GILTI) and Foreign Derived Intangible Income (FDII) which are effective for fiscal year 2018. The Company has estimated GILTI and FDII impacts and will update the estimates each quarter as needed. The Company has made an accounting policy election to treat GILTI as a period cost. It is likely that additional guidance will be issued providing further clarification on the application of the Act. It is also reasonable to expect that global taxing authorities will be reviewing their current legislation for potential modifications in reaction to the implementation of the Act. This additional guidance, along with the potential for additional global tax legislation changes, may affect deductions and income inclusions and could have a material adverse effect on the Company's net income or cash flow. 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. In December 2009 and June 2010, 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 $105 million in tax, and $295 million in interest and penalties as of September 30, 2018 (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. During the quarter ended March 31, 2012, the Company’s subsidiaries in Argentina, ADM Argentina and Alfred Toepfer Argentina, received tax assessments challenging transfer prices used to price grain exports for the tax years 2004 through 2010. As of September 30, 2018 , these assessments totaled $16 million in tax and $55 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 tax years 2011 to 2017. 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 $45 million in tax and $44 million in interest (adjusted for variation in currency exchange rates as of September 30, 2018 ). 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 2010. 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. During the quarter ended September 30, 2016, 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 September 30, 2018 , this assessment was $94 million in tax and $28 million in interest (adjusted for variation in currency exchange rates). The Company has appealed the assessment and carefully evaluated the underlying transactions and has concluded that the amount of the gain recognized on the reorganization for tax purposes was appropriate. While the Company plans to vigorously defend its position against the assessment, it has accrued an amount it believes would be the likely outcome of the litigation. The Company’s defense of the judicial appeal may take an extended period of time and could result in additional financial impacts of up to the entire amount of this assessment. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (AOCI) | 9 Months Ended |
Sep. 30, 2018 | |
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 nine months ended September 30, 2018 and the reclassifications out of AOCI for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, 2018 Foreign Currency Translation Adjustment Deferred Gain (Loss) on Hedging Activities Pension Liability Adjustment Unrealized Gain (Loss) on Investments Total (In millions) Balance at June 30, 2018 $ (1,566 ) $ (51 ) $ (310 ) $ 16 $ (1,911 ) Other comprehensive income (loss) before reclassifications (177 ) 5 — (7 ) (179 ) Amounts reclassified from AOCI (1 ) 72 8 — 79 Tax effect (1 ) (17 ) (3 ) — (21 ) Net of tax amount (179 ) 60 5 (7 ) (121 ) Balance at September 30, 2018 $ (1,745 ) $ 9 $ (305 ) $ 9 $ (2,032 ) Nine months ended September 30, 2018 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, 2017 $ (1,353 ) $ 17 $ (321 ) $ 20 $ (1,637 ) Other comprehensive income before reclassifications (368 ) (110 ) — (11 ) (489 ) Amounts reclassified from AOCI (1 ) 98 23 — 120 Tax effect (23 ) 4 (7 ) — (26 ) Net current period other comprehensive income (392 ) (8 ) 16 (11 ) (395 ) Balance at September 30, 2018 $ (1,745 ) $ 9 $ (305 ) $ 9 $ (2,032 ) Amount reclassified from AOCI Three months ended Nine months ended Details about AOCI components Sep 30 Sep 30 Sep 30 Sep 30 Affected line item in the consolidated statement of earnings (In millions) Foreign currency translation adjustment $ (1 ) $ — $ (1 ) $ — Other (income) expense - net — — — — Tax $ (1 ) $ — $ (1 ) $ — Net of tax Deferred loss (gain) on hedging activities $ 87 $ 15 $ 115 $ 20 Cost of products sold — — (1 ) — Interest expense — — — 2 Other (income) expense - net (15 ) — (16 ) — Revenues 72 15 98 22 Total before tax (18 ) (5 ) (24 ) (8 ) Tax $ 54 $ 10 $ 74 $ 14 Net of tax Pension liability adjustment Amortization of defined benefit pension items: Prior service credit $ (8 ) $ (2 ) $ (25 ) $ (8 ) Other (income) expense - net Actuarial losses 16 16 48 50 Other (income) expense - net 8 14 23 42 Total before tax (3 ) (5 ) (6 ) (15 ) Tax $ 5 $ 9 $ 17 $ 27 Net of tax |
Other (Income) Expense - Net
Other (Income) Expense - Net | 9 Months Ended |
Sep. 30, 2018 | |
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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (In millions) Gains on sales of assets $ (33 ) $ (15 ) $ (45 ) $ (66 ) Loss on debt extinguishment — 11 — 11 Other – net 8 — 3 62 Other (Income) Expense - Net $ (25 ) $ (4 ) $ (42 ) $ 7 Gains on sales of assets in the three and nine months ended September 30, 2018 included gains on the sale of the Company’s oilseeds operations in Bolivia and an equity investment, and disposals of individually insignificant assets in the ordinary course of business. Gains on sales of assets in the three months ended September 30, 2017 included gains on disposals of individually insignificant assets in the ordinary course of business. Gains on sales of assets in the nine months ended September 30, 2017 included gains related to the sale of the crop risk services business and disposals of other individually insignificant assets in the ordinary course of business, partially offset by an adjustment of the proceeds of the 2015 sale of the cocoa business. Loss on debt extinguishment for the three and nine months ended September 30, 2017 related to the early redemption of the Company’s $559 million notes due on March 15, 2018. Other - net in the three and nine months ended September 30, 2018 included foreign exchange losses partially offset by other income. Other - net in the nine months ended September 30, 2017 included foreign exchange losses, changes in contingent settlement provisions, and the non-service cost components of net pension benefit cost of $20 million . |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
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. Effective January 1, 2018, the Company changed its segment reporting to reflect changes in its operating structure: Origination (formerly Agricultural Services), Oilseeds (formerly Oilseeds Processing), Carbohydrate Solutions (formerly Corn Processing) and Nutrition (formerly Wild Flavors and Specialty Ingredients). The European origination business previously reported in Oilseeds is now managed by leaders in Origination to better coordinate continental trading activities. Carbohydrate Solutions now includes the results of ADM Milling which were previously reported in Origination. In addition, the Company also moved the segment reporting of its renewable chemicals business from Carbohydrate Solutions to Oilseeds effective July 1, 2018. Nutrition now includes the results of Animal Nutrition and certain product lines previously reported in Carbohydrate Solutions as well as certain product lines previously reported in Oilseeds. Prior period results have been reclassified to conform to the current period presentation. 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. 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. In June 2018, the Company invested in a 50% joint venture with Cargill to provide soybean meal and oil for customers in Egypt. In July 2018, the Company completed the sale of its oilseeds operations in Bolivia to Inversiones Piuranas S.A. 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. In June 2018, the Company completed the acquisition of a 50% equity stake in the starches and sweeteners business of Russian-based Aston Foods and Food Ingredients. The Nutrition segment engages in the manufacturing, sales, 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 the 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. In August 2018, the Company completed the acquisition of Probiotics International Limited, a British-based provider of probiotic supplements for human, pet, and production-animal uses and Rodelle Inc., a premium originator, processor and supplier of vanilla products. Other includes the Company’s remaining operations, primarily its financial business units, related to futures commission and insurance activities. On May 1, 2017, the Company completed the sale of its crop risk services business to Validus Holdings, a global group of insurance and reinsurance companies. 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). Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2018 2017 2018 2017 Gross revenues Origination $ 7,090 $ 6,671 $ 21,940 $ 20,195 Oilseeds 7,031 6,780 22,148 20,016 Carbohydrate Solutions 2,909 2,858 8,625 8,346 Nutrition 933 894 2,920 2,698 Other 84 98 291 293 Intersegment elimination (2,247 ) (2,474 ) (7,530 ) (6,790 ) Total gross revenues $ 15,800 $ 14,827 $ 48,394 $ 44,758 Intersegment sales Origination $ 1,240 $ 1,169 $ 3,269 $ 3,043 Oilseeds 621 1,045 3,388 3,003 Carbohydrate Solutions 375 251 843 719 Nutrition 11 9 30 25 Total intersegment sales $ 2,247 $ 2,474 $ 7,530 $ 6,790 Revenues from external customers Origination Merchandising and Handling $ 5,786 $ 5,450 $ 18,489 $ 16,998 Transportation 64 52 182 154 Total Origination 5,850 5,502 18,671 17,152 Oilseeds Crushing and Origination 4,439 3,697 12,872 10,917 Refining, Packaging, Biodiesel, and Other 1,971 2,038 5,888 6,096 Total Oilseeds 6,410 5,735 18,760 17,013 Carbohydrate Solutions Starches and Sweeteners 1,706 1,689 5,048 4,893 Bioproducts 828 918 2,734 2,734 Total Carbohydrate Solutions 2,534 2,607 7,782 7,627 Nutrition Wild Flavors and Specialty Ingredients 641 590 1,970 1,825 Animal Nutrition 281 295 920 848 Total Nutrition 922 885 2,890 2,673 Other 84 98 291 293 Total revenues from external customers $ 15,800 $ 14,827 $ 48,394 $ 44,758 Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2018 2017 2018 2017 Segment operating profit Origination $ 129 $ 39 $ 363 $ 143 Oilseeds 349 113 1,042 624 Carbohydrate Solutions 288 300 748 793 Nutrition 67 68 277 239 Other 28 21 72 78 Specified Items: Gains (losses) on sales of assets and businesses (1) 21 12 21 20 Impairment, restructuring, and settlement charges (2) (1 ) (63 ) (36 ) (98 ) Hedge timing effects (3) — (5 ) — 4 Total segment operating profit 881 485 2,487 1,803 Corporate (249 ) (260 ) (739 ) (737 ) Earnings before income taxes $ 632 $ 225 $ 1,748 $ 1,066 (1) Current quarter and year-to-date gains related to the sale of a business and an equity investment. Prior quarter gains related to disposals of other individually insignificant assets in the ordinary course of business. Prior year-to-date gains related to the sale of the crop risk services businesses and disposals of other individually insignificant assets in the ordinary course of business, partially offset by an adjustment of the proceeds of the 2015 sale of the cocoa business. (2) Current quarter charge related to a settlement. Current year-to-date charges consisted of impairment charges related to a financing receivable and an equity investment, restructuring charges and a settlement charge. Prior period charges related to impairment of certain long-lived assets and restructuring charges. (3) Hedge timing effects relate to hedge ineffectiveness associated with documented hedge programs. September 30, December 31, (In millions) 2018 2017 Identifiable Assets Origination $ 8,131 $ 8,311 Oilseeds 12,559 11,992 Carbohydrate Solutions 5,846 6,085 Nutrition 7,169 5,568 Other 5,068 5,658 Corporate 891 2,349 Total Identifiable Assets $ 39,664 $ 39,963 |
Asset Impairment, Exit, and Res
Asset Impairment, Exit, and Restructuring Costs | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring, Settlement and Impairment Provisions [Abstract] | |
Asset Impairment, Exit, and Restructuring Costs | Asset Impairment, Exit, and Restructuring Costs Asset impairment, exit, and restructuring costs in the three months ended September 30, 2018 consisted of $1 million of individually insignificant restructuring charges in Corporate. Asset impairment, exit, and restructuring costs in the nine months ended September 30, 2018 consisted of $12 million of an equity investment impairment, $21 million of asset impairments, and $2 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $6 million of individually insignificant restructuring charges in Corporate. Asset impairment of $21 million in the nine months ended September 30, 2018 related to a long-term financing receivable in other assets and is based on the fair value of the collateral provided as security for the advance. The fair value is determined using internal and external resources, including published information concerning Brazilian land values. Asset impairment, exit, and restructuring costs in the three months ended September 30, 2017 consisted of $62 million of asset impairments and $1 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $44 million of restructuring charges in Corporate related to the reduction of certain positions within the Company’s global workforce. Asset impairment, exit, and restructuring costs in the nine months ended September 30, 2017 consisted of $80 million of asset impairments and $13 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $47 million of restructuring charges in Corporate primarily related to the reduction of certain positions within the Company’s global workforce. Asset impairment of $61 million in the three and nine months ended September 30, 2017 was related to the reconfiguration of the Peoria, Illinois ethanol complex due to the Company’s decision to focus on the more profitable high grade industrial and beverage alcohol as well as export fuel. The impaired assets were determined to have no alternative use with zero net salvage value. |
Sale of Accounts Receivable
Sale of Accounts Receivable | 9 Months Ended |
Sep. 30, 2018 | |
Transfers and Servicing [Abstract] | |
Sale of Accounts Receivable | Sale of Accounts Receivable Since March 2012, the Company has had 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 20, 2019, unless extended. In March 2014, the Company entered into a second 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 15, 2019, 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 September 30, 2018 and December 31, 2017 , 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 September 30, 2018 and December 31, 2017 , the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s consolidated balance sheet was $2.0 billion and $1.7 billion , respectively. In exchange for the transfers as of September 30, 2018 and December 31, 2017 , the Company received cash of $1.5 billion and $1.4 billion , respectively, and recorded a receivable for deferred consideration included in other current assets of $475 million and $307 million , respectively. Cash collections from customers on receivables sold were $26.3 billion and $24.3 billion for the nine months ended September 30, 2018 and 2017 , respectively. Of this amount, $8.8 billion and $8.5 billion were cash collections on the deferred consideration reflected as cash inflows from investing activities for the nine months ended September 30, 2018 and 2017 , respectively. 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 $2 million for the three months ended September 30, 2018 and 2017 , respectively, and $14 million and $7 million for the nine months ended September 30, 2018 and 2017 , respectively, 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. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On October 29, 2018, the Company announced the launch of GrainBridge LLC, a 50% joint venture with Cargill that will develop and offer revolutionary new digital tools to help farmers make more informed grain marketing decisions based on personalized production economics. The Company amended the ADM Retirement Plan (the “Plan”) and on October 29, 2018, entered into a binding agreement to purchase a group annuity contract from The Prudential Insurance Company of America (“Prudential”), irrevocably transferring the future benefit obligations and annuity administration for approximately 3,800 retirees from the Plan to Prudential. The purchase of the group annuity contract was funded directly by the Plan’s assets and reduced the Company’s pension obligations by approximately $0.5 billion . As a result of the transaction, the Company expects to recognize a non-cash after-tax pension settlement charge of approximately $0.1 billion in the fourth quarter of 2018. |
Revenues Revenues (Policies)
Revenues Revenues (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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. 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. Transaction Price Allocated to Remaining Performance Obligations The Company generally recognizes revenue at a point in time with the exception of revenue from transportation services which is recognized over time. 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 Topic 606 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. |
Revenues Revenues (Tables)
Revenues Revenues (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenues [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenues The following table presents revenue disaggregated by timing of recognition and major product lines for the three months ended September 30, 2018 . Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues (In millions) Origination Merchandising and Handling $ 396 $ 57 $ 453 $ 5,333 $ 5,786 Transportation — 64 64 — 64 Total Origination 396 121 517 5,333 5,850 Oilseeds Crushing and Origination 330 — 330 4,109 4,439 Refining, Packaging, Biodiesel, and Other 593 — 593 1,378 1,971 Total Oilseeds 923 — 923 5,487 6,410 Carbohydrate Solutions Starches and Sweeteners 1,261 — 1,261 445 1,706 Bioproducts 828 — 828 — 828 Total Carbohydrate Solutions 2,089 — 2,089 445 2,534 Nutrition Wild Flavors and Specialty Ingredients 641 — 641 — 641 Animal Nutrition 281 — 281 — 281 Total Nutrition 922 — 922 — 922 Other 84 — 84 — 84 Total Revenues $ 4,414 $ 121 $ 4,535 $ 11,265 $ 15,800 (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. The following table presents revenue disaggregated by timing of recognition and major product lines for the nine months ended September 30, 2018 . Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues (In millions) Origination Merchandising and Handling $ 1,542 $ 179 $ 1,721 $ 16,768 $ 18,489 Transportation — 182 182 — 182 Total Origination 1,542 361 1,903 16,768 18,671 Oilseeds Crushing and Origination 647 — 647 12,225 12,872 Refining, Packaging, Biodiesel, and Other 1,787 — 1,787 4,101 5,888 Total Oilseeds 2,434 — 2,434 16,326 18,760 Carbohydrate Solutions Starches and Sweeteners 3,699 — 3,699 1,349 5,048 Bioproducts 2,734 — 2,734 — 2,734 Total Carbohydrate Solutions 6,433 — 6,433 1,349 7,782 Nutrition Wild Flavors and Specialty Ingredients 1,970 — 1,970 — 1,970 Animal Nutrition 920 — 920 — 920 Total Nutrition 2,890 — 2,890 — 2,890 Other 291 — 291 — 291 Total Revenues $ 13,590 $ 361 $ 13,951 $ 34,443 $ 48,394 (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. |
Schedule of the financial statement transition impacts from the adoption of ASC 606 [Table Text Block] | The following tables summarize the impacts of Topic 606 adoption on the various lines of the Company’s consolidated financial statements. Consolidated Balance Sheets (excerpt) January 1, 2018 September 30, 2018 After Adoption As Under Effect of of Topic 606 Reported Topic 605 Change (In millions) Assets Trade receivables $ 2,343 $ 1,934 $ 1,675 $ 259 Inventories 8,770 8,483 8,760 (277 ) Other current assets 3,175 3,707 3,713 (6 ) Total Current Assets 19,918 19,465 19,489 (24 ) Total Assets $ 39,956 $ 39,664 $ 39,688 $ (24 ) Liabilities, Temporary Equity, and Shareholders’ Equity Accrued expenses and other payables $ 2,826 $ 2,925 $ 2,947 $ (22 ) Total Current Liabilities 12,563 11,648 11,670 (22 ) Reinvested earnings 17,552 18,478 18,480 (2 ) Total Shareholders’ Equity 18,322 19,000 19,002 (2 ) Total Liabilities, Temporary Equity, and Shareholders’ Equity $ 39,956 $ 39,664 $ 39,688 $ (24 ) Consolidated Statements of Earnings (excerpt) Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 As Under Effect of As Under Effect of Reported Topic 605 Change Reported Topic 605 Change (In millions) Revenues $ 15,800 $ 15,785 $ 15 $ 48,394 $ 48,518 $ (124 ) Cost of products sold 14,742 14,729 13 45,266 45,388 (122 ) Gross profit 1,058 1,056 2 3,128 3,130 (2 ) Earnings before income taxes 632 630 2 1,748 1,750 (2 ) Income taxes 96 95 1 250 250 — Net earnings including noncontrolling interests 536 535 1 1,498 1,500 (2 ) Net earnings attributable to controlling interests 536 535 1 1,495 1,497 (2 ) |
Acquisitions Business Acquisiti
Acquisitions Business Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | During the nine months ended September 30, 2018 , the Company acquired Probiotics International Limited (also known as Protexin) and Rodelle Inc. for an aggregate consideration of $366 million in cash. The aggregate consideration of these acquisitions, net of $42 million in cash acquired, was allocated as follows: (In millions) Working capital $ (7 ) Property, plant, and equipment 39 Goodwill 165 Other intangible assets 137 Long-term liabilities (1 ) Noncontrolling interest (9 ) Aggregate cash consideration, net of cash acquired $ 324 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017 . Fair Value Measurements at September 30, 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 $ — $ 2,932 $ 1,799 $ 4,731 Unrealized derivative gains: Commodity contracts — 461 217 678 Foreign currency contracts — 272 — 272 Cash equivalents 492 — — 492 Marketable securities 25 1 — 26 Segregated investments 1,193 — — 1,193 Deferred receivables consideration — 475 — 475 Total Assets $ 1,710 $ 4,141 $ 2,016 $ 7,867 Liabilities: Unrealized derivative losses: Commodity contracts $ — $ 619 $ 203 $ 822 Foreign currency contracts — 338 — 338 Interest rate contracts — 13 — 13 Inventory-related payables — 657 44 701 Total Liabilities $ — $ 1,627 $ 247 $ 1,874 Fair Value Measurements at December 31, 2017 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 $ — $ 3,400 $ 1,486 $ 4,886 Unrealized derivative gains: Commodity contracts — 275 111 386 Foreign currency contracts — 63 — 63 Cash equivalents 352 — — 352 Marketable securities 91 1 — 92 Segregated investments 1,733 — — 1,733 Deferred receivables consideration — 307 — 307 Total Assets $ 2,176 $ 4,046 $ 1,597 $ 7,819 Liabilities: Unrealized derivative losses: Commodity contracts $ — $ 268 $ 103 $ 371 Foreign currency contracts — 92 — 92 Interest rate contracts — 1 — 1 Inventory-related payables — 680 39 719 Total Liabilities $ — $ 1,041 $ 142 $ 1,183 |
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 September 30, 2018 . Level 3 Fair Value Asset Measurements at September 30, 2018 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, June 30, 2018 $ 1,378 $ 208 $ 1,586 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* 183 130 313 Purchases 3,518 — 3,518 Sales (3,282 ) — (3,282 ) Settlements — (150 ) (150 ) Transfers into Level 3 235 38 273 Transfers out of Level 3 (233 ) (9 ) (242 ) Ending balance, September 30, 2018 $ 1,799 $ 217 $ 2,016 * Includes increase in unrealized gains of $243 million relating to Level 3 assets still held at September 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 three months ended September 30, 2017 . Level 3 Fair Value Asset Measurements at September 30, 2017 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, June 30, 2017 $ 1,000 $ 106 $ 1,106 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* 15 54 69 Purchases 2,792 — 2,792 Sales (2,655 ) — (2,655 ) Settlements — (82 ) (82 ) Transfers into Level 3 37 45 82 Transfers out of Level 3 (95 ) (3 ) (98 ) Ending balance, September 30, 2017 $ 1,094 $ 120 $ 1,214 * Includes increase in unrealized gains of $52 million relating to Level 3 assets still held at September 30, 2017 . The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2018 . Level 3 Fair Value Asset Measurements at September 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* 559 302 861 Purchases 7,890 — 7,890 Sales (8,264 ) — (8,264 ) Settlements — (294 ) (294 ) Transfers into Level 3 235 123 358 Transfers out of Level 3 (107 ) (25 ) (132 ) Ending balance, September 30, 2018 $ 1,799 $ 217 $ 2,016 * Includes increase in unrealized gains of $523 million relating to Level 3 assets still held at September 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 nine months ended September 30, 2017 . Level 3 Fair Value Asset Measurements at September 30, 2017 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets (In millions) Balance, December 31, 2016 $ 1,322 $ 140 $ 1,462 Total increase (decrease) in net realized/unrealized gains included in cost of products sold* (55 ) 194 139 Purchases 8,369 — 8,369 Sales (8,526 ) — (8,526 ) Settlements — (291 ) (291 ) Transfers into Level 3 37 111 148 Transfers out of Level 3 (53 ) (34 ) (87 ) Ending balance, September 30, 2017 $ 1,094 $ 120 $ 1,214 * Includes increase in unrealized gains of $18 million relating to Level 3 assets still held at September 30, 2017 . |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 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 September 30, 2017 . Level 3 Fair Value Liability Measurements at September 30, 2017 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, June 30, 2017 $ 32 $ 154 $ 186 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* (9 ) 82 73 Purchases 2 — 2 Sales (5 ) — (5 ) Settlements — (123 ) (123 ) Transfers into Level 3 — 35 35 Transfers out of Level 3 — (3 ) (3 ) Ending balance, September 30, 2017 $ 20 $ 145 $ 165 * Includes increase in unrealized losses of $79 million relating to Level 3 liabilities still held at September 30, 2017 . The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2017 . Level 3 Fair Value Liability Measurements at September 30, 2017 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, December 31, 2016 $ 30 $ 142 $ 172 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* (4 ) 201 197 Purchases 19 — 19 Sales (25 ) — (25 ) Settlements — (289 ) (289 ) Transfers into Level 3 — 108 108 Transfers out of Level 3 — (17 ) (17 ) Ending balance, September 30, 2017 $ 20 $ 145 $ 165 * Includes increase in unrealized losses of $204 million relating to Level 3 assets still held at September 30, 2017 . The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2018 . Level 3 Fair Value Liability Measurements at September 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* 12 360 372 Purchases 54 — 54 Sales (61 ) — (61 ) Settlements — (348 ) (348 ) Transfers into Level 3 — 136 136 Transfers out of Level 3 — (48 ) (48 ) Ending balance, September 30, 2018 $ 44 $ 203 $ 247 * Includes increase in unrealized losses of $364 million relating to Level 3 liabilities still held at September 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 September 30, 2018 . Level 3 Fair Value Liability Measurements at September 30, 2018 Inventory- related Payables Commodity Derivative Contracts Losses Total Liabilities (In millions) Balance, June 30, 2018 $ 22 $ 200 $ 222 Total increase (decrease) in net realized/unrealized losses included in cost of products sold* 4 114 118 Purchases 30 — 30 Sales (12 ) — (12 ) Settlements — (130 ) (130 ) Transfers into Level 3 — 30 30 Transfers out of Level 3 — (11 ) (11 ) Ending balance, September 30, 2018 $ 44 $ 203 $ 247 * Includes increase in unrealized losses of $118 million relating to Level 3 liabilities still held at September 30, 2018 . |
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 September 30, 2018 and December 31, 2017 . 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 September 30, 2018 is a weighted average 24.1% of the total price for assets and 45.3% of the total price for liabilities. Weighted Average % of Total Price September 30, 2018 December 31, 2017 Component Type Assets Liabilities Assets Liabilities Inventories and Related Payables Basis 24.1 % 45.3 % 12.8 % 99.9 % Transportation cost 11.6 % 23.0 % 19.2 % — Commodity Derivative Contracts Basis 21.6 % 23.6 % 24.2 % 23.0 % Transportation cost 14.9 % 22.3 % 12.5 % 10.4 % |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017 . September 30, 2018 December 31, 2017 Assets Liabilities Assets Liabilities (In millions) Interest Rate Contracts $ — $ 13 $ — $ 1 Total $ — $ 13 $ — $ 1 The following table sets 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 nine months ended September 30, 2018 and 2017 . Cost of products sold Interest expense Other expense (income) - net (In millions) Revenues Three Months Ended September 30, 2018 Consolidated Statement of Earnings $ 15,800 $ 14,742 $ 87 $ (25 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ 15 $ (87 ) $ — $ — Total gain (loss) recognized in earnings $ 15 $ (87 ) $ — $ — $ (72 ) Three Months Ended September 30, 2017 Consolidated Statement of Earnings $ 14,827 $ 14,015 $ 79 $ (4 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ — $ (15 ) $ — $ — Ineffective amount recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ — $ (4 ) $ — $ — Total gain (loss) recognized in earnings $ — $ (19 ) $ — $ — $ (19 ) Cost of products sold Interest expense Other expense (income) - net (In millions) Revenues Nine Months Ended September 30, 2018 Consolidated Statement of Earnings $ 48,394 $ 45,266 $ 267 $ (42 ) Effective amounts recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ 16 $ (115 ) $ — $ — Interest Contracts — — 1 — Total gain (loss) recognized in earnings $ 16 $ (115 ) $ 1 $ — $ (98 ) Nine Months Ended September 30, 2017 Consolidated Statement of Earnings $ 44,758 $ 42,182 $ 246 $ 7 Effective amounts recognized in earnings Pre-tax gains (losses) on: Foreign Currency Contracts $ — $ — $ — $ (2 ) Commodity Contracts — (20 ) — — Ineffective amount recognized in earnings Pre-tax gains (losses) on: Commodity Contracts $ 4 $ 5 $ — $ — Total gain (loss) recognized in earnings $ 4 $ (15 ) $ — $ (2 ) $ (13 ) The following table sets forth the fair value of derivatives not designated as hedging instruments as of September 30, 2018 and December 31, 2017 . September 30, 2018 December 31, 2017 Assets Liabilities Assets Liabilities (In millions) Foreign Currency Contracts $ 272 $ 338 $ 63 $ 92 Commodity Contracts 678 822 386 371 Total $ 950 $ 1,160 $ 449 $ 463 The following table sets 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 nine months ended September 30, 2018 and 2017 . Other expense (income) - net Cost of products sold (In millions) Revenues Three Months Ended September 30, 2018 Consolidated Statement of Earnings $ 15,800 $ 14,742 $ (25 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ (4 ) $ 12 $ (30 ) Commodity Contracts — 84 — Total gain (loss) recognized in earnings $ (4 ) $ 96 $ (30 ) $ 62 Three Months Ended September 30, 2017 Consolidated Statement of Earnings $ 14,827 $ 14,015 $ (4 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ (8 ) $ 52 $ 52 Commodity Contracts — 34 — Total gain (loss) recognized in earnings $ (8 ) $ 86 $ 52 $ 130 Other expense (income) - net Cost of products sold (In millions) Revenues Nine Months Ended September 30, 2018 Consolidated Statement of Earnings $ 48,394 $ 45,266 $ (42 ) Pre-tax gains (losses) on: Foreign Currency Contracts $ 21 $ (189 ) $ (91 ) Commodity Contracts — 163 — Total gain (loss) recognized in earnings $ 21 $ (26 ) $ (91 ) $ (96 ) Nine Months Ended September 30, 2017 Consolidated Statement of Earnings $ 44,758 $ 42,182 $ 7 Pre-tax gains (losses) on: Foreign Currency Contracts $ (16 ) $ 82 $ 186 Commodity Contracts — 294 — Total gain (loss) recognized in earnings $ (16 ) $ 376 $ 186 $ 546 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Assets [Abstract] | |
Other Current Assets | The following table sets forth the items in other current assets: September 30, December 31, 2018 2017 (In millions) Unrealized gains on derivative contracts $ 950 $ 449 Deferred receivables consideration 475 307 Customer omnibus receivable 455 477 Financing receivables - net (1) 579 413 Insurance premiums receivable 48 129 Prepaid expenses 257 232 Tax receivables 416 425 Non-trade receivables (2) 324 371 Other current assets 203 372 $ 3,707 $ 3,175 (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 $3 million and $6 million at September 30, 2018 and December 31, 2017 , respectively. Additionally, at September 30, 2018, the Company had increased prepayments to farmers in South America for purchases of grain due to higher farmer selling activity in 2018 and the recent truckers strike in Brazil, which has created logistical delays in the delivery of grain. Interest earned on financing receivables of $6 million and $18 million for the three and nine months ended September 30, 2018 , respectively, and $6 million and $18 million for the three and nine months ended September 30, 2017 , respectively, is included in interest income in the consolidated statements of earnings. (2) Non-trade receivables included $67 million and $91 million of reinsurance recoverables as of September 30, 2018 and December 31, 2017 , respectively. |
Accrued Expenses And Other Pa_2
Accrued Expenses And Other Payables (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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: September 30, December 31, 2018 2017 (In millions) Unrealized losses on derivative contracts $ 1,173 $ 464 Accrued compensation 295 235 Income tax payable 158 140 Other taxes payable 97 99 Reinsurance premiums payable 26 111 Insurance claims payable 253 268 Contract liability 106 185 Other accruals and payables 817 1,331 $ 2,925 $ 2,833 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (AOCI) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Details about AOCI Components | The following tables set forth the changes in AOCI by component for the three and nine months ended September 30, 2018 and the reclassifications out of AOCI for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, 2018 Foreign Currency Translation Adjustment Deferred Gain (Loss) on Hedging Activities Pension Liability Adjustment Unrealized Gain (Loss) on Investments Total (In millions) Balance at June 30, 2018 $ (1,566 ) $ (51 ) $ (310 ) $ 16 $ (1,911 ) Other comprehensive income (loss) before reclassifications (177 ) 5 — (7 ) (179 ) Amounts reclassified from AOCI (1 ) 72 8 — 79 Tax effect (1 ) (17 ) (3 ) — (21 ) Net of tax amount (179 ) 60 5 (7 ) (121 ) Balance at September 30, 2018 $ (1,745 ) $ 9 $ (305 ) $ 9 $ (2,032 ) Nine months ended September 30, 2018 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, 2017 $ (1,353 ) $ 17 $ (321 ) $ 20 $ (1,637 ) Other comprehensive income before reclassifications (368 ) (110 ) — (11 ) (489 ) Amounts reclassified from AOCI (1 ) 98 23 — 120 Tax effect (23 ) 4 (7 ) — (26 ) Net current period other comprehensive income (392 ) (8 ) 16 (11 ) (395 ) Balance at September 30, 2018 $ (1,745 ) $ 9 $ (305 ) $ 9 $ (2,032 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amount reclassified from AOCI Three months ended Nine months ended Details about AOCI components Sep 30 Sep 30 Sep 30 Sep 30 Affected line item in the consolidated statement of earnings (In millions) Foreign currency translation adjustment $ (1 ) $ — $ (1 ) $ — Other (income) expense - net — — — — Tax $ (1 ) $ — $ (1 ) $ — Net of tax Deferred loss (gain) on hedging activities $ 87 $ 15 $ 115 $ 20 Cost of products sold — — (1 ) — Interest expense — — — 2 Other (income) expense - net (15 ) — (16 ) — Revenues 72 15 98 22 Total before tax (18 ) (5 ) (24 ) (8 ) Tax $ 54 $ 10 $ 74 $ 14 Net of tax Pension liability adjustment Amortization of defined benefit pension items: Prior service credit $ (8 ) $ (2 ) $ (25 ) $ (8 ) Other (income) expense - net Actuarial losses 16 16 48 50 Other (income) expense - net 8 14 23 42 Total before tax (3 ) (5 ) (6 ) (15 ) Tax $ 5 $ 9 $ 17 $ 27 Net of tax |
Other (Income) Expense - Net (T
Other (Income) Expense - Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense - Net | The following table sets forth the items in other (income) expense: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (In millions) Gains on sales of assets $ (33 ) $ (15 ) $ (45 ) $ (66 ) Loss on debt extinguishment — 11 — 11 Other – net 8 — 3 62 Other (Income) Expense - Net $ (25 ) $ (4 ) $ (42 ) $ 7 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2018 2017 2018 2017 Gross revenues Origination $ 7,090 $ 6,671 $ 21,940 $ 20,195 Oilseeds 7,031 6,780 22,148 20,016 Carbohydrate Solutions 2,909 2,858 8,625 8,346 Nutrition 933 894 2,920 2,698 Other 84 98 291 293 Intersegment elimination (2,247 ) (2,474 ) (7,530 ) (6,790 ) Total gross revenues $ 15,800 $ 14,827 $ 48,394 $ 44,758 Intersegment sales Origination $ 1,240 $ 1,169 $ 3,269 $ 3,043 Oilseeds 621 1,045 3,388 3,003 Carbohydrate Solutions 375 251 843 719 Nutrition 11 9 30 25 Total intersegment sales $ 2,247 $ 2,474 $ 7,530 $ 6,790 Revenues from external customers Origination Merchandising and Handling $ 5,786 $ 5,450 $ 18,489 $ 16,998 Transportation 64 52 182 154 Total Origination 5,850 5,502 18,671 17,152 Oilseeds Crushing and Origination 4,439 3,697 12,872 10,917 Refining, Packaging, Biodiesel, and Other 1,971 2,038 5,888 6,096 Total Oilseeds 6,410 5,735 18,760 17,013 Carbohydrate Solutions Starches and Sweeteners 1,706 1,689 5,048 4,893 Bioproducts 828 918 2,734 2,734 Total Carbohydrate Solutions 2,534 2,607 7,782 7,627 Nutrition Wild Flavors and Specialty Ingredients 641 590 1,970 1,825 Animal Nutrition 281 295 920 848 Total Nutrition 922 885 2,890 2,673 Other 84 98 291 293 Total revenues from external customers $ 15,800 $ 14,827 $ 48,394 $ 44,758 Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2018 2017 2018 2017 Segment operating profit Origination $ 129 $ 39 $ 363 $ 143 Oilseeds 349 113 1,042 624 Carbohydrate Solutions 288 300 748 793 Nutrition 67 68 277 239 Other 28 21 72 78 Specified Items: Gains (losses) on sales of assets and businesses (1) 21 12 21 20 Impairment, restructuring, and settlement charges (2) (1 ) (63 ) (36 ) (98 ) Hedge timing effects (3) — (5 ) — 4 Total segment operating profit 881 485 2,487 1,803 Corporate (249 ) (260 ) (739 ) (737 ) Earnings before income taxes $ 632 $ 225 $ 1,748 $ 1,066 (1) Current quarter and year-to-date gains related to the sale of a business and an equity investment. Prior quarter gains related to disposals of other individually insignificant assets in the ordinary course of business. Prior year-to-date gains related to the sale of the crop risk services businesses and disposals of other individually insignificant assets in the ordinary course of business, partially offset by an adjustment of the proceeds of the 2015 sale of the cocoa business. (2) Current quarter charge related to a settlement. Current year-to-date charges consisted of impairment charges related to a financing receivable and an equity investment, restructuring charges and a settlement charge. Prior period charges related to impairment of certain long-lived assets and restructuring charges. (3) Hedge timing effects relate to hedge ineffectiveness associated with documented hedge programs. September 30, December 31, (In millions) 2018 2017 Identifiable Assets Origination $ 8,131 $ 8,311 Oilseeds 12,559 11,992 Carbohydrate Solutions 5,846 6,085 Nutrition 7,169 5,568 Other 5,068 5,658 Corporate 891 2,349 Total Identifiable Assets $ 39,664 $ 39,963 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net Cash Provided by (Used in) Investing Activities | $ 4,575 | $ 4,471 | ||
Net Cash Provided by (Used in) Operating Activities | (3,680) | (3,249) | ||
Restricted Cash and Cash Equivalents | $ 1,734 | $ 1,276 | 1,734 | 1,276 |
Cash Flows Between Transferor and Transferee, Beneficial Interest | 5,400 | 5,400 | ||
Other (Income) Expense - Net [Member] | ||||
Defined benefit plan net periodic benefit cost other than service cost | $ (1) | $ 4 | 20 | |
Cost of Products Sold [Member] | ||||
Defined benefit plan net periodic benefit cost other than service cost | 0 | 9 | ||
Selling, General and Administrative Expenses [Member] | ||||
Defined benefit plan net periodic benefit cost other than service cost | $ 0 | $ 11 |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards (Details) - Accounting Standards Update 2014-09 [Member] $ in Millions | Jan. 01, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Less than | less than |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (1) |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 15,800 | $ 48,394 | ||||
Contract with Customer, Liability [Abstract] | ||||||
Contract with Customer, Liability | 106 | 106 | $ 185 | $ 185 | ||
Change in Contract with Customer, Liability [Abstract] | ||||||
Contract with Customer, Liability, Revenue Recognized | 36 | 286 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Accounts Receivable, Net, Current | 1,934 | 1,934 | 2,343 | 1,947 | ||
Inventories | 8,483 | 8,483 | 8,770 | 9,173 | ||
Other Assets, Current | 3,707 | 3,707 | 3,175 | 3,175 | ||
Other Assets, Current | 19,465 | 19,465 | 19,918 | 19,925 | ||
Assets | 39,664 | 39,664 | 39,956 | 39,963 | ||
Other Liabilities, Current | 2,925 | 2,925 | 2,826 | 2,833 | ||
Liabilities, Current | 11,648 | 11,648 | 12,563 | 12,570 | ||
Reinvested earnings | 18,478 | 18,478 | 17,552 | 17,552 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 19,000 | 19,000 | 18,322 | 18,322 | ||
Liabilities and Equity | 39,664 | 39,664 | $ 39,956 | 39,963 | ||
Revenues | 15,800 | $ 14,827 | 48,394 | $ 44,758 | ||
Cost of Products Sold | 14,742 | 14,015 | 45,266 | 42,182 | ||
Gross Profit | 1,058 | 812 | 3,128 | 2,576 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 632 | 225 | 1,748 | 1,066 | ||
Income taxes | 96 | 30 | 250 | 256 | ||
Net earnings including noncontrolling interests | 536 | 195 | 1,498 | 810 | ||
Net Income (Loss) Attributable to Parent | 536 | 192 | 1,495 | 807 | ||
Carbohydrate Solutions [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,534 | 7,782 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Assets | 5,846 | 5,846 | 6,085 | |||
Revenues | 2,534 | 2,607 | 7,782 | 7,627 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 288 | 300 | 748 | 793 | ||
Starches and sweeteners [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,706 | 5,048 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues | 1,706 | 1,689 | 5,048 | 4,893 | ||
Bioproducts [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 828 | 2,734 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues | 828 | 918 | 2,734 | 2,734 | ||
Nutrition [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 922 | 2,890 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Assets | 7,169 | 7,169 | 5,568 | |||
Revenues | 922 | 885 | 2,890 | 2,673 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 67 | 68 | 277 | 239 | ||
Wild Flavors and Specialty Ingredients [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 641 | 1,970 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues | 641 | 590 | 1,970 | 1,825 | ||
Animal Nutrition [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 281 | 920 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues | 281 | 295 | 920 | 848 | ||
Oilseeds [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,410 | 18,760 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Assets | 12,559 | 12,559 | 11,992 | |||
Revenues | 6,410 | 5,735 | 18,760 | 17,013 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 349 | 113 | 1,042 | 624 | ||
Crushing and origination [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,439 | 12,872 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues | 4,439 | 3,697 | 12,872 | 10,917 | ||
Refining, packaging, biodiesel, and other [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,971 | 5,888 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues | 1,971 | 2,038 | 5,888 | 6,096 | ||
Origination [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,850 | 18,671 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Assets | 8,131 | 8,131 | 8,311 | |||
Revenues | 5,850 | 5,502 | 18,671 | 17,152 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 129 | 39 | 363 | 143 | ||
Merchandising and handling [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,786 | 18,489 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues | 5,786 | 5,450 | 18,489 | 16,998 | ||
Transportation [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 64 | 182 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Revenues | 64 | 52 | 182 | 154 | ||
Other [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 84 | 291 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Assets | 5,068 | 5,068 | $ 5,658 | |||
Revenues | 84 | 98 | 291 | 293 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 28 | $ 21 | 72 | $ 78 | ||
Non MTM Products and Services [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,535 | 13,951 | ||||
Non MTM Products and Services [Member] | Transferred at Point in Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,414 | 13,590 | ||||
Non MTM Products and Services [Member] | Transferred over Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 121 | 361 | ||||
Non MTM Products and Services [Member] | Carbohydrate Solutions [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,089 | 6,433 | ||||
Non MTM Products and Services [Member] | Carbohydrate Solutions [Member] | Transferred at Point in Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,089 | 6,433 | ||||
Non MTM Products and Services [Member] | Starches and sweeteners [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,261 | 3,699 | ||||
Non MTM Products and Services [Member] | Starches and sweeteners [Member] | Transferred at Point in Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,261 | 3,699 | ||||
Non MTM Products and Services [Member] | Bioproducts [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 828 | 2,734 | ||||
Non MTM Products and Services [Member] | Bioproducts [Member] | Transferred at Point in Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 828 | 2,734 | ||||
Non MTM Products and Services [Member] | Nutrition [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 922 | 2,890 | ||||
Non MTM Products and Services [Member] | Nutrition [Member] | Transferred at Point in Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 922 | 2,890 | ||||
Non MTM Products and Services [Member] | Wild Flavors and Specialty Ingredients [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 641 | 1,970 | ||||
Non MTM Products and Services [Member] | Wild Flavors and Specialty Ingredients [Member] | Transferred at Point in Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 641 | 1,970 | ||||
Non MTM Products and Services [Member] | Animal Nutrition [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 281 | 920 | ||||
Non MTM Products and Services [Member] | Animal Nutrition [Member] | Transferred at Point in Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 281 | 920 | ||||
Non MTM Products and Services [Member] | Oilseeds [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 923 | 2,434 | ||||
Non MTM Products and Services [Member] | Oilseeds [Member] | Transferred at Point in Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 923 | 2,434 | ||||
Non MTM Products and Services [Member] | Crushing and origination [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 330 | 647 | ||||
Non MTM Products and Services [Member] | Crushing and origination [Member] | Transferred at Point in Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 330 | 647 | ||||
Non MTM Products and Services [Member] | Refining, packaging, biodiesel, and other [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 593 | 1,787 | ||||
Non MTM Products and Services [Member] | Refining, packaging, biodiesel, and other [Member] | Transferred at Point in Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 593 | 1,787 | ||||
Non MTM Products and Services [Member] | Origination [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 517 | 1,903 | ||||
Non MTM Products and Services [Member] | Origination [Member] | Transferred at Point in Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 396 | 1,542 | ||||
Non MTM Products and Services [Member] | Origination [Member] | Transferred over Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 121 | 361 | ||||
Non MTM Products and Services [Member] | Merchandising and handling [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 453 | 1,721 | ||||
Non MTM Products and Services [Member] | Merchandising and handling [Member] | Transferred at Point in Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 396 | 1,542 | ||||
Non MTM Products and Services [Member] | Merchandising and handling [Member] | Transferred over Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 57 | 179 | ||||
Non MTM Products and Services [Member] | Transportation [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 64 | 182 | ||||
Non MTM Products and Services [Member] | Transportation [Member] | Transferred over Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 64 | 182 | ||||
Non MTM Products and Services [Member] | Other [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 84 | 291 | ||||
Non MTM Products and Services [Member] | Other [Member] | Transferred at Point in Time [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 84 | 291 | ||||
Mark-to-Market Products [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,265 | 34,443 | ||||
Mark-to-Market Products [Member] | Carbohydrate Solutions [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 445 | 1,349 | ||||
Mark-to-Market Products [Member] | Starches and sweeteners [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 445 | 1,349 | ||||
Mark-to-Market Products [Member] | Oilseeds [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,487 | 16,326 | ||||
Mark-to-Market Products [Member] | Crushing and origination [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,109 | 12,225 | ||||
Mark-to-Market Products [Member] | Refining, packaging, biodiesel, and other [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,378 | 4,101 | ||||
Mark-to-Market Products [Member] | Origination [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,333 | 16,768 | ||||
Mark-to-Market Products [Member] | Merchandising and handling [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,333 | 16,768 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Accounts Receivable, Net, Current | 1,675 | 1,675 | ||||
Inventories | 8,760 | 8,760 | ||||
Other Assets, Current | 3,713 | 3,713 | ||||
Other Assets, Current | 19,489 | 19,489 | ||||
Assets | 39,688 | 39,688 | ||||
Other Liabilities, Current | 2,947 | 2,947 | ||||
Liabilities, Current | 11,670 | 11,670 | ||||
Reinvested earnings | 18,480 | 18,480 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 19,002 | 19,002 | ||||
Liabilities and Equity | 39,688 | 39,688 | ||||
Revenues | 15,785 | 48,518 | ||||
Cost of Products Sold | 14,729 | 45,388 | ||||
Gross Profit | 1,056 | 3,130 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 630 | 1,750 | ||||
Income taxes | 95 | 250 | ||||
Net earnings including noncontrolling interests | 535 | 1,500 | ||||
Net Income (Loss) Attributable to Parent | 535 | 1,497 | ||||
Difference Between Revenue Guidance in Effect before Topic 606 [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Accounts Receivable, Net, Current | 259 | 259 | ||||
Inventories | (277) | (277) | ||||
Other Assets, Current | (6) | (6) | ||||
Other Assets, Current | (24) | (24) | ||||
Assets | (24) | (24) | ||||
Other Liabilities, Current | (22) | (22) | ||||
Liabilities, Current | (22) | (22) | ||||
Reinvested earnings | (2) | (2) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (2) | (2) | ||||
Liabilities and Equity | (24) | (24) | ||||
Revenues | 15 | (124) | ||||
Cost of Products Sold | 13 | (122) | ||||
Gross Profit | 2 | (2) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 2 | (2) | ||||
Income taxes | 1 | 0 | ||||
Net earnings including noncontrolling interests | 1 | (2) | ||||
Net Income (Loss) Attributable to Parent | $ 1 | $ (2) |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 324 | $ 187 |
Probiotics & Rodelle [Member] | ||
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Gross | 366 | |
Cash Acquired from Acquisition | 42 | |
Business Acquisition, Purchase Price Allocation, Working Capital | (7) | |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 39 | |
Goodwill | 165 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 137 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (1) | |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | (9) | |
Payments to Acquire Businesses, Net of Cash Acquired | $ 324 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Weighted Average [Member] - Fair Value, Measurements, Recurring [Member] - Significant Unobservable Inputs (Level 3) [Member] | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory Related Payables [Member] | ||
Fair Value Measurements [Line Items] | ||
Basis | 45.30% | 99.90% |
Inventories Carried At Market [Member] | ||
Fair Value Measurements [Line Items] | ||
Basis | 24.10% | 12.80% |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements At Reporting Date) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Derivative Asset | $ 950 | $ 449 |
Deferred receivables consideration | 475 | 307 |
Liabilities: | ||
Derivative Liability | 1,173 | 464 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Inventories carried at market | 4,731 | 4,886 |
Cash Equivalents, at Carrying Value | 492 | 352 |
Available-for-sale Securities, Fair Value Disclosure | 26 | 92 |
Restricted Investments, at Fair Value | 1,193 | 1,733 |
Deferred receivables consideration | 475 | 307 |
Total Assets | 7,867 | 7,819 |
Liabilities: | ||
Inventory-related payables | 701 | 719 |
Total Liabilities | 1,874 | 1,183 |
Fair Value, Measurements, Recurring [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 678 | 386 |
Liabilities: | ||
Derivative Liability | 822 | 371 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 272 | 63 |
Liabilities: | ||
Derivative Liability | 338 | 92 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | ||
Liabilities: | ||
Derivative Liability | 13 | 1 |
Fair Value, Measurements, 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 | 492 | 352 |
Available-for-sale Securities, Fair Value Disclosure | 25 | 91 |
Restricted Investments, at Fair Value | 1,193 | 1,733 |
Deferred receivables consideration | 0 | 0 |
Total Assets | 1,710 | 2,176 |
Liabilities: | ||
Inventory-related payables | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Measurements, 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, Measurements, 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, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Interest Rate Contracts [Member] | ||
Liabilities: | ||
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Inventories carried at market | 2,932 | 3,400 |
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 | 475 | 307 |
Total Assets | 4,141 | 4,046 |
Liabilities: | ||
Inventory-related payables | 657 | 680 |
Total Liabilities | 1,627 | 1,041 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 461 | 275 |
Liabilities: | ||
Derivative Liability | 619 | 268 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 272 | 63 |
Liabilities: | ||
Derivative Liability | 338 | 92 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member] | ||
Liabilities: | ||
Derivative Liability | 13 | 1 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Inventories carried at market | 1,799 | 1,486 |
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 | 2,016 | 1,597 |
Liabilities: | ||
Inventory-related payables | 44 | 39 |
Total Liabilities | 247 | 142 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 217 | 111 |
Liabilities: | ||
Derivative Liability | 203 | 103 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Contracts [Member] | ||
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 243 | $ 52 | $ 523 | $ 18 |
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 1,586 | 1,106 | 1,597 | 1,462 |
Total increase (decrease) in unrealized gains included in cost of products sold | 313 | 69 | 861 | 139 |
Purchases | 3,518 | 2,792 | 7,890 | 8,369 |
Sales | (3,282) | (2,655) | (8,264) | (8,526) |
Settlements | (150) | (82) | (294) | (291) |
Transfers into Level 3 | 273 | 82 | 358 | 148 |
Transfers out of Level 3 | (242) | (98) | (132) | (87) |
Balance at end of period | 2,016 | 1,214 | 2,016 | 1,214 |
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 | 1,378 | 1,000 | 1,486 | 1,322 |
Total increase (decrease) in unrealized gains included in cost of products sold | 183 | 15 | 559 | (55) |
Purchases | 3,518 | 2,792 | 7,890 | 8,369 |
Sales | (3,282) | (2,655) | (8,264) | (8,526) |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 235 | 37 | 235 | 37 |
Transfers out of Level 3 | (233) | (95) | (107) | (53) |
Balance at end of period | 1,799 | 1,094 | 1,799 | 1,094 |
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 | 208 | 106 | 111 | 140 |
Total increase (decrease) in unrealized gains included in cost of products sold | 130 | 54 | 302 | 194 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (150) | (82) | (294) | (291) |
Transfers into Level 3 | 38 | 45 | 123 | 111 |
Transfers out of Level 3 | (9) | (3) | (25) | (34) |
Balance at end of period | $ 217 | $ 120 | $ 217 | $ 120 |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ (118) | $ (79) | $ (364) | $ (204) |
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 222 | 186 | 142 | 172 |
Total increase (decrease) in unrealized losses included in cost of products sold | 118 | 73 | 372 | 197 |
Purchases | 30 | 2 | 54 | 19 |
Sales | (12) | (5) | (61) | (25) |
Settlements | (130) | (123) | (348) | (289) |
Transfers into Level 3 | 30 | 35 | 136 | 108 |
Transfers out of Level 3 | (11) | (3) | (48) | (17) |
Balance at end of period | 247 | 165 | 247 | 165 |
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 | 22 | 32 | 39 | 30 |
Total increase (decrease) in unrealized losses included in cost of products sold | 4 | (9) | 12 | (4) |
Purchases | 30 | 2 | 54 | 19 |
Sales | (12) | (5) | (61) | (25) |
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 | 44 | 20 | 44 | 20 |
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 | 200 | 154 | 103 | 142 |
Total increase (decrease) in unrealized losses included in cost of products sold | 114 | 82 | 360 | 201 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (130) | (123) | (348) | (289) |
Transfers into Level 3 | 30 | 35 | 136 | 108 |
Transfers out of Level 3 | (11) | (3) | (48) | (17) |
Balance at end of period | $ 203 | $ 145 | $ 203 | $ 145 |
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, Measurements, Recurring [Member] | Sep. 30, 2018 | Dec. 31, 2017 |
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 | 45.30% | 99.90% |
Transportation cost | 23.00% | 0.00% |
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 | 23.60% | 23.00% |
Transportation cost | 22.30% | 10.40% |
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 | 24.10% | 12.80% |
Transportation cost | 11.60% | 19.20% |
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 | 21.60% | 24.20% |
Transportation cost | 14.90% | 12.50% |
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 | 9 Months Ended | ||||
Sep. 30, 2018USD ($)gal | Sep. 30, 2018USD ($)bugal | Sep. 30, 2018EUR (€)gal | Sep. 12, 2018EUR (€) | Dec. 31, 2017USD ($) | Jun. 24, 2015EUR (€) | |
Derivative [Line Items] | ||||||
Debt Instrument, Face Amount | $ 754 | $ 754 | € 650 | |||
Corn processed per month (in bushels) | bu | 72 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||
Debt amount designated as a net investment hedge | € | € 1,100 | |||||
Derivatives used in Net Investment Hedge, Net of Tax | 40 | $ 40 | $ 59 | |||
Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Unrealized Gain (Loss) on Price Risk Cash Flow Hedges, after Tax, Accumulated Other Comprehensive Income | 26 | 26 | ||||
Interest Rate Derivative Liabilities, at Fair Value | 13 | 13 | $ 1 | |||
After-tax gains (losses) in AOCI from commodity cash flow hedge transactions | 26 | 26 | ||||
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) | 23.00% | 23.00% | 23.00% | |||
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent) | 5.00% | 5.00% | 5.00% | |||
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) | 95.00% | 95.00% | 95.00% | |||
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 | 1 | 1 | 1 | |||
Commodity hedged over future hedging period, (in gallons) | gal | 15 | 15 | 15 | |||
Ethanol [Member] | Maximum [Member] | Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Commodity hedged during historical hedging period, (in gallons) | gal | 135 | 135 | 135 | |||
Commodity hedged over future hedging period, (in gallons) | gal | 121 | 121 | 121 | |||
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) | 0.00% | 0.00% | 0.00% | |||
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% | |||
Net Investment Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Notional Amount | $ 500 | $ 500 | ||||
Fair Value Hedging [Member] | Designated As Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Interest Rate Derivative Liabilities, at Fair Value | $ 8 | $ 8 |
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 | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
FX Contracts Assets | $ 272 | $ 63 |
Commodity Contracts Assets | 678 | 386 |
Total fair value of derivative assets not designated as hedging instruments | 950 | 449 |
FX Contracts Liabilities | 338 | 92 |
Commodity Contracts Liabilities | 822 | 371 |
Total fair value of derivative liabilities not designated as hedging instruments. | $ 1,160 | $ 463 |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative [Line Items] | ||||
Revenues | $ 15,800 | $ 14,827 | $ 48,394 | $ 44,758 |
Cost of Products Sold | 14,742 | 14,015 | 45,266 | 42,182 |
Other (Income) Expense - Net | (25) | (4) | (42) | 7 |
Total gain (loss) recognized in earnings | 62 | 130 | (96) | 546 |
Revenues [Member] | ||||
Derivative [Line Items] | ||||
FX Contracts | (4) | (8) | 21 | (16) |
Total gain (loss) recognized in earnings | (4) | (8) | 21 | (16) |
Cost of Products Sold [Member] | ||||
Derivative [Line Items] | ||||
FX Contracts | 12 | 52 | (189) | 82 |
Commodity Contracts | 84 | 34 | 163 | 294 |
Total gain (loss) recognized in earnings | 96 | 86 | (26) | 376 |
Other (Income) Expense - Net [Member] | ||||
Derivative [Line Items] | ||||
FX Contracts | (30) | 52 | (91) | 186 |
Total gain (loss) recognized in earnings | $ (30) | $ 52 | $ (91) | $ 186 |
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 | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | $ 0 | $ 0 |
Interest Rate Derivative Liabilities, at Fair Value | 13 | 1 |
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | 0 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ 13 | $ 1 |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Revenues | $ 15,800 | $ 14,827 | $ 48,394 | $ 44,758 |
Cost of Products Sold | 14,742 | 14,015 | 45,266 | 42,182 |
Interest Expense | 87 | 79 | 267 | 246 |
Other (Income) Expense - Net | (25) | (4) | (42) | 7 |
Designated As Hedging Instrument [Member] | ||||
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Total amount recognized in earnings | (72) | (19) | (98) | (13) |
Designated As Hedging Instrument [Member] | Other (Income) Expense - Net [Member] | ||||
Derivative Instruments, Gains (Loss) [Line Items] | ||||
FX Contracts effective amount recognized in earnings | (2) | |||
Commodity Contracts effective amount recognized in earnings | 0 | 0 | ||
Total amount recognized in earnings | 0 | 0 | 0 | (2) |
Designated As Hedging Instrument [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Interest contracts effective amount recognized in earnings | 1 | |||
Total amount recognized in earnings | 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 | (87) | (15) | (115) | (20) |
Commodity contracts ineffective amount recognized in earnings | (4) | 5 | ||
Total amount recognized in earnings | (87) | (19) | (115) | (15) |
Designated As Hedging Instrument [Member] | Revenues [Member] | ||||
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Commodity Contracts effective amount recognized in earnings | 15 | 0 | 16 | |
Commodity contracts ineffective amount recognized in earnings | 0 | 4 | ||
Total amount recognized in earnings | $ 15 | $ 0 | $ 16 | $ 4 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Other Assets [Abstract] | ||||||
Derivative Asset | $ 950 | $ 950 | $ 449 | |||
Deferred receivables consideration | 475 | 475 | 307 | |||
Receivables from Customers | 455 | 455 | 477 | |||
Financing Receivable, Net | 579 | 579 | 413 | |||
Premiums Receivable, Net | 48 | 48 | 129 | |||
Prepaid Expense, Current | 257 | 257 | 232 | |||
Tax receivables | 416 | 416 | 425 | |||
Other Receivables | 324 | 324 | 371 | |||
Other current assets | 203 | 203 | 372 | |||
Total other current assets | 3,707 | 3,707 | $ 3,175 | 3,175 | ||
Financing Receivable, Allowance for Credit Losses | 3 | 3 | 6 | |||
Interest on financing receivables | 6 | $ 6 | 18 | $ 18 | ||
Asset Impairment Charges | $ 62 | 21 | $ 80 | |||
Reinsurance Recoverables | $ 67 | $ 67 | $ 91 |
Accrued Expenses And Other Pa_3
Accrued Expenses And Other Payables (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Accrued Liabilities and Other Liabilities [Abstract] | |||
Derivative Liability | $ 1,173 | $ 464 | |
Employee-related Liabilities | 295 | 235 | |
Accrued Income Taxes, Current | 158 | 140 | |
Accrual for Taxes Other than Income Taxes, Current | 97 | 99 | |
Reinsurance Payable | 26 | 111 | |
Liability for Claims and Claims Adjustment Expense | 253 | 268 | |
Contract with Customer, Liability | 106 | $ 185 | 185 |
Accrued expenses and other payables | 817 | 1,331 | |
Total accrued expenses and other payables | $ 2,925 | $ 2,826 | $ 2,833 |
Debt And Financing Arrangemen_2
Debt And Financing Arrangements (Narrative) (Details) € in Millions, $ in Millions | Sep. 12, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 12, 2018EUR (€) |
Debt Instrument [Line Items] | |||
Debt Instrument, Issuance Date | Sep. 12, 2018 | ||
Debt Instrument, Face Amount | $ 754 | € 650 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||
Debt Instrument, Maturity Date | Sep. 12, 2025 | ||
Proceeds from Issuance of Unsecured Debt | $ 747 | ||
Excess of fair value over carrying value of long-term debt | 700 | ||
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 8,800 | ||
Unused lines of credit | 6,800 | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | ||
Commercial Paper | 400 | ||
Accounts Receivable Securitization Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,800 | ||
Unused lines of credit | $ 300 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($)assessment | Sep. 30, 2017 | Sep. 30, 2018USD ($)assessment | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||||
Effective income tax rate | 15.20% | 13.30% | 14.30% | 24.00% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | |||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | $ 13 | $ 4 | |||
Brazilian Federal Revenue Service [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Number of separate tax assessments | assessment | 3 | 3 | |||
Income tax assessment | $ 105 | $ 105 | |||
Income tax assessment - Interest and Penalties | 295 | 295 | |||
Argentine Tax Authorities [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax assessment | 16 | 16 | |||
Income tax assessment - Interest and Penalties | 55 | 55 | |||
Estimated Additional Tax Assessment | 45 | 45 | |||
Additional income tax assessment - Interest and Penalties | 44 | 44 | |||
Tax and Customs Administration, Netherlands [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax assessment | 94 | 94 | |||
Additional income tax assessment - Interest and Penalties | $ 28 | $ 28 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | $ (1,911) | $ (1,637) |
Other comprehensive income (loss) before reclassifications | (179) | (489) |
Amounts reclassified from AOCI | 79 | 120 |
Other comprehensive income (loss), tax, portion attributable to parent | (21) | (26) |
Other Comprehensive Income (Loss), Net of Tax | (121) | (395) |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | (2,032) | (2,032) |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | (1,566) | (1,353) |
Other comprehensive income (loss) before reclassifications | (177) | (368) |
Amounts reclassified from AOCI | (1) | (1) |
Other comprehensive income (loss), tax, portion attributable to parent | (1) | (23) |
Other Comprehensive Income (Loss), Net of Tax | (179) | (392) |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | (1,745) | (1,745) |
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 | (51) | 17 |
Other comprehensive income (loss) before reclassifications | 5 | (110) |
Amounts reclassified from AOCI | 72 | 98 |
Other comprehensive income (loss), tax, portion attributable to parent | (17) | 4 |
Other Comprehensive Income (Loss), Net of Tax | 60 | (8) |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | 9 | 9 |
Pension Liability Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | (310) | (321) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from AOCI | 8 | 23 |
Other comprehensive income (loss), tax, portion attributable to parent | (3) | (7) |
Other Comprehensive Income (Loss), Net of Tax | 5 | 16 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | (305) | (305) |
Unrealized Gain (Loss) On Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | 16 | 20 |
Other comprehensive income (loss) before reclassifications | (7) | (11) |
Amounts reclassified from AOCI | 0 | 0 |
Other comprehensive income (loss), tax, portion attributable to parent | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | (7) | (11) |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | $ 9 | $ 9 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (AOCI) Components (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Cost of Products Sold | $ 14,742 | $ 14,015 | $ 45,266 | $ 42,182 |
Interest Expense | 87 | 79 | 267 | 246 |
Other (Income) Expense - Net | (25) | (4) | (42) | 7 |
Revenues | (15,800) | (14,827) | (48,394) | (44,758) |
Asset impairment, exit, and restructuring costs | 1 | 107 | 41 | 140 |
Earnings Before Income Taxes | (632) | (225) | (1,748) | (1,066) |
Income taxes | (96) | (30) | (250) | (256) |
Net Earnings Including Noncontrolling Interests | (536) | (195) | (1,498) | (810) |
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 (Income) Expense - Net | (1) | 0 | 1 | 0 |
Income taxes | 0 | 0 | 0 | 0 |
Net Earnings Including Noncontrolling Interests | (1) | 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] | ||||
Cost of Products Sold | 87 | 15 | 115 | 20 |
Interest Expense | 0 | 0 | (1) | 0 |
Other (Income) Expense - Net | 0 | 0 | 0 | 2 |
Revenues | (15) | 0 | (16) | 0 |
Earnings Before Income Taxes | 72 | 15 | 98 | 22 |
Income taxes | 18 | 5 | 24 | 8 |
Net Earnings Including Noncontrolling Interests | 54 | 10 | 74 | 14 |
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 | 8 | 14 | 23 | 42 |
Income taxes | 3 | 5 | 6 | 15 |
Net Earnings Including Noncontrolling Interests | 5 | 9 | 17 | 27 |
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) | (8) | (2) | (25) | (8) |
Actuarial Losses | $ 16 | $ (16) | $ 48 | $ 50 |
Other (Income) Expense (Details
Other (Income) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Gain (Loss) on Sale and Revaluation of Assets | $ 33 | $ 15 | $ 45 | $ 66 |
Other (income) expense - net | 8 | 0 | 3 | 62 |
Other (Income) Expense - Net | (25) | (4) | (42) | 7 |
Gain (Loss) on Extinguishment of Debt | 0 | $ 11 | 0 | 11 |
Other (Income) Expense - Net [Member] | ||||
Defined benefit plan net periodic benefit cost other than service cost | $ 1 | $ (4) | $ (20) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2018segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 4 |
SoyVen [Member] | |
Segment Reporting Information [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Aston Foods [Member] | |
Segment Reporting Information [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Segment Information (Segment In
Segment Information (Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Segment Information | ||||||
Revenues | $ 15,800 | $ 14,827 | $ 48,394 | $ 44,758 | ||
Earnings Before Income Taxes | 632 | 225 | 1,748 | 1,066 | ||
Assets | 39,664 | 39,664 | $ 39,956 | $ 39,963 | ||
Carbohydrate Solutions [Member] | ||||||
Segment Information | ||||||
Revenues | 2,534 | 2,607 | 7,782 | 7,627 | ||
Earnings Before Income Taxes | 288 | 300 | 748 | 793 | ||
Assets | 5,846 | 5,846 | 6,085 | |||
Starches and sweeteners [Member] | ||||||
Segment Information | ||||||
Revenues | 1,706 | 1,689 | 5,048 | 4,893 | ||
Bioproducts [Member] | ||||||
Segment Information | ||||||
Revenues | 828 | 918 | 2,734 | 2,734 | ||
Nutrition [Member] | ||||||
Segment Information | ||||||
Revenues | 922 | 885 | 2,890 | 2,673 | ||
Earnings Before Income Taxes | 67 | 68 | 277 | 239 | ||
Assets | 7,169 | 7,169 | 5,568 | |||
Wild Flavors and Specialty Ingredients [Member] | ||||||
Segment Information | ||||||
Revenues | 641 | 590 | 1,970 | 1,825 | ||
Animal Nutrition [Member] | ||||||
Segment Information | ||||||
Revenues | 281 | 295 | 920 | 848 | ||
Oilseeds [Member] | ||||||
Segment Information | ||||||
Revenues | 6,410 | 5,735 | 18,760 | 17,013 | ||
Earnings Before Income Taxes | 349 | 113 | 1,042 | 624 | ||
Assets | 12,559 | 12,559 | 11,992 | |||
Crushing and origination [Member] | ||||||
Segment Information | ||||||
Revenues | 4,439 | 3,697 | 12,872 | 10,917 | ||
Refining, packaging, biodiesel, and other [Member] | ||||||
Segment Information | ||||||
Revenues | 1,971 | 2,038 | 5,888 | 6,096 | ||
Origination [Member] | ||||||
Segment Information | ||||||
Revenues | 5,850 | 5,502 | 18,671 | 17,152 | ||
Earnings Before Income Taxes | 129 | 39 | 363 | 143 | ||
Assets | 8,131 | 8,131 | 8,311 | |||
Merchandising and handling [Member] | ||||||
Segment Information | ||||||
Revenues | 5,786 | 5,450 | 18,489 | 16,998 | ||
Transportation [Member] | ||||||
Segment Information | ||||||
Revenues | 64 | 52 | 182 | 154 | ||
Other [Member] | ||||||
Segment Information | ||||||
Revenues | 84 | 98 | 291 | 293 | ||
Earnings Before Income Taxes | 28 | 21 | 72 | 78 | ||
Assets | 5,068 | 5,068 | 5,658 | |||
Corporate, Non-Segment [Member] | ||||||
Segment Information | ||||||
Earnings Before Income Taxes | (249) | (260) | (739) | (737) | ||
Assets | 891 | 891 | $ 2,349 | |||
Aggregate Segment [Member] | ||||||
Segment Information | ||||||
Earnings Before Income Taxes | 881 | 485 | 2,487 | 1,803 | ||
Operating Segments [Member] | Carbohydrate Solutions [Member] | ||||||
Segment Information | ||||||
Revenues | 2,909 | 2,858 | 8,625 | 8,346 | ||
Operating Segments [Member] | Nutrition [Member] | ||||||
Segment Information | ||||||
Revenues | 933 | 894 | 2,920 | 2,698 | ||
Operating Segments [Member] | Oilseeds [Member] | ||||||
Segment Information | ||||||
Revenues | 7,031 | 6,780 | 22,148 | 20,016 | ||
Operating Segments [Member] | Origination [Member] | ||||||
Segment Information | ||||||
Revenues | 7,090 | 6,671 | 21,940 | 20,195 | ||
Operating Segments [Member] | Other [Member] | ||||||
Segment Information | ||||||
Revenues | 84 | 98 | 291 | 293 | ||
Intersegment Elimination [Member] | ||||||
Segment Information | ||||||
Revenues | (2,247) | (2,474) | (7,530) | (6,790) | ||
Intersegment Elimination [Member] | Carbohydrate Solutions [Member] | ||||||
Segment Information | ||||||
Revenues | (375) | (251) | (843) | (719) | ||
Intersegment Elimination [Member] | Nutrition [Member] | ||||||
Segment Information | ||||||
Revenues | (11) | (9) | (30) | (25) | ||
Intersegment Elimination [Member] | Oilseeds [Member] | ||||||
Segment Information | ||||||
Revenues | (621) | (1,045) | (3,388) | (3,003) | ||
Intersegment Elimination [Member] | Origination [Member] | ||||||
Segment Information | ||||||
Revenues | (1,240) | (1,169) | (3,269) | (3,043) | ||
Other (Income) Expense - Net [Member] | Segment Reconciling Items [Member] | ||||||
Segment Information | ||||||
Earnings Before Income Taxes | 21 | 12 | 21 | 20 | ||
Asset impairment, restructuring, and settlement [Member] | Segment Reconciling Items [Member] | ||||||
Segment Information | ||||||
Earnings Before Income Taxes | (1) | (63) | (36) | (98) | ||
Cost of Products Sold [Member] | Segment Reconciling Items [Member] | ||||||
Segment Information | ||||||
Earnings Before Income Taxes | $ 0 | $ (5) | $ 0 | $ 4 |
Asset Impairment, Exit, and R_2
Asset Impairment, Exit, and Restructuring Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Asset Impairment Charges And Exit Costs [Line Items] | ||||
Asset impairment, exit, and restructuring costs | $ 1 | $ 107 | $ 41 | $ 140 |
Asset Impairment Charges | 62 | 21 | 80 | |
Restructuring Charges | $ 1 | 1 | 2 | 13 |
Equity Method Investment, Other than Temporary Impairment | 12 | |||
Corporate, Non-Segment [Member] | ||||
Asset Impairment Charges And Exit Costs [Line Items] | ||||
Restructuring Charges | 44 | 6 | 47 | |
Oilseeds [Member] | ||||
Asset Impairment Charges And Exit Costs [Line Items] | ||||
Asset Impairment Charges | $ 21 | |||
Carbohydrate Solutions [Member] | ||||
Asset Impairment Charges And Exit Costs [Line Items] | ||||
Asset Impairment Charges | $ 61 | $ 61 |
Sale of Accounts Receivable (Na
Sale of Accounts Receivable (Narrative) (Details) $ in Millions, € in Billions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018EUR (€) | Dec. 31, 2017USD ($) | |
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 | $ 2,000 | $ 2,000 | $ 1,700 | |||
Transfer of Financial Assets Accounted for as Sales, Cash Proceeds Received for Assets Derecognized, Amount | 1,500 | 1,500 | 1,400 | |||
Retained Interest, Fair Value Disclosure | 475 | 475 | $ 307 | |||
Proceeds from Sale of Other Receivables | 26,300 | $ 24,300 | ||||
Proceeds from Collection of Retained Interest in Securitized Receivables | 8,804 | 8,493 | ||||
Loss on transfer of accounts receivables to purchasers | 4 | $ 2 | 14 | $ 7 | ||
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 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Details) - Subsequent Event [Member] $ in Billions | Oct. 29, 2018USD ($)employee |
Subsequent Event [Line Items] | |
Number of retirees | employee | 3,800 |
Increase (Decrease) in Obligation, Pension Benefits | $ 0.5 |
Pension settlement charge, after tax | $ 0.1 |
Equity Method Investment, Ownership Percentage | 50.00% |