At March 31, 2025, December 31, 2024 and March 31, 2024, the company had $1,314 million, $2,179 million and $1,011 million, respectively, of held-to-maturity securities (primarily time deposits and money market funds) classified as cash equivalents in the interim Consolidated Balance Sheets, as these securities had maturities of three months or less at the time of purchase; and $1 million, $63 million and $153 million of held-to-maturity securities (primarily time deposits and foreign government bonds) classified as marketable securities in the interim Consolidated Balance Sheets at March 31, 2025, December 31, 2024 and March 31, 2024, respectively, as these securities had maturities of more than three months to less than one year at the time of purchase. The company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value. Additionally, at March 31, 2025, December 31, 2024 and March 31, 2024, the company had $99 million, $97 million and $103 million, respectively, of available-for-sale securities (primarily foreign government bonds) included in other assets, respectively, in the interim Consolidated Balance Sheets, as these securities had maturities of more than one year at the time of purchase. The company’s held-to-maturity and available-for-sale securities relating to investments in foreign government bonds are discussed further in the “Debt Securities” section.

In the ordinary course of business, the company enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency and commodity price risks. The company has established a variety of derivative programs to be utilized for financial risk management. These programs reflect varying levels of exposure coverage and time horizons based on an assessment of risk.

Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps. The company has not designated any non-derivatives as hedging instruments.

The company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges, and multinational grain exporters. The company is exposed to credit loss in the event of nonperformance by these counterparties. The company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Market and counterparty credit risks associated with these instruments are regularly reported to management.

The company's objective in managing exposure to foreign currency fluctuations is to reduce earnings and cash flow volatility associated with foreign currency rate changes and to mitigate the exposure of certain investments in foreign subsidiaries against changes in the EUR/USD exchange rate. Accordingly, the company enters into various contracts that change in value as foreign exchange rates change to protect the value of its existing foreign currency-denominated assets, liabilities, commitments, investments and cash flows.

The company uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency denominated monetary assets and liabilities of its operations. The primary business objective of this hedging program is to maintain an approximately balanced position in foreign currencies so that exchange gains and losses resulting from exchange rate changes, after related tax effects, are minimized. The company also uses foreign currency exchange contracts to offset a portion of the company’s exposure to certain forecasted transactions as well as the translation of foreign currency-denominated earnings. The company also frequently uses commodity contracts to offset risks associated with foreign currency devaluation in certain countries.

Commodity price risk management programs serve to reduce exposure to price fluctuations on purchases of inventory such as corn and soybeans. The company enters into over-the-counter and exchange-traded derivative commodity instruments to hedge the commodity price risk associated with agricultural commodity exposures.

While each risk management program has a different maturity period, most programs currently do not extend beyond the next two years. Cash flow hedge results are reclassified into earnings during the same period in which the related exposure impacts earnings. Reclassifications are made sooner if it appears that a forecasted transaction is not probable of occurring.

While each risk management program has a different time maturity period, most programs currently do not extend beyond the next two years. Cash flow hedge results are reclassified into earnings during the same period in which the related exposure impacts earnings. Reclassifications are made sooner if it appears that a forecasted transaction is not probable of occurring.

In March 2025, the company designated €1.7 billion of forward contracts to exchange Euro as net investment hedges. Of these hedges, €1.2 billion will expire and be settled in May 2025, while the remaining €500 million will expire and be settled in December 2025. The purpose of these forward contracts is to mitigate foreign exchange exposure related to a portion of the company’s Euro net investments in certain foreign subsidiaries against changes in EUR/USD exchange rates.

In May 2024, the company designated €500 million of forward contracts to exchange Euro as net investment hedges. An additional tranche of €500 million of forward contracts to exchange Euro were executed in July 2024 and also designated as net investment hedges. These hedges expired and were settled in December 2024. The company had previously designated €1.2 billion of forward contracts to exchange Euro as net investment hedges, which expired and were settled in May 2024.

The company uses foreign exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. The company also frequently uses foreign currency exchange contracts to offset a portion of the company’s exposure to the translation of certain foreign currency-denominated earnings so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated earnings over the relevant aggregate period.

The company utilizes options, futures and swaps that are not designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of inventory such as corn and soybeans. The company uses commodity contracts to offset a portion of the company’s exposure to commodity price fluctuations so that gains and losses on the contracts offset changes in the commodity price over the relevant aggregate period. The company uses forward agreements, with durations of less than one year, to buy and sell USD-priced commodities in order to reduce its exposure to currency devaluation for a portion of its local currency cash balances. Counterparties to the forward sales agreements are multinational grain exporters and subject to the company’s financial risk management procedures.


		March 31, 2025
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the interim Consolidated Balance Sheets
Asset derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	12	$	—	$	12
Commodity contracts	Other current assets	2		—		2
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	101		(58)		43
Commodity contracts	Other current assets	5		—		5
Total asset derivatives		$	120	$	(58)	$	62

Liability derivatives:
Derivatives designated as hedging instruments:

Commodity contracts	Accrued and other current liabilities	$	2	$	—	$	2
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	63		(58)		5
Commodity contracts	Accrued and other current liabilities	5		—		5
Total liability derivatives		$	70	$	(58)	$	12


		December 31, 2024
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Consolidated Balance Sheets
Asset derivatives:
Derivatives designated as hedging instruments:

Commodity contracts	Other current assets	$	8	$	—	$	8
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	71		(45)		26
Commodity contracts	Other current assets	12		—		12
Total asset derivatives		$	91	$	(45)	$	46

Liability derivatives:
Derivatives designated as hedging instruments:

Commodity contracts	Accrued and other current liabilities	$	2	$	—	$	2
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	104		(45)		59
Commodity contracts	Accrued and other current liabilities	5		—		5
Total liability derivatives		$	111	$	(45)	$	66


		March 31, 2024
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the interim Consolidated Balance Sheets
Asset derivatives:
Derivatives designated as hedging instruments:

Commodity contracts	Other current assets	$	1	$	—	$	1
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	22		(17)		5
Commodity contracts	Other current assets	2		—		2
Total asset derivatives		$	25	$	(17)	$	8

Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	15	$	—	$	15
Commodity contracts	Accrued and other current liabilities	4		—		4
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	45		(17)		28
Commodity contracts	Accrued and other current liabilities	3		—		3
Total liability derivatives		$	67	$	(17)	$	50

1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.


	Amount of Gain (Loss) Recognized in OCI - Pre-Tax1
	Three Months Ended March 31,
(In millions)	2025		2024
Derivatives designated as hedging instruments:
Net investment hedges:
Foreign currency contracts	$	10	$	(6)
Cash flow hedges:
Foreign currency contracts	—		8
Commodity contracts	2		(25)
Total derivatives designated as hedging instruments	$	12	$	(23)


	Amount of Gain (Loss) Recognized in Income - Pre-Tax1
	Three Months Ended March 31,
(In millions)	2025		2024
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign currency contracts2	$	6	$	(1)
Commodity contracts2	(19)		(15)
Total derivatives designated as hedging instruments	$	(13)	$	(16)
Derivatives not designated as hedging instruments:
Foreign currency contracts3	$	20	$	(79)
Foreign currency contracts2	(9)		(1)
Commodity contracts2,4	7		(43)
Commodity contracts3	—		(3)
Total derivatives not designated as hedging instruments	$	18	$	(126)
Total derivatives	$	5	$	(142)

3.Recognized in other income (expense) - net. Note that net gain (loss) from foreign currency contracts was partially offset by the related gain (loss) on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 5 - Supplementary Information, to the interim Consolidated Financial Statements, for additional information.

4.The net gain (loss) relating to commodity contracts that are not designated as hedging instruments that were recorded in cost of goods sold, in the interim Consolidated Statements of Operations, are mostly offset by the related net gain (loss) on third-party grower contracts denominated as liabilities.

The company’s debt securities include foreign government bonds classified as held-to-maturity securities and available-for-sale securities at December 31, 2024 and March 31, 2024. The company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value, and are held by certain foreign subsidiaries in which the USD is the functional currency.

The company’s investments in debt securities classified as available-for-sale are recorded at fair value with unrealized gains and losses recorded in accumulated other comprehensive income (loss), within the interim Consolidated Statements of Equity, or current period earnings if an allowance for credit losses has been established, within the interim Consolidated Statements of Operations. The debt securities classified as available-for-sale at March 31, 2025 with a contractual maturity of one to five years had an amortized cost of $103 million, gross unrealized gains (losses) of $(4) million and a fair value of $99 million.