At June 30, 2026, December 31, 2025 and June 30, 2025, the company held investments in held-to-maturity securities at amortized cost, which approximates fair value. At June 30, 2026, December 31, 2025 and June 30, 2025, the company also held available-for-sale securities, consisting of investments in foreign government bonds which are discussed further in the section entitled “Debt Securities.” Reclassifications of certain prior year held-to-maturity balances have been made in the current year to disaggregate between those that are time deposits and foreign government bonds.


Held-to-Maturity Securities		Amortized Cost
(in millions)	Balance Sheet Location	June 30, 2026		December 31, 2025		June 30, 2025
Time deposits and money market funds	Cash equivalents 1	$	1,356	$	3,431	$	1,122
Time deposits	Marketable securities 2	$	—	$	1	$	1

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 aggregate notional amounts for the company's derivative instruments (both designated and not designated) was a net buy position of $1,041 million, $1,280 million and $1,745 million at June 30, 2026, December 31, 2025 and June 30, 2025, respectively.

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.

The company enters into over-the-counter and exchange-traded derivative commodity instruments, including options, futures and swaps, 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.


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Beginning balance	$	33	$	(32)	$	9	$	(49)
Additions and revaluations of derivatives designated as cash flow hedges	(15)		(12)		6		(10)
Clearance of hedge results to earnings	(2)		43		1		58
Ending balance	$	16	$	(1)	$	16	$	(1)

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.


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Beginning balance	$	(27)	$	—	$	5	$	13
Additions and revaluations of derivatives designated as cash flow hedges	(13)		—		(45)		—
Clearance of hedge results to earnings	3		—		3		(13)
Ending balance	$	(37)	$	—	$	(37)	$	—

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 expired and were settled in May 2025, while the remaining €500 million expired and were 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. The company elected to apply the spot method in testing for effectiveness of the hedging relationship.

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.

Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the interim Consolidated Balance Sheets. The presentation of the company's derivative assets and liabilities is as follows:


		June 30, 2026
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting 1		Net Amounts Included in the Interim Consolidated Balance Sheets
Asset derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	2	$	—	$	2
Commodity contracts	Other current assets	5		—		5
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	29		(24)		5
Commodity contracts	Other current assets	3		—		3
Total asset derivatives		$	39	$	(24)	$	15

Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	19	$	—	$	19
Commodity contracts	Accrued and other current liabilities	1		—		1
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	74		(24)		50
Commodity contracts	Accrued and other current liabilities	3		—		3
Total liability derivatives		$	97	$	(24)	$	73


		December 31, 2025
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting 1		Net Amounts Included in the Consolidated Balance Sheets
Asset derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	5	$	—	$	5
Commodity contracts	Other current assets	1		—		1
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	23		(21)		2
Commodity contracts	Other current assets	3		—		3
Total asset derivatives		$	32	$	(21)	$	11

Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	1	$	—	$	1
Commodity contracts	Accrued and other current liabilities	3		—		3
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	40		(21)		19
Commodity contracts	Accrued and other current liabilities	6		—		6
Total liability derivatives		$	50	$	(21)	$	29


		June 30, 2025
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting 1		Net Amounts Included in the Interim Consolidated Balance Sheets
Asset derivatives:



Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	$	146	$	(115)	$	31
Commodity contracts	Other current assets	2		—		2
Total asset derivatives		$	148	$	(115)	$	33

Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	41	$	—	$	41
Commodity contracts	Accrued and other current liabilities	2		—		2
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	149		(115)		34
Commodity contracts	Accrued and other current liabilities	2		—		2
Total liability derivatives		$	194	$	(115)	$	79

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 June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Derivatives designated as hedging instruments:
Net investment hedges:
Foreign currency contracts	$	—	$	(113)	$	—	$	(103)
Cash flow hedges:
Foreign currency contracts	(13)		—		(45)		—
Commodity contracts	(17)		(14)		10		(12)
Total derivatives designated as hedging instruments	$	(30)	$	(127)	$	(35)	$	(115)


	Amount of Gain (Loss) Recognized in Income - Pre-Tax1
	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign currency contracts 2	$	(3)	$	—	$	(3)	$	6
Commodity contracts 2	3		(55)		—		(74)
Total derivatives designated as hedging instruments	$	—	$	(55)	$	(3)	$	(68)
Derivatives not designated as hedging instruments:
Foreign currency contracts 3	$	(79)	$	129	$	(231)	$	149
Foreign currency contracts 2	(29)		(60)		(40)		(69)
Commodity contracts 2,4	—		2		8		9
Commodity contracts 3	—		—		—		—
Total derivatives not designated as hedging instruments	$	(108)	$	71	$	(263)	$	89
Total derivatives	$	(108)	$	16	$	(266)	$	21

3.Recognized in other income (expense) - net in the interim Consolidated Statements of Operations. 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 held debt securities, which consisted of foreign government bonds classified as available-for-sale securities, at June 30, 2026, December 31, 2025 and June 30, 2025. The company's investments in available-for-sale securities 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.


Available-for-Sale Securities		Fair Value
(in millions)	Balance Sheet Location	June 30, 2026		December 31, 2025		June 30, 2025
Foreign government bonds	Marketable securities 1	$	—	$	8	$	75
Foreign government bonds	Other assets 2	$	23	$	22	$	27

At June 30, 2026, available-for-sale debt securities with contractual maturities of less than one year and of one year through five years included gross unrealized gains (losses) of $— million and $1 million, respectively.