At September 30, 2020, the company had $1,986 million ($1,293 million and $1,568 million at December 31, 2019 and September 30, 2019, respectively) of held-to-maturity securities (primarily time deposits and money market funds) classified as cash equivalents and restricted cash equivalents, as these securities had maturities of three months or less at the time of purchase; and $152 million ($5 million and $117 million at December 31, 2019 and September 30, 2019, respectively) of held-to-maturity securities (primarily time deposits) classified as marketable securities 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. These securities are included in cash and cash equivalents, marketable securities, and other current assets in the interim Condensed Consolidated Balance Sheets.

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 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.


Notional Amounts (In millions)	September 30, 2020		December 31, 2019		September 30, 2019
Derivatives designated as hedging instruments:
Foreign currency contracts	$	770	$	—	$	—
Commodity contracts	$	51	$	570	$	73
Derivatives not designated as hedging instruments:
Foreign currency contracts	$	924	$	582	$	1,313

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 Euro/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 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 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 agriculture commodity exposures.

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 September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Beginning balance	$	(16)	$	(3)	$	2	$	(26)
Additions and revaluations of derivatives designated as cash flow hedges	10		(1)		(34)		11
Clearance of hedge results to earnings	(2)		1		24		12
Ending balance	$	(8)	$	(3)	$	(8)	$	(3)


	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2020		2020
Beginning balance	$	19	$	—
Additions and revaluations of derivatives designated as cash flow hedges	4		23
Clearance of hedge results to earnings	(17)		(17)

Ending balance	$	6	$	6

The company has designated €450 million of forward contracts to exchange EUR as net investment hedges. The purpose of these forward contracts is to mitigate FX exposure related to a portion of the company’s Euro net investments in certain foreign subsidiaries against changes in Euro/USD exchange rates. These hedges will expire and be settled in 2023, unless terminated early at the discretion of the company.

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 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 forward agreements, with durations 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 Condensed Consolidated Balance Sheets. The presentation of the company's derivative assets and liabilities is as follows:


		September 30, 2020
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	24	$	—	$	24
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	101		$	(75)	$	26
Commodity contracts	Other current assets	1		—		$	1

Total asset derivatives		$	126	$	(75)	$	51

Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	12		—		12
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	84		$	(69)	$	15
Commodity contracts	Accrued and other current liabilities	1		—		$	1
Total liability derivatives		$	97	$	(69)	$	28


		December 31, 2019
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	$	25	$	(18)	$	7
Total asset derivatives		$	25	$	(18)	$	7

Liability derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	43	$	(16)	$	27
Total liability derivatives		$	43	$	(16)	$	27


		September 30, 2019
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Condensed Consolidated Balance Sheet
Asset derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	$	74	$	(6)	$	68
Total asset derivatives		$	74	$	(6)	$	68

Liability derivatives:
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	20	$	7	$	27
Total liability derivatives		$	20	$	7	$	27

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 (Loss) Gain Recognized in OCI1 - Pre-Tax
	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Derivatives designated as hedging instruments:
Net investment hedges:
Foreign currency contracts	$	(20)	$	—	$	(16)	$	—
Cash flow hedges:
Foreign currency contracts	4		—		27		—
Commodity contracts	14		(2)		(46)		16
Total derivatives designated as hedging instruments	(2)		(2)		(35)		16





Total derivatives	$	(2)	$	(2)	$	(35)	$	16


	Amount of Gain (Loss) Recognized in Income - Pre-Tax1
(In millions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign currency contracts2	$	19	$	—	$	19	$	—
Commodity contracts2	3		$	(1)	(32)		$	(13)
Total derivatives designated as hedging instruments	22		(1)		(13)		(13)
Derivatives not designated as hedging instruments:
Foreign currency contracts3	(6)		55		173		(11)
Foreign currency contracts2	3		—		19		—
Commodity contracts2	—		1		9		9
Total derivatives not designated as hedging instruments	(3)		56		201		(2)
Total derivatives	$	19	$	55	$	188	$	(15)