At September 30, 2023, December 31, 2022 and September 30, 2022, the company had $1,619 million, $2,296 million and $921 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; $108 million, $124 million and $119 million at September 30, 2023, December 31, 2022 and September 30, 2022, respectively, of held-to-maturity securities (primarily time deposits and foreign government bonds) classified as marketable securities in the interim Consolidated Balance Sheets, as these securities had maturities of more than three months to less than one year at the time of purchase; $27 million and $24 million at December 31, 2022 and September 30, 2022, respectively, of held-to-maturity securities (primarily foreign government bonds) classified as marketable securities and included in other assets in the interim Consolidated Balance Sheets, as these securities had maturities more 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. The company’s held-to-maturity securities relating to investments in foreign government bonds at September 30, 2023 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.


Notional Amounts (In millions)	September 30, 2023		December 31, 2022		September 30, 2022
Derivatives designated as hedging instruments:
Foreign currency contracts	$	468	$	953	$	948
Commodity contracts	$	1,097	$	1,167	$	1,424
Derivatives not designated as hedging instruments:
Foreign currency contracts	$	634	$	430	$	1,371
Commodity contracts	$	—	$	9	$	3

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. Prior to the first quarter of 2023, the company mitigated 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 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

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 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 probable of not occurring.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Beginning balance	$	(71)	$	81	$	55	$	47
Additions and revaluations of derivatives designated as cash flow hedges	(20)		(25)		(94)		91
Clearance of hedge results to earnings	2		(4)		(50)		(86)
Ending balance	$	(89)	$	52	$	(89)	$	52


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Beginning balance	$	(16)	$	(31)	$	10	$	32
Additions and revaluations of derivatives designated as cash flow hedges	7		11		(20)		(56)
Clearance of hedge results to earnings	9		32		10		36
Ending balance	$	—	$	12	$	—	$	12

The company had designated €450 million of forward contracts to exchange EUR as net investment hedges. The purpose of these forward contracts was to mitigate foreign exchange 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 expired and were settled in March 2023.

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.


		September 30, 2023
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the interim Consolidated Balance Sheet
Asset derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	7	$	—	$	7
Commodity contracts	Other current assets	1		—		1
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	45		(39)		6

Total asset derivatives		$	53	$	(39)	$	14

Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	7	$	—	$	7
Commodity contracts	Accrued and other current liabilities	3		—		3
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	87		(39)		48
Commodity contracts	Accrued and other current liabilities	3		—		3
Total liability derivatives		$	100	$	(39)	$	61


		December 31, 2022
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the Consolidated Balance Sheet
Asset derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	41	$	—	$	41
Commodities Contracts	Other current assets	4		—		4
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	51		(40)		11

Total asset derivatives		$	96	$	(40)	$	56

Liability derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	$	9	$	—	$	9
Commodity contracts	Accrued and other current liabilities	3		—		3
Derivatives not designated as hedging instruments:
Foreign currency contracts	Accrued and other current liabilities	58		(40)		18

Total liability derivatives		$	70	$	(40)	$	30


		September 30, 2022
(In millions)	Balance Sheet Location	Gross		Counterparty and Cash Collateral Netting1		Net Amounts Included in the interim Consolidated Balance Sheet
Asset derivatives:
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	101	$	—	$	101
Commodity Contracts	Other current assets	3		—		3
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	112		(58)		54

Total asset derivatives		$	216	$	(58)	$	158

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

Total liability derivatives		$	65	$	(58)	$	7

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 September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Derivatives designated as hedging instruments:
Net investment hedges:
Foreign currency contracts	$	—	$	47	$	—	$	74
Cash flow hedges:
Foreign currency contracts	11		13		(30)		(68)
Commodity contracts	(26)		(30)		(133)		117
Total derivatives designated as hedging instruments	$	(15)	$	30	$	(163)	$	123


	Amount of Gain (Loss) Recognized in Income - Pre-Tax1
	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Derivatives designated as hedging instruments:
Cash flow hedges:
Foreign currency contracts2	$	(13)	$	(39)	$	(15)	$	(44)
Commodity contracts2	(3)		6		65		112
Total derivatives designated as hedging instruments	$	(16)	$	(33)	$	50	$	68
Derivatives not designated as hedging instruments:
Foreign currency contracts3	$	(3)	$	67	$	(65)	$	24
Foreign currency contracts2	4		4		(67)		(1)
Commodity contracts2	1		5		4		(21)
Commodity contracts3	5		—		5		—
Total derivatives not designated as hedging instruments	7		76		(123)		2
Total derivatives	$	(9)	$	43	$	(73)	$	70

3.Recognized in other income (expense). Note that net loss from foreign currency contracts was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 6 - Supplementary Information, to the interim Consolidated Financial Statements, for additional information.

The company’s debt securities include foreign government bonds classified as held-to-maturity securities at September 30, 2023, December 31, 2022 and September 30, 2022. 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 at September 30, 2023 with a contractual maturity within one year was $85 million.