10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C.  20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 1-44

ARCHER-DANIELS-MIDLAND COMPANY

(Exact name of registrant as specified in its charter)

Delaware	41-0129150
(State or other jurisdiction of incorporation or organization)	(I. R. S. Employer Identification No.)
77 West Wacker Drive, Suite 4600 Chicago, Illinois (Address of principal executive offices)	60601 (Zip Code)
(312) 634-8100
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.         Yes  x  No ¨.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x  No  ¨.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  x	Accelerated filer  o
Non-accelerated filer     o	Smaller reporting company  o
	Emerging growth company  o

If an emerging growth company, indicate by check mark if the registrant has elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o  No  x.

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, no par value – 559,737,398 shares

(July 30, 2018)

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Archer-Daniels-Midland Company

Consolidated Statements of Earnings

(Unaudited)

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2018			2017			2018			2017
	(In millions, except per share amounts)
Revenues	$	17,068		$	14,943		$	32,594		$	29,931
Cost of products sold	15,887			14,051			30,524			28,167
Gross Profit	1,181			892			2,070			1,764
Selling, general, and administrative expenses	560			525			1,073			1,041
Asset impairment, exit, and restructuring costs	24			23			40			33
Interest expense	89			86			180			167
Equity in (earnings) losses of unconsolidated affiliates	(100		)	(109		)	(247		)	(281		)
Interest income	(42		)	(25		)	(75		)	(48		)
Other (income) expense – net	(2		)	9			(17		)	11
Earnings Before Income Taxes	652			383			1,116			841
Income taxes	86			108			154			226
Net Earnings Including Noncontrolling Interests	566			275			962			615
Less: Net earnings attributable to noncontrolling interests	—			(1		)	3			—
Net Earnings Attributable to Controlling Interests	$	566		$	276		$	959		$	615
Average number of shares outstanding – basic	564			571			564			574
Average number of shares outstanding – diluted	567			574			566			576
Basic earnings per common share	$	1.00		$	0.48		$	1.70		$	1.07
Diluted earnings per common share	$	1.00		$	0.48		$	1.70		$	1.07
Dividends per common share	$	0.335		$	0.320		$	0.670		$	0.640

See notes to consolidated financial statements.

2

Archer-Daniels-Midland Company

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2018			2017			2018			2017
	(In millions)
Net earnings including noncontrolling interests	$	566		$	275		$	962		$	615
Other comprehensive income (loss):
Foreign currency translation adjustment	(402		)	362			(191		)	383
Tax effect	(19		)	33			(22		)	36
Net of tax amount	(421		)	395			(213		)	419
Pension and other postretirement benefit liabilities adjustment	13			7			15			19
Tax effect	(1		)	(2		)	(4		)	(8		)
Net of tax amount	12			5			11			11
Deferred gain (loss) on hedging activities	(64		)	35			(89		)	38
Tax effect	15			(2		)	21			(5		)
Net of tax amount	(49		)	33			(68		)	33
Unrealized gain (loss) on investments	(2		)	1			(4		)	(5		)
Tax effect	—			—			—			—
Net of tax amount	(2		)	1			(4		)	(5		)
Other comprehensive income (loss)	(460		)	434			(274		)	458
Comprehensive income (loss) including noncontrolling interests	106			709			688			1,073
Less: Comprehensive income (loss) attributable to noncontrolling interests	—			—			3			1
Comprehensive income (loss) attributable to controlling interests	$	106		$	709		$	685		$	1,072

See notes to consolidated financial statements.

3

Archer-Daniels-Midland Company

Consolidated Balance Sheets

(In millions)	June 30, 2018			December 31, 2017
	(Unaudited)
Assets
Current Assets
Cash and cash equivalents	$	851		$	804
Segregated cash and investments	4,301			4,826
Trade receivables	1,900			1,947
Inventories	7,953			9,173
Other current assets	3,642			3,175
Total Current Assets	18,647			19,925
Investments and Other Assets
Investments in and advances to affiliates	5,355			5,088
Long-term marketable securities	33			92
Goodwill and other intangible assets	3,834			3,918
Other assets	938			802
Total Investments and Other Assets	10,160			9,900
Property, Plant, and Equipment
Land	464			470
Buildings	5,082			5,043
Machinery and equipment	18,235			18,056
Construction in progress	1,096			1,224
	24,877			24,793
Accumulated depreciation	(14,929		)	(14,655		)
Net Property, Plant, and Equipment	9,948			10,138
Total Assets	$	38,755		$	39,963
Liabilities, Temporary Equity, and Shareholders’ Equity
Current Liabilities
Short-term debt	$	1,047		$	857
Trade payables	2,609			3,894
Payables to brokerage customers	4,294			4,973
Accrued expenses and other payables	3,173			2,833
Current maturities of long-term debt	595			13
Total Current Liabilities	11,718			12,570
Long-Term Liabilities
Long-term debt	5,981			6,623
Deferred income taxes	1,002			1,053
Other	1,289			1,342
Total Long-Term Liabilities	8,272			9,018
Temporary Equity - Redeemable noncontrolling interest	53			53
Shareholders’ Equity
Common stock	2,489			2,398
Reinvested earnings	18,132			17,552
Accumulated other comprehensive income (loss)	(1,911		)	(1,637		)
Noncontrolling interests	2			9
Total Shareholders’ Equity	18,712			18,322
Total Liabilities, Temporary Equity, and Shareholders’ Equity	$	38,755		$	39,963

See notes to consolidated financial statements.

4

Archer-Daniels-Midland Company

Consolidated Statements of Cash Flows

(Unaudited)

(In millions)	Six Months Ended   June 30,
	2018			2017
Operating Activities
Net earnings including noncontrolling interests	$	962		$	615
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities
Depreciation and amortization	474			452
Asset impairment charges	33			19
Deferred income taxes	(92		)	(82		)
Equity in earnings of affiliates, net of dividends	(84		)	(160		)
Stock compensation expense	63			48
Deferred cash flow hedges	(90		)	39
Gains on sales of assets and businesses	(12		)	(51		)
Other – net	(116		)	120
Changes in operating assets and liabilities
Segregated investments	729			407
Trade receivables	(30		)	278
Inventories	1,156			1,129
Deferred consideration in securitized receivables	(4,107		)	(4,093		)
Other current assets	(519		)	1,592
Trade payables	(1,265		)	(757		)
Payables to brokerage customers	(664		)	(95		)
Accrued expenses and other payables	383			(1,541		)
Total Operating Activities	(3,179		)	(2,080		)
Investing Activities
Purchases of property, plant, and equipment	(379		)	(452		)
Proceeds from sales of business and assets	26			149
Net assets of businesses acquired	—			(180		)
Purchases of marketable securities	(2		)	(318		)
Proceeds from sales of marketable securities	—			424
Investments in and advances to affiliates	(132		)	(186		)
Investments in retained interest in securitized receivables	(2,184		)	(1,931		)
Proceeds from retained interest in securitized receivables	6,212			5,845
Other – net	7			(3		)
Total Investing Activities	3,548			3,348
Financing Activities
Long-term debt borrowings	—			17
Long-term debt payments	(6		)	(269		)
Net borrowings (payments) under lines of credit agreements	196			195
Share repurchases	—			(511		)
Cash dividends	(379		)	(364		)
Other – net	13			(7		)
Total Financing Activities	(176		)	(939		)
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	193			329
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period	1,858			1,561
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period	$	2,051		$	1,890
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated balance sheets
Cash and cash equivalents	$	851		$	433
Restricted cash and restricted cash equivalents included in segregated cash and investments	1,200			1,457
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	2,051		$	1,890
Supplemental Disclosure of Noncash Investing Activity:
Retained interest in securitized receivables	$	3,978		$	3,690

See notes to consolidated financial statements.

5

Archer-Daniels-Midland-Company

Consolidated Statement of Shareholders’ Equity

(Unaudited)

	Common Stock			Reinvested Earnings			Accumulated Other Comprehensive Income (Loss)			Noncontrolling Interests			Total Shareholders’ Equity
	Shares	Amount
	(In millions)
Balance, December 31, 2017	557	$	2,398	$	17,552		$	(1,637	)	$	9		$	18,322
Comprehensive income
Net earnings				959						3
Other comprehensive income (loss)							(274		)	—
Total comprehensive income													688
Dividends paid - $0.67 per share				(379		)							(379		)
Stock compensation expense	1	63											63
Other	1	28		—			—			(10		)	18
Balance, June 30, 2018	559	$	2,489	$	18,132		$	(1,911	)	$	2		$	18,712

See notes to consolidated financial statements.

6

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements

(Unaudited)

Note 1. 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 six months ended June 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

In line with the futures brokerage industry practice, the Company classified $1.2 billion of segregated cash and cash equivalents as restricted cash and cash equivalents in its statement of cash flows for the six months ended June 30, 2018. Prior period amounts have been restated to conform to the current presentation which resulted in an increase of $520 million in total cash provided by operating activities for the six months ended June 30, 2017 and an increase of $1.4 billion in the ending balance of restricted cash and restricted cash equivalents as of June 30, 2017.

The Company classified $4.0 billion of cash inflows from net consideration received for beneficial interest obtained for selling trade receivables as investing instead of operating activities for the six months ended June 30, 2018. Prior period amounts have been restated to conform to the current presentation, which resulted in a decrease of $3.9 billion in total cash provided by operating activities and a corresponding increase in cash provided by investing activities for the six months ended June 30, 2017. See Note 2 for more information about the adoption of Accounting Standards Codification (ASC) Topic 230, Statement of Cash Flows.

The Company classified income of $2 million and $5 million of other components of net benefit cost as other (income) expense - net in its consolidated statement of earnings for the quarter and six months ended June 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 $5 million and $9 million and selling, general, and administrative expenses of $6 million and $11 million for the quarter and six months ended June 30, 2017, respectively, have been reclassified to other (income) expense - net for the periods then ended to conform to the current presentation.

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. 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 of the product lines and businesses previously reported in the other reportable business segments have been reclassified to conform to the current period presentation.

7

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 1. Basis of Presentation (Continued)

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.

Note 2. 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 income statement 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 six months ended June 30, 2017. 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 statement 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).

8

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 3. 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 June 30, 2018, the Company has materially completed the abstraction of the relevant lease contract data points. The next phase of the implementation plan, which includes configuration of the lease accounting system, data upload, and testing activities, is expected to be completed in the third quarter of 2018. The impact of the new standard will be 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 in the second half of 2018.

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 has not yet decided whether it will elect to reclassify the stranded tax effects resulting from the Act.

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 will be 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.

Note 4. 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).

9

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 4. Revenues (Continued)

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.

Disaggregation of Revenues

The following table presents revenue disaggregated by timing of recognition and major product lines for the three months ended June 30, 2018.

	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
	(In millions)
Origination
Merchandising and Handling	$	527	$	60	$	587	$	5,956	$	6,543
Transportation	—		63		63		—		63
Total Origination	527		123		650		5,956		6,606
Oilseeds
Crushing and Origination	131		—		131		4,692		4,823
Refining, Packaging, Biodiesel, and Other	594		—		594		1,258		1,852
Total Oilseeds	725		—		725		5,950		6,675
Carbohydrate Solutions
Starches and Sweeteners	1,281		—		1,281		423		1,704
Bioproducts	964		—		964		—		964
Total Carbohydrate Solutions	2,245		—		2,245		423		2,668
Nutrition
Wild Flavors and Specialty Ingredients	693		—		693		—		693
Animal Nutrition	325		—		325		—		325
Total Nutrition	1,018		—		1,018		—		1,018
Other	101		—		101		—		101
Total Revenues	$	4,616	$	123	$	4,739	$	12,329	$	17,068

⁽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.

10

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 4. Revenues (Continued)

The following table presents revenue disaggregated by timing of recognition and major product lines for the six months endedJune 30, 2018.

	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
	(In millions)
Origination
Merchandising and Handling	$	1,146	$	122	$	1,268	$	11,435	$	12,703
Transportation	—		118		118		—		118
Total Origination	1,146		240		1,386		11,435		12,821
Oilseeds
Crushing and Origination	317		—		317		8,116		8,433
Refining, Packaging, Biodiesel, and Other	1,152		—		1,152		2,723		3,875
Total Oilseeds	1,469		—		1,469		10,839		12,308
Carbohydrate Solutions
Starches and Sweeteners	2,438		—		2,438		904		3,342
Bioproducts	1,948		—		1,948		—		1,948
Total Carbohydrate Solutions	4,386		—		4,386		904		5,290
Nutrition
Wild Flavors and Specialty Ingredients	1,329		—		1,329		—		1,329
Animal Nutrition	639		—		639		—		639
Total Nutrition	1,968		—		1,968		—		1,968
Other	207		—		207		—		207
Total Revenues	$	9,176	$	240	$	9,416	$	23,178	$	32,594

⁽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 the 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 fixed and provisionally-priced 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.

11

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 4. Revenues (Continued)

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 fixed and provisionally-priced 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 fixed and provisionally-priced 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 Assets and Contract Liabilities

Contract assets relate to unbilled amounts resulting from goods already transferred to the customer where revenue recognized exceeds the amount billed to the customer and right to payment is not subject to the passage of time. Contract assets are recorded in other current assets in the consolidated balance sheet and were immaterial as of June 30, 2018 and the January 1, 2018 transition date.

Contract liabilities relate to advance payments from customers for goods and services that the Company has yet to provide. Contract liabilities of $90 million and $185 million as of June 30, 2018 and January 1, 2018, respectively, are recorded in accrued expenses and other payables in the consolidated balance sheet. Contract liabilities recognized as revenues for the three and six months ended June 30, 2018 were $126 million and $250 million, respectively.

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.

12

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 4. Revenues (Continued)

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 Sheet (excerpt)

	January 1, 2018		June 30, 2018
	After Adoption		As		Under		Effect of
	of Topic 606		Reported		Topic 605		Change
	(In millions)
Assets
Trade receivables	$	2,343	$	1,900	$	1,718	$	182
Inventories	8,770		7,953		8,152		(199		)
Total Current Assets	19,918		18,647		18,664		(17		)
Total Assets	$	39,956	$	38,755	$	38,772	$	(17	)
Liabilities, Temporary Equity, and Shareholders’ Equity
Accrued expenses and other payables	$	2,826	$	3,173	$	3,184	$	(11	)
Total Current Liabilities	12,563		11,718		11,729		(11		)
Reinvested earnings	17,552		18,132		18,138		(6		)
Total Shareholders’ Equity	18,322		18,712		18,718		(6		)
Total Liabilities, Temporary Equity, and Shareholders’ Equity	$	39,956	$	38,755	$	38,772	$	(17	)

Consolidated Statement of Earnings (excerpt)

	Three Months Ended							Six Months Ended
	June 30, 2018							June 30, 2018
			Without							Without
	As		Adoption of		Effect of			As		Adoption of		Effect of
	Reported		Topic 606		Change			Reported		Topic 606		Change
	(In millions)
Revenues	$	17,068	$	17,197	$	(129	)	$	32,594	$	32,733	$	(139	)
Cost of products sold	15,887		16,007		(120		)	30,524		30,659		(135		)
Gross profit	1,181		1,190		(9		)	2,070		2,074		(4		)
Earnings before income taxes	652		661		(9		)	1,116		1,120		(4		)
Income taxes	86		89		(3		)	154		155		(1		)
Net earnings including noncontrolling interests	566		572		(6		)	962		965		(3		)
Net earnings attributable to controlling interests	566		572		(6		)	959		962		(3		)

13

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 5. 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 June 30, 2018 and December 31, 2017.

	Fair Value Measurements at June 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	$	—	$	2,790	$	1,378	$	4,168
Unrealized derivative gains:
Commodity contracts	—		509		208		717
Foreign currency contracts	—		246		—		246
Cash equivalents	478		—		—		478
Marketable securities	34		1		—		35
Segregated investments	1,606		—		—		1,606
Deferred receivables consideration	—		386		—		386
Total Assets	$	2,118	$	3,932	$	1,586	$	7,636
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	618	$	200	$	818
Foreign currency contracts	—		335		—		335
Interest rate contracts	—		8		—		8
Inventory-related payables	—		596		22		618
Total Liabilities	$	—	$	1,557	$	222	$	1,779

14

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 5. Fair Value Measurements (Continued)

	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.

15

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 5. Fair Value Measurements (Continued)

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 15). This amount is reflected in other current assets on the consolidated balance sheet (see Note 7). 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.

16

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 5. Fair Value Measurements (Continued)

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 June 30, 2018.

	Level 3 Fair Value Asset Measurements at
	June 30, 2018
	Inventories  Carried at  Market			Commodity Derivative Contracts Gains			Total  Assets
	(In millions)
Balance, March 31, 2018	$	1,829		$	116		$	1,945
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	(11		)	125			114
Purchases	2,133			—			2,133
Sales	(2,832		)	—			(2,832		)
Settlements	—			(78		)	(78		)
Transfers into Level 3	340			57			397
Transfers out of Level 3	(81		)	(12		)	(93		)
Ending balance, June 30, 2018	$	1,378		$	208		$	1,586

* Includes increase in unrealized gains of $105 million relating to Level 3 assets still held at June 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 June 30, 2018.

	Level 3 Fair Value Liability Measurements at
	June 30, 2018
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Total  Liabilities
	(In millions)
Balance, March 31, 2018	$	75		$	291		$	366
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(9		)	48			39
Purchases	3			—			3
Sales	(47		)	—			(47		)
Settlements	—			(161		)	(161		)
Transfers into Level 3	—			41			41
Transfers out of Level 3	—			(19		)	(19		)
Ending balance, June 30, 2018	$	22		$	200		$	222

* Includes increase in unrealized losses of $48 million relating to Level 3 liabilities still held at June 30, 2018.

17

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 5. Fair Value Measurements (Continued)

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 June 30, 2017.

	Level 3 Fair Value Asset Measurements at
	June 30, 2017
	Inventories  Carried at  Market			Commodity Derivative Contracts Gains			Total  Assets
	(In millions)
Balance, March 31, 2017	$	1,129		$	173		$	1,302
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	157			71			228
Purchases	2,329			—			2,329
Sales	(2,677		)	—			(2,677		)
Settlements	—			(140		)	(140		)
Transfers into Level 3	115			19			134
Transfers out of Level 3	(53		)	(17		)	(70		)
Ending balance, June 30, 2017	$	1,000		$	106		$	1,106

* Includes increase in unrealized gains of $148 million relating to Level 3 assets still held at June 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 June 30, 2017.

	Level 3 Fair Value Liability Measurements at
	June 30, 2017
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Total  Liabilities
	(In millions)
Balance, March 31, 2017	$	28		$	123		$	151
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(9		)	81			72
Purchases	16			—			16
Sales	(3		)	—			(3		)
Settlements	—			(98		)	(98		)
Transfers into Level 3	—			49			49
Transfers out of Level 3	—			(1		)	(1		)
Ending balance, June 30, 2017	$	32		$	154		$	186

* Includes decrease in unrealized losses of $85 million relating to Level 3 liabilities still held at June 30, 2017.

18

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 5. Fair Value Measurements (Continued)

The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months endedJune 30, 2018.

	Level 3 Fair Value Asset Measurements at
	June 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*	269			172			441
Purchases	4,372			—			4,372
Sales	(4,982		)	—			(4,982		)
Settlements	—			(144		)	(144		)
Transfers into Level 3	340			85			425
Transfers out of Level 3	(107		)	(16		)	(123		)
Ending balance, June 30, 2018	$	1,378		$	208		$	1,586

* Includes increase in unrealized gains of $280 million relating to Level 3 assets still held at June 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 six months endedJune 30, 2018.

	Level 3 Fair Value Liability Measurements at
	June 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*	8			246			254
Purchases	24			—			24
Sales	(49		)	—			(49		)
Settlements	—			(218		)	(218		)
Transfers into Level 3	—			106			106
Transfers out of Level 3	—			(37		)	(37		)
Ending balance, June 30, 2018	$	22		$	200		$	222

* Includes increase in unrealized losses of $246 million relating to Level 3 liabilities still held at June 30, 2018.

19

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 5. Fair Value Measurements (Continued)

The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months endedJune 30, 2017.

	Level 3 Fair Value Asset Measurements at
	June 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*	(90		)	140			50
Purchases	5,577			—			5,577
Sales	(5,871		)	—			(5,871		)
Settlements	—			(209		)	(209		)
Transfers into Level 3	115			66			181
Transfers out of Level 3	(53		)	(31		)	(84		)
Ending balance, June 30, 2017	$	1,000		$	106		$	1,106

* Includes decrease in unrealized gains of $34 million relating to Level 3 assets still held at June 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 six months endedJune 30, 2017.

	Level 3 Fair Value Liability Measurements at
	June 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*	5			119			124
Purchases	17			—			17
Sales	(20		)	—			(20		)
Settlements	—			(166		)	(166		)
Transfers into Level 3	—			73			73
Transfers out of Level 3	—			(14		)	(14		)
Ending balance, June 30, 2017	$	32		$	154		$	186

* Includes decrease in unrealized losses of $124 million relating to Level 3 assets still held at June 30, 2017.

20

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 5. Fair Value Measurements (Continued)

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 June 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 June 30, 2018 is a weighted average 16.2% of the total price for assets and 60.8% of the total price for liabilities.

	Weighted Average % of Total Price
	June 30, 2018				December 31, 2017
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	16.2	%	60.8	%	12.8	%	99.9	%
Transportation cost	13.2	%	21.0	%	19.2	%	—
Commodity Derivative Contracts
Basis	17.6	%	19.9	%	24.2	%	23.0	%
Transportation cost	11.5	%	14.3	%	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.

Note 6. 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.

21

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 6. Derivative Instruments and Hedging Activities (Continued)

The following table sets forth the fair value of derivatives not designated as hedging instruments as of June 30, 2018 and December 31, 2017.

	June 30, 2018				December 31, 2017
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	246	$	335	$	63	$	92
Commodity Contracts	717		818		386		371
Total	$	963	$	1,153	$	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 six months ended June 30, 2018 and 2017.

			Cost of products sold			Other expense - net
(In millions)	Revenues
Three Months Ended June 30, 2018
Consolidated Statement of Earnings	$	17,068	$	15,887		$	(2	)
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	28	$	(186	)	$	(126	)
Commodity Contracts	—		392			—
Total gain (loss) recognized in earnings	$	28	$	206		$	(126	)	$	108
Three Months Ended June 30, 2017
Consolidated Statement of Earnings	$	14,943	$	14,051		$	9
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	3	$	(30	)	$	133
Commodity Contracts	—		1			—
Total gain (loss) recognized in earnings	$	3	$	(29	)	$	133		$	107

22

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 6. Derivative Instruments and Hedging Activities (Continued)

				Cost of products sold			Other expense - net
(In millions)	Revenues
Six Months Ended June 30, 2018
Consolidated Statement of Earnings	$	32,594		$	30,524		$	(17	)
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	25		$	(201	)	$	(61	)
Commodity Contracts	—			79			—
Total gain (loss) recognized in earnings	$	25		$	(122	)	$	(61	)	$	(158	)
Six Months Ended June 30, 2017
Consolidated Statement of Earnings	$	29,931		$	28,167		$	11
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(8	)	$	30		$	134
Commodity Contracts	—			260			—
Total gain (loss) recognized in earnings	$	(8	)	$	290		$	134		$	416

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 June 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 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 June 30, 2018, the Company has $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 June 30, 2018, the Company had $81 million of after-tax losses in AOCI related to gains and losses from commodity cash flow hedge transactions.  The Company expects to recognize $81 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 22% and 90% of its monthly anticipated grind.  At June 30, 2018, the Company had designated hedges representing between 2% and 85% of its anticipated monthly grind of corn for the next 12 months.

23

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 6. Derivative Instruments and Hedging Activities (Continued)

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 June 30, 2018, the Company had designated hedges representing between 0 and 112 million gallons of ethanol sales per month over the next 12 months.

The Company uses 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 June 30, 2018 and December 31, 2017.

	June 30, 2018				December 31, 2017
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Interest Rate Contracts	$	—	$	8	$	—	$	1
Total	$	—	$	8	$	—	$	1

24

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 6. Derivative Instruments and Hedging Activities (Continued)

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 six months ended June 30, 2018 and 2017.

				Cost of products sold			Interest expense		Other income - net
(In millions)	Revenues
Three Months Ended June 30, 2018
Consolidated Statement of Earnings	$	17,068		$	15,887		$	89	$	(2	)
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	(1	)	$	(34	)	$	—	$	—
Interest Contracts	—			—			1		—
Total gain (loss) recognized in earnings	$	(1	)	$	(34	)	$	1	$	—		$	(34	)
Three Months Ended June 30, 2017
Consolidated Statement of Earnings	$	14,943		$	14,051		$	86	$	9
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	—		$	—		$	—	$	—
Commodity Contracts	1			(6		)	—		—
Ineffective amount recognized in earnings
Commodity Contracts	—			4			—		—
Total gain (loss) recognized in earnings	$	1		$	(2	)	$	—	$	—		$	(1	)

25

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 6. Derivative Instruments and Hedging Activities (Continued)

			Cost of products sold			Interest expense		Other income - net
(In millions)	Revenues
Six Months Ended June 30, 2018
Consolidated Statement of Earnings	$	32,594	$	30,524		$	180	$	(17	)
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	1	$	(28	)	$	—	$	—
Interest Contracts	—		—			1		—
Total gain (loss) recognized in earnings	$	1	$	(28	)	$	1	$	—		$	(26	)
Six Months Ended June 30, 2017
Consolidated Statement of Earnings	$	29,931	$	28,167		$	167	$	11
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	—	$	—		$	—	$	(2	)
Commodity Contracts	—		(5		)	—		—
Ineffective amount recognized in earnings
Commodity Contracts	4		9			—		—
Total gain (loss) recognized in earnings	$	4	$	4		$	—	$	(2	)	$	6

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 June 30, 2018 and December 31, 2017, the Company had $45 million of after-tax gains 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.

26

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 7.     Other Current Assets

The following table sets forth the items in other current assets:

	June 30,		December 31,
	2018		2017
	(In millions)
Unrealized gains on derivative contracts	$	963	$	449
Deferred receivables consideration	386		307
Customer omnibus receivable	359		477
Financing receivables - net (1)	721		413
Insurance premiums receivable	42		129
Prepaid expenses	255		232
Tax receivables	350		425
Non-trade receivables (2)	310		371
Other current assets	256		372
	$	3,642	$	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 $7 million and $6 million at June 30, 2018 and December 31, 2017, respectively. Additionally, at June 30, 2018, the Company had increased prepayments to farmers in South America for spot 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 $5 million and $12 million for the three and six months ended June 30, 2018, respectively, and $5 million and $12 million for the three and six months ended June 30, 2017, respectively, is included in interest income in the consolidated statements of earnings.

⁽²⁾ Non-trade receivables included $62 million and $91 million of reinsurance recoverables as of June 30, 2018 and December 31, 2017, respectively.

Note 8.     Accrued Expenses and Other Payables

The following table sets forth the items in accrued expenses and other payables:

	June 30,		December 31,
	2018		2017
	(In millions)
Unrealized losses on derivative contracts	$	1,161	$	464
Accrued compensation	259		235
Income tax payable	251		140
Other taxes payable	92		99
Reinsurance premiums payable	23		111
Insurance claims payable	247		268
Contract liability	90		185
Other accruals and payables	1,050		1,331
	$	3,173	$	2,833

27

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 9. Debt and Financing Arrangements

At June 30, 2018, the fair value of the Company’s long-term debt exceeded the carrying value by $0.8 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At June 30, 2018, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $8.4 billion, of which $6.1 billion was unused.  Of the Company’s total lines of credit, $5.0 billion support a commercial paper borrowing facility, against which there was $0.7 billion of commercial paper outstanding at June 30, 2018.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $1.8 billion, as amended, in funding resulting from the sale of accounts receivable, of which $0.5 billion was unused as of June 30, 2018 (see Note 15 for more information about the Programs).

Note 10. Income Taxes

The Company’s effective tax rate for the three and six months ended June 30, 2018 was 13.2% and 13.8%, respectively, compared to 28.2% and 26.9% for the three and six months ended June 30, 2017, respectively. The change in the rates was primarily due to the Tax Cuts and Jobs Act (the “Act”) which was enacted on December 22, 2017, the 2017 biodiesel tax credit which was retroactively reinstated in January 2018, and a $39 million favorable tax discrete item due to a law change in Brazil related to certain value added tax items.

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 June 30, 2018, the Company has not yet completed the accounting for the tax effects of the Act; however, the Company has recorded a $5 million increase and a $9 million reduction to the 2017 provisional transition tax for the three and six months ended June 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.

28

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 10.     Income Taxes (Continued)

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. As of June 30, 2018, these assessments totaled approximately $109 million in tax and $303 million in interest and penalties (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.

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 June 30, 2018, these assessments totaled $23 million in tax and $75 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 not 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 $64 million in tax and $58 million in interest (adjusted for variation in currency exchange rates as of June 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 June 30, 2018, this assessment was $95 million in tax and $29 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.

29

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 11.     Accumulated Other Comprehensive Income (AOCI)

The following tables set forth the changes in AOCI by component for the three and six months ended June 30, 2018 and the reclassifications out of AOCI for the three and six months ended June 30, 2018 and 2017:

	Three months ended June 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 March 31, 2018	$	(1,145	)	$	(2	)	$	(322	)	$	18		$	(1,451	)
Other comprehensive income (loss) before reclassifications	(402		)	(98		)	6			(2		)	(496		)
Amounts reclassified from AOCI	—			34			7			—			41
Tax effect	(19		)	15			(1		)	—			(5		)
Net of tax amount	(421		)	(49		)	12			(2		)	(460		)
Balance at June 30, 2018	$	(1,566	)	$	(51	)	$	(310	)	$	16		$	(1,911	)
	Six months ended June 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	(191		)	(115		)	—			(4		)	(310		)
Amounts reclassified from AOCI	—			26			15			—			41
Tax effect	(22		)	21			(4		)	—			(5		)
Net current period other comprehensive income	(213		)	(68		)	11			(4		)	(274		)
Balance at June 30, 2018	$	(1,566	)	$	(51	)	$	(310	)	$	16		$	(1,911	)

30

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 11.     Accumulated Other Comprehensive Income (AOCI) (Continued)

	Amount reclassified from AOCI
	Three months ended						Six months ended
Details about AOCI components	Jun 30 2018			Jun 30 2017			Jun 30 2018			Jun 30 2017			Affected line item in the consolidated statement of earnings
	(In millions)
Deferred loss (gain) on hedging activities
	$	34		$	6		$	28		$	5		Cost of products sold
	(1		)	—			(1		)	—			Interest expense
	—			—			—			2			Other (income) expense - net
	1			(1		)	(1		)	—			Revenues
	34			5			26			7			Total before tax
	(8		)	(2		)	(6		)	(3		)	Tax
	$	26		$	3		$	20		$	4		Net of tax
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service credit	$	(9	)	$	(3	)	$	(17	)	$	(6	)	Other (income) expense - net
Actuarial losses	16			16			32			34			Other (income) expense - net
	7			13			15			28			Total before tax
	1			(4		)	(3		)	(10		)	Tax
	$	8		$	9		$	12		$	18		Net of tax

Note 12. Other (Income) Expense - Net

The following table sets forth the items in other (income) expense:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
	(In millions)
Gains on sales of assets	$	(6	)	$	(35	)	$	(12	)	$	(51	)
Other – net	4			44			(5		)	62
Other (Income) Expense - Net	$	(2	)	$	9		$	(17	)	$	11

Gains on sales of assets in the three and six months ended June 30, 2018 included gains on disposals of individually insignificant assets in the ordinary course of business. Gains on sales of assets in thethree and six months ended June 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.

Other - net in the three months ended June 30, 2018 included foreign exchange losses partially offset by other income including the non-service cost components of net pension benefit cost which resulted in income of $2 million. Other - net in the six months ended June 30, 2018 included other income including the non-service cost components of net pension benefit cost which resulted in income of $5 million, partially offset by foreign exchange losses. Other - net in the three and six months ended June 30, 2017 included foreign exchange losses, changes in contingent settlement provisions, and the non-service cost components of net pension benefit cost of $11 million and $20 million, respectively.

31

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 13.     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. 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 of the product lines and businesses previously reported in the other reportable business segments 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 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 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.

32

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 13. Segment Information (Continued)

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 and glycols, all of 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.

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).

33

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 13. Segment Information (Continued)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In millions)	2018			2017			2018			2017
Gross revenues
Origination	$	7,723		$	6,172		14,850			13,524
Oilseeds	8,264			7,100			15,130			13,182
Carbohydrate Solutions	2,927			2,662			5,760			5,531
Nutrition	1,029			944			1,987			1,804
Other	101			101			207			195
Intersegment elimination	(2,976		)	(2,036		)	(5,340		)	(4,305		)
Total gross revenues	$	17,068		$	14,943		$	32,594		$	29,931
Intersegment sales
Origination	$	1,117		$	825		2,029			1,874
Oilseeds	1,589			1,089			2,822			1,945
Carbohydrate Solutions	259			111			470			470
Nutrition	11			11			19			16
Total intersegment sales	$	2,976		$	2,036		$	5,340		$	4,305
Revenues from external customers
Origination
Merchandising and Handling	$	6,543		$	5,295		$	12,703		$	11,548
Transportation	63			52			118			102
Total Origination	6,606			5,347			12,821			11,650
Oilseeds
Crushing and Origination	4,823			3,927			8,433			7,220
Refining, Packaging, Biodiesel, and Other	1,852			2,084			3,875			4,017
Total Oilseeds	6,675			6,011			12,308			11,237
Carbohydrate Solutions
Starches and Sweeteners	1,704			1,629			3,342			3,204
Bioproducts	964			922			1,948			1,857
Total Carbohydrate Solutions	2,668			2,551			5,290			5,061
Nutrition
Wild Flavors and Specialty Ingredients	693			661			1,329			1,235
Animal Nutrition	325			272			639			553
Total Nutrition	1,018			933			1,968			1,788
Other	101			101			207			195
Total revenues from external customers	$	17,068		$	14,943		$	32,594		$	29,931

34

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 13. Segment Information (Continued)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In millions)	2018			2017			2018			2017
Segment operating profit
Origination	$	189		$	57		$	234		$	104
Oilseeds	341			201			691			514
Carbohydrate Solutions	249			279			462			490
Nutrition	114			94			210			171
Other	31			27			44			57
Specified Items:
Gains (losses) on sales of assets and businesses(1)	—			8			—			8
Impairment, restructuring, and settlement charges(2)	(22		)	(26		)	(35		)	(35		)
Hedge timing effects(3)	—			2			—			9
Total segment operating profit	902			642			1,606			1,318
Corporate	(250		)	(259		)	(490		)	(477		)
Earnings before income taxes	$	652		$	383		$	1,116		$	841

⁽¹⁾ Prior period gain related to the sale of the crop risk services businesses partially offset by an adjustment of the proceeds of the 2015 sale of the cocoa business.

⁽²⁾ Current quarter charges consisted of an impairment charge related to a long-term financing receivable and restructuring charges. Current year-to-date charges consisted of impairment charges related to a financing receivable and an equity investment and restructuring charges. 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.

	June 30,		December 31,
(In millions)	2018		2017
Identifiable Assets
Origination	$	7,063	$	8,311
Oilseeds	13,298		11,835
Carbohydrate Solutions	6,047		6,242
Nutrition	6,765		5,568
Other	4,884		5,658
Corporate	698		2,349
Total Identifiable Assets	$	38,755	$	39,963

35

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 14.     Asset Impairment, Exit, and Restructuring Costs

Asset impairment, exit, and restructuring costs in the three months ended June 30, 2018 consisted of $21 million of asset impairment and $1 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $2 million of individually insignificant restructuring charges in Corporate. Asset impairment, exit, and restructuring costs in the six months ended June 30, 2018 consisted of $12 million of an equity investment impairment, $21 million of asset impairment, and $2 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $5 million of individually insignificant restructuring charges in Corporate.

The $21 million of asset impairment in the three and six months ended June 30, 2018 is 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 presented as specified items within segment operating profit in the three months ended June 30, 2017 consisted of $17 million of asset impairments and $4 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $2 million of individually insignificant restructuring charges in Corporate . Asset impairment, exit, and restructuring costs in the six months ended June 30, 2017 consisted of $18 million of asset impairments and $12 million of other individually insignificant restructuring charges presented as specified items within segment operating profit, and $3 million of individually insignificant restructuring charges in Corporate.

Note 15.     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), as amended, 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 June 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.

36

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 15.     Sale of Accounts Receivable (Continued)

As of June 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 June 30, 2018 and December 31, 2017, the Company received cash of $1.6 billion and $1.4 billion, respectively, and recorded a receivable for deferred consideration included in other current assets of $386 million and $307 million, respectively. Cash collections from customers on receivables sold were $17.9 billion and $16.5 billion for the six months ended June 30, 2018 and 2017, respectively. Of this amount, $6.2 billion and $5.8 billion were cash collections on the deferred consideration reflected as cash inflows from investing activities for the six months ended June 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 $5 million and $2 million for the three months ended June 30, 2018 and 2017, respectively, and $9 million and $4 million for the six months ended June 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.

Note 16.     Subsequent Events

The Companyannounced three significant actions in its portfolio management. The Company:

• signed an agreement to acquire Probiotics International Limited (PIL), a British-based provider of probiotic supplements for human, pet, and production-animal use for $243 million (£185 million), subject to customary adjustments;

• signed an agreement to purchase Neovia, a French-headquartered global provider of value-added animal nutrition solutions, with 72 production facilities and a presence in 25 countries, for $1.8 billion (€1.5 billion), subject to customary adjustments; and

• reached an agreement to acquire Rodelle Inc., a premium originator, processor and supplier of vanilla products.

These pending transactions are subject to regulatory approvals and are expected to close in the second half of 2018.

The Company also completed the sale of its oilseeds operations in Bolivia to Inversiones Piuranas S.A.

37

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Company Overview

This MD&A should be read in conjunction with the accompanying unaudited consolidated financial statements.

The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities, products, and ingredients. The Company uses its significant global asset base to originate and transport agricultural commodities, connecting to markets in more than 170 countries. The Company also processes corn, oilseeds, and wheat into products for food, animal feed, chemical, and energy uses. The Company uses its global asset network, business acumen, and its relationships with suppliers and customers to efficiently connect the harvest to the home thereby generating returns for its shareholders, principally from margins earned on these activities.

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 business segments, as defined by the applicable accounting standard, and are classified as Other. See Note 13 of “Notes to Consolidated Financial Statements” included in Item 1 herein, “Financial Statements” for more information about the Company’s business segments.

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. 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 of the product lines and businesses previously reported in the other reportable business segments have been reclassified to conform to the current period presentation.

The Company’s recent significant portfolio actions and announcements include:

• the announcement in January 2018 of a joint development agreement with Vland Biotech to develop and commercialize enzymes for animal feed;

• the announcement in June 2018 of an agreement to acquire Probiotics International Limited (PIL), a British-based provider of probiotic supplements for human, pet, and production-animal use, which is subject to regulatory approval and is expected to close in the third quarter of 2018;

• the investment in June 2018 of a 50% interest in a joint venture with Cargill to provide soybean meal and oil for customers in Egypt;

• the acquisition in June 2018 of a 50% equity stake in the sweeteners and starches business of Russian-based Aston Foods and Food Ingredients;

• the announcement in July 2018 of an agreement to purchase Neovia, a French-headquartered global provider of value-added animal nutrition solutions, with 72 production facilities and a presence in 25 countries, which is subject to regulatory approvals and is expected to close in the fourth quarter of 2018;

• the sale in July 2018 of the Company’s oilseeds operations in Bolivia to Inversiones Piuranas S.A.; and

• the announcement in July 2018 of an agreement to acquire Rodelle Inc., a premium originator, processor and supplier of vanilla products, which is subject to regulatory approval and is expected to close in the third quarter of 2018.

The Company recently launched Readiness, to drive new efficiencies and improve the customer experience in the Company’s existing businesses through a combination of lean manufacturing, process-standardization, and digital design; building upon its earlier 1ADM and operational excellence programs. It will also support the execution of the Company’s growth strategies across its five key growth platforms: Animal Nutrition, Bioactives, Carbohydrates, Human Nutrition, and Taste.

Operating Performance Indicators

The Company is exposed to certain risks inherent to an agricultural-based commodity business. These risks are further described in Item 1A, “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

38

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

The Company’s origination and oilseeds operations are principally agricultural commodity-based businesses where changes in selling prices move in relationship to changes in prices of the commodity-based agricultural raw materials. Therefore, changes in agricultural commodity prices have relatively equal impacts on both revenues and cost of products sold. Thus, changes in revenues of these businesses do not necessarily correspond to the changes in margins or gross profit.

The Company’s carbohydrate solutions operations and nutrition businesses also utilize agricultural commodities (or products derived from agricultural commodities) as raw materials. However, in these operations, agricultural commodity market price changes do not necessarily equal changes in cost of products sold. Thus, changes in revenues of these businesses may correspond to changes in margins or gross profit.

The Company has consolidated subsidiaries in more than 80 countries. For the majority of the Company’s subsidiaries located outside the United States, the local currency is the functional currency. Revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the weighted average exchange rates for the applicable periods. For the majority of the Company’s business activities in Brazil, the functional currency is the U.S. dollar; however, certain transactions, including taxes, occur in local currency and require conversion to the functional currency. Changes in revenues are expected to correlate to changes in expenses reported by the Company caused by fluctuations in the exchange rates of foreign currencies, primarily the Euro, British pound, Canadian dollar, and Brazilian real, as compared to the U.S. dollar.

The Company measures its performance using key financial metrics including net earnings, segment operating profit, return on invested capital, EBITDA, economic value added, manufacturing expenses, and selling, general, and administrative expenses. The Company’s financial results can vary significantly due to changes in factors such as fluctuations in energy prices, weather conditions, crop plantings, government programs and policies, trade policies, changes in global demand, general global economic conditions, changes in standards of living, and global production of similar and competitive crops. Due to these unpredictable factors, the Company undertakes no responsibility for updating any forward-looking information contained within “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Market Factors Influencing Operations or Results in the Three Months Ended June 30, 2018

As an agricultural commodity-based business, the Company is subject to a variety of market factors which affect the Company's operating results. During the current quarter, markets were more volatile amid escalating global trade tensions including the announcement of future tariffs on Chinese imports of U.S. soybeans. In Origination, sales volumes and margins were higher on stronger global demand for U.S. products due to export competitiveness. In Oilseeds, a smaller Argentine soybean crop, continued robust global meal demand, and concerns over U.S.-China trade tariffs resulted in strong margins and volumes for North American and European soybean crush and more favorable South American origination margins. South America oilseeds captured good origination margins on strong farmer selling early in the quarter but was partially negatively impacted by the truck driver strike in May 2018. In Carbohydrate Solutions, global demand and prices for starches and sweeteners remained solid in North America while co-product prices were stable. U.S. industry ethanol production remained at high levels. Ethanol demand remained strong both domestically and from export markets due to favorable gasoline blending economics and ethanol's continuing status as a competitive octane enhancer, and margins were slightly better during the quarter. Nutrition benefited from strong demand for flavor ingredients and flavor systems and favorable margin development in certain non-flavor food businesses.

Three Months Ended June 30, 2018 Compared to Three Months Ended June 30, 2017

Net earnings attributable to controlling interests increased $290 million to $566 million. Segment operating profit increased $260 million to $902 million. Included in segment operating profit in the current quarter was a charge of $22 million in asset impairment and restructuring charges. Included in segment operating profit in the prior year quarter was a net charge of $16 million consisting of a net gain on sales of businesses, impairment, restructuring, and settlement charges, and corn hedge timing effects. Adjusted segment operating profit increased $266 million to $924 million due to an increase in sales volumes of soybeans, corn, and flavors, improved margins in origination, oilseeds, and WFSI, and negative mark-to-market timing effects in the first quarter of 2018 that reversed during the current quarter, partially offset by new negative mark-to-market timing impacts during the current quarter. Corporate results were a net expense of $250 million in the current quarter compared to $259 million in the prior year quarter. Corporate results in the current quarter included a credit of $13 million from the effect of changes in agricultural commodity prices on LIFO inventory valuation reserves, compared to a charge of $9 million in the prior year quarter.

39

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Income taxes of $86 million decreased $22 million due to a lower effective tax rate. The Company’s effective tax rate for the quarter ended June 30, 2018 decreased to 13.2% compared to 28.2% for the quarter ended June 30, 2017, due primarily to the impact of the Tax Cuts and Jobs Act which was enacted on December 22, 2017, the 2017 biodiesel tax credit which was retroactively reinstated in January 2018, and a $39 million favorable tax discrete item due to a law change in Brazil related to certain value added tax items.

Analysis of Statements of Earnings

Processed volumes by product for the quarter are as follows (in metric tons):

	Three Months Ended
	June 30,
(In thousands)	2018	2017	Change
Oilseeds	9,075	8,518	557
Corn	5,518	5,840	(322	)
Total	14,593	14,358	235

The Company generally operates its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to the current margin environment and seasonal local supply and demand conditions. Processed volumes of oilseeds increased due to increasing demand for oilseed products. The overall decrease in corn is primarily related to the reconfiguration of the Company’s Peoria, Illinois ethanol complex in the third quarter of fiscal 2017 and production issues in the Decatur, IL corn complex.

40

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Revenues by segment for the quarter are as follows:

	Three Months Ended
	June 30,
	2018		2017		Change
	(In millions)
Origination
Merchandising and Handling	$	6,543	$	5,295	$	1,248
Transportation	63		52		11
Total Origination	6,606		5,347		1,259
Oilseeds
Crushing and Origination	4,823		3,927		896
Refining, Packaging, Biodiesel, and Other	1,852		2,084		(232		)
Total Oilseeds	6,675		6,011		664
Carbohydrate Solutions
Starches and Sweeteners	1,704		1,629		75
Bioproducts	964		922		42
Total Carbohydrate Solutions	2,668		2,551		117
Nutrition
Wild Flavors and Specialty Ingredients	693		661		32
Animal Nutrition	325		272		53
Total Nutrition	1,018		933		85
Other	101		101		—
Total	$	17,068	$	14,943	$	2,125

Revenues and cost of products sold in a commodity merchandising and processing business are affected by the underlying commodity prices and volumes. During periods of significant changes in commodity prices, the underlying performance of the Company is better evaluated by looking at margins since both revenues and cost of products sold, particularly in Oilseeds and Origination, generally have a relatively equal impact from commodity price changes which generally result in an insignificant impact to gross profit.

Revenues increased $2.1 billion to $17.1 billion due to higher sales volumes ($1.1 billion) and higher sales prices ($1.0 billion). The increase in sales volumes was due principally to an increase in volumes of soybeans, corn, and flavors. The increase in sales prices was due to increases in meal, corn, and soybeans. Origination revenues increased 24% to $6.6 billion due to higher sales volumes ($0.7 billion) and higher sales prices ($0.5 billion). Oilseeds revenues increased 11% to $6.7 billion due to higher sales prices ($0.4 billion) and and higher sales volumes ($0.3 billion). Carbohydrate Solutions revenues increased 5% to $2.7 billion due to higher sales volumes ($0.1 billion). Nutrition revenues increased 9% to 1.0 billion due to higher sales prices ($0.1 billion).

Cost of products sold increased $1.8 billion to $15.9 billion due principally to higher sales volumes and higher prices of commodities. Included in cost of products sold in the current quarter was a credit of $13 million from the effect of changes in agricultural commodity prices on LIFO inventory valuation reserves compared to a charge of $9 million in the prior year quarter. Manufacturing expenses of $1.3 billion in the current quarter were in line with the prior year’s quarter.

Foreign currency translation impacts increased both revenues and cost of products sold by $0.2 billion.

41

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Gross profit increased $0.3 billion to $1.2 billion. Higher results in Crushing and Origination ($163 million), Merchandising and Handling ($114 million), and Transportation ($20 million) were partially offset by lower results in Bioproducts ($24 million). These factors are explained in the segment operating profit discussion on page 44. The effect of changes in agricultural commodity prices on LIFO inventory valuation reserves had a positive impact on gross profit of $13 million in the current quarter compared to a $9 million negative impact in the prior year quarter.

Selling, general, and administrative expenses increased $35 million to $560 million due principally to higher accruals for performance-related compensation resulting from a more favorable outlook for the year.

Asset impairment, exit, and restructuring costs increased $1 million to $24 million. Current period charges consisted of $21 million of asset impairment and $1 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $2 million of individually insignificant restructuring charges in Corporate. Prior period charges consisted of $17 million of asset impairments and $4 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $2 million of individually insignificant restructuring charges in Corporate.

Interest expense increased $3 million to $89 million due to increased commercial paper borrowings related to funding of higher working capital investments and higher short-term debt rates.

Equity in earnings of unconsolidated affiliates decreased $9 million to $100 million due to lower earnings from the Company’s investment in Wilmar partially offset by higher earnings from the Company’s other equity investments.

Other income - net of $2 million increased from a net expense of $9 million in the prior period. Current period income included gains on disposals of individually insignificant assets in the ordinary course of business and other income, partially offset by foreign exchange losses. Prior period expense included foreign exchange losses, changes in contingent settlement provisions, non-service cost components of net benefit cost, and an adjustment of the proceeds of the 2015 sale of the cocoa business, partially offset by gains related to the sale of the crop risk services business and disposals of other individually insignificant assets in the ordinary course of business.

42

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Segment operating profit, adjusted segment operating profit (a non-GAAP measure), and earnings before income taxes for the quarter are as follows:

	Three Months Ended
	June 30,
Segment Operating Profit	2018			2017			Change
	(In millions)
Origination
Merchandising and Handling	$	158		$	46		$	112
Transportation	31			11			20
Total Origination	189			57			132
Oilseeds
Crushing and Origination	204			35			169
Refining, Packaging, Biodiesel, and Other	85			81			4
Asia	52			85			(33		)
Total Oilseeds	341			201			140
Carbohydrate Solutions
Starches and Sweeteners	238			253			(15		)
Bioproducts	11			26			(15		)
Total Carbohydrate Solutions	249			279			(30		)
Nutrition
Wild Flavors and Specialty Ingredients	106			91			15
Animal Nutrition	8			3			5
Total Nutrition	114			94			20
Other	31			27			4
Specified Items:
Gains (losses) on sales of assets and businesses	—			8			(8		)
Asset impairment and restructuring charges	(22		)	(26		)	4
Hedge timing effects	—			2			(2		)
Total Specified Items	(22		)	(16		)	(6		)
Total Segment Operating Profit	$	902		$	642		$	260
Adjusted Segment Operating Profit(1)	$	924		$	658		$	266
Segment Operating Profit	$	902		$	642		$	260
Corporate	(250		)	(259		)	9
Earnings Before Income Taxes	$	652		$	383		$	269

⁽¹⁾ Adjusted segment operating profit is segment operating profit excluding the above specified items.

43

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Origination operating profit increased 232%. Merchandising and Handling increased significantly year-over-year. Supply disruptions in Argentina and Brazil led to strong global demand for U.S. commodities, resulting in significantly higher volumes and margins for corn, wheat, and soybean exports. Grain also benefited from solid risk management in basis positions, and from approximately $30 million of unfavorable timing impacts from the first quarter that reversed during the quarter. Global Trade’s diversified earnings base contributed positively to results, as losses related to the potential sorghum duty deposits were offset by strong performances in other areas, particularly ocean freight. Destination marketing volumes continued to grow. Transportation was significantly higher, driven by increased volumes as U.S. waterways returned to more normal conditions, and on growing businesses in backhaul freight and stevedoring.

Oilseeds operating profit increased 70%. Crushing and Origination achieved record crush volumes, delivering significantly higher year-over-year results amid continued strong soybean meal demand and robust crush margins. In South America, high origination volumes and improved margins, largely driven by more aggressive farmer selling and robust demand from China, contributed to strong results. Results also benefited from approximately $60 million of negative timing impacts from the first quarter in 2018 that reversed during the current quarter, partially offset by new negative timing impacts on forward hedges of about $40 million at the end of the current quarter. Refining, Packaging, Biodiesel, and Other results were higher due to solid specialty and refined oils results, partially offset by weaker results in Golden Peanut and Tree Nuts. Asia results decreased due to lower earnings from the Company’s investment in Wilmar.

Carbohydrate Solutions operating profit decreased 11%. Starches and Sweeteners decreased year-over-year. European liquid sweeteners was negatively impacted by the end of the European Union sugar regime and delay in the implementation of quotas in Turkey. Flour milling was impacted by negative timing effects that will reverse in the coming quarters and lower volumes in the Caribbean operations. Bioproducts results were down primarily on lower ethanol production volumes, higher costs due to production issues in the Decatur, IL corn complex, and lower execution margins for ethanol.

Nutrition operating profit increased 21%. Wild Flavors and Specialty Ingredients increased due to improved sales and earnings in Specialty Ingredients, Wild Flavors, and Health and Wellness. Specialty Ingredients benefited from improved volumes and margins in proteins and increased sales in fibers. In Wild Flavors, new business and an improved portfolio mix boosted sales and margins. Animal Nutrition increased driven by stronger performances in lysine and pet premix and treats.

Other operating profit increased 15% on stronger results from its futures commission brokerage business due to higher short-term interest rates.

Corporate results for the quarter are as follows:

	Three Months Ended
	June 30,
	2018			2017			Change
	(In millions)
LIFO credit (charge)	$	13		$	(9	)	$	22
Interest expense - net	(73		)	(81		)	8
Unallocated corporate costs	(180		)	(125		)	(55		)
Restructuring charges	(2		)	(2		)	—
Other charges	(8		)	(42		)	34
Total Corporate	$	(250	)	$	(259	)	$	9

Corporate results were a net expense of $250 million in the current quarter compared to $259 million in the prior year quarter. The effect of changes in agricultural commodity prices on LIFO inventory valuation reserves resulted in a credit of $13 million in the current quarter compared to a charge of $9 million in the prior year quarter. Interest expense - net decreased $8 million due principally to interest income related to a tax credit and lower tax-related interest expense. Unallocated corporate costs increased $55 million due principally to higher accruals for performance-related compensation resulting from a more favorable outlook for the year. Other charges decreased $34 million primarily due to improved results in the Company’s equity investment in CIP.

44

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Non-GAAP Financial Measures

The Company uses adjusted earnings per share (EPS), adjusted earnings before taxes, interest, and depreciation and amortization (EBITDA), and adjusted segment operating profit, non-GAAP financial measures as defined by the Securities and Exchange Commission, to evaluate the Company’s financial performance. These performance measures are not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures.

Adjusted EPS is defined as diluted EPS adjusted for the effects on reported diluted EPS of specified items. Adjusted EBITDA is defined as earnings before taxes, interest, and depreciation and amortization, adjusted for specified items. The Company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense and depreciation and amortization to earnings before income taxes. Adjusted segment operating profit is segment operating profit adjusted, where applicable, for specified items.

Management believes that adjusted EPS, adjusted EBITDA, and adjusted segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted EPS, adjusted EBITDA, and adjusted segment operating profit are not intended to replace or be an alternative to diluted EPS, earnings before income taxes, and segment operating profit, respectively, the most directly comparable amounts reported under GAAP.

The table below provides a reconciliation of diluted EPS to adjusted EPS for the three months ended June 30, 2018 and 2017.

	Three months ended June 30,
	2018						2017
	In millions			Per share			In millions		Per share
Average number of shares outstanding - diluted	567						574
Net earnings and reported EPS (fully diluted)	$	566		$	1.00		$	276	$	0.48
Adjustments:
LIFO charge (credit) - net of tax of $3 million in 2018 and $3 million in 2017(1)	(10		)	(0.02		)	6		0.01
(Gains) losses on sales of assets and businesses - net of tax of $30 million in 2017 (2)	—			—			22		0.04
Asset impairment and restructuring charges - net of tax of $8 million in 2018 and $7 million in 2017 (2)	16			0.03			21		0.04
Certain discrete tax adjustments	7			0.01			—		—
Total adjustments	13			0.02			49		0.09
Adjusted net earnings and adjusted EPS	$	579		$	1.02		$	325	$	0.57

⁽¹⁾ Tax effected using the Company’s U.S. tax rate.

⁽²⁾ Tax effected using the U.S. and other applicable tax rates.

45

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

The tables below provide a reconciliation of earnings before income taxes to adjusted EBITDA and adjusted EBITDA by segment for the three months ended June 30, 2018 and 2017.

	Three months ended June 30,
(In millions)	2018			2017			Change
Earnings before income taxes	$	652		$	383		$	269
Interest expense	89			86			3
Depreciation and amortization	239			227			12
LIFO	(13		)	9			(22		)
(Gains) losses on sales of assets and businesses	—			(8		)	8
Asset impairment and restructuring charges	24			28			(4		)
Adjusted EBITDA	$	991		$	725		$	266
	Three months ended June 30,
(In millions)	2018			2017			Change
Origination	$	233		$	101		$	132
Oilseeds	395			251			144
Carbohydrate Solutions	338			366			(28		)
Nutrition	151			127			24
Other	39			32			7
Corporate	(165		)	(152		)	(13		)
Adjusted EBITDA	$	991		$	725		$	266

46

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Market Factors Influencing Operations or Results in the Six Months Ended June 30, 2018

As an agricultural commodity-based business, the Company is subject to a variety of market factors which affect the Company's operating results. During the second quarter of 2018, markets were more volatile amid escalating global trade tensions including the announcement of future tariffs on Chinese imports of U.S. soybeans. In Origination, dislocations in the market resulted in higher sales volumes and margins. In Oilseeds, dry conditions in Argentina resulted in a smaller soybean crop, which combined with continued good global meal demand, resulted in strong margins and volumes. Improving crush margins resulted in negative timing effects on forward hedges. South America oilseeds improved on better origination volumes and margins from stronger farmer selling. Demand and margins for refined oil remained solid. In Carbohydrate Solutions, global demand and prices for starches and sweeteners remained solid in North America while co-product prices were stable. U.S. industry ethanol production remained at high levels. Although ethanol demand remained strong both in North America and export markets due to favorable gasoline blending economics and ethanol's continuing status as a competitive octane enhancer, margins were pressured in the first quarter but improved slightly in the second quarter. Nutrition benefited from strong demand for flavor ingredients and flavor systems and vitamins in the animal nutrition business with favorable positions on certain ingredients.

Six Months Ended June 30, 2018 Compared to Six Months Ended June 30, 2017

Net earnings attributable to controlling interests increased $344 million to $959 million. Segment operating profit was $1.6 billion in the current period compared to $1.3 billion in the prior period. Included in segment operating profit in the current period was $35 million of asset impairment and restructuring charges. Included in segment operating profit in the prior period was a net charge of $18 million consisting of a net gain on sales of businesses, impairment and restructuring, and settlement charges, and corn hedge timing effects. Adjusted segment operating profit increased $0.3 billion to $1.6 billion due to an increase in sales volumes of oils, soybeans, corn, and flavors, improved margins in origination, oilseeds, and WFSI, and the benefits of the 2017 biodiesel tax credit, partially offset by negative mark-to-market timing impacts. Corporate results were a charge of $490 million for the six months compared to $477 million the same period last year. Corporate results for the six months included a credit of $21 million from the effect of changes in agricultural commodity prices on LIFO inventory valuation reserves, compared to $4 million the same period last year.

Income taxes of $154 million decreased $72 million due to a lower effective tax rate. The Company’s effective tax rate for the six months ended June 30, 2018 decreased to 13.8% compared to 26.9% for the six months ended June 30, 2017, due primarily to the impact of the Tax Cuts and Jobs Act, which was enacted on December 22, 2017, the 2017 biodiesel tax credit which was retroactively reinstated in January 2018, and a $39 million favorable tax discrete item due to a law change in Brazil related to certain value added tax items.

Analysis of Statements of Earnings

Processed volumes by product for the six months are as follows (in metric tons):

	Six Months Ended
	June 30,
(In thousands)	2018	2017	Change
Oilseeds	18,122	17,337	785
Corn	11,109	11,384	(275	)
Total	29,231	28,721	510

The Company generally operates its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to the current margin environment and seasonal local supply and demand conditions. Processed volumes of oilseeds increased due to increasing demand for oilseed products. The overall decrease in corn is primarily related to the reconfiguration of the Company’s Peoria, Illinois ethanol complex in the third quarter of fiscal 2017 and production issues in the Decatur, IL corn complex.

47

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Revenues by segment for the six months are as follows:

	Six Months Ended
	June 30,
	2018		2017		Change
	(In millions)
Origination
Merchandising and Handling	$	12,703	$	11,548	$	1,155
Transportation	118		102		16
Total Origination	12,821		11,650		1,171
Oilseeds
Crushing and Origination	8,433		7,220		1,213
Refining, Packaging, Biodiesel, and Other	3,875		4,017		(142		)
Total Oilseeds	12,308		11,237		1,071
Carbohydrate Solutions
Starches and Sweeteners	3,342		3,204		138
Bioproducts	1,948		1,857		91
Total Carbohydrate Solutions	5,290		5,061		229
Nutrition
Wild Flavors and Specialty Ingredients	1,329		1,235		94
Animal Nutrition	639		553		86
Total Nutrition	1,968		1,788		180
Other	207		195		12
Total	$	32,594	$	29,931	$	2,663

Revenues and cost of products sold in a commodity merchandising and processing business are affected by the underlying commodity prices and volumes. During periods of significant changes in commodity prices, the underlying performance of the Company is better evaluated by looking at margins since both revenues and cost of products sold, particularly in Oilseeds and Origination, generally have a relatively equal impact from commodity price changes which generally result in an insignificant impact to gross profit.

Revenues increased $2.7 billion to $32.6 billion due principally to higher sales volumes ($1.6 billion) and higher sales prices ($1.1 billion). The increase in sales volumes was due principally to an increase in volumes of oils, soybeans, corn, and flavors. The increase in sales prices was due to increases in meal, corn, and soybeans. Origination revenues increased 10% to $12.8 billion due to higher sales prices ($0.7 billion) and higher sales volumes ($0.5 billion). Oilseeds revenues increased 10% to $12.3 billion due to higher sales volumes ($0.8 billion) and higher sales prices ($0.3 billion). Carbohydrate Solutions revenues increased 5% to $5.3 billion due to higher sales volumes ($0.2 billion). Nutrition revenues increased 10% to $2.0 billion due to higher sales volumes ($0.1 billion) and higher sales prices ($0.1 billion).

Cost of products sold increased $2.4 billion to $30.5 billion due principally to higher sales volumes and higher prices for commodities. Included in cost of products sold was a credit of $21 million from the effect of changes in agricultural commodity prices on LIFO inventory valuation reserves compared to a credit of $4 million in the prior year’s period. Manufacturing expenses of $2.6 billion in the current period were in line with the prior year’s period.

48

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Foreign currency translation impacts increased both revenues and cost of products sold by $0.6 billion.

Gross profit increased $0.3 billion to $2.1 billion. Higher results in Crushing and Origination ($107 million), Refining, Packaging, Biodiesel, and Other ($101 million), and Merchandising and Handling ($129 million) were partially offset by lower results in Bioproducts ($43 million). These factors are explained in the segment operating profit discussion on page 51. Current period gross profit included a credit of $21 million from the effect of changing agricultural commodity prices on LIFO inventory valuation reserves compared to a charge of $4 million during the same period last year.

Selling, general, and administrative expenses increased 3% to $1.1 billion due principally to higher accruals for performance-related compensation resulting from a more favorable outlook for the year partially offset by a decrease in office related expenses and outside services.

Asset impairment, exit, and restructuring costs increased $7 million to $40 million. Current period charges consisted of $12 million of an equity investment impairment, $21 million of asset impairment related to a financing receivable, and $2 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $5 million of individually insignificant restructuring charges in Corporate. Prior period charges consisted of $18 million of asset impairments and $12 million of other individually insignificant restructuring charges presented as specified items within segment operating profit, and $3 million of individually insignificant restructuring charges in Corporate.

Interest expense increased $13 million to $180 million due to increased commercial paper borrowings related to funding of higher working capital investments and higher short-term debt rates.

Equity in earnings of unconsolidated affiliates decreased $34 million to $247 million due to lower earnings from the Company’s investment in Wilmar partially offset byimproved results from the Company’s other equity investments.

Other income - net of $17 million increased from a net expense of $11 million. Current period income included gains on disposals of individually insignificant assets in the ordinary course of business and other income, partially offset by foreign exchange losses. Prior period expense included foreign exchange losses, changes in contingent settlement provisions, non-service cost components of net benefit cost, and an adjustment of the proceeds of the 2015 sale of the cocoa business, partially offset by gains related to the sale of the crop risk services business and disposals of individually insignificant assets in the ordinary course of business.

49

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Segment operating profit, adjusted segment operating profit (a non-GAAP measure), and earnings before income taxes for the six months are as follows:

	Six Months Ended
	June 30,
Segment Operating Profit	2018			2017			Change
	(In millions)
Origination
Merchandising and Handling	$	200		$	69		$	131
Transportation	34			35			(1		)
Total Origination	234			104			130
Oilseeds
Crushing and Origination	272			156			116
Refining, Packaging, Biodiesel, and Other	258			138			120
Asia	161			220			(59		)
Total Oilseeds	691			514			177
Carbohydrate Solutions
Starches and Sweeteners	454			454			—
Bioproducts	8			36			(28		)
Total Carbohydrate Solutions	462			490			(28		)
Nutrition
Wild Flavors and Specialty Ingredients	179			164			15
Animal Nutrition	31			7			24
Total Nutrition	210			171			39
Other	44			57			(13		)
Specified Items:
Gains (losses) on sales of assets and businesses	—			8			(8		)
Asset impairment and restructuring charges	(35		)	(35		)	—
Hedge timing effects	—			9			(9		)
Total Specified Items	(35		)	(18		)	(17		)
Total Segment Operating Profit	$	1,606		$	1,318		$	288
Adjusted Segment Operating Profit(1)	$	1,641		$	1,336		$	305
Segment Operating Profit	$	1,606		$	1,318		$	288
Corporate	(490		)	(477		)	(13		)
Earnings Before Income Taxes	$	1,116		$	841		$	275

⁽¹⁾ Adjusted segment operating profit is segment operating profit excluding the above specified items.

50

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Origination operating profit increased 125%. Merchandising and Handling was up significantly year-over-year. Global trade delivered strong results with substantially higher margins and increased volumes. North American grain was up due to improved margins partially offset by lower U.S. export volumes. North American grain results for 2018 also reflect certain timing impacts due to improvements in forward export margins and barge freight rates, resulting in approximately $10 million of negative mark-to-market impacts on existing contracts, which are expected to reverse in future quarters as contracts are executed. Transportation was down due to high river conditions, resulting in increased operating costs partially offset by higher freight rates.

Oilseeds operating profit increased 34%. Crushing and Origination results increased due to a strong margin environment. South America saw strong origination volumes and improving margins as farmer selling accelerated. Softseeds were down on lower margins resulting from higher seed prices. Results also included more than $80 million of negative timing effects on forward hedges, the majority of which are expected to reverse over the course of 2018. Refining, Packaging, Biodiesel, and Other results were higher on approximately $120 million of income due to the passage of the 2017 biodiesel tax credit. Asia results decreased due to lower earnings from the Company’s investment in Wilmar.

Carbohydrate Solutions operating profit decreased 6%. Starches and Sweeteners was in line with the prior year’s period onimproved results from starches and dry sweeteners offset by lower results from wheat milling on lower margins. Bioproducts results were down as record industry fuel ethanol inventories pressured margins and on higher costs due to production issues in the Decatur, IL corn complex.

Nutrition operating profit increased 23%. Wild Flavors and Specialty Ingredients results were up due to improved sales and earnings in Wild Flavors and Health and Wellness. In Wild Flavors, new business and an improved portfolio mix boosted sales and margins. Health and Wellness improved driven largely by increased contributions from bioactives. Specialty Ingredients was in line with prior year. Improved volumes and margins in proteins and increased sales in fibers were offset by higher start-up costs and lower results in polyols. Animal Nutrition was up significantly with strong trade sales, a good product mix, and favorable positions on certain ingredients, resulting in solid margins.

Other operating profit decreased 23% primarily due to lower underwriting performance from the Company’s captive insurance operations partially offset by stronger results from its futures commission brokerage business due to higher short-term interest rates.

Corporate results for the six months are as follows:

	Six Months Ended
	June 30,
	2018			2017			Change
	(In millions)
LIFO credit (charge)	$	21		$	4		$	17
Interest expense - net	(156		)	(160		)	4
Unallocated corporate costs	(326		)	(250		)	(76		)
Restructuring charges	(5		)	(3		)	(2		)
Other charges	(24		)	(68		)	44
Total Corporate	$	(490	)	$	(477	)	$	(13	)

Corporate results were a net charge of $490 million in the current period compared to $477 million in the prior period. The effect of changes in agricultural commodity prices on LIFO inventory valuation reserves resulted in a credit of $21 million in the current period compared to $4 million in the prior period. Interest expense - net decreased $4 million due principally to interest income related to a tax credit and lower tax-related interest expense, partially offset by higher commercial paper borrowings and higher short-term debt rates. Unallocated corporate costs increased $76 million due principally to railroad maintenance expense that has an offsetting benefit in income tax expense and higher accruals for performance-related compensation resulting from a more favorable outlook for the year. Other charges decreased $44 million primarily due to improved results in the Company’s investment in CIP and lower non-service cost related pension expenses.

51

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Non-GAAP Financial Measures

The Company uses adjusted earnings per share (EPS), adjusted earnings before taxes, interest, and depreciation and amortization (EBITDA), and adjusted segment operating profit, non-GAAP financial measures as defined by the Securities and Exchange Commission, to evaluate the Company’s financial performance. These performance measures are not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures.

Adjusted EPS is defined as diluted EPS adjusted for the effects on reported diluted EPS of specified items. Adjusted EBITDA is defined as earnings before taxes, interest, and depreciation and amortization, adjusted for specified items. The Company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense and depreciation and amortization to earnings before income taxes. Adjusted segment operating profit is segment operating profit adjusted, where applicable, for specified items.

Management believes that adjusted EPS, adjusted EBITDA, and adjusted segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted EPS, adjusted EBITDA, and adjusted segment operating profit are not intended to replace or be an alternative to diluted EPS, earnings before income taxes and segment operating profit, respectively, the most directly comparable amounts reported under GAAP.

The table below provides a reconciliation of diluted EPS to adjusted EPS for the six months endedJune 30, 2018 and 2017.

	Six months ended June 30,
	2018						2017
	In millions			Per share			In millions			Per share
Average number of shares outstanding - diluted	566						576
Net earnings and reported EPS (fully diluted)	$	959		$	1.70		$	615		$	1.07
Adjustments:
LIFO charge (credit) - net of tax of $5 million in 2018 and $2 million in 2017 (1)	(16		)	(0.03		)	(2		)	—
(Gains) losses on sales of assets and businesses - net of tax $30 million in 2017 (2)	—			—			22			0.04
Asset impairment, restructuring, and settlement charges - net of tax of $12 million in 2018 and $9 million in 2017 (2)	28			0.05			29			0.05
Certain discrete tax adjustments	(7		)	(0.02		)	4			0.01
Total adjustments	5			—			53			0.10
Adjusted net earnings and adjusted EPS	$	964		$	1.70		$	668		$	1.17

⁽¹⁾ Tax effected using the Company’s U.S. tax rate.

⁽²⁾ Tax effected using the applicable tax rates.

52

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

The tables below provide a reconciliation of earnings before income taxes to adjusted EBITDA and adjusted EBITDA by segment for the six months endedJune 30, 2018 and 2017.

	Six months ended June 30,
(In millions)	2018			2017			Change
Earnings before income taxes	$	1,116		$	841		$	275
Interest expense	180			167			13
Depreciation and amortization	474			452			22
LIFO	(21		)	(4		)	(17		)
(Gains) losses on sales of assets and businesses	—			(8		)	8
Asset impairment, restructuring, and settlement charges	40			38			2
Adjusted EBITDA	$	1,789		$	1,486		$	303
	Six months ended June 30,
(In millions)	2018			2017			Change
Origination	$	321		$	191		$	130
Oilseeds	796			612			184
Carbohydrate Solutions	639			669			(30		)
Nutrition	284			238			46
Other	58			64			(6		)
Corporate	(309		)	(288		)	(21		)
Adjusted EBITDA	$	1,789		$	1,486		$	303

53

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Liquidity and Capital Resources

A Company objective is to have sufficient liquidity, balance sheet strength, and financial flexibility to fund the operating and capital requirements of a capital intensive agricultural commodity-based business.  The Company’s strategy involves expanding the volume and diversity of crops that it merchandises and processes, expanding the global reach of its core model, and expanding its value-added product portfolio. The Company depends on access to credit markets, which can be impacted by its credit rating and factors outside of the Company’s control, to fund its working capital needs and capital expenditures. The primary source of funds to finance the Company’s operations, capital expenditures, and advancement of its growth strategy is cash generated by operations and lines of credit, including a commercial paper borrowing facility.  In addition, the Company believes it has access to funds from public and private equity and debt capital markets in both U.S. and international markets.

Cash used in operating activities was $3.2 billion for the six months compared to $2.1 billion the same period last year. Working capital changes decreased cash by $4.3 billion for the six months compared to $3.1 billion the same period last year. Inventories decreased approximately $1.2 billion due to lower inventory quantities partially offset by higher prices. Trade payables declined approximately $1.3 billion principally reflecting seasonal cash payments for North American harvest-related grain purchases.

Increase in deferred consideration in securitized receivables of $4.1 billion for the six months and the same period last year was offset by $4.0 billion and $3.9 million of net consideration received for beneficial interest obtained for selling trade receivables previously classified as operating activities for the six months and the same period last year, respectively, that is now classified as investing activities in accordance with the amended guidance of Topic 230.

Cash provided by investing activities was $3.5 billion for the six months compared to $3.3 billion the same period last year. Capital expenditures and net assets of businesses acquired were $0.4 billion for the six months compared to $0.6 billion the same period last year. Investments in and advances to affiliates related to the joint venture with Cargill and investment in Aston Foods were $0.1 billion for the six months compared to $0.2 billion of additional investment in Wilmar the same period last year. Net consideration received for beneficial interest obtained for selling trade receivables was $4.0 billion and $3.9 million for the six months and the same period last year, respectively.

Cash used in financing activities was $0.2 billion for the six months compared $0.9 billion the same period last year. There were no share repurchases for the six months compared to $0.5 billion the same period last year.

At June 30, 2018, the Company had $0.9 billion of cash, cash equivalents, and short-term marketable securities and a current ratio, defined as current assets divided by current liabilities, of 1.6 to 1. Included in working capital was $4.9 billion of readily marketable commodity inventories. At June 30, 2018, the Company’s capital resources included shareholders’ equity of $18.7 billion and lines of credit, including the accounts receivable securitization programs described below, totaling $8.4 billion, of which $6.1 billion was unused. The Company’s ratio of long-term debt to total capital (the sum of the Company’s long-term debt and shareholders’ equity) was 24% at June 30, 2018 and 27% at December 31, 2017. The Company uses this ratio as a measure of the Company’s long-term indebtedness and an indicator of financial flexibility. The Company’s ratio of net debt (the sum of short-term debt, current maturities of long-term debt, and long-term debt less the sum of cash and cash equivalents and short-term marketable securities) to capital (the sum of net debt and shareholders’ equity) was 27% at June 30, 2018 and December 31, 2017. Of the Company’s total lines of credit, $5.0 billion supported a commercial paper borrowing facility, against which there was $0.7 billion of commercial paper outstanding at June 30, 2018.

As of June 30, 2018, the Company had $0.9 billion of cash and cash equivalents, $0.4 billion of which was cash held by foreign subsidiaries whose undistributed earnings are considered indefinitely reinvested. Based on the Company’s historical ability to generate sufficient cash flows from its U.S. operations and unused and available U.S. credit capacity of $4.7 billion, the Company has asserted that these funds are indefinitely reinvested outside the U.S.

The Company has accounts receivable securitization programs (the “Programs”) with certain commercial paper conduit purchasers and committed purchasers. The Programs provide the Company with up to $1.8 billion, as amended, in funding against accounts receivable transferred into the Programs and expands the Company’s access to liquidity through efficient use of its balance sheet assets (see Note 15 of “Notes to Consolidated Financial Statements” included in Item 1 herein, “Financial Statements” for more information and disclosures on the Programs). As of June 30, 2018, the Company utilized $1.3 billion of its facility under the Programs. The Programs are due to terminate during the first half of 2019. However, the Company currently expects to extend these Programs upon termination.

54

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

For the six months ended June 30, 2018, the Company spent approximately $0.4 billion in capital expenditures and $0.4 billion in dividends. The Company has a stock repurchase program and has acquired an insignificant number of shares for the six months ended June 30, 2018. The Company has 13.8 million shares remaining that may be repurchased under the stock repurchase program until December 31, 2019.

The Company expects capital expenditures of approximately $0.8 billion and cash outlays of approximately $0.8 billion in dividends during 2018.

The Company’s recent significant portfolio actions include:

• the announcement in June 2018 of an agreement to acquire Probiotics International Limited (PIL), a British-based provider of probiotic supplements for human, pet, and production-animal use for $243 million (£185 million) subject to customary adjustments;

• the announcement in July 2018 of an agreement to purchase Neovia, a French-headquartered global provider of value-added animal nutrition solutions, with 72 production facilities and a presence in 25 countries, for $1.8 billion (€1.5 billion) subject to customary adjustments; and

• the announcement in July 2018 of an agreement to acquire Rodelle Inc., a premium originator, processor, and supplier of vanilla products.

The transactions are subject to regulatory approvals and are expected to close in the second half of 2018. The Company plans to fund these acquisitions using operating cash flows and debt.

Contractual Obligations and Commercial Commitments

The Company’s purchase obligations as of June 30, 2018 and December 31, 2017 were $12.4 billion and $9.5 billion, respectively.  The increase is related to obligations to purchase higher quantities of agricultural commodity inventories and higher prices. As of June 30, 2018, the Company expects to make payments related to purchase obligations of $11.2 billion within the next twelve months. There were no other material changes in the Company’s contractual obligations during the quarter ended June 30, 2018.

Off Balance Sheet Arrangements

In April 2018, the Company amended its second accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”) and increased its facility from $0.5 billion (€0.45 billion) to $0.6 billion (€0.5 billion). The program terminates on March 15, 2019 unless extended (see Note 15 of “Notes to Consolidated Financial Statements” included in Item 1 herein, “Financial Statements” for more information and disclosures on the Programs).

There were no other material changes in the Company’s off balance sheet arrangements during the quarter ended June 30, 2018.

Critical Accounting Policies

There were no material changes in the Company’s critical accounting policies during the quarter ended June 30, 2018.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The market risk inherent in the Company’s market risk sensitive instruments and positions is the potential loss arising from adverse changes in: commodity market prices as they relate to the Company’s net commodity position, foreign currency exchange rates, and interest rates.  Significant changes in market risk sensitive instruments and positions for the quarter ended June 30, 2018 are described below.  There were no material changes during the period in the Company’s potential loss arising from changes in foreign currency exchange rates and interest rates.

For detailed information regarding the Company’s market risk sensitive instruments and positions, see Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

55

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (Continued)

Commodities

The availability and prices of agricultural commodities are subject to wide fluctuations due to factors such as changes in weather conditions, crop disease, plantings, government programs and policies, competition, changes in global demand, changes in customer preferences and standards of living, and global production of similar and competitive crops.

The fair value of the Company’s commodity position is a summation of the fair values calculated for each commodity by valuing all of the commodity positions at quoted market prices for the period, where available, or utilizing a close proxy. The Company has established metrics to monitor the amount of market risk exposure, which consist of volumetric limits and value-at-risk (VaR) limits. VaR measures the potential loss, at a 95% confidence level, that could be incurred over a one-year period. Volumetric limits are monitored daily and VaR calculations and sensitivity analysis are monitored weekly.

In addition to measuring the hypothetical loss resulting from an adverse two standard deviation move in market prices (assuming no correlations) over a one-year period using VaR, sensitivity analysis is performed measuring the potential loss in fair value resulting from a hypothetical 10% adverse change in market prices. The highest, lowest, and average weekly position together with the market risk from a hypothetical 10% adverse price change is as follows:

	Six months ended				Year ended
	June 30, 2018				December 31, 2017
Long/(Short) (In millions)	Fair Value		Market Risk		Fair Value			Market Risk
Highest position	$	384	$	38	$	455		$	46
Lowest position	25		2		(82		)	(8		)
Average position	226		23		213			21

The change in fair value of the average position was the result of an increase in quantities partially offset by a decrease in prices underlying the weekly commodity position.

ITEM 4. CONTROLS AND PROCEDURES

As of June 30, 2018, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in Rules 13a–15(e) and 15d–15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)). Based on that evaluation, the Company’s management, including the Chief Executive Officer and Chief Financial Officer, concluded the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and (ii) accumulated and communicated to the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosure. There was no change in the Company’s internal controls over financial reporting during the Company’s most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting.

The Company is implementing a new enterprise resource planning (ERP) system on a worldwide basis as part of its ongoing business transformation program, which is expected to improve the efficiency and effectiveness of certain financial and business transaction processes. The implementation is expected to occur in phases over the next several years. The Company has currently implemented changes to certain processes in corporate finance, two processing businesses, and in over 200 locations, and will continue to implement process and system changes over the next several years. The Company has appropriately considered these changes in its design of and testing for effectiveness of internal controls over financial reporting and concluded, as part of the evaluation described in the above paragraph, that the implementation of the new ERP in these circumstances has not materially affected its internal control over financial reporting.

56

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability (see Note 10 for information on income tax matters), and class actions. The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of our business, and at any given time, the Company has matters at various stages of resolution with the applicable government authorities. The outcomes of these matters are not within our complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief including injunctive relief, that could require significant expenditures or result in lost revenues. In accordance with applicable accounting standards, the Company records a liability in its consolidated financial statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the consolidated financial statements. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete facts or legal discovery; involve unsubstantiated or indeterminate claims for damages; potentially involve penalties, fines, disgorgement, or punitive damages; or could result in a change in business practice.

The Company has been a party to numerous lawsuits pending in various U.S. state and federal courts arising out of Syngenta Corporation’s (Syngenta) marketing and distribution of genetically modified corn products, Agrisure Viptera and Agrisure Duracade, in the U.S. First, the Company brought a state court action in Louisiana against Syngenta in 2014, alleging Syngenta was negligent in commercializing its products before the products were approved in China. In December 2017, the Company and Syngenta reached a confidential settlement of this action. Second, Syngenta brought third-party claims against the Company in 2015 in a federal multidistrict litigation (MDL) in Kansas City, Kansas, a state court MDL in Minneapolis, Minnesota, and other courts, seeking contribution in the event Syngenta is held liable in class actions by farmers and other parties. In the December 2017 settlement, Syngenta agreed to dismiss all of these third-party claims against the Company. Third, farmers and other parties have sued the Company and other grain companies in numerous individual and purported class action suits in Illinois state and federal courts beginning in the fourth quarter of 2015, alleging the Company and other grain companies were negligent in failing to screen for genetically modified corn. On January 4, 2017, a federal court in the Southern District of Illinois dismissed, subject to appeal, all of the pending federal complaints against the Company, and thus the Company remains a defendant only in certain Illinois state court actions by farmers and other parties, which actions the Company has moved to dismiss as well. The Company denies liability in all of the actions in which it has been named as a third-party defendant or defendant and is vigorously defending itself in these cases. All of these actions are in pretrial proceedings. At this time, the Company is unable to predict the final outcome of this matter with any reasonable degree of certainty, but believes the outcome will not have a material adverse effect on its financial condition, results of operations, or cash flows.

The Company is not currently a party to any legal proceeding or environmental claim that it believes would have a material adverse effect on its financial position, results of operations, or liquidity.

ITEM 1A. RISK FACTORS

There were no significant changes in the Company’s risk factors during the quarter ended June 30, 2018. For further information about the Company’s risk factors, refer to Part I, “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

57

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of a Publicly Announced Program (2)	Number of Shares Remaining that May be Purchased Under the Program (2)
April 1, 2018 to
April 30, 2018	2,614	$	44.748	213	13,770,664
May 1, 2018 to
May 31, 2018	594	44.522		144	13,770,520
June 1, 2018 to
June 30, 2018	13,480	44.172		11,073	13,759,447
Total	16,688	$	44.275	11,430	13,759,447

(1) Total shares purchased represents those shares purchased in the open market as part of the Company’s publicly announced share repurchase program described below, shares received as payment for the exercise price of stock option exercises, and shares received as payment for the withholding taxes on vested restricted stock awards. During the three-month period ended June 30, 2018, there were 5,258 shares received as payments for the minimum withholding taxes on vested restricted stock awards and for the exercise price of stock option exercises.

(2) On November 5, 2014, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to 100,000,000 shares of the Company’s common stock during the period commencing January 1, 2015 and ending December 31, 2019.

58

ITEM 6. EXHIBITS

(3)(i)	Composite Certificate of Incorporation, as amended, (incorporated by reference to Exhibit 3(i) to the Company’s Form 10-Q for the quarter ended September 30, 2001 (File No. 1-44)).
(3)(ii)	Bylaws, as amended, through February 9, 2017 (incorporated by reference to Exhibit 3(ii) to the Company’s Form 8-K filed on February 13, 2017 (File No. 1-44)).
4.1	ADM Employee Stock Purchase Plan (incorporated by reference to Exhibit 4.3 to the Company’s Form S-8 filed on May 15, 2018 (File No. 333-224944)).
(12)	Calculation of Ratio of Earnings to Fixed Charges
(31.1)	Certification of Chief Executive Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act, as amended.
(31.2)	Certification of Chief Financial Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act, as amended.
(32.1)	Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(32.2)	Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(101)	Interactive Data File

59

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ARCHER-DANIELS-MIDLAND COMPANY

/s/ R. G. Young

R. G. Young

Executive Vice President and Chief Financial Officer

/s/ D. C. Findlay

D. C. Findlay

Senior Vice President, General Counsel, and Secretary

Dated: July 31, 2018

60

EX-12

Exhibit 12

Calculation of Ratio of Earnings to Fixed Charges

Archer Daniels Midland Company

Expressed in Thousands

											Six Months
	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended		Ended
	31-Dec		31-Dec		31-Dec		31-Dec		31-Dec		30-Jun
	2013		2014		2015		2016		2017		2018
Earnings
Earnings Before Income Taxes	$	2,023,341	$	3,129,966	$	2,284,045	$	1,822,158	$	1,608,441	$	1,116,074
Less: Equity in Earnings of
Unconsolidated Affiliates, Net of
Dividends	(285,263)		(214,979)		(49,693)		(60,870)		(207,399)		(84,583)
Less: Capitalized Interest
Included in Interest Expense Below	(16,434)		(17,863)		(10,761)		(19,602)		(17,139)		(8,916)
Less: Noncontrolling Interest	(11,868)		(4,553)		3,089		(9,112)		(6,799)		(2,629)
Total Earnings	1,709,776		2,892,571		2,226,680		1,732,574		1,377,104		1,019,946
Fixed Charges
Interest Expenses:
Consolidated Interest Expense	412,810		336,633		307,941		292,547		330,135		180,324
Capitalized Interest	16,434		17,863		10,761		19,602		17,139		8,916
Total Interest Expense	429,244		354,496		318,702		312,149		347,274		189,240
One Third of Rental Expenses	66,311		64,681		77,202		81,713		83,086		43,026
Total Fixed Charges	495,555		419,177		395,904		393,862		430,360		232,266
Earnings Available for Fixed Charges	$	2,205,331	$	3,311,748	$	2,622,584	$	2,126,436	$	1,807,464	$	1,252,212
Ratio of Earnings to Fixed Charges	4.45		7.90		6.62		5.40		4.20		5.39

EX-31.1

Exhibit 31.1

RULE 13a – 14(a)/15d-14(a) CERTIFICATION

I, J. R. Luciano, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Archer-Daniels-Midland Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  July 31, 2018

/s/ J. R. Luciano

J. R. Luciano

Chairman, Chief Executive Officer, and President

EX-31.2

Exhibit 31.2

RULE 13a – 14(a)/15d-14(a) CERTIFICATION

I, R. G. Young, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Archer-Daniels-Midland Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  July 31, 2018

/s/ R. G. Young

R. G. Young

Executive Vice President &

Chief Financial Officer

EX-32.1

Exhibit 32.1

SECTION 1350 CERTIFICATION

In connection with the Quarterly Report of Archer-Daniels-Midland Company (the “Company”) on Form 10-Q for the quarter ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, J. R. Luciano, Chairman, Chief Executive Officer, and President of the Company, certify that:

(i) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  July 31, 2018

/s/ J. R. Luciano

J. R. Luciano

Chairman, Chief Executive Officer, and President

EX-32.2

Exhibit 32.2

SECTION 1350 CERTIFICATION

In connection with the Quarterly Report of Archer-Daniels-Midland Company (the “Company”) on Form 10-Q for the quarter ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, R. G. Young, Executive Vice President and Chief Financial Officer of the Company, certify that:

(i) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  July 31, 2018

/s/ R. G. Young

R. G. Young

Executive Vice President &

Chief Financial Officer

XML

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 30, 2018
Entity Information [Abstract]
Entity Central Index Key	0000007084
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Registrant Name	ARCHER DANIELS MIDLAND CO
Entity Common Stock, Shares Outstanding		559,737,398

XML

Consolidated Statements Of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenues	$ 17,068	$ 14,943	$ 32,594	$ 29,931
Cost of Products Sold	15,887	14,051	30,524	28,167
Gross Profit	1,181	892	2,070	1,764
Selling, general, and administrative expenses	560	525	1,073	1,041
Asset impairment, exit, and restructuring costs	24	23	40	33
Interest Expense	89	86	180	167
Equity in (earnings) losses of unconsolidated affiliates	(100)	(109)	(247)	(281)
Interest income	(42)	(25)	(75)	(48)
Other (Income) Expense - Net	(2)	9	(17)	11
Earnings Before Income Taxes	652	383	1,116	841
Income taxes	86	108	154	226
Net earnings including noncontrolling interests	566	275	962	615
Less: Net earnings (losses) attributable to noncontrolling interests	0	(1)	3	0
Net Earnings Attributable to Controlling Interests	$ 566	$ 276	$ 959	$ 615
Average number of shares outstanding - basic	564	571	564	574
Average number of shares outstanding - diluted	567	574	566	576
Earnings Per Share, Basic	$ 1.00	$ 0.48	$ 1.70	$ 1.07
Earnings Per Share, Diluted	1.00	0.48	1.70	1.07
Dividends per common share	$ 0.335	$ 0.320	$ 0.67	$ 0.64

XML

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net earnings including noncontrolling interests	$ 566	$ 275	$ 962	$ 615
Other Comprehensive Income (Loss), before Tax
Foreign currency translation adjustment, before tax	(402)	362	(191)	383
Pension and other postretirement benefit liabilities adjustment, before tax	13	7	15	19
Deferred gain (loss) on hedging activities, before tax	(64)	35	(89)	38
Unrealized gain (loss) on investments, before tax	(2)	1	(4)	(5)
Other Comprehensive Income (Loss), Tax
Foreign currency translation adjustment, tax effect	(19)	33	(22)	36
Pension and other postretirement benefit liabilities adjustment, tax effect	(1)	(2)	(4)	(8)
Deferred gain (loss) on hedging activities, tax effect	15	(2)	21	(5)
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	(421)	395	(213)	419
Pension and other postretirement benefit liabilities adjustment, net of tax	12	5	11	11
Deferred gain (loss) on hedging activities, net of tax	(49)	33	(68)	33
Unrealized gain (loss) on investments, net of tax	(2)	1	(4)	(5)
Other comprehensive income (loss)	(460)	434	(274)	458
Comprehensive income (loss) including noncontrolling interests	106	709	688	1,073
Less: Comprehensive income (loss) attributable to noncontrolling interests	0	0	3	1
Comprehensive income (loss) attributable to controlling interests	$ 106	$ 709	$ 685	$ 1,072

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 851	$ 804
Segregated cash and investments	4,301	4,826
Trade receivables	1,900	1,947
Inventories	7,953	9,173
Other current assets	3,642	3,175
Total Current Assets	18,647	19,925
Investments and Other Assets
Investments in and advances to affiliates	5,355	5,088
Long-term marketable securities	33	92
Goodwill and other intangible assets	3,834	3,918
Other assets	938	802
Total Investments and Other Assets	10,160	9,900
Property, Plant, and Equipment
Land	464	470
Buildings	5,082	5,043
Machinery and equipment	18,235	18,056
Construction in progress	1,096	1,224
Gross Property, Plant, and Equipment	24,877	24,793
Accumulated depreciation	(14,929)	(14,655)
Net Property, Plant, and Equipment	9,948	10,138
Total Assets	38,755	39,963
Current Liabilities
Short-term debt	1,047	857
Trade payables	2,609	3,894
Payables to Brokerage Customers	4,294	4,973
Accrued expenses and other payables	3,173	2,833
Current maturities of long-term debt	595	13
Total Current Liabilities	11,718	12,570
Long-Term Liabilities
Long-term debt	5,981	6,623
Deferred income taxes	1,002	1,053
Other	1,289	1,342
Total Long-Term Liabilities	8,272	9,018
Redeemable Noncontrolling Interest, Equity, Carrying Amount	53	53
Shareholders' Equity
Common stock	2,489	2,398
Reinvested earnings	18,132	17,552
Accumulated other comprehensive income (loss)	(1,911)	(1,637)
Noncontrolling interests	2	9
Total Shareholders' Equity	18,712	18,322
Total Liabilities and Shareholders' Equity	$ 38,755	$ 39,963

XML

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating Activities
Net earnings including noncontrolling interests	$ 962	$ 615
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities
Depreciation and amortization	474	452
Asset impairment charges	33	19
Deferred income taxes	(92)	(82)
Equity in earnings of affiliates, net of dividends	(84)	(160)
Stock compensation expense	63	48
Deferred cash flow hedges	(90)	39
Gain (Loss) on Disposition of Assets	(12)	(51)
Other - net	(116)	120
Changes in operating assets and liabilities, net of businesses acquired
Segregated cash and investments	729	407
Trade receivables	(30)	278
Inventories	1,156	1,129
Increase (Decrease) in Accounts Receivable from Securitization	(4,107)	(4,093)
Other current assets	(519)	1,592
Trade payables	(1,265)	(757)
Increase (Decrease) in Payables to Brokerage Customers	(664)	(95)
Accrued expenses and other payables	383	(1,541)
Total Operating Activities	(3,179)	(2,080)
Investing Activities
Purchases of property, plant, and equipment	(379)	(452)
Proceeds from sale of business and assets	26	149
Net assets of businesses acquired	0	(180)
Purchases of marketable securities	(2)	(318)
Proceeds from sales of marketable securities	0	424
Payments to Acquire Interest in Subsidiaries and Affiliates	(132)	(186)
Payments to Acquire Retained Interest in Securitized Receivables	(2,184)	(1,931)
Proceeds from Collection of Retained Interest in Securitized Receivables	6,212	5,845
Other - net	7	(3)
Total Investing Activities	3,548	3,348
Financing Activities
Long-term debt borrowings	0	17
Long-term debt payments	(6)	(269)
Net borrowings (payments) under lines of credit agreements	196	195
Purchases of treasury stock	0	(511)
Cash dividends	(379)	(364)
Other - net	13	(7)
Total Financing Activities	(176)	(939)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	193	329
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning	1,858	1,561
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending	2,051	1,890
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents [Abstract]
Cash and cash equivalents	851	433
Restricted Cash and Cash Equivalents	1,200	1,457
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Noncash or Part Noncash Acquisition, Investments Acquired	$ 3,978	$ 3,690

XML

Consolidated Statements Of Shareholders' Equity - 6 months ended Jun. 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	962		959		3
Other comprehensive income (loss)	(274)			(274)	0
Total comprehensive income	688
Cash dividends paid - $0.67 per share	(379)		(379)
Stock compensation expense, shares		1
Stock compensation expense	63	$ 63
Other, shares		1
Other	18	$ 28	0	0	(10)
Balance at Jun. 30, 2018	$ 18,712	$ 2,489	$ 18,132	$ (1,911)	$ 2
Balance (shares) at Jun. 30, 2018		559

XML

Consolidated Statements Of Shareholders' Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2018 $ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends paid, per share	$ 0.670

XML

Basis of Presentation

6 Months Ended

Jun. 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 six months ended June 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

In line with the futures brokerage industry practice, the Company classified $1.2 billion of segregated cash and cash equivalents as restricted cash and cash equivalents in its statement of cash flows for the six months ended June 30, 2018. Prior period amounts have been restated to conform to the current presentation which resulted in an increase of $520 million in total cash provided by operating activities for the six months ended June 30, 2017 and an increase of $1.4 billion in the ending balance of restricted cash and restricted cash equivalents as of June 30, 2017.

The Company classified $4.0 billion of cash inflows from net consideration received for beneficial interest obtained for selling trade receivables as investing instead of operating activities for the six months ended June 30, 2018. Prior period amounts have been restated to conform to the current presentation, which resulted in a decrease of $3.9 billion in total cash provided by operating activities and a corresponding increase in cash provided by investing activities for the six months ended June 30, 2017. See Note 2 for more information about the adoption of Accounting Standards Codification (ASC) Topic 230, Statement of Cash Flows.

The Company classified income of $2 million and $5 million of other components of net benefit cost as other (income) expense - net in its consolidated statement of earnings for the quarter and six months ended June 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 $5 million and $9 million and selling, general, and administrative expenses of $6 million and $11 million for the quarter and six months ended June 30, 2017, respectively, have been reclassified to other (income) expense - net for the periods then ended to conform to the current presentation.

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. 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 of the product lines and businesses previously reported in the other reportable business segments 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.

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New Accounting Standards

6 Months Ended

Jun. 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 income statement 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 six months ended June 30, 2017. 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 statement 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).

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Pending Accounting Standards

6 Months Ended

Jun. 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 June 30, 2018, the Company has materially completed the abstraction of the relevant lease contract data points. The next phase of the implementation plan, which includes configuration of the lease accounting system, data upload, and testing activities, is expected to be completed in the third quarter of 2018. The impact of the new standard will be 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 in the second half of 2018.

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 has not yet decided whether it will elect to reclassify the stranded tax effects resulting from the Act.

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 will be 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.

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Revenues Revenues

6 Months Ended

Jun. 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.

Disaggregation of Revenues

The following table presents revenue disaggregated by timing of recognition and major product lines for the three months ended June 30, 2018.

	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
	(In millions)
Origination
Merchandising and Handling	$	527	$	60	$	587	$	5,956	$	6,543
Transportation	—		63		63		—		63
Total Origination	527		123		650		5,956		6,606
Oilseeds
Crushing and Origination	131		—		131		4,692		4,823
Refining, Packaging, Biodiesel, and Other	594		—		594		1,258		1,852
Total Oilseeds	725		—		725		5,950		6,675
Carbohydrate Solutions
Starches and Sweeteners	1,281		—		1,281		423		1,704
Bioproducts	964		—		964		—		964
Total Carbohydrate Solutions	2,245		—		2,245		423		2,668
Nutrition
Wild Flavors and Specialty Ingredients	693		—		693		—		693
Animal Nutrition	325		—		325		—		325
Total Nutrition	1,018		—		1,018		—		1,018
Other	101		—		101		—		101
Total Revenues	$	4,616	$	123	$	4,739	$	12,329	$	17,068

⁽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 six months endedJune 30, 2018.

	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
	(In millions)
Origination
Merchandising and Handling	$	1,146	$	122	$	1,268	$	11,435	$	12,703
Transportation	—		118		118		—		118
Total Origination	1,146		240		1,386		11,435		12,821
Oilseeds
Crushing and Origination	317		—		317		8,116		8,433
Refining, Packaging, Biodiesel, and Other	1,152		—		1,152		2,723		3,875
Total Oilseeds	1,469		—		1,469		10,839		12,308
Carbohydrate Solutions
Starches and Sweeteners	2,438		—		2,438		904		3,342
Bioproducts	1,948		—		1,948		—		1,948
Total Carbohydrate Solutions	4,386		—		4,386		904		5,290
Nutrition
Wild Flavors and Specialty Ingredients	1,329		—		1,329		—		1,329
Animal Nutrition	639		—		639		—		639
Total Nutrition	1,968		—		1,968		—		1,968
Other	207		—		207		—		207
Total Revenues	$	9,176	$	240	$	9,416	$	23,178	$	32,594

⁽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 the 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 fixed and provisionally-priced 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 fixed and provisionally-priced 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 fixed and provisionally-priced 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 Assets and Contract Liabilities

Contract assets relate to unbilled amounts resulting from goods already transferred to the customer where revenue recognized exceeds the amount billed to the customer and right to payment is not subject to the passage of time. Contract assets are recorded in other current assets in the consolidated balance sheet and were immaterial as of June 30, 2018 and the January 1, 2018 transition date.

Contract liabilities relate to advance payments from customers for goods and services that the Company has yet to provide. Contract liabilities of $90 million and $185 million as of June 30, 2018 and January 1, 2018, respectively, are recorded in accrued expenses and other payables in the consolidated balance sheet. Contract liabilities recognized as revenues for the three and six months ended June 30, 2018 were $126 million and $250 million, respectively.

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.

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 Sheet (excerpt)

	January 1, 2018		June 30, 2018
	After Adoption		As		Under		Effect of
	of Topic 606		Reported		Topic 605		Change
	(In millions)
Assets
Trade receivables	$	2,343	$	1,900	$	1,718	$	182
Inventories	8,770		7,953		8,152		(199		)
Total Current Assets	19,918		18,647		18,664		(17		)
Total Assets	$	39,956	$	38,755	$	38,772	$	(17	)
Liabilities, Temporary Equity, and Shareholders’ Equity
Accrued expenses and other payables	$	2,826	$	3,173	$	3,184	$	(11	)
Total Current Liabilities	12,563		11,718		11,729		(11		)
Reinvested earnings	17,552		18,132		18,138		(6		)
Total Shareholders’ Equity	18,322		18,712		18,718		(6		)
Total Liabilities, Temporary Equity, and Shareholders’ Equity	$	39,956	$	38,755	$	38,772	$	(17	)

Consolidated Statement of Earnings (excerpt)

	Three Months Ended							Six Months Ended
	June 30, 2018							June 30, 2018
			Without							Without
	As		Adoption of		Effect of			As		Adoption of		Effect of
	Reported		Topic 606		Change			Reported		Topic 606		Change
	(In millions)
Revenues	$	17,068	$	17,197	$	(129	)	$	32,594	$	32,733	$	(139	)
Cost of products sold	15,887		16,007		(120		)	30,524		30,659		(135		)
Gross profit	1,181		1,190		(9		)	2,070		2,074		(4		)
Earnings before income taxes	652		661		(9		)	1,116		1,120		(4		)
Income taxes	86		89		(3		)	154		155		(1		)
Net earnings including noncontrolling interests	566		572		(6		)	962		965		(3		)
Net earnings attributable to controlling interests	566		572		(6		)	959		962		(3		)

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Fair Value Measurements

6 Months Ended

Jun. 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 June 30, 2018 and December 31, 2017.

	Fair Value Measurements at June 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	$	—	$	2,790	$	1,378	$	4,168
Unrealized derivative gains:
Commodity contracts	—		509		208		717
Foreign currency contracts	—		246		—		246
Cash equivalents	478		—		—		478
Marketable securities	34		1		—		35
Segregated investments	1,606		—		—		1,606
Deferred receivables consideration	—		386		—		386
Total Assets	$	2,118	$	3,932	$	1,586	$	7,636
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	618	$	200	$	818
Foreign currency contracts	—		335		—		335
Interest rate contracts	—		8		—		8
Inventory-related payables	—		596		22		618
Total Liabilities	$	—	$	1,557	$	222	$	1,779

	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 15). This amount is reflected in other current assets on the consolidated balance sheet (see Note 7). 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 June 30, 2018.

	Level 3 Fair Value Asset Measurements at
	June 30, 2018
	Inventories  Carried at  Market			Commodity Derivative Contracts Gains			Total  Assets
	(In millions)
Balance, March 31, 2018	$	1,829		$	116		$	1,945
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	(11		)	125			114
Purchases	2,133			—			2,133
Sales	(2,832		)	—			(2,832		)
Settlements	—			(78		)	(78		)
Transfers into Level 3	340			57			397
Transfers out of Level 3	(81		)	(12		)	(93		)
Ending balance, June 30, 2018	$	1,378		$	208		$	1,586

* Includes increase in unrealized gains of $105 million relating to Level 3 assets still held at June 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 June 30, 2018.

	Level 3 Fair Value Liability Measurements at
	June 30, 2018
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Total  Liabilities
	(In millions)
Balance, March 31, 2018	$	75		$	291		$	366
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(9		)	48			39
Purchases	3			—			3
Sales	(47		)	—			(47		)
Settlements	—			(161		)	(161		)
Transfers into Level 3	—			41			41
Transfers out of Level 3	—			(19		)	(19		)
Ending balance, June 30, 2018	$	22		$	200		$	222

* Includes increase in unrealized losses of $48 million relating to Level 3 liabilities still held at June 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 June 30, 2017.

	Level 3 Fair Value Asset Measurements at
	June 30, 2017
	Inventories  Carried at  Market			Commodity Derivative Contracts Gains			Total  Assets
	(In millions)
Balance, March 31, 2017	$	1,129		$	173		$	1,302
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	157			71			228
Purchases	2,329			—			2,329
Sales	(2,677		)	—			(2,677		)
Settlements	—			(140		)	(140		)
Transfers into Level 3	115			19			134
Transfers out of Level 3	(53		)	(17		)	(70		)
Ending balance, June 30, 2017	$	1,000		$	106		$	1,106

* Includes increase in unrealized gains of $148 million relating to Level 3 assets still held at June 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 June 30, 2017.

	Level 3 Fair Value Liability Measurements at
	June 30, 2017
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Total  Liabilities
	(In millions)
Balance, March 31, 2017	$	28		$	123		$	151
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(9		)	81			72
Purchases	16			—			16
Sales	(3		)	—			(3		)
Settlements	—			(98		)	(98		)
Transfers into Level 3	—			49			49
Transfers out of Level 3	—			(1		)	(1		)
Ending balance, June 30, 2017	$	32		$	154		$	186

* Includes decrease in unrealized losses of $85 million relating to Level 3 liabilities still held at June 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 six months endedJune 30, 2018.

	Level 3 Fair Value Asset Measurements at
	June 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*	269			172			441
Purchases	4,372			—			4,372
Sales	(4,982		)	—			(4,982		)
Settlements	—			(144		)	(144		)
Transfers into Level 3	340			85			425
Transfers out of Level 3	(107		)	(16		)	(123		)
Ending balance, June 30, 2018	$	1,378		$	208		$	1,586

* Includes increase in unrealized gains of $280 million relating to Level 3 assets still held at June 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 six months endedJune 30, 2018.

	Level 3 Fair Value Liability Measurements at
	June 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*	8			246			254
Purchases	24			—			24
Sales	(49		)	—			(49		)
Settlements	—			(218		)	(218		)
Transfers into Level 3	—			106			106
Transfers out of Level 3	—			(37		)	(37		)
Ending balance, June 30, 2018	$	22		$	200		$	222

* Includes increase in unrealized losses of $246 million relating to Level 3 liabilities still held at June 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 six months endedJune 30, 2017.

	Level 3 Fair Value Asset Measurements at
	June 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*	(90		)	140			50
Purchases	5,577			—			5,577
Sales	(5,871		)	—			(5,871		)
Settlements	—			(209		)	(209		)
Transfers into Level 3	115			66			181
Transfers out of Level 3	(53		)	(31		)	(84		)
Ending balance, June 30, 2017	$	1,000		$	106		$	1,106

* Includes decrease in unrealized gains of $34 million relating to Level 3 assets still held at June 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 six months endedJune 30, 2017.

	Level 3 Fair Value Liability Measurements at
	June 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*	5			119			124
Purchases	17			—			17
Sales	(20		)	—			(20		)
Settlements	—			(166		)	(166		)
Transfers into Level 3	—			73			73
Transfers out of Level 3	—			(14		)	(14		)
Ending balance, June 30, 2017	$	32		$	154		$	186

* Includes decrease in unrealized losses of $124 million relating to Level 3 assets still held at June 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 June 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 June 30, 2018 is a weighted average 16.2% of the total price for assets and 60.8% of the total price for liabilities.

	Weighted Average % of Total Price
	June 30, 2018				December 31, 2017
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	16.2	%	60.8	%	12.8	%	99.9	%
Transportation cost	13.2	%	21.0	%	19.2	%	—
Commodity Derivative Contracts
Basis	17.6	%	19.9	%	24.2	%	23.0	%
Transportation cost	11.5	%	14.3	%	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.

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Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 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 June 30, 2018 and December 31, 2017.

	June 30, 2018				December 31, 2017
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	246	$	335	$	63	$	92
Commodity Contracts	717		818		386		371
Total	$	963	$	1,153	$	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 six months ended June 30, 2018 and 2017.

			Cost of products sold			Other expense - net
(In millions)	Revenues
Three Months Ended June 30, 2018
Consolidated Statement of Earnings	$	17,068	$	15,887		$	(2	)
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	28	$	(186	)	$	(126	)
Commodity Contracts	—		392			—
Total gain (loss) recognized in earnings	$	28	$	206		$	(126	)	$	108
Three Months Ended June 30, 2017
Consolidated Statement of Earnings	$	14,943	$	14,051		$	9
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	3	$	(30	)	$	133
Commodity Contracts	—		1			—
Total gain (loss) recognized in earnings	$	3	$	(29	)	$	133		$	107

				Cost of products sold			Other expense - net
(In millions)	Revenues
Six Months Ended June 30, 2018
Consolidated Statement of Earnings	$	32,594		$	30,524		$	(17	)
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	25		$	(201	)	$	(61	)
Commodity Contracts	—			79			—
Total gain (loss) recognized in earnings	$	25		$	(122	)	$	(61	)	$	(158	)
Six Months Ended June 30, 2017
Consolidated Statement of Earnings	$	29,931		$	28,167		$	11
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(8	)	$	30		$	134
Commodity Contracts	—			260			—
Total gain (loss) recognized in earnings	$	(8	)	$	290		$	134		$	416

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 June 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 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 June 30, 2018, the Company has $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 June 30, 2018, the Company had $81 million of after-tax losses in AOCI related to gains and losses from commodity cash flow hedge transactions.  The Company expects to recognize $81 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 22% and 90% of its monthly anticipated grind.  At June 30, 2018, the Company had designated hedges representing between 2% and 85% 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 June 30, 2018, the Company had designated hedges representing between 0 and 112 million gallons of ethanol sales per month over the next 12 months.

The Company uses 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 June 30, 2018 and December 31, 2017.

	June 30, 2018				December 31, 2017
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Interest Rate Contracts	$	—	$	8	$	—	$	1
Total	$	—	$	8	$	—	$	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 six months ended June 30, 2018 and 2017.

				Cost of products sold			Interest expense		Other income - net
(In millions)	Revenues
Three Months Ended June 30, 2018
Consolidated Statement of Earnings	$	17,068		$	15,887		$	89	$	(2	)
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	(1	)	$	(34	)	$	—	$	—
Interest Contracts	—			—			1		—
Total gain (loss) recognized in earnings	$	(1	)	$	(34	)	$	1	$	—		$	(34	)
Three Months Ended June 30, 2017
Consolidated Statement of Earnings	$	14,943		$	14,051		$	86	$	9
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	—		$	—		$	—	$	—
Commodity Contracts	1			(6		)	—		—
Ineffective amount recognized in earnings
Commodity Contracts	—			4			—		—
Total gain (loss) recognized in earnings	$	1		$	(2	)	$	—	$	—		$	(1	)

			Cost of products sold			Interest expense		Other income - net
(In millions)	Revenues
Six Months Ended June 30, 2018
Consolidated Statement of Earnings	$	32,594	$	30,524		$	180	$	(17	)
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	1	$	(28	)	$	—	$	—
Interest Contracts	—		—			1		—
Total gain (loss) recognized in earnings	$	1	$	(28	)	$	1	$	—		$	(26	)
Six Months Ended June 30, 2017
Consolidated Statement of Earnings	$	29,931	$	28,167		$	167	$	11
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	—	$	—		$	—	$	(2	)
Commodity Contracts	—		(5		)	—		—
Ineffective amount recognized in earnings
Commodity Contracts	4		9			—		—
Total gain (loss) recognized in earnings	$	4	$	4		$	—	$	(2	)	$	6

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 June 30, 2018 and December 31, 2017, the Company had $45 million of after-tax gains 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.

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Other Current Assets

6 Months Ended

Jun. 30, 2018

Other Assets [Abstract]

Other Current Assets

Other Current Assets

The following table sets forth the items in other current assets:

	June 30,		December 31,
	2018		2017
	(In millions)
Unrealized gains on derivative contracts	$	963	$	449
Deferred receivables consideration	386		307
Customer omnibus receivable	359		477
Financing receivables - net (1)	721		413
Insurance premiums receivable	42		129
Prepaid expenses	255		232
Tax receivables	350		425
Non-trade receivables (2)	310		371
Other current assets	256		372
	$	3,642	$	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 $7 million and $6 million at June 30, 2018 and December 31, 2017, respectively. Additionally, at June 30, 2018, the Company had increased prepayments to farmers in South America for spot 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 $5 million and $12 million for the three and six months ended June 30, 2018, respectively, and $5 million and $12 million for the three and six months ended June 30, 2017, respectively, is included in interest income in the consolidated statements of earnings.

⁽²⁾ Non-trade receivables included $62 million and $91 million of reinsurance recoverables as of June 30, 2018 and December 31, 2017, respectively.

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Accrued Expenses And Other Payables

6 Months Ended

Jun. 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:

	June 30,		December 31,
	2018		2017
	(In millions)
Unrealized losses on derivative contracts	$	1,161	$	464
Accrued compensation	259		235
Income tax payable	251		140
Other taxes payable	92		99
Reinsurance premiums payable	23		111
Insurance claims payable	247		268
Contract liability	90		185
Other accruals and payables	1,050		1,331
	$	3,173	$	2,833

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Debt And Financing Arrangements

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

At June 30, 2018, the fair value of the Company’s long-term debt exceeded the carrying value by $0.8 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At June 30, 2018, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $8.4 billion, of which $6.1 billion was unused.  Of the Company’s total lines of credit, $5.0 billion support a commercial paper borrowing facility, against which there was $0.7 billion of commercial paper outstanding at June 30, 2018.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $1.8 billion, as amended, in funding resulting from the sale of accounts receivable, of which $0.5 billion was unused as of June 30, 2018 (see Note 15 for more information about the Programs).

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Income Taxes

6 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company’s effective tax rate for the three and six months ended June 30, 2018 was 13.2% and 13.8%, respectively, compared to 28.2% and 26.9% for the three and six months ended June 30, 2017, respectively. The change in the rates was primarily due to the Tax Cuts and Jobs Act (the “Act”) which was enacted on December 22, 2017, the 2017 biodiesel tax credit which was retroactively reinstated in January 2018, and a $39 million favorable tax discrete item due to a law change in Brazil related to certain value added tax items.

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 June 30, 2018, the Company has not yet completed the accounting for the tax effects of the Act; however, the Company has recorded a $5 million increase and a $9 million reduction to the 2017 provisional transition tax for the three and six months ended June 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. As of June 30, 2018, these assessments totaled approximately $109 million in tax and $303 million in interest and penalties (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.

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 June 30, 2018, these assessments totaled $23 million in tax and $75 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 not 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 $64 million in tax and $58 million in interest (adjusted for variation in currency exchange rates as of June 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 June 30, 2018, this assessment was $95 million in tax and $29 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.

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Accumulated Other Comprehensive Income (AOCI)

6 Months Ended

Jun. 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 six months ended June 30, 2018 and the reclassifications out of AOCI for the three and six months ended June 30, 2018 and 2017:

	Three months ended June 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 March 31, 2018	$	(1,145	)	$	(2	)	$	(322	)	$	18		$	(1,451	)
Other comprehensive income (loss) before reclassifications	(402		)	(98		)	6			(2		)	(496		)
Amounts reclassified from AOCI	—			34			7			—			41
Tax effect	(19		)	15			(1		)	—			(5		)
Net of tax amount	(421		)	(49		)	12			(2		)	(460		)
Balance at June 30, 2018	$	(1,566	)	$	(51	)	$	(310	)	$	16		$	(1,911	)
	Six months ended June 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	(191		)	(115		)	—			(4		)	(310		)
Amounts reclassified from AOCI	—			26			15			—			41
Tax effect	(22		)	21			(4		)	—			(5		)
Net current period other comprehensive income	(213		)	(68		)	11			(4		)	(274		)
Balance at June 30, 2018	$	(1,566	)	$	(51	)	$	(310	)	$	16		$	(1,911	)

	Amount reclassified from AOCI
	Three months ended						Six months ended
Details about AOCI components	Jun 30 2018			Jun 30 2017			Jun 30 2018			Jun 30 2017			Affected line item in the consolidated statement of earnings
	(In millions)
Deferred loss (gain) on hedging activities
	$	34		$	6		$	28		$	5		Cost of products sold
	(1		)	—			(1		)	—			Interest expense
	—			—			—			2			Other (income) expense - net
	1			(1		)	(1		)	—			Revenues
	34			5			26			7			Total before tax
	(8		)	(2		)	(6		)	(3		)	Tax
	$	26		$	3		$	20		$	4		Net of tax
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service credit	$	(9	)	$	(3	)	$	(17	)	$	(6	)	Other (income) expense - net
Actuarial losses	16			16			32			34			Other (income) expense - net
	7			13			15			28			Total before tax
	1			(4		)	(3		)	(10		)	Tax
	$	8		$	9		$	12		$	18		Net of tax

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Other (Income) Expense - Net

6 Months Ended

Jun. 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						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
	(In millions)
Gains on sales of assets	$	(6	)	$	(35	)	$	(12	)	$	(51	)
Other – net	4			44			(5		)	62
Other (Income) Expense - Net	$	(2	)	$	9		$	(17	)	$	11

Gains on sales of assets in the three and six months ended June 30, 2018 included gains on disposals of individually insignificant assets in the ordinary course of business. Gains on sales of assets in thethree and six months ended June 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.

Other - net in the three months ended June 30, 2018 included foreign exchange losses partially offset by other income including the non-service cost components of net pension benefit cost which resulted in income of $2 million. Other - net in the six months ended June 30, 2018 included other income including the non-service cost components of net pension benefit cost which resulted in income of $5 million, partially offset by foreign exchange losses. Other - net in the three and six months ended June 30, 2017 included foreign exchange losses, changes in contingent settlement provisions, and the non-service cost components of net pension benefit cost of $11 million and $20 million, respectively.

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Segment Information

6 Months Ended

Jun. 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. 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 of the product lines and businesses previously reported in the other reportable business segments 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 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 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.

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 and glycols, all of 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.

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						Six Months Ended
	June 30,						June 30,
(In millions)	2018			2017			2018			2017
Gross revenues
Origination	$	7,723		$	6,172		14,850			13,524
Oilseeds	8,264			7,100			15,130			13,182
Carbohydrate Solutions	2,927			2,662			5,760			5,531
Nutrition	1,029			944			1,987			1,804
Other	101			101			207			195
Intersegment elimination	(2,976		)	(2,036		)	(5,340		)	(4,305		)
Total gross revenues	$	17,068		$	14,943		$	32,594		$	29,931
Intersegment sales
Origination	$	1,117		$	825		2,029			1,874
Oilseeds	1,589			1,089			2,822			1,945
Carbohydrate Solutions	259			111			470			470
Nutrition	11			11			19			16
Total intersegment sales	$	2,976		$	2,036		$	5,340		$	4,305
Revenues from external customers
Origination
Merchandising and Handling	$	6,543		$	5,295		$	12,703		$	11,548
Transportation	63			52			118			102
Total Origination	6,606			5,347			12,821			11,650
Oilseeds
Crushing and Origination	4,823			3,927			8,433			7,220
Refining, Packaging, Biodiesel, and Other	1,852			2,084			3,875			4,017
Total Oilseeds	6,675			6,011			12,308			11,237
Carbohydrate Solutions
Starches and Sweeteners	1,704			1,629			3,342			3,204
Bioproducts	964			922			1,948			1,857
Total Carbohydrate Solutions	2,668			2,551			5,290			5,061
Nutrition
Wild Flavors and Specialty Ingredients	693			661			1,329			1,235
Animal Nutrition	325			272			639			553
Total Nutrition	1,018			933			1,968			1,788
Other	101			101			207			195
Total revenues from external customers	$	17,068		$	14,943		$	32,594		$	29,931

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In millions)	2018			2017			2018			2017
Segment operating profit
Origination	$	189		$	57		$	234		$	104
Oilseeds	341			201			691			514
Carbohydrate Solutions	249			279			462			490
Nutrition	114			94			210			171
Other	31			27			44			57
Specified Items:
Gains (losses) on sales of assets and businesses(1)	—			8			—			8
Impairment, restructuring, and settlement charges(2)	(22		)	(26		)	(35		)	(35		)
Hedge timing effects(3)	—			2			—			9
Total segment operating profit	902			642			1,606			1,318
Corporate	(250		)	(259		)	(490		)	(477		)
Earnings before income taxes	$	652		$	383		$	1,116		$	841

⁽¹⁾ Prior period gain related to the sale of the crop risk services businesses partially offset by an adjustment of the proceeds of the 2015 sale of the cocoa business.

⁽²⁾ Current quarter charges consisted of an impairment charge related to a long-term financing receivable and restructuring charges. Current year-to-date charges consisted of impairment charges related to a financing receivable and an equity investment and restructuring charges. 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.

	June 30,		December 31,
(In millions)	2018		2017
Identifiable Assets
Origination	$	7,063	$	8,311
Oilseeds	13,298		11,835
Carbohydrate Solutions	6,047		6,242
Nutrition	6,765		5,568
Other	4,884		5,658
Corporate	698		2,349
Total Identifiable Assets	$	38,755	$	39,963

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Asset Impairment, Exit, and Restructuring Costs

6 Months Ended

Jun. 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 June 30, 2018 consisted of $21 million of asset impairment and $1 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $2 million of individually insignificant restructuring charges in Corporate. Asset impairment, exit, and restructuring costs in the six months ended June 30, 2018 consisted of $12 million of an equity investment impairment, $21 million of asset impairment, and $2 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $5 million of individually insignificant restructuring charges in Corporate.

The $21 million of asset impairment in the three and six months ended June 30, 2018 is 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 presented as specified items within segment operating profit in the three months ended June 30, 2017 consisted of $17 million of asset impairments and $4 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $2 million of individually insignificant restructuring charges in Corporate .

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Sale of Accounts Receivable

6 Months Ended

Jun. 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), as amended, 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 June 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 June 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 June 30, 2018 and December 31, 2017, the Company received cash of $1.6 billion and $1.4 billion, respectively, and recorded a receivable for deferred consideration included in other current assets of $386 million and $307 million, respectively. Cash collections from customers on receivables sold were $17.9 billion and $16.5 billion for the six months ended June 30, 2018 and 2017, respectively. Of this amount, $6.2 billion and $5.8 billion were cash collections on the deferred consideration reflected as cash inflows from investing activities for the six months ended June 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 $5 million and $2 million for the three months ended June 30, 2018 and 2017, respectively, and $9 million and $4 million for the six months ended June 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.

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Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

The Companyannounced three significant actions in its portfolio management. The Company:

• signed an agreement to acquire Probiotics International Limited (PIL), a British-based provider of probiotic supplements for human, pet, and production-animal use for $243 million (£185 million), subject to customary adjustments;

• signed an agreement to purchase Neovia, a French-headquartered global provider of value-added animal nutrition solutions, with 72 production facilities and a presence in 25 countries, for $1.8 billion (€1.5 billion), subject to customary adjustments; and

• reached an agreement to acquire Rodelle Inc., a premium originator, processor and supplier of vanilla products.

These pending transactions are subject to regulatory approvals and are expected to close in the second half of 2018.

The Company also completed the sale of its oilseeds operations in Bolivia to Inversiones Piuranas S.A.

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Revenues Revenues (Policies)

6 Months Ended

Jun. 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.

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Revenues Revenues (Tables)

6 Months Ended

Jun. 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 June 30, 2018.

	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
	(In millions)
Origination
Merchandising and Handling	$	527	$	60	$	587	$	5,956	$	6,543
Transportation	—		63		63		—		63
Total Origination	527		123		650		5,956		6,606
Oilseeds
Crushing and Origination	131		—		131		4,692		4,823
Refining, Packaging, Biodiesel, and Other	594		—		594		1,258		1,852
Total Oilseeds	725		—		725		5,950		6,675
Carbohydrate Solutions
Starches and Sweeteners	1,281		—		1,281		423		1,704
Bioproducts	964		—		964		—		964
Total Carbohydrate Solutions	2,245		—		2,245		423		2,668
Nutrition
Wild Flavors and Specialty Ingredients	693		—		693		—		693
Animal Nutrition	325		—		325		—		325
Total Nutrition	1,018		—		1,018		—		1,018
Other	101		—		101		—		101
Total Revenues	$	4,616	$	123	$	4,739	$	12,329	$	17,068

⁽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 six months endedJune 30, 2018.

	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
	(In millions)
Origination
Merchandising and Handling	$	1,146	$	122	$	1,268	$	11,435	$	12,703
Transportation	—		118		118		—		118
Total Origination	1,146		240		1,386		11,435		12,821
Oilseeds
Crushing and Origination	317		—		317		8,116		8,433
Refining, Packaging, Biodiesel, and Other	1,152		—		1,152		2,723		3,875
Total Oilseeds	1,469		—		1,469		10,839		12,308
Carbohydrate Solutions
Starches and Sweeteners	2,438		—		2,438		904		3,342
Bioproducts	1,948		—		1,948		—		1,948
Total Carbohydrate Solutions	4,386		—		4,386		904		5,290
Nutrition
Wild Flavors and Specialty Ingredients	1,329		—		1,329		—		1,329
Animal Nutrition	639		—		639		—		639
Total Nutrition	1,968		—		1,968		—		1,968
Other	207		—		207		—		207
Total Revenues	$	9,176	$	240	$	9,416	$	23,178	$	32,594

⁽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 Sheet (excerpt)

	January 1, 2018		June 30, 2018
	After Adoption		As		Under		Effect of
	of Topic 606		Reported		Topic 605		Change
	(In millions)
Assets
Trade receivables	$	2,343	$	1,900	$	1,718	$	182
Inventories	8,770		7,953		8,152		(199		)
Total Current Assets	19,918		18,647		18,664		(17		)
Total Assets	$	39,956	$	38,755	$	38,772	$	(17	)
Liabilities, Temporary Equity, and Shareholders’ Equity
Accrued expenses and other payables	$	2,826	$	3,173	$	3,184	$	(11	)
Total Current Liabilities	12,563		11,718		11,729		(11		)
Reinvested earnings	17,552		18,132		18,138		(6		)
Total Shareholders’ Equity	18,322		18,712		18,718		(6		)
Total Liabilities, Temporary Equity, and Shareholders’ Equity	$	39,956	$	38,755	$	38,772	$	(17	)

Consolidated Statement of Earnings (excerpt)

	Three Months Ended							Six Months Ended
	June 30, 2018							June 30, 2018
			Without							Without
	As		Adoption of		Effect of			As		Adoption of		Effect of
	Reported		Topic 606		Change			Reported		Topic 606		Change
	(In millions)
Revenues	$	17,068	$	17,197	$	(129	)	$	32,594	$	32,733	$	(139	)
Cost of products sold	15,887		16,007		(120		)	30,524		30,659		(135		)
Gross profit	1,181		1,190		(9		)	2,070		2,074		(4		)
Earnings before income taxes	652		661		(9		)	1,116		1,120		(4		)
Income taxes	86		89		(3		)	154		155		(1		)
Net earnings including noncontrolling interests	566		572		(6		)	962		965		(3		)
Net earnings attributable to controlling interests	566		572		(6		)	959		962		(3		)

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 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 June 30, 2018 and December 31, 2017.

	Fair Value Measurements at June 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	$	—	$	2,790	$	1,378	$	4,168
Unrealized derivative gains:
Commodity contracts	—		509		208		717
Foreign currency contracts	—		246		—		246
Cash equivalents	478		—		—		478
Marketable securities	34		1		—		35
Segregated investments	1,606		—		—		1,606
Deferred receivables consideration	—		386		—		386
Total Assets	$	2,118	$	3,932	$	1,586	$	7,636
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	618	$	200	$	818
Foreign currency contracts	—		335		—		335
Interest rate contracts	—		8		—		8
Inventory-related payables	—		596		22		618
Total Liabilities	$	—	$	1,557	$	222	$	1,779

	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 June 30, 2017.

	Level 3 Fair Value Asset Measurements at
	June 30, 2017
	Inventories  Carried at  Market			Commodity Derivative Contracts Gains			Total  Assets
	(In millions)
Balance, March 31, 2017	$	1,129		$	173		$	1,302
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	157			71			228
Purchases	2,329			—			2,329
Sales	(2,677		)	—			(2,677		)
Settlements	—			(140		)	(140		)
Transfers into Level 3	115			19			134
Transfers out of Level 3	(53		)	(17		)	(70		)
Ending balance, June 30, 2017	$	1,000		$	106		$	1,106

* Includes increase in unrealized gains of $148 million relating to Level 3 assets still held at June 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 six months endedJune 30, 2018.

	Level 3 Fair Value Asset Measurements at
	June 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*	269			172			441
Purchases	4,372			—			4,372
Sales	(4,982		)	—			(4,982		)
Settlements	—			(144		)	(144		)
Transfers into Level 3	340			85			425
Transfers out of Level 3	(107		)	(16		)	(123		)
Ending balance, June 30, 2018	$	1,378		$	208		$	1,586

* Includes increase in unrealized gains of $280 million relating to Level 3 assets still held at June 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 six months endedJune 30, 2017.

	Level 3 Fair Value Asset Measurements at
	June 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*	(90		)	140			50
Purchases	5,577			—			5,577
Sales	(5,871		)	—			(5,871		)
Settlements	—			(209		)	(209		)
Transfers into Level 3	115			66			181
Transfers out of Level 3	(53		)	(31		)	(84		)
Ending balance, June 30, 2017	$	1,000		$	106		$	1,106

* Includes decrease in unrealized gains of $34 million relating to Level 3 assets still held at June 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 three months ended June 30, 2018.

	Level 3 Fair Value Asset Measurements at
	June 30, 2018
	Inventories  Carried at  Market			Commodity Derivative Contracts Gains			Total  Assets
	(In millions)
Balance, March 31, 2018	$	1,829		$	116		$	1,945
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	(11		)	125			114
Purchases	2,133			—			2,133
Sales	(2,832		)	—			(2,832		)
Settlements	—			(78		)	(78		)
Transfers into Level 3	340			57			397
Transfers out of Level 3	(81		)	(12		)	(93		)
Ending balance, June 30, 2018	$	1,378		$	208		$	1,586

* Includes increase in unrealized gains of $105 million relating to Level 3 assets still held at June 30, 2018.

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 six months endedJune 30, 2017.

	Level 3 Fair Value Liability Measurements at
	June 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*	5			119			124
Purchases	17			—			17
Sales	(20		)	—			(20		)
Settlements	—			(166		)	(166		)
Transfers into Level 3	—			73			73
Transfers out of Level 3	—			(14		)	(14		)
Ending balance, June 30, 2017	$	32		$	154		$	186

* Includes decrease in unrealized losses of $124 million relating to Level 3 assets still held at June 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 June 30, 2018.

	Level 3 Fair Value Liability Measurements at
	June 30, 2018
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Total  Liabilities
	(In millions)
Balance, March 31, 2018	$	75		$	291		$	366
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(9		)	48			39
Purchases	3			—			3
Sales	(47		)	—			(47		)
Settlements	—			(161		)	(161		)
Transfers into Level 3	—			41			41
Transfers out of Level 3	—			(19		)	(19		)
Ending balance, June 30, 2018	$	22		$	200		$	222

* Includes increase in unrealized losses of $48 million relating to Level 3 liabilities still held at June 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 six months endedJune 30, 2018.

	Level 3 Fair Value Liability Measurements at
	June 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*	8			246			254
Purchases	24			—			24
Sales	(49		)	—			(49		)
Settlements	—			(218		)	(218		)
Transfers into Level 3	—			106			106
Transfers out of Level 3	—			(37		)	(37		)
Ending balance, June 30, 2018	$	22		$	200		$	222

* Includes increase in unrealized losses of $246 million relating to Level 3 liabilities still held at June 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 June 30, 2017.

	Level 3 Fair Value Liability Measurements at
	June 30, 2017
	Inventory-  related  Payables			Commodity Derivative Contracts Losses			Total  Liabilities
	(In millions)
Balance, March 31, 2017	$	28		$	123		$	151
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*	(9		)	81			72
Purchases	16			—			16
Sales	(3		)	—			(3		)
Settlements	—			(98		)	(98		)
Transfers into Level 3	—			49			49
Transfers out of Level 3	—			(1		)	(1		)
Ending balance, June 30, 2017	$	32		$	154		$	186

* Includes decrease in unrealized losses of $85 million relating to Level 3 liabilities still held at June 30, 2017.

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 June 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 June 30, 2018 is a weighted average 16.2% of the total price for assets and 60.8% of the total price for liabilities.

	Weighted Average % of Total Price
	June 30, 2018				December 31, 2017
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	16.2	%	60.8	%	12.8	%	99.9	%
Transportation cost	13.2	%	21.0	%	19.2	%	—
Commodity Derivative Contracts
Basis	17.6	%	19.9	%	24.2	%	23.0	%
Transportation cost	11.5	%	14.3	%	12.5	%	10.4	%

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 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 not designated as hedging instruments as of June 30, 2018 and December 31, 2017.

	June 30, 2018				December 31, 2017
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	246	$	335	$	63	$	92
Commodity Contracts	717		818		386		371
Total	$	963	$	1,153	$	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 six months ended June 30, 2018 and 2017.

			Cost of products sold			Other expense - net
(In millions)	Revenues
Three Months Ended June 30, 2018
Consolidated Statement of Earnings	$	17,068	$	15,887		$	(2	)
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	28	$	(186	)	$	(126	)
Commodity Contracts	—		392			—
Total gain (loss) recognized in earnings	$	28	$	206		$	(126	)	$	108
Three Months Ended June 30, 2017
Consolidated Statement of Earnings	$	14,943	$	14,051		$	9
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	3	$	(30	)	$	133
Commodity Contracts	—		1			—
Total gain (loss) recognized in earnings	$	3	$	(29	)	$	133		$	107

				Cost of products sold			Other expense - net
(In millions)	Revenues
Six Months Ended June 30, 2018
Consolidated Statement of Earnings	$	32,594		$	30,524		$	(17	)
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	25		$	(201	)	$	(61	)
Commodity Contracts	—			79			—
Total gain (loss) recognized in earnings	$	25		$	(122	)	$	(61	)	$	(158	)
Six Months Ended June 30, 2017
Consolidated Statement of Earnings	$	29,931		$	28,167		$	11
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(8	)	$	30		$	134
Commodity Contracts	—			260			—
Total gain (loss) recognized in earnings	$	(8	)	$	290		$	134		$	416

The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2018 and December 31, 2017.

	June 30, 2018				December 31, 2017
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Interest Rate Contracts	$	—	$	8	$	—	$	1
Total	$	—	$	8	$	—	$	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 six months ended June 30, 2018 and 2017.

				Cost of products sold			Interest expense		Other income - net
(In millions)	Revenues
Three Months Ended June 30, 2018
Consolidated Statement of Earnings	$	17,068		$	15,887		$	89	$	(2	)
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	(1	)	$	(34	)	$	—	$	—
Interest Contracts	—			—			1		—
Total gain (loss) recognized in earnings	$	(1	)	$	(34	)	$	1	$	—		$	(34	)
Three Months Ended June 30, 2017
Consolidated Statement of Earnings	$	14,943		$	14,051		$	86	$	9
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	—		$	—		$	—	$	—
Commodity Contracts	1			(6		)	—		—
Ineffective amount recognized in earnings
Commodity Contracts	—			4			—		—
Total gain (loss) recognized in earnings	$	1		$	(2	)	$	—	$	—		$	(1	)

			Cost of products sold			Interest expense		Other income - net
(In millions)	Revenues
Six Months Ended June 30, 2018
Consolidated Statement of Earnings	$	32,594	$	30,524		$	180	$	(17	)
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	1	$	(28	)	$	—	$	—
Interest Contracts	—		—			1		—
Total gain (loss) recognized in earnings	$	1	$	(28	)	$	1	$	—		$	(26	)
Six Months Ended June 30, 2017
Consolidated Statement of Earnings	$	29,931	$	28,167		$	167	$	11
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	—	$	—		$	—	$	(2	)
Commodity Contracts	—		(5		)	—		—
Ineffective amount recognized in earnings
Commodity Contracts	4		9			—		—
Total gain (loss) recognized in earnings	$	4	$	4		$	—	$	(2	)	$	6

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Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2018

Other Assets [Abstract]

Other Current Assets

The following table sets forth the items in other current assets:

	June 30,		December 31,
	2018		2017
	(In millions)
Unrealized gains on derivative contracts	$	963	$	449
Deferred receivables consideration	386		307
Customer omnibus receivable	359		477
Financing receivables - net (1)	721		413
Insurance premiums receivable	42		129
Prepaid expenses	255		232
Tax receivables	350		425
Non-trade receivables (2)	310		371
Other current assets	256		372
	$	3,642	$	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 $7 million and $6 million at June 30, 2018 and December 31, 2017, respectively. Additionally, at June 30, 2018, the Company had increased prepayments to farmers in South America for spot 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 $5 million and $12 million for the three and six months ended June 30, 2018, respectively, and $5 million and $12 million for the three and six months ended June 30, 2017, respectively, is included in interest income in the consolidated statements of earnings.

⁽²⁾ Non-trade receivables included $62 million and $91 million of reinsurance recoverables as of June 30, 2018 and December 31, 2017, respectively.

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Accrued Expenses And Other Payables (Tables)

6 Months Ended

Jun. 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:

	June 30,		December 31,
	2018		2017
	(In millions)
Unrealized losses on derivative contracts	$	1,161	$	464
Accrued compensation	259		235
Income tax payable	251		140
Other taxes payable	92		99
Reinsurance premiums payable	23		111
Insurance claims payable	247		268
Contract liability	90		185
Other accruals and payables	1,050		1,331
	$	3,173	$	2,833

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Accumulated Other Comprehensive Income (AOCI) (Tables)

6 Months Ended

Jun. 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 six months ended June 30, 2018 and the reclassifications out of AOCI for the three and six months ended June 30, 2018 and 2017:

	Three months ended June 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 March 31, 2018	$	(1,145	)	$	(2	)	$	(322	)	$	18		$	(1,451	)
Other comprehensive income (loss) before reclassifications	(402		)	(98		)	6			(2		)	(496		)
Amounts reclassified from AOCI	—			34			7			—			41
Tax effect	(19		)	15			(1		)	—			(5		)
Net of tax amount	(421		)	(49		)	12			(2		)	(460		)
Balance at June 30, 2018	$	(1,566	)	$	(51	)	$	(310	)	$	16		$	(1,911	)
	Six months ended June 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	(191		)	(115		)	—			(4		)	(310		)
Amounts reclassified from AOCI	—			26			15			—			41
Tax effect	(22		)	21			(4		)	—			(5		)
Net current period other comprehensive income	(213		)	(68		)	11			(4		)	(274		)
Balance at June 30, 2018	$	(1,566	)	$	(51	)	$	(310	)	$	16		$	(1,911	)

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

	Amount reclassified from AOCI
	Three months ended						Six months ended
Details about AOCI components	Jun 30 2018			Jun 30 2017			Jun 30 2018			Jun 30 2017			Affected line item in the consolidated statement of earnings
	(In millions)
Deferred loss (gain) on hedging activities
	$	34		$	6		$	28		$	5		Cost of products sold
	(1		)	—			(1		)	—			Interest expense
	—			—			—			2			Other (income) expense - net
	1			(1		)	(1		)	—			Revenues
	34			5			26			7			Total before tax
	(8		)	(2		)	(6		)	(3		)	Tax
	$	26		$	3		$	20		$	4		Net of tax
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service credit	$	(9	)	$	(3	)	$	(17	)	$	(6	)	Other (income) expense - net
Actuarial losses	16			16			32			34			Other (income) expense - net
	7			13			15			28			Total before tax
	1			(4		)	(3		)	(10		)	Tax
	$	8		$	9		$	12		$	18		Net of tax

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Other (Income) Expense - Net (Tables)

6 Months Ended

Jun. 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						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
	(In millions)
Gains on sales of assets	$	(6	)	$	(35	)	$	(12	)	$	(51	)
Other – net	4			44			(5		)	62
Other (Income) Expense - Net	$	(2	)	$	9		$	(17	)	$	11

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Information

	June 30,		December 31,
(In millions)	2018		2017
Identifiable Assets
Origination	$	7,063	$	8,311
Oilseeds	13,298		11,835
Carbohydrate Solutions	6,047		6,242
Nutrition	6,765		5,568
Other	4,884		5,658
Corporate	698		2,349
Total Identifiable Assets	$	38,755	$	39,963

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In millions)	2018			2017			2018			2017
Gross revenues
Origination	$	7,723		$	6,172		14,850			13,524
Oilseeds	8,264			7,100			15,130			13,182
Carbohydrate Solutions	2,927			2,662			5,760			5,531
Nutrition	1,029			944			1,987			1,804
Other	101			101			207			195
Intersegment elimination	(2,976		)	(2,036		)	(5,340		)	(4,305		)
Total gross revenues	$	17,068		$	14,943		$	32,594		$	29,931
Intersegment sales
Origination	$	1,117		$	825		2,029			1,874
Oilseeds	1,589			1,089			2,822			1,945
Carbohydrate Solutions	259			111			470			470
Nutrition	11			11			19			16
Total intersegment sales	$	2,976		$	2,036		$	5,340		$	4,305
Revenues from external customers
Origination
Merchandising and Handling	$	6,543		$	5,295		$	12,703		$	11,548
Transportation	63			52			118			102
Total Origination	6,606			5,347			12,821			11,650
Oilseeds
Crushing and Origination	4,823			3,927			8,433			7,220
Refining, Packaging, Biodiesel, and Other	1,852			2,084			3,875			4,017
Total Oilseeds	6,675			6,011			12,308			11,237
Carbohydrate Solutions
Starches and Sweeteners	1,704			1,629			3,342			3,204
Bioproducts	964			922			1,948			1,857
Total Carbohydrate Solutions	2,668			2,551			5,290			5,061
Nutrition
Wild Flavors and Specialty Ingredients	693			661			1,329			1,235
Animal Nutrition	325			272			639			553
Total Nutrition	1,018			933			1,968			1,788
Other	101			101			207			195
Total revenues from external customers	$	17,068		$	14,943		$	32,594		$	29,931

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In millions)	2018			2017			2018			2017
Segment operating profit
Origination	$	189		$	57		$	234		$	104
Oilseeds	341			201			691			514
Carbohydrate Solutions	249			279			462			490
Nutrition	114			94			210			171
Other	31			27			44			57
Specified Items:
Gains (losses) on sales of assets and businesses(1)	—			8			—			8
Impairment, restructuring, and settlement charges(2)	(22		)	(26		)	(35		)	(35		)
Hedge timing effects(3)	—			2			—			9
Total segment operating profit	902			642			1,606			1,318
Corporate	(250		)	(259		)	(490		)	(477		)
Earnings before income taxes	$	652		$	383		$	1,116		$	841

⁽¹⁾ Prior period gain related to the sale of the crop risk services businesses partially offset by an adjustment of the proceeds of the 2015 sale of the cocoa business.

⁽²⁾ Current quarter charges consisted of an impairment charge related to a long-term financing receivable and restructuring charges. Current year-to-date charges consisted of impairment charges related to a financing receivable and an equity investment and restructuring charges. 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.

XML

Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net Cash Provided by (Used in) Investing Activities			$ 3,548	$ 3,348
Cash Segregated under Commodity Exchange Act Regulation	$ 1,200		1,200
Net Cash Provided by (Used in) Operating Activities			(3,179)	(2,080)
Restricted Cash and Cash Equivalents	1,200	$ 1,457	1,200	1,457
Cash Flows Between Transferor and Transferee, Beneficial Interest			4,000	3,900
Other (Income) Expense - Net [Member]
Defined benefit plan net periodic benefit cost other than service cost	$ (2)	11	$ (5)	20
Cost of Products Sold [Member]
Defined benefit plan net periodic benefit cost other than service cost		5		9
Selling, General and Administrative Expenses [Member]
Defined benefit plan net periodic benefit cost other than service cost		6		11
Restatement Adjustment [Member]
Net Cash Provided by (Used in) Operating Activities				520
Restricted Cash and Cash Equivalents		$ 1,400		$ 1,400

XML

New Accounting Standards New Accounting Standards (Details) - Accounting Standards Update 2014-09 [Member] $ in Millions	Jan. 01, 2018 USD ($)
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)

XML

Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 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	$ 17,068		$ 32,594
Contract with Customer, Liability [Abstract]
Contract with Customer, Liability	90		90		$ 185	$ 185
Change in Contract with Customer, Liability [Abstract]
Contract with Customer, Liability, Revenue Recognized	126		250
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts Receivable, Net, Current	1,900		1,900		2,343	1,947
Inventories	7,953		7,953		8,770	9,173
Other Assets, Current	18,647		18,647		19,918	19,925
Assets	38,755		38,755		39,956	39,963
Other Liabilities, Current	3,173		3,173		2,826	2,833
Liabilities, Current	11,718		11,718		12,563	12,570
Reinvested earnings	18,132		18,132		17,552	17,552
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	18,712		18,712		18,322	18,322
Liabilities and Equity	38,755		38,755		$ 39,956	39,963
Revenues	17,068	$ 14,943	32,594	$ 29,931
Cost of Products Sold	15,887	14,051	30,524	28,167
Gross Profit	1,181	892	2,070	1,764
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	652	383	1,116	841
Income taxes	86	108	154	226
Net earnings including noncontrolling interests	566	275	962	615
Net Income (Loss) Attributable to Parent	566	276	959	615
Carbohydrate Solutions [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	2,668		5,290
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Assets	6,047		6,047			6,242
Revenues	2,668	2,551	5,290	5,061
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	249	279	462	490
Starches and sweeteners [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	1,704		3,342
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	1,704	1,629	3,342	3,204
Bioproducts [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	964		1,948
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	964	922	1,948	1,857
Nutrition [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	1,018		1,968
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Assets	6,765		6,765			5,568
Revenues	1,018	933	1,968	1,788
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	114	94	210	171
Wild Flavors and Specialty Ingredients [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	693		1,329
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	693	661	1,329	1,235
Animal Nutrition [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	325		639
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	325	272	639	553
Oilseeds [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	6,675		12,308
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Assets	13,298		13,298			11,835
Revenues	6,675	6,011	12,308	11,237
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	341	201	691	514
Crushing and origination [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	4,823		8,433
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	4,823	3,927	8,433	7,220
Refining, packaging, biodiesel, and other [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	1,852		3,875
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	1,852	2,084	3,875	4,017
Origination [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	6,606		12,821
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Assets	7,063		7,063			8,311
Revenues	6,606	5,347	12,821	11,650
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	189	57	234	104
Merchandising and handling [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	6,543		12,703
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	6,543	5,295	12,703	11,548
Transportation [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	63		118
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	63	52	118	102
Other [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	101		207
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Assets	4,884		4,884			$ 5,658
Revenues	101	101	207	195
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	31	$ 27	44	$ 57
Non MTM Products and Services [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	4,739		9,416
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	4,616		9,176
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	123		240
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	2,245		4,386
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	2,245		4,386
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	1,281		2,438
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	1,281		2,438
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	964		1,948
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	964		1,948
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	1,018		1,968
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	1,018		1,968
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	693		1,329
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	693		1,329
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	325		639
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	325		639
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	725		1,469
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	725		1,469
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	131		317
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	131		317
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	594		1,152
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	594		1,152
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	650		1,386
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	527		1,146
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	123		240
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	587		1,268
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	527		1,146
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	60		122
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	63		118
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	63		118
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	101		207
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	101		207
Mark-to-Market Products [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	12,329		23,178
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	423		904
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	423		904
Mark-to-Market Products [Member] | Oilseeds [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	5,950		10,839
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	4,692		8,116
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	1,258		2,723
Mark-to-Market Products [Member] | Origination [Member]
Revenue from Contract with Customer, Excluding Assessed Tax [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	5,956		11,435
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	5,956		11,435
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts Receivable, Net, Current	1,718		1,718
Inventories	8,152		8,152
Other Assets, Current	18,664		18,664
Assets	38,772		38,772
Other Liabilities, Current	3,184		3,184
Liabilities, Current	11,729		11,729
Reinvested earnings	18,138		18,138
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	18,718		18,718
Liabilities and Equity	38,772		38,772
Revenues	17,197		32,733
Cost of Products Sold	16,007		30,659
Gross Profit	1,190		2,074
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	661		1,120
Income taxes	89		155
Net earnings including noncontrolling interests	572		965
Net Income (Loss) Attributable to Parent	572		962
Difference Between Revenue Guidance in Effect before Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts Receivable, Net, Current	182		182
Inventories	(199)		(199)
Other Assets, Current	(17)		(17)
Assets	(17)		(17)
Other Liabilities, Current	(11)		(11)
Liabilities, Current	(11)		(11)
Reinvested earnings	(6)		(6)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(6)		(6)
Liabilities and Equity	(17)		(17)
Revenues	(129)		(139)
Cost of Products Sold	(120)		(135)
Gross Profit	(9)		(4)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(9)		(4)
Income taxes	(3)		(1)
Net earnings including noncontrolling interests	(6)		(3)
Net Income (Loss) Attributable to Parent	$ (6)		$ (3)

XML

Fair Value Measurements (Narrative) (Details) - Weighted Average [Member] - Fair Value, Measurements, Recurring [Member] - Significant Unobservable Inputs (Level 3) [Member]	Jun. 30, 2018	Dec. 31, 2017
Inventory Related Payables [Member]
Fair Value Measurements [Line Items]
Basis	60.80%	99.90%
Inventories Carried At Market [Member]
Fair Value Measurements [Line Items]
Basis	16.20%	12.80%

XML

Fair Value Measurements (Fair Value Measurements At Reporting Date) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Assets:
Derivative Asset	$ 963	$ 449
Deferred receivables consideration	386	307
Liabilities:
Derivative Liability	1,161	464
Fair Value, Measurements, Recurring [Member]
Assets:
Inventories carried at market	4,168	4,886
Cash Equivalents, at Carrying Value	478	352
Available-for-sale Securities, Fair Value Disclosure	35	92
Restricted Investments, at Fair Value	1,606	1,733
Deferred receivables consideration	386	307
Total Assets	7,636	7,819
Liabilities:
Inventory-related payables	618	719
Total Liabilities	1,779	1,183
Fair Value, Measurements, Recurring [Member] | Commodity Contracts [Member]
Assets:
Derivative Asset	717	386
Liabilities:
Derivative Liability	818	371
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member]
Assets:
Derivative Asset	246	63
Liabilities:
Derivative Liability	335	92
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member]
Liabilities:
Derivative Liability	8	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	478	352
Available-for-sale Securities, Fair Value Disclosure	34	91
Restricted Investments, at Fair Value	1,606	1,733
Deferred receivables consideration	0	0
Total Assets	2,118	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	2,790	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	386	307
Total Assets	3,932	4,046
Liabilities:
Inventory-related payables	596	680
Total Liabilities	1,557	1,041
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commodity Contracts [Member]
Assets:
Derivative Asset	509	275
Liabilities:
Derivative Liability	618	268
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member]
Assets:
Derivative Asset	246	63
Liabilities:
Derivative Liability	335	92
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member]
Liabilities:
Derivative Liability	8	1
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets:
Inventories carried at market	1,378	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	1,586	1,597
Liabilities:
Inventory-related payables	22	39
Total Liabilities	222	142
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commodity Contracts [Member]
Assets:
Derivative Asset	208	111
Liabilities:
Derivative Liability	200	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

XML

Fair Value Measurements (Reconciliation Of Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 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)	$ (105)	$ (148)	$ (280)	$ 34
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	1,945	1,302	1,597	1,462
Total increase (decrease) in unrealized gains included in cost of products sold	114	228	441	50
Purchases	2,133	2,329	4,372	5,577
Sales	(2,832)	(2,677)	(4,982)	(5,871)
Settlements	(78)	(140)	(144)	(209)
Transfers into Level 3	397	134	425	181
Transfers out of Level 3	(93)	(70)	(123)	(84)
Balance at end of period	1,586	1,106	1,586	1,106
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	1,829	1,129	1,486	1,322
Total increase (decrease) in unrealized gains included in cost of products sold	(11)	157	269	(90)
Purchases	2,133	2,329	4,372	5,577
Sales	(2,832)	(2,677)	(4,982)	(5,871)
Settlements	0	0	0	0
Transfers into Level 3	340	115	340	115
Transfers out of Level 3	(81)	(53)	(107)	(53)
Balance at end of period	1,378	1,000	1,378	1,000
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	116	173	111	140
Total increase (decrease) in unrealized gains included in cost of products sold	125	71	172	140
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	(78)	(140)	(144)	(209)
Transfers into Level 3	57	19	85	66
Transfers out of Level 3	(12)	(17)	(16)	(31)
Balance at end of period	$ 208	$ 106	$ 208	$ 106

XML

Fair Value Measurements (Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 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)	$ (48)	$ 85	$ (246)	$ 124
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	366	151	142	172
Total increase (decrease) in unrealized losses included in cost of products sold	39	72	254	124
Purchases	3	16	24	17
Sales	(47)	(3)	(49)	(20)
Settlements	(161)	(98)	(218)	(166)
Transfers into Level 3	41	49	106	73
Transfers out of Level 3	(19)	(1)	(37)	(14)
Balance at end of period	222	186	222	186
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	75	28	39	30
Total increase (decrease) in unrealized losses included in cost of products sold	(9)	(9)	8	5
Purchases	3	16	24	17
Sales	(47)	(3)	(49)	(20)
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	22	32	22	32
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	291	123	103	142
Total increase (decrease) in unrealized losses included in cost of products sold	48	81	246	119
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	(161)	(98)	(218)	(166)
Transfers into Level 3	41	49	106	73
Transfers out of Level 3	(19)	(1)	(37)	(14)
Balance at end of period	$ 200	$ 154	$ 200	$ 154

XML

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]	Jun. 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	60.80%	99.90%
Transportation cost	21.00%	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	19.90%	23.00%
Transportation cost	14.30%	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	16.20%	12.80%
Transportation cost	13.20%	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	17.60%	24.20%
Transportation cost	11.50%	12.50%

XML

Derivative Instruments and Hedging Activities (Narrative) (Details) € in Millions, gal in Millions, bu in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018 USD ($) gal	Jun. 30, 2018 USD ($) bu gal	Jun. 30, 2018 EUR (€) gal	Dec. 31, 2017 USD ($)	Jun. 24, 2015 EUR (€)
Derivative [Line Items]
Corn processed per month (in bushels) | bu		72
Debt amount designated as a net investment hedge | €			€ 1,100
Derivatives used in Net Investment Hedge, Net of Tax | $	$ (45)	$ (45)		$ 59
Designated As Hedging Instrument [Member]
Derivative [Line Items]
Unrealized Gain (Loss) on Price Risk Cash Flow Hedges, after Tax, Accumulated Other Comprehensive Income | $	81	81
Interest Rate Derivative Liabilities, at Fair Value | $	8	8		$ 1
After-tax gains (losses) in AOCI from commodity cash flow hedge transactions | $	$ 81	$ 81
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%
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)		22.00%
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)	2.00%	2.00%	2.00%
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)		90.00%
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)	85.00%	85.00%	85.00%
Ethanol [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Derivative Hedged Item Time Period	12 months
Ethanol [Member] | Minimum [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Commodity hedged during historical hedging period, (in gallons) | gal		1
Commodity hedged over future hedging period, (in gallons) | gal	0	0	0
Ethanol [Member] | Maximum [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Commodity hedged during historical hedging period, (in gallons) | gal		135
Commodity hedged over future hedging period, (in gallons) | gal	112	112	112
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%
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%
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)	100.00%	100.00%	100.00%

XML

Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Not Designated As Hedging Instruments) (Details) - Not Designated As Hedging Instrument [Member] - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
FX Contracts Assets	$ 246	$ 63
Commodity Contracts Assets	717	386
Total fair value of derivative assets not designated as hedging instruments	963	449
FX Contracts Liabilities	335	92
Commodity Contracts Liabilities	818	371
Total fair value of derivative liabilities not designated as hedging instruments.	$ 1,153	$ 463

XML

Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Not Designated As Hedging Instruments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative [Line Items]
Revenues	$ 17,068	$ 14,943	$ 32,594	$ 29,931
Cost of Products Sold	15,887	14,051	30,524	28,167
Other (Income) Expense - Net	(2)	9	(17)	11
Total gain (loss) recognized in earnings	108	107	(158)	416
Revenues [Member]
Derivative [Line Items]
FX Contracts	28	3	25	(8)
Total gain (loss) recognized in earnings	28	3	25	(8)
Cost of Products Sold [Member]
Derivative [Line Items]
FX Contracts	(186)	(30)	(201)	30
Commodity Contracts	392	1	79	260
Total gain (loss) recognized in earnings	206	(29)	(122)	290
Other (Income) Expense - Net [Member]
Derivative [Line Items]
FX Contracts	(126)	133	(61)	134
Total gain (loss) recognized in earnings	$ (126)	$ 133	$ (61)	$ 134

XML

Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Designated As Hedging Instruments) (Details) - Designated As Hedging Instrument [Member] - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	$ 0	$ 0
Interest Rate Derivative Liabilities, at Fair Value	8	1
Derivative Instruments in Hedges, Assets, at Fair Value	0	0
Derivative Instruments in Hedges, Liabilities, at Fair Value	$ 8	$ 1

XML

Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Designated As Hedging Instruments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative Instruments, Gains (Loss) [Line Items]
Revenues	$ 17,068	$ 14,943	$ 32,594	$ 29,931
Cost of Products Sold	15,887	14,051	30,524	28,167
Interest Expense	89	86	180	167
Other (Income) Expense - Net	(2)	9	(17)	11
Designated As Hedging Instrument [Member]
Derivative Instruments, Gains (Loss) [Line Items]
Total amount recognized in earnings	(34)	(1)	(26)	6
Designated As Hedging Instrument [Member] | Other (Income) Expense - Net [Member]
Derivative Instruments, Gains (Loss) [Line Items]
FX Contracts effective amount recognized in earnings		0		(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		1
Total amount recognized in earnings	1		1
Designated As Hedging Instrument [Member] | Cost of Products Sold [Member]
Derivative Instruments, Gains (Loss) [Line Items]
Commodity Contracts effective amount recognized in earnings	(34)	(6)	(28)	(5)
Commodity contracts ineffective amount recognized in earnings		4		9
Total amount recognized in earnings	(34)	(2)	(28)	4
Designated As Hedging Instrument [Member] | Revenues [Member]
Derivative Instruments, Gains (Loss) [Line Items]
Commodity Contracts effective amount recognized in earnings	(1)	1	1
Commodity contracts ineffective amount recognized in earnings		0		4
Total amount recognized in earnings	$ (1)	$ 1	$ 1	$ 4

XML

Other Current Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Other Assets [Abstract]
Derivative Asset	$ 963		$ 963		$ 449
Deferred receivables consideration	386		386		307
Receivables from Customers	359		359		477
Financing Receivable, Net	721		721		413
Premiums Receivable, Net	42		42		129
Prepaid Expense, Current	255		255		232
Tax receivables	350		350		425
Other Receivables	310		310		371
Other current assets	256		256		372
Total other current assets	3,642		3,642		3,175
Financing Receivable, Allowance for Credit Losses	7		7		6
Interest on financing receivables	5	$ 5	12	$ 12
Asset Impairment Charges	21	$ 17	21	$ 18
Reinsurance Recoverables	$ 62		$ 62		$ 91

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Accrued Expenses And Other Payables (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Accrued Liabilities and Other Liabilities [Abstract]
Derivative Liability	$ 1,161		$ 464
Employee-related Liabilities	259		235
Accrued Income Taxes, Current	251		140
Accrual for Taxes Other than Income Taxes, Current	92		99
Reinsurance Payable	23		111
Liability for Claims and Claims Adjustment Expense	247		268
Contract with Customer, Liability	90	$ 185	185
Accrued expenses and other payables	1,050		1,331
Total accrued expenses and other payables	$ 3,173	$ 2,826	$ 2,833

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Debt And Financing Arrangements (Narrative) (Details) $ in Billions	Jun. 30, 2018 USD ($)
Debt Instrument [Line Items]
Excess of fair value over carrying value of long-term debt	$ 0.8
Line of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	8.4
Unused lines of credit	6.1
Commercial Paper [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	5.0
Commercial Paper	0.7
Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	1.8
Unused lines of credit	$ 0.5

XML

Income Taxes (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018 USD ($) assessment	Jun. 30, 2017	Jun. 30, 2018 USD ($) assessment	Jun. 30, 2017	Dec. 31, 2017
Income Tax Contingency [Line Items]
Effective income tax rate	13.20%	28.20%	13.80%	26.90%
Out of period tax discrete expense (income) items charged (credited) to earnings			$ 39
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)	$ 5		$ (9)
Brazilian Federal Revenue Service [Member]
Income Tax Contingency [Line Items]
Number of separate tax assessments | assessment	3		3
Income tax assessment	$ 109		$ 109
Income tax assessment - Interest and Penalties	303		303
Argentine Tax Authorities [Member]
Income Tax Contingency [Line Items]
Income tax assessment	23		23
Income tax assessment - Interest and Penalties	75		75
Estimated Additional Tax Assessment	64		64
Additional income tax assessment - Interest and Penalties	58		58
Tax and Customs Administration, Netherlands [Member]
Income Tax Contingency [Line Items]
Income tax assessment	95		95
Additional income tax assessment - Interest and Penalties	$ 29		$ 29

XML

Accumulated Other Comprehensive Income (AOCI) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period	$ (1,451)	$ (1,637)
Other comprehensive income (loss) before reclassifications	(496)	(310)
Amounts reclassified from AOCI	41	41
Other comprehensive income (loss), tax, portion attributable to parent	(5)	(5)
Other Comprehensive Income (Loss), Net of Tax	(460)	(274)
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	(1,911)	(1,911)
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period	(1,145)	(1,353)
Other comprehensive income (loss) before reclassifications	(402)	(191)
Amounts reclassified from AOCI	0	0
Other comprehensive income (loss), tax, portion attributable to parent	(19)	(22)
Other Comprehensive Income (Loss), Net of Tax	(421)	(213)
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	(1,566)	(1,566)
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	(2)	17
Other comprehensive income (loss) before reclassifications	(98)	(115)
Amounts reclassified from AOCI	34	26
Other comprehensive income (loss), tax, portion attributable to parent	15	21
Other Comprehensive Income (Loss), Net of Tax	(49)	(68)
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	(51)	(51)
Pension Liability Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period	(322)	(321)
Other comprehensive income (loss) before reclassifications	6	0
Amounts reclassified from AOCI	7	15
Other comprehensive income (loss), tax, portion attributable to parent	(1)	(4)
Other Comprehensive Income (Loss), Net of Tax	12	11
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	(310)	(310)
Unrealized Gain (Loss) On Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period	18	20
Other comprehensive income (loss) before reclassifications	(2)	(4)
Amounts reclassified from AOCI	0	0
Other comprehensive income (loss), tax, portion attributable to parent	0	0
Other Comprehensive Income (Loss), Net of Tax	(2)	(4)
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	$ 16	$ 16

XML

Accumulated Other Comprehensive Income (AOCI) Components (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of Products Sold	$ 15,887	$ 14,051	$ 30,524	$ 28,167
Interest Expense	89	86	180	167
Other (Income) Expense - Net	(2)	9	(17)	11
Revenues	(17,068)	(14,943)	(32,594)	(29,931)
Asset impairment, exit, and restructuring costs	24	23	40	33
Earnings Before Income Taxes	(652)	(383)	(1,116)	(841)
Income taxes	(86)	(108)	(154)	(226)
Net Earnings Including Noncontrolling Interests	(566)	(275)	(962)	(615)
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	34	6	28	5
Interest Expense	(1)	0	(1)	0
Other (Income) Expense - Net	0	0	0	2
Revenues	1	(1)	(1)	0
Earnings Before Income Taxes	34	5	26	7
Income taxes	8	2	6	3
Net Earnings Including Noncontrolling Interests	26	3	20	4
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	7	13	15	28
Income taxes	(1)	4	3	10
Net Earnings Including Noncontrolling Interests	8	9	12	18
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)	(9)	(3)	(17)	(6)
Actuarial Losses	$ 16	$ 16	$ 32	$ 34

XML

Other (Income) Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Gain (Loss) on Sale and Revaluation of Assets	$ 6	$ 35	$ 12	$ 51
Other (income) expense - net	4	44	(5)	62
Other (Income) Expense - Net	(2)	9	(17)	11
Other (Income) Expense - Net [Member]
Defined benefit plan net periodic benefit cost other than service cost	$ 2	$ (11)	$ 5	$ (20)

XML

Segment Information (Narrative) (Details) - segment	6 Months Ended
	Jun. 30, 2018	Jul. 02, 2018
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%

XML

Segment Information (Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
Segment Information
Assets	$ 38,755		$ 38,755		$ 39,956	$ 39,963
Revenues	17,068	$ 14,943	32,594	$ 29,931
Earnings Before Income Taxes	652	383	1,116	841
Carbohydrate Solutions [Member]
Segment Information
Assets	6,047		6,047			6,242
Revenues	2,668	2,551	5,290	5,061
Earnings Before Income Taxes	249	279	462	490
Starches and sweeteners [Member]
Segment Information
Revenues	1,704	1,629	3,342	3,204
Bioproducts [Member]
Segment Information
Revenues	964	922	1,948	1,857
Nutrition [Member]
Segment Information
Assets	6,765		6,765			5,568
Revenues	1,018	933	1,968	1,788
Earnings Before Income Taxes	114	94	210	171
Wild Flavors and Specialty Ingredients [Member]
Segment Information
Revenues	693	661	1,329	1,235
Animal Nutrition [Member]
Segment Information
Revenues	325	272	639	553
Oilseeds [Member]
Segment Information
Assets	13,298		13,298			11,835
Revenues	6,675	6,011	12,308	11,237
Earnings Before Income Taxes	341	201	691	514
Crushing and origination [Member]
Segment Information
Revenues	4,823	3,927	8,433	7,220
Refining, packaging, biodiesel, and other [Member]
Segment Information
Revenues	1,852	2,084	3,875	4,017
Origination [Member]
Segment Information
Assets	7,063		7,063			8,311
Revenues	6,606	5,347	12,821	11,650
Earnings Before Income Taxes	189	57	234	104
Merchandising and handling [Member]
Segment Information
Revenues	6,543	5,295	12,703	11,548
Transportation [Member]
Segment Information
Revenues	63	52	118	102
Other [Member]
Segment Information
Assets	4,884		4,884			5,658
Revenues	101	101	207	195
Earnings Before Income Taxes	31	27	44	57
Corporate, Non-Segment [Member]
Segment Information
Assets	698		698			$ 2,349
Earnings Before Income Taxes	(250)	(259)	(490)	(477)
Aggregate Segment [Member]
Segment Information
Earnings Before Income Taxes	902	642	1,606	1,318
Operating Segments [Member] | Carbohydrate Solutions [Member]
Segment Information
Revenues	2,927	2,662	5,760	5,531
Operating Segments [Member] | Nutrition [Member]
Segment Information
Revenues	1,029	944	1,987	1,804
Operating Segments [Member] | Oilseeds [Member]
Segment Information
Revenues	8,264	7,100	15,130	13,182
Operating Segments [Member] | Origination [Member]
Segment Information
Revenues	7,723	6,172	14,850	13,524
Operating Segments [Member] | Other [Member]
Segment Information
Revenues	101	101	207	195
Intersegment Elimination [Member]
Segment Information
Revenues	(2,976)	(2,036)	(5,340)	(4,305)
Intersegment Elimination [Member] | Carbohydrate Solutions [Member]
Segment Information
Revenues	(259)	(111)	(470)	(470)
Intersegment Elimination [Member] | Nutrition [Member]
Segment Information
Revenues	(11)	(11)	(19)	(16)
Intersegment Elimination [Member] | Oilseeds [Member]
Segment Information
Revenues	(1,589)	(1,089)	(2,822)	(1,945)
Intersegment Elimination [Member] | Origination [Member]
Segment Information
Revenues	(1,117)	(825)	(2,029)	(1,874)
Other (Income) Expense - Net [Member] | Segment Reconciling Items [Member]
Segment Information
Earnings Before Income Taxes	0	8	0	8
Asset impairment, restructuring, and settlement [Member] | Segment Reconciling Items [Member]
Segment Information
Earnings Before Income Taxes	(22)	(26)	(35)	(35)
Cost of Products Sold [Member] | Segment Reconciling Items [Member]
Segment Information
Earnings Before Income Taxes	$ 0	$ 2	$ 0	$ 9

XML

Asset Impairment, Exit, and Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Asset Impairment Charges And Exit Costs [Line Items]
Asset impairment, exit, and restructuring costs	$ 24	$ 23	$ 40	$ 33
Asset Impairment Charges	21	17	21	18
Restructuring Charges	1	4	2	12
Equity Method Investment, Other than Temporary Impairment			12
Corporate, Non-Segment [Member]
Asset Impairment Charges And Exit Costs [Line Items]
Restructuring Charges	$ 2	$ 2	$ 5	$ 3

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Sale of Accounts Receivable (Narrative) (Details) $ in Millions, € in Billions	3 Months Ended		6 Months Ended
	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 EUR (€)	Dec. 31, 2017 USD ($)
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	1,600		1,600			1,400
Retained Interest, Fair Value Disclosure	386		386			$ 307
Proceeds from Sale of Other Receivables			17,900	$ 16,500
Proceeds from Collection of Retained Interest in Securitized Receivables			6,212	5,845
Loss on transfer of accounts receivables to purchasers	5	$ 2	9	$ 4
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

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Subsequent Events Subsequent Events (Details) - Subsequent Event [Member] £ in Millions, $ in Millions, € in Billions	Jul. 02, 2018 USD ($)	Jul. 02, 2018 EUR (€)	Jul. 01, 2018 USD ($)	Jul. 01, 2018 GBP (£)
Probiotics [Member]
Subsequent Event [Line Items]
Payments to Acquire Businesses, Gross			$ 243	£ 185
Neovia [Member]
Subsequent Event [Line Items]
Number of production facilities	72	72
Number of Countries in which Entity Operates	25	25
Payments to Acquire Businesses, Gross	$ 1,800	€ 1.5