DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company uses derivative instruments to manage several market risks, such as interest rate, foreign currency rate, and commodity risk. Some of those hedges the Company enters into qualify for hedge accounting ("Hedge Accounting Derivatives") and some, while intended as economic hedges, do not qualify or are not designated for hedge accounting ("Economic Hedge Derivatives"). As these derivatives impact the financial statements in different ways, they are discussed separately below.

Hedge Accounting Derivatives - The Company uses derivatives in qualifying hedge accounting relationships to manage certain of its interest rate, foreign currency, and commodity risks. In executing these hedge strategies, the Company primarily relies on the shortcut and critical terms match methods in designing its hedge accounting strategy, which results in little to no net earnings impact for these hedge relationships. The Company monitors these relationships on a quarterly basis and performs a quantitative analysis to validate the assertion that the hedges are highly effective if there are changes to the hedged item or hedging derivative.

Fair value hedges - These derivatives are used to hedge the effect of interest rate and currency exchange rate changes on certain long-term debt. Under fair value hedge accounting, the derivative is measured at fair value and the carrying value of hedged debt is adjusted for the change in value related to the exposure being hedged, with both adjustments offset to earnings. In other words, the earnings effect of a change in the fair value of the derivative will be substantially offset by the earnings effect of the change in the carrying value of the hedged debt. The net impact of fair value hedge accounting for interest rate swaps is recognized in Interest expense.

Cash flow hedges of currency risk - The Company manages currency risk on certain forecasted purchases, sales, selling, general and administrative costs, and foreign denominated contractual payments using currency forwards and cross-currency swaps. The change in the value of the derivative is classified in Accumulated other comprehensive income (loss) until the transaction affects earnings, at which time the change in value of the derivative is reclassified to the condensed consolidated statements of income (loss). These hedges mature at various times through September 2028. Of the amount currently in Accumulated other comprehensive income (loss), less than $2 million of deferred losses, based on transaction maturities, are expected to be reclassified to earnings in the next twelve months.

Net investment hedges - The Company hedges the currency risk of certain of its foreign subsidiaries with currency forwards and foreign currency denominated third-party loans for which the currency risk is remeasured through Accumulated other comprehensive income (loss). For currency forwards, the forward method is used. The change in the value of the hedging instrument is classified in Accumulated other comprehensive income (loss) until the transaction affects earnings by way of either sale or substantial liquidation of the foreign subsidiary.

The table below provides information about the balance sheet values of hedged items and the notional amount of derivatives used in hedging strategies. The notional amount of the derivative is the number of units of the underlying (for example, the notional principal amount of the debt in an interest rate swap). The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis.


(US$ in millions)		September 30, 2025		December 31, 2024		Unit of Measure
Hedging instrument type:
Fair value hedges of interest rate risk
	Interest rate swap - notional amount	$	6,500	$	4,900	$ Notional
	Cumulative adjustment to long-term debt from active application of hedge accounting	$	(92)	$	(246)	$ Notional
	Carrying value of hedged debt	$	6,334	$	4,600	$ Notional









Cash flow hedges of currency risk
	Foreign currency forward - notional amount	$	54	$	—	$ Notional
	Foreign currency option - notional amount	$	30	$	120	$ Notional


	Cross currency swaps - notional amount	$	588	$	—	$ Notional
	Carrying value of hedged debt under the cross currency swap	$	587	$	—	$ Notional




Net investment hedges
	Foreign currency forward - notional amount	$	695	$	550	$ Notional
	Carrying value of non-derivative hedging instrument	$	235	$	—	$ Notional

Economic Hedge Derivatives - In addition to using derivatives in qualifying hedge relationships, the Company enters into derivatives to economically hedge its exposure to a variety of market risks it incurs in the normal course of operations.

Interest rate derivatives are used to hedge exposures to the Company's financial instrument portfolios and debt issuances. The impact of changes in fair value of these instruments is primarily presented in Interest expense.

Currency derivatives are used to hedge the balance sheet and commercial exposures that arise from the Company's global operations. The impact of changes in fair value of these instruments is presented in Cost of goods sold when hedging commercial exposures and Foreign exchange (losses) gains – net when hedging monetary exposures.

Agricultural commodity derivatives are used primarily to manage exposures related to the Company's inventory and forward purchase and sales contracts. Contracts to purchase agricultural commodities generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of agricultural commodities generally do not extend beyond one future crop cycle. The impact of changes in fair value of these instruments is presented in Cost of goods sold.

The Company uses derivative instruments referred to as forward freight agreements ("FFAs") and FFA options to hedge portions of its current and anticipated ocean freight costs. The impact of changes in fair value of these instruments is presented in Cost of goods sold.

The Company uses energy derivative instruments to manage its exposure to volatility in energy costs. Hedges may be entered into for natural gas, electricity, coal and fuel oil, including bunker fuel. The impact of changes in fair value of these instruments is presented in Cost of goods sold.

The Company may also enter into other derivatives, including credit default swaps, carbon emission derivatives and equity derivatives to manage its exposure to credit risk and broader macroeconomic risks, respectively. The impact of changes in fair value of these instruments is presented in Cost of goods sold.

The table below summarizes the volume of economic derivatives as of September 30, 2025, and December 31, 2024. For those contracts traded bilaterally through the over-the-counter markets (e.g., forwards, forward rate agreements ("FRA"), and swaps), the gross position is provided. For exchange traded (e.g., futures, FFAs, and options) and cleared positions (e.g., energy swaps), the net position is provided.


	September 30,				December 31,
	2025				2024				Unit of Measure
(US$ in millions)	Long		(Short)		Long		(Short)
Interest rate
Swaps	$	860	$	(1,299)	$	234	$	(1,420)	$ Notional
Futures	$	—	$	(43)	$	—	$	(69)	$ Notional
Forwards	$	487	$	(246)	$	—	$	—	$ Notional

Currency
Forwards	$	18,367	$	(13,439)	$	8,439	$	(8,961)	$ Notional
Swaps	$	3,754	$	(2,055)	$	3,566	$	(2,105)	$ Notional
Futures	$	3,501	$	—	$	—	$	(15)	$ Notional
Options	$	58	$	(46)	$	107	$	(60)	Delta
Agricultural commodities
Forwards	41,802,799		(64,004,284)		25,166,668		(35,384,917)		Metric Tons
Swaps	—		(453,592)		—		—		Metric Tons
Futures	—		(7,174,842)		—		(3,699,452)		Metric Tons
Options	113,285		(1,241,842)		11,835		(116,481)		Metric Tons
Ocean freight
FFA	—		(9,817)		—		(7,484)		Hire Days

Natural gas
Forwards	37,471		(18,735)		—		—		MMBtus
Swaps	963,507		—		1,114,929		—		MMBtus
Futures	3,300,825		—		7,058,632		—		MMBtus

Electricity

Futures	156,710		—		123,565		—		MWh


Energy - other
Swaps	340,994		—		339,947		—		Metric Tons


Energy - CO2
Futures	378,000		—		418,000		—		Metric Tons

Other

Swaps and futures	$	130	$	(130)	$	90	$	(90)	$ Notional

The Effect of Derivative Instruments and Hedge Accounting on the Condensed Consolidated Statements of Income

The tables below summarize the net effect of derivative instruments and hedge accounting on the condensed consolidated statements of income for the three and nine months ended September 30, 2025, and 2024.


		Gain (Loss) Recognized in Income on Derivative Instruments
		Three Months Ended September 30,
(US$ in millions)		2025		2024
Income statement classification	Type of derivative
Net sales
Hedge accounting	Foreign currency	$	2	$	(1)

Cost of goods sold



Economic hedges	Foreign currency	$	283	$	39
	Commodities	(17)		(202)
	Other (1)	(23)		(37)
Total Cost of goods sold		$	243	$	(200)







Interest expense
Hedge accounting	Interest rate	$	(22)	$	(31)




Foreign exchange (losses) gains – net
Hedge accounting	Foreign currency	$	(2)	$	—
Economic hedges	Foreign currency	$	(3)	$	(7)
Total Foreign exchange (losses) gains – net		$	(5)	$	(7)




Other income (expense)
Economic hedges	Other	$	(2)	$	—


Other comprehensive income (loss)

Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period		$	(4)	$	(18)

Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period		$	(28)	$	(39)



Amounts released from Accumulated other comprehensive income (loss) during the period


Cash flow hedge of foreign currency risk - loss/(gain)		$	—	$	(1)

(1) Other includes results from freight, energy, and other derivatives.



		Gain (Loss) Recognized in Income on Derivative Instruments
		Nine months ended September 30,
(US$ in millions)		2025		2024
Income statement classification	Type of derivative
Net sales
Hedge accounting	Foreign currency	$	2	$	(1)

Cost of goods sold


Economic hedges	Foreign currency	$	455	$	(160)
	Commodities	57		(228)
	Other (1)	(16)		(91)
Total Cost of goods sold		$	496	$	(479)





Interest expense
Hedge accounting	Interest rate	$	(67)	$	(92)



Foreign exchange (losses) gains
Hedge accounting	Foreign currency	$	(2)	$	—
Economic hedges	Foreign currency	$	34	$	(5)
Total Foreign exchange (losses) gains - net		$	32	$	(5)

Other income (expense)
Economic hedges	Other	$	(2)	$	—



Other comprehensive income (loss)

Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period		$	6	$	4

Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period		$	(125)	$	64


Amounts released from Accumulated other comprehensive income (loss) during the period


Cash flow hedge of foreign currency risk - loss/(gain)		$	—	$	(2)

(1) Other includes results from freight, energy, and other derivatives.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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