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Segment and Geographic Information | 6 Months Ended
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Dec. 31, 2012
Segment and Geographic Information [Abstract] |
Segment And Geographic Information | Note 18. Segment and Geographic Information The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products. The Company’s operations are organized, managed and classified into three reportable business segments: Oilseeds Processing, Corn Processing, and Agricultural Services. 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 ASC Topic 280, Segment Reporting, and are classified as Other. The Oilseeds Processing 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 other 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. The Oilseeds Processing segment also includes activities related to the procurement, transportation and processing of cocoa beans into cocoa liquor, cocoa butter, cocoa powder, chocolate, and various compounds in North America, South America, Europe, Asia, and Africa for the food processing industry. In Europe and South America, the Oilseeds Processing 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 Processing segment produces natural health and nutrition products and other specialty food and feed ingredients. The Oilseeds Processing segment is a major supplier of peanuts 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 filter markets. In South America, the Oilseeds Processing segment operates fertilizer blending facilities. The Oilseeds Processing segment also includes the Company’s share of the results of its equity investment in Wilmar and its share of results for its Stratas Foods LLC and Edible Oils Limite d joint ventures. The Company’s Corn Processing segment is engaged in corn wet milling and dry milling activities, with its asset base primarily located in the central part of the United States. The Corn Processing segment converts corn into sweeteners and starches, and bioproducts. Its products include ingredients used in the food and beverage industry including sweeteners, starch, syrup, glucose, and dextrose. Dextrose and starch are used by the Corn Processing segment as feedstocks for its bioproducts operations. By fermentation of dextrose, the Corn Processing segment produces alcohol, amino acids, and other specialty 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. Bioproducts also include amino acids such as lysine and threonine that are vital compounds used in swine feeds to produce leaner animals and in poultry feeds to enhance the speed and efficiency of poultry production. 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 Corn Processing products include citric and lactic acids, lactates, sorbitol, xanthan gum, and glycols which are used in various food and industrial products. The Corn Processing segment includes the activities of a propylene and ethylene glycol facility and the Company’s Brazilian sugarcane ethanol plant and related operations. In fiscal 2012, the Company ended its commercial alliance with Metabolix, Inc. As a result of this decision, Telles LLC, the sales and marketing commercial alliance created to commercialize Mirel™, a bio-based plastic, will be dissolved and the production of Mirel™ on behalf of Telles LLC has ended. This segment also includes the Company’s share of the results of its equity investments in Almidones Mexicanos S.A., Eaststarch C.V., and Red Star Yeast Company LLC. The Agricultural Services segment utilizes its extensive U.S. grain elevator, global transportation network, 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. Agricultural Services’ grain sourcing, handling, and transportation network provides reliable and efficient services to the Company’s customers and agricultural processing operations. Agricultural Services’ transportation network capabilities include barge, ocean-going vessel, truck, and rail freight services. Agricultural Services segment also includes the activities related to the processing of wheat into wheat flour, the processing and distribution of formula feeds, animal health and nutrition products, and the procurement, processing, and distribution of edible beans. The Agricultural Services segment includes the activities of Alfred C. Toepfer International, an 80% owned global merchant of agricultural commodities and processed products. The Agricultural Services segment also includes the Company’s share of the results of its Kalama Export Company joint venture. In December 2012, the Company sold its equity investment in Gruma S.A.B. de C.V. Other includes the Company’s remaining operations, primarily its financial business units, related principally to futures commission merchant activities and captive insurance. On September 30, 2011, the Company sold a majority ownership interest of the Bank. The Bank was deconsolidated from the Company’s consolidated financial statements in the first quarter of fiscal 2012 resulting in no material effect to the Company’s earnings. In December 2012, the Company sold its remaining common equity interest in the Bank resulting in no material effect to the Company’s earnings. 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 segment operating profit is equity in earnings of affiliates based on the equity method of accounting. Certain Corporate items are not allocated to the Company’s reportable business segments. Corporate results principally include the impact of LIFO-related adjustments, unallocated corporate expenses, and interest cost net of investment income. Prior to January 1, 2012, Corporate results also included the after-tax elimination of income attributable to mandatorily redeemable interests in consolidated subsidiaries. Segment Information
|  | Six Months Ended |  | Year Ended
(In millions) |  | December 31 |  | June 30
|  | 2012 | 2011 |  | 2012 | 2011 | 2010
|  |  |  | (Unaudited) |  |  |  |  |  |  |
Sales to external customers |  |  |  |  |  |  |  |  |  |  |  |
Oilseeds Processing |  | $ | 18,052 | $ | 17,337 |  | $ | 34,715 | $ | 29,908 | $ | 24,412
Corn Processing |  |  | 6,167 |  | 6,451 |  |  | 12,114 |  | 9,908 |  | 7,874
Agricultural Services |  |  | 22,441 |  | 21,364 |  |  | 42,082 |  | 40,750 |  | 29,301
Other |  |  | 69 |  | 56 |  |  | 127 |  | 110 |  | 95
Total |  | $ | 46,729 | $ | 45,208 |  | $ | 89,038 | $ | 80,676 | $ | 61,682
Intersegment sales |  |  |  |  |  |  |  |  |  |  |  |
Oilseeds Processing |  | $ | 1,413 | $ | 736 |  | $ | 2,275 |  | 2,103 |  | 1,334
Corn Processing |  |  | 56 |  | 113 |  |  | 173 |  | 194 |  | 103
Agricultural Services |  |  | 3,046 |  | 2,751 |  |  | 5,609 |  | 4,417 |  | 2,436
Other |  |  | 82 |  | 80 |  |  | 161 |  | 155 |  | 151
Total |  | $ | 4,597 | $ | 3,680 |  | $ | 8,218 | $ | 6,869 | $ | 4,024
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Oilseeds Processing |  | $ | 19,465 | $ | 18,073 |  | $ | 36,990 |  | 32,011 |  | 25,746
Corn Processing |  |  | 6,223 |  | 6,564 |  |  | 12,287 |  | 10,102 |  | 7,977
Agricultural Services |  |  | 25,487 |  | 24,115 |  |  | 47,691 |  | 45,167 |  | 31,737
Other |  |  | 151 |  | 136 |  |  | 288 |  | 265 |  | 246
Intersegment elimination |  |  | (4,597) |  | (3,680) |  |  | (8,218) |  | (6,869) |  | (4,024)
Total |  | $ | 46,729 | $ | 45,208 |  | $ | 89,038 | $ | 80,676 | $ | 61,682
Depreciation |  |  |  |  |  |  |  |  |  |  |  |
Oilseeds Processing |  | $ | 113 | $ | 108 |  | $ | 228 | $ | 215 | $ | 243
Corn Processing |  |  | 165 |  | 178 |  |  | 345 |  | 399 |  | 412
Agricultural Services |  |  | 99 |  | 90 |  |  | 188 |  | 183 |  | 167
Other |  |  | 2 |  | 2 |  |  | 4 |  | 5 |  | 6
Corporate |  |  | 17 |  | 13 |  |  | 28 |  | 25 |  | 29
Total |  | $ | 396 | $ | 391 |  | $ | 793 | $ | 827 | $ | 857
Asset abandonments and write-downs |  |  |  |  |  |  |  |  |
Oilseeds Processing |  | $ | - | $ | - |  | $ | 1 |  | 2 |  | 9
Corn Processing |  |  | - |  | 337 |  |  | 360 |  | - |  | -
Agricultural Services |  |  | 146 |  | - |  |  | 2 |  | - |  | -
Corporate |  |  | - |  | - |  |  | 4 |  | - |  | -
Total |  | $ | 146 | $ | 337 |  | $ | 367 | $ | 2 | $ | 9
|  | Six Months Ended |  | Year Ended
(In millions) |  | December 31 |  | June 30
|  | 2012 | 2011 |  | 2012 | 2011 | 2010
|  |  |  | (Unaudited) |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |
Oilseeds Processing |  | $ | 18 | $ | 16 |  | $ | 35 | $ | 28 | $ | 34
Corn Processing |  |  | 1 |  | - |  |  | 1 |  | - |  | 1
Agricultural Services |  |  | 18 |  | 10 |  |  | 22 |  | 23 |  | 18
Other |  |  | 11 |  | 14 |  |  | 21 |  | 46 |  | 51
Corporate |  |  | 11 |  | 22 |  |  | 33 |  | 39 |  | 22
Total |  | $ | 59 | $ | 62 |  | $ | 112 | $ | 136 | $ | 126
Equity in earnings of affiliates |  |  |  |  |  |  |  |  |  |  |  |
Oilseeds Processing |  | $ | 96 | $ | 129 |  | $ | 226 | $ | 213 | $ | 306
Corn Processing |  |  | 49 |  | 53 |  |  | 107 |  | 83 |  | 78
Agricultural Services |  |  | 49 |  | 55 |  |  | 110 |  | 230 |  | 152
Other |  |  | - |  | - |  |  | - |  | 9 |  | 9
Corporate |  |  | 61 |  | 14 |  |  | 29 |  | 7 |  | 16
Total |  | $ | 255 | $ | 251 |  | $ | 472 | $ | 542 | $ | 561
Operating profit |  |  |  |  |  |  |  |  |  |  |  |
Oilseeds Processing |  | $ | 747 | $ | 429 |  | $ | 1,302 | $ | 1,690 | $ | 1,551
Corn Processing |  |  | 71 |  | 54 |  |  | 261 |  | 1,079 |  | 738
Agricultural Services |  |  | 395 |  | 563 |  |  | 947 |  | 1,323 |  | 1,002
Other |  |  | 93 |  | 17 |  |  | 15 |  | 39 |  | 46
Total operating profit |  |  | 1,306 |  | 1,063 |  |  | 2,525 |  | 4,131 |  | 3,337
Corporate |  |  | (309) |  | (282) |  |  | (760) |  | (1,116) |  | (752)
Earnings before income taxes |  | $ | 997 | $ | 781 |  | $ | 1,765 | $ | 3,015 | $ | 2,585
Investments in and advances to affiliates |  |  |  |  |  |  |  |  |
Oilseeds Processing |  | $ | 1,889 |  |  |  | $ | 1,811 | $ | 1648 |  |
Corn Processing |  |  | 505 |  |  |  |  | 470 |  | 483 |  |
Agricultural Services |  |  | 297 |  |  |  |  | 671 |  | 669 |  |
Other |  |  | 18 |  |  |  |  | 46 |  | 22 |  |
Corporate |  |  | 461 |  |  |  |  | 390 |  | 418 |  |
Total |  | $ | 3,170 |  |  |  | $ | 3,388 | $ | 3,240 |  |
Identifiable assets |  |  |  |  |  |  |  |  |  |  |  |
Oilseeds Processing |  | $ | 15,856 |  |  |  | $ | 17,041 | $ | 16,576 |  |
Corn Processing |  |  | 6,649 |  |  |  |  | 6,491 |  | 7,606 |  |
Agricultural Services |  |  | 14,201 |  |  |  |  | 11,444 |  | 11,242 |  |
Other |  |  | 5,912 |  |  |  |  | 5,028 |  | 6,010 |  |
Corporate |  |  | 2,518 |  |  |  |  | 1,767 |  | 918 |  |
Total |  | $ | 45,136 |  |  |  | $ | 41,771 | $ | 42,352 |  |
|  | Six Months Ended | Year Ended
|  | December 31 | June 30
|  | 2012 | 2012 |  | 2011
|  | (In millions)
Gross additions to property, plant, and equipment |  |  |  |  |
Oilseeds Processing |  | $ | 259 | $ | 588 |  | $ | 673
Corn Processing |  |  | 169 |  | 349 |  |  | 349
Agricultural Services |  |  | 182 |  | 740 |  |  | 442
Other |  |  | - |  | 1 |  |  | 8
Corporate |  |  | 31 |  | 41 |  |  | 40
Total |  | $ | 641 | $ | 1,719 |  | $ | 1,512
Geographic information: The following geographic data include net sales and other operating income attributed to the countries based on the location of the subsidiary making the sale and long-lived assets based on physical location. Long-lived assets represent the net book value of property, plant, and equipment.
|  | Six Months Ended |  | Year Ended
(In millions) |  | December 31 |  | June 30
|  | 2012 | 2011 |  | 2012 | 2011 | 2010
|  |  |  | (Unaudited) |  |  |  |  |  |  |
Net sales and other operating income |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 25,033 | $ | 24,490 |  | $ | 46,593 | $ | 42,390 | $ | 33,362
Switzerland |  |  | 4,991 |  | 5,237 |  |  | 9,698 |  | 8,413 |  | 5,770
Germany |  |  | 4,450 |  | 4,521 |  |  | 9,656 |  | 6,217 |  | 6,424
Other Foreign |  |  | 12,255 |  | 10,960 |  |  | 23,091 |  | 23,656 |  | 16,126
|  | $ | 46,729 | $ | 45,208 |  | $ | 89,038 | $ | 80,676 | $ | 61,682
Long-lived assets |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 7,287 |  |  |  | $ | 7,288 | $ | 7,234 |  |
Foreign |  |  | 2,836 |  |  |  |  | 2,524 |  | 2,266 |  |
|  | $ | 10,123 |  |  |  | $ | 9,812 | $ | 9,500 |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
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