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Segment Information | 6 Months Ended
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Jun. 30, 2015
Segment Reporting [Abstract] |
Segment Information | Segment 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 four reportable business segments: Agricultural Services, Corn Processing, Oilseeds Processing, and Wild Flavors and Specialty Ingredients. 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, 2015, the Company formed a fourth reportable business segment, Wild Flavors and Specialty Ingredients. Results of Wild Flavors and SCI, which were acquired during the fourth quarter of fiscal 2014, are reported in this segment in addition to results of certain product lines previously reported in the Agricultural Services, Corn Processing, and Oilseeds Processing business segments. Prior period results of the product lines previously reported in the other reportable business segments have been reclassified to conform to the current period presentation. The Agricultural Services segment utilizes its extensive global 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. The Agricultural Services segment also includes the activities related to the processing of wheat into wheat flour. The Agricultural Services segment includes international merchandising and handling activities managed by the Company’s global trade desk in Switzerland. The Agricultural Services segment also includes the Company’s 32.2% share of the results of its Pacificor (formerly Kalama Export Company LLC) joint venture and returns associated with the Company’s 19.8% investment in GrainCorp. 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, 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 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. The Corn Processing segment also includes activities related to the processing and distribution of formula feeds and animal health and nutrition products. Other Corn Processing products include citric acids and glycols, all of which are used in various food and industrial products. The Corn Processing segment also includes the activities of a propylene and ethylene glycol facility and the Company’s Brazilian sugarcane ethanol plant and related operations. 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. In May 2015, the Company sold its lactic acid business. 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 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 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 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. 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. The Oilseeds Processing segment also includes the Company’s share of the results of its equity investment in Wilmar International Limited (Wilmar) and its share of results for its Stratas Foods LLC and Edible Oils Limited joint ventures. In March 2015, the Company acquired additional shares in Wilmar increasing its ownership interest from 17.3% to 18.1%. Prior to December 2014, the Oilseeds Processing segment operated fertilizer blending facilities in South America. In December 2014, the Company completed the sale of its fertilizer blending business. The Wild Flavors and Specialty Ingredients segment engages in the manufacturing, sales, and distribution of specialty products including natural flavor ingredients, flavor systems, proteins, emulsifiers, soluble fiber, polyols, hydrocolloids, sorbitol, xanthan gum, natural health and nutrition products, and other specialty food and feed ingredients. The Company’s Wild Flavors and Specialty Ingredients segment includes the activities of Wild Flavors and SCI, which were acquired during the fourth quarter of fiscal 2014. The Wild Flavors and Specialty Ingredients segment also includes the activities related to the procurement, processing, and distribution of edible beans. Other includes the Company’s remaining operations, primarily its financial business units, related to futures commission and insurance activities. 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, interest cost net of investment income, and the Company’s share of the results of an equity investment.
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(In millions) | 2015 |  | 2014 |  | 2015 |  | 2014
Gross revenues |  |  |  |  |  |  |
Agricultural Services | $ | 7,833 |  |  | $ | 10,022 |  |  | $ | 16,911 |  |  | $ | 20,837 |
Corn Processing | 2,592 |  |  | 3,243 |  |  | 5,080 |  |  | 6,239 |
Oilseeds Processing | 8,239 |  |  | 9,662 |  |  | 15,135 |  |  | 17,914 |
Wild Flavors and Specialty Ingredients | 687 |  |  | 298 |  |  | 1,294 |  |  | 557 |
Other | 158 |  |  | 129 |  |  | 317 |  |  | 275 |
Intersegment elimination | (2,323 | ) |  | (1,860 | ) |  | (4,045 | ) |  | (3,632 | )
Total gross revenues | $ | 17,186 |  |  | $ | 21,494 |  |  | $ | 34,692 |  |  | $ | 42,190 |
Intersegment sales |  |  |  |  |  |  |  |  |  |  |
Agricultural Services | $ | 828 |  |  | $ | 792 |  |  | $ | 1,861 |  |  | $ | 1,896 |
Corn Processing | 13 |  |  | 24 |  |  | 35 |  |  | 36 |
Oilseeds Processing | 1,417 |  |  | 982 |  |  | 2,020 |  |  | 1,579 |
Wild Flavors and Specialty Ingredients | 5 |  |  | 2 |  |  | 6 |  |  | 4 |
Other | 60 |  |  | 60 |  |  | 123 |  |  | 117 |
Total intersegment sales | $ | 2,323 |  |  | $ | 1,860 |  |  | $ | 4,045 |  |  | $ | 3,632 |
Revenues from external customers |  |  |  |  |  |  |  |  |  |  |
Agricultural Services |  |  |  |  |  |  |
Merchandising and Handling | $ | 6,074 |  |  | $ | 8,241 |  |  | $ | 13,101 |  |  | $ | 16,993 |
Milling and Other | 874 |  |  | 931 |  |  | 1,838 |  |  | 1,845 |
Transportation | 57 |  |  | 58 |  |  | 111 |  |  | 103 |
Total Agricultural Services | 7,005 |  |  | 9,230 |  |  | 15,050 |  |  | 18,941 |
Corn Processing |  |  |  |  |  |  |
Sweeteners and Starches | 956 |  |  | 954 |  |  | 1,831 |  |  | 1,892 |
Bioproducts | 1,623 |  |  | 2,265 |  |  | 3,214 |  |  | 4,311 |
Total Corn Processing | 2,579 |  |  | 3,219 |  |  | 5,045 |  |  | 6,203 |
Oilseeds Processing |  |  |  |  |  |  |
Crushing and Origination | 4,217 |  |  | 5,437 |  |  | 7,992 |  |  | 9,983 |
Refining, Packaging, Biodiesel, and Other | 1,782 |  |  | 2,276 |  |  | 3,466 |  |  | 4,392 |
Cocoa and Other | 751 |  |  | 837 |  |  | 1,508 |  |  | 1,664 |
Asia | 72 |  |  | 130 |  |  | 149 |  |  | 296 |
Total Oilseeds Processing | 6,822 |  |  | 8,680 |  |  | 13,115 |  |  | 16,335 |
Wild Flavors and Specialty Ingredients | 682 |  |  | 296 |  |  | 1,288 |  |  | 553 |
Total Wild Flavors and Specialty Ingredients | 682 |  |  | 296 |  |  | 1,288 |  |  | 553 |
Other - Financial | 98 |  |  | 69 |  |  | 194 |  |  | 158 |
Total Other | 98 |  |  | 69 |  |  | 194 |  |  | 158 |
Total revenues from external customers | $ | 17,186 |  |  | $ | 21,494 |  |  | $ | 34,692 |  |  | $ | 42,190 |
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(In millions) | 2015 |  | 2014 |  | 2015 |  | 2014
Segment operating profit |  |  |  |  |  |  |  |  |  |  |
Agricultural Services | $ | 152 |  |  | $ | 184 |  |  | $ | 346 |  |  | $ | 326 |
Corn Processing | 204 |  |  | 338 |  |  | 317 |  |  | 524 |
Oilseeds Processing | 344 |  |  | 280 |  |  | 813 |  |  | 577 |
Wild Flavors and Specialty Ingredients | 104 |  |  | 75 |  |  | 172 |  |  | 133 |
Other | 4 |  |  | 11 |  |  | 15 |  |  | 19 |
Total segment operating profit | 808 |  |  | 888 |  |  | 1,663 |  |  | 1,579 |
Corporate | (282 | ) |  | (153 | ) |  | (447 | ) |  | (478 | )
Earnings before income taxes | $ | 526 |  |  | $ | 735 |  |  | $ | 1,216 |  |  | $ | 1,101 |
| June 30, |  | December 31, |  |  |  |
(In millions) | 2015 |  | 2014 |  |  |  |
Identifiable Assets |  |  |  |  |  |  |
Agricultural Services | $ | 9,362 |  |  | $ | 10,250 |  |  |  |  |
Corn Processing | 6,188 |  |  | 6,384 |  |  |  |  |
Oilseeds Processing | 13,017 |  |  | 12,712 |  |  |  |  |
Wild Flavors and Specialty Ingredients | 3,213 |  |  | 3,468 |  |  |  |  |
Other | 6,729 |  |  | 7,910 |  |  |  |  |
Corporate | 2,059 |  |  | 3,273 |  |  |  |  |
Total identifiable assets | $ | 40,568 |  |  | $ | 43,997 |  |  |  |  |

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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 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 2: 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 Reference 3: 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 4: 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 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 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 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 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
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