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Segment Information

3 Months Ended

Mar. 31, 2019

Segment Information

Segment Information

13.     Segment Information

The Company is principally engaged in the production and sale of starches and sweeteners for a wide range of industries, and is managed geographically on a regional basis. The Company’s operations are classified into four reportable business segments: North America, South America, Asia-Pacific and EMEA.  Its North America segment includes businesses in the U.S., Canada and Mexico. The Company’s South America segment includes businesses in Brazil, Colombia, Ecuador and the Southern Cone of South America, which includes Argentina, Chile, Peru and Uruguay. Its Asia-Pacific segment includes businesses in South Korea, Thailand, China, Japan, Indonesia, the Philippines, Singapore, Malaysia, India, Australia and New Zealand. The Company’s EMEA segment includes businesses in Germany, the United Kingdom, Pakistan and South Africa. The Company does not aggregate its operating segments when determining its reportable segments. Net sales by product are not presented because to do so would be impracticable.

		Three Months Ended
		March 31,
(in millions)		2019			2018
Net sales to unaffiliated customers:
North America:
Net sales before shipping and handling costs		$	951		$	958
Less: shipping and handling costs			91			84
Net sales		$	860		$	874
South America:
Net sales before shipping and handling costs		$	228		$	262
Less: shipping and handling costs			10			13
Net sales		$	218		$	249
Asia-Pacific:
Net sales before shipping and handling costs		$	203		$	203
Less: shipping and handling costs			9			9
Net sales		$	194		$	194
EMEA:
Net sales before shipping and handling costs		$	154		$	158
Less: shipping and handling costs			6			6
Net sales		$	148		$	152

		Three Months Ended
		March 31,
(in millions)		2019			2018
Operating income:
North America		$	125		$	143
South America			18			26
Asia-Pacific			20			23
EMEA			24			31
Corporate			(21)			(23)
Subtotal			166			200
Restructuring/impairment charges (a)			(4)			(3)
Acquisition/integration costs			(1)			—
Total operating income		$	161		$	197

(a) During the first quarter in 2019, the Company recorded $4 million of pre-tax restructuring charges, comprised of $3 million of employee-related severance and other costs as part of the Cost Smart SG&A program and $1 million in other costs as part of the Cost Smart cost of sales program in relation to the cessation of wet-milling at the Stockton, California plant.

		As of			As of
(in millions)		March 31, 2019			December 31, 2018
Total assets:
North America (a)		$	3,919		$	3,737
South America			711			711
Asia-Pacific			806			792
EMEA			496			488
Total		$	5,932		$	5,728

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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