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Segment Information | 6 Months Ended
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Jun. 30, 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 |  | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
(in millions) |  | 2019 |  | 2018 |  | 2019 |  | 2018 | ​
Net sales to unaffiliated customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
North America: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales before shipping and handling costs | ​ | $ | 977 | ​ | $ | 1,002 | ​ | $ | 1,928 | ​ | $ | 1,961 | ​
Less: shipping and handling costs | ​ | ​ | 92 | ​ | ​ | 86 | ​ | ​ | 183 | ​ | ​ | 171 | ​
Net sales | ​ | $ | 885 | ​ | $ | 916 | ​ | $ | 1,745 | ​ | $ | 1,790 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
South America: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales before shipping and handling costs | ​ | $ | 226 | ​ | $ | 243 | ​ | $ | 454 | ​ | $ | 505 | ​
Less: shipping and handling costs | ​ | ​ | 11 | ​ | ​ | 11 | ​ | ​ | 21 | ​ | ​ | 24 | ​
Net sales | ​ | $ | 215 | ​ | $ | 232 | ​ | $ | 433 | ​ | $ | 481 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asia-Pacific: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales before shipping and handling costs | ​ | $ | 203 | ​ | $ | 209 | ​ | $ | 406 | ​ | $ | 412 | ​
Less: shipping and handling costs | ​ | ​ | 8 | ​ | ​ | 8 | ​ | ​ | 17 | ​ | ​ | 17 | ​
Net sales | ​ | $ | 195 | ​ | $ | 201 | ​ | $ | 389 | ​ | $ | 395 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
EMEA: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales before shipping and handling costs | ​ | $ | 144 | ​ | $ | 154 | ​ | $ | 298 | ​ | $ | 311 | ​
Less: shipping and handling costs | ​ | ​ | 5 | ​ | ​ | 7 | ​ | ​ | 11 | ​ | ​ | 12 | ​
Net sales | ​ | $ | 139 | ​ | $ | 147 | ​ | $ | 287 | ​ | $ | 299 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | ​ | June 30, | ​ | June 30, | ​
(in millions) | ​ | 2019 |  | 2018 | ​ | 2019 | ​ | 2018 | ​
Operating income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
North America | ​ | $ | 139 | ​ | $ | 150 | ​ | $ | 264 | ​ | $ | 293 | ​
South America | ​ | ​ | 16 | ​ | ​ | 20 | ​ | ​ | 34 | ​ | ​ | 46 | ​
Asia-Pacific | ​ | ​ | 23 | ​ | ​ | 27 | ​ | ​ | 43 | ​ | ​ | 50 | ​
EMEA | ​ | ​ | 23 | ​ | ​ | 29 | ​ | ​ | 47 | ​ | ​ | 60 | ​
Corporate | ​ | ​ | (23) | ​ | ​ | (25) | ​ | ​ | (44) | ​ | ​ | (48) | ​
Subtotal | ​ | ​ | 178 | ​ | ​ | 201 | ​ | ​ | 344 | ​ | ​ | 401 | ​
Restructuring/impairment charges | ​ | ​ | (9) | ​ | ​ | (8) | ​ | ​ | (13) | ​ | ​ | (11) | ​
Acquisition/integration costs | ​ | ​ | (1) | ​ | ​ | — | ​ | ​ | (2) | ​ | ​ | — | ​
Total operating income | ​ | $ | 168 | ​ | $ | 193 | ​ | $ | 329 | ​ | $ | 390 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | As of | ​ | As of | ​
(in millions) |  | ​ | ​ | ​ | ​ | ​ |  | June 30, 2019 |  | December 31, 2018 | ​
Total assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
North America (a) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,939 | ​ | $ | 3,737 | ​
South America | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 723 | ​ | ​ | 711 | ​
Asia-Pacific | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 844 | ​ | ​ | 792 | ​
EMEA | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 492 | ​ | ​ | 488 | ​
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 5,998 | ​ | $ | 5,728 | ​
| (a) | For purposes of presentation, North America includes Corporate assets.
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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 + Details
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