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Segment Information

6 Months Ended

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.