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Information by Segment and Geographic Region
6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Information by Segment and Geographic Region Information by Segment and Geographic RegionWe are principally engaged in the production and sale of starches and sweeteners for a wide range of industries, and we are managed geographically on a regional basis. The nature, amount, timing and uncertainty of our Net sales are managed by us primarily based on our geographic segments, which we classify and report as North America, South America, Asia-Pacific and Europe, the Middle East, and Africa ("EMEA"). Our North America segment includes businesses in the U.S., Mexico and Canada. Our South America segment includes businesses and our share of earnings from investments in joint ventures in Brazil, Argentina, Chile, Colombia, Ecuador, Peru and Uruguay. Our Asia-Pacific segment includes businesses in South Korea, Thailand, China, Australia, Japan, New Zealand, Indonesia, Singapore, the Philippines, Malaysia, India and Vietnam. Our EMEA segment includes businesses in Pakistan, Germany, Poland, the United Kingdom and South Africa. Net sales by product are not presented because to do so would be impracticable.
Presented below are our net sales to unaffiliated customers by reportable segment for the periods indicated:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2023202220232022
Net sales to unaffiliated customers:
North America$1,342 $1,284 $2,698 $2,458 
South America257 290 526 542 
Asia-Pacific267 275 544 547 
EMEA203 195 438 389 
Total net sales$2,069 $2,044 $4,206 $3,936 
Presented below is our operating income by reportable segment for the periods indicated:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2023202220232022
Operating income:
North America$197 $161 $404 $317 
South America23 39 64 77 
Asia-Pacific27 21 55 43 
EMEA 42 29 99 60 
Corporate(38)(35)(75)(69)
Subtotal251 215 547 428 
Acquisition/integration costs— — — (1)
Restructuring/impairment charges— (2)— (4)
Other matters— — (5)— 
Total operating income$251 $213 $542 $423 
Presented below are our total assets by reportable segment as of June 30, 2023 and December 31, 2022:
(in millions)As of
June 30, 2023
As of
December 31, 2022
Assets:
North America (a)
$4,580 $4,499 
South America922 949 
Asia-Pacific1,395 1,467 
EMEA703 646 
Total assets$7,600 $7,561 
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(a)For purposes of presentation, North America includes Corporate assets.