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Information by Segment and Geographic Region | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Information by Segment and Geographic Region | 12. Information by Segment and Geographic Region On November 7, 2023, we announced that we intend to realign our operations into new segments beginning in the first quarter of 2024. We 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 September 30, |  | Nine Months Ended September 30,
(in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net sales to unaffiliated customers: |  |  |  |  |  |  |  |
North America |  | $ | 1,300 |  |  | $ | 1,262 |  |  | $ | 3,998 |  |  | $ | 3,720 |
South America |  | 269 |  |  | 293 |  |  | 795 |  |  | 835 |
Asia-Pacific |  | 272 |  |  | 278 |  |  | 816 |  |  | 825 |
EMEA |  | 192 |  |  | 190 |  |  | 630 |  |  | 579 |
Total net sales |  | $ | 2,033 |  |  | $ | 2,023 |  |  | $ | 6,239 |  |  | $ | 5,959 |
Presented below is our operating income by reportable segment for the periods indicated:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating income: |  |  |  |  |  |  |  |
North America |  | $ | 171 |  |  | $ | 126 |  |  | $ | 575 |  |  | $ | 443 |
South America |  | 32 |  |  | 48 |  |  | 96 |  |  | 125 |
Asia-Pacific |  | 33 |  |  | 27 |  |  | 88 |  |  | 70 |
EMEA |  | 32 |  |  | 30 |  |  | 131 |  |  | 90 |
Corporate |  | (49) |  |  | (40) |  |  | (124) |  |  | (109) |
Subtotal |  | 219 |  |  | 191 |  |  | 766 |  |  | 619 |
Acquisition/integration costs |  | — |  |  | — |  |  | — |  |  | (1) |
Restructuring/impairment charges |  | (10) |  |  | — |  |  | (10) |  |  | (4) |
Other matters |  | 4 |  |  | (9) |  |  | (1) |  |  | (9) |
Total operating income |  | $ | 213 |  |  | $ | 182 |  |  | $ | 755 |  |  | $ | 605 |
Presented below are our total assets by reportable segment as of September 30, 2023 and December 31, 2022:
(in millions) |  | As of September 30, 2023 |  | As of December 31, 2022
Assets: |  |  |  |
North America (a) |  | $ | 4,537 |  |  | $ | 4,499 |
South America |  | 926 |  |  | 949 |
Asia-Pacific |  | 1,418 |  |  | 1,467 |
EMEA |  | 668 |  |  | 646 |
Total assets |  | $ | 7,549 |  |  | $ | 7,561 |
_____________________ (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://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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