Segment Information

3 Months Ended

Sep. 30, 2011

Segment Information

Segment Information

Note 10. Segment Information

The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products.  The Company's operations are organized, managed and classified into three reportable business segments:  Oilseeds Processing, Corn Processing, and Agricultural Services.  Each of these segments is organized based upon the nature of products and services offered.  The Company's remaining operations, which include wheat processing, cocoa processing, and its financial business units, are not reportable segments, as defined by ASC Topic 280, Segment Reporting, and are classified as Other.

Intersegment sales have been recorded at amounts approximating market.  Operating profit for each segment is based on net sales less identifiable operating expenses, including an interest charge related to working capital usage.  Also included in segment operating profit is equity in earnings of affiliates based on the equity method of accounting.  Certain Corporate items are not allocated to the Company's reportable business segments.  Corporate results principally include the impact of LIFO-related inventory adjustments, unallocated corporate expenses, unallocated net interest costs, and the after-tax elimination of income attributable to mandatorily redeemable interests in consolidated subsidiaries.

Prior year sales to external customers by segment and intersegment sales have been reclassified to conform to the current year's presentation resulting in reclassified net sales at the segment level with no impact to total net sales or operating profit by segment.

For detailed information regarding the Company's reportable segments, see Note 16 to the consolidated financial statements included in the Company's annual report on Form 10-K for the year ended June 30, 2011.

	Three Months Ended
	September 30,
	2011			2010
	(In millions)
Sales to external customers
Oilseeds Processing	$	8,326		$	6,091
Corn Processing		3,293			2,155
Agricultural Services		8,666			6,926
Other		1,617			1,627
Total	$	21,902		$	16,799
Intersegment sales
Oilseeds Processing	$	382		$	386
Corn Processing		75			31
Agricultural Services		1,006			560
Other		38			36
Total	$	1,501		$	1,013
Net sales
Oilseeds Processing	$	8,708		$	6,477
Corn Processing		3,368			2,186
Agricultural Services		9,672			7,486
Other		1,655			1,663
Intersegment elimination		(1,501	)		(1,013	)
Total	$	21,902		$	16,799
Segment operating profit
Oilseeds Processing	$	221		$	308
Corn Processing		179			341
Agricultural Services		244			132
Other		55			(16	)
Total segment operating profit		699			765
Corporate		(39	)		(303	)
Earnings before income taxes	$	660		$	462