Segment Information

6 Months Ended

Dec. 31, 2011

Segment Information

Segment Information

Note 13. 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						Six Months Ended
	December 31,						December 31,
	2011			2010			2011			2010
	(In millions)
Sales to external customers
Oilseeds Processing	$	7,513		$	5,848		$	15,839		$	11,939
Corn Processing		3,158			2,449			6,451			4,604
Agricultural Services		11,034			11,165			19,700			18,091
Other		1,601			1,468			3,218			3,095
Total	$	23,306		$	20,930		$	45,208		$	37,729
Intersegment sales
Oilseeds Processing	$	339		$	408		$	721		$	794
Corn Processing		38			45			113			76
Agricultural Services		1,111			1,011			2,117			1,571
Other		41			38			79			74
Total	$	1,529		$	1,502		$	3,030		$	2,515
Net sales
Oilseeds Processing	$	7,852		$	6,256		$	16,560		$	12,733
Corn Processing		3,196			2,494			6,564			4,680
Agricultural Services		12,145			12,176			21,817			19,662
Other		1,642			1,506			3,297			3,169
Intersegment elimination		(1,529	)		(1,502	)		(3,030	)		(2,515	)
Total	$	23,306		$	20,930		$	45,208		$	37,729
Segment operating profit
Oilseeds Processing	$	253		$	325		$	474		$	633
Corn Processing		(133	)		399			46			740
Agricultural Services		158			426			402			558
Other		31			212			86			196
Total segment operating profit		309			1,362			1,008			2,127
Corporate		(188	)		(364	)		(227	)		(667	)
Earnings before income taxes	$	121		$	998		$	781		$	1,460