Segment Information

3 Months Ended

Sep. 30, 2012

Segment Information [Abstract]

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 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.  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 inventory-related adjustments, unallocated corporate expenses, and interest cost net of investment income.  Prior to January 1, 2012, Corporate results also included the after-tax elimination of income attributable to mandatorily redeemable interests in consolidated subsidiaries.

For detailed information regarding the Company’s reportable segments, see Note 18 to the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended June 30, 2012.

	Three Months Ended
	September 30,
	2012			2011
	(In millions)
Sales to external customers
Oilseeds Processing	$	9,688		$	9,071
Corn Processing		3,126			3,293
Agricultural Services		8,956			9,510
Other		38			28
Total	$	21,808		$	21,902
Intersegment sales
Oilseeds Processing	$	454		$	389
Corn Processing		35			31
Agricultural Services		1,186			666
Other		41			38
Total	$	1,716		$	1,124
Net sales
Oilseeds Processing	$	10,142	$		9,460
Corn Processing		3,161			3,324
Agricultural Services		10,142			10,176
Other		79			66
Intersegment elimination		(1,716)			(1,124)
Total	$	21,808		$	21,902
Segment operating profit
Oilseeds Processing	$	336		$	220
Corn Processing		68			183
Agricultural Services		78			323
Other		16			(5)
Total segment operating profit		498			721
Corporate		(203)			(61)
Earnings before income taxes	$	295		$	660