Segment Information

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment Information

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 the applicable accounting standard, 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-related adjustments, unallocated corporate expenses, and interest cost net of investment income. Corporate results also include the after-tax elimination of income attributable to the minority shareholder of Toepfer. The Company acquired the remaining 20% minority interest in Toepfer during the second quarter of 2014, thus no longer requiring the elimination of income attributable to the minority shareholder at June 30, 2014.

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 December 31, 2013.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
	(In millions)
Gross revenues
Oilseeds Processing	$	9,821		$	10,371		$	18,219		$	19,083
Corn Processing	3,102			3,686			5,951			6,773
Agricultural Services	10,302			10,659			21,377			22,800
Other	129			90			275			177
Intersegment elimination	(1,860		)	(2,265		)	(3,632		)	(4,565		)
Total	$	21,494		$	22,541		$	42,190		$	44,268
Intersegment sales
Oilseeds Processing	$	980		$	1,035		$	1,575		$	1,604
Corn Processing	31			48			50			82
Agricultural Services	789			1,129			1,890			2,770
Other	60			53			117			109
Total	$	1,860		$	2,265		$	3,632		$	4,565
Revenues from external customers
Oilseeds Processing	$	8,841		$	9,336		$	16,644		$	17,479
Corn Processing	3,071			3,638			5,901			6,691
Agricultural Services	9,513			9,530			19,487			20,030
Other	69			37			158			68
Total	$	21,494		$	22,541		$	42,190		$	44,268
Segment operating profit
Oilseeds Processing	$	327		$	321		$	661		$	634
Corn Processing	347			223			543			376
Agricultural Services	203			81			356			232
Other	11			22			19			35
Total segment operating profit	888			647			1,579			1,277
Corporate	(153		)	(330		)	(478		)	(585		)
Earnings from continuing operations before taxes	$	735		$	317		$	1,101		$	692