Segment Information

9 Months Ended

Sep. 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.

With the acquisition of Wild Flavors, the Company plans to form a new business unit effective in the first quarter of 2015. This business unit’s financial results will be reported under a new segment which will be called Wild Flavors and Specialty Ingredients.

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, interest cost net of investment income, and the Company’s share of the results of an equity investment. 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 as of 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						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
	(In millions)
Gross revenues
Oilseeds Processing	$	8,484		$	10,429		$	26,703		$	29,512
Corn Processing	2,928			3,437			8,879			10,210
Agricultural Services	8,276			9,829			29,653			32,629
Other	145			84			420			261
Intersegment elimination	(1,716		)	(2,386		)	(5,348		)	(6,951		)
Total gross revenues	$	18,117		$	21,393		$	60,307		$	65,661
Intersegment sales
Oilseeds Processing	$	630		$	1,213		$	2,205		$	2,817
Corn Processing	32			44			82			126
Agricultural Services	992			1,078			2,882			3,848
Other	62			51			179			160
Total intersegment sales	$	1,716		$	2,386		$	5,348		$	6,951
Revenues from external customers
Oilseeds Processing
Crushing and Origination	$	4,632		$	5,588		$	14,615		$	15,950
Refining, Packaging, Biodiesel, and Other	2,253			2,666			6,955			7,799
Cocoa and Other	895			809			2,559			2,403
Asia	74			153			369			543
Total Oilseeds Processing	7,854			9,216			24,498			26,695
Corn Processing
Sweeteners and Starches	1,003			1,206			2,879			3,710
Bioproducts	1,893			2,187			5,918			6,374
Total Corn Processing	2,896			3,393			8,797			10,084
Agricultural Services
Merchandising and Handling	6,206			7,617			23,586			25,380
Milling and Other	1,000			1,066			3,004			3,238
Transportation	78			68			181			163
Total Agricultural Services	7,284			8,751			26,771			28,781
Other
Financial	83			33			241			101
Total Other	83			33			241			101
Total revenues from external customers	$	18,117		$	21,393		$	60,307		$	65,661

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
	(In millions)
Segment operating profit
Oilseeds Processing
Crushing and Origination	$	214		$	242		$	538		$	583
Refining, Packaging, Biodiesel, and Other	96			85			328			286
Cocoa and Other	26			5			51			(23		)
Asia	26			29			106			149
Total Oilseeds Processing	362			361			1,023			995
Corn Processing
Sweeteners and Starches	170			100			414			302
Bioproducts	193			59			492			233
Total Corn Processing	363			159			906			535
Agricultural Services
Merchandising and Handling	220			4			404			104
Milling and Other	60			77			172			200
Transportation	35			21			95			30
Total Agricultural Services	315			102			671			334
Other
Financial	33			(16		)	52			19
Total Other	33			(16		)	52			19
Total segment operating profit	1,073			606			2,652			1,883
Corporate	(40		)	103			(518		)	(482		)
Earnings before income taxes	$	1,033		$	709		$	2,134		$	1,401