Segment Information

9 Months Ended

Sep. 30, 2019

Segment Information

Segment Information

13. Segment Information

The Company is principally engaged in the production and sale of starches and sweeteners for a wide range of industries, and is managed geographically on a regional basis. The Company’s operations are classified into four reportable business segments: North America, South America, Asia-Pacific and EMEA.  Its North America segment includes businesses in the U.S., Canada and Mexico. The Company’s South America segment includes businesses in Brazil, Colombia, Ecuador and the Southern Cone of South America, which includes Argentina, Chile, Peru and Uruguay. Its Asia-Pacific segment includes businesses in South Korea, Thailand, China, Japan, Indonesia, the Philippines, Singapore, Malaysia, India, Australia and New Zealand. The Company’s EMEA segment includes businesses in Germany, the United Kingdom, Pakistan and South Africa. The Company does not aggregate its operating segments when determining its reportable segments. Net sales by product are not presented because to do so would be impracticable.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2019		2018		2019		2018
Net sales to unaffiliated customers:
North America:
Net sales before shipping and handling costs	$	984	$	979	$	2,912	$	2,940
Less: shipping and handling costs		92		90		275		261
Net sales	$	892	$	889	$	2,637	$	2,679
South America:
Net sales before shipping and handling costs	$	245	$	238	$	699	$	743
Less: shipping and handling costs		11		10		32		34
Net sales	$	234	$	228	$	667	$	709
Asia-Pacific:
Net sales before shipping and handling costs	$	205	$	205	$	611	$	617
Less: shipping and handling costs		9		8		26		25
Net sales	$	196	$	197	$	585	$	592
EMEA:
Net sales before shipping and handling costs	$	140	$	141	$	438	$	452
Less: shipping and handling costs		5		5		16		17
Net sales	$	135	$	136	$	422	$	435

		Three Months Ended			Nine Months Ended
		September 30,			September 30,
(in millions)	2019		2018		2019		2018
Operating income:
North America	$	145	$	138	$	409	$	431
South America		27		22		61		68
Asia-Pacific		22		25		65		75
EMEA		24		26		71		86
Corporate		(25)		(22)		(69)		(70)
Subtotal		193		189		537		590
Restructuring/impairment charges		(28)		(34)		(41)		(45)
Acquisition/integration costs		—		—		(2)		—
Total operating income	$	165	$	155	$	494	$	545

	As of		As of
(in millions)	September 30, 2019		December 31, 2018
Total assets:
North America (a)	$	4,076	$	3,737
South America		711		711
Asia-Pacific		829		792
EMEA		479		488
Total	$	6,095	$	5,728

(a) For purposes of presentation, North America includes Corporate assets.