Segment Information

6 Months Ended

Jun. 30, 2021

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., Mexico, and Canada. The Company’s South America segment includes businesses in Brazil, Colombia, Ecuador, and the Southern Cone of South America, which includes Argentina, Peru, Chile, and Uruguay. Its Asia-Pacific segment includes businesses in South Korea, Thailand, China, Australia, Japan, Indonesia, Singapore, the Philippines, India, Malaysia, New Zealand, and Vietnam. The Company’s EMEA segment includes businesses in Pakistan, Germany, the United Kingdom, South Africa, and Kenya. The Company has aggregated the PureCircle operating segment into the Asia-Pacific reportable segment. Net sales by product are not presented because to do so would be impracticable.

Presented below are the Company’s Net sales to unaffiliated customers by reportable segment for the three months ended June 30, 2021 and 2020.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Net sales to unaffiliated customers:
North America	$	1,068	$	848	$	2,013	$	1,811
South America		268		182		541		419
Asia-Pacific		248		187		483		376
EMEA		178		132		339		286
Total net sales	$	1,762	$	1,349	$	3,376	$	2,892

Presented below is the Company’s Operating income by reportable business segment for the three months ended June 30, 2021, and 2020.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Operating income:
North America	$	149	$	101	$	283	$	226
South America		33		13		73		39
Asia-Pacific		24		22		49		42
EMEA		32		21		63		48
Corporate		(30)		(30)		(59)		(61)
Subtotal		208		127		409		294
Acquisition/integration costs		(4)		(3)		(5)		(3)
Equity method acquisition charges		7		—		7		—
Restructuring/impairment charges		(4)		(11)		(14)		(25)
Assets held for sale impairment		—		—		(360)		—
Other matters		15		—		15		—
Total operating income	$	222	$	113	$	52	$	266

Presented below are the Company’s total assets by reportable segment as of June 30, 2021, and December 31, 2020.

	As of		As of
(in millions)	June 30, 2021		December 31, 2020
Assets:
North America (a)	$	4,279	$	4,231
South America		862		818
Asia-Pacific		1,331		1,255
EMEA		626		554
Total assets	$	7,098	$	6,858

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