Archer Daniels Midland 2010 Annual Report Download - page 30

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26
Item 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (Continued)
Operating profit by segment is as follows:
2010
2009
Change
(In millions)
Oilseeds Processing
Crushing & Origination
$ 818
$ 767
$ 51
Refining, Packaging, Biodiesel & Other
291
265
26
Asia
291
248
43
Total Oilseeds Processing
1,400
1,280
120
Corn Processing
Sweeteners & Starches
529
500
29
Bioproducts
193
(315)
508
Total Corn Processing
722
185
537
Agricultural Services
Merchandising & Handling
583
832
(249)
Transportation
85
162
(77)
Total Agricultural Services
668
994
(326)
Other
Wheat, Cocoa & Malt
403
51
352
Financial
46
(57)
103
Total Other
449
(6)
455
Total Segment Operating Profit
3,239
2,453
786
Corporate (see below)
(654)
47
(701)
Earnings Before Income Taxes
$ 2,585
$ 2,500
$ 85
Corporate results are as follows:
2010
2009
Change
(In millions)
LIFO credit
$ 42
$ 517
$ (475)
Unallocated interest expense - net
(283)
(192)
(91)
Unallocated corporate costs
(266)
(252)
(14)
Charges on early extinguishment of debt
(75)
–
(75)
Unrealized losses on interest rate swaps
(59)
–
(59)
Other
(13)
(26)
13
Total Corporate
$ (654)
$ 47
$ (701)
Oilseeds Processing operating profit increased 9% to $1.4 billion. Crushing and origination results increased $51
million due to higher North American soybean crushing margins and favorable soft seed commodity positioning
partially offset by lower soybean crushing margins in Europe and South America. Refining, packaging, biodiesel
and other operating profit increased $26 million due primarily to higher South American biodiesel results and
improved margins in Europe. Oilseeds processing results in Asia increased $43 million to $291 million due
principally to improved equity earnings of Wilmar.