v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We are principally engaged in the production and sale of starches and sweeteners for a wide range of industries. Our T&HS segment has a global focus and primarily manufactures texturizing food ingredients. Our F&II - LATAM segment has a local focus and primarily manufactures food, ingredient, and industrial products, which we process from raw materials that we primarily source within South America and Mexico. Our F&II - U.S./Canada segment has a local focus and primarily manufactures food, ingredient, and industrial products, which we process from raw materials sourced within the U.S. and Canada. All Other consists of the businesses of multiple operating segments that are not individually or collectively classified as reportable segments. Net sales from All Other are generated primarily by sweetener and starch sales by our Pakistan business, sales of stevia and other ingredients from our PureCircle and Sugar Reduction businesses, and pea protein ingredients from our Protein Fortification business. We divested our South Korea business on February 1, 2024 and its results are included in our condensed consolidated financial results through the date of sale, which affects the comparability of results between years within All Other. Net sales by product are not presented because such presentation is not practicable.
Adjusted operating income presented by segment includes an arms-length profit margin for sales of manufactured products sold to other segments. We include specified and certain corporate costs into our reportable segments and All Other because the Chief Operating Decision Maker (“CODM”) evaluates each segment’s performance inclusive of these costs.
Net sales to affiliated and unaffiliated customers by reportable segment and All Other was as follows:
Three Months Ended June 30, 2025
T&HSF&II - LATAMF&II - U.S./CanadaAll OtherCorporateTotal
Segment net sales$608 $610 $550 $119 $— 
Inter-segment net sales(9)(14)(27)(4)— 
Net sales to unaffiliated customers$599 $596 $523 $115 $— $1,833 
Segment cost of sales$407 $434 $417 $98 $— 
Other operating expenses81 35 20 18 50 
Adjusted operating income (loss)$111 $127 $86 $(1)$(50)$273 
Unallocated costs (i)
(2)
Operating income$271 
Three Months Ended June 30, 2024
T&HSF&II - LATAMF&II - U.S./CanadaAll OtherCorporateTotal
Segment net sales$604 $640 $580 $109 $— 
Inter-segment net sales(16)(10)(25)(4)— 
Net sales to unaffiliated customers$588 $630 $555 $105 $— $1,878 
Segment cost of sales$428 $471 $428 $97 $— 
Other operating expenses74 29 22 18 41 
Adjusted operating income (loss)$86 $130 $105 $(10)$(41)$270 
Unallocated costs (i)
(30)
Operating income$240 
Six Months Ended June 30, 2025
T&HSF&II - LATAMF&II - U.S./CanadaAll OtherCorporateTotal
Segment net sales$1,219 $1,196 $1,103 $240 $— 
Inter-segment net sales(18)(27)(60)(7)— 
Net sales to unaffiliated customers$1,201 $1,169 $1,043 $233 $— $3,646 
Segment cost of sales$833 $854 $822 $199 $— 
Other operating expenses158 61 43 35 95 
Adjusted operating income (loss)$210 $254 $178 $(1)$(95)$546 
Unallocated income (i)
1 
Operating income$547 
Six Months Ended June 30, 2024
T&HSF&II - LATAMF&II - U.S./CanadaAll OtherCorporateTotal
Segment net sales$1,216 $1,266 $1,147 $240 $— 
Inter-segment net sales(31)(20)(51)(7)— 
Net sales to unaffiliated customers$1,185 $1,246 $1,096 $233 $— $3,760 
Segment cost of sales$878 $939 $862 $210 $— 
Other operating expenses147 76 42 37 83 
Adjusted operating income (loss)$160 $231 $192 $(14)$(83)$486 
Unallocated costs (i)
(33)
Operating income$453 
Three Months Ended June 30,Six Months Ended June 30,
(i) Unallocated (costs) income:
2025202420252024
Restructuring and resegmentation costs(3)(3)(4)(6)
Impairment charges— (18)(6)(18)
Other matters1 (9)11 (9)
Total unallocated (costs) income$(2)$(30)$1 $(33)
The CODM evaluates performance, makes strategic decisions, and allocates resources based on Property, plant and equipment, net for internal and external reporting purposes. Property, plant and equipment, net by reportable segment and All Other was as follows:
As of
June 30, 2025		As of
December 31, 2024
Texture & Healthful Solutions$921 $884 
Food & Industrial Ingredients - LATAM550 508 
Food & Industrial Ingredients - U.S./Canada574 556 
All Other (i)
316 316 
Total property, plant and equipment, net$2,361 $2,264 
_____________________
(i)For purposes of presentation, All Other includes Corporate assets.