v3.26.1
Derivative Instruments and Hedging Activities
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Commodity price hedging: We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 77 million and 84 million bushels of corn as of June 30, 2026 and December 31, 2025. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 34 million and 26 million mmbtus of natural gas as of June 30, 2026 and December 31, 2025.
Foreign currency hedging: We hedge certain assets and certain liabilities using foreign currency derivatives not designated as hedging instruments.
We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $246 million and $425 million as of June 30, 2026 and December 31, 2025. We also hedge certain liability positions and forecasted expenditures using foreign currency cash flow hedging instruments, which had a notional value of $213 million and $358 million as of June 30, 2026 and December 31, 2025.
Our foreign currency derivatives not designated as cash flow hedging instruments that we use to hedge certain assets had a notional value of $4,225 million and $395 million as of June 30, 2026 and December 31, 2025, and our foreign currency derivatives not designated as hedging instruments that we use to hedge certain liabilities had a notional value of $3,651 million and $192 million as of June 30, 2026 and December 31, 2025. On June 5, 2026, we paid $57 million for derivative instruments to mitigate foreign currency exposure to £2,793 million for the cash consideration payable for the pending acquisition of Tate & Lyle that we expect to close during the second half of 2027, as described in Note 2,
Acquisitions and Divestitures. The contracts are over-the-counter instruments transacted with a financial institution counterparty who does not require us to post collateral. The derivative instruments expire on February 8, 2028, and are recorded in Other non-current assets and Other non-current liabilities.
The derivative instruments designated as cash flow hedges included in accumulated other comprehensive loss (“AOCL”) were as follows:
(Losses) Gains included in AOCL as of
June 30,
2026		December 31,
2025
Commodity, net of income tax effect of $8 and $3
$(22)$(7)
Foreign currency, net of income tax effect of $1 and $3
(2)3 
Interest rate, net of income tax effect of $1
(1)(1)
Total$(25)$(5)
As of June 30, 2026, AOCL included $22 million of net losses (net of income taxes of $8 million) on commodities-related derivative instruments, T-Locks and foreign currency hedges designated as cash flow hedges that we expect to reclassify into earnings during the next twelve months.
The fair value and balance sheet location of our derivative instruments presented gross on the Condensed Consolidated Balance Sheets, were as follows:
Fair Value of Hedging Instruments as of June 30, 2026
Designated Hedging InstrumentsNon-Designated Hedging Instruments
Balance Sheet LocationCommodityForeign CurrencyTotalCommodityForeign CurrencyTotal
Accounts receivable, net$4 $4 $8 $2 $11 $13 
Other non-current assets2 1 3 — 82 82 
Assets6 5 11 2 93 95 
Accounts payable30 11 41 4 5 9 
Other non-current liabilities4 1 5 — 73 73 
Liabilities34 12 46 4 78 82 
Net Assets/(Liabilities)$(28)$(7)$(35)$(2)$15 $13 
Fair Value of Hedging Instruments as of December 31, 2025
Designated Hedging InstrumentsNon-Designated Hedging Instruments
Balance Sheet LocationCommodityForeign CurrencyTotalCommodityForeign CurrencyTotal
Accounts receivable, net$4 $13 $17 $1 $5 $6 
Other non-current assets— — — — 1 1 
Assets4 13 17 1 6 7 
Accounts payable13 11 24 1 3 4 
Other non-current liabilities— — — — — — 
Liabilities13 11 24 1 3 4 
Net Assets/(Liabilities)$(9)$2 $(7)$— $3 $3 
Additional information relating to our derivative instruments in cash flow hedging relationships were as follows:
(Losses) Gains
Recognized in OCL on Derivatives		(Losses) Gains
Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging RelationshipsThree Months Ended June 30,Income Statement
Location		Three Months Ended June 30,
2026202520262025
Commodity$(35)$(24)Cost of sales$(8)$4 
Foreign currency(4)11 Net sales/Cost of sales1 5 
Total$(39)$(13)$(7)$9 
(Losses) Gains
Recognized in OCL on Derivatives		(Losses) Gains
Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging RelationshipsSix Months Ended June 30,Income Statement
Location		Six Months Ended June 30,
2026202520262025
Commodity$(25)$(11)Cost of sales$(5)$1 
Foreign currency(9)15 Net sales/Cost of sales(2)10 
Total$(34)$4 $(7)$11