Ingredion IncINGR
Ingredion Inc Segments Disclosure
Segment and Geographical Information
Effective January 1, 2024, we changed our reportable segments to align them with changes in how our Chief Operating Decision Maker (“CODM”), James P. Zallie, our chairman, president, and chief executive officer, evaluates performance, makes strategic decisions, and allocates resources.
We are principally engaged in the production and sale of starches and sweeteners for a wide range of industries, and our reportable segments are T&HS, F&II–LATAM and F&II–U.S./Canada. Businesses of multiple operating segments that are not individually or collectively classified as reportable segments are included in All Other. The T&HS segment has a global focus and primarily manufactures texturizing food ingredients. The 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. The 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. Revenues from All Other are generated primarily by sweetener and starch sales from our Pakistan business, sales of stevia and other sweeteners from our PureCircle and Sugar Reduction businesses, and pea protein ingredients from our Protein Fortification business. All Other also included the sale of our South Korea business, which we divested on February 1, 2024, as more fully described in Note 2.
Net sales by product are not presented because such presentation is not practicable. No customer or group of related customers accounted for 10 percent or more of our net sales in 2025, 2024 or 2023.
Adjusted operating income presented by segment includes an arms-length profit margin for sales of manufactured products sold to other segments. We exclude certain corporate items, including unallocated costs and certain centralized costs, from our reportable segments and All Other because the CODM evaluates each segment’s performance exclusive of these items.
The following tables present information about our net sales, significant segment costs and adjusted operating income by reportable segment and All Other were as follows:
| Twelve Months Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| T&HS | F&II–LATAM | F&II–U.S./Canada | All Other | Corporate | Total | ||||||||||||||||||||||||||||||
| Segment net sales | $ | 2,429 | $ | 2,392 | $ | 2,121 | $ | 483 | $ | — | |||||||||||||||||||||||||
| Inter-segment net sales | (32) | (51) | (108) | (15) | — | ||||||||||||||||||||||||||||||
| Net sales to unaffiliated customers | $ | 2,397 | $ | 2,341 | $ | 2,013 | $ | 468 | $ | — | $ | 7,219 | |||||||||||||||||||||||
| Segment cost of sales | $ | 1,666 | $ | 1,716 | $ | 1,609 | $ | 400 | $ | — | |||||||||||||||||||||||||
| Other operating expenses | 326 | 132 | 89 | 70 | 183 | ||||||||||||||||||||||||||||||
| Adjusted operating income (loss) | $ | 405 | $ | 493 | $ | 315 | $ | (2) | $ | (183) | $ | 1,028 | |||||||||||||||||||||||
Unallocated (costs) (i) | (12) | ||||||||||||||||||||||||||||||||||
| Operating income | $ | 1,016 | |||||||||||||||||||||||||||||||||
| Twelve Months Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| T&HS | F&II–LATAM | F&II–U.S./Canada | All Other | Corporate | Total | ||||||||||||||||||||||||||||||
| Segment net sales | $ | 2,417 | $ | 2,497 | $ | 2,244 | $ | 475 | $ | — | |||||||||||||||||||||||||
| Inter-segment net sales | (51) | (47) | (89) | (16) | — | ||||||||||||||||||||||||||||||
| Net sales to unaffiliated customers | $ | 2,366 | $ | 2,450 | $ | 2,155 | $ | 459 | $ | — | $ | 7,430 | |||||||||||||||||||||||
| Segment cost of sales | $ | 1,715 | $ | 1,820 | $ | 1,691 | $ | 407 | $ | — | |||||||||||||||||||||||||
| Other operating expenses | 301 | 147 | 91 | 74 | 168 | ||||||||||||||||||||||||||||||
| Adjusted operating income (loss) | $ | 350 | $ | 483 | $ | 373 | $ | (22) | $ | (168) | $ | 1,016 | |||||||||||||||||||||||
Unallocated (costs) (i) | (133) | ||||||||||||||||||||||||||||||||||
| Operating income | $ | 883 | |||||||||||||||||||||||||||||||||
| Twelve Months Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| T&HS | F&II–LATAM | F&II–U.S./Canada | All Other | Corporate | Total | ||||||||||||||||||||||||||||||
| Segment net sales | $ | 2,566 | $ | 2,668 | $ | 2,429 | $ | 743 | $ | — | |||||||||||||||||||||||||
| Inter-segment net sales | (106) | (35) | (94) | (11) | — | ||||||||||||||||||||||||||||||
| Net sales to unaffiliated customers | $ | 2,460 | $ | 2,633 | $ | 2,335 | $ | 732 | $ | — | $ | 8,160 | |||||||||||||||||||||||
| Segment cost of sales | $ | 1,759 | $ | 2,054 | $ | 1,951 | $ | 647 | $ | — | |||||||||||||||||||||||||
| Other operating expenses | 307 | 127 | 86 | 87 | 173 | ||||||||||||||||||||||||||||||
| Adjusted operating income (loss) | $ | 394 | $ | 452 | $ | 298 | $ | (2) | $ | (173) | $ | 969 | |||||||||||||||||||||||
Unallocated (costs) (i) | (12) | ||||||||||||||||||||||||||||||||||
| Operating income | $ | 957 | |||||||||||||||||||||||||||||||||
(i) Unallocated (costs): | 2025 | 2024 | 2023 | |||||||||||||||||
| Restructuring and resegmentation costs | $ | (13) | $ | (18) | $ | (1) | ||||||||||||||
| Impairment charges | (8) | (109) | (10) | |||||||||||||||||
| Other matters | 9 | (6) | (1) | |||||||||||||||||
| Total unallocated (costs) | $ | (12) | $ | (133) | $ | (12) | ||||||||||||||
Property, plant and equipment, net, by reportable segment and All Other as of December 31, 2025 and 2024 were as follows:
| As of December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Texture & Healthful Solutions | $ | 979 | $ | 884 | ||||||||||
Food & Industrial Ingredients–LATAM | 592 | 508 | ||||||||||||
Food & Industrial Ingredients–U.S./Canada | 612 | 556 | ||||||||||||
All Other (i) | 343 | 316 | ||||||||||||
| Total property, plant and equipment, net | $ | 2,526 | $ | 2,264 | ||||||||||
_____________________
(i)For purposes of presentation, All Other includes Corporate assets.
Property, plant and equipment, net by country as of December 31, 2025 and 2024 were as follows:
| As of December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| U.S. | $ | 1,190 | $ | 1,076 | ||||||||||
| Mexico | 258 | 258 | ||||||||||||
| Brazil | 229 | 164 | ||||||||||||
| Thailand | 166 | 152 | ||||||||||||
| China | 156 | 153 | ||||||||||||
| Germany | 146 | 121 | ||||||||||||
| Canada | 140 | 128 | ||||||||||||
| Others | 241 | 212 | ||||||||||||
| Total | $ | 2,526 | $ | 2,264 | ||||||||||
Depreciation and amortization, mechanical stores expense, capital expenditures and mechanical stores purchases by reportable segment and All Other were as follows:
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Depreciation and amortization: | ||||||||||||||||||||
| Texture & Healthful Solutions | $ | 85 | $ | 82 | $ | 80 | ||||||||||||||
| Food & Industrial Ingredients–LATAM | 54 | 48 | 47 | |||||||||||||||||
| Food & Industrial Ingredients–U.S./Canada | 44 | 40 | 41 | |||||||||||||||||
All Other (i) | 39 | 44 | 51 | |||||||||||||||||
| Total | $ | 222 | $ | 214 | $ | 219 | ||||||||||||||
Mechanical stores expense (ii): | ||||||||||||||||||||
| Texture & Healthful Solutions | $ | 19 | $ | 14 | $ | 16 | ||||||||||||||
| Food & Industrial Ingredients–LATAM | 10 | 13 | 14 | |||||||||||||||||
| Food & Industrial Ingredients–U.S./Canada | 33 | 31 | 28 | |||||||||||||||||
All Other (i) | 5 | 4 | 4 | |||||||||||||||||
| Total | $ | 67 | $ | 62 | $ | 62 | ||||||||||||||
Capital expenditures and mechanical stores purchases (iii): | ||||||||||||||||||||
| Texture & Healthful Solutions | $ | 132 | $ | 101 | $ | 113 | ||||||||||||||
| Food & Industrial Ingredients–LATAM | 106 | 80 | 70 | |||||||||||||||||
| Food & Industrial Ingredients–U.S./Canada | 107 | 84 | 75 | |||||||||||||||||
All Other (i) | 88 | 36 | 58 | |||||||||||||||||
| Total | $ | 433 | $ | 301 | $ | 316 | ||||||||||||||
(i)All Other includes Corporate activities.
(ii)Represents costs for spare parts used in the production process that are recorded in PP&E as part of machinery and equipment until they are utilized in the manufacturing process and expensed as a period cost.
(iii)Capital expenditures and mechanical stores purchases are presented net of cash proceeds from disposals of PP&E on the Statement of Cash Flows. Proceeds from disposals of PP&E were $0 million, $6 million and $2 million in 2025, 2024 and 2023.
Net sales to third-party customers by country of origin were as follows:
| 2025 | 2024 | 2023 | ||||||||||||||||||
| U.S. | $ | 2,815 | $ | 2,870 | $ | 3,069 | ||||||||||||||
| Mexico | 1,392 | 1,503 | 1,571 | |||||||||||||||||
| Brazil | 572 | 584 | 669 | |||||||||||||||||
| Canada | 495 | 527 | 548 | |||||||||||||||||
| Germany | 384 | 385 | 413 | |||||||||||||||||
| Colombia | 324 | 310 | 332 | |||||||||||||||||
| Thailand | 255 | 265 | 259 | |||||||||||||||||
| Others | 982 | 986 | 1,299 | |||||||||||||||||
| Total | $ | 7,219 | $ | 7,430 | $ | 8,160 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.