0001628280-26-008603 | 10-K | XBRL Viewer

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Pension and Other Postretirement Benefits - Pension Assumptions (Details) - Pension Plan	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
U.S. Plans
Weighted average assumptions used to determine the company's obligations
Discount rate	5.41%	5.64%
Rate of compensation increase	3.70%	3.75%
Cash balance interest credit rate	4.51%	4.63%
Weighted average assumptions used to determine the company's net periodic benefit cost
Discount rate	5.64%	5.00%	5.19%
Expected long-term return on plan assets	5.50%	5.50%	5.50%
Rate of compensation increase	3.75%	3.83%	3.92%
Cash balance interest crediting rate	4.63%	4.53%	4.21%
Non-U.S. Plans
Weighted average assumptions used to determine the company's obligations
Discount rate	5.52%	5.42%
Rate of compensation increase	4.24%	4.16%
Cash balance interest credit rate	0.00%	0.00%
Weighted average assumptions used to determine the company's net periodic benefit cost
Discount rate	5.42%	5.32%	5.67%
Expected long-term return on plan assets	5.05%	4.97%	5.05%
Rate of compensation increase	4.16%	3.73%	3.83%
Cash balance interest crediting rate	0.00%	0.00%	0.00%
Canada
Weighted average assumptions used to determine the company's net periodic benefit cost
Expected long-term return on plan assets	4.58%

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Schedule of investments

Investments as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Equity method investments	$	117	$	95
Equity investments	27		31
Marketable securities	6		5
Total investments	$	150	$	131

Divestitures and Acquisitions	12 Months Ended
Divestitures and Acquisitions	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Divestitures and Acquisitions	Divestitures and Acquisitions Pakistan Divestiture On September 25, 2025, we entered into a definitive agreement to sell a 51 percent ownership interest in Rafhan Maize Products Co. Ltd. (the “Pakistan business”) to Nishat Group, a diversified group of companies headquartered in Lahore, Pakistan. On December 29, 2025, we amended the agreement to grant Nishat Group an option to purchase additional shares for commensurate consideration per share. We currently own 71 percent of the Pakistan business, whose financial results are consolidated and reported as part of All Other. On January 21, 2026, the World Bank’s International Finance Corporation approved financing to the Nishat Group for the proposed transaction, which remains subject to the satisfaction of specified closing conditions and receipt of regulatory approvals from the Competition Commission of Pakistan. In addition, the transaction is subject to the Nishat Group’s successful completion of a tender offer for shares of the Pakistan business on the Pakistani Stock Exchange and to action by the State Bank of Pakistan allowing us to receive our share of the sale proceeds in U.S. dollars. Based on the conditions required for the transaction to close, we have determined that the Pakistan business does not qualify for held for sale classification as of December 31, 2025. South Korea Divestiture On November 10, 2023, we entered into a definitive agreement for the sale of our South Korea business to an affiliate of the Sajo Group, a leading food company headquartered in Seoul, South Korea, for 384 billion South Korean won, or approximately $294 million. Upon completion of the sale on February 1, 2024, we received 330 billion South Korean won, or $247 million, net of certain transaction costs, and an incremental $8 million working capital true-up in the third quarter of 2024. As a result, we recognized net pre-tax gains of $90 million in Net (gain) on sale of business in the Consolidated Statements of Income in 2024. The South Korea business generated operating income of $2 million in 2024 and $30 million in 2023. As additional consideration for the sale, we received 18 billion South Korean won, or $12 million, in February 2025, and 18 billion South Korean won, or approximately $12 million, in February 2026. We expect to receive the final consideration payment of 18 billion South Korean won, or approximately $12 million, in February 2027. As of December 31, 2025, these were recorded in Accounts receivable, net and Other non-current assets on our Consolidated Balance Sheets . PureCircle Acquisition We purchased from minority shareholders in PureCircle Limited (“PureCircle”) an insignificant number of shares in 2025 and $40 million in 2024, which increased our ownership percentage to 98 percent as of December 31, 2025 and December 31, 2024, from 88 percent as of December 31, 2023. In December 2025, we issued notice to the remaining minority shareholders of our intent to exercise our option to buy the remaining shares for approximately $7 million, which we recorded as Redeemable non-controlling interests in our Consolidated Balance Sheets as of December 31, 2025. We expect to complete these purchases in the first quarter of 2026.

Income Taxes - Effective Tax Rate Reconciliation (2025) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Federal statutory tax rate	$ 204,000
State and local income taxes, net of federal benefit	7,000
Effect of cross-border tax laws:
Foreign-derived intangible income	(17,000)
Other	2,000
Tax credits:
Foreign tax credit	(26,000)
Other	(3,000)
Nontaxable or nondeductible items	6,000
Changes in unrecognized tax benefits	(3,000)
Total provision for income taxes	$ 238,000	$ 277,000	$ 188,000
Percent
Federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit	0.70%
Effect of cross-border tax laws:
Foreign-derived intangible income	(1.70%)	(1.60%)	(1.50%)
Other	0.20%
Tax credits:
Foreign tax credit	(2.70%)
Other	(0.30%)
Nontaxable or nondeductible items	0.60%
Statutory tax rate difference		5.40%	6.10%
Other		1.50%	(0.10%)
Changes in unrecognized tax benefits	(0.30%)
Provision at effective tax rate	24.40%	29.80%	22.40%
U.S. Plans
Tax credits:
Other	$ 9,000
Tax credits:
Other	0.90%
Mexico
Tax credits:
Statutory tax rate difference	$ 25,000
Other	9,000
Foreign currency foreign exchange	$ (14,000)
Tax credits:
Statutory tax rate difference	2.60%
Other	0.90%
Foreign currency foreign exchange	(1.50%)
Germany
Tax credits:
Other	$ (4,000)
Provincial tax	$ 13,000
Tax credits:
Other	(0.40%)
Provincial tax	1.30%
Colombia
Tax credits:
Statutory tax rate difference	$ 11,000
Tax credits:
Statutory tax rate difference	1.10%
All other foreign
Tax credits:
Statutory tax rate difference	$ 19,000
Tax credits:
Statutory tax rate difference	2.00%

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Feb. 12, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-13397
Entity Registrant Name	INGREDION INCORPORATED
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3514823
Entity Address, Address Line One	5 Westbrook Corporate Center
Entity Address, City or Town	Westchester
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60154
City Area Code	708
Local Phone Number	551-2600
Title of 12(b) Security	Common Stock
Trading Symbol	INGR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 8,692,000,000
Entity Common Stock, Shares Outstanding		62,945,041
Documents Incorporated by Reference	Information required by Part III (Items 10, 11, 12, 13 and 14) of this report is incorporated by reference to certain portions of the registrant’s definitive Proxy Statement to be distributed in connection with its 2026 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days after December 31, 2025.
Entity Central Index Key	0001046257
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Segment and Geographical Information - Depreciation, Store Expense and Capital Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and amortization	$ 222	$ 214	$ 219
Mechanical stores expense	67	62	62
Capital expenditures and mechanical stores purchases, net	433	301	316
Proceeds from disposal of manufacturing facilities and properties	0	6	2
Operating segments \| T&HS
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and amortization	85	82	80
Mechanical stores expense	19	14	16
Capital expenditures and mechanical stores purchases, net	132	101	113
Operating segments \| F&II–LATAM
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and amortization	54	48	47
Mechanical stores expense	10	13	14
Capital expenditures and mechanical stores purchases, net	106	80	70
Operating segments \| F&II–U.S./Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and amortization	44	40	41
Mechanical stores expense	33	31	28
Capital expenditures and mechanical stores purchases, net	107	84	75
All Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Depreciation and amortization	39	44	51
Mechanical stores expense	5	4	4
Capital expenditures and mechanical stores purchases, net	$ 88	$ 36	$ 58

Investments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity Method Investments
Payments to acquire equity method investment	$ 8
Impairment of equity method investments	7	$ 18	$ 10
Proceeds from sale of equity method investments	$ 6
Agrana Starke GmbH
Equity Method Investments
Ownership percentage	49.00%
Payments to acquire equity method investment	$ 18
Ingrear Holding S.A
Equity Method Investments
Ownership percentage	49.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating losses
Net operating loss carryforwards	$ 47	$ 51
Net operating loss carryforwards, foreign	31
Net operating loss carryforwards, state	14
Net operating loss carryforwards, federal	2
Valuation allowances	52	60
Increase in foreign net operating loss carryforwards	10
Foreign withholding and state taxes on unremitted earnings	10	1
Unrecognized tax benefits	39	$ 40	$ 31
Unrecognized tax benefit that, if recognized, could affect the effective tax rate in future periods	29
Remaining unrecognized tax benefits	10
Unrecognized tax benefits, accrued interest expense and penalties	7
Capital Loss Carryforwards
Operating losses
Credit carryforwards, valuation allowance	6
Equity Method Investments
Operating losses
Loss carryforwards, valuation allowance	5
Foreign
Operating losses
Loss carryforwards, valuation allowance	16
Credit carryforwards, valuation allowance	4
State and Local Jurisdiction
Operating losses
Loss carryforwards, valuation allowance	12
Credit carryforwards, valuation allowance	7
Domestic Tax Jurisdiction
Operating losses
Loss carryforwards, valuation allowance	2
Canada
Operating losses
Net operating loss carryforwards, foreign	$ 25
Foreign carryforward period	20 years
Argentina
Operating losses
Net operating loss carryforwards, foreign	$ 3
Foreign carryforward period	10 years
United Kingdom
Operating losses
Net operating loss carryforwards, foreign	$ 1

Segment and Geographical Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Pension and Other Postretirement Benefits - Pension Plan Asset Weighted Average Asset Allocation (Details) - Pension Plan	Dec. 31, 2025	Dec. 31, 2024
U.S. Plans
Weighted average asset allocation
Weighted average asset allocation	100.00%	100.00%
U.S. Plans \| Equity securities
Weighted average asset allocation
Weighted average asset allocation	7.00%	7.00%
U.S. Plans \| Equity securities \| Minimum
Plan assets
Plan assets allocation percentage	7.00%
U.S. Plans \| Equity securities \| Maximum
Plan assets
Plan assets allocation percentage	14.00%
U.S. Plans \| Debt securities
Weighted average asset allocation
Weighted average asset allocation	91.00%	91.00%
U.S. Plans \| Debt securities \| Minimum
Plan assets
Plan assets allocation percentage	86.00%
U.S. Plans \| Debt securities \| Maximum
Plan assets
Plan assets allocation percentage	93.00%
U.S. Plans \| Cash and other
Weighted average asset allocation
Weighted average asset allocation	2.00%	2.00%
Non-U.S. Plans
Weighted average asset allocation
Weighted average asset allocation	100.00%	100.00%
Non-U.S. Plans \| Equity securities
Weighted average asset allocation
Weighted average asset allocation	9.00%	9.00%
Non-U.S. Plans \| Debt securities
Weighted average asset allocation
Weighted average asset allocation	86.00%	84.00%
Non-U.S. Plans \| Cash and other
Weighted average asset allocation
Weighted average asset allocation	5.00%	7.00%

Investments - Schedule of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Investments [Abstract]
Equity method investments	$ 117	$ 95
Equity investments	27	31
Marketable securities	6	5
Total investments	$ 150	$ 131

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Pension and Other Postretirement Benefits - Pension Benefit Payments (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
U.S. Plans
Benefit plans
Employer contributions	$ 1	$ 0
Expected contribution in next fiscal year	1
Expected future benefit payments
2026	28
2027	27
2028	26
2029	25
2030	24
Thereafter	111
Non-U.S. Plans
Benefit plans
Employer contributions	4	$ 4
Expected contribution in next fiscal year	4
Expected future benefit payments
2026	12
2027	12
2028	12
2029	13
2030	13
Thereafter	$ 75

Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Goodwill

The carrying value of goodwill by reportable segment and All Other as of December 31, 2025 is presented below. There were no accumulated impairment charges by reportable segment and All Other.


	T&HS		F&II–LATAM		F&II–U.S./Canada		All Other		Total
Balance as of December 31, 2024	$	382	$	142	$	295	$	87	$	906
Currency translation adjustment	12		2		1		1		16
Balance as of December 31, 2025	$	394	$	144	$	296	$	88	$	922

We concluded that as of our July 1, 2025 impairment assessment, there were no impairments to goodwill.

Other Intangible Assets

A summary of other intangible assets was as follows:


December 31, 2025	Gross		Accumulated Amortization		Net
Trademarks/trade names (indefinite-lived)	$	143	$	—	$	143
Patents	34		(16)		18
Customer relationships	366		(212)		154
Technology	118		(105)		13
Other	40		(21)		19
Total other intangible assets	$	701	$	(354)	$	347


December 31, 2024	Gross		Accumulated Amortization		Net
Trademarks/trade names (indefinite-lived)	$	143	$	—	$	143
Patents	31		(12)		19
Customer relationships	356		(188)		168
Technology	111		(104)		7
Other	41		(20)		21
Total other intangible assets	$	682	$	(324)	$	358

Amortization expense related to our other intangible assets was $27 million in 2025, and $26 million in both 2024 and 2023. We concluded that as of our July 1, 2025 impairment assessment, there were no impairments to our indefinite-lived other intangible assets.

Estimated future amortization expense related to intangible assets is as follows:


2026	$	27
2027	27
2028	27
2029	27
2030	26

Pension and Other Postretirement Benefits - Multiemployer Plans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) plan	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Multiemployer Plans
Multiemployer benefit plan that company contributes to \| plan	1
Multiemployer plan, maximum contributions by Ingredion	false
Multiemployer plan contributions \| $	$ 10	$ 10	$ 11

Financing Arrangements

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Financing Arrangements

We had total debt outstanding of $1.8 billion at both December 31, 2025 and 2024. As of December 31, 2025 and 2024, our other short-term and other long-term borrowings consisted primarily of amounts outstanding under various term loans or unsecured local country operating lines of credit.

On August 27, 2025, we entered into a new revolving credit agreement to replace the previous revolving credit agreement, which was terminated as of the same date. The new revolving credit facility agreement provides for a five-year unsecured revolving credit facility in an aggregate principal amount of $1.0 billion outstanding at any time. The facility will mature on August 27, 2030. Loans under the revolving credit facility accrue interest at a per annum rate equal, at our option, to either a term rate based upon the secured overnight financing rate (“SOFR”) plus an applicable margin, or a base rate (generally determined according to the highest of the prime rate, the federal funds rate plus 0.50%, or the one-month term SOFR rate plus 1.00%) plus an applicable margin. No borrowings were outstanding under the facility as of December 31, 2025.

We maintain a commercial paper program under which we may issue senior unsecured notes of short maturities up to a maximum aggregate principal amount of $1.0 billion outstanding at any time. The notes may be sold from time to time on customary terms in the U.S. commercial paper market. We use the note proceeds for general corporate purposes. During 2025, there was no commercial paper activity and no outstanding balance. During 2024, the average amount of commercial paper outstanding was $31 million with an average interest rate of 5.51 percent and a weighted average maturity of 8 days. As of December 31, 2024, we had no commercial paper outstanding. The amount of commercial paper outstanding under this program in 2026 is expected to fluctuate. The commercial paper program is backed by up to $1.0 billion of borrowing availability under the revolving credit facility.

Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs and fair values as of December 31, 2025 and 2024:


	2025				2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2.900% senior notes due June 1, 2030	$	597	$	567	$	597	$	540
3.200% senior notes due October 1, 2026 (i)	499		497		499		486
3.900% senior notes due June 1, 2050	392		304		391		292
6.625% senior notes due April 15, 2037	253		280		253		268
Revolving credit agreement	—		—		—		—
Other long-term borrowings	1		1		47		47
Total long-term debt	1,742		1,649		1,787		1,633
Commercial paper	—		—		—		—
Other short-term borrowings	48		48		44		44
Total short-term borrowings	48		48		44		44
Total debt	$	1,790	$	1,697	$	1,831	$	1,677

(i)The senior note due October 1, 2026 is classified as a long-term note as we have the intent and ability to refinance on a long-term basis.

We guarantee certain obligations of our consolidated subsidiaries, which aggregated to $39 million and $35 million at December 31, 2025 and 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Description of the Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Description of the Business and Summary of Significant Accounting Policies	Description of the Business and Summary of Significant Accounting Policies Unless the context otherwise requires, all references herein to the “Company,” “Ingredion,” “we,” “us,” and “our” mean Ingredion Incorporated and its consolidated subsidiaries. Description of the business: We primarily manufacture and sell sweeteners, starches, nutrition ingredients and biomaterial solutions derived from wet milling and processing corn and other starch-based materials to a wide range of industries, both domestically and internationally. Basis of presentation: The Consolidated Financial Statements consist of the accounts of Ingredion, including all subsidiaries. Intercompany accounts and transactions are eliminated in consolidation. Use of estimates: The preparation of the accompanying Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates and assumptions impact the value of purchase consideration, accounts receivable, inventories, certain investments, goodwill, intangible assets and other long-lived assets, legal contingencies, income taxes, and pension and other postretirement benefits, among others. These estimates and assumptions are based on our best estimates and judgment. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We will adjust such estimates and assumptions when facts and circumstances dictate. Corn price volatility, adverse changes in the global economic environment, foreign currency depreciation versus the U.S. dollar, and access to credit markets increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the financial statements in future periods. Foreign currency translation: Assets and liabilities of foreign subsidiaries, other than those whose functional currency is the U.S. dollar, are translated at current exchange rates with the related translation adjustments reported in equity as a component of Accumulated other comprehensive loss (“AOCL”), and income statement accounts are translated at the average exchange rate during the period. The U.S. dollar is the functional currency for our subsidiaries in Mexico and Argentina, and we translate their monetary assets and liabilities at current exchange rates with the related adjustment included in financing costs in our Consolidated Statements of Income. Non-monetary assets and liabilities are translated at historical exchange rates with the related translation adjustments included in AOCL in our Consolidated Balance Sheets. Revenue recognition: Ingredion recognizes revenue under the core principle to depict our transfer of products and solutions to customers in amounts that reflect the consideration we expect to receive. To achieve that core principle, we apply the following five-step approach: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when a performance obligation is satisfied. We identify customer purchase orders, which in some cases are governed by a master sales agreement, as the contracts with our customers. For each contract, we consider the transfer of products, each of which is distinct, to be the identified performance obligation. The pricing model can be fixed or variable within the contract. The variable pricing model is based on historical commodity pricing and is determinable before we complete the performance obligation. To determine the transaction price for the contract performance obligations, we also evaluate whether the price could be adjusted, and we may reduce the transaction price for certain sales adjustments such as volume incentive discounts and other discount arrangements. We estimate transaction price adjustments using the expected value method based on our analysis of historical volume incentives or discounts over a period considered adequate to account for current pricing and business trends. Historically, actual volume incentives and discounts relative to those estimated and included when determining the transaction price have not materially differed. We accrue volume incentives and discounts in Accrued liabilities and liabilities held for sale in the Consolidated Balance Sheets when we satisfy the performance obligation. We consider the product price as specified in the contract, net of any discounts, as the standalone selling price as it is an observable input that represents the price if we sold the product to a similar customer in similar circumstances. We do not recognize any significant financing components since payment is due shortly after we satisfy our performance obligation. We recognize revenue when we satisfy our performance obligation and control is transferred to the customer, which occurs at a point in time, either upon delivery to an agreed upon location or to the customer. Further, in determining whether control has transferred, we consider if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer. Shipping and handling activities related to contracts with customers represent fulfillment costs and are recorded in Cost of sales in the Consolidated Statements of Income. Taxes assessed by governmental authorities and collected from customers are accounted for on a net basis and excluded from net sales. We expense costs to obtain a contract when we incur the costs since most contracts are one year or less. These costs primarily include our internal sales force compensation. Under the terms of these programs, the compensation is generally earned, and the costs are recognized when we recognize the revenue. From time to time, we may enter into long-term contracts with our customers. Historically, such contracts do not result in significant contract assets or liabilities. Any such arrangements are accounted for in Accounts receivable, net or Accrued liabilities and liabilities held for sale in the Consolidated Balance Sheets. Cash and cash equivalents: Cash equivalents consist of all instruments purchased with an original maturity of three months or less and that have virtually no risk of loss in value. Accounts receivable: Accounts receivable consists of trade and other receivables carried at approximate fair value, net of an allowance for credit losses. The allowance for credit losses is determined using our best estimate of expected credit losses based on historical loss experience and current forecasts of future economic conditions, and we adjust this estimate over the life of the receivable as needed. Inventories: Inventories are stated at the lower of cost or net realizable value. Costs are predominantly determined using the weighted average method. Long-term investments: We hold marketable securities and equity investments, which we include in Other non-current assets in the Consolidated Balance Sheets. Marketable securities are carried at fair value and we record changes in fair value to Other operating income, net in the Consolidated Statements of Income if we maintain the securities for processing transactions that directly support operating activities; otherwise, we record changes in fair value to Other non-operating expense in the Consolidated Statements of Income. Equity investments in companies for which we do not have the ability to exercise significant influence are accounted for at fair value, with changes in fair value recorded in Other non-operating expense in the Consolidated Statements of Income. Equity securities without readily determinable fair values are carried at cost, less impairments, if any, and adjusted for observable price changes for the identical or a similar investment of the same issuer. We perform a qualitative impairment assessment to determine if such investments are impaired, which considers all available information, including declines in the financial performance of the issuing entity, the issuing entity’s operating environment and general market conditions. Impairments of equity securities without readily determinable fair value are recorded in Other non-operating expense in the Consolidated Statements of Income. Equity investments in companies for which we have the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. Upon formation, each equity investee must apply a new basis of accounting by initially measuring its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). Our share of the earnings or losses reported by equity method investees is recognized in Other operating income, net in the Consolidated Statements of Income, and we generally recognize our share of income or expense one month in arrears due to the timing of when results are available. Each reporting period, we evaluate declines in the fair value of equity method investments below carrying value to determine if any are other-than-temporary and if so, we write down the investment to its estimated fair value. Impairments are recognized in Restructuring/impairment charges in the Consolidated Statements of Income. Leases: We determine if an arrangement contains a lease, as well as its classification as an operating lease or finance lease, at the inception of the agreement. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. As most of our leases do not provide an implicit rate, we use an incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. The lease asset value includes in our calculation any prepaid lease payments made and any lease incentives received from the arrangement as a reduction of the asset. Certain leases have options to terminate or extend the life of the lease, which we include in the lease asset and lease liability calculation when we have sole discretion to exercise the option, and it is reasonably certain we will. We do not separate lease and non-lease components for our leases when it is impracticable to separate them, such as leases with variable payment arrangements. We have certain leases that have variable payments based solely on output or usage of the leased asset, which we do not record in our Consolidated Balance Sheets, but expense as incurred. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets. Property, plant and equipment, net and definite-lived intangible assets: Property, plant and equipment (“PP&E”) is stated at cost less accumulated depreciation and definite-lived intangible assets are stated at cost less accumulated amortization. For PP&E, depreciation is generally computed on the straight-line basis over the estimated useful lives of depreciable assets, which range from 25 to 50 years for buildings and from two to 25 years for machinery and equipment. Costs for mechanical stores represent costs for spare parts used in the production process that are capitalized in PP&E as part of machinery and equipment until they are utilized in the manufacturing process and expensed as a period cost. Where permitted by law, accelerated depreciation methods are used for tax purposes. For definite-lived intangible assets, we recognize the cost of these amortizable assets in operations over their estimated useful life, which range from two to 30 years. We review the recoverability of the net book value of PP&E and definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. If this review indicates that the carrying values of the asset group will not be recovered, we reduce the carrying values to fair value and recognize an impairment charge. The impairment analysis for long-lived assets occurs before the goodwill impairment assessment described below. Assets and liabilities held for sale: We classify long-lived assets or disposal groups as held for sale in the period when all of the following conditions have been met: •we have approved and committed to a plan to sell the assets or disposal group, •the asset or disposal group is available for immediate sale in its present condition, •an active program to locate a buyer and other actions required to complete the sale have been initiated, •the sale of the asset or disposal group is probable and expected to be completed within one year, •the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and •it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When all the held for sale criteria are met, we initially measure a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or the fair value less any costs to sell, recognize any resulting losses, and cease depreciation and amortization of the long-lived asset or assets within a disposal group. Until the date of sale or until the asset or disposal group are no longer classified as held for sale, we assess fair value less any costs to sell and recognize any resulting losses at each reporting period. Gains are not recognized until the date of the sale. Indefinite-lived intangible assets and goodwill: We have certain indefinite-lived intangible assets in the form of trade names, trademarks, and goodwill. Our methodology for allocating the purchase price of acquisitions to trade names and trademarks is based on established valuation techniques that reflect the consideration of a number of factors, including valuations performed by third-party appraisers when appropriate. Goodwill represents the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed. We assess indefinite-lived intangible assets and goodwill for impairment annually (or other circumstances requiring assessment), which we perform as of July 1 of each year. In testing indefinite-lived intangible assets for impairment, we first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is greater than its carrying amount. If not, then we determine the fair value of the indefinite-lived intangible assets by performing a quantitative impairment analysis that considers various factors, including net sales derived from these intangibles and certain market and industry conditions. In testing goodwill for impairment, we first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount. If not, then an impairment exists for the difference between the fair value and carrying value of the reporting unit. This difference is not to exceed the goodwill recorded at the reporting unit. Hedging instruments: We use derivative financial instruments consisting primarily of commodity futures, swaps and option contracts, forward currency contracts and options, interest rate swaps, and Treasury lock agreements (“T-Locks”). When we enter a derivative contract, we designate the derivative as a hedge of variable cash flows to be paid related to certain forecasted transactions (“a cash flow hedge”), as a hedge of the fair value of certain fixed (“firm”) commitments (“a fair value hedge”), or as a non-designated hedging instrument. This process includes linking all derivatives that are designated as cash flow or fair value hedges to specific assets and liabilities on the Consolidated Balance Sheets, or to specific firm commitments or forecasted transactions. For all hedging relationships, we document the hedging relationships and our risk-management objective and strategy for undertaking the hedge transactions, the hedging instrument, the hedged item, the nature of the risk being hedged, how we will assess the hedging instrument’s effectiveness in offsetting the hedged risk, and a description of the method to measure ineffectiveness. We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in a hedging transaction is highly effective in offsetting changes in cash flows or fair values of hedged items. For hedging instruments designated as cash flow hedges, unrealized gains and losses associated with marking cash flow hedging contracts to market (fair value) are recorded as a component of other comprehensive loss (“OCL”) and included in the equity section of the Consolidated Balance Sheets as part of AOCL. These amounts, as well as their related tax effects, are subsequently reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings, or in the period a hedge is determined to be ineffective. Gains and losses from cash flow hedging instruments reclassified from AOCL to earnings are reported as Cash provided by operating activities on the Consolidated Statements of Cash Flows. For hedging instruments designated as fair value hedges, unrealized gains and losses associated with marking fair value hedging contracts to market (fair value) are recorded in earnings each period. Unrealized gains and losses on hedged items in designated and highly effective fair value hedges are also recorded in earnings each period. For hedging instruments not designated as hedging instruments for accounting purposes, all realized and unrealized gains and losses from these instruments are recognized in earnings during each accounting period. We assess the effectiveness of hedging contracts based on changes in the contract’s fair value. The changes in the market value of our hedging contracts have historically been, and are expected to be, highly effective at offsetting changes in the price of hedged items. We discontinue hedge accounting prospectively when it is unlikely or not probable that a forecasted transaction will occur or when we determine that the designation of the derivative as a hedging instrument is no longer appropriate, since the derivative is no longer effective in offsetting changes in the cash flows or fair value of the originally intended hedged transaction. When we discontinue hedge accounting, we continue to carry the derivative on the Consolidated Balance Sheets at its fair value and freeze the deferred gains or losses into AOCL. Changes in the fair value of the derivative are recognized in earnings in the same line item as the original hedged transaction instead of AOCL. Any accumulated gains and losses that were included in AOCL in the period we determined the hedge to be ineffective are also released to earnings. Pension and other postretirement benefits: All U.S. pension and postretirement benefit plans and most non-U.S. pension and postretirement benefit plans value the vested benefit obligation based on the actuarial present value of the vested benefits to which employees are currently entitled based on their expected date of separation or retirement. We determine our assumption for the discount rate used to measure year-end pension and postretirement obligations based on high-quality fixed-income investments that match the duration of the expected benefit payments, which has been benchmarked using a long-term, high-quality AA corporate bond index. We use a full yield curve approach in the estimation of the service and interest cost components of benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. For defined benefit plans, the service cost component of net periodic benefit cost is presented within either Cost of sales or Operating expenses on the Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of actuarial loss, amortization of prior service credit and settlement loss components of net periodic benefit cost are presented as Other non-operating expense on the Consolidated Statements of Income. Actuarial gains and losses in excess of 10 percent of the greater of the projected benefit obligation or the market-related value of plan assets are classified in AOCL, along with the related tax impact, and recognized as a component of net periodic benefit cost over the average remaining service period of a plan’s active employees for active defined benefit pension plans and over the average remaining life of a plan’s active employees for frozen defined benefit pension plans. Share-based compensation: We have a stock incentive plan that provides for share-based employee compensation, including the granting of stock options, shares of restricted stock, restricted stock units and performance shares to certain key employees. Compensation expense is generally recognized in the Consolidated Statements of Income on a straight-line basis for all awards over the requisite service period. We estimate a forfeiture rate at the time of certain grants, and we update the estimate throughout the vesting of certain awards within the amount of compensation costs recognized in each period. Earnings per common share: Basic earnings per common share (“EPS”) is computed by dividing Net income attributable to Ingredion by the weighted average number of shares outstanding. Diluted EPS is calculated using the treasury stock method, computed by dividing Net income attributable to Ingredion by the weighted average number of shares outstanding, including the dilutive effect of outstanding stock options and other instruments associated with long-term incentive compensation plans. Risks and uncertainties: We operate domestically and internationally, and our business and assets in each country are subject to varying degrees of risk and uncertainty. We insure our business and assets in each country against insurable risks in a manner that we deem appropriate. Because of our geographic dispersion, we believe that a loss from a non-insured event in any one country is not likely to have a material adverse effect on our operations as a whole. Additionally, we believe there is no significant concentration of risk with any single customer or supplier whose failure or non-performance would materially affect our results. We do not consider the potential for insurance recoveries if we record accruals for estimated probable costs from events or circumstances that may be insured. Adoption of New Accounting Standards On January 1, 2025, we adopted Accounting Standard Update (“ASU”) No. 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60), on a prospective basis. Under this standard, a joint venture must apply a new basis of accounting upon formation by initially measuring its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). We applied the new standard to the Agrana joint venture, described in Note 3. The effect of adoption of the new standard was not material to our Consolidated Financial Statements. On January 1, 2025, we adopted ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on a prospective basis. Under this standard, specific categories in the rate reconciliation are disclosed and additional information for reconciling items that meet a quantitative threshold are provided. Additionally, information pertaining to taxes paid (net of refunds received) is disaggregated by federal, state, and foreign taxes with further disaggregation for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. We disclosed required disaggregated amounts and provided the required information, as reflected in Note 9. We early adopted ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), on a prospective basis after the ASU was issued in September 2025. Under this standard, we capitalize costs for internal-use software based on criteria for projects that focuses on the probability of completion, based on management funding approval, and intended use. The effect of adoption of the new standard was not material to our Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosure (Subtopic 220-40). The amendments in this update enhance disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses included in certain notes in the Consolidated Financial Statements. This ASU is effective for annual periods beginning after December 15, 2026, with early adoption permitted. We are currently assessing the impact of this ASU on our Consolidated Financial Statements. In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The new standard aligns hedge accounting with the economics of an entity’s risk management activities and amends the existing requirement that hedges of groups of individual forecasted transactions that use a single derivative as the hedging instrument must share the same risk exposure to be accounted as a cash flow hedge. Instead, hedges of groups of individual forecasted transactions that use a single derivative as the hedging instrument need only share similar risk exposure to be accounted as a cash flow hedge, with the quantitative threshold consistent with the high effective threshold used in the assessment of cash flow hedges. The ASU also clarifies risk assessment approaches for risk exposures in a group of forecasted transactions. We are currently assessing the impact of this ASU on our Consolidated Financial Statements.

Supplementary Information

12 Months Ended

Dec. 31, 2025

Supplementary Information

Supplementary Information

Accounts Receivable, Net

Accounts receivable, net as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Accounts receivable – trade	$	1,031	$	939
Accounts receivable – other	164		167
Allowance for credit losses	(10)		(13)
Total accounts receivable, net	$	1,185	$	1,093

Write-offs of accounts receivable were insignificant in 2025 and 2024. There were no significant contract assets associated with customers as of December 31, 2025 and 2024.

Inventories

Inventories as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Finished and in process	$	753	$	762
Raw materials	389		346
Manufacturing supplies	85		79
Total inventories	$	1,227	$	1,187

PP&E, Net

PP&E, net as of December 31, 2025 and 2024 was as follows:


	As of December 31,
	2025		2024
Land	$	180	$	173
Buildings	877		824
Machinery and equipment	5,196		4,743
Property, plant and equipment, at cost	6,253		5,740
Accumulated depreciation	(3,727)		(3,476)
Total property, plant and equipment, net	$	2,526	$	2,264

We recorded capitalized interest to PP&E of $6 million in 2025, $4 million in 2024, and $3 million in 2023. We recognized depreciation expense of $195 million in 2025, $188 million in 2024, and $193 million in 2023.

During 2024, we announced our intent to discontinue manufacturing operations at our Goole facility in the United Kingdom, Vanscoy facility in Canada, and Alcantara facility in Brazil. As a result, we recognized impairment charges of $91 million in the Consolidated Statements of Income primarily related to property, plant and equipment. We reclassified the assets and liabilities of the Vanscoy disposal group to held for sale, which are included in Prepaid expenses and assets held for sale and Accrued liabilities and liabilities held for sale, respectively, on the Consolidated Balance Sheets as of December 31, 2025 and 2024.

During 2025, we recorded $3 million of incremental fixed asset impairment charges related to the foregoing closures.

Supply Chain Finance Programs

Under supply chain finance programs administered by third-party banks, our suppliers have the opportunity to sell receivables due from us to participating financing institutions and receive earlier payment at a discount. Our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether such supplier sells its receivable to a financial institution. The payment terms we negotiate with a supplier are independent of whether such supplier participates in a supply chain finance program, and participation in any such program by a supplier has no effect on our income or cash flows.

As of December 31, 2025 and 2024, participating financial institutions held $148 million and $135 million of our liabilities recorded in Accounts payable and Accrued liabilities and liabilities held for sale on our Consolidated Balance Sheets. As of December 31, 2025, supply chain finance programs existed for operations in Brazil, certain PureCircle entities, Mexico, Thailand, China, Colombia, and Peru.

The rollforward of our outstanding obligations confirmed as valid under our supply chain finance programs as of December 31, 2025 and 2024 were follows:


	2025		2024
Outstanding as of January 1	$	135	$	153
Invoices added during the year	559		480
Invoices paid during the year	(561)		(473)
Currency translation adjustment	15		(25)
Outstanding as of December 31	$	148	$	135

Accrued Liabilities and Liabilities Held for Sale

Accrued liabilities and liabilities held for sale as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Compensation-related costs	$	123	$	121
Taxes payable and income taxes payable	67		156
Current lease liabilities	63		59
Dividends payable	52		52

Other	270		245
Total accrued liabilities and liabilities held for sale	$	575	$	633

There were no significant contract liabilities associated with our customers as of December 31, 2025 and 2024. Liabilities for volume discounts and incentives were also not significant as of December 31, 2025 and 2024.

Other Non-Current Liabilities

Other non-current liabilities as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Non-current operating lease liabilities	$	118	$	145
Deferred tax liabilities	128		136
Pension and postretirement liabilities	113		96
Other	114		109
Total other non-current liabilities	$	473	$	486

Supplemental Statements of Income Information

Research and development (“R&D”) expense was $71 million in 2025, $67 million in 2024, and $63 million in 2023. Our R&D expense, which we record in Operating expenses in the Consolidated Statements of Income, represents investments in new product development and innovation.

Supplemental Cash Flow Information

Interest paid was $37 million, $48 million and $96 million for 2025, 2024 and 2023. Income taxes paid, prior to the adoption of ASU 2023-09, was $169 million and $157 million in 2024 and 2023.

Quarterly Financial Data (Unaudited)

Earnings per share for each quarter and the year are calculated individually and may not sum to the total for the respective year. Summarized quarterly financial data was as follows:


	1st QTR		2nd QTR		3rd QTR		4th QTR
2025
Net sales	$	1,813	$	1,833	$	1,816	$	1,757
Gross profit	466		477		455		430
Net income attributable to Ingredion	197		196		171		165
Basic earnings per common share of Ingredion	3.05		3.04		2.66		2.59
Diluted earnings per common share of Ingredion	3.00		2.99		2.61		2.56
Per share dividends declared	0.80		0.80		0.82		0.82


	1st QTR		2nd QTR		3rd QTR		4th QTR
2024
Net sales	$	1,882	$	1,878	$	1,870	$	1,800
Gross profit	417		446		479		449
Net income attributable to Ingredion	216		148		188		95
Basic earnings per common share of Ingredion	3.29		2.25		2.88		1.46
Diluted earnings per common share of Ingredion	3.23		2.22		2.83		1.43
Per share dividends declared	0.78		0.78		0.80		0.80

Segment and Geographical Information - Schedule of Unallocated Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Restructuring and resegmentation costs	$ (13)	$ (18)	$ (1)
Impairment charges	(8)	(109)	(10)
Other matters	9	(6)	(1)
Total unallocated (costs)	$ (12)	$ (133)	$ (12)

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 72	$ 68
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$ 40	$ 55
Weighted average remaining lease term:
Weighted average remaining lease term	4 years 4 months 24 days	4 years 9 months 18 days
Weighted average discount rate	4.80%	4.60%

Description of the Business and Summary of Significant Accounting Policies (Details)	Dec. 31, 2025
Minimum
Property, plant and equipment and depreciation
Estimated useful life, definite-lived intangible assets	2 years
Maximum
Property, plant and equipment and depreciation
Estimated useful life, definite-lived intangible assets	30 years
Buildings \| Minimum
Property, plant and equipment and depreciation
Estimated useful life, PP&E	25 years
Buildings \| Maximum
Property, plant and equipment and depreciation
Estimated useful life, PP&E	50 years
Machinery and equipment \| Minimum
Property, plant and equipment and depreciation
Estimated useful life, PP&E	2 years
Machinery and equipment \| Maximum
Property, plant and equipment and depreciation
Estimated useful life, PP&E	25 years

Pension and Other Postretirement Benefits - Pension Amounts Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amounts recognized in the Consolidated Balance Sheets
Non-current liabilities	$ (113)	$ (96)
Pension Plan
Amounts recognized in accumulated other comprehensive loss, excluding tax effects, that have not yet been recognized as components of net periodic benefit cost
Accumulated benefit obligation	449	442
Pension Plan \| U.S. Plans
Amounts recognized in the Consolidated Balance Sheets
Non-current assets	39	35
Current liabilities	(1)	(1)
Non-current liabilities	(9)	(7)
Net assets (liabilities) recognized	29	27
Amounts recognized in accumulated other comprehensive loss, excluding tax effects, that have not yet been recognized as components of net periodic benefit cost
Net actuarial loss	22	25
Prior service (credit) cost	(1)	(2)
Net amount recognized	21	23
Information about plan obligations and assets for plans with an accumulated benefit obligation in excess of plan assets
Projected benefit obligation	(9)	(8)
Accumulated benefit obligation	(9)	(8)
Fair value of plan assets	0	0
Components of net periodic benefit cost
Service cost	3	3	$ 3
Interest cost	15	14	15
Expected return on plan assets	(17)	(17)	(17)
Amortization of actuarial (gain) loss	0	0	1
Amortization of prior service cost	(1)	0	(1)
Net periodic benefit cost	0	0	1
Amounts recorded in other comprehensive income and net periodic benefit cost
Net actuarial (gain) loss	(3)	(7)	(3)
Prior service cost	1	0	0
Amortization of actuarial loss	0	0	(1)
Amortization of prior service credit	0	0	1
Currency translation adjustment	0	0	0
Total recorded in other comprehensive (income) loss	(2)	(7)	(3)
Net periodic benefit cost	0	0	1
Total recorded in other comprehensive (income) loss and net periodic benefit cost	(2)	(7)	(2)
Pension Plan \| Non-U.S. Plans
Amounts recognized in the Consolidated Balance Sheets
Non-current assets	48	46
Current liabilities	(1)	(1)
Non-current liabilities	(49)	(41)
Net assets (liabilities) recognized	(2)	4
Amounts recognized in accumulated other comprehensive loss, excluding tax effects, that have not yet been recognized as components of net periodic benefit cost
Net actuarial loss	22	16
Prior service (credit) cost	1	1
Net amount recognized	23	17
Information about plan obligations and assets for plans with an accumulated benefit obligation in excess of plan assets
Projected benefit obligation	(54)	(46)
Accumulated benefit obligation	(42)	(36)
Fair value of plan assets	5	4
Components of net periodic benefit cost
Service cost	3	3	4
Interest cost	9	9	10
Expected return on plan assets	(9)	(9)	(9)
Amortization of actuarial (gain) loss	0	1	1
Amortization of prior service cost	0	0	0
Net periodic benefit cost	3	4	6
Amounts recorded in other comprehensive income and net periodic benefit cost
Net actuarial (gain) loss	4	(5)	0
Prior service cost	0	1	0
Amortization of actuarial loss	1	(1)	(1)
Amortization of prior service credit	0	0	0
Currency translation adjustment	1	(2)	1
Total recorded in other comprehensive (income) loss	6	(7)	0
Net periodic benefit cost	3	4	6
Total recorded in other comprehensive (income) loss and net periodic benefit cost	$ 9	$ (3)	$ 6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Gains (losses) on cash flow hedges, income tax effect	$ 3	$ 12	$ 40
Gains (losses) on cash flow hedges reclassified to earnings, income tax effect	1	32	21
Actuarial gains (losses) on pension and other postretirement obligations, settlements and plan amendments, income tax effect	2	6	0
Losses on pension and other postretirement obligations reclassified to earnings, tax effect	$ 0	$ 0	$ 0

Supplementary Information - Schedule of PP&E (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, plant and equipment and depreciation
Property, plant and equipment, at cost	$ 6,253	$ 5,740
Accumulated depreciation	(3,727)	(3,476)
Total property, plant and equipment, net	2,526	2,264
Land
Property, plant and equipment and depreciation
Property, plant and equipment, at cost	180	173
Buildings
Property, plant and equipment and depreciation
Property, plant and equipment, at cost	877	824
Machinery and equipment
Property, plant and equipment and depreciation
Property, plant and equipment, at cost	$ 5,196	$ 4,743

Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of debt

Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs and fair values as of December 31, 2025 and 2024:


	2025				2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2.900% senior notes due June 1, 2030	$	597	$	567	$	597	$	540
3.200% senior notes due October 1, 2026 (i)	499		497		499		486
3.900% senior notes due June 1, 2050	392		304		391		292
6.625% senior notes due April 15, 2037	253		280		253		268
Revolving credit agreement	—		—		—		—
Other long-term borrowings	1		1		47		47
Total long-term debt	1,742		1,649		1,787		1,633
Commercial paper	—		—		—		—
Other short-term borrowings	48		48		44		44
Total short-term borrowings	48		48		44		44
Total debt	$	1,790	$	1,697	$	1,831	$	1,677

(i)The senior note due October 1, 2026 is classified as a long-term note as we have the intent and ability to refinance on a long-term basis.

Supplementary Information - Other Non-Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Non-current liabilities:
Non-current operating lease liabilities	$ 118	$ 145
Deferred tax liabilities	128	136
Pension and postretirement liabilities	113	96
Other	114	109
Total other non-current liabilities	$ 473	$ 486
Operating Lease, Liability, Noncurrent, Statement of Financial Position	Total other non-current liabilities	Total other non-current liabilities

Divestitures and Acquisitions (Details) $ in Millions, ₩ in Billions			1 Months Ended						3 Months Ended	12 Months Ended
	Feb. 01, 2024 USD ($)	Feb. 01, 2024 KRW (₩)	Feb. 28, 2027 USD ($)	Feb. 28, 2027 KRW (₩)	Feb. 17, 2026 USD ($)	Feb. 17, 2026 KRW (₩)	Feb. 28, 2025 USD ($)	Feb. 28, 2025 KRW (₩)	Sep. 30, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 25, 2025	Nov. 10, 2023 USD ($)	Nov. 10, 2023 KRW (₩)	Dec. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business										$ 12	$ 255	$ 0
Net gain on sale of business										0	90	0
Purchases of non-controlling interests										0	40	2
Redeemable non-controlling interests										7	7	$ 43				$ 51
PureCircle Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchases of non-controlling interests										$ 0	$ 40
Pakistan Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage by parent										71.00%
PureCircle Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage by parent										98.00%	98.00%	88.00%
Pakistan Business Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal, ownership interest disposed													51.00%
South Korea divestiture \| Disposed of by sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture, consideration														$ 294	₩ 384
Proceeds from sale of business	$ 247	₩ 330					$ 12	₩ 18
Net gain on sale of business									$ 8		$ 90
Disposal group, operating profit											$ 2	$ 30
South Korea divestiture \| Disposed of by sale, not discontinued operations \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business					$ 12	₩ 18
South Korea divestiture \| Disposed of by sale, not discontinued operations \| Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business			$ 12	₩ 18

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2025	Nov. 17, 2025	Dec. 31, 2024
Commitments and Contingencies
Operating lease not yet commenced, term of contract		25 years
Lease not yet commenced, amount		$ 145
Reduction in taxes \| Foreign \| Brazil
Commitments and Contingencies
Brazilian deferred tax credits	$ 21		$ 39
Reduction in taxes \| Foreign \| Brazil \| Accounts receivable, net
Commitments and Contingencies
Brazilian deferred tax credits	15
Reduction in taxes \| Foreign \| Brazil \| Other non-current assets
Commitments and Contingencies
Brazilian deferred tax credits	$ 6

Equity - Schedule of stock based compensation expense (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 19, 2023
Share-based compensation expense
Pre-tax compensation expense	$ 40	$ 37	$ 33
Income tax benefit	(4)	(3)	(3)
Total share-based compensation expense, net of income taxes	$ 36	34	30
Share-based Payment Arrangement, Disclosure [Abstract]
Shares authorized under Stock Incentive Plan (in shares)				5.4
Shares available for future grants under Stock Incentive Plan (in shares)	4.6
Stock options
Share-based compensation expense
Pre-tax compensation expense	$ 5	5	4
Income tax benefit	0	0	0
Total share-based compensation expense, net of income taxes	5	5	4
RSUs
Share-based compensation expense
Pre-tax compensation expense	20	18	15
Income tax benefit	(3)	(2)	(2)
Total share-based compensation expense, net of income taxes	17	16	13
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	15	14	14
Income tax benefit	(1)	(1)	(1)
Total share-based compensation expense, net of income taxes	$ 14	$ 13	$ 13

Derivative Instruments and Hedging Activities - Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair value of derivatives
Fair value of derivative instruments, assets	$ 24	$ 52
Fair value of derivative instruments, liabilities	28	21
Designated Hedging Instruments
Fair value of derivatives
Fair value of derivative instruments, assets	17	38
Fair value of derivative instruments, liabilities	24	18
Net Assets/(Liabilities)	(7)	20
Designated Hedging Instruments \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	17	33
Designated Hedging Instruments \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	5
Designated Hedging Instruments \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	24	16
Designated Hedging Instruments \| Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	0	2
Designated Hedging Instruments \| Commodity contracts
Fair value of derivatives
Fair value of derivative instruments, assets	4	19
Fair value of derivative instruments, liabilities	13	8
Net Assets/(Liabilities)	(9)	11
Designated Hedging Instruments \| Commodity contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	4	18
Designated Hedging Instruments \| Commodity contracts \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	1
Designated Hedging Instruments \| Commodity contracts \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	13	8
Designated Hedging Instruments \| Commodity contracts \| Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	0	0
Designated Hedging Instruments \| Foreign currency contracts
Fair value of derivatives
Fair value of derivative instruments, assets	13	19
Fair value of derivative instruments, liabilities	11	10
Net Assets/(Liabilities)	2	9
Designated Hedging Instruments \| Foreign currency contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	13	15
Designated Hedging Instruments \| Foreign currency contracts \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	4
Designated Hedging Instruments \| Foreign currency contracts \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	11	8
Designated Hedging Instruments \| Foreign currency contracts \| Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	0	2
Non-Designated Hedging Instruments
Fair value of derivatives
Fair value of derivative instruments, assets	7	14
Fair value of derivative instruments, liabilities	4	3
Net Assets/(Liabilities)	3	11
Non-Designated Hedging Instruments \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	6	12
Non-Designated Hedging Instruments \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	1	2
Non-Designated Hedging Instruments \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	4	3
Non-Designated Hedging Instruments \| Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	0	0
Non-Designated Hedging Instruments \| Commodity contracts
Fair value of derivatives
Fair value of derivative instruments, assets	1	1
Fair value of derivative instruments, liabilities	1	1
Net Assets/(Liabilities)	0	0
Non-Designated Hedging Instruments \| Commodity contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	1	1
Non-Designated Hedging Instruments \| Commodity contracts \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	0
Non-Designated Hedging Instruments \| Commodity contracts \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	1	1
Non-Designated Hedging Instruments \| Commodity contracts \| Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	0	0
Non-Designated Hedging Instruments \| Foreign currency contracts
Fair value of derivatives
Fair value of derivative instruments, assets	6	13
Fair value of derivative instruments, liabilities	3	2
Net Assets/(Liabilities)	3	11
Non-Designated Hedging Instruments \| Foreign currency contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	5	11
Non-Designated Hedging Instruments \| Foreign currency contracts \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	1	2
Non-Designated Hedging Instruments \| Foreign currency contracts \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	3	2
Non-Designated Hedging Instruments \| Foreign currency contracts \| Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	$ 0	$ 0

Pension and Other Postretirement Benefits - Postretirement Benefit Payments (Details) - Postemployment Retirement Benefits $ in Millions	Dec. 31, 2025 USD ($)
Expected future benefit payments
2026	$ 4
2027	4
2028	4
2029	4
2030	4
Thereafter	$ 24

Consolidated Statements of Equity and Redeemable Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings	Non- Redeemable Non- Controlling Interests
Balance at beginning of period at Dec. 31, 2022		$ 1	$ 1,132	$ (1,148)	$ (1,048)	$ 4,210	$ 16
Increase (Decrease) in Stockholders' Equity
Net income attributable to Ingredion	$ 643					643
Net income (loss) attributable to non-controlling interests	8						7
Dividends declared						(199)	(3)
Repurchases of common stock, net				(101)
Share-based compensation, net of issuance			7	42
Fair market value adjustment to non-controlling interests			7
Other comprehensive (loss) income	(8)				(8)		(6)
Balance at end of period at Dec. 31, 2023		1	1,146	(1,207)	(1,056)	4,654	14
Share-based payments subject to redemption, beginning balance at Dec. 31, 2022	48
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	7
Share-based payments subject to redemption, ending balance at Dec. 31, 2023	55
Redeemable non-controlling interests, beginning balance at Dec. 31, 2022	51
Increase (Decrease) in Temporary Equity
Net income attributable to non-controlling interests	1
Fair market value adjustment to non-controlling interests	(7)
Purchases of non-controlling interests	(2)
Redeemable non-controlling interests, ending balance at Dec. 31, 2023	43
Increase (Decrease) in Stockholders' Equity
Net income attributable to Ingredion	647					647
Net income (loss) attributable to non-controlling interests	7						9
Dividends declared						(209)	(5)
Repurchases of common stock, net				(216)
Share-based compensation, net of issuance			12	68
Fair market value adjustment to non-controlling interests			(6)
Other comprehensive (loss) income	(30)				(30)		1
Balance at end of period at Dec. 31, 2024	3,823	1	1,152	(1,355)	(1,086)	5,092	19
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	5
Share-based payments subject to redemption, ending balance at Dec. 31, 2024	60
Increase (Decrease) in Temporary Equity
Net income attributable to non-controlling interests	(2)
Fair market value adjustment to non-controlling interests	6
Purchases of non-controlling interests	(40)
Redeemable non-controlling interests, ending balance at Dec. 31, 2024	7
Increase (Decrease) in Stockholders' Equity
Net income attributable to Ingredion	729					729
Net income (loss) attributable to non-controlling interests	7						7
Dividends declared						(211)	(5)
Repurchases of common stock, net				(224)
Share-based compensation, net of issuance			3	24
Other comprehensive (loss) income	149				149
Balance at end of period at Dec. 31, 2025	4,295	$ 1	$ 1,155	$ (1,555)	$ (937)	$ 5,610	$ 21
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	4
Share-based payments subject to redemption, ending balance at Dec. 31, 2025	64
Redeemable non-controlling interests, ending balance at Dec. 31, 2025	$ 7

Leases - Operating Lease Reconciliation (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets
2026	$ 68
2027	50
2028	29
2029	19
2030	8
Thereafter	20
Total future lease payments	194
Less: imputed interest	13
Present value of future lease payments	181
Less: current lease liabilities	$ 63	$ 59
Operating Lease, Liability, Current, Statement of Financial Position	Accrued liabilities and liabilities held for sale	Accrued liabilities and liabilities held for sale
Non-current operating lease liabilities	$ 118	$ 145
Operating Lease, Liability, Noncurrent, Statement of Financial Position	Other non-current liabilities	Other non-current liabilities
Operating lease assets	$ 177
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other non-current assets

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income taxes and the provision for income taxes for 2025, 2024 and 2023 are presented below:


	2025		2024		2023
Income before income taxes:
U.S.	$	338	$	396	$	244
Foreign	636		535		595
Total income before income taxes	974		931		839
Provision for income taxes:
Current tax expense:
U.S. federal	34		31		6
State and local	6		6		5
Foreign	192		255		183
Total current tax expense	232		292		194
Deferred tax expense (benefit):
U.S. federal	7		11		—
State and local	3		2		1
Foreign	(4)		(28)		(7)
Total deferred tax expense (benefit)	6		(15)		(6)
Total provision for income taxes	$	238	$	277	$	188

Cash paid for income taxes, net of refunds, consisted of the following:


	2025
U.S. federal	$	47
State and local	7
Foreign:
Mexico	142
Germany	58
Canada	53
Colombia	25
All other foreign	57
Total income taxes paid, net of refunds	$	389

Deferred income taxes are provided for the tax effects of temporary differences between the financial reporting basis and tax basis of assets and liabilities. Significant temporary differences as of December 31, 2025 and 2024 are summarized as follows:


	2025		2024
Deferred tax assets attributable to:
Employee benefit accruals	$	33	$	31
Pensions and postretirement plans	14		9
Lease liabilities	48		51
Allowance for credit losses	3		3
Inventory reserve	15		16
Net operating loss carryforwards	47		51
Tax credit carryforwards	9		7
Derivative contracts	1		—
Uniform capitalization	11		8
Equity method investments	2		9
Other	54		46
Total deferred tax assets	237		231
Valuation allowances	(52)		(60)
Net deferred tax assets	$	185	$	171
Deferred tax liabilities attributable to:
Property, plant and equipment	173		161
Identified intangibles	20		25
Right-of-use lease assets	45		48
Foreign withholding and state taxes on unremitted earnings	10		1
Goodwill	45		38

Derivative contracts	—		3
Total deferred tax liabilities	293		276
Net deferred tax liabilities	$	108	$	105

Of the $47 million of tax-effected net operating loss carryforwards as of December 31, 2025, $31 million are for foreign loss carryforwards, $14 million for state loss carryforwards, and $2 million for U.S. federal loss carryforwards. Of the $31 million of foreign loss carryforwards, $25 million are related to Canada, $3 million to Argentina, and $1 million to the United Kingdom, with carryforward periods of 20 years, 10 years, and indefinite. U.S. federal and state loss carryforwards have various expiration periods beginning in 2026.

A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Prior to establishing a valuation allowance, we consider historical taxable income, scheduled reversal of deferred tax liabilities, tax planning strategies, tax carryovers and projected future taxable income. As of December 31, 2025, we maintained valuation allowances of $52 million, consisting of $16 million primarily related to foreign loss carryforwards, $12 million for state loss carryforwards, and $2 million for U.S. federal loss carryforwards. Additionally, we have $7 million for state credits, $6 million for capital loss carryforwards, $5 million primarily related to equity method investments, and $4 million for certain foreign tax credits and net deferred tax assets, all of which we have determined will more likely than not expire prior to realization.

Net operating loss carryforwards disclosed in the financial statements differ from the as-filed tax returns due to an unrecognized tax benefit. Foreign net operating loss carryforwards and valuation allowances would increase $10 million absent the unrecognized tax benefit.

The following table reconciles the U.S. federal statutory income tax rate to the Company’s effective tax rate for 2025.


	2025
	Amount		Percent
Federal statutory tax rate	$	204	21.0	%
U.S. tax effects:
State and local income taxes, net of federal benefit (i)	7		0.7
Effect of cross-border tax laws:
Foreign-derived intangible income	(17)		(1.7)
Other	2		0.2
Tax credits:
Foreign tax credit	(26)		(2.7)
Other	(3)		(0.3)
Nontaxable or nondeductible items	6		0.6
Other	9		0.9
Foreign tax effects:
Mexico:
Statutory tax rate difference	25		2.6
Other	9		0.9
Foreign currency foreign exchange	(14)		(1.5)
Germany:
Provincial tax	13		1.3
Other	(4)		(0.4)
Colombia	11		1.1
Other foreign jurisdictions	19		2.0
Changes in unrecognized tax benefits	(3)		(0.3)
Effective income tax rate	$	238	24.4	%

(i) Illinois and New York make up the majority (greater than 50 percent) of state and local income taxes, net of federal benefit.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to our adoption of ASU 2023-09, the effective income tax rate differed from the statutory federal income tax rate as follows:


	2024		2023
Provision for tax at U.S. statutory rate	21.0	%	21.0	%
Tax rate difference on foreign income	5.4		6.1
Foreign currency foreign exchange	1.9		(1.8)
Inflation adjustments	(0.4)		(0.5)
Tax benefit of intercompany financing	(0.3)		(0.4)
U.S. international tax implications	1.4		1.0

Favorable judgment on the treatment of credits and interest on indirect taxes	—		(0.2)
Sale of our South Korea business	(1.6)		—
Unfavorable judgment and related reserve on transfer pricing matters	1.6		—
Valuation allowance on investments	1.2		—


Foreign-derived intangible income (“FDII”)	(1.6)		(1.5)
Brazil exclusion of certain tax incentives	(0.3)		(1.2)
Other items, net	1.5		(0.1)
Provision at effective tax rate	29.8	%	22.4	%

During the year ended December 31, 2025, we announced our intention to divest the Pakistan business as described in Note 2. As a result of this decision, management concluded that we no longer have the intent or ability to indefinitely reinvest the historical earnings of this foreign subsidiary and therefore reversed our indefinite reinvestment assertion related to this entity.

As of December 31, 2025, we recorded a $10 million deferred tax liability resulting primarily from a change in our permanent reinvestment assertion regarding our foreign subsidiary in Pakistan. We continue to assert indefinite reinvestment for the accumulated earnings of our other foreign subsidiaries, for which no material foreign taxes, U.S. federal or state taxes, or foreign currency gains or losses have been provided. It is not practicable to estimate the additional income taxes, including applicable foreign withholding taxes, that would be payable if such earnings were repatriated.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for 2025 and 2024 were as follows:


	2025		2024
Balance at January 1	$	40	$	31
Additions for tax positions related to prior years	2		7
Reductions for tax positions related to prior years	—		(1)
Additions based on tax positions related to the current year	2		3
Settlements with taxing authorities	(3)		—
Reductions related to a lapse in the statute of limitations	(2)		—
Balance at December 31	$	39	$	40

Of the $39 million of unrecognized tax benefits as of December 31, 2025, $29 million represents the amount that, if recognized, could affect the effective tax rate in future periods. The remaining $10 million represents net operating loss carryforwards that would have otherwise had a valuation allowance.

We account for interest and penalties related to income tax matters within the provision for income taxes. We have accrued $7 million of interest expense and penalties related to unrecognized tax benefits as of December 31, 2025.

We are subject to U.S. federal income tax as well as income tax in multiple states and non-U.S. jurisdictions. The U.S. federal tax returns are subject to audit for the years 2022 through 2025. In general, our foreign subsidiaries remain subject to audit for years 2014 and later.

It is reasonably possible that the total amount of unrecognized tax benefits including interest and penalties will increase or decrease within twelve months of December 31, 2025, as a result of the expiration of a statute of limitations period and potential settlement.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 736	$ 654	$ 651
Other comprehensive income:
(Losses) on cash flow hedges, net of income tax effect of $3, $12 and $40	(6)	(36)	(111)
(Gains) losses on cash flow hedges reclassified to earnings, net of income tax effect of $1, $32 and $21	(3)	88	57
Actuarial (losses) gains on pension and other postretirement obligations, settlements and plan amendments, net of income tax effect of $2, $6 and $—	(4)	17	(2)
Losses on pension and other postretirement obligations reclassified to earnings, net of income tax effect of $—	0	1	1
Currency translation adjustment	162	(100)	47
Comprehensive income	885	624	643
Less: Comprehensive income attributable to non-controlling interests	7	8	2
Comprehensive income attributable to Ingredion	$ 878	$ 616	$ 641

Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of funded status

The changes in pension benefit obligations and plan assets during 2025 and 2024, as well as the funded status and the amounts recognized in our Consolidated Balance Sheets related to our pension plans at December 31, 2025 and 2024, were as follows:


	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Benefit obligation
At January 1	$	288	$	305	$	170	$	200
Divestiture (i)	—		—		—		(14)
Service cost	3		3		3		3
Interest cost	15		14		9		9
Benefits paid	(21)		(20)		(11)		(11)
Actuarial loss (gain)	4		(14)		—		—
Curtailment/settlement/amendments, net	—		—		(3)		(1)
Currency translation adjustment	—		—		11		(16)
Benefit obligation at December 31	$	289	$	288	$	179	$	170

Fair value of plan assets
At January 1	$	315	$	325	$	174	$	200
Divestiture (i)	—		—		—		(16)
Actual return on plan assets	23		10		5		14
Employer contributions	1		—		4		4
Benefits paid	(21)		(20)		(11)		(11)
Plan settlements	—		—		(4)		(2)
Currency translation adjustment	—		—		9		(15)
Fair value of plan assets at December 31	$	318	$	315	$	177	$	174

Funded status	$	29	$	27	$	(2)	$	4

______________________

(i)We completed the sale of our South Korea business on February 1, 2024.

The information presented below includes plans in the U.S., Brazil and Canada. The changes in the benefit obligations of the plans during 2025 and 2024, as well as the amounts recognized in our Consolidated Balance Sheets as of December 31, 2025 and 2024, were as follows:


	2025		2024
Accumulated postretirement benefit obligation
At January 1	$	52	$	64

Interest cost	4		4

Actuarial loss (gain)	3		(7)
Benefits paid	(3)		(3)
Currency translation adjustment	3		(6)
At December 31	59		52
Fair value of plan assets	—		—
Funded status	$	(59)	$	(52)

Schedule of amounts recognized in the consolidated balance sheets

Amounts recorded in the Consolidated Balance Sheets as of December 31, 2025 and 2024 were as follows:


	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Non-current assets	$	39	$	35	$	48	$	46
Current liabilities	(1)		(1)		(1)		(1)
Non-current liabilities	(9)		(7)		(49)		(41)
Net assets (liabilities) recognized	$	29	$	27	$	(2)	$	4

Amounts recorded in the Consolidated Balance Sheets as of December 31, 2025 and 2024 were as follows:


	2025		2024
Current liabilities	$	(4)	$	(4)
Non-current liabilities	(55)		(48)
Total liabilities recognized	$	(59)	$	(52)

Schedule of amounts recognized in accumulated other comprehensive loss

Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2025 and 2024, were as follows:


	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Net actuarial loss	$	22	$	25	$	22	$	16

Prior service (credit) cost	(1)		(2)		1		1
Net amount recognized	$	21	$	23	$	23	$	17

Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2025 and 2024 were as follows:


	2025		2024
Net actuarial (gain)	$	(1)	$	(5)
Prior service cost	3		5
Net amount recognized	$	2	$	—

Schedule of plan obligations and assets for plans with an accumulated benefit obligation in excess of plan assets

Information for pension plans with a projected benefit obligation in excess of plan assets and an accumulated benefit obligation in excess of plan assets is as follows:


	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Projected benefit obligation	$	(9)	$	(8)	$	(54)	$	(46)
Accumulated benefit obligation	(9)		(8)		(42)		(36)
Fair value of plan assets	—		—		5		4

Components of net periodic benefit cost

Components of net periodic benefit cost consist of the following for 2025, 2024 and 2023:


	U.S. Plans						Non-U.S. Plans
	2025		2024		2023		2025		2024		2023
Service cost	$	3	$	3	$	3	$	3	$	3	$	4
Interest cost	15		14		15		9		9		10
Expected return on plan assets	(17)		(17)		(17)		(9)		(9)		(9)
Amortization of actuarial loss	—		—		1		—		1		1
Amortization of prior service credit	(1)		—		(1)		—		—		—
Net periodic benefit cost	$	—	$	—	$	1	$	3	$	4	$	6

Components of net periodic benefit cost for 2025, 2024 and 2023 were as follows:


	2025		2024		2023
Service cost	$	—	$	—	$	1
Interest cost	4		4		4
Amortization of actuarial (gain) loss	—		—		(1)
Amortization of prior service cost	1		1		1
Net periodic benefit cost	$	5	$	5	$	5

Schedule of amounts recorded in other comprehensive income and net periodic benefit cost

Total pre-tax amounts recorded in other comprehensive income and net periodic benefit cost for 2025, 2024 and 2023 were as follows:


	U.S. Plans						Non-U.S. Plans
	2025		2024		2023		2025		2024		2023
Net actuarial (gain) loss	$	(3)	$	(7)	$	(3)	$	4	$	(5)	$	—
Prior service cost	1		—		—		—		1		—
Amortization of actuarial loss	—		—		(1)		1		(1)		(1)
Amortization of prior service credit	—		—		1		—		—		—
Currency translation adjustment	—		—		—		1		(2)		1
Total recorded in other comprehensive (income) loss	(2)		(7)		(3)		6		(7)		—
Net periodic benefit cost	—		—		1		3		4		6
Total recorded in other comprehensive (income) loss and net periodic benefit cost	$	(2)	$	(7)	$	(2)	$	9	$	(3)	$	6

Total pre-tax amounts recorded in other comprehensive income and net periodic benefit cost for 2025, 2024 and 2023 were as follows:


	2025		2024		2023
Net actuarial loss (gain)	$	3	$	(7)	$	1
Prior service cost	—		—		2
Amortization of prior service (cost)	(1)		(1)		(1)
Amortization of actuarial gain	—		—		1
Currency translation adjustment	1		(2)		1
Total recorded in other comprehensive loss (income)	3		(10)		4
Net periodic benefit cost	5		5		5
Total recorded in other comprehensive (income) loss and net periodic benefit cost	$	8	$	(5)	$	9

Schedule of weighted average assumptions used to determine the company's obligations

The weighted average assumptions used to determine our obligations for the pension plans for 2025 and 2024 were as follows:


	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Discount rate	5.41	%	5.64	%	5.52	%	5.42	%
Rate of compensation increase	3.70		3.75		4.24		4.16
Cash balance interest credit rate	4.51		4.63		—		—

We used the following weighted average assumptions to determine our postretirement benefit obligations for 2025 and 2024:


	2025		2024
Discount rate	8.16	%	7.75	%

Schedule of weighted average assumptions used to determine the company's net periodic benefit cost

The weighted average assumptions used to determine our net periodic benefit cost for the pension plans were as follows:


	U.S. Plans						Non-U.S. Plans
	2025		2024		2023		2025		2024		2023
Discount rate	5.64	%	5.00	%	5.19	%	5.42	%	5.32	%	5.67	%
Expected long-term return on plan assets	5.50		5.50		5.50		5.05		4.97		5.05
Rate of compensation increase	3.75		3.83		3.92		4.16		3.73		3.83
Cash balance interest crediting rate	4.63		4.53		4.21		—		—		—

The following weighted average assumptions were used to determine our net postretirement benefit cost:


	2025		2024		2023
Discount rate	7.75	%	7.37	%	7.30	%

Schedule of weighted average asset allocation

Our weighted average asset allocations as of December 31, 2025 and 2024 for U.S. and non-U.S. pension plan assets were as follows:


	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Equity securities	7	%	7	%	9	%	9	%
Debt securities	91		91		86		84
Cash and other	2		2		5		7
Total	100	%	100	%	100	%	100	%

Schedule of fair values of the company's plan assets, by asset category and level

The fair values of our plan assets by asset category were as follows:


	Fair Value Measurements as of December 31, 2025
	NAV				Level 1				Level 2				Total
	2025		2024		2025		2024		2025		2024		2025		2024
U.S. Plans:
Equity index:
U.S. (i)	$	—	$	—	$	—	$	—	$	14	$	14	$	14	$	14
International (ii)	—		—		—		—		7		7		7		7
Fixed income index:
Intermediate bond (iv)	—		—		—		—		12		—		12		—
Long bond (iii)	—		—		—		—		121		125		121		125
Government bond (iv)	—		—		—		—		91		100		91		100
Other fixed income (v)	67		63		—		—		—		—		67		63
Cash & Short-term Investments (vi)	—		—		—		—		6		6		6		6
Total U.S. Plans	$	67	$	63	$	—	$	—	$	251	$	252	$	318	$	315
Non-U.S. Plans:
Equity index:
U.S. (i)	$	—	$	—	$	—	$	—	$	10	$	10	$	10	$	10
International (ii)	—		—		—		—		5		5		5		5
Fixed income index:
Government bond (vii)	—		—		—		—		77		73		77		73
Corporate bond (viii)	—		—		—		—		76		74		76		74
Other (ix)	—		—		—		—		7		10		7		10
Cash & Short-term Investments (vi)	—		—		2		2		—		—		2		2
Total Non-U.S. Plans	$	—	$	—	$	2	$	2	$	175	$	172	$	177	$	174

______________________

(i)This category consists of both passively and actively managed equity index funds that track the return of large capitalization U.S. equities.

(ii)This category consists of both passively and actively managed equity index funds that track an index of returns on international developed and emerging market equities.

(iii)This category consists of an actively managed fixed income index fund that invests in a diversified portfolio of fixed-income securities with maturities generally exceeding 10 years.

(iv)This category consists of both passively and actively managed fixed income index funds that invest in a diversified portfolio of fixed income government and corporate debt securities with varying maturities.

(v)This category consists of an actively managed common collective fund that invests in government bonds, collateralized mortgage obligations, investment grade private credit and real estate debt. This fund is priced monthly at the aggregated market value of the underlying investments and may be fully redeemed with 95 days notice.

(vi)This category represents cash, cash equivalents or highly liquid short-term investments.

(vii)This category consists of both passively and actively managed fixed income index funds that track the return of government bonds with varying maturities.

(viii)This category consists of actively managed fixed income index funds that track the return of investment grade corporate bonds with varying maturities.

(ix)This category mainly consists of investment products provided by insurance companies that offer returns that are subject to a minimum guarantee and mutual funds.

Schedule of assumptions made in measuring the company's postretirement benefit obligation

We used the following assumptions as of December 31, 2025:


	U.S.		Canada		Brazil
2025 increase in per capita cost	8.50	%	5.30	%	8.42	%
Ultimate trend	4.50	%	4.05	%	8.42	%
Year ultimate trend reached	2034		2040		2025

Schedule of benefit payments, which reflect anticipated future service, as appropriate and are expected to be made

We expect to pay the following benefit payments to beneficiaries, which reflect anticipated future service, as appropriate:


	U.S. Plans		Non-U.S. Plans
2026	$	28	$	12
2027	27		12
2028	26		12
2029	25		13
2030	24		13
Thereafter	111		75

We expect to make the following benefit payments to beneficiaries under our postretirement benefit plans, which reflect anticipated future service, as appropriate:



2026	$	4
2027	4
2028	4
2029	4
2030	4
Thereafter	24

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

We are exposed to market risk stemming from changes in commodity prices (primarily corn and natural gas), foreign currency exchange rates and interest rates. In the normal course of business, we actively manage our exposure to these market risks by entering various hedging transactions authorized under established policies that place controls on these activities. These transactions utilize exchange-traded derivatives or over-the-counter derivatives with investment grade counterparties. We use derivative financial instruments that consist of commodity-related futures, options and swap contracts, foreign currency-related forward contracts, interest rate swaps and treasury locks (“T-Locks”).

Commodity price hedging: Our principal use of derivative financial instruments is to manage commodity price risk relating to anticipated purchases of corn and natural gas that we intend to use in the manufacturing process, generally over the next twelve to twenty-four months. We maintain a commodity-price risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by commodity-price volatility. To manage price risk related to corn purchases primarily in North American countries in each of our F&II and T&HS segments, we use corn futures and option contracts that trade on regulated commodity exchanges to lock in corn costs associated with fixed-priced customer sales contracts. We use soybean oil and soybean meal futures contracts in North American countries in each of our F&II and T&HS segments that trade on regulated commodity exchanges to hedge sales of our co-

products. We also use over-the-counter natural gas swaps, primarily in North American countries in each of our F&II and T&HS segments, to hedge a portion of our natural gas usage. These derivative financial instruments limit the impact that volatility resulting from fluctuations in market prices will have on corn and natural gas purchases, as well as co-product sales. Our natural gas, soybean meal and the majority of our corn and soybean oil derivatives have been designated as cash flow hedging instruments. A portion of our corn and soybean oil derivatives are not designated as hedging instruments for accounting purposes.

We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 84 million and 105 million bushels of corn as of December 31, 2025 and 2024. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 26 million and 24 million mmbtus of natural gas as of December 31, 2025 and 2024.

Foreign currency hedging: Due to our global operations, including operations in many emerging markets, we are exposed to fluctuations in foreign currency exchange rates. As a result, we have exposure to translational foreign-exchange risk when the results of our foreign net assets and operations are translated to U.S. dollars and to transactional foreign-exchange risk when transactions not denominated in the functional currency are revalued. Our foreign-exchange risk management strategy uses derivative financial instruments such as foreign currency forward contracts, swaps and options to manage our transactional foreign-exchange risk. We enter into foreign currency derivative instruments that are designated as cash flow hedging instruments as well as instruments not designated as hedging instruments for accounting purposes in order to mitigate transactional foreign-exchange risk.

We hedge certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $395 million and $408 million as of December 31, 2025 and 2024. We also hedge certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $192 million and $113 million as of December 31, 2025 and 2024.

We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $425 million and $447 million as of December 31, 2025 and 2024. We also hedge certain liabilities using foreign currency cash flow hedging instruments, which had a notional value of $358 million and $448 million as of December 31, 2025 and 2024.

Interest rate hedging: We assess our exposure to variability in interest rates by identifying and monitoring changes in interest rates that may adversely impact future cash flows and the fair value of existing debt instruments and by evaluating hedging opportunities. Our risk management strategy is to monitor interest rate risk attributable to our outstanding and forecasted debt obligations as well as our offsetting hedge positions. Derivative financial instruments that we have used to manage our interest rate risk consist of interest rate swaps and T-Locks.

We periodically enter into T-Locks to hedge our exposure to interest rate changes. We have settled T-Locks associated with the issuance of our senior notes due in 2030 and 2050. The realized loss upon settlement of these T-Locks was recorded in AOCL and is amortized into earnings over the term of the senior notes. We did not have open T-Locks as of December 31, 2025 and 2024.

The derivative instruments designated as cash flow hedges included in AOCL as of December 31, 2025 and 2024 were as follows:


	(Losses) Gains included in AOCL as of December 31,
	2025		2024
Commodity contracts, net of income tax effect of $3 and $—	$	(7)	$	(1)
Foreign currency contracts, net of income tax effect of $3 and $4	3		7
Interest rate contracts, net of income tax effect of $1	(1)		(2)
Total	$	(5)	$	4

As of December 31, 2025, AOCL included $4 million of net losses (net of income taxes of $1 million) on commodities-related derivative instruments, T-Locks and foreign currency hedges designated as cash flow hedges that are expected to be reclassified into earnings during the next twelve months.

The fair value and balance sheet location of our derivative instruments, presented gross in the Consolidated Balance Sheets, were as follows:


	Fair Value of Hedging Instruments as of December 31, 2025
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	4	$	13	$	17	$	1	$	5	$	6
Other non-current assets	—		—		—		—		1		1
Assets	4		13		17		1		6		7
Accounts payable	13		11		24		1		3		4
Other non-current liabilities	—		—		—		—		—		—
Liabilities	13		11		24		1		3		4
Net Assets/(Liabilities)	$	(9)	$	2	$	(7)	$	—	$	3	$	3


	Fair Value of Hedging Instruments as of December 31, 2024
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	18	$	15	$	33	$	1	$	11	$	12
Other non-current assets	1		4		5		—		2		2
Assets	19		19		38		1		13		14
Accounts payable	8		8		16		1		2		3
Other non-current liabilities	—		2		2		—		—		—
Liabilities	8		10		18		1		2		3
Net Assets/(Liabilities)	$	11	$	9	$	20	$	—	$	11	$	11

Additional information relating to our derivative instruments were as follows:


Derivatives in Cash Flow Hedging Relationships	(Losses) Gains Recognized in OCL on Derivatives						Income Statement Location	(Losses) Gains Reclassified from AOCL into Income
	2025		2024		2023			2025		2024		2023
Commodity contracts	$	(26)	$	(62)	$	(161)	Cost of sales	$	(17)	$	(124)	$	(87)
Foreign currency contracts	17		14		10		Net sales/Cost of sales	22		4		10
Interest rate contracts	—		—		—		Financing costs	(1)		—		(1)
Total	$	(9)	$	(48)	$	(151)		$	4	$	(120)	$	(78)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 185
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-185

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 184
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-184

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 181
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-181

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The components of lease expense for 2025, 2024 and 2023 were as follows:


	2025		2024		2023
Operating lease expense	$	71	$	67	$	63
Variable operating lease expense	19		17		26
Short term lease expense	4		4		3
Total lease expense	$	94	$	88	$	92

We have operating leases for certain rail cars, office spaces, warehouses and machinery and equipment. We currently have no finance leases. The following is a reconciliation of future undiscounted cash flows to the operating lease liabilities and the related operating lease assets as presented within Other non-current liabilities and Other non-current assets, on our Consolidated Balance Sheets as of December 31, 2025:


2026	$	68
2027	50
2028	29
2029	19
2030	8
Thereafter	20
Total future lease payments	194
Less: imputed interest	13
Present value of future lease payments	181
Less: current lease liabilities	63
Non-current operating lease liabilities	$	118
Operating lease assets	$	177

Supplemental cash flow information arising from lease transactions is as follows:


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	72	$	68
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	40	$	55


	Year Ended December 31,
	2025		2024
Lease term and discount rate
Weighted average remaining lease term	4.4 years		4.8 years
Weighted average discount rate	4.8	%	4.6	%

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of cash flow hedges included in AOCI

The derivative instruments designated as cash flow hedges included in AOCL as of December 31, 2025 and 2024 were as follows:


	(Losses) Gains included in AOCL as of December 31,
	2025		2024
Commodity contracts, net of income tax effect of $3 and $—	$	(7)	$	(1)
Foreign currency contracts, net of income tax effect of $3 and $4	3		7
Interest rate contracts, net of income tax effect of $1	(1)		(2)
Total	$	(5)	$	4

Schedule of fair value and balance sheet location of derivative instruments

The fair value and balance sheet location of our derivative instruments, presented gross in the Consolidated Balance Sheets, were as follows:


	Fair Value of Hedging Instruments as of December 31, 2025
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	4	$	13	$	17	$	1	$	5	$	6
Other non-current assets	—		—		—		—		1		1
Assets	4		13		17		1		6		7
Accounts payable	13		11		24		1		3		4
Other non-current liabilities	—		—		—		—		—		—
Liabilities	13		11		24		1		3		4
Net Assets/(Liabilities)	$	(9)	$	2	$	(7)	$	—	$	3	$	3


	Fair Value of Hedging Instruments as of December 31, 2024
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	18	$	15	$	33	$	1	$	11	$	12
Other non-current assets	1		4		5		—		2		2
Assets	19		19		38		1		13		14
Accounts payable	8		8		16		1		2		3
Other non-current liabilities	—		2		2		—		—		—
Liabilities	8		10		18		1		2		3
Net Assets/(Liabilities)	$	11	$	9	$	20	$	—	$	11	$	11

Schedule of amount of gains and losses recognized in OCI and income statement location

Additional information relating to our derivative instruments were as follows:


Derivatives in Cash Flow Hedging Relationships	(Losses) Gains Recognized in OCL on Derivatives						Income Statement Location	(Losses) Gains Reclassified from AOCL into Income
	2025		2024		2023			2025		2024		2023
Commodity contracts	$	(26)	$	(62)	$	(161)	Cost of sales	$	(17)	$	(124)	$	(87)
Foreign currency contracts	17		14		10		Net sales/Cost of sales	22		4		10
Interest rate contracts	—		—		—		Financing costs	(1)		—		(1)
Total	$	(9)	$	(48)	$	(151)		$	4	$	(120)	$	(78)

Equity - Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other disclosures
Share-based payments subject to redemption	$ 64	$ 60	$ 55	$ 48
RSUs
Share-based compensation
Vesting terms	3 years
Number of Restricted Shares (in thousands)
Non-vested at the beginning of the period (in shares)	538
Granted (in shares)	181
Vested (in shares)	(171)
Cancelled (in shares)	(38)
Non-vested at the end of the period (in shares)	510	538
Weighted Average Fair Value per Share
Non-vested at the beginning of the period (in dollars per share)	$ 99.58
Granted (in dollars per share)	130.34
Vested (in dollars per share)	89.74
Cancelled (in dollars per share)	110.82
Non-vested at the end of the period (in dollars per share)	$ 112.44	$ 99.58
Other disclosures
Fair value of awards vested during the year	$ 15	$ 16	$ 12
Unrecognized compensation cost	$ 17
Weighted-average period for amortization of unrecognized compensation cost	1 year 8 months 12 days
Share-based payments subject to redemption	$ 32	$ 32

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Segment and Geographical Information - Property, Plant and Equipment by Segment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	$ 2,526	$ 2,264
All Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	343	316
T&HS \| Operating segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	979	884
F&II–LATAM \| Operating segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	592	508
F&II–U.S./Canada \| Operating segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	$ 612	$ 556

Financing Arrangements - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Financing Arrangements
Total long-term debt	$ 1,742	$ 1,787
Total short-term borrowings, fair value	48	44
Total debt, carrying value	1,790	1,831
Long-term debt, noncurrent, fair value	1,649	1,633
Total short-term borrowings, fair value	48	44
Total debt, fair value	$ 1,697	$ 1,677
2.900% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate	2.90%	2.90%
Total long-term debt	$ 597	$ 597
Long-term debt, noncurrent, fair value	$ 567	$ 540
3.200% senior notes due October 1, 2026
Financing Arrangements
Debt, interest rate	3.20%	3.20%
Total long-term debt	$ 499	$ 499
Long-term debt, noncurrent, fair value	$ 497	$ 486
3.900% senior notes due June 1, 2050
Financing Arrangements
Debt, interest rate	3.90%	3.90%
Total long-term debt	$ 392	$ 391
Long-term debt, noncurrent, fair value	$ 304	$ 292
6.625% senior notes due April 15, 2037
Financing Arrangements
Debt, interest rate	6.625%	6.625%
Total long-term debt	$ 253	$ 253
Long-term debt, noncurrent, fair value	280	268
Revolving credit agreement
Financing Arrangements
Total long-term debt	0	0
Long-term debt, noncurrent, fair value	0	0
Other long-term borrowings
Financing Arrangements
Total long-term debt	1	47
Long-term debt, noncurrent, fair value	1	47
Commercial paper
Financing Arrangements
Short-term borrowings	0	0
Short-term borrowings, fair value	0	0
Other short-term borrowings
Financing Arrangements
Short-term borrowings	48	44
Short-term borrowings, fair value	$ 48	$ 44

Intangible Assets - Goodwill (Details) - USD ($)		12 Months Ended
Intangible Assets - Goodwill (Details) - USD ($)	Jul. 01, 2025	Dec. 31, 2025
Goodwill [Line Items]
Goodwill accumulated impairment		$ 0
Goodwill [Roll Forward]
Balance at the beginning of the period		906,000,000
Currency translation adjustment		16,000,000
Balance at the end of the period		922,000,000
Goodwill impairment	$ 0
All Other
Goodwill [Roll Forward]
Balance at the beginning of the period		87,000,000
Currency translation adjustment		1,000,000
Balance at the end of the period		88,000,000
T&HS \| Operating segments
Goodwill [Roll Forward]
Balance at the beginning of the period		382,000,000
Currency translation adjustment		12,000,000
Balance at the end of the period		394,000,000
F&II–LATAM \| Operating segments
Goodwill [Roll Forward]
Balance at the beginning of the period		142,000,000
Currency translation adjustment		2,000,000
Balance at the end of the period		144,000,000
F&II–U.S./Canada \| Operating segments
Goodwill [Roll Forward]
Balance at the beginning of the period		295,000,000
Currency translation adjustment		1,000,000
Balance at the end of the period		$ 296,000,000

Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of segment reporting of net sales, operating income and total assets

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.

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.

Schedule of long-lived assets (excluding intangible assets) by country

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

Schedule of net sales to unaffiliated customers by country of origin

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

Supplementary Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Supplementary Information
Amount of interest capitalized to PP&E	$ 6	$ 4	$ 3
Depreciation expense	195	188	193
Impairment of asset held for use	$ 3
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring/impairment charges
Supplier finance program obligation	$ 148	$ 135	153
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable, Accrued liabilities and liabilities held for sale	Accounts payable, Accrued liabilities and liabilities held for sale
Research and development expense	$ 71	$ 67	63
Interest paid	37	48	96
Income taxes paid, net	$ 389	$ 169	$ 157

Financing Arrangements - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Aug. 27, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2021
Long-term debt
Total debt		$ 1,831	$ 1,790
Long-term debt		1,787	1,742
Guaranteed obligations of consolidated subsidiaries		35	39
Revolving credit agreement
Long-term debt
Long-term debt		0	0
Revolving credit agreement \| Revolving credit agreement \| Line of Credit
Long-term debt
Debt instrument term	5 years
Maximum aggregate principal amount	$ 1,000
Revolving credit agreement \| Revolving credit agreement \| Line of Credit \| Federal Funds Rate
Long-term debt
Basis spread	0.50%
Revolving credit agreement \| Revolving credit agreement \| Line of Credit \| SOFR
Long-term debt
Basis spread	1.00%
Commercial paper
Long-term debt
Maximum aggregate principal amount				$ 1,000
Short-term borrowings		0	$ 0
Average amount of commercial paper outstanding		$ 31
Weighted average interest rate		5.51%
Weighted average maturity		8 days

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have implemented a number of cybersecurity risk management processes to assess, identify and manage material risks from cybersecurity threats. We conduct real-time monitoring of our environment for suspicious cyber activity using a variety of security tools and centralized logging systems. In addition, we leverage threat intelligence monitoring to stay updated on emerging cyber threats and vulnerabilities and, utilizing this information, conduct regular vulnerability assessments. Furthermore, we conduct regular penetration tests to simulate real-world attacks and identify weaknesses. To supplement our internal resources, we engage external consultants to conduct independent assessments, perform penetration testing, and provide other cybersecurity-related services as needed. We also utilize external consultants and legal counsel to facilitate cybersecurity tabletop simulations. In addition, we engage external vendors to review and test key controls within our cybersecurity program. We regularly assess cybersecurity risks associated with our use of suppliers and other third-party service providers. In this process, we classify by level of risk our principal suppliers and other key service providers and evaluate their data security controls and changes in potential cybersecurity risk levels. In addition, our contracts with these service providers require them to promptly report security incidents to us and to provide us with access to relevant information and resources to allow us to conduct related investigations. Our cybersecurity risk management processes are integrated as part of our overall enterprise risk management processes. Our Audit Committee conducts its oversight of our cybersecurity risk management as part of its oversight of our enterprise risk management policies and procedures. In addition, we conduct an annual survey of over 500 Ingredion business leaders across multiple functions and geographic locations that asks them to evaluate the potential severity and likelihood of cybersecurity matters, among other enterprise and information technology risks. We solicit their views on information and data security protection against cyber and internal threats, reliability of systems including disaster recovery related to malware or other cyber threats, and system implementation failures, and evaluate the responses to modify our risk mitigation strategies accordingly. Subject to oversight by our Board of Directors and Audit Committee, as described above, our Chief Digital and Information Officer is responsible for developing and guiding our global information technology and digital strategy, which includes overseeing cybersecurity risk management. The Chief Digital and Information Officer provides guidance on cybersecurity strategy initiatives and risk mitigation activities to the Senior Director, Global Information Security and the associated function. Our Chief Digital and Information Officer and our Senior Director, Global Information Security provide regular reports on security incident activity, including containment and remediation measures as relevant, and other cybersecurity risk management matters to the Board of Directors and the Audit Committee.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management processes are integrated as part of our overall enterprise risk management processes.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board of Directors, directly and through its Audit Committee, oversees our cybersecurity risk management by reviewing material cybersecurity trends, potential risks and strategic priorities, and by monitoring progress towards those priorities. The Audit Committee is responsible under its charter for reviewing with our management the processes management has implemented to monitor and mitigate cybersecurity risk exposures. On a regular basis, the Audit Committee considers management’s reports on significant changes to our cybersecurity strategy, as well as risk mitigation and remediation efforts being undertaken with respect to cybersecurity incidents and under the program generally. The Audit Committee regularly reports to the Board of Directors on its activities with respect to cybersecurity matters.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors, directly and through its Audit Committee, oversees our cybersecurity risk management by reviewing material cybersecurity trends, potential risks and strategic priorities, and by monitoring progress towards those priorities.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	On a regular basis, the Audit Committee considers management’s reports on significant changes to our cybersecurity strategy, as well as risk mitigation and remediation efforts being undertaken with respect to cybersecurity incidents and under the program generally. The Audit Committee regularly reports to the Board of Directors on its activities with respect to cybersecurity matters.
Cybersecurity Risk Role of Management [Text Block]	Subject to oversight by our Board of Directors and Audit Committee, as described above, our Chief Digital and Information Officer is responsible for developing and guiding our global information technology and digital strategy, which includes overseeing cybersecurity risk management. The Chief Digital and Information Officer provides guidance on cybersecurity strategy initiatives and risk mitigation activities to the Senior Director, Global Information Security and the associated function. Our Chief Digital and Information Officer and our Senior Director, Global Information Security provide regular reports on security incident activity, including containment and remediation measures as relevant, and other cybersecurity risk management matters to the Board of Directors and the Audit Committee. Our Chief Digital and Information Officer, who holds a bachelor’s degree in computer science, has over 30 years of experience at multinational companies, including seven years of service at Ingredion in his current position as a digital leader and executive, which includes experience managing and responding to cybersecurity risks. Our Senior Director, Global Information Security, who has over two decades of service at multinational companies and a federal government agency, including over three years of service at Ingredion in his current position dedicated to information technology and cybersecurity, possesses significant experience in protecting critical data and building cybersecurity-resilient organizations. He holds a bachelor’s degree in telecommunications management and a master’s degree in cybersecurity, as well as a current Certified Information Systems Security Professional (“CISSP”) certification.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Digital and Information Officer is responsible for developing and guiding our global information technology and digital strategy, which includes overseeing cybersecurity risk management.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Digital and Information Officer, who holds a bachelor’s degree in computer science, has over 30 years of experience at multinational companies, including seven years of service at Ingredion in his current position as a digital leader and executive, which includes experience managing and responding to cybersecurity risks. Our Senior Director, Global Information Security, who has over two decades of service at multinational companies and a federal government agency, including over three years of service at Ingredion in his current position dedicated to information technology and cybersecurity, possesses significant experience in protecting critical data and building cybersecurity-resilient organizations. He holds a bachelor’s degree in telecommunications management and a master’s degree in cybersecurity, as well as a current Certified Information Systems Security Professional (“CISSP”) certification.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Chief Digital and Information Officer and our Senior Director, Global Information Security provide regular reports on security incident activity, including containment and remediation measures as relevant, and other cybersecurity risk management matters to the Board of Directors and the Audit Committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Equity - Performance Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based compensation
Share-based payments subject to redemption		$ 64	$ 60	$ 55	$ 48
Performance Shares
Share-based compensation
Granted (in shares)		82	86	93
Weighted-average fair value per share, granted (in dollars per share)		$ 145.73	$ 127.97	$ 114.26
Award cancelled (in shares)		17
Unrecognized compensation cost		$ 9
Remaining requisite service period (in years)		1 year 9 months 10 days
Share-based payments subject to redemption		$ 32	$ 28
Performance shares, vesting based on TSR
Share-based compensation
Percentage of share-based compensation award		50.00%
Performance shares calculation period		3 years
Vesting terms		3 years
Performance shares, vesting based on TSR \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)		0.00%
Performance shares, vesting based on TSR \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)		200.00%
Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Percentage of share-based compensation award		50.00%
Performance shares calculation period		3 years
Vesting terms		3 years
Performance shares, vesting based on Adjusted ROIC \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)		0.00%
Performance shares, vesting based on Adjusted ROIC \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)		200.00%
2022 Awards \| Performance Shares
Share-based compensation
Award pay out achieved (as a percent)	200.00%
2023 Awards \| Performance Shares
Share-based compensation
Estimated pay out (as a percent)		183.00%

Derivative Instruments and Hedging Activities - Cash Flow Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Hedging relationships
(Losses) Gains Recognized in OCL on Derivatives	$ 147	$ (125)	$ (106)
(Losses) Gains Reclassified from AOCL into Income	4	(121)	(79)
Cash Flow Hedging
Hedging relationships
(Losses) Gains Recognized in OCL on Derivatives	(9)	(48)	(151)
(Losses) Gains Reclassified from AOCL into Income	4	(120)	(78)
Cash Flow Hedging \| Commodity contracts
Hedging relationships
(Losses) Gains Recognized in OCL on Derivatives	(26)	(62)	(161)
Cash Flow Hedging \| Commodity contracts \| Cost of sales
Hedging relationships
(Losses) Gains Reclassified from AOCL into Income	(17)	(124)	(87)
Cash Flow Hedging \| Foreign currency contracts
Hedging relationships
(Losses) Gains Recognized in OCL on Derivatives	17	14	10
Cash Flow Hedging \| Foreign currency contracts \| Net sales/Cost of sales
Hedging relationships
(Losses) Gains Reclassified from AOCL into Income	22	4	10
Cash Flow Hedging \| Interest rate contracts
Hedging relationships
(Losses) Gains Recognized in OCL on Derivatives	0	0	0
Cash Flow Hedging \| Interest rate contracts \| Financing costs
Hedging relationships
(Losses) Gains Reclassified from AOCL into Income	$ (1)	$ 0	$ (1)

Equity - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based compensation
Options granted (in shares)	158	178	197
Assumptions used to measure the fair value of awards
Expected life (in years)	5 years 6 months	5 years 6 months	5 years 6 months
Risk-free interest rate	4.10%	4.20%	4.00%
Expected volatility	28.20%	28.10%	28.30%
Expected dividend yield	2.50%	2.90%	2.90%
Stock options, Number of Options
Outstanding at the beginning of the period (in shares)	1,453
Granted (in shares)	158	178	197
Exercised (in shares)	(317)
Cancelled (in shares)	(25)
Outstanding at the end of the period (in shares)	1,269	1,453
Exercisable at the end of the period (in shares)	969
Stock options, Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)	$ 100.04
Granted (in dollars per share)	130.57
Exercised (in dollars per share)	91.17
Cancelled (in dollars per share)	115.24
Outstanding at the end of the period (in dollars per share)	105.75	$ 100.04
Exercisable at the end of the period (in dollars per share)	$ 102.02
Additional information pertaining to stock options
Average remaining contractual term, outstanding	5 years 3 months 18 days	5 years 7 months 6 days
Average remaining contractual term, exercisable	4 years 3 months 18 days
Aggregate intrinsic value, outstanding (in dollars)	$ 13	$ 55
Aggregate intrinsic value, exercisable (in dollars)	13
Cash received from exercise of stock options	$ 5	$ 58	$ 28
Weighted average grant date fair value of stock options granted (in dollars per share)	$ 33.53	$ 26.33	$ 23.80
Total intrinsic value of stock options exercised (in dollars)	$ 11	$ 24	$ 13
Stock options
Share-based compensation
Term of award	10 years
Period of vesting	3 years
Additional information pertaining to stock options
Unrecognized compensation cost	$ 2
Weighted-average period for amortization of unrecognized compensation cost	1 year 9 months 18 days

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The carrying value of goodwill by reportable segment and All Other as of December 31, 2025 is presented below. There were no accumulated impairment charges by reportable segment and All Other.


	T&HS		F&II–LATAM		F&II–U.S./Canada		All Other		Total
Balance as of December 31, 2024	$	382	$	142	$	295	$	87	$	906
Currency translation adjustment	12		2		1		1		16
Balance as of December 31, 2025	$	394	$	144	$	296	$	88	$	922

Schedule of intangible assets

A summary of other intangible assets was as follows:


December 31, 2025	Gross		Accumulated Amortization		Net
Trademarks/trade names (indefinite-lived)	$	143	$	—	$	143
Patents	34		(16)		18
Customer relationships	366		(212)		154
Technology	118		(105)		13
Other	40		(21)		19
Total other intangible assets	$	701	$	(354)	$	347


December 31, 2024	Gross		Accumulated Amortization		Net
Trademarks/trade names (indefinite-lived)	$	143	$	—	$	143
Patents	31		(12)		19
Customer relationships	356		(188)		168
Technology	111		(104)		7
Other	41		(20)		21
Total other intangible assets	$	682	$	(324)	$	358

Schedule of amortization expense related to intangible assets

Estimated future amortization expense related to intangible assets is as follows:


2026	$	27
2027	27
2028	27
2029	27
2030	26

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Pension and Other Postretirement Benefits - Pension Obligation and Funded Status (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
U.S. Plans
Benefit obligation
Balance at the beginning of the period	$ 288	$ 305
Divestiture	0	0
Service cost	3	3	$ 3
Interest cost	15	14	15
Benefits paid	(21)	(20)
Actuarial loss (gain)	4	(14)
Curtailment/settlement/amendments, net	0	0
Currency translation adjustment	0	0
Balance at the end of the period	289	288	305
Fair value of plan assets
Balance at the beginning of the period	315	325
Divestiture	0	0
Actual return on plan assets	23	10
Employer contributions	1	0
Benefits paid	(21)	(20)
Plan settlements	0	0
Currency translation adjustment	0	0
Balance at the end of the period	318	315	325
Funded status	29	27
Non-U.S. Plans
Benefit obligation
Balance at the beginning of the period	170	200
Divestiture	0	(14)
Service cost	3	3	4
Interest cost	9	9	10
Benefits paid	(11)	(11)
Actuarial loss (gain)	0	0
Curtailment/settlement/amendments, net	(3)	(1)
Currency translation adjustment	11	(16)
Balance at the end of the period	179	170	200
Fair value of plan assets
Balance at the beginning of the period	174	200
Divestiture	0	(16)
Actual return on plan assets	5	14
Employer contributions	4	4
Benefits paid	(11)	(11)
Plan settlements	(4)	(2)
Currency translation adjustment	9	(15)
Balance at the end of the period	177	174	$ 200
Funded status	$ (2)	$ 4

Segment and Geographical Information - Schedule of Net Sales and Operating Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment information
Net sales to unaffiliated customers	$ 1,757	$ 1,816	$ 1,833	$ 1,813	$ 1,800	$ 1,870	$ 1,878	$ 1,882	$ 7,219	$ 7,430	$ 8,160
Adjusted operating income (loss)									1,028	1,016	969
Unallocated (costs)									(12)	(133)	(12)
Operating income									1,016	883	957
T&HS
Segment information
Net sales to unaffiliated customers									2,397	2,366	2,460
F&II–LATAM
Segment information
Net sales to unaffiliated customers									2,341	2,450	2,633
F&II–U.S./Canada
Segment information
Net sales to unaffiliated customers									2,013	2,155	2,335
Operating segments \| T&HS
Segment information
Net sales to unaffiliated customers									2,429	2,417	2,566
Segment cost of sales									1,666	1,715	1,759
Other operating expenses									326	301	307
Adjusted operating income (loss)									405	350	394
Operating segments \| F&II–LATAM
Segment information
Net sales to unaffiliated customers									2,392	2,497	2,668
Segment cost of sales									1,716	1,820	2,054
Other operating expenses									132	147	127
Adjusted operating income (loss)									493	483	452
Operating segments \| F&II–U.S./Canada
Segment information
Net sales to unaffiliated customers									2,121	2,244	2,429
Segment cost of sales									1,609	1,691	1,951
Other operating expenses									89	91	86
Adjusted operating income (loss)									315	373	298
All Other and Inter-segment sales
Segment information
Net sales to unaffiliated customers									468	459	732
All Other
Segment information
Net sales to unaffiliated customers									483	475	743
Segment cost of sales									400	407	647
Other operating expenses									70	74	87
Adjusted operating income (loss)									(2)	(22)	(2)
Inter-segment sales
Segment information
Net sales to unaffiliated customers									(15)	(16)	(11)
Inter-segment sales \| T&HS
Segment information
Net sales to unaffiliated customers									(32)	(51)	(106)
Inter-segment sales \| F&II–LATAM
Segment information
Net sales to unaffiliated customers									(51)	(47)	(35)
Inter-segment sales \| F&II–U.S./Canada
Segment information
Net sales to unaffiliated customers									(108)	(89)	(94)
Corporate
Segment information
Other operating expenses									183	168	173
Adjusted operating income (loss)									$ (183)	$ (168)	$ (173)

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic EPS
Net Income Attributable to Ingredion									$ 729	$ 647	$ 643
Weighted average number of shares outstanding, basic (in shares)									64.2	65.5	66.0
Basic earnings per common share of Ingredion (in dollars per share)	$ 2.59	$ 2.66	$ 3.04	$ 3.05	$ 1.46	$ 2.88	$ 2.25	$ 3.29	$ 11.36	$ 9.88	$ 9.74
Effect of Dilutive Securities
Effect of Dilutive Securities (in shares)									1.0	1.1	1.0
Diluted EPS
Net Income Attributable to Ingredion									$ 729	$ 647	$ 643
Weighted average number of shares outstanding - diluted (in shares), Total									65.2	66.6	67.0
Diluted earnings per common share of Ingredion (in dollars per share)	$ 2.56	$ 2.61	$ 2.99	$ 3.00	$ 1.43	$ 2.83	$ 2.22	$ 3.23	$ 11.18	$ 9.71	$ 9.60
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount (in shares)									0.3	0.2	0.5

Segment and Geographical Information - Property, Plant and Equipment By Country (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	$ 2,526	$ 2,264
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	1,190	1,076
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	258	258
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	229	164
Thailand
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	166	152
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	156	153
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	146	121
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	140	128
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	$ 241	$ 212

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of components of lease expense

The components of lease expense for 2025, 2024 and 2023 were as follows:


	2025		2024		2023
Operating lease expense	$	71	$	67	$	63
Variable operating lease expense	19		17		26
Short term lease expense	4		4		3
Total lease expense	$	94	$	88	$	92

Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets

The following is a reconciliation of future undiscounted cash flows to the operating lease liabilities and the related operating lease assets as presented within Other non-current liabilities and Other non-current assets, on our Consolidated Balance Sheets as of December 31, 2025:


2026	$	68
2027	50
2028	29
2029	19
2030	8
Thereafter	20
Total future lease payments	194
Less: imputed interest	13
Present value of future lease payments	181
Less: current lease liabilities	63
Non-current operating lease liabilities	$	118
Operating lease assets	$	177

Summary of other lease information

Supplemental cash flow information arising from lease transactions is as follows:


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	72	$	68
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	40	$	55


	Year Ended December 31,
	2025		2024
Lease term and discount rate
Weighted average remaining lease term	4.4 years		4.8 years
Weighted average discount rate	4.8	%	4.6	%

Description of the Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation: The Consolidated Financial Statements consist of the accounts of Ingredion, including all subsidiaries. Intercompany accounts and transactions are eliminated in consolidation.
Use of estimates	Use of estimates: The preparation of the accompanying Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates and assumptions impact the value of purchase consideration, accounts receivable, inventories, certain investments, goodwill, intangible assets and other long-lived assets, legal contingencies, income taxes, and pension and other postretirement benefits, among others. These estimates and assumptions are based on our best estimates and judgment. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We will adjust such estimates and assumptions when facts and circumstances dictate. Corn price volatility, adverse changes in the global economic environment, foreign currency depreciation versus the U.S. dollar, and access to credit markets increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the financial statements in future periods.
Foreign currency translation	Foreign currency translation: Assets and liabilities of foreign subsidiaries, other than those whose functional currency is the U.S. dollar, are translated at current exchange rates with the related translation adjustments reported in equity as a component of Accumulated other comprehensive loss (“AOCL”), and income statement accounts are translated at the average exchange rate during the period. The U.S. dollar is the functional currency for our subsidiaries in Mexico and Argentina, and we translate their monetary assets and liabilities at current exchange rates with the related adjustment included in financing costs in our Consolidated Statements of Income. Non-monetary assets and liabilities are translated at historical exchange rates with the related translation adjustments included in AOCL in our Consolidated Balance Sheets.
Revenue recognition	Revenue recognition: Ingredion recognizes revenue under the core principle to depict our transfer of products and solutions to customers in amounts that reflect the consideration we expect to receive. To achieve that core principle, we apply the following five-step approach: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when a performance obligation is satisfied. We identify customer purchase orders, which in some cases are governed by a master sales agreement, as the contracts with our customers. For each contract, we consider the transfer of products, each of which is distinct, to be the identified performance obligation. The pricing model can be fixed or variable within the contract. The variable pricing model is based on historical commodity pricing and is determinable before we complete the performance obligation. To determine the transaction price for the contract performance obligations, we also evaluate whether the price could be adjusted, and we may reduce the transaction price for certain sales adjustments such as volume incentive discounts and other discount arrangements. We estimate transaction price adjustments using the expected value method based on our analysis of historical volume incentives or discounts over a period considered adequate to account for current pricing and business trends. Historically, actual volume incentives and discounts relative to those estimated and included when determining the transaction price have not materially differed. We accrue volume incentives and discounts in Accrued liabilities and liabilities held for sale in the Consolidated Balance Sheets when we satisfy the performance obligation. We consider the product price as specified in the contract, net of any discounts, as the standalone selling price as it is an observable input that represents the price if we sold the product to a similar customer in similar circumstances. We do not recognize any significant financing components since payment is due shortly after we satisfy our performance obligation. We recognize revenue when we satisfy our performance obligation and control is transferred to the customer, which occurs at a point in time, either upon delivery to an agreed upon location or to the customer. Further, in determining whether control has transferred, we consider if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer. Shipping and handling activities related to contracts with customers represent fulfillment costs and are recorded in Cost of sales in the Consolidated Statements of Income. Taxes assessed by governmental authorities and collected from customers are accounted for on a net basis and excluded from net sales. We expense costs to obtain a contract when we incur the costs since most contracts are one year or less. These costs primarily include our internal sales force compensation. Under the terms of these programs, the compensation is generally earned, and the costs are recognized when we recognize the revenue. From time to time, we may enter into long-term contracts with our customers. Historically, such contracts do not result in significant contract assets or liabilities. Any such arrangements are accounted for in Accounts receivable, net or Accrued liabilities and liabilities held for sale in the Consolidated Balance Sheets.
Cash and cash equivalents	Cash and cash equivalents: Cash equivalents consist of all instruments purchased with an original maturity of three months or less and that have virtually no risk of loss in value.
Accounts receivable	Accounts receivable: Accounts receivable consists of trade and other receivables carried at approximate fair value, net of an allowance for credit losses. The allowance for credit losses is determined using our best estimate of expected credit losses based on historical loss experience and current forecasts of future economic conditions, and we adjust this estimate over the life of the receivable as needed.
Inventories	Inventories: Inventories are stated at the lower of cost or net realizable value. Costs are predominantly determined using the weighted average method.
Long-term investments	Long-term investments: We hold marketable securities and equity investments, which we include in Other non-current assets in the Consolidated Balance Sheets. Marketable securities are carried at fair value and we record changes in fair value to Other operating income, net in the Consolidated Statements of Income if we maintain the securities for processing transactions that directly support operating activities; otherwise, we record changes in fair value to Other non-operating expense in the Consolidated Statements of Income. Equity investments in companies for which we do not have the ability to exercise significant influence are accounted for at fair value, with changes in fair value recorded in Other non-operating expense in the Consolidated Statements of Income. Equity securities without readily determinable fair values are carried at cost, less impairments, if any, and adjusted for observable price changes for the identical or a similar investment of the same issuer. We perform a qualitative impairment assessment to determine if such investments are impaired, which considers all available information, including declines in the financial performance of the issuing entity, the issuing entity’s operating environment and general market conditions. Impairments of equity securities without readily determinable fair value are recorded in Other non-operating expense in the Consolidated Statements of Income. Equity investments in companies for which we have the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. Upon formation, each equity investee must apply a new basis of accounting by initially measuring its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). Our share of the earnings or losses reported by equity method investees is recognized in Other operating income, net in the Consolidated Statements of Income, and we generally recognize our share of income or expense one month in arrears due to the timing of when results are available. Each reporting period, we evaluate declines in the fair value of equity method investments below carrying value to determine if any are other-than-temporary and if so, we write down the investment to its estimated fair value. Impairments are recognized in Restructuring/impairment charges in the Consolidated Statements of Income.
Leases	Leases: We determine if an arrangement contains a lease, as well as its classification as an operating lease or finance lease, at the inception of the agreement. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. As most of our leases do not provide an implicit rate, we use an incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. The lease asset value includes in our calculation any prepaid lease payments made and any lease incentives received from the arrangement as a reduction of the asset. Certain leases have options to terminate or extend the life of the lease, which we include in the lease asset and lease liability calculation when we have sole discretion to exercise the option, and it is reasonably certain we will. We do not separate lease and non-lease components for our leases when it is impracticable to separate them, such as leases with variable payment arrangements. We have certain leases that have variable payments based solely on output or usage of the leased asset, which we do not record in our Consolidated Balance Sheets, but expense as incurred. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.
Property, plant and equipment, net and definite-lived intangible assets	Property, plant and equipment, net and definite-lived intangible assets: Property, plant and equipment (“PP&E”) is stated at cost less accumulated depreciation and definite-lived intangible assets are stated at cost less accumulated amortization. For PP&E, depreciation is generally computed on the straight-line basis over the estimated useful lives of depreciable assets, which range from 25 to 50 years for buildings and from two to 25 years for machinery and equipment. Costs for mechanical stores represent costs for spare parts used in the production process that are capitalized in PP&E as part of machinery and equipment until they are utilized in the manufacturing process and expensed as a period cost. Where permitted by law, accelerated depreciation methods are used for tax purposes. For definite-lived intangible assets, we recognize the cost of these amortizable assets in operations over their estimated useful life, which range from two to 30 years. We review the recoverability of the net book value of PP&E and definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. If this review indicates that the carrying values of the asset group will not be recovered, we reduce the carrying values to fair value and recognize an impairment charge. The impairment analysis for long-lived assets occurs before the goodwill impairment assessment described below.
Assets held for sale	Assets and liabilities held for sale: We classify long-lived assets or disposal groups as held for sale in the period when all of the following conditions have been met: •we have approved and committed to a plan to sell the assets or disposal group, •the asset or disposal group is available for immediate sale in its present condition, •an active program to locate a buyer and other actions required to complete the sale have been initiated, •the sale of the asset or disposal group is probable and expected to be completed within one year, •the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and •it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When all the held for sale criteria are met, we initially measure a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or the fair value less any costs to sell, recognize any resulting losses, and cease depreciation and amortization of the long-lived asset or assets within a disposal group. Until the date of sale or until the asset or disposal group are no longer classified as held for sale, we assess fair value less any costs to sell and recognize any resulting losses at each reporting period. Gains are not recognized until the date of the sale.
Indefinite-lived intangible assets and goodwill	Indefinite-lived intangible assets and goodwill: We have certain indefinite-lived intangible assets in the form of trade names, trademarks, and goodwill. Our methodology for allocating the purchase price of acquisitions to trade names and trademarks is based on established valuation techniques that reflect the consideration of a number of factors, including valuations performed by third-party appraisers when appropriate. Goodwill represents the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed. We assess indefinite-lived intangible assets and goodwill for impairment annually (or other circumstances requiring assessment), which we perform as of July 1 of each year. In testing indefinite-lived intangible assets for impairment, we first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is greater than its carrying amount. If not, then we determine the fair value of the indefinite-lived intangible assets by performing a quantitative impairment analysis that considers various factors, including net sales derived from these intangibles and certain market and industry conditions. In testing goodwill for impairment, we first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount. If not, then an impairment exists for the difference between the fair value and carrying value of the reporting unit. This difference is not to exceed the goodwill recorded at the reporting unit.
Hedging instruments	Hedging instruments: We use derivative financial instruments consisting primarily of commodity futures, swaps and option contracts, forward currency contracts and options, interest rate swaps, and Treasury lock agreements (“T-Locks”). When we enter a derivative contract, we designate the derivative as a hedge of variable cash flows to be paid related to certain forecasted transactions (“a cash flow hedge”), as a hedge of the fair value of certain fixed (“firm”) commitments (“a fair value hedge”), or as a non-designated hedging instrument. This process includes linking all derivatives that are designated as cash flow or fair value hedges to specific assets and liabilities on the Consolidated Balance Sheets, or to specific firm commitments or forecasted transactions. For all hedging relationships, we document the hedging relationships and our risk-management objective and strategy for undertaking the hedge transactions, the hedging instrument, the hedged item, the nature of the risk being hedged, how we will assess the hedging instrument’s effectiveness in offsetting the hedged risk, and a description of the method to measure ineffectiveness. We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in a hedging transaction is highly effective in offsetting changes in cash flows or fair values of hedged items. For hedging instruments designated as cash flow hedges, unrealized gains and losses associated with marking cash flow hedging contracts to market (fair value) are recorded as a component of other comprehensive loss (“OCL”) and included in the equity section of the Consolidated Balance Sheets as part of AOCL. These amounts, as well as their related tax effects, are subsequently reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings, or in the period a hedge is determined to be ineffective. Gains and losses from cash flow hedging instruments reclassified from AOCL to earnings are reported as Cash provided by operating activities on the Consolidated Statements of Cash Flows. For hedging instruments designated as fair value hedges, unrealized gains and losses associated with marking fair value hedging contracts to market (fair value) are recorded in earnings each period. Unrealized gains and losses on hedged items in designated and highly effective fair value hedges are also recorded in earnings each period. For hedging instruments not designated as hedging instruments for accounting purposes, all realized and unrealized gains and losses from these instruments are recognized in earnings during each accounting period. We assess the effectiveness of hedging contracts based on changes in the contract’s fair value. The changes in the market value of our hedging contracts have historically been, and are expected to be, highly effective at offsetting changes in the price of hedged items. We discontinue hedge accounting prospectively when it is unlikely or not probable that a forecasted transaction will occur or when we determine that the designation of the derivative as a hedging instrument is no longer appropriate, since the derivative is no longer effective in offsetting changes in the cash flows or fair value of the originally intended hedged transaction. When we discontinue hedge accounting, we continue to carry the derivative on the Consolidated Balance Sheets at its fair value and freeze the deferred gains or losses into AOCL. Changes in the fair value of the derivative are recognized in earnings in the same line item as the original hedged transaction instead of AOCL. Any accumulated gains and losses that were included in AOCL in the period we determined the hedge to be ineffective are also released to earnings.
Pension and other postretirement benefits	Pension and other postretirement benefits: All U.S. pension and postretirement benefit plans and most non-U.S. pension and postretirement benefit plans value the vested benefit obligation based on the actuarial present value of the vested benefits to which employees are currently entitled based on their expected date of separation or retirement. We determine our assumption for the discount rate used to measure year-end pension and postretirement obligations based on high-quality fixed-income investments that match the duration of the expected benefit payments, which has been benchmarked using a long-term, high-quality AA corporate bond index. We use a full yield curve approach in the estimation of the service and interest cost components of benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. For defined benefit plans, the service cost component of net periodic benefit cost is presented within either Cost of sales or Operating expenses on the Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of actuarial loss, amortization of prior service credit and settlement loss components of net periodic benefit cost are presented as Other non-operating expense on the Consolidated Statements of Income. Actuarial gains and losses in excess of 10 percent of the greater of the projected benefit obligation or the market-related value of plan assets are classified in AOCL, along with the related tax impact, and recognized as a component of net periodic benefit cost over the average remaining service period of a plan’s active employees for active defined benefit pension plans and over the average remaining life of a plan’s active employees for frozen defined benefit pension plans.
Share-based compensation	Share-based compensation: We have a stock incentive plan that provides for share-based employee compensation, including the granting of stock options, shares of restricted stock, restricted stock units and performance shares to certain key employees. Compensation expense is generally recognized in the Consolidated Statements of Income on a straight-line basis for all awards over the requisite service period. We estimate a forfeiture rate at the time of certain grants, and we update the estimate throughout the vesting of certain awards within the amount of compensation costs recognized in each period.
Earnings per common share	Earnings per common share: Basic earnings per common share (“EPS”) is computed by dividing Net income attributable to Ingredion by the weighted average number of shares outstanding. Diluted EPS is calculated using the treasury stock method, computed by dividing Net income attributable to Ingredion by the weighted average number of shares outstanding, including the dilutive effect of outstanding stock options and other instruments associated with long-term incentive compensation plans.
Risks and uncertainties	Risks and uncertainties: We operate domestically and internationally, and our business and assets in each country are subject to varying degrees of risk and uncertainty. We insure our business and assets in each country against insurable risks in a manner that we deem appropriate. Because of our geographic dispersion, we believe that a loss from a non-insured event in any one country is not likely to have a material adverse effect on our operations as a whole. Additionally, we believe there is no significant concentration of risk with any single customer or supplier whose failure or non-performance would materially affect our results. We do not consider the potential for insurance recoveries if we record accruals for estimated probable costs from events or circumstances that may be insured.
Adoption of New Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	Adoption of New Accounting Standards On January 1, 2025, we adopted Accounting Standard Update (“ASU”) No. 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60), on a prospective basis. Under this standard, a joint venture must apply a new basis of accounting upon formation by initially measuring its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). We applied the new standard to the Agrana joint venture, described in Note 3. The effect of adoption of the new standard was not material to our Consolidated Financial Statements. On January 1, 2025, we adopted ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on a prospective basis. Under this standard, specific categories in the rate reconciliation are disclosed and additional information for reconciling items that meet a quantitative threshold are provided. Additionally, information pertaining to taxes paid (net of refunds received) is disaggregated by federal, state, and foreign taxes with further disaggregation for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. We disclosed required disaggregated amounts and provided the required information, as reflected in Note 9. We early adopted ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), on a prospective basis after the ASU was issued in September 2025. Under this standard, we capitalize costs for internal-use software based on criteria for projects that focuses on the probability of completion, based on management funding approval, and intended use. The effect of adoption of the new standard was not material to our Consolidated Financial Statements. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosure (Subtopic 220-40). The amendments in this update enhance disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses included in certain notes in the Consolidated Financial Statements. This ASU is effective for annual periods beginning after December 15, 2026, with early adoption permitted. We are currently assessing the impact of this ASU on our Consolidated Financial Statements. In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The new standard aligns hedge accounting with the economics of an entity’s risk management activities and amends the existing requirement that hedges of groups of individual forecasted transactions that use a single derivative as the hedging instrument must share the same risk exposure to be accounted as a cash flow hedge. Instead, hedges of groups of individual forecasted transactions that use a single derivative as the hedging instrument need only share similar risk exposure to be accounted as a cash flow hedge, with the quantitative threshold consistent with the high effective threshold used in the assessment of cash flow hedges. The ASU also clarifies risk assessment approaches for risk exposures in a group of forecasted transactions. We are currently assessing the impact of this ASU on our Consolidated Financial Statements.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies On November 17, 2025, we entered into a lease for a new Global Innovation headquarters facility that will be built in Bridgewater, New Jersey, where we currently lease another facility for research and operations. When the Global Innovation headquarters construction is substantially complete and ready for our use, which we estimate will be in the first half of 2028, subject to environmental conditions, structural dependencies and regulatory approvals, we will begin lease payments for a term of 25 years. Lease payments will be primarily based on the cost to construct the facility, which we estimate will be approximately $145 million. We file to recover previously taxable local government tax incentives in Brazil when we believe that the recovery w be probable. As of December 31, 2025 and 2024, we had $21 million and $39 million of remaining tax incentives, which have decreased due to use of the tax credits. We expect to use a portion of these credits within one year. As of December 31, 2025, $15 million was recorded in Accounts receivable, net and $6 million in Other non-current assets on the Consolidated Balance Sheets. We are currently subject to claims and suits arising in the ordinary course of business, including workplace and labor matters, asbestos related claims, environmental proceedings and other commercial claims. We also routinely receive inquiries from regulators and other government authorities relating to various aspects of our business, including with respect to compliance with laws and regulations relating to the environment, and at any given time we have matters at various stages of resolution with the applicable governmental authorities. The outcomes of these matters are not within our complete control and may not be known for prolonged periods. We do not believe that the results of currently known legal proceedings and inquires will be material to us. There can be no assurance, however, that such proceedings, matters, claims, suits or investigations or those arising in the future, whether taken individually or in the aggregate, will not have a material adverse effect on our financial condition or results of operations.

Supplementary Information - Accrued Liabilities and Liabilities Held for Sale (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Supplementary Information
Compensation-related costs	$ 123	$ 121
Taxes payable and income taxes payable	67	156
Current lease liabilities	$ 63	$ 59
Operating Lease, Liability, Current, Statement of Financial Position	Total accrued liabilities and liabilities held for sale	Total accrued liabilities and liabilities held for sale
Dividends payable	$ 52	$ 52
Other	270	245
Total accrued liabilities and liabilities held for sale	$ 575	$ 633

Equity - Other Share-based Awards under the SIP (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other share-based awards under the SIP
Amount of Directors' retainer paid in stock	$ 170
Total share-based compensation expense included in net income	40,000	$ 37,000	$ 33,000
RSUs
Other share-based awards under the SIP
Total share-based compensation expense included in net income	20,000	18,000	15,000
RSUs \| Director
Other share-based awards under the SIP
Total share-based compensation expense included in net income	$ 2,000	$ 2,000	$ 2,000
Awards outstanding (in shares)	213
Carrying value of share units outstanding	$ 12,000
RSUs \| Director \| Minimum
Other share-based awards under the SIP
Minimum period over which deferred shares may be transferred after director's termination of service	6 months
RSUs \| Director \| Maximum
Other share-based awards under the SIP
Minimum period over which deferred shares may be transferred after director's termination of service	10 years 6 months

Supplementary Information - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Supplementary Information
Accounts receivable – trade	$ 1,031	$ 939
Accounts receivable – other	164	167
Allowance for credit losses	(10)	(13)
Total accounts receivable, net	$ 1,185	$ 1,093

Equity - AOCL (Details) - USD ($) $ in Millions	12 Months Ended
Equity - AOCL (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Loss
Balance at beginning of period	$ 3,823
Other comprehensive income (loss) before reclassification adjustments	147	$ (125)	$ (106)
(Income) Loss reclassified from AOCL	(4)	121	79
Tax effect	6	(26)	19
Net other comprehensive income (loss)	149	(30)	(8)
Balance at end of period	4,295	3,823
AOCL
Accumulated Other Comprehensive Loss
Balance at beginning of period	(1,086)	(1,056)	(1,048)
Net other comprehensive income (loss)	149	(30)	(8)
Balance at end of period	(937)	(1,086)	(1,056)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at beginning of period	(1,061)	(961)	(1,008)
Other comprehensive income (loss) before reclassification adjustments	162	(100)	47
(Income) Loss reclassified from AOCL	0	0	0
Tax effect	0	0	0
Net other comprehensive income (loss)	162	(100)	47
Balance at end of period	(899)	(1,061)	(961)
Hedging Activities
Accumulated Other Comprehensive Loss
Balance at beginning of period	4	(48)	6
Other comprehensive income (loss) before reclassification adjustments	(9)	(48)	(151)
(Income) Loss reclassified from AOCL	(4)	120	78
Tax effect	4	(20)	19
Net other comprehensive income (loss)	(9)	52	(54)
Balance at end of period	(5)	4	(48)
Pension and Postretirement Adjustment
Accumulated Other Comprehensive Loss
Balance at beginning of period	(29)	(47)	(46)
Other comprehensive income (loss) before reclassification adjustments	(6)	23	(2)
(Income) Loss reclassified from AOCL	0	1	1
Tax effect	2	(6)	0
Net other comprehensive income (loss)	(4)	18	(1)
Balance at end of period	$ (33)	$ (29)	$ (47)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 1,030	$ 997
Short-term investments	3	11
Accounts receivable, net	1,185	1,093
Inventories	1,227	1,187
Prepaid expenses and assets held for sale	60	67
Total current assets	3,505	3,355
Property, plant and equipment, net	2,526	2,264
Intangible assets, net	1,269	1,264
Other non-current assets	597	561
Total assets	7,897	7,444
Current liabilities:
Short-term borrowings	48	44
Accounts payable	693	604
Accrued liabilities and liabilities held for sale	575	633
Total current liabilities	1,316	1,281
Long-term debt	1,742	1,787
Other non-current liabilities	473	486
Total liabilities	3,531	3,554
Share-based payments subject to redemption	64	60
Redeemable non-controlling interests	7	7
Ingredion stockholders’ equity:
Preferred stock — authorized 25.0 shares — $0.01 par value, none issued	0	0
Common stock — authorized 200.0 shares — $0.01 par value, 77.8 issued at December 31, 2025 and 2024	1	1
Additional paid-in capital	1,155	1,152
Less: Treasury stock (common stock: 14.8 and 13.3 shares at December 31, 2025 and 2024) at cost	(1,555)	(1,355)
Accumulated other comprehensive loss	(937)	(1,086)
Retained earnings	5,610	5,092
Total Ingredion stockholders’ equity	4,274	3,804
Non-redeemable non-controlling interests	21	19
Total stockholders’ equity	4,295	3,823
Total liabilities and stockholders’ equity	$ 7,897	$ 7,444

Pension and Other Postretirement Benefits - Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Amounts charged to expense for defined contribution plans	$ 34	$ 30	$ 28

Consolidated Statements of Income - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net sales	$ 7,219,000	$ 7,430,000	$ 8,160,000
Cost of sales	5,391,000	5,639,000	6,411,000
Gross profit	1,828,000	1,791,000	1,749,000
Operating expenses	815,000	782,000	789,000
Other operating (income), net	(24,000)	(1,000)	(8,000)
Restructuring/impairment charges	21,000	127,000	11,000
Operating income	1,016,000	883,000	957,000
Financing costs	37,000	39,000	114,000
Net (gain) on sale of business	0	(90,000)	0
Other non-operating expense	5,000	3,000	4,000
Income before income taxes	974,000	931,000	839,000
Provision for income taxes	238,000	277,000	188,000
Net income	736,000	654,000	651,000
Less: Net income attributable to non-controlling interests	7,000	7,000	8,000
Net income attributable to Ingredion	$ 729,000	$ 647,000	$ 643,000
Weighted average common shares outstanding:
Basic (in shares)	64.2	65.5	66.0
Diluted (in shares)	65.2	66.6	67.0
Earnings per common share of Ingredion:
Basic (in dollars per share)	$ 11.36	$ 9.88	$ 9.74
Diluted (in dollars per share)	$ 11.18	$ 9.71	$ 9.60

Pension and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

We sponsor noncontributory defined benefit pension plans (qualified and non-qualified) covering a portion of our employees in the U.S. and Canada and certain employees in other foreign countries. Plans for most salaried employees provide pay-related benefits based on years of service. Plans for hourly employees generally provide benefits based on flat dollar amounts and years of service. Our general funding policy is to make contributions to the plans that comply with minimum funding requirements and are within the limits of deductibility under current tax regulations. Certain foreign countries allow income tax deductions without regard to contribution levels and our policy in those countries is to make contributions required by the terms of the applicable plan.

Included in our pension obligation are nonqualified supplemental retirement plans for certain key employees. Benefits provided under these plans are unfunded and we make direct payments to plan participants. We also provide healthcare and/or life insurance benefits for retired employees in the U.S., Canada and Brazil. Healthcare benefits for retirees outside the U.S., Canada and Brazil are generally covered through local government plans.

Pension Plans

Pension Obligation and Funded Status: The changes in pension benefit obligations and plan assets during 2025 and 2024, as well as the funded status and the amounts recognized in our Consolidated Balance Sheets related to our pension plans at December 31, 2025 and 2024, were as follows:


	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Benefit obligation
At January 1	$	288	$	305	$	170	$	200
Divestiture (i)	—		—		—		(14)
Service cost	3		3		3		3
Interest cost	15		14		9		9
Benefits paid	(21)		(20)		(11)		(11)
Actuarial loss (gain)	4		(14)		—		—
Curtailment/settlement/amendments, net	—		—		(3)		(1)
Currency translation adjustment	—		—		11		(16)
Benefit obligation at December 31	$	289	$	288	$	179	$	170

Fair value of plan assets
At January 1	$	315	$	325	$	174	$	200
Divestiture (i)	—		—		—		(16)
Actual return on plan assets	23		10		5		14
Employer contributions	1		—		4		4
Benefits paid	(21)		(20)		(11)		(11)
Plan settlements	—		—		(4)		(2)
Currency translation adjustment	—		—		9		(15)
Fair value of plan assets at December 31	$	318	$	315	$	177	$	174

Funded status	$	29	$	27	$	(2)	$	4

______________________

(i)We completed the sale of our South Korea business on February 1, 2024.

As of December 31, 2025, the actuarial loss for the U.S plans was primarily driven by a decrease in the discount rate compared to the prior year. As of December 31, 2024, the actuarial gain for the U.S. plan was primarily driven by an increase in the discount rate compared to the prior year.

Amounts recorded in the Consolidated Balance Sheets as of December 31, 2025 and 2024 were as follows:


	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Non-current assets	$	39	$	35	$	48	$	46
Current liabilities	(1)		(1)		(1)		(1)
Non-current liabilities	(9)		(7)		(49)		(41)
Net assets (liabilities) recognized	$	29	$	27	$	(2)	$	4

Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2025 and 2024, were as follows:


	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Net actuarial loss	$	22	$	25	$	22	$	16

Prior service (credit) cost	(1)		(2)		1		1
Net amount recognized	$	21	$	23	$	23	$	17

The net amount recognized in AOCL at December 31, 2025 decreased compared to the prior year for the U.S. pension plans mainly due to actual return on plan assets being higher than expected, partially offset by the decrease in discount rates used to measure our obligations under U.S. plans. The net amount recognized in AOCL at December 31, 2025 for the non-U.S. pension plans increased as compared to December 31, 2024 was primarily driven by the actual return on assets being lower than expected as well as by unfavorable foreign currency translation.

The accumulated benefit obligation for all defined benefit pension plans was $449 million and $442 million at December 31, 2025 and 2024. Information for pension plans with a projected benefit obligation in excess of plan assets and an accumulated benefit obligation in excess of plan assets is as follows:


	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Projected benefit obligation	$	(9)	$	(8)	$	(54)	$	(46)
Accumulated benefit obligation	(9)		(8)		(42)		(36)
Fair value of plan assets	—		—		5		4

Components of net periodic benefit cost consist of the following for 2025, 2024 and 2023:


	U.S. Plans						Non-U.S. Plans
	2025		2024		2023		2025		2024		2023
Service cost	$	3	$	3	$	3	$	3	$	3	$	4
Interest cost	15		14		15		9		9		10
Expected return on plan assets	(17)		(17)		(17)		(9)		(9)		(9)
Amortization of actuarial loss	—		—		1		—		1		1
Amortization of prior service credit	(1)		—		(1)		—		—		—
Net periodic benefit cost	$	—	$	—	$	1	$	3	$	4	$	6

Total pre-tax amounts recorded in other comprehensive income and net periodic benefit cost for 2025, 2024 and 2023 were as follows:


	U.S. Plans						Non-U.S. Plans
	2025		2024		2023		2025		2024		2023
Net actuarial (gain) loss	$	(3)	$	(7)	$	(3)	$	4	$	(5)	$	—
Prior service cost	1		—		—		—		1		—
Amortization of actuarial loss	—		—		(1)		1		(1)		(1)
Amortization of prior service credit	—		—		1		—		—		—
Currency translation adjustment	—		—		—		1		(2)		1
Total recorded in other comprehensive (income) loss	(2)		(7)		(3)		6		(7)		—
Net periodic benefit cost	—		—		1		3		4		6
Total recorded in other comprehensive (income) loss and net periodic benefit cost	$	(2)	$	(7)	$	(2)	$	9	$	(3)	$	6

The weighted average assumptions used to determine our obligations for the pension plans for 2025 and 2024 were as follows:


	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Discount rate	5.41	%	5.64	%	5.52	%	5.42	%
Rate of compensation increase	3.70		3.75		4.24		4.16
Cash balance interest credit rate	4.51		4.63		—		—

The weighted average assumptions used to determine our net periodic benefit cost for the pension plans were as follows:


	U.S. Plans						Non-U.S. Plans
	2025		2024		2023		2025		2024		2023
Discount rate	5.64	%	5.00	%	5.19	%	5.42	%	5.32	%	5.67	%
Expected long-term return on plan assets	5.50		5.50		5.50		5.05		4.97		5.05
Rate of compensation increase	3.75		3.83		3.92		4.16		3.73		3.83
Cash balance interest crediting rate	4.63		4.53		4.21		—		—		—

For 2025, we assumed an expected long-term rate of return on assets of 5.50 percent for U.S. plans and 4.58 percent for Canadian plans. In developing the expected long-term rate of return assumption on plan assets, which consist mainly of U.S. and Canadian debt and equity securities, we evaluated historical rates of return achieved on plan assets and the asset allocation of the plans, input from our independent actuaries and investment consultants, and historical trends in long-term inflation rates. Projected return estimates are based upon broad equity and bond indices.

The discount rate reflects a rate of return on high-quality fixed-income investments that match the duration of the expected benefit payments. We typically use returns on long-term, high-quality corporate AA bonds as a benchmark in establishing this assumption, and we elect to use a full yield curve approach to estimate these components of benefit cost by applying the specific spot rates along the yield curve used to determine the benefit obligation to the relevant projected cash flows.

Plan Assets: Our investment policy for our pension plans is to balance risk and return through diversified portfolios of fixed income securities, equity instruments and short-term investments. Maturities for fixed income securities are managed such that sufficient liquidity exists to meet near-term benefit payment obligations. For U.S. pension plans, the weighted average target range allocation of assets was 7 to 14 percent in equity instruments and 86 to 93 percent in fixed

income securities, inclusive of other short-term investments. The asset allocation is reviewed regularly, and portfolio investments are rebalanced to the targeted allocation when considered appropriate.

Our weighted average asset allocations as of December 31, 2025 and 2024 for U.S. and non-U.S. pension plan assets were as follows:


	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Equity securities	7	%	7	%	9	%	9	%
Debt securities	91		91		86		84
Cash and other	2		2		5		7
Total	100	%	100	%	100	%	100	%

With the exception of cash, which is considered Level 1 in the fair value hierarchy, all significant pension plan assets are held in collective trusts by our U.S. and non-U.S. plans. The fair values of shares of collective trusts are based upon the net asset value (“NAV”) of the fund reported by the fund managers based on quoted market prices of the underlying securities as of the balance sheet date and are considered to be Level 2 fair value measurements. Investments measured at NAV as a practical expedient for fair value are excluded from the fair value hierarchy. This may produce a fair value measurement that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe our valuation methods are appropriate and consistent with those of other market participants, different methods could result in different fair value measurements at the reporting date.

The fair values of our plan assets by asset category were as follows:


	Fair Value Measurements as of December 31, 2025
	NAV				Level 1				Level 2				Total
	2025		2024		2025		2024		2025		2024		2025		2024
U.S. Plans:
Equity index:
U.S. (i)	$	—	$	—	$	—	$	—	$	14	$	14	$	14	$	14
International (ii)	—		—		—		—		7		7		7		7
Fixed income index:
Intermediate bond (iv)	—		—		—		—		12		—		12		—
Long bond (iii)	—		—		—		—		121		125		121		125
Government bond (iv)	—		—		—		—		91		100		91		100
Other fixed income (v)	67		63		—		—		—		—		67		63
Cash & Short-term Investments (vi)	—		—		—		—		6		6		6		6
Total U.S. Plans	$	67	$	63	$	—	$	—	$	251	$	252	$	318	$	315
Non-U.S. Plans:
Equity index:
U.S. (i)	$	—	$	—	$	—	$	—	$	10	$	10	$	10	$	10
International (ii)	—		—		—		—		5		5		5		5
Fixed income index:
Government bond (vii)	—		—		—		—		77		73		77		73
Corporate bond (viii)	—		—		—		—		76		74		76		74
Other (ix)	—		—		—		—		7		10		7		10
Cash & Short-term Investments (vi)	—		—		2		2		—		—		2		2
Total Non-U.S. Plans	$	—	$	—	$	2	$	2	$	175	$	172	$	177	$	174

______________________

(i)This category consists of both passively and actively managed equity index funds that track the return of large capitalization U.S. equities.

(ii)This category consists of both passively and actively managed equity index funds that track an index of returns on international developed and emerging market equities.

(iii)This category consists of an actively managed fixed income index fund that invests in a diversified portfolio of fixed-income securities with maturities generally exceeding 10 years.

(vi)This category represents cash, cash equivalents or highly liquid short-term investments.

(vii)This category consists of both passively and actively managed fixed income index funds that track the return of government bonds with varying maturities.

(viii)This category consists of actively managed fixed income index funds that track the return of investment grade corporate bonds with varying maturities.

(ix)This category mainly consists of investment products provided by insurance companies that offer returns that are subject to a minimum guarantee and mutual funds.

During 2025, we made a cash contribution of $1 million to our U.S. pension plans and $4 million to our non-U.S. pension plans. We anticipate that in 2026 we will make cash contributions of $1 million to our U.S. pension plans and $4 million to our non-U.S. pension plans. Cash contributions in subsequent years will depend on a number of factors, including the performance of plan assets.

We expect to pay the following benefit payments to beneficiaries, which reflect anticipated future service, as appropriate:


	U.S. Plans		Non-U.S. Plans
2026	$	28	$	12
2027	27		12
2028	26		12
2029	25		13
2030	24		13
Thereafter	111		75

We also maintain defined contribution plans. We make matching contributions to these plans that are subject to certain vesting requirements and are based on a percentage of employee contributions. The expense for defined contribution plans was $34 million for 2025, $30 million for 2024, and $28 million for 2023.

Postretirement Benefit Plans

Our postretirement benefit plans currently are not funded. The information presented below includes plans in the U.S., Brazil and Canada. The changes in the benefit obligations of the plans during 2025 and 2024, as well as the amounts recognized in our Consolidated Balance Sheets as of December 31, 2025 and 2024, were as follows:


	2025		2024
Accumulated postretirement benefit obligation
At January 1	$	52	$	64

Interest cost	4		4

Actuarial loss (gain)	3		(7)
Benefits paid	(3)		(3)
Currency translation adjustment	3		(6)
At December 31	59		52
Fair value of plan assets	—		—
Funded status	$	(59)	$	(52)

As of December 31, 2025, the increase in the postretirement benefit obligation was mainly driven by actuarial losses and unfavorable foreign currency translation.

Amounts recorded in the Consolidated Balance Sheets as of December 31, 2025 and 2024 were as follows:


	2025		2024
Current liabilities	$	(4)	$	(4)
Non-current liabilities	(55)		(48)
Total liabilities recognized	$	(59)	$	(52)

Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2025 and 2024 were as follows:


	2025		2024
Net actuarial (gain)	$	(1)	$	(5)
Prior service cost	3		5
Net amount recognized	$	2	$	—

Components of net periodic benefit cost for 2025, 2024 and 2023 were as follows:


	2025		2024		2023
Service cost	$	—	$	—	$	1
Interest cost	4		4		4
Amortization of actuarial (gain) loss	—		—		(1)
Amortization of prior service cost	1		1		1
Net periodic benefit cost	$	5	$	5	$	5

Total pre-tax amounts recorded in other comprehensive income and net periodic benefit cost for 2025, 2024 and 2023 were as follows:


	2025		2024		2023
Net actuarial loss (gain)	$	3	$	(7)	$	1
Prior service cost	—		—		2
Amortization of prior service (cost)	(1)		(1)		(1)
Amortization of actuarial gain	—		—		1
Currency translation adjustment	1		(2)		1
Total recorded in other comprehensive loss (income)	3		(10)		4
Net periodic benefit cost	5		5		5
Total recorded in other comprehensive (income) loss and net periodic benefit cost	$	8	$	(5)	$	9

We used the following weighted average assumptions to determine our postretirement benefit obligations for 2025 and 2024:


	2025		2024
Discount rate	8.16	%	7.75	%

The following weighted average assumptions were used to determine our net postretirement benefit cost:


	2025		2024		2023
Discount rate	7.75	%	7.37	%	7.30	%

The discount rate reflects a rate of return on high-quality fixed-income investments that match the duration of expected benefit payments. We typically use returns on long-term, high-quality corporate AA bonds as a benchmark in establishing this assumption.

The healthcare cost trend rates used in valuing our postretirement benefit obligations are established based upon actual healthcare trends and consultation with actuaries and benefit providers. We used the following assumptions as of December 31, 2025:


	U.S.		Canada		Brazil
2025 increase in per capita cost	8.50	%	5.30	%	8.42	%
Ultimate trend	4.50	%	4.05	%	8.42	%
Year ultimate trend reached	2034		2040		2025

We expect to make the following benefit payments to beneficiaries under our postretirement benefit plans, which reflect anticipated future service, as appropriate:



2026	$	4
2027	4
2028	4
2029	4
2030	4
Thereafter	24

Multi-employer Plan

We participate in and contribute to one multi-employer benefit plan under the terms of collective bargaining agreements that cover certain union-represented employees and retirees in the U.S. The plan covers medical and dental benefits for active hourly employees and retirees represented by the United Steelworkers Union for certain U.S. locations. The risks of participating in this multi-employer plan are different from the risks of participating in single-employer plans. This plan receives contributions from two or more unrelated employers pursuant to one or more collective bargaining agreements, and the assets contributed by one employer may be used to fund the benefits of all employees covered within the plan.

We are required to make contributions to this multi-employer plan as determined by the terms and conditions of the collective bargaining agreements and plan terms, but we do not provide more than five percent of the total contributions to the plan. We made regular contributions to the plan of $10 million in 2025, $10 million in 2024, and $11 million in 2023. We cannot currently estimate the amount of multi-employer plan contributions that will be required in 2026 and future years, but these contributions could increase due to healthcare cost trends. The remaining collective bargaining agreements associated with the multi-employer plan expire during 2027 and 2028.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment and Geographical Information - Net Sales to Third-Party Customers by Country (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 1,757	$ 1,816	$ 1,833	$ 1,813	$ 1,800	$ 1,870	$ 1,878	$ 1,882	$ 7,219	$ 7,430	$ 8,160
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									2,815	2,870	3,069
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									1,392	1,503	1,571
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									572	584	669
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									495	527	548
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									384	385	413
Colombia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									324	310	332
Thailand
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									255	265	259
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 982	$ 986	$ 1,299

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

We measure certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we use various valuation approaches. The hierarchy of those valuation approaches is in three levels based on the reliability of inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Below is a summary of the hierarchy levels:

•Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly for substantially the full term of the financial instrument. Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability or can be derived principally from or corroborated by observable market data.

•Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Assets and liabilities measured at fair value on a recurring basis are presented below:


	As of December 31, 2025								As of December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Marketable securities	$	6	$	—	$	—	$	6	$	5	$	—	$	—	$	5
Derivative assets	22		2		—		24		48		4		—		52
Derivative liabilities	18		10		—		28		17		4		—		21
Long-term debt	—		1,649		—		1,649		—		1,633		—		1,633

The carrying values of cash equivalents, short-term investments, accounts receivable, accounts payable and short-term borrowings approximate fair values. Commodity futures, options and swap contracts are recognized at fair value. Foreign currency forward contracts, swaps and options are also recognized at fair value. The fair value of our Long-term debt is estimated based on quotations of major securities dealers who are market makers in the securities. See Note 10 for information on the fair value of pension plan assets.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Chicago, IL
Auditor Firm ID	185

Pension and Other Postretirement Benefits - Postretirement Amounts Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amounts recognized in the Consolidated Balance Sheets
Non-current liabilities	$ (113)	$ (96)
Postemployment Retirement Benefits
Amounts recognized in the Consolidated Balance Sheets
Current liabilities	(4)	(4)
Non-current liabilities	(55)	(48)
Net assets (liabilities) recognized	(59)	(52)
Amounts recognized in accumulated other comprehensive loss, excluding tax effects, that have not yet been recognized as components of net periodic benefit cost
Net actuarial (gain)	(1)	(5)
Prior service (credit) cost	3	5
Net amount recognized	2	0
Components of net periodic benefit cost
Service cost	0	0	$ 1
Interest cost	4	4	4
Amortization of actuarial (gain) loss	0	0	(1)
Amortization of prior service cost	1	1	1
Net periodic benefit cost	5	5	5
Amounts recorded in other comprehensive income and net periodic benefit cost
Net actuarial loss (gain)	3	(7)	1
Prior service cost	0	0	2
Amortization of prior service (cost)	(1)	(1)	(1)
Amortization of actuarial gain	0	0	1
Currency translation adjustment	1	(2)	1
Total recorded in other comprehensive (income) loss	3	(10)	4
Net periodic benefit cost	5	5	5
Total recorded in other comprehensive (income) loss and net periodic benefit cost	$ 8	$ (5)	$ 9

Fair Value Measurements (Details) - USD ($) $ in Millions	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair value of assets and liabilities
Marketable securities	$ 6	$ 5
Derivative assets	$ 24	52
Derivative Asset Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	Derivative assets
Derivative liabilities	$ 28	21
Derivative Liability Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	Derivative liabilities
Long-term debt	$ 1,649	1,633
Level 1
Fair value of assets and liabilities
Marketable securities	6	5
Derivative assets	22	48
Derivative liabilities	18	17
Long-term debt	0	0
Level 2
Fair value of assets and liabilities
Marketable securities	0	0
Derivative assets	2	4
Derivative liabilities	10	4
Long-term debt	1,649	1,633
Level 3
Fair value of assets and liabilities
Marketable securities	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Long-term debt	$ 0	$ 0

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income before income taxes:
U.S.	$ 338,000	$ 396,000	$ 244,000
Foreign	636,000	535,000	595,000
Income before income taxes	974,000	931,000	839,000
Current tax expense:
U.S. federal	34,000	31,000	6,000
State and local	6,000	6,000	5,000
Foreign	192,000	255,000	183,000
Total current tax expense	232,000	292,000	194,000
Deferred tax expense (benefit):
U.S. federal	7,000	11,000	0
State and local	3,000	2,000	1,000
Foreign	(4,000)	(28,000)	(7,000)
Total deferred tax expense (benefit)	6,000	(15,000)	(6,000)
Total provision for income taxes	$ 238,000	$ 277,000	$ 188,000

Equity - Share Activity (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Capital Stock Activity
Common stock, issued, beginning balance (in shares)	77,800
Treasury stock, beginning balance (in shares)	13,300
Stock options exercised (in shares)	(317)
Common stock, issued, ending balance (in shares)	77,800	77,800
Treasury stock, ending balance (in shares)	14,800	13,300
Common Stock
Capital Stock Activity
Common stock, issued, beginning balance (in shares)	77,811	77,811	77,811
Common stock, outstanding, beginning balance (in shares)	64,494	65,239	65,694
Stock options exercised (in shares)	(92)	(635)	(386)
Purchase/acquisition of treasury stock, outstanding (in shares)	(1,832)	(1,652)	(1,000)
Common stock, issued, ending balance (in shares)	77,811	77,811	77,811
Common stock, outstanding, ending balance (in shares)	62,973	64,494	65,239
Common Stock \| RSUs
Capital Stock Activity
Issuance of share-based awards (in shares)	(120)	(127)	(108)
Common Stock \| Performance shares and other share-based awards
Capital Stock Activity
Issuance of share-based awards (in shares)	(99)	(145)	(51)
Treasury Stock
Capital Stock Activity
Treasury stock, beginning balance (in shares)	13,317	12,572	12,117
Stock options exercised (in shares)	(92)	(635)	(386)
Purchase/acquisition of treasury stock, held in treasury (in shares)	1,832	1,652	1,000
Treasury stock, ending balance (in shares)	14,838	13,317	12,572
Treasury Stock \| RSUs
Capital Stock Activity
Issuance of share-based awards (in shares)	(120)	(127)	(108)
Treasury Stock \| Performance shares and other share-based awards
Capital Stock Activity
Issuance of share-based awards (in shares)	(99)	(145)	(51)

Derivative Instruments and Hedging Activities - Narrative (Details) bu in Millions, MMBTU in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) MMBTU bu	Dec. 31, 2024 USD ($) MMBTU bu
Financial instruments, derivatives and hedging activities
Loss expected to be reclassified into earnings during the next twelve months	$ 4
Losses expected to be reclassified into earnings during the next twelve months, net of taxes	$ 1
Commodity contracts \| Minimum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	12 months
Commodity contracts \| Maximum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	24 months
Corn Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn) \| bu	84	105
Natural Gas Commodity
Financial instruments, derivatives and hedging activities
Natural gas swap contract (in mmbtu of natural gas) \| MMBTU	26	24
Foreign currency contracts \| Not Designated as Hedging Instrument \| Short
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 395	$ 408
Foreign currency contracts \| Not Designated as Hedging Instrument \| Long
Financial instruments, derivatives and hedging activities
Derivative notional amount	192	113
Foreign currency contracts \| Designated as Hedging Instrument \| Short \| Cash Flow Hedging
Financial instruments, derivatives and hedging activities
Derivative notional amount	425	447
Foreign currency contracts \| Designated as Hedging Instrument \| Long \| Cash Flow Hedging
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 358	$ 448

Investments

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Investments

Investments as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Equity method investments	$	117	$	95
Equity investments	27		31
Marketable securities	6		5
Total investments	$	150	$	131

In June 2025, we entered into a joint venture agreement with Agrana Sträke GmbH (“Agrana joint venture”), which provided us with a 49 percent equity interest in the joint venture for the development of starch production in Romania. In exchange for our stake in the Agrana joint venture, we paid $18 million of cash, net of post-closing adjustments. Our investment in the Agrana joint venture is classified as an equity method investment, and we recognize our share of net income one month in arrears in the Texture & Healthful Solutions segment.

Our equity method investments also include our 49 percent joint venture equity ownership in Ingrear Holding S.A. (“Argentina joint venture”), and we recognize our share of net income in the Argentina joint venture one month in arrears in the F&II–LATAM segment. In 2024, we received antitrust clearance to finalize the Argentina joint venture investment, subject to fulfillment of certain conditions to promote arms-length competition in the Argentina corn wet milling market, which must be completed through September 2029.

During 2024 and 2023, we recorded an other-than temporary impairment charge of $18 million and $10 million on our equity method investment with Amyris Inc. (the “Amyris joint venture”), which was recorded in the Restructuring/impairment charges on our Consolidated Statements of Income.

During 2025, we entered into new equity investments for $8 million of cash consideration. We also sold an equity investment at cost for $6 million and recorded $7 million of impairment charges on our equity investments.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash from operating activities
Net income	$ 736	$ 654	$ 651
Non-cash charges to net income:
Depreciation and amortization	222	214	219
Mechanical stores expense	67	62	62
Net (gain) on sale of business	0	(90)	0
Deferred income taxes	6	(15)	(6)
Impairment charges	10	109	10
Other non-cash charges	43	32	59
Changes in working capital:
Accounts receivable and prepaid expenses	(51)	148	77
Inventories	3	228	69
Accounts payable and accrued liabilities	(27)	20	(79)
Margin accounts	2	21	10
Other	(67)	53	(15)
Cash provided by operating activities	944	1,436	1,057
Cash from investing activities
Capital expenditures and mechanical stores purchases, net	(433)	(295)	(314)
Proceeds from sale of business	12	255	0
Purchases of equity securities, net	(20)	(4)	(9)
Other	(3)	(3)	(6)
Cash used for investing activities	(444)	(47)	(329)
Cash from financing activities
Proceeds from borrowings	405	773	720
Payments on debt	(449)	(791)	(949)
Commercial paper repayments, net	0	(327)	(63)
Repurchases of common stock, net	(224)	(216)	(101)
Common stock activity for share-based compensation, net	(12)	46	20
Purchases of non-controlling interests	0	(40)	(2)
Dividends paid, including to non-controlling interests	(211)	(210)	(194)
Cash used for financing activities	(491)	(765)	(569)
Effects of foreign exchange rate changes on cash and cash equivalents	24	(28)	6
Increase in cash and cash equivalents	33	596	165
Cash and cash equivalents, beginning of period	997	401	236
Cash and cash equivalents, end of period	$ 1,030	$ 997	$ 401

Equity - Treasury Stock (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Nov. 03, 2025
2025 Stock Repurchase Program
Treasury stock:
Stock repurchase program, number of shares authorized				8,000
Treasury Stock
Treasury stock:
Purchase/acquisition of treasury stock, held in treasury (in shares)	1,832	1,652	1,000
Repurchases of common stock	$ 224	$ 216	$ 101

Segment and Geographical Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

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.

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Gross
Total other intangible assets, gross	$ 701	$ 682
Accumulated Amortization	(354)	(324)
Net
Total other intangible assets, net	347	358
Patents
Gross
Finite-lived intangible assets, gross	34	31
Accumulated Amortization	(16)	(12)
Net
Finite-lived intangible assets, net	18	19
Customer relationships
Gross
Finite-lived intangible assets, gross	366	356
Accumulated Amortization	(212)	(188)
Net
Finite-lived intangible assets, net	154	168
Technology
Gross
Finite-lived intangible assets, gross	118	111
Accumulated Amortization	(105)	(104)
Net
Finite-lived intangible assets, net	13	7
Other
Gross
Finite-lived intangible assets, gross	40	41
Accumulated Amortization	(21)	(20)
Net
Finite-lived intangible assets, net	19	21
Trademarks/trade names (indefinite-lived)
Gross
Indefinite-lived intangible assets	143	143
Net
Indefinite-lived intangible assets	$ 143	$ 143

Derivative Instruments and Hedging Activities - Schedule of Cash Flow Hedges in AOCI (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) gains included in AOCL	$ (937)	$ (1,086)
Cash Flow Hedging
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) gains included in AOCL	(5)	4
Cash Flow Hedging \| Commodity contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) gains included in AOCL	(7)	(1)
Tax effect of gains (losses) on cash flow hedges	3	0
Cash Flow Hedging \| Foreign currency contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) gains included in AOCL	3	7
Tax effect of gains (losses) on cash flow hedges	3	4
Cash Flow Hedging \| Interest rate contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) gains included in AOCL	(1)	(2)
Tax effect of gains (losses) on cash flow hedges	$ 1	$ 1

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Pension and Other Postretirement Benefits - Postretirement Assumptions and Trends (Details) - Postemployment Retirement Benefits	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted average assumptions used to determine the company's obligations
Discount rate	8.16%	7.75%
Weighted average assumptions used to determine the company's net periodic benefit cost
Discount rate	7.75%	7.37%	7.30%
U.S. Plans
Assumptions used in measuring benefit obligation
2025 increase in per capita cost	8.50%
Ultimate trend	4.50%
Year ultimate trend reached	2034
Canada
Assumptions used in measuring benefit obligation
2025 increase in per capita cost	5.30%
Ultimate trend	4.05%
Year ultimate trend reached	2040
Brazil
Assumptions used in measuring benefit obligation
2025 increase in per capita cost	8.42%
Ultimate trend	8.42%
Year ultimate trend reached	2025

Supplementary Information - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Supplementary Information
Finished and in process	$ 753	$ 762
Raw materials	389	346
Manufacturing supplies	85	79
Total inventories	$ 1,227	$ 1,187

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, authorized (in shares)	25,000,000	25,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0	0
Common stock, authorized (in shares)	200,000,000.0	200,000,000.0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	77,800,000	77,800,000
Treasury stock (in shares)	14,800,000	13,300,000

Supplementary Information - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Supplementary Information
Net sales	$ 1,757	$ 1,816	$ 1,833	$ 1,813	$ 1,800	$ 1,870	$ 1,878	$ 1,882	$ 7,219	$ 7,430	$ 8,160
Gross profit	430	455	477	466	449	479	446	417	1,828	1,791	1,749
Net income attributable to Ingredion	$ 165	$ 171	$ 196	$ 197	$ 95	$ 188	$ 148	$ 216	$ 729	$ 647	$ 643
Basic earnings per common share of Ingredion (in dollars per share)	$ 2.59	$ 2.66	$ 3.04	$ 3.05	$ 1.46	$ 2.88	$ 2.25	$ 3.29	$ 11.36	$ 9.88	$ 9.74
Diluted earnings per common share of Ingredion (in dollars per share)	2.56	2.61	2.99	3.00	1.43	2.83	2.22	3.23	$ 11.18	$ 9.71	$ 9.60
Per share dividends declared (in dollars per share)	$ 0.82	$ 0.82	$ 0.80	$ 0.80	$ 0.80	$ 0.80	$ 0.78	$ 0.78

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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+ Details

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis are presented below:


	As of December 31, 2025								As of December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Marketable securities	$	6	$	—	$	—	$	6	$	5	$	—	$	—	$	5
Derivative assets	22		2		—		24		48		4		—		52
Derivative liabilities	18		10		—		28		17		4		—		21
Long-term debt	—		1,649		—		1,649		—		1,633		—		1,633

Income Taxes - Effective Tax Rate Reconciliation (2024 and 2023) (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Percent
Federal statutory tax rate	21.00%	21.00%	21.00%
Statutory tax rate difference		5.40%	6.10%
Foreign currency foreign exchange		1.90%	(1.80%)
Inflation adjustments		(0.40%)	(0.50%)
Tax benefit of intercompany financing		(0.30%)	(0.40%)
U.S. international tax implications		1.40%	1.00%
Favorable judgment on the treatment of credits and interest on indirect taxes		0.00%	(0.20%)
Sale of our South Korea business		(1.60%)	0.00%
Unfavorable judgment and related reserve on transfer pricing matters		1.60%	0.00%
Valuation allowance on investments		1.20%	0.00%
Foreign-derived intangible income (“FDII”)	(1.70%)	(1.60%)	(1.50%)
Brazil exclusion of certain tax incentives		(0.30%)	(1.20%)
Other		1.50%	(0.10%)
Provision at effective tax rate	24.40%	29.80%	22.40%

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets attributable to:
Employee benefit accruals	$ 33	$ 31
Pensions and postretirement plans	14	9
Lease liabilities	48	51
Allowance for credit losses	3	3
Inventory reserve	15	16
Net operating loss carryforwards	47	51
Tax credit carryforwards	9	7
Derivative contracts	1	0
Uniform capitalization	11	8
Equity method investments	2	9
Other	54	46
Total deferred tax assets	237	231
Valuation allowances	(52)	(60)
Net deferred tax assets	185	171
Deferred tax liabilities attributable to:
Property, plant and equipment	173	161
Identified intangibles	20	25
Right-of-use lease assets	45	48
Foreign withholding and state taxes on unremitted earnings	10	1
Goodwill	45	38
Derivative contracts	0	3
Total deferred tax liabilities	293	276
Net deferred tax liabilities	$ 108	$ 105

Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Equity

Preferred stock: We have authorized 25 million shares of $0.01 par value preferred stock, none of which were issued or outstanding at December 31, 2025 and 2024.

Treasury stock: On November 3, 2025, the Board of Directors approved a new stock repurchase program authorizing us to purchase up to 8.0 million shares of our outstanding common stock until December 31, 2028. We may repurchase shares from time to time in the open market, in privately negotiated transactions, or otherwise, at prices we deem appropriate. We are not obligated to repurchase any shares under the authorization, and the repurchase program may be suspended, discontinued or modified at any time, for any reason and without notice. The parameters of our stock repurchase program are not established solely with reference to the dilutive impact of shares issued under our stock incentive plan. However, we expect that, over time, share repurchases will offset the dilutive impact of shares issued under the stock incentive plan.

During 2025, we repurchased 1.8 million outstanding shares of common stock in open market transactions at a net cost of $224 million. During 2024, we repurchased 1.7 million shares of common stock in open market transactions at a net cost of $216 million. During 2023, we repurchased 1.0 million outstanding shares of common stock in open market transactions at a net costs of $101 million.

Common stock share activity for 2025, 2024 and 2023 was as follows:


(Shares of common stock, in thousands)	Issued	Held in Treasury	Outstanding
Balance as of December 31, 2022	77,811	12,117	65,694
Issuance of restricted stock units as compensation	—	(108)	108
Performance shares and other share-based awards	—	(51)	51
Stock options exercised	—	(386)	386
Purchase/acquisition of treasury stock	—	1,000	(1,000)
Balance as of December 31, 2023	77,811	12,572	65,239
Issuance of restricted stock units as compensation	—	(127)	127
Performance shares and other share-based awards	—	(145)	145
Stock options exercised	—	(635)	635
Purchase/acquisition of treasury stock	—	1,652	(1,652)
Balance as of December 31, 2024	77,811	13,317	64,494
Issuance of restricted stock units as compensation	—	(120)	120
Performance shares and other share-based awards	—	(99)	99
Stock options exercised	—	(92)	92
Purchase/acquisition of treasury stock	—	1,832	(1,832)
Balance as of December 31, 2025	77,811	14,838	62,973

Share-based payments: Share-based compensation expense for 2025, 2024 and 2023 was as follows:


	2025		2024		2023
Stock options:
Pre-tax compensation expense	$	5	$	5	$	4
Income tax benefit	—		—		—
Stock option expense, net of income taxes	5		5		4
Restricted stock units (“RSUs”):
Pre-tax compensation expense	20		18		15
Income tax benefit	(3)		(2)		(2)
RSUs, net of income taxes	17		16		13
Performance shares and other share-based awards:
Pre-tax compensation expense	15		14		14
Income tax benefit	(1)		(1)		(1)
Performance shares and other share-based compensation expense, net of income taxes	14		13		13
Total share-based compensation:
Pre-tax compensation expense	40		37		33
Income tax benefit	(4)		(3)		(3)
Total share-based compensation expense, net of income taxes	$	36	$	34	$	30

The People, Culture and Compensation Committee (“Compensation Committee”) of our Board of Directors administers a stock incentive plan (“SIP”) under which it grants stock options, restricted stock, restricted stock units and other share-based awards to certain key employees. The Committee originally authorized 5.4 million shares for awards when it approved the SIP on May 19, 2023. As of December 31, 2025, 4.6 million shares were available for future grants. Shares covered by awards under the SIP and a prior stock incentive plan that expire, terminate or lapse will again be available for the grant of awards under the SIP.

Stock Options: Under the SIP, stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 10-year term and are exercisable upon vesting, which occurs over a three-year period at the anniversary dates of the date of grant.

We granted non-qualified options to purchase 158 thousand, 178 thousand and 197 thousand shares for 2025, 2024 and 2023. The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:


	For the Year Ended December 31,
	2025		2024		2023
Expected life (in years)	5.5		5.5		5.5
Risk-free interest rate	4.1	%	4.2	%	4.0	%
Expected volatility	28.2	%	28.1	%	28.3	%
Expected dividend yield	2.5	%	2.9	%	2.9	%

The expected life of options represents the weighted average period for which we expect options granted to be outstanding giving consideration to vesting schedules and our historical exercise patterns. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the grant date for the period corresponding to the expected life of the options. Expected volatility is based on historical volatilities of our common stock, and dividend yields are based on our dividend yield at the date of issuance.

Stock option activity in 2025 was as follows:


	Number of Options (in thousands)	Weighted Average Exercise Price per Share		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2024	1,453	$	100.04	5.6	$	55
Granted	158	130.57
Exercised	(317)	91.17
Cancelled	(25)	115.24
Outstanding as of December 31, 2025	1,269	$	105.75	5.3	$	13
Exercisable as of December 31, 2025	969	$	102.02	4.3	$	13

For 2025, 2024 and 2023, cash received from the exercise of stock options was $5 million, $58 million and $28 million. As of December 31, 2025, the unrecognized compensation cost related to non-vested stock options totaled $2 million, which is expected to be amortized over the weighted-average period of approximately 1.8 years.

Additional information pertaining to stock option activity was as follows:


	Year Ended December 31,
	2025		2024		2023
Weighted average grant date fair value of stock options granted (per share)	$	33.53	$	26.33	$	23.80
Total intrinsic value of stock options exercised	11		24		13

Restricted Stock Units: We have granted restricted stock units (“RSUs”) to certain key employees. The RSUs are primarily subject to cliff vesting, generally after three years, provided the employee remains in our service. The fair value of the RSUs is determined based upon the number of shares granted and the quoted market price of our common stock at the grant date.

RSU activity in 2025 was as follows:


	Number of Restricted Shares (in thousands)	Weighted Average Fair Value per Share
Non-vested as of December 31, 2024	538	$	99.58
Granted	181	130.34
Vested	(171)	89.74
Cancelled	(38)	110.82
Non-vested as of December 31, 2025	510	$	112.44

The total fair value of RSUs that vested was $15 million in 2025, $16 million in 2024, and $12 million in 2023.

At December 31, 2025, the total remaining unrecognized compensation cost related to RSUs was $17 million, which will be amortized on a weighted-average basis over approximately 1.7 years. Recognized compensation cost related to unvested RSUs is included in Share-based payments subject to redemption in the Consolidated Balance Sheets and totaled $32 million for December 31, 2025 and 2024.

Performance Shares: We have a long-term incentive plan for senior management in the form of performance shares. For the 2025 performance shares, 50 percent of the performance shares awarded vest based on our total shareholder return as compared to the total shareholder return of our performance peer group and the remaining 50 percent vest based on the calculation of our three-year average Adjusted Return on Invested Capital (“Adjusted ROIC”) against an established ROIC target.

For the 2025 performance shares awarded based on our total shareholder return, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our total shareholder return as compared to the total shareholder return of our peer group. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the Compensation Committee. Compensation expense is based on the fair value of the performance shares at the grant date, established using a Monte Carlo simulation model. The total compensation expense for these awards is amortized over a three-year graded vesting schedule.

For the 2025 performance shares awarded based on Adjusted ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our Adjusted ROIC performance against the target. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the Compensation Committee. Compensation expense is based on the market price of our common stock on the grant date and the final number of shares that ultimately vest. We estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect our estimated Adjusted ROIC performance against the target. The total compensation expense for these awards is amortized over a three-year graded vesting schedule.

We awarded 82 thousand, 86 thousand and 93 thousand performance shares in 2025, 2024 and 2023. The weighted average per share fair value of the shares granted in 2025, 2024 and 2023 was $145.73, $127.97 and $114.26.

The 2022 performance share awards that vested in February 2025 achieved a 200 percent payout of the granted performance shares. As of December 31, 2025, the 2023 performance share awards are estimated to pay out at 183 percent. Additionally, there were 17 thousand performance shares cancelled during 2025.

As of December 31, 2025, the unrecognized compensation cost relating to these plans was $9 million, which will be amortized over the remaining requisite service periods of 1.78 years. Recognized compensation cost related to these unvested awards is included in Share-based payments subject to redemption in the Consolidated Balance Sheets and totaled $32 million and $28 million as of December 31, 2025 and 2024.

Other Share-based Awards Under the SIP: Under the director compensation plan, $170 thousand of a non-employee director’s annual retainer is paid in Ingredion common stock. A director may elect to defer all or a portion of the director’s

common stock or cash compensation in shares of restricted stock units. These restricted units may not be transferred until a date not less than six months and no more than ten years and six months after the director’s termination of service from the Board of Directors, at which time the restricted units will be settled by delivering shares of common stock. The compensation expense relating to this plan included in the Consolidated Statements of Income was $2 million in each of 2025, 2024 and 2023. At December 31, 2025, there were approximately 213 thousand restricted stock units outstanding under this plan at a carrying value of approximately $12 million.

Accumulated Other Comprehensive Loss: A summary of Accumulated other comprehensive loss (“AOCL”) for 2025, 2024 and 2023 is presented below:


	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance as of December 31, 2022	$	(1,008)	$	6	$	(46)	$	(1,048)
Other comprehensive income (loss) before reclassification adjustments	47		(151)		(2)		(106)
Loss reclassified from AOCL	—		78		1		79
Tax effect	—		19		—		19
Net other comprehensive income (loss)	47		(54)		(1)		(8)
Balance as of December 31, 2023	(961)		(48)		(47)		(1,056)
Other comprehensive (loss) income before reclassification adjustments	(100)		(48)		23		(125)
Loss reclassified from AOCL	—		120		1		121
Tax effect	—		(20)		(6)		(26)
Net other comprehensive (loss) income	(100)		52		18		(30)
Balance as of December 31, 2024	(1,061)		4		(29)		$	(1,086)
Other comprehensive income (loss) before reclassification adjustments	162		(9)		(6)		147
(Income) reclassified from AOCL	—		(4)		—		(4)
Tax effect	—		4		2		6
Net other comprehensive income (loss)	162		(9)		(4)		149
Balance as of December 31, 2025	$	(899)	$	(5)	$	(33)	$	(937)

Supplemental Information: The following table provides the computation of basic and diluted earnings per common share (“EPS”).


	2025					2024					2023
	Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	729	64.2	$	11.36	$	647	65.5	$	9.88	$	643	66.0	$	9.74
Effect of Dilutive Securities (i)			1.0					1.1					1.0
Diluted EPS	$	729	65.2	$	11.18	$	647	66.6	$	9.71	$	643	67.0	$	9.60

_____________________

(i)Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive stock options, vesting of dilutive RSUs and other awards.

Approximately 0.3 million, 0.2 million and 0.5 million share-based awards of common stock were excluded from the calculation of the weighted average number of shares outstanding for diluted EPS in 2025, 2024 and 2023 because their effects were anti-dilutive.

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. federal	$ 47
State and local	7
Total income taxes paid, net of refunds	389	$ 169	$ 157
Mexico
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	142
Germany
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	58
Canada
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	53
Colombia
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	25
All other foreign
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 57

Supplementary Information (Tables)

12 Months Ended

Dec. 31, 2025

Supplementary Information

Schedule of accounts receivable, net

Accounts receivable, net as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Accounts receivable – trade	$	1,031	$	939
Accounts receivable – other	164		167
Allowance for credit losses	(10)		(13)
Total accounts receivable, net	$	1,185	$	1,093

Schedule of inventories

Inventories as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Finished and in process	$	753	$	762
Raw materials	389		346
Manufacturing supplies	85		79
Total inventories	$	1,227	$	1,187

Schedule of PP&E

PP&E, net as of December 31, 2025 and 2024 was as follows:


	As of December 31,
	2025		2024
Land	$	180	$	173
Buildings	877		824
Machinery and equipment	5,196		4,743
Property, plant and equipment, at cost	6,253		5,740
Accumulated depreciation	(3,727)		(3,476)
Total property, plant and equipment, net	$	2,526	$	2,264

Schedule of supplier chain finance program

The rollforward of our outstanding obligations confirmed as valid under our supply chain finance programs as of December 31, 2025 and 2024 were follows:


	2025		2024
Outstanding as of January 1	$	135	$	153
Invoices added during the year	559		480
Invoices paid during the year	(561)		(473)
Currency translation adjustment	15		(25)
Outstanding as of December 31	$	148	$	135

Schedule of accrued liabilities

Accrued liabilities and liabilities held for sale as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Compensation-related costs	$	123	$	121
Taxes payable and income taxes payable	67		156
Current lease liabilities	63		59
Dividends payable	52		52

Other	270		245
Total accrued liabilities and liabilities held for sale	$	575	$	633

Schedule of other non-current liabilities

Other non-current liabilities as of December 31, 2025 and 2024 were as follows:


	As of December 31,
	2025		2024
Non-current operating lease liabilities	$	118	$	145
Deferred tax liabilities	128		136
Pension and postretirement liabilities	113		96
Other	114		109
Total other non-current liabilities	$	473	$	486

Schedule of quarterly financial data

Earnings per share for each quarter and the year are calculated individually and may not sum to the total for the respective year. Summarized quarterly financial data was as follows:


	1st QTR		2nd QTR		3rd QTR		4th QTR
2025
Net sales	$	1,813	$	1,833	$	1,816	$	1,757
Gross profit	466		477		455		430
Net income attributable to Ingredion	197		196		171		165
Basic earnings per common share of Ingredion	3.05		3.04		2.66		2.59
Diluted earnings per common share of Ingredion	3.00		2.99		2.61		2.56
Per share dividends declared	0.80		0.80		0.82		0.82


	1st QTR		2nd QTR		3rd QTR		4th QTR
2024
Net sales	$	1,882	$	1,878	$	1,870	$	1,800
Gross profit	417		446		479		449
Net income attributable to Ingredion	216		148		188		95
Basic earnings per common share of Ingredion	3.29		2.25		2.88		1.46
Diluted earnings per common share of Ingredion	3.23		2.22		2.83		1.43
Per share dividends declared	0.78		0.78		0.80		0.80

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of period	$ 40	$ 31
Additions for tax positions related to prior years	2	7
Reductions for tax positions related to prior years	0	(1)
Additions based on tax positions related to the current year	2	3
Settlements with taxing authorities	(3)	0
Reductions related to a lapse in the statute of limitations	(2)	0
Balance at end of period	$ 39	$ 40

Pension and Other Postretirement Benefits - Pension Plan Assets by Category and FV (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
U.S. Plans
Benefit plans
Fair value of plan assets	$ 318	$ 315	$ 325
U.S. Plans \| U.S.
Benefit plans
Fair value of plan assets	14	14
U.S. Plans \| International
Benefit plans
Fair value of plan assets	7	7
U.S. Plans \| Intermediate bond
Benefit plans
Fair value of plan assets	12	0
U.S. Plans \| Long bond
Benefit plans
Fair value of plan assets	$ 121	$ 125
Fixed income securities maturity (minimum)	10 years	10 years
U.S. Plans \| Government bond
Benefit plans
Fair value of plan assets	$ 91	$ 100
U.S. Plans \| Other
Benefit plans
Fair value of plan assets	$ 67	63
Redemption notification period	95 days
U.S. Plans \| Cash & Short-term Investments
Benefit plans
Fair value of plan assets	$ 6	6
U.S. Plans \| NAV
Benefit plans
Fair value of plan assets	67	63
U.S. Plans \| NAV \| U.S.
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| NAV \| International
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| NAV \| Intermediate bond
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| NAV \| Long bond
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| NAV \| Government bond
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| NAV \| Other
Benefit plans
Fair value of plan assets	67	63
U.S. Plans \| NAV \| Cash & Short-term Investments
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| Level 1
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| Level 1 \| U.S.
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| Level 1 \| International
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| Level 1 \| Intermediate bond
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| Level 1 \| Long bond
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| Level 1 \| Government bond
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| Level 1 \| Other
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| Level 1 \| Cash & Short-term Investments
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| Level 2
Benefit plans
Fair value of plan assets	251	252
U.S. Plans \| Level 2 \| U.S.
Benefit plans
Fair value of plan assets	14	14
U.S. Plans \| Level 2 \| International
Benefit plans
Fair value of plan assets	7	7
U.S. Plans \| Level 2 \| Intermediate bond
Benefit plans
Fair value of plan assets	12	0
U.S. Plans \| Level 2 \| Long bond
Benefit plans
Fair value of plan assets	121	125
U.S. Plans \| Level 2 \| Government bond
Benefit plans
Fair value of plan assets	91	100
U.S. Plans \| Level 2 \| Other
Benefit plans
Fair value of plan assets	0	0
U.S. Plans \| Level 2 \| Cash & Short-term Investments
Benefit plans
Fair value of plan assets	6	6
Non-U.S. Plans
Benefit plans
Fair value of plan assets	177	174	$ 200
Non-U.S. Plans \| U.S.
Benefit plans
Fair value of plan assets	10	10
Non-U.S. Plans \| International
Benefit plans
Fair value of plan assets	5	5
Non-U.S. Plans \| Government bond
Benefit plans
Fair value of plan assets	77	73
Non-U.S. Plans \| Corporate bond
Benefit plans
Fair value of plan assets	76	74
Non-U.S. Plans \| Other
Benefit plans
Fair value of plan assets	7	10
Non-U.S. Plans \| Cash & Short-term Investments
Benefit plans
Fair value of plan assets	2	2
Non-U.S. Plans \| NAV
Benefit plans
Fair value of plan assets	0	0
Non-U.S. Plans \| NAV \| U.S.
Benefit plans
Fair value of plan assets	0	0
Non-U.S. Plans \| NAV \| International
Benefit plans
Fair value of plan assets	0	0
Non-U.S. Plans \| NAV \| Government bond
Benefit plans
Fair value of plan assets	0	0
Non-U.S. Plans \| NAV \| Corporate bond
Benefit plans
Fair value of plan assets	0	0
Non-U.S. Plans \| NAV \| Other
Benefit plans
Fair value of plan assets	0	0
Non-U.S. Plans \| NAV \| Cash & Short-term Investments
Benefit plans
Fair value of plan assets	0	0
Non-U.S. Plans \| Level 1
Benefit plans
Fair value of plan assets	2	2
Non-U.S. Plans \| Level 1 \| U.S.
Benefit plans
Fair value of plan assets	0	0
Non-U.S. Plans \| Level 1 \| International
Benefit plans
Fair value of plan assets	0	0
Non-U.S. Plans \| Level 1 \| Government bond
Benefit plans
Fair value of plan assets	0	0
Non-U.S. Plans \| Level 1 \| Corporate bond
Benefit plans
Fair value of plan assets	0	0
Non-U.S. Plans \| Level 1 \| Other
Benefit plans
Fair value of plan assets	0	0
Non-U.S. Plans \| Level 1 \| Cash & Short-term Investments
Benefit plans
Fair value of plan assets	2	2
Non-U.S. Plans \| Level 2
Benefit plans
Fair value of plan assets	175	172
Non-U.S. Plans \| Level 2 \| U.S.
Benefit plans
Fair value of plan assets	10	10
Non-U.S. Plans \| Level 2 \| International
Benefit plans
Fair value of plan assets	5	5
Non-U.S. Plans \| Level 2 \| Government bond
Benefit plans
Fair value of plan assets	77	73
Non-U.S. Plans \| Level 2 \| Corporate bond
Benefit plans
Fair value of plan assets	76	74
Non-U.S. Plans \| Level 2 \| Other
Benefit plans
Fair value of plan assets	7	10
Non-U.S. Plans \| Level 2 \| Cash & Short-term Investments
Benefit plans
Fair value of plan assets	$ 0	$ 0

Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of reconciliation of common stock share activity

Common stock share activity for 2025, 2024 and 2023 was as follows:


(Shares of common stock, in thousands)	Issued	Held in Treasury	Outstanding
Balance as of December 31, 2022	77,811	12,117	65,694
Issuance of restricted stock units as compensation	—	(108)	108
Performance shares and other share-based awards	—	(51)	51
Stock options exercised	—	(386)	386
Purchase/acquisition of treasury stock	—	1,000	(1,000)
Balance as of December 31, 2023	77,811	12,572	65,239
Issuance of restricted stock units as compensation	—	(127)	127
Performance shares and other share-based awards	—	(145)	145
Stock options exercised	—	(635)	635
Purchase/acquisition of treasury stock	—	1,652	(1,652)
Balance as of December 31, 2024	77,811	13,317	64,494
Issuance of restricted stock units as compensation	—	(120)	120
Performance shares and other share-based awards	—	(99)	99
Stock options exercised	—	(92)	92
Purchase/acquisition of treasury stock	—	1,832	(1,832)
Balance as of December 31, 2025	77,811	14,838	62,973

Schedule of stock based compensation expense

Share-based payments: Share-based compensation expense for 2025, 2024 and 2023 was as follows:


	2025		2024		2023
Stock options:
Pre-tax compensation expense	$	5	$	5	$	4
Income tax benefit	—		—		—
Stock option expense, net of income taxes	5		5		4
Restricted stock units (“RSUs”):
Pre-tax compensation expense	20		18		15
Income tax benefit	(3)		(2)		(2)
RSUs, net of income taxes	17		16		13
Performance shares and other share-based awards:
Pre-tax compensation expense	15		14		14
Income tax benefit	(1)		(1)		(1)
Performance shares and other share-based compensation expense, net of income taxes	14		13		13
Total share-based compensation:
Pre-tax compensation expense	40		37		33
Income tax benefit	(4)		(3)		(3)
Total share-based compensation expense, net of income taxes	$	36	$	34	$	30

Schedule of valuation assumptions for stock options

The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:


	For the Year Ended December 31,
	2025		2024		2023
Expected life (in years)	5.5		5.5		5.5
Risk-free interest rate	4.1	%	4.2	%	4.0	%
Expected volatility	28.2	%	28.1	%	28.3	%
Expected dividend yield	2.5	%	2.9	%	2.9	%

Schedule of stock option transactions

Stock option activity in 2025 was as follows:


	Number of Options (in thousands)	Weighted Average Exercise Price per Share		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2024	1,453	$	100.04	5.6	$	55
Granted	158	130.57
Exercised	(317)	91.17
Cancelled	(25)	115.24
Outstanding as of December 31, 2025	1,269	$	105.75	5.3	$	13
Exercisable as of December 31, 2025	969	$	102.02	4.3	$	13

Schedule of additional information pertaining to stock option activity

Additional information pertaining to stock option activity was as follows:


	Year Ended December 31,
	2025		2024		2023
Weighted average grant date fair value of stock options granted (per share)	$	33.53	$	26.33	$	23.80
Total intrinsic value of stock options exercised	11		24		13

Schedule of restricted unit activity

RSU activity in 2025 was as follows:


	Number of Restricted Shares (in thousands)	Weighted Average Fair Value per Share
Non-vested as of December 31, 2024	538	$	99.58
Granted	181	130.34
Vested	(171)	89.74
Cancelled	(38)	110.82
Non-vested as of December 31, 2025	510	$	112.44

Summary of net changes in accumulated other comprehensive loss

A summary of Accumulated other comprehensive loss (“AOCL”) for 2025, 2024 and 2023 is presented below:


	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance as of December 31, 2022	$	(1,008)	$	6	$	(46)	$	(1,048)
Other comprehensive income (loss) before reclassification adjustments	47		(151)		(2)		(106)
Loss reclassified from AOCL	—		78		1		79
Tax effect	—		19		—		19
Net other comprehensive income (loss)	47		(54)		(1)		(8)
Balance as of December 31, 2023	(961)		(48)		(47)		(1,056)
Other comprehensive (loss) income before reclassification adjustments	(100)		(48)		23		(125)
Loss reclassified from AOCL	—		120		1		121
Tax effect	—		(20)		(6)		(26)
Net other comprehensive (loss) income	(100)		52		18		(30)
Balance as of December 31, 2024	(1,061)		4		(29)		$	(1,086)
Other comprehensive income (loss) before reclassification adjustments	162		(9)		(6)		147
(Income) reclassified from AOCL	—		(4)		—		(4)
Tax effect	—		4		2		6
Net other comprehensive income (loss)	162		(9)		(4)		149
Balance as of December 31, 2025	$	(899)	$	(5)	$	(33)	$	(937)

Schedule of basic and diluted earnings per common share

The following table provides the computation of basic and diluted earnings per common share (“EPS”).


	2025					2024					2023
	Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	729	64.2	$	11.36	$	647	65.5	$	9.88	$	643	66.0	$	9.74
Effect of Dilutive Securities (i)			1.0					1.1					1.0
Diluted EPS	$	729	65.2	$	11.18	$	647	66.6	$	9.71	$	643	67.0	$	9.60

_____________________

(i)Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive stock options, vesting of dilutive RSUs and other awards.

Supplementary Information - Schedule of Supply Chain Finance Program (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Supplier Finance Program, Obligation [Roll Forward]
Outstanding as of January 1	$ 135	$ 153
Invoices added during the year	559	480
Invoices paid during the year	(561)	(473)
Currency translation adjustment	15	(25)
Outstanding as of December 31	$ 148	$ 135

Pension and Other Postretirement Benefits - Postretirement Funded Status (Details) - Postemployment Retirement Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Benefit obligation
Balance at the beginning of the period	$ 52	$ 64
Interest cost	4	4	$ 4
Actuarial loss (gain)	3	(7)
Benefits paid	(3)	(3)
Currency translation adjustment	3	(6)
Balance at the end of the period	59	52	$ 64
Fair value of plan assets	0	0
Funded status	$ (59)	$ (52)

Equity - Preferred Stock (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock:
Preferred stock, authorized (in shares)	25,000,000	25,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Leases - Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lease Cost
Operating lease expense	$ 71	$ 67	$ 63
Variable operating lease expense	19	17	26
Short term lease expense	4	4	3
Total lease expense	$ 94	$ 88	$ 92

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of the components of income before income taxes

The components of income before income taxes and the provision for income taxes for 2025, 2024 and 2023 are presented below:


	2025		2024		2023
Income before income taxes:
U.S.	$	338	$	396	$	244
Foreign	636		535		595
Total income before income taxes	974		931		839
Provision for income taxes:
Current tax expense:
U.S. federal	34		31		6
State and local	6		6		5
Foreign	192		255		183
Total current tax expense	232		292		194
Deferred tax expense (benefit):
U.S. federal	7		11		—
State and local	3		2		1
Foreign	(4)		(28)		(7)
Total deferred tax expense (benefit)	6		(15)		(6)
Total provision for income taxes	$	238	$	277	$	188

Schedule of income taxes paid

Cash paid for income taxes, net of refunds, consisted of the following:


	2025
U.S. federal	$	47
State and local	7
Foreign:
Mexico	142
Germany	58
Canada	53
Colombia	25
All other foreign	57
Total income taxes paid, net of refunds	$	389

Schedule of the tax effects of significant temporary difference

Significant temporary differences as of December 31, 2025 and 2024 are summarized as follows:


	2025		2024
Deferred tax assets attributable to:
Employee benefit accruals	$	33	$	31
Pensions and postretirement plans	14		9
Lease liabilities	48		51
Allowance for credit losses	3		3
Inventory reserve	15		16
Net operating loss carryforwards	47		51
Tax credit carryforwards	9		7
Derivative contracts	1		—
Uniform capitalization	11		8
Equity method investments	2		9
Other	54		46
Total deferred tax assets	237		231
Valuation allowances	(52)		(60)
Net deferred tax assets	$	185	$	171
Deferred tax liabilities attributable to:
Property, plant and equipment	173		161
Identified intangibles	20		25
Right-of-use lease assets	45		48
Foreign withholding and state taxes on unremitted earnings	10		1
Goodwill	45		38

Derivative contracts	—		3
Total deferred tax liabilities	293		276
Net deferred tax liabilities	$	108	$	105

Schedule of reconciliation of US federal statutory tax rate to effective tax rate

The following table reconciles the U.S. federal statutory income tax rate to the Company’s effective tax rate for 2025.


	2025
	Amount		Percent
Federal statutory tax rate	$	204	21.0	%
U.S. tax effects:
State and local income taxes, net of federal benefit (i)	7		0.7
Effect of cross-border tax laws:
Foreign-derived intangible income	(17)		(1.7)
Other	2		0.2
Tax credits:
Foreign tax credit	(26)		(2.7)
Other	(3)		(0.3)
Nontaxable or nondeductible items	6		0.6
Other	9		0.9
Foreign tax effects:
Mexico:
Statutory tax rate difference	25		2.6
Other	9		0.9
Foreign currency foreign exchange	(14)		(1.5)
Germany:
Provincial tax	13		1.3
Other	(4)		(0.4)
Colombia	11		1.1
Other foreign jurisdictions	19		2.0
Changes in unrecognized tax benefits	(3)		(0.3)
Effective income tax rate	$	238	24.4	%

(i) Illinois and New York make up the majority (greater than 50 percent) of state and local income taxes, net of federal benefit.


	2024		2023
Provision for tax at U.S. statutory rate	21.0	%	21.0	%
Tax rate difference on foreign income	5.4		6.1
Foreign currency foreign exchange	1.9		(1.8)
Inflation adjustments	(0.4)		(0.5)
Tax benefit of intercompany financing	(0.3)		(0.4)
U.S. international tax implications	1.4		1.0

Favorable judgment on the treatment of credits and interest on indirect taxes	—		(0.2)
Sale of our South Korea business	(1.6)		—
Unfavorable judgment and related reserve on transfer pricing matters	1.6		—
Valuation allowance on investments	1.2		—


Foreign-derived intangible income (“FDII”)	(1.6)		(1.5)
Brazil exclusion of certain tax incentives	(0.3)		(1.2)
Other items, net	1.5		(0.1)
Provision at effective tax rate	29.8	%	22.4	%

Schedule of reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for 2025 and 2024 were as follows:


	2025		2024
Balance at January 1	$	40	$	31
Additions for tax positions related to prior years	2		7
Reductions for tax positions related to prior years	—		(1)
Additions based on tax positions related to the current year	2		3
Settlements with taxing authorities	(3)		—
Reductions related to a lapse in the statute of limitations	(2)		—
Balance at December 31	$	39	$	40

Intangible Assets - Amortization Expense (Details) - USD ($)		12 Months Ended
	Jul. 01, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense		$ 27,000,000	$ 26,000,000	$ 26,000,000
Indefinite-lived intangible assets impairment	$ 0
Intangible asset amortization expense for the next five years
2026		27,000,000
2027		27,000,000
2028		27,000,000
2029		27,000,000
2030		$ 26,000,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(2)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
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-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details