Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

10. Segment Information

Effective January 1, 2024, we changed our reportable segments to align them with changes in how our Chief Executive Officer, as the Chief Operating Decision Maker (“CODM”), manages the business, evaluates performance, and allocates resources. Our revised reportable segments consist of (1) Texture & Healthful Solutions (“T&HS”), (2) F&II - LATAM, and (3) F&II - U.S./Canada. In All Other, we include the business in Pakistan, PureCircle, Sugar Reduction, Protein Fortification, and South Korea until its sale on February 1, 2024.

We are principally engaged in the production and sale of starches and sweeteners for a wide range of industries. Our T&HS segment has a global focus and primarily manufactures texturizing food ingredients. Our F&II - LATAM segment has a local focus and primarily manufactures food, ingredient, and industrial products, which we process from raw materials that we primarily source within South America and Mexico. Our F&II - U.S./Canada segment has a local focus and primarily manufactures food, ingredient, and industrial products, which we process from raw materials sourced within the U.S. and Canada. All Other consists of the businesses of multiple operating segments that are not individually or collectively classified as reportable segments. Revenues from All Other are generated primarily by sweetener and starches sales by our Pakistan business, sales of stevia and other ingredients from our PureCircle and Sugar Reduction businesses, and pea protein ingredients from our Protein Fortification business. Net sales by product are not presented because such presentation is not practicable.

Presented below are our net sales to affiliated and unaffiliated customers by reportable segment and All Other for the periods presented:

Three months ended	T&HS		F&II - LATAM		F&II - U.S./Canada		All Other		Consolidated  Totals
March 31, 2024
Net sales including intersegment sales	$	612	$	626	$	567	$	131	$	1,936
Less: Intersegment sales	$	(15)	$	(10)	$	(26)	$	(3)	$	(54)
Net sales	$	597	$	616	$	541	$	128	$	1,882
March 31, 2023
Net sales including intersegment sales	$	698	$	677	$	635	$	201	$	2,211
Less: Intersegment sales	$	(33)	$	(10)	$	(27)	$	(4)	$	(74)
Net sales	$	665	$	667	$	608	$	197	$	2,137

Presented below is our operating income by reportable segment and All Other for the periods presented:

	Three Months Ended March 31,
	2024		2023
Operating income (loss):
Texture & Healthful Solutions	$	74	$	127
Food & Industrial Ingredients - LATAM	101		122
Food & Industrial Ingredients - U.S./Canada	87		92
All Other	(4)		(8)
Corporate	(42)		(37)
Subtotal	216		296
Resegmentation costs	(3)		—
Other matters	—		(5)
Total operating income	$	213	$	291

The CODM evaluates performance, makes strategic decisions, and allocates resources based on Property, plant and equipment, net for internal and external reporting purposes. Presented below is Property, plant and equipment, net by reportable segment and All Other as of March 31, 2024 and December 31, 2023:

	As of March 31, 2024		As of December 31, 2023
Property, plant and equipment, net:
Texture & Healthful Solutions	$	838	$	855
Food & Industrial Ingredients - LATAM	543		552
Food & Industrial Ingredients - U.S./Canada	542		548
All Other (a)	411		415
Total Property, plant and equipment, net	$	2,334	$	2,370

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(a)For purposes of presentation, All Other includes Corporate assets.