Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Changes in the carrying amount of goodwill by reportable segment and Other Business for the years ended December 31, 2025 and 2024 are as follows (in millions):


	Ag Services & Oilseeds		Carbohydrate Solutions		Nutrition		Other Business		Total
Balance at December 31, 2023	$	235	$	224	$	3,640	$	4	$	4,103
Acquisitions	—		—		557		—		$	557

Currency translation adjustments and other	(17)		(8)		(127)		1		$	(151)
Balance at December 31, 2024	218		216		4,070		5		4,509
Acquisitions	19		7		10		—		$	36

Currency translation adjustments and other	13		15		197		(1)		$	224
Balance at December 31, 2025	$	250	$	238	$	4,277	$	4	$	4,769

As of each of December 31, 2025 and 2024, accumulated impairment for goodwill was $156 million.

During the year ended December 31, 2025, the Company evaluated goodwill for impairment using a qualitative assessment for six reporting units and using a quantitative assessment for the Animal Nutrition reporting unit within the Nutrition segment. The estimated fair value of the Animal Nutrition reporting unit was evaluated to be approximately 15% in excess of its carrying value and no impairment was recorded.

The Company used a combination of the income and market approaches when performing the quantitative assessment of goodwill for the Animal Nutrition reporting unit. The Company weighted the income approach with a probability weight of 75%, as it is based on the future business plans and growth estimates for the Company’s Animal Nutrition business and considers short-term and long-term cash flow expectations for the business. The market approach was weighted at 25%, as it represents an estimate of fair value based on market guideline companies for which future growth expectations are not precisely known.

Other Intangible Assets

The following table sets forth the detail on other intangible assets.


				December 31, 2025						December 31, 2024
	Useful			Gross		Accumulated				Gross		Accumulated
	Life			Amount		Amortization		Net		Amount		Amortization		Net
	(In years)			(In millions)
Intangible assets with indefinite lives:
Trademarks/brands				$	315	$	—	$	315	$	290	$	—	$	290


Intangible assets with definite lives:
Trademarks/brands	8	to	20	93		(56)		37		86		(42)		44
Customer lists	7	to	30	1,827		(850)		977		1,687		(708)		979

Capitalized software and related costs	3	to	5	985		(694)		291		964		(612)		352
Land rights	20	to	65	97		(34)		63		89		(27)		62
Other intellectual property	6	to	15	196		(165)		31		187		(142)		45
Recipes and other	1	to	35	568		(371)		197		620		(339)		281
Intangible assets in process				65		—		65		207		—		207
Total				$	4,146	$	(2,170)	$	1,976	$	4,130	$	(1,870)	$	2,260

During the year ended December 31, 2025, the Company recorded an impairment charge of $179 million related to previously capitalized software, within Corporate. See Note 18. Asset Impairment, Exit, and Restructuring Costs for further information. Other changes in the gross amounts during the year ended December 31, 2025 were primarily related to additions to capitalized software and intangible assets in process of $56 million, acquisitions of $23 million, and foreign currency adjustments of $162 million.

Aggregate amortization expense was $249 million, $266 million, and $234 million for the years ended December 31, 2025, 2024, and 2023, respectively, of which $82 million, $89 million, and $72 million, respectively, were for amortization of capitalized software and related costs.

The estimated future annual amortization expense for each of the next five years for intangible assets recorded at December 31, 2025 is $250 million, $244 million, $224 million, $199 million, and $149 million, respectively.