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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2012	Apr. 30, 2012
Document and Entity Information
Entity Registrant Name	CORN PRODUCTS INTERNATIONAL INC
Entity Central Index Key	0001046257
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		76,422,728
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Net sales before shipping and handling costs	$ 1,658.0	$ 1,535.6
Less: shipping and handling costs	83.8	76.1
Net sales	1,574.2	1,459.5
Cost of sales	1,278.3	1,161.3
Gross profit	295.9	298.2
Operating expenses	136.2	131.0
Other (income), net	(5.1)	(60.2)
Restructuring charge	3.8
Operating income	161.0	227.4
Financing costs, net	19.5	26.6
Income before income taxes	141.5	200.8
Provision for income taxes	45.8	45.3
Net income	95.7	155.5
Less: Net income attributable to non-controlling interests	1.5	1.9
Net income attributable to CPI	$ 94.2	$ 153.6
Weighted average common shares outstanding:
Basic (in shares)	76.4	76.4
Diluted (in shares)	78.0	78.1
Earnings per common share of CPI:
Basic (in dollars per share)	$ 1.23	$ 2.01
Diluted (in dollars per share)	$ 1.21	$ 1.97

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Net income	$ 95.7	$ 155.5
Other comprehensive income:
Gains (losses) on cash flow hedges, net of income tax effect of $16 and $24, respectively	(29.0)	40.0
Reclassification adjustment for losses (gains) on cash flow hedges included in net income, net of income tax effect of $2 and $12, respectively	5.0	(20.0)
Currency translation adjustment	36.0	26.0
Unrealized loss on investment, net of income tax effect		(1.0)
Comprehensive income	108.0	201.0
Comprehensive income attributable to non-controlling interests	(2.0)	(2.0)
Comprehensive income attributable to CPI	$ 106.0	$ 199.0

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
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+ Details

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

Gross appreciation or the gross loss in value of the total unsold securities. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References

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- Definition

Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax.

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+ Details

- Definition

Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period.

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- Definition

Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements of Comprehensive Income
Gains (losses) on cash flow hedges, income tax effect	$ (16)	$ 24
Reclassification adjustment for losses (gains) on cash flow hedges included in net income, income tax effect	$ (2)	$ 12

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Current assets
Cash and cash equivalents	$ 335	$ 401
Accounts receivable - net	885	837
Inventories	819	769
Prepaid expenses	25	24
Deferred income taxes	76	71
Total current assets	2,140	2,102
Property, plant and equipment - net	2,181	2,156
Goodwill - net	566	562
Other intangible assets - net	344	347
Deferred income taxes	20	19
Investments	10	10
Other assets	121	121
Total assets	5,382	5,317
Current liabilities
Short-term borrowings and current portion of long-term debt	141	148
Accounts payable and accrued liabilities	753	778
Total current liabilities	894	926
Non-current liabilities	254	243
Long-term debt	1,779	1,801
Deferred income taxes	208	199
Share-based payments subject to redemption	11	15
CPI Stockholders' equity:
Preferred stock - authorized 25,000,000 shares-$0.01 par value - none issued
Common stock - authorized 200,000,000 shares-$0.01 par value - 76,821,553 shares issued at March 31, 2012 and December 31, 2011	1	1
Additional paid-in capital	1,139	1,146
Less: Treasury stock (common stock; 459,078 and 938,666 shares at March 31, 2012 and December 31, 2011, respectively) at cost	(22)	(42)
Accumulated other comprehensive loss	(401)	(413)
Retained earnings	1,491	1,412
Total CPI stockholders' equity	2,208	2,104
Non-controlling interests	28	29
Total equity	2,236	2,133
Total liabilities and equity	$ 5,382	$ 5,317

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2012	Dec. 31, 2011
Condensed Consolidated Balance Sheets
Preferred stock, authorized shares	25,000,000	25,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued shares	0	0
Common stock, authorized shares	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	76,821,553	76,821,553
Treasury stock, shares	459,078	938,666

Condensed Consolidated Statements of Equity and Redeemable Equity - USD ($) $ in Millions	Total	Share-based Payments Subject to Redemption	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non-controlling Interests
Balance at Dec. 31, 2010			$ 1.0	$ 1,119.0	$ (1.0)	$ (190.0)	$ 1,046.0	$ 26.0
Balance Share-based Payments Subject to Redemption at Dec. 31, 2010		$ 9.0
Increase (Decrease) in Stockholders' Equity
Net income attributable to CPI	$ 153.6						154.0
Net income attributable to non-controlling interests	(1.9)							2.0
Dividends declared							(11.0)	(2.0)
(Losses) Gains on cash flow hedges, net of income tax effect of $16 and $24 for the three months ended March 31, 2012 and 2011, respectively	40.0					40.0
Amount of losses (gains) on cash flow hedges reclassified to earnings, net of income tax effect of $2 and $12 for the three months ended March 31, 2012 and 2011, respectively	(20.0)					(20.0)
Share-based compensation				13.0	(1.0)
Currency translation adjustment	26.0					26.0
Unrealized loss on investment, net of income tax effect	(1.0)					(1.0)
Balance at Mar. 31, 2011			1.0	1,132.0	(2.0)	(145.0)	1,189.0	26.0
Balance Share-based Payments Subject to Redemption at Mar. 31, 2011		9.0
Balance at Dec. 31, 2011	2,133.0		1.0	1,146.0	(42.0)	(413.0)	1,412.0	29.0
Balance Share-based Payments Subject to Redemption at Dec. 31, 2011	15.0	15.0
Increase (Decrease) in Stockholders' Equity
Net income attributable to CPI	94.2						94.0
Net income attributable to non-controlling interests	(1.5)							2.0
Dividends declared							(15.0)	(2.0)
(Losses) Gains on cash flow hedges, net of income tax effect of $16 and $24 for the three months ended March 31, 2012 and 2011, respectively	(29.0)					(29.0)
Amount of losses (gains) on cash flow hedges reclassified to earnings, net of income tax effect of $2 and $12 for the three months ended March 31, 2012 and 2011, respectively	5.0					5.0
Share-based compensation		(4.0)		(7.0)	20.0
Currency translation adjustment	36.0					36.0
Other								(1.0)
Balance at Mar. 31, 2012	2,236.0		$ 1.0	$ 1,139.0	$ (22.0)	$ (401.0)	$ 1,491.0	$ 28.0
Balance Share-based Payments Subject to Redemption at Mar. 31, 2012	$ 11.0	$ 11.0

Condensed Consolidated Statements of Equity and Redeemable Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements of Equity and Redeemable Equity
Gains (losses) on cash flow hedges, income tax effect	$ (16)	$ 24
Amount of (gains) losses on cash flow hedges reclassified to earnings, income tax effect	$ (2)	$ 12

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash provided by operating activities:
Net income	$ 95.7	$ 155.5
Non-cash charges (credits) to net income:
Depreciation and amortization	54.0	49.0
Changes in working capital:
Accounts receivable and prepaid items	(22.0)	(78.0)
Inventories	(42.0)	(104.0)
Accounts payable and accrued liabilities	(58.0)	(20.0)
Decrease (increase) in margin accounts	(32.0)	9.0
Other	33.0	10.0
Cash provided by operating activities	29.0	22.0
Cash used for investing activities:
Capital expenditures, net of proceeds on disposals	(59.0)	(33.0)
Cash used for investing activities	(59.0)	(33.0)
Cash used for financing activities:
Proceeds from borrowings	17.0	34.0
Payments on debt	(49.0)	(54.0)
Issuance of common stock	8.0	7.0
Dividends paid (including to non-controlling interests)	(17.0)	(12.0)
Excess tax benefit on share-based compensation	1.0	1.0
Cash used for financing activities	(40.0)	(24.0)
Effect of foreign exchange rate changes on cash	4.0
Decrease in cash and cash equivalents	(66.0)	(35.0)
Cash and cash equivalents, beginning of period	401.0	302.0
Cash and cash equivalents, end of period	$ 335.0	$ 267.0

Interim Financial Statements

3 Months Ended

Mar. 31, 2012

Interim Financial Statements

Interim Financial Statements

1. Interim Financial Statements

References to the “Company” are to Corn Products International, Inc. (“CPI”) and its consolidated subsidiaries. These statements should be read in conjunction with the consolidated financial statements and the related notes to those statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

The unaudited condensed consolidated interim financial statements included herein were prepared by management on the same basis as the Company’s audited consolidated financial statements for the year ended December 31, 2011 and reflect all adjustments (consisting solely of normal recurring items unless otherwise noted) which are, in the opinion of management, necessary for the fair presentation of results of operations and cash flows for the interim periods ended March 31, 2012 and 2011, and the financial position of the Company as of March 31, 2012. The results for the interim periods are not necessarily indicative of the results expected for the full years.

Certain prior year amounts in the Condensed Consolidated Statement of Equity and Redeemable Equity have been reclassified to conform to the current year’s presentation. These reclassifications had no effect on previously recorded net income or cash flows.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Name FASB Interpretation (FIN)
-Publisher FASB
-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6359553&loc=d3e288-107754

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 275
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-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

New Accounting Standards

3 Months Ended

Mar. 31, 2012

New Accounting Standards

New Accounting Standards

2. New Accounting Standards

In June 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-05, Presentation of Comprehensive Income. The objective of this Update is to improve the comparability, consistency, and transparency of financial reporting with respect to comprehensive income. This Update requires an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Additionally, this Update requires an entity to present, on the face of the financial statements, reclassification adjustments for items that are reclassified from accumulated other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. In December 2011, the FASB deferred the effective date for those changes required in this Update relating to the presentation of reclassification adjustments. Except for the presentation of reclassification adjustments, this Update is effective for interim and annual periods beginning after December 15, 2011. The Company has changed its presentation of Comprehensive Income to immediately follow the Condensed Consolidated Statement of Income. The implementation of the guidance contained in this Update did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. This Update requires an entity to disclose both gross information and net information about instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The guidance in this Update is effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. We are assessing the requirements of this Update and expect to comply with the guidance it contains in the first quarter of 2013.

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References + Details

Restructuring Charge

3 Months Ended

Mar. 31, 2012

Restructuring Charge

Restructuring Charge

3. Restructuring Charge

As part of a manufacturing optimization plan developed in conjunction with the acquisition of National Starch to improve profitability, in the second quarter of 2011 the Company committed to a plan that will optimize its production capabilities at certain of its North American facilities. The Company anticipates that its plan will be completed by September 30, 2012 at which time certain equipment will cease to be used. As a result, the Company is recording restructuring charges to write the equipment off by September 30, 2012. For the first quarter of 2012, the Company recorded charges of $4 million, of which $3 million represents accelerated depreciation on the equipment. The Company will record restructuring charges of $4 million per quarter until the completion of the plan when the equipment will be fully depreciated.

Segment Information

3 Months Ended

Mar. 31, 2012

Segment Information

Segment Information

4. Segment Information

The Company is principally engaged in the production and sale of starches and sweeteners for a wide range of industries, and is managed geographically on a regional basis. The Company’s operations are classified into four reportable business segments: North America, South America, Asia Pacific and Europe, Middle East and Africa (“EMEA”). Its North America segment includes businesses in the United States, Canada and Mexico. The Company’s South America segment includes businesses in Brazil, Colombia, Ecuador, Peru and the Southern Cone of South America, which includes Argentina, Chile and Uruguay. Its Asia Pacific segment includes businesses in Korea, Malaysia, China, Japan, Indonesia, the Philippines, Singapore, India, Australia and New Zealand and tapioca root processing operations in Thailand. The Company’s EMEA segment includes businesses in the United Kingdom, Germany, South Africa, Pakistan, Kenya and Nigeria.

	Three Months Ended March 31,
(in millions)	2012			2011
Net Sales
North America	$	891.8		$	779.8
South America	367.5			367.7
Asia Pacific	189.1			182.0
EMEA	125.8			130.0
Total	$	1,574.2		$	1,459.5

Operating Income
North America	$	100.0		$	100.6
South America	45.6			49.2
Asia Pacific	20.3			19.1
EMEA	18.9			21.6
Corporate	(17.6		)	(14.5		)
Sub-total	167.2			176.0
Integration costs	(2.4		)	(7.0		)
Restructuring charge	(3.8		)	—
NAFTA award	—			58.4
Total	$	161.0		$	227.4

(in millions)	At March 31, 2012		At December 31, 2011
Total Assets
North America	$	2,852	$	2,879
South America	1,228		1,218
Asia Pacific	797		757
EMEA	505		463
Total	$	5,382	$	5,317

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Financial Instruments, Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2012

Financial Instruments, Derivatives and Hedging Activities

Financial Instruments, Derivatives and Hedging Activities

5. Financial Instruments, Derivatives and Hedging Activities

The Company has manufacturing operations in North America, South America, Asia Pacific and EMEA. The Company’s products are made primarily from corn.

The Company is exposed to market risk stemming from changes in commodity prices (corn and natural gas), foreign currency exchange rates and interest rates. In the normal course of business, the Company actively manages its exposure to these market risks by entering into various hedging transactions, authorized under established policies that place clear controls on these activities. These transactions utilize exchange traded derivatives or over-the-counter derivatives with investment grade counterparties. Derivative financial instruments currently used by the Company consist of commodity futures, options and swap contracts, forward currency contracts and options, and interest rate swaps.

Commodity price hedging: The Company’s principal use of derivative financial instruments is to manage commodity price risk in North America relating to anticipated purchases of corn and natural gas to be used in the manufacturing process, generally over the next twelve to eighteen months. To manage price risk related to corn purchases in North America, the Company uses corn futures and options contracts that trade on regulated commodity exchanges to lock in its corn costs associated with firm-priced customer sales contracts. The Company uses over-the-counter gas swaps to hedge a portion of its natural gas usage in North America. These derivative financial instruments limit the impact that volatility resulting from fluctuations in market prices will have on corn and natural gas purchases and have been designated as cash flow hedges. Unrealized gains and losses associated with marking the commodity hedging contracts to market are recorded as a component of other comprehensive income (“OCI”) and included in the equity section of the Condensed Consolidated Balance Sheets as part of accumulated other comprehensive income/loss (“AOCI”). These amounts are subsequently reclassified into earnings in the month in which the related corn or natural gas is used or in the month a hedge is determined to be ineffective. The Company assesses the effectiveness of a commodity hedge contract based on changes in the contract’s fair value. The changes in the market value of such contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in the price of the hedged items. The amounts representing the ineffectiveness of these cash flow hedges are not significant.

At March 31, 2012, the Company’s AOCI account included $48 million of losses, net of tax of $26 million, related to its commodity-hedging derivative instruments.

Interest rate hedging: Derivative financial instruments that have been used by the Company to manage its interest rate risk consist of Treasury Lock agreements (“T-Locks”) and interest rate swaps. The Company did not have any Treasury Lock agreements outstanding at March 31, 2012.

On March 25, 2011, the Company entered into interest rate swap agreements that effectively convert the interest rate on the Company’s 3.2 percent $350 million senior notes due November 1, 2015 to a variable rate. These swap agreements call for the Company to receive interest at a fixed rate (3.2 percent) and to pay interest at a variable rate based on the six-month US dollar LIBOR rate plus a spread. The Company has designated these interest rate swap agreements as hedges of the changes in fair value of the underlying debt obligation attributable to changes in interest rates and accounts for them as fair value hedges. Changes in the fair value of interest rate swaps designated as hedging instruments that effectively offset the variability in the fair value of outstanding debt obligations are reported in earnings. These amounts offset the gain or loss (that is, the change in fair value) of the hedged debt instrument that is attributable to changes in interest rates (that is, the hedged risk) which is also recognized currently in earnings. The fair value of these interest rate swap agreements approximated $20 million at March 31, 2012 and is reflected in the Condensed Consolidated Balance Sheet within non-current assets, with an offsetting amount recorded in long-term debt to adjust the carrying amount of the hedged debt obligation.

At March 31, 2012, the Company’s AOCI account included $12 million of losses (net of tax of $7 million) related to settled Treasury Lock agreements. These deferred losses are being amortized to financing costs over the terms of the senior notes with which they are associated.

Foreign currency hedging: Due to the Company’s global operations, it is exposed to fluctuations in foreign currency exchange rates. As a result, the Company has exposure to translational foreign exchange risk when its foreign operation results are translated to US dollars (USD) and to transactional foreign exchange risk when transactions not denominated in the functional currency of the operating unit are revalued. The Company primarily uses derivative financial instruments such as foreign currency forward contracts, swaps and options to manage its transactional foreign exchange risk. These derivative financial instruments are primarily accounted for as fair value hedges. As of March 31, 2012, the Company had $87 million of net notional foreign currency forward contracts that hedged net asset transactional exposures. The fair value of these derivative instruments was approximately $5 million at March 31, 2012.

The fair value and balance sheet location of the Company’s derivative instruments accounted for as cash flow hedges are presented below:

	Fair Value of Derivative Instruments
		Fair Value					Fair Value
Derivatives designated as hedging instruments: (in millions)	Balance Sheet Location	At March 31, 2012		At December 31, 2011		Balance Sheet Location	At March 31, 2012		At December 31, 2011

Commodity contracts	Accounts receivable-net	$	4	$	14	Accounts payable and accrued liabilities	$	57	$	34

						Non-current liabilities	13		11
Total		$	4	$	14		$	70	$	45

At March 31, 2012, the Company had outstanding futures and option contracts that hedge approximately 96 million bushels of forecasted corn purchases. Also at March 31, 2012, the Company had outstanding swap and option contracts that hedge approximately 21 million mmbtu’s of forecasted natural gas purchases.

Additional information relating to the Company’s derivative instruments is presented below (in millions):

Derivatives in	Amount of Gains (Losses) Recognized in OCI on Derivatives					Location of Gains (Losses)	Amount of Gains (Losses) Reclassified from AOCI into Income
Cash Flow Hedging Relationships	Three Months Ended March 31, 2012			Three Months Ended March 31, 2011		Reclassified from AOCI into Income	Three Months Ended March 31, 2012			Three Months Ended March 31, 2011
Commodity contracts	$	(45	)	$	64	Cost of sales	$	(6	)	$	33
Interest rate contracts	—			—		Financing costs, net	(1		)	(1		)
Total	$	(45	)	$	64		$	(7	)	$	32

At March 31, 2012, the Company’s AOCI account included approximately $38 million of losses on commodity hedging contracts, net of income taxes, which are expected to be reclassified into earnings during the next twelve months. The Company expects the losses to be offset by changes in the underlying commodities cost. Additionally, at March 31, 2012, the Company’s AOCI account included approximately $2 million of losses on Treasury Lock agreements, net of income taxes, which are expected to be reclassified into earnings during the next twelve months.

Presented below are the fair values of the Company’s financial instruments and derivatives for the periods presented:

	As of March 31, 2012								As of December 31, 2011
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Available for sale securities	$	3	$	3	$	—	$	—	$	2	$	2	$	—	$	—
Derivative assets	24		4		20		—		33		14		19		—
Derivative liabilities	75		34		41		—		46		16		30		—
Long-term debt	1,888		—		1,888		—		1,921		—		1,921		—

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 include 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 shall be 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.

The carrying values of cash equivalents, accounts receivable, accounts payable and short-term borrowings approximate fair values. Commodity futures, options and swap contracts, which are designated as hedges of specific volumes of commodities are recognized at fair value. Foreign currency forward contracts, swaps and options hedge transactional foreign exchange risk related to assets and liabilities denominated in currencies other than the functional currency and are recognized at fair value. The fair value of the Company’s long-term debt is estimated based on quotations of major securities dealers who are market makers in the securities. At March 31, 2012, the carrying value and fair value of the Company’s long-term debt was $1.78 billion and $1.89 billion, respectively.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
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-Topic 815
-SubTopic 30
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

+ Details

Share-Based Compensation

3 Months Ended

Mar. 31, 2012

Share-Based Compensation

Share-Based Compensation

6. Share-Based Compensation

A summary of information with respect to stock-based compensation is as follows:

	For the Three Months Ended March 31,
(in millions)	2012		2011
Total share-based compensation expense included in net income	$	4.3	$	3.3
Income tax benefit related to share-based compensation included in net income	$	1.4	$	1.1

Stock Options:

Under the Company’s stock incentive plan, 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 evenly over a three-year period from the date of the grant. Compensation expense is recognized on a straight-line basis for all awards.

The Company granted non-qualified options to purchase 457 thousand shares of the Company’s common stock during the three months ended March 31, 2012.

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

	March 31, 2012		March 31, 2011
Expected life (in years)	5.8		5.8
Risk-free interest rate	1.07	%	2.76	%
Expected volatility	33.33	%	32.71	%
Expected dividend yield	1.18	%	1.17	%

The expected life of options represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and the Company’s historical exercise patterns. The risk-free interest rate is based on the US Treasury yield curve in effect at the time of the grant for periods corresponding with the expected life of the options. Expected volatility is based on historical volatilities of the Company’s common stock. Dividend yields are based on historical dividend payments.

Stock option activity for the three months ended March 31, 2012 was as follows:

(dollars and shares in thousands)	Number of Options		Weighted Average Exercise Price		Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2011	4,030		$	30.29
Granted	457		55.95
Exercised	(363	)	26.32
Cancelled	(9	)	36.66
Outstanding at March 31, 2012	4,115		33.48		6.30	$	99,451

Exercisable at March 31, 2012	3,101		29.28		5.42	$	87,991

For the three months ended March 31, 2012, cash received from the exercise of stock options was $8 million and the excess tax benefit realized from the exercise of stock options was $1 million. As of March 31, 2012, the total remaining unrecognized compensation cost related to stock options approximated $12 million, which will be amortized over the weighted-average period of approximately 1.6 years.

Additional information pertaining to stock option activity is as follows:

	Three Months Ended March 31,
(dollars in thousands, except per share)	2012		2011
Weighted average grant date fair value of stock options granted (per share)	$	16.16	$	15.16
Total intrinsic value of stock options exercised	$	10,997	$	5,660

Restricted Shares and Restricted Units of Common Stock:

The Company has granted shares of restricted common stock and restricted stock units to certain key employees. The restricted shares and restricted units are subject to cliff vesting, generally after three to five years provided the employee remains in the service of the Company. The fair value of the restricted stock and restricted units is determined based upon the number of shares granted and the quoted price of the Company’s stock at the date of the grant. Expense recognized for restricted shares and restricted units for the three months ended March 31, 2012 aggregated $1 million, consistent with the prior year period.

The following table summarizes restricted share and restricted stock unit activity for the three months ended March 31, 2012:

	Restricted Shares				Restricted Units
(in thousands except per share)	Number of Restricted Shares		Weighted Average Fair Value		Number of Restricted Units		Weighted Average Fair Value
Non-vested at December 31, 2011	136		$	30.69	235		$	44.24
Granted	—		—		151		55.97
Vested	(34	)	33.61		—		—
Cancelled	(4	)	25.58		(1	)	47.98
Non-vested at March 31, 2012	98		29.87		385		48.93

As of March 31, 2012, the total remaining unrecognized compensation cost related to restricted stock was $1 million, which will be amortized on a weighted-average basis over approximately 1.7 years. As of March 31, 2012, the total remaining unrecognized compensation cost related to restricted units was $14 million, which will be amortized on a weighted-average basis over approximately 2.4 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Net Periodic Benefit Cost

3 Months Ended

Mar. 31, 2012

Net Periodic Benefit Cost

Net Periodic Benefit Cost

7. Net Periodic Benefit Cost

For detailed information about the Company’s pension and postretirement benefit plans, please refer to Note 9 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

The following sets forth the components of net periodic benefit cost of the US and non-US defined benefit pension plans for the periods presented:

	Three Months Ended March 31,
	US Plans						Non-US Plans
(in millions)	2012			2011			2012			2011
Service cost	$	1.7		$	1.7		$	2.0		$	1.3
Interest cost	3.0			3.2			3.1			2.9
Expected return on plan assets	(4.1		)	(3.5		)	(2.7		)	(2.7		)
Amortization of net actuarial loss	0.5			0.3			0.9			0.6
Amortization of transition obligation	—			—			0.1			0.1
Net pension cost	$	1.1		$	1.7		$	3.4		$	2.2

The Company currently anticipates that it will make approximately $28 million in cash contributions to its pension plans in 2012, consisting of $19 million to its US pension plans and $9 million to its non-US pension plans. For the three months ended March 31, 2012, payments of $2 million were made to the non-US plans. No payments were made to the US plans in first quarter 2012.

The following sets forth the components of net postretirement benefit cost for the periods presented:

	Three Months Ended March 31,
(in millions)	2012		2011
Service cost	$	0.6	$	0.8
Interest cost	0.9		1.3
Amortization of net actuarial loss	0.1		0.2
Net postretirement benefit cost	$	1.6	$	2.3

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

+ Details

Inventories

3 Months Ended

Mar. 31, 2012

Inventories

Inventories

8. Inventories

Inventories are summarized as follows:

(in millions)	At March 31, 2012		At December 31, 2011
Finished and in process	$	448	$	436
Raw materials	319		294
Manufacturing supplies and other	52		39
Total inventories	$	819	$	769

Mexican tax on Beverages Sweetened with HFCS

3 Months Ended

Mar. 31, 2012

Mexican tax on Beverages Sweetened with HFCS

Mexican tax on Beverages Sweetened with HFCS

9. Mexican tax on Beverages Sweetened with HFCS

On January 1, 2002, a discriminatory tax on beverages sweetened with high fructose corn syrup (“HFCS”) approved by the Mexican Congress late in 2001, became effective. In response to the enactment of the tax, which at the time effectively ended the use of HFCS for beverages in Mexico, the Company ceased production of HFCS 55 at its San Juan del Rio plant, one of its three plants in Mexico. Over time, the Company resumed production and sales of HFCS and by 2006 had returned to levels attained prior to the imposition of the tax as a result of certain customers having obtained court rulings exempting them from paying the tax. The Mexican Congress repealed this tax effective January 1, 2007.

On October 21, 2003, the Company submitted, on its own behalf and on behalf of its Mexican affiliate, CPIngredientes, S.A. de C.V. (previously known as Compania Proveedora de Ingredientes), a Request for Institution of Arbitration Proceedings Submitted Pursuant to Chapter 11 of the North American Free Trade Agreement (“NAFTA”) (the “Request”). The Request was submitted to the Additional Office of the International Centre for Settlement of Investment Disputes and was brought against the United Mexican States. In the Request, the Company asserted that the imposition by Mexico of a discriminatory tax on beverages containing HFCS in force from 2002 through 2006 breached various obligations of Mexico under the investment protection provisions of NAFTA. The case was bifurcated into two phases, liability and damages, and a hearing on liability was held before a Tribunal in July 2006. In a Decision dated January 15, 2008, the Tribunal unanimously held that Mexico had violated NAFTA Article 1102, National Treatment, by treating beverages sweetened with HFCS produced by foreign companies differently than those sweetened with domestic sugar. In July 2008, a hearing regarding the quantum of damages was held before the same Tribunal. The Company sought damages and pre- and post-judgment interest totaling $288 million through December 31, 2008.

In an award rendered August 18, 2009, the Tribunal awarded damages to CPIngredientes in the amount of $58.4 million, as a result of the tax and certain out-of-pocket expenses incurred by CPIngredientes, together with accrued interest. On October 1, 2009, the Company submitted to the Tribunal a request for correction of this award to avoid effective double taxation on the amount of the award in Mexico.

On March 26, 2010, the Tribunal issued a correction of its August 18, 2009 damages award. While the amount of damages had not changed, the decision made the damages payable to Corn Products International, Inc. instead of CPIngredientes.

On January 24 and 25, 2011, the Company received cash payments totaling $58.4 million from the Government of the United Mexican States pursuant to the corrected award. Mexico made these payments pursuant to an agreement with Corn Products International that provides for terminating pending post-award litigation and waiving post-award interest. The $58.4 million award is included in other income in the Company’s Condensed Consolidated Statement of Income for the three months ended March 31, 2011.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2012

Segment Information

Schedule of segment reporting of sales and operating income

	Three Months Ended March 31,
(in millions)	2012			2011
Net Sales
North America	$	891.8		$	779.8
South America	367.5			367.7
Asia Pacific	189.1			182.0
EMEA	125.8			130.0
Total	$	1,574.2		$	1,459.5

Operating Income
North America	$	100.0		$	100.6
South America	45.6			49.2
Asia Pacific	20.3			19.1
EMEA	18.9			21.6
Corporate	(17.6		)	(14.5		)
Sub-total	167.2			176.0
Integration costs	(2.4		)	(7.0		)
Restructuring charge	(3.8		)	—
NAFTA award	—			58.4
Total	$	161.0		$	227.4

Schedule of segment reporting of assets

(in millions)	At March 31, 2012		At December 31, 2011
Total Assets
North America	$	2,852	$	2,879
South America	1,228		1,218
Asia Pacific	797		757
EMEA	505		463
Total	$	5,382	$	5,317

Financial Instruments, Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2012

Financial Instruments, Derivatives and Hedging Activities

Schedule of location and amount of assets and liabilities reported in balance sheet

	Fair Value of Derivative Instruments
		Fair Value					Fair Value
Derivatives designated as hedging instruments: (in millions)	Balance Sheet Location	At March 31, 2012		At December 31, 2011		Balance Sheet Location	At March 31, 2012		At December 31, 2011

Commodity contracts	Accounts receivable-net	$	4	$	14	Accounts payable and accrued liabilities	$	57	$	34

						Non-current liabilities	13		11
Total		$	4	$	14		$	70	$	45

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

Derivatives in	Amount of Gains (Losses) Recognized in OCI on Derivatives					Location of Gains (Losses)	Amount of Gains (Losses) Reclassified from AOCI into Income
Cash Flow Hedging Relationships	Three Months Ended March 31, 2012			Three Months Ended March 31, 2011		Reclassified from AOCI into Income	Three Months Ended March 31, 2012			Three Months Ended March 31, 2011
Commodity contracts	$	(45	)	$	64	Cost of sales	$	(6	)	$	33
Interest rate contracts	—			—		Financing costs, net	(1		)	(1		)
Total	$	(45	)	$	64		$	(7	)	$	32

Schedule of fair value of financial instruments and derivatives

	As of March 31, 2012								As of December 31, 2011
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Available for sale securities	$	3	$	3	$	—	$	—	$	2	$	2	$	—	$	—
Derivative assets	24		4		20		—		33		14		19		—
Derivative liabilities	75		34		41		—		46		16		30		—
Long-term debt	1,888		—		1,888		—		1,921		—		1,921		—

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2012

Share-Based Compensation

Schedule of information with respect to share-based compensation

	For the Three Months Ended March 31,
(in millions)	2012		2011
Total share-based compensation expense included in net income	$	4.3	$	3.3
Income tax benefit related to share-based compensation included in net income	$	1.4	$	1.1

Schedule of valuation assumptions for stock options

	March 31, 2012		March 31, 2011
Expected life (in years)	5.8		5.8
Risk-free interest rate	1.07	%	2.76	%
Expected volatility	33.33	%	32.71	%
Expected dividend yield	1.18	%	1.17	%

Schedule of stock option activity

(dollars and shares in thousands)	Number of Options		Weighted Average Exercise Price		Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2011	4,030		$	30.29
Granted	457		55.95
Exercised	(363	)	26.32
Cancelled	(9	)	36.66
Outstanding at March 31, 2012	4,115		33.48		6.30	$	99,451

Exercisable at March 31, 2012	3,101		29.28		5.42	$	87,991

Schedule of additional information pertaining to stock option activity

	Three Months Ended March 31,
(dollars in thousands, except per share)	2012		2011
Weighted average grant date fair value of stock options granted (per share)	$	16.16	$	15.16
Total intrinsic value of stock options exercised	$	10,997	$	5,660

Schedule of restricted share and restricted stock unit activity

	Restricted Shares				Restricted Units
(in thousands except per share)	Number of Restricted Shares		Weighted Average Fair Value		Number of Restricted Units		Weighted Average Fair Value
Non-vested at December 31, 2011	136		$	30.69	235		$	44.24
Granted	—		—		151		55.97
Vested	(34	)	33.61		—		—
Cancelled	(4	)	25.58		(1	)	47.98
Non-vested at March 31, 2012	98		29.87		385		48.93

Net Periodic Benefit Cost (Tables)

3 Months Ended

Mar. 31, 2012

Defined benefit pension plans

Pension and postretirement benefit plans

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income

	Three Months Ended March 31,
	US Plans						Non-US Plans
(in millions)	2012			2011			2012			2011
Service cost	$	1.7		$	1.7		$	2.0		$	1.3
Interest cost	3.0			3.2			3.1			2.9
Expected return on plan assets	(4.1		)	(3.5		)	(2.7		)	(2.7		)
Amortization of net actuarial loss	0.5			0.3			0.9			0.6
Amortization of transition obligation	—			—			0.1			0.1
Net pension cost	$	1.1		$	1.7		$	3.4		$	2.2

Postretirement Benefit Plans

Pension and postretirement benefit plans

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income

	Three Months Ended March 31,
(in millions)	2012		2011
Service cost	$	0.6	$	0.8
Interest cost	0.9		1.3
Amortization of net actuarial loss	0.1		0.2
Net postretirement benefit cost	$	1.6	$	2.3

Inventories (Tables)

3 Months Ended

Mar. 31, 2012

Inventories

Components of inventories

(in millions)	At March 31, 2012		At December 31, 2011
Finished and in process	$	448	$	436
Raw materials	319		294
Manufacturing supplies and other	52		39
Total inventories	$	819	$	769

Restructuring Charge (Details) $ in Millions	3 Months Ended
Restructuring Charge (Details) $ in Millions	Mar. 31, 2012 USD ($)
Restructuring Charge
Restructuring charges	$ 4
Accelerated depreciation	3
Restructuring charges to be recognized per quarter until completion	$ 4

Segment Information (Details) $ in Millions	3 Months Ended
Segment Information (Details) $ in Millions	Mar. 31, 2012 USD ($) segment	Mar. 31, 2011 USD ($)	Dec. 31, 2011 USD ($)
Segment Information
Number of operating segments \| segment	4
Segment information
Net sales	$ 1,574.2	$ 1,459.5
Segment operating income (loss)	167.2	176.0
Integration costs	(2.4)	(7.0)
Restructuring charge	(3.8)
NAFTA award		58.4
Operating income	161.0	227.4
Assets	5,382.0		$ 5,317.0
North America
Segment information
Net sales	891.8	779.8
Segment operating income (loss)	100.0	100.6
Assets	2,852.0		2,879.0
South America
Segment information
Net sales	367.5	367.7
Segment operating income (loss)	45.6	49.2
Assets	1,228.0		1,218.0
Asia Pacific
Segment information
Net sales	189.1	182.0
Segment operating income (loss)	20.3	19.1
Assets	797.0		757.0
EMEA
Segment information
Net sales	125.8	130.0
Segment operating income (loss)	18.9	21.6
Assets	505.0		$ 463.0
Corporate
Segment information
Segment operating income (loss)	$ (17.6)	$ (14.5)

Financial Instruments, Derivatives and Hedging Activities (Details) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2012 USD ($) month	Mar. 25, 2011 USD ($)
Commodity contracts
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative, low end of range (in months) \| month		12
Maturity period of price risk derivative, high end of range (in months) \| month		18
Interest rate hedging
Accumulated losses from commodity-hedging derivative instruments		$ 48
Accumulated losses from commodity-hedging derivative instruments, tax effect		26
Derivatives in Cash Flow Hedging Relationships \| Treasury Lock agreements (T-Locks)
Interest rate hedging
Losses on cash flow hedges		12
Losses on cash flow hedges, income tax effect		7
Fair value hedge \| Interest rate swaps \| 3.2% senior notes due 2015
Interest rate hedging
Debt, fixed interest rate (as a percent)			3.20%
Debt, face amount			$ 350
Debt, fixed interest rate (as a percent)			3.20%
Debt, floating rate of interest basis	six-month US dollar LIBOR
Fair value of interest rate swap agreements		20
Fair value hedge \| Foreign currency forward contracts
Interest rate hedging
Fair value of foreign currency forward contracts		5
Foreign currency hedging
Net notional foreign currency forward contracts		$ 87

Financial Instruments, Derivatives and Hedging Activities (Details 2) mmbtu in Millions, bushel in Millions, $ in Millions	Mar. 31, 2012 USD ($) bushel mmbtu	Dec. 31, 2011 USD ($)
Derivatives designated as hedging instruments:
Fair value of commodity contracts
Fair value of assets	$ 4	$ 14
Fair value of liabilities	70	45
Commodity contracts \| Derivatives designated as hedging instruments: \| Accounts receivable-net
Fair value of commodity contracts
Fair value of assets	4	14
Commodity contracts \| Derivatives designated as hedging instruments: \| Accounts payable and accrued liabilities
Fair value of commodity contracts
Fair value of liabilities	57	34
Commodity contracts \| Derivatives designated as hedging instruments: \| Noncurrent liabilities
Fair value of commodity contracts
Fair value of liabilities	$ 13	$ 11
Corn Commodity
Fair value of commodity contracts
Commodity futures contract (in bushels of corn or mmbtu of gas) \| bushel	96
Natural Gas Commodity
Fair value of commodity contracts
Commodity futures contract (in bushels of corn or mmbtu of gas) \| mmbtu	21

Financial Instruments, Derivatives and Hedging Activities (Details 3) - Derivatives in Cash Flow Hedging Relationships - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Gains or losses on derivatives
Amount of Gains (Losses) Recognized in OCI on Derivatives	$ (45)	$ 64
Amount of Gains (Losses) Reclassified from AOCI into Income	(7)	32
Commodity contracts
Gains or losses on derivatives
Amount of Gains (Losses) Recognized in OCI on Derivatives	(45)	64
Losses expected to be reclassified into earnings during next 12 months on commodity hedging contracts	38
Commodity contracts \| Cost of Sales
Gains or losses on derivatives
Amount of Gains (Losses) Reclassified from AOCI into Income	(6)	33
Interest rate contracts \| Financing Costs, net
Gains or losses on derivatives
Amount of Gains (Losses) Reclassified from AOCI into Income	(1)	$ (1)
Treasury Lock agreements (T-Locks)
Gains or losses on derivatives
Losses expected to be reclassified into earnings during next 12 months on Treasury Lock Agreements	$ 2

Financial Instruments, Derivatives and Hedging Activities (Details 4) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Fair value of assets and liabilities
Long -term debt, fair value	$ 1,890
Recurring fair value measurements \| Total
Fair value of assets and liabilities
Available for sale securities	3	$ 2
Derivatives assets	24	33
Derivatives liabilities	75	46
Long -term debt, fair value	1,888	1,921
Recurring fair value measurements \| Level 1
Fair value of assets and liabilities
Available for sale securities	3	2
Derivatives assets	4	14
Derivatives liabilities	34	16
Recurring fair value measurements \| Level 2
Fair value of assets and liabilities
Derivatives assets	20	19
Derivatives liabilities	41	30
Long -term debt, fair value	$ 1,888	$ 1,921

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale.

+ References + Details

Financial Instruments, Derivatives and Hedging Activities (Details 5) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Financial Instruments, Derivatives and Hedging Activities
Carrying amount	$ 1,779	$ 1,801
Fair value	$ 1,890

Share-Based Compensation (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2012 USD ($) Y $ / shares shares	Mar. 31, 2011 USD ($) Y $ / shares
Equity stock-based compensation
Total share-based compensation expense included in net income	$ 4,300	$ 3,300
Income tax benefit related to stock-based compensation included in net income	$ 1,400	$ 1,100
Stock Option Awards
Equity stock-based compensation
Term of options (in years)	P10Y
Period of vesting (in years)	3 years
Assumptions used to measure the fair value of awards
Expected life (in years) \| Y	5.8	5.8
Risk-free interest rate (as a percent)	1.07%	2.76%
Expected volatility (as a percent)	33.33%	32.71%
Expected dividend yield (as a percent)	1.18%	1.17%
Stock option activity
Outstanding at the beginning of the period (in shares) \| shares	4,030
Granted (in shares) \| shares	457
Exercised/vested (in shares) \| shares	(363)
Cancelled (in shares) \| shares	(9)
Outstanding at the end of the period (in shares) \| shares	4,115
Exercisable at the end of the period (in shares) \| shares	3,101
Share options, weighted average exercise price
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 30.29
Granted (in dollars per share) \| $ / shares	55.95
Exercised/vested (in dollars per share) \| $ / shares	26.32
Cancelled (in dollars per share) \| $ / shares	36.66
Outstanding at the end of the period (in dollars per share) \| $ / shares	33.48
Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 29.28
Share options, aggregate intrinsic value, average remaining contractual life
Options outstanding average remaining contractual life (in years) \| Y	6.30
Options outstanding aggregate intrinsic value (in dollars)	$ 99,451
Stock options exercisable average remaining contractual life (in years) \| Y	5.42
Stock options exercisable aggregate intrinsic value	$ 87,991
Additional information pertaining to stock options
Cash received from exercise of stock options	8,000
Excess tax benefit realized from exercise of stock options	1,000
Unrecognized compensation cost	$ 12,000
Weighted-average period for amortization of unrecognized compensation cost (in years) \| Y	1.6
Weighted-average grant date fair value of stock options granted (in dollars per share) \| $ / shares	$ 16.16	$ 15.16
Total intrinsic value of stock options exercised	$ 10,997	$ 5,660

Share-Based Compensation (Details 2) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2012 USD ($) Y $ / shares shares	Mar. 31, 2011 USD ($)
Restricted Shares and Restricted Units
Equity stock-based compensation
Vesting terms, minimum (in years)	P3Y
Vesting terms, maximum (in years)	P5Y
Expense recognized during the period \| $	$ 1	$ 1
Restricted Shares
Restricted share and unit activity
Non-vested at the beginning of the period (in shares) \| shares	136
Vested (in shares) \| shares	(34)
Cancelled (in shares) \| shares	(4)
Non-vested at the end of the period (in shares) \| shares	98
Weighted-average fair value
Non-vested at the beginning of the period (in dollars per share) \| $ / shares	$ 30.69
Vested (in dollars per share) \| $ / shares	33.61
Cancelled (in dollars per share) \| $ / shares	25.58
Non-vested at the end of the period (in dollars per share) \| $ / shares	$ 29.87
Unrecognized compensation cost \| $	$ 1
Unrecognized compensation cost amortized (in years) \| Y	1.7
Restricted Units
Restricted share and unit activity
Non-vested at the beginning of the period (in shares) \| shares	235
Granted (in shares) \| shares	151
Cancelled (in shares) \| shares	(1)
Non-vested at the end of the period (in shares) \| shares	385
Weighted-average fair value
Non-vested at the beginning of the period (in dollars per share) \| $ / shares	$ 44.24
Granted (in dollars per share) \| $ / shares	55.97
Cancelled (in dollars per share) \| $ / shares	47.98
Non-vested at the end of the period (in dollars per share) \| $ / shares	$ 48.93
Unrecognized compensation cost \| $	$ 14
Unrecognized compensation cost amortized (in years) \| Y	2.4

Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	Mar. 31, 2012	Mar. 31, 2011
Components of Net Periodic Benefit Cost
Anticipated contributions to defined benefit pension plans in the current fiscal year	$ 28.0
US Plans
Components of Net Periodic Benefit Cost
Service cost	1.7	$ 1.7
Interest cost	3.0	3.2
Expected return on plan assets	(4.1)	(3.5)
Amortization of net actuarial loss	0.5	0.3
Net periodic benefit cost	1.1	1.7
Anticipated contributions to defined benefit pension plans in the current fiscal year	19.0
Non-US Plans
Components of Net Periodic Benefit Cost
Service cost	2.0	1.3
Interest cost	3.1	2.9
Expected return on plan assets	(2.7)	(2.7)
Amortization of net actuarial loss	0.9	0.6
Amortization of transition obligation	0.1	0.1
Net periodic benefit cost	3.4	2.2
Anticipated contributions to defined benefit pension plans in the current fiscal year	9.0
Contributions to defined benefit pension plan	2.0
Postretirement Benefit Plans
Components of Net Periodic Benefit Cost
Service cost	0.6	0.8
Interest cost	0.9	1.3
Amortization of net actuarial loss	0.1	0.2
Net periodic benefit cost	$ 1.6	$ 2.3

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Inventories
Finished and in process	$ 448	$ 436
Raw materials	319	294
Manufacturing supplies and other	52	39
Total inventories	$ 819	$ 769

- Definition

Carrying amount as of the balance sheet date of products used directly or indirectly in the manufacturing or production process, which may or may not become part of the final product. May also include items used in the storage, presentation or transportation of physical goods.

+ References + Details

Mexican tax on Beverages Sweetened with HFCS (Details) $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 31, 2011 USD ($)	Aug. 31, 2009 USD ($)	Mar. 31, 2011 USD ($)	Dec. 31, 2008 USD ($)	Jul. 31, 2006 phase	Dec. 31, 2002 plant
Loss Contingencies
Damages awarded for tax and certain out-of-pocket expenses including accrued interest			$ 58.4
Discriminatory tax on beverages sweetened with HCFS \| Mexico
Loss Contingencies
Number of beverage producing plants \| plant						3
NAFTA arbitration proceedings \| Mexico
Loss Contingencies
Number of phases in relation to the case under hearing \| phase					2
Damages and pre- and post-judgment interest sought				$ 288.0
Settlement of cash proceed which is included in other income	$ 58.4
NAFTA arbitration proceedings \| Mexico \| CPIngredientes
Loss Contingencies
Damages awarded for tax and certain out-of-pocket expenses including accrued interest		$ 58.4