View Filing Data

Document and Entity Information - shares	9 Months Ended
Sep. 30, 2015	Oct. 29, 2015
Document and Entity Information
Entity Registrant Name	Ingredion Inc
Entity Central Index Key	0001046257
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
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		71,545,000
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statements of Income
Net sales before shipping and handling costs	$ 1,524.0	$ 1,544.8	$ 4,469.6	$ 4,547.8
Less: shipping and handling costs	87.3	84.5	253.8	247.7
Net sales	1,436.7	1,460.3	4,215.8	4,300.1
Cost of sales	1,106.8	1,162.7	3,286.6	3,456.8
Gross profit	329.9	297.6	929.2	843.3
Operating expenses	139.2	129.1	415.5	398.6
Other (income) expense, net	1.9	(9.6)	2.5	(18.4)
Impairment/restructuring charges	13.8		24.2
Operating income	175.0	178.1	487.0	463.1
Financing costs, net	13.8	15.1	44.2	49.0
Income before income taxes	161.2	163.0	442.8	414.1
Provision for income taxes	51.2	42.6	138.3	113.9
Net income	110.0	120.4	304.5	300.2
Less: Net income attributable to non-controlling interests	2.1	1.8	6.3	6.4
Net income attributable to Ingredion	$ 107.9	$ 118.6	$ 298.2	$ 293.8
Weighted average common shares outstanding:
Basic (in shares)	71.6	73.0	71.6	74.2
Diluted (in shares)	72.9	74.3	72.9	75.5
Earnings per common share of Ingredion:
Basic (in dollars per share)	$ 1.51	$ 1.62	$ 4.17	$ 3.96
Diluted (in dollars per share)	$ 1.48	$ 1.60	$ 4.09	$ 3.89

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 110.0	$ 120.4	$ 304.5	$ 300.2
Other comprehensive income (loss):
Losses on cash-flow hedges, net of income tax effect of $7, $23, $8 and $21, respectively	(15.0)	(48.0)	(18.0)	(47.0)
Amount of losses on cash-flow hedges reclassified to earnings, net of income tax effect of $3, $5, $10 and $11, respectively	7.0	11.0	23.0	24.0
Actuarial gains on pension and postretirement obligations, settlements and plan amendments, net of income tax effect of $2			6.0
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect		1.0	1.0	3.0
Currency translation adjustment	(157.0)	(121.0)	(283.0)	(116.0)
Comprehensive income (loss)	(55.0)	(37.0)	34.0	164.0
Comprehensive income attributable to non-controlling interests	(2.0)	(2.0)	(6.0)	(6.0)
Comprehensive income (loss) attributable to Ingredion	$ (57.0)	$ (39.0)	$ 28.0	$ 158.0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 722	$ 580
Short-term investments	9	34
Accounts receivable - net	779	762
Inventories	718	699
Prepaid expenses	25	21
Deferred income taxes	39	48
Total current assets	2,292	2,144
Property, plant and equipment - net of accumulated depreciation of $2,737 and $2,813, respectively	2,002	2,073
Goodwill	601	478
Other intangible assets - net of accumulated amortization of $76 and $62, respectively	417	290
Deferred income taxes	4	4
Other assets	128	102
Total Assets	5,444	5,091
Current liabilities
Short-term borrowings	24	23
Accounts payable and accrued liabilities	646	698
Total current liabilities	670	721
Non-current liabilities	182	157
Long-term debt	2,243	1,804
Deferred income taxes	181	180
Share-based payments subject to redemption	21	22
Ingredion 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 - 77,810,875 shares issued at September 30, 2015 and December 31, 2014	1	1
Additional paid-in capital	1,160	1,164
Less: Treasury stock (common stock; 6,302,515 and 6,488,605 shares at September 30, 2015 and December 31, 2014, respectively) at cost	(475)	(481)
Accumulated other comprehensive loss	(1,053)	(782)
Retained earnings	2,481	2,275
Total Ingredion stockholders' equity	2,114	2,177
Non-controlling interests	33	30
Total equity	2,147	2,207
Total liabilities and equity	$ 5,444	$ 5,091

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets
Property, plant and equipment - accumulated depreciation (in dollars)	$ 2,737	$ 2,813
Other intangible assets - accumulated amortization (in dollars)	$ 76	$ 62
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	77,810,875	77,810,875
Treasury stock, shares	6,302,515	6,488,605

Condensed Consolidated Statements of Equity and Redeemable Equity - USD ($) $ in Millions	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non-controlling Interests	Share-based Payments Subject to Redemption	Total
Balance at Dec. 31, 2013	$ 1.0	$ 1,166.0	$ (225.0)	$ (583.0)	$ 2,045.0	$ 25.0
Balance Share-based Payments Subject to Redemption at Dec. 31, 2013							$ 24.0
Increase (Decrease) in Stockholders' Equity
Net income attributable to Ingredion					294.0			$ 293.8
Net income attributable to non-controlling interests						6.0		(6.4)
Dividends declared					(94.0)	(3.0)
Losses on cash-flow hedges, net of income tax effect of $8 and $21				(47.0)				(47.0)
Amount of losses on cash-flow hedges reclassified to earnings, net of income tax effect of $10 and $11				(24.0)				(24.0)
Repurchases of common stock		(63.0)	(241.0)
Issuance of common stock on exercise of stock options		(16.0)	33.0
Share-based compensation		20.0	2.0				(4.0)
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect				3.0				3.0
Currency translation adjustment				(116.0)				(116.0)
Balance at Sep. 30, 2014	1.0	1,107.0	(431.0)	(719.0)	2,245.0	28.0
Balance Share-based Payments Subject to Redemption at Sep. 30, 2014							20.0
Balance at Dec. 31, 2014	1.0	1,164.0	(481.0)	(782.0)	2,275.0	30.0		2,207.0
Balance Share-based Payments Subject to Redemption at Dec. 31, 2014							22.0	22.0
Increase (Decrease) in Stockholders' Equity
Net income attributable to Ingredion					298.0			298.2
Net income attributable to non-controlling interests						6.0		(6.3)
Dividends declared					(92.0)	(3.0)
Losses on cash-flow hedges, net of income tax effect of $8 and $21				(18.0)				(18.0)
Amount of losses on cash-flow hedges reclassified to earnings, net of income tax effect of $10 and $11				(23.0)				(23.0)
Repurchases of common stock		(6.0)	(34.0)
Issuance of common stock on exercise of stock options		(12.0)	30.0
Share-based compensation		14.0	10.0				(1.0)
Actuarial gains on pension and postretirement obligations, settlements and plan amendments, net of income tax effect of $2				6.0				6.0
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect				1.0				1.0
Currency translation adjustment				(283.0)				(283.0)
Balance at Sep. 30, 2015	$ 1.0	$ 1,160.0	$ (475.0)	$ (1,053.0)	$ 2,481.0	$ 33.0		2,147.0
Balance Share-based Payments Subject to Redemption at Sep. 30, 2015							$ 21.0	$ 21.0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash provided by operating activities:
Net income	$ 304.5	$ 300.2
Non-cash charges to net income:
Depreciation and amortization	145.0	147.0
Write-off of impaired assets	10.0
Charge for fair value mark-up of acquired inventory	8.0
Other	72.0	49.0
Changes in working capital:
Accounts receivable and prepaid items	(40.0)	(19.0)
Inventories	21.0	(15.0)
Accounts payable and accrued liabilities	(40.0)	8.0
Increase in margin accounts	(7.0)	(11.0)
Other	7.0	3.0
Cash provided by operating activities	481.0	462.0
Cash used for investing activities:
Payments for acquisition, net of cash acquired of $16	(434.0)
Capital expenditures, net of proceeds on disposals	(193.0)	(187.0)
Short-term investments	24.0	(1.0)
Proceeds from sale of investment		11.0
Cash used for investing activities	(603.0)	(177.0)
Cash used for financing activities:
Proceeds from borrowings	997.0	227.0
Payments on debt	(558.0)	(118.0)
Repurchases of common stock	(40.0)	(304.0)
Issuance of common stock	18.0	17.0
Dividends paid (including to non-controlling interests)	(94.0)	(97.0)
Excess tax benefit on share-based compensation	6.0	5.0
Cash provided by (used for) financing activities	329.0	(270.0)
Effect of foreign exchange rate changes on cash	(65.0)	(24.0)
Increase (decrease) in cash and cash equivalents	142.0	(9.0)
Cash and cash equivalents, beginning of period	580.0	574.0
Cash and cash equivalents, end of period	$ 722.0	$ 565.0

New Accounting Standards	9 Months Ended
New Accounting Standards	Sep. 30, 2015
New Accounting Standards
New Accounting Standards	2.New Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) that introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The standard will allow various transition approaches upon adoption. The Company is assessing the impacts of this new standard; however, the adoption of the guidance in this Update is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30), for the purpose of simplifying the presentation of debt issuance costs. This standard requires that debt issuance costs associated with a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt in the balance sheet, consistent with the recording of debt discounts. The amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years and require an entity to apply the guidance on a retrospective basis. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. The Company intends to adopt the amendments of the Update in the fourth quarter of 2015. The adoption of the guidance in this Update is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This Update requires an entity to measure inventory at the lower of cost and net realizable value, removing the consideration of current replacement cost. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of the guidance in this Update will have a material impact on the Company’s Condensed Consolidated Financial Statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement — Period Adjustments. This Update requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this Update with earlier application permitted for financial statements that have not been issued. The Company adopted the amendments of this Update in the third quarter of 2015. The adoption of the guidance in this Update did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305

+ Details

Acquisitions

9 Months Ended

Sep. 30, 2015

Acquisitions

Acquisitions

3.Acquisitions

On March 11, 2015, the Company completed its acquisition of Penford Corporation (“Penford”), a manufacturer of specialty starches that was headquartered in Centennial, Colorado. Total purchase consideration for Penford was $332 million, which included the extinguishment of $93 million in debt in conjunction with the acquisition. The acquisition of Penford provides the Company with, among other things, an expanded specialty ingredient product portfolio consisting of potato starch-based offerings. Penford had net sales of $444 million for the fiscal year ended August 31, 2014 and operates six manufacturing facilities in the United States, all of which manufacture specialty starches.

On August 3, 2015, the Company completed its acquisition of Kerr Concentrates, Inc. (“Kerr”), a privately held producer of natural fruit and vegetable concentrates for approximately $102 million in cash, subject to certain post-closing adjustments. Kerr employs approximately 80 people and serves major food and beverage companies, flavor houses and ingredient producers from its manufacturing locations in Oregon and California. The acquisition of Kerr provides the Company with the opportunity to expand its product portfolio.

The Company funded these acquisitions with proceeds from borrowings under its revolving credit agreement. The results of the acquired operations are included in the Company’s consolidated results from the respective acquisition dates forward within the North America business segment. With these acquisitions, the Company now employs approximately 11,900 people world-wide.

For the Penford acquisition, the Company has finalized the purchase price allocation for all areas with the exception of income taxes. The finalization of the valuation of tangible and intangible assets and liabilities did not have a significant impact on previously estimated amounts. The Company expects to finalize the purchase price allocation for Penford in the fourth quarter of 2015. For the Kerr acquisition, a preliminary allocation of the purchase price to the assets acquired and liabilities assumed was made based on available information and incorporating management’s best estimates. Assets acquired and liabilities assumed in the transactions were generally recorded at their estimated acquisition date fair values, while transaction costs associated with the acquisition were expensed as incurred. The Company is currently in the process of finalizing the valuation of the assets acquired and liabilities assumed related to this acquisition, primarily related to the valuation of tangible and identifiable intangible assets acquired. As such, the actual allocation of the final purchase price and the resulting effect on net income may differ from the preliminary amounts included herein. The Company expects to finalize the purchase price allocation for Kerr in the fourth quarter of 2015.

Goodwill represents the amount by which the purchase price exceeds the estimated fair value of the net assets acquired. Goodwill related to the Penford acquisition is not tax deductible for the Company. The goodwill related to Kerr is tax deductible due to the structure of this acquisition. The preliminary goodwill of $119 million for Penford and $27 million for Kerr result from synergies and other operational benefits expected to be derived from the acquisitions.

The following table summarizes the preliminary purchase price allocations for Penford and Kerr as of March 11, 2015 and August 3, 2015, respectively, for the acquisitions:

(in millions)	Penford			Kerr
Working capital (excluding cash)	$	68		$	38
Property, plant and equipment	86			8
Other assets	9			—
Identifiable intangible assets	121			29
Goodwill	119			27
Non-current liabilities assumed	(71		)	—

Total preliminary purchase price	$	332		$	102

The identifiable intangible assets for the Penford acquisition include items such as customer relationships, proprietary technology, tradenames, and noncompetition agreements. The fair values of these intangible assets were determined to be Level 3 under the fair value hierarchy. Level 3 inputs are unobservable inputs for an 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 an asset or liability at the measurement date. The following table presents the fair values, valuation techniques, and estimated remaining useful life for these Level 3 measurements (dollars in millions):

				Estimated Remaining
	Fair Value		Valuation Technique	Useful Life
Customer Relationships	$	84	Multi-period excess earnings method	15 - 22 years

Trade names	$	17	Relief-from-royalty method	10 years to indefinite

Technology	$	17	Relief-from-royalty method	6 - 11 years

Noncompetition Agreements	$	3	Income Approach	2 years

The fair value of customer relationships, trade names, technology and noncompetition were determined through the valuation techniques described above using various judgmental assumptions such as discount rates and customer attrition rates.

The fair values of property, plant and equipment associated with the Penford acquisition was determined to be Level 3 under the fair value hierarchy. Property, plant and equipment values were estimated using either the cost or market approach.

Included in the results of the acquired businesses for the three and nine months ended September 30, 2015 were increases in cost of sales of $2 million (Kerr) and $8 million (Penford for $6 million and Kerr for $2 million), respectively, relating to the sale of inventory that was adjusted to fair value at the acquisition dates in accordance with business combination accounting rules.

The Company also incurred $2 million and $9 million of pre-tax acquisition and integration costs for the three and nine months ended September 30, 2015, respectively, associated with the Penford and Kerr transactions.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Segment Information

9 Months Ended

Sep. 30, 2015

Segment Information

Segment Information

6.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 and the Southern Cone of South America, which includes Argentina, Chile, Peru and Uruguay. Its Asia Pacific segment includes businesses in South Korea, Thailand, Malaysia, China, Japan, Indonesia, the Philippines, Singapore, India, Australia and New Zealand. The Company’s EMEA segment includes businesses in the United Kingdom, Germany, South Africa, Pakistan and Kenya.

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Net Sales
North America	$	880.0		$	805.6		$	2,503.1		$	2,362.0
South America	256.4			307.6			764.5			906.2
Asia Pacific	174.4			205.8			553.1			594.3
EMEA	125.9			141.3			395.1			437.6

Total	$	1,436.7		$	1,460.3		$	4,215.8		$	4,300.1


Operating Income
North America	$	133.0		$	113.1		$	362.2		$	288.7
South America	28.4			27.4			73.0			73.8
Asia Pacific	27.6			27.0			81.3			80.1
EMEA	21.7			22.2			66.8			68.7
Corporate (a)	(18.3		)	(11.6		)	(54.4		)	(48.2		)

Sub-total	$	192.4		$	178.1		$	528.9		$	463.1
Impairment/restructuring charges	(13.8		)	—			(24.2		)	—
Acquisition/integration costs	(1.6		)	—			(9.3		)	—
Charge for fair value markup of acquired inventory	(2.0		)	—			(8.4		)	—

Total	$	175.0		$	178.1		$	487.0		$	463.1

(a)

Includes $4 million of expense relating to a tax indemnification agreement with offsetting income of $4 million recorded in the provision for income taxes for the three and nine months ended September 30, 2015. For the three and nine months ended September 30, 2014, includes $7 million of income relating to this tax indemnification agreement with an offsetting expense of $7 million recorded in the provision for income taxes. See Note 14 for additional information.

(in millions)	At Sept. 30, 2015		At Dec. 31, 2014
Total Assets
North America	$	3,474	$	2,907
South America	740		923
Asia Pacific	719		711
EMEA	511		550

Total	$	5,444	$	5,091

- 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 Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Financial Instruments, Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 2015

Financial Instruments, Derivatives and Hedging Activities

Financial Instruments, Derivatives and Hedging Activities

7.Financial Instruments, Derivatives and Hedging Activities

The Company is 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, 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, foreign currency forward contracts and swaps, 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 twenty-four 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. Effective with the acquisition of Penford, the Company now produces and sells ethanol. The Company now enters into swap contracts to hedge price risk associated with fluctuations in market prices of ethanol. Unrealized gains and losses associated with marking the commodity hedging contracts to market (fair value) 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 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 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 September 30, 2015, AOCI included $7 million of losses, net of tax of $3 million, pertaining to commodities-related derivative instruments designated as cash-flow hedges. At December 31, 2014, AOCI included $13 million of losses, net of tax of $6 million, pertaining to commodities-related derivative instruments designated as cash-flow hedges.

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 T-locks outstanding at September 30, 2015 or December 31, 2014. The Company has interest rate swap agreements that effectively convert the interest rates on its 3.2 percent $350 million senior notes due November 1, 2015, its 6.0 percent $200 million senior notes due April 15, 2017, its 1.8 percent $300 million senior notes due September 25, 2017 and on $200 million of its $400 million 4.625 percent senior notes due November 1, 2020, to variable rates. These swap agreements call for the Company to receive interest at the fixed coupon rate of the respective notes 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 obligations 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 in earnings. The fair value of these interest rate swap agreements at September 30, 2015 and December 31, 2014 was $19 million and $13 million, respectively, and is reflected in the Condensed Consolidated Balance Sheets within other assets, with an offsetting amount recorded in long-term debt to adjust the carrying amount of the hedged debt obligations.

At September 30, 2015 and December 31, 2014, AOCI included $5 million of losses (net of income taxes of $3 million) and $7 million of losses (net of income taxes of $4 million), respectively, related to settled T-Locks. 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, including operations in many emerging markets, it is exposed to fluctuations in foreign currency exchange rates. As a result, the Company has exposure to translational foreign exchange risk when the results of its foreign operations are translated to US dollars and to transactional foreign exchange risk when transactions not denominated in the functional currency of an 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. At September 30, 2015, the Company had foreign currency forward sales contracts with an aggregate notional amount of $390 million and foreign currency forward purchase contracts with an aggregate notional amount of $47 million that hedged transactional exposures. At December 31, 2014, the Company had foreign currency forward sales contracts with an aggregate notional amount of $150 million and foreign currency forward purchase contracts with an aggregate notional amount of $70 million that hedged transactional exposures. The fair value of these derivative instruments are assets of $5 million and $1 million at September 30, 2015 and December 31, 2014, respectively.

The Company also has foreign currency derivative instruments that hedge certain foreign currency transactional exposures and are designated as cash-flow hedges. The amount included in AOCI relating to these hedges at both September 30, 2015 and December 31, 2014 was not significant.

The fair value and balance sheet location of the Company’s derivative instruments, accounted for as cash-flow hedges and presented gross in the Condensed Consolidated Balance Sheets, are reflected below:

	Fair Value of Derivative Instruments
Derivatives designated as		Fair Value					Fair Value
cash-flow hedging instruments: (in millions)	Balance Sheet Location	At Sept. 30, 2015		At December 31, 2014		Balance Sheet Location	At Sept. 30, 2015		At December 31, 2014

Commodity and foreign currency contracts	Accounts receivable-net	$	8	$	15	Accounts payable and accrued liabilities	$	11	$	18

Commodity and foreign currency contracts	Other assets	7		1		Non-current liabilities	3		6

Total		$	15	$	16		$	14	$	24

At September 30, 2015, the Company had outstanding futures and option contracts that hedged the forecasted purchase of approximately 77 million bushels of corn. The Company also had outstanding swap and option contracts that hedged the forecasted purchase of approximately 19 million mmbtu’s of natural gas at September 30, 2015. Additionally at September 30, 2015, the Company had outstanding ethanol swap contracts that hedged the forecasted sale of approximately 9 million gallons of ethanol. The Company is unable to directly hedge price risk related to co-product sales; however, it occasionally enters into hedges of soybean oil (a competing product to corn oil) in order to mitigate the price risk of corn oil sales. The Company did not have any soybean oil hedges at September 30, 2015.

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

	Amount of Gains (Losses) Recognized in OCI on Derivatives						Location of	Amount of Gains (Losses) Reclassified from AOCI into Income
Derivatives in Cash-Flow Hedging Relationships	Three Months Ended September 30, 2015			Three Months Ended September 30, 2014			Gains (Losses) Reclassified from AOCI into Income	Three Months Ended September 30, 2015			Three Months Ended September 30, 2014
Commodity and foreign currency contracts	$	(22	)	$	(71	)	Cost of sales	$	(9	)	$	(15	)
Interest rate contracts	—			—			Financing costs, net	(1		)	(1		)

Total	$	(22	)	$	(71	)		$	(10	)	$	(16	)

	Amount of Gains (Losses) Recognized in OCI on Derivatives						Location of	Amount of Gains (Losses) Reclassified from AOCI into Income
Derivatives in Cash-Flow Hedging Relationships	Nine Months Ended September 30, 2015			Nine Months Ended September 30, 2014			Gains (Losses) Reclassified from AOCI into Income	Nine Months Ended September 30, 2015			Nine Months Ended September 30, 2014
Commodity and foreign currency contracts	$	(26	)	$	(68	)	Cost of sales	$	(31	)	$	(33	)
Interest rate contracts	—			—			Financing costs, net	(2		)	(2		)

Total	$	(26	)	$	(68	)		$	(33	)	$	(35	)

At September 30, 2015, AOCI included $8 million of losses (net of income taxes of $3 million) on commodities-related derivative instruments designated as cash-flow hedges that 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 costs. The Company also has $2 million of losses on settled T-Locks (net of income taxes of $1 million) recorded in AOCI at September 30, 2015, which are expected to be reclassified into earnings during the next twelve months. Additionally, at September 30, 2015, AOCI included an insignificant amount of losses related to foreign currency hedges that 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:

	At September 30, 2015								At December 31, 2014
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Available for sale securities	$	6	$	6	$	—	$	—	$	5	$	5	$	—	$	—
Derivative assets	39		7		32		—		29		12		17		—
Derivative liabilities	14		3		11		—		23		6		17		—
Long-term debt	2,356		—		2,356		—		1,939		—		1,939		—

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 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, 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 the Company’s long-term debt is estimated based on quotations of major securities dealers who are market makers in the securities. At September 30, 2015, the carrying value and fair value of the Company’s long-term debt were $2.24 billion and $2.36 billion, respectively.

- 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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Share-Based Compensation

9 Months Ended

Sep. 30, 2015

Share-Based Compensation

Share-Based Compensation

8.Share-Based Compensation

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 over a three-year period at the anniversary dates of the date of grant. Compensation expense is recognized on a straight-line basis for all awards.

The Company granted non-qualified options to purchase 336 thousand shares and 715 thousand shares of the Company’s common stock during the nine months ended September 30, 2015 and 2014, respectively. The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:

	For the Nine Months Ended September 30,
	2015		2014
Expected life (in years)	5.5		5.5
Risk-free interest rate	1.36	%	1.63	%
Expected volatility	25.19	%	30.28	%
Expected dividend yield	2.04	%	2.82	%

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 grant date for the period corresponding to 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 nine months ended September 30, 2015 was as follows:

(dollars and options in thousands, except per share amounts)	Number of Options		Weighted Average Exercise Price per Share		Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2014	2,889		$	46.84
Granted	336		82.28
Exercised	(476	)	38.28
Cancelled	(15	)	60.63

Outstanding at September 30, 2015	2,734		52.49		6.13	$	95,205


Exercisable at September 30, 2015	1,837		44.47		4.92	$	78,712

For the nine months ended September 30, 2015, cash received from the exercise of stock options was $18 million. At September 30, 2015, the total remaining unrecognized compensation cost related to stock options approximated $9 million, which will be amortized over a weighted-average period of approximately 1.8 years.

Additional information pertaining to stock option activity is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands, except per share)	2015		2014		2015		2014
Weighted average grant date fair value of stock options granted (per share)	$	—	$	—	$	16.04	$	12.99
Total intrinsic value of stock options exercised	$	10,860	$	6,416	$	22,064	$	21,339

Restricted Shares of Common Stock and Restricted Stock Units:

The Company has granted shares of restricted common stock (“RSAs”) and restricted stock units (“RSUs”) to certain key employees. The RSAs and RSUs 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 RSAs and RSUs is determined based upon the number of shares granted and the quoted market price of the Company’s common stock at the date of the grant.

The following table summarizes RSA and RSU activity for the nine months ended September 30, 2015:

	RSAs				RSUs
			Weighted				Weighted
			Average				Average
(in thousands, except per share	Number of		Fair Value		Number of		Fair Value
amounts)	RSAs		per Share		RSUs		per Share
Non-vested at December 31, 2014	16		$	27.94	434		$	59.61
Granted	—		—		166		82.23
Vested	(14	)	28.75		(142	)	55.96
Cancelled	—		—		(9	)	64.51

Non-vested at September 30, 2015	2		21.42		449		69.01

At September 30, 2015, the total remaining unrecognized compensation cost related to RSUs was $16 million, which will be amortized over a weighted-average period of approximately 2.0 years. Unrecognized compensation cost related to RSAs was insignificant at September 30, 2015.

The following table summarizes the components of the Company’s share-based compensation expense:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2015			2014			2015			2014
Stock options:
Pre-tax compensation expense	$	1.7		$	1.7		$	5.1		$	5.4
Income tax benefit	(0.6		)	(0.6		)	(1.9		)	(2.0		)

Stock option expense, net of income taxes	1.1			1.1			3.2			3.4

RSUs, RSAs and other share-based compensation:
Pre-tax compensation expense	3.7			3.0			10.6			8.7
Income tax benefit	(1.4		)	(1.1		)	(3.9		)	(3.2		)

RSUs, RSAs and other share-based compensation expense, net of income taxes	2.3			1.9			6.7			5.5

Total share-based compensation:
Pre-tax compensation expense	5.4			4.7			15.7			14.1
Income tax benefit	(2.0		)	(1.7		)	(5.8		)	(5.2		)

Total share-based compensation expense, net of income taxes	$	3.4		$	3.0		$	9.9		$	8.9

Net Periodic Pension and Postretirement Benefit Costs

9 Months Ended

Sep. 30, 2015

Net Periodic Pension and Postretirement Benefit Costs

Net Periodic Pension and Postretirement Benefit Costs

9.Net Periodic Pension and Postretirement Benefit Costs

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, 2014.

The following table 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 September 30,												Nine Months Ended September 30,
	US Plans						Non-US Plans						US Plans						Non-US Plans
(in millions)	2015			2014			2015			2014			2015			2014			2015			2014
Service cost	$	2.0		$	1.8		$	1.0		$	1.5		$	5.8		$	5.3		$	3.4		$	4.4
Interest cost	3.7			3.3			2.8			3.7			10.6			9.8			8.8			11.1
Expected return on plan assets	(6.3		)	(5.2		)	(3.2		)	(3.6		)	(18.2		)	(15.7		)	(10.0		)	(10.7		)
Amortization of net actuarial loss	0.2			0.1			0.5			0.8			0.5			0.3			1.7			2.4
Amortization of prior service credit	—			—			—			—			—			—			(0.1		)	(0.1		)
Amortization of transition obligation	—			—			0.1			0.1			—			—			0.2			0.2
Settlement	—			0.4			—			—			—			0.4			—			—

Net pension cost (credit)	$	(0.4	)	$	0.4		$	1.2		$	2.5		$	(1.3	)	$	0.1		$	4.0		$	7.3

For the nine months ended September 30, 2015, cash contributions of approximately $10 million and $1 million were made to the US and non-US plans, respectively. No significant contributions are expected to be made in the fourth quarter of 2015.

During the first quarter of 2015, the Company amended one of its pension plans in Canada to eliminate future benefit accruals for the plan effective April 30, 2015. This plan curtailment resulted in an improvement in the funded status of the plan by approximately $9 million in the first quarter. The impact of this plan curtailment on net periodic benefit cost for the nine months ended September 30, 2015 was not significant.

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

	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2015			2014		2015			2014
Service cost	$	0.2		$	0.7	$	0.6		$	2.1
Interest cost	0.8			0.9		2.3			2.7
Amortization of net actuarial loss	0.1			0.1		0.4			0.3
Amortization of prior service credit	(0.5		)	—		(1.6		)	—

Net postretirement benefit cost	$	0.6		$	1.7	$	1.7		$	5.1

Earnings per Common Share

9 Months Ended

Sep. 30, 2015

Earnings per Common Share

Earnings per Common Share

10.Earnings per Common Share

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

	Three Months Ended September 30, 2015					Three Months Ended September 30, 2014
	Net Income					Net Income
	Available		Weighted			Available		Weighted
	to Ingredion		Average Shares	Per Share		to Ingredion		Average Shares	Per Share
(in millions, except per share amounts)	(Numerator)		(Denominator)	Amount		(Numerator)		(Denominator)	Amount

Basic EPS	$	107.9	71.6	$	1.51	$	118.6	73.0	$	1.62

Effect of Dilutive Securities:

Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs, RSAs and other awards			1.3					1.3


Diluted EPS	$	107.9	72.9	$	1.48	$	118.6	74.3	$	1.60

	Nine Months Ended September 30, 2015					Nine Months Ended September 30, 2014
	Net Income					Net Income
	Available		Weighted			Available		Weighted
	to Ingredion		Average Shares	Per Share		to Ingredion		Average Shares	Per Share
(in millions, except per share amounts)	(Numerator)		(Denominator)	Amount		(Numerator)		(Denominator)	Amount

Basic EPS	$	298.2	71.6	$	4.17	$	293.8	74.2	$	3.96

Effect of Dilutive Securities:

Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs, RSAs and other awards			1.3					1.3

Diluted EPS	$	298.2	72.9	$	4.09	$	293.8	75.5	$	3.89

For both the third quarter and first nine months of 2015, options to purchase approximately 0.3 million shares of common stock were excluded from the calculation of diluted EPS as the impact of their inclusion would have been anti-dilutive. For the first nine months of 2014, options to purchase approximately 0.4 million shares of common stock were excluded from the calculation of diluted EPS as the impact of their inclusion would have been anti-dilutive. The number of anti-dilutive options excluded from the calculation of diluted EPS for the third quarter of 2014 was not material.

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2015

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

13.Accumulated Other Comprehensive Loss

A summary of accumulated other comprehensive loss for the nine months ended September 30, 2015 and 2014 is provided below:

				Deferred						Unrealized			Accumulated
	Cumulative			Gain/(Loss)			Pension/			Loss			Other
	Translation			on Hedging			Postretirement			on			Comprehensive
(in millions)	Adjustment			Activities			Adjustment			Investment			Loss
Balance, December 31, 2014	$	(701	)	$	(19	)	$	(61	)	$	(1	)	$	(782	)

Losses on cash-flow hedges, net of income tax effect of $8				(18		)							(18		)
Amount of losses on cash-flow hedges reclassified to earnings, net of income tax effect of $10				23									23
Actuarial gains on pension and postretirement obligations, settlements and plan amendments, net of income tax effect of $2							6						6
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect							1						1
Currency translation adjustment	(283		)										(283		)

Balance, September 30, 2015	$	(984	)	$	(14	)	$	(54	)	$	(1	)	$	(1,053	)

				Deferred						Unrealized			Accumulated
	Cumulative			Gain/(Loss)			Pension/			Loss			Other
	Translation			on Hedging			Postretirement			on			Comprehensive
(in millions)	Adjustment			Activities			Adjustment			Investment			Loss
Balance, December 31, 2013	$	(489	)	$	(40	)	$	(53	)	$	(1	)	$	(583	)

Losses on cash-flow hedges, net of income tax effect of $21				(47		)							(47		)
Amount of losses on cash-flow hedges reclassified to earnings, net of income tax effect of $11				24									24
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect							3						3
Currency translation adjustment	(116		)										(116		)

Balance, September 30, 2014	$	(605	)	$	(63	)	$	(50	)	$	(1	)	$	(719	)

The following table provides detail pertaining to reclassifications from AOCI into net income for the periods presented:

	Amount Reclassified from AOCI
	Three Months ended						Nine Months ended						Affected Line Item in
Details about AOCI Components	September 30,						September 30,						Condensed Consolidated
(in millions)	2015			2014			2015			2014			Statements of Income
Gains (losses) on cash-flow hedges:
Commodity and foreign currency contracts	$	(9	)	$	(15	)	$	(31	)	$	(33	)	Cost of sales
Interest rate contracts	(1		)	(1		)	(2		)	(2		)	Financing costs, net

Losses related to pension and other postretirement obligations	—			(1		)	(1		)	(4		)	(a)

Total before tax reclassifications	$	(10	)	$	(17	)	$	(34	)	$	(39	)
Income tax benefit	3			5			10			12

Total after-tax reclassifications	$	(7	)	$	(12	)	$	(24	)	$	(27	)

(a) This component is included in the computation of net periodic benefit cost and affects both cost of sales and operating expenses on the Condensed Consolidated Statements of Income.

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2015

Acquisitions

Summary of preliminary purchase price allocations for Penford and Kerr

The following table summarizes the preliminary purchase price allocations for Penford and Kerr as of March 11, 2015 and August 3, 2015, respectively, for the acquisitions:

(in millions)	Penford			Kerr
Working capital (excluding cash)	$	68		$	38
Property, plant and equipment	86			8
Other assets	9			—
Identifiable intangible assets	121			29
Goodwill	119			27
Non-current liabilities assumed	(71		)	—

Total preliminary purchase price	$	332		$	102

Schedule of fair values, valuation techniques and estimated remaining useful life of acquired intangible assets

The following table presents the fair values, valuation techniques, and estimated remaining useful life for these Level 3 measurements (dollars in millions):

				Estimated Remaining
	Fair Value		Valuation Technique	Useful Life
Customer Relationships	$	84	Multi-period excess earnings method	15 - 22 years

Trade names	$	17	Relief-from-royalty method	10 years to indefinite

Technology	$	17	Relief-from-royalty method	6 - 11 years

Noncompetition Agreements	$	3	Income Approach	2 years

Segment Information (Tables)

9 Months Ended

Sep. 30, 2015

Segment Information

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

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Net Sales
North America	$	880.0		$	805.6		$	2,503.1		$	2,362.0
South America	256.4			307.6			764.5			906.2
Asia Pacific	174.4			205.8			553.1			594.3
EMEA	125.9			141.3			395.1			437.6

Total	$	1,436.7		$	1,460.3		$	4,215.8		$	4,300.1


Operating Income
North America	$	133.0		$	113.1		$	362.2		$	288.7
South America	28.4			27.4			73.0			73.8
Asia Pacific	27.6			27.0			81.3			80.1
EMEA	21.7			22.2			66.8			68.7
Corporate (a)	(18.3		)	(11.6		)	(54.4		)	(48.2		)

Sub-total	$	192.4		$	178.1		$	528.9		$	463.1
Impairment/restructuring charges	(13.8		)	—			(24.2		)	—
Acquisition/integration costs	(1.6		)	—			(9.3		)	—
Charge for fair value markup of acquired inventory	(2.0		)	—			(8.4		)	—

Total	$	175.0		$	178.1		$	487.0		$	463.1

(a)

(in millions)	At Sept. 30, 2015		At Dec. 31, 2014
Total Assets
North America	$	3,474	$	2,907
South America	740		923
Asia Pacific	719		711
EMEA	511		550

Total	$	5,444	$	5,091

Financial Instruments, Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2015

Financial Instruments, Derivatives and Hedging Activities

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

	Fair Value of Derivative Instruments
Derivatives designated as		Fair Value					Fair Value
cash-flow hedging instruments: (in millions)	Balance Sheet Location	At Sept. 30, 2015		At December 31, 2014		Balance Sheet Location	At Sept. 30, 2015		At December 31, 2014

Commodity and foreign currency contracts	Accounts receivable-net	$	8	$	15	Accounts payable and accrued liabilities	$	11	$	18

Commodity and foreign currency contracts	Other assets	7		1		Non-current liabilities	3		6

Total		$	15	$	16		$	14	$	24

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

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

	Amount of Gains (Losses) Recognized in OCI on Derivatives						Location of	Amount of Gains (Losses) Reclassified from AOCI into Income
Derivatives in Cash-Flow Hedging Relationships	Three Months Ended September 30, 2015			Three Months Ended September 30, 2014			Gains (Losses) Reclassified from AOCI into Income	Three Months Ended September 30, 2015			Three Months Ended September 30, 2014
Commodity and foreign currency contracts	$	(22	)	$	(71	)	Cost of sales	$	(9	)	$	(15	)
Interest rate contracts	—			—			Financing costs, net	(1		)	(1		)

Total	$	(22	)	$	(71	)		$	(10	)	$	(16	)

	Amount of Gains (Losses) Recognized in OCI on Derivatives						Location of	Amount of Gains (Losses) Reclassified from AOCI into Income
Derivatives in Cash-Flow Hedging Relationships	Nine Months Ended September 30, 2015			Nine Months Ended September 30, 2014			Gains (Losses) Reclassified from AOCI into Income	Nine Months Ended September 30, 2015			Nine Months Ended September 30, 2014
Commodity and foreign currency contracts	$	(26	)	$	(68	)	Cost of sales	$	(31	)	$	(33	)
Interest rate contracts	—			—			Financing costs, net	(2		)	(2		)

Total	$	(26	)	$	(68	)		$	(33	)	$	(35	)

Schedule of fair value of financial instruments and derivatives

	At September 30, 2015								At December 31, 2014
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Available for sale securities	$	6	$	6	$	—	$	—	$	5	$	5	$	—	$	—
Derivative assets	39		7		32		—		29		12		17		—
Derivative liabilities	14		3		11		—		23		6		17		—
Long-term debt	2,356		—		2,356		—		1,939		—		1,939		—

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Share-Based Compensation

Schedule of valuation assumptions for stock options

	For the Nine Months Ended September 30,
	2015		2014
Expected life (in years)	5.5		5.5
Risk-free interest rate	1.36	%	1.63	%
Expected volatility	25.19	%	30.28	%
Expected dividend yield	2.04	%	2.82	%

Schedule of stock option activity

(dollars and options in thousands, except per share amounts)	Number of Options		Weighted Average Exercise Price per Share		Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2014	2,889		$	46.84
Granted	336		82.28
Exercised	(476	)	38.28
Cancelled	(15	)	60.63

Outstanding at September 30, 2015	2,734		52.49		6.13	$	95,205


Exercisable at September 30, 2015	1,837		44.47		4.92	$	78,712

Schedule of additional information pertaining to stock option activity

	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in thousands, except per share)	2015		2014		2015		2014
Weighted average grant date fair value of stock options granted (per share)	$	—	$	—	$	16.04	$	12.99
Total intrinsic value of stock options exercised	$	10,860	$	6,416	$	22,064	$	21,339

Schedule of restricted share and restricted unit activity

	RSAs				RSUs
			Weighted				Weighted
			Average				Average
(in thousands, except per share	Number of		Fair Value		Number of		Fair Value
amounts)	RSAs		per Share		RSUs		per Share
Non-vested at December 31, 2014	16		$	27.94	434		$	59.61
Granted	—		—		166		82.23
Vested	(14	)	28.75		(142	)	55.96
Cancelled	—		—		(9	)	64.51

Non-vested at September 30, 2015	2		21.42		449		69.01

Schedule of components of share based compensation expense

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2015			2014			2015			2014
Stock options:
Pre-tax compensation expense	$	1.7		$	1.7		$	5.1		$	5.4
Income tax benefit	(0.6		)	(0.6		)	(1.9		)	(2.0		)

Stock option expense, net of income taxes	1.1			1.1			3.2			3.4

RSUs, RSAs and other share-based compensation:
Pre-tax compensation expense	3.7			3.0			10.6			8.7
Income tax benefit	(1.4		)	(1.1		)	(3.9		)	(3.2		)

RSUs, RSAs and other share-based compensation expense, net of income taxes	2.3			1.9			6.7			5.5

Total share-based compensation:
Pre-tax compensation expense	5.4			4.7			15.7			14.1
Income tax benefit	(2.0		)	(1.7		)	(5.8		)	(5.2		)

Total share-based compensation expense, net of income taxes	$	3.4		$	3.0		$	9.9		$	8.9

Net Periodic Pension and Postretirement Benefit Costs (Tables)

9 Months Ended

Sep. 30, 2015

Pension Plans Defined Benefit

Pension and postretirement benefit plans

Components of Net Periodic Benefit Cost

	Three Months Ended September 30,												Nine Months Ended September 30,
	US Plans						Non-US Plans						US Plans						Non-US Plans
(in millions)	2015			2014			2015			2014			2015			2014			2015			2014
Service cost	$	2.0		$	1.8		$	1.0		$	1.5		$	5.8		$	5.3		$	3.4		$	4.4
Interest cost	3.7			3.3			2.8			3.7			10.6			9.8			8.8			11.1
Expected return on plan assets	(6.3		)	(5.2		)	(3.2		)	(3.6		)	(18.2		)	(15.7		)	(10.0		)	(10.7		)
Amortization of net actuarial loss	0.2			0.1			0.5			0.8			0.5			0.3			1.7			2.4
Amortization of prior service credit	—			—			—			—			—			—			(0.1		)	(0.1		)
Amortization of transition obligation	—			—			0.1			0.1			—			—			0.2			0.2
Settlement	—			0.4			—			—			—			0.4			—			—

Net pension cost (credit)	$	(0.4	)	$	0.4		$	1.2		$	2.5		$	(1.3	)	$	0.1		$	4.0		$	7.3

Other Postretirement Benefit Plans Defined Benefit

Pension and postretirement benefit plans

Components of Net Periodic Benefit Cost

	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2015			2014		2015			2014
Service cost	$	0.2		$	0.7	$	0.6		$	2.1
Interest cost	0.8			0.9		2.3			2.7
Amortization of net actuarial loss	0.1			0.1		0.4			0.3
Amortization of prior service credit	(0.5		)	—		(1.6		)	—

Net postretirement benefit cost	$	0.6		$	1.7	$	1.7		$	5.1

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2015

Earnings per Common Share

Schedule of basic and diluted net income per share

	Three Months Ended September 30, 2015					Three Months Ended September 30, 2014
	Net Income					Net Income
	Available		Weighted			Available		Weighted
	to Ingredion		Average Shares	Per Share		to Ingredion		Average Shares	Per Share
(in millions, except per share amounts)	(Numerator)		(Denominator)	Amount		(Numerator)		(Denominator)	Amount

Basic EPS	$	107.9	71.6	$	1.51	$	118.6	73.0	$	1.62

Effect of Dilutive Securities:

Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs, RSAs and other awards			1.3					1.3


Diluted EPS	$	107.9	72.9	$	1.48	$	118.6	74.3	$	1.60

	Nine Months Ended September 30, 2015					Nine Months Ended September 30, 2014
	Net Income					Net Income
	Available		Weighted			Available		Weighted
	to Ingredion		Average Shares	Per Share		to Ingredion		Average Shares	Per Share
(in millions, except per share amounts)	(Numerator)		(Denominator)	Amount		(Numerator)		(Denominator)	Amount

Basic EPS	$	298.2	71.6	$	4.17	$	293.8	74.2	$	3.96

Effect of Dilutive Securities:

Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs, RSAs and other awards			1.3					1.3

Diluted EPS	$	298.2	72.9	$	4.09	$	293.8	75.5	$	3.89

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2015

Accumulated Other Comprehensive Loss

Summary of accumulated other comprehensive loss

				Deferred						Unrealized			Accumulated
	Cumulative			Gain/(Loss)			Pension/			Loss			Other
	Translation			on Hedging			Postretirement			on			Comprehensive
(in millions)	Adjustment			Activities			Adjustment			Investment			Loss
Balance, December 31, 2014	$	(701	)	$	(19	)	$	(61	)	$	(1	)	$	(782	)

Losses on cash-flow hedges, net of income tax effect of $8				(18		)							(18		)
Amount of losses on cash-flow hedges reclassified to earnings, net of income tax effect of $10				23									23
Actuarial gains on pension and postretirement obligations, settlements and plan amendments, net of income tax effect of $2							6						6
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect							1						1
Currency translation adjustment	(283		)										(283		)

Balance, September 30, 2015	$	(984	)	$	(14	)	$	(54	)	$	(1	)	$	(1,053	)

				Deferred						Unrealized			Accumulated
	Cumulative			Gain/(Loss)			Pension/			Loss			Other
	Translation			on Hedging			Postretirement			on			Comprehensive
(in millions)	Adjustment			Activities			Adjustment			Investment			Loss
Balance, December 31, 2013	$	(489	)	$	(40	)	$	(53	)	$	(1	)	$	(583	)

Losses on cash-flow hedges, net of income tax effect of $21				(47		)							(47		)
Amount of losses on cash-flow hedges reclassified to earnings, net of income tax effect of $11				24									24
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect							3						3
Currency translation adjustment	(116		)										(116		)

Balance, September 30, 2014	$	(605	)	$	(63	)	$	(50	)	$	(1	)	$	(719	)

Schedule of reclassifications from AOCI into net income

	Amount Reclassified from AOCI
	Three Months ended						Nine Months ended						Affected Line Item in
Details about AOCI Components	September 30,						September 30,						Condensed Consolidated
(in millions)	2015			2014			2015			2014			Statements of Income
Gains (losses) on cash-flow hedges:
Commodity and foreign currency contracts	$	(9	)	$	(15	)	$	(31	)	$	(33	)	Cost of sales
Interest rate contracts	(1		)	(1		)	(2		)	(2		)	Financing costs, net

Losses related to pension and other postretirement obligations	—			(1		)	(1		)	(4		)	(a)

Total before tax reclassifications	$	(10	)	$	(17	)	$	(34	)	$	(39	)
Income tax benefit	3			5			10			12

Total after-tax reclassifications	$	(7	)	$	(12	)	$	(24	)	$	(27	)

(a) This component is included in the computation of net periodic benefit cost and affects both cost of sales and operating expenses on the Condensed Consolidated Statements of Income.

Acquisitions (Details) $ in Millions			3 Months Ended		9 Months Ended		12 Months Ended
Acquisitions (Details) $ in Millions	Aug. 03, 2015 USD ($) item	Mar. 11, 2015 USD ($) Plant	Sep. 30, 2015 USD ($) employee	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) employee	Sep. 30, 2014 USD ($)	Aug. 31, 2014 USD ($)	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Net sales			$ 1,436.7	$ 1,460.3	$ 4,215.8	$ 4,300.1
Number of people \| employee			11,900		11,900
Preliminary purchase price allocation
Goodwill			$ 601.0		$ 601.0			$ 478.0
Penford
Business Acquisition [Line Items]
Total purchase consideration		$ 332.0
Extinguishment of debt in conjunction with the acquisition		$ 93.0
Net sales							$ 444.0
Number of Plants \| Plant		6
Preliminary purchase price allocation
Working capital (excluding cash)		$ 68.0
Property, plant and equipment		86.0
Other assets		9.0
Identifiable intangible assets		121.0
Goodwill		119.0
Non-current liabilities assumed		(71.0)
Total preliminary purchase price		$ 332.0
Kerr
Business Acquisition [Line Items]
Total purchase consideration	$ 102.0
Number of people \| item	80
Preliminary purchase price allocation
Working capital (excluding cash)	$ 38.0
Property, plant and equipment	8.0
Identifiable intangible assets	29.0
Goodwill	27.0
Total preliminary purchase price	$ 102.0

Impairment and Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2015
Restructuring accrual
Restructuring charge for employee severance costs			$ 14
Payments made to terminated employees			(2)
Balance in restructuring reserve at the end of the period	$ 12		$ 12
Expected period of payment of severance costs			12 months
Manufacturing assets in Port Colborne, Ontario, Canada
Restructuring accrual
Restructuring charge for employee severance costs	2		$ 2
Penford
Restructuring accrual
Restructuring charge for employee severance costs		$ 10	10
Consolidation of manufacturing network , Brazil Plant
Restructuring and asset impairment charges
Pre-tax restructuring-related charges	12
Charges for impaired assets	10
Restructuring accrual
Restructuring charge for employee severance costs	$ 2		$ 2

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Millions	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) segment	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Segment information
Net sales	$ 1,436.7	$ 1,460.3	$ 4,215.8	$ 4,300.1
Operating income	175.0	178.1	487.0	463.1
Impairment/restructuring charges	(13.8)		(24.2)
Acquisition and integration costs	(1.6)		(9.3)
Charge for fair value mark-up of acquired inventory	(2.0)		(8.0)
Total Assets	5,444.0		5,444.0		$ 5,091.0
Provision for income taxes	51.2	42.6	$ 138.3	113.9
Number of reportable business segments \| segment			4
North America
Segment information
Net sales	880.0	805.6	$ 2,503.1	2,362.0
Total Assets	3,474.0		3,474.0		2,907.0
South America
Segment information
Net sales	256.4	307.6	764.5	906.2
Total Assets	740.0		740.0		923.0
Asia Pacific
Segment information
Net sales	174.4	205.8	553.1	594.3
Total Assets	719.0		719.0		711.0
EMEA
Segment information
Net sales	125.9	141.3	395.1	437.6
Total Assets	511.0		511.0		$ 550.0
Operating Segments
Segment information
Operating income	192.4	178.1	528.9	463.1
Operating Segments \| North America
Segment information
Operating income	133.0	113.1	362.2	288.7
Operating Segments \| South America
Segment information
Operating income	28.4	27.4	73.0	73.8
Operating Segments \| Asia Pacific
Segment information
Operating income	27.6	27.0	81.3	80.1
Operating Segments \| EMEA
Segment information
Operating income	21.7	22.2	66.8	68.7
Corporate, Non-Segment
Segment information
Operating income	(18.3)	(11.6)	(54.4)	(48.2)
Expense relating to tax indemnification agreement	4.0		4.0
Provision for income taxes	$ (4.0)	7.0	$ (4.0)	7.0
Income relating to tax indemnification agreement		$ 7.0		$ 7.0

Financial Instruments, Derivatives and Hedging Activities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	$ (1,053)	$ (782)	$ (719)	$ (583)
Senior Notes 3.20 Percent Due November 1, 2015
Financial instruments, derivatives and hedging activities
Debt, face amount	350	350
Senior Notes 4.625 Percent Due November 1, 2020
Financial instruments, derivatives and hedging activities
Debt, face amount	$ 400
Commodity Contract \| Minimum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	12 months
Commodity Contract \| Maximum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	24 months
Cash Flow Hedging \| Commodity Contract
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	$ (7)	(13)
Accumulated gains (losses) from derivative instruments, net income tax effect	(3)	(6)
Cash Flow Hedging \| Treasury Lock
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	(5)	(7)
Accumulated gains (losses) from derivative instruments, net income tax effect	(3)	(4)
Fair value of interest rate derivatives	0	0
Fair Value Hedging \| Interest Rate Swap
Financial instruments, derivatives and hedging activities
Fair value of interest rate derivatives	$ 19	13
Debt, floating rate of interest basis	six-month US dollar LIBOR rate plus a spread
Fair Value Hedging \| Interest Rate Swap \| Senior Notes 3.20 Percent Due November 1, 2015
Financial instruments, derivatives and hedging activities
Debt, fixed interest rate (as a percent)	3.20%
Debt, face amount	$ 350
Fair Value Hedging \| Interest Rate Swap \| Senior Notes 6.0 Percent Due April 15, 2017
Financial instruments, derivatives and hedging activities
Debt, fixed interest rate (as a percent)	6.00%
Debt, face amount	$ 200
Fair Value Hedging \| Interest Rate Swap \| Senior Notes 1.8 Percent Due September 25, 2017
Financial instruments, derivatives and hedging activities
Debt, fixed interest rate (as a percent)	1.80%
Debt, face amount	$ 300
Fair Value Hedging \| Interest Rate Swap \| Senior Notes 4.625 Percent Due November 1, 2020
Financial instruments, derivatives and hedging activities
Debt, fixed interest rate (as a percent)	4.625%
Debt, face amount	$ 200
Fair Value Hedging \| Foreign Exchange Forward
Financial instruments, derivatives and hedging activities
Fair value of assets	5	1
Fair Value Hedging \| Foreign Exchange Forward \| Short
Foreign currency hedging
Derivative notional amount	390	150
Fair Value Hedging \| Foreign Exchange Forward \| Long
Foreign currency hedging
Derivative notional amount	$ 47	$ 70

Share-Based Compensation (Details) - Stock Option Awards - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity stock-based compensation
Term of options			10 years
Period of vesting			3 years
Assumptions used to measure the fair value of awards
Expected life			5 years 6 months	5 years 6 months
Risk-free interest rate (as a percent)			1.36%	1.63%
Expected volatility (as a percent)			25.19%	30.28%
Expected dividend yield (as a percent)			2.04%	2.82%
Stock option activity
Outstanding at the beginning of the period (in shares)			2,889
Granted (in shares)			336	715
Exercised (in shares)			(476)
Cancelled (in shares)			(15)
Outstanding at the end of the period (in shares)	2,734		2,734
Exercisable at the end of the period (in shares)	1,837		1,837
Share options, weighted average exercise price per share
Outstanding at the beginning of the period (in dollars per share)			$ 46.84
Granted (in dollars per share)			82.28
Exercised (in dollars per share)			38.28
Cancelled (in dollars per share)			60.63
Outstanding at the end of the period (in dollars per share)	$ 52.49		52.49
Exercisable at the end of the period (in dollars per share)	$ 44.47		$ 44.47
Share options, aggregate intrinsic value
Options outstanding average remaining contractual life			6 years 1 month 17 days
Options outstanding aggregate intrinsic value	$ 95,205		$ 95,205
Stock options exercisable average remaining contractual life			4 years 11 months 1 day
Stock options exercisable aggregate intrinsic value	78,712		$ 78,712
Additional information pertaining to stock options
Cash received from exercise of stock options			18,000
Unrecognized compensation cost	9,000		$ 9,000
Weighted-average period for amortization of unrecognized compensation cost			1 year 9 months 18 days
Weighted-average grant date fair value of stock options granted (in dollars per share)			$ 16.04	$ 12.99
Total intrinsic value of stock options exercised	$ 10,860	$ 6,416	$ 22,064	$ 21,339

Share-Based Compensation (Details 2) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($) $ / shares shares
Restricted Stock Awards and Restricted Stock Units (RSUs) \| Minimum
Equity stock-based compensation
Vesting terms	3 years
Restricted Stock Awards and Restricted Stock Units (RSUs) \| Maximum
Equity stock-based compensation
Vesting terms	5 years
Restricted Stock
Restricted shares and unit activity
Non-vested at the beginning of the period (in shares) \| shares	16
Vested (in shares) \| shares	(14)
Non-vested at the end of the period (in shares) \| shares	2
Weighted-average fair value per share
Non-vested at the beginning of the period (in dollars per share) \| $ / shares	$ 27.94
Vested (in dollars per share) \| $ / shares	28.75
Non-vested at the end of the period (in dollars per share) \| $ / shares	$ 21.42
Restricted Stock Units (RSUs)
Restricted shares and unit activity
Non-vested at the beginning of the period (in shares) \| shares	434
Granted (in shares) \| shares	166
Vested (in shares) \| shares	(142)
Cancelled (in shares) \| shares	(9)
Non-vested at the end of the period (in shares) \| shares	449
Weighted-average fair value per share
Non-vested at the beginning of the period (in dollars per share) \| $ / shares	$ 59.61
Granted (in dollars per share) \| $ / shares	82.23
Vested (in dollars per share) \| $ / shares	55.96
Cancelled (in dollars per share) \| $ / shares	64.51
Non-vested at the end of the period (in dollars per share) \| $ / shares	$ 69.01
Unrecognized compensation cost \| $	$ 16
Weighted-average period for amortization of unrecognized compensation cost	2 years

Net Periodic Pension and Postretirement Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
United States Pension Plan of US Entity, Defined Benefit
Components of Net Periodic Benefit Costs
Service cost	$ 2.0		$ 1.8	$ 5.8	$ 5.3
Interest cost	3.7		3.3	10.6	9.8
Expected return on plan assets	(6.3)		(5.2)	(18.2)	(15.7)
Amortization of net actuarial loss	0.2		0.1	0.5	0.3
Settlement			0.4		0.4
Net pension cost (credit) / Net postretirement benefit cost	(0.4)		0.4	(1.3)	0.1
Employer Contributions
Cash contributions to defined benefit pension plan				10.0
Foreign Pension Plan, Defined Benefit
Components of Net Periodic Benefit Costs
Service cost	1.0		1.5	3.4	4.4
Interest cost	2.8		3.7	8.8	11.1
Expected return on plan assets	(3.2)		(3.6)	(10.0)	(10.7)
Amortization of net actuarial loss	0.5		0.8	1.7	2.4
Amortization of prior service credit				(0.1)	(0.1)
Amortization of transition obligation	0.1		0.1	0.2	0.2
Net pension cost (credit) / Net postretirement benefit cost	1.2		2.5	4.0	7.3
Employer Contributions
Cash contributions to defined benefit pension plan				1.0
Canadian Plans
Components of Net Periodic Benefit Costs
Improvement in the funded status		$ 9.0
Other Postretirement Benefit Plans Defined Benefit
Components of Net Periodic Benefit Costs
Service cost	0.2		0.7	0.6	2.1
Interest cost	0.8		0.9	2.3	2.7
Amortization of net actuarial loss	0.1		0.1	0.4	0.3
Amortization of prior service credit	(0.5)			(1.6)
Net pension cost (credit) / Net postretirement benefit cost	$ 0.6		$ 1.7	$ 1.7	$ 5.1

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic EPS:
Net Income Available to Ingredion	$ 107.9	$ 118.6	$ 298.2	$ 293.8
Weighted average number of shares outstanding, basic	71.6	73.0	71.6	74.2
Basic earnings per common share of Ingredion (in dollars per share)	$ 1.51	$ 1.62	$ 4.17	$ 3.96
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs, RSAs and other awards	1.3	1.3	1.3	1.3
Diluted EPS:
Net Income Available to Ingredion	$ 107.9	$ 118.6	$ 298.2	$ 293.8
Weighted average number of shares outstanding, diluted	72.9	74.3	72.9	75.5
Diluted earnings per common share of Ingredion (in dollars per share)	$ 1.48	$ 1.60	$ 4.09	$ 3.89
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	0.3		0.3	0.4

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Loss
Balance at the beginning of the period			$ (782)	$ (583)
Losses on cash-flow hedges, net of income tax effect of $8 and $21	$ (15)	$ (48)	(18)	(47)
Amount of losses on cash-flow hedges reclassified to earnings, net of income tax effect of $10 and $11	7	11	23	24
Actuarial gains on pension and postretirement obligations, settlements and plan amendments, net of income tax effect of $2			6
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect		1	1	3
Currency translation adjustment	(157)	(121)	(283)	(116)
Balance at end of the period	(1,053)	(719)	(1,053)	(719)
Income tax effect of accumulated other comprehensive gain (loss)
Losses on cash-flow hedges, income tax effect	(7)	(23)	(8)	(21)
Amount of losses on cash flow hedges reclassified to earnings, income tax effect	(3)	(5)	(10)	(11)
Actuarial gains on pension and postretirement obligations, settlements and plan amendments, income tax effect			2
Cumulated Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period			(701)	(489)
Currency translation adjustment			(283)	(116)
Balance at end of the period	(984)	(605)	(984)	(605)
Deferred Gain/(Loss) on Hedging Activities
Accumulated Other Comprehensive Loss
Balance at the beginning of the period			(19)	(40)
Losses on cash-flow hedges, net of income tax effect of $8 and $21			(18)	(47)
Amount of losses on cash-flow hedges reclassified to earnings, net of income tax effect of $10 and $11			23	24
Balance at end of the period	(14)	(63)	(14)	(63)
Income tax effect of accumulated other comprehensive gain (loss)
Losses on cash-flow hedges, income tax effect			(8)	(21)
Amount of losses on cash flow hedges reclassified to earnings, income tax effect			(10)	(11)
Pension/Postretirement Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period			(61)	(53)
Actuarial gains on pension and postretirement obligations, settlements and plan amendments, net of income tax effect of $2			6
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect			1	3
Balance at end of the period	(54)	(50)	(54)	(50)
Income tax effect of accumulated other comprehensive gain (loss)
Actuarial gains on pension and postretirement obligations, settlements and plan amendments, income tax effect			2
Unrealized Loss On Investment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period			(1)	(1)
Balance at end of the period	$ (1)	$ (1)	$ (1)	$ (1)

Income Taxes (Details) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) $ in Millions	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($) item	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)
Income Taxes
Effective income tax rate (as a percent)	31.80%	26.10%	31.20%	27.50%
Reversal of previously unrecognized tax benefits due to lapsing of statute of limitations (as a percent)	0.60%	5.30%	0.50%
Unfavorable impact of foreign currency exchange on tax provision (as a percent)	5.40%		3.00%
Provision for (reversal of) income taxes	$ 51.2	$ 42.6	$ 138.3	$ 113.9
Percentage points that relates to audit result related to a pre-acquisition period	(2.40%)		(0.90%)
Effective income tax rate excluding significant adjustments (as a percent)	29.00%	28.00%	29.00%	28.00%
Number of discrete tax adjustments \| item		2
Akzo Nobel NV
Income Taxes
Provision for (reversal of) income taxes	$ (4.0)	$ 7.0
Percentage points that relates to audit result related to a pre-acquisition period		4.50%
Other income		$ 7.0
Impact of pre-acquisition adjustment on net income		$ 0.0

Interim Financial Statements	9 Months Ended
Interim Financial Statements	Sep. 30, 2015
Interim Financial Statements
Interim Financial Statements	1.Interim Financial Statements References to the “Company” are to Ingredion Incorporated (“Ingredion”) 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, 2014. 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, 2014 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 September 30, 2015 and 2014, and the financial position of the Company as of September 30, 2015. The results for the interim periods are not necessarily indicative of the results expected for the full years.

Sale of Canadian Plant	9 Months Ended
Sale of Canadian Plant	Sep. 30, 2015
Sale of Canadian Plant
Sale of Canadian Plant	4.Sale of Canadian Plant On July 7, 2015, the Company entered into a definitive agreement to sell its manufacturing assets in Port Colborne, Ontario, Canada for approximately $30 million. The sale is expected to close in the fourth quarter of 2015 and is currently expected to result in a pre-tax gain of approximately $10 million in that quarter. In the third quarter of 2015, the Company recorded a pre-tax restructuring charge of $2 million associated with the sale of the plant as described below. Additionally, the Company could incur pension-related charges in the first half of 2016 related to the plant sale. Such charges, if any, are not expected to be significant.

Debt	9 Months Ended
Debt	Sep. 30, 2015
Debt
Debt	12.Debt The Company had total debt outstanding of $2.27 billion and $1.83 billion at September 30, 2015 and December 31, 2014, respectively. The increase primarily reflects borrowings to fund the acquisitions of Penford and Kerr. On July 10, 2015, the Company entered into a new Term Loan Credit Agreement to establish an18-month $350 million multi-currency senior unsecured term loan credit facility. All borrowings under the term loan facility bear interest at a variable annual rate based on the LIBOR or base rate, at the Company’s election, subject to the terms and conditions thereof, plus, in each case, an applicable margin. Proceeds of $350 million from the new Term Loan Credit Agreement were used to repay borrowings outstanding under our Revolving Credit Agreement. The Term Loan Credit Agreement contains customary representations, warranties, covenants, events of default, terms and conditions, including limitations on liens, incurrence of debt, mergers and significant asset dispositions. The Company must also comply with a leverage ratio and interest coverage ratio. The occurrence of an event of default under the Term Loan Credit Agreement could result in all loans and other obligations being declared due and payable and the term loan credit facility being terminated. Borrowings outstanding under the Company’s $1 billion Revolving Credit Agreement were $169 million and $87 million at September 30, 2015 and December 31, 2014, respectively. The Company’s long-term debt at September 30, 2015 and December 31, 2014 includes $350 million of 3.2 percent senior notes that mature November 1, 2015. These borrowings are included in long-term debt as the Company has the ability and intent to refinance the notes on a long-term basis. The Company intends to repay the $350 million of 3.2 percent notes with proceeds from borrowings under its $1 billion Revolving Credit Agreement.

Acquisitions (Details) $ in Millions	3 Months Ended	9 Months Ended
Acquisitions (Details) $ in Millions	Sep. 30, 2015 USD ($)	Sep. 30, 2015 USD ($)
Other disclosures
Increase in cost of sales for fair value mark-up of acquired inventory	$ 2.0	$ 8.0
Pre-tax acquisition and integration costs	1.6	9.3
Penford And Kerr Acquisitions
Other disclosures
Pre-tax acquisition and integration costs	2.0	9.0
Penford
Other disclosures
Increase in cost of sales for fair value mark-up of acquired inventory		$ 6.0
Penford \| Customer Relationships \| Minimum
Identifiable intangible assets
Estimated Remaining Useful Life		15 years
Penford \| Customer Relationships \| Maximum
Identifiable intangible assets
Estimated Remaining Useful Life		22 years
Penford \| Trade names \| Minimum
Identifiable intangible assets
Estimated Remaining Useful Life		10 years
Penford \| Technology \| Minimum
Identifiable intangible assets
Estimated Remaining Useful Life		6 years
Penford \| Technology \| Maximum
Identifiable intangible assets
Estimated Remaining Useful Life		11 years
Penford \| Noncompetition Agreements
Identifiable intangible assets
Estimated Remaining Useful Life		2 years
Kerr
Other disclosures
Increase in cost of sales for fair value mark-up of acquired inventory	2.0	$ 2.0
Level 3 \| Penford \| Customer Relationships \| Multi-period excess earnings method
Identifiable intangible assets
Fair Value	84.0	84.0
Level 3 \| Penford \| Trade names \| Relief-from-royalty method
Identifiable intangible assets
Fair Value	17.0	17.0
Level 3 \| Penford \| Technology \| Relief-from-royalty method
Identifiable intangible assets
Fair Value	17.0	17.0
Level 3 \| Penford \| Noncompetition Agreements \| Income Approach
Identifiable intangible assets
Fair Value	$ 3.0	$ 3.0

Sale of Canadian Plant (Details) - Disposal Group, Not Discontinued Operations - Manufacturing assets in Port Colborne, Ontario, Canada - USD ($) $ in Millions		3 Months Ended
	Oct. 30, 2015	Sep. 30, 2015	Jul. 07, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for the sale of assets			$ 30
Pre-tax restructuring-related charges with the sale of the plant		$ 2
Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain on sale of plant	$ 10

Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Condensed Consolidated Statements of Cash Flows
Cash acquired from acquisition	$ 16

Financial Instruments, Derivatives and Hedging Activities (Details 2) gal in Millions, bu in Millions, MMBTU in Millions, $ in Millions	Sep. 30, 2015 USD ($) MMBTU gal bu	Dec. 31, 2014 USD ($)
Corn Commodity
Fair value of commodity contracts
Futures contract (in bushels for corn and gallons for ethanol) \| bu	77
Natural Gas Commodity
Fair value of commodity contracts
Natural gas futures contract (in mmbtu) \| MMBTU	19
Ethanol Commodity
Fair value of commodity contracts
Futures contract (in bushels for corn and gallons for ethanol) \| gal	9
Designated as Hedging Instrument \| Cash Flow Hedging
Fair value of commodity contracts
Fair value of assets	$ 15	$ 16
Fair value of liabilities	14	24
Designated as Hedging Instrument \| Commodity and Foreign Currency Contracts \| Accounts Receivable, Net \| Cash Flow Hedging
Fair value of commodity contracts
Fair value of assets	8	15
Designated as Hedging Instrument \| Commodity and Foreign Currency Contracts \| Accounts Payable and Accrued Liabilities \| Cash Flow Hedging
Fair value of commodity contracts
Fair value of liabilities	11	18
Designated as Hedging Instrument \| Commodity and Foreign Currency Contracts \| Other Assets \| Cash Flow Hedging
Fair value of commodity contracts
Fair value of assets	7	1
Designated as Hedging Instrument \| Commodity and Foreign Currency Contracts \| Non Current Liabilities \| Cash Flow Hedging
Fair value of commodity contracts
Fair value of liabilities	$ 3	$ 6

Financial Instruments, Derivatives and Hedging Activities (Details 4) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair value of assets and liabilities
Long-term debt	$ 2,360
Fair Value, Measurements, Recurring \| Level 1
Fair value of assets and liabilities
Available for sale securities	6	$ 5
Derivative assets	7	12
Derivative liabilities	3	6
Fair Value, Measurements, Recurring \| Level 2
Fair value of assets and liabilities
Derivative assets	32	17
Derivative liabilities	11	17
Long-term debt	2,356	1,939
Fair Value, Measurements, Recurring \| Total
Fair value of assets and liabilities
Available for sale securities	6	5
Derivative assets	39	29
Derivative liabilities	14	23
Long-term debt	$ 2,356	$ 1,939

Financial Instruments, Derivatives and Hedging Activities (Details 5) $ in Millions	Sep. 30, 2015 USD ($)
Financial Instruments, Derivatives and Hedging Activities
Carrying amount	$ 2,240
Long-term debt	$ 2,360

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Inventories
Finished and in process	$ 449	$ 428
Raw materials	220	225
Manufacturing supplies and other	49	46
Total inventories	$ 718	$ 699

Debt (Details) - USD ($) $ in Millions		9 Months Ended
Debt (Details) - USD ($) $ in Millions	Jul. 10, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Debt
Total debt		$ 2,270		$ 1,830
Proceeds from borrowings		997	$ 227
Senior Notes 3.20 Percent Due November 1, 2015
Debt
Debt, face amount		$ 350		$ 350
Debt, interest rate (as a percent)		3.20%		3.20%
US Revolving Credit Facility Due October 2017
Debt
Maximum borrowing capacity		$ 1,000		$ 1,000
Borrowings outstanding		$ 169		$ 87
Term Loan Credit Agreement
Debt
Debt instrument term	18 months
Maximum borrowing capacity	$ 350
Proceeds from borrowings	$ 350