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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Oct. 31, 2018
Document and Entity Information
Entity Registrant Name	Ingredion Inc
Entity Central Index Key	0001046257
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
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		70,703,824
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidated Statements of Income
Net sales before shipping and handling costs	$ 1,563	$ 1,591	$ 4,752	$ 4,701
Less: Shipping and handling costs	113	106	337	306
Net sales	1,450	1,485	4,415	4,395
Cost of sales	1,116	1,097	3,367	3,283
Gross profit	334	388	1,048	1,112
Operating expenses	148	154	465	462
Other income, net	(3)	(4)	(7)	(7)
Restructuring/impairment charges	34	7	45	23
Operating income	155	231	545	634
Financing costs, net	24	16	65	57
Other, non-operating income	(1)	(2)	(3)	(5)
Income before income taxes	132	217	483	582
Provision for income taxes	34	48	126	153
Net income	98	169	357	429
Less: Net income attributable to non-controlling interests	3	3	8	9
Net income attributable to Ingredion	$ 95	$ 166	$ 349	$ 420
Weighted average common shares outstanding:
Basic (in shares)	71.2	71.9	71.8	72.0
Diluted (in shares)	71.9	73.3	72.7	73.4
Earnings per common share of Ingredion:
Basic (in dollars per share)	$ 1.33	$ 2.31	$ 4.86	$ 5.83
Diluted (in dollars per share)	$ 1.32	$ 2.26	$ 4.80	$ 5.72

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 98	$ 169	$ 357	$ 429
Other comprehensive income
Losses on cash flow hedges, net of income tax effect of $ —, $6, $ — and $2, respectively	(2)	(10)	(1)	(2)
Losses on cash flow hedges reclassified to earnings, net of income tax effect of $ —, $1, $1 and $ —, respectively	2		4	1
Actuarial (losses) gains on pension and other postretirement obligations, settlements and plan amendments, net of income tax effect of $ — for all periods presented			(1)	1
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect of $ — for all periods presented				(1)
Unrealized (losses) gains on investments, net of income tax effect of $ — for all periods presented	(1)			1
Currency translation adjustment	(17)	30	(113)	62
Comprehensive income	80	189	246	491
Less: Comprehensive income attributable to non-controlling interests	3	3	4	9
Comprehensive income attributable to Ingredion	$ 77	$ 186	$ 242	$ 482

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidated Statements of Comprehensive Income
Losses on cash-flow hedges, income tax effect	$ (6)		$ (2)
Losses on cash-flow hedges reclassified to earnings, income tax effect	$ 1	$ 1

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 431	$ 595
Short-term investments	6	9
Accounts receivable, net	865	961
Inventories	852	823
Prepaid expenses	36	27
Total current assets	2,190	2,415
Property, plant and equipment, net of accumulated depreciation of $3,070 and $2,991, respectively	2,146	2,217
Goodwill	792	803
Other intangible assets, net of accumulated amortization of $160 and $139, respectively	468	493
Deferred income tax assets	11	9
Other assets	144	143
Total assets	5,751	6,080
Current liabilities:
Short-term borrowings	111	120
Accounts payable and accrued liabilities	764	837
Total current liabilities	875	957
Non-current liabilities	233	227
Long-term debt	1,559	1,744
Deferred income tax liabilities	195	199
Share-based payments subject to redemption	32	36
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 issued at September 30, 2018 and December 31, 2017, respectively	1	1
Additional paid-in capital	1,131	1,138
Less: Treasury stock (common stock: 7,117,938 and 5,815,904 shares at September 30, 2018 and December 31, 2017, respectively) at cost	(650)	(494)
Accumulated other comprehensive loss	(1,131)	(1,013)
Retained earnings	3,484	3,259
Total Ingredion stockholders’ equity	2,835	2,891
Non-controlling interests	22	26
Total equity	2,857	2,917
Total liabilities and equity	$ 5,751	$ 6,080

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Condensed Consolidated Balance Sheets
Property, plant and equipment, Accumulated depreciation	$ 3,070	$ 2,991
Other intangible assets - accumulated amortization (in dollars)	$ 160	$ 139
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	7,117,938	5,815,904

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings	Non-controlling Interests	Total
Balance at Dec. 31, 2016	$ 1	$ 1,149	$ (413)	$ (1,071)	$ 2,899	$ 30
Increase (Decrease) in Stockholders' Equity
Net income					420	9	$ 429
Dividends declared					(116)	(12)
Repurchases of common stock			(123)
Share-based compensation, net of issuance		(9)	32
Other comprehensive income (loss)				62
Balance at Sep. 30, 2017	1	1,140	(504)	(1,009)	3,203	27
Balance at Dec. 31, 2017	1	1,138	(494)	(1,013)	3,259	26	2,917
Increase (Decrease) in Stockholders' Equity
Net income					349	8	357
Dividends declared					(131)	(7)
Repurchases of common stock			(177)
Share-based compensation, net of issuance		(3)	21				(4)
Other comprehensive income (loss)				(111)		(4)
Other		(4)		(7)	7	(1)
Balance at Sep. 30, 2018	$ 1	$ 1,131	$ (650)	$ (1,131)	$ 3,484	$ 22	$ 2,857

Condensed Consolidated Statement of Redeemable Equity $ in Millions	USD ($)
Beginning Balance at Dec. 31, 2016	$ 30
Ending Balance at Sep. 30, 2017	30
Beginning Balance at Dec. 31, 2017	36
Condensed Consolidated Statements of Equity and Redeemable Equity
Share-based compensation, net of issuance	(4)
Ending Balance at Sep. 30, 2018	$ 32

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash provided by operating activities
Net income	$ 357	$ 429
Non-cash charges to net income:
Depreciation and amortization	188	156
Mechanical stores expense	43	42
Deferred income taxes	(20)	(20)
Charge for fair value markup of acquired inventory		9
Other	33	32
Changes in working capital:
Accounts receivable and prepaid expenses	14	15
Inventories	(73)	(33)
Accounts payable and accrued liabilities	(1)	(92)
Margin accounts	6	10
Other	32	(24)
Cash provided by operating activities	579	524
Cash used for investing activities
Capital expenditures and mechanical stores purchases, net proceeds on disposals	(234)	(222)
Payments for acquisitions		(13)
Short-term investments	2	(9)
Other	2
Cash used for investing activities	(230)	(244)
Cash used for financing activities
Proceeds from borrowings	272	1,085
Payments on debt	(453)	(1,164)
Repurchases of common stock	(177)	(134)
Issuances of common stock for share-based compensation, net of settlements	(2)	14
Dividends paid, including to non-controlling interests	(137)	(120)
Cash used for financing activities	(497)	(319)
Effects of foreign exchange rate changes on cash	(16)	18
Decrease in cash and cash equivalents	(164)	(21)
Cash and cash equivalents, beginning of period	595	512
Cash and cash equivalents, end of period	$ 431	$ 491

Interim Financial Statements	9 Months Ended
Interim Financial Statements	Sep. 30, 2018
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, 2017. The unaudited Condensed Consolidated 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, 2017 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, 2018 and 2017, and the financial position of the Company as of September 30, 2018. The results for the interim periods are not necessarily indicative of the results expected for the full years.

Summary of Significant Accounting Standards and Policies

9 Months Ended

Sep. 30, 2018

Summary of Significant Accounting Standards and Policies

Summary of Significant Accounting Standards

2. Summary of Significant Accounting Standards and Policies

For detailed information about the Company’s significant accounting standards, please refer to Note 2 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, 2017. Except for the items listed below, there have been no other changes to the Company’s significant accounting policies for the three and nine months ended September 30, 2018.

Recently Adopted Accounting Standards

ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606):

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 introduced a 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. The ASU 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. The FASB also issued additional ASUs to provide further updates and clarification to this Update, including ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20. This standard is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period.

As of January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, and all the related amendments (“new revenue standard”). The Company performed detailed procedures to review its revenue contracts held with its customers and did not identify any changes to the nature, amount, timing or uncertainty of revenue and cash flows arising from the contracts with customers as a result of the new revenue standard.

The new revenue standard requires the Company to recognize revenue under the core principle to depict the transfer of products to customers in an amount reflecting the consideration the Company expects to receive. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied.

The Company identified customer purchase orders, which in some cases are governed by a master sales agreement, as the contracts with its customers. For each contract, the Company considers the transfer of products, each of which is distinct, to be the identified performance obligation. In determining the transaction price for the performance obligation, the Company evaluates whether the price is subject to adjustment to determine the consideration to which the Company expects to be entitled. The pricing model can be fixed or variable within the contract. The variable pricing model is based on historical commodity pricing and is determinable prior to completion of the performance obligation. Additionally, the Company has certain sales adjustments for volume incentive discounts and other discount arrangements that reduce the transaction price. The reduction of transaction price is estimated using the expected value method based on an analysis of historical volume incentives or discounts, over a period of time considered adequate to account for current pricing and business trends. Historically, actual volume incentives and discounts relative to those estimated and included when determining the transaction price have not materially differed. The product price as specified in the contract, net of any discounts, is considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar customer in similar circumstances. Payment is received shortly after the performance obligation is satisfied, therefore, the Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether a contract has a significant financing component.

Revenue is recognized when the Company’s performance obligation is satisfied and control is transferred to the customer, which occurs at a point in time, either upon delivery to an agreed upon location or to the customer. Further, in determining whether control has transferred, the Company considers if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer.

Historically, the Company included warehousing costs as a reduction of net sales before shipping and handling costs. In connection with the adoption of the new revenue standard, the Company determined these warehousing costs which were previously included as a reduction in net sales before shipping and handling costs are more appropriately classified as fulfillment activities. Therefore, upon adoption of the new revenue standard, the Company elected to include these costs within shipping and handling costs. The Company has elected to continue to classify shipping and handling costs as a reduction of net sales after implementing the new revenue standard consistent with its historical presentation. The Company has elected to make this adjustment on a retrospective basis, resulting in the change to the Condensed Consolidated Statements of Income shown below. The Company notes that the reclassification does not change reported net sales.


	Three Months Ended September 30, 2017				Nine Months Ended September 30, 2017
(in millions)	As Reported		As Adjusted		As Reported		As Adjusted
Condensed Consolidated Statements of Income:
Net sales before shipping and handling costs	$	1,574	$	1,591	$	4,653	$	4,701
Less: shipping and handling costs		89		106		258		306
Net sales	$	1,485	$	1,485	$	4,395	$	4,395

The Company used the full retrospective method, which requires the restatement of all previously presented financial results. The adoption of the new standard did not result in any retrospective changes to the Company’s Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Equity and Redeemable Equity, or the Condensed Consolidated Statements of Cash Flows. For detailed information about the Company’s revenue recognition refer to Note 4 of the Notes to the Condensed Consolidated Financial Statements.

ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715):

In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This Update requires an entity to change the classification of the net periodic benefit cost for pension and postretirement plans within the statement of income by eliminating the ability to net all of the components of the costs together within operating income. The Update requires the service cost component to continue to be presented within operating income, classified within either cost of sales or operating expenses depending on the employees covered within the plan. The remaining components of the net periodic benefit cost, however, must be presented in the statement of income as a non-operating income (loss) below operating income. The Update was effective for annual periods beginning after December 15, 2017.

As of January 1, 2018, the Company adopted the amendments to ASC 715. The Company retrospectively adopted the presentation of service cost separate from the other components of net periodic costs for all periods presented. The interest cost, expected return on assets, amortization of prior service costs, net remeasurement, and other costs have been reclassified from cost of sales and operating expenses to other, non-operating income. The Company elected to apply the practical expedient which allows it to reclassify amounts disclosed previously in the retirement benefits note as the basis for applying retrospective presentation for comparative periods as it is impracticable to determine the disaggregation of the cost components for amounts capitalized and amortized in those periods. On a prospective basis, the other components of net periodic benefit costs will not be included in amounts capitalized in inventory.

The adoption of the new standard did not result in any retrospective changes to the Company’s Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Equity and Redeemable Equity, or the Condensed Consolidated Statements of Cash Flows. The adoption of the new standard impacted the presentation of the Company’s previously reported results in the Condensed Consolidated Statements of Income and Note 6 of the Condensed Consolidated Financial Statements as follows:


	Three Months Ended September 30, 2017				Nine Months Ended September 30, 2017
(in millions)	As Reported		As Adjusted		As Reported		As Adjusted
Condensed Consolidated Statements of Income:
Cost of sales	$	1,097	$	1,097	$	3,282	$	3,283
Gross profit		388		388		1,113		1,112
Operating expenses		152		154		458		462
Operating income		233		231		639		634
Other, non-operating income		—		(2)		—		(5)


	Three Months Ended September 30, 2017				Nine Months Ended September 30, 2017
(in millions)	As Reported		As Adjusted		As Reported		As Adjusted
Operating income:
North America	$	179	$	177	$	520	$	515
South America		26		26		44		45
Asia Pacific		29		30		88		90
EMEA		26		26		83		83
Corporate		(19)		(20)		(61)		(64)
Subtotal		241		239		674		669
Total operating income	$	233	$	231	$	639	$	634

Adoption of Highly Inflationary Accounting in Argentina

ASC 830, Foreign Currency Matters requires the use of highly inflationary accounting for countries whose cumulative three-year inflation exceeds 100 percent. The Company has been closely monitoring the inflation data and currency volatility in Argentina, where there are multiple data sources for measuring and reporting inflation. In the second quarter of 2018, the Argentine peso rapidly devalued relative to the U.S. dollar, which along with increased inflation, triggered that the three-year cumulative inflation in that country exceeded 100 percent as of June 30, 2018. As a result, the Company elected to adopt highly inflationary accounting as of July 1, 2018 for its affiliate, Ingredion Argentina S.A. (“Argentina”). Under highly inflationary accounting, Argentina’s functional currency becomes the U.S. dollar, and its income statement and balance sheet will be measured in U.S. dollars using both current and historical rates of exchange. The effect of changes in exchange rates on Argentine peso-denominated monetary assets and liabilities will be reflected in earnings in financing costs. For the three months ended September 30, 2018, the Company recognized a $3 million charge related to the remeasurement of Argentina’s balance sheet. Net sales of Argentina were approximately three percent of the Company’s consolidated net sales for the three and nine months ended September 30, 2018.

ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10):

In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall. The amendments in ASU 2016-01 are intended to improve the recognition, measurement, presentation and disclosure of financial assets and liabilities to provide users of financial statements with information that is more useful for decision-making purposes. Among other changes, ASU 2016-01 requires equity securities to be measured at fair value with changes in fair value recognized through net income and no longer through other comprehensive income. The Company is required to apply the guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption.

The Company adopted the amendments to ASC 825 by recognizing a $2 million cumulative-effect adjustment to retained earnings and accumulated other comprehensive income, classified in “other” on the Condensed Consolidated Statements of Equity and Redeemable Equity. Prospectively the Company will recognize changes in the fair value of its equity securities through other income, net on the Condensed Consolidated Statements of Income.

ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income:

In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This Update allows for the reclassification of stranded tax effects on items resulting from the Tax Cuts and Jobs Act (“TCJA”) from accumulated other comprehensive income to retained earnings. Tax effects unrelated to the 2017 Tax Act are released from AOCI using either the specific identification approach or the portfolio approach based on the nature of the underlying item. The Company early adopted the provisions of ASU No. 2018-02 during the third quarter of 2018 using the specific identification approach and reclassified $5 million from accumulated other comprehensive income to retained earnings, classified in “other” on the Condensed Consolidated Statements of Equity and Redeemable Equity.

New Accounting Standards

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes Topic 840, Leases. This Update increases the transparency and comparability of organizations by recognizing lease assets and lease liabilities on the balance sheet for leases longer than 12 months and disclosing key information about leasing arrangements. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed. The FASB also issued ASU 2018-11 to provide further updates and clarification to this Update. This Update is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The Company currently plans to adopt the standard on January 1, 2019. Adoption will require a modified retrospective approach for the transition. The Company expects the adoption of the guidance in this Update to have a material impact on its Consolidated Balance Sheets as operating leases will be recognized both as assets and liabilities on the Consolidated Balance Sheets. The Company’s adoption process is ongoing, including evaluating and quantifying the impact on its consolidated financial statements, identifying the population of leases, implementing a selected technology solution and collecting and validating lease data.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This Update simplifies the subsequent measurement of goodwill as the Update eliminates Step 2 from the goodwill impairment test. Instead, under the Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should then recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the loss recognized not to exceed the total amount of goodwill allocated to that reporting unit. This Update is effective for annual periods beginning after December 15, 2019, with early adoption permitted.

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This Update modifies accounting guidance for hedge accounting by making more hedge strategies eligible for hedge accounting, amending presentation and disclosure requirements, and changing how companies assess ineffectiveness. The intent is to simplify the application of hedge accounting and increase transparency of information about an entity’s risk management activities. The amended guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The Company is in the process of assessing the effects of these updates including potential changes to existing hedging arrangements, as well as the implementation approach for accounting for these changes. The Company intends to adopt this standard on January 1, 2019.

Significant Accounting Policies

Goodwill and indefinite-lived intangible assets: ASC Topic 350 requires that an entity test its goodwill balance for impairment at the reporting unit level at least annually. Historically, the Company has performed this test on October 1, the first day of its fourth quarter. During the first half of 2018, the Company elected to change the timing of its annual goodwill impairment test and annual indefinite-lived intangibles impairment test from the first day of the fourth quarter to the first day of the third quarter. Management believes this voluntary change is preferable as the timing of its annual impairment testing will better align with its annual strategic planning process. This impairment test date change was applied prospectively beginning on July 1, 2018 and had no effect on the Company’s consolidated financial statements.

Goodwill ($792 million and $803 million at September 30, 2018 and December 31, 2017, respectively) represents the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed. The Company also has indefinite lived intangible assets of $178 million at September 30, 2018 and December 31, 2017. The carrying value of goodwill by reportable business segment at September 30, 2018 and December 31, 2017 was as follows:


	North			South		Asia
(in millions)	America			America		Pacific		EMEA		Total
Balance at December 31, 2016	$	610		$	26	$	85	$	63	$	784
Acquisitions		(10)	(a)		—		15		—		5
Currency translation		—			—		7		7		14
Balance at December 31, 2017		600			26		107		70		803
Acquisitions		—			—		—		—		—
Currency translation		—			(5)		(3)		(3)		(11)
Balance at September 30, 2018	$	600		$	21	$	104	$	67	$	792

(a) Related to TIC Gums Incorporated (“TIC Gums”) purchase price accounting adjustments

The original carrying value of goodwill by reportable business segment and accumulated impairment charges by reportable business segment at September 30, 2018 and December 31, 2017 were as follows:


	North		South		Asia
(in millions)	America		America		Pacific		EMEA		Total
Goodwill before impairment charges	$	601	$	59	$	228	$	70	$	958
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at December 31, 2017		600		26		107		70		803

Goodwill before impairment charges		601		54		225		67		947
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at September 30, 2018	$	600	$	21	$	104	$	67	$	792

The following table summarizes the Company’s indefinite-lived intangible assets for the periods presented:


(in millions)	Balance at September 30, 2018		Balance at December 31, 2017
Trademarks/tradenames (indefinite-lived)	$	178	$	178

The Company assesses goodwill and indefinite-lived intangible assets for impairment annually (or more frequently if impairment indicators arise). The Company has chosen to perform this annual impairment assessment as of July 1 of each year.

In testing goodwill for impairment, the Company first assesses qualitative factors in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. After assessing the qualitative factors, if the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount then the Company does not perform the two-step impairment test. If the Company concludes otherwise, then it performs the first step of the two-step impairment test as described in ASC Topic 350. In the first step (“Step One”), the fair value of the reporting unit is compared to its carrying value. If the fair value of the reporting unit exceeds the carrying value of its net assets, goodwill is not considered impaired and no further testing is required. If the carrying value of the net assets exceeds the fair value of the reporting unit, a second step (“Step Two”) of the impairment assessment is performed in order to determine the implied fair value of a reporting unit's goodwill. Determining the implied fair value of goodwill requires a valuation of the reporting unit's tangible and intangible assets and liabilities in a manner similar to the allocation of purchase price in a business combination. If the carrying value of the reporting unit's goodwill exceeds the implied fair value of its goodwill, goodwill is deemed impaired and is written down to the extent of the difference. Based on the results of the annual assessment, the Company concluded that as of July 1, 2018, it was more likely than not that the fair value of its reporting units was greater than their carrying value. The Company continues to monitor its reporting units in struggling economies and recent acquisitions for challenges in the business that may negatively impact the fair value of these reporting units.

In testing indefinite-lived intangible assets for impairment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is impaired. After assessing the qualitative factors, if the Company determines that it is not more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, then it would not be required to compute the fair value of the indefinite-lived intangible asset. In the event the qualitative assessment leads the Company to conclude otherwise, then it would be required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test in accordance with ASC subtopic 350-30. In performing the qualitative analysis, the Company considers various factors including net sales derived from these intangibles and certain market and industry conditions. Based on the results of this qualitative assessment, the Company concluded that as of July 1, 2018, it was more likely than not that the fair value of the indefinite-lived intangible assets was greater than their carrying value.

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2018
Acquisitions
Acquisitions	3. Acquisitions On March 9, 2017, the Company completed its acquisition of Sun Flour Industry Co., Ltd. (“Sun Flour”) in Thailand for $18 million. As of September 30, 2018, the Company has paid $16 million in cash and recorded $2 million in accrued liabilities for deferred payments due to the previous owner. The Company funded the acquisition primarily with cash on-hand. The acquisition of Sun Flour added a fourth manufacturing facility to the Company’s operations in Thailand. Sun Flour produces rice-based ingredients used primarily in the food industry. The results of the acquired operation are included in the Company’s consolidated results from the acquisition date forward within the Asia Pacific business segment, and $14 million of goodwill was allocated to that segment. The Company finalized the purchase price allocation for all areas for the Sun Flour acquisition during the first quarter of 2018. The finalization of goodwill and intangible assets did not have a significant impact on previously estimated amounts. The acquisition of Sun Flour added $15 million to goodwill and identifiable intangible assets and $3 million to net tangible assets as of the acquisition date. Goodwill represents the amount by which the purchase price exceeds the estimated fair value of the net assets acquired. The goodwill results from synergies and other operational benefits expected to be derived from acquisitions. The goodwill related to Sun Flour is not tax deductible. Pro-forma results of operations for the acquisition made in 2017 are not presented as the effect of the acquisition would not be material to the Company’s results of operations for any periods presented. The Company incurred immaterial pre-tax acquisition and integration costs for the three and nine months ended September 30, 2018. The Company incurred $1 million and $3 million of pre-tax acquisition and integration costs for the three and nine months ended September 30, 2017, respectively, associated with its recent acquisitions.

Revenue Recognition

9 Months Ended

Sep. 30, 2018

Revenue Recognition

Revenue Recognition

4. Revenue Recognition

The Company applies the provisions of ASC 606-10, Revenue from Contracts with Customers. The Company recognizes revenue under the core principle to depict the transfer of products to customers in an amount reflecting the consideration the Company expects to receive. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied.

The Company identified customer purchase orders, which in some cases are governed by a master sales agreement, as the contracts with its customers. For each contract, the Company considers the transfer of products, each of which is distinct, to be the identified performance obligation. In determining the transaction price for the performance obligation, the Company evaluates whether the price is subject to adjustment to determine the consideration to which the Company expects to be entitled. The pricing model can be fixed or variable within the contract. The variable pricing model is based on historical commodity pricing and is determinable prior to completion of the performance obligation. Additionally, the Company has certain sales adjustments for volume incentive discounts and other discount arrangements that reduce the transaction price. The reduction of transaction price is estimated using the expected value method based on an analysis of historical volume incentives or discounts, over a period of time considered adequate to account for current pricing and business trends. Historically, actual volume incentives and discounts relative to those estimated and included when determining the transaction price have not materially differed. Volume incentives and discounts are accrued at the satisfaction of the performance obligation and accounted for in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets. These amounts are not significant as of September 30, 2018 and December 31, 2017. The product price as specified in the contract, net of any discounts, is considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar customer in similar circumstances. Payment is received shortly after the performance obligation is satisfied, therefore, the Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether a contract has a significant financing component.

Shipping and handling activities related to contracts with customers represent fulfillment costs and are presented as a reduction of net sales. Taxes assessed by governmental authorities and collected from customers are accounted for on a net basis and excluded from revenues. The Company applies a practical expedient to expense costs to obtain a contract as incurred as most contracts are one year or less. These costs are comprised primarily from the Company’s internal sales force compensation program. Under the terms of these programs these are generally earned and the costs are recognized at the time the revenue is recognized.

From time to time the Company may enter into long term contracts with its customers. Historically, the contracts entered into by the Company do not result in significant contract assets or liabilities. Any such arrangements are accounted for in other assets or accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheets. There were not significant contract assets or liabilities as of September 30, 2018 and December 31, 2017.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Net sales to unaffiliated customers:
North America	$	889	$	903	$	2,679	$	2,689
South America		228		257		709		740
Asia Pacific		197		189		592		555
EMEA		136		136		435		411
Total	$	1,450	$	1,485	$	4,415	$	4,395

Additionally, the nature, amount, timing and uncertainty of the Company’s net sales are managed based on its global customer mix. The Company sells to customers in a broad range of industries and evaluates the economic factors impacting its net sales through consideration of the industries into which its products are sold. Four distinct industries it focuses on are food, beverage, brewing (collectively, food & beverage ingredients) and animal nutrition.

The following table, which is gathered using customer industry classifications, disaggregates the Company’s net sales by industry served:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Food	$	771	$	798	$	2,352	$	2,334
Beverage		157		176		488		505
Brewing		104		103		321		316
Food and Beverage Ingredients		1,032		1,077		3,161		3,155

Animal Nutrition		151		138		454		433
Other		267		270		800		807
Total Net sales	$	1,450	$	1,485	$	4,415	$	4,395

Impairment and Restructuring Charges

9 Months Ended

Sep. 30, 2018

Impairment and Restructuring Charges

Impairment and Restructuring Charges

5. Impairment and Restructuring Charges

For the three and nine months ended September 30, 2018, the Company recorded $34 million and $45 million of pre-tax restructuring charges, respectively. During the second quarter of 2018, the Company introduced its Cost Smart program, designed to improve profitability, further streamline its global business and deliver increased value to shareholders through anticipated savings in cost of sales, including freight, and SG&A. For the three and nine months ended September 30, 2018, the Company recorded $31 million of restructuring expenses as part of the Cost Smart cost of sales program in relation to the cessation of wet-milling at the Stockton, California plant, consisting of $28 million of accelerated depreciation and $3 million of employee-related severance cost. The Company expects to incur up to $22 million of additional costs, consisting of $10 million of accelerated depreciation, up to $8 million of mechanical stores write downs and up to $4 million of other closing costs, during the fourth quarter related to this program.

As part of its Cost Smart SG&A program, during the third quarter of 2018, the Company announced a Finance Transformation initiative in Latin America to strengthen organizational capabilities and drive efficiencies to support the growth strategy of the Company. The Company recorded $3 million and $4 million of employee-related severance and other costs for the three and nine months ended September 30, 2018, respectively, in relation to this initiative. The Company expects to incur up to $1 million in employee-related severance and other costs during the fourth quarter and between $1 million and $2 million in 2019 related to this initiative. In addition, employee-related severance costs of $5 million were recorded as part of the Cost Smart SG&A program for the nine months ended September 30, 2018 in the South America and North America segments.

The Company also recorded other restructuring costs related to the North America Finance Transformation initiative of $4 million for the nine months ended September 30, 2018. In addition, there were other restructuring costs related to the leaf extraction process in Brazil of $1 million for the nine months ended September 30, 2018. The Company does not expect to incur any additional costs related to the North America Finance Transformation or the leaf extraction process in Brazil.

For the three and nine months ended September 30, 2017, the Company recorded $7 million and $23 million, respectively, of pre-tax restructuring charges. For the nine months ended September 30, 2017, the Company recorded total pre-tax restructuring-related charges in Argentina of $17 million for employee-related severance and other costs related to the organizational restructuring effort. The Company recorded $4 million and $5 million of other costs related to the North America Finance Transformation initiative for the three and nine months ended September 30, 2017, respectively. Additionally, for the three months ended September 30, 2017, the Company recorded $3 million of other pre-tax restructuring costs including employee-related severance costs in North America. For the nine months ended September 30, 2017, the Company recorded $1 million, of other pre-tax restructuring charges including other employee-related severance costs in North America and a refinement of estimates for prior year restructuring activities.

A summary of the Company’s employee-related severance accrual as of September 30, 2018 is as follows (in millions):


Balance in employee-related severance accrual as of December 31, 2017	$	11
Cost Smart cost of sales and SG&A severance		11
Payments made to terminated employees		(7)
Foreign exchange translation		(3)
Balance in employee-related severance accrual as of September 30, 2018	$	12

Of the $12 million severance accrual as of September 30, 2018, $11 million is expected to be paid in the next 12 months.

Segment Information

9 Months Ended

Sep. 30, 2018

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 EMEA. Its North America segment includes businesses in the U.S., 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, China, Japan, Indonesia, the Philippines, Singapore, Malaysia, India, Australia and New Zealand. The Company’s EMEA segment includes businesses in Germany, the United Kingdom, Pakistan and South Africa. The Company does not aggregate its operating segments when determining its reportable segments. Net sales by product are not presented because to do so would be impracticable.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Net sales to unaffiliated customers:
North America	$	889	$	903	$	2,679	$	2,689
South America		228		257		709		740
Asia Pacific		197		189		592		555
EMEA		136		136		435		411
Total	$	1,450	$	1,485	$	4,415	$	4,395

Operating income:
North America	$	138	$	177	$	431	$	515
South America		22		26		68		45
Asia Pacific		25		30		75		90
EMEA		26		26		86		83
Corporate		(22)		(20)		(70)		(64)
Subtotal		189		239		590		669
Restructuring/impairment charges		(34)		(7)		(45)		(23)
Acquisition/integration costs		—		(1)		—		(3)
Charge for fair value markup of acquired inventory		—		—		—		(9)
Total operating income	$	155	$	231	$	545	$	634


	As of		As of
(in millions)	September 30, 2018		December 31, 2017
Total assets:
North America	$	3,730	$	3,967
South America		697		812
Asia Pacific		810		774
EMEA		514		527
Total	$	5,751	$	6,080

Financial Instruments, Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 2018

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-related futures, options and swap contracts, foreign currency-related forward contracts, interest rate swaps and Treasury lock agreements (“T-Locks”).

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 12 to 24 months. The Company maintains a commodity-price risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by commodity-price volatility. For example, the manufacturing of the Company’s products requires a significant volume of corn and natural gas. Price fluctuations in corn and natural gas cause the actual purchase price of corn and natural gas to differ from anticipated prices.

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 fixed-priced customer sales contracts. The Company uses over-the-counter natural 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. The Company also enters into futures contracts to hedge price risk associated with fluctuations in the market price 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.

As of September 30, 2018, AOCI included $10 million of losses (net of income taxes of $4 million), pertaining to commodities-related derivative instruments designated as cash flow hedges. As of December 31, 2017, AOCI included $12 million of losses (net of tax of $7 million), pertaining to commodities-related derivative instruments designated as cash flow hedges.

Interest rate hedging: The Company assesses its exposure to variability in interest rates by identifying and monitoring changes in interest rates that may adversely impact future cash flows and the fair value of existing debt instruments, and by evaluating hedging opportunities. The Company maintains risk management control systems to monitor interest rate risk attributable to both the Company’s outstanding and forecasted debt obligations as well as the Company’s offsetting hedge positions. The risk management control systems involve the use of analytical techniques, including sensitivity analysis, to estimate the expected impact of changes in interest rates on future cash flows and the fair value of the Company’s outstanding and forecasted debt instruments.

Derivative financial instruments that have been used by the Company to manage its interest rate risk consist of interest rate swaps and T-Locks. The Company periodically enters into T-Locks to hedge its exposure to interest rate changes. The T-Locks are designated as hedges of the variability in cash flows associated with future interest payments caused by market fluctuations in the benchmark interest rate until the fixed interest rate is established, and are accounted for as cash flow hedges. Accordingly, changes in the fair value of the T-Locks are recorded to AOCI until the consummation of the underlying debt offering, at which time any realized gain (loss) is amortized to earnings over the life of the debt. The Company also has an interest rate swap agreement that effectively converts the interest rates on $200 million of its $400 million of 4.625 percent senior notes due November 1, 2020, to variable rates. This swap agreement calls 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 U.S. LIBOR rate plus a spread. The Company has designated this interest rate swap agreement as a hedge of the changes in fair value of the underlying debt obligations attributable to changes in interest rates and accounts for it as a fair value hedge. The change in fair value of an interest rate swap designated as a hedging instrument that effectively offsets the variability in the fair value of outstanding debt obligations is reported in earnings. This amount offsets the gain or loss (the change in fair value) of the hedged debt instrument that is attributable to changes in interest rates (the hedged risk), which is also recognized in earnings. The fair value of the interest rate swap agreement as of September 30, 2018 was a $3 million loss, and is reflected in the Condensed Consolidated Balance Sheets within non-current liabilities, with an offsetting amount recorded in long-term debt to adjust the carrying amount of the hedged debt obligations. As of December 31, 2017, the fair value of the interest rate swap agreement was a $1 million gain, and is reflected in the Condensed Consolidation Balance Sheets within other assets, with an offsetting amount recorded in long-term debt to adjust the carrying amount of hedged debt obligations. The Company did not have any T-Locks outstanding as of September 30, 2018 or December 31, 2017.

As of September 30, 2018, AOCI included $2 million of losses (net of income taxes of $1 million) related to settled T-Locks. As of December 31, 2017, AOCI included $2 million of losses (net of income taxes of $1 million) 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 U.S. dollars and to transactional foreign exchange risk when transactions not denominated in the functional currency 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. As of September 30, 2018, the Company had foreign currency forward sales contracts that are designated as fair value hedges with an aggregate notional amount of $454 million and foreign currency forward purchase contracts with an aggregate notional amount of $149 million that hedged transactional exposures. As of December 31, 2017, the Company had foreign currency forward sales contracts with an aggregate notional amount of $447 million and foreign currency forward purchase contracts with an aggregate notional amount of $121 million that hedged transactional exposures.

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 September 30, 2018 was not significant. As of December 31, 2017, AOCI included $1 million of gains (net of income taxes of $1 million) related to these hedges.

The fair value and balance sheet location of the Company’s derivative instruments, presented gross in the Condensed Consolidated Balance Sheets, are reflected below:


	Fair Value of Derivative Instruments as of September 30, 2018
Derivatives Designated as Hedging Instruments (in millions):	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity and foreign currency	Accounts receivable, net	$	12	Accounts payable and accrued liabilities	$	24
Commodity, foreign currency and interest rate contracts	Other assets		5	Non-current liabilities		14
		$	17		$	38


	Fair Value of Derivative Instruments as of December 31, 2017
Derivatives Designated as Hedging Instruments (in millions):	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity and foreign currency	Accounts receivable, net	$	11	Accounts payable and accrued liabilities	$	23
Commodity, foreign currency and interest rate contracts	Other assets		3	Non-current liabilities		8
		$	14		$	31

As of September 30, 2018, the Company had outstanding futures and option contracts that hedged the forecasted purchase of approximately 59 million bushels of corn. 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. As of September 30, 2018, the Company had no outstanding futures or option contracts for soybean oil. The Company also had outstanding swap and option contracts that hedged the forecasted purchase of approximately 28 million mmbtu’s of natural gas at September 30, 2018. Additionally, as of September 30, 2018, the Company had no outstanding ethanol futures contracts.

Additional information relating to the Company’s derivative instruments is presented below:


					Location of Gains
	Amount of Gains (Losses)				(Losses)	Amount of Gains (Losses)
Derivatives in Cash-Flow	Recognized in OCI				Reclassified from	Reclassified from AOCI into Income
Hedging Relationships	Three Months Ended September 30,				AOCI	Three Months Ended September 30,
(in millions, pre-tax)	2018		2017		into Income	2018		2017
Commodity contracts	$	(5)	$	(18)	Cost of sales	$	(2)	$	—
Foreign currency contracts		3		2	Net sales/Cost of sales		—		1
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	(2)	$	(16)		$	(2)	$	1


					Location of Gains
	Amount of Gains (Losses)				(Losses)	Amount of Gains (Losses)
Derivatives in Cash-Flow	Recognized in OCI				Reclassified from	Reclassified from AOCI into Income
Hedging Relationships	Nine Months Ended September 30,				AOCI	Nine Months Ended September 30,
(in millions, pre-tax)	2018		2017		into Income	2018		2017
Commodity contracts	$	(2)	$	(7)	Cost of sales	$	(5)	$	(1)
Foreign currency contracts		1		3	Net sales/Cost of sales		1		1
Interest rate contracts		—		—	Financing costs, net		(1)		(1)
Total	$	(1)	$	(4)		$	(5)	$	(1)

As of September 30, 2018, 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 12 months. Transactions and events expected to occur over the next 12 months that will necessitate reclassifying these derivative losses to earnings include the sale of finished goods inventory, which includes previously hedged purchases of corn and natural gas. The Company expects the losses to be offset by changes in the underlying commodities costs. Additionally, as of September 30, 2018, AOCI included $1 million of losses (net of an insignificant amount of taxes) on settled T-Locks and an insignificant amount of gains related to foreign currency hedges which are expected to be reclassified into earnings during the next 12 months.

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


	As of September 30, 2018								As of December 31, 2017
(in millions)	Total		Level 1 (a)		Level 2 (b)		Level 3 (c)		Total		Level 1 (a)		Level 2 (b)		Level 3 (c)
Available for sale securities	$	11	$	11	$	—	$	—	$	10	$	10	$	—	$	—
Derivative assets		17		4		13		—		14		3		11		—
Derivative liabilities		38		12		26		—		31		11		20		—
Long-term debt		1,543		—		1,543		—		1,845		—		1,845		—

(a)

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

(b)

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.

(c)

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. As of September 30, 2018, the carrying value and fair value of the Company’s long-term debt were $1.6 billion and $1.5 billion, respectively.

Share-Based Compensation

9 Months Ended

Sep. 30, 2018

Share-Based Compensation

Share-Based Compensation

8. Share-Based Compensation

Stock Options: Under the Company’s stock incentive plan (“SIP”), stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 10-year term and are exercisable upon vesting, which occurs over a three-year period at the anniversary dates of the date of grant. Compensation expense is generally recognized on a straight-line basis for all awards over the employee’s vesting period or over a one-year required service period for certain retirement eligible executive level employees. The Company estimates a forfeiture rate at the time of grant and updates the estimate throughout the vesting of the stock options within the amount of compensation costs recognized in each period.

The Company granted non-qualified options to purchase 215 thousand shares and 278 thousand shares for the nine months ended September 30, 2018 and 2017, respectively. The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:


	Nine Months Ended September 30,
	2018		2017
Expected life (in years)	5.5		5.5
Risk-free interest rate	2.5	%	1.9	%
Expected volatility	19.8	%	22.5	%
Expected dividend yield	1.8	%	1.7	%

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 U.S. Treasury yield curve in effect at the grant date for the period corresponding to the expected life of the options. Expected volatility is based on historical volatilities of the Company’s common stock. Dividend yields are based on current dividend payments.

Stock option activity for the nine months ended September 30, 2018 was as follows:


	Number of Options (in thousands)	Weighted Average Exercise Price per Share		Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2017	2,095	$	71.81	5.87	$	142
Granted	215		133.61
Exercised	(137)		44.72
Cancelled	(23)		99.81
Outstanding as of September 30, 2018	2,150	$	79.43	5.71	$	65
Exercisable as of September 30, 2018	1,670	$	67.33	5.13	$	64

For the nine months ended September 30, 2018, cash received from the exercise of stock options was $6 million. As of September 30, 2018, the unrecognized compensation cost related to non-vested stock options totaled $4 million, which is expected to be amortized over the weighted-average period of approximately 1.7 years.

Additional information pertaining to stock option activity is as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(dollars in millions, except per share)	2018		2017		2018		2017
Weighted average grant date fair value of stock options granted (per share)	$	—	$	—	$	24.01	$	23.90
Total intrinsic value of stock options exercised		1		11		12		23

Restricted Stock Units: The Company has granted restricted stock units (“RSUs”) to certain key employees. The RSUs are subject to cliff vesting, generally after three years provided the employee remains in the service of the Company. Compensation expense is generally recognized on a straight-line basis for all awards over the employee’s vesting period or over a one-year required service period for certain retirement eligible executive level employees. The Company estimates a forfeiture rate at the time of grant and updates the estimate throughout the vesting of the RSUs within the amount of compensation costs recognized in each period. The fair value of the RSUs is determined based upon the number of shares granted and the market price of the Company’s common stock on the date of the grant.

The following table summarizes RSU activity for the nine months ended September 30, 2018:


(RSUs in thousands)	Number of RSUs	Weighted Average Fair Value per Share
Non-vested as of December 31, 2017	387	$	100.13
Granted	112		129.47
Vested	(135)		83.77
Cancelled	(17)		113.92
Non-vested as of September 30, 2018	347	$	115.15

As of September 30, 2018, the total remaining unrecognized compensation cost related to RSUs was $17 million, which will be amortized over a weighted average period of approximately 1.9 years.

Performance Shares: The Company has a long-term incentive plan for senior management in the form of performance shares. The ultimate payments for performance shares awarded and vested will be based solely on the Company’s total shareholder return as compared to the total shareholder return of its peer group. The number of shares that ultimately vest can range from zero to 200 percent of the awarded grant depending on the Company’s total shareholder return as compared to the total shareholder return of the peer group. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the Compensation Committee. Compensation expense is based on the fair value of the performance shares at the grant date, established using a Monte Carlo simulation model. The total compensation expense for these awards is amortized over a three-year graded vesting schedule.

For the nine months ended September 30, 2018 the Company awarded 27 thousand performance shares at a weighted average fair value of $141.91 per share, respectively.

The 2015 performance share awards vested in the first quarter of 2018, achieving a 200 percent pay out of the grant, or 92 thousand total vested shares. There were 16 thousand performance share cancellations during the nine months ended September 30, 2018.

As of September 30, 2018, the unrecognized compensation cost related to these awards was $3 million, which will be amortized over the remaining requisite service periods of 1.7 years.

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)	2018		2017		2018		2017
Stock options:
Pre-tax compensation expense	$	1	$	2	$	4	$	6
Income tax benefit		—		(1)		(1)		(2)
Stock option expense, net of income taxes		1		1		3		4

RSUs:
Pre-tax compensation expense		3		4		9		10
Income tax benefit		(1)		(2)		(2)		(4)
RSUs, net of income taxes		2		2		7		6

Performance shares and other share-based awards:
Pre-tax compensation expense		—		1		2		4
Income tax benefit		(1)		(1)		(1)		(2)
Performance shares and other share-based compensation expense, net of income taxes		(1)		—		1		2

Total share-based compensation:
Pre-tax compensation expense		4		7		15		20
Income tax benefit		(2)		(4)		(4)		(8)
Total share-based compensation expense, net of income taxes	$	2	$	3	$	11	$	12

Net Periodic Pension and Postretirement Benefit Costs

9 Months Ended

Sep. 30, 2018

Net Periodic Pension and Postretirement Benefit Costs

Benefit plans

9. Net Periodic Pension and Postretirement Benefit Costs

For detailed information about the Company’s pension and postretirement benefit plans, please refer to Note 10 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, 2017.

On January 1, 2018, the Company adopted ASU No. 2017-07, Compensation- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. As a result, the interest cost, expected return on plan assets and amortization of actuarial loss components of net periodic benefit cost for the Company’s pension plans and other postretirement plans are presented as other, non-operating income on the Condensed Consolidated Statements of Income. There is no change to the presentation of the service cost component of net periodic benefit cost.

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
(in millions)	2018		2017		2018		2017		2018		2017		2018		2017
Service cost	$	1	$	1	$	1	$	1	$	4	$	4	$	3	$	3
Interest cost		4		3		3		3		10		9		8		8
Expected return on plan assets		(6)		(5)		(2)		(3)		(16)		(15)		(7)		(8)
Amortization of actuarial loss		—		—		—		—		—		—		1		1
Net periodic benefit cost	$	(1)	$	(1)	$	2	$	1	$	(2)	$	(2)	$	5	$	4

The Company currently anticipates that it will make approximately $5 million in cash contributions to its pension plans in 2018, consisting of $3 million to its non-U.S. pension plans and $2 million to its U.S. pension plans. For the nine months ended September 30, 2018, cash contributions of approximately $2 million were made to the non-U.S. plans and $2 million to the U.S. plans.

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)	2018		2017		2018		2017
Service Cost	$	1	$	1	$	1	$	1
Interest cost		—		—		2		2
Amortization of prior service credit		—		—		(1)		(2)
Net periodic benefit cost	$	1	$	1	$	2	$	1

Earnings per Common Share

9 Months Ended

Sep. 30, 2018

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, 2018					Three Months Ended September 30, 2017
(in millions, except per share amounts)	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	95	71.2	$	1.33	$	166	71.9	$	2.31

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.7					1.4
Diluted EPS	$	95	71.9	$	1.32	$	166	73.3	$	2.26


	Nine Months Ended September 30, 2018					Nine Months Ended September 30, 2017
(in millions, except per share amounts)	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	349	71.8	$	4.86	$	420	72.0	$	5.83

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.9					1.4
Diluted EPS	$	349	72.7	$	4.80	$	420	73.4	$	5.72

For the three and nine months ended September 30, 2018, approximately 0.6 million and 0.5 million share-based awards of common stock, respectively, were excluded from the calculation of diluted EPS as the impact of their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2017, approximately 0.3 million share-based awards of common stock were excluded from the calculation of diluted EPS as the impact of their inclusion would have been anti-dilutive.

Inventories

9 Months Ended

Sep. 30, 2018

Inventories

Inventories

11. Inventories

Inventories are summarized as follows:


	As of		As of
(in millions)	September 30, 2018		December 31, 2017
Finished and in process	$	520	$	495
Raw materials		284		278
Manufacturing supplies and other		48		50
Total inventories	$	852	$	823

Debt

9 Months Ended

Sep. 30, 2018

Debt

Debt

12. Debt

As of September 30, 2018 and December 31, 2017, the Company’s total debt consisted of the following:


	As of		As of
(in millions)	September 30, 2018		December 31, 2017
3.2% senior notes due October 1, 2026	$	496	$	496
4.625% senior notes due November 1, 2020		399		398
6.625% senior notes due April 15, 2037		254		254
5.62% senior notes due March 25, 2020		200		200
Term loan credit agreement due April 25, 2019		165		395
Revolving credit facility		48		—
Fair value adjustment related to hedged fixed rate debt instruments		(3)		1
Long-term debt		1,559		1,744
Short-term borrowings		111		120
Total debt	$	1,670	$	1,864

The Company’s long-term debt as of September 30, 2018 includes the Term Loan Credit Agreement (“Term Loan”) of $165 million that matures on April 25, 2019. This borrowing is included in the long-term debt as the Company has the ability and intent to refinance it on a long-term basis prior to the maturity date. The Company paid $230 million towards the Term Loan in the nine months ended September 30, 2018.

Income Taxes

9 Months Ended

Sep. 30, 2018

Income Taxes

Income Taxes

13. Income Taxes

The Tax Cuts and Jobs Act (“TCJA”) was enacted on December 22, 2017. The TCJA introduced numerous changes in the U.S. federal tax laws. Changes that have a significant impact on the Company’s effective tax rate are a reduction in the U.S. corporate tax rate from 35 percent to 21 percent and the imposition of a U.S. tax on its global intangible low-taxed income (“GILTI”). The TCJA also provides for a one-time transition tax on the deemed repatriation of cumulative foreign earnings as of December 31, 2017, and eliminates the tax on dividends from the Company’s foreign subsidiaries by allowing a 100 percent dividends received deduction.

On December 22, 2017, Staff Accounting Bulletin No. 118 (“SAB 118”) was issued to provide guidance on the application of U.S. Generally Accepted Accounting Principles (“GAAP”) to situations in which the registrant does not have all the necessary information available, prepared or analyzed (including computations) in sufficient detail to complete the accounting for the income tax effects of the TCJA.

In the fourth quarter of 2017, the Company calculated a provisional impact of the TCJA in accordance with SAB 118 and its understanding of the TCJA, including published guidance as of December 31, 2017. During the third quarter of 2018, the Company recorded $2 million of net incremental tax expense based on existing guidance from federal and state regulatory agencies. The TCJA analysis is final with respect to the one-time transition tax and remeasurement of deferred tax assets and liabilities. The remaining items, net impact of provision for taxes on unremitted earnings and other items, net remain provisional pending foreign tax credit regulations and final guidance from state regulatory agencies. The following table summarizes the impact of the TCJA:


	Provisional		Updated
(in millions)	TCJA impact		TCJA impact
One-time transition tax	$	21	$	25
Remeasurement of deferred tax assets and liabilities		(38)		(38)
Net impact of provision for taxes on unremitted earnings		33		34
Other items, net		7		4
Net impact of the TCJA	$	23	$	25

Because of the complexity of the new GILTI rules, the Company is continuing to evaluate this provision of the TCJA for the application of ASC 740. Under GAAP, the Company is allowed to make an accounting policy choice of either treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method”) or factoring such amounts into its measurement of its deferred taxes (the “deferred method”). The Company has not made any adjustments related to potential GILTI tax in its financial statements, as it has not made a policy decision regarding whether to record deferred taxes on GILTI.

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2018

Accumulated Other Comprehensive Loss.

Accumulated Other Comprehensive Loss

14. Accumulated Other Comprehensive Loss

During the third quarter of 2018, the Company adopted the ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) and ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. As a result of these adoptions, amounts previously included in accumulated other comprehensive loss were reclassified into retained earnings. See Note 2 in the Notes to the Condensed Consolidated Financial Statements for further details on the adoption of these accounting standards.

The following is a summary of net changes in accumulated other comprehensive loss by component and net of tax for the nine months ended September 30, 2018 and 2017:


(in millions)	Cumulative Translation Adjustment		Deferred (Loss) Gain on Hedging Activities		Pension and Postretirement Adjustment		Unrealized (Loss) Gain on Investment		Accumulated Other Comprehensive Loss
Balance, December 31, 2017	$	(951)	$	(13)	$	(51)	$	2	$	(1,013)
Other comprehensive loss before reclassification adjustments		(113)		(1)		(1)		—		(115)
Amount reclassified from accumulated OCI		—		5		—		—		5
Adoption of ASU 2016-01*		—		—		—		(2)		(2)
Adoption of ASU 2018-02*		—		(2)		(3)		—		(5)
Tax provision		—		(1)		—		—		(1)
Net other comprehensive (loss) income		(113)		1		(4)		(2)		(118)
Balance, September 30, 2018	$	(1,064)	$	(12)	$	(55)	$	—	$	(1,131)

* See Note 2 for further discussion on adoption of these standards.


(in millions)	Cumulative Translation Adjustment		Deferred (Loss) Gain on Hedging Activities		Pension and Postretirement Adjustment		Unrealized (Loss) Gain on Investment		Accumulated Other Comprehensive Loss
Balance, December 31, 2016	$	(1,008)	$	(7)	$	(56)	$	—	$	(1,071)
Other comprehensive income (loss) before reclassification adjustments		62		(4)		1		1		60
Amount reclassified from accumulated OCI		—		1		(1)		—		—
Tax benefit		—		2		—		—		2
Net other comprehensive income (loss)		62		(1)		—		1		62
Balance, September 30, 2017	$	(946)	$	(8)	$	(56)	$	1	$	(1,009)

The following table provides detail pertaining to reclassifications from accumulated other comprehensive loss into net income for the periods presented:


	Three Months Ended				Nine Months Ended				Affected Line Item in
	September 30,				September 30,				Condensed Consolidated
(in millions)	2018		2017		2018		2017		Statements of Income
(Losses) gains on cash flow hedges:
Commodity contracts	$	(2)	$	—	$	(5)	$	(1)	Cost of sales
Foreign currency contracts		—		1		1		1	Net sales/cost of sales
Interest rate contracts		—		—		(1)		(1)	Financing costs, net
Gains related to pension and other postretirement obligations		—		—		—		1
Total before-tax reclassifications	$	(2)	$	1	$	(5)	$	—
Tax (provision) benefit		—		(1)		1		—
Total after-tax reclassifications	$	(2)	$	—	$	(4)	$	—

Accelerated Share Repurchase	9 Months Ended
Accelerated Share Repurchase	Sep. 30, 2018
Accelerated Share Repurchase
Accelerated Share Repurchase	15. Accelerated Share Repurchase The Company intends to initially settle the repurchase of 4 million shares of its outstanding common stock pursuant to an ASR agreement. Upon final settlement after a price averaging period expected to be completed during the first quarter of 2019, the Company would be entitled to receive cash or additional shares or be required to pay cash or deliver additional shares, depending on the movement of the Company’s share price over the averaging period. The ASR would be part of the Company's existing share repurchase program.

Summary of Significant Accounting Standards (Policies)

9 Months Ended

Sep. 30, 2018

Summary of Significant Accounting Standards and Policies

Recently Adopted Accounting Standards

ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606):


	Three Months Ended September 30, 2017				Nine Months Ended September 30, 2017
(in millions)	As Reported		As Adjusted		As Reported		As Adjusted
Condensed Consolidated Statements of Income:
Net sales before shipping and handling costs	$	1,574	$	1,591	$	4,653	$	4,701
Less: shipping and handling costs		89		106		258		306
Net sales	$	1,485	$	1,485	$	4,395	$	4,395

ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715):


	Three Months Ended September 30, 2017				Nine Months Ended September 30, 2017
(in millions)	As Reported		As Adjusted		As Reported		As Adjusted
Condensed Consolidated Statements of Income:
Cost of sales	$	1,097	$	1,097	$	3,282	$	3,283
Gross profit		388		388		1,113		1,112
Operating expenses		152		154		458		462
Operating income		233		231		639		634
Other, non-operating income		—		(2)		—		(5)


	Three Months Ended September 30, 2017				Nine Months Ended September 30, 2017
(in millions)	As Reported		As Adjusted		As Reported		As Adjusted
Operating income:
North America	$	179	$	177	$	520	$	515
South America		26		26		44		45
Asia Pacific		29		30		88		90
EMEA		26		26		83		83
Corporate		(19)		(20)		(61)		(64)
Subtotal		241		239		674		669
Total operating income	$	233	$	231	$	639	$	634

Adoption of Highly Inflationary Accounting in Argentina

ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10):

ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income:

New Accounting Standards

Goodwill and indefinite-lived intangible assets


	North			South		Asia
(in millions)	America			America		Pacific		EMEA		Total
Balance at December 31, 2016	$	610		$	26	$	85	$	63	$	784
Acquisitions		(10)	(a)		—		15		—		5
Currency translation		—			—		7		7		14
Balance at December 31, 2017		600			26		107		70		803
Acquisitions		—			—		—		—		—
Currency translation		—			(5)		(3)		(3)		(11)
Balance at September 30, 2018	$	600		$	21	$	104	$	67	$	792

(a) Related to TIC Gums Incorporated (“TIC Gums”) purchase price accounting adjustments

The original carrying value of goodwill by reportable business segment and accumulated impairment charges by reportable business segment at September 30, 2018 and December 31, 2017 were as follows:


	North		South		Asia
(in millions)	America		America		Pacific		EMEA		Total
Goodwill before impairment charges	$	601	$	59	$	228	$	70	$	958
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at December 31, 2017		600		26		107		70		803

Goodwill before impairment charges		601		54		225		67		947
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at September 30, 2018	$	600	$	21	$	104	$	67	$	792

The following table summarizes the Company’s indefinite-lived intangible assets for the periods presented:


(in millions)	Balance at September 30, 2018		Balance at December 31, 2017
Trademarks/tradenames (indefinite-lived)	$	178	$	178

Summary of Significant Accounting Standards and Policies (Tables)

9 Months Ended

Sep. 30, 2018

Recently Adopted Accounting Standards

Schedule of goodwill by segment

The carrying value of goodwill by reportable business segment at September 30, 2018 and December 31, 2017 was as follows:


	North			South		Asia
(in millions)	America			America		Pacific		EMEA		Total
Balance at December 31, 2016	$	610		$	26	$	85	$	63	$	784
Acquisitions		(10)	(a)		—		15		—		5
Currency translation		—			—		7		7		14
Balance at December 31, 2017		600			26		107		70		803
Acquisitions		—			—		—		—		—
Currency translation		—			(5)		(3)		(3)		(11)
Balance at September 30, 2018	$	600		$	21	$	104	$	67	$	792

(a) Related to TIC Gums Incorporated (“TIC Gums”) purchase price accounting adjustments

The original carrying value of goodwill by reportable business segment and accumulated impairment charges by reportable business segment at September 30, 2018 and December 31, 2017 were as follows:


	North		South		Asia
(in millions)	America		America		Pacific		EMEA		Total
Goodwill before impairment charges	$	601	$	59	$	228	$	70	$	958
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at December 31, 2017		600		26		107		70		803

Goodwill before impairment charges		601		54		225		67		947
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at September 30, 2018	$	600	$	21	$	104	$	67	$	792

Schedule of indefinite-lived intangible assets


(in millions)	Balance at September 30, 2018		Balance at December 31, 2017
Trademarks/tradenames (indefinite-lived)	$	178	$	178

ASU 2014-09

Recently Adopted Accounting Standards

Schedule of new accounting standards


	Three Months Ended September 30, 2017				Nine Months Ended September 30, 2017
(in millions)	As Reported		As Adjusted		As Reported		As Adjusted
Condensed Consolidated Statements of Income:
Net sales before shipping and handling costs	$	1,574	$	1,591	$	4,653	$	4,701
Less: shipping and handling costs		89		106		258		306
Net sales	$	1,485	$	1,485	$	4,395	$	4,395

ASU 2017-07

Recently Adopted Accounting Standards

Schedule of new accounting standards


	Three Months Ended September 30, 2017				Nine Months Ended September 30, 2017
(in millions)	As Reported		As Adjusted		As Reported		As Adjusted
Condensed Consolidated Statements of Income:
Cost of sales	$	1,097	$	1,097	$	3,282	$	3,283
Gross profit		388		388		1,113		1,112
Operating expenses		152		154		458		462
Operating income		233		231		639		634
Other, non-operating income		—		(2)		—		(5)


	Three Months Ended September 30, 2017				Nine Months Ended September 30, 2017
(in millions)	As Reported		As Adjusted		As Reported		As Adjusted
Operating income:
North America	$	179	$	177	$	520	$	515
South America		26		26		44		45
Asia Pacific		29		30		88		90
EMEA		26		26		83		83
Corporate		(19)		(20)		(61)		(64)
Subtotal		241		239		674		669
Total operating income	$	233	$	231	$	639	$	634

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2018

Revenue Recognition

Schedule of disaggregation of net sales by industry served


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Net sales to unaffiliated customers:
North America	$	889	$	903	$	2,679	$	2,689
South America		228		257		709		740
Asia Pacific		197		189		592		555
EMEA		136		136		435		411
Total	$	1,450	$	1,485	$	4,415	$	4,395

The following table, which is gathered using customer industry classifications, disaggregates the Company’s net sales by industry served:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Food	$	771	$	798	$	2,352	$	2,334
Beverage		157		176		488		505
Brewing		104		103		321		316
Food and Beverage Ingredients		1,032		1,077		3,161		3,155

Animal Nutrition		151		138		454		433
Other		267		270		800		807
Total Net sales	$	1,450	$	1,485	$	4,415	$	4,395

Impairment and Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 2018

Impairment and Restructuring Charges

Summary of restructuring reserve

A summary of the Company’s employee-related severance accrual as of September 30, 2018 is as follows (in millions):


Balance in employee-related severance accrual as of December 31, 2017	$	11
Cost Smart cost of sales and SG&A severance		11
Payments made to terminated employees		(7)
Foreign exchange translation		(3)
Balance in employee-related severance accrual as of September 30, 2018	$	12

Segment Information (Tables)

9 Months Ended

Sep. 30, 2018

Segment Information

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Net sales to unaffiliated customers:
North America	$	889	$	903	$	2,679	$	2,689
South America		228		257		709		740
Asia Pacific		197		189		592		555
EMEA		136		136		435		411
Total	$	1,450	$	1,485	$	4,415	$	4,395

Operating income:
North America	$	138	$	177	$	431	$	515
South America		22		26		68		45
Asia Pacific		25		30		75		90
EMEA		26		26		86		83
Corporate		(22)		(20)		(70)		(64)
Subtotal		189		239		590		669
Restructuring/impairment charges		(34)		(7)		(45)		(23)
Acquisition/integration costs		—		(1)		—		(3)
Charge for fair value markup of acquired inventory		—		—		—		(9)
Total operating income	$	155	$	231	$	545	$	634


	As of		As of
(in millions)	September 30, 2018		December 31, 2017
Total assets:
North America	$	3,730	$	3,967
South America		697		812
Asia Pacific		810		774
EMEA		514		527
Total	$	5,751	$	6,080

Financial Instruments, Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2018

Financial Instruments, Derivatives and Hedging Activities

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


	Fair Value of Derivative Instruments as of September 30, 2018
Derivatives Designated as Hedging Instruments (in millions):	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity and foreign currency	Accounts receivable, net	$	12	Accounts payable and accrued liabilities	$	24
Commodity, foreign currency and interest rate contracts	Other assets		5	Non-current liabilities		14
		$	17		$	38


	Fair Value of Derivative Instruments as of December 31, 2017
Derivatives Designated as Hedging Instruments (in millions):	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity and foreign currency	Accounts receivable, net	$	11	Accounts payable and accrued liabilities	$	23
Commodity, foreign currency and interest rate contracts	Other assets		3	Non-current liabilities		8
		$	14		$	31

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


					Location of Gains
	Amount of Gains (Losses)				(Losses)	Amount of Gains (Losses)
Derivatives in Cash-Flow	Recognized in OCI				Reclassified from	Reclassified from AOCI into Income
Hedging Relationships	Three Months Ended September 30,				AOCI	Three Months Ended September 30,
(in millions, pre-tax)	2018		2017		into Income	2018		2017
Commodity contracts	$	(5)	$	(18)	Cost of sales	$	(2)	$	—
Foreign currency contracts		3		2	Net sales/Cost of sales		—		1
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	(2)	$	(16)		$	(2)	$	1


					Location of Gains
	Amount of Gains (Losses)				(Losses)	Amount of Gains (Losses)
Derivatives in Cash-Flow	Recognized in OCI				Reclassified from	Reclassified from AOCI into Income
Hedging Relationships	Nine Months Ended September 30,				AOCI	Nine Months Ended September 30,
(in millions, pre-tax)	2018		2017		into Income	2018		2017
Commodity contracts	$	(2)	$	(7)	Cost of sales	$	(5)	$	(1)
Foreign currency contracts		1		3	Net sales/Cost of sales		1		1
Interest rate contracts		—		—	Financing costs, net		(1)		(1)
Total	$	(1)	$	(4)		$	(5)	$	(1)

Schedule of fair value of financial instruments and derivatives


	As of September 30, 2018								As of December 31, 2017
(in millions)	Total		Level 1 (a)		Level 2 (b)		Level 3 (c)		Total		Level 1 (a)		Level 2 (b)		Level 3 (c)
Available for sale securities	$	11	$	11	$	—	$	—	$	10	$	10	$	—	$	—
Derivative assets		17		4		13		—		14		3		11		—
Derivative liabilities		38		12		26		—		31		11		20		—
Long-term debt		1,543		—		1,543		—		1,845		—		1,845		—

(a)

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

(b)

(c)

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2018

Share-Based Compensation

Schedule of valuation assumptions for stock options


	Nine Months Ended September 30,
	2018		2017
Expected life (in years)	5.5		5.5
Risk-free interest rate	2.5	%	1.9	%
Expected volatility	19.8	%	22.5	%
Expected dividend yield	1.8	%	1.7	%

Schedule of stock option activity


	Number of Options (in thousands)	Weighted Average Exercise Price per Share		Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2017	2,095	$	71.81	5.87	$	142
Granted	215		133.61
Exercised	(137)		44.72
Cancelled	(23)		99.81
Outstanding as of September 30, 2018	2,150	$	79.43	5.71	$	65
Exercisable as of September 30, 2018	1,670	$	67.33	5.13	$	64

Schedule of additional information pertaining to stock option activity


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(dollars in millions, except per share)	2018		2017		2018		2017
Weighted average grant date fair value of stock options granted (per share)	$	—	$	—	$	24.01	$	23.90
Total intrinsic value of stock options exercised		1		11		12		23

Schedule of restricted unit activity


(RSUs in thousands)	Number of RSUs	Weighted Average Fair Value per Share
Non-vested as of December 31, 2017	387	$	100.13
Granted	112		129.47
Vested	(135)		83.77
Cancelled	(17)		113.92
Non-vested as of September 30, 2018	347	$	115.15

Schedule of components of share based compensation expense


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Stock options:
Pre-tax compensation expense	$	1	$	2	$	4	$	6
Income tax benefit		—		(1)		(1)		(2)
Stock option expense, net of income taxes		1		1		3		4

RSUs:
Pre-tax compensation expense		3		4		9		10
Income tax benefit		(1)		(2)		(2)		(4)
RSUs, net of income taxes		2		2		7		6

Performance shares and other share-based awards:
Pre-tax compensation expense		—		1		2		4
Income tax benefit		(1)		(1)		(1)		(2)
Performance shares and other share-based compensation expense, net of income taxes		(1)		—		1		2

Total share-based compensation:
Pre-tax compensation expense		4		7		15		20
Income tax benefit		(2)		(4)		(4)		(8)
Total share-based compensation expense, net of income taxes	$	2	$	3	$	11	$	12

Net Periodic Pension and Postretirement Benefit Costs (Tables)

9 Months Ended

Sep. 30, 2018

Pension Plan

Pension and postretirement benefit plans

Components of net periodic benefit cost


	Three Months Ended September 30,								Nine Months Ended September 30,
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
(in millions)	2018		2017		2018		2017		2018		2017		2018		2017
Service cost	$	1	$	1	$	1	$	1	$	4	$	4	$	3	$	3
Interest cost		4		3		3		3		10		9		8		8
Expected return on plan assets		(6)		(5)		(2)		(3)		(16)		(15)		(7)		(8)
Amortization of actuarial loss		—		—		—		—		—		—		1		1
Net periodic benefit cost	$	(1)	$	(1)	$	2	$	1	$	(2)	$	(2)	$	5	$	4

Postemployment Retirement Benefits

Pension and postretirement benefit plans

Components of net periodic benefit cost


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2018		2017		2018		2017
Service Cost	$	1	$	1	$	1	$	1
Interest cost		—		—		2		2
Amortization of prior service credit		—		—		(1)		(2)
Net periodic benefit cost	$	1	$	1	$	2	$	1

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2018

Earnings per Common Share

Schedule of basic and diluted earnings per common share


	Three Months Ended September 30, 2018					Three Months Ended September 30, 2017
(in millions, except per share amounts)	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	95	71.2	$	1.33	$	166	71.9	$	2.31

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.7					1.4
Diluted EPS	$	95	71.9	$	1.32	$	166	73.3	$	2.26


	Nine Months Ended September 30, 2018					Nine Months Ended September 30, 2017
(in millions, except per share amounts)	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	349	71.8	$	4.86	$	420	72.0	$	5.83

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.9					1.4
Diluted EPS	$	349	72.7	$	4.80	$	420	73.4	$	5.72

Inventories (Tables)

9 Months Ended

Sep. 30, 2018

Inventories

Components of inventories


	As of		As of
(in millions)	September 30, 2018		December 31, 2017
Finished and in process	$	520	$	495
Raw materials		284		278
Manufacturing supplies and other		48		50
Total inventories	$	852	$	823

Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt

Schedule of debt


	As of		As of
(in millions)	September 30, 2018		December 31, 2017
3.2% senior notes due October 1, 2026	$	496	$	496
4.625% senior notes due November 1, 2020		399		398
6.625% senior notes due April 15, 2037		254		254
5.62% senior notes due March 25, 2020		200		200
Term loan credit agreement due April 25, 2019		165		395
Revolving credit facility		48		—
Fair value adjustment related to hedged fixed rate debt instruments		(3)		1
Long-term debt		1,559		1,744
Short-term borrowings		111		120
Total debt	$	1,670	$	1,864

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2018

Income Taxes

Schedule of impact of the TCJA on 2017 income tax expense


	Provisional		Updated
(in millions)	TCJA impact		TCJA impact
One-time transition tax	$	21	$	25
Remeasurement of deferred tax assets and liabilities		(38)		(38)
Net impact of provision for taxes on unremitted earnings		33		34
Other items, net		7		4
Net impact of the TCJA	$	23	$	25

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2018

Accumulated Other Comprehensive Loss.

Summary of net changes in accumulated other comprehensive loss


(in millions)	Cumulative Translation Adjustment		Deferred (Loss) Gain on Hedging Activities		Pension and Postretirement Adjustment		Unrealized (Loss) Gain on Investment		Accumulated Other Comprehensive Loss
Balance, December 31, 2017	$	(951)	$	(13)	$	(51)	$	2	$	(1,013)
Other comprehensive loss before reclassification adjustments		(113)		(1)		(1)		—		(115)
Amount reclassified from accumulated OCI		—		5		—		—		5
Adoption of ASU 2016-01*		—		—		—		(2)		(2)
Adoption of ASU 2018-02*		—		(2)		(3)		—		(5)
Tax provision		—		(1)		—		—		(1)
Net other comprehensive (loss) income		(113)		1		(4)		(2)		(118)
Balance, September 30, 2018	$	(1,064)	$	(12)	$	(55)	$	—	$	(1,131)

* See Note 2 for further discussion on adoption of these standards.


(in millions)	Cumulative Translation Adjustment		Deferred (Loss) Gain on Hedging Activities		Pension and Postretirement Adjustment		Unrealized (Loss) Gain on Investment		Accumulated Other Comprehensive Loss
Balance, December 31, 2016	$	(1,008)	$	(7)	$	(56)	$	—	$	(1,071)
Other comprehensive income (loss) before reclassification adjustments		62		(4)		1		1		60
Amount reclassified from accumulated OCI		—		1		(1)		—		—
Tax benefit		—		2		—		—		2
Net other comprehensive income (loss)		62		(1)		—		1		62
Balance, September 30, 2017	$	(946)	$	(8)	$	(56)	$	1	$	(1,009)

Schedule of reclassifications from AOCI into net income


	Three Months Ended				Nine Months Ended				Affected Line Item in
	September 30,				September 30,				Condensed Consolidated
(in millions)	2018		2017		2018		2017		Statements of Income
(Losses) gains on cash flow hedges:
Commodity contracts	$	(2)	$	—	$	(5)	$	(1)	Cost of sales
Foreign currency contracts		—		1		1		1	Net sales/cost of sales
Interest rate contracts		—		—		(1)		(1)	Financing costs, net
Gains related to pension and other postretirement obligations		—		—		—		1
Total before-tax reclassifications	$	(2)	$	1	$	(5)	$	—
Tax (provision) benefit		—		(1)		1		—
Total after-tax reclassifications	$	(2)	$	—	$	(4)	$	—

Summary of Significant Accounting Standards and Policies - ASU 2014-09 (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Recently Adopted Accounting Standards
Net sales before shipping and handling costs	$ 1,563	$ 1,591	$ 4,752	$ 4,701
Less: Shipping and handling costs	113	106	337	306
Net sales	$ 1,450	1,485	$ 4,415	4,395
ASU 2014-09 \| As Reported, Before 606
Recently Adopted Accounting Standards
Net sales before shipping and handling costs		1,574		4,653
Less: Shipping and handling costs		89		258
Net sales		$ 1,485		$ 4,395

Summary of Significant Accounting Standards and Policies - ASU 2017-07 (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Recently Adopted Accounting Standards
Cost of sales	$ 1,116	$ 1,097	$ 3,367	$ 3,283
Gross profit	334	388	1,048	1,112
Operating expenses	148	154	465	462
Operating income	155	231	545	634
Other, non-operating income	(1)	(2)	(3)	(5)
Operating income Subtotal	189	239	590	669
ASU 2017-07 \| As Reported
Recently Adopted Accounting Standards
Cost of sales		1,097		3,282
Gross profit		388		1,113
Operating expenses		152		458
Operating income		233		639
Operating income Subtotal		241		674
Operating Segments \| North America
Recently Adopted Accounting Standards
Operating income Subtotal	138	177	431	515
Operating Segments \| North America \| ASU 2017-07 \| As Reported
Recently Adopted Accounting Standards
Operating income Subtotal		179		520
Operating Segments \| South America
Recently Adopted Accounting Standards
Operating income Subtotal	22	26	68	45
Operating Segments \| South America \| ASU 2017-07 \| As Reported
Recently Adopted Accounting Standards
Operating income Subtotal		26		44
Operating Segments \| Asia Pacific
Recently Adopted Accounting Standards
Operating income Subtotal	25	30	75	90
Operating Segments \| Asia Pacific \| ASU 2017-07 \| As Reported
Recently Adopted Accounting Standards
Operating income Subtotal		29		88
Operating Segments \| EMEA
Recently Adopted Accounting Standards
Operating income Subtotal	26	26	86	83
Operating Segments \| EMEA \| ASU 2017-07 \| As Reported
Recently Adopted Accounting Standards
Operating income Subtotal		26		83
Corporate, Non -Segment
Recently Adopted Accounting Standards
Operating income Subtotal	$ (22)	(20)	$ (70)	(64)
Corporate, Non -Segment \| ASU 2017-07 \| As Reported
Recently Adopted Accounting Standards
Operating income Subtotal		$ (19)		$ (61)

Summary of Significant Accounting Standards and Policies - Highly Inflationary Accounting (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Foreign currency matters
Charge related to the remeasurement	$ 3
Sales revenue, net \| Geographic concentration risk \| ARGENTINA \| Maximum
Foreign currency matters
Concentration risk (as a percent)	3.00%	3.00%

Summary of Significant Accounting Standards and Policies - Other (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 01, 2018	Sep. 30, 2018
ASU 2016-01 \| Accumulated Other Comprehensive Loss
Recently Adopted Accounting Standards
Adoption of ASU 2016-01	$ (2)
ASU 2016-01 \| Retained Earnings
Recently Adopted Accounting Standards
Adoption of ASU 2016-01	$ 2
ASU 2018-02 \| Accumulated Other Comprehensive Loss
Recently Adopted Accounting Standards
Adoption of ASU 2018-02		$ (5)
ASU 2018-02 \| Retained Earnings
Recently Adopted Accounting Standards
Adoption of ASU 2018-02		$ 5

Summary of Significant Accounting Standards and Policies - Goodwill (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Carrying value of goodwill
Balance at the beginning of the period	$ 803	$ 784
Acquisitions		5
Currency translation	(11)	14
Balance at the end of the period	792	803
North America
Carrying value of goodwill
Balance at the beginning of the period	600	610
Acquisitions		(10)
Balance at the end of the period	600	600
South America
Carrying value of goodwill
Balance at the beginning of the period	26	26
Currency translation	(5)
Balance at the end of the period	21	26
Asia Pacific
Carrying value of goodwill
Balance at the beginning of the period	107	85
Acquisitions		15
Currency translation	(3)	7
Balance at the end of the period	104	107
EMEA
Carrying value of goodwill
Balance at the beginning of the period	70	63
Currency translation	(3)	7
Balance at the end of the period	$ 67	$ 70

Summary of Significant Accounting Standards and Policies - Goodwill impairment (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Carrying value of goodwill and accumulated impairment charges
Goodwill before impairment charges	$ 947	$ 958
Accumulated impairment charges	(155)	(155)
Balance at the end of the period	792	803	$ 784
North America
Carrying value of goodwill and accumulated impairment charges
Goodwill before impairment charges	601	601
Accumulated impairment charges	(1)	(1)
Balance at the end of the period	600	600	610
South America
Carrying value of goodwill and accumulated impairment charges
Goodwill before impairment charges	54	59
Accumulated impairment charges	(33)	(33)
Balance at the end of the period	21	26	26
Asia Pacific
Carrying value of goodwill and accumulated impairment charges
Goodwill before impairment charges	225	228
Accumulated impairment charges	(121)	(121)
Balance at the end of the period	104	107	85
EMEA
Carrying value of goodwill and accumulated impairment charges
Goodwill before impairment charges	67	70
Balance at the end of the period	$ 67	$ 70	$ 63

Summary of Significant Accounting Standards and Policies - Intangible assets (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Trademarks/tradenames
Indefinite-lived intangible assets
Indefinite-lived intangible assets	$ 178	$ 178

Acquisitions (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Mar. 09, 2017	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Acquisitions
Goodwill			$ 792		$ 803	$ 784
Pre-tax Acquisition and integration costs		$ 1		$ 3
Sun Flour
Acquisitions
Total purchase consideration	$ 18
Cash consideration			16
Accrued expenses			2
Intangible assets, net (including goodwill)	15
Tangible assets, net	3
Asia Pacific
Acquisitions
Goodwill			$ 104		$ 107	$ 85
Asia Pacific \| Sun Flour
Acquisitions
Goodwill	$ 14

Revenue Recognition (Details) $ in Millions	3 Months Ended		9 Months Ended
Revenue Recognition (Details) $ in Millions	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) segment item	Sep. 30, 2017 USD ($)
Disaggregation of revenue
Revenue, practical expedient, incremental cost of obtaining contract			true
Number of reportable units \| segment			4
Number of Industries \| item			4
Net sales	$ 1,450	$ 1,485	$ 4,415	$ 4,395
Food and Beverage Ingredients
Disaggregation of revenue
Net sales	1,032	1,077	3,161	3,155
Food
Disaggregation of revenue
Net sales	771	798	2,352	2,334
Beverage
Disaggregation of revenue
Net sales	157	176	488	505
Brewing
Disaggregation of revenue
Net sales	104	103	321	316
Animal Nutrition
Disaggregation of revenue
Net sales	151	138	454	433
Other
Disaggregation of revenue
Net sales	267	270	800	807
North America
Disaggregation of revenue
Net sales	889	903	2,679	2,689
South America
Disaggregation of revenue
Net sales	228	257	709	740
Asia Pacific
Disaggregation of revenue
Net sales	197	189	592	555
EMEA
Disaggregation of revenue
Net sales	$ 136	$ 136	$ 435	$ 411

Impairment and Restructuring Charges - Charges (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2019
Impairment and restructuring charges
Restructuring charges		$ 34	$ 7	$ 45	$ 23
Cost Smart Cost of Sales Program
Impairment and restructuring charges
Restructuring charges		31		31
Cost Smart Cost of Sales Program \| Forecast \| Maximum
Impairment and restructuring charges
Restructuring charges	$ 22
Cost Smart Cost of Sales Program \| Accelerated depreciation
Impairment and restructuring charges
Restructuring charges		28		28
Cost Smart Cost of Sales Program \| Accelerated depreciation \| Forecast
Impairment and restructuring charges
Restructuring charges	10
Cost Smart Cost of Sales Program \| Mechanical store write-downs \| Forecast \| Maximum
Impairment and restructuring charges
Restructuring charges	8
Cost Smart Cost of Sales Program \| Employee-related severance costs
Impairment and restructuring charges
Restructuring charges		3		3
Cost Smart Cost of Sales Program \| Other restructuring costs \| Forecast \| Maximum
Impairment and restructuring charges
Restructuring charges	4
Latin America Finance Transformation Initiative \| Forecast \| Minimum
Impairment and restructuring charges
Restructuring charges						$ 1
Latin America Finance Transformation Initiative \| Forecast \| Maximum
Impairment and restructuring charges
Restructuring charges						$ 2
Latin America Finance Transformation Initiative \| Employee-related severance and other costs
Impairment and restructuring charges
Restructuring charges		3		4
Latin America Finance Transformation Initiative \| Employee-related severance and other costs \| Forecast \| Maximum
Impairment and restructuring charges
Restructuring charges	$ 1
Cost Smart SG&A Program \| Employee-related severance costs
Impairment and restructuring charges
Restructuring charges				5
North America Finance Transformation Initiative
Impairment and restructuring charges
Expected additional costs		0		0
North America Finance Transformation Initiative \| Other restructuring costs
Impairment and restructuring charges
Restructuring charges			4	4	5
Brazil leaf extraction Process restructuring
Impairment and restructuring charges
Expected additional costs		$ 0		0
Brazil leaf extraction Process restructuring \| Other restructuring costs
Impairment and restructuring charges
Restructuring charges				$ 1
Argentina organizational restructuring effort \| Employee-related severance and other costs
Impairment and restructuring charges
Restructuring charges					17
Other restructuring \| Employee-related severance and other costs
Impairment and restructuring charges
Restructuring charges			$ 3
Other restructuring \| Employee-related severance, other costs and adjustments
Impairment and restructuring charges
Restructuring charges					$ 1

Impairment and Restructuring Charges - Employee-related severance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Restructuring accrual
Restructuring charges	$ 34	$ 7	$ 45	$ 23
Employee-related severance costs
Restructuring accrual
Balance in employee-related severance accrual at beginning of period			11
Payments made to terminated employees			(7)
Foreign exchange translation			(3)
Balance in employee-related severance accrual at end of period	12		12
Restructuring reserve, Expected to be paid in next 12 months	$ 11		11
Cost Smart Cost of Sales and SG&A Program \| Employee-related severance costs
Restructuring accrual
Restructuring charges			$ 11

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Millions	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) segment	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Segment information
Number of reportable business segments \| segment			4
Net sales	$ 1,450	$ 1,485	$ 4,415	$ 4,395
Operating income Subtotal	189	239	590	669
Restructuring/impairment charges	(34)	(7)	(45)	(23)
Acquisition / integration costs		(1)		(3)
Charge for fair value markup of acquired inventory				(9)
Total operating income	155	231	545	634
Total assets	5,751		5,751		$ 6,080
North America
Segment information
Net sales	889	903	2,679	2,689
Total assets	3,730		3,730		3,967
South America
Segment information
Net sales	228	257	709	740
Total assets	697		697		812
Asia Pacific
Segment information
Net sales	197	189	592	555
Total assets	810		810		774
EMEA
Segment information
Net sales	136	136	435	411
Total assets	514		514		$ 527
Operating Segments \| North America
Segment information
Operating income Subtotal	138	177	431	515
Operating Segments \| South America
Segment information
Operating income Subtotal	22	26	68	45
Operating Segments \| Asia Pacific
Segment information
Operating income Subtotal	25	30	75	90
Operating Segments \| EMEA
Segment information
Operating income Subtotal	26	26	86	83
Corporate, Non -Segment
Segment information
Operating income Subtotal	$ (22)	$ (20)	$ (70)	$ (64)

Financial Instruments, Derivatives and Hedging Activities - Commodity price hedging (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	$ (1,131)	$ (1,013)
Commodity Contracts \| Minimum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	12 months
Commodity Contracts \| Maximum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	24 months
Cash Flow Hedging \| Commodity Contracts
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	$ (10)	(12)
Tax effect on gain (loss) on derivative instruments	$ (4)	$ (7)

Financial Instruments, Derivatives and Hedging Activities - Interest rate hedging (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	$ (1,131)	$ (1,013)
4.625% senior notes due November 1, 2020
Financial instruments, derivatives and hedging activities
Debt, face amount	400
Treasury Lock
Financial instruments, derivatives and hedging activities
Derivative notional amount	0	0
Cash Flow Hedging \| Treasury Lock
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	(2)	(2)
Tax effect on gain (loss) on derivative instruments	(1)	(1)
Fair Value Hedging \| Interest Rate Swap
Financial instruments, derivatives and hedging activities
Increase (decrease) in fair value of instrument	(3)	$ 1
Fair Value Hedging \| Interest Rate Swap \| 4.625% senior notes due November 1, 2020
Financial instruments, derivatives and hedging activities
Debt, face amount	$ 200
Debt, fixed interest rate (as a percent)	4.625%
Debt, floating rate of interest basis	six-month US dollar LIBOR

Financial Instruments, Derivatives and Hedging Activities - Foreign currency hedging (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	$ (1,131)	$ (1,013)
Cash Flow Hedging \| Foreign Exchange Forward
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect		1
Tax effect on gain (loss) on derivative instruments		1
Fair Value Hedging \| Foreign Exchange Forward \| Short
Financial instruments, derivatives and hedging activities
Derivative notional amount	454	447
Fair Value Hedging \| Foreign Exchange Forward \| Long
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 149	$ 121

Financial Instruments, Derivatives and Hedging Activities - Balance Sheet Location (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Fair value of commodity contracts
Fair value of assets	$ 17	$ 14
Fair value of liabilities	38	31
Commodity and Foreign Currency Contracts \| Accounts Receivable, Net
Fair value of commodity contracts
Fair value of assets	12	11
Commodity and Foreign Currency Contracts \| Accounts Payable and Accrued Liabilities
Fair value of commodity contracts
Fair value of liabilities	24	23
Commodity, foreign currency, and interest rate contracts \| Other Assets
Fair value of commodity contracts
Fair value of assets	5	3
Commodity, foreign currency, and interest rate contracts \| Non Current Liabilities
Fair value of commodity contracts
Fair value of liabilities	$ 14	$ 8

Financial Instruments, Derivatives and Hedging Activities - Outstanding contracts (Details) gal in Millions, bu in Millions, MMBTU in Millions	Sep. 30, 2018 MMBTU lb gal bu
Corn Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn and gallons for ethanol) \| bu	59
Soy Bean Oil
Financial instruments, derivatives and hedging activities
Soybean oil futures contract (in pounds) \| lb	0
Natural Gas Commodity
Financial instruments, derivatives and hedging activities
Natural gas futures contract (in mmbtu) \| MMBTU	28
Ethanol Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn and gallons for ethanol) \| gal	0

Financial Instruments, Derivatives and Hedging Activities - Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Gains or losses on derivatives
Amount of Gains (Losses) Recognized in OCI on Derivatives	$ (2)	$ (16)	$ (1)	$ (4)
Amount of Gains (Losses) Reclassified from AOCI into Income	(2)	1	(5)	(1)
Commodity Contracts \| Cost of Sales
Gains or losses on derivatives
Amount of Gains (Losses) Recognized in OCI on Derivatives	(5)	(18)	(2)	(7)
Amount of Gains (Losses) Reclassified from AOCI into Income	(2)		(5)	(1)
Foreign Currency Contracts \| Net sales
Gains or losses on derivatives
Amount of Gains (Losses) Recognized in OCI on Derivatives	3	2	1	3
Amount of Gains (Losses) Reclassified from AOCI into Income		$ 1	1	1
Interest Rate Contract \| Financing Costs, Net
Gains or losses on derivatives
Amount of Gains (Losses) Reclassified from AOCI into Income			(1)	$ (1)
Treasury Lock
Gains or losses on derivatives
Loss expected to be reclassified into earnings during the next twelve months on settled T-Locks, net of tax	(1)		(1)
Cash Flow Hedging \| Commodity Contracts
Gains or losses on derivatives
Loss expected to be reclassified into earnings during the next twelve months on settled commodity hedging contracts, net of tax	(8)		(8)
Loss expected to be reclassified into earnings during the next twelve months on settled commodity hedging contracts, income tax effect	$ (3)		$ (3)

Financial Instruments, Derivatives and Hedging Activities - FV (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Fair value of assets and liabilities
Long-term Debt	$ 1,559	$ 1,744
Long-term debt	1,500
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Fair value of assets and liabilities
Available for sale securities	11	10
Derivative assets	4	3
Derivative liabilities	12	11
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Fair value of assets and liabilities
Derivative assets	13	11
Derivative liabilities	26	20
Long-term debt	1,543	1,845
Fair Value, Measurements, Recurring \| Estimate of Fair Value Measurement
Fair value of assets and liabilities
Available for sale securities	11	10
Derivative assets	17	14
Derivative liabilities	38	31
Long-term debt	$ 1,543	$ 1,845

Share-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Stock options, Number of Options
Outstanding at the beginning of the period (in shares)			2,095
Granted (in shares)			215	278
Exercised (in shares)			(137)
Cancelled (in shares)			(23)
Outstanding at the end of the period (in shares)	2,150		2,150		2,095
Exercisable at the end of the period (in shares)	1,670		1,670
Stock options, Weighted average exercise price per share
Outstanding at the beginning of the period (in dollars per share)			$ 71.81
Granted (in dollars per share)			133.61
Exercised (in dollars per share)			44.72
Cancelled (in dollars per share)			99.81
Outstanding at the end of the period (in dollars per share)	$ 79.43		79.43		$ 71.81
Exercisable at the end of the period (in dollars per share)	$ 67.33		$ 67.33
Stock options, Average remaining contractual term
Outstanding			5 years 8 months 16 days		5 years 10 months 13 days
Exercisable			5 years 1 month 17 days
Stock options, Aggregate intrinsic value
Outstanding (in dollars)	$ 65		$ 65		$ 142
Exercisable (in dollars)	64		$ 64
Additional information pertaining to stock options
Weighted average grant date fair value of stock options granted (per share)			$ 24.01	$ 23.90
Total intrinsic value of stock options exercised	1	$ 11	$ 12	$ 23
Employee Stock Option
Stock Options
Term of award			10 years
Period of vesting			3 years
Required service period			1 year
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)			2.50%	1.90%
Expected volatility (as a percent)			19.80%	22.50%
Expected dividend yield (as a percent)			1.80%	1.70%
Additional information pertaining to stock options
Cash received from exercise of stock options			$ 6
Unrecognized compensation cost	$ 4		$ 4
Weighted-average period for amortization of unrecognized compensation cost			1 year 8 months 12 days

Share-Based Compensation - Restricted Stock (Details) - Restricted Stock Units (RSUs) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2018 USD ($) $ / shares shares
Stock Options
Vesting terms	3 years
Service period over which compensation expense would be amortized	1 year
Restricted stock unit activity
Non-vested at the beginning of the period (in shares) \| shares	387
Granted (in shares) \| shares	112
Vested (in shares) \| shares	(135)
Cancelled (in shares) \| shares	(17)
Non-vested at the end of the period (in shares) \| shares	347
Weighted-average fair value per share
Non-vested at the beginning of the period (in dollars per share) \| $ / shares	$ 100.13
Granted (in dollars per share) \| $ / shares	129.47
Vested (in dollars per share) \| $ / shares	83.77
Cancelled (in dollars per share) \| $ / shares	113.92
Non-vested at the end of the period (in dollars per share) \| $ / shares	$ 115.15
Unrecognized compensation cost \| $	$ 17
Weighted-average period for amortization of unrecognized compensation cost	1 year 10 months 24 days

Share-Based Compensation - Performance Shares (Details) - Performance Shares $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2018 shares	Sep. 30, 2018 USD ($) $ / shares shares
Other disclosures
Vesting terms		3 years
Service period over which compensation expense would be amortized		3 years
Granted (in shares)		27
Granted (in dollars per share) \| $ / shares		$ 141.91
Award payout achieved (as a percent)	200
Vested (in shares)	92
Cancelled (in shares)		16
Unrecognized compensation cost \| $		$ 3.0
Remaining requisite service period (in years)		1 year 8 months 12 days
Minimum
Other disclosures
Performance shares available for vesting (as a percent)		0.00%
Maximum
Other disclosures
Performance shares available for vesting (as a percent)		200.00%

Share-Based Compensation - Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based compensation expense
Pre-tax compensation expense	$ 4	$ 7	$ 15	$ 20
Income tax benefit	(2)	(4)	(4)	(8)
Total share-based compensation expense, net of income taxes	2	3	11	12
Employee Stock Option
Share-based compensation expense
Pre-tax compensation expense	1	2	4	6
Income tax benefit		(1)	(1)	(2)
Total share-based compensation expense, net of income taxes	1	1	3	4
Restricted Stock Units (RSUs)
Share-based compensation expense
Pre-tax compensation expense	3	4	9	10
Income tax benefit	(1)	(2)	(2)	(4)
Total share-based compensation expense, net of income taxes	2	2	7	6
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense		1	2	4
Income tax benefit	(1)	$ (1)	(1)	(2)
Total share-based compensation expense, net of income taxes	$ (1)		$ 1	$ 2

Net Periodic Pension and Postretirement Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Pension Plan
Anticipated cash contributions
Anticipated cash contributions in current year	$ 5		$ 5
Pension Plan \| US
Components of Net Periodic Benefit Costs
Service cost	1	$ 1	4	$ 4
Interest cost	4	3	10	9
Expected return on plan assets	(6)	(5)	(16)	(15)
Net periodic benefit cost	(1)	(1)	(2)	(2)
Anticipated cash contributions
Anticipated cash contributions in current year	2		2
Employer contributions
Cash contributions made in period			2
Pension Plan \| Non-US
Components of Net Periodic Benefit Costs
Service cost	1	1	3	3
Interest cost	3	3	8	8
Expected return on plan assets	(2)	(3)	(7)	(8)
Amortization of actuarial loss			1	1
Net periodic benefit cost	2	1	5	4
Anticipated cash contributions
Anticipated cash contributions in current year	3		3
Employer contributions
Cash contributions made in period			2
Postemployment Retirement Benefits
Components of Net Periodic Benefit Costs
Service cost	1	1	1	1
Interest cost			2	2
Amortization of prior service credit			(1)	(2)
Net periodic benefit cost	$ 1	$ 1	$ 2	$ 1

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Basic EPS:
Net Income Available to Ingredion - basic	$ 95	$ 166	$ 349	$ 420
Weighted average number of shares outstanding, basic	71.2	71.9	71.8	72.0
Basic earnings per common share of Ingredion (in dollars per share)	$ 1.33	$ 2.31	$ 4.86	$ 5.83
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards	0.7	1.4	0.9	1.4
Diluted EPS:
Net Income Available to Ingredion - diluted	$ 95	$ 166	$ 349	$ 420
Weighted Average Number of Shares Outstanding, Diluted, Total	71.9	73.3	72.7	73.4
Diluted earnings per common share of Ingredion (in dollars per share)	$ 1.32	$ 2.26	$ 4.80	$ 5.72
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	0.6	0.3	0.5	0.3

Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Inventories
Finished and in process	$ 520	$ 495
Raw materials	284	278
Manufacturing supplies and other	48	50
Total inventories	$ 852	$ 823

Debt (Details) - USD ($) $ in Millions	9 Months Ended
Debt (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Debt
Fair value adjustment related to hedged fixed rate debt	$ (3)	$ 1
Long-term debt	1,559	1,744
Short-term borrowings	111	120
Total debt	1,670	1,864
3.2% senior notes due October 1, 2026
Debt
Long-term debt excluding fair value adjustments	$ 496	$ 496
Debt, interest rate (as a percent)	3.20%	3.20%
4.625% senior notes due November 1, 2020
Debt
Long-term debt excluding fair value adjustments	$ 399	$ 398
Debt, interest rate (as a percent)	4.625%	4.625%
6.625% senior notes due April 15, 2037
Debt
Long-term debt excluding fair value adjustments	$ 254	$ 254
Debt, interest rate (as a percent)	6.625%	6.625%
5.62% senior notes due March 25, 2020
Debt
Long-term debt excluding fair value adjustments	$ 200	$ 200
Debt, interest rate (as a percent)	5.62%	5.62%
Term loan credit agreement due April 25, 2019
Debt
Long-term debt excluding fair value adjustments	$ 165	$ 395
Repayments of long-term debt	230
Revolving credit facility
Debt
Long-term debt excluding fair value adjustments	$ 48

Income Taxes - Tax Cuts and Jobs Act (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2017
Income Taxes
Provision for tax at statutory rate (as a percent)			21.00%		35.00%
Foreign subsidiary dividends received deduction percentage			100.00%
Incremental tax expense related to TCJA	$ 2
Provisional amount, One-time transition tax		$ 21
Updated amount, One-time transition tax				$ 25
Provisional amount, Remeasurement of deferred tax assets and liabilities		(38)
Updated amount, Remeasurement of deferred tax assets and liabilities				(38)
Provisional amount, Net impact of provision for taxes on unremitted earnings		33		34
Provisional amount, Other items, net		7		4
Provisional amount, Net impact of the TCJA		$ 23		$ 25

Accumulated Other Comprehensive Loss - Changes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Accumulated Other Comprehensive Loss
Balance at the beginning of the period			$ 2,891
Amount reclassified from accumulated OCI	$ 2	$ (1)	5
Balance at the end of the period	2,835		2,835
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period			(951)	$ (1,008)
Other comprehensive (loss) income before reclassification adjustments			(113)	62
Net other comprehensive (loss) income			(113)	62
Balance at the end of the period	(1,064)	(946)	(1,064)	(946)
Deferred (Loss) Gain on Hedging Activities
Accumulated Other Comprehensive Loss
Balance at the beginning of the period			(13)	(7)
Other comprehensive (loss) income before reclassification adjustments			(1)	(4)
Amount reclassified from accumulated OCI			5	1
Tax (provision) benefit			(1)	2
Net other comprehensive (loss) income			1	(1)
Balance at the end of the period	(12)	(8)	(12)	(8)
Deferred (Loss) Gain on Hedging Activities \| ASU 2018-02
Accumulated Other Comprehensive Loss
Adoption of ASU			(2)
Pension and Postretirement Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period			(51)	(56)
Other comprehensive (loss) income before reclassification adjustments			(1)	1
Amount reclassified from accumulated OCI				(1)
Net other comprehensive (loss) income			(4)
Balance at the end of the period	(55)	(56)	(55)	(56)
Pension and Postretirement Adjustment \| ASU 2018-02
Accumulated Other Comprehensive Loss
Adoption of ASU			(3)
Unrealized (Loss) Gain on Investment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period			2
Other comprehensive (loss) income before reclassification adjustments				1
Net other comprehensive (loss) income			(2)	1
Balance at the end of the period		1		1
Unrealized (Loss) Gain on Investment \| ASU 2016-01
Accumulated Other Comprehensive Loss
Adoption of ASU			(2)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Balance at the beginning of the period			(1,013)	(1,071)
Other comprehensive (loss) income before reclassification adjustments			(115)	60
Amount reclassified from accumulated OCI			5
Tax (provision) benefit			(1)	2
Net other comprehensive (loss) income			(118)	62
Balance at the end of the period	$ (1,131)	$ (1,009)	(1,131)	$ (1,009)
Accumulated Other Comprehensive Loss \| ASU 2016-01
Accumulated Other Comprehensive Loss
Adoption of ASU			(2)
Accumulated Other Comprehensive Loss \| ASU 2018-02
Accumulated Other Comprehensive Loss
Adoption of ASU			$ (5)

Accumulated Other Comprehensive Loss - Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Amount Reclassified from Accumulated Other Comprehensive Income
Net sales	$ (1,450)	$ (1,485)	$ (4,415)	$ (4,395)
Cost of sales	1,116	1,097	3,367	3,283
Financing costs, net	24	16	65	57
Total before-tax reclassifications	(2)	1	(5)
Tax benefit		(1)	1
Total after tax reclassification	(2)		(4)
Commodity Contracts \| Reclassification out of Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Cost of sales	$ (2)		(5)	(1)
Foreign Currency Contracts \| Reclassification out of Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Net sales		$ 1	1	1
Interest Rate Contract \| Reclassification out of Accumulated Other Comprehensive Income
Amount Reclassified from Accumulated Other Comprehensive Income
Financing costs, net			$ (1)	(1)
Pension and Postretirement Adjustment
Amount Reclassified from Accumulated Other Comprehensive Income
Total before-tax reclassifications				$ 1

Accelerated Share Repurchase (Details) shares in Millions	Sep. 30, 2018 shares
ASR agreement
Accelerated Share Repurchase
Shares authorized to be repurchased	4