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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2019	Jul. 31, 2019
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-13397
Entity Registrant Name	Ingredion Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3514823
Entity Address, Address Line One	5 WESTBROOK CORPORATE CENTER
Entity Address, City or Town	WESTCHESTER
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60154
City Area Code	708
Local Phone Number	551-2600
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	INGR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		66,729,345
Entity Central Index Key	0001046257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Consolidated Statements of Income
Net sales before shipping and handling costs	$ 1,550	$ 1,608	$ 3,086	$ 3,189
Less: Shipping and handling costs	116	112	232	224
Net sales	1,434	1,496	2,854	2,965
Cost of sales	1,105	1,136	2,209	2,251
Gross profit	329	360	645	714
Operating expenses	154	161	304	317
Other income, net	(2)	(2)	(1)	(4)
Restructuring/impairment charges	9	8	13	11
Operating income	168	193	329	390
Financing costs, net	16	25	38	41
Other, non-operating income		(1)		(2)
Income before income taxes	152	169	291	351
Provision for income taxes	45	53	82	92
Net income	107	116	209	259
Less: Net income attributable to non-controlling interests	2	2	4	5
Net income attributable to Ingredion	$ 105	$ 114	$ 205	$ 254
Weighted average common shares outstanding:
Basic (in shares)	66.9	71.9	66.9	72.1
Diluted (in shares)	67.4	72.8	67.4	73.2
Earnings per common share of Ingredion:
Basic (in dollars per share)	$ 1.57	$ 1.59	$ 3.06	$ 3.52
Diluted (in dollars per share)	$ 1.56	$ 1.57	$ 3.04	$ 3.47

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 107	$ 116	$ 209	$ 259
Other comprehensive income:
Gains (losses) on cash flow hedges, net of income tax effect	10		1
Gains (losses) on cash flow hedges, net of income tax effect		(16)		1
Losses (gains) on cash flow hedges reclassified to earnings, net of income tax effect	3		5
Losses (gains) on cash flow hedges reclassified to earnings, net of income tax effect		(1)		2
Actuarial (losses) on pension and other postretirement obligations, settlements and plan amendments, net of income tax effect of $ -	(1)		(1)	(1)
Unrealized gains on investments, net of income tax effect of $ -				1
Currency translation adjustment	(4)	(117)	(3)	(96)
Comprehensive income (loss)	115	(18)	211	166
Less: Comprehensive (loss) income attributable to non-controlling interests	(2)			1
Comprehensive income (loss) attributable to Ingredion	$ 117	$ (18)	$ 211	$ 165

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Consolidated Statements of Comprehensive Income
Gains (losses) on cash-flow hedges, income tax effect	$ (3)
Gains (losses) on cash-flow hedges, income tax effect		$ 5
Losses (gains) on cash-flow hedges reclassified to earnings, income tax effect	$ (1)		$ (1)
Losses (gains) on cash-flow hedges reclassified to earnings, income tax effect				$ (1)

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 297	$ 327
Short-term investments	4	7
Accounts receivable, net	1,015	951
Inventories	865	824
Prepaid expenses	34	29
Total current assets	2,215	2,138
Property, plant and equipment, net of accumulated depreciation of $3,008 and $2,915, respectively	2,232	2,198
Goodwill	801	791
Other intangible assets, net of accumulated amortization of $182 and $167, respectively	451	460
Operating lease assets	143
Deferred income tax assets	10	10
Other assets	146	131
Total assets	5,998	5,728
Current liabilities:
Short-term borrowings	107	169
Accounts payable and accrued liabilities	787	777
Less current lease liabilities	41
Total current liabilities	894	946
Non-current liabilities	211	217
Long-term debt	1,946	1,931
Non-current operating lease liabilities	111
Deferred income tax liabilities	199	189
Share-based payments subject to redemption	25	37
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 June 30, 2019 and December 31, 2018, respectively	1	1
Additional paid-in capital	1,138	1,096
Less: Treasury stock (common stock: 11,090,045 and 11,284,681 shares at June 30, 2019 and December 31, 2018, respectively) at cost	(1,047)	(1,091)
Accumulated other comprehensive loss	(1,152)	(1,154)
Retained earnings	3,656	3,536
Total Ingredion stockholders' equity	2,596	2,388
Non-controlling interests	16	20
Total equity	2,612	2,408
Total liabilities and equity	$ 5,998	$ 5,728

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Condensed Consolidated Balance Sheets
Property, plant and equipment, Accumulated depreciation	$ 3,008	$ 2,915
Other intangible assets - accumulated amortization (in dollars)	$ 182	$ 167
Preferred stock, authorized (in shares)	25,000,000	25,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0	0
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	77,810,875	77,810,875
Treasury stock (in shares)	11,090,045	11,284,681

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, 2017	$ 1	$ 1,138	$ (494)	$ (1,013)	$ 3,259	$ 26
Increase (Decrease) in Stockholders' Equity
Net income					140	3
Dividends declared					(44)	(3)
Share-based compensation, net of issuance		(6)	18
Other comprehensive income (loss)				41		(2)
Balance at Mar. 31, 2018	1	1,132	(476)	(972)	3,355	24
Balance at Dec. 31, 2017	1	1,138	(494)	(1,013)	3,259	26
Increase (Decrease) in Stockholders' Equity
Net income					254	5	$ 259
Dividends declared					(88)	(4)
Repurchases of common stock, net			(141)
Share-based compensation, net of issuance		(6)	20
Other comprehensive income (loss)				(93)		(4)
Other		(4)			1	(1)
Balance at Jun. 30, 2018	1	1,128	(615)	(1,106)	3,426	22
Balance at Mar. 31, 2018	1	1,132	(476)	(972)	3,355	24
Increase (Decrease) in Stockholders' Equity
Net income					114	2	116
Dividends declared					(44)	(1)
Repurchases of common stock, net			(141)
Share-based compensation, net of issuance			2
Other comprehensive income (loss)				(134)		(2)
Other		(4)			1	(1)
Balance at Jun. 30, 2018	1	1,128	(615)	(1,106)	3,426	22
Balance at Dec. 31, 2018	1	1,096	(1,091)	(1,154)	3,536	20	2,408
Increase (Decrease) in Stockholders' Equity
Net income					100	2
Dividends declared					(42)
Repurchases of common stock, net		32	31
Share-based compensation, net of issuance		9	10
Other comprehensive income (loss)				(6)
Balance at Mar. 31, 2019	1	1,137	(1,050)	(1,160)	3,594	22
Balance at Dec. 31, 2018	1	1,096	(1,091)	(1,154)	3,536	20	2,408
Increase (Decrease) in Stockholders' Equity
Net income					205	4	209
Dividends declared					(85)	(4)
Repurchases of common stock, net		32	31
Share-based compensation, net of issuance		10	13
Other comprehensive income (loss)				2		(4)
Balance at Jun. 30, 2019	1	1,138	(1,047)	(1,152)	3,656	16	2,612
Balance at Mar. 31, 2019	1	1,137	(1,050)	(1,160)	3,594	22
Increase (Decrease) in Stockholders' Equity
Net income					105	2	107
Dividends declared					(43)	(4)
Share-based compensation, net of issuance		1	3
Other comprehensive income (loss)				8		(4)
Balance at Jun. 30, 2019	$ 1	$ 1,138	$ (1,047)	$ (1,152)	$ 3,656	$ 16	$ 2,612

- Definition

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

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+ Details

Condensed Consolidated Statement of Redeemable Equity $ in Millions	USD ($)
Beginning Balance at Dec. 31, 2017	$ 36
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	(9)
Ending Balance at Mar. 31, 2018	27
Beginning Balance at Dec. 31, 2017	36
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	(5)
Ending Balance at Jun. 30, 2018	31
Beginning Balance at Mar. 31, 2018	27
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	4
Ending Balance at Jun. 30, 2018	31
Beginning Balance at Dec. 31, 2018	37
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	(16)
Ending Balance at Mar. 31, 2019	21
Beginning Balance at Dec. 31, 2018	37
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	(12)
Ending Balance at Jun. 30, 2019	25
Beginning Balance at Mar. 31, 2019	21
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	4
Ending Balance at Jun. 30, 2019	$ 25

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash provided by operating activities
Net income	$ 209	$ 259
Non-cash charges to net income:
Depreciation and amortization	103	107
Mechanical stores expense	28	29
Deferred income taxes	10	8
Other	33	21
Changes in working capital:
Accounts receivable and prepaid expenses	(65)	(3)
Inventories	(39)	(73)
Accounts payable and accrued liabilities	(32)	(23)
Margin accounts	15	(4)
Other	(9)	31
Cash provided by operating activities	253	352
Cash used for investing activities
Capital expenditures and mechanical stores purchases	(156)	(160)
Payments for acquisitions, net of cash acquired of $ - and $ - , respectively	(42)
Investment in a non-consolidated affiliate	(10)
Short-term investments	3	3
Other		2
Cash used for investing activities	(205)	(155)
Cash used for financing activities
Proceeds from borrowings	714	131
Payments on debt	(765)	(319)
Repurchases of common stock, net	63	(141)
Issuances of common stock for share-based compensation, net of settlements		(3)
Dividends paid, including to non-controlling interests	(87)	(92)
Cash used for financing activities	(75)	(424)
Effects of foreign exchange rate changes on cash	(3)	(9)
Decrease in cash and cash equivalents	(30)	(236)
Cash and cash equivalents, beginning of period	327	595
Cash and cash equivalents, end of period	$ 297	$ 359

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($)
Condensed Consolidated Statements of Cash Flows
Cash acquired from acquisition	$ 4

Interim Financial Statements

6 Months Ended

Jun. 30, 2019

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, 2018.

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, 2018, 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 June 30, 2019, and 2018, and the financial position of the Company as of June 30, 2019. 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

6 Months Ended

Jun. 30, 2019

Summary of Significant Accounting Standards and Policies

Summary of Significant Accounting Standards and Policies

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, 2018. Except for the items listed below, there have been no other material changes to the Company’s significant accounting policies for the three and six months ended June 30, 2019.

Recently Adopted Accounting Standards

ASU No. 2016-02, Leases (Topic 842)

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes Topic 840, Leases. The Company adopted this updated standard as of January 1, 2019, using the modified retrospective approach and the effective date as its date of initial application. The Company elected the package of three practical expedients permitted under the transition guidance, which among other things allowed the Company to carry forward the historical lease classification of existing leases and to not reassess expired contracts for leases. The practical expedient for hindsight to determine lease term was not elected by the Company. The standard resulted in the initial recognition of $170 million of total operating lease liabilities and $161 million of net operating lease assets on the Condensed Consolidated Balance Sheet on January 1, 2019. The standard did not materially impact the Condensed Consolidated Statement of Income or Condensed Consolidated Statement of Cash Flows. The disclosures required by the recently adopted accounting standard are included in Note 8 of the Notes to the Condensed Consolidated Financial Statements.

ASU No. 2017-12 and ASU 2018-16, Derivatives and Hedging (Topic 815)

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 completed its assessment of these updates adopted on January 1, 2019, including potential changes to existing hedging arrangements, and determined the adoption of the guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as Benchmark Interest Rate for Hedge Accounting Purposes. This Update permits use of the OIS rate based on the SOFR as a U.S. benchmark interest rate for hedge accounting purposes. The guidance should be adopted on a prospective basis. This Update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Update did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

New Accounting Standards

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.

Acquisitions

6 Months Ended

Jun. 30, 2019

Acquisitions

Acquisitions

3. Acquisitions

On March 1, 2019, the Company completed its acquisition of Western Polymer LLC (“Western Polymer”), a privately-held, U.S.-based company headquartered in Moses Lake, Washington, that produces native and modified potato starches for industrial and food applications for $42 million, net of cash acquired of $4 million. The acquisition will expand the Company's potato starch manufacturing capacity, enhance processing capabilities, and broaden its higher-value specialty ingredients business and customer base. The results of the acquired operation are included in the Company’s consolidated results from the acquisition date forward within the North America business segment.

A preliminary allocation of the purchase price to the assets acquired and liabilities assumed was made based on available information and incorporating management’s best estimates. The assets acquired and liabilities assumed in the transaction are generally recorded at their estimated acquisition date fair values, while transaction costs associated with the acquisition are expensed as incurred. As of June 30, 2019, $13 million of goodwill and intangible assets, and $29 million of net tangible assets have preliminarily been recorded. Goodwill represents the amount by which the purchase price exceeds the estimated fair value of the net assets acquired. Goodwill and intangible assets are open to be finalized as of June 30, 2019 pending finalization of certain valuations. The goodwill results from synergies and other operational benefits expected to be derived from the acquisition. The goodwill related to Western Polymer is tax-deductible due to the structure of the acquisition.

Pro-forma results of operations for the acquisition made in 2019 have not been 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 $2 million of pre-tax acquisition and integration costs for the six months ended June 30, 2019, associated with its recent acquisition. The Company incurred immaterial pre-tax acquisition and integration costs for the six months ended June 30, 2018.

Revenue Recognition

6 Months Ended

Jun. 30, 2019

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 the 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 liabilities in the Condensed

Consolidated Balance Sheets. These amounts are not significant as of June 30, 2019, or December 31, 2018. 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.

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 primarily include the Company’s internal sales force compensation. 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 no significant contract assets or liabilities as of June 30, 2019, or December 31, 2018.


		Three Months Ended				Six Months Ended
		June 30,				June 30,
(in millions)	2019		2018		2019		2018
Net sales to unaffiliated customers:
North America:
Net sales before shipping and handling costs	$	977	$	1,002	$	1,928	$	1,961
Less: shipping and handling costs		92		86		183		171
Net sales	$	885	$	916	$	1,745	$	1,790

South America:
Net sales before shipping and handling costs	$	226	$	243	$	454	$	505
Less: shipping and handling costs		11		11		21		24
Net sales	$	215	$	232	$	433	$	481

Asia-Pacific:
Net sales before shipping and handling costs	$	203	$	209	$	406	$	412
Less: shipping and handling costs		8		8		17		17
Net sales	$	195	$	201	$	389	$	395

EMEA:
Net sales before shipping and handling costs	$	144	$	154	$	298	$	311
Less: shipping and handling costs		5		7		11		12
Net sales	$	139	$	147	$	287	$	299

Restructuring and Impairment Charges

6 Months Ended

Jun. 30, 2019

Restructuring and Impairment Charges

Impairment and Restructuring Charges

5. Restructuring and Impairment Charges

For the three and six months ended June 30, 2019, the Company recorded $9 million and $13 million of pre-tax restructuring charges, respectively. During 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 six months ended June 30, 2019, the Company recorded $6 million and $9 million, respectively, of other costs, including professional services, and employee-related severance in the North America and South America segments as part of its Cost Smart SG&A program. This included $1 million and $2 million of other costs associated with the Finance Transformation initiative in Latin America for the three and six months ended June 30, 2019, respectively. The Company expects to incur less than $1 million in other costs during the remainder of 2019 related to this Finance Transformation initiative. Additionally, for the three and six months ended June 30, 2019, the Company recorded $3 million and $4 million, respectively, of other costs, including professional services, as part of the Cost Smart cost of sales program, including $1 million and $2 million, respectively, in relation to the prior year cessation of wet-milling at the Stockton, California plant. The Company does not expect to incur additional costs during the remainder of 2019 to complete this project.

For the three and six months ended June 30, 2018, the Company recorded $8 million and $11 million of pre-tax restructuring charges, respectively, consisting of $6 million of employee-related severance costs in relation to its Cost Smart SG&A program in its South America and North America segments. The Company also recorded other costs related to the Finance Transformation initiative of $2 million and $4 million for the three and six months ended June 30, 2018, respectively. In addition, there were other restructuring costs related to the leaf extraction process in Brazil of $1 million for the six months ended June 30, 2018.

A summary of the Company’s employee-related severance accrual as of June 30, 2019 is as follows (in millions):



Balance in severance accrual as of December 31, 2018	$	10
Cost Smart cost of sales and SG&A		5
Payments made to terminated employees		(9)
Balance in severance accrual as of June 30, 2019	$	6

Of the $6 million severance accrual as of June 30, 2019, $5 million is expected to be paid in the next 12 months.

Financial Instruments, Derivatives and Hedging Activities

6 Months Ended

Jun. 30, 2019

Financial Instruments, Derivatives and Hedging Activities

Financial Instruments, Derivatives and Hedging Activities

6. 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 and interest rate swaps.

Commodity price hedging: The Company’s principal use of derivative financial instruments is to manage commodity price risk 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, 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. These derivative financial instruments limit the impact that volatility resulting from fluctuations in market prices will have on corn and natural gas purchases. A majority of corn derivatives have been designated as cash flow hedging instruments. The Company also enters into futures contracts to hedge price risk associated with fluctuations in the market price of ethanol and soybean oil. The Company’s natural gas, ethanol and soybean oil derivatives have been designated as cash flow hedging instruments.

The Company enters into certain corn derivative instruments that are not designated as hedging instruments as defined by ASC 815, Derivatives and Hedging. Therefore, the realized and unrealized gains and losses from these instruments are recognized in cost of sales during each accounting period. These derivative instruments also mitigate commodity price risk related to anticipated purchases of corn.

For commodity hedges designated as cash flow hedges, 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. Gains and losses from cash flow hedging instruments reclassified from AOCI to earnings are reported as Cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.

As of June 30, 2019, AOCI included $1 million of net gains (net of income tax expense of $1 million), pertaining to commodities-related derivative instruments designated as cash flow hedges. As of December 31, 2018, AOCI included $2 million of net losses (net of income tax benefit of $2 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 has an interest rate swap agreement that effectively converts the interest rates on $200 million of its $400 million of 4.625% 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 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 hedging instrument. 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 June 30, 2019, was a $2 million gain, and is reflected in the Condensed Consolidated Balance Sheets within Other assets, with an offsetting amount recorded in Long-term debt to adjust the carrying amount of the hedged debt obligations. As of December 31, 2018, the fair value of the interest rate swap agreement was a $1 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 hedged debt obligations.

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 did not have any T-Locks outstanding as of June 30, 2019, or December 31, 2018. As of June 30, 2019, AOCI included $1 million of net losses (net of an insignificant amount of income tax benefit) related to settled T-Locks. As of December 31, 2018, AOCI included $2 million of net losses (net of income tax benefit of $1 million) related to settled T-Locks. These deferred losses are being amortized to Financing costs, net 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. The Company enters into foreign currency derivative instruments that

are designated as both cash flow hedging instruments as well as instruments not designated as hedging instruments as defined by ASC 815, Derivatives and Hedging. The Company enters into both of these hedge types in order to mitigate transactional foreign-exchange risk.

Gains and losses from derivative financial instruments not designated as hedging instruments are marked to market in earnings during each accounting period. The notional volume of the Company’s foreign currency derivatives not designated as hedging instruments included forward sales contracts of $612 million and $621 million as well as forward purchase contracts worth $190 million and $165 million as of June 30, 2019, and December 31, 2018, respectively.

The Company’s foreign currency derivatives designated as cash flow hedging instruments include a $2 million net gain (net of income tax expense of $1 million) in AOCI as of June 30, 2019. The amount included in AOCI related to these hedges at December 31, 2018, was not significant. The notional volume of the Company’s foreign currency cash flow hedging instruments included forward sales contracts of $220 million and $345 million as well as forward purchase contracts of $366 million and $275 million as of June 30, 2019 and December 31, 2018, respectively.

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 hedging instruments as of June 30, 2019
	Designated Hedging Instruments (in millions)								Non-Designated Hedging Instruments (in millions)
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts		Interest Rate Contracts	Total			Commodity Contracts		Foreign Currency Contracts		Interest Rate Contracts	Total
Accounts receivable, net	$	10	$	5	$	—	$	15	$	2	$	2	$	—	$	4
Other assets		—		1		2		3		—		1		—		1
Assets		10		6		2		18		2		3		—		5
Accounts payable and accrued liabilities		13		1		—		14		1		5		—		6
Non-current liabilities		4		1		—		5		—		4		—		4
Liabilities		17		2		—		19		1		9		—		10
Net Assets/(Liabilities)	$	(7)	$	4	$	2	$	(1)	$	1	$	(6)	$	—	$	(5)


	Fair value of hedging instruments as of December 31, 2018
	Designated Hedging Instruments (in millions)								Non-Designated Hedging Instruments (in millions)
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts		Interest Rate Contracts	Total			Commodity Contracts		Foreign Currency Contracts		Interest Rate Contracts	Total
Accounts receivable, net	$	5	$	1	$	—	$	6	$	—	$	16	$	—	$	16
Other assets		1		—		—		1		—		1		—		1
Assets		6		1		—		7		—		17		—		17
Accounts payable and accrued liabilities		6		—		—		6		3		9		—		12
Non-current liabilities		3		—		1		4		—		4		—		4
Liabilities		9		—		1		10		3		13		—		16
Net Assets/(Liabilities)	$	(3)	$	1	$	(1)	$	(3)	$	(3)	$	4	$	—	$	1

As of June 30, 2019, the Company had outstanding futures and option contracts that hedged the forecasted purchase of approximately 57 million bushels of corn. The Company is unable to directly hedge price risk related to coproduct 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 June 30, 2019, the Company had no outstanding soybean oil futures contracts. The Company also had outstanding swap and option contracts that hedged the forecasted purchase of approximately 32 million mmbtu’s of natural gas at June 30, 2019. Additionally, as of June 30, 2019, the Company had outstanding ethanol futures contracts hedging approximately 10 million gallons of ethanol.

Additional information pertaining to the Company’s fair value hedges is presented below:


Line item in the statement of financial position in which the hedged item is included (in millions)	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)
Balance sheet date as of	June 30, 2019		December 31, 2018		June 30, 2019		December 31, 2018
Interest Rate Contracts:
Long-Term Debt	$	(202)	$	(199)	$	(2)	$	1

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 June 30,				AOCI	Three Months Ended June 30,
(in millions, pre-tax)	2019		2018		into Income	2019		2018
Commodity contracts	$	10	$	(17)	Cost of sales	$	(5)	$	2
Foreign currency contracts		3		(4)	Net sales/Cost of sales		1		—
Interest rate contracts		—		—	Financing costs, net		—		(1)
Total	$	13	$	(21)		$	(4)	$	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	Six Months Ended June 30,				AOCI	Six Months Ended June 30,
(in millions, pre-tax)	2019		2018		into Income	2019		2018
Commodity contracts	$	—	$	3	Cost of sales	$	(3)	$	(3)
Foreign currency contracts		1		(2)	Net sales/Cost of sales		(2)		1
Interest rate contracts		—		—	Financing costs, net		(1)		(1)
Total	$	1	$	1		$	(6)	$	(3)


	For the three months ended June 30, 2019						For the three months ended June 30, 2018
Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships (in millions, pre-tax)	Net sales before shipping and handling costs			Cost of Sales		Financing costs, net	Net sales before shipping and handling costs			Cost of Sales		Financing costs, net
Income (expense) reported in earnings	$	1,550	$	(1,105)	$	(16)	$	1,608	$	(1,136)	$	(25)
Gains or (losses) on fair value hedging relationships:
Interest Rate Contracts:
Hedged Items	$	—	$	—	$	(3)	$	—	$	—	$	5
Derivatives designated as hedging instruments		—		—		3		—		—		(5)
Gains or (losses) on cash flow hedging relationships:
Commodity Contracts:
Gain/(loss) reclassified from other comprehensive income into earnings	$	—	$	(5)	$	—	$	—	$	2	$	—
Foreign Exchange Contracts:
Gain/(loss) reclassified from other comprehensive income into earnings		—		1		—		—		—		—
Interest Rate Contracts:
Gain/(loss) reclassified from other comprehensive income into earnings		—		—		—		—		—		(1)


	For the six months ended June 30, 2019						For the six months ended June 30, 2018
Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships (in millions, pre-tax)	Net sales before shipping and handling costs			Cost of Sales		Financing costs, net	Net sales before shipping and handling costs			Cost of Sales		Financing costs, net
Income (expense) reported in earnings	$	3,086	$	(2,209)	$	(38)	$	3,189	$	(2,251)	$	(41)
Gains or (losses) on fair value hedging relationships:
Interest Rate Contracts:
Hedged Items	$	—	$	—	$	(3)	$	—	$	—	$	3
Derivatives designated as hedging instruments		—		—		3		—		—		(3)
Gains or (losses) on cash flow hedging relationships:
Commodity Contracts:
Gain/(loss) reclassified from other comprehensive income into earnings	$	—	$	(3)	$	—	$	—	$	(3)	$	—
Foreign Exchange Contracts:
Gain/(loss) reclassified from other comprehensive income into earnings		(3)		1		—		1		—		—
Interest Rate Contracts:
Gain/(loss) reclassified from other comprehensive income into earnings		—		—		(1)		—		—		(1)

As of June 30, 2019, AOCI included $2 million of net gains (net of an insignificant amount of income tax expense) 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 June 30, 2019, AOCI included $1 million of net losses (net of an insignificant amount of income tax benefit) on settled T-Locks and $3 million of net gains (net of $1 million of income tax expense) 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 June 30, 2019								As of December 31, 2018
(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	$	12	$	12	$	—	$	—	$	11	$	11	$	—	$	—
Derivative assets		23		12		11		—		24		4		20		—
Derivative liabilities		29		6		23		—		26		6		20		—
Long-term debt		1,959		—		1,959		—		1,954		—		1,954		—

(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 June 30, 2019, the carrying value and fair value of the Company’s Long-term debt was $1.9 and $2.0 billion, respectively.

Debt

6 Months Ended

Jun. 30, 2019

Debt

Debt

7. Debt

As of June 30, 2019, and December 31, 2018, the Company’s total debt consisted of the following:


	As of		As of
(in millions)	June 30, 2019		December 31, 2018
3.2% senior notes due October 1, 2026	$	497	$	496
4.625% senior notes due November 1, 2020		399		399
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 12, 2021		500		165
Revolving credit facility		94		418
Fair value adjustment related to hedged fixed rate debt instruments		2		(1)
Long-term debt		1,946		1,931
Short-term borrowings		107		169
Total debt	$	2,053	$	2,100

On April 12, 2019, the Company amended and restated the Term Loan Credit Agreement that was set to mature on April 25, 2019 (“Term Loan”) of $165 million to establish a 24-month senior unsecured term loan credit facility (“Amended Term Loan”) in an amount up to $500 million that matures on April 12, 2021. The Company has drawn down the entire $500 million and used the proceeds to pay down the Revolving Credit Facility (“Revolving Credit Facility”) and to pay off the Term Loan. The Company’s long-term debt as of June 30, 2019, includes the 5.62% senior notes due March 25, 2020, as the Company has the ability and intent to refinance it on a long-term basis using our Revolving Credit Facility or other means prior to the maturity date.

Leases

6 Months Ended

Jun. 30, 2019

Leases

Leases

8. Leases

The Company determines if an arrangement is a lease at inception of the agreement. Operating leases are included in operating lease assets, and current and non-current operating lease liabilities in the Company’s Condensed Consolidated Balance Sheets. Lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease asset also includes in its calculation any prepaid lease payments made and excludes any lease incentives received from the arrangement. The Company’s lease terms may include options to extend or terminate the lease, and the impact of these options are included in the lease liability and lease asset calculations when the exercise of the option is at the Company’s sole discretion and it is reasonably certain that the Company will exercise that option. The Company will not separate lease and non-lease components for its leases when it is impractical to separate the two, such as leases with variable payment arrangements. Leases with an initial term of 12 months or less are not recorded on the balance sheet.

The Company has operating leases for certain rail cars, office space, warehouses, and machinery and equipment. The commencement date used for the calculation of the lease obligation is the latter of the commencement date of the new standard (January 1, 2019) or the lease start date. Certain of the leases have options to extend the life of the lease, which are included in the liability calculation when the option is at the sole discretion of the Company and it is reasonably certain that the Company will exercise the option. The Company has certain leases that have variable payments based solely on output or usage of the leased asset. These variable operating lease assets are excluded from the Company’s balance sheet presentation and expensed as incurred. The Company currently has no finance leases.

Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense were as follows:


Lease Cost	Three Months Ended June 30,		Six Months Ended June 30,
(in millions)	2019		2019
Operating lease cost	$	14	$	27
Variable operating lease cost		6		12
Short term lease cost		1		1
Lease cost	$	21	$	40

The following is a reconciliation of future undiscounted cash flows to the operating lease liabilities and the related operating lease assets as presented on our Condensed Consolidated Balance Sheet as of June 30, 2019.


Operating Leases		As of
(in millions)		June 30, 2019
2019 (Excluding the six months ended June 30, 2019)	$	26
2020		42
2021		32
2022		24
2023		18
Thereafter		35
Total future lease payments		177
Less imputed interest		25
Present value of future lease payments		152
Less current lease liabilities		41
Non-current operating lease liabilities	$	111
Operating lease assets	$	143

Additional information related to the Company’s operating leases is listed below. The right-of-use assets obtained in exchange for lease liabilities for the six months ended June 30, 2019 includes the initial recognition of $161 million of operating lease assets as part of the adoption of the new lease standard.

(a)


Other Information	Three Months Ended June 30,		Six Months Ended June 30,
($ in millions)	2019		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14	$	29
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	6	$	167
			As of
			June 30, 2019
Weighted average remaining lease term:
Operating leases				5.4 years
Weighted average discount rate:
Operating leases				5.9	%

As the Company has not restated prior-year information for its adoption of ASC Topic 842, the following presents its future minimum lease payments for operating leases under ASC Topic 840 on December 31, 2018:


Operating Leases	As of
(in millions)	December 31, 2018
2019	$	53
2020		44
2021		40
2022		27
2023		22
Thereafter		27
Total future lease payments	$	213

Taxes

6 Months Ended

Jun. 30, 2019

Taxes

Brazil VAT

9. Taxes

In January 2019, the Company’s Brazilian subsidiary received a favorable decision from the Federal Court of Appeals in Sao Paulo, Brazil, related to certain indirect taxes collected in prior years. As a result of this decision, the Company expects to be entitled to credits against various Brazilian federal tax payments in 2019 and future years. The Company is currently calculating the amount of the credits and interest related to this court decision, as well as the corresponding tax expense. The credit calculations, which span a period from 2005 to April 2018, are complex and there are pending decisions with the Brazilian courts that may result in changes to the calculations and the timing of the receipt of benefits. The Company anticipates completing its credit, interest, and tax expense calculations later in 2019.

Net Periodic Pension and Postretirement Benefit Costs

6 Months Ended

Jun. 30, 2019

Net Periodic Pension and Postretirement Benefit Costs

Net Periodic Pension and Postretirement Benefit Costs

10. Net Periodic Pension and Postretirement Benefit Costs

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 June 30,								Six Months Ended June 30,
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
(in millions)	2019		2018		2019		2018		2019		2018		2019		2018
Service cost	$	1	$	2	$	1	$	1	$	2	$	3	$	2	$	2
Interest cost		3		3		2		2		7		6		5		5
Expected return on plan assets		(4)		(5)		(2)		(3)		(9)		(10)		(4)		(5)
Amortization of actuarial loss		—		—		1		1		—		—		1		1
Net periodic benefit cost (a)	$	—	$	—	$	2	$	1	$	—	$	(1)	$	4	$	3

The Company currently anticipates that it will make approximately $4 million in cash contributions to its pension plans in 2019, consisting of $3 million to its non-U.S. pension plans and $1 million to its U.S. pension plans. For the six months ended June 30, 2019, cash contributions of approximately $2 million were made to the non-U.S. plans and $1 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 June 30,				Six Months Ended June 30,
(in millions)	2019		2018		2019		2018
Service cost	$	—	$	—	$	—	$	—
Interest cost		—		1		1		2
Amortization of prior service credit		—		—		(1)		(1)
Net periodic benefit cost (a)	$	—	$	1	$	—	$	1

(a)

The service cost component of net periodic benefit cost is presented within either cost of sales or operating expenses on the Condensed Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of actuarial loss and amortization of prior service credit components of net periodic benefit cost are presented as other, non-operating income on the Condensed Consolidated Statements of Income.

Inventories

6 Months Ended

Jun. 30, 2019

Inventories

Inventories

11. Inventories

Inventories are summarized as follows:


	As of		As of
(in millions)	June 30, 2019		December 31, 2018
Finished and in process	$	520	$	522
Raw materials		289		250
Manufacturing supplies and other		56		52
Total inventories	$	865	$	824

Equity

6 Months Ended

Jun. 30, 2019

Equity

Equity

12. Equity

Treasury stock: On October 22, 2018, the Board of Directors authorized a new stock repurchase program permitting the Company to purchase up to an additional 8 million of its outstanding common shares from November 5, 2018 through December 31, 2023. On December 12, 2014, the Board of Directors authorized a stock repurchase program permitting the Company to purchase up to 5 million of its outstanding common shares from January 1, 2015, through December 12, 2019. The parameters of the Company’s stock repurchase program are not established solely with reference to the dilutive impact of shares issued under the Company’s stock incentive plan. However, the Company expects that, over time, share repurchases will offset the dilutive impact of shares issued under the stock incentive plan.

On November 5, 2018, the Company entered into a Variable Timing Accelerated Share Repurchase (“ASR”) program with JPMorgan (“JPM”). Under the ASR program, the Company paid $455 million on November 5, 2018, and acquired 4.0 million shares of its common stock having an approximate value of $423 million on that date. On February 5, 2019, the Company and JPM settled the difference between the initial price and average daily volume weighted average price (“VWAP”) less the agreed upon discount during the term of the ASR agreement. The final VWAP was $98.04 per share, which was less than originally paid. The Company settled the difference in cash, resulting in JPM returning $63 million of the upfront payment to the Company on February 6, 2019, and lowering the total cost of repurchasing the 4.0 million shares of common stock to $392 million. The Company adjusted Additional paid-in capital and Treasury stock by $32 million and $31 million, respectively, during the first quarter of 2019 for this inflow of cash.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2019		2018		2019		2018
Stock options:
Pre-tax compensation expense	$	1	$	2	$	2	$	3
Income tax benefit		—		(1)		—		(1)
Stock option expense, net of income taxes		1		1		2		2

Restricted stock units ("RSUs"):
Pre-tax compensation expense		3		3		5		6
Income tax benefit		(1)		—		(1)		(1)
RSUs, net of income taxes		2		3		4		5

Performance shares and other share-based awards:
Pre-tax compensation expense		2		1		3		2
Income tax benefit		—		—		—		—
Performance shares and other share-based compensation expense, net of income taxes		2		1		3		2

Total share-based compensation:
Pre-tax compensation expense		6		6		10		11
Income tax benefit		(1)		(1)		(1)		(2)
Total share-based compensation expense, net of income taxes	$	5	$	5	$	9	$	9

Stock Options: Under the Company’s stock incentive plan, stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 10-year term and are exercisable upon vesting, which occurs over a three-year period at the anniversary dates of the date of grant. Compensation expense is 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 247 thousand shares and 215 thousand shares for the six months ended June 30, 2019, and 2018, respectively. The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:


	Six Months Ended June 30,
	2019		2018
Expected life (in years)	5.5		5.5
Risk-free interest rate	2.5	%	2.5	%
Expected volatility	19.7	%	19.8	%
Expected dividend yield	2.7	%	1.8	%

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 six months ended June 30, 2019, 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, 2018	2,079	$	80.25	5.51	$	42
Granted	247		91.85
Exercised	(97)		34.30
Cancelled	(35)		120.40
Outstanding as of June 30, 2019	2,194	$	83.00	5.68	$	25
Exercisable as of June 30, 2019	1,741	$	76.34	4.82	$	25

For the six months ended June 30, 2019, cash received from the exercise of stock options was $3 million. As of June 30, 2019, 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 1.6 years.

Additional information pertaining to stock option activity is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(dollars in millions, except per share)	2019		2018		2019		2018
Weighted average grant date fair value of stock options granted (per share)	$	—	$	—	$	14.02	$	24.01
Total intrinsic value of stock options exercised	$	2	$	3	$	6	$	11

Restricted Stock Units: The Company has granted 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 six months ended June 30, 2019:


(RSUs in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested as of December 31, 2018	344	$	115.06
Granted	164		92.07
Vested	(131)		100.22
Cancelled	(26)		118.11
Non-vested as of June 30, 2019	351	$	109.64

As of June 30, 2019, the total remaining unrecognized compensation cost related to RSUs was $20 million, which will be amortized over a weighted average period of approximately 2.0 years.

Performance Shares: The Company has a long-term incentive plan for senior management in the form of performance shares. Historically these performance shares vested based solely on the Company’s stock performance as compared to the stock performance of its peer group over the three-year vesting period. Beginning with the 2019 performance share grants, the vesting of the performance shares will be based on two performance metrics. Fifty percent of the performance shares awarded will vest based on the Company’s stock performance as compared to the stock performance of its peer group, and the remaining fifty percent will vest based on the calculation of the Company’s three-year average Return on Invested Capital (“ROIC”) against the set ROIC target.

For the 2019 performance shares awarded based on the Company’s stock performance, 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 of the Board of Directors. 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 2019 performance shares awarded based on ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the awarded grant depending on the Company’s ROIC performance against the target. 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 market price of the Company’s common stock on the date of the grant and the final number of shares that ultimately vest. The Company will estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect the Company’s estimated ROIC performance versus the target. The total compensation expense for these awards is amortized over a three-year graded vesting schedule.

For the six months ended June 30, 2019, the Company awarded 70 thousand performance shares at a weighted average fair value of $92.57 per share.

As of June 30, 2019, the unrecognized compensation cost related to these awards was $6 million, which will be amortized over the remaining requisite service period of 2.3 years.

The 2016 performance share awards vested in the first quarter of 2019, achieving a 0 percent payout of the granted performance shares. Additionally, there were 3 thousand performance share cancellations during the six months ended June 30, 2019.

Accumulated Other Comprehensive Loss: The following is a summary of net changes in Accumulated other comprehensive loss by component and net of tax for the six months ended June 30, 2019, and 2018:


(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, 2018	$	(1,080)	$	(5)	$	(69)	$	—	$	(1,154)
Other comprehensive income (loss) before reclassification adjustments		(3)		1		(1)		—		(3)
Amount reclassified from accumulated OCI		—		6		—		—		6
Tax provision		—		(1)		—		—		(1)
Net other comprehensive income (loss)		(3)		6		(1)		—		2
Balance, June 30, 2019	$	(1,083)	$	1	$	(70)	$	—	$	(1,152)


(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) income before reclassification adjustments		(96)		1		(1)		1		(95)
Amount reclassified from accumulated OCI		—		3		—		—		3
Tax provision		—		(1)		—		—		(1)
Net other comprehensive (loss) income		(96)		3		(1)		1		(93)
Balance, June 30, 2018	$	(1,047)	$	(10)	$	(52)	$	3	$	(1,106)

Supplemental Information: The following Condensed Consolidated Statements of Equity and Redeemable Equity provide the dividends per share for Common stock for the periods presented:


	Total Equity												Share-based
			Additional				Accumulated Other				Non-		Payments
	Common		Paid-In		Treasury		Comprehensive		Retained		Controlling		Subject to
(in millions)	Stock		Capital		Stock		Loss		Earnings		Interests		Redemption
Balance, December 31, 2018	$	1	$	1,096	$	(1,091)	$	(1,154)	$	3,536	$	20	$	37
Net income attributable to Ingredion										100
Net income attributable to non-controlling interests												2
Dividends declared, common stock ($0.625/share)										(42)
Repurchases of common stock				32		31
Share-based compensation, net of issuance				9		10								(16)
Other comprehensive loss								(6)
Balance, March 31, 2019	$	1	$	1,137	$	(1,050)	$	(1,160)	$	3,594	$	22	$	21
Net income attributable to Ingredion										105
Net income attributable to non-controlling interests												2
Dividends declared, common stock ($0.625/share)										(43)
Dividends declared, non-controlling interests												(4)
Repurchases of common stock
Share-based compensation, net of issuance				1		3								4
Other comprehensive income (loss)								8				(4)
Balance, June 30, 2019	$	1	$	1,138	$	(1,047)	$	(1,152)	$	3,656	$	16	$	25


	Total Equity												Share-based
			Additional				Accumulated Other				Non-		Payments
	Common		Paid-In		Treasury		Comprehensive		Retained		Controlling		Subject to
(in millions)	Stock		Capital		Stock		Loss		Earnings		Interests		Redemption
Balance, December 31, 2017	$	1	$	1,138	$	(494)	$	(1,013)	$	3,259	$	26	$	36
Net income attributable to Ingredion										140
Net income attributable to non-controlling interests												3
Dividends declared, common stock ($0.60/share)										(44)
Dividends declared, non-controlling interests												(3)
Share-based compensation, net of issuance				(6)		18								(9)
Other comprehensive income (loss)								41				(2)
Balance, March 31, 2018	$	1	$	1,132	$	(476)	$	(972)	$	3,355	$	24	$	27
Net income attributable to Ingredion										114
Net income attributable to non-controlling interests												2
Dividends declared, common stock ($0.60/share)										(44)
Dividends declared, non-controlling interests												(1)
Repurchases of common stock						(141)
Share-based compensation, net of issuance						2								4
Other comprehensive loss								(134)				(2)
Other				(4)						1		(1)
Balance, June 30, 2018	$	1	$	1,128	$	(615)	$	(1,106)	$	3,426	$	22	$	31

Supplemental Information: The following table provides the computation of basic and diluted earnings per common share ("EPS") for the periods presented:


	Three Months Ended June 30, 2019					Three Months Ended June 30, 2018
(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	$	105	66.9	$	1.57	$	114	71.9	$	1.59

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.5					0.9
Diluted EPS	$	105	67.4	$	1.56	$	114	72.8	$	1.57


	Six Months Ended June 30, 2019					Six Months Ended June 30, 2018
(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	$	205	66.9	$	3.06	$	254	72.1	$	3.52

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.5					1.1
Diluted EPS	$	205	67.4	$	3.04	$	254	73.2	$	3.47

For the three and six months ended June 30, 2019, approximately 1.0 million and 1.0 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 six months ended June 30, 2018, approximately 0.6 million and 0.3 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.

Segment Information

6 Months Ended

Jun. 30, 2019

Segment Information

Segment Information

13. 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				Six Months Ended
	June 30,				June 30,
(in millions)	2019		2018		2019		2018
Net sales to unaffiliated customers:
North America:
Net sales before shipping and handling costs	$	977	$	1,002	$	1,928	$	1,961
Less: shipping and handling costs		92		86		183		171
Net sales	$	885	$	916	$	1,745	$	1,790

South America:
Net sales before shipping and handling costs	$	226	$	243	$	454	$	505
Less: shipping and handling costs		11		11		21		24
Net sales	$	215	$	232	$	433	$	481

Asia-Pacific:
Net sales before shipping and handling costs	$	203	$	209	$	406	$	412
Less: shipping and handling costs		8		8		17		17
Net sales	$	195	$	201	$	389	$	395

EMEA:
Net sales before shipping and handling costs	$	144	$	154	$	298	$	311
Less: shipping and handling costs		5		7		11		12
Net sales	$	139	$	147	$	287	$	299


		Three Months Ended			Six Months Ended
		June 30,			June 30,
(in millions)	2019		2018		2019		2018
Operating income:
North America	$	139	$	150	$	264	$	293
South America		16		20		34		46
Asia-Pacific		23		27		43		50
EMEA		23		29		47		60
Corporate		(23)		(25)		(44)		(48)
Subtotal		178		201		344		401
Restructuring/impairment charges		(9)		(8)		(13)		(11)
Acquisition/integration costs		(1)		—		(2)		—
Total operating income	$	168	$	193	$	329	$	390


	As of		As of
(in millions)	June 30, 2019		December 31, 2018
Total assets:
North America (a)	$	3,939	$	3,737
South America		723		711
Asia-Pacific		844		792
EMEA		492		488
Total	$	5,998	$	5,728

(a)

For purposes of presentation, North America includes Corporate assets.

Summary of Significant Accounting Standards and Policies (Policies)

6 Months Ended

Jun. 30, 2019

Summary of Significant Accounting Standards and Policies

Recently Adopted Accounting Standards and New Accounting Standards

Recently Adopted Accounting Standards

ASU No. 2016-02, Leases (Topic 842)

ASU No. 2017-12 and ASU 2018-16, Derivatives and Hedging (Topic 815)

New Accounting Standards

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2019

Revenue Recognition

Schedule of disaggregation of net sales


		Three Months Ended				Six Months Ended
		June 30,				June 30,
(in millions)	2019		2018		2019		2018
Net sales to unaffiliated customers:
North America:
Net sales before shipping and handling costs	$	977	$	1,002	$	1,928	$	1,961
Less: shipping and handling costs		92		86		183		171
Net sales	$	885	$	916	$	1,745	$	1,790

South America:
Net sales before shipping and handling costs	$	226	$	243	$	454	$	505
Less: shipping and handling costs		11		11		21		24
Net sales	$	215	$	232	$	433	$	481

Asia-Pacific:
Net sales before shipping and handling costs	$	203	$	209	$	406	$	412
Less: shipping and handling costs		8		8		17		17
Net sales	$	195	$	201	$	389	$	395

EMEA:
Net sales before shipping and handling costs	$	144	$	154	$	298	$	311
Less: shipping and handling costs		5		7		11		12
Net sales	$	139	$	147	$	287	$	299

Restructuring and Impairment Charges (Tables)

6 Months Ended

Jun. 30, 2019

Restructuring and Impairment Charges

Summary of restructuring reserve

A summary of the Company’s employee-related severance accrual as of June 30, 2019 is as follows (in millions):



Balance in severance accrual as of December 31, 2018	$	10
Cost Smart cost of sales and SG&A		5
Payments made to terminated employees		(9)
Balance in severance accrual as of June 30, 2019	$	6

Financial Instruments, Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2019

Financial Instruments, Derivatives and Hedging Activities

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


	Fair value of hedging instruments as of June 30, 2019
	Designated Hedging Instruments (in millions)								Non-Designated Hedging Instruments (in millions)
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts		Interest Rate Contracts	Total			Commodity Contracts		Foreign Currency Contracts		Interest Rate Contracts	Total
Accounts receivable, net	$	10	$	5	$	—	$	15	$	2	$	2	$	—	$	4
Other assets		—		1		2		3		—		1		—		1
Assets		10		6		2		18		2		3		—		5
Accounts payable and accrued liabilities		13		1		—		14		1		5		—		6
Non-current liabilities		4		1		—		5		—		4		—		4
Liabilities		17		2		—		19		1		9		—		10
Net Assets/(Liabilities)	$	(7)	$	4	$	2	$	(1)	$	1	$	(6)	$	—	$	(5)


	Fair value of hedging instruments as of December 31, 2018
	Designated Hedging Instruments (in millions)								Non-Designated Hedging Instruments (in millions)
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts		Interest Rate Contracts	Total			Commodity Contracts		Foreign Currency Contracts		Interest Rate Contracts	Total
Accounts receivable, net	$	5	$	1	$	—	$	6	$	—	$	16	$	—	$	16
Other assets		1		—		—		1		—		1		—		1
Assets		6		1		—		7		—		17		—		17
Accounts payable and accrued liabilities		6		—		—		6		3		9		—		12
Non-current liabilities		3		—		1		4		—		4		—		4
Liabilities		9		—		1		10		3		13		—		16
Net Assets/(Liabilities)	$	(3)	$	1	$	(1)	$	(3)	$	(3)	$	4	$	—	$	1

Schedule of fair value hedges


Line item in the statement of financial position in which the hedged item is included (in millions)	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities)
Balance sheet date as of	June 30, 2019		December 31, 2018		June 30, 2019		December 31, 2018
Interest Rate Contracts:
Long-Term Debt	$	(202)	$	(199)	$	(2)	$	1

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 June 30,				AOCI	Three Months Ended June 30,
(in millions, pre-tax)	2019		2018		into Income	2019		2018
Commodity contracts	$	10	$	(17)	Cost of sales	$	(5)	$	2
Foreign currency contracts		3		(4)	Net sales/Cost of sales		1		—
Interest rate contracts		—		—	Financing costs, net		—		(1)
Total	$	13	$	(21)		$	(4)	$	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	Six Months Ended June 30,				AOCI	Six Months Ended June 30,
(in millions, pre-tax)	2019		2018		into Income	2019		2018
Commodity contracts	$	—	$	3	Cost of sales	$	(3)	$	(3)
Foreign currency contracts		1		(2)	Net sales/Cost of sales		(2)		1
Interest rate contracts		—		—	Financing costs, net		(1)		(1)
Total	$	1	$	1		$	(6)	$	(3)

Schedule of location and amount of gain (loss) recognized in income


	For the three months ended June 30, 2019						For the three months ended June 30, 2018
Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships (in millions, pre-tax)	Net sales before shipping and handling costs			Cost of Sales		Financing costs, net	Net sales before shipping and handling costs			Cost of Sales		Financing costs, net
Income (expense) reported in earnings	$	1,550	$	(1,105)	$	(16)	$	1,608	$	(1,136)	$	(25)
Gains or (losses) on fair value hedging relationships:
Interest Rate Contracts:
Hedged Items	$	—	$	—	$	(3)	$	—	$	—	$	5
Derivatives designated as hedging instruments		—		—		3		—		—		(5)
Gains or (losses) on cash flow hedging relationships:
Commodity Contracts:
Gain/(loss) reclassified from other comprehensive income into earnings	$	—	$	(5)	$	—	$	—	$	2	$	—
Foreign Exchange Contracts:
Gain/(loss) reclassified from other comprehensive income into earnings		—		1		—		—		—		—
Interest Rate Contracts:
Gain/(loss) reclassified from other comprehensive income into earnings		—		—		—		—		—		(1)


	For the six months ended June 30, 2019						For the six months ended June 30, 2018
Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships (in millions, pre-tax)	Net sales before shipping and handling costs			Cost of Sales		Financing costs, net	Net sales before shipping and handling costs			Cost of Sales		Financing costs, net
Income (expense) reported in earnings	$	3,086	$	(2,209)	$	(38)	$	3,189	$	(2,251)	$	(41)
Gains or (losses) on fair value hedging relationships:
Interest Rate Contracts:
Hedged Items	$	—	$	—	$	(3)	$	—	$	—	$	3
Derivatives designated as hedging instruments		—		—		3		—		—		(3)
Gains or (losses) on cash flow hedging relationships:
Commodity Contracts:
Gain/(loss) reclassified from other comprehensive income into earnings	$	—	$	(3)	$	—	$	—	$	(3)	$	—
Foreign Exchange Contracts:
Gain/(loss) reclassified from other comprehensive income into earnings		(3)		1		—		1		—		—
Interest Rate Contracts:
Gain/(loss) reclassified from other comprehensive income into earnings		—		—		(1)		—		—		(1)

Schedule of fair value of financial instruments and derivatives


	As of June 30, 2019								As of December 31, 2018
(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	$	12	$	12	$	—	$	—	$	11	$	11	$	—	$	—
Derivative assets		23		12		11		—		24		4		20		—
Derivative liabilities		29		6		23		—		26		6		20		—
Long-term debt		1,959		—		1,959		—		1,954		—		1,954		—

(a)

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

(b)

(c)

Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt

Schedule of debt


	As of		As of
(in millions)	June 30, 2019		December 31, 2018
3.2% senior notes due October 1, 2026	$	497	$	496
4.625% senior notes due November 1, 2020		399		399
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 12, 2021		500		165
Revolving credit facility		94		418
Fair value adjustment related to hedged fixed rate debt instruments		2		(1)
Long-term debt		1,946		1,931
Short-term borrowings		107		169
Total debt	$	2,053	$	2,100

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases

Summary of net lease cost


Lease Cost	Three Months Ended June 30,		Six Months Ended June 30,
(in millions)	2019		2019
Operating lease cost	$	14	$	27
Variable operating lease cost		6		12
Short term lease cost		1		1
Lease cost	$	21	$	40

Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets


Operating Leases		As of
(in millions)		June 30, 2019
2019 (Excluding the six months ended June 30, 2019)	$	26
2020		42
2021		32
2022		24
2023		18
Thereafter		35
Total future lease payments		177
Less imputed interest		25
Present value of future lease payments		152
Less current lease liabilities		41
Non-current operating lease liabilities	$	111
Operating lease assets	$	143

Summary of other lease information


Other Information	Three Months Ended June 30,		Six Months Ended June 30,
($ in millions)	2019		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14	$	29
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	6	$	167
			As of
			June 30, 2019
Weighted average remaining lease term:
Operating leases				5.4 years
Weighted average discount rate:
Operating leases				5.9	%

Schedule of minimum lease payments due on leases


Operating Leases	As of
(in millions)	December 31, 2018
2019	$	53
2020		44
2021		40
2022		27
2023		22
Thereafter		27
Total future lease payments	$	213

Net Periodic Pension and Postretirement Benefit Costs (Tables)

6 Months Ended

Jun. 30, 2019

Pension Plan

Pension and postretirement benefit plans

Components of net periodic benefit cost


	Three Months Ended June 30,								Six Months Ended June 30,
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
(in millions)	2019		2018		2019		2018		2019		2018		2019		2018
Service cost	$	1	$	2	$	1	$	1	$	2	$	3	$	2	$	2
Interest cost		3		3		2		2		7		6		5		5
Expected return on plan assets		(4)		(5)		(2)		(3)		(9)		(10)		(4)		(5)
Amortization of actuarial loss		—		—		1		1		—		—		1		1
Net periodic benefit cost (a)	$	—	$	—	$	2	$	1	$	—	$	(1)	$	4	$	3

Postemployment Retirement Benefits

Pension and postretirement benefit plans

Components of net periodic benefit cost


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2019		2018		2019		2018
Service cost	$	—	$	—	$	—	$	—
Interest cost		—		1		1		2
Amortization of prior service credit		—		—		(1)		(1)
Net periodic benefit cost (a)	$	—	$	1	$	—	$	1

(a)

Inventories (Tables)

6 Months Ended

Jun. 30, 2019

Inventories

Components of inventories


	As of		As of
(in millions)	June 30, 2019		December 31, 2018
Finished and in process	$	520	$	522
Raw materials		289		250
Manufacturing supplies and other		56		52
Total inventories	$	865	$	824

Equity (Tables)

6 Months Ended

Jun. 30, 2019

Equity

Schedule of stock based compensation expense


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2019		2018		2019		2018
Stock options:
Pre-tax compensation expense	$	1	$	2	$	2	$	3
Income tax benefit		—		(1)		—		(1)
Stock option expense, net of income taxes		1		1		2		2

Restricted stock units ("RSUs"):
Pre-tax compensation expense		3		3		5		6
Income tax benefit		(1)		—		(1)		(1)
RSUs, net of income taxes		2		3		4		5

Performance shares and other share-based awards:
Pre-tax compensation expense		2		1		3		2
Income tax benefit		—		—		—		—
Performance shares and other share-based compensation expense, net of income taxes		2		1		3		2

Total share-based compensation:
Pre-tax compensation expense		6		6		10		11
Income tax benefit		(1)		(1)		(1)		(2)
Total share-based compensation expense, net of income taxes	$	5	$	5	$	9	$	9

Schedule of valuation assumptions for stock options


	Six Months Ended June 30,
	2019		2018
Expected life (in years)	5.5		5.5
Risk-free interest rate	2.5	%	2.5	%
Expected volatility	19.7	%	19.8	%
Expected dividend yield	2.7	%	1.8	%

Schedule of stock option transactions


	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, 2018	2,079	$	80.25	5.51	$	42
Granted	247		91.85
Exercised	(97)		34.30
Cancelled	(35)		120.40
Outstanding as of June 30, 2019	2,194	$	83.00	5.68	$	25
Exercisable as of June 30, 2019	1,741	$	76.34	4.82	$	25

Schedule of additional information pertaining to stock option activity


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(dollars in millions, except per share)	2019		2018		2019		2018
Weighted average grant date fair value of stock options granted (per share)	$	—	$	—	$	14.02	$	24.01
Total intrinsic value of stock options exercised	$	2	$	3	$	6	$	11

Schedule of restricted unit activity


(RSUs in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested as of December 31, 2018	344	$	115.06
Granted	164		92.07
Vested	(131)		100.22
Cancelled	(26)		118.11
Non-vested as of June 30, 2019	351	$	109.64

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, 2018	$	(1,080)	$	(5)	$	(69)	$	—	$	(1,154)
Other comprehensive income (loss) before reclassification adjustments		(3)		1		(1)		—		(3)
Amount reclassified from accumulated OCI		—		6		—		—		6
Tax provision		—		(1)		—		—		(1)
Net other comprehensive income (loss)		(3)		6		(1)		—		2
Balance, June 30, 2019	$	(1,083)	$	1	$	(70)	$	—	$	(1,152)


(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) income before reclassification adjustments		(96)		1		(1)		1		(95)
Amount reclassified from accumulated OCI		—		3		—		—		3
Tax provision		—		(1)		—		—		(1)
Net other comprehensive (loss) income		(96)		3		(1)		1		(93)
Balance, June 30, 2018	$	(1,047)	$	(10)	$	(52)	$	3	$	(1,106)

Schedule of stockholders equity and redeemable equity


	Total Equity												Share-based
			Additional				Accumulated Other				Non-		Payments
	Common		Paid-In		Treasury		Comprehensive		Retained		Controlling		Subject to
(in millions)	Stock		Capital		Stock		Loss		Earnings		Interests		Redemption
Balance, December 31, 2018	$	1	$	1,096	$	(1,091)	$	(1,154)	$	3,536	$	20	$	37
Net income attributable to Ingredion										100
Net income attributable to non-controlling interests												2
Dividends declared, common stock ($0.625/share)										(42)
Repurchases of common stock				32		31
Share-based compensation, net of issuance				9		10								(16)
Other comprehensive loss								(6)
Balance, March 31, 2019	$	1	$	1,137	$	(1,050)	$	(1,160)	$	3,594	$	22	$	21
Net income attributable to Ingredion										105
Net income attributable to non-controlling interests												2
Dividends declared, common stock ($0.625/share)										(43)
Dividends declared, non-controlling interests												(4)
Repurchases of common stock
Share-based compensation, net of issuance				1		3								4
Other comprehensive income (loss)								8				(4)
Balance, June 30, 2019	$	1	$	1,138	$	(1,047)	$	(1,152)	$	3,656	$	16	$	25


	Total Equity												Share-based
			Additional				Accumulated Other				Non-		Payments
	Common		Paid-In		Treasury		Comprehensive		Retained		Controlling		Subject to
(in millions)	Stock		Capital		Stock		Loss		Earnings		Interests		Redemption
Balance, December 31, 2017	$	1	$	1,138	$	(494)	$	(1,013)	$	3,259	$	26	$	36
Net income attributable to Ingredion										140
Net income attributable to non-controlling interests												3
Dividends declared, common stock ($0.60/share)										(44)
Dividends declared, non-controlling interests												(3)
Share-based compensation, net of issuance				(6)		18								(9)
Other comprehensive income (loss)								41				(2)
Balance, March 31, 2018	$	1	$	1,132	$	(476)	$	(972)	$	3,355	$	24	$	27
Net income attributable to Ingredion										114
Net income attributable to non-controlling interests												2
Dividends declared, common stock ($0.60/share)										(44)
Dividends declared, non-controlling interests												(1)
Repurchases of common stock						(141)
Share-based compensation, net of issuance						2								4
Other comprehensive loss								(134)				(2)
Other				(4)						1		(1)
Balance, June 30, 2018	$	1	$	1,128	$	(615)	$	(1,106)	$	3,426	$	22	$	31

Schedule of basic and diluted earnings per common share


	Three Months Ended June 30, 2019					Three Months Ended June 30, 2018
(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	$	105	66.9	$	1.57	$	114	71.9	$	1.59

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.5					0.9
Diluted EPS	$	105	67.4	$	1.56	$	114	72.8	$	1.57


	Six Months Ended June 30, 2019					Six Months Ended June 30, 2018
(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	$	205	66.9	$	3.06	$	254	72.1	$	3.52

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.5					1.1
Diluted EPS	$	205	67.4	$	3.04	$	254	73.2	$	3.47

Segment Information (Tables)

6 Months Ended

Jun. 30, 2019

Segment Information

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2019		2018		2019		2018
Net sales to unaffiliated customers:
North America:
Net sales before shipping and handling costs	$	977	$	1,002	$	1,928	$	1,961
Less: shipping and handling costs		92		86		183		171
Net sales	$	885	$	916	$	1,745	$	1,790

South America:
Net sales before shipping and handling costs	$	226	$	243	$	454	$	505
Less: shipping and handling costs		11		11		21		24
Net sales	$	215	$	232	$	433	$	481

Asia-Pacific:
Net sales before shipping and handling costs	$	203	$	209	$	406	$	412
Less: shipping and handling costs		8		8		17		17
Net sales	$	195	$	201	$	389	$	395

EMEA:
Net sales before shipping and handling costs	$	144	$	154	$	298	$	311
Less: shipping and handling costs		5		7		11		12
Net sales	$	139	$	147	$	287	$	299


		Three Months Ended			Six Months Ended
		June 30,			June 30,
(in millions)	2019		2018		2019		2018
Operating income:
North America	$	139	$	150	$	264	$	293
South America		16		20		34		46
Asia-Pacific		23		27		43		50
EMEA		23		29		47		60
Corporate		(23)		(25)		(44)		(48)
Subtotal		178		201		344		401
Restructuring/impairment charges		(9)		(8)		(13)		(11)
Acquisition/integration costs		(1)		—		(2)		—
Total operating income	$	168	$	193	$	329	$	390


	As of		As of
(in millions)	June 30, 2019		December 31, 2018
Total assets:
North America (a)	$	3,939	$	3,737
South America		723		711
Asia-Pacific		844		792
EMEA		492		488
Total	$	5,998	$	5,728

(a)

For purposes of presentation, North America includes Corporate assets.

Summary of Significant Accounting Standards and Policies - ASU 2016-02 (Details) - USD ($) $ in Millions	Jan. 01, 2019	Jun. 30, 2019
Recently Adopted Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Lease, Practical expedients, Package	true
Lease, Practical expedients, Use of hindsight	false
Operating lease liabilities		$ 152
Operating lease assets		$ 143
ASU 2016-02, Leases
Recently Adopted Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected	Modified Retrospective
ASU 2016-02, Leases \| Adjustment
Recently Adopted Accounting Standards
Operating lease liabilities	$ 170
Operating lease assets	$ 161

Acquisitions - (Details) - USD ($) $ in Millions		6 Months Ended
Acquisitions - (Details) - USD ($) $ in Millions	Mar. 01, 2019	Jun. 30, 2019	Dec. 31, 2018
Acquisitions
Payment for acquisition, net of cash acquired		$ 42
Cash acquired from acquisition		4
Goodwill		801	$ 791
Western Polymer
Acquisitions
Payment for acquisition, net of cash acquired		42
Cash acquired from acquisition	$ 4
Goodwill		13
Tangible assets, net		29
Pre-tax acquisition costs		$ 2

Revenue Recognition (Details) $ in Millions	3 Months Ended		6 Months Ended
Revenue Recognition (Details) $ in Millions	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) segment	Jun. 30, 2018 USD ($)
Disaggregation of revenue
Revenue, practical expedient, incremental cost of obtaining contract			true
Number of reportable business segments \| segment			4
Net sales before shipping and handling costs	$ 1,550	$ 1,608	$ 3,086	$ 3,189
Less: Shipping and handling costs	116	112	232	224
Net sales	1,434	1,496	2,854	2,965
North America
Disaggregation of revenue
Net sales before shipping and handling costs	977	1,002	1,928	1,961
Less: Shipping and handling costs	92	86	183	171
Net sales	885	916	1,745	1,790
South America
Disaggregation of revenue
Net sales before shipping and handling costs	226	243	454	505
Less: Shipping and handling costs	11	11	21	24
Net sales	215	232	433	481
Asia-Pacific
Disaggregation of revenue
Net sales before shipping and handling costs	203	209	406	412
Less: Shipping and handling costs	8	8	17	17
Net sales	195	201	389	395
EMEA
Disaggregation of revenue
Net sales before shipping and handling costs	144	154	298	311
Less: Shipping and handling costs	5	7	11	12
Net sales	$ 139	$ 147	$ 287	$ 299

Restructuring and Impairment Charges - Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2019	Jun. 30, 2019	Jun. 30, 2018
Restructuring and impairment charges
Restructuring charges	$ 9	$ 8		$ 13	$ 11
Cost Smart Cost of Sales Program
Restructuring and impairment charges
Restructuring charges	3			4
Cost Smart Cost of Sales Program \| Cessation of wet-milling
Restructuring and impairment charges
Restructuring charges	1			2
Cost Smart Cost of Sales Program \| Cessation of wet-milling \| Forecast
Restructuring and impairment charges
Restructuring charges			$ 0
Cost Smart SG&A Program \| Employee-related severance costs
Restructuring and impairment charges
Restructuring charges		6			6
Cost Smart SG&A Program \| Employee-related severance and other costs
Restructuring and impairment charges
Restructuring charges	6			9
Cost Smart SG&A Program, Latin American Finance Transformation Initiative \| Other restructuring costs
Restructuring and impairment charges
Restructuring charges	$ 1	$ 2		$ 2	4
Cost Smart SG&A Program, Latin American Finance Transformation Initiative \| Other restructuring costs \| Forecast
Restructuring and impairment charges
Restructuring charges			$ 1
Brazil leaf extraction Process restructuring
Restructuring and impairment charges
Restructuring charges					$ 1

Restructuring and Impairment Charges - Employee-related severance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Restructuring accrual
Balance in severance accrual at beginning of period			$ 10
Restructuring charges	$ 9	$ 8	13	$ 11
Payments made to terminated employees			(9)
Balance in severance accrual at end of period	6		6
Employee-related severance costs
Restructuring accrual
Restructuring reserve, Expected to be paid in next 12 months	$ 5		5
Cost Smart Cost of Sales and SG&A Program
Restructuring accrual
Restructuring charges			$ 5

Financial Instruments, Derivatives and Hedging Activities - Commodity price hedging (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	$ (1,152)	$ (1,154)
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	$ 1	(2)
Tax effect on gain (loss) of derivative instruments	$ (1)	$ 2

Financial Instruments, Derivatives and Hedging Activities - Interest rate hedging (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	$ (1,152)	$ (1,154)
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	(1)	(2)
Tax effect on gain (loss) of derivative instruments		1
Fair Value Hedging \| Interest Rate Swap
Financial instruments, derivatives and hedging activities
Increase (decrease) in fair value of instrument	2	$ (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 U.S. LIBOR

Financial Instruments, Derivatives and Hedging Activities - Foreign currency hedging (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	$ (1,152)	$ (1,154)
Foreign Currency Forward Contracts \| Short \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	612	621
Foreign Currency Forward Contracts \| Long \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	190	165
Cash Flow Hedging \| Foreign Currency Forward Contracts
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	2
Tax effect on gain (loss) of derivative instruments	(1)
Cash Flow Hedging \| Foreign Currency Forward Contracts \| Short
Financial instruments, derivatives and hedging activities
Derivative notional amount	220	345
Cash Flow Hedging \| Foreign Currency Forward Contracts \| Long
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 366	$ 275

Financial Instruments, Derivatives and Hedging Activities - Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets	$ 18	$ 7
Fair value of derivative instruments, Liabilities	19	10
Fair value of derivative instruments, Net Assets/(Liabilities)	(1)	(3)
Designated as Hedging Instrument \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	15	6
Designated as Hedging Instrument \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	3	1
Designated as Hedging Instrument \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	14	6
Designated as Hedging Instrument \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	5	4
Designated as Hedging Instrument \| Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	10	6
Fair value of derivative instruments, Liabilities	17	9
Fair value of derivative instruments, Net Assets/(Liabilities)	(7)	(3)
Designated as Hedging Instrument \| Commodity Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	10	5
Designated as Hedging Instrument \| Commodity Contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets		1
Designated as Hedging Instrument \| Commodity Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	13	6
Designated as Hedging Instrument \| Commodity Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	4	3
Designated as Hedging Instrument \| Foreign Currency Forward Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	6	1
Fair value of derivative instruments, Liabilities	2
Fair value of derivative instruments, Net Assets/(Liabilities)	4	1
Designated as Hedging Instrument \| Foreign Currency Forward Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	5	1
Designated as Hedging Instrument \| Foreign Currency Forward Contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	1
Designated as Hedging Instrument \| Foreign Currency Forward Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	1
Designated as Hedging Instrument \| Foreign Currency Forward Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	1
Designated as Hedging Instrument \| Interest Rate Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	2
Fair value of derivative instruments, Liabilities		1
Fair value of derivative instruments, Net Assets/(Liabilities)	2	(1)
Designated as Hedging Instrument \| Interest Rate Contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	2
Designated as Hedging Instrument \| Interest Rate Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities		1
Not Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets	5	17
Fair value of derivative instruments, Liabilities	10	16
Fair value of derivative instruments, Net Assets/(Liabilities)	(5)	1
Not Designated as Hedging Instrument \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	4	16
Not Designated as Hedging Instrument \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	1	1
Not Designated as Hedging Instrument \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	6	12
Not Designated as Hedging Instrument \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	4	4
Not Designated as Hedging Instrument \| Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	2
Fair value of derivative instruments, Liabilities	1	3
Fair value of derivative instruments, Net Assets/(Liabilities)	1	(3)
Not Designated as Hedging Instrument \| Commodity Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	2
Not Designated as Hedging Instrument \| Commodity Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	1	3
Not Designated as Hedging Instrument \| Foreign Currency Forward Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	3	17
Fair value of derivative instruments, Liabilities	9	13
Fair value of derivative instruments, Net Assets/(Liabilities)	(6)	4
Not Designated as Hedging Instrument \| Foreign Currency Forward Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	2	16
Not Designated as Hedging Instrument \| Foreign Currency Forward Contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	1	1
Not Designated as Hedging Instrument \| Foreign Currency Forward Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	5	9
Not Designated as Hedging Instrument \| Foreign Currency Forward Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	$ 4	$ 4

Financial Instruments, Derivatives and Hedging Activities - Outstanding contracts (Details) lb in Millions, gal in Millions, bu in Millions, MMBTU in Millions	Jun. 30, 2019 MMBTU lb bu gal
Corn Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn and gallons for ethanol) \| bu	57
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	32
Ethanol Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn and gallons for ethanol) \| gal	10

Financial Instruments, Derivatives and Hedging Activities - Additional information - FV hedges (Details) - Fair Value Hedging - Long-term debt - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Additional information pertaining to fair value hedges
Carrying Amount of the Hedged Liabilities	$ (202)	$ (199)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets	$ (2)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Liabilities		$ 1

Financial Instruments, Derivatives and Hedging Activities - Additional information - CF hedges (Details) - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Gains or losses on hedging relationships
Amount of Gains (Losses) Recognized in OCI	$ 13	$ (21)	$ 1	$ 1
Gain (loss) reclassified from accumulated OCI into earnings	(4)	1	(6)	(3)
Commodity Contracts
Gains or losses on hedging relationships
Amount of Gains (Losses) Recognized in OCI	10	(17)		3
Commodity Contracts \| Cost of sales
Gains or losses on hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings	(5)	2	(3)	(3)
Foreign Currency Contracts
Gains or losses on hedging relationships
Amount of Gains (Losses) Recognized in OCI	3	(4)	1	(2)
Foreign Currency Contracts \| Cost of sales
Gains or losses on hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings	1		1
Foreign Currency Contracts \| Net sales/Cost of sales
Gains or losses on hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings	$ 1		(2)	1
Interest Rate Contracts \| Financing costs, net
Gains or losses on hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings		$ (1)	$ (1)	$ (1)

Financial Instruments, Derivatives and Hedging Activities - Location of Gain or (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Gains or losses on hedging relationships
Income before income taxes	$ 152	$ 169	$ 291	$ 351
Net sales before shipping and handling costs
Gains or losses on hedging relationships
Income before income taxes	1,550	1,608	3,086	3,189
Cost of sales
Gains or losses on hedging relationships
Income before income taxes	(1,105)	(1,136)	(2,209)	(2,251)
Financing costs, net
Gains or losses on hedging relationships
Income before income taxes	(16)	(25)	(38)	(41)
Fair Value Hedging \| Interest Rate Contracts \| Financing costs, net
Gains or losses on hedging relationships
Hedged item	(3)	5	(3)	3
Derivatives designated as hedging instruments	3	(5)	3	(3)
Cash Flow Hedging
Gains or losses on hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings	(4)	1	(6)	(3)
Cash Flow Hedging \| Commodity Contracts \| Cost of sales
Gains or losses on hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings	(5)	2	(3)	(3)
Cash Flow Hedging \| Foreign Currency Contracts \| Net sales before shipping and handling costs
Gains or losses on hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings			(3)	1
Cash Flow Hedging \| Foreign Currency Contracts \| Cost of sales
Gains or losses on hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings	$ 1		1
Cash Flow Hedging \| Interest Rate Contracts \| Financing costs, net
Gains or losses on hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings		$ (1)	$ (1)	$ (1)

Financial Instruments, Derivatives and Hedging Activities - AOCI (Details) $ in Millions	Jun. 30, 2019 USD ($)
Foreign Currency Contracts
Gains or losses on hedging relationships
Gains expected to be reclassified into earnings during the next twelve months on settled foreign currency hedges, net of tax	$ 3
Treasury Lock
Gains or losses on hedging relationships
Loss expected to be reclassified into earnings during the next twelve months on settled T-Locks, net of tax	(1)
Foreign Currency Forward Contracts
Gains or losses on hedging relationships
Gains expected to be reclassified during the next twelve months on settled foreign currency hedges, income tax effect	(1)
Cash Flow Hedging \| Commodity Contracts
Gains or losses on hedging relationships
Gain expected to be reclassified into earnings during the next twelve months on settled commodity hedging contracts, net of tax	$ 2

Financial Instruments, Derivatives and Hedging Activities - FV (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Carrying value
Fair value of assets and liabilities
Long-term debt	$ 1.9
Fair value
Fair value of assets and liabilities
Long-term debt	2.0
Fair Value, Measurements, Recurring
Fair value of assets and liabilities
Available for sale securities	12.0	$ 11.0
Derivative assets	23.0	24.0
Derivative liabilities	29.0	26.0
Long-term debt	1,959.0	1,954.0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Fair value of assets and liabilities
Available for sale securities	12.0	11.0
Derivative assets	12.0	4.0
Derivative liabilities	6.0	6.0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Fair value of assets and liabilities
Derivative assets	11.0	20.0
Derivative liabilities	23.0	20.0
Long-term debt	$ 1,959.0	$ 1,954.0

Debt (Details) - USD ($) $ in Millions	Jun. 30, 2019	Apr. 12, 2019	Apr. 11, 2019	Dec. 31, 2018
Debt
Fair value adjustment related to hedged fixed rate debt instruments	$ 2			$ (1)
Total long-term debt	1,946			1,931
Short-term borrowings	107			169
Total debt	$ 2,053			$ 2,100
3.2% senior notes due October 1, 2026
Debt
Debt, interest rate (as a percent)	3.20%			3.20%
Long-term debt excluding fair value adjustments	$ 497			$ 496
4.625% senior notes due November 1, 2020
Debt
Debt, interest rate (as a percent)	4.625%			4.625%
Long-term debt excluding fair value adjustments	$ 399			$ 399
6.625% senior notes due April 15, 2037
Debt
Debt, interest rate (as a percent)	6.625%			6.625%
Long-term debt excluding fair value adjustments	$ 254			$ 254
5.62% senior notes due March 25, 2020
Debt
Debt, interest rate (as a percent)	5.62%			5.62%
Long-term debt excluding fair value adjustments	$ 200			$ 200
Term loan credit agreement due April 12, 2021
Debt
Long-term debt excluding fair value adjustments	500			165
Total long-term debt			$ 165
Debt term		24 months
Maximum borrowing capacity		$ 500
Revolving credit facility
Debt
Long-term debt excluding fair value adjustments	$ 94			$ 418

Leases - Lease costs (Details) $ in Millions	3 Months Ended	6 Months Ended
Leases - Lease costs (Details) $ in Millions	Jun. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)
Leases
Finance lease liability	$ 0	$ 0
Lease Cost
Operating lease cost	14	27
Variable operating lease cost	6	12
Short term lease cost	1	1
Lease cost	$ 21	$ 40

Leases - Operating lease reconciliation (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019
Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets
2019 (Excluding the six months ended June 30, 2019)	$ 26
2020	42
2021	32
2022	24
2023	18
Thereafter	35
Total future lease payments	177
Less imputed interest	25
Present value of future lease payments	152
Less current lease liabilities	41
Non-current operating lease liabilities	111
Operating lease assets	$ 143
ASU 2016-02, Leases \| Adjustment
Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets
Present value of future lease payments		$ 170
Operating lease assets		$ 161

Leases - Other Information (Details) $ in Millions	3 Months Ended	6 Months Ended
Leases - Other Information (Details) $ in Millions	Jun. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)
Other information
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 14	$ 29
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 6	$ 167
Weighted average remaining lease term (years): Operating leases	5 years 4 months 24 days	5 years 4 months 24 days
Weighted average discount rate: Operating leases	5.90%	5.90%

Leases - Maturity of Lease Liabilities (Details) $ in Millions	Dec. 31, 2018 USD ($)
Minimum lease payments for operating leases
2019	$ 53
2020	44
2021	40
2022	27
2023	22
Thereafter	27
Total future lease payments	$ 213

Net Periodic Pension and Postretirement Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Pension Plan
Anticipated cash contributions
Anticipated cash contributions in current year	$ 4		$ 4
Pension Plan \| US
Components of Net Periodic Benefit Costs
Service cost	1	$ 2	2	$ 3
Interest cost	3	3	7	6
Expected return on plan assets	(4)	(5)	(9)	(10)
Net periodic benefit cost				(1)
Anticipated cash contributions
Anticipated cash contributions in current year	1		1
Employer contributions
Cash contributions made in period			1
Pension Plan \| Non-US
Components of Net Periodic Benefit Costs
Service cost	1	1	2	2
Interest cost	2	2	5	5
Expected return on plan assets	(2)	(3)	(4)	(5)
Amortization of actuarial loss	1	1	1	1
Net periodic benefit cost	2	1	4	3
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
Interest cost		1	1	2
Amortization of prior service credit			$ (1)	(1)
Net periodic benefit cost		$ 1		$ 1

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Inventories
Finished and in process	$ 520	$ 522
Raw materials	289	250
Manufacturing supplies and other	56	52
Total inventories	$ 865	$ 824

Equity - Treasury stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions			3 Months Ended				6 Months Ended
	Feb. 06, 2019	Nov. 05, 2018	Mar. 31, 2019	Feb. 06, 2019	Feb. 05, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Oct. 22, 2018	Dec. 12, 2014
Additional Paid-in Capital
Treasury stock:
Repurchases of common stock, net			$ 32				$ 32
Treasury Stock
Treasury stock:
Repurchases of common stock, net			$ 31			$ (141)	$ 31	$ (141)
ASR agreement
Treasury stock:
Payment made for repurchase of shares		$ 455
Purchase/acquisition of treasury stock (in shares)		4.0			4.0
Repurchases of common stock, net		$ (423)		$ (392)
VWAP (in dollars per share)					$ 98.04
Amount of cash returned from upfront payment in repurchase of stock	$ 63
2018 Stock Repurchase Program
Treasury stock:
Shares authorized to be repurchased (in shares)									8.0
2014 Stock Repurchase Program
Treasury stock:
Shares authorized to be repurchased (in shares)										5.0

Equity - Share-based payments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based compensation expense
Pre-tax compensation expense	$ 6	$ 6	$ 10	$ 11
Income tax benefit	(1)	(1)	(1)	(2)
Total share-based compensation expense, net of income taxes	5	5	9	9
Stock options
Share-based compensation expense
Pre-tax compensation expense	1	2	2	3
Income tax benefit		(1)		(1)
Total share-based compensation expense, net of income taxes	1	1	2	2
Restricted stock units (RSUs)
Share-based compensation expense
Pre-tax compensation expense	3	3	5	6
Income tax benefit	(1)		(1)	(1)
Total share-based compensation expense, net of income taxes	2	3	4	5
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	2	1	3	2
Total share-based compensation expense, net of income taxes	$ 2	$ 1	$ 3	$ 2

Equity - Stock options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Stock options, Number of Options
Outstanding at the beginning of the period (in shares)			2,079
Granted (in shares)			247	215
Exercised (in shares)			(97)
Cancelled (in shares)			(35)
Outstanding at the end of the period (in shares)	2,194		2,194		2,079
Exercisable at the end of the period (in shares)	1,741		1,741
Stock options, Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)			$ 80.25
Granted (in dollars per share)			91.85
Exercised (in dollars per share)			34.30
Cancelled (in dollars per share)			120.40
Outstanding at the end of the period (in dollars per share)	$ 83.00		83.00		$ 80.25
Exercisable at the end of the period (in dollars per share)	$ 76.34		$ 76.34
Additional information pertaining to stock options
Average Remaining Contractual Term, Outstanding			5 years 8 months 4 days		5 years 6 months 3 days
Average Remaining Contractual Term, Exercisable			4 years 9 months 25 days
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 25		$ 25		$ 42
Aggregate Intrinsic Value, Exercisable (in dollars)	25		25
Cash received from exercise of stock options			$ 3
Weighted average grant date fair value of stock options granted (per share)			$ 14.02	$ 24.01
Total intrinsic value of stock options exercised	2	$ 3	$ 6	$ 11
Stock options
Share-based compensation
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%	2.50%
Expected volatility (as a percent)			19.70%	19.80%
Expected dividend yield (as a percent)			2.70%	1.80%
Additional information pertaining to stock options
Unrecognized compensation cost	$ 4		$ 4
Weighted-average period for amortization of unrecognized compensation cost			1 year 7 months 6 days

Equity - Restricted stock units (Details) - Restricted stock units (RSUs) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($) $ / shares shares
Share-based compensation
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	344
Granted (in shares) \| shares	164
Vested (in shares) \| shares	(131)
Cancelled (in shares) \| shares	(26)
Non-vested at the end of the period (in shares) \| shares	351
Weighted-average fair value per share
Non-vested at the beginning of the period (in dollars per share) \| $ / shares	$ 115.06
Granted (in dollars per share) \| $ / shares	92.07
Vested (in dollars per share) \| $ / shares	100.22
Cancelled (in dollars per share) \| $ / shares	118.11
Non-vested at the end of the period (in dollars per share) \| $ / shares	$ 109.64
Other disclosures
Unrecognized compensation cost \| $	$ 20
Weighted-average period for amortization of unrecognized compensation cost	2 years

Equity - Performance shares (Details) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019 USD ($) item $ / shares shares	Dec. 31, 2018
Performance Shares
Share-based compensation
Number of tranches \| item	2
Vesting terms		3 years
Granted (in shares)	70
Weighted-average fair value per share, Granted (in dollars per share) \| $ / shares	$ 92.57
Unrecognized compensation cost \| $	$ 6.0
Remaining requisite service period (in years)	2 years 3 months 18 days
Cancelled (in shares)	3
Market-based performance shares
Share-based compensation
Percentage of share-based compensation award	50.00%
Performance shares calculation period (in years)	3 years
Vesting terms	3 years
Market-based performance shares \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)	0.00%
Market-based performance shares \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)	200.00%
Internal-based performance based
Share-based compensation
Percentage of share-based compensation award	50.00%
Performance shares calculation period (in years)	3 years
Vesting terms	3 years
Internal-based performance based \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)	0.00%
Internal-based performance based \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)	200.00%
Performance Shares Award Granted in 2016
Share-based compensation
Award pay out achieved (as a percent)	0.00%

Equity - AOCI (Details) - USD ($) $ in Millions	6 Months Ended
Equity - AOCI (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	$ 2,388
Balance at the end of the period	2,596
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,080)	$ (951)
Other comprehensive (loss) income before reclassification adjustments	(3)	(96)
Net other comprehensive income (loss)	(3)	(96)
Balance at the end of the period	(1,083)	(1,047)
(Loss) Gain on Hedging Activities, ASU 2017-12
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(5)
Other comprehensive (loss) income before reclassification adjustments	1
Amount reclassified from accumulated OCI	6
Tax (provision) benefit	(1)
Net other comprehensive income (loss)	6
Balance at the end of the period	1
(Loss) Gain on Hedging Activities
Accumulated Other Comprehensive Loss
Balance at the beginning of the period		(13)
Other comprehensive (loss) income before reclassification adjustments		1
Amount reclassified from accumulated OCI		3
Tax (provision) benefit		(1)
Net other comprehensive income (loss)		3
Balance at the end of the period		(10)
Pension and other postretirement plans
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(69)	(51)
Other comprehensive (loss) income before reclassification adjustments	(1)	(1)
Net other comprehensive income (loss)	(1)	(1)
Balance at the end of the period	(70)	(52)
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 income (loss)		1
Balance at the end of the period		3
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,154)	(1,013)
Other comprehensive (loss) income before reclassification adjustments	(3)	(95)
Amount reclassified from accumulated OCI	6	3
Tax (provision) benefit	(1)	(1)
Net other comprehensive income (loss)	2	(93)
Balance at the end of the period	$ (1,152)	$ (1,106)

Equity - Statements of Equity with dividends per share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Balance		$ 2,408			$ 2,408
Net income	$ 107		$ 116		209	$ 259
Balance	$ 2,612				2,612
Dividends declared, common stock (in dollars per share)	$ 0.625	$ 0.625	$ 0.60	$ 0.60
Common Stock
Balance	$ 1	$ 1	$ 1	$ 1	1	1
Balance	1	1	1	1	1	1
Additional Paid-in Capital
Balance	1,137	1,096	1,132	1,138	1,096	1,138
Repurchases of common stock, net		32			32
Share-based compensation, net of issuance	1	9		(6)	10	(6)
Other			(4)			(4)
Balance	1,138	1,137	1,128	1,132	1,138	1,128
Treasury Stock
Balance	(1,050)	(1,091)	(476)	(494)	(1,091)	(494)
Repurchases of common stock, net		31	(141)		31	(141)
Share-based compensation, net of issuance	3	10	2	18	13	20
Balance	(1,047)	(1,050)	(615)	(476)	(1,047)	(615)
Accumulated Other Comprehensive Loss
Balance	(1,160)	(1,154)	(972)	(1,013)	(1,154)	(1,013)
Other comprehensive income (loss)	8	(6)	(134)	41	2	(93)
Balance	(1,152)	(1,160)	(1,106)	(972)	(1,152)	(1,106)
Retained Earnings
Balance	3,594	3,536	3,355	3,259	3,536	3,259
Net income	105	100	114	140	205	254
Dividends declared, common stock	(43)	(42)	(44)	(44)	(85)	(88)
Other			1			1
Balance	3,656	3,594	3,426	3,355	3,656	3,426
Non-controlling Interests
Balance	22	20	24	26	20	26
Net income	2	2	2	3	4	5
Dividends declared, common stock	(4)		(1)	(3)	(4)	(4)
Other comprehensive income (loss)	(4)		(2)	(2)	(4)	(4)
Other			(1)			(1)
Balance	$ 16	$ 22	$ 22	$ 24	$ 16	$ 22

Equity - Statements of Redeemable Equity (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Payments Subject to Redemption
Beginning Balance	$ 21	$ 37	$ 27	$ 36	$ 37	$ 36
Share-based compensation, net of issuance	4	(16)	4	(9)	(12)	(5)
Ending Balance	$ 25	$ 21	$ 31	$ 27	$ 25	$ 31

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Basic EPS:
Net Income Available to Ingredion - basic	$ 105	$ 114	$ 205	$ 254
Weighted average number of shares outstanding, basic	66.9	71.9	66.9	72.1
Basic earnings per common share of Ingredion (in dollars per share)	$ 1.57	$ 1.59	$ 3.06	$ 3.52
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards	0.5	0.9	0.5	1.1
Diluted EPS:
Net Income Available to Ingredion - diluted	$ 105	$ 114	$ 205	$ 254
Weighted Average Number of Shares Outstanding, Diluted, Total	67.4	72.8	67.4	73.2
Diluted earnings per common share of Ingredion (in dollars per share)	$ 1.56	$ 1.57	$ 3.04	$ 3.47
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	1.0	0.6	1.0	0.3

Segment Information - Net sales (Details) $ in Millions	3 Months Ended		6 Months Ended
Segment Information - Net sales (Details) $ in Millions	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) segment	Jun. 30, 2018 USD ($)
Segment information
Number of reportable business segments \| segment			4
Net sales before shipping and handling costs	$ 1,550	$ 1,608	$ 3,086	$ 3,189
Less: Shipping and handling costs	116	112	232	224
Net sales	1,434	1,496	2,854	2,965
Operating income Subtotal	178	201	344	401
Restructuring/impairment charges	(9)	(8)	(13)	(11)
Acquisition / integration costs	(1)		(2)
Operating income	168	193	329	390
North America
Segment information
Net sales before shipping and handling costs	977	1,002	1,928	1,961
Less: Shipping and handling costs	92	86	183	171
Net sales	885	916	1,745	1,790
South America
Segment information
Net sales before shipping and handling costs	226	243	454	505
Less: Shipping and handling costs	11	11	21	24
Net sales	215	232	433	481
Asia-Pacific
Segment information
Net sales before shipping and handling costs	203	209	406	412
Less: Shipping and handling costs	8	8	17	17
Net sales	195	201	389	395
EMEA
Segment information
Net sales before shipping and handling costs	144	154	298	311
Less: Shipping and handling costs	5	7	11	12
Net sales	139	147	287	299
Operating Segments \| North America
Segment information
Operating income Subtotal	139	150	264	293
Operating Segments \| South America
Segment information
Operating income Subtotal	16	20	34	46
Operating Segments \| Asia-Pacific
Segment information
Operating income Subtotal	23	27	43	50
Operating Segments \| EMEA
Segment information
Operating income Subtotal	23	29	47	60
Corporate, Non -Segment
Segment information
Operating income Subtotal	$ (23)	$ (25)	$ (44)	$ (48)

Segment Information - Restructuring charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment information
Restructuring charges	$ 9	$ 8	$ 13	$ 11
Cost Smart Cost of Sales Program
Segment information
Restructuring charges	3		4
Cost Smart SG&A Program \| Employee-related severance and other costs
Segment information
Restructuring charges	$ 6		$ 9

Segment Information - Assets (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Segment information
Total assets	$ 5,998	$ 5,728
North America
Segment information
Total assets	3,939	3,737
South America
Segment information
Total assets	723	711
Asia-Pacific
Segment information
Total assets	844	792
EMEA
Segment information
Total assets	$ 492	$ 488