0001558370-21-006479 | 10-Q | XBRL Viewer

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		66,975,448
Entity Central Index Key	0001046257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statements of (Loss) Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Consolidated Statements of (Loss) Income
Net sales	$ 1,614	$ 1,543
Cost of sales	1,263	1,220
Gross profit	351	323
Operating expenses	153	154
Other (income) expense, net	(2)	2
Restructuring/impairment charges	370	14
Operating (loss) income	(170)	153
Financing costs, net	19	18
Other, non-operating (income), net	(1)	(1)
(Loss) income before income taxes	(188)	136
Provision for income taxes	55	58
Net (loss) income	(243)	78
Less: Net income attributable to non-controlling interests	3	3
Net (loss) income attributable to Ingredion	$ (246)	$ 75
Weighted average common shares outstanding:
Basic (in shares)	67.3	67.1
Diluted (in shares)	67.3	67.8
Earnings per common share of Ingredion:
Basic (in dollars per share)	$ (3.66)	$ 1.12
Diluted (in dollars per share)	$ (3.66)	$ 1.11

Condensed Consolidated Statements of Comprehensive (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Consolidated Statements of Comprehensive (Loss)
Net (loss) income	$ (243)	$ 78
Other comprehensive income:
Gains (losses) on cash flow hedges, net of income tax effect of $7 and $12, respectively	22	(34)
(Gains) losses on cash flow hedges reclassified to earnings, net of income tax effect of $ - and $2, respectively	(1)	4
Currency translation adjustment	(52)	(134)
Comprehensive (loss)	(274)	(86)
Less: Comprehensive income attributable to non-controlling interests	5
Comprehensive (loss) attributable to Ingredion	$ (279)	$ (86)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- 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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Condensed Consolidated Statements of Comprehensive (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Consolidated Statements of Comprehensive (Loss)
Gains (losses) on cash flow hedges, income tax effect	$ (7)	$ 12
(Gains) losses on cash flow hedges reclassified to earnings, income tax benefit		$ (2)

Condensed Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 576	$ 665
Short-term investments	1
Accounts receivable, net	1,025	1,011
Inventories	950	917
Prepaid expenses	58	54
Total current assets	2,610	2,647
Property, plant and equipment, net of accumulated depreciation of $3,165 and $3,175, respectively	2,355	2,455
Goodwill	899	902
Other intangible assets, net of accumulated amortization of $235 and $229, respectively	437	444
Operating lease assets	182	173
Deferred income tax assets	24	23
Other assets	296	214
Total assets	6,803	6,858
Current liabilities:
Short-term borrowings	448	438
Accounts payable and accrued liabilities	932	1,020
Total current liabilities	1,380	1,458
Non-current liabilities	219	227
Long-term debt	1,749	1,748
Non-current operating lease liabilities	145	136
Deferred income tax liabilities	219	217
Liabilities held for sale	337
Total liabilities	4,049	3,786
Share-based payments subject to redemption	21	30
Redeemable non-controlling interests	70	70
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 March 31, 2021 and December 31, 2020, respectively	1	1
Additional paid-in capital	1,155	1,150
Less: Treasury stock (common stock: 10,737,015 and 10,795,346 shares at March 31, 2021 and December 31, 2020, respectively) at cost	(1,022)	(1,024)
Accumulated other comprehensive loss	(1,164)	(1,133)
Retained earnings	3,667	3,957
Total Ingredion stockholders' equity	2,637	2,951
Non-redeemable non-controlling interests	26	21
Total equity	2,663	2,972
Total liabilities and equity	$ 6,803	$ 6,858

Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets
Property, plant and equipment, Accumulated depreciation	$ 3,165	$ 3,175
Other intangible assets - accumulated amortization (in dollars)	$ 235	$ 229
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)	10,737,015	10,795,346

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings	Non-Redeemable Non-Controlling Interests	Total
Balance at beginning of period at Dec. 31, 2019	$ 1	$ 1,137	$ (1,040)	$ (1,158)	$ 3,780	$ 21
Increase (Decrease) in Stockholders' Equity
Net income (loss)					75	3
Dividends declared					(42)
Share-based compensation, net of issuance		5	12
Other comprehensive income (loss)				(164)		(3)
Balance at end of period at Mar. 31, 2020	1	1,142	(1,028)	(1,322)	3,813	21
Balance at beginning of period at Dec. 31, 2020	1	1,150	(1,024)	(1,133)	3,957	21	$ 2,972
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(246)	4
Dividends declared					(44)
Repurchases of common stock, net			(14)				(14)
Share-based compensation, net of issuance		5	16
Other comprehensive income (loss)				(31)		1
Balance at end of period at Mar. 31, 2021	$ 1	$ 1,155	$ (1,022)	$ (1,164)	$ 3,667	$ 26	$ 2,663

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Condensed Consolidated Statement of Redeemable Equity $ in Millions	USD ($)
Share-based Payments Subject to Redemption, Beginning Balance at Dec. 31, 2019	$ 31
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(8)
Share-based Payments Subject to Redemption, Ending Balance at Mar. 31, 2020	23
Share-based Payments Subject to Redemption, Beginning Balance at Dec. 31, 2020	30
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(9)
Share-based Payments Subject to Redemption, Ending Balance at Mar. 31, 2021	21
Redeemable Non-Controlling Interests, Beginning Balance at Dec. 31, 2020	70
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	(1)
Other comprehensive (loss) income	1
Redeemable Non-Controlling Interests, Ending Balance at Mar. 31, 2021	$ 70

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash provided by operating activities
Net (loss) income	$ (243)	$ 78
Non-cash charges to net (loss) income:
Depreciation and amortization	52	54
Mechanical stores expense	14	13
Deferred income taxes	(4)
Assets held for sale impairment	360
Other	7	13
Changes in working capital:
Accounts receivable and prepaid expenses	(56)	(69)
Inventories	(69)	(33)
Accounts payable and accrued liabilities	(5)	17
Margin accounts	(16)	(20)
Other	(18)	12
Cash provided by operating activities	22	65
Cash used for investing activities
Capital expenditures and mechanical stores purchases, net of proceeds on disposals	(63)	(98)
Short-term investments	(1)	2
Cash used for investing activities	(64)	(96)
Cash (used for) provided by financing activities
Proceeds from borrowings	46	405
Payments on debt	(36)	(303)
Repurchases of common stock, net	(14)
Issuances of common stock for share-based compensation, net of settlements	7	2
Dividends paid, including to non-controlling interests	(43)	(42)
Cash (used for) provided by financing activities	(40)	62
Effects of foreign exchange rate changes on cash	(7)	(17)
(Decrease) increase in cash and cash equivalents	(89)	14
Cash and cash equivalents, beginning of period	665	264
Cash and cash equivalents, end of period	$ 576	$ 278

Interim Financial Statements

3 Months Ended

Mar. 31, 2021

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, 2020.

The unaudited Condensed Consolidated Financial Statements as of March 31, 2021 and for the three months ended March 31, 2021, and 2020, included herein were prepared by management on the same basis as the Company’s audited Consolidated Financial Statements for the year ended December 31, 2020, 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 the Condensed Consolidated Statements of (Loss) Income, Condensed Consolidated Statements of Comprehensive (Loss) Income, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Equity and Redeemable Equity, and Condensed Consolidated Statements of Cash Flows. The results for the interim period are not necessarily indicative of the results expected for the full year or any other future period.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Summary of Significant Accounting 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 and policies, see 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, 2020. There have been no material changes to the Company’s significant accounting standards and policies for the three months ended March 31, 2021.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Acquisitions

3 Months Ended

Mar. 31, 2021

Acquisitions

Acquisitions

3. Acquisitions

On July 1, 2020, the Company completed its acquisition of a controlling interest in PureCircle Limited (“PureCircle”). PureCircle is one of the leading producers and innovators of plant-based stevia sweeteners for the global food and beverage industries. To complete the closing, the Company made a total cash payment of $208 million, net of $14 million of cash acquired, which it funded from cash on hand. After the closing, the Company owns 75% of PureCircle, with the remaining 25% owned by former PureCircle shareholders. PureCircle is consolidated by Ingredion for financial reporting purposes, with a corresponding redeemable non-controlling interest of $74 million recorded for the portion not owned by the Company at the time of acquisition. The results of PureCircle are reported on a one-month lag within the Company’s Condensed Consolidated Financial Statements during the integration process of the companies. The results of the acquired operations are included in the Company’s consolidated results from the acquisition date within the Asia-Pacific reportable segment. Pro-forma results of operations for the acquisition 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 has completed its allocation of the purchase price to the assets acquired and liabilities assumed, except for goodwill, contingent liabilities, and taxes, which are preliminarily recorded based on available information and incorporating management’s best estimates. Contingent liabilities and taxes remain preliminary pending receipt of certain information required to finalize the determination of fair value. 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 were expensed as incurred.

Goodwill represents the amount by which the purchase price exceeds the estimated fair value of the net assets acquired. The goodwill results from synergies and other operational benefits expected to be derived from the acquisition. The goodwill related to PureCircle is not tax-deductible due to the structure of the acquisition.

The following table summarizes the preliminary purchase price allocations for the PureCircle acquisition as of March 31, 2021:



(in millions)		PureCircle
Working capital (excluding cash)	$	60
Property, plant and equipment		91
Other, net		(22)
Identifiable intangible assets		68
Goodwill		85
Total fair value, net of cash		282
Less: Non-redeemable non-controlling interests		74
Total purchase price, net of cash	$	208

The identifiable intangible assets for the acquisition of a controlling interest in PureCircle include customer relationships, tradenames, and proprietary technology. The fair values of these intangible assets were determined to be Level 3 under the fair value hierarchy. Level 3 inputs are unobservable inputs for an asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for fair value estimates to be made in situations in which there is little, if any, market activity for an asset or liability at the measurement date. For more information on the fair value hierarchy, see Note 6 of the Notes to the Condensed Consolidated Financial Statements.

During the 12 months ended December 31, 2018, the Company entered into an equity method investment with Verdient Foods, Inc. (“Verdient”) by acquiring 20% of its outstanding shares. Verdient is a Canada-based producer of pulse-based protein concentrates and flours from peas, lentils, and fava beans for human food applications. On November 3, 2020, the Company acquired the remaining 80% of the outstanding shares, as well as the leased land and buildings not owned by Verdient. To complete the closing, the Company made a total cash payment of CAD $33 million (USD $26 million), which it funded from cash on hand. The results of the acquired operation are included in the Company’s consolidated results from the acquisition date 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 acquisition of Verdient added $14 million of goodwill and $15 million of tangible assets as of the acquisition date. Pro-forma results of operations for the acquisition 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 $1 million of pre-tax acquisition and integration costs for the three months ended March 31, 2021, associated with the PureCircle acquisition. The Company incurred an insignificant amount of pre-tax acquisition and integration costs for the three months ended March 31, 2020.

Revenue Recognition

3 Months Ended

Mar. 31, 2021

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 identifies 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 were not significant as of March 31, 2021 or December 31, 2020. 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 recorded in Cost of 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, such costs 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 March 31, 2021 or December 31, 2020.


	Three Months Ended
	March 31,
(in millions)	2021		2020
Net sales to unaffiliated customers:
North America	$	945	$	963
South America		273		237
Asia-Pacific		235		189
EMEA		161		154
Total net sales	$	1,614	$	1,543

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Restructuring and Impairment Charges

3 Months Ended

Mar. 31, 2021

Restructuring and Impairment Charges

Restructuring and Impairment Charges

5. Restructuring and Impairment Charges

For the three months ended March 31, 2021, the Company recorded $370 million of pre-tax impairment and restructuring charges. These charges included impairment charges of $360 million related to held for sale treatment of net assets expected to be contributed to an unconsolidated joint venture in the third quarter of 2021, as described below, and pre-tax restructuring charges of $10 million primarily related to the Company’s Cost Smart program.

For the three months ended March 31, 2020, the Company recorded $14 million of pre-tax restructuring and impairment charges. These charges included $9 million of pre-tax restructuring and impairment charges for the Company’s Cost Smart Cost of sales program, and $5 million of pre-tax restructuring and impairment charges for the Company’s Cost Smart selling, general, and administrative expense (“SG&A”) program.

Impairment Charges

On February 12, 2021, the Company signed an agreement with an affiliate of Grupo Arcor, an Argentine food company, to establish a joint venture to combine manufacturing operations in Argentina in order to sell value-added ingredients to customers in Argentina, Chile and Uruguay. The joint venture will be 51% owned by Grupo Arcor and 49% owned by Ingredion. The joint venture will operate five manufacturing facilities that produce value-added ingredients including glucose syrups, maltose, fructose, starch, and maltodextrins, among others, that are marketed to the food, beverage, pharmaceutical and other industries. The joint venture will be managed by a jointly-appointed team of executives. Subject to the satisfaction of regulatory approvals and other closing conditions, the joint venture transaction is expected to close in the third quarter of 2021.

In connection with its entry into the joint venture agreement, the Company has classified the assets and liabilities to be transferred to the joint venture as held for sale in its Condensed Consolidated Financial Statements during the three months ended March 31, 2021. Accordingly, the Company recorded those assets and liabilities at fair value, less estimated transaction costs, resulting in an impairment charge of $360 million, of which $311 million was related to the required valuation allowance of the cumulative translation losses associated with the contributed net assets and $49 million was related to the write-down of the contributed net assets to the agreed upon fair value. The non-cash impairment charge is subject to finalization based on ending balances and foreign exchange impacts until the transaction closes. The Company recorded the impairment within Restructuring/impairment charges in the Condensed Consolidated Statements of (Loss) Income for the three months ended March 31, 2021. The held for sale assets and liabilities were classified within the Company’s South America reportable business segment.

The following table presents the major classes of assets and liabilities classified as held for sale for the joint venture agreement. Assets classified as held for sale are included in Other assets and liabilities held for sale are included in Liabilities held for sale on the Condensed Consolidated Balance Sheets as of March 31, 2021.



(in millions)	March 31, 2021
Cash and cash equivalents	$	2
Accounts receivable, net		36
Inventories		26
Prepaid expenses		1
Property, plant and equipment, net		57
Other assets		1
Impairment provision to record at fair value, less cost to sell		(49)
Assets held for sale	$	74

Accounts payable	$	22
Accrued liabilities		4
Impairment provision related to cumulative translation losses		311
Liabilities held for sale	$	337

During the year ended December 31, 2020, the Company identified property, plant and equipment assets within the Stockton, California and Lane Cove, Australia locations that met the held for sale criteria. The Company expects to sell these assets at a fair value equal to or greater than the carrying value and did not record a gain or loss associated with the reclassification of these assets to held for sale. The value of these assets as of March 31, 2021 is $8 million. The assets are reported within Other assets on the Condensed Consolidated Balance Sheets. A total of $82 million of assets held for sale, including the held for sale assets described above, were reported within Other assets as of March 31, 2021. During April 2021, the Company completed the sale of the property, plant and equipment held for sale at the Stockton, California location and sold the assets for more than the carrying value.

Restructuring Charges

For the three months ended March 31, 2021, the Company recorded a total of $10 million of pre-tax restructuring charges. The Company recorded pre-tax restructuring charges of $5 million for its Cost Smart SG&A program. These costs consist primarily of other costs, including professional services costs.

The Company also recorded $3 million of pre-tax restructuring charges for its Cost Smart Cost of sales program for the three months ended March 31, 2021. These costs were primarily in the Company’s North America segment, of which $2 million related to the reorganization of North America’s supply chain.

For the three months ended March 31, 2021, the Company also recorded $2 million of pre-tax restructuring charges, consisting of $1 million of employee severance and $1 million of other costs, related to the planned joint venture transaction.

For the three months ended March 31, 2020, the Company recorded a total of $14 million of pre-tax restructuring and impairment charges. The Company recorded $9 million of pre-tax restructuring charges related to its Cost Smart Cost of sales program. The Company recorded $5 million of pre-tax restructuring charges in relation to the closure of the Lane Cove, Australia production facility, consisting of $3 million of asset write-offs, $1 million of accelerated depreciation, and $1 million of other costs. The Company also recorded an additional $4 million of pre-tax restructuring charges, primarily in North America, during the three months ended March 31, 2020. These costs included $3 million of accelerated depreciation and $1 million of professional services.

For the three months ended March 31, 2020, the Company also recorded pre-tax restructuring charges of $5 million for its Cost Smart SG&A program. These costs included $3 million of other costs, including professional services, and $2 million of severance. These charges were recorded primarily in the Company’s North America operations.

A summary of the Company’s employee-related severance accrual as of March 31, 2021 is as follows (in millions):


Balance in severance accrual as of December 31, 2020	$	12
Joint venture related		1
Payments made to terminated employees		(4)
Balance in severance accrual as of March 31, 2021	$	9

The entire $9 million severance accrual as of March 31, 2021 is expected to be paid in the next 12 months.

Financial Instruments, Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2021

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 controls on these activities. These transactions utilize exchange-traded derivatives or over-the-counter derivatives with investment grade counterparties. Derivative financial instruments used by the Company consist of commodity-related futures, options and swap contracts, foreign currency-related forward contracts, interest rate swaps, and treasury locks (“T-Locks”).

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. To manage price risk related to corn purchases primarily in North America, the Company uses corn futures and option contracts that trade on regulated commodity exchanges to lock-in corn costs associated with fixed-priced customer sales contracts. The Company also uses over-the-counter natural gas swaps in North America 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. The Company’s natural gas derivatives and the majority of its corn 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 loss (“OCL”) and included in the equity section of the Condensed Consolidated Balance Sheets as part of Accumulated other comprehensive loss (“AOCL”). 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 AOCL to earnings are reported as Cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.

As of March 31, 2021, the Company had outstanding futures and option contracts that hedged the forecasted purchase of approximately 81 million bushels of corn and outstanding swap and option contracts that hedged the forecasted purchase of approximately 33 million mmbtu’s of natural gas.

Foreign currency hedging: Due to the Company’s global operations, including operations in many emerging markets, the Company 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’s foreign-exchange risk management strategy 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, 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 Company hedges certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $487 million and $410 million as of March 31, 2021 and December 31, 2020, respectively. The Company also hedges certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $276 million and $224 million as of March 31, 2021 and December 31, 2020, respectively.

The Company hedges certain assets using foreign currency cash flow hedging instruments, which had a notional value of $256 million and $401 million as of March 31, 2021 and December 31, 2020, respectively. The Company also hedges certain liability positions using foreign currency cash flow hedging instruments, which had a notional value of $422 million and $542 million as of March 31, 2021 and December 31, 2020, respectively.

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’s risk management strategy is 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. Derivative financial instruments that have been used by the Company to manage its interest rate risk consist of interest rate swaps and T-Locks.

The Company periodically enters into interest rate swaps to hedge its exposure to interest rate changes. The changes in fair value of interest rate swaps designated as hedging instruments that effectively offset the variability in the fair value of outstanding debt obligations are reported in earnings. These amounts offset the gains or losses (the changes in fair value) of the hedged debt instruments that are attributable to changes in interest rates (the hedged risk), which are also recognized in earnings. As of March 31, 2021 and December 31, 2020, the Company did not have any outstanding interest rate swaps. During the year ended December 31, 2020, the Company had an outstanding interest rate swap agreement that converted the interest rates on $200 million of its $400 million 4.625% senior notes due November 1, 2020, to variable rates. The Company redeemed these notes in July 2020 and settled the outstanding interest rate swap.

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 AOCL 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 outstanding T-locks as of March 31, 2021 or December 31, 2020. T-locks outstanding as of March 31, 2020 were settled during the three months ended June 30, 2020. The corresponding realized loss was recorded in AOCL and is being amortized to earnings over the life of the senior notes sold.

The derivative instruments designated as cash flow hedges included in AOCL as of March 31, 2021 and December 31, 2020 are reflected below:


Derivatives in Cash Flow Hedging Relationships		Gains (Losses) included in AOCL
(in millions)		March 31, 2021	December 31, 2020
Commodity contracts, net of income tax effect of $24 and $16, respectively	$	67	$	47
Foreign currency contracts, net of income tax effect of $1 and $ — , respectively		-		(1)
Interest rate contracts, net of income tax effect of $1		(4)		(4)
Total	$	63	$	42

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 March 31, 2021
	Designated Hedging Instruments (in millions)						Non-Designated Hedging Instruments (in millions)
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts	Total			Commodity Contracts		Foreign Currency Contracts	Total
Accounts receivable, net	$	54	$	1	$	55	$	3	$	7	$	10
Other assets		1		1		2		—		1		1
Assets		55		2		57		3		8		11
Accounts payable and accrued liabilities		2		4		6		1		10		11
Non-current liabilities		1		—		1		—		1		1
Liabilities		3		4		7		1		11		12
Net (Liabilities)/Assets	$	52	$	(2)	$	50	$	2	$	(3)	$	(1)


	Fair Value of Hedging Instruments as of December 31, 2020
	Designated Hedging Instruments (in millions)						Non-Designated Hedging Instruments (in millions)
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts	Total			Commodity Contracts		Foreign Currency Contracts	Total
Accounts receivable, net	$	50	$	7	$	57	$	3	$	4	$	7
Other assets		4		—		4		—		1		1
Assets		54		7		61		3		5		8
Accounts payable and accrued liabilities		4		12		16		1		8		9
Non-current liabilities		2		—		2		—		2		2
Liabilities		6		12		18		1		10		11
Net (Liabilities)/Assets	$	48	$	(5)	$	43	$	2	$	(5)	$	(3)

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


Derivatives in Cash Flow	Gains (Losses) Recognized in OCL on Derivatives				Income	Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Three Months Ended March 31,				Statement	Three Months Ended March 31,
(in millions)	2021		2020		Location	2021		2020
Commodity contracts	$	27	$	(37)	Cost of sales	$	(1)	$	7
Foreign currency contracts		2		(5)	Net sales/Cost of sales		2		(1)
Interest rate contracts		—		(4)	Financing costs, net		—		—
Total	$	29	$	(46)		$	1	$	6

Derivatives in Fair Value Hedging

Income Statement Location of

Gains (Losses) Recognized in Income

Income Statement

Gains (Losses) Recognized in Income

Relationships

Derivatives Designated as

Three Months Ended March 31,

Location

Three Months Ended March 31,

(in millions)

Hedging Instruments

2021

2020

of Hedged Items

2021

2020

Interest rate contracts

Financing costs, net

—

Financing costs, net

—

(3)

As of March 31, 2021, AOCL included $64 million of net gains (net of income taxes of $23 million) on settled commodities-related derivatives instruments, foreign currency hedges, and T-Locks designated as cash flow hedges that are expected to be reclassified into earnings during the next 12 months.

Fair Value Measurements: Presented below are the fair values of the Company’s financial instruments and derivatives as of the dates presented:


	As of March 31, 2021								As of December 31, 2020
(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		68		53		15		—		69		53		16		—
Derivative liabilities		19		2		17		—		29		3		26		—
Long-term debt		1,919		—		1,919		—		1,751		—		1,751		—

(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 are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for 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 March 31, 2021, the carrying value and fair value of the Company’s Long-term debt was approximately $1.7 billion and $1.9 billion, respectively.

Debt

3 Months Ended

Mar. 31, 2021

Debt

Debt

7. Debt

Presented below are the Company’s debt carrying amounts, net of related discounts, premiums, and debt issuance costs as of March 31, 2021 and December 31, 2020:


	As of		As of
(in millions)	March 31, 2021		December 31, 2020
2.900% senior notes due June 1, 2030	$	594	$	594
3.200% senior notes due October 1, 2026		497		497
3.900% senior notes due June 1, 2050		390		390
6.625% senior notes due April 15, 2037		253		253
Revolving credit facility		—		—
Other long-term borrowings		15		14
Total long-term debt		1,749		1,748
Term loan credit agreement due April 12, 2021		—		380
Amended term loan credit agreement due March 15, 2022		380		—
Other short-term borrowings		68		58
Total short-term borrowings		448		438
Total debt	$	2,197	$	2,186

On March 16, 2021, the Company amended and restated its term loan credit agreement (the “Amended Term Loan Credit Agreement”). The Amended Term Loan Credit Agreement restates the previous agreement by extending the maturity date of the borrowings under the previous agreement until March 15, 2022. No new borrowings under the Amended Term Loan Credit Agreement were incurred in connection with the amendment and restatement. Borrowings under the Amended Term Loan Credit Agreement bear interest at a variable annual rate based on London Interbank Offering Rate (“LIBOR”) or a base rate, at the Company’s election, subject to the terms and conditions thereof, plus, in each case, an applicable margin. The Amended Term Loan Credit Agreement reduces the applicable interest rate margin for loans accruing interest based on LIBOR from 0.80 percent to 0.75 percent. The Company is required to pay a fee on the unused availability under the Amended Term Loan Credit Agreement. The Amended Term Loan Credit Agreement contains customary representations, warranties, covenants and events of default, including covenants restricting the incurrence of liens, the incurrence of indebtedness by the Company’s subsidiaries and certain fundamental changes involving the Company and its subsidiaries, subject to certain exceptions in each case. The Company must also maintain a specified maximum consolidated leverage ratio and a specified minimum consolidated interest coverage ratio. As of March 31, 2021, the Company was in compliance with these financial covenants. The occurrence of an event of default under the Amended Term Loan Credit Agreement could result in all loans and other obligations being declared due and payable and the term loan credit facility being terminated.

Other short-term borrowings as of March 31, 2021 and December 31, 2020, primarily include amounts outstanding under various unsecured local country operating lines of credit.

Leases

3 Months Ended

Mar. 31, 2021

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 its 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 value includes in its calculation any prepaid lease payments made and any lease incentives received from the arrangement as a reduction of the asset. The Company’s lease terms may include options to extend or terminate the lease, and the impact of these options is 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 impracticable to separate the two, such as for 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 obligations recorded 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 for the periods presented:


	Three Months Ended
Lease Cost	March 31,
(in millions)	2021		2020
Operating lease cost	$	14	$	13
Variable operating lease cost		7		8
Short term lease cost		1		1
Lease cost	$	22	$	22

The following is a reconciliation of future undiscounted cash flows to the operating lease liabilities and the related operating lease assets as presented on the Condensed Consolidated Balance Sheet as of March 31, 2021.


Operating Leases		As of
(in millions)		March 31, 2021
2021 (Excluding the three months ended March 31, 2021)	$	39
2022		45
2023		35
2024		25
2025		17
Thereafter		53
Total future lease payments		214
Less imputed interest		24
Present value of future lease payments		190
Less current lease liabilities		45
Non-current operating lease liabilities	$	145
Operating lease assets	$	182

Additional information related to the Company’s operating leases is listed below.


	Three Months Ended
Other Information	March 31,
($ in millions)	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14		$	13
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	21		$	8
	As of			As of
	March 31, 2021			December 31, 2020
Weighted average remaining lease term:
Operating leases		6.3 years			5.5 years
Weighted average discount rate:
Operating leases		4.6	%		4.9	%

Taxes

3 Months Ended

Mar. 31, 2021

Taxes

Taxes

9. Taxes

The Company’s effective tax rate for the three months ended March 31, 2021 was (29.3) percent compared to 42.6 percent for the three months ended March 31, 2020. The primary change in the effective tax rate was driven by the $360 million impairment related to the held for sale treatment of net assets that will be contributed to the joint venture, as described in Note 5 of the Notes to the Condensed Consolidated Financial Statements. There was no corresponding income tax benefit recorded with respect to the impairment. The remaining decrease in the effective income tax rate compared to the three months ended March 31, 2020, was driven by the relatively lower decrease in value of the Mexican peso against the U.S. dollar and a reduction in the Company’s U.S. global intangible low-taxed income (“GILTI”) recorded in accordance with the applicable final U.S. Treasury regulations. During the three months ended March 31, 2020, the Mexican peso decreased in value against the U.S. dollar by 24 percent, compared to 3 percent during the three months ended March 31, 2021. Because the Company uses the U.S. dollar as the functional currency for its subsidiaries in Mexico, its effective income tax rate is strongly influenced by the remeasurement of the Mexican peso financial statements into U.S. dollars. In addition, the decrease in value of the Mexican peso produced substantial taxable translation gains on net-U.S.-dollar-monetary assets held in Mexico, for which there was no corresponding gain in pre-tax income. These items were partially offset by a change in the mix of earnings and including the consolidation of PureCircle and Verdient from their respective dates, as described in Note 3 of the Notes to the Condensed Consolidated Financial Statements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Periodic Pension and Postretirement Benefit Costs

3 Months Ended

Mar. 31, 2021

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 March 31,
	U.S. Plans				Non-U.S. Plans
(in millions)	2021		2020		2021		2020
Service cost	$	1	$	1	$	1	$	1
Interest cost		2		3		3		3
Expected return on plan assets		(5)		(5)		(2)		(2)
Amortization of actuarial loss		—		—		1		—
Net periodic benefit cost (a)	$	(2)	$	(1)	$	3	$	2

The Company currently anticipates that it will make approximately $4 million in cash contributions to its pension plans in 2021, consisting of contributions of $3 million to its non-U.S. pension plans and $1 million to its U.S. pension plans. For the three months ended March 31, 2021, cash contributions of approximately $1 million were made to the non-U.S. plans and an insignificant amount to the U.S. plans.

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


	Three Months Ended March 31,
(in millions)	2021		2020
Service cost	$	—	$	—
Interest cost		1		1
Amortization of prior service credit		(1)		(1)
Net periodic benefit cost (a)	$	—	$	—

(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 (Loss) Income. The interest cost, expected return on plan assets, amortization of prior service credit, and amortization of actuarial loss components of net periodic benefit cost are presented as other, non-operating income on the Condensed Consolidated Statements of (Loss) Income.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Inventories

3 Months Ended

Mar. 31, 2021

Inventories

Inventories

11. Inventories

Inventories are summarized as follows:


	As of		As of
(in millions)	March 31, 2021		December 31, 2020
Finished and in process	$	573	$	584
Raw materials		283		236
Manufacturing supplies and other		94		97
Total inventories	$	950	$	917

Equity

3 Months Ended

Mar. 31, 2021

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 8 million of its outstanding shares of common stock from November 5, 2018 through December 31, 2023. 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.

During the three months ended March 31, 2021, the Company repurchased 158 thousand outstanding shares of common stock in open market transactions at a net cost of $14 million. During the three months ended March 31, 2020, the Company did not repurchase shares of common stock.

Share-based payments: The following table summarizes the components of the Company’s share-based compensation expense for the periods presented:


	Three Months Ended
	March 31,
(in millions)	2021		2020
Stock options:
Pre-tax compensation expense	$	1	$	1
Income tax benefit		—		—
Stock option expense, net of income taxes		1		1

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

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

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

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 period of the stock options within the amount of compensation costs recognized in each period.

The Company granted non-qualified options to purchase 358 thousand shares and 336 thousand shares for the three months ended March 31, 2021 and 2020, respectively. The fair value of each option grant for the periods presented was estimated using the Black-Scholes option-pricing model with the following assumptions at the date of grant:


	Three Months Ended March 31,
	2021		2020
Expected life (in years)	5.5		5.5
Risk-free interest rate	0.6	%	1.4	%
Expected volatility	23.2	%	19.8	%
Expected dividend yield	2.9	%	2.9	%

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 yield is based on current dividend payments at the date of grant.

Stock option activity for the three months ended March 31, 2021 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, 2020	2,238	$	86.55	5.15	$	14
Granted	358		87.12
Exercised	(154)		56.35
Cancelled	(27)		94.39
Outstanding as of March 31, 2021	2,415	$	88.68	5.89	$	20
Exercisable as of March 31, 2021	1,775	$	88.90	4.66	$	19

For the three months ended March 31, 2021, cash received from the exercise of stock options was approximately $9 million. As of March 31, 2021, the unrecognized compensation cost related to non-vested stock options totaled $6 million, which is expected to be amortized over the weighted-average period of approximately 1.9 years.

Additional information pertaining to stock option activity is as follows for the periods presented:


	Three Months Ended
	March 31,
(dollars in millions, except per share)	2021		2020
Weighted average grant date fair value of stock options granted (per share)	$	12.31	$	11.48
Total intrinsic value of stock options exercised	$	5	$	4

Restricted Stock Units: The Company has granted restricted stock units (“RSUs”) to certain key employees. The RSUs are primarily 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 period 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 three months ended March 31, 2021:


(RSUs in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested as of December 31, 2020	418	$	96.45
Granted	214		87.25
Vested	(83)		126.67
Cancelled	(12)		91.19
Non-vested as of March 31, 2021	537	$	88.28

As of March 31, 2021, the total remaining unrecognized compensation cost related to RSUs was $30 million, which will be amortized over a weighted average period of approximately 2.2 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 total shareholder return as compared to the total shareholder return of its peer group over the three-year vesting period. Beginning with the 2019 performance share grants, the vesting of the performance shares is based on two performance metrics. Fifty percent of the performance shares awarded will vest based on the Company’s total shareholder return as compared to the total shareholder return of its peer group, and the remaining fifty percent will vest based on the calculation of the Company’s three-year average Adjusted Return on Invested Capital (“Adjusted ROIC”) against an established Adjusted ROIC target. The 2021 performance shares were granted in two tranches. The first tranche was split evenly between awards based on the Company’s total shareholder return and Adjusted ROIC awards. The second tranche of performance share awards will vest 100% based on the calculation of Adjusted ROIC against the target.

For the 2021 performance shares awarded based on the Company’s total shareholder return, 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 its 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 2021 performance shares awarded based on Adjusted ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the awarded grant depending on the Company’s Adjusted 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 Adjusted ROIC performance against the target. The total compensation expense for these awards is amortized over a three-year graded vesting schedule.

For the three months ended March 31, 2021, the Company awarded 108 thousand performance shares at a weighted average fair value of $100.29 per share.

As of March 31, 2021, the unrecognized compensation cost related to these awards was $12 million, which will be amortized over the remaining requisite service period of 2.5 years.

The 2018 performance share awards vested during the three months ended March 31, 2021, achieving a zero percent payout of the granted performance shares. Additionally, there were 2 thousand performance share cancellations during the three months ended March 31, 2021.

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 three months ended March 31, 2021 and 2020:


(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		Accumulated Other Comprehensive Loss
Balance, December 31, 2020	$	(1,114)	$	42	$	(61)	$	(1,133)
Other comprehensive (loss) gain before reclassification adjustments		(52)		29		—		(23)
(Gain) reclassified from accumulated OCL		—		(1)		—		(1)
Tax (provision)		—		(7)		—		(7)
Net other comprehensive (loss) income		(52)		21		—		(31)
Balance, March 31, 2021	$	(1,166)	$	63	$	(61)	$	(1,164)


(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		Accumulated Other Comprehensive Loss
Balance, December 31, 2019	$	(1,089)	$	(9)	$	(60)	$	(1,158)
Other comprehensive (loss) before reclassification adjustments		(134)		(46)		—		(180)
Loss reclassified from accumulated OCL		—		6		—		6
Tax benefit		—		10		—		10
Net other comprehensive loss		(134)		(30)		—		(164)
Balance, March 31, 2020	$	(1,223)	$	(39)	$	(60)	$	(1,322)

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
													Non-
									Accumulated				Redeemable		Share-based		Redeemable
					Additional				Other				Non-		Payments		Non-
	Preferred		Common		Paid-In		Treasury		Comprehensive		Retained		Controlling		Subject to		Controlling
(in millions)	Stock		Stock		Capital		Stock		Loss		Earnings		Interests		Redemption		Interests
Balance, December 31, 2020	$	—	$	1	$	1,150	$	(1,024)	$	(1,133)	$	3,957	$	21	$	30	$	70
Net (loss) attributable to Ingredion												(246)
Net income attributable to non-controlling interests														4				(1)
Dividends declared, common stock ($0.64/share)												(44)
Repurchases of common stock								(14)
Share-based compensation, net of issuance						5		16								(9)
Other comprehensive loss										(31)				1				1
Balance, March 31, 2021	$	—	$	1	$	1,155	$	(1,022)	$	(1,164)	$	3,667	$	26	$	21	$	70


	Total Equity
													Non-
									Accumulated				Redeemable		Share-based		Redeemable
					Additional				Other				Non-		Payments		Non-
	Preferred		Common		Paid-In		Treasury		Comprehensive		Retained		Controlling		Subject to		Controlling
(in millions)	Stock		Stock		Capital		Stock		Loss		Earnings		Interests		Redemption		Interests
Balance, December 31, 2019	$	—	$	1	$	1,137	$	(1,040)	$	(1,158)	$	3,780	$	21	$	31	$	—
Net income attributable to Ingredion												75
Net income attributable to non-controlling interests														3
Dividends declared, common stock ($0.63/share)												(42)
Repurchases of common stock
Share-based compensation, net of issuance						5		12								(8)
Other comprehensive loss										(164)				(3)
Balance, March 31, 2020	$	—	$	1	$	1,142	$	(1,028)	$	(1,322)	$	3,813	$	21	$	23	$	—

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


	Three Months Ended March 31, 2021					Three Months Ended March 31, 2020
(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	$	(246)	67.3	$	(3.66)	$	75	67.1	$	1.12

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			—					0.7
Diluted EPS	$	(246)	67.3	$	(3.66)	$	75	67.8	$	1.11

Approximately 2.1 million and 1.5 million share-based awards of common stock were excluded from the calculation of diluted EPS as the impact of their inclusion would have been anti-dilutive for the three months ended March 31, 2021 and 2020, respectively.

Segment Information

3 Months Ended

Mar. 31, 2021

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., Mexico, and Canada. The Company’s South America segment includes businesses in Brazil, Colombia, Ecuador, and the Southern Cone of South America, which includes Argentina, Peru, Chile, and Uruguay. Its Asia-Pacific segment includes businesses in South Korea, Thailand, China, Australia, Japan, Indonesia, Singapore, the Philippines, India, Malaysia, New Zealand, and Vietnam. The Company’s EMEA segment includes businesses in Pakistan, Germany, the United Kingdom, South Africa, and Kenya. The Company has aggregated the PureCircle operating segment into the Asia-Pacific reportable segment. Net sales by product are not presented because to do so would be impracticable.

Presented below are the Company’s net sales to unaffiliated customers by reportable segment for the three months ended March 31, 2021 and 2020.


	Three Months Ended
	March 31,
(in millions)	2021		2020
Net sales to unaffiliated customers:
North America	$	945	$	963
South America		273		237
Asia-Pacific		235		189
EMEA		161		154
Total net sales	$	1,614	$	1,543

Presented below is the Company’s operating income by reportable segment for the three months ended March 31, 2021, and 2020.


	Three Months Ended
	March 31,
(in millions)	2021		2020
Operating income:
North America	$	134	$	125
South America		40		26
Asia-Pacific		25		20
EMEA		31		27
Corporate		(29)		(31)
Subtotal		201		167
Acquisition/integration costs		(1)		—
Restructuring/impairment charges		(10)		(14)
Impairment charges related to assets classified as held for sale		(360)		—
Total operating income	$	(170)	$	153

Presented below are the Company’s total assets by reportable segment as of March 31, 2021, and December 31, 2020.


	As of		As of
(in millions)	March 31, 2021		December 31, 2020
Assets:
North America (a)	$	4,240	$	4,231
South America		751		818
Asia-Pacific		1,257		1,255
EMEA		555		554
Total assets	$	6,803	$	6,858

(a)

For purposes of presentation, North America includes Corporate assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events (Unaudited)

Subsequent Events

14. Subsequent Events

On April 1, 2021, the Company acquired KaTech, a privately-held company headquartered in Germany. KaTech provides advanced texture and stabilization solutions to the food and beverage industry. To complete the purchase, the Company made a total cash payment of EUR 36 million ($42 million), which it funded from cash on hand. KaTech’s operational results will be recorded in the EMEA segment.

On May 3, 2021, the Company signed an agreement with Amyris to enter into an exclusive license to sell Amyris, Inc.’s zero-calorie, nature-based, fermented Reb M sweetener. Additionally, the Company will obtain a 31 percent ownership in Amyris, Inc.’s Brazilian manufacturing facility. The transaction is expected to close during the second quarter of 2021.

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2021

Acquisitions

Summarizes the preliminary purchase price allocations for the PureCircle acquisition



(in millions)		PureCircle
Working capital (excluding cash)	$	60
Property, plant and equipment		91
Other, net		(22)
Identifiable intangible assets		68
Goodwill		85
Total fair value, net of cash		282
Less: Non-redeemable non-controlling interests		74
Total purchase price, net of cash	$	208

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2021

Revenue Recognition

Schedule of disaggregation of net sales


	Three Months Ended
	March 31,
(in millions)	2021		2020
Net sales to unaffiliated customers:
North America	$	945	$	963
South America		273		237
Asia-Pacific		235		189
EMEA		161		154
Total net sales	$	1,614	$	1,543

Restructuring and Impairment Charges (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Impairment Charges

Summary of restructuring/impairment charges

A summary of the Company’s employee-related severance accrual as of March 31, 2021 is as follows (in millions):


Balance in severance accrual as of December 31, 2020	$	12
Joint venture related		1
Payments made to terminated employees		(4)
Balance in severance accrual as of March 31, 2021	$	9

Summary of classes of assets and liabilities classified as held-for-sale reflected in balance sheet



(in millions)	March 31, 2021
Cash and cash equivalents	$	2
Accounts receivable, net		36
Inventories		26
Prepaid expenses		1
Property, plant and equipment, net		57
Other assets		1
Impairment provision to record at fair value, less cost to sell		(49)
Assets held for sale	$	74

Accounts payable	$	22
Accrued liabilities		4
Impairment provision related to cumulative translation losses		311
Liabilities held for sale	$	337

Financial Instruments, Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

Financial Instruments, Derivatives and Hedging Activities

Schedule of cash flow hedges included in AOCI


Derivatives in Cash Flow Hedging Relationships		Gains (Losses) included in AOCL
(in millions)		March 31, 2021	December 31, 2020
Commodity contracts, net of income tax effect of $24 and $16, respectively	$	67	$	47
Foreign currency contracts, net of income tax effect of $1 and $ — , respectively		-		(1)
Interest rate contracts, net of income tax effect of $1		(4)		(4)
Total	$	63	$	42

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


	Fair Value of Hedging Instruments as of March 31, 2021
	Designated Hedging Instruments (in millions)						Non-Designated Hedging Instruments (in millions)
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts	Total			Commodity Contracts		Foreign Currency Contracts	Total
Accounts receivable, net	$	54	$	1	$	55	$	3	$	7	$	10
Other assets		1		1		2		—		1		1
Assets		55		2		57		3		8		11
Accounts payable and accrued liabilities		2		4		6		1		10		11
Non-current liabilities		1		—		1		—		1		1
Liabilities		3		4		7		1		11		12
Net (Liabilities)/Assets	$	52	$	(2)	$	50	$	2	$	(3)	$	(1)


	Fair Value of Hedging Instruments as of December 31, 2020
	Designated Hedging Instruments (in millions)						Non-Designated Hedging Instruments (in millions)
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts	Total			Commodity Contracts		Foreign Currency Contracts	Total
Accounts receivable, net	$	50	$	7	$	57	$	3	$	4	$	7
Other assets		4		—		4		—		1		1
Assets		54		7		61		3		5		8
Accounts payable and accrued liabilities		4		12		16		1		8		9
Non-current liabilities		2		—		2		—		2		2
Liabilities		6		12		18		1		10		11
Net (Liabilities)/Assets	$	48	$	(5)	$	43	$	2	$	(5)	$	(3)

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


Derivatives in Cash Flow	Gains (Losses) Recognized in OCL on Derivatives				Income	Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Three Months Ended March 31,				Statement	Three Months Ended March 31,
(in millions)	2021		2020		Location	2021		2020
Commodity contracts	$	27	$	(37)	Cost of sales	$	(1)	$	7
Foreign currency contracts		2		(5)	Net sales/Cost of sales		2		(1)
Interest rate contracts		—		(4)	Financing costs, net		—		—
Total	$	29	$	(46)		$	1	$	6

Derivatives in Fair Value Hedging

Income Statement Location of

Gains (Losses) Recognized in Income

Income Statement

Gains (Losses) Recognized in Income

Relationships

Derivatives Designated as

Three Months Ended March 31,

Location

Three Months Ended March 31,

(in millions)

Hedging Instruments

2021

2020

of Hedged Items

2021

2020

Interest rate contracts

Financing costs, net

—

Financing costs, net

—

(3)

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

Derivatives in Fair Value Hedging

Income Statement Location of

Gains (Losses) Recognized in Income

Income Statement

Gains (Losses) Recognized in Income

Relationships

Derivatives Designated as

Three Months Ended March 31,

Location

Three Months Ended March 31,

(in millions)

Hedging Instruments

2021

2020

of Hedged Items

2021

2020

Interest rate contracts

Financing costs, net

—

Financing costs, net

—

(3)

Schedule of fair value of financial instruments and derivatives


	As of March 31, 2021								As of December 31, 2020
(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		68		53		15		—		69		53		16		—
Derivative liabilities		19		2		17		—		29		3		26		—
Long-term debt		1,919		—		1,919		—		1,751		—		1,751		—

(a)

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

(b)

(c)

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt

Schedule of debt


	As of		As of
(in millions)	March 31, 2021		December 31, 2020
2.900% senior notes due June 1, 2030	$	594	$	594
3.200% senior notes due October 1, 2026		497		497
3.900% senior notes due June 1, 2050		390		390
6.625% senior notes due April 15, 2037		253		253
Revolving credit facility		—		—
Other long-term borrowings		15		14
Total long-term debt		1,749		1,748
Term loan credit agreement due April 12, 2021		—		380
Amended term loan credit agreement due March 15, 2022		380		—
Other short-term borrowings		68		58
Total short-term borrowings		448		438
Total debt	$	2,197	$	2,186

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases

Summary of components of lease expense


	Three Months Ended
Lease Cost	March 31,
(in millions)	2021		2020
Operating lease cost	$	14	$	13
Variable operating lease cost		7		8
Short term lease cost		1		1
Lease cost	$	22	$	22

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


Operating Leases		As of
(in millions)		March 31, 2021
2021 (Excluding the three months ended March 31, 2021)	$	39
2022		45
2023		35
2024		25
2025		17
Thereafter		53
Total future lease payments		214
Less imputed interest		24
Present value of future lease payments		190
Less current lease liabilities		45
Non-current operating lease liabilities	$	145
Operating lease assets	$	182

Summary of other lease information


	Three Months Ended
Other Information	March 31,
($ in millions)	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14		$	13
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	21		$	8
	As of			As of
	March 31, 2021			December 31, 2020
Weighted average remaining lease term:
Operating leases		6.3 years			5.5 years
Weighted average discount rate:
Operating leases		4.6	%		4.9	%

Net Periodic Pension and Postretirement Benefit Costs (Tables)

3 Months Ended

Mar. 31, 2021

Pension Plan

Pension and postretirement benefit plans

Components of net periodic benefit cost


	Three Months Ended March 31,
	U.S. Plans				Non-U.S. Plans
(in millions)	2021		2020		2021		2020
Service cost	$	1	$	1	$	1	$	1
Interest cost		2		3		3		3
Expected return on plan assets		(5)		(5)		(2)		(2)
Amortization of actuarial loss		—		—		1		—
Net periodic benefit cost (a)	$	(2)	$	(1)	$	3	$	2

Postemployment Retirement Benefits

Pension and postretirement benefit plans

Components of net periodic benefit cost


	Three Months Ended March 31,
(in millions)	2021		2020
Service cost	$	—	$	—
Interest cost		1		1
Amortization of prior service credit		(1)		(1)
Net periodic benefit cost (a)	$	—	$	—

(a)

Inventories (Tables)

3 Months Ended

Mar. 31, 2021

Inventories

Components of inventories


	As of		As of
(in millions)	March 31, 2021		December 31, 2020
Finished and in process	$	573	$	584
Raw materials		283		236
Manufacturing supplies and other		94		97
Total inventories	$	950	$	917

Equity (Tables)

3 Months Ended

Mar. 31, 2021

Equity

Schedule of stock based compensation expense


	Three Months Ended
	March 31,
(in millions)	2021		2020
Stock options:
Pre-tax compensation expense	$	1	$	1
Income tax benefit		—		—
Stock option expense, net of income taxes		1		1

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

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

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

Schedule of valuation assumptions for stock options


	Three Months Ended March 31,
	2021		2020
Expected life (in years)	5.5		5.5
Risk-free interest rate	0.6	%	1.4	%
Expected volatility	23.2	%	19.8	%
Expected dividend yield	2.9	%	2.9	%

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, 2020	2,238	$	86.55	5.15	$	14
Granted	358		87.12
Exercised	(154)		56.35
Cancelled	(27)		94.39
Outstanding as of March 31, 2021	2,415	$	88.68	5.89	$	20
Exercisable as of March 31, 2021	1,775	$	88.90	4.66	$	19

Schedule of additional information pertaining to stock option activity


	Three Months Ended
	March 31,
(dollars in millions, except per share)	2021		2020
Weighted average grant date fair value of stock options granted (per share)	$	12.31	$	11.48
Total intrinsic value of stock options exercised	$	5	$	4

Schedule of restricted unit activity


(RSUs in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested as of December 31, 2020	418	$	96.45
Granted	214		87.25
Vested	(83)		126.67
Cancelled	(12)		91.19
Non-vested as of March 31, 2021	537	$	88.28

Summary of net changes in accumulated other comprehensive loss


(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		Accumulated Other Comprehensive Loss
Balance, December 31, 2020	$	(1,114)	$	42	$	(61)	$	(1,133)
Other comprehensive (loss) gain before reclassification adjustments		(52)		29		—		(23)
(Gain) reclassified from accumulated OCL		—		(1)		—		(1)
Tax (provision)		—		(7)		—		(7)
Net other comprehensive (loss) income		(52)		21		—		(31)
Balance, March 31, 2021	$	(1,166)	$	63	$	(61)	$	(1,164)


(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		Accumulated Other Comprehensive Loss
Balance, December 31, 2019	$	(1,089)	$	(9)	$	(60)	$	(1,158)
Other comprehensive (loss) before reclassification adjustments		(134)		(46)		—		(180)
Loss reclassified from accumulated OCL		—		6		—		6
Tax benefit		—		10		—		10
Net other comprehensive loss		(134)		(30)		—		(164)
Balance, March 31, 2020	$	(1,223)	$	(39)	$	(60)	$	(1,322)

Schedule of stockholders equity and redeemable equity


	Total Equity
													Non-
									Accumulated				Redeemable		Share-based		Redeemable
					Additional				Other				Non-		Payments		Non-
	Preferred		Common		Paid-In		Treasury		Comprehensive		Retained		Controlling		Subject to		Controlling
(in millions)	Stock		Stock		Capital		Stock		Loss		Earnings		Interests		Redemption		Interests
Balance, December 31, 2020	$	—	$	1	$	1,150	$	(1,024)	$	(1,133)	$	3,957	$	21	$	30	$	70
Net (loss) attributable to Ingredion												(246)
Net income attributable to non-controlling interests														4				(1)
Dividends declared, common stock ($0.64/share)												(44)
Repurchases of common stock								(14)
Share-based compensation, net of issuance						5		16								(9)
Other comprehensive loss										(31)				1				1
Balance, March 31, 2021	$	—	$	1	$	1,155	$	(1,022)	$	(1,164)	$	3,667	$	26	$	21	$	70


	Total Equity
													Non-
									Accumulated				Redeemable		Share-based		Redeemable
					Additional				Other				Non-		Payments		Non-
	Preferred		Common		Paid-In		Treasury		Comprehensive		Retained		Controlling		Subject to		Controlling
(in millions)	Stock		Stock		Capital		Stock		Loss		Earnings		Interests		Redemption		Interests
Balance, December 31, 2019	$	—	$	1	$	1,137	$	(1,040)	$	(1,158)	$	3,780	$	21	$	31	$	—
Net income attributable to Ingredion												75
Net income attributable to non-controlling interests														3
Dividends declared, common stock ($0.63/share)												(42)
Repurchases of common stock
Share-based compensation, net of issuance						5		12								(8)
Other comprehensive loss										(164)				(3)
Balance, March 31, 2020	$	—	$	1	$	1,142	$	(1,028)	$	(1,322)	$	3,813	$	21	$	23	$	—

Schedule of basic and diluted earnings per common share


	Three Months Ended March 31, 2021					Three Months Ended March 31, 2020
(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	$	(246)	67.3	$	(3.66)	$	75	67.1	$	1.12

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			—					0.7
Diluted EPS	$	(246)	67.3	$	(3.66)	$	75	67.8	$	1.11

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Information

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


	Three Months Ended
	March 31,
(in millions)	2021		2020
Net sales to unaffiliated customers:
North America	$	945	$	963
South America		273		237
Asia-Pacific		235		189
EMEA		161		154
Total net sales	$	1,614	$	1,543

Presented below is the Company’s operating income by reportable segment for the three months ended March 31, 2021, and 2020.


	Three Months Ended
	March 31,
(in millions)	2021		2020
Operating income:
North America	$	134	$	125
South America		40		26
Asia-Pacific		25		20
EMEA		31		27
Corporate		(29)		(31)
Subtotal		201		167
Acquisition/integration costs		(1)		—
Restructuring/impairment charges		(10)		(14)
Impairment charges related to assets classified as held for sale		(360)		—
Total operating income	$	(170)	$	153

Presented below are the Company’s total assets by reportable segment as of March 31, 2021, and December 31, 2020.


	As of		As of
(in millions)	March 31, 2021		December 31, 2020
Assets:
North America (a)	$	4,240	$	4,231
South America		751		818
Asia-Pacific		1,257		1,255
EMEA		555		554
Total assets	$	6,803	$	6,858

(a)

For purposes of presentation, North America includes Corporate assets.

Acquisitions - PureCircle (Details) - USD ($) $ in Millions	Jul. 01, 2020	Mar. 31, 2021	Dec. 31, 2020
Acquisitions
Redeemable non-controlling interests		$ 70	$ 70
Purchase price allocation
Goodwill		899	$ 902
PureCircle Limited
Acquisitions
Ownership percentage by parent	75.00%
PureCircle Limited \| Former PureCircle Shareholders
Acquisitions
Ownership percentage by noncontrolling owners	25.00%
PureCircle Limited
Acquisitions
Payment for acquisition, net of cash acquired	$ 208
Cash acquired	14
Redeemable non-controlling interests	$ 74
Lag period over which financial results will be reported during the integration process	1 month
Purchase price allocation
Working capital (excluding cash)		60
Property, plant and equipment		91
Other, net		(22)
Identifiable intangible assets		68
Goodwill		85
Total fair value, net of cash		282
Less: Non-redeemable non-controlling interests		74
Total purchase price, net of cash		$ 208

Acquisitions - Verdient (Details) $ in Millions, $ in Millions			12 Months Ended
	Nov. 03, 2020 CAD ($)	Nov. 03, 2020 USD ($)	Dec. 31, 2018	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Acquisitions
Goodwill				$ 899	$ 902
Verdient Foods, Inc.
Acquisitions
Percentage acquired			20.00%
Verdient Foods, Inc.
Acquisitions
Additional percentage of outstanding shares acquired		80.00%
Cash consideration	$ 33	$ 26
Goodwill		14
Tangible assets, net		$ 15

Acquisitions - Integration costs (Details) $ in Millions	3 Months Ended
Acquisitions - Integration costs (Details) $ in Millions	Mar. 31, 2021 USD ($)
PureCircle Limited
Acquisitions
Pre-tax acquisition and integration costs	$ 1

Revenue Recognition (Details) $ in Millions	3 Months Ended
Revenue Recognition (Details) $ in Millions	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)
Disaggregation of revenue
Revenue, practical expedient, incremental cost of obtaining contract	true
Number of reportable business segments \| segment	4
Total net sales	$ 1,614	$ 1,543
North America
Disaggregation of revenue
Total net sales	945	963
South America
Disaggregation of revenue
Total net sales	273	237
Asia-Pacific
Disaggregation of revenue
Total net sales	235	189
EMEA
Disaggregation of revenue
Total net sales	$ 161	$ 154

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Restructuring and Impairment Charges - Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring and impairment charges
Restructuring/impairment charges	$ 370	$ 14
Asset impairment	360
Restructuring charges	10
Cost Smart Cost of Sales Program
Restructuring and impairment charges
Restructuring/impairment charges		9
Restructuring charges	3	9
Cost Smart SG&A Program
Restructuring and impairment charges
Restructuring/impairment charges		5
Restructuring charges		$ 5
South America joint venture restructuring
Restructuring and impairment charges
Restructuring charges	$ 2

Restructuring and Impairment Charges - Impairment Charges (Details) $ in Millions		3 Months Ended
	Feb. 12, 2021 facility	Mar. 31, 2021 USD ($)
Restructuring and impairment charges
Impairment charges		$ 360
Disposal Group, Held for Sale, Not Discontinued Operations \| South American Subsidiaries, PP&E
Restructuring and impairment charges
Impairment charges		360
Impairment charge - Valuation allowance of cumulative translation adjustment		311
Impairment charge - Write-down of contributed net assets		$ 49
Affiliate of Grupo Arcor \| Joint Venture, Grupo Arcor and Ingredion
Restructuring and impairment charges
Ownership percentage after transaction	51.00%
Ingredion Argentina S.A. \| Joint Venture, Grupo Arcor and Ingredion
Restructuring and impairment charges
Ownership percentage after transaction	49.00%
Joint Venture, Grupo Arcor and Ingredion
Restructuring and impairment charges
Number of manufacturing facilities to be operated \| facility	5

Restructuring and Impairment Charges - Assets and liabilities classified as held-for-sale (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Held for sale
Restructuring charges	$ 10
Other assets \| Disposal Group, Held for Sale, Not Discontinued Operations
Held for sale
Asset held for sale	82
South America joint venture restructuring
Held for sale
Restructuring charges	2
South America joint venture restructuring \| Employee-related severance costs
Held for sale
Restructuring charges	1
South America joint venture restructuring \| Other restructuring costs
Held for sale
Restructuring charges	1
South American Subsidiaries, PP&E \| Other assets \| Disposal Group, Held for Sale, Not Discontinued Operations
Held for sale
Cash and cash equivalents	2
Accounts receivable, net	36
Inventories	26
Prepaid expenses	1
Property, plant and equipment, net	57
Other assets	1
Impairment provision to record at fair value, less cost to sell	(49)
Asset held for sale	74
South American Subsidiaries, PP&E \| Liabilities held for sale \| Disposal Group, Held for Sale, Not Discontinued Operations
Held for sale
Accounts payable	22
Accrued liabilities	4
Impairment provision related to cumulative translation losses	311
Liabilities held for sale	337
Stockton, California and Lane Cove, Australia, PP&E \| Disposal Group, Held for Sale, Not Discontinued Operations
Held for sale
Amount of gain (loss) on reclassification of property, plant and equipment assets to held for sale	0
Stockton, California and Lane Cove, Australia, PP&E \| Other assets \| Disposal Group, Held for Sale, Not Discontinued Operations
Held for sale
Asset held for sale	$ 8

Restructuring and Impairment Charges - Other Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring and impairment charges
Restructuring/impairment charges	$ 370	$ 14
Asset impairment	360
Restructuring charges	10
Cost Smart Cost of Sales Program
Restructuring and impairment charges
Restructuring/impairment charges		9
Restructuring charges	3	9
Cost Smart Cost of Sales Program, Production facility closure, Australia
Restructuring and impairment charges
Restructuring charges		5
Cost Smart Cost of Sales Program, Production facility closure, Australia \| Asset write-off
Restructuring and impairment charges
Restructuring charges		3
Cost Smart Cost of Sales Program, Production facility closure, Australia \| Accelerated depreciation
Restructuring and impairment charges
Restructuring charges		1
Cost Smart Cost of Sales Program, Production facility closure, Australia \| Other restructuring costs
Restructuring and impairment charges
Restructuring charges		1
Cost Smart Cost of Sales Program, North America
Restructuring and impairment charges
Restructuring charges		4
Cost Smart Cost of Sales Program, North America \| Accelerated depreciation
Restructuring and impairment charges
Restructuring charges		3
Cost Smart Cost of Sales Program, North America \| Reorganization of supply chain and opening of new warehouses
Restructuring and impairment charges
Restructuring charges	2
Cost Smart Cost of Sales Program, North America \| Professional Services
Restructuring and impairment charges
Restructuring charges		1
Cost Smart SG&A Program
Restructuring and impairment charges
Restructuring/impairment charges		5
Restructuring charges		5
Cost Smart SG&A Program \| Other restructuring costs including professional services
Restructuring and impairment charges
Restructuring charges	$ 5	3
Cost Smart SG&A Program \| Employee-related severance costs
Restructuring and impairment charges
Restructuring charges		$ 2

Restructuring and Impairment Charges - Employee-related severance (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Restructuring accrual
Restructuring charges	$ 10
Employee-related severance costs
Restructuring accrual
Balance in severance accrual at beginning of period	12
Payments made to terminated employees	(4)
Balance in severance accrual at end of period	9
South America joint venture restructuring
Restructuring accrual
Restructuring charges	2
South America joint venture restructuring \| Employee-related severance costs
Restructuring accrual
Restructuring charges	$ 1

Financial Instruments, Derivatives and Hedging Activities - Commodity price hedging (Details) bu in Millions, MMBTU in Millions	3 Months Ended
	Mar. 31, 2021 MMBTU bu
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
Corn Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn and gallons for ethanol) \| bu	81
Natural Gas Commodity
Financial instruments, derivatives and hedging activities
Natural gas futures contract (in mmbtu) \| MMBTU	33

Financial Instruments, Derivatives and Hedging Activities - Foreign currency hedging (Details) - Foreign Currency Forward Contracts - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Short \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 487	$ 410
Long \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	276	224
Cash Flow Hedging \| Short \| Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	256	401
Cash Flow Hedging \| Long \| Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 422	$ 542

Financial Instruments, Derivatives and Hedging Activities - Interest rate hedging (Details) - 4.625% senior notes due November 1, 2020 $ in Millions	Dec. 31, 2020 USD ($)
Financial instruments, derivatives and hedging activities
Principal amount	$ 400
Debt, fixed interest rate (as a percent)	4.625%
Fair Value Hedging \| Interest Rate Swap
Financial instruments, derivatives and hedging activities
Principal amount	$ 200

Financial Instruments, Derivatives and Hedging Activities - CF Hedges in AOCI (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	$ (1,164)	$ (1,133)
Cash Flow Hedging
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	63	42
Cash Flow Hedging \| Commodity Contracts
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	67	47
Tax effect on gains (losses) of derivative instruments	(24)	(16)
Cash Flow Hedging \| Foreign Currency Contracts
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)		(1)
Tax effect on gains (losses) of derivative instruments	(1)
Cash Flow Hedging \| Interest Rate Contracts
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	(4)	(4)
Tax effect on gains (losses) of derivative instruments	$ 1	$ 1

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Financial Instruments, Derivatives and Hedging Activities - Balance Sheet Location (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets	$ 57	$ 61
Fair value of derivative instruments, Liabilities	7	18
Fair value of derivative instruments, Net Assets/(Liabilities)	50	43
Designated as Hedging Instrument \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	55	57
Designated as Hedging Instrument \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	2	4
Designated as Hedging Instrument \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	6	16
Designated as Hedging Instrument \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	1	2
Designated as Hedging Instrument \| Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	55	54
Fair value of derivative instruments, Liabilities	3	6
Fair value of derivative instruments, Net Assets/(Liabilities)	52	48
Designated as Hedging Instrument \| Commodity Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	54	50
Designated as Hedging Instrument \| Commodity Contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	1	4
Designated as Hedging Instrument \| Commodity Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	2	4
Designated as Hedging Instrument \| Commodity Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	1	2
Designated as Hedging Instrument \| Foreign Currency Forward Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	2	7
Fair value of derivative instruments, Liabilities	4	12
Fair value of derivative instruments, Net Assets/(Liabilities)	(2)	(5)
Designated as Hedging Instrument \| Foreign Currency Forward Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	1	7
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	4	12
Not Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets	11	8
Fair value of derivative instruments, Liabilities	12	11
Fair value of derivative instruments, Net Assets/(Liabilities)	(1)	(3)
Not Designated as Hedging Instrument \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	10	7
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	11	9
Not Designated as Hedging Instrument \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	1	2
Not Designated as Hedging Instrument \| Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	3	3
Fair value of derivative instruments, Liabilities	1	1
Fair value of derivative instruments, Net Assets/(Liabilities)	2	2
Not Designated as Hedging Instrument \| Commodity Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	3	3
Not Designated as Hedging Instrument \| Commodity Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	1	1
Not Designated as Hedging Instrument \| Foreign Currency Forward Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	8	5
Fair value of derivative instruments, Liabilities	11	10
Fair value of derivative instruments, Net Assets/(Liabilities)	(3)	(5)
Not Designated as Hedging Instrument \| Foreign Currency Forward Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	7	4
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	10	8
Not Designated as Hedging Instrument \| Foreign Currency Forward Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	$ 1	$ 2

Financial Instruments, Derivatives and Hedging Activities - Additional information - CF hedges (Details) - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Hedging relationships
Gains (Losses) Recognized in OCI	$ 29	$ (46)
Gains (Losses) Reclassified from AOCI into Income	1	6
Commodity Contracts
Hedging relationships
Gains (Losses) Recognized in OCI	27	(37)
Commodity Contracts \| Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCI into Income	(1)	7
Foreign Currency Contracts
Hedging relationships
Gains (Losses) Recognized in OCI	2	(5)
Foreign Currency Contracts \| Net sales/Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCI into Income	$ 2	(1)
Interest Rate Contracts
Hedging relationships
Gains (Losses) Recognized in OCI		$ (4)

Financial Instruments, Derivatives and Hedging Activities - Gain (Losses) Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Hedging relationships
Gains expected to be reclassified into earnings during the next twelve months, net of tax	$ 64,000
Gains expected to be reclassified into earnings during the next twelve months, income tax effect	$ 23,000
Fair Value Hedging \| Interest Rate Contracts \| Financing costs, net
Hedging relationships
Gains (losses) recognized in income, Hedging instruments		$ 3
Gains (losses) recognized in income, Hedged item		$ (3)

Financial Instruments, Derivatives and Hedging Activities - FV (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Carrying value
Fair value of assets and liabilities
Long-term debt	$ 1,700
Fair value
Fair value of assets and liabilities
Long-term debt	1,900
Fair Value, Measurements, Recurring
Fair value of assets and liabilities
Available for sale securities	12	$ 11
Derivative assets	68	69
Derivative liabilities	19	29
Long-term debt	1,919	1,751
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Fair value of assets and liabilities
Available for sale securities	12	11
Derivative assets	53	53
Derivative liabilities	2	3
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Fair value of assets and liabilities
Derivative assets	15	16
Derivative liabilities	17	26
Long-term debt	$ 1,919	$ 1,751

Debt - Components (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Financing Arrangements
Long-term debt	$ 1,749	$ 1,748
Short-term borrowings	68	58
Total short-term borrowings	448	438
Total debt	$ 2,197	$ 2,186
2.9% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate (as a percent)	2.90%	2.90%
Long-term debt	$ 594	$ 594
3.2% senior notes due October 1, 2026
Financing Arrangements
Debt, interest rate (as a percent)	3.20%	3.20%
Long-term debt	$ 497	$ 497
3.9% senior notes due June 1, 2050
Financing Arrangements
Debt, interest rate (as a percent)	3.90%	3.90%
Long-term debt	$ 390	$ 390
6.625% senior notes due April 15, 2037
Financing Arrangements
Debt, interest rate (as a percent)	6.625%	6.625%
Long-term debt	$ 253	$ 253
Other long-term borrowings
Financing Arrangements
Long-term debt	15	14
Term loan credit agreement due April 12, 2021
Financing Arrangements
Long-term debt, current		$ 380
Applicable interest rate (as a percent)		0.80%
Amended term loan credit agreement due March 15, 2022
Financing Arrangements
Long-term debt, current	$ 380
Applicable interest rate (as a percent)	0.75%

Leases - Lease costs (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Lease costs (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Leases
Finance lease liability	$ 0
Lease Cost
Operating lease cost	14	$ 13
Variable operating lease cost	7	8
Short term lease cost	1	1
Lease cost	$ 22	$ 22

Leases - Operating lease reconciliation (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets
2021 (Excluding the three months ended March 31, 2021)	$ 39
2022	45
2023	35
2024	25
2025	17
Thereafter	53
Total future lease payments	214
Less imputed interest	24
Present value of future lease payments	190
Less current lease liabilities	45
Non-current operating lease liabilities	145	$ 136
Operating lease assets	$ 182	$ 173

Leases - Other Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Other information
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 14	$ 13
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 21	$ 8
Weighted average remaining lease term (years): Operating leases	6 years 3 months 18 days		5 years 6 months
Weighted average discount rate: Operating leases	4.60%		4.90%

Taxes - Effective tax rate (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Taxes
Effective tax rate (as a percent)	(29.30%)	42.60%
Assets held for sale impairment	$ 360
Devaluation of Mexican peso against U.S. dollar (as a percent)	3.00%	24.00%

Net Periodic Pension and Postretirement Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Non-US
Employer contributions
Employer contributions	$ 1
Pension Plan
Anticipated cash contributions
Anticipated cash contributions in current year	4
Pension Plan \| US
Components of Net Periodic Benefit Costs
Service cost	1	$ 1
Interest cost	2	3
Expected return on plan assets	(5)	(5)
Net periodic benefit cost/(benefit)	(2)	(1)
Anticipated cash contributions
Anticipated cash contributions in current year	1
Pension Plan \| Non-US
Components of Net Periodic Benefit Costs
Service cost	1	1
Interest cost	3	3
Expected return on plan assets	(2)	(2)
Amortization of actuarial loss	1
Net periodic benefit cost/(benefit)	3	2
Anticipated cash contributions
Anticipated cash contributions in current year	3
Postemployment Retirement Benefits
Components of Net Periodic Benefit Costs
Interest cost	1	1
Amortization of prior service credit	$ (1)	$ (1)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventories
Finished and in process	$ 573	$ 584
Raw materials	283	236
Manufacturing supplies and other	94	97
Total inventories	$ 950	$ 917

Equity - Treasury stock (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Oct. 22, 2018
Treasury stock:
Purchase/acquisition of treasury stock (in shares)	158	0
Repurchases of common stock (in dollars)	$ 14
Treasury Stock
Treasury stock:
Repurchases of common stock (in dollars)	$ 14
2018 Stock Repurchase Program
Treasury stock:
Shares authorized to be repurchased (in shares)			8,000

Equity - Share-based payments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based compensation expense
Pre-tax compensation expense	$ 5	$ 6
Income tax benefit		(1)
Total share-based compensation expense, net of income taxes	5	5
Stock options
Share-based compensation expense
Pre-tax compensation expense	1	1
Total share-based compensation expense, net of income taxes	1	1
Restricted stock units (RSUs)
Share-based compensation expense
Pre-tax compensation expense	3	3
Income tax benefit		(1)
Total share-based compensation expense, net of income taxes	3	2
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	1	2
Total share-based compensation expense, net of income taxes	$ 1	$ 2

Equity - Stock options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Stock options, Number of Options
Outstanding at the beginning of the period (in shares)	2,238
Granted (in shares)	358	336
Exercised (in shares)	(154)
Cancelled (in shares)	(27)
Outstanding at the end of the period (in shares)	2,415		2,238
Exercisable at the end of the period (in shares)	1,775
Stock options, Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)	$ 86.55
Granted (in dollars per share)	87.12
Exercised (in dollars per share)	56.35
Cancelled (in dollars per share)	94.39
Outstanding at the end of the period (in dollars per share)	88.68		$ 86.55
Exercisable at the end of the period (in dollars per share)	$ 88.90
Additional information pertaining to stock options
Average Remaining Contractual Term, Outstanding	5 years 10 months 20 days		5 years 1 month 24 days
Average Remaining Contractual Term, Exercisable	4 years 7 months 28 days
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 20		$ 14
Aggregate Intrinsic Value, Exercisable (in dollars)	19
Cash received from exercise of stock options	$ 9
Weighted average grant date fair value of stock options granted (per share)	$ 12.31	$ 11.48
Total intrinsic value of stock options exercised	$ 5	$ 4
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)	0.60%	1.40%
Expected volatility (as a percent)	23.20%	19.80%
Expected dividend yield (as a percent)	2.90%	2.90%
Additional information pertaining to stock options
Unrecognized compensation cost	$ 6
Weighted-average period for amortization of unrecognized compensation cost	1 year 10 months 24 days

Equity - Restricted stock units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Other disclosures
Share-based payments subject to redemption	$ 21	$ 30	$ 23	$ 31
Restricted stock units (RSUs)
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)	418
Granted (in shares)	214
Vested (in shares)	(83)
Cancelled (in shares)	(12)
Non-vested at the end of the period (in shares)	537
Weighted-average fair value per share
Non-vested at the beginning of the period (in dollars per share)	$ 96.45
Granted (in dollars per share)	87.25
Vested (in dollars per share)	126.67
Cancelled (in dollars per share)	91.19
Non-vested at the end of the period (in dollars per share)	$ 88.28
Other disclosures
Unrecognized compensation cost	$ 30
Weighted-average period for amortization of unrecognized compensation cost	2 years 2 months 12 days

Equity - Performance shares (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) item $ / shares shares	Dec. 31, 2020 item	Dec. 31, 2019 item	Dec. 31, 2018
Performance Shares
Share-based compensation
Vesting terms				3 years
Number of tranches \| item		2	2
Granted (in shares) \| shares	108
Weighted-average fair value per share, Granted (in dollars per share) \| $ / shares	$ 100.29
Unrecognized compensation cost \| $	$ 12.0
Remaining requisite service period (in years)	2 years 6 months
Cancelled (in shares) \| shares	2
Performance shares, vesting based on TSR
Share-based compensation
Vesting terms	3 years
Percentage of share-based compensation award		50.00%	50.00%
Performance shares calculation period (in years)	3 years
Performance shares, vesting based on TSR \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)	0.00%
Performance shares, vesting based on TSR \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)	200.00%
Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Vesting terms	3 years
Percentage of share-based compensation award		50.00%	50.00%
Performance shares calculation period (in years)	3 years	3 years	3 years
Performance shares, vesting based on Adjusted ROIC \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)	0.00%
Performance shares, vesting based on Adjusted ROIC \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)	200.00%
2018 Awards \| Performance Shares
Share-based compensation
Award pay out achieved (as a percent)	0.00%
2021 Awards \| Performance Shares
Share-based compensation
Number of award segments \| item	2
2021 Award, Segment One \| Performance shares, vesting based on TSR
Share-based compensation
Percentage of share-based compensation award	50.00%
2021 Award, Segment One \| Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Percentage of share-based compensation award	50.00%
Performance shares calculation period (in years)	3 years
2021 Award, Segment Two \| Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Percentage of share-based compensation award	100.00%

Equity - AOCL (Details) - USD ($) $ in Millions	3 Months Ended
Equity - AOCL (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	$ 2,951
Balance at the end of the period	2,637
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,114)	$ (1,089)
Other comprehensive (loss) gain before reclassification adjustments	(52)	(134)
Net other comprehensive income (loss)	(52)	(134)
Balance at the end of the period	(1,166)	(1,223)
Hedging Activities
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	42	(9)
Other comprehensive (loss) gain before reclassification adjustments	29	(46)
(Gain) reclassified from accumulated OCL	(1)	6
Tax benefit (provision)	(7)	10
Net other comprehensive income (loss)	21	(30)
Balance at the end of the period	63	(39)
Pension and other postretirement plans
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(61)	(60)
Balance at the end of the period	(61)	(60)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,133)	(1,158)
Other comprehensive (loss) gain before reclassification adjustments	(23)	(180)
(Gain) reclassified from accumulated OCL	(1)	6
Tax benefit (provision)	(7)	10
Net other comprehensive income (loss)	(31)	(164)
Balance at the end of the period	$ (1,164)	$ (1,322)

Equity - Statements of Equity with dividends per share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Balance at beginning of period	$ 2,972
Repurchases of common stock, net	(14)
Balance at end of period	2,663
Dividends declared, common stock (in dollars per share)		$ 0.63
Common Stock
Balance at beginning of period	1	$ 1
Balance at end of period	1	1
Additional Paid-in Capital
Balance at beginning of period	1,150	1,137
Share-based compensation, net of issuance	5	5
Balance at end of period	1,155	1,142
Treasury Stock
Balance at beginning of period	(1,024)	(1,040)
Repurchases of common stock, net	(14)
Share-based compensation, net of issuance	16	12
Balance at end of period	(1,022)	(1,028)
Accumulated Other Comprehensive Loss
Balance at beginning of period	(1,133)	(1,158)
Other comprehensive income (loss)	(31)	(164)
Balance at end of period	(1,164)	(1,322)
Retained Earnings
Balance at beginning of period	3,957	3,780
Net income	(246)	75
Dividends declared, common stock	(44)	(42)
Balance at end of period	3,667	3,813
Non-Redeemable Non-Controlling Interests
Balance at beginning of period	21	21
Net income	4	3
Other comprehensive income (loss)	1	(3)
Balance at end of period	$ 26	$ 21

Equity - Statements of Redeemable Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Temporary Equity
Share-based Payments Subject to Redemption, Beginning Balance	$ 30	$ 31
Share-based compensation, net of issuance	(9)	(8)
Share-based Payments Subject to Redemption, Ending Balance	21	$ 23
Redeemable Non-Controlling Interests, Beginning Balance	70
Net income (loss) attributable to non-controlling interests	(1)
Other comprehensive (loss) income	1
Redeemable Non-Controlling Interests, Ending Balance	$ 70

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic EPS:
Net Income Available to Ingredion - basic	$ (246)	$ 75
Weighted average number of shares outstanding, basic	67.3	67.1
Basic earnings per common share of Ingredion (in dollars per share)	$ (3.66)	$ 1.12
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards		0.7
Diluted EPS:
Net Income Available to Ingredion - diluted	$ (246)	$ 75
Weighted average number of shares outstanding - diluted, Total	67.3	67.8
Diluted earnings per common share of Ingredion (in dollars per share)	$ (3.66)	$ 1.11
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	2.1	1.5

Segment Information - Net sales (Details) $ in Millions	3 Months Ended
Segment Information - Net sales (Details) $ in Millions	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)
Segment information
Number of reportable business segments \| segment	4
Total net sales	$ 1,614	$ 1,543
Operating income Subtotal	201	167
Acquisition / integration costs	(1)
Restructuring/impairment charges	(10)	(14)
Impairment charges related to assets classified as held for sale	(360)
Operating (loss) income	(170)	153
North America
Segment information
Total net sales	945	963
South America
Segment information
Total net sales	273	237
Asia-Pacific
Segment information
Total net sales	235	189
EMEA
Segment information
Total net sales	161	154
Operating Segments \| North America
Segment information
Operating income Subtotal	134	125
Operating Segments \| South America
Segment information
Operating income Subtotal	40	26
Operating Segments \| Asia-Pacific
Segment information
Operating income Subtotal	25	20
Operating Segments \| EMEA
Segment information
Operating income Subtotal	31	27
Corporate, Non -Segment
Segment information
Operating income Subtotal	$ (29)	$ (31)

Segment Information - Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Segment information
Total assets	$ 6,803	$ 6,858
North America
Segment information
Total assets	4,240	4,231
South America
Segment information
Total assets	751	818
Asia-Pacific
Segment information
Total assets	1,257	1,255
EMEA
Segment information
Total assets	$ 555	$ 554

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

Subsequent Events (Details) - Subsequent Event. € in Millions, $ in Millions	May 03, 2021	Apr. 01, 2021 EUR (€)	Apr. 01, 2021 USD ($)
Amyris' Brazilian Manufacturing Facility \| Forecast
Subsequent Event
Percentage acquired	31.00%
KaTech
Subsequent Event
Cash consideration		€ 36	$ 42