0001558370-21-014825 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		66,535,932
Entity Central Index Key	0001046257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Income
Net sales	$ 1,763	$ 1,502	$ 5,139	$ 4,394
Cost of sales	1,440	1,176	4,098	3,474
Gross profit	323	326	1,041	920
Operating expenses	164	155	484	456
Other (income) expense, net	(1)	2	(29)	4
Restructuring/impairment charges and related adjustments	(12)	16	362	41
Operating income	172	153	224	419
Financing costs, net	20	22	58	59
Other, non-operating (income), net	(1)	(2)	(4)	(3)
Income before income taxes	153	133	170	363
Provision for income taxes	34	40	113	125
Net income	119	93	57	238
Less: Net income attributable to non-controlling interests	1	1	7	5
Net income attributable to Ingredion	$ 118	$ 92	$ 50	$ 233
Weighted average common shares outstanding:
Basic	67.0	67.2	67.2	67.2
Diluted	67.6	67.6	67.8	67.6
Earnings per common share of Ingredion:
Basic	$ 1.76	$ 1.37	$ 0.74	$ 3.47
Diluted	$ 1.75	$ 1.36	$ 0.74	$ 3.45

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 119	$ 93	$ 57	$ 238
Other comprehensive income:
Gains (losses) on cash flow hedges, net of income tax effect of $9, $4, $56 and $12, respectively	26	12	155	(38)
(Gains) losses on cash flow hedges reclassified to earnings, net of income tax effect of $15, $8, $45 and $14, respectively	(45)	23	(125)	42
Currency translation adjustment	248	13	226	(105)
Comprehensive income	348	141	313	137
Less: Comprehensive (loss) income attributable to non-controlling interests	(2)	3	6	5
Comprehensive income attributable to Ingredion	$ 350	$ 138	$ 307	$ 132

- 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.

+ References + Details

- Definition

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

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Comprehensive Income
Gains (losses) on cash flow hedges, income tax effect	$ (9)	$ (4)	$ (56)	$ 12
(Gains) losses on cash flow hedges reclassified to earnings, income tax benefit	$ 15	$ (8)	$ 45	$ (14)

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 434	$ 665
Short-term investments	4
Accounts receivable, net	1,128	1,011
Inventories	1,093	917
Prepaid expenses	74	54
Total current assets	2,733	2,647
Property, plant and equipment, net of accumulated depreciation of $3,225 and $3,175, respectively	2,369	2,455
Goodwill	916	902
Other intangible assets, net of accumulated amortization of $244 and $229	424	444
Operating lease assets	191	173
Deferred income tax assets	17	23
Other assets	336	214
Total assets	6,986	6,858
Current liabilities:
Short-term borrowings	398	438
Accounts payable and accrued liabilities	1,059	1,020
Total current liabilities	1,457	1,458
Other non-current liabilities	226	227
Long-term debt	1,748	1,748
Non-current operating lease liabilities	152	136
Deferred income tax liabilities	200	217
Total liabilities	3,783	3,786
Share-based payments subject to redemption	32	30
Redeemable non-controlling interests	68	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 September 30, 2021 and December 31, 2020, respectively	1	1
Additional paid-in capital	1,155	1,150
Less: Treasury stock (common stock: 11,295,044 and 10,795,346 shares at September 30, 2021 and December 31, 2020, respectively) at cost	(1,072)	(1,024)
Accumulated other comprehensive loss	(877)	(1,133)
Retained earnings	3,877	3,957
Total Ingredion stockholders' equity	3,084	2,951
Non-redeemable non-controlling interests	19	21
Total equity	3,103	2,972
Total liabilities and equity	$ 6,986	$ 6,858

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets
Property, plant and equipment, Accumulated depreciation	$ 3,225	$ 3,175
Other intangible assets - accumulated amortization (in dollars)	$ 244	$ 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)	11,295,044	10,795,346

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	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, 2019	1	1,137	(1,040)	(1,158)	3,780	21
Increase (Decrease) in Stockholders' Equity
Net income (loss)					233	7
Dividends declared					(129)	(5)
Share-based compensation, net of issuance		8	13
Other comprehensive income (loss)				(101)		(2)
Balance at end of period at Sep. 30, 2020	1	1,145	(1,027)	(1,259)	3,884	21
Balance at beginning of period at Mar. 31, 2020	1	1,142	(1,028)	(1,322)	3,813	21
Increase (Decrease) in Stockholders' Equity
Net income (loss)					66	1
Dividends declared					(43)	(3)
Share-based compensation, net of issuance		1	1
Other comprehensive income (loss)				15		1
Balance at end of period at Jun. 30, 2020	1	1,143	(1,027)	(1,307)	3,836	20
Increase (Decrease) in Stockholders' Equity
Net income (loss)					92	3
Dividends declared					(44)	(2)
Share-based compensation, net of issuance		2
Other comprehensive income (loss)				48
Balance at end of period at Sep. 30, 2020	1	1,145	(1,027)	(1,259)	3,884	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)
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
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)					50	10
Dividends declared					(130)	(10)
Repurchases of common stock, net			(68)
Share-based compensation, net of issuance		5	20
Other comprehensive income (loss)				256		(2)
Balance at end of period at Sep. 30, 2021	1	1,155	(1,072)	(877)	3,877	19	3,103
Balance at beginning of period at Mar. 31, 2021	1	1,155	(1,022)	(1,164)	3,667	26
Increase (Decrease) in Stockholders' Equity
Net income (loss)					178	3
Dividends declared					(43)	(7)
Repurchases of common stock, net			(10)
Share-based compensation, net of issuance		(1)	3
Other comprehensive income (loss)				58
Balance at end of period at Jun. 30, 2021	1	1,154	(1,029)	(1,106)	3,802	22
Increase (Decrease) in Stockholders' Equity
Net income (loss)					118	3
Dividends declared					(43)	(3)
Repurchases of common stock, net			(44)
Share-based compensation, net of issuance		1	1
Other comprehensive income (loss)				229		(3)
Balance at end of period at Sep. 30, 2021	$ 1	$ 1,155	$ (1,072)	$ (877)	$ 3,877	$ 19	$ 3,103

- Definition

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

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- Definition

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, 2019	31
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	1
Share-based Payments Subject to Redemption, Ending Balance at Sep. 30, 2020	32
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	(2)
Acquisition of redeemable non-controlling interests	74
Other comprehensive (loss) income	2
Redeemable Non-Controlling Interests, Ending Balance at Sep. 30, 2020	74
Share-based Payments Subject to Redemption, Beginning Balance at Mar. 31, 2020	23
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	4
Share-based Payments Subject to Redemption, Ending Balance at Jun. 30, 2020	27
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	5
Share-based Payments Subject to Redemption, Ending Balance at Sep. 30, 2020	32
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	(2)
Acquisition of redeemable non-controlling interests	74
Other comprehensive (loss) income	2
Redeemable Non-Controlling Interests, Ending Balance at Sep. 30, 2020	74
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
Share-based Payments Subject to Redemption, Beginning Balance at Dec. 31, 2020	30
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	2
Share-based Payments Subject to Redemption, Ending Balance at Sep. 30, 2021	32
Redeemable Non-Controlling Interests, Beginning Balance at Dec. 31, 2020	70
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	(3)
Other comprehensive (loss) income	1
Redeemable Non-Controlling Interests, Ending Balance at Sep. 30, 2021	68
Share-based Payments Subject to Redemption, Beginning Balance at Mar. 31, 2021	21
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	7
Share-based Payments Subject to Redemption, Ending Balance at Jun. 30, 2021	28
Redeemable Non-Controlling Interests, Beginning Balance at Mar. 31, 2021	70
Redeemable Non-Controlling Interests, Ending Balance at Jun. 30, 2021	70
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	4
Share-based Payments Subject to Redemption, Ending Balance at Sep. 30, 2021	32
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	(2)
Redeemable Non-Controlling Interests, Ending Balance at Sep. 30, 2021	$ 68

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash provided by operating activities
Net income	$ 57	$ 238
Non-cash charges to net income:
Depreciation and amortization	155	158
Mechanical stores expense	40	39
Deferred income taxes	(25)	(1)
Charge for fair value markup of acquired inventory		3
Impairment on disposition of assets	340
Other	4	46
Changes in working capital:
Accounts receivable and prepaid expenses	(126)	36
Inventories	(226)	(10)
Accounts payable and accrued liabilities	94	54
Margin accounts	(34)	6
Other	(20)	(7)
Cash provided by operating activities	259	562
Cash used for investing activities
Capital expenditures and mechanical stores purchases, net of proceeds on disposals	(186)	(250)
Payments for acquisitions, net of cash acquired of $2 and $14, respectively	(40)	(208)
Investment in non-consolidated affiliates	(8)	(6)
Short-term investments	(4)	4
Cash used for investing activities	(238)	(460)
Cash (used for) provided by financing activities
Proceeds from borrowings	804	1,527
Payments on debt	(1,194)	(1,186)
Commercial paper borrowings, net	350
Payments for debt issuance costs		(9)
Repurchases of common stock, net	(68)
Issuances of common stock for share-based compensation, net of settlements	10	2
Dividends paid, including to non-controlling interests	(138)	(132)
Cash (used for) provided by financing activities	(236)	202
Effects of foreign exchange rate changes on cash	(16)	(15)
(Decrease) increase in cash and cash equivalents	(231)	289
Cash and cash equivalents, beginning of period	665	264
Cash and cash equivalents, end of period	$ 434	$ 553

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Cash Flows
Cash acquired from acquisition	$ 2	$ 14

Interim Financial Statements

9 Months Ended

Sep. 30, 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 September 30, 2021 and for the three and nine months ended September 30, 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 Income, Condensed Consolidated Statements of Comprehensive 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

9 Months Ended

Sep. 30, 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. Except for the matters discussed below, there have been no other material changes to the Company’s significant accounting standards and policies for the nine months ended September 30, 2021.

Significant Accounting Policies

Goodwill and Indefinite-lived intangible assets: Goodwill ($916 million and $902 million at September 30, 2021 and December 31, 2020, respectively) represents the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed. The Company also had indefinite-lived intangible assets of $143 million at September 30, 2021 and December 31, 2020.

The original carrying value of goodwill and accumulated impairment charges by reportable business segment at September 30, 2021 was as follows:


	North		South		Asia-
(in millions)	America		America		Pacific		EMEA		Total
Goodwill before impairment charges	$	622	$	50	$	316	$	69	$	1,057
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at January 1, 2021		621		17		195		69		902
Acquisitions		1		—		3		20		24
Currency translation		—		(1)		(6)		(3)		(10)
Balance at September 30, 2021	$	622	$	16	$	192	$	86	$	916

The following table summarizes the balances of the Company’s indefinite-lived intangible assets at the dates presented:


(in millions)	As of September 30, 2021		As of December 31, 2020
Trademarks/tradenames (indefinite-lived)	$	143	$	143

The Company assesses goodwill and indefinite-lived intangible assets for impairment annually (or more frequently if impairment indicators arise). Based on the results of the Company’s assessment as of July 1, 2021, there were no impairments in its goodwill or indefinite-lived intangible assets.

- 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.

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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions and Equity Method Investments

9 Months Ended

Sep. 30, 2021

Acquisitions and Equity Method Investments

Acquisitions

3. Acquisitions and Equity Method Investments

Acquisitions

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 closing, the Company made a total cash payment of $40 million, net of $2 million of cash acquired, which it funded from cash on hand. The results of KaTech are reported on a one-month lag within the Company’s Condensed Consolidated Financial Statements during the integration process of the companies. KaTech’s operational results are recorded in the Company’s Europe, Middle East and Africa (“EMEA”) reportable business segment.

On November 3, 2020, the Company acquired the remaining 80% of the outstanding shares of Verdient Foods, Inc. (“Verdient”), 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 Company had previously entered into an equity method investment with 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. The results of the acquired operation are included in the Company’s consolidated results from the acquisition date within the North America reportable business segment.

The acquisitions of KaTech and Verdient added a total of $36 million of goodwill and $35 million of tangible assets as of their respective acquisition dates. The purchase accounting for the assets acquired and liabilities assumed for KaTech and Verdient is preliminarily recorded based on available information and incorporating management’s best estimates.

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 business segment.

A preliminary allocation of the purchase price to the assets acquired and liabilities assumed was made based on available information and incorporating management’s best estimates. The assets acquired and liabilities assumed in the transaction for each acquisition were generally recorded at their estimated acquisition date fair values, while transaction costs associated with the acquisitions were expensed as incurred.

The purchase accounting for the assets acquired and liabilities assumed for PureCircle was completed during the three months ended September 30, 2021.

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 purchase price allocations for the PureCircle acquisition as of September 30, 2021:


(in millions)		PureCircle
Working capital (excluding cash)	$	68
Property, plant and equipment		91
Other, net		(33)
Identifiable intangible assets		68
Goodwill		88
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.

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


				Estimated
Intangible Asset	Fair Value		Valuation Technique	Useful Life
Proprietary technology	$	32	Relief-from-royalty method	12 years
Trade names		18	Relief-from-royalty method	15 years
Customer relationships		18	Multi-period excess earnings method	12 years

The fair values of proprietary technology, trade names, and customer relationships were determined through the valuation techniques described above using various judgmental assumptions such as discount rates, royalty rates, and customer attrition rates, as applicable. The fair values of property, plant and equipment associated with the acquisitions were determined to be Level 3 under the fair value hierarchy. Property, plant and equipment values were estimated using either the cost or market approach.

Pro-forma results of operation for any of the foregoing acquisitions have not been presented as the effect of each acquisition individually and in the aggregate with other acquisitions would not be material to the Company’s results of operations for any periods presented.

The Company incurred an insignificant amount and $5 million of pre-tax acquisition and integration costs for the three and nine months ended September 30, 2021, respectively. The Company incurred $5 million and $8 million of pre-tax acquisition and integration costs for the three and nine months ended September 30, 2020, respectively.

Equity Method Investments

On June 1, 2021, the Company and certain of its subsidiaries entered into an agreement with Amyris, Inc. (“Amyris”) for certain exclusive commercialization rights to Amyris’ rebaudioside M by fermentation (“Reb M by fermentation”) product; the exclusive licensing of Amyris’ Reb M by fermentation manufacturing technology; and a 31% ownership stake in a Reb M by fermentation joint venture. In exchange for its ownership interest in the Amyris joint venture, Ingredion contributed $28 million of total consideration including $10 million of cash and non-exclusive intellectual property licenses and other consideration valued at $18 million. The transaction resulted in $8 million of Other (income) expense, net recorded in the Condensed Consolidated Statements of Income during the nine months ended September 30, 2021. The $8 million gain includes $18 million of other income related to non-exclusive intellectual property licenses and other consideration contributed by Ingredion for the Company’s stake in the Amyris joint venture, offset by a $10 million cash payment made by a subsidiary of Ingredion to Amyris for the exclusive right to the Reb M by fermentation manufacturing technology license from Amyris.

On February 12, 2021, the Company signed an agreement with an affiliate of Grupo Arcor, an Argentine food company, to establish Ingrear Holding S.A. (the “Arcor joint venture”), a joint venture to combine and operate five manufacturing facilities in Argentina to sell value-added ingredients to customers in the food, beverage, pharmaceutical and other industries in Argentina, Chile and Uruguay. On August 2, 2021, the Company and Grupo Arcor completed all closing conditions to finalize the transaction and formally establish the Arcor joint venture. The Arcor joint venture is managed by a jointly appointed team of executives.

The Company obtained an equity method investment in the Arcor joint venture as a result of the transaction. In exchange for transferring certain assets and liabilities from its Argentina, Chile and Uruguay operations for a total fair value of $71 million, the Company received 49 percent of the outstanding shares of the Arcor joint venture valued at $64 million, and $7 million of consideration, including cash, from Grupo Arcor as of August 2, 2021. The transaction resulted in an impairment more fully described in Note 5 of the Notes to the Condensed Consolidated Financial Statements.

The Company incurred $3 million of pre-tax direct transaction costs to acquire the Arcor joint venture investment during the three months ended September 30, 2021, and $4 million of pre-tax gains, consisting of the $8 million gain related to the Amyris joint venture, partially offset by $4 million of direct transaction costs to acquire the Arcor joint venture and Amyris investments during the nine months ended September 30, 2021.

Revenue Recognition

9 Months Ended

Sep. 30, 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 September 30, 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 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 September 30, 2021 or December 31, 2020.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2021		2020		2021		2020
Net sales to unaffiliated customers:
North America	$	1,083	$	928	$	3,096	$	2,739
South America		260		224		801		643
Asia-Pacific		245		207		728		583
EMEA		175		143		514		429
Total net sales	$	1,763	$	1,502	$	5,139	$	4,394

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring and Impairment Charges

9 Months Ended

Sep. 30, 2021

Restructuring and Impairment Charges

Restructuring and Impairment Charges

5. Restructuring and Impairment Charges

For the three and nine months ended September 30, 2021, the Company recorded $12 million of net pre-tax restructuring and impairment income and $362 million of pre-tax restructuring and impairment charges, respectively. During the three months ended September 30, 2021, the Company recorded a $20 million adjustment to its estimated final impairment of the net assets contributed to the Arcor joint venture as described in Note 3 of the Notes to the Condensed Consolidated Financial Statements and below, based upon the final transaction terms, working capital, and foreign exchange impacts. This adjustment was partially offset by pre-tax restructuring charges of $8 million primarily related to the Company’s Cost Smart program. For the nine months ended September 30, 2021, the Company recorded total impairment charges of $340 million related to the net assets contributed to the Arcor joint venture, and pre-tax restructuring charges of $22 million primarily related to the Company’s Cost Smart program.

For the three months and nine months ended September 30, 2020, the Company recorded $16 million and $41 million of pre-tax restructuring and impairment charges, respectively. For the three months ended September 30, 2020, these charges included pre-tax restructuring charges of $6 million primarily related to the Company’s Cost Smart program and an other-than-temporary impairment of $10 million on its equity method investment in Verdient Foods Inc. For the nine months ended September 30, 2020, the Company recorded pre-tax restructuring charges of $31 million primarily related to its Cost Smart program and an other-than-temporary impairment of $10 million on its equity method investment in Verdient Foods Inc.

Impairment Charges

On February 12, 2021, the Company signed an agreement with an affiliate of Grupo Arcor, an Argentine food company, to establish Ingrear Holding S.A., a joint venture to combine and operate five manufacturing facilities in Argentina to sell value-added ingredients to customers in the food, beverage, pharmaceutical and other industries in Argentina, Chile and Uruguay. On August 2, 2021, the Company and Grupo Arcor completed all closing conditions to finalize the transaction and formally establish the Arcor joint venture. The Arcor joint venture is managed by a jointly appointed team of executives.

At the announcement of the agreement, during the three months ended March 31, 2021, the Company recorded the assets and liabilities expected to be contributed as held for sale. The Company recorded an impairment of $360 million based upon the estimated fair value of the assets and liabilities classified as held for sale. Upon completion of the transaction, the Company disposed of the assets and liabilities from its Argentina, Chile and Uruguay operations, that were previously accounted for as held for sale, and transferred them to the Arcor joint venture in exchange for an equity share in the venture. The Company has accounted for its share of the venture as an equity method investment, as discussed in Note 3 of the Notes to the Condensed Consolidated Financial Statements. Upon disposal, the Company valued the assets

and liabilities transferred at fair value. This resulted in a $20 million favorable adjustment to the estimated impairment charge. The favorable adjustment was recorded during the three months ended September 30, 2021. The total net impairment charge was $340 million for the nine months ended September 30, 2021, of which $311 million was related to the write-off of the cumulative translation losses associated with the contributed net assets and $29 million was related to the write-down to fair value of the contributed net assets to fair value. The Company recorded the impairment within Restructuring/impairment charges and related adjustments in the Condensed Consolidated Statements of Income during the nine months ended September 30, 2021.

Restructuring Charges

For the three months ended September 30, 2021, the Company recorded $8 million of pre-tax restructuring related charges, consisting of $4 million of employee-related and other costs, including professional services, associated with its Cost Smart selling, general, and administrative expense (“SG&A”) program and $3 million of restructuring related charges primarily in North America as a part of its Cost Smart Cost of sales program. The Company also recorded $1 million of restructuring charges related to disposition of the assets contributed to the Arcor joint venture transaction described above.

For the nine months ended September 30, 2021, the Company recorded $22 million of pre-tax restructuring related charges, consisting of $13 million of employee-related and other costs, including professional services, associated with its Cost Smart SG&A program and $11 million of restructuring related charges as part of its Cost Smart Cost of sales program, primarily in North America. The Cost Smart Cost of sales program charges were partly offset by a $5 million gain on the sale of the Stockton, California land and building during the period. The Company also recorded $3 million of restructuring charges related to disposition of the assets contributed to the Arcor joint venture transaction described above.

For the three and nine months ended September 30, 2020, the Company recorded a total of $6 million and $31 million of pre-tax restructuring related charges, respectively. For the three and nine months ended September 30, 2020, the Company recorded $2 million and $17 million of pre-tax restructuring charges for its Cost Smart Cost of sales program, respectively. During the three months ended September 30, 2020, the Company recorded $1 million of other restructuring costs related to the closure of the Lane Cove, Australia manufacturing facility and $1 million of other costs related to the closure of the Stockton, California manufacturing facility. During the nine months ended September 30, 2020, the Company recorded $10 million of restructuring charges related to the closure of the Lane Cove, Australia manufacturing facility, $6 million related to the closure of the Stockton, California manufacturing facility and $1 million of other restructuring costs. The Lane Cove, Australia facility restructuring costs consisted of $6 million of asset write-offs, $3 million of other costs, and $1 million of accelerated depreciation. The Stockton, California facility restructuring costs consisted of $4 million of accelerated depreciation, $1 million of employee-related severance, and $1 million of other costs.

Additionally, the Company recorded pre-tax restructuring charges of $4 million and $14 million during the three and nine months ended September 30, 2020, respectively, for its Cost Smart SG&A program. During the three months ended September 30, 2020, the Company recorded $4 million of pre-tax restructuring charges, consisting primarily of other costs, including professional services, in North America. During the nine months ended September 30, 2020, the Company recorded pre-tax restructuring costs of $14 million primarily in North America, consisting of $12 million of other costs, including professional services, and $2 million of employee-related severance.

A summary of the Company’s employee-related severance accrual as of September 30, 2021 is as follows (in millions):


Balance in severance accrual as of December 31, 2020	$	12
Joint venture related		1
Cost Smart Cost of sales and SG&A		1
Payments made to terminated employees		(10)
Balance in severance accrual as of September 30, 2021	$	4

The entire $4 million severance accrual as of September 30, 2021 is expected to be paid in the next 12 months.

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 totaling $8 million. During the nine months ended September 30, 2021, the Company sold the Stockton, California land and building for $11 million,

resulting in a gain of $5 million. The remaining assets held for sale totaled $2 million as of September 30, 2021. The assets held for sale are reported within Other assets on the Condensed Consolidated Balance Sheets.

Financial Instruments, Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 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 in the Condensed Consolidated Statements of Income 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 September 30, 2021, the Company had outstanding futures and option contracts that hedged the forecasted purchase of approximately 79 million bushels of corn and outstanding swap contracts that hedged the forecasted purchase of approximately 32 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 $385 million and $410 million as of September 30, 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 $225 million and $224 million as of September 30, 2021 and December 31, 2020, respectively.

The Company hedges certain assets using foreign currency cash flow hedging instruments, which had a notional value of $543 million and $401 million as of September 30, 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 $761 million and $542 million as of September 30, 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 September 30, 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 in the second quarter of 2020.

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 September 30, 2021 or December 31, 2020.

The derivative instruments designated as cash flow hedges included in AOCL as of September 30, 2021 and December 31, 2020 are reflected below:



	Amount of Gains
Derivatives in Cash Flow Hedging Relationships	(Losses) included in AOCL
(in millions)	September 30, 2021		December 31, 2020
Commodity contracts, net of income tax effect of $27 and $16, respectively	$	77	$	47
Foreign currency contracts, net of income tax effect of $ —		(1)		(1)
Interest rate contracts, net of income tax effect of $1		(4)		(4)
Total	$	72	$	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 September 30, 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	$	71	$	10	$	81	$	3	$	7	$	10
Other assets		15		7		22		—		3		3
Assets		86		17		103		3		10		13
Accounts payable and accrued liabilities		6		22		28		1		—		1
Non-current liabilities		3		5		8		—		—		—
Liabilities		9		27		36		1		—		1
Net (Liabilities)/Assets	$	77	$	(10)	$	67	$	2	$	10	$	12


	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 AOCL on Derivatives				Income	Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Three Months Ended September 30,				Statement	Three Months Ended September 30,
(in millions)	2021		2020		Location	2021		2020
Commodity contracts	$	36	$	21	Cost of sales	$	62	$	(30)
Foreign currency contracts		(1)		(5)	Net sales/Cost of sales		(2)		(1)
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	35	$	16		$	60	$	(31)


Derivatives in Cash-Flow	Gains (Losses) Recognized in AOCL on Derivatives				Income	Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Nine Months Ended September 30,				Statement	Nine Months Ended September 30,
(in millions)	2021		2020		Location	2021		2020
Commodity contracts	$	212	$	(36)	Cost of sales	$	171	$	(54)
Foreign currency contracts		(1)		(9)	Net sales/Cost of sales		(1)		(1)
Interest rate contracts		—		(5)	Financing costs, net		—		(1)
Total	$	211	$	(50)		$	170	$	(56)

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 September 30,

Location

Three Months Ended September 30,

(in millions)

Hedging Instruments

2021

2020

of Hedged Items

2021

2020

Interest rate contracts

Financing costs, net

—

Financing costs, net

—

Derivatives in Fair Value

Income Statement Location of

Gains (Losses) Recognized in Income

Income Statement

Gains (Losses) Recognized in Income

Hedging Relationships

Derivatives Designated as

Nine Months Ended September 30,

Location

Nine Months Ended September 30,

(in millions)

Hedging Instruments

2021

2020

of Hedged Items

2021

2020

Interest rate contracts

Financing costs, net

—

(1)

Financing costs, net

—

As of September 30, 2021, AOCL included $60 million of net gains (net of income taxes of $22 million) on 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 September 30, 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		116		28		88		—		69		53		16		—
Derivative liabilities		37		7		30		—		29		3		26		—
Long-term debt		1,925		—		1,925		—		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 September 30, 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

9 Months Ended

Sep. 30, 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 September 30, 2021 and December 31, 2020:


	As of		As of
(in millions)	September 30, 2021		December 31, 2020
2.900% senior notes due June 1, 2030	$	594	$	594
3.200% senior notes due October 1, 2026		498		497
3.900% senior notes due June 1, 2050		390		390
6.625% senior notes due April 15, 2037		253		253
Revolving credit agreement		—		—
Other long-term borrowings		13		14
Total long-term debt		1,748		1,748
Term loan credit agreement due April 12, 2021		—		380
Commercial paper		350		—
Other short-term borrowings		48		58
Total short-term borrowings		398		438
Total debt	$	2,146	$	2,186

On March 16, 2021, the Company amended and restated its term loan credit agreement (the “Amended Term Loan Credit Agreement”). As of September 30, 2021, the Company repaid in full the $380 million of borrowings outstanding under the Amended Term Loan Credit Agreement. The Amended Term Loan Credit Agreement restated 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 bore interest at a variable annual rate based on a 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 reduced the applicable interest rate margin for loans accruing interest based on LIBOR from 0.80 percent to 0.75 percent. The Company was required to pay a fee on the unused availability under the Amended Term Loan Credit Agreement. The Amended Term Loan Credit Agreement contained 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 also had to maintain a specified maximum consolidated leverage ratio and a specified minimum consolidated interest coverage ratio.

On June 30, 2021, the Company entered into a new revolving credit agreement (the “Revolving Credit Agreement”) to replace the previous revolving credit agreement, which was terminated. The Revolving Credit Agreement provides for a five-year unsecured revolving credit facility in an aggregate principal amount of $1 billion outstanding at any time. The facility will mature on June 30, 2026. Loans under the facility will accrue interest at a per annum rate equal, at the Company’s option, to either a LIBOR rate plus an applicable margin, or a base rate (generally determined according to the highest of the prime rate, the federal funds rate or the specified LIBOR rate plus 1.00%) plus an applicable margin. The Revolving Credit Agreement contains customary affirmative and negative covenants that, among other matters, specify customary reporting obligations, and that, subject to exceptions, restrict the incurrence of additional indebtedness by the Company’s subsidiaries, the incurrence of liens and the consummation of certain mergers, consolidations and sales of assets. The Company is subject to compliance, as of the end of each quarter, with a maximum leverage ratio of 3.5 to 1.0 and a minimum ratio of consolidated EBITDA to consolidated net interest expense of 3.5 to 1.0, as each such financial covenant is calculated for the most recently completed four-quarter period. As of September 30, 2021, the Company was in compliance with these covenants.

On July 27, 2021, the Company established a commercial paper program under which the Company may issue senior unsecured notes of short maturities up to a maximum aggregate principal amount of $1 billion outstanding at any time. The notes may be sold from time to time on customary terms in the U.S. commercial paper market. The Company intends to use the note proceeds for general corporate purposes. During the three months ended September 30, 2021, the average amount of commercial paper outstanding during the period was $401 million. As of September 30, 2021, $350 million of commercial paper was outstanding. The commercial paper outstanding has a weighted average interest rate of

0.28% over a weighted average maturity of 76 days. The amount of commercial paper outstanding under this program in 2021 is expected to fluctuate.

Other short-term borrowings as of September 30, 2021 and December 31, 2020, primarily include amounts outstanding under various unsecured local country operating lines of credit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

9 Months Ended

Sep. 30, 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				Nine Months Ended
Lease Cost	September 30,				September 30,
(in millions)	2021		2020		2021		2020
Operating lease cost	$	14	$	14	$	43	$	40
Variable operating lease cost		6		8		21		23
Short term lease cost		1		1		3		3
Lease cost	$	21	$	23	$	67	$	66

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 September 30, 2021.


Operating Leases		As of
(in millions)		September 30, 2021
2021 (Excluding the nine months ended September 30, 2021)	$	14
2022		51
2023		41
2024		30
2025		21
Thereafter		67
Total future lease payments		224
Less imputed interest		25
Present value of future lease payments		199
Less current lease liabilities		47
Non-current operating lease liabilities	$	152
Operating lease assets	$	191

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


	Three Months Ended				Nine Months Ended
Other Information	September 30,				September 30,
($ in millions)	2021		2020		2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14	$	14	$	43		$	40
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	18	$	24	$	57		$	45
					As of			As of
					September 30, 2021			December 31, 2020
Weighted average remaining lease term:
Operating leases						6.7 years			5.5 years
Weighted average discount rate:
Operating leases						4.2	%		4.9	%

Taxes

9 Months Ended

Sep. 30, 2021

Taxes

Taxes

9. Taxes

The Company’s effective tax rate for the three months ended September 30, 2021 decreased to 22.2 percent from 30.1 percent for the three months ended September 30, 2020. The decrease in the effective income tax rate was driven by the utilization of U.S. foreign tax credits for which a benefit had not been previously recognized compared to a valuation allowance recorded for the three months ended September 30, 2020. The remaining decrease in the effective tax rate was driven by a $20 million impairment adjustment on the net assets contributed to the Arcor joint venture, as described in Note 5 of the Notes to the Condensed Consolidated Financial Statements, with no corresponding income tax expense recorded with respect to the impairment, a change in mix of earnings, including the consolidation of PureCircle, and certain other items in the prior year. These items were partially offset by a decrease in the value of the Mexican peso against the U.S. dollar during the three months ended September 30, 2021, as compared to an increase during the three months ended September 30, 2020 and a valuation allowance on net operating losses compared to the utilization of net operating losses for which a benefit had not been previously recognized for the three months ended September 30, 2020.

The effective tax rate for the nine months ended September 30, 2021 was 66.5 percent compared to 34.4 percent for the nine months ended September 30, 2020. The primary cause of the increase in the effective tax rate was a $340 million impairment charge related to the net assets contributed to the Arcor joint venture. There was no corresponding income tax benefit recorded with respect to the impairment. This item was partially offset by a tax benefit of $30 million due to the reversal of an accrual for withholding tax on the unremitted earnings of a foreign subsidiary. The remaining change in the effective income tax rate was primarily driven by a decrease in the value of the Mexican peso against the U.S. dollar. The decrease in the value of the Mexican peso against the U.S. dollar produced taxable translation gains on

net-U.S.-dollar-monetary assets held in Mexico for which there was no corresponding gain in pre-tax income. Consequently, the Company recorded a tax expense of $16 million in the nine months ended September 30, 2020, as compared to $4 million in the nine months ended September 30, 2021.

In January 2019, the Company’s Brazilian subsidiary received a favorable decision from the Federal Court of Appeals in Sao Paulo, Brazil, related to certain indirect taxes collected in prior years. The Company finalized its calculation of the amount of the credits and interest due from the favorable decision, concluding that the Company could be entitled to approximately $66 million of credits spanning a period from 2005 to 2018. The Department of Federal Revenue of Brazil, however, issued an Internal Ruling in which it charged that the Company is entitled to only $22 million of the calculated indirect tax credits and interest for the period from 2005 to 2014. The Brazil National Treasury filed a motion for clarification with the Brazilian Supreme Court, asking the Court, among other things, to modify the lower court’s decision to approve the Internal Ruling, which could impact the decision in favor of the Company. During the year ended December 31, 2020, the Company received another favorable court judgment that clarified the calculation of the Company’s benefit, allowing the Company to claim gross treatment within the indirect tax claim calculation and a larger indirect tax claim against the government. As a result of the decision, the Company recorded an additional $35 million pre-tax benefit in the Consolidated Income Statement in Other income for the year ended December 31, 2020, related to the open period of 2005 to 2014. In May 2021, the Brazilian Supreme Court issued its ruling related to the calculation of certain indirect taxes, which affirmed the lower court rulings that the Company had received in previous years and affirmed that the Company is entitled to the previously recorded tax credits. The Supreme Court ruling ensures that the Company will be entitled to $15 million of additional credits from the period of 2015 to 2018 that was previously unrecorded pending a final court ruling. The Company recorded the $15 million of additional credits during the three months ended June 30, 2021 within Other Income (expense), net in the Condensed Consolidated Income Sheet. As of September 30, 2021, the Company has $51 million of remaining tax credits recorded in Other assets and Prepaid expenses on the Condensed Consolidated Balance Sheets that result in deferred income taxes of $17 million. The Company will use the tax offsets to eliminate its Brazilian federal tax payments in 2021 and future years, including the income tax payable with respect to the indirect taxes recovered.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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+ Details

Net Periodic Pension and Postretirement Benefit Costs

9 Months Ended

Sep. 30, 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 September 30,								Nine Months Ended September 30,
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
(in millions)	2021		2020		2021		2020		2021		2020		2021		2020
Service cost	$	1	$	2	$	1	$	1	$	3	$	4	$	3	$	3
Interest cost		2		2		2		2		6		8		7		8
Expected return on plan assets		(4)		(5)		(2)		(2)		(13)		(16)		(6)		(6)
Amortization of actuarial loss		(1)		—		1		1		(1)		—		2		2
Net periodic benefit cost (a)	$	(2)	$	(1)	$	2	$	2	$	(5)	$	(4)	$	6	$	7

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 nine months ended September 30, 2021, cash contributions of approximately $2 million were made to the non-U.S. plans and $1 million to the U.S. plans.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2021		2020		2021		2020
Service cost	$	—	$	—	$	—	$	—
Interest cost		1		—		2		2
Amortization of prior service credit		—		—		(1)		(1)
Net periodic benefit cost (a)	$	1	$	—	$	1	$	1

(a)

The service cost component of net periodic benefit cost is presented within either Cost of sales or Operating expenses on the Condensed Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of 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 Income.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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+ Details

Inventories

9 Months Ended

Sep. 30, 2021

Inventories

Inventories

11. Inventories

Inventories are summarized as follows:


	As of		As of
(in millions)	September 30, 2021		December 31, 2020
Finished and in process	$	627	$	584
Raw materials		361		236
Manufacturing supplies and other		105		97
Total inventories	$	1,093	$	917

Equity

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2021, the Company repurchased 500 thousand and 765 thousand outstanding shares of common stock in open market transactions at a net cost of $44 million and $68 million, respectively. During the three and nine months ended September 30, 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				Nine Months Ended
	September 30,				September 30,
(in millions)	2021		2020		2021		2020
Stock options:
Pre-tax compensation expense	$	1	$	1	$	3	$	3
Income tax benefit		—		—		—		—
Stock option expense, net of income taxes		1		1		3		3

Restricted stock units ("RSUs"):
Pre-tax compensation expense		2		3		8		9
Income tax benefit		—		—		(1)		(1)
RSUs, net of income taxes		2		3		7		8

Performance shares and other share-based awards:
Pre-tax compensation expense		1		2		4		6
Income tax benefit		—		(1)		—		(1)
Performance shares and other share-based compensation expense, net of income taxes		1		1		4		5

Total share-based compensation:
Pre-tax compensation expense		4		6		15		18
Income tax benefit		—		(1)		(1)		(2)
Total share-based compensation expense, net of income taxes	$	4	$	5	$	14	$	16

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 nine months ended September 30, 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:


	Nine Months Ended September 30,
	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 nine months ended September 30, 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	(200)		58.10
Cancelled	(102)		90.72
Outstanding as of September 30, 2021	2,294	$	89.15	5.36	$	18
Exercisable as of September 30, 2021	1,725	$	89.50	4.19	$	17

For the nine months ended September 30, 2021, cash received from the exercise of stock options was approximately $12 million. As of September 30, 2021, the unrecognized compensation cost related to non-vested stock options totaled $3 million, which is expected to be amortized over the weighted-average period of approximately 1.7 years.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(dollars in millions, except per share)	2021		2020		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	$	—	$	—	$	6	$	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 nine months ended September 30, 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	228		87.42
Vested	(90)		124.16
Cancelled	(69)		89.87
Non-vested as of September 30, 2021	487	$	88.07

As of September 30, 2021, the total remaining unrecognized compensation cost related to RSUs was $21 million, which will be amortized over a weighted average period of approximately 1.9 years.

Performance Shares: The Company has a long-term incentive plan for senior management in the form of performance shares. 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. Vesting for the first tranche was split evenly between the Company’s total shareholder return and Adjusted ROIC against the applicable target. The second tranche of performance share awards will vest 100% based on the calculation of Adjusted ROIC against the applicable 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% of the 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 People, Culture, and 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% of the 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 People, Culture, and 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 nine months ended September 30, 2021, the Company awarded 108 thousand performance shares at a weighted average fair value of $100.29 per share.

As of September 30, 2021, the unrecognized compensation cost related to these awards was $7 million, which will be amortized over the remaining requisite service period of 2.1 years.

The 2018 performance share awards vested during the nine months ended September 30, 2021, achieving a zero percent payout of the granted performance shares. Additionally, there were 26 thousand performance share cancellations during the nine months ended September 30, 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 nine months ended September 30, 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		(85)		211		—		126
Loss (gain) reclassified from accumulated OCL		311		(170)		—		141
Tax (provision)		—		(11)		—		(11)
Net other comprehensive income		226		30		—		256
Balance, September 30, 2021	$	(888)	$	72	$	(61)	$	(877)


(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		(105)		(50)		—		(155)
Loss reclassified from accumulated OCL		—		56		—		56
Tax (provision)		—		(2)		—		(2)
Net other comprehensive (loss) income		(105)		4		—		(101)
Balance, September 30, 2020	$	(1,194)	$	(5)	$	(60)	$	(1,259)

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
Net income attributable to Ingredion												178
Net income attributable to non-controlling interests														3
Dividends declared, common stock ($0.64/share)												(43)
Dividends declared, non-controlling interests														(7)
Repurchases of common stock								(10)
Share-based compensation, net of issuance						(1)		3								7
Other comprehensive income										58
Balance, June 30, 2021	$	—	$	1	$	1,154	$	(1,029)	$	(1,106)	$	3,802	$	22	$	28	$	70
Net income attributable to Ingredion												118
Net income attributable to non-controlling interests														3				(2)
Dividends declared, common stock ($0.65/share)												(43)
Dividends declared, non-controlling interests														(3)
Repurchases of common stock								(44)
Share-based compensation, net of issuance						1		1								4
Other comprehensive income (loss)										229				(3)
Balance, September 30, 2021	$	—	$	1	$	1,155	$	(1,072)	$	(877)	$	3,877	$	19	$	32	$	68


	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)
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	$	—
Net income attributable to Ingredion												66
Net income attributable to non-controlling interests														1
Dividends declared, common stock ($0.63/share)												(43)
Dividends declared, non-controlling interests														(3)
Share-based compensation, net of issuance						1		1								4
Other comprehensive income (loss)										15				1
Balance, June 30, 2020	$	—	$	1	$	1,143	$	(1,027)	$	(1,307)	$	3,836	$	20	$	27	$	—
Net income attributable to Ingredion												92
Net income attributable to non-controlling interests														3				(2)
Dividends declared, common stock ($0.64/share)												(44)
Dividends declared, non-controlling interests														(2)
Acquisition of redeemable non-controlling interests																		74
Share-based compensation, net of issuance						2										5
Other comprehensive income (loss)										48								2
Balance, September 30, 2020	$	—	$	1	$	1,145	$	(1,027)	$	(1,259)	$	3,884	$	21	$	32	$	74

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


	Three Months Ended September 30, 2021					Three Months Ended September 30, 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	$	118	67.0	$	1.76	$	92	67.2	$	1.37

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.6					0.4
Diluted EPS	$	118	67.6	$	1.75	$	92	67.6	$	1.36


	Nine Months Ended September 30, 2021					Nine Months Ended September 30, 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	$	50	67.2	$	0.74	$	233	67.2	$	3.47

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.6					0.4
Diluted EPS	$	50	67.8	$	0.74	$	233	67.6	$	3.45

For the three and nine months ended September 30, 2021, approximately 1.6 million and 1.5 million share-based awards of common stock, respectively, were excluded from the calculation of diluted EPS as the impact of their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2020, approximately 1.7 million and 1.4 million share-based awards of common stock, respectively, were excluded from the calculation of diluted EPS as the impact of their inclusion would have been anti-dilutive.

Segment Information

9 Months Ended

Sep. 30, 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.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2021		2020		2021		2020
Net sales to unaffiliated customers:
North America	$	1,083	$	928	$	3,096	$	2,739
South America		260		224		801		643
Asia-Pacific		245		207		728		583
EMEA		175		143		514		429
Total net sales	$	1,763	$	1,502	$	5,139	$	4,394


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2021		2020		2021		2020
Operating income:
North America	$	120	$	132	$	403	$	358
South America		35		29		108		68
Asia-Pacific		21		18		70		60
EMEA		23		25		86		73
Corporate		(36)		(25)		(95)		(86)
Subtotal		163		179		572		473
Acquisition/integration costs		—		(5)		(5)		(8)
Equity method acquisition charges		(3)		—		4		—
Restructuring/impairment charges		(8)		(16)		(22)		(41)
Impairment on disposition of assets		20		—		(340)		—
Other matters		—		—		15		—
Charge for fair value markup of acquired inventory		—		(3)		—		(3)
North America storm damage		—		(2)		—		(2)
Total operating income	$	172	$	153	$	224	$	419


	As of		As of
(in millions)	September 30, 2021		December 31, 2020
Assets:
North America (a)	$	4,204	$	4,231
South America		852		818
Asia-Pacific		1,333		1,255
EMEA		597		554
Total assets	$	6,986	$	6,858

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=123359005&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=123359005&loc=d3e8981-108599

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+ Details

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies

Indefinite-lived intangible assets and goodwill

The original carrying value of goodwill and accumulated impairment charges by reportable business segment at September 30, 2021 was as follows:


	North		South		Asia-
(in millions)	America		America		Pacific		EMEA		Total
Goodwill before impairment charges	$	622	$	50	$	316	$	69	$	1,057
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at January 1, 2021		621		17		195		69		902
Acquisitions		1		—		3		20		24
Currency translation		—		(1)		(6)		(3)		(10)
Balance at September 30, 2021	$	622	$	16	$	192	$	86	$	916

The following table summarizes the balances of the Company’s indefinite-lived intangible assets at the dates presented:


(in millions)	As of September 30, 2021		As of December 31, 2020
Trademarks/tradenames (indefinite-lived)	$	143	$	143

Summary of Significant Accounting Standards and Policies (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies

Schedule of goodwill


	North		South		Asia-
(in millions)	America		America		Pacific		EMEA		Total
Goodwill before impairment charges	$	622	$	50	$	316	$	69	$	1,057
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at January 1, 2021		621		17		195		69		902
Acquisitions		1		—		3		20		24
Currency translation		—		(1)		(6)		(3)		(10)
Balance at September 30, 2021	$	622	$	16	$	192	$	86	$	916

Schedule of indefinite-lived intangible assets


(in millions)	As of September 30, 2021		As of December 31, 2020
Trademarks/tradenames (indefinite-lived)	$	143	$	143

Acquisitions and Equity Method Investments (Tables)

9 Months Ended

Sep. 30, 2021

Acquisitions and Equity Method Investments

Summarizes the preliminary purchase price allocations for the PureCircle acquisition


(in millions)		PureCircle
Working capital (excluding cash)	$	68
Property, plant and equipment		91
Other, net		(33)
Identifiable intangible assets		68
Goodwill		88
Total fair value, net of cash		282
Less: Non-redeemable non-controlling interests		74
Total purchase price, net of cash	$	208

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

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


				Estimated
Intangible Asset	Fair Value		Valuation Technique	Useful Life
Proprietary technology	$	32	Relief-from-royalty method	12 years
Trade names		18	Relief-from-royalty method	15 years
Customer relationships		18	Multi-period excess earnings method	12 years

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2021

Revenue Recognition

Schedule of disaggregation of net sales


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2021		2020		2021		2020
Net sales to unaffiliated customers:
North America	$	1,083	$	928	$	3,096	$	2,739
South America		260		224		801		643
Asia-Pacific		245		207		728		583
EMEA		175		143		514		429
Total net sales	$	1,763	$	1,502	$	5,139	$	4,394

Restructuring and Impairment Charges (Tables)

9 Months Ended

Sep. 30, 2021

Restructuring and Impairment Charges

Summary of restructuring reserve

A summary of the Company’s employee-related severance accrual as of September 30, 2021 is as follows (in millions):


Balance in severance accrual as of December 31, 2020	$	12
Joint venture related		1
Cost Smart Cost of sales and SG&A		1
Payments made to terminated employees		(10)
Balance in severance accrual as of September 30, 2021	$	4

Financial Instruments, Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2021

Financial Instruments, Derivatives and Hedging Activities

Schedule of cash flow hedges included in AOCI



	Amount of Gains
Derivatives in Cash Flow Hedging Relationships	(Losses) included in AOCL
(in millions)	September 30, 2021		December 31, 2020
Commodity contracts, net of income tax effect of $27 and $16, respectively	$	77	$	47
Foreign currency contracts, net of income tax effect of $ —		(1)		(1)
Interest rate contracts, net of income tax effect of $1		(4)		(4)
Total	$	72	$	42

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


	Fair Value of Hedging Instruments as of September 30, 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	$	71	$	10	$	81	$	3	$	7	$	10
Other assets		15		7		22		—		3		3
Assets		86		17		103		3		10		13
Accounts payable and accrued liabilities		6		22		28		1		—		1
Non-current liabilities		3		5		8		—		—		—
Liabilities		9		27		36		1		—		1
Net (Liabilities)/Assets	$	77	$	(10)	$	67	$	2	$	10	$	12


	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 AOCL on Derivatives				Income	Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Three Months Ended September 30,				Statement	Three Months Ended September 30,
(in millions)	2021		2020		Location	2021		2020
Commodity contracts	$	36	$	21	Cost of sales	$	62	$	(30)
Foreign currency contracts		(1)		(5)	Net sales/Cost of sales		(2)		(1)
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	35	$	16		$	60	$	(31)


Derivatives in Cash-Flow	Gains (Losses) Recognized in AOCL on Derivatives				Income	Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Nine Months Ended September 30,				Statement	Nine Months Ended September 30,
(in millions)	2021		2020		Location	2021		2020
Commodity contracts	$	212	$	(36)	Cost of sales	$	171	$	(54)
Foreign currency contracts		(1)		(9)	Net sales/Cost of sales		(1)		(1)
Interest rate contracts		—		(5)	Financing costs, net		—		(1)
Total	$	211	$	(50)		$	170	$	(56)

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


Derivatives in Cash-Flow	Gains (Losses) Recognized in AOCL on Derivatives				Income	Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Nine Months Ended September 30,				Statement	Nine Months Ended September 30,
(in millions)	2021		2020		Location	2021		2020
Commodity contracts	$	212	$	(36)	Cost of sales	$	171	$	(54)
Foreign currency contracts		(1)		(9)	Net sales/Cost of sales		(1)		(1)
Interest rate contracts		—		(5)	Financing costs, net		—		(1)
Total	$	211	$	(50)		$	170	$	(56)

Schedule of fair value of financial instruments and derivatives


	As of September 30, 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		116		28		88		—		69		53		16		—
Derivative liabilities		37		7		30		—		29		3		26		—
Long-term debt		1,925		—		1,925		—		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)

9 Months Ended

Sep. 30, 2021

Debt

Schedule of debt


	As of		As of
(in millions)	September 30, 2021		December 31, 2020
2.900% senior notes due June 1, 2030	$	594	$	594
3.200% senior notes due October 1, 2026		498		497
3.900% senior notes due June 1, 2050		390		390
6.625% senior notes due April 15, 2037		253		253
Revolving credit agreement		—		—
Other long-term borrowings		13		14
Total long-term debt		1,748		1,748
Term loan credit agreement due April 12, 2021		—		380
Commercial paper		350		—
Other short-term borrowings		48		58
Total short-term borrowings		398		438
Total debt	$	2,146	$	2,186

Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases

Summary of components of lease expense


	Three Months Ended				Nine Months Ended
Lease Cost	September 30,				September 30,
(in millions)	2021		2020		2021		2020
Operating lease cost	$	14	$	14	$	43	$	40
Variable operating lease cost		6		8		21		23
Short term lease cost		1		1		3		3
Lease cost	$	21	$	23	$	67	$	66

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


Operating Leases		As of
(in millions)		September 30, 2021
2021 (Excluding the nine months ended September 30, 2021)	$	14
2022		51
2023		41
2024		30
2025		21
Thereafter		67
Total future lease payments		224
Less imputed interest		25
Present value of future lease payments		199
Less current lease liabilities		47
Non-current operating lease liabilities	$	152
Operating lease assets	$	191

Summary of other lease information


	Three Months Ended				Nine Months Ended
Other Information	September 30,				September 30,
($ in millions)	2021		2020		2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14	$	14	$	43		$	40
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	18	$	24	$	57		$	45
					As of			As of
					September 30, 2021			December 31, 2020
Weighted average remaining lease term:
Operating leases						6.7 years			5.5 years
Weighted average discount rate:
Operating leases						4.2	%		4.9	%

Net Periodic Pension and Postretirement Benefit Costs (Tables)

9 Months Ended

Sep. 30, 2021

Pension Plan, Defined Benefit [Member]

Pension and postretirement benefit plans

Components of net periodic benefit cost


	Three Months Ended September 30,								Nine Months Ended September 30,
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
(in millions)	2021		2020		2021		2020		2021		2020		2021		2020
Service cost	$	1	$	2	$	1	$	1	$	3	$	4	$	3	$	3
Interest cost		2		2		2		2		6		8		7		8
Expected return on plan assets		(4)		(5)		(2)		(2)		(13)		(16)		(6)		(6)
Amortization of actuarial loss		(1)		—		1		1		(1)		—		2		2
Net periodic benefit cost (a)	$	(2)	$	(1)	$	2	$	2	$	(5)	$	(4)	$	6	$	7

Other Postretirement Benefit Plan, Defined Benefit [Member]

Pension and postretirement benefit plans

Components of net periodic benefit cost


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2021		2020		2021		2020
Service cost	$	—	$	—	$	—	$	—
Interest cost		1		—		2		2
Amortization of prior service credit		—		—		(1)		(1)
Net periodic benefit cost (a)	$	1	$	—	$	1	$	1

(a)

Inventories (Tables)

9 Months Ended

Sep. 30, 2021

Inventories

Components of inventories


	As of		As of
(in millions)	September 30, 2021		December 31, 2020
Finished and in process	$	627	$	584
Raw materials		361		236
Manufacturing supplies and other		105		97
Total inventories	$	1,093	$	917

Equity (Tables)

9 Months Ended

Sep. 30, 2021

Equity

Schedule of stock based compensation expense


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2021		2020		2021		2020
Stock options:
Pre-tax compensation expense	$	1	$	1	$	3	$	3
Income tax benefit		—		—		—		—
Stock option expense, net of income taxes		1		1		3		3

Restricted stock units ("RSUs"):
Pre-tax compensation expense		2		3		8		9
Income tax benefit		—		—		(1)		(1)
RSUs, net of income taxes		2		3		7		8

Performance shares and other share-based awards:
Pre-tax compensation expense		1		2		4		6
Income tax benefit		—		(1)		—		(1)
Performance shares and other share-based compensation expense, net of income taxes		1		1		4		5

Total share-based compensation:
Pre-tax compensation expense		4		6		15		18
Income tax benefit		—		(1)		(1)		(2)
Total share-based compensation expense, net of income taxes	$	4	$	5	$	14	$	16

Schedule of valuation assumptions for stock options


	Nine Months Ended September 30,
	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	(200)		58.10
Cancelled	(102)		90.72
Outstanding as of September 30, 2021	2,294	$	89.15	5.36	$	18
Exercisable as of September 30, 2021	1,725	$	89.50	4.19	$	17

Schedule of additional information pertaining to stock option activity


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(dollars in millions, except per share)	2021		2020		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	$	—	$	—	$	6	$	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	228		87.42
Vested	(90)		124.16
Cancelled	(69)		89.87
Non-vested as of September 30, 2021	487	$	88.07

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		(85)		211		—		126
Loss (gain) reclassified from accumulated OCL		311		(170)		—		141
Tax (provision)		—		(11)		—		(11)
Net other comprehensive income		226		30		—		256
Balance, September 30, 2021	$	(888)	$	72	$	(61)	$	(877)


(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		(105)		(50)		—		(155)
Loss reclassified from accumulated OCL		—		56		—		56
Tax (provision)		—		(2)		—		(2)
Net other comprehensive (loss) income		(105)		4		—		(101)
Balance, September 30, 2020	$	(1,194)	$	(5)	$	(60)	$	(1,259)

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
Net income attributable to Ingredion												178
Net income attributable to non-controlling interests														3
Dividends declared, common stock ($0.64/share)												(43)
Dividends declared, non-controlling interests														(7)
Repurchases of common stock								(10)
Share-based compensation, net of issuance						(1)		3								7
Other comprehensive income										58
Balance, June 30, 2021	$	—	$	1	$	1,154	$	(1,029)	$	(1,106)	$	3,802	$	22	$	28	$	70
Net income attributable to Ingredion												118
Net income attributable to non-controlling interests														3				(2)
Dividends declared, common stock ($0.65/share)												(43)
Dividends declared, non-controlling interests														(3)
Repurchases of common stock								(44)
Share-based compensation, net of issuance						1		1								4
Other comprehensive income (loss)										229				(3)
Balance, September 30, 2021	$	—	$	1	$	1,155	$	(1,072)	$	(877)	$	3,877	$	19	$	32	$	68


	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)
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	$	—
Net income attributable to Ingredion												66
Net income attributable to non-controlling interests														1
Dividends declared, common stock ($0.63/share)												(43)
Dividends declared, non-controlling interests														(3)
Share-based compensation, net of issuance						1		1								4
Other comprehensive income (loss)										15				1
Balance, June 30, 2020	$	—	$	1	$	1,143	$	(1,027)	$	(1,307)	$	3,836	$	20	$	27	$	—
Net income attributable to Ingredion												92
Net income attributable to non-controlling interests														3				(2)
Dividends declared, common stock ($0.64/share)												(44)
Dividends declared, non-controlling interests														(2)
Acquisition of redeemable non-controlling interests																		74
Share-based compensation, net of issuance						2										5
Other comprehensive income (loss)										48								2
Balance, September 30, 2020	$	—	$	1	$	1,145	$	(1,027)	$	(1,259)	$	3,884	$	21	$	32	$	74

Schedule of basic and diluted earnings per common share


	Three Months Ended September 30, 2021					Three Months Ended September 30, 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	$	118	67.0	$	1.76	$	92	67.2	$	1.37

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.6					0.4
Diluted EPS	$	118	67.6	$	1.75	$	92	67.6	$	1.36


	Nine Months Ended September 30, 2021					Nine Months Ended September 30, 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	$	50	67.2	$	0.74	$	233	67.2	$	3.47

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.6					0.4
Diluted EPS	$	50	67.8	$	0.74	$	233	67.6	$	3.45

Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Information

Schedule of net sales to unaffiliated customers by country of origin


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2021		2020		2021		2020
Net sales to unaffiliated customers:
North America	$	1,083	$	928	$	3,096	$	2,739
South America		260		224		801		643
Asia-Pacific		245		207		728		583
EMEA		175		143		514		429
Total net sales	$	1,763	$	1,502	$	5,139	$	4,394

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2021		2020		2021		2020
Operating income:
North America	$	120	$	132	$	403	$	358
South America		35		29		108		68
Asia-Pacific		21		18		70		60
EMEA		23		25		86		73
Corporate		(36)		(25)		(95)		(86)
Subtotal		163		179		572		473
Acquisition/integration costs		—		(5)		(5)		(8)
Equity method acquisition charges		(3)		—		4		—
Restructuring/impairment charges		(8)		(16)		(22)		(41)
Impairment on disposition of assets		20		—		(340)		—
Other matters		—		—		15		—
Charge for fair value markup of acquired inventory		—		(3)		—		(3)
North America storm damage		—		(2)		—		(2)
Total operating income	$	172	$	153	$	224	$	419

Schedule of long-lived assets (excluding intangible assets) by country


	As of		As of
(in millions)	September 30, 2021		December 31, 2020
Assets:
North America (a)	$	4,204	$	4,231
South America		852		818
Asia-Pacific		1,333		1,255
EMEA		597		554
Total assets	$	6,986	$	6,858

For purposes of presentation, North America includes Corporate assets.

Summary of Significant Accounting Policies - Indefinite-lived intangible assets and goodwill (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 143	$ 143
Goodwill	916	902
Trademarks/tradenames
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 143	$ 143

Summary of Significant Accounting Standards and Policies - Goodwill and accumulated impairment (Details) - USD ($) $ in Millions		9 Months Ended
	Jul. 01, 2021	Sep. 30, 2021	Dec. 31, 2020
Carrying value of goodwill
Goodwill before impairment charges			$ 1,057
Accumulated impairment charges			(155)
Balance at the beginning of the period		$ 902
Acquisitions		24
Currency translation		(10)
Balance at the end of the period		916
Indefinite-lived intangible assets impairment	$ 0
Goodwill impairment	$ 0
North America Segment
Carrying value of goodwill
Goodwill before impairment charges			622
Accumulated impairment charges			(1)
Balance at the beginning of the period		621
Acquisitions		1
Balance at the end of the period		622
South America Segment
Carrying value of goodwill
Goodwill before impairment charges			50
Accumulated impairment charges			(33)
Balance at the beginning of the period		17
Currency translation		(1)
Balance at the end of the period		16
Asia Pacific Segment
Carrying value of goodwill
Goodwill before impairment charges			316
Accumulated impairment charges			(121)
Balance at the beginning of the period		195
Acquisitions		3
Currency translation		(6)
Balance at the end of the period		192
EMEA Segment
Carrying value of goodwill
Goodwill before impairment charges			$ 69
Balance at the beginning of the period		69
Acquisitions		20
Currency translation		(3)
Balance at the end of the period		$ 86

Acquisitions and Equity Method Investments - KaTech (Details) - USD ($) $ in Millions		9 Months Ended
	Apr. 01, 2021	Sep. 30, 2021	Sep. 30, 2020
Acquisitions
Payment for acquisition, net of cash acquired		$ 40	$ 208
KaTech
Acquisitions
Payment for acquisition, net of cash acquired	$ 40
Cash acquired	$ 2
Lag period over which financial results will be reported during the integration process	1 month

Acquisitions and Equity Method Investments - Verdient (Details) $ in Millions, $ in Millions			3 Months Ended	9 Months Ended	12 Months Ended
	Nov. 03, 2020 CAD ($)	Nov. 03, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2018
Verdient Foods, Inc.
Acquisitions
Percentage acquired					20.00%
Equity method investment, Other than temporary impairment			$ 10	$ 10
Verdient Foods, Inc.
Acquisitions
Additional percentage of outstanding shares acquired	80.00%	80.00%
Cash consideration	$ 33	$ 26

Acquisitions and Equity Method Investments - KaTech and Verdient (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 916	$ 902
KaTech And Verdient
Business Acquisition [Line Items]
Goodwill	36
Tangible assets	$ 35

Acquisitions and Equity Method Investments - PureCircle (Details) - USD ($) $ in Millions		9 Months Ended
	Jul. 01, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Acquisitions
Payment for acquisition, net of cash acquired		$ 40	$ 208
Redeemable non-controlling interests		$ 68	$ 74	$ 70	$ 70	$ 70
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

Acquisitions and Equity Method Investments - Purchase price and Integration costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Purchase price allocation
Goodwill	$ 916		$ 916		$ 902
Pre-tax acquisition and integration costs	5	$ 5	5	$ 8
Proprietary technology
Purchase price allocation
Identifiable intangible assets	32		$ 32
Estimated useful life			12 years
Trade names
Purchase price allocation
Identifiable intangible assets	18		$ 18
Estimated useful life			15 years
Customer relationships
Purchase price allocation
Identifiable intangible assets	18		$ 18
Estimated useful life			12 years
KaTech And Verdient
Purchase price allocation
Tangible assets	35		$ 35
Goodwill	36		36
PureCircle Limited
Purchase price allocation
Working capital (excluding cash)	68		68
Property, plant and equipment	91		91
Other, net	(33)		(33)
Identifiable intangible assets	68		68
Goodwill	88		88
Total fair value, net of cash	282		282
Less: Non-redeemable non-controlling interests	74		74
Total purchase price, net of cash	$ 208		$ 208

Acquisitions and Equity Method Investments - Equity Method Investments (Details) $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 02, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Feb. 12, 2021 facility
Equity Method Investments
Income from equity method investment agreement					$ 4
Impairment on disposition of assets		$ (20)	$ (20)		340
Transaction costs					4
Arcor joint venture
Equity Method Investments
Number of manufacturing facilities to be operated \| facility						5
Amyris' Brazilian Manufacturing Facility
Equity Method Investments
Ownership percentage in equity method investment				31.00%
Total consideration under equity method investment agreement				$ 28
Cash consideration				10
Non-exclusive license and other consideration				18
Income from equity method investment agreement			8	$ 8	8
Arcor joint venture
Equity Method Investments
Fair value of assets and liabilities transferred	$ 71
Ownership percentage in equity method investment	49.00%
Value of shares received as consideration for assets contributed	$ 64
Impairment on disposition of assets					$ 340
Transaction costs			$ 3
Arcor joint venture \| Grupo Arcor
Equity Method Investments
Cash and other considerations received from joint venture in return of assets and liabilities transferred	$ 7

Revenue Recognition (Details) $ in Millions	3 Months Ended		9 Months Ended
Revenue Recognition (Details) $ in Millions	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) segment	Sep. 30, 2020 USD ($)
Disaggregation of revenue
Revenue, practical expedient, incremental cost of obtaining contract			true
Number of reportable business segments \| segment			4
Total net sales	$ 1,763	$ 1,502	$ 5,139	$ 4,394
North America Segment
Disaggregation of revenue
Total net sales	1,083	928	3,096	2,739
South America Segment
Disaggregation of revenue
Total net sales	260	224	801	643
Asia Pacific Segment
Disaggregation of revenue
Total net sales	245	207	728	583
EMEA Segment
Disaggregation of revenue
Total net sales	$ 175	$ 143	$ 514	$ 429

- 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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123351226&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=123359005&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=123359005&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=123359005&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=123351226&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	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring and impairment charges
Restructuring/impairment charges and related adjustments		$ (12)	$ 16	$ 362	$ 41
Impairment on disposition of assets	$ (20)	(20)		340
Restructuring charges		8	6		31
Verdient Foods, Inc.
Restructuring and impairment charges
Equity method investment, Other than temporary impairment			10		10
Cost Smart Cost of Sales and SG&A Program
Restructuring and impairment charges
Restructuring charges		8	6	22	31
Cost Smart Cost of Sales Program
Restructuring and impairment charges
Restructuring charges		$ 3	2	$ 11	17
Cost Smart SG&A Program
Restructuring and impairment charges
Restructuring charges			$ 4		$ 14

Restructuring and Impairment Charges - Impairment Charges (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Feb. 12, 2021 facility
Restructuring and impairment charges
Impairment on disposition of assets	$ (20)	$ (20)		$ 340
Arcor joint venture
Restructuring and impairment charges
Impairment on disposition of assets				340
Impairment charge - Cumulative translation adjustment				311
Impairment charge - Write-down of contributed net assets				$ 29
Disposal Group, Held for Sale, Not Discontinued Operations \| South American Subsidiaries, PP&E
Restructuring and impairment charges
Impairment on disposition of assets			$ 360
Reverse impairment charge		$ 20
Arcor joint venture
Restructuring and impairment charges
Number of manufacturing facilities to be operated \| facility					5

Restructuring and Impairment Charges - Other Charges (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jul. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring and impairment charges
Restructuring/impairment charges		$ (12)	$ 16	$ 362	$ 41
Restructuring charges		8	6		31
Indefinite-lived intangible assets impairment	$ 0
Cost Smart Cost of Sales and SG&A Program
Restructuring and impairment charges
Restructuring charges		8	6	22	31
Cost Smart Cost of Sales and SG&A Program \| Employee-related severance costs
Restructuring and impairment charges
Restructuring charges				1
Cost Smart Cost of Sales Program
Restructuring and impairment charges
Restructuring charges		3	2	11	17
Cost Smart Cost of Sales Program \| Other restructuring costs
Restructuring and impairment charges
Restructuring charges					1
Cost Smart Cost of Sales Program, Production facility closure, Australia
Restructuring and impairment charges
Restructuring charges			1		10
Cost Smart Cost of Sales Program, Production facility closure, Australia \| Asset write-off
Restructuring and impairment charges
Restructuring charges					6
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					3
Cost Smart Cost of Sales Program, Production facility closure, Stockton, California
Restructuring and impairment charges
Restructuring charges			1		6
Gain on the sale of land and building				5
Cost Smart Cost of Sales Program, Production facility closure, Stockton, California \| Accelerated depreciation
Restructuring and impairment charges
Restructuring charges					4
Cost Smart Cost of Sales Program, Production facility closure, Stockton, California \| Employee-related severance costs
Restructuring and impairment charges
Restructuring charges					1
Cost Smart Cost of Sales Program, Production facility closure, Stockton, California \| Other restructuring costs
Restructuring and impairment charges
Restructuring charges					1
Cost Smart SG&A Program
Restructuring and impairment charges
Restructuring charges			4		14
Cost Smart SG&A Program \| Other restructuring costs, including professional services
Restructuring and impairment charges
Restructuring charges			$ 4		12
Cost Smart SG&A Program \| Employee-related severance costs
Restructuring and impairment charges
Restructuring charges					$ 2
Cost Smart SG&A Program \| Employee-related and other costs, including professional services
Restructuring and impairment charges
Restructuring charges		4		13
Arcor joint venture restructuring
Restructuring and impairment charges
Restructuring charges		$ 1		3
Arcor joint venture restructuring \| Employee-related severance costs
Restructuring and impairment charges
Restructuring charges				$ 1

Restructuring and Impairment Charges - Employee-related severance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring accrual
Restructuring charges	$ 8	$ 6		$ 31
Employee-related severance costs
Restructuring accrual
Balance in severance accrual at beginning of period			$ 12
Payments made to terminated employees			(10)
Balance in severance accrual at end of period	4		4
Cost Smart Cost of Sales and SG&A Program
Restructuring accrual
Restructuring charges	8	$ 6	22	$ 31
Cost Smart Cost of Sales and SG&A Program \| Employee-related severance costs
Restructuring accrual
Restructuring charges			1
Arcor joint venture restructuring
Restructuring accrual
Restructuring charges	$ 1		3
Arcor joint venture restructuring \| Employee-related severance costs
Restructuring accrual
Restructuring charges			$ 1

Restructuring and Impairment Charges - Assets and classified as held-for-sale (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jul. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Disposal group
Restructuring charges		$ 8	$ 6		$ 31
Goodwill impairment	$ 0
Indefinite-lived intangible assets impairment	$ 0
Stockton, California and Lane Cove, Australia, PP&E \| Disposal Group, Held for Sale, Not Discontinued Operations
Disposal group
Asset held for sale						$ 8
Stockton, California and Lane Cove, Australia, PP&E \| Other assets \| Disposal Group, Held for Sale, Not Discontinued Operations
Disposal group
Asset held for sale		2		$ 2
Stockton, California, PP&E \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Disposal group
Consideration for the sale of assets		$ 11		11
Gain on the sale of land and building				$ 5

Financial Instruments, Derivatives and Hedging Activities - Commodity price hedging (Details) bu in Millions, MMBTU in Millions	9 Months Ended
	Sep. 30, 2021 MMBTU bu
Commodity Contract [Member] \| Minimum [Member]
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	12 months
Commodity Contract [Member] \| Maximum [Member]
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	24 months
Corn Commodity [Member]
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn and gallons for ethanol) \| bu	79
Natural Gas Commodity [Member]
Financial instruments, derivatives and hedging activities
Natural gas futures contract (in mmbtu) \| MMBTU	32

Financial Instruments, Derivatives and Hedging Activities - Foreign currency hedging (Details) - Foreign Exchange Forward [Member] - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Short [Member] \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 385	$ 410
Long [Member] \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	225	224
Cash Flow Hedging [Member] \| Short [Member] \| Designated as Hedging Instrument [Member]
Financial instruments, derivatives and hedging activities
Derivative notional amount	543	401
Cash Flow Hedging [Member] \| Long [Member] \| Designated as Hedging Instrument [Member]
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 761	$ 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 [Member] \| Interest Rate Swap [Member]
Financial instruments, derivatives and hedging activities
Principal amount	$ 200

Financial Instruments, Derivatives and Hedging Activities - CF Hedges in AOCI (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	$ (877)	$ (1,133)
Cash Flow Hedging [Member]
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	72	42
Cash Flow Hedging [Member] \| Commodity Contract [Member]
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	77	47
Tax effect on gains (losses) of derivative instruments	(27)	(16)
Cash Flow Hedging [Member] \| Foreign Currency Contracts
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	(1)	(1)
Cash Flow Hedging [Member] \| Interest Rate Contract [Member]
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	Sep. 30, 2021	Dec. 31, 2020
Designated as Hedging Instrument [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	$ 103	$ 61
Fair value of derivative instruments, Liabilities	36	18
Fair value of derivative instruments, Net Assets/(Liabilities)	67	43
Designated as Hedging Instrument [Member] \| Accounts Receivable, Net [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	81	57
Designated as Hedging Instrument [Member] \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	22	4
Designated as Hedging Instrument [Member] \| Accounts Payable and Accrued Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	28	16
Designated as Hedging Instrument [Member] \| Non Current Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	8	2
Designated as Hedging Instrument [Member] \| Commodity Contract [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	86	54
Fair value of derivative instruments, Liabilities	9	6
Fair value of derivative instruments, Net Assets/(Liabilities)	77	48
Designated as Hedging Instrument [Member] \| Commodity Contract [Member] \| Accounts Receivable, Net [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	71	50
Designated as Hedging Instrument [Member] \| Commodity Contract [Member] \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	15	4
Designated as Hedging Instrument [Member] \| Commodity Contract [Member] \| Accounts Payable and Accrued Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	6	4
Designated as Hedging Instrument [Member] \| Commodity Contract [Member] \| Non Current Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	3	2
Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	17	7
Fair value of derivative instruments, Liabilities	27	12
Fair value of derivative instruments, Net Assets/(Liabilities)	(10)	(5)
Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member] \| Accounts Receivable, Net [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	10	7
Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member] \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	7
Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member] \| Accounts Payable and Accrued Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	22	12
Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member] \| Non Current Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	5
Not Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets	13	8
Fair value of derivative instruments, Liabilities	1	11
Fair value of derivative instruments, Net Assets/(Liabilities)	12	(3)
Not Designated as Hedging Instrument \| Accounts Receivable, Net [Member]
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	3	1
Not Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	1	9
Not Designated as Hedging Instrument \| Non Current Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities		2
Not Designated as Hedging Instrument \| Commodity Contract [Member]
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 Contract [Member] \| Accounts Receivable, Net [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	3	3
Not Designated as Hedging Instrument \| Commodity Contract [Member] \| Accounts Payable and Accrued Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	1	1
Not Designated as Hedging Instrument \| Foreign Exchange Forward [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	10	5
Fair value of derivative instruments, Liabilities		10
Fair value of derivative instruments, Net Assets/(Liabilities)	10	(5)
Not Designated as Hedging Instrument \| Foreign Exchange Forward [Member] \| Accounts Receivable, Net [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	7	4
Not Designated as Hedging Instrument \| Foreign Exchange Forward [Member] \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	$ 3	1
Not Designated as Hedging Instrument \| Foreign Exchange Forward [Member] \| Accounts Payable and Accrued Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities		8
Not Designated as Hedging Instrument \| Foreign Exchange Forward [Member] \| Non Current Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities		$ 2

Financial Instruments, Derivatives and Hedging Activities - Additional information - CF hedges (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Hedging relationships
Gains (Losses) Recognized in OCL	$ 35	$ 16	$ 211	$ (50)
Gains (Losses) Reclassified from AOCL into Income	60	(31)	170	(56)
Commodity Contract [Member]
Hedging relationships
Gains (Losses) Recognized in OCL	36	21	212	(36)
Commodity Contract [Member] \| Cost of Sales [Member]
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	62	(30)	171	(54)
Foreign Currency Contracts
Hedging relationships
Gains (Losses) Recognized in OCL	(1)	(5)	(1)	(9)
Foreign Currency Contracts \| Net sales/Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	$ (2)	$ (1)	$ (1)	(1)
Interest Rate Contract [Member]
Hedging relationships
Gains (Losses) Recognized in OCL				(5)
Interest Rate Contract [Member] \| Financing Costs [Member]
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income				$ (1)

Financial Instruments, Derivatives and Hedging Activities - Gain (Losses) Recognized in Income (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Hedging relationships
Gains expected to be reclassified into earnings during the next twelve months, net of tax	$ 60
Gains expected to be reclassified into earnings during the next twelve months, income tax effect	$ 22
Fair Value Hedging [Member] \| Interest Rate Contract [Member] \| Financing Costs [Member]
Hedging relationships
Gains (losses) recognized in income, Hedging instruments		$ (1)
Gains (losses) recognized in income, Hedged item		$ 1

Financial Instruments, Derivatives and Hedging Activities - FV (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Carrying value
Fair value of assets and liabilities
Long-term debt	$ 1,700
Estimate of Fair Value Measurement [Member]
Fair value of assets and liabilities
Long-term debt	1,900
Fair Value, Measurements, Recurring [Member]
Fair value of assets and liabilities
Available for sale securities	12	$ 11
Derivative assets	116	69
Derivative liabilities	37	29
Long-term debt	1,925	1,751
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair value of assets and liabilities
Available for sale securities	12	11
Derivative assets	28	53
Derivative liabilities	7	3
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair value of assets and liabilities
Derivative assets	88	16
Derivative liabilities	30	26
Long-term debt	$ 1,925	$ 1,751

Debt - Components (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
Debt - Components (Details) - USD ($) $ in Millions	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Jul. 27, 2021	Dec. 31, 2020
Financing Arrangements
Long-term debt		$ 1,748	$ 1,748			$ 1,748
Average amount of commercial paper outstanding		401
Commercial paper		350	350
Other short-term borrowings		48	48			58
Total short-term borrowings		398	398			438
Total debt		$ 2,146	2,146			$ 2,186
Payments on debt			1,194	$ 1,186
Proceeds from Borrowings			$ 804	$ 1,527
2.9% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate (as a percent)		2.90%	2.90%			2.90%
Long-term debt		$ 594	$ 594			$ 594
3.2% senior notes due October 1, 2026
Financing Arrangements
Debt, interest rate (as a percent)		3.20%	3.20%			3.20%
Long-term debt		$ 498	$ 498			$ 497
3.9% senior notes due June 1, 2050
Financing Arrangements
Debt, interest rate (as a percent)		3.90%	3.90%			3.90%
Long-term debt		$ 390	$ 390			$ 390
6.625% senior notes due April 15, 2037
Financing Arrangements
Debt, interest rate (as a percent)		6.625%	6.625%			6.625%
Long-term debt		$ 253	$ 253			$ 253
Revolving credit agreement
Financing Arrangements
Debt instrument term	5 years
Maximum aggregate principal amount	$ 1,000
Maximum leverage ratio	3.5
Minimum ratio of consolidated EBIDTA to consolidated net interest expense	3.5
Revolving credit agreement \| London Interbank Offered Rate (LIBOR) [Member]
Financing Arrangements
Basis spread	1.00%
Other long-term borrowings
Financing Arrangements
Long-term debt		$ 13	13			14
Term loan credit agreement due April 12, 2021
Financing Arrangements
Long-term debt, current						$ 380
Payments on debt			$ 380
Applicable interest rate (as a percent)						0.80%
Amended term loan credit agreement due March 15, 2022
Financing Arrangements
Applicable interest rate (as a percent)		0.75%	0.75%
Commercial paper
Financing Arrangements
Maximum aggregate principal amount					$ 1,000
Weighted average interest rate (as a percent)			0.28%
Weighted average maturity			76 days

Leases - Lease costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Lease costs (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases
Finance lease liability	$ 0		$ 0
Lease Cost
Operating lease cost	14	$ 14	43	$ 40
Variable operating lease cost	6	8	21	23
Short term lease cost	1	1	3	3
Lease cost	$ 21	$ 23	$ 67	$ 66

Leases - Operating lease reconciliation (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets
2021 (Excluding the nine months ended September 30, 2021)	$ 14
2022	51
2023	41
2024	30
2025	21
Thereafter	67
Total future lease payments	224
Less imputed interest	25
Present value of future lease payments	$ 199
Operating Lease, Liability, Statement of Financial Position	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent, Non-current operating lease liabilities
Less current lease liabilities	$ 47
Operating Lease, Liability, Current, Statement of Financial Position	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Non-current operating lease liabilities	$ 152	$ 136
Operating lease assets	$ 191	$ 173

Leases - Other Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Other information
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 14	$ 14	$ 43	$ 40
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 18	$ 24	$ 57	$ 45
Weighted average remaining lease term (years): Operating leases	6 years 8 months 12 days		6 years 8 months 12 days		5 years 6 months
Weighted average discount rate: Operating leases	4.20%		4.20%		4.90%

Taxes - Effective tax rate (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Taxes
Effective tax rate (as a percent)		22.20%	30.10%	66.50%	34.40%
Impairment on disposition of assets	$ (20)	$ (20)		$ 340
Income tax expense (benefit) with respect to impairment		$ 0		0
Tax benefit due to reversal of accrual for withholding tax on unremitted earnings of foreign subsidiary				30
Gain (loss) in pre-tax income in relation to taxable translation gains (losses)				0
Discrete tax (benefit) expense, due to foreign currency translation gain (loss)				$ 4	$ 16

Taxes - Contingency (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Taxes - Contingency (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021
Contingencies
Deferred income taxes		$ 23		$ 17
Foreign Tax Authority [Member] \| BRAZIL
Contingencies
Deferred income taxes				17
Foreign Tax Authority [Member] \| BRAZIL \| Other Assets and Prepaid Expenses
Contingencies
Future tax credits				$ 51
Tax years 2005 - 2018 \| Indirect tax credits \| Foreign Tax Authority [Member] \| BRAZIL \| Maximum [Member]
Contingencies
Amount of indirect tax credits expected to receive			$ 66
Tax years 2005 - 2014 \| Foreign Tax Authority [Member] \| BRAZIL \| Other operating income, net
Contingencies
Additional credits		$ 35
Tax years 2005 - 2014 \| Indirect tax credits \| Foreign Tax Authority [Member] \| BRAZIL \| Minimum [Member]
Contingencies
Amount of indirect tax credits expected to receive			$ 22
Tax years 2015 - 2018 \| Foreign Tax Authority [Member] \| BRAZIL \| Other operating income, net
Contingencies
Additional credits	$ 15

Net Periodic Pension and Postretirement Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Pension Plan, Defined Benefit [Member]
Anticipated cash contributions
Anticipated cash contributions in current year	$ 4		$ 4
Pension Plan, Defined Benefit [Member] \| UNITED STATES
Components of Net Periodic Benefit Costs
Service cost	1	$ 2	3	$ 4
Interest cost	2	2	6	8
Expected return on plan assets	(4)	(5)	(13)	(16)
Amortization of actuarial loss	(1)		(1)
Net periodic benefit cost	(2)	(1)	(5)	(4)
Anticipated cash contributions
Anticipated cash contributions in current year	1		1
Employer contributions
Employer contributions			1
Pension Plan, Defined Benefit [Member] \| Foreign Pension Plan, Defined Benefit [Member]
Components of Net Periodic Benefit Costs
Service cost	1	1	3	3
Interest cost	2	2	7	8
Expected return on plan assets	(2)	(2)	(6)	(6)
Amortization of actuarial loss	1	1	2	2
Net periodic benefit cost	2	$ 2	6	7
Anticipated cash contributions
Anticipated cash contributions in current year	3		3
Employer contributions
Employer contributions			2
Other Postretirement Benefit Plan, Defined Benefit [Member]
Components of Net Periodic Benefit Costs
Interest cost	1		2	2
Amortization of prior service credit			(1)	(1)
Net periodic benefit cost	$ 1		$ 1	$ 1

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventories
Finished and in process	$ 627	$ 584
Raw materials	361	236
Manufacturing supplies and other	105	97
Total inventories	$ 1,093	$ 917

Equity - Treasury stock (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Oct. 22, 2018
Treasury stock:
Purchase/acquisition of treasury stock (in shares)	500			0	765	0
Treasury Stock [Member]
Treasury stock:
Repurchases of common stock (in dollars)	$ 44	$ 10	$ 14		$ 68
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based compensation expense
Pre-tax compensation expense	$ 4	$ 6	$ 15	$ 18
Income tax benefit		(1)	(1)	(2)
Total share-based compensation expense, net of income taxes	4	5	14	16
Employee Stock Option [Member]
Share-based compensation expense
Pre-tax compensation expense	1	1	3	3
Total share-based compensation expense, net of income taxes	1	1	3	3
Restricted Stock Units (RSUs) [Member]
Share-based compensation expense
Pre-tax compensation expense	2	3	8	9
Income tax benefit			(1)	(1)
Total share-based compensation expense, net of income taxes	2	3	7	8
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	1	2	4	6
Income tax benefit		(1)		(1)
Total share-based compensation expense, net of income taxes	$ 1	$ 1	$ 4	$ 5

Equity - Stock options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 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)	(200)
Cancelled (in shares)	(102)
Outstanding at the end of the period (in shares)	2,294		2,238
Exercisable at the end of the period (in shares)	1,725
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)	58.10
Cancelled (in dollars per share)	90.72
Outstanding at the end of the period (in dollars per share)	89.15		$ 86.55
Exercisable at the end of the period (in dollars per share)	$ 89.50
Additional information pertaining to stock options
Average Remaining Contractual Term, Outstanding	5 years 4 months 9 days		5 years 1 month 24 days
Average Remaining Contractual Term, Exercisable	4 years 2 months 8 days
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 18		$ 14
Aggregate Intrinsic Value, Exercisable (in dollars)	17
Cash received from exercise of stock options	$ 12
Weighted average grant date fair value of stock options granted (per share)	$ 12.31	$ 11.48
Total intrinsic value of stock options exercised	$ 6	$ 4
Employee Stock Option [Member]
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	$ 3
Weighted-average period for amortization of unrecognized compensation cost	1 year 8 months 12 days

Equity - Restricted stock units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Other disclosures
Share-based payments subject to redemption	$ 32	$ 28	$ 21	$ 30	$ 32	$ 27	$ 23	$ 31
Restricted Stock Units (RSUs) [Member]
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)	228
Vested (in shares)	(90)
Cancelled (in shares)	(69)
Non-vested at the end of the period (in shares)	487
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)	87.42
Vested (in dollars per share)	124.16
Cancelled (in dollars per share)	89.87
Non-vested at the end of the period (in dollars per share)	$ 88.07
Other disclosures
Unrecognized compensation cost	$ 21
Weighted-average period for amortization of unrecognized compensation cost	1 year 10 months 24 days

Equity - Performance shares (Details) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 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 \| $	$ 7
Remaining requisite service period (in years)	2 years 1 month 6 days
Cancelled (in shares) \| shares	26
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 [Member]
Share-based compensation
Performance shares available for vesting (as a percent)	0.00%
Performance shares, vesting based on TSR \| Maximum [Member]
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 [Member]
Share-based compensation
Performance shares available for vesting (as a percent)	0.00%
Performance shares, vesting based on Adjusted ROIC \| Maximum [Member]
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	9 Months Ended
Equity - AOCL (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	$ 2,951
Balance at the end of the period	3,084
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,114)	$ (1,089)
Other comprehensive gain (loss) before reclassification adjustments	(85)	(105)
(Gain) reclassified from accumulated OCL	311
Net other comprehensive income (loss)	226	(105)
Balance at the end of the period	(888)	(1,194)
Hedging Activities
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	42	(9)
Other comprehensive gain (loss) before reclassification adjustments	211	(50)
(Gain) reclassified from accumulated OCL	(170)	56
Tax (provision) benefit	(11)	(2)
Net other comprehensive income (loss)	30	4
Balance at the end of the period	72	(5)
Accumulated Defined Benefit Plans Adjustment [Member]
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 Income (Loss) [Member]
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,133)	(1,158)
Other comprehensive gain (loss) before reclassification adjustments	126	(155)
(Gain) reclassified from accumulated OCL	141	56
Tax (provision) benefit	(11)	(2)
Net other comprehensive income (loss)	256	(101)
Balance at the end of the period	$ (877)	$ (1,259)

Equity - Statements of Equity with dividends per share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Balance at beginning of period			$ 2,972				$ 2,972
Balance at end of period	$ 3,103						3,103
Dividends declared, common stock (in dollars per share)	$ 0.65	$ 0.64	$ 0.64	$ 0.64	$ 0.63	$ 0.63
Common Stock [Member]
Balance at beginning of period	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	1	$ 1
Balance at end of period	1	1	1	1	1	1	1	1
Additional Paid-in Capital [Member]
Balance at beginning of period	1,154	1,155	1,150	1,143	1,142	1,137	1,150	1,137
Share-based compensation, net of issuance	1	(1)	5	2	1	5	5	8
Balance at end of period	1,155	1,154	1,155	1,145	1,143	1,142	1,155	1,145
Treasury Stock [Member]
Balance at beginning of period	(1,029)	(1,022)	(1,024)	(1,027)	(1,028)	(1,040)	(1,024)	(1,040)
Repurchases of common stock, net	(44)	(10)	(14)				(68)
Share-based compensation, net of issuance	1	3	16		1	12	20	13
Balance at end of period	(1,072)	(1,029)	(1,022)	(1,027)	(1,027)	(1,028)	(1,072)	(1,027)
Accumulated Other Comprehensive Income (Loss) [Member]
Balance at beginning of period	(1,106)	(1,164)	(1,133)	(1,307)	(1,322)	(1,158)	(1,133)	(1,158)
Other comprehensive income (loss)	229	58	(31)	48	15	(164)	256	(101)
Balance at end of period	(877)	(1,106)	(1,164)	(1,259)	(1,307)	(1,322)	(877)	(1,259)
Retained Earnings [Member]
Balance at beginning of period	3,802	3,667	3,957	3,836	3,813	3,780	3,957	3,780
Net income	118	178	(246)	92	66	75	50	233
Dividends declared, common stock	(43)	(43)	(44)	(44)	(43)	(42)	(130)	(129)
Balance at end of period	3,877	3,802	3,667	3,884	3,836	3,813	3,877	3,884
Noncontrolling Interest [Member]
Balance at beginning of period	22	26	21	20	21	21	21	21
Net income	3	3	4	3	1	3	10	7
Dividends declared, common stock	(3)	(7)		(2)	(3)		(10)	(5)
Other comprehensive income (loss)	(3)		1		1	(3)	(2)	(2)
Balance at end of period	$ 19	$ 22	$ 26	$ 21	$ 20	$ 21	$ 19	$ 21

Equity - Statements of Redeemable Equity (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Temporary Equity
Share-based Payments Subject to Redemption, Beginning Balance	$ 28	$ 21	$ 30	$ 27	$ 23	$ 31	$ 30	$ 31
Share-based compensation, net of issuance	4	7	(9)	5	4	(8)	2	1
Share-based Payments Subject to Redemption, Ending Balance	32	28	21	32	$ 27	$ 23	32	32
Redeemable Non-Controlling Interests, Beginning Balance	70	70	70				70
Net income (loss) attributable to non-controlling interests	(2)		(1)	(2)			(3)	(2)
Acquisition of redeemable non-controlling interests				74				74
Other comprehensive (loss) income			1	2			1	2
Redeemable Non-Controlling Interests, Ending Balance	$ 68	$ 70	$ 70	$ 74			$ 68	$ 74

- Definition

+ References + Details

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic EPS:
Net Income Available to Ingredion - basic	$ 118	$ 92	$ 50	$ 233
Weighted average number of shares outstanding, basic	67.0	67.2	67.2	67.2
Basic earnings per common share of Ingredion (in dollars per share)	$ 1.76	$ 1.37	$ 0.74	$ 3.47
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards	0.6	0.4	0.6	0.4
Diluted EPS:
Net Income Available to Ingredion - diluted	$ 118	$ 92	$ 50	$ 233
Weighted average number of shares outstanding - diluted, Total	67.6	67.6	67.8	67.6
Diluted earnings per common share of Ingredion (in dollars per share)	$ 1.75	$ 1.36	$ 0.74	$ 3.45
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	1.6	1.7	1.5	1.4

Segment Information - Net sales (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
Segment Information - Net sales (Details) $ in Millions	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) segment	Sep. 30, 2020 USD ($)
Segment information
Number of reportable business segments \| segment				4
Total net sales		$ 1,763	$ 1,502	$ 5,139	$ 4,394
Operating income Subtotal		163	179	572	473
Acquisition / integration costs			(5)	(5)	(8)
Equity method acquisition (charges) gains		(3)		4
Restructuring/impairment charges		(8)	(16)	(22)	(41)
Impairment on disposition of assets	$ 20	20		(340)
Other matters				15
Charge for fair value markup of acquired inventory			(3)		(3)
North America storm damage			(2)		(2)
Operating income		172	153	224	419
Financing costs, net		20	22	58	59
Other, non-operating (income), net		(1)	(2)	(4)	(3)
Income before income taxes		153	133	170	363
North America Segment [Member]
Segment information
Total net sales		1,083	928	3,096	2,739
South America Segment [Member]
Segment information
Total net sales		260	224	801	643
Asia Pacific Segment [Member]
Segment information
Total net sales		245	207	728	583
EMEA Segment [Member]
Segment information
Total net sales		175	143	514	429
Operating Segments [Member] \| North America Segment [Member]
Segment information
Operating income Subtotal		120	132	403	358
Operating Segments [Member] \| South America Segment [Member]
Segment information
Operating income Subtotal		35	29	108	68
Operating Segments [Member] \| Asia Pacific Segment [Member]
Segment information
Operating income Subtotal		21	18	70	60
Operating Segments [Member] \| EMEA Segment [Member]
Segment information
Operating income Subtotal		23	25	86	73
Corporate, Non-Segment [Member]
Segment information
Operating income Subtotal		$ (36)	$ (25)	$ (95)	$ (86)

Segment Information - Assets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Segment information
Total assets	$ 6,986	$ 6,858
North America Segment [Member]
Segment information
Total assets	4,204	4,231
South America Segment [Member]
Segment information
Total assets	852	818
Asia Pacific Segment [Member]
Segment information
Total assets	1,333	1,255
EMEA Segment [Member]
Segment information
Total assets	$ 597	$ 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

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+ Details