0001558370-22-016605 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-13397
Entity Registrant Name	Ingredion Incorporated
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		65,555,317
Entity Central Index Key	0001046257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Consolidated Statements of Income
Net sales	$ 2,023	$ 1,763	$ 5,959	$ 5,139
Cost of sales	1,649	1,440	4,816	4,098
Gross profit	374	323	1,143	1,041
Operating expenses	180	164	528	484
Other operating expense (income)	10	(1)	4	(29)
Restructuring/impairment charges and related adjustments	2	(12)	6	362
Operating income	182	172	605	224
Financing costs	24	20	65	58
Other non-operating (income)	(3)	(1)	(4)	(4)
Income before income taxes	161	153	544	170
Provision for income taxes	52	34	157	113
Net income	109	119	387	57
Less: Net income attributable to non-controlling interests	3	1	9	7
Net income attributable to Ingredion	$ 106	$ 118	$ 378	$ 50
Weighted average common shares outstanding:
Basic	65.8	67.0	66.4	67.2
Diluted	66.6	67.6	67.1	67.8
Earnings per common share of Ingredion:
Basic	$ 1.61	$ 1.76	$ 5.69	$ 0.74
Diluted	$ 1.59	$ 1.75	$ 5.63	$ 0.74

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Consolidated Statements of Comprehensive (Loss) Income
Net income	$ 109	$ 119	$ 387	$ 57
Other comprehensive income:
Gains on cash flow hedges, net of income tax effect of $19, $9, $66 and $56, respectively	56	26	188	155
(Gains) on cash flow hedges reclassified to earnings, net of income tax effect of $18, $15, $52 and $45, respectively	(55)	(45)	(149)	(125)
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect of $ -	1		1
Currency translation adjustment	(114)	248	(195)	226
Comprehensive (loss) income	(3)	348	232	313
Less: Comprehensive (loss) income attributable to non-controlling interests	(2)	(2)	(4)	6
Comprehensive (loss) income attributable to Ingredion	$ (1)	$ 350	$ 236	$ 307

Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Consolidated Statements of Comprehensive (Loss) Income
Gains on cash flow hedges, income tax effect	$ (19)	$ (9)	$ (66)	$ (56)
(Gains) on cash flow hedges reclassified to earnings, income tax effect	$ 18	$ 15	$ 52	$ 45

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 294	$ 328
Short-term investments	4	4
Accounts receivable, net	1,406	1,130
Inventories	1,500	1,172
Prepaid expenses	64	63
Total current assets	3,268	2,697
Property, plant and equipment, net of accumulated depreciation of $3,256 and $3,232, respectively	2,308	2,423
Intangible assets, net of accumulated amortization of $264 and $253, respectively	1,286	1,348
Other assets	541	531
Total assets	7,403	6,999
Current liabilities:
Short-term borrowings	709	308
Accounts payable and accrued liabilities	1,240	1,204
Total current liabilities	1,949	1,512
Long-term debt	1,739	1,738
Other non-current liabilities	536	524
Total liabilities	4,224	3,774
Share-based payments subject to redemption	43	36
Redeemable non-controlling interests	56	71
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, 2022 and December 31, 2021	1	1
Additional paid-in capital	1,133	1,158
Less: Treasury stock (common stock: 12,258,900 and 11,154,203 shares at September 30, 2022 and December 31, 2021, respectively) at cost	(1,159)	(1,061)
Accumulated other comprehensive loss	(1,052)	(897)
Retained earnings	4,143	3,899
Total Ingredion stockholders' equity	3,066	3,100
Non-redeemable non-controlling interests	14	18
Total equity	3,080	3,118
Total liabilities and equity	$ 7,403	$ 6,999

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Property, plant and equipment, Accumulated depreciation	$ 3,256	$ 3,232
Intangible assets, Accumulated amortization	$ 264	$ 253
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)	12,258,900	11,154,203

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Common Stock	Additional Paid-in Capital	Treasury Stock, Common	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest	Total
Balance at beginning of period at Dec. 31, 2020	$ 1	$ 1,150	$ (1,024)	$ (1,133)	$ 3,957	$ 21
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(246)	4
Dividends declared					(44)
Repurchases of common stock			(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
Increase (Decrease) in Stockholders' Equity
Net income (loss)					50	10
Dividends declared					(130)	(10)
Repurchases of common stock			(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
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			(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			(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
Balance at beginning of period at Dec. 31, 2021	1	1,158	(1,061)	(897)	3,899	18	$ 3,118
Increase (Decrease) in Stockholders' Equity
Net income (loss)					130	3
Dividends declared					(43)
Repurchases of common stock			(39)
Share-based compensation, net of issuance		2	9
Other comprehensive income (loss)				134		(2)
Balance at end of period at Mar. 31, 2022	1	1,160	(1,091)	(763)	3,986	19
Balance at beginning of period at Dec. 31, 2021	1	1,158	(1,061)	(897)	3,899	18	3,118
Increase (Decrease) in Stockholders' Equity
Net income (loss)					378	7
Dividends declared					(134)	(4)
Repurchases of common stock			(112)
Share-based compensation, net of issuance		4	14
Fair market value adjustment to non-controlling interests		(29)
Other comprehensive income (loss)				(155)		(7)
Balance at end of period at Sep. 30, 2022	1	1,133	(1,159)	(1,052)	4,143	14	3,080
Balance at beginning of period at Mar. 31, 2022	1	1,160	(1,091)	(763)	3,986	19
Increase (Decrease) in Stockholders' Equity
Net income (loss)					142	2
Dividends declared					(43)	(4)
Repurchases of common stock			(44)
Share-based compensation, net of issuance		2	2
Fair market value adjustment to non-controlling interests		(29)
Other comprehensive income (loss)				(177)		(2)
Balance at end of period at Jun. 30, 2022	1	1,133	(1,133)	(940)	4,085	15
Increase (Decrease) in Stockholders' Equity
Net income (loss)					106	2
Dividends declared					(48)
Repurchases of common stock			(29)
Share-based compensation, net of issuance			3
Other comprehensive income (loss)				(112)		(3)
Balance at end of period at Sep. 30, 2022	$ 1	$ 1,133	$ (1,159)	$ (1,052)	$ 4,143	$ 14	$ 3,080

- 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, 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 income (loss)	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 income (loss)	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
Share-based Payments Subject to Redemption, Beginning Balance at Dec. 31, 2021	36
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(5)
Share-based Payments Subject to Redemption, Ending Balance at Mar. 31, 2022	31
Redeemable Non-Controlling Interests, Beginning Balance at Dec. 31, 2021	71
Redeemable Non-Controlling Interests, Ending Balance at Mar. 31, 2022	71
Share-based Payments Subject to Redemption, Beginning Balance at Dec. 31, 2021	36
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	7
Share-based Payments Subject to Redemption, Ending Balance at Sep. 30, 2022	43
Redeemable Non-Controlling Interests, Beginning Balance at Dec. 31, 2021	71
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	2
Fair market value adjustment to non-controlling interests	29
Non-controlling interest purchases	(40)
Other comprehensive income (loss)	(6)
Redeemable Non-Controlling Interests, Ending Balance at Sep. 30, 2022	56
Share-based Payments Subject to Redemption, Beginning Balance at Mar. 31, 2022	31
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	6
Share-based Payments Subject to Redemption, Ending Balance at Jun. 30, 2022	37
Redeemable Non-Controlling Interests, Beginning Balance at Mar. 31, 2022	71
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	1
Fair market value adjustment to non-controlling interests	29
Non-controlling interest purchases	(27)
Other comprehensive income (loss)	(4)
Redeemable Non-Controlling Interests, Ending Balance at Jun. 30, 2022	70
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	6
Share-based Payments Subject to Redemption, Ending Balance at Sep. 30, 2022	43
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	1
Non-controlling interest purchases	(13)
Other comprehensive income (loss)	(2)
Redeemable Non-Controlling Interests, Ending Balance at Sep. 30, 2022	$ 56

- 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, 2022	Sep. 30, 2021
Cash provided by operating activities
Net income	$ 387	$ 57
Non-cash charges to net income:
Depreciation and amortization	160	155
Mechanical stores expense	42	40
Impairment on disposition of assets		340
Deferred income taxes	(3)	(25)
Other non-cash charges	41	4
Changes in working capital:
Accounts receivable and prepaid expenses	(276)	(126)
Inventories	(401)	(226)
Accounts payable and accrued liabilities	99	94
Margin accounts	(11)	(34)
Other	42	(20)
Cash provided by operating activities	80	259
Cash used for investing activities
Capital expenditures and mechanical stores purchases	(203)	(203)
Proceeds from disposal of manufacturing facilities and properties	7	17
Payments for acquisitions, net of cash acquired of $- and $2, respectively	(7)	(40)
Other	1	(12)
Cash used for investing activities	(202)	(238)
Cash provided by (used for) financing activities
Proceeds from borrowings	376	804
Payments on debt	(342)	(1,194)
Commercial paper borrowings, net	372	350
Repurchases of common stock, net	(112)	(68)
Purchases of non-controlling interests	(40)
Issuances of common stock for share-based compensation, net of settlements	1	10
Dividends paid, including to non-controlling interests	(133)	(138)
Cash provided by (used for) financing activities	122	(236)
Effects of foreign exchange rate changes on cash	(34)	(16)
Decrease in cash and cash equivalents	(34)	(231)
Cash and cash equivalents, beginning of period	328	665
Cash and cash equivalents, end of period	$ 294	$ 434

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

Interim Financial Statements

9 Months Ended

Sep. 30, 2022

Interim Financial Statements

Interim Financial Statements

1. Interim Financial Statements

References to the “Company,” “Ingredion,” “we,” “us,” and “our” shall mean Ingredion Incorporated (“Ingredion”) individually and together with its consolidated subsidiaries. These statements should be read in conjunction with the consolidated financial statements and the related notes to those statements contained in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2021.

The unaudited Condensed Consolidated Financial Statements as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021 included herein were prepared by management on the same basis as Ingredion’s audited Consolidated Financial Statements for the year ended December 31, 2021 and reflect all adjustments (consisting solely of normal recurring items unless otherwise noted) that are, in the opinion of management, necessary for the fair presentation of the Condensed Consolidated Statements of Income, Condensed Consolidated Statements of Comprehensive (Loss) Income, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Equity and Redeemable Equity, and Condensed Consolidated Statements of Cash Flows. The results for the interim period are not necessarily indicative of the results expected for the full year or any other future period.

Summary of Significant Accounting Standards and Policies

9 Months Ended

Sep. 30, 2022

Summary of Significant Accounting Standards and Policies

Summary of Significant Accounting Standards and Policies

2. Summary of Significant Accounting Standards and Policies

For detailed information about Ingredion’s significant accounting standards and policies, see Note 1 of the Notes to the Consolidated Financial Statements included in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2021. There have been no material changes to our significant accounting standards and policies for the three and nine months ended September 30, 2022.

New Accounting Standards

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. This update is not expected to have a material impact on Ingredion’s Condensed Consolidated Financial Statements.

In September 2022, the FASB issued ASU No. 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The amendments require buyers to disclose information about supplier finance programs that is sufficient to allow financial statement users to understand their nature, activity during the period, changes from period to period and potential magnitude. The amendments in this update are effective for annual periods beginning after December 15, 2022. We are currently evaluating the impact of this update to our Condensed Consolidated Financial Statements.

- Definition

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

+ References

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+ Details

Acquisitions

9 Months Ended

Sep. 30, 2022

Acquisitions

Acquisitions

3. Acquisitions

PureCircle Non-Controlling Interests

During the three and nine months ended September 30, 2022, Ingredion purchased shares from minority shareholders in PureCircle Limited (“PureCircle”) for $13 million and $40 million, respectively. These purchases increased our ownership percentage in PureCircle from 75 percent as of December 31, 2021, to 85 percent as of September 30, 2022.

Other Acquisitions

On August 1, 2022, Ingredion acquired Amishi Drugs and Chemicals Private Limited (“Amishi”) for $7 million, which added $2 million of goodwill and intangible assets to our Condensed Consolidated Financial Statements. Amishi is an Indian manufacturer of chemically modified starch-based pharmaceutical excipients. Beginning at the

acquisition date, our Condensed Consolidated Financial Statements reflect the preliminary effects of the acquisition and Amishi’s financial results, which we report in our Asia-Pacific reportable business segment.

On April 1, 2021, Ingredion 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, Ingredion made a total cash payment of $40 million, net of cash acquired, which we funded from cash on hand. The acquisition added $26 million of goodwill and intangible assets, as well as $14 million of tangible assets, to our Condensed Consolidated Financial Statements. Beginning at the acquisition date, our Condensed Consolidated Financial Statements reflect the effects of the acquisition and KaTech’s financial results, which we report in our Europe, Middle East and Africa (“EMEA”) reportable business segment.

Intangible Assets

9 Months Ended

Sep. 30, 2022

Intangible Assets

Intangible Assets

4. Intangible Assets

Goodwill ($883 million and $914 million at September 30, 2022, and December 31, 2021, respectively) represents the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed. Ingredion also had indefinite-lived intangible assets of $143 million at each of September 30, 2022, and December 31, 2021.

The original carrying value of goodwill and accumulated impairment charges by reportable business segment at September 30, 2022, are as follows:


	North		South		Asia-
(in millions)	America		America		Pacific		EMEA		Total
Goodwill before impairment charges	$	624	$	48	$	323	$	74	$	1,069
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at January 1, 2022		623		15		202		74		914
Acquisitions		—		—		2		4		6
Currency translation		(1)		1		(25)		(12)		(37)
Balance at September 30, 2022	$	622	$	16	$	179	$	66	$	883

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


(in millions)	As of September 30, 2022		As of December 31, 2021
Trademarks/tradenames (indefinite-lived)	$	143	$	143

Ingredion assesses goodwill and indefinite-lived intangible assets for impairment annually (or more frequently if impairment indicators arise). Based on the results of our assessment as of July 1, 2022, there were no impairments in our goodwill or indefinite-lived intangible assets.

Investments

9 Months Ended

Sep. 30, 2022

Investments

Investments

5. Investments

Investments consisted of the following as of the dates indicated:



(in millions)	September 30, 2022		December 31, 2021
Equity investments	$	23	$	16
Equity method investments		109		104
Marketable securities		4		12
Total investments	$	136	$	132

Amyris Joint Venture

On June 1, 2021, Ingredion entered into an agreement with Amyris, Inc. (“Amyris”) for certain exclusive commercialization rights to Amyris’s rebaudioside M by fermentation product, the exclusive licensing of the product’s manufacturing technology and a 31 percent ownership stake in a joint venture for the products (the “Amyris joint venture”). In exchange, we contributed $28 million of total consideration, which included $10 million of cash, as well as non-exclusive intellectual property licenses and other consideration valued at $18 million. The transaction resulted in an

$8 million gain recorded in Other operating (income) during the nine months ended September 30, 2021, which included $18 million related to the non-exclusive intellectual property licenses, partly offset by the $10 million cash payment. Beginning on June 1, 2021, Ingredion began accounting for the investment under the equity method.

Argentina Joint Venture

On February 12, 2021, Ingredion entered into an agreement with an affiliate of Grupo Arcor, an Argentine food company, to establish Ingrear Holding S.A. (the “Argentina joint venture”), a joint venture to 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, Ingredion and Grupo Arcor completed all closing conditions, pending customary antitrust review, to combine the manufacturing facilities, finalize the transaction and formally establish the Argentina joint venture, which is managed by a jointly appointed team of executives and is accounted for under the equity method.

We exchanged certain assets and liabilities with a fair value of $71 million from our Argentina, Chile and Uruguay operations for 49 percent of the outstanding shares of the Argentina joint venture valued at $64 million, as well as $7 million of other consideration, including cash, from Grupo Arcor as of August 2, 2021. The transaction also resulted in an impairment charge for the transferred assets and liabilities more fully described in Note 5.

Beginning on the dates Ingredion entered into the agreements for equity method investees, our share of income from them is included in Other operating (income). Ingredion incurred an insignificant amount of pre-tax acquisition and integration costs during the three and nine months ended September 30, 2022, related to our investments in the Amyris and Argentina joint ventures. Ingredion incurred $3 million of pre-tax acquisition costs to acquire the Argentina 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 acquisition costs to acquire the Argentina and Amyris joint ventures during the nine months ended September 30, 2021.

Restructuring and Impairment Charges

9 Months Ended

Sep. 30, 2022

Restructuring and Impairment Charges

Restructuring and Impairment Charges

6. Restructuring and Impairment Charges

For the three and nine months ended September 30, 2022, Ingredion recorded an insignificant amount and $4 million of pre-tax restructuring-related charges, respectively. For the three and nine months ended September 30, 2021, Ingredion recorded $12 million of net pre-tax restructuring and impairment income and $362 million of pre-tax restructuring and impairment charges, respectively.

Restructuring Charges

For the three months ended September 30, 2022, we recorded an insignificant amount of pre-tax restructuring-related charges. For the nine months ended September 30, 2022, we recorded $4 million of pre-tax restructuring-related charges, which included $3 million of costs associated with our Cost Smart selling, general and administrative expense (“SG&A”) program and $1 million of costs as part of our Cost Smart Cost of sales program.

For the three months ended September 30, 2021, we recorded $8 million of pre-tax restructuring-related charges. These costs included $4 million of costs associated with our Cost Smart SG&A program and $3 million of restructuring-related charges as a part of our Cost Smart Cost of sales program. We also recorded $1 million of restructuring charges related to disposition of the assets contributed to the Argentina joint venture.

For the nine months ended September 30, 2021, we recorded $22 million of pre-tax net restructuring-related charges, consisting of $13 million of costs associated with our Cost Smart SG&A program and $11 million of costs as part of our Cost Smart Cost of sales program. 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. We also recorded $3 million of restructuring charges related to disposition of the assets contributed to the Argentina joint venture.

A summary of Ingredion’s severance accrual at September 30, 2022, which we expect to fully pay in 2022, is as follows (in millions):


Balance in severance accrual as of December 31, 2021	$	3
Payments made to terminated employees		(2)
Balance in severance accrual as of September 30, 2022	$	1

Impairment Charges

At the announcement of our agreement to invest in the Argentina joint venture during the three months ended March 31, 2021, we reclassified assets and liabilities we expected to contribute to the joint venture as held for sale in Other assets in the Condensed Consolidated Balance Sheets and recorded an impairment charge of $360 million based on our preliminary estimates of their fair value. Upon completion of the transaction, we disposed of the assets and liabilities from our Argentina, Chile and Uruguay operations, which were previously accounted for as held for sale, and transferred them to the Argentina joint venture in exchange for an equity share in the venture. We accounted for our share of the venture as an equity method investment as discussed in Note 5. Upon disposal, we valued the assets and liabilities transferred at fair value. This resulted in a $20 million favorable adjustment to the estimated impairment charge 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 of the contributed net assets to fair value. We 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.

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

7. Derivative Instruments and Hedging Activities

Ingredion 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, we actively manage our exposure to these market risks by entering 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. We have no collateral to counterparties under collateral funding arrangements as of September 30, 2022. Derivative financial instruments used by Ingredion consist primarily of commodity-related futures, options and swap contracts, foreign currency-related forward contracts, interest rate swaps and treasury locks (“T-Locks”).

Commodity price hedging: Ingredion’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. We maintain 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, we use corn futures and option contracts that trade on regulated commodity exchanges to lock in corn costs associated with fixed-priced customer sales contracts. Ingredion 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. Ingredion’s natural gas derivatives and the majority of its corn derivatives have been designated as cash flow hedging instruments for accounting purposes.

For certain corn derivative instruments that are not designated as cash flow hedging instruments for accounting purposes, all realized and unrealized gains and losses from these instruments are recognized in cost of sales during each accounting period. We enter these derivative instruments to further mitigate commodity and basis price risks related to anticipated purchases of corn. During the three and nine months ended September 30, 2022, Ingredion recognized a $3 million gain and $2 million gain, respectively, on non-designated commodity contracts. During the three and nine months ended September 30, 2021, Ingredion recognized an insignificant gain and a $1 million loss, respectively, on non-designated commodity contracts.

For commodity hedges designated as cash flow hedges for accounting purposes, 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, as well as their related tax effects, 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 period a hedge is determined to be ineffective. Ingredion 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.

Ingredion had outstanding futures and option contracts that hedged the forecasted purchase of approximately 76 million and 135 million bushels of corn as of September 30, 2022 and December 31. 2021, respectively. Ingredion also had outstanding swap contracts that hedged the forecasted purchase of approximately 30 million and 35 million mmbtus of natural gas as of September 30, 2022 and December 31, 2021, respectively.

Foreign currency hedging: Due to our global operations, including operations in many emerging markets, Ingredion is exposed to fluctuations in foreign currency exchange rates. As a result, Ingredion 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. Ingredion’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. Ingredion enters into foreign currency derivative instruments that are designated as cash flow hedging instruments as well as instruments not designated as hedging instruments for accounting purposes in order to mitigate transactional foreign-exchange risk. Gains and losses from derivative financial instruments not designated as hedging instruments for accounting purposes are marked to market in earnings during each accounting period.

Ingredion hedges certain assets using foreign currency derivatives not designated as hedging instruments for accounting purposes, which had a notional value of $441 million and $360 million as of September 30, 2022 and December 31, 2021, respectively. Ingredion also hedges certain liabilities using foreign currency derivatives not designated as hedging instruments for accounting purposes, which had a notional value of $282 million and $205 million as of September 30, 2022 and December 31 2021, respectively.

Ingredion hedges certain assets using foreign currency derivative instruments that are designated as cash flow hedging instruments for accounting purposes, which had a notional value of $782 million and $505 million as of September 30, 2022 and December 31, 2021, respectively. Ingredion also hedges certain liability positions using foreign currency derivative instruments that are designated as cash flow hedging instruments for accounting purposes, which had a notional value of $914 million and $708 million as of September 30, 2022 and December 31, 2021, respectively.

Interest rate hedging: Ingredion 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. Ingredion’s risk management strategy is to monitor interest rate risk attributable to both Ingredion’s outstanding and forecasted debt obligations as well as Ingredion’s offsetting hedge positions. Derivative financial instruments that have been used by Ingredion to manage its interest rate risk consist of interest rate swaps and T-Locks.

Ingredion periodically enters into interest rate swaps to hedge its exposure to interest rate changes under its senior notes. 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. Ingredion did not have any outstanding interest rate swaps as of September 30, 2022 or December 31, 2021.

Ingredion 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. During 2020, Ingredion entered into and settled T-Locks associated with the issuance of senior notes due in 2030 and 2050. The

realized loss upon settlement of the T-Locks was recorded in AOCL and is amortized into earnings over the term of the senior notes. Ingredion did not have outstanding T-Locks as of September 30, 2022 and December 31, 2021.

The derivative instruments designated as cash flow hedges included in AOCL as of September 30, 2022 and December 31, 2021 are reflected below:


	Amount of Gains
Derivatives in Cash Flow Hedging Relationships	(Losses) included in AOCL
(in millions)	September 30, 2022		December 31, 2021
Commodity contracts, net of income tax effect of $29 and $19, respectively	$	84	$	51
Foreign currency contracts, net of income tax effect of $4 and $ -, respectively		6		—
Interest rate contracts, net of income tax effect of $1		(3)		(3)
Total	$	87	$	48

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


	Fair Value of Hedging Instruments as of September 30, 2022 (in millions)
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts	Total			Commodity Contracts		Foreign Currency Contracts	Total
Accounts receivable, net	$	82	$	27	$	109	$	3	$	30	$	33
Other assets		7		19		26		—		—		—
Assets		89		46		135		3		30		33
Accounts payable and accrued liabilities		13		20		33		1		10		11
Non-current liabilities		1		18		19		—		—		—
Liabilities		14		38		52		1		10		11
Net Assets/(Liabilities)	$	75	$	8	$	83	$	2	$	20	$	22


	Fair Value of Hedging Instruments as of December 31, 2021 (in millions)
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts	Total			Commodity Contracts		Foreign Currency Contracts	Total
Accounts receivable, net	$	45	$	9	$	54	$	4	$	3	$	7
Other assets		7		6		13		—		—		—
Assets		52		15		67		4		3		7
Accounts payable and accrued liabilities		5		12		17		2		4		6
Non-current liabilities		2		6		8		—		1		1
Liabilities		7		18		25		2		5		7
Net Assets/(Liabilities)	$	45	$	(3)	$	42	$	2	$	(2)	$	—

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


Derivatives in Cash Flow	Gains (Losses) Recognized in AOCL on Derivatives					Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Three Months Ended September 30,				Income Statement	Three Months Ended September 30,
(in millions)	2022		2021		Location	2022		2021
Commodity contracts	$	72	$	36	Cost of sales	$	72	$	62
Foreign currency contracts		3		(1)	Net sales/Cost of sales		1		(2)
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	75	$	35		$	73	$	60


Derivatives in Cash-Flow	Gains (Losses) Recognized in AOCL on Derivatives					Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Nine Months Ended September 30,				Income Statement	Nine Months Ended September 30,
(in millions)	2022		2021		Location	2022		2021
Commodity contracts	$	240	$	212	Cost of sales	$	197	$	171
Foreign currency contracts		14		(1)	Net sales/Cost of sales		4		(1)
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	254	$	211		$	201	$	170

As of September 30, 2022, AOCL included $86 million of net gains (net of income taxes of $32 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

9 Months Ended

Sep. 30, 2022

Fair Value Measurements

Fair Value Measurements

8. Fair Value Measurements

We measure certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we use various valuation approaches. The hierarchy of those valuation approaches is in three levels based on the reliability of inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Below is a summary of the hierarchy levels:

●

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

●

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly for substantially the full term of the financial instrument. Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability or can be derived principally from or corroborated by observable market data.

●

Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs 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.

Assets and liabilities measured at fair value on a recurring basis are presented below:


	As of September 30, 2022								As of December 31, 2021
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Available for sale securities	$	4	$	4	$	—	$	—	$	12	$	12	$	—	$	—
Derivative assets		168		110		58		—		74		49		25		—
Derivative liabilities		63		58		5		—		32		22		10		—
Long-term debt		1,523		—		1,523		—		1,957		—		1,957		—

The carrying values of cash equivalents, short-term investments, accounts receivable, accounts payable and short-term borrowings approximate fair values. Commodity futures, options and swaps contracts are recognized at fair value. Foreign currency forward contracts, swaps and options are also recognized at fair value. The fair value of Ingredion’s Long-term debt is estimated based on quotations of major securities dealers who are market makers in the securities.

Financing Arrangements

9 Months Ended

Sep. 30, 2022

Financing Arrangements

Financing Arrangements

9. Financing Arrangements

Presented below are Ingredion’s debt carrying amounts, net of related discounts, premiums, and debt issuance costs as of September 30, 2022 and December 31, 2021:


	As of		As of
(in millions)	September 30, 2022		December 31, 2021
2.900% senior notes due June 1, 2030	$	595	$	595
3.200% senior notes due October 1, 2026		498		498
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		3		2
Total long-term debt		1,739		1,738
Commercial paper		622		250
Other short-term borrowings		87		58
Total short-term borrowings		709		308
Total debt	$	2,448	$	2,046

On July 27, 2021, Ingredion established a commercial paper program under which Ingredion 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. Ingredion intends to use the note proceeds for general corporate purposes. During the nine months ended September 30, 2022, the average amount of commercial paper outstanding was $489 million with an average interest rate of 1.50 percent and a weighted average maturity of 18 days. From the inception of the program until September 30, 2021, the average amount of commercial paper outstanding was $401 million with an average interest rate of 0.23 percent and a weighted average maturity of 37 days. As of September 30, 2022, $622 million of commercial paper was outstanding with an average interest rate of 3.50 percent and a weighted average maturity of 16 days. As of December 31, 2021, $250 million of commercial paper was outstanding with an average interest rate of 0.35 percent and a weighted average maturity of 40 days. The amount of commercial paper outstanding under this program in 2022 is expected to fluctuate.

Other short-term borrowings as of September 30, 2022 and December 31, 2021, 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.

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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies

Commitments and Contingencies

10. Commitments and Contingencies

In May 2021, the Brazilian Supreme Court (“Court”) issued its ruling related to the calculation of certain indirect taxes, which affirmed the Federal Court of Appeals rulings that Ingredion had received in previous years and affirmed that Ingredion is entitled to previously recorded tax credits. The Court ruling affirmed that Ingredion is entitled to $15 million of additional credits from the period of 2015 to 2018 that were previously unrecorded pending a final Court ruling. As a result, during the nine months ended September 30, 2021, Ingredion recorded the $15 million of additional credits within Other operating expense (income) in the Condensed Consolidated Statements of Income. As of September 30, 2022 and December 31, 2021, Ingredion had $20 million and $41 million, respectively, of remaining indirect tax credits recorded in Other assets and Prepaid expenses on the Condensed Consolidated Balance Sheets. These credits resulted in an insignificant amount and $5 million of deferred income taxes as of September 30, 2022 and December 31, 2021, respectively. We will use the income tax offsets to eliminate our Brazilian federal tax payments in 2022 and future years, including the income tax payable for the indirect taxes recovered.

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Taxes

Income Taxes

11. Income Taxes

During the three months ended March 31, 2022, the U.S. Treasury published final foreign tax credit regulations that limit our ability to claim foreign tax credits from certain countries, primarily in South America. As a result, we recorded a provisional tax liability during the three months ended March 31, 2022, and will continue to assess the impact of the regulations on our Condensed Consolidated Financial Statements in future periods.

- 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.

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+ Details

Pension and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2022

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

12. Pension and Other Postretirement Benefits

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)	2022		2021		2022		2021		2022		2021		2022		2021
Service cost	$	1	$	1	$	1	$	1	$	3	$	3	$	3	$	3
Interest cost		2		2		2		2		6		6		7		7
Expected return on plan assets		(5)		(4)		(2)		(2)		(13)		(13)		(6)		(6)
Amortization of actuarial loss		—		(1)		—		1		—		(1)		—		2
Net periodic (benefit) cost (a)	$	(2)	$	(2)	$	1	$	2	$	(4)	$	(5)	$	4	$	6

We currently anticipate that we will make approximately $4 million in cash contributions to our pension plans in 2022, consisting of contributions of $3 million to our non-U.S. pension plans and $1 million to our U.S. pension plans. For the nine months ended September 30, 2022, we made cash contributions of approximately $2 million to the non-U.S. plans and an insignificant amount to the U.S. plans.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Service cost	$	—	$	—	$	—	$	—
Interest cost		1		1		2		2
Amortization of prior service cost (credit)		—		—		1		(1)
Net periodic cost (a)	$	1	$	1	$	3	$	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.

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+ Details

Equity

9 Months Ended

Sep. 30, 2022

Equity

Equity

13. Equity

Treasury stock: On September 26, 2022, the Board of Directors terminated the stock repurchase program it had previously authorized on October 22, 2018, that permitted Ingredion to purchase up to 8 million of its outstanding shares of common stock from November 5, 2018, through December 31, 2023. As of the date of termination, the 2018 repurchase program had approximately 3.8 million shares of common stock remaining for repurchase.

On September 26, 2022, the Board of Directors contemporaneously approved a new stock repurchase program to authorize Ingredion to purchase up to 6 million shares of its outstanding common stock from September 26, 2022, through December 31, 2025. Ingredion may repurchase shares from time to time in the open market, in privately negotiated transactions, or otherwise, at prices Ingredion deems appropriate. Ingredion is not obligated to repurchase any shares under the authorization, and the new repurchase program may be suspended, discontinued, or modified at any time, for any reason and without notice. The parameters of Ingredion’s stock repurchase programs are not established solely with reference to the dilutive impact of shares issued under Ingredion’s stock incentive plan. However, Ingredion 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, 2022, we repurchased 325 thousand and 1,283 thousand outstanding shares of common stock in open market transactions at a net cost of $29 million and $112 million, respectively. During the three and nine months ended September 30, 2021, we 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.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
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		4		2		10		8
Income tax benefit		—		—		(1)		(1)
RSUs, net of income taxes		4		2		9		7

Performance shares and other share-based awards:
Pre-tax compensation expense		2		1		9		4
Income tax benefit		—		—		(1)		—
Performance shares and other share-based compensation expense, net of income taxes		2		1		8		4

Total share-based compensation:
Pre-tax compensation expense		7		4		22		15
Income tax benefit		—		—		(2)		(1)
Total share-based compensation expense, net of income taxes	$	7	$	4	$	20	$	14

Stock Options: Under Ingredion’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. Ingredion 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.

Ingredion granted non-qualified options to purchase 281 thousand shares and 358 thousand shares for the first nine months ended September 30, 2022 and 2021, 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:


	Nine Months Ended September 30,
	2022		2021
Expected life (in years)	5.5		5.5
Risk-free interest rate	2.0	%	0.6	%
Expected volatility	23.8	%	23.2	%
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 Ingredion’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 Ingredion’s common stock. Dividend yields are based on Ingredion’s dividend yield at the date of issuance.

Stock option activity for the nine months ended September 30, 2022 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, 2021	2,154	$	90.39	5.26	$	26
Granted	281		88.66
Exercised	(70)		61.56
Cancelled	(31)		103.55
Outstanding as of September 30, 2022	2,334	$	90.87	5.22	$	7
Exercisable as of September 30, 2022	1,763	$	91.78	4.10	$	7

For the nine months ended September 30, 2022, cash received from the exercise of stock options was approximately $4 million. As of September 30, 2022, the unrecognized compensation cost related to non-vested stock options totaled $4 million, which is expected to be amortized over the weighted-average period of approximately 1.7 years.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(dollars in millions, except per share)	2022		2021		2022		2021
Weighted average grant date fair value of stock options granted (per share)	$	—	$	—	$	15.04	$	12.31
Total intrinsic value of stock options exercised	$	1	$	—	$	2	$	6

Restricted Stock Units: Ingredion 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 Ingredion. The fair value of the RSUs is determined based upon the number of shares granted and the quoted market price of Ingredion’s common stock at the date of the grant.

The following table summarizes RSU activity in 2022:


(RSUs in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested as of December 31, 2021	486	$	88.34
Granted	207		88.82
Vested	(128)		91.20
Cancelled	(45)		87.04
Non-vested as of September 30, 2022	520	$	87.95

As of September 30, 2022, the total remaining unrecognized compensation cost related to RSUs was $21 million, which will be amortized on a weighted-average basis over approximately 1.5 years.

Performance Shares: Ingredion has a long-term incentive plan for senior management in the form of performance shares. The vesting of the performance shares is generally based on two performance metrics. Fifty percent of the performance shares awarded vest based on Ingredion’s total shareholder return as compared to the total shareholder return of its peer group and the remaining fifty percent vest based on the calculation of Ingredion’s three-year average Adjusted Return on Invested Capital (“Adjusted ROIC”) against an established ROIC target.

For the 2022 performance shares awarded based on Ingredion’s total shareholder return, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on Ingredion’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 2022 performance shares awarded based on Adjusted ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on Ingredion’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 our common stock on the date of the grant and the final number of shares that ultimately vest. Ingredion will estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect Ingredion’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, 2022, Ingredion awarded 86 thousand performance shares at a weighted average fair value of $138.85 per share. As of September 30, 2022, the unrecognized compensation cost related to these awards was $11 million, which will be amortized over the remaining requisite service period of 1.9 years. The 2019 performance share awards, whose three-year performance period has ended, achieved a zero percent payout of granted performance shares. There were approximately two thousand performance shares cancelled during 2022.

Accumulated Other Comprehensive Loss: The following is a summary of Accumulated other comprehensive loss for the nine months ended September 30, 2022 and 2021:


(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2021	$	(903)	$	48	$	(42)	$	(897)
Other comprehensive (loss) gain before reclassification adjustments		(195)		254		—		59
(Gain) reclassified from accumulated OCL		—		(201)		1		(200)
Tax (provision)		—		(14)		—		(14)
Net other comprehensive (loss) income		(195)		39		1		(155)
Balance, September 30, 2022	$	(1,098)	$	87	$	(41)	$	(1,052)


(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2020	$	(1,114)	$	42	$	(61)	$	(1,133)
Other comprehensive (loss) gain before reclassification adjustments		(85)		211		—		126
(Gain) reclassified from accumulated OCL		311		(170)		—		141
Tax (provision)		—		(11)		—		(11)
Net other comprehensive (loss) income		226		30		—		256
Balance, September 30, 2021	$	(888)	$	72	$	(61)	$	(877)

Supplemental Information: The following Condensed Consolidated Statements of Equity and Redeemable Equity present the dividends per share for common stock for the periods indicated:


	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, 2021	$	—	$	1	$	1,158	$	(1,061)	$	(897)	$	3,899	$	18	$	36	$	71
Net income attributable to Ingredion												130
Net income attributable to non-controlling interests														3
Dividends declared, common stock ($0.65/share)												(43)
Repurchases of common stock								(39)
Share-based compensation, net of issuance						2		9								(5)
Other comprehensive income (loss)										134				(2)
Balance, March 31, 2022	$	—	$	1	$	1,160	$	(1,091)	$	(763)	$	3,986	$	19	$	31	$	71
Net income attributable to Ingredion												142
Net income attributable to non-controlling interests														2				1
Dividends declared, common stock ($0.65/share)												(43)
Dividends declared, non-controlling interests														(4)
Repurchases of common stock								(44)
Share-based compensation, net of issuance						2		2								6
Fair market value adjustment to non-controlling interests						(29)												29
Non-controlling interest purchases																		(27)
Other comprehensive (loss)										(177)				(2)				(4)
Balance, June 30, 2022	$	—	$	1	$	1,133	$	(1,133)	$	(940)	$	4,085	$	15	$	37	$	70
Net income attributable to Ingredion												106
Net income attributable to non-controlling interests														2				1
Dividends declared, common stock ($0.71/share)												(48)
Repurchases of common stock								(29)
Share-based compensation, net of issuance								3								6
Non-controlling interest purchases																		(13)
Other comprehensive (loss)										(112)				(3)				(2)
Balance, September 30, 2022	$	—	$	1	$	1,133	$	(1,159)	$	(1,052)	$	4,143	$	14	$	43	$	56


	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 (loss) 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) income										(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 (loss) 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

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, 2022					Three Months Ended September 30, 2021
(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	$	106	65.8	$	1.61	$	118	67.0	$	1.76

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.8					0.6
Diluted EPS	$	106	66.6	$	1.59	$	118	67.6	$	1.75


	Nine Months Ended September 30, 2022					Nine Months Ended September 30, 2021
(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	$	378	66.4	$	5.69	$	50	67.2	$	0.74

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.7					0.6
Diluted EPS	$	378	67.1	$	5.63	$	50	67.8	$	0.74

Approximately 1.6 million and 1.4 million share-based awards of common stock were excluded from the calculation of diluted EPS as the impact of their inclusion would have been anti-dilutive for the three and nine months ended September 30, 2022, respectively. 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.

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Information

Segment Information

14. Segment Information

Ingredion 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 nature, amount, timing and uncertainty of Ingredion’s Net sales are managed by Ingredion primarily based on our geographic segments, which we classify and report as North America, South America, Asia-Pacific and EMEA. Our North America segment includes businesses in the U.S., Mexico and Canada. Our South America segment includes businesses and our share of earnings from investments in joint ventures in Brazil, Argentina, Chile, Colombia, Ecuador, Peru and Uruguay. Our Asia-Pacific segment includes the PureCircle operating segment as well as businesses in South Korea, Thailand, China, Australia, Japan, New Zealand, Indonesia, Singapore, the Philippines, Malaysia, India and Vietnam. Our EMEA segment includes businesses in Pakistan, Germany, Poland, the United Kingdom and South Africa. Net sales by product are not presented because to do so would be impracticable.

Presented below are Ingredion’s net sales to unaffiliated customers by reportable segment for the periods indicated:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
Net sales to unaffiliated customers:
North America	$	1,262	$	1,083	$	3,720	$	3,096
South America		293		260		835		801
Asia-Pacific		278		245		825		728
EMEA		190		175		579		514
Total net sales	$	2,023	$	1,763	$	5,959	$	5,139

Presented below are Ingredion’s operating income by reportable segment for the periods indicated:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
Operating income:
North America	$	126	$	120	$	443	$	403
South America		48		35		125		108
Asia-Pacific		27		21		70		70
EMEA		30		23		90		86
Corporate		(40)		(36)		(109)		(95)
Subtotal		191		163		619		572
Acquisition/integration costs		—		(3)		(1)		(1)
Restructuring/impairment charges and related adjustments		—		(8)		(4)		(22)
Impairment on assets held for sale		—		20		—		(340)
Other matters		(9)		—		(9)		15
Total operating income	$	182	$	172	$	605	$	224

Presented below are Ingredion’s total assets by reportable segment as of September 30, 2022 and December 31, 2021:


	As of		As of
(in millions)	September 30, 2022		December 31, 2021
Assets:
North America (a)	$	4,576	$	4,203
South America		892		799
Asia-Pacific		1,340		1,403
EMEA		595		594
Total assets	$	7,403	$	6,999

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
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-SubTopic 10
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+ Details

Supplementary Information

9 Months Ended

Sep. 30, 2022

Supplementary Information

Supplementary Information

15. Supplementary Financial Statement Information

Accounts Receivable, Net

Accounts receivable, net are summarized as follows:


	As of		As of
(in millions)	September 30, 2022		December 31, 2021
Accounts receivable, net:
Accounts receivable - trade	$	1,170	$	950
Accounts receivable - other		253		193
Allowance for credit losses		(17)		(13)
Total accounts receivable	$	1,406	$	1,130

There were no significant contract assets or significant contract liabilities associated with our customers as of September 30, 2022 or December 31, 2021. Liabilities for volume discounts and incentives were also not significant as of September 30, 2022 or December 31, 2021.

Inventories

Inventories are summarized as follows:


	As of		As of
(in millions)	September 30, 2022		December 31, 2021
Finished and in process	$	895	$	688
Raw materials		517		380
Manufacturing supplies and other		88		104
Total inventories	$	1,500	$	1,172

Summary of Significant Accounting Standards and Policies (Policies)

9 Months Ended

Sep. 30, 2022

Summary of Significant Accounting Standards and Policies

New Accounting Standards

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Intangible Assets

Schedule of goodwill


	North		South		Asia-
(in millions)	America		America		Pacific		EMEA		Total
Goodwill before impairment charges	$	624	$	48	$	323	$	74	$	1,069
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at January 1, 2022		623		15		202		74		914
Acquisitions		—		—		2		4		6
Currency translation		(1)		1		(25)		(12)		(37)
Balance at September 30, 2022	$	622	$	16	$	179	$	66	$	883

Schedule of intangible assets


(in millions)	As of September 30, 2022		As of December 31, 2021
Trademarks/tradenames (indefinite-lived)	$	143	$	143

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments

Schedule of investments



(in millions)	September 30, 2022		December 31, 2021
Equity investments	$	23	$	16
Equity method investments		109		104
Marketable securities		4		12
Total investments	$	136	$	132

Restructuring and Impairment Charges (Tables)

9 Months Ended

Sep. 30, 2022

Restructuring and Impairment Charges

Summary of severance accrual

A summary of Ingredion’s severance accrual at September 30, 2022, which we expect to fully pay in 2022, is as follows (in millions):


Balance in severance accrual as of December 31, 2021	$	3
Payments made to terminated employees		(2)
Balance in severance accrual as of September 30, 2022	$	1

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments 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, 2022		December 31, 2021
Commodity contracts, net of income tax effect of $29 and $19, respectively	$	84	$	51
Foreign currency contracts, net of income tax effect of $4 and $ -, respectively		6		—
Interest rate contracts, net of income tax effect of $1		(3)		(3)
Total	$	87	$	48

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


	Fair Value of Hedging Instruments as of September 30, 2022 (in millions)
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts	Total			Commodity Contracts		Foreign Currency Contracts	Total
Accounts receivable, net	$	82	$	27	$	109	$	3	$	30	$	33
Other assets		7		19		26		—		—		—
Assets		89		46		135		3		30		33
Accounts payable and accrued liabilities		13		20		33		1		10		11
Non-current liabilities		1		18		19		—		—		—
Liabilities		14		38		52		1		10		11
Net Assets/(Liabilities)	$	75	$	8	$	83	$	2	$	20	$	22


	Fair Value of Hedging Instruments as of December 31, 2021 (in millions)
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts	Total			Commodity Contracts		Foreign Currency Contracts	Total
Accounts receivable, net	$	45	$	9	$	54	$	4	$	3	$	7
Other assets		7		6		13		—		—		—
Assets		52		15		67		4		3		7
Accounts payable and accrued liabilities		5		12		17		2		4		6
Non-current liabilities		2		6		8		—		1		1
Liabilities		7		18		25		2		5		7
Net Assets/(Liabilities)	$	45	$	(3)	$	42	$	2	$	(2)	$	—

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					Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Three Months Ended September 30,				Income Statement	Three Months Ended September 30,
(in millions)	2022		2021		Location	2022		2021
Commodity contracts	$	72	$	36	Cost of sales	$	72	$	62
Foreign currency contracts		3		(1)	Net sales/Cost of sales		1		(2)
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	75	$	35		$	73	$	60


Derivatives in Cash-Flow	Gains (Losses) Recognized in AOCL on Derivatives					Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Nine Months Ended September 30,				Income Statement	Nine Months Ended September 30,
(in millions)	2022		2021		Location	2022		2021
Commodity contracts	$	240	$	212	Cost of sales	$	197	$	171
Foreign currency contracts		14		(1)	Net sales/Cost of sales		4		(1)
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	254	$	211		$	201	$	170

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Measurements

Schedule of assets and liabilities measured at fair value


	As of September 30, 2022								As of December 31, 2021
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Available for sale securities	$	4	$	4	$	—	$	—	$	12	$	12	$	—	$	—
Derivative assets		168		110		58		—		74		49		25		—
Derivative liabilities		63		58		5		—		32		22		10		—
Long-term debt		1,523		—		1,523		—		1,957		—		1,957		—

Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2022

Financing Arrangements

Schedule of debt


	As of		As of
(in millions)	September 30, 2022		December 31, 2021
2.900% senior notes due June 1, 2030	$	595	$	595
3.200% senior notes due October 1, 2026		498		498
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		3		2
Total long-term debt		1,739		1,738
Commercial paper		622		250
Other short-term borrowings		87		58
Total short-term borrowings		709		308
Total debt	$	2,448	$	2,046

Net Periodic Pension and Postretirement Benefit Costs (Tables)

9 Months Ended

Sep. 30, 2022

Pension Plan

Pension and other postretirement benefits

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)	2022		2021		2022		2021		2022		2021		2022		2021
Service cost	$	1	$	1	$	1	$	1	$	3	$	3	$	3	$	3
Interest cost		2		2		2		2		6		6		7		7
Expected return on plan assets		(5)		(4)		(2)		(2)		(13)		(13)		(6)		(6)
Amortization of actuarial loss		—		(1)		—		1		—		(1)		—		2
Net periodic (benefit) cost (a)	$	(2)	$	(2)	$	1	$	2	$	(4)	$	(5)	$	4	$	6

Postemployment Retirement Benefits

Pension and other postretirement benefits

Components of net periodic benefit cost


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Service cost	$	—	$	—	$	—	$	—
Interest cost		1		1		2		2
Amortization of prior service cost (credit)		—		—		1		(1)
Net periodic cost (a)	$	1	$	1	$	3	$	1

(a)

Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity

Schedule of stock based compensation expense


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
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		4		2		10		8
Income tax benefit		—		—		(1)		(1)
RSUs, net of income taxes		4		2		9		7

Performance shares and other share-based awards:
Pre-tax compensation expense		2		1		9		4
Income tax benefit		—		—		(1)		—
Performance shares and other share-based compensation expense, net of income taxes		2		1		8		4

Total share-based compensation:
Pre-tax compensation expense		7		4		22		15
Income tax benefit		—		—		(2)		(1)
Total share-based compensation expense, net of income taxes	$	7	$	4	$	20	$	14

Schedule of valuation assumptions for stock options


	Nine Months Ended September 30,
	2022		2021
Expected life (in years)	5.5		5.5
Risk-free interest rate	2.0	%	0.6	%
Expected volatility	23.8	%	23.2	%
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, 2021	2,154	$	90.39	5.26	$	26
Granted	281		88.66
Exercised	(70)		61.56
Cancelled	(31)		103.55
Outstanding as of September 30, 2022	2,334	$	90.87	5.22	$	7
Exercisable as of September 30, 2022	1,763	$	91.78	4.10	$	7

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)	2022		2021		2022		2021
Weighted average grant date fair value of stock options granted (per share)	$	—	$	—	$	15.04	$	12.31
Total intrinsic value of stock options exercised	$	1	$	—	$	2	$	6

Schedule of restricted unit activity


(RSUs in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested as of December 31, 2021	486	$	88.34
Granted	207		88.82
Vested	(128)		91.20
Cancelled	(45)		87.04
Non-vested as of September 30, 2022	520	$	87.95

Summary of net changes in accumulated other comprehensive loss


(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2021	$	(903)	$	48	$	(42)	$	(897)
Other comprehensive (loss) gain before reclassification adjustments		(195)		254		—		59
(Gain) reclassified from accumulated OCL		—		(201)		1		(200)
Tax (provision)		—		(14)		—		(14)
Net other comprehensive (loss) income		(195)		39		1		(155)
Balance, September 30, 2022	$	(1,098)	$	87	$	(41)	$	(1,052)


(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2020	$	(1,114)	$	42	$	(61)	$	(1,133)
Other comprehensive (loss) gain before reclassification adjustments		(85)		211		—		126
(Gain) reclassified from accumulated OCL		311		(170)		—		141
Tax (provision)		—		(11)		—		(11)
Net other comprehensive (loss) income		226		30		—		256
Balance, September 30, 2021	$	(888)	$	72	$	(61)	$	(877)

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, 2021	$	—	$	1	$	1,158	$	(1,061)	$	(897)	$	3,899	$	18	$	36	$	71
Net income attributable to Ingredion												130
Net income attributable to non-controlling interests														3
Dividends declared, common stock ($0.65/share)												(43)
Repurchases of common stock								(39)
Share-based compensation, net of issuance						2		9								(5)
Other comprehensive income (loss)										134				(2)
Balance, March 31, 2022	$	—	$	1	$	1,160	$	(1,091)	$	(763)	$	3,986	$	19	$	31	$	71
Net income attributable to Ingredion												142
Net income attributable to non-controlling interests														2				1
Dividends declared, common stock ($0.65/share)												(43)
Dividends declared, non-controlling interests														(4)
Repurchases of common stock								(44)
Share-based compensation, net of issuance						2		2								6
Fair market value adjustment to non-controlling interests						(29)												29
Non-controlling interest purchases																		(27)
Other comprehensive (loss)										(177)				(2)				(4)
Balance, June 30, 2022	$	—	$	1	$	1,133	$	(1,133)	$	(940)	$	4,085	$	15	$	37	$	70
Net income attributable to Ingredion												106
Net income attributable to non-controlling interests														2				1
Dividends declared, common stock ($0.71/share)												(48)
Repurchases of common stock								(29)
Share-based compensation, net of issuance								3								6
Non-controlling interest purchases																		(13)
Other comprehensive (loss)										(112)				(3)				(2)
Balance, September 30, 2022	$	—	$	1	$	1,133	$	(1,159)	$	(1,052)	$	4,143	$	14	$	43	$	56


	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 (loss) 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) income										(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 (loss) 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

Schedule of basic and diluted earnings per common share


	Three Months Ended September 30, 2022					Three Months Ended September 30, 2021
(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	$	106	65.8	$	1.61	$	118	67.0	$	1.76

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.8					0.6
Diluted EPS	$	106	66.6	$	1.59	$	118	67.6	$	1.75


	Nine Months Ended September 30, 2022					Nine Months Ended September 30, 2021
(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	$	378	66.4	$	5.69	$	50	67.2	$	0.74

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.7					0.6
Diluted EPS	$	378	67.1	$	5.63	$	50	67.8	$	0.74

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Information

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

Presented below are Ingredion’s net sales to unaffiliated customers by reportable segment for the periods indicated:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
Net sales to unaffiliated customers:
North America	$	1,262	$	1,083	$	3,720	$	3,096
South America		293		260		835		801
Asia-Pacific		278		245		825		728
EMEA		190		175		579		514
Total net sales	$	2,023	$	1,763	$	5,959	$	5,139

Presented below are Ingredion’s operating income by reportable segment for the periods indicated:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
Operating income:
North America	$	126	$	120	$	443	$	403
South America		48		35		125		108
Asia-Pacific		27		21		70		70
EMEA		30		23		90		86
Corporate		(40)		(36)		(109)		(95)
Subtotal		191		163		619		572
Acquisition/integration costs		—		(3)		(1)		(1)
Restructuring/impairment charges and related adjustments		—		(8)		(4)		(22)
Impairment on assets held for sale		—		20		—		(340)
Other matters		(9)		—		(9)		15
Total operating income	$	182	$	172	$	605	$	224

Presented below are Ingredion’s total assets by reportable segment as of September 30, 2022 and December 31, 2021:


	As of		As of
(in millions)	September 30, 2022		December 31, 2021
Assets:
North America (a)	$	4,576	$	4,203
South America		892		799
Asia-Pacific		1,340		1,403
EMEA		595		594
Total assets	$	7,403	$	6,999

For purposes of presentation, North America includes Corporate assets.

Supplementary Information (Tables)

9 Months Ended

Sep. 30, 2022

Supplementary Information

Schedule of accounts receivable, net


	As of		As of
(in millions)	September 30, 2022		December 31, 2021
Accounts receivable, net:
Accounts receivable - trade	$	1,170	$	950
Accounts receivable - other		253		193
Allowance for credit losses		(17)		(13)
Total accounts receivable	$	1,406	$	1,130

Schedule of inventories


	As of		As of
(in millions)	September 30, 2022		December 31, 2021
Finished and in process	$	895	$	688
Raw materials		517		380
Manufacturing supplies and other		88		104
Total inventories	$	1,500	$	1,172

Acquisitions - PureCircle Non-Controlling Interests (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Acquisition
Purchases of non-controlling interests		$ 40
PureCircle
Acquisition
Ownership percentage by parent	85.00%	85.00%	75.00%
PureCircle
Acquisition
Purchases of non-controlling interests	$ 13	$ 40

Acquisitions - Other (Details) - USD ($) $ in Millions			9 Months Ended
Acquisitions - Other (Details) - USD ($) $ in Millions	Aug. 01, 2022	Apr. 01, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Acquisitions
Payment for acquisition, net of cash acquired			$ 7	$ 40
Goodwill and identifiable intangible assets			1,286		$ 1,348
Goodwill			$ 883		$ 914
Amishi
Acquisitions
Payment for acquisition, net of cash acquired	$ 7
Goodwill and identifiable intangible assets	$ 2
KaTech
Acquisitions
Payment for acquisition, net of cash acquired		$ 40
Goodwill and identifiable intangible assets		26
Tangible assets		$ 14

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Intangible Assets - Goodwill (Details) - USD ($) $ in Millions		9 Months Ended
	Jul. 01, 2022	Sep. 30, 2022	Dec. 31, 2021
Carrying value of goodwill
Goodwill before impairment charges			$ 1,069
Accumulated impairment charges			(155)
Balance at the beginning of the period		$ 914
Acquisitions		6
Currency translation		(37)
Balance at the end of the period		883
Goodwill impairment	$ 0
North America Segment
Carrying value of goodwill
Goodwill before impairment charges			624
Accumulated impairment charges			(1)
Balance at the beginning of the period		623
Currency translation		(1)
Balance at the end of the period		622
South America Segment
Carrying value of goodwill
Goodwill before impairment charges			48
Accumulated impairment charges			(33)
Balance at the beginning of the period		15
Currency translation		1
Balance at the end of the period		16
Asia Pacific Segment
Carrying value of goodwill
Goodwill before impairment charges			323
Accumulated impairment charges			(121)
Balance at the beginning of the period		202
Acquisitions		2
Currency translation		(25)
Balance at the end of the period		179
EMEA Segment
Carrying value of goodwill
Goodwill before impairment charges			$ 74
Balance at the beginning of the period		74
Acquisitions		4
Currency translation		(12)
Balance at the end of the period		$ 66

Intangible Assets - Indefinite-lived intangible assets (Details) - USD ($) $ in Millions	Jul. 01, 2022	Sep. 30, 2022	Dec. 31, 2021
Indefinite-lived intangible assets
Indefinite-lived intangible assets		$ 143	$ 143
Indefinite-lived intangible assets impairment	$ 0
Trademarks and Trade Names
Indefinite-lived intangible assets
Indefinite-lived intangible assets		$ 143	$ 143

Investments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments
Equity investments	$ 23	$ 16
Equity method investments	109	104
Marketable securities	4	12
Total investments	$ 136	$ 132

Investments - Amyris & Argentina joint venture (Details) $ in Millions			3 Months Ended	9 Months Ended
	Aug. 02, 2021 USD ($)	Jun. 01, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Feb. 12, 2021 facility
Equity Method Investments
Income from equity method investment agreement				$ 4
Acquisition costs				4
Argentina joint venture
Equity Method Investments
Number of manufacturing facilities to be operated \| facility					5
Amyris joint venture
Equity Method Investments
Ownership percentage		31.00%
Total consideration under equity method investment agreement		$ 28
Cash consideration paid		10		10
Non-exclusive license and other consideration		$ 18		18
Income from equity method investment agreement				$ 8
Argentina joint venture
Equity Method Investments
Fair value of assets and liabilities transferred	$ 71
Ownership percentage	49.00%
Value of shares received as consideration for assets contributed	$ 64
Acquisition costs			$ 3
Argentina joint venture \| Grupo Arcor
Equity Method Investments
Cash and other considerations received from joint venture in return of assets and liabilities transferred	$ 7

Restructuring and Impairment Charges - Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring and Impairment Charges
Restructuring/impairment charges and related adjustments	$ 2	$ (12)	$ 6	$ 362
Restructuring charges		$ 8	$ 4	$ 22

Restructuring and Impairment Charges - Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring and impairment charges
Restructuring charges	$ 8	$ 4	$ 22
Cost Smart SG&A Program
Restructuring and impairment charges
Restructuring charges	4	3	13
Cost Smart Cost of Sales Program
Restructuring and impairment charges
Restructuring charges	3	$ 1	11
Production facility closure, Stockton, California
Restructuring and impairment charges
Gain on the sale of land and building			5
Argentina joint venture restructuring
Restructuring and impairment charges
Restructuring charges	$ 1		$ 3

Restructuring and Impairment Charges - Employee-related severance (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring accrual
Restructuring charges	$ 8	$ 4	$ 22
Employee-related severance costs
Restructuring accrual
Balance in severance accrual at beginning of period		3
Payments made to terminated employees		(2)
Balance in severance accrual at end of period		$ 1

Restructuring and Impairment Charges - Impairment Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2021
Restructuring and impairment charges
Impairment on disposition of assets	$ (20)		$ 340
Disposal Group, Held for Sale, Not Discontinued Operations \| South American Subsidiaries, PP&E
Restructuring and impairment charges
Impairment on disposition of assets		$ 360
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| South American Subsidiaries, PP&E
Restructuring and impairment charges
Impairment on disposition of assets	$ (20)		340
Impairment charge - Cumulative translation adjustment			311
Impairment charge - Write-down of contributed net assets			$ 29

Derivative Instruments and Hedging Activities - Commodity price hedging (Details) bu in Millions, MMBTU in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) MMBTU bu	Sep. 30, 2021	Sep. 30, 2022 USD ($) MMBTU bu	Sep. 30, 2021 USD ($)	Dec. 31, 2021 MMBTU bu
Commodity Contract \| Minimum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative			12 months
Commodity Contract \| Maximum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative			24 months
Not Designated as Hedging Instrument \| Commodity Contract
Financial instruments, derivatives and hedging activities
Derivative, Gain (Loss), Statement of Income or Comprehensive Income	Cost of sales	Cost of sales	Cost of sales	Cost of sales
Not Designated as Hedging Instrument \| Corn Commodity
Financial instruments, derivatives and hedging activities
Gain or (loss) recognized in income \| $	$ 3		$ 2	$ (1)
Designated as Hedging Instrument \| Corn Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn and gallons for ethanol) \| bu	76		76		135
Designated as Hedging Instrument \| Natural Gas Commodity
Financial instruments, derivatives and hedging activities
Natural gas futures contract (in mmbtu) \| MMBTU	30		30		35

Derivative Instruments and Hedging Activities - Foreign currency hedging (Details) - Foreign Currency Contracts - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Short \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 441	$ 360
Long \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	282	205
Cash Flow Hedging \| Short \| Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	782	505
Cash Flow Hedging \| Long \| Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 914	$ 708

Derivative Instruments and Hedging Activities - CF Hedges in AOCI (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	$ (1,052)	$ (897)
Cash Flow Hedging
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	87	48
Cash Flow Hedging \| Commodity Contract
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	84	51
Tax effect on gains (losses) of derivative instruments	(29)	(19)
Cash Flow Hedging \| Foreign Currency Contracts
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	6
Tax effect on gains (losses) of derivative instruments	(4)
Cash Flow Hedging \| Interest Rate Contract
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	(3)	(3)
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

Derivative Instruments and Hedging Activities - Balance Sheet Location (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair value of derivatives
Derivative Asset, Current, Statement of Financial Position	Accounts receivable, net	Accounts receivable, net
Derivative Asset, Noncurrent, Statement of Financial Position	Other assets	Other assets
Derivative Asset, Statement of Financial Position	Other assets, Accounts receivable, net	Other assets, Accounts receivable, net
Derivative Liability, Current, Statement of Financial Position	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current
Derivative Liability, Noncurrent, Statement of Financial Position	Other non-current liabilities	Other non-current liabilities
Derivative Liability, Statement of Financial Position	Accounts Payable and Accrued Liabilities, Current, Other non-current liabilities	Accounts Payable and Accrued Liabilities, Current, Other non-current liabilities
Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets, current	$ 109	$ 54
Fair value of derivative instruments, Assets, noncurrent	26	13
Fair value of derivative instruments, Assets	135	67
Fair value of derivative instruments, Liabilities, current	33	17
Fair value of derivative instruments, Liabilities, noncurrent	19	8
Fair value of derivative instruments, Liabilities	52	25
Fair value of derivative instruments, Net Assets/(Liabilities)	83	42
Designated as Hedging Instrument \| Commodity Contract
Fair value of derivatives
Fair value of derivative instruments, Assets, current	82	45
Fair value of derivative instruments, Assets, noncurrent	7	7
Fair value of derivative instruments, Assets	89	52
Fair value of derivative instruments, Liabilities, current	13	5
Fair value of derivative instruments, Liabilities, noncurrent	1	2
Fair value of derivative instruments, Liabilities	14	7
Fair value of derivative instruments, Net Assets/(Liabilities)	75	45
Designated as Hedging Instrument \| Foreign Currency Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets, current	27	9
Fair value of derivative instruments, Assets, noncurrent	19	6
Fair value of derivative instruments, Assets	46	15
Fair value of derivative instruments, Liabilities, current	20	12
Fair value of derivative instruments, Liabilities, noncurrent	18	6
Fair value of derivative instruments, Liabilities	38	18
Fair value of derivative instruments, Net Assets/(Liabilities)	8	(3)
Not Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets, current	33	7
Fair value of derivative instruments, Assets	33	7
Fair value of derivative instruments, Liabilities, current	11	6
Fair value of derivative instruments, Liabilities, noncurrent		1
Fair value of derivative instruments, Liabilities	11	7
Fair value of derivative instruments, Net Assets/(Liabilities)	22
Not Designated as Hedging Instrument \| Commodity Contract
Fair value of derivatives
Fair value of derivative instruments, Assets, current	3	4
Fair value of derivative instruments, Assets	3	4
Fair value of derivative instruments, Liabilities, current	1	2
Fair value of derivative instruments, Liabilities	1	2
Fair value of derivative instruments, Net Assets/(Liabilities)	2	2
Not Designated as Hedging Instrument \| Foreign Currency Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets, current	30	3
Fair value of derivative instruments, Assets	30	3
Fair value of derivative instruments, Liabilities, current	10	4
Fair value of derivative instruments, Liabilities, noncurrent		1
Fair value of derivative instruments, Liabilities	10	5
Fair value of derivative instruments, Net Assets/(Liabilities)	$ 20	$ (2)

Derivative Instruments and Hedging Activities - Additional information - CF hedges (Details) - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	$ 75	$ 35	$ 254	$ 211
Gains (Losses) Reclassified from AOCL into Income	73	60	201	170
Commodity Contract
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	72	36	240	212
Commodity Contract \| Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	72	62	197	171
Foreign Currency Contracts
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	3	(1)	14	(1)
Foreign Currency Contracts \| Net sales/Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	$ 1	$ (2)	$ 4	$ (1)

Derivative Instruments and Hedging Activities - Gain (Losses) Recognized in Income (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Derivative Instruments and Hedging Activities
Gains expected to be reclassified into earnings during the next twelve months, net of tax	$ 86
Gains expected to be reclassified into earnings during the next twelve months, income tax effect	$ 32

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair value of assets and liabilities
Derivative Asset, Statement of Financial Position	Other assets, Accounts receivable, net	Other assets, Accounts receivable, net
Derivative Liability, Statement of Financial Position	Accounts Payable and Accrued Liabilities, Current, Other non-current liabilities	Accounts Payable and Accrued Liabilities, Current, Other non-current liabilities
Recurring
Fair value of assets and liabilities
Available for sale securities	$ 4	$ 12
Derivative assets	168	74
Derivative liabilities	63	32
Long-term debt	1,523	1,957
Recurring \| Level 1
Fair value of assets and liabilities
Available for sale securities	4	12
Derivative assets	110	49
Derivative liabilities	58	22
Recurring \| Level 2
Fair value of assets and liabilities
Derivative assets	58	25
Derivative liabilities	5	10
Long-term debt	$ 1,523	$ 1,957

Financing Arrangements - Carrying amount (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Financing Arrangements
Long-term debt	$ 1,739	$ 1,738
Total short-term borrowings	709	308
Total debt	$ 2,448	$ 2,046
2.9% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate (as a percent)	2.90%	2.90%
Long-term debt	$ 595	$ 595
3.2% senior notes due October 1, 2026
Financing Arrangements
Debt, interest rate (as a percent)	3.20%	3.20%
Long-term debt	$ 498	$ 498
3.9% senior notes due June 1, 2050
Financing Arrangements
Debt, interest rate (as a percent)	3.90%	3.90%
Long-term debt	$ 390	$ 390
6.625% senior notes due April 15, 2037
Financing Arrangements
Debt, interest rate (as a percent)	6.625%	6.625%
Long-term debt	$ 253	$ 253
Other long-term borrowings
Financing Arrangements
Long-term debt	3	2
Commercial paper
Financing Arrangements
Short-term borrowings	622	250
Other short-term borrowings
Financing Arrangements
Short-term borrowings	$ 87	$ 58

Financing Arrangements - Commercial paper (Details) - USD ($) $ in Millions	2 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Long-term debt
Payments on debt		$ 342	$ 1,194
Proceeds from borrowings		376	$ 804
Commercial paper
Long-term debt
Maximum aggregate principal amount				$ 1,000
Average amount of commercial paper outstanding	$ 401	$ 489
Weighted average interest rate (as a percent)	0.23%	1.50%
Weighted average maturity	37 days	18 days
Short-term borrowings		$ 622		$ 250
Weighted average interest rate of outstanding balance (as a percent)		3.50%		0.35%
Weighted average maturity of outstanding balance		16 days		40 days

Commitments and Contingencies (Details) - Indirect tax credits - Foreign - Brazil - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	May 31, 2021	Sep. 30, 2021	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies
Brazilian indirect tax credits				$ 5	$ 5
Other Assets and Prepaid Expenses
Commitments and Contingencies
Future tax credits			$ 20		$ 41
Tax years 2015 - 2018
Commitments and Contingencies
Amount of indirect tax credits expected to receive	$ 15
Tax years 2015 - 2018 \| Other operating income, net
Commitments and Contingencies
Foreign pre-tax benefits		$ 15

Net Periodic Pension and Postretirement Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Pension Plan
Components of Net Periodic Benefit Costs
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Anticipated cash contributions
Anticipated cash contributions in current year	$ 4		$ 4
Pension Plan \| UNITED STATES
Components of Net Periodic Benefit Costs
Service cost	1	$ 1	3	$ 3
Interest cost	2	2	6	6
Expected return on plan assets	(5)	(4)	(13)	(13)
Amortization of actuarial loss		(1)		(1)
Net periodic benefit cost	(2)	(2)	(4)	(5)
Anticipated cash contributions
Anticipated cash contributions in current year	1		1
Pension Plan \| Non-U.S.
Components of Net Periodic Benefit Costs
Service cost	1	1	3	3
Interest cost	2	2	7	7
Expected return on plan assets	(2)	(2)	(6)	(6)
Amortization of actuarial loss		1		2
Net periodic benefit cost	1	2	4	6
Anticipated cash contributions
Anticipated cash contributions in current year	3		3
Employer contributions
Employer contributions			2
Postemployment Retirement Benefits
Components of Net Periodic Benefit Costs
Interest cost	$ 1	$ 1	$ 2	$ 2
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of prior service credit			$ 1	$ (1)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net periodic benefit cost	$ 1	$ 1	$ 3	$ 1

Equity - Treasury stock (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 26, 2022	Oct. 22, 2018
Treasury Stock, Common
Treasury stock:
Purchase/acquisition of treasury stock (in shares)	325			500			1,283	765
Repurchases of common stock (in dollars)	$ 29	$ 44	$ 39	$ 44	$ 10	$ 14	$ 112	$ 68
2018 Stock Repurchase Program
Treasury stock:
Shares authorized to be repurchased (in shares)										8,000
Remaining shares authorized to be repurchased upon termination of repurchase plan (in shares)									3,800
2022 Stock Repurchase Program
Treasury stock:
Shares authorized to be repurchased (in shares)									6,000

Equity - Share-based payments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based compensation expense
Pre-tax compensation expense	$ 7	$ 4	$ 22	$ 15
Income tax benefit			(2)	(1)
Total share-based compensation expense, net of income taxes	7	4	20	14
Employee Stock Option
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
RSU
Share-based compensation expense
Pre-tax compensation expense	4	2	10	8
Income tax benefit			(1)	(1)
Total share-based compensation expense, net of income taxes	4	2	9	7
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	2	1	9	4
Income tax benefit			(1)
Total share-based compensation expense, net of income taxes	$ 2	$ 1	$ 8	$ 4

Equity - Stock options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Stock options, Number of Options
Outstanding at the beginning of the period (in shares)		2,154
Granted (in shares)		281	358
Exercised (in shares)		(70)
Cancelled (in shares)		(31)
Outstanding at the end of the period (in shares)	2,334	2,334		2,154
Exercisable at the end of the period (in shares)	1,763	1,763
Stock options, Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)		$ 90.39
Granted (in dollars per share)		88.66
Exercised (in dollars per share)		61.56
Cancelled (in dollars per share)		103.55
Outstanding at the end of the period (in dollars per share)	$ 90.87	90.87		$ 90.39
Exercisable at the end of the period (in dollars per share)	$ 91.78	$ 91.78
Additional information pertaining to stock options
Average Remaining Contractual Term, Outstanding		5 years 2 months 19 days		5 years 3 months 3 days
Average Remaining Contractual Term, Exercisable		4 years 1 month 6 days
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 7	$ 7		$ 26
Aggregate Intrinsic Value, Exercisable (in dollars)	7	7
Cash received from exercise of stock options		$ 4
Weighted average grant date fair value of stock options granted (per share)		$ 15.04	$ 12.31
Total intrinsic value of stock options exercised	1	$ 2	$ 6
Employee Stock Option
Share-based compensation
Term of award		10 years
Period of vesting		3 years
Required service period		1 year
Assumptions used to measure the fair value of awards
Expected life		5 years 6 months	5 years 6 months
Risk-free interest rate (as a percent)		2.00%	0.60%
Expected volatility (as a percent)		23.80%	23.20%
Expected dividend yield (as a percent)		2.90%	2.90%
Additional information pertaining to stock options
Unrecognized compensation cost	$ 4	$ 4
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, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Other disclosures
Share-based payments subject to redemption	$ 43	$ 37	$ 31	$ 36	$ 32	$ 28	$ 21	$ 30
RSU
Share-based compensation
Vesting period	3 years
Restricted stock unit activity
Non-vested at the beginning of the period (in shares)	486
Granted (in shares)	207
Vested (in shares)	(128)
Cancelled (in shares)	(45)
Non-vested at the end of the period (in shares)	520
Weighted-average fair value per share
Non-vested at the beginning of the period (in dollars per share)	$ 88.34
Granted (in dollars per share)	88.82
Vested (in dollars per share)	91.20
Cancelled (in dollars per share)	87.04
Non-vested at the end of the period (in dollars per share)	$ 87.95
Other disclosures
Unrecognized compensation cost	$ 21
Weighted-average period for amortization of unrecognized compensation cost	1 year 6 months

Equity - Performance shares (Details) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) item $ / shares shares	Dec. 31, 2021 USD ($) item	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Share-based compensation
Share-based payments subject to redemption \| $	$ 43	$ 36	$ 37	$ 31	$ 32	$ 28	$ 21	$ 30
Performance Shares
Share-based compensation
Number of tranches \| item	2	2
Cancelled (in shares) \| shares	2
Performance shares, vesting based on TSR
Share-based compensation
Percentage of share-based compensation award	50.00%	50.00%
Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Percentage of share-based compensation award	50.00%	50.00%
Performance period (in years)	3 years	3 years
2019 Awards \| Performance Shares
Share-based compensation
Performance period (in years)	3 years
Award pay out achieved (as a percent)	0.00%
2022 Awards \| Performance Shares
Share-based compensation
Granted (in shares) \| shares	86
Weighted-average fair value per share, Granted (in dollars per share) \| $ / shares	$ 138.85
Unrecognized compensation cost \| $	$ 11
Remaining requisite service period (in years)	1 year 10 months 24 days
2022 Awards \| Performance shares, vesting based on TSR
Share-based compensation
Vesting period	3 years
Performance period (in years)	3 years
2022 Awards \| Performance shares, vesting based on TSR \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)	0.00%
2022 Awards \| Performance shares, vesting based on TSR \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)	200.00%
2022 Awards \| Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Vesting period	3 years
Performance period (in years)	3 years
2022 Awards \| Performance shares, vesting based on Adjusted ROIC \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)	0.00%
2022 Awards \| Performance shares, vesting based on Adjusted ROIC \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)	200.00%

Equity - AOCL (Details) - USD ($) $ in Millions	9 Months Ended
Equity - AOCL (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	$ 3,100
Balance at the end of the period	3,066
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(903)	$ (1,114)
Other comprehensive gain (loss) before reclassification adjustments	(195)	(85)
(Gain) reclassified from accumulated OCL		311
Net other comprehensive (loss) income	(195)	226
Balance at the end of the period	(1,098)	(888)
Hedging Activities
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	48	42
Other comprehensive gain (loss) before reclassification adjustments	254	211
(Gain) reclassified from accumulated OCL	(201)	(170)
Tax (provision) benefit	(14)	(11)
Net other comprehensive (loss) income	39	30
Balance at the end of the period	87	72
Pension and Postretirement Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(42)	(61)
(Gain) reclassified from accumulated OCL	1
Net other comprehensive (loss) income	1
Balance at the end of the period	(41)	(61)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(897)	(1,133)
Other comprehensive gain (loss) before reclassification adjustments	59	126
(Gain) reclassified from accumulated OCL	(200)	141
Tax (provision) benefit	(14)	(11)
Net other comprehensive (loss) income	(155)	256
Balance at the end of the period	$ (1,052)	$ (877)

Equity - Statements of Equity with dividends per share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Balance at beginning of period			$ 3,118				$ 3,118
Balance at end of period	$ 3,080						3,080
Dividends declared, common stock (in dollars per share)	$ 0.71	$ 0.65	$ 0.65	$ 0.65	$ 0.64	$ 0.64
Common Stock
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
Balance at beginning of period	1,133	1,160	1,158	1,154	1,155	1,150	1,158	1,150
Share-based compensation, net of issuance		2	2	1	(1)	5	4	5
Fair market value adjustment to non-controlling interests		(29)					(29)
Balance at end of period	1,133	1,133	1,160	1,155	1,154	1,155	1,133	1,155
Treasury Stock, Common
Balance at beginning of period	(1,133)	(1,091)	(1,061)	(1,029)	(1,022)	(1,024)	(1,061)	(1,024)
Repurchases of common stock	(29)	(44)	(39)	(44)	(10)	(14)	(112)	(68)
Share-based compensation, net of issuance	3	2	9	1	3	16	14	20
Balance at end of period	(1,159)	(1,133)	(1,091)	(1,072)	(1,029)	(1,022)	(1,159)	(1,072)
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	(940)	(763)	(897)	(1,106)	(1,164)	(1,133)	(897)	(1,133)
Other comprehensive income (loss)	(112)	(177)	134	229	58	(31)	(155)	256
Balance at end of period	(1,052)	(940)	(763)	(877)	(1,106)	(1,164)	(1,052)	(877)
Retained Earnings
Balance at beginning of period	4,085	3,986	3,899	3,802	3,667	3,957	3,899	3,957
Net income (loss)	106	142	130	118	178	(246)	378	50
Dividends declared, common stock	(48)	(43)	(43)	(43)	(43)	(44)	(134)	(130)
Balance at end of period	4,143	4,085	3,986	3,877	3,802	3,667	4,143	3,877
Noncontrolling Interest
Balance at beginning of period	15	19	18	22	26	21	18	21
Net income (loss)	2	2	3	3	3	4	7	10
Dividends declared, common stock		(4)		(3)	(7)		(4)	(10)
Other comprehensive income (loss)	(3)	(2)	(2)	(3)		1	(7)	(2)
Balance at end of period	$ 14	$ 15	$ 19	$ 19	$ 22	$ 26	$ 14	$ 19

Equity - Statements of Redeemable Equity (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Temporary Equity
Share-based Payments Subject to Redemption, Beginning Balance	$ 37	$ 31	$ 36	$ 28	$ 21	$ 30	$ 36	$ 30
Share-based compensation, net of issuance	6	6	(5)	4	7	(9)	7	2
Share-based Payments Subject to Redemption, Ending Balance	43	37	31	32	28	21	43	32
Redeemable Non-Controlling Interests, Beginning Balance	70	71	71	70	70	70	71	70
Net income (loss) attributable to non-controlling interests	1	1		(2)		(1)	2	(3)
Fair market value adjustment to non-controlling interests		29					29
Non-controlling interest purchases	(13)	(27)					(40)
Other comprehensive income (loss)	(2)	(4)				1	(6)	1
Redeemable Non-Controlling Interests, Ending Balance	$ 56	$ 70	$ 71	$ 68	$ 70	$ 70	$ 56	$ 68

- Definition

+ References + Details

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic EPS:
Net Income Available to Ingredion - basic	$ 106	$ 118	$ 378	$ 50
Weighted average number of shares outstanding, basic	65.8	67.0	66.4	67.2
Basic earnings per common share of Ingredion (in dollars per share)	$ 1.61	$ 1.76	$ 5.69	$ 0.74
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards	0.8	0.6	0.7	0.6
Diluted EPS:
Net Income Available to Ingredion - diluted	$ 106	$ 118	$ 378	$ 50
Weighted average number of shares outstanding - diluted, Total	66.6	67.6	67.1	67.8
Diluted earnings per common share of Ingredion (in dollars per share)	$ 1.59	$ 1.75	$ 5.63	$ 0.74
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	1.6	1.6	1.4	1.5

Segment Information - Net sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment information
Total net sales	$ 2,023	$ 1,763	$ 5,959	$ 5,139
Operating income Subtotal	191	163	619	572
Acquisition/integration costs		(3)	(1)	(1)
Restructuring/impairment charges and related adjustments		(8)	(4)	(22)
Impairment on assets held for sale		20		(340)
Other matters	(9)		(9)	15
Operating income	182	172	605	224
North America Segment
Segment information
Total net sales	1,262	1,083	3,720	3,096
South America Segment
Segment information
Total net sales	293	260	835	801
Asia Pacific Segment
Segment information
Total net sales	278	245	825	728
EMEA Segment
Segment information
Total net sales	190	175	579	514
Operating Segments \| North America Segment
Segment information
Operating income Subtotal	126	120	443	403
Operating Segments \| South America Segment
Segment information
Operating income Subtotal	48	35	125	108
Operating Segments \| Asia Pacific Segment
Segment information
Operating income Subtotal	27	21	70	70
Operating Segments \| EMEA Segment
Segment information
Operating income Subtotal	30	23	90	86
Corporate, Non-Segment
Segment information
Operating income Subtotal	$ (40)	$ (36)	$ (109)	$ (95)

Segment Information - Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Segment information
Total assets	$ 7,403	$ 6,999
North America Segment
Segment information
Total assets	4,576	4,203
South America Segment
Segment information
Total assets	892	799
Asia Pacific Segment
Segment information
Total assets	1,340	1,403
EMEA Segment
Segment information
Total assets	$ 595	$ 594

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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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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+ Details

Supplementary Information - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Supplementary Information
Accounts receivable - trade	$ 1,170	$ 950
Accounts receivable - other	253	193
Allowance for credit losses	(17)	(13)
Total accounts receivable	$ 1,406	$ 1,130

Supplementary Information - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Supplementary Information
Finished and in process	$ 895	$ 688
Raw materials	517	380
Manufacturing supplies and other	88	104
Total inventories	$ 1,500	$ 1,172