0001046257-23-000070 | 10-Q | XBRL Viewer

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Summary of Significant Accounting Standards and Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
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, 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 period of 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, 2024. We adopted ASU 2020-04 at the beginning of our 2023 fiscal year and this ASU did not have a material impact on our 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 filers 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, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. We adopted the updates to the standard at the beginning of our 2023 fiscal year and will adopt the amendment on rollforward information in the future. These updates did not have a material impact to our Condensed Consolidated Balance Sheets. The disclosure required by the recently adopted accounting standard is reflected in Note 13 of the Notes to Condensed Consolidated Financial Statements. We are currently assessing the impact of the rollforward information amendment on our Condensed Consolidated Financial Statements. In August 2023, the FASB issued ASU No. 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60). The amendments in this update require that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The amendments in this ASU are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. A joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively. We plan to adopt this ASU on a prospective basis at the beginning of our 2025 fiscal year and do not believe it will have a material impact on 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.

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+ Details

Information by Segment and Geographic Region - Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Segment information
Total assets	$ 7,549	$ 7,561
North America
Segment information
Total assets	4,537	4,499
South America
Segment information
Total assets	926	949
Asia-Pacific
Segment information
Total assets	1,418	1,467
EMEA
Segment information
Total assets	$ 668	$ 646

- 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.

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+ Details

Commitments and Contingencies (Details) - USD ($) $ in Millions	Oct. 30, 2023	Dec. 31, 2022	Sep. 30, 2023
Commitments and Contingencies
Tax benefit related to the exclusion of certain tax incentives		$ 27
Subsequent Event
Commitments and Contingencies
Collective bargaining agreement term	4 years
Other Assets
Commitments and Contingencies
Remaining tax incentives related to non-taxable Brazil ICMS incentives		$ 27	$ 30

Investments (Details) - USD ($) $ in Millions	3 Months Ended
Investments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Equity investments	$ 27	$ 23
Equity method investments	101	113
Marketable securities	4	3
Total investments	132	$ 139
Impairment of equity method investments	$ 10

Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

4. Intangible Assets

Goodwill represents the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed.

The original carrying value of goodwill and accumulated impairment charges by reportable business segment at September 30, 2023 are as follows:


(in millions)	North America		South America		Asia-Pacific		EMEA		Total
Goodwill before impairment charges	$	623	$	49	$	311	$	72	$	1,055
Accumulated impairment charges	(1)		(33)		(121)		—		(155)
Balance at December 31, 2022	622		16		190		72		900
Acquisition	—		—		19		—		19
Currency translation	—		1		(11)		(1)		(11)
Balance at September 30, 2023	$	622	$	17	$	198	$	71	$	908

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


(in millions)	September 30, 2023		December 31, 2022
Trademarks/tradenames	$	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, 2023, there were no impairments in our goodwill or indefinite-lived intangible assets.

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic EPS:
Net Income Available to Ingredion	$ 158	$ 106	$ 512	$ 378
Weighted average number of shares outstanding, basic	66.0	65.8	66.1	66.4
Basic earnings per common share of Ingredion (in dollars per share)	$ 2.39	$ 1.61	$ 7.75	$ 5.69
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards	1.0	0.8	1.0	0.7
Diluted EPS:
Net Income Available to Ingredion	$ 158	$ 106	$ 512	$ 378
Weighted average number of shares outstanding - diluted, Total	67.0	66.6	67.1	67.1
Diluted earnings per common share of Ingredion (in dollars per share)	$ 2.36	$ 1.59	$ 7.63	$ 5.63
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	0.5	1.6	0.5	1.4

Interim Financial Statements	9 Months Ended
Interim Financial Statements	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, 2022. The unaudited Condensed Consolidated Financial Statements as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 included herein were prepared by management on the same basis as Ingredion’s audited Consolidated Financial Statements for the year ended December 31, 2022 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 Income (Loss), 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.

Derivative Instruments and Hedging Activities - Foreign Currency Hedging (Details) - Foreign Currency Contracts - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Short \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 463	$ 405
Long \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	238	239
Cash Flow Hedging \| Short \| Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	594	668
Cash Flow Hedging \| Long \| Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 769	$ 840

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 3,455	$ 3,326
Intangible assets, accumulated amortization	$ 291	$ 275
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)	12,623,174	12,116,920

Equity - Changes in Total Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period			$ 3,163				$ 3,163
Dividends declared (in dollars per share)	$ 0.78	$ 0.71	$ 0.71	$ 0.71	$ 0.65	$ 0.65
Balance at end of period	$ 3,377						3,377
Increase (Decrease) in Temporary Equity
Share-based payments subject to redemption, beginning balance	43	$ 38	$ 48	$ 37	$ 31	$ 36	48	$ 36
Redeemable non-controlling interests, beginning balance	43	51	51	70	71	71	51	71
Share-based compensation, net of issuance	6	5	(10)	6	6	(5)	1	7
Fair market value adjustment to non-controlling interests		(7)			29		(7)	29
Other comprehensive (loss)		(1)		(2)	(4)		(1)	(6)
Share-based payments subject to redemption, ending balance	49	43	38	43	37	31	49	43
Redeemable non-controlling interests, ending balance	41	43	51	56	70	71	41	56
Non-controlling interest purchases	(2)			(13)	(27)		(2)	(40)
Net income attributable to non-controlling interests				1	1			2
Common Stock
Increase (Decrease) in Stockholders' Equity
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
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	1,142	1,133	1,132	1,133	1,160	1,158	1,132	1,158
Share-based compensation, net of issuance	1	2	1		2	2	4	4
Fair market value adjustment to non-controlling interests		7			(29)		7	(29)
Balance at end of period	1,143	1,142	1,133	1,133	1,133	1,160	1,143	1,133
Treasury Stock
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	(1,116)	(1,127)	(1,148)	(1,133)	(1,091)	(1,061)	(1,148)	(1,061)
Share-based compensation, net of issuance	6	11	21	3	2	9	38	14
Balance at end of period	(1,211)	(1,116)	(1,127)	(1,159)	(1,133)	(1,091)	(1,211)	(1,159)
Increase (Decrease) in Temporary Equity
Repurchases of common stock	(101)			(29)	(44)	(39)	(101)	(112)	$ (101)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	(1,119)	(1,098)	(1,048)	(940)	(763)	(897)	(1,048)	(897)
Other comprehensive (loss)	(25)	(21)	(50)	(112)	(177)	134	(96)	(155)
Balance at end of period	(1,144)	(1,119)	(1,098)	(1,052)	(940)	(763)	(1,144)	(1,052)
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	4,469	4,354	4,210	4,085	3,986	3,899	4,210	3,899
Net income	158	163	191	106	142	130	512	378
Dividends declared	(52)	(48)	(47)	(48)	(43)	(43)	(147)	(134)
Balance at end of period	4,575	4,469	4,354	4,143	4,085	3,986	4,575	4,143
Non- Redeemable Non- Controlling Interests
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	12	13	16	15	19	18	16	18
Net income	2	1	3	2	2	3	6	7
Dividends declared	(1)	(1)			(4)		(2)	(4)
Other comprehensive (loss)		(1)	(6)	(3)	(2)	(2)	(7)	(7)
Balance at end of period	$ 13	$ 12	$ 13	$ 14	$ 15	$ 19	$ 13	$ 14

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	3. Acquisitions PureCircle Non-Controlling Interests During the quarter ended September 30, 2023, Ingredion purchased shares from minority shareholders in PureCircle Limited (“PureCircle”) for $2 million. These purchases increased our ownership percentage from 87 percent as of December 31, 2022 to 88 percent as of September 30, 2023. During the three and nine months ended September 30, 2022, Ingredion purchased shares from minority shareholders in 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 December 1, 2022, we acquired a 65 percent controlling interest in Mannitab Pharma Specialties Private Limited (“Mannitab”), an Indian manufacturer of spray dried and fine grade mannitol, for $22 million. We agreed to acquire the remaining 35 percent of Mannitab on or before March 2026. We recorded $19 million of goodwill and $9 million of definite-lived intangible assets on our Condensed Consolidated Financial Statements to reflect our controlling interest in Mannitab. Beginning at the acquisition date, our Condensed Consolidated Financial Statements reflect the effects of the acquisition and Mannitab’s financial results, which we report in our Asia-Pacific reportable business segment. On August 1, 2022, we acquired Amishi Drugs and Chemicals Private Limited (“Amishi”) for $7 million, which added $3 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 effects of the acquisition and Amishi’s financial results, which we report in our Asia-Pacific reportable business segment.

Investments

9 Months Ended

Sep. 30, 2023

Investments [Abstract]

Investments

5. Investments

Investments consisted of the following as of:


(in millions)	September 30, 2023		December 31, 2022
Equity investments	$	27	$	23
Equity method investments	101		113
Marketable securities	4		3
Total investments	$	132	$	139

Our investments classified as equity investments do not have readily determinable fair values. Beginning on the dates we entered into the agreements for equity method investments, our share of income from them is included within Other operating (income) expense in the Condensed Consolidated Statements of Income. During the third quarter of 2023, we recorded a $10 million other-than-temporary-impairment on our equity method investments, included in Restructuring/impairment charges in the Condensed Consolidated Statements of Income.

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 sell value-added ingredients to customers in the food, beverage, pharmaceutical and other industries in Argentina, Chile and Uruguay. Ingredion and Grupo Arcor have 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.

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 160	$ 109	$ 518	$ 387
Other comprehensive income:
(Losses) gains on cash flow hedges, net of income tax effect of $1, $19, $32 and $66, respectively	(5)	56	(91)	188
Losses (gains) on cash flow hedges reclassified to earnings, net of income tax effect of $10, $18, $11 and $52, respectively	24	(55)	25	(149)
(Losses) on pension and other postretirement obligations, net of income tax effect of $—, $—, $1, and $—, respectively	0	0	(1)	0
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect of $—	1	1	1	1
Currency translation adjustment	(45)	(114)	(30)	(195)
Comprehensive income (loss)	135	(3)	422	232
Less: Comprehensive income (loss) attributable to non-controlling interests	2	(2)	(2)	(4)
Comprehensive income (loss) attributable to Ingredion	$ 133	$ (1)	$ 424	$ 236

Pension and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2023

Pension Plan

Pension and other postretirement benefits

Components of Net Periodic Benefit Cost

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
(in millions)	2023		2022		2023		2022		2023		2022		2023		2022
Service cost	$	1	$	1	$	1	$	1	$	2	$	3	$	3	$	3
Interest cost	3		2		3		2		11		6		8		7
Expected return on plan assets	(4)		(5)		(3)		(2)		(12)		(13)		(7)		(6)
Amortization of prior service credit	(1)		—		—		—		(1)		—		—		—
Amortization of actuarial loss	1		—		1		—		1		—		1		—
Net periodic (benefit) cost (a)	$	—	$	(2)	$	2	$	1	$	1	$	(4)	$	5	$	4

Postemployment Retirement Benefits

Pension and other postretirement benefits

Components of Net Periodic Benefit Cost

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)	2023		2022		2023		2022
Service cost	$	—	$	—	$	—	$	—
Interest cost	1		1		3		2

Amortization of prior service cost	—		—		—		1
Net periodic cost (a)	$	1	$	1	$	3	$	3

_______________________________________

(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) cost, and amortization of actuarial loss components of net periodic (benefit) cost are presented within Other non-operating expense (income) on the Condensed Consolidated Statements of Income.

Supplementary Information (Tables)

9 Months Ended

Sep. 30, 2023

Supplementary Information

Schedule of Accounts Receivable, Net

Accounts receivable, net as of September 30, 2023 and December 31, 2022, consist of:


(in millions)	As of September 30, 2023		As of December 31, 2022
Accounts receivable — trade	$	1,241	$	1,200
Accounts receivable — other	156		228
Allowance for credit losses	(17)		(17)
Total accounts receivable, net	$	1,380	$	1,411

Schedule of Inventories

Inventories as of September 30, 2023 and December 31, 2022, consist of:


(in millions)	As of September 30, 2023		As of December 31, 2022
Finished and in process	$	945	$	962
Raw materials	466		539
Manufacturing supplies	91		96
Total inventories	$	1,502	$	1,597

Condensed Consolidated Statements of Equity and Redeemable Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings	Non- Redeemable Non- Controlling Interests
Balance at beginning of period at Dec. 31, 2021		$ 1	$ 1,158	$ (1,061)	$ (897)	$ 3,899	$ 18
Increase (Decrease) in Stockholders' Equity
Net income						130	3
Dividends declared						(43)
Repurchases of common stock, net				(39)
Share-based compensation, net of issuance			2	9
Other comprehensive (loss)					134		(2)
Balance at end of period at Mar. 31, 2022		1	1,160	(1,091)	(763)	3,986	19
Share-based payments subject to redemption, beginning balance at Dec. 31, 2021	$ 36
Redeemable non-controlling interests, beginning balance at Dec. 31, 2021	71
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, ending balance at Mar. 31, 2022	71
Balance at beginning of period at Dec. 31, 2021		1	1,158	(1,061)	(897)	3,899	18
Increase (Decrease) in Stockholders' Equity
Net income						378	7
Dividends declared						(134)	(4)
Repurchases of common stock, net				(112)
Share-based compensation, net of issuance			4	14
Fair market value adjustment to non-controlling interests			(29)
Other comprehensive (loss)					(155)		(7)
Balance at end of period at Sep. 30, 2022		1	1,133	(1,159)	(1,052)	4,143	14
Share-based payments subject to redemption, beginning balance at Dec. 31, 2021	36
Redeemable non-controlling interests, beginning balance at Dec. 31, 2021	71
Increase (Decrease) in Temporary Equity
Net income attributable to non-controlling interests	2
Share-based compensation, net of issuance	7
Fair market value adjustment to non-controlling interests	29
Non-controlling interest purchases	(40)
Other comprehensive (loss)	(6)
Share-based payments subject to redemption, ending balance at Sep. 30, 2022	43
Redeemable non-controlling interests, ending balance at Sep. 30, 2022	56
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						142	2
Dividends declared						(43)	(4)
Repurchases of common stock, net				(44)
Share-based compensation, net of issuance			2	2
Fair market value adjustment to non-controlling interests			(29)
Other comprehensive (loss)					(177)		(2)
Balance at end of period at Jun. 30, 2022		1	1,133	(1,133)	(940)	4,085	15
Share-based payments subject to redemption, beginning balance at Mar. 31, 2022	31
Redeemable non-controlling interests, beginning balance at Mar. 31, 2022	71
Increase (Decrease) in Temporary Equity
Net income attributable to non-controlling interests	1
Share-based compensation, net of issuance	6
Fair market value adjustment to non-controlling interests	29
Non-controlling interest purchases	(27)
Other comprehensive (loss)	(4)
Share-based payments subject to redemption, ending balance at Jun. 30, 2022	37
Redeemable non-controlling interests, ending balance at Jun. 30, 2022	70
Increase (Decrease) in Stockholders' Equity
Net income						106	2
Dividends declared						(48)
Repurchases of common stock, net				(29)
Share-based compensation, net of issuance				3
Other comprehensive (loss)					(112)		(3)
Balance at end of period at Sep. 30, 2022		1	1,133	(1,159)	(1,052)	4,143	14
Increase (Decrease) in Temporary Equity
Net income attributable to non-controlling interests	1
Share-based compensation, net of issuance	6
Non-controlling interest purchases	(13)
Other comprehensive (loss)	(2)
Share-based payments subject to redemption, ending balance at Sep. 30, 2022	43
Redeemable non-controlling interests, ending balance at Sep. 30, 2022	56
Balance at beginning of period at Dec. 31, 2022	3,163	1	1,132	(1,148)	(1,048)	4,210	16
Increase (Decrease) in Stockholders' Equity
Net income						191	3
Dividends declared						(47)
Share-based compensation, net of issuance			1	21
Other comprehensive (loss)					(50)		(6)
Balance at end of period at Mar. 31, 2023		1	1,133	(1,127)	(1,098)	4,354	13
Share-based payments subject to redemption, beginning balance at Dec. 31, 2022	48
Redeemable non-controlling interests, beginning balance at Dec. 31, 2022	51
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(10)
Share-based payments subject to redemption, ending balance at Mar. 31, 2023	38
Redeemable non-controlling interests, ending balance at Mar. 31, 2023	51
Balance at beginning of period at Dec. 31, 2022	3,163	1	1,132	(1,148)	(1,048)	4,210	16
Increase (Decrease) in Stockholders' Equity
Net income						512	6
Dividends declared						(147)	(2)
Repurchases of common stock, net				(101)
Share-based compensation, net of issuance			4	38
Fair market value adjustment to non-controlling interests			7
Other comprehensive (loss)					(96)		(7)
Balance at end of period at Sep. 30, 2023	3,377	1	1,143	(1,211)	(1,144)	4,575	13
Share-based payments subject to redemption, beginning balance at Dec. 31, 2022	48
Redeemable non-controlling interests, beginning balance at Dec. 31, 2022	51
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	1
Fair market value adjustment to non-controlling interests	(7)
Non-controlling interest purchases	(2)
Other comprehensive (loss)	(1)
Share-based payments subject to redemption, ending balance at Sep. 30, 2023	49
Redeemable non-controlling interests, ending balance at Sep. 30, 2023	41
Balance at beginning of period at Mar. 31, 2023		1	1,133	(1,127)	(1,098)	4,354	13
Increase (Decrease) in Stockholders' Equity
Net income						163	1
Dividends declared						(48)	(1)
Share-based compensation, net of issuance			2	11
Fair market value adjustment to non-controlling interests			7
Other comprehensive (loss)					(21)		(1)
Balance at end of period at Jun. 30, 2023		1	1,142	(1,116)	(1,119)	4,469	12
Share-based payments subject to redemption, beginning balance at Mar. 31, 2023	38
Redeemable non-controlling interests, beginning balance at Mar. 31, 2023	51
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	5
Fair market value adjustment to non-controlling interests	(7)
Other comprehensive (loss)	(1)
Share-based payments subject to redemption, ending balance at Jun. 30, 2023	43
Redeemable non-controlling interests, ending balance at Jun. 30, 2023	43
Increase (Decrease) in Stockholders' Equity
Net income						158	2
Dividends declared						(52)	(1)
Repurchases of common stock, net				(101)
Share-based compensation, net of issuance			1	6
Other comprehensive (loss)					(25)
Balance at end of period at Sep. 30, 2023	3,377	$ 1	$ 1,143	$ (1,211)	$ (1,144)	$ 4,575	$ 13
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	6
Non-controlling interest purchases	(2)
Share-based payments subject to redemption, ending balance at Sep. 30, 2023	49
Redeemable non-controlling interests, ending balance at Sep. 30, 2023	$ 41

Financing Arrangements

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Financing Arrangements

8. Financing Arrangements

Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs as of September 30, 2023 and December 31, 2022:


(in millions)	As of September 30, 2023		As of December 31, 2022
2.900% senior notes due June 1, 2030	$	596	$	595
3.200% senior notes due October 1, 2026	499		498
3.900% senior notes due June 1, 2050	391		390
6.625% senior notes due April 15, 2037	253		253
Term loan credit agreement due December 16, 2024	200		200
Revolving credit agreement	—		—
Other long-term borrowings	1		4
Total long-term debt	1,940		1,940
Commercial paper	333		390
Other short-term borrowings	133		153
Total short-term borrowings	466		543
Total debt	$	2,406	$	2,483

We maintain a commercial paper program under which we 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. We use the note proceeds for general corporate purposes. During the nine months ended September 30, 2023, the average amount of commercial paper outstanding was $438 million with an average interest rate of 5.25 percent and a weighted average maturity of 11 days. 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. As of September 30, 2023, $333 million of commercial paper was outstanding with an average interest rate of 5.52 percent and a weighted average maturity of 14 days. As of December 31, 2022, $390 million of commercial paper was outstanding with an average interest rate of 4.75 percent and a weighted average maturity of 7 days. The amount of commercial paper outstanding under this program for the remainder of 2023 is expected to fluctuate.

Other short-term borrowings as of September 30, 2023 and December 31, 2022 primarily include amounts outstanding under various unsecured local country operating lines of credit.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

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-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Equity (Tables)

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Share-Based Compensation Expense

The following table summarizes the components of our share-based compensation expense for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
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		4		11		10
Income tax benefit	—		—		(1)		(1)
RSUs, net of income taxes	4		4		10		9

Performance shares and other share-based awards:
Pre-tax compensation expense	4		2		9		9
Income tax benefit	(1)		—		(1)		(1)
Performance shares and other share-based compensation expense, net of income taxes	3		2		8		8

Total share-based compensation:
Pre-tax compensation expense	9		7		23		22
Income tax benefit	(1)		—		(2)		(2)
Total share-based compensation expense, net of income taxes	$	8	$	7	$	21	$	20

Schedule of Valuation Assumptions for Stock Options

he fair value of each option grant by using the Black-Scholes option-pricing model with the following assumptions:


	Nine Months Ended September 30,
	2023	2022
Expected life (in years)	5.5	5.5
Risk-free interest rate	4.0%	2.0%
Expected volatility	28.3%	23.8%
Expected dividend yield	2.9%	2.9%

Schedule of Stock Option Transactions

A summary of stock option transactions for the nine months ended September 30, 2023 is 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, 2022	2,222	$	92.32	5.16	$	24
Granted	197	98.69
Exercised	(345)	72.76
Cancelled	(62)	105.47
Outstanding as of September 30, 2023	2,012	$	95.89	5.17	$	15
Exercisable as of September 30, 2023	1,565	$	96.88	4.20	$	12

Schedule of Additional Information Pertaining to Stock Option Activity

Additional information pertaining to stock option activity is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions, except per share amounts)	2023		2022		2023		2022
Weighted average grant date fair value of stock options granted (per share)	$	—	$	—	$	23.80	$	15.04
Total intrinsic value of stock options exercised	1		1		11		2

Schedule of Restricted Unit Activity

The following table summarizes RSU activity in 2023:


(shares in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested at December 31, 2022	517	$	88.04
Granted	217	98.29
Vested	(145)	88.13
Cancelled	(33)	91.18
Non-vested at September 30, 2023	556	$	91.94

Summary of Accumulated Other Comprehensive Loss

The following is a summary of accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 and 2022:


(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2022	$	(1,008)	$	6	$	(46)	$	(1,048)
Other comprehensive (loss) before reclassification adjustments	(30)		(123)		(2)		(155)
Loss reclassified from accumulated OCL	—		36		1		37
Tax benefit	—		21		1		22
Net other comprehensive (loss)	(30)		(66)		—		(96)
Balance, September 30, 2023	$	(1,038)	$	(60)	$	(46)	$	(1,144)


(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) loss 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)

Schedule of Basic and Diluted Earnings Per Common Share

The following table provides the computation of basic and diluted earnings per common share (“EPS”) for the periods presented.


	Three Months Ended September 30, 2023					Three Months Ended September 30, 2022
(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	$	158	66.0	$	2.39	$	106	65.8	$	1.61

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			1.0					0.8
Diluted EPS	$	158	67.0	$	2.36	$	106	66.6	$	1.59


	Nine Months Ended September 30, 2023					Nine Months Ended September 30, 2022
(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	$	512	66.1	$	7.75	$	378	66.4	$	5.69

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			1.0					0.7
Diluted EPS	$	512	67.1	$	7.63	$	378	67.1	$	5.63

Schedule of Stockholders Equity

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


	Total Equity														Share-based Payments Subject to Redemption		Redeemable Non- Controlling Interests
(in millions)	Preferred Stock		Common Stock		Additional Paid-In Capital		Treasury Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Non- Redeemable Non- Controlling Interests
Balance, December 31, 2022	$	—	$	1	$	1,132	$	(1,148)	$	(1,048)	$	4,210	$	16	$	48	$	51
Net income attributable to Ingredion											191
Net income attributable to non-controlling interests													3
Dividends declared, common stock ($0.71/share)											(47)
Share-based compensation, net of issuance					1		21								(10)
Other comprehensive (loss)									(50)				(6)
Balance, March 31, 2023	$	—	$	1	$	1,133	$	(1,127)	$	(1,098)	$	4,354	$	13	$	38	$	51
Net income attributable to Ingredion											163
Net income attributable to non-controlling interests													1
Dividends declared, common stock ($0.71/share)											(48)
Dividends declared, non-controlling interests													(1)

Share-based compensation, net of issuance					2		11								5
Fair market value adjustment to non-controlling interests					7												(7)
Other comprehensive (loss)									(21)				(1)				(1)
Balance, June 30, 2023	$	—	$	1	$	1,142	$	(1,116)	$	(1,119)	$	4,469	$	12	$	43	$	43
Net income attributable to Ingredion											158
Net income attributable to non-controlling interests													2
Dividends declared, common stock ($0.78/share)											(52)
Dividends declared, non-controlling interests													(1)
Repurchases of common stock							(101)
Share-based compensation, net of issuance					1		6								6
Non-controlling interest purchases																	(2)
Other comprehensive (loss)									(25)
Balance, September 30, 2023	$	—	$	1	$	1,143	$	(1,211)	$	(1,144)	$	4,575	$	13	$	49	$	41


	Total Equity														Share-based Payments Subject to Redemption		Redeemable Non- Controlling Interests
(in millions)	Preferred Stock		Common Stock		Additional Paid-In Capital		Treasury Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Non- Redeemable Non- Controlling 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

Acquisitions (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Dec. 01, 2022	Aug. 01, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2026	Dec. 31, 2022	Dec. 31, 2021
Acquisitions
Purchases of non-controlling interests					$ 2	$ 40
Payment for acquisitions					0	$ 7
Goodwill			$ 908		908			$ 900
Goodwill and intangible assets			$ 1,296		$ 1,296			$ 1,301
PureCircle Limited
Acquisitions
Ownership percentage by parent			88.00%	85.00%	88.00%	85.00%		87.00%	75.00%
PureCircle Limited
Acquisitions
Purchases of non-controlling interests			$ 2	$ 13		$ 40
Mannitab Pharma Specialties Private Limited
Acquisitions
Percentage of outstanding shares acquired	65.00%
Payment for acquisitions	$ 22
Goodwill	19
Definite-lived intangible assets	$ 9
Mannitab Pharma Specialties Private Limited \| Forecast
Acquisitions
Percentage of outstanding shares acquired							35.00%
Amishi Drugs And Chemicals Private Limited
Acquisitions
Payment for acquisitions		$ 7
Goodwill and intangible assets		$ 3

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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
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		65,192,468
Entity Central Index Key	0001046257
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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, 2023 USD ($) MMBTU bu	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) MMBTU bu	Sep. 30, 2022 USD ($)	Dec. 31, 2022 MMBTU bu
Commodity Contracts \| Minimum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative			12 months
Commodity Contracts \| Maximum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative			24 months
Corn Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn) \| bu	58		58		120
Corn Commodity \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Gain recognized in income, not a hedging instrument \| $	$ 0	$ 3	$ 1	$ 2
Natural Gas Commodity
Financial instruments, derivatives and hedging activities
Natural gas swap contract (in mmbtu of natural gas) \| MMBTU	30		30		31

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies On October 30, 2023, we entered into a four-year collective bargaining agreement with the union at our Indianapolis manufacturing facility. In October 2022, the Brazilian Superior Court of Justice issued a motion of clarification that certain tax incentives provided by local governments can be excluded from taxable income. In the fourth quarter of 2022, we filed an action for the right to recover previously taxable local government tax incentives granted during fiscal years 2018 to 2022. As our recovery is probable, we recorded a $27 million income tax benefit, which we expect to recover within five years. As of September 30, 2023 and December 31, 2022, we had $30 million and $27 million, respectively, of remaining tax incentives recorded within Other assets on the Condensed Consolidated Balance Sheets.

Supplementary Information - Supply Chain Finance Program (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Supply chain finance program, liabilities	$ 100	$ 175

Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Equity

11. Equity

Treasury stock: On September 26, 2022, the Board of Directors authorized a new stock repurchase program permitting us to purchase up to 6 million shares of our outstanding common stock from September 26, 2022 through December 31, 2025. We may repurchase shares from time to time in the open market, in privately negotiated transactions, or otherwise, at prices we deem appropriate. We are not obligated to repurchase any shares under the authorization, and the repurchase program may be suspended, discontinued, or modified at any time, for any reason and without notice. The parameters of our stock repurchase program are not established solely with reference to the dilutive impact of shares issued under our stock incentive plan. However, we expect 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, 2023, we repurchased 1.0 million outstanding shares of common stock in open market transactions at a net cost of $101 million. During the three and nine months ended September 30, 2022, we repurchased 0.3 million and 1.3 million shares of common stock in open market transactions at a net cost of $29 million and $112 million, respectively.

Share-based Payments: The following table summarizes the components of our share-based compensation expense for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
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		4		11		10
Income tax benefit	—		—		(1)		(1)
RSUs, net of income taxes	4		4		10		9

Performance shares and other share-based awards:
Pre-tax compensation expense	4		2		9		9
Income tax benefit	(1)		—		(1)		(1)
Performance shares and other share-based compensation expense, net of income taxes	3		2		8		8

Total share-based compensation:
Pre-tax compensation expense	9		7		23		22
Income tax benefit	(1)		—		(2)		(2)
Total share-based compensation expense, net of income taxes	$	8	$	7	$	21	$	20

Stock Options: Under our 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. We generally recognize compensation expense 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. We estimate a forfeiture rate at the time of grant and update the estimate throughout the vesting period of the stock options within the amount of compensation costs recognized in each period.

We granted non-qualified options to purchase 197 thousand shares and 281 thousand shares for the nine months ended September 30, 2023 and 2022, respectively. We estimated the fair value of each option grant by using the Black-Scholes option-pricing model with the following assumptions:


	Nine Months Ended September 30,
	2023	2022
Expected life (in years)	5.5	5.5
Risk-free interest rate	4.0%	2.0%
Expected volatility	28.3%	23.8%
Expected dividend yield	2.9%	2.9%

The expected life of options represents the weighted average period that we expect options granted to be outstanding giving consideration to vesting schedules and our 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 our common stock, and dividend yields are based on our dividend yield at the date of issuance.

A summary of stock option transactions for the nine months ended September 30, 2023 is 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, 2022	2,222	$	92.32	5.16	$	24
Granted	197	98.69
Exercised	(345)	72.76
Cancelled	(62)	105.47
Outstanding as of September 30, 2023	2,012	$	95.89	5.17	$	15
Exercisable as of September 30, 2023	1,565	$	96.88	4.20	$	12

For the nine months ended September 30, 2023, cash received from the exercise of stock options was approximately $25 million. As of September 30, 2023, the unrecognized compensation cost related to non-vested stock options totaled $4 million, which we expect to amortize over the weighted-average period of approximately 1.6 years.

Additional information pertaining to stock option activity is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions, except per share amounts)	2023		2022		2023		2022
Weighted average grant date fair value of stock options granted (per share)	$	—	$	—	$	23.80	$	15.04
Total intrinsic value of stock options exercised	1		1		11		2

Restricted Stock Units: We have 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 our service. The fair value of the RSUs is determined based upon the number of shares granted and the quoted market price of our common stock at the grant date.

The following table summarizes RSU activity in 2023:


(shares in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested at December 31, 2022	517	$	88.04
Granted	217	98.29
Vested	(145)	88.13
Cancelled	(33)	91.18
Non-vested at September 30, 2023	556	$	91.94

At September 30, 2023, the total remaining unrecognized compensation cost related to RSUs was $24 million, which will be amortized on a weighted-average basis over approximately 1.8 years.

Performance Shares: We have 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 our total shareholder return as compared to the total shareholder return of our peer group and the remaining fifty percent vest based on the calculation of our three-year average Adjusted Return on Invested Capital (“Adjusted ROIC”) against an established ROIC target.

For the 2023 performance shares awarded based on our total shareholder return, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our total shareholder return as compared to the total shareholder return of our 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 (“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. We amortize the total compensation expense for these awards over a three-year graded vesting schedule.

For the 2023 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 our Adjusted ROIC performance against the target. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the Compensation Committee. We base compensation expense on the market price of our common stock on the grant date and the final number of shares that ultimately vest. We estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect our estimated Adjusted ROIC performance against the target. We amortize the total compensation expense for these awards over a three-year graded vesting schedule.

For the nine months ended September 30, 2023, we awarded 92,628 thousand performance shares at a weighted average fair value of $114.26 per share. As of September 30, 2023, the unrecognized compensation cost related to these awards was $11 million, which we will amortize over the remaining service period of 2.0 years. The 2020 performance share awards that vested in February 2023 achieved a 77 percent payout of the granted performance shares. As of September 30, 2023, we estimated the 2021 performance share awards will pay out at 180 percent. For the nine months ended September 30, 2023, 34 thousand shares were cancelled.

Accumulated Other Comprehensive Loss: The following is a summary of accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 and 2022:


(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2022	$	(1,008)	$	6	$	(46)	$	(1,048)
Other comprehensive (loss) before reclassification adjustments	(30)		(123)		(2)		(155)
Loss reclassified from accumulated OCL	—		36		1		37
Tax benefit	—		21		1		22
Net other comprehensive (loss)	(30)		(66)		—		(96)
Balance, September 30, 2023	$	(1,038)	$	(60)	$	(46)	$	(1,144)


(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) loss 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)

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														Share-based Payments Subject to Redemption		Redeemable Non- Controlling Interests
(in millions)	Preferred Stock		Common Stock		Additional Paid-In Capital		Treasury Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Non- Redeemable Non- Controlling Interests
Balance, December 31, 2022	$	—	$	1	$	1,132	$	(1,148)	$	(1,048)	$	4,210	$	16	$	48	$	51
Net income attributable to Ingredion											191
Net income attributable to non-controlling interests													3
Dividends declared, common stock ($0.71/share)											(47)
Share-based compensation, net of issuance					1		21								(10)
Other comprehensive (loss)									(50)				(6)
Balance, March 31, 2023	$	—	$	1	$	1,133	$	(1,127)	$	(1,098)	$	4,354	$	13	$	38	$	51
Net income attributable to Ingredion											163
Net income attributable to non-controlling interests													1
Dividends declared, common stock ($0.71/share)											(48)
Dividends declared, non-controlling interests													(1)

Share-based compensation, net of issuance					2		11								5
Fair market value adjustment to non-controlling interests					7												(7)
Other comprehensive (loss)									(21)				(1)				(1)
Balance, June 30, 2023	$	—	$	1	$	1,142	$	(1,116)	$	(1,119)	$	4,469	$	12	$	43	$	43
Net income attributable to Ingredion											158
Net income attributable to non-controlling interests													2
Dividends declared, common stock ($0.78/share)											(52)
Dividends declared, non-controlling interests													(1)
Repurchases of common stock							(101)
Share-based compensation, net of issuance					1		6								6
Non-controlling interest purchases																	(2)
Other comprehensive (loss)									(25)
Balance, September 30, 2023	$	—	$	1	$	1,143	$	(1,211)	$	(1,144)	$	4,575	$	13	$	49	$	41


	Total Equity														Share-based Payments Subject to Redemption		Redeemable Non- Controlling Interests
(in millions)	Preferred Stock		Common Stock		Additional Paid-In Capital		Treasury Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Non- Redeemable Non- Controlling 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

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, 2023					Three Months Ended September 30, 2022
(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	$	158	66.0	$	2.39	$	106	65.8	$	1.61

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			1.0					0.8
Diluted EPS	$	158	67.0	$	2.36	$	106	66.6	$	1.59


	Nine Months Ended September 30, 2023					Nine Months Ended September 30, 2022
(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	$	512	66.1	$	7.75	$	378	66.4	$	5.69

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			1.0					0.7
Diluted EPS	$	512	67.1	$	7.63	$	378	67.1	$	5.63

Approximately 0.5 million share-based awards of common stock were excluded for both the three and nine months ended September 30, 2023, respectively, from the calculation of the weighted average number of shares outstanding for diluted EPS because their effects were anti-dilutive. For the three and nine months ended September 30, 2022, approximately 1.6 million and 1.4 million share-based awards of common stock, respectively, were excluded from the calculation of the weighted average number of shares outstanding for diluted EPS because their effects were anti-dilutive.

Information by Segment and Geographic Region (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting of Net Sales, Operating Income and Total Assets

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Net sales to unaffiliated customers:
North America	$	1,300	$	1,262	$	3,998	$	3,720
South America	269		293		795		835
Asia-Pacific	272		278		816		825
EMEA	192		190		630		579
Total net sales	$	2,033	$	2,023	$	6,239	$	5,959

Presented below is our operating income by reportable segment for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Operating income:
North America	$	171	$	126	$	575	$	443
South America	32		48		96		125
Asia-Pacific	33		27		88		70
EMEA	32		30		131		90
Corporate	(49)		(40)		(124)		(109)
Subtotal	219		191		766		619
Acquisition/integration costs	—		—		—		(1)
Restructuring/impairment charges	(10)		—		(10)		(4)
Other matters	4		(9)		(1)		(9)
Total operating income	$	213	$	182	$	755	$	605

Presented below are our total assets by reportable segment as of September 30, 2023 and December 31, 2022:


(in millions)	As of September 30, 2023		As of December 31, 2022
Assets:
North America (a)	$	4,537	$	4,499
South America	926		949
Asia-Pacific	1,418		1,467
EMEA	668		646
Total assets	$	7,549	$	7,561

_____________________

(a)For purposes of presentation, North America includes Corporate assets.

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The original carrying value of goodwill and accumulated impairment charges by reportable business segment at September 30, 2023 are as follows:


(in millions)	North America		South America		Asia-Pacific		EMEA		Total
Goodwill before impairment charges	$	623	$	49	$	311	$	72	$	1,055
Accumulated impairment charges	(1)		(33)		(121)		—		(155)
Balance at December 31, 2022	622		16		190		72		900
Acquisition	—		—		19		—		19
Currency translation	—		1		(11)		(1)		(11)
Balance at September 30, 2023	$	622	$	17	$	198	$	71	$	908

Summary of Indefinite-Lived Intangible Assets

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


(in millions)	September 30, 2023		December 31, 2022
Trademarks/tradenames	$	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/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments [Abstract]

Schedule of Investments

Investments consisted of the following as of:


(in millions)	September 30, 2023		December 31, 2022
Equity investments	$	27	$	23
Equity method investments	101		113
Marketable securities	4		3
Total investments	$	132	$	139

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. 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, 2023								As of December 31, 2022
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	4	$	4	$	—	$	—	$	3	$	3	$	—	$	—
Derivative assets	40		39		1		—		60		49		11		—
Derivative liabilities	91		67		24		—		64		51		13		—
Long-term debt	1,679		—		1,679		—		1,733		—		1,733		—

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 our Long-term debt is estimated based on quotations of major securities dealers who are market makers in the securities.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash provided by operating activities
Net income	$ 518	$ 387
Non-cash charges to net income:
Depreciation and amortization	165	160
Mechanical stores expense	48	42
Deferred income taxes	(7)	(3)
Other non-cash charges	52	41
Changes in working capital:
Accounts receivable and prepaid expenses	(6)	(276)
Inventories	61	(401)
Accounts payable and accrued liabilities	(173)	99
Margin accounts	2	(11)
Other	(13)	42
Cash provided by operating activities	647	80
Cash used for investing activities
Capital expenditures and mechanical stores purchases	(233)	(203)
Proceeds from disposal of manufacturing facilities and properties	2	7
Payments for acquisitions, net of cash acquired	0	(7)
Other	(11)	1
Cash used for investing activities	(242)	(202)
Cash (used for) provided by financing activities
Proceeds from borrowings	636	376
Payments on debt	(652)	(342)
Commercial paper borrowings, net	(57)	372
Repurchases of common stock, net	(101)	(112)
Issuances of common stock for share-based compensation, net	18	1
Purchases of non-controlling interests	(2)	(40)
Dividends paid, including to non-controlling interests	(143)	(133)
Cash (used for) provided by financing activities	(301)	122
Effects of foreign exchange rate changes on cash	(5)	(34)
Increase (decrease) in cash and cash equivalents	99	(34)
Cash and cash equivalents, beginning of period	236	328
Cash and cash equivalents, end of period	$ 335	$ 294

Equity - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Assumptions used to measure the fair value of awards
Expected life (in years)			5 years 6 months	5 years 6 months
Risk-free interest rate (as a percent)			4.00%	2.00%
Expected volatility (as a percent)			28.30%	23.80%
Expected dividend yield (as a percent)			2.90%	2.90%
Stock options, Number of Options
Outstanding at the beginning of the period (in shares)			2,222
Granted (in shares)			197	281
Exercised (in shares)			(345)
Cancelled (in shares)			(62)
Outstanding at the end of the period (in shares)	2,012		2,012		2,222
Exercisable at the end of the period (in shares)	1,565		1,565
Stock options, Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)			$ 92.32
Granted (in dollars per share)			98.69
Exercised (in dollars per share)			72.76
Cancelled (in dollars per share)			105.47
Outstanding at the end of the period (in dollars per share)	$ 95.89		95.89		$ 92.32
Exercisable at the end of the period (in dollars per share)	$ 96.88		$ 96.88
Additional information pertaining to stock options
Average Remaining Contractual Term, Outstanding			5 years 2 months 1 day		5 years 1 month 28 days
Average Remaining Contractual Term, Exercisable			4 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 15		$ 15		$ 24
Aggregate Intrinsic Value, Exercisable (in dollars)	$ 12		12
Cash received from exercise of stock options			$ 25
Weighted average grant date fair value of stock options granted (in dollars per share)	$ 0	$ 0	$ 23.80	$ 15.04
Total intrinsic value of stock options exercised (in dollars)	$ 1	$ 1	$ 11	$ 2
Stock options
Share-based compensation
Term of award			10 years
Period of vesting			3 years
Requisite service period			1 year
Additional information pertaining to stock options
Unrecognized compensation cost	$ 4		$ 4
Weighted-average period for amortization of unrecognized compensation cost			1 year 7 months 6 days

Derivative Instruments and Hedging Activities - Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	$ (6)	$ 75	$ (123)	$ 254
Gains (Losses) Reclassified from AOCL into Income	(34)	73	(36)	201
Commodity contracts
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	(10)	72	(132)	240
Commodity contracts \| Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	(37)	72	(46)	197
Foreign currency contracts
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	4	3	9	14
Foreign currency contracts \| Net sales/Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	$ 3	$ 1	$ 10	$ 4

Derivative Instruments and Hedging Activities - Cash Flow Hedges in AOCI (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Gains (Losses) included in AOCL	$ (1,144)	$ (1,048)
Cash Flow Hedging
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Gains (Losses) included in AOCL	(60)	6
Cash Flow Hedging \| Commodity contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Tax effect of gains (losses) on cash flow hedges	19	(3)
Gains (Losses) included in AOCL	(56)	8
Cash Flow Hedging \| Foreign currency contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Tax effect of gains (losses) on cash flow hedges	1	0
Gains (Losses) included in AOCL	(1)	1
Cash Flow Hedging \| Interest rate contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Tax effect of gains (losses) on cash flow hedges	1	1
Gains (Losses) included in AOCL	$ (3)	$ (3)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pension Plan \| U.S. Plans
Benefit plans
Service cost	$ 1	$ 1	$ 2	$ 3
Interest cost	3	2	11	6
Expected return on plan assets	(4)	(5)	(12)	(13)
Amortization of prior service credit	(1)	0	(1)	0
Amortization of actuarial loss	1	0	1	0
Net periodic (benefit) cost	0	(2)	1	(4)
Cash contribution expected during fiscal year	1		1
Cash contributions			1
Pension Plan \| Non-U.S. Plans
Benefit plans
Service cost	1	1	3	3
Interest cost	3	2	8	7
Expected return on plan assets	(3)	(2)	(7)	(6)
Amortization of prior service credit	0	0	0	0
Amortization of actuarial loss	1	0	1	0
Net periodic (benefit) cost	2	1	5	4
Cash contribution expected during fiscal year	3		3
Cash contributions			2
Postemployment Retirement Benefits
Benefit plans
Service cost	0	0	0	0
Interest cost	1	1	3	2
Amortization of prior service credit	0	0	0	1
Net periodic (benefit) cost	$ 1	$ 1	$ 3	$ 3

Equity - Treasury Stock (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 26, 2022
Treasury Stock
Treasury stock:
Purchase/acquisition of treasury stock (in shares)	1.0	0.3			1.0	1.3
Repurchases of common stock	$ 101	$ 29	$ 44	$ 39	$ 101	$ 112	$ 101
2022 Stock Repurchase Program
Treasury stock:
Stock repurchase program, number of shares authorized								6.0

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 2,033	$ 2,023	$ 6,239	$ 5,959
Cost of sales	1,612	1,649	4,890	4,816
Gross profit	421	374	1,349	1,143
Operating expenses	203	180	578	528
Other operating (income) expense	(5)	10	6	4
Restructuring/impairment charges	10	2	10	6
Operating income	213	182	755	605
Financing costs	26	24	88	65
Other non-operating expense (income)	2	(3)	4	(4)
Income before income taxes	185	161	663	544
Provision for income taxes	25	52	145	157
Net income	160	109	518	387
Less: Net income attributable to non-controlling interests	2	3	6	9
Net income attributable to Ingredion	$ 158	$ 106	$ 512	$ 378
Weighted average common shares outstanding:
Basic (in shares)	66.0	65.8	66.1	66.4
Diluted (in shares)	67.0	66.6	67.1	67.1
Earnings per common share of Ingredion:
Basic (in dollars per share)	$ 2.39	$ 1.61	$ 7.75	$ 5.69
Diluted (in dollars per share)	$ 2.36	$ 1.59	$ 7.63	$ 5.63

Derivative Instruments and Hedging Activities - Balance Sheet Location (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair value of derivatives
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, Accounts receivable, net	Other assets, Accounts receivable, net
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued liabilities, Other non-current liabilities	Accounts payable and accrued liabilities, Other non-current liabilities
Designated Hedging Instruments
Fair value of derivatives
Fair value of derivative instruments, assets	$ 31	$ 55
Fair value of derivative instruments, liabilities	81	57
Fair value of derivative instruments, Net Assets/(Liabilities)	(50)	(2)
Designated Hedging Instruments \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	19	48
Designated Hedging Instruments \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	12	7
Designated Hedging Instruments \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	75	45
Designated Hedging Instruments \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	6	12
Designated Hedging Instruments \| Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	6	29
Fair value of derivative instruments, liabilities	58	25
Fair value of derivative instruments, Net Assets/(Liabilities)	(52)	4
Designated Hedging Instruments \| Commodity Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	5	28
Designated Hedging Instruments \| Commodity Contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	1	1
Designated Hedging Instruments \| Commodity Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	56	22
Designated Hedging Instruments \| Commodity Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	2	3
Designated Hedging Instruments \| Foreign Currency Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	25	26
Fair value of derivative instruments, liabilities	23	32
Fair value of derivative instruments, Net Assets/(Liabilities)	2	(6)
Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	14	20
Designated Hedging Instruments \| Foreign Currency Contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	11	6
Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	19	23
Designated Hedging Instruments \| Foreign Currency Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	4	9
Non-Designated Hedging Instruments
Fair value of derivatives
Fair value of derivative instruments, assets	9	5
Fair value of derivative instruments, liabilities	10	7
Fair value of derivative instruments, Net Assets/(Liabilities)	(1)	(2)
Non-Designated Hedging Instruments \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	9	5
Non-Designated Hedging Instruments \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	0
Non-Designated Hedging Instruments \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	9	7
Non-Designated Hedging Instruments \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	1	0
Non-Designated Hedging Instruments \| Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	1	0
Fair value of derivative instruments, liabilities	2	1
Fair value of derivative instruments, Net Assets/(Liabilities)	(1)	(1)
Non-Designated Hedging Instruments \| Commodity Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	1	0
Non-Designated Hedging Instruments \| Commodity Contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	0
Non-Designated Hedging Instruments \| Commodity Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	2	1
Non-Designated Hedging Instruments \| Commodity Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	0	0
Non-Designated Hedging Instruments \| Foreign Currency Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	8	5
Fair value of derivative instruments, liabilities	8	6
Fair value of derivative instruments, Net Assets/(Liabilities)	0	(1)
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	8	5
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	0
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	7	6
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	$ 1	$ 0

Supplementary Information

9 Months Ended

Sep. 30, 2023

Supplementary Information

Supplementary Information

13. Supplementary Information

Accounts Receivable, Net

Accounts receivable, net as of September 30, 2023 and December 31, 2022, consist of:


(in millions)	As of September 30, 2023		As of December 31, 2022
Accounts receivable — trade	$	1,241	$	1,200
Accounts receivable — other	156		228
Allowance for credit losses	(17)		(17)
Total accounts receivable, net	$	1,380	$	1,411

There were no significant contract assets or contract liabilities associated with our customers as of September 30, 2023 or December 31, 2022. Liabilities for volume discounts and incentives were also not significant as of September 30, 2023 or December 31, 2022.

Inventories

Inventories as of September 30, 2023 and December 31, 2022, consist of:


(in millions)	As of September 30, 2023		As of December 31, 2022
Finished and in process	$	945	$	962
Raw materials	466		539
Manufacturing supplies	91		96
Total inventories	$	1,502	$	1,597

Supply Chain Finance Programs

Under supply chain finance programs administered by third-party banks, our suppliers have the opportunity to sell receivables due from us to participating financing institutions and receive earlier payment at a discount. Our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether such supplier sells its receivable to a financial institution. The payment terms we negotiate with a supplier are independent of whether such supplier participates in a supply chain finance program, and participation in any such program by a supplier has no effect on our income or cash flows.

As of September 30, 2023 and December 31, 2022, participating financial institutions held $100 million and $175 million, respectively, of our liabilities recorded in accounts payable and accrued liabilities on our Condensed Consolidated Balance Sheets. As of September 30, 2023, supply chain finance programs existed for operations in Brazil, Mexico, certain PureCircle entities, Colombia, Korea, Peru, Thailand and China.

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 335	$ 236
Short-term investments	6	3
Accounts receivable, net	1,380	1,411
Inventories	1,502	1,597
Prepaid expenses	66	62
Total current assets	3,289	3,309
Property, plant and equipment, net of accumulated depreciation of $3,455 and $3,326, respectively	2,401	2,407
Intangible assets, net of accumulated amortization of $291 and $275, respectively	1,296	1,301
Other assets	563	544
Total assets	7,549	7,561
Current liabilities:
Short-term borrowings	466	543
Accounts payable and accrued liabilities	1,202	1,339
Total current liabilities	1,668	1,882
Long-term debt	1,940	1,940
Other non-current liabilities	474	477
Total liabilities	4,082	4,299
Share-based payments subject to redemption	49	48
Redeemable non-controlling interests	41	51
Ingredion stockholders’ equity:
Preferred stock — authorized 25,000,000 shares — $0.01 par value, none issued	0	0
Common stock — authorized 200,000,000 shares — $0.01 par value, 77,810,875 issued at September 30, 2023 and December 31, 2022	1	1
Additional paid-in capital	1,143	1,132
Less: Treasury stock (common stock: 12,623,174 and 12,116,920 shares at September 30, 2023 and December 31, 2022, respectively) at cost	(1,211)	(1,148)
Accumulated other comprehensive loss	(1,144)	(1,048)
Retained earnings	4,575	4,210
Total Ingredion stockholders’ equity	3,364	3,147
Non-redeemable non-controlling interests	13	16
Total equity	3,377	3,163
Total liabilities and equity	$ 7,549	$ 7,561

Information by Segment and Geographic Region

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Information by Segment and Geographic Region

12. Information by Segment and Geographic Region

On November 7, 2023, we announced that we intend to realign our operations into new segments beginning in the first quarter of 2024.

We are principally engaged in the production and sale of starches and sweeteners for a wide range of industries, and we are managed geographically on a regional basis. The nature, amount, timing and uncertainty of our Net sales are managed by us primarily based on our geographic segments, which we classify and report as North America, South America, Asia-Pacific and Europe, the Middle East and Africa (“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 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 our net sales to unaffiliated customers by reportable segment for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Net sales to unaffiliated customers:
North America	$	1,300	$	1,262	$	3,998	$	3,720
South America	269		293		795		835
Asia-Pacific	272		278		816		825
EMEA	192		190		630		579
Total net sales	$	2,033	$	2,023	$	6,239	$	5,959

Presented below is our operating income by reportable segment for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Operating income:
North America	$	171	$	126	$	575	$	443
South America	32		48		96		125
Asia-Pacific	33		27		88		70
EMEA	32		30		131		90
Corporate	(49)		(40)		(124)		(109)
Subtotal	219		191		766		619
Acquisition/integration costs	—		—		—		(1)
Restructuring/impairment charges	(10)		—		(10)		(4)
Other matters	4		(9)		(1)		(9)
Total operating income	$	213	$	182	$	755	$	605

Presented below are our total assets by reportable segment as of September 30, 2023 and December 31, 2022:


(in millions)	As of September 30, 2023		As of December 31, 2022
Assets:
North America (a)	$	4,537	$	4,499
South America	926		949
Asia-Pacific	1,418		1,467
EMEA	668		646
Total assets	$	7,549	$	7,561

_____________________

(a)For purposes of presentation, North America includes Corporate assets.

- Definition

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

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+ Details

Equity - Share-based Payments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based compensation expense
Pre-tax compensation expense	$ 9	$ 7	$ 23	$ 22
Income tax benefit	(1)	0	(2)	(2)
Total share-based compensation expense, net of income taxes	8	7	21	20
Stock options
Share-based compensation expense
Pre-tax compensation expense	1	1	3	3
Income tax benefit	0	0	0	0
Total share-based compensation expense, net of income taxes	1	1	3	3
Restricted Stock Units ("RSUs") \| Employee
Share-based compensation expense
Pre-tax compensation expense	4	4	11	10
Income tax benefit	0	0	(1)	(1)
Total share-based compensation expense, net of income taxes	4	4	10	9
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	4	2	9	9
Income tax benefit	(1)	0	(1)	(1)
Total share-based compensation expense, net of income taxes	$ 3	$ 2	$ 8	$ 8

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 158	$ 106	$ 512	$ 378

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs as of September 30, 2023 and December 31, 2022:


(in millions)	As of September 30, 2023		As of December 31, 2022
2.900% senior notes due June 1, 2030	$	596	$	595
3.200% senior notes due October 1, 2026	499		498
3.900% senior notes due June 1, 2050	391		390
6.625% senior notes due April 15, 2037	253		253
Term loan credit agreement due December 16, 2024	200		200
Revolving credit agreement	—		—
Other long-term borrowings	1		4
Total long-term debt	1,940		1,940
Commercial paper	333		390
Other short-term borrowings	133		153
Total short-term borrowings	466		543
Total debt	$	2,406	$	2,483

Supplementary Information - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Supplementary Information
Accounts receivable — trade	$ 1,241	$ 1,200
Accounts receivable — other	156	228
Allowance for credit losses	(17)	(17)
Total accounts receivable, net	$ 1,380	$ 1,411

Information by Segment and Geographic Region - Net Sales and Operating Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment information
Net sales	$ 2,033	$ 2,023	$ 6,239	$ 5,959
Subtotal	219	191	766	619
Acquisition/integration costs	0	0	0	(1)
Restructuring/impairment charges	(10)	0	(10)	(4)
Other matters	4	(9)	(1)	(9)
Operating income	213	182	755	605
North America
Segment information
Net sales	1,300	1,262	3,998	3,720
South America
Segment information
Net sales	269	293	795	835
Asia-Pacific
Segment information
Net sales	272	278	816	825
EMEA
Segment information
Net sales	192	190	630	579
Operating Segments \| North America
Segment information
Subtotal	171	126	575	443
Operating Segments \| South America
Segment information
Subtotal	32	48	96	125
Operating Segments \| Asia-Pacific
Segment information
Subtotal	33	27	88	70
Operating Segments \| EMEA
Segment information
Subtotal	32	30	131	90
Corporate
Segment information
Subtotal	$ (49)	$ (40)	$ (124)	$ (109)

Pension and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

10. 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)	2023		2022		2023		2022		2023		2022		2023		2022
Service cost	$	1	$	1	$	1	$	1	$	2	$	3	$	3	$	3
Interest cost	3		2		3		2		11		6		8		7
Expected return on plan assets	(4)		(5)		(3)		(2)		(12)		(13)		(7)		(6)
Amortization of prior service credit	(1)		—		—		—		(1)		—		—		—
Amortization of actuarial loss	1		—		1		—		1		—		1		—
Net periodic (benefit) cost (a)	$	—	$	(2)	$	2	$	1	$	1	$	(4)	$	5	$	4

We anticipate that we will make cash contributions of $1 million and $3 million to our U.S. and non-U.S. pension plans, respectively, in 2023. For the nine months ended September 30, 2023, we made cash contributions of approximately $1 million to the U.S. plans and $2 million to the non-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)	2023		2022		2023		2022
Service cost	$	—	$	—	$	—	$	—
Interest cost	1		1		3		2

Amortization of prior service cost	—		—		—		1
Net periodic cost (a)	$	1	$	1	$	3	$	3

_______________________________________

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedges Included in AOCI

The derivative instruments designated as cash flow hedges included in AOCL as of September 30, 2023 and December 31, 2022 are reflected below:


Derivatives in Cash Flow Hedging Relationships	Gains (Losses) included in AOCL as of
(in millions)	September 30, 2023		December 31, 2022
Commodity contracts, net of income tax effect of $19 and $3, respectively	$	(56)	$	8
Foreign currency contracts, net of income tax effect of $1 and $—, respectively	(1)		1
Interest rate contracts, net of income tax effect of $1	(3)		(3)
Total	$	(60)	$	6

Schedule of Fair Value and Balance Sheet Location of Derivative Instruments

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


	Fair Value of Hedging Instruments as of September 30, 2023
	Designated Hedging Instruments (in millions)						Non-Designated Hedging Instruments (in millions)
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	5	$	14	$	19	$	1	$	8	$	9
Other assets	1		11		12		—		—		—
Assets	6		25		31		1		8		9
Accounts payable and accrued liabilities	56		19		75		2		7		9
Non-current liabilities	2		4		6		—		1		1
Liabilities	58		23		81		2		8		10
Net Assets/(Liabilities)	$	(52)	$	2	$	(50)	$	(1)	$	—	$	(1)


	Fair Value of Hedging Instruments as of December 31, 2022
	Designated Hedging Instruments (in millions)						Non-Designated Hedging Instruments (in millions)
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	28	$	20	$	48	$	—	$	5	$	5
Other assets	1		6		7		—		—		—
Assets	29		26		55		—		5		5
Accounts payable and accrued liabilities	22		23		45		1		6		7
Non-current liabilities	3		9		12		—		—		—
Liabilities	25		32		57		1		6		7
Net Assets/(Liabilities)	$	4	$	(6)	$	(2)	$	(1)	$	(1)	$	(2)

Schedule of Amount of Gains and Losses Recognized in OCI and Income Statement Location

Additional information relating to our 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)	2023		2022		Location	2023		2022
Commodity contracts	$	(10)	$	72	Cost of sales	$	(37)	$	72
Foreign currency contracts	4		3		Net sales/Cost of sales	3		1
Total	$	(6)	$	75		$	(34)	$	73


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)	2023		2022		Location	2023		2022
Commodity contracts	$	(132)	$	240	Cost of sales	$	(46)	$	197
Foreign currency contracts	9		14		Net sales/Cost of sales	10		4
Total	$	(123)	$	254		$	(36)	$	201

Financing Arrangements - Carrying Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Financing Arrangements
Total long-term debt	$ 1,940	$ 1,940
Total short-term borrowings	466	543
Total debt	$ 2,406	$ 2,483
2.900% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate (as a percent)	2.90%	2.90%
Total long-term debt	$ 596	$ 595
3.200% senior notes due October 1, 2026
Financing Arrangements
Debt, interest rate (as a percent)	3.20%	3.20%
Total long-term debt	$ 499	$ 498
3.900% senior notes due June 1, 2050
Financing Arrangements
Debt, interest rate (as a percent)	3.90%	3.90%
Total long-term debt	$ 391	$ 390
6.625% senior notes due April 15, 2037
Financing Arrangements
Debt, interest rate (as a percent)	6.625%	6.625%
Total long-term debt	$ 253	$ 253
Term loan credit agreement due December 16, 2024
Financing Arrangements
Total long-term debt	200	200
Revolving credit agreement
Financing Arrangements
Total long-term debt	0	0
Other long-term borrowings
Financing Arrangements
Total long-term debt	1	4
Commercial paper
Financing Arrangements
Short-term borrowings	333	390
Other short-term borrowings
Financing Arrangements
Short-term borrowings	$ 133	$ 153

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

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


	As of September 30, 2023								As of December 31, 2022
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	4	$	4	$	—	$	—	$	3	$	3	$	—	$	—
Derivative assets	40		39		1		—		60		49		11		—
Derivative liabilities	91		67		24		—		64		51		13		—
Long-term debt	1,679		—		1,679		—		1,733		—		1,733		—

Equity - Performance Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	9 Months Ended
	Feb. 28, 2023	Sep. 30, 2023
Performance Shares
Share-based compensation
Granted (in shares)		92,628
Weighted-average fair value per share, granted (in dollars per share)		$ 114.26
Unrecognized compensation cost		$ 11
Remaining requisite service period (in years)		2 years
Cancelled (in shares)		34
Performance shares, vesting based on TSR
Share-based compensation
Percentage of share-based compensation award		50.00%
Performance shares calculation period		3 years
Vesting terms		3 years
Performance shares, vesting based on TSR \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)		0.00%
Performance shares, vesting based on TSR \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)		200.00%
Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Percentage of share-based compensation award		50.00%
Performance shares calculation period		3 years
Vesting terms		3 years
Performance shares, vesting based on Adjusted ROIC \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)		0.00%
Performance shares, vesting based on Adjusted ROIC \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)		200.00%
2020 Awards \| Performance Shares
Share-based compensation
Award pay out achieved (as a percent)	77.00%
2021 Awards \| Performance Shares
Share-based compensation
Estimated pay out (as a percent)		180.00%

Intangible Assets - Summary of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Trademarks/tradenames
Acquired Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 143	$ 143

Supplementary Information - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Supplementary Information
Finished and in process	$ 945	$ 962
Raw materials	466	539
Manufacturing supplies	91	96
Total inventories	$ 1,502	$ 1,597

Equity - AOCL (Details) - USD ($) $ in Millions	9 Months Ended
Equity - AOCL (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	$ 3,147
Balance at the end of the period	3,364
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,008)	$ (903)
Other comprehensive (loss) before reclassification adjustments	(30)	(195)
(Gain) loss reclassified from accumulated OCL	0	0
Tax benefit (provision)	0	0
Net other comprehensive (loss) income	(30)	(195)
Balance at the end of the period	(1,038)	(1,098)
Hedging Activities
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	6	48
Other comprehensive (loss) before reclassification adjustments	(123)	254
(Gain) loss reclassified from accumulated OCL	36	(201)
Tax benefit (provision)	21	(14)
Net other comprehensive (loss) income	(66)	39
Balance at the end of the period	(60)	87
Pension and Postretirement Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(46)	(42)
Other comprehensive (loss) before reclassification adjustments	(2)	0
(Gain) loss reclassified from accumulated OCL	1	1
Tax benefit (provision)	1	0
Net other comprehensive (loss) income	0	1
Balance at the end of the period	(46)	(41)
AOCL
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,048)	(897)
Other comprehensive (loss) before reclassification adjustments	(155)	59
(Gain) loss reclassified from accumulated OCL	37	(200)
Tax benefit (provision)	22	(14)
Net other comprehensive (loss) income	(96)	(155)
Balance at the end of the period	$ (1,144)	$ (1,052)

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair value of assets and liabilities
Marketable securities	$ 4	$ 3
Derivative assets	40	60
Derivative liabilities	91	64
Long-term debt	1,679	1,733
Level 1
Fair value of assets and liabilities
Marketable securities	4	3
Derivative assets	39	49
Derivative liabilities	67	51
Long-term debt	0	0
Level 2
Fair value of assets and liabilities
Marketable securities	0	0
Derivative assets	1	11
Derivative liabilities	24	13
Long-term debt	1,679	1,733
Level 3
Fair value of assets and liabilities
Marketable securities	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Long-term debt	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
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-Section 50
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Summary of Significant Accounting Standards and Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
New Accounting Standards	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 period of 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, 2024. We adopted ASU 2020-04 at the beginning of our 2023 fiscal year and this ASU did not have a material impact on our 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 filers 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, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. We adopted the updates to the standard at the beginning of our 2023 fiscal year and will adopt the amendment on rollforward information in the future. These updates did not have a material impact to our Condensed Consolidated Balance Sheets. The disclosure required by the recently adopted accounting standard is reflected in Note 13 of the Notes to Condensed Consolidated Financial Statements. We are currently assessing the impact of the rollforward information amendment on our Condensed Consolidated Financial Statements. In August 2023, the FASB issued ASU No. 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60). The amendments in this update require that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The amendments in this ASU are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. A joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively. We plan to adopt this ASU on a prospective basis at the beginning of our 2025 fiscal year and do not believe it will have a material impact on our Condensed Consolidated Financial Statements.

Financing Arrangements - Commercial Paper (Details) - Commercial paper - USD ($) $ in Millions			9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Long-term debt
Maximum aggregate principal amount	$ 1,000		$ 1,000
Average amount of commercial paper outstanding			$ 438	$ 489
Weighted average interest rate (as a percent)			5.25%	1.50%
Weighted average maturity			11 days	18 days
Commercial paper outstanding	$ 333	$ 390	$ 333
Basis spread	5.52%	4.75%
Weighted average maturity of outstanding balance	14 days	7 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
(Losses) gains on cash flow hedges, income tax effect	$ (1)	$ 19	$ (32)	$ 66
Losses (gains) on cash flow hedges reclassified to earnings, income tax effect	10	(18)	11	(52)
(Losses) on pension and other postretirement obligations, income tax effect	0	0	(1)	0
Gains related to pension and other postretirement obligations reclassified to earnings, income tax effect	$ 0	$ 0	$ 0	$ 0

Derivative Instruments and Hedging Activities - Gain (Losses) Recognized in Income (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Losses expected to be reclassified into earnings during the next twelve months, net of tax	$ 59
Losses expected to be reclassified into earnings during the next twelve months, income tax effect	$ 20

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

6. Derivative Instruments and Hedging Activities

We are 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 use derivative financial instruments that consist of commodity-related futures, options and swap contracts, foreign currency-related forward contracts, interest rate swaps and treasury locks (“T-Locks”).

Commodity price hedging: Our principal use of derivative financial instruments is to manage commodity price risk relating to anticipated purchases of corn and natural gas that we intend to use 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. We use soybean oil and soybean meal futures contracts in North America that trade on regulated commodity exchanges to hedge sales of our co-products. We also use over-the-counter natural gas swaps primarily in North America to hedge a portion of our 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, as well as co-product sales. Our natural gas, soybean meal and the majority of our corn and soybean oil derivatives have been designated as cash flow hedging instruments.

For certain corn derivative instruments that are not designated as 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 price risk related to anticipated purchases of corn. During the three and nine months ended September 30, 2023, we recognized an insignificant amount and a $1 million gain, respectively, on non-designated commodity contracts. During the three and nine months ended September 30, 2022, we recognized a $3 million gain and $2 million gain, respectively, on non-designated commodity contracts.

For commodity hedges designated as cash flow hedges, unrealized gains and losses associated with marking the commodity hedging contracts to market (fair value) are recorded as a component of other comprehensive loss (“OCL”) and included in the equity section of the Condensed Consolidated Balance Sheets as part of accumulated other comprehensive

loss (“AOCL”). These amounts, 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. We assess 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.

We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 58 million and 120 million bushels of corn as of September 30, 2023 and December 31, 2022, respectively. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 30 million and 31 million mmbtus of natural gas as of September 30, 2023 and December 31, 2022, respectively.

Foreign currency hedging: Due to our global operations, including operations in many emerging markets, we are exposed to fluctuations in foreign currency exchange rates. As a result, we have exposure to translational foreign-exchange risk when the results of our foreign operations are translated to U.S. dollars and to transactional foreign-exchange risk when transactions not denominated in the functional currency are revalued. Our foreign-exchange risk management strategy uses derivative financial instruments such as foreign currency forward contracts, swaps and options to manage our transactional foreign exchange risk. We enter 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 period.

We hedge certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $463 million and $405 million as of September 30, 2023 and December 31, 2022, respectively. We also hedge certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $238 million and $239 million as of September 30, 2023 and December 31, 2022, respectively.

We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $594 million and $668 million as of September 30, 2023 and December 31, 2022, respectively. We also hedge certain liability positions using foreign currency cash flow hedging instruments, which had a notional value of $769 million and $840 million as of September 30, 2023 and December 31, 2022, respectively.

Interest rate hedging: We assess our 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. Our risk management strategy is to monitor interest rate risk attributable to our outstanding and forecasted debt obligations as well as our offsetting hedge positions. Derivative financial instruments that we have used to manage our interest rate risk consist of interest rate swaps and T-Locks.

We periodically enter into T-Locks to hedge our 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. We have settled T-Locks associated with the issuance of our senior notes due in 2030 and 2050. The realized loss upon settlement of these T-Locks was recorded in AOCL and is amortized into earnings over the term of the senior notes. We did not have unsettled T-Locks as of September 30, 2023 and December 31, 2022.

The derivative instruments designated as cash flow hedges included in AOCL as of September 30, 2023 and December 31, 2022 are reflected below:


Derivatives in Cash Flow Hedging Relationships	Gains (Losses) included in AOCL as of
(in millions)	September 30, 2023		December 31, 2022
Commodity contracts, net of income tax effect of $19 and $3, respectively	$	(56)	$	8
Foreign currency contracts, net of income tax effect of $1 and $—, respectively	(1)		1
Interest rate contracts, net of income tax effect of $1	(3)		(3)
Total	$	(60)	$	6

As of September 30, 2023, AOCL included $59 million of net losses (net of income taxes of $20 million) on commodities-related derivative instruments, T-Locks and foreign currency hedges designated as cash flow hedges that are expected to be reclassified into earnings during the next 12 months.

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


	Fair Value of Hedging Instruments as of September 30, 2023
	Designated Hedging Instruments (in millions)						Non-Designated Hedging Instruments (in millions)
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	5	$	14	$	19	$	1	$	8	$	9
Other assets	1		11		12		—		—		—
Assets	6		25		31		1		8		9
Accounts payable and accrued liabilities	56		19		75		2		7		9
Non-current liabilities	2		4		6		—		1		1
Liabilities	58		23		81		2		8		10
Net Assets/(Liabilities)	$	(52)	$	2	$	(50)	$	(1)	$	—	$	(1)


	Fair Value of Hedging Instruments as of December 31, 2022
	Designated Hedging Instruments (in millions)						Non-Designated Hedging Instruments (in millions)
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	28	$	20	$	48	$	—	$	5	$	5
Other assets	1		6		7		—		—		—
Assets	29		26		55		—		5		5
Accounts payable and accrued liabilities	22		23		45		1		6		7
Non-current liabilities	3		9		12		—		—		—
Liabilities	25		32		57		1		6		7
Net Assets/(Liabilities)	$	4	$	(6)	$	(2)	$	(1)	$	(1)	$	(2)

Additional information relating to our 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)	2023		2022		Location	2023		2022
Commodity contracts	$	(10)	$	72	Cost of sales	$	(37)	$	72
Foreign currency contracts	4		3		Net sales/Cost of sales	3		1
Total	$	(6)	$	75		$	(34)	$	73


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)	2023		2022		Location	2023		2022
Commodity contracts	$	(132)	$	240	Cost of sales	$	(46)	$	197
Foreign currency contracts	9		14		Net sales/Cost of sales	10		4
Total	$	(123)	$	254		$	(36)	$	201

Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill before impairment charges		$ 1,055
Accumulated impairment charges		(155)
Carrying value of goodwill
Balance at the beginning of the period	$ 900
Acquisition	19
Currency translation	(11)
Balance at the end of the period	908
North America
Goodwill [Line Items]
Goodwill before impairment charges		623
Accumulated impairment charges		(1)
Carrying value of goodwill
Balance at the beginning of the period	622
Acquisition	0
Currency translation	0
Balance at the end of the period	622
South America
Goodwill [Line Items]
Goodwill before impairment charges		49
Accumulated impairment charges		(33)
Carrying value of goodwill
Balance at the beginning of the period	16
Acquisition	0
Currency translation	1
Balance at the end of the period	17
Asia-Pacific
Goodwill [Line Items]
Goodwill before impairment charges		311
Accumulated impairment charges		(121)
Carrying value of goodwill
Balance at the beginning of the period	190
Acquisition	19
Currency translation	(11)
Balance at the end of the period	198
EMEA
Goodwill [Line Items]
Goodwill before impairment charges		72
Accumulated impairment charges		$ 0
Carrying value of goodwill
Balance at the beginning of the period	72
Acquisition	0
Currency translation	(1)
Balance at the end of the period	$ 71

Equity - Restricted Stock Units (Details) - Restricted Stock Units ("RSUs") - Employee $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Share-based compensation
Vesting terms	3 years
Number of Restricted Shares
Non-vested at the beginning of the period (in shares) \| shares	517
Granted (in shares) \| shares	217
Vested (in shares) \| shares	(145)
Cancelled (in shares) \| shares	(33)
Non-vested at the end of the period (in shares) \| shares	556
Weighted Average Fair Value per Share
Non-vested at the beginning of the period (in dollars per share) \| $ / shares	$ 88.04
Granted (in dollars per share) \| $ / shares	98.29
Vested (in dollars per share) \| $ / shares	88.13
Cancelled (in dollars per share) \| $ / shares	91.18
Non-vested at the end of the period (in dollars per share) \| $ / shares	$ 91.94
Other disclosures
Unrecognized compensation cost \| $	$ 24
Weighted-average period for amortization of unrecognized compensation cost	1 year 9 months 18 days