0001046257-24-000005 | 10-K | XBRL Viewer

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Pension and Other Postretirement Benefits - Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Amounts charged to expense for defined contribution plans	$ 28	$ 22	$ 22

Supplementary Information - PP&E (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment and depreciation
Property, plant and equipment, at cost	$ 5,798	$ 5,733
Accumulated depreciation	(3,428)	(3,326)
Property, plant and equipment, net	2,370	2,407
Amount of interest capitalized to PP&E	3	4	$ 4
Depreciation expense	193	189	$ 194
Land
Property, plant and equipment and depreciation
Property, plant and equipment, at cost	178	199
Buildings
Property, plant and equipment and depreciation
Property, plant and equipment, at cost	853	854
Machinery and equipment
Property, plant and equipment and depreciation
Property, plant and equipment, at cost	$ 4,767	$ 4,680

Derivative Instruments and Hedging Activities - Interest Rate Hedging (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Loss expected to be reclassified into earnings during the next twelve months	$ 46
Loss expected to be reclassified into earnings during the next twelve months, income tax effect	$ 16

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

Acquisition of PureCircle Non-Controlling Interests

During 2023 and 2022, Ingredion purchased shares from minority shareholders in PureCircle Limited (“PureCircle”) for $2 million and $46 million, respectively. These purchases increased our ownership percentage in PureCircle to 88 percent as of December 31, 2023, from 87 percent as of December 31, 2022, and from 75 percent as of December 31, 2021.

Other Acquisitions

On December 1, 2022, we acquired a 65 percent controlling interest in Mannitab Pharma Specialties Private Limited (“Mannitab”), which is an Indian manufacturer of spray dried mannitol and fine grade mannitol, for $22 million. We agreed to acquire the remaining 35 percent of Mannitab on or before March 2026. To reflect our controlling interest in Mannitab, we recorded $19 million of goodwill and $9 million of definite-lived intangible assets on our Consolidated Financial Statements when we completed the purchase accounting in 2023. Beginning at the acquisition date, our 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 100 percent of Amishi Drugs and Chemicals Private Limited (“Amishi”) for $7 million, which added $3 million of goodwill and intangible assets to our Consolidated Financial Statements. Amishi is an Indian manufacturer of chemically modified starch-based pharmaceutical excipients. Beginning at the acquisition date, our Consolidated Financial Statements reflect the effects of the acquisition and Amishi's financial results, which we report in our Asia-Pacific reportable business segment.

On April 1, 2021, we acquired 100 percent of KaTech, a privately held company headquartered in Germany. KaTech provides advanced texture and stabilization solutions to the food and beverage industry. To complete the closing, we made a total cash payment of $40 million, net of cash acquired, which we funded from cash on hand. The acquisition added $26 million of goodwill and intangible assets, as well as $14 million of tangible assets. Beginning at the acquisition date, our Consolidated Financial Statements reflect the effects of the acquisition and KaTech’s financial results, which we report in our Europe, Middle East and Africa (“EMEA”) reportable business segment.

Pre-tax acquisition and integration costs were insignificant in 2023, $1 million in 2022, and $5 million in 2021. The acquisitions individually and in the aggregate would not have been material to our results of operations for any periods presented.

South Korea Divestiture

On November 10, 2023, we entered into a definitive agreement to sell our business in South Korea to an affiliate of the Sajo Group, a leading food company headquartered in Seoul, South Korea, for 384.0 billion South Korean won, or approximately $294 million. We received 330.0 billion South Korean won, or $247 million net of certain transaction costs, when the transaction closed on February 1, 2024, and we will receive the remaining consideration in equal annual payments through February 2027. In the first quarter of 2024, we expect to record a gain from the imputed fair value of $283 million in consideration. Our business in South Korea generated operating profits of $30 million in 2023, $14 million in 2022 and $27 million in 2021.

In connection with this divestment, we reclassified the assets and liabilities of our South Korea business, which is in our Asia-Pacific reportable business segment, as held for sale during the fourth quarter of 2023 in our Consolidated Financial Statements. The following table presents the major classes of assets and liabilities classified as held for sale for the South Korea divestment. Assets classified as held for sale are included in Prepaid expenses and assets held for sale, and liabilities held for sale are included in Accrued liabilities and liabilities held for sale on the Consolidated Balance Sheets as of December 31, 2023.


	December 31, 2023
Accounts receivable, net	38
Inventories	69
Property, plant and equipment, net	100
Other assets	4
Assets held for sale	$	211

Short-term borrowings	$	2
Accounts payable	30
Accrued liabilities	14
Non-current liabilities	5
Liabilities held for sale	$	51

Restructuring Charges (Details) - USD ($) $ in Millions	12 Months Ended
Restructuring Charges (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring and impairment charges
Restructuring charges	$ 1	$ 4	$ 47
Cost Smart SG&A Program
Restructuring and impairment charges
Restructuring charges		3	17
Cost Smart Cost of Sales Program
Restructuring and impairment charges
Restructuring charges		$ 1	$ 27

- 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.

+ References + Details

Supplementary Information - Accrued Liabilities and Liabilities Held for Sale (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Supplementary Information
Compensation-related costs	$ 121	$ 112
Current lease liabilities	56	48
Dividends payable	51	47
Taxes payable other than income taxes	46	45
Liabilities held for sale	51	0
Other accrued liabilities	221	214
Total accrued liabilities and liabilities held for sale	$ 546	$ 466
Operating Lease, Liability, Current, Statement of Financial Position	Total accrued liabilities and liabilities held for sale	Total accrued liabilities and liabilities held for sale

Segment Information - Net Sales and Operating Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment information
Net sales	$ 1,921	$ 2,033	$ 2,069	$ 2,137	$ 1,987	$ 2,023	$ 2,044	$ 1,892	$ 8,160	$ 7,946	$ 6,894
Subtotal									969	787	685
Acquisition/integration costs									0	(1)	(3)
Restructuring/impairment charges									(11)	(4)	(47)
Impairment on disposition of assets									0	0	(340)
Other matters									(1)	(20)	15
Operating income									957	762	310
North America
Segment information
Net sales									5,188	4,934	4,137
South America
Segment information
Net sales									1,062	1,124	1,057
Asia- Pacific
Segment information
Net sales									1,089	1,107	997
EMEA
Segment information
Net sales									821	781	703
Operating Segments \| North America
Segment information
Subtotal									718	565	487
Operating Segments \| South America
Segment information
Subtotal									142	169	138
Operating Segments \| Asia- Pacific
Segment information
Subtotal									126	93	87
Operating Segments \| EMEA
Segment information
Subtotal									156	110	106
Corporate, Non-Segment
Segment information
Subtotal									$ (173)	$ (150)	$ (133)

Derivatives Instruments and Hedging Activities - Foreign Currency Hedging (Details) - Foreign currency contracts - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Short \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 694	$ 405
Long \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	182	239
Cash Flow Hedging \| Short \| Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	449	668
Cash Flow Hedging \| Long \| Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 621	$ 840

Equity - Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other disclosures
Share-based payments subject to redemption	$ 55	$ 48	$ 36	$ 30
Restricted Stock Units ("RSUs") \| Employee
Share-based compensation
Vesting terms	3 years
Restricted stock unit activity
Non-vested at the beginning of the period (in shares)	517
Granted (in shares)	222
Vested (in shares)	(154)
Cancelled (in shares)	(33)
Non-vested at the end of the period (in shares)	552	517
Weighted-average fair value per share
Non-vested at the beginning of the period (in dollars per share)	$ 88.04
Granted (in dollars per share)	98.15
Vested (in dollars per share)	87.91
Cancelled (in dollars per share)	91.30
Non-vested at the end of the period (in dollars per share)	$ 92.05	$ 88.04
Other disclosures
Fair value of awards vested during the year	$ 12	$ 12	$ 12
Unrecognized compensation cost	$ 20
Weighted-average period for amortization of unrecognized compensation cost	1 year 8 months 12 days
Share-based payments subject to redemption	$ 28

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Commitments and Contingencies
Tax benefit related to the exclusion of certain tax incentives		$ 27
Brazilian deferred tax credits		4		$ 0
Reduction in Taxes \| Foreign Tax Authority \| Brazil
Commitments and Contingencies
Brazilian deferred tax credits		27		32
Reduction in Taxes \| Foreign Tax Authority \| Brazil \| Other Assets and Prepaid Expenses
Commitments and Contingencies
Remaining indirect tax credits		$ 17		$ 5
Reduction in Taxes \| Foreign Tax Authority \| Tax years 2015 - 2018 \| Brazil
Commitments and Contingencies
Amount of indirect tax credits expected to receive	$ 15
Reduction in Taxes \| Foreign Tax Authority \| Tax years 2015 - 2018 \| Other Operating Expense (Income) \| Brazil
Commitments and Contingencies
Foreign tax benefits			$ 15

Pension and Other Postretirement Benefits - Pension Plan Asset Weighted Average Asset Allocation (Details) - Pension Plan	Dec. 31, 2023	Dec. 31, 2022
U.S. Plans
Weighted average asset allocation
Weighted average asset allocation	100.00%	100.00%
U.S. Plans \| Equity securities
Weighted average asset allocation
Weighted average asset allocation	12.00%	11.00%
U.S. Plans \| Equity securities \| Minimum
Plan assets
Plan assets allocation percentage	9.00%
U.S. Plans \| Equity securities \| Maximum
Plan assets
Plan assets allocation percentage	19.00%
U.S. Plans \| Debt securities
Weighted average asset allocation
Weighted average asset allocation	86.00%	87.00%
U.S. Plans \| Debt securities \| Minimum
Plan assets
Plan assets allocation percentage	81.00%
U.S. Plans \| Debt securities \| Maximum
Plan assets
Plan assets allocation percentage	91.00%
U.S. Plans \| Cash and other
Weighted average asset allocation
Weighted average asset allocation	2.00%	2.00%
Non-U.S. Plans
Weighted average asset allocation
Weighted average asset allocation	100.00%	100.00%
Non-U.S. Plans \| Equity securities
Weighted average asset allocation
Weighted average asset allocation	8.00%	8.00%
Non-U.S. Plans \| Debt securities
Weighted average asset allocation
Weighted average asset allocation	78.00%	77.00%
Non-U.S. Plans \| Cash and other
Weighted average asset allocation
Weighted average asset allocation	14.00%	15.00%

Supplementary Information

12 Months Ended

Dec. 31, 2023

Supplementary Information

Supplementary Information

Accounts Receivable, Net

Accounts receivable, net as of December 31, 2023 and 2022 were as follows:


	2023		2022
Accounts receivable — trade	$	1,145	$	1,200
Accounts receivable — other	154		228
Allowance for credit losses	(20)		(17)
Total accounts receivable, net	$	1,279	$	1,411

Write-offs of accounts receivable were immaterial in 2023 and 2022. There were no significant contract assets associated with customers as of December 31, 2023 or 2022.

Inventories

Inventories as of December 31, 2023 and 2022 were as follows:


	2023		2022
Finished and in process	$	926	$	962
Raw materials	434		539
Manufacturing supplies	90		96
Total inventories	$	1,450	$	1,597

PP&E, net

PP&E, net as of December 31, 2023 and 2022 were as follows:


	2023		2022
Land	$	178	$	199
Buildings	853		854
Machinery and equipment	4,767		4,680
Property, plant and equipment, at cost	5,798		5,733
Accumulated depreciation	(3,428)		(3,326)
Property, plant and equipment, net	$	2,370	$	2,407

We recorded capitalized interest to PP&E of $3 million in 2023, $4 million in 2022, and $4 million in 2021. We recognized depreciation expense of $193 million in 2023, $189 million in 2022, and $194 million in 2021.

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 December 31, 2023 and 2022, participating financial institutions held $153 million and $175 million, respectively, of our liabilities recorded in Accounts payable on our Consolidated Balance Sheets. As of December 31, 2023, supply chain finance programs existed for operations in Brazil, China, Thailand, Mexico, Colombia and Peru.

Accrued Liabilities and Liabilities Held for Sale

Accrued liabilities as of December 31, 2023 and 2022 are as follows:


	2023		2022
Compensation-related costs	$	121	$	112
Current lease liabilities	56		48
Dividends payable	51		47
Taxes payable other than income taxes	46		45
Liabilities held for sale	51		—
Other accrued liabilities	221		214
Total accrued liabilities and liabilities held for sale	$	546	$	466

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

Other Non-Current Liabilities

Other non-current liabilities as of December 31, 2023 and 2022 were as follows:


	2023		2022
Non-current operating lease liabilities	$	157	$	146
Pension and postretirement liabilities	117		101
Deferred tax liabilities	116		145
Other	90		85
Total other non-current liabilities	$	480	$	477

Supplemental Statements of Income Information

Research and development (“R&D”) expense was approximately $63 million, $52 million and $43 million in 2023, 2022 and 2021, respectively. Our R&D expense, which we record in Operating expenses in the Consolidated Statements of Income, represents investments in new product development and innovation.

Supplemental Cash Flow Information

The following represents additional cash flow information:


	2023		2022		2021
Interest paid	$	96	$	82	$	72
Income taxes paid	157		187		168

Quarterly Financial Data (Unaudited)

Earnings per share for each quarter and the year are calculated individually and may not sum to the total for the respective year. Summarized quarterly financial data was as follows:


	1st QTR		2nd QTR		3rd QTR		4th QTR
2023
Net sales	$	2,137	$	2,069	$	2,033	$	1,921
Gross profit	487		441		421		400
Net income attributable to Ingredion	191		163		158		131
Basic earnings per common share of Ingredion	2.89		2.46		2.39		2.00
Diluted earnings per common share of Ingredion	2.85		2.42		2.36		1.97
Per share dividends declared	$	0.71	$	0.71	$	0.78	$	0.78


	1st QTR		2nd QTR		3rd QTR		4th QTR
2022
Net sales	$	1,892	$	2,044	$	2,023	$	1,987
Gross profit	379		390		374		351
Net income attributable to Ingredion	130		142		106		114
Basic earnings per common share of Ingredion	1.94		2.14		1.61		1.73
Diluted earnings per common share of Ingredion	1.92		2.12		1.59		1.71
Per share dividends declared	$	0.65	$	0.65	$	0.71	$	0.71

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 64	$ 60
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$ 72	$ 52
Weighted average remaining lease term:
Weighted average remaining lease term	5 years 3 months 18 days	5 years 10 months 24 days
Weighted average discount rate	4.60%	4.40%

Pension and Other Postretirement Benefits - Pension Assumptions (Details) - Pension Plan	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S. Plans
Weighted average assumptions used to determine the company's obligations
Discount rate	5.00%	5.19%
Rate of compensation increase	3.83%	3.92%
Cash balance interest credit rate	4.53%	4.21%
Weighted average assumptions used to determine the company's net periodic benefit cost
Discount rate	5.19%	2.91%	2.58%
Expected long-term return on plan assets	5.50%	4.10%	4.10%
Rate of compensation increase	3.92%	4.18%	4.26%
Cash balance interest crediting rate	4.21%	4.11%	3.76%
Non-U.S. Plans
Weighted average assumptions used to determine the company's obligations
Discount rate	5.24%	5.66%
Rate of compensation increase	3.76%	3.83%
Cash balance interest credit rate	0.00%	0.00%
Weighted average assumptions used to determine the company's net periodic benefit cost
Discount rate	5.67%	3.66%	2.84%
Expected long-term return on plan assets	5.05%	3.50%	3.37%
Rate of compensation increase	3.83%	3.77%	3.54%
Cash balance interest crediting rate	0.00%	0.00%	0.00%
Canada
Weighted average assumptions used to determine the company's net periodic benefit cost
Expected long-term return on plan assets	4.66%

Segment Information - Sales and Long-lived Assets (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment information
Net sales	$ 1,921	$ 2,033	$ 2,069	$ 2,137	$ 1,987	$ 2,023	$ 2,044	$ 1,892	$ 8,160	$ 7,946	$ 6,894
Long-lived assets	2,926				2,938				2,926	2,938
U.S.
Segment information
Net sales									3,069	2,978	2,509
Long-lived assets	1,312				1,289				1,312	1,289
Mexico
Segment information
Net sales									1,571	1,444	1,170
Long-lived assets	294				309				294	309
Brazil
Segment information
Net sales									669	720	586
Long-lived assets	235				209				235	209
Canada
Segment information
Net sales									548	512	459
Long-lived assets	288				273				288	273
China
Segment information
Long-lived assets	164				144				164	144
Thailand
Segment information
Long-lived assets	162				153				162	153
Germany
Segment information
Net sales									413	342	309
Long-lived assets	133				126				133	126
Colombia
Segment information
Net sales									332	333	260
South Korea
Segment information
Net sales									325	356	323
Others
Segment information
Net sales									1,233	1,261	$ 1,278
Long-lived assets	$ 338				$ 435				$ 338	$ 435

Derivatives Instruments and Hedging Activities - Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Hedging relationships
Gains (Losses) Recognized in OCL on Derivatives	$ (151)	$ 210	$ 218
Gains (Losses) Reclassified from AOCL into Income	(78)	268	209
Commodity contracts
Hedging relationships
Gains (Losses) Recognized in OCL on Derivatives	(161)	202	218
Commodity contracts \| Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	(87)	261	211
Foreign currency contracts
Hedging relationships
Gains (Losses) Recognized in OCL on Derivatives	10	8	0
Foreign currency contracts \| Net sales/Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	10	7	(1)
Interest rate contracts
Hedging relationships
Gains (Losses) Recognized in OCL on Derivatives	0	0	0
Interest rate contracts \| Financing costs
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	$ (1)	$ 0	$ (1)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Chicago, IL
Auditor Firm ID	185

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets attributable to:
Employee benefit accruals	$ 32	$ 30
Pensions and postretirement plans	16	14
Lease liabilities	54	49
Bad debt	5	6
Inventory reserve	16	22
Net operating loss carryforwards	58	59
Tax credit carryforwards	5	5
Derivative contracts	16	0
Uniform capitalization	12	9
Other	35	33
Total deferred tax assets	249	227
Valuation allowances	(46)	(51)
Net deferred tax assets	203	176
Deferred tax liabilities attributable to:
Property, plant and equipment	184	175
Identified intangibles	33	48
Right-of-use lease assets	51	46
Foreign withholding and state taxes on unremitted earnings	1	1
Goodwill	35	31
Brazilian indirect tax credits	0	4
Derivative contracts	0	3
Total deferred tax liabilities	304	308
Net deferred tax liabilities	$ 101	$ 132

Description of the Business and Summary of Significant Accounting Policies - Property, Plant and Equipment and Definite-Lived Intangible Assets (Details)	Dec. 31, 2023	Dec. 31, 2022
Property, plant and equipment and depreciation
Estimated useful life, definite-lived intangible assets	17 years	17 years
Minimum
Property, plant and equipment and depreciation
Estimated useful life, definite-lived intangible assets	2 years
Maximum
Property, plant and equipment and depreciation
Estimated useful life, definite-lived intangible assets	30 years
Buildings \| Minimum
Property, plant and equipment and depreciation
Estimated useful life, PP&E	25 years
Buildings \| Maximum
Property, plant and equipment and depreciation
Estimated useful life, PP&E	50 years
Machinery and equipment \| Minimum
Property, plant and equipment and depreciation
Estimated useful life, PP&E	2 years
Machinery and equipment \| Maximum
Property, plant and equipment and depreciation
Estimated useful life, PP&E	25 years

Equity - Share-based Payments (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation expense
Pre-tax compensation expense	$ 33	$ 29	$ 23
Income tax benefit	(3)	(2)	(2)
Total share-based compensation expense, net of income taxes	$ 30	27	21
Share-based Payment Arrangement, Disclosure [Abstract]
Shares authorized under Stock Incentive Plan (in shares)	5.4
Shares available for future grants under Stock Incentive Plan (in shares)	5.4
Stock options
Share-based compensation expense
Pre-tax compensation expense	$ 4	4	3
Income tax benefit	0	0	0
Total share-based compensation expense, net of income taxes	4	4	3
Restricted Stock Units ("RSUs") \| Employee
Share-based compensation expense
Pre-tax compensation expense	15	13	12
Income tax benefit	(2)	(1)	(1)
Total share-based compensation expense, net of income taxes	13	12	11
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	14	12	8
Income tax benefit	(1)	(1)	(1)
Total share-based compensation expense, net of income taxes	$ 13	$ 11	$ 7

Financing Arrangements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-term debt
Total debt	$ 2,188	$ 2,483
Guaranteed obligations of consolidated subsidiaries	49	63
Commercial paper
Long-term debt
Maximum aggregate principal amount			$ 1,000
Average amount of commercial paper outstanding	$ 397	$ 522	$ 670
Weighted average interest rate	5.30%	1.97%	0.27%
Weighted average maturity	11 days	16 days	48 days
Short-term borrowings	$ 327	$ 390
Basis spread	5.50%	4.75%
Weighted average maturity of outstanding balance	11 days	7 days

Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Pension Plan

Pension and other postretirement benefits

Schedule of funded status

The changes in pension benefit obligations and plan assets during 2023 and 2022, as well as the funded status and the amounts recognized in our Consolidated Balance Sheets related to our pension plans at December 31, 2023 and 2022, are as follows:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
Benefit obligation
At January 1	$	300	$	383	$	188	$	254
Service cost	3		4		4		3
Interest cost	15		9		10		9
Benefits paid	(18)		(25)		(13)		(13)
Actuarial loss (gain)	5		(71)		8		(49)
Curtailment/settlement/amendments	—		—		(1)		(2)
Foreign currency translation	—		—		4		(14)
Benefit obligation at December 31	$	305	$	300	$	200	$	188

Fair value of plan assets
At January 1	$	317	$	420	$	189	$	244
Actual return on plan assets	25		(79)		17		(30)
Employer contributions	1		1		6		5
Benefits paid	(18)		(25)		(13)		(13)
Plan settlements	—		—		(1)		(2)
Foreign currency translation	—		—		2		(15)
Fair value of plan assets at December 31	$	325	$	317	$	200	$	189

Funded status	$	20	$	17	$	—	$	1

Schedule of amounts recognized in the consolidated balance sheets

Amounts recorded in the Consolidated Balance Sheets as of December 31, 2023 and 2022 are as follows:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
Non-current asset	$	28	$	25	$	47	$	43
Current liabilities	(1)		(1)		(2)		(1)
Non-current liabilities	(7)		(7)		(45)		(41)
Net asset (liability) recognized	$	20	$	17	$	—	$	1

Schedule of amounts recognized in accumulated other comprehensive loss

Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2023 and 2022, are as follows:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
Net actuarial loss	$	32	$	36	$	24	$	24

Prior service (credit) cost	(2)		(3)		—		—
Net amount recognized	$	30	$	33	$	24	$	24

Schedule of plan obligations and assets for plans with an accumulated benefit obligation in excess of plan assets

Information for pension plans with a projected benefit obligation in excess of plan assets and an accumulated benefit obligation in excess of plan assets is as follows:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
Projected benefit obligation	$	(8)	$	(8)	$	(51)	$	(45)
Accumulated benefit obligation	(8)		(8)		(40)		(35)
Fair value of plan assets	—		—		4		3

Components of net periodic benefit cost

Components of net periodic benefit cost consist of the following for 2023, 2022 and 2021:


	U.S. Plans						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021
Service cost	$	3	$	4	$	4	$	4	$	3	$	4
Interest cost	15		9		8		10		9		9
Expected return on plan assets	(17)		(16)		(17)		(9)		(7)		(8)
Amortization of actuarial loss	1		—		—		1		1		2
Amortization of prior service credit	(1)		(1)		(1)		—		—		—
Net periodic benefit cost	$	1	$	(4)	$	(6)	$	6	$	6	$	7

Schedule of amounts recorded in other comprehensive income and net periodic benefit cost

Total amounts recorded in other comprehensive income and net periodic benefit cost are as follows:


(pre-tax)	U.S. Plans						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021
Net actuarial (gain) loss	$	(3)	$	25	$	(1)	$	—	$	(11)	$	(11)
Prior service cost	—		—		—		—		—		—
Amortization of actuarial loss	(1)		—		—		(1)		(1)		(2)
Amortization of prior service credit	1		1		1		—		—		—
Foreign currency translation	—		—		—		1		(2)		(11)
Total recorded in other comprehensive (income) loss	(3)		26		—		—		(14)		(24)
Net periodic benefit cost	1		(4)		(6)		6		6		7
Total recorded in other comprehensive (income) loss and net periodic benefit cost	$	(2)	$	22	$	(6)	$	6	$	(8)	$	(17)

Schedule of weighted average assumptions used to determine the company's obligations

The weighted average assumptions used to determine our obligations for the pension plans are as follows:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
Discount rate	5.00	%	5.19	%	5.24	%	5.66	%
Rate of compensation increase	3.83		3.92		3.76		3.83
Cash balance interest credit rate	4.53		4.21		—		—

Schedule of weighted average assumptions used to determine the company's net periodic benefit cost

The weighted average assumptions used to determine our net periodic benefit cost for the pension plans are as follows:


	U.S. Plans						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021
Discount rate	5.19	%	2.91	%	2.58	%	5.67	%	3.66	%	2.84	%
Expected long-term return on plan assets	5.50		4.10		4.10		5.05		3.50		3.37
Rate of compensation increase	3.92		4.18		4.26		3.83		3.77		3.54
Cash balance interest crediting rate	4.21		4.11		3.76		—		—		—

Schedule of weighted average asset allocation

Our weighted average asset allocations as of December 31, 2023 and 2022, for U.S. and non-U.S. pension plan assets are as follows:


	U.S. Plans				Non-U.S. Plans
Asset Category	2023		2022		2023		2022
Equity securities	12	%	11	%	8	%	8	%
Debt securities	86		87		78		77
Cash and other	2		2		14		15
Total	100	%	100	%	100	%	100	%

Schedule of fair values of the company's plan assets, by asset category and level

The fair values of our plan assets by asset category are as follows:


	Fair Value Measurements at December 31, 2023
	NAV				Level 1				Level 2				Total
	2023		2022		2023		2022		2023		2022		2023		2022
U.S. Plans:
Equity index:
U.S. (a)	$	—	$	—	$	—	$	—	$	24	$	22	$	24	$	22
International (b)	—		—		—		—		16		14		16		14
Fixed income index:
Long bond (c)	—		—		—		—		133		127		133		127
Government bond (d)	—		—		—		—		89		89		89		89
Other fixed income (e)	57		59		—		—		—		—		57		59
Cash & Short-term Investments (f)	—		—		—		—		6		6		6		6
Total U.S. Plans	$	57	$	59	$	—	$	—	$	268	$	258	$	325	$	317
Non-U.S. Plans:
Equity index:
U.S. (a)	$	—	$	—	$	—	$	—	$	10	$	9	$	10	$	9
International (b)	—		—		—		—		6		6		6		6
Fixed income index:
Government bond (g)	—		—		—		—		78		99		78		99
Corporate bond (h)	—		—		—		—		79		46		79		46
Other (i)	—		—		—		—		25		22		25		22
Cash & Short-term Investments (f)	—		—		2		2		—		5		2		7
Total Non-U.S. Plans	$	—	$	—	$	2	$	2	$	198	$	187	$	200	$	189

______________________


			(a)			This category consists of both passively and actively managed equity index funds that track the return of large capitalization U.S. equities.


			(b)			This category consists of both passively and actively managed equity index funds that track an index of returns on international developed and emerging market equities.


			(c)			This category consists of an actively managed fixed-income index fund that invests in a diversified portfolio of fixed-income securities with maturities generally exceeding 10 years.


			(d)			This category consists of both passively and actively managed fixed-income index funds that invest in a diversified portfolio of fixed income government debt securities with varying maturities.


			(e)			This category consists of an actively managed common collective fund that invests in government bonds, collateralized mortgage obligations, investment grade private credit and real estate debt. This fund is priced monthly at the aggregated market value of the underlying investments and may be fully redeemed with 95 days notice.


			(f)			This category represents cash, cash equivalents, or highly liquid short-term investments.


			(g)			This category consists of both passively and actively managed fixed income index funds that track the return of government bonds with varying maturities.


			(h)			This category consists of actively managed fixed income index funds that track the return of investment grade corporate bonds with varying maturities.


			(i)			This category mainly consists of investment products provided by insurance companies that offer returns that are subject to a minimum guarantee and mutual funds.

Schedule of benefit payments, which reflect anticipated future service, as appropriate and are expected to be made

We expect to pay the following benefit payments to beneficiaries, which reflect anticipated future service, as appropriate:


	U.S. Plans		Non-U.S. Plans
2024	$	26	$	12
2025	26		12
2026	26		12
2027	27		13
2028	24		38
Thereafter	114		73

Postemployment Retirement Benefits

Pension and other postretirement benefits

Schedule of funded status

The information presented below includes plans in the U.S., Brazil and Canada. The changes in the benefit obligations of the plans during 2023 and 2022, as well as the amounts recognized in our Consolidated Balance Sheets at December 31, 2023 and 2022, are as follows:


	2023		2022
Accumulated postretirement benefit obligation
At January 1	$	58	$	65
Service cost	1		1
Interest cost	4		3
Amendments	2		—
Actuarial (gain) loss	1		(7)
Benefits paid	(4)		(4)
Foreign currency translation	2		—
At December 31	64		58
Fair value of plan assets	—		—
Funded status	$	(64)	$	(58)

Schedule of amounts recognized in the consolidated balance sheets

Amounts recorded in the Consolidated Balance Sheets at December 31, 2023 and 2022 consist of:


	2023		2022
Current liabilities	$	(4)	$	(5)
Non-current liabilities	(60)		(53)
Net liability recognized	$	(64)	$	(58)

Schedule of amounts recognized in accumulated other comprehensive loss

Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2023 and 2022, are as follows:


	2023		2022
Net actuarial loss	$	4	$	1
Prior service cost	6		5
Net amount recognized	$	10	$	6

Components of net periodic benefit cost

Components of net periodic benefit cost consisted of the following for 2023, 2022 and 2021:


	2023		2022		2021
Service cost	$	1	$	1	$	1
Interest cost	4		3		2
Amortization of actuarial (gain) loss	(1)		—		1
Amortization of prior service cost (credit)	1		—		(2)
Net periodic benefit cost	$	5	$	4	$	2

Schedule of amounts recorded in other comprehensive income and net periodic benefit cost

Total amounts recorded in other comprehensive income and net periodic benefit cost for 2023, 2022 and 2021 are as follows:


(pre-tax)	2023		2022		2021
Net actuarial loss (gain)	$	1	$	(7)	$	(5)
Prior service cost	2		—		4
Amortization of prior service (cost) credit	(1)		—		2
Amortization of actuarial gain (loss)	1		—		(1)
Foreign currency translation	1		—		(4)
Total recorded in other comprehensive loss (income)	4		(7)		(4)
Net periodic benefit cost	5		4		2
Total recorded in other comprehensive loss (income) and net periodic benefit cost	$	9	$	(3)	$	(2)

Schedule of weighted average assumptions used to determine the company's obligations

We used the following weighted average assumptions to determine our postretirement benefit obligations for 2023 and 2022:


	2023		2022
Discount rate	7.37	%	7.30	%

Schedule of weighted average assumptions used to determine the company's net periodic benefit cost

The following weighted average assumptions were used to determine our net postretirement benefit cost:


	2023		2022		2021
Discount rate	7.30	%	4.22	%	3.69	%

Schedule of assumptions made in measuring the company's postretirement benefit obligation

We used the following assumptions as of December 31, 2023:


	U.S.		Canada		Brazil
2023 increase in per capita cost	7.80	%	5.04	%	8.94	%
Ultimate trend	4.50	%	4.05	%	8.94	%
Year ultimate trend reached	2033		2040		2023

Schedule of benefit payments, which reflect anticipated future service, as appropriate and are expected to be made

We expect to make the following benefit payments to beneficiaries under our postretirement benefit plans, which reflect anticipated future service, as appropriate:



2024	$	4
2025	4
2026	4
2027	4
2028	4
Thereafter	22

Derivatives Instruments and Hedging Activities - Commodity Price Hedging (Details) bu in Millions, MMBTU in Millions	12 Months Ended
	Dec. 31, 2023 MMBTU bu	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	109	120
Natural Gas Commodity
Financial instruments, derivatives and hedging activities
Natural gas swap contract (in mmbtu of natural gas) \| MMBTU	28	31

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
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)	200,000,000.0	200,000,000.0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	77,800,000	77,800,000
Treasury stock (in shares)	12,600,000	12,100,000

Investments - Breakdown of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Investments [Abstract]
Equity investments	$ 27	$ 23
Equity method investments	112	113
Marketable securities	4	3
Total investments	$ 143	$ 139

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

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, 2020		$ 1	$ 1,150	$ (1,024)	$ (1,133)	$ 3,957	$ 21
Increase (Decrease) in Stockholders' Equity
Net income (loss)						117	11
Dividends declared						(175)	(11)
Repurchases of common stock, net				(68)
Share-based compensation, net of issuance			8	31
Other comprehensive (loss)					236		(3)
Balance at end of period at Dec. 31, 2021		1	1,158	(1,061)	(897)	3,899	18
Share-based payments subject to redemption, beginning balance at Dec. 31, 2020	$ 30
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	6
Share-based payments subject to redemption, ending balance at Dec. 31, 2021	36
Redeemable non-controlling interests, beginning balance at Dec. 31, 2020	70
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	(3)
Other comprehensive income (loss)	4
Redeemable non-controlling interests, ending balance at Dec. 31, 2021	71
Increase (Decrease) in Stockholders' Equity
Net income (loss)						492	9
Dividends declared						(181)	(5)
Repurchases of common stock, net				(112)
Share-based compensation, net of issuance			3	25
Fair market value adjustment to non-controlling interests			(29)
Other comprehensive (loss)					(151)		(6)
Balance at end of period at Dec. 31, 2022	3,163	1	1,132	(1,148)	(1,048)	4,210	16
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	12
Share-based payments subject to redemption, ending balance at Dec. 31, 2022	48
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	1
Fair market value adjustment to non-controlling interests	29
Non-controlling interest purchases	(46)
Other comprehensive income (loss)	(4)
Redeemable non-controlling interests, ending balance at Dec. 31, 2022	51
Increase (Decrease) in Stockholders' Equity
Net income (loss)						643	7
Dividends declared						(199)	(3)
Repurchases of common stock, net				(101)
Share-based compensation, net of issuance			7	42
Fair market value adjustment to non-controlling interests			7
Other comprehensive (loss)					(8)		(6)
Balance at end of period at Dec. 31, 2023	3,552	$ 1	$ 1,146	$ (1,207)	$ (1,056)	$ 4,654	$ 14
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	7
Share-based payments subject to redemption, ending balance at Dec. 31, 2023	55
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	1
Fair market value adjustment to non-controlling interests	(7)
Non-controlling interest purchases	(2)
Other comprehensive income (loss)	0
Redeemable non-controlling interests, ending balance at Dec. 31, 2023	$ 43

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 651	$ 502	$ 125
Other comprehensive income:
(Losses) gains on cash flow hedges, net of income tax effect of $40, $53 and $58, respectively	(111)	157	160
Losses (gains) on cash flow hedges reclassified to earnings, net of income tax effect of $21, $69 and $55, respectively	57	(199)	(154)
Actuarial (losses) gains on pension and other postretirement obligations, settlements and plan amendments, net of income tax effect of $—, $1 and $9, respectively	(2)	(4)	19
Losses on pension and other postretirement obligations reclassified to earnings, net of income tax effect of $—	1	0	0
Currency translation adjustment	47	(105)	211
Comprehensive income	643	351	361
Less: Comprehensive income attributable to non-controlling interests	2	0	9
Comprehensive income attributable to Ingredion	$ 641	$ 351	$ 352

Equity - Share Activity (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capital Stock Activity
Balance at beginning of period (in shares)	65,694	66,657	67,016
Stock options exercised (in shares)	(386)	(182)	(331)
Purchase/acquisition of treasury stock, outstanding (in shares)	(1,000)	(1,283)	(765)
Balance at end of period (in shares)	65,239	65,694	66,657
Restricted Stock Units ("RSUs") \| Employee
Capital Stock Activity
Issuance of share-based awards (in shares)	(108)	(95)	(69)
Performance shares and other share-based awards
Capital Stock Activity
Issuance of share-based awards (in shares)	(51)	(43)	(6)
Common Stock
Capital Stock Activity
Balance at beginning of period (in shares)	77,811	77,811	77,811
Stock options exercised (in shares)	0	0	0
Purchase/acquisition of treasury stock, held in treasury (in shares)	0	0	0
Balance at end of period (in shares)	77,811	77,811	77,811
Common Stock \| Restricted Stock Units ("RSUs") \| Employee
Capital Stock Activity
Issuance of share-based awards (in shares)	0	0	0
Common Stock \| Performance shares and other share-based awards
Capital Stock Activity
Issuance of share-based awards (in shares)	0	0	0
Treasury Stock
Capital Stock Activity
Balance at beginning of period (in shares)	12,117	11,154	10,795
Stock options exercised (in shares)	(386)	(182)	(331)
Purchase/acquisition of treasury stock, held in treasury (in shares)	1,000	1,283	765
Balance at end of period (in shares)	12,572	12,117	11,154
Treasury Stock \| Restricted Stock Units ("RSUs") \| Employee
Capital Stock Activity
Issuance of share-based awards (in shares)	(108)	(95)	(69)
Treasury Stock \| Performance shares and other share-based awards
Capital Stock Activity
Issuance of share-based awards (in shares)	(51)	(43)	(6)

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of assets and liabilities held for sale

The following table presents the major classes of assets and liabilities classified as held for sale for the South Korea divestment. Assets classified as held for sale are included in Prepaid expenses and assets held for sale, and liabilities held for sale are included in Accrued liabilities and liabilities held for sale on the Consolidated Balance Sheets as of December 31, 2023.


	December 31, 2023
Accounts receivable, net	38
Inventories	69
Property, plant and equipment, net	100
Other assets	4
Assets held for sale	$	211

Short-term borrowings	$	2
Accounts payable	30
Accrued liabilities	14
Non-current liabilities	5
Liabilities held for sale	$	51

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash from operating activities
Net income	$ 651	$ 502	$ 125
Non-cash charges to net income:
Depreciation and amortization	219	215	220
Mechanical stores expense	62	55	55
Impairment on disposition of assets	0	0	340
Deferred income taxes	(6)	(3)	(61)
Other non-cash charges	69	57	8
Changes in working capital:
Accounts receivable and prepaid expenses	77	(310)	(162)
Inventories	69	(468)	(312)
Accounts payable and accrued liabilities	(79)	158	226
Margin accounts	10	(44)	(32)
Other	(15)	(10)	(15)
Cash provided by operating activities	1,057	152	392
Cash from investing activities
Capital expenditures and mechanical stores purchases	(316)	(300)	(300)
Proceeds from disposal of manufacturing facilities and properties	2	7	18
Payments for acquisitions, net of cash acquired	0	(29)	(40)
Other	(15)	2	(13)
Cash used for investing activities	(329)	(320)	(335)
Cash from financing activities
Proceeds from borrowings	720	825	1,300
Payments on debt	(949)	(532)	(1,690)
Commercial paper (repayments) borrowings, net	(63)	140	250
Repurchases of common stock, net	(101)	(112)	(68)
Issuances of common stock for share-based compensation, net	20	9	19
Purchases of non-controlling interests	(2)	(46)	0
Dividends paid, including to non-controlling interests	(194)	(181)	(184)
Cash (used for) provided by financing activities	(569)	103	(373)
Effects of foreign exchange rate changes on cash	6	(27)	(21)
Increase (decrease) in cash and cash equivalents	165	(92)	(337)
Cash and cash equivalents, beginning of period	236	328	665
Cash and cash equivalents, end of period	$ 401	$ 236	$ 328

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating losses
Net operating loss carryforwards	$ 58,000,000	$ 59,000,000
Net operating loss carryforwards, federal	2,000,000
Net operating loss carryforwards, state	14,000,000
Net operating loss carryforwards, foreign	42,000,000
Valuation allowances	(46,000,000)	$ (51,000,000)
Increase in foreign net operating loss carryforwards	$ 10,000,000
Provision for tax at U.S. statutory rate	21.00%	21.00%	21.00%
Accrual for foreign withholding on unremitted earnings from foreign subsidiaries	$ 1,000,000
Tax provision on distributions of unremitted earnings	0
Unremitted earnings of foreign subsidiaries considered permanently reinvested	2,700,000,000
Unrecognized tax benefits	31,000,000	$ 30,000,000	$ 29,000,000
Unrecognized tax benefit that, if recognized, could affect the effective tax rate in future periods	20,000,000
Remaining unrecognized tax benefits	11,000,000
Unrecognized tax benefit for operating loss carryforwards that would have otherwise had a valuation allowance	10,000,000
Unrecognized tax benefits for U.S. federal benefits	1,000,000
Unrecognized tax benefits, accrued interest expense and penalties	5,000,000
Amount of unrecognized tax benefits that may be recognized within 12 months	4,000,000
Foreign Tax Authority
Operating losses
Loss carryforwards, valuation allowance	23,000,000
Credit carryforwards, valuation allowance	1,000,000
State and Local Jurisdiction
Operating losses
Loss carryforwards, valuation allowance	14,000,000
Credit carryforwards, valuation allowance	6,000,000
Domestic Tax Authority
Operating losses
Loss carryforwards, valuation allowance	2,000,000
Canada
Operating losses
Net operating loss carryforwards, foreign	$ 24,000,000
Foreign carryforward period (in years)	20 years
Provision for tax at U.S. statutory rate	26.00%
Australia
Operating losses
Net operating loss carryforwards, foreign	$ 5,000,000
Brazil
Operating losses
Net operating loss carryforwards, foreign	$ 4,000,000
Provision for tax at U.S. statutory rate	34.00%
Argentina
Operating losses
Net operating loss carryforwards, foreign	$ 3,000,000
Foreign carryforward period (in years)	5 years
Malaysia
Operating losses
Net operating loss carryforwards, foreign	$ 3,000,000
Foreign carryforward period (in years)	10 years
Mexico
Operating losses
Provision for tax at U.S. statutory rate	30.00%
Germany
Operating losses
Provision for tax at U.S. statutory rate	32.00%
Colombia
Operating losses
Provision for tax at U.S. statutory rate	35.00%
Pakistan
Operating losses
Provision for tax at U.S. statutory rate	39.00%

Derivatives Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Instruments and Hedging Activities

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. A portion of our corn and soybean oil derivatives are not designated as hedging instruments for accounting purposes.

We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 109 million and 120 million bushels of corn as of December 31, 2023 and 2022, respectively. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 28 million and 31 million mmbtus of natural gas as of December 31, 2023 and 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 net assets and 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.

We hedge certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $694 million and $405 million as of December 31, 2023 and 2022, respectively. We also hedge certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $182 million and $239 million as of December 31, 2023 and 2022, respectively.

We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $449 million and $668 million as of December 31, 2023 and 2022, respectively. We also hedge certain liability positions using foreign currency cash flow hedging instruments, which had a notional value of $621 million and $840 million as of December 31, 2023 and 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. 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 open T-Locks as of December 31, 2023 and 2022.

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


Derivatives in Cash Flow Hedging Relationships	Gains (Losses) included in AOCL as of December 31,
	2023		2022
Commodity contracts, net of income tax effect of $17 and $3, respectively	$	(46)	$	8
Foreign currency contracts, net of income tax effect of $ 1 and $—, respectively	—		1
Interest rate contracts, net of income tax effect of $1	(2)		(3)
Total	$	(48)	$	6

As of December 31, 2023, AOCL included $46 million of net losses (net of income taxes of $16 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 twelve months.

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


	Fair Value of Hedging Instruments as of December 31, 2023
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	6	$	11	$	17	$	—	$	5	$	5
Other assets	—		4		4		—		—		—
Assets	6		15		21		—		5		5
Accounts payable and accrued liabilities	44		14		58		2		12		14
Non-current liabilities	2		2		4		—		—		—
Liabilities	46		16		62		2		12		14
Net Assets/(Liabilities)	$	(40)	$	(1)	$	(41)	$	(2)	$	(7)	$	(9)


	Fair Value of Hedging Instruments as of December 31, 2022
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	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 are as follows:


Derivatives in Cash Flow Hedging Relationships	Gains (Losses) Recognized in OCL on Derivatives						Income Statement Location	Gains (Losses) Reclassified from AOCL into Income
	2023		2022		2021			2023		2022		2021
Commodity contracts	$	(161)	$	202	$	218	Cost of sales	$	(87)	$	261	$	211
Foreign currency contracts	10		8		—		Net sales/Cost of sales	10		7		(1)
Interest rate contracts	—		—		—		Financing costs	(1)		—		(1)
Total	$	(151)	$	210	$	218		$	(78)	$	268	$	209

Supplementary Information - Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Supplementary Information
Finished and in process	$ 926	$ 962
Raw materials	434	539
Manufacturing supplies	90	96
Total inventories	$ 1,450	$ 1,597

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The original carrying value of goodwill and accumulated impairment charges at December 31, 2023 are as follows:


	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 January 1, 2023	622		16		190		72		900
Acquisitions	—		—		19		—		19
Currency translation	—		2		(5)		2		(1)
Balance at December 31, 2023	$	622	$	18	$	204	$	74	$	918

Schedule of intangible assets

A summary of other intangible assets is as follows:


December 31, 2023	Gross		Accumulated Amortization		Net		Weighted Average Useful Life (years)
Trademarks/tradenames (indefinite-lived)	$	143	$	—	$	143	—
Patents	31		(9)		22		12
Customer relationships	358		(170)		188		19
Technology	111		(103)		8		9
Other	41		(17)		24		15
Total other intangible assets	$	684	$	(299)	$	385	17


December 31, 2022	Gross		Accumulated Amortization		Net		Weighted Average Useful Life (years)
Trademarks/tradenames (indefinite-lived)	$	143	$	—	$	143	—
Patents	32		(7)		25		12
Customer relationships	356		(150)		206		19
Technology	102		(101)		1		9
Other	43		(17)		26		15
Total other intangible assets	$	676	$	(275)	$	401	17

Schedule of amortization expense related to intangible assets

Estimated future amortization expense related to intangible assets is as follows:


Years ending December 31,	Estimated Future Amortization Expense
2024	$	26
2025	26
2026	26
2027	26
2028	26

- 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

Pension and Other Postretirement Benefits - Postretirement Assumptions and Trends (Details) - Postemployment Retirement Benefits	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted average assumptions used to determine the company's obligations
Discount rate	7.37%	7.30%
Weighted average assumptions used to determine the company's net periodic benefit cost
Discount rate	7.30%	4.22%	3.69%
U.S. Plans
Assumptions used in measuring benefit obligation
2023 increase in per capita cost	7.80%
Ultimate trend	4.50%
Year ultimate trend reached	2033
Canada
Assumptions used in measuring benefit obligation
2023 increase in per capita cost	5.04%
Ultimate trend	4.05%
Year ultimate trend reached	2040
Brazil
Assumptions used in measuring benefit obligation
2023 increase in per capita cost	8.94%
Ultimate trend	8.94%
Year ultimate trend reached	2023

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of the components of income before income taxes

The components of income before income taxes and the provision for income taxes for the years indicated are presented below:


	2023		2022		2021
Income before income taxes:
U.S.	$	244	$	111	$	39
Foreign	595		557		209
Total income before income taxes	839		668		248
Provision for income taxes:
Current tax expense:
U.S. federal	6		8		2
State and local	5		2		2
Foreign	183		159		180
Total current tax expense	194		169		184
Deferred tax expense (benefit):
U.S. federal	—		5		(57)
State and local	1		(1)		(2)
Foreign	(7)		(7)		(2)
Total deferred tax (benefit)	(6)		(3)		(61)
Total provision for income taxes	$	188	$	166	$	123

Schedule of the tax effects of significant temporary difference

Significant temporary differences as of December 31, 2023 and 2022, are summarized as follows:


	2023		2022
Deferred tax assets attributable to:
Employee benefit accruals	$	32	$	30
Pensions and postretirement plans	16		14
Lease liabilities	54		49
Bad debt	5		6
Inventory reserve	16		22
Net operating loss carryforwards	58		59
Tax credit carryforwards	5		5
Derivative contracts	16		—
Uniform capitalization	12		9
Other	35		33
Total deferred tax assets	249		227
Valuation allowances	(46)		(51)
Net deferred tax assets	203		176
Deferred tax liabilities attributable to:
Property, plant and equipment	184		175
Identified intangibles	33		48
Right-of-use lease assets	51		46
Foreign withholding and state taxes on unremitted earnings	1		1
Goodwill	35		31
Brazilian indirect tax credits	—		4
Derivative contracts	—		3
Total deferred tax liabilities	304		308
Net deferred tax liabilities	$	101	$	132

Schedule of reconciliation of US federal statutory tax rate to effective tax rate

A reconciliation of the U.S. federal statutory tax rate to our effective tax rate follows:


	2023		2022		2021
Provision for tax at U.S. statutory rate	21.0	%	21.0	%	21.0	%
Tax rate difference on foreign income	6.1		7.2		13.3
Foreign currency foreign exchange	(1.8)		(0.3)		3.2
Inflation adjustments	(0.5)		(0.6)		(4.0)
Tax benefit of intercompany financing	(0.4)		(0.4)		(1.6)
U.S. international tax implications	1.0		2.2		0.8
Valuation allowance in Argentina	—		—		(0.4)
Favorable judgment on the treatment of credits and interest on indirect taxes	(0.2)		(0.3)		(4.8)
Unremitted earnings	—		—		(12.1)
Impairment charge related to Argentina joint venture	—		—		35.5
Foreign-derived intangible income (FDII)	(1.5)		(1.0)		—
Brazil exclusion of certain tax incentives	(1.2)		(4.0)		—
Other items, net	(0.1)		1.1		(1.3)
Provision at effective tax rate	22.4	%	24.9	%	49.6	%

Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits, excluding interest and penalties

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for 2023 and 2022 is as follows:


	2023		2022
Balance at January 1	$	30	$	29
Additions for tax positions related to prior years	1		5
Reductions for tax positions related to prior years	(1)		(1)
Additions based on tax positions related to the current year	1		1
Reductions related to a lapse in the statute of limitations	—		(4)
Balance at December 31	$	31	$	30

Equity - Preferred Stock (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Preferred stock:
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
Preferred stock, outstanding (in shares)	0	0

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The components of lease expense are as follows:


	2023		2022		2021
Operating lease expense	$	63	$	59	$	58
Variable operating lease expense	26		27		26
Short term lease expense	3		3		4
Lease expense	$	92	$	89	$	88

We have operating leases for certain rail cars, office spaces, warehouses and machinery and equipment. We currently have no finance leases. The following is a reconciliation of future undiscounted cash flows to the operating lease liabilities and the related operating lease assets as presented within Other non-current liabilities and Other assets, respectively, on our Consolidated Balance Sheets as of December 31, 2023:


2024	$	63
2025	52
2026	45
2027	29
2028	14
Thereafter	31
Total future lease payments	234
Less imputed interest	21
Present value of future lease payments	213
Less current lease liabilities	56
Non-current operating lease liabilities	$	157
Operating lease assets	$	208

Supplemental cash flow information arising from lease transactions is as follows:


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	64	$	60
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	72	$	52


	Year Ended December 31,
Lease term and discount rate	2023		2022
Weighted average remaining lease term	5.3 years		5.9 years
Weighted average discount rate	4.6	%	4.4	%

Description of the Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation: The Consolidated Financial Statements consist of the accounts of Ingredion, including all subsidiaries. Intercompany accounts and transactions are eliminated in consolidation.
Use of estimates	Use of estimates: The preparation of the accompanying Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates and assumptions impact the value of purchase consideration, accounts receivable, inventories, certain investments, goodwill, intangible assets and other long-lived assets, legal contingencies, income taxes, and pension and other postretirement benefits, among others. These estimates and assumptions are based on our best estimates and judgment. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We will adjust such estimates and assumptions when facts and circumstances dictate. Corn price volatility, adverse changes in the global economic environment, foreign currency devaluations versus the U.S. dollar, and access to credit markets increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the financial statements in future periods.
Foreign currency translation	Foreign currency translation: Assets and liabilities of foreign subsidiaries, other than those whose functional currency is the U.S. dollar, are translated at current exchange rates with the related translation adjustments reported in equity as a component of Accumulated other comprehensive loss (“AOCL”), and income statement accounts are translated at the average exchange rate during the period. The U.S. dollar is the functional currency for our subsidiaries in Mexico and Argentina, and we translate their monetary assets and liabilities at current exchange rates with the related adjustment included in financing costs in our Consolidated Statements of Income. Non-monetary assets and liabilities are translated at historical exchange rates with the related translation adjustments included in AOCL in our Consolidated Balance Sheets.
Revenue recognition	Revenue recognition: Ingredion recognizes revenue under the core principle to depict our transfer of products and solutions to customers in amounts that reflect the consideration we expect to receive. To achieve that core principle, we apply the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. We identify customer purchase orders, which in some cases are governed by a master sales agreement, as the contracts with our customers. For each contract, we consider the transfer of products, each of which is distinct, to be the identified performance obligation. The pricing model can be fixed or variable within the contract. The variable pricing model is based on historical commodity pricing and is determinable before we complete the performance obligation. To determine the transaction price for the contract performance obligations, we also evaluate whether the price could be adjusted, and we may reduce the transaction price for certain sales adjustments such as volume incentive discounts and other discount arrangements. We estimate transaction price adjustments using the expected value method based on our analysis of historical volume incentives or discounts over a period considered adequate to account for current pricing and business trends. Historically, actual volume incentives and discounts relative to those estimated and included when determining the transaction price have not materially differed. We accrue volume incentives and discounts in Accrued liabilities and liabilities held for sale in the Consolidated Balance Sheets when we satisfy the performance obligation. We consider the product price as specified in the contract, net of any discounts, as the standalone selling price as it is an observable input that represents the price if we sold the product to a similar customer in similar circumstances. We do not recognize any significant financing components since payment is due shortly after we satisfy our performance obligation. We recognize revenue when we satisfy our performance obligation and control is transferred to the customer, which occurs at a point in time, either upon delivery to an agreed upon location or to the customer. Further, in determining whether control has transferred, we consider if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer. Shipping and handling activities related to contracts with customers represent fulfillment costs and are recorded in Cost of sales in the Consolidated Statements of Income. Taxes assessed by governmental authorities and collected from customers are accounted for on a net basis and excluded from net sales. We expense costs to obtain a contract when we incur the costs since most contracts are one year or less. These costs primarily include our internal sales force compensation. Under the terms of these programs, the compensation is generally earned, and the costs are recognized when we recognize the revenue. From time to time, we may enter into long-term contracts with our customers. Historically, such contracts do not result in significant contract assets or liabilities. Any such arrangements are accounted for in Other assets or Accrued liabilities and liabilities held for sale in the Consolidated Balance Sheets.
Cash and cash equivalents	Cash and cash equivalents: Cash equivalents consist of all instruments purchased with an original maturity of three months or less and that have virtually no risk of loss in value.
Accounts receivable	Accounts receivable: Accounts receivable consists of trade and other receivables carried at approximate fair value, net of an allowance for credit losses. The allowance for credit losses is determined using our best estimate of expected credit losses based on historical experience and current forecasts of future economic conditions, and we adjust this estimate over the life of the receivable as needed.
Inventories	Inventories: Inventories are stated at the lower of cost or net realizable value. Costs are predominantly determined using the weighted average method.
Long-term investments	Long-term investments: We hold marketable securities and equity investments, which we include in Other assets in the Consolidated Balance Sheets. Marketable securities are carried at fair value and we record changes in fair value to Other operating (income) expense in the Consolidated Statements of Income if we maintain the securities for processing transactions that directly support operating activities; otherwise, we record changes in fair value to Other non-operating (income) expense in the Consolidated Statements of Income. Equity investments in companies for which we do not have the ability to exercise significant influence are accounted for at fair value, with changes in fair value recorded in Other non-operating expense (income) in the Consolidated Statements of Income. Equity securities without readily determinable fair values are carried at cost, less impairments, if any, and adjusted for observable price changes for the identical or a similar investment of the same issuer. We perform a qualitative impairment assessment to determine if such investments are impaired, which considers all available information, including declines in the financial performance of the issuing entity, the issuing entity’s operating environment and general market conditions. Impairments of equity securities without readily determinable fair value are recorded in Other non-operating expense (income) in the Consolidated Statements of Income. Equity investments in companies for which we have the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. Our share of the earnings or losses reported by equity method investees is recognized in Other operating (income) expense in the Consolidated Statements of Income. Each reporting period, we evaluate declines in the fair value of equity method investments below carrying value to determine if any are other-than-temporary and if so, we write down the investment to its estimated fair value. Impairments are recognized in Restructuring/impairment charges in the Consolidated Statements of Income.
Leases	Leases: We determine if an arrangement contains a lease, as well as its classification as an operating lease or finance lease, at the inception of the agreement. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. The commencement date used for the calculation of the lease obligations recorded is the latter of the lease start date or January 1, 2019, which is when we adopted Accounting Standards Codification (“ASC”) 842. As most of our leases do not provide an implicit rate, we use an incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. The lease asset value includes in our calculation any prepaid lease payments made and any lease incentives received from the arrangement as a reduction of the asset. Certain leases have options to terminate or extend the life of the lease, which we include in the lease asset and lease liability calculation when we have sole discretion to exercise the option and it is reasonably certain we will. We do not separate lease and non-lease components for our leases when it is impracticable to separate them, such as leases with variable payment arrangements. We have certain leases that have variable payments based solely on output or usage of the leased asset, which we do not record in our Consolidated Balance Sheets, but expense as incurred. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.
Property, plant and equipment and definite-lived intangible assets	Property, plant and equipment and definite-lived intangible assets: Property, plant and equipment (“PP&E”) is stated at cost less accumulated depreciation and definite-lived intangible assets are stated at cost less accumulated amortization. For PP&E, depreciation is generally computed on the straight-line basis over the estimated useful lives of depreciable assets, which range from 25 to 50 years for buildings and from two to 25 years for machinery and equipment. Costs for mechanical stores represent costs for spare parts used in the production process that are capitalized in PP&E as part of machinery and equipment until they are utilized in the manufacturing process and expensed as a period cost. Where permitted by law, accelerated depreciation methods are used for tax purposes. For definite-lived intangible assets, we recognize the cost of these amortizable assets in operations over their estimated useful life, which range from two to 30 years. We review the recoverability of the net book value of PP&E and definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. If this review indicates that the carrying values of the asset group will not be recovered, we reduce the carrying values to fair value and recognize an impairment charge. The impairment analysis for long-lived assets occurs before the goodwill impairment assessment described below.
Assets held for sale	Assets held for sale: We classify long-lived assets or disposal groups as held for sale in the period when all of the following conditions have been met: •we have approved and committed to a plan to sell the assets or disposal group, •the asset or disposal group is available for immediate sale in its present condition, •an active program to locate a buyer and other actions required to complete the sale have been initiated, •the sale of the asset or disposal group is probable and expected to be completed within one year, •the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and •it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When all the held for sale criteria are met, we initially measure a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or the fair value less any costs to sell, recognize any resulting losses, and cease depreciation and amortization of the long-lived asset or assets within a disposal group. Until the date of sale or until the asset or disposal group are no longer classified as held for sale, we assess fair value less any costs to sell and recognize any resulting losses at each reporting period. Gains are not recognized until the date of the sale.
Indefinite-lived intangible assets and goodwill	Indefinite-lived intangible assets and goodwill: We have certain indefinite-lived intangible assets in the form of tradenames and trademarks. Our methodology for allocating the purchase price of acquisitions is based on established valuation techniques that reflect the consideration of a number of factors, including valuations performed by third-party appraisers when appropriate. Goodwill represents the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed. We assess indefinite-lived intangible assets and goodwill for impairment annually (or other circumstances requiring assessment), which we perform as of July 1 of each year. In testing indefinite-lived intangible assets for impairment, we first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is greater than its carrying amount. If not, then we determine the fair value of the indefinite-lived intangible assets by performing a quantitative impairment analysis that considers various factors, including net sales derived from these intangibles and certain market and industry conditions. In testing goodwill for impairment, we first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount. If not, then an impairment exists for the difference between the fair value and carrying value of the reporting unit. This difference is not to exceed the goodwill recorded at the reporting unit.
Hedging instruments	Hedging instruments: We use derivative financial instruments consisting primarily of commodity futures, swaps and option contracts, forward currency contracts and options, interest rate swaps, and Treasury lock agreements (“T-Locks”). When we enter a derivative contract, we designate the derivative as a hedge of variable cash flows to be paid related to certain forecasted transactions (“a cash flow hedge”), as a hedge of the fair value of certain fixed (“firm”) commitments (“a fair value hedge”), or as a non-designated hedging instrument. This process includes linking all derivatives that are designated as cash flow or fair value hedges to specific assets and liabilities on the Consolidated Balance Sheets, or to specific firm commitments or forecasted transactions. For all hedging relationships, we document the hedging relationships and our risk-management objective and strategy for undertaking the hedge transactions, the hedging instrument, the hedged item, the nature of the risk being hedged, how we will assess the hedging instrument’s effectiveness in offsetting the hedged risk, and a description of the method to measure ineffectiveness. We also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in a hedging transaction is highly effective in offsetting changes in cash flows or fair values of hedged items. For hedging instruments designated as cash flow hedges, unrealized gains and losses associated with marking cash flow hedging contracts to market (fair value) are recorded as a component of other comprehensive loss (“OCL”) and included in the equity section of the Consolidated Balance sheets as part of 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. Gains and losses from cash flow hedging instruments reclassified from AOCL to earnings are reported as Cash provided by operating activities on the Consolidated Statements of Cash Flows. For hedging instruments designated as fair value hedges, unrealized gains and losses associated with marking fair value hedging contracts to market (fair value) are recorded in earnings each period. Unrealized gains and losses on hedged items in designated and highly effective fair value hedges are also recorded in earnings each period. For hedging instruments not designated as hedging instruments for accounting purposes, all realized and unrealized gains and losses from these instruments are recognized in earnings during each accounting period. We assess the effectiveness of hedging contracts based on changes in the contract’s fair value. The changes in the market value of our hedging contracts have historically been, and are expected to be, highly effective at offsetting changes in the price of hedged items. We discontinue hedge accounting prospectively when it is unlikely or not probable that a forecasted transaction will occur or when we determine that the designation of the derivative as a hedging instrument is no longer appropriate, since the derivative is no longer effective in offsetting changes in the cash flows or fair value of the originally intended hedged transaction. When we discontinue hedge accounting, we continue to carry the derivative on the Consolidated Balance Sheets at its fair value and freeze the deferred gains or losses into AOCL. Changes in the fair value of the derivative are recognized in earnings in the same line item as the original hedged transaction instead of AOCL. Any accumulated gains and losses that were included in AOCL in the period we determined the hedge to be ineffective are also released to earnings.
Pension and other postretirement benefits	Pension and other postretirement benefits: All U.S. pension and postretirement benefit plans and most non-U.S. pension and postretirement benefit plans value the vested benefit obligation based on the actuarial present value of the vested benefits to which employees are currently entitled based on their expected date of separation or retirement. For defined benefit plans, the service cost component of net periodic benefit cost is presented within either Cost of sales or Operating expenses on the Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of actuarial loss, amortization of prior service credit and settlement loss components of net periodic benefit cost are presented as Other non-operating expense (income) on the Consolidated Statements of Income. Actuarial gains and losses in excess of 10 percent of the greater of the projected benefit obligation or the market-related value of plan assets are classified in AOCL, along with the related tax impact, and recognized as a component of net periodic benefit cost over the average remaining service period of a plan’s active employees for active defined benefit pension plans and over the average remaining life of a plan’s active employees for frozen defined benefit pension plans.
Share-based compensation	Share-based compensation: We have a stock incentive plan that provides for share-based employee compensation, including the granting of stock options, shares of restricted stock, restricted stock units and performance shares to certain key employees. Compensation expense is generally recognized in the Consolidated Statements of Income on a straight-line basis for all awards over the requisite service period. We estimate a forfeiture rate at the time of certain grants, and we update the estimate throughout the vesting of certain awards within the amount of compensation costs recognized in each period.
Earnings per common share	Earnings per common share: Basic earnings per common share (“EPS”) is computed by dividing Net income attributable to Ingredion by the weighted average number of shares outstanding. Diluted EPS is calculated using the treasury stock method, computed by dividing Net income attributable to Ingredion by the weighted average number of shares outstanding, including the dilutive effect of outstanding stock options and other instruments associated with long-term incentive compensation plans.
Risks and uncertainties	Risks and uncertainties: We operate domestically and internationally, and our business and assets in each country are subject to varying degrees of risk and uncertainty. We insure our business and assets in each country against insurable risks in a manner that we deem appropriate. Because of our geographic dispersion, we believe that a loss from a non-insured event in any one country would not have a material adverse effect on our operations as a whole. Additionally, we believe there is no significant concentration of risk with any single customer or supplier whose failure or non-performance would materially affect our results. We do not consider the potential for insurance recoveries if we record accruals for estimated probable costs from events or circumstances that may be insured.
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 Consolidated Financial Statements. In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The amendments require buyers to disclose information about supplier finance programs that is sufficient to allow financial statement users to understand their nature, activity during the period, changes from period to period and potential magnitude. The amendments in this update are effective for annual periods beginning after December 15, 2022, 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 during the first quarter of 2024. These updates did not have a material impact to our Consolidated Balance Sheets. The disclosure required by the recently adopted accounting standard is reflected in Note 15. We are currently assessing the impact of the rollforward information amendment on our 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 Consolidated Financial Statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280). The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Entities must apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. We are currently assessing the impact of this ASU on our Consolidated Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, the amendment requires information pertaining to taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes with further disaggregation for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this ASU on our Consolidated Financial Statements.

Equity - Performance Shares (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) metric tranche $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)
Share-based compensation
Share-based payments subject to redemption	$ 55	$ 48	$ 36	$ 30
Performance Shares
Share-based compensation
Number of tranches \| metric	2
Granted (in shares) \| shares	93	86	108
Weighted-average fair value per share, granted (in dollars per share) \| $ / shares	$ 114.26	$ 138.85	$ 100.29
Cancelled (in shares) \| shares	34
Unrecognized compensation cost	$ 8
Remaining requisite service period (in years)	1 year 9 months 18 days
Share-based payments subject to redemption	$ 27	$ 20
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 \| 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%
2021 Awards \| Performance Shares
Share-based compensation
Number of tranches \| tranche	2
Estimated pay out (as a percent)	200.00%
2021 Awards \| Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Performance shares available for vesting (as a percent)	100.00%
2020 Awards \| Performance Shares
Share-based compensation
Award pay out achieved (as a percent)	77.00%

Pension and Other Postretirement Benefits - Pension Obligation and Funded Status (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S. Plans
Benefit obligation
Balance at the beginning of the period	$ 300	$ 383
Service cost	3	4	$ 4
Interest cost	15	9	8
Benefits paid	(18)	(25)
Actuarial loss (gain)	5	(71)
Curtailment/settlement/amendments	0	0
Foreign currency translation	0	0
Balance at the end of the period	305	300	383
Fair value of plan assets
Balance at the beginning of the period	317	420
Actual return on plan assets	25	(79)
Employer contributions	1	1
Benefits paid	(18)	(25)
Plan settlements	0	0
Foreign currency translation	0	0
Balance at the end of the period	325	317	420
Funded status	20	17
Non-U.S. Plans
Benefit obligation
Balance at the beginning of the period	188	254
Service cost	4	3	4
Interest cost	10	9	9
Benefits paid	(13)	(13)
Actuarial loss (gain)	8	(49)
Curtailment/settlement/amendments	(1)	(2)
Foreign currency translation	4	(14)
Balance at the end of the period	200	188	254
Fair value of plan assets
Balance at the beginning of the period	189	244
Actual return on plan assets	17	(30)
Employer contributions	6	5
Benefits paid	(13)	(13)
Plan settlements	(1)	(2)
Foreign currency translation	2	(15)
Balance at the end of the period	200	189	$ 244
Funded status	$ 0	$ 1

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 a 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 by the end of 2027. As of December 31, 2023 and 2022, we had $32 million and $27 million, respectively, of remaining tax incentives recorded within Other assets on the Consolidated Balance Sheets. In May 2021, the Brazilian Supreme Court (“Court”) issued its ruling related to the calculation of certain indirect taxes (referred as “Brazil indirect tax matters” in these financial statements), which affirmed the Brazil Federal Court of Appeals (“Lower Court”) rulings that we had received in previous years and affirmed that we are entitled to previously recorded tax credits. The Court ruling ensured that we are entitled to $15 million of additional credits from the period of 2015 to 2018 that was previously unrecorded pending a final Court ruling. We recorded the $15 million of additional credits in 2021 within Other operating (income) expense in the Consolidated Statements of Income. As of December 31, 2023 and 2022, we had $5 million and $17 million, respectively, of remaining indirect tax credits recorded in Other assets and Prepaid expenses and assets held for sale on our Consolidated Balance Sheets. We will use the income tax offsets to eliminate our Brazilian federal tax payments in 2024, including the income tax payable for the indirect taxes recovered. We are currently subject to claims and suits arising in the ordinary course of business, including labor matters, certain environmental proceedings and other commercial claims. We also routinely receive inquiries from regulators and other government authorities relating to various aspects of our business, including with respect to compliance with laws and regulations relating to the environment, and at any given time we have matters at various stages of resolution with the applicable governmental authorities. The outcomes of these matters are not within our complete control and may not be known for prolonged periods of time. We do not believe that the results of currently known legal proceedings and inquires will be material to us. There can be no assurance, however, that such proceedings, matters, claims, suits or investigations or those arising in the future, whether taken individually or in the aggregate, will not have a material adverse effect on our financial condition or results of operations.

Pension and Other Postretirement Benefits - Postretirement Amounts Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts recognized in the Consolidated Balance Sheets
Non-current liabilities	$ (117)	$ (101)
Postemployment Retirement Benefits
Amounts recognized in the Consolidated Balance Sheets
Current liabilities	(4)	(5)
Non-current liabilities	(60)	(53)
Net asset (liability) recognized	(64)	(58)
Amounts recognized in accumulated other comprehensive loss, excluding tax effects, that have not yet been recognized as components of net periodic benefit cost
Net actuarial loss	4	1
Prior service (credit) cost	6	5
Net amount recognized	10	6
Components of net periodic benefit cost
Service cost	1	1	$ 1
Interest cost	4	3	2
Amortization of actuarial (gain) loss	(1)	0	1
Amortization of prior service cost (credit)	1	0	(2)
Net periodic benefit cost	5	4	2
Amounts recorded in other comprehensive income and net periodic benefit cost
Net actuarial loss (gain)	1	(7)	(5)
Prior service cost	2	0	4
Amortization of prior service (cost) credit	(1)	0	2
Amortization of actuarial gain (loss)	1	0	(1)
Foreign currency translation	1	0	(4)
Total recorded in other comprehensive (income) loss	4	(7)	(4)
Net periodic benefit cost	5	4	2
Total recorded in other comprehensive (income) loss and net periodic benefit cost	$ 9	$ (3)	$ (2)

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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 December 31, 2023								As of December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	4	$	4	$	—	$	—	$	3	$	3	$	—	$	—
Derivative assets	26		26		—		—		60		49		11		—
Derivative liabilities	76		43		33		—		64		51		13		—
Long-term debt	1,591		—		1,591		—		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 swap 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. See Note 11 for information on the fair value of pension plan assets.

Segment Information - Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Segment information
Total assets	$ 7,642	$ 7,561
North America
Segment information
Total assets	4,485	4,499
South America
Segment information
Total assets	980	949
Asia- Pacific
Segment information
Total assets	1,479	1,467
EMEA
Segment information
Total assets	$ 698	$ 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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+ Details

Acquisitions and Divestitures - Narrative (Details) $ in Millions, ₩ in Billions						3 Months Ended	12 Months Ended
	Feb. 01, 2024 USD ($)	Feb. 01, 2024 KRW (₩)	Dec. 01, 2022 USD ($)	Aug. 01, 2022 USD ($)	Apr. 01, 2021 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2026	Nov. 10, 2023 USD ($)	Nov. 10, 2023 KRW (₩)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchases of non-controlling interests							$ 2	$ 46	$ 0
Payment for acquisition, net of cash acquired							0	29	40
Goodwill							918	900
Intangible assets, net							1,303	1,301
Pre-tax acquisition and integration costs							0	1	5
South Korea Divestiture \| Held-for-sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture, consideration											$ 294	₩ 384.0
Disposal group, operating profit							$ 30	$ 14	$ 27
South Korea Divestiture \| Held-for-sale, not discontinued operations \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses	$ 247	₩ 330.0
Forecast \| South Korea Divestiture \| Held-for-sale, not discontinued operations \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal						$ 283
Disposal Group, Not Discontinued, Operation Gain (Loss) On Disposal Statement Of Income, Extensible List Not Disclosed Flag						gain
PureCircle Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage by parent							88.00%	87.00%	75.00%
PureCircle Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchases of non-controlling interests							$ 2	$ 46
M.B. Sugars and Pharmaceuticals Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional percentage of outstanding shares acquired			65.00%
Payment for acquisition, net of cash acquired			$ 22
Goodwill			19
Definite-lived intangible assets			$ 9
M.B. Sugars and Pharmaceuticals Limited \| Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional percentage of outstanding shares acquired										35.00%
Amishi Drugs And Chemicals Private Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional percentage of outstanding shares acquired				100.00%
Payment for acquisition, net of cash acquired				$ 7
Intangible assets, net				$ 3
KaTech
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional percentage of outstanding shares acquired					100.00%
Payment for acquisition, net of cash acquired					$ 40
Goodwill					26
Tangible assets					$ 14

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 401	$ 236
Short-term investments	8	3
Accounts receivable, net	1,279	1,411
Inventories	1,450	1,597
Prepaid expenses and assets held for sale	261	62
Total current assets	3,399	3,309
Property, plant and equipment, net	2,370	2,407
Intangible assets, net	1,303	1,301
Other assets	570	544
Total assets	7,642	7,561
Current liabilities:
Short-term borrowings	448	543
Accounts payable	778	873
Accrued liabilities and liabilities held for sale	546	466
Total current liabilities	1,772	1,882
Long-term debt	1,740	1,940
Other non-current liabilities	480	477
Total liabilities	3,992	4,299
Share-based payments subject to redemption	55	48
Redeemable non-controlling interests	43	51
Ingredion stockholders’ equity:
Preferred stock — authorized 25.0 shares — $0.01 par value, none issued	0	0
Common stock — authorized 200.0 shares — $0.01 par value, 77.8 issued at December 31, 2023 and 2022	1	1
Additional paid-in capital	1,146	1,132
Less: Treasury stock (common stock: 12.6 and 12.1 shares at December 31, 2023 and 2022, respectively) at cost	(1,207)	(1,148)
Accumulated other comprehensive loss	(1,056)	(1,048)
Retained earnings	4,654	4,210
Total Ingredion stockholders’ equity	3,538	3,147
Non-redeemable non-controlling interests	14	16
Total stockholders' equity	3,552	3,163
Total liabilities and stockholders' equity	$ 7,642	$ 7,561

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Gains on cash flow hedges, income tax effect	$ 40	$ 53	$ 58
(Gains) losses on cash flow hedges reclassified to earnings, income tax effect	21	69	55
Actuarial (losses) gains on pension and other postretirement obligations, settlements and plan amendments, income tax effect	0	1	9
Losses on pension and other postretirement obligations reclassified to earnings, income tax effect	$ 0	$ 0	$ 0

Derivatives Instruments and Hedging Activities - Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 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, Other non-current liabilities, Accrued liabilities and liabilities held for sale	Accounts payable, Other non-current liabilities, Accrued liabilities and liabilities held for sale
Designated Hedging Instruments
Fair value of derivatives
Fair value of derivative instruments, assets	$ 21	$ 55
Fair value of derivative instruments, liabilities	62	57
Fair value of derivative instruments, net assets/(liabilities)	(41)	(2)
Designated Hedging Instruments \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	17	48
Designated Hedging Instruments \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	4	7
Designated Hedging Instruments \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	58	45
Designated Hedging Instruments \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	4	12
Designated Hedging Instruments \| Commodity contracts
Fair value of derivatives
Fair value of derivative instruments, assets	6	29
Fair value of derivative instruments, liabilities	46	25
Fair value of derivative instruments, net assets/(liabilities)	(40)	4
Designated Hedging Instruments \| Commodity contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	6	28
Designated Hedging Instruments \| Commodity contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	1
Designated Hedging Instruments \| Commodity contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	44	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	15	26
Fair value of derivative instruments, liabilities	16	32
Fair value of derivative instruments, net assets/(liabilities)	(1)	(6)
Designated Hedging Instruments \| Foreign currency contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	11	20
Designated Hedging Instruments \| Foreign currency contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	4	6
Designated Hedging Instruments \| Foreign currency contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	14	23
Designated Hedging Instruments \| Foreign currency contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	2	9
Non-Designated Hedging Instruments
Fair value of derivatives
Fair value of derivative instruments, assets	5	5
Fair value of derivative instruments, liabilities	14	7
Fair value of derivative instruments, net assets/(liabilities)	(9)	(2)
Non-Designated Hedging Instruments \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	5	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	14	7
Non-Designated Hedging Instruments \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	0	0
Non-Designated Hedging Instruments \| Commodity contracts
Fair value of derivatives
Fair value of derivative instruments, assets	0	0
Fair value of derivative instruments, liabilities	2	1
Fair value of derivative instruments, net assets/(liabilities)	(2)	(1)
Non-Designated Hedging Instruments \| Commodity contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	0	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	5	5
Fair value of derivative instruments, liabilities	12	6
Fair value of derivative instruments, net assets/(liabilities)	(7)	(1)
Non-Designated Hedging Instruments \| Foreign currency contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	5	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	12	6
Non-Designated Hedging Instruments \| Foreign currency contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	$ 0	$ 0

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 8,160	$ 7,946	$ 6,894
Cost of sales	6,411	6,452	5,563
Gross profit	1,749	1,494	1,331
Operating expenses	789	715	668
Other operating (income) expense	(8)	13	(34)
Restructuring/impairment charges	11	4	387
Operating income	957	762	310
Financing costs	114	99	74
Other non-operating expense (income)	4	(5)	(12)
Income before income taxes	839	668	248
Provision for income taxes	188	166	123
Net income	651	502	125
Less: Net income attributable to non-controlling interests	8	10	8
Net income attributable to Ingredion	$ 643	$ 492	$ 117
Weighted average common shares outstanding:
Basic (in shares)	66.0	66.2	67.1
Diluted (in shares)	67.0	67.0	67.8
Earnings per common share of Ingredion:
Basic (in dollars per share)	$ 9.74	$ 7.43	$ 1.74
Diluted (in dollars per share)	$ 9.60	$ 7.34	$ 1.73

Investments

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

Investments

Investments as of December 31, 2023 and 2022 are as follows:


	2023		2022
Equity investments	$	27	$	23
Equity method investments	112		113
Marketable securities	4		3
Total investments	$	143	$	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 Consolidated Statements of Income. Of the $11 million of Restructuring/impairment charges in the Consolidated Statements of Income we recorded in 2023, $10 million represented other-than-temporary-impairments on our Amyris joint venture and other joint ventures.

Amyris Joint Venture

On June 1, 2021, we entered into an agreement with Amyris for certain exclusive commercialization rights to Amyris’ rebaudioside M by fermentation product, the exclusive licensing of the product’s manufacturing technology, and a 31 percent ownership stake in a joint venture for the products (the “Amyris joint venture”). In exchange, we contributed $28 million of total consideration, which included $10 million of cash, as well as non-exclusive intellectual property licenses and other consideration valued at $18 million. The transaction resulted in an $8 million gain recorded in Other operating (income) expense, which included $18 million related to the non-exclusive intellectual property licenses, offset by the $10 million cash payment. Beginning June 1, 2021, we began accounting for the investment under the equity method and we recognize our share of results one quarter in arrears due to the timing of when results are available.

Argentina Joint Venture

On February 12, 2021, we 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 that operates five manufacturing facilities in Argentina to sell value-added ingredients to customers in the food, beverage, pharmaceutical and other industries in Argentina, Chile and Uruguay. On August 2, 2021, we 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.

We exchanged certain assets and liabilities with a fair value of $71 million from our Argentina, Chile and Uruguay operations for a value of $64 million of the Argentina joint venture, as well as $7 million of other consideration, including cash, from Grupo Arcor as of August 2, 2021. This resulted in our ownership of 49 percent of the Argentine joint venture’s outstanding shares.

This transaction also resulted in a $340 million impairment charge for assets and liabilities we contributed to the Argentina joint venture, which consisted of $311 million related to the write-off of the cumulative translation losses associated with the contributed net assets and $29 million related to the final write-down of the contributed net assets to fair value. We incurred $4 million and $6 million of pre-tax acquisition and integration costs to acquire the Argentina and Amyris joint venture investments in 2022 and 2021, respectively. The 2022 charges were recorded within Financing costs on the Consolidated Statements of Income.

The Argentina joint venture is accounted for on the equity method of accounting, and we recognize our share of income or expense in Other operating (income) expense one month in arrears due to the timing of when results are available. On December 13, 2023, the new Argentine government allowed the Argentine peso to devalue from the exchange rate of approximately 366 pesos to one U.S. dollar, to 800 pesos to one U.S. dollar. Our 2023 results do not reflect the impact of this devaluation.

Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Equity

Preferred stock: We have authorized 25 million shares of $0.01 par value preferred stock, none of which were issued or outstanding at December 31, 2023 and 2022.

Treasury stock: On September 26, 2022, the Board of Directors approved a stock repurchase program authorizing us to purchase up to 6.0 million shares of our outstanding common stock until 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 2023, we repurchased 1.0 million outstanding shares of common stock in open market transactions at a net cost of $101 million. During 2022, pursuant to our previous stock repurchase program which has since been terminated, we repurchased 1.3 million shares of common stock in open market transactions at a net cost of $112 million.

Common stock share activity for 2023, 2022 and 2021 is as follows:


(Shares of common stock, in thousands)	Issued	Held in Treasury	Outstanding
Balance at December 31, 2020	77,811	10,795	67,016
Issuance of restricted stock units as compensation	—	(69)	69
Performance shares and other share-based awards	—	(6)	6
Stock options exercised	—	(331)	331
Purchase/acquisition of treasury stock	—	765	(765)
Balance at December 31, 2021	77,811	11,154	66,657
Issuance of restricted stock units as compensation	—	(95)	95
Performance shares and other share-based awards	—	(43)	43
Stock options exercised	—	(182)	182
Purchase/acquisition of treasury stock	—	1,283	(1,283)
Balance at December 31, 2022	77,811	12,117	65,694
Issuance of restricted stock units as compensation	—	(108)	108
Performance shares and other share-based awards	—	(51)	51
Stock options exercised	—	(386)	386
Purchase/acquisition of treasury stock	—	1,000	(1,000)
Balance at December 31, 2023	77,811	12,572	65,239

Share-based payments: Share-based compensation expense for 2023, 2022 and 2021 is as follows:


	2023		2022		2021
Stock options:
Pre-tax compensation expense	$	4	$	4	$	3
Income tax benefit	—		—		—
Stock option expense, net of income taxes	4		4		3

Restricted stock units (“RSUs”):
Pre-tax compensation expense	15		13		12
Income tax benefit	(2)		(1)		(1)
RSUs, net of income taxes	13		12		11

Performance shares and other share-based awards:
Pre-tax compensation expense	14		12		8
Income tax benefit	(1)		(1)		(1)
Performance shares and other share-based compensation expense, net of income taxes	13		11		7

Total share-based compensation:
Pre-tax compensation expense	33		29		23
Income tax benefit	(3)		(2)		(2)
Total share-based compensation expense, net of income taxes	$	30	$	27	$	21

We have a stock incentive plan (“SIP”) that was approved on May 19, 2023 and which is administered by the People, Culture and Compensation Committee (“Compensation Committee”) of our Board of Directors that provides for the

granting of stock options, restricted stock, restricted stock units and other share-based awards to certain key employees. A maximum of 5.4 million shares were originally authorized for awards under the SIP. As of December 31, 2023, 5.4 million shares were available for future grants under the SIP. Shares covered by awards that expire, terminate or lapse will again be available for the grant of awards under the SIP.

Stock Options: Under the SIP, 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 granted non-qualified options to purchase 197 thousand, 281 thousand and 358 thousand shares for 2023, 2022 and 2021, respectively. The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:


	For the Year Ended December 31,
	2023		2022		2021
Expected life (in years)	5.5		5.5		5.5
Risk-free interest rate	4.0	%	2.0	%	0.6	%
Expected volatility	28.3	%	23.8	%	23.2	%
Expected dividend yield	2.9	%	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.

Stock option activity in 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	(386)	71.76
Cancelled	(80)	102.66
Outstanding as of December 31, 2023	1,953	$	96.61	4.97	$	29
Exercisable as of December 31, 2023	1,523	$	97.80	4.03	$	22

For 2023, 2022 and 2021, cash received from the exercise of stock options was $28 million, $11 million and $21 million, respectively. As of December 31, 2023, the unrecognized compensation cost related to non-vested stock options totaled $3 million, which is expected to be amortized over the weighted-average period of approximately 1.6 years.

Additional information pertaining to stock option activity is as follows:


	Year Ended December 31,
	2023		2022		2021
Weighted average grant date fair value of stock options granted (per share)	$	23.80	$	15.04	$	12.31
Total intrinsic value of stock options exercised	13		6		10

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.

RSU activity in 2023 is as follows:


(shares in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested at December 31, 2022	517	$	88.04
Granted	222	98.15
Vested	(154)	87.91
Cancelled	(33)	91.30
Non-vested at December 31, 2023	552	$	92.05

The total fair value of RSUs that vested in each of 2023, 2022 and 2021 was $12 million.

At December 31, 2023, the total remaining unrecognized compensation cost related to RSUs was $20 million, which will be amortized on a weighted-average basis over approximately 1.7 years. Recognized compensation cost related to unvested RSUs is included in Share-based payments subject to redemption in the Consolidated Balance Sheets and totaled $28 million for both December 31, 2023 and 2022, respectively.

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 (“ROIC”) against an established ROIC target. The 2021 performance shares were granted in two tranches. Vesting for the first tranche was split evenly between our total shareholder return and Adjusted ROIC against the applicable target. The second tranche of performance share awards vest 100 percent based on the calculation of Adjusted ROIC against the applicable 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 Compensation Committee of the Board of Directors. Compensation expense is based on the fair value of the performance shares at the grant date, established using a Monte Carlo simulation model. The total compensation expense for these awards is amortized over a three-year graded vesting schedule.

For the 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. Compensation expense is based 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. The total compensation expense for these awards is amortized over a three-year graded vesting schedule.

We awarded 93 thousand, 86 thousand and 108 thousand performance shares in 2023, 2022 and 2021, respectively. The weighted average fair value of the shares granted during 2023, 2022 and 2021 was $114.26, $138.85 and $100.29, respectively.

The 2020 performance share awards that vested during 2023 achieved a 77 percent payout of the granted performance shares. As of December 31, 2023, the 2021 performance share awards are estimated to pay out at 200 percent. Additionally, there were 34 thousand shares cancelled during 2023.

As of December 31, 2023, the unrecognized compensation cost relating to these plans was $8 million, which will be amortized over the remaining requisite service periods of 1.8 years. Recognized compensation cost related to these unvested awards is included in Share-based payments subject to redemption in the Consolidated Balance Sheets and totaled $27 million and $20 million at December 31, 2023 and 2022, respectively.

Other share-based awards under the SIP: Under the compensation agreement with the Board of Directors, $150,000 of a non-employee director’s annual retainer is paid in Company common stock. A director may elect to defer all or a portion of the director's common stock or cash compensation, in shares of restricted stock units. These restricted units may not be transferred until a date not less than six months and no more than ten years and six months after the director’s termination of service from the Board of Directors, at which time the restricted units will be settled by delivering shares of common stock with fractional shares to be paid in cash. The compensation expense relating to this plan included in the Consolidated Statements of Income was approximately $2 million in each of 2023, 2022 and 2021. At December 31, 2023, there were approximately 235 thousand restricted stock units outstanding under this plan at a carrying value of approximately $15 million.

Accumulated Other Comprehensive Loss: A summary of Accumulated other comprehensive loss for 2023, 2022 and 2021 is presented below:


	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2020	$	(1,114)	$	42	$	(61)	$	(1,133)
Other comprehensive (loss) income before reclassification adjustments	(100)		218		28		146
Loss (income) reclassified from accumulated other comprehensive loss	311		(209)		—		102
Tax (provision)	—		(3)		(9)		(12)
Net other comprehensive income	211		6		19		236
Balance, December 31, 2021	(903)		48		(42)		(897)
Other comprehensive (loss) income before reclassification adjustments	(105)		210		(5)		100
(Income) reclassified from accumulated other comprehensive loss	—		(268)		—		(268)
Tax benefit	—		16		1		17
Net other comprehensive (loss)	(105)		(42)		(4)		(151)
Balance, December 31, 2022	(1,008)		6		(46)		(1,048)
Other comprehensive income (loss) before reclassification adjustments	47		(151)		(2)		(106)
Loss reclassified from accumulated other comprehensive loss	—		78		1		79
Tax benefit	—		19		—		19
Net other comprehensive income (loss)	47		(54)		(1)		(8)
Balance, December 31, 2023	$	(961)	$	(48)	$	(47)	$	(1,056)

Supplemental Information: The following table provides the computation of basic and diluted earnings per common share (“EPS”).


	2023					2022					2021
	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	643	66.0	$	9.74	$	492	66.2	$	7.43	$	117	67.1	$	1.74

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					0.7
Diluted EPS	$	643	67.0	$	9.60	$	492	67.0	$	7.34	$	117	67.8	$	1.73

Approximately 0.5 million, 1.4 million and 0.9 million share-based awards of common stock were excluded for 2023, 2022 and 2021, respectively, from the calculation of the weighted average number of shares outstanding for diluted EPS because their effects were anti-dilutive.

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 30	$ 29
Additions for tax positions related to prior years	1	5
Reductions for tax positions related to prior years	(1)	(1)
Additions based on tax positions related to the current year	1	1
Reductions related to a lapse in the statute of limitations	0	(4)
Balance at end of period	$ 31	$ 30

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 6,990,000,000
Entity Common Stock, Shares Outstanding		65,563,650
Documents Incorporated by Reference	Information required by Part III (Items 10, 11, 12, 13 and 14) of this document is incorporated by reference to certain portions of the registrant’s definitive Proxy Statement to be distributed in connection with its 2024 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days after December 31, 2023.
Entity Central Index Key	0001046257
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Supplementary Information - Other Non-Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Non-current liabilities:
Non-current operating lease liabilities	$ 157	$ 146
Pension and postretirement liabilities	117	101
Deferred tax liabilities	116	145
Other	90	85
Total other non-current liabilities	$ 480	$ 477
Operating Lease, Liability, Noncurrent, Statement of Financial Position	Total other non-current liabilities	Total other non-current liabilities

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income before income taxes:
U.S.	$ 244	$ 111	$ 39
Foreign	595	557	209
Income before income taxes	839	668	248
Current tax expense:
U.S. federal	6	8	2
State and local	5	2	2
Foreign	183	159	180
Total current tax expense	194	169	184
Deferred tax expense (benefit):
U.S. federal	0	5	(57)
State and local	1	(1)	(2)
Foreign	(7)	(7)	(2)
Total deferred tax (benefit)	(6)	(3)	(61)
Total provision for income taxes	$ 188	$ 166	$ 123

Pension and Other Postretirement Benefits - Pension Amounts Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts recognized in the Consolidated Balance Sheets
Non-current liabilities	$ (117)	$ (101)
Pension Plan
Amounts recognized in accumulated other comprehensive loss, excluding tax effects, that have not yet been recognized as components of net periodic benefit cost
Accumulated benefit obligation	485	469
Pension Plan \| U.S. Plans
Amounts recognized in the Consolidated Balance Sheets
Non-current asset	28	25
Current liabilities	(1)	(1)
Non-current liabilities	(7)	(7)
Net asset (liability) recognized	20	17
Amounts recognized in accumulated other comprehensive loss, excluding tax effects, that have not yet been recognized as components of net periodic benefit cost
Net actuarial loss	32	36
Prior service (credit) cost	(2)	(3)
Net amount recognized	30	33
Information about plan obligations and assets for plans with an accumulated benefit obligation in excess of plan assets
Projected benefit obligation	(8)	(8)
Accumulated benefit obligation	(8)	(8)
Fair value of plan assets	0	0
Components of net periodic benefit cost
Service cost	3	4	$ 4
Interest cost	15	9	8
Expected return on plan assets	(17)	(16)	(17)
Amortization of actuarial (gain) loss	1	0	0
Amortization of prior service cost (credit)	(1)	(1)	(1)
Net periodic benefit cost	1	(4)	(6)
Amounts recorded in other comprehensive income and net periodic benefit cost
Net actuarial (gain) loss	(3)	25	(1)
Prior service cost	0	0	0
Amortization of actuarial gain (loss)	(1)	0	0
Amortization of prior service (cost) credit	1	1	1
Foreign currency translation	0	0	0
Total recorded in other comprehensive (income) loss	(3)	26	0
Net periodic benefit cost	1	(4)	(6)
Total recorded in other comprehensive (income) loss and net periodic benefit cost	(2)	22	(6)
Pension Plan \| Non-U.S. Plans
Amounts recognized in the Consolidated Balance Sheets
Non-current asset	47	43
Current liabilities	(2)	(1)
Non-current liabilities	(45)	(41)
Net asset (liability) recognized	0	1
Amounts recognized in accumulated other comprehensive loss, excluding tax effects, that have not yet been recognized as components of net periodic benefit cost
Net actuarial loss	24	24
Prior service (credit) cost	0	0
Net amount recognized	24	24
Information about plan obligations and assets for plans with an accumulated benefit obligation in excess of plan assets
Projected benefit obligation	(51)	(45)
Accumulated benefit obligation	(40)	(35)
Fair value of plan assets	4	3
Components of net periodic benefit cost
Service cost	4	3	4
Interest cost	10	9	9
Expected return on plan assets	(9)	(7)	(8)
Amortization of actuarial (gain) loss	1	1	2
Amortization of prior service cost (credit)	0	0	0
Net periodic benefit cost	6	6	7
Amounts recorded in other comprehensive income and net periodic benefit cost
Net actuarial (gain) loss	0	(11)	(11)
Prior service cost	0	0	0
Amortization of actuarial gain (loss)	(1)	(1)	(2)
Amortization of prior service (cost) credit	0	0	0
Foreign currency translation	1	(2)	(11)
Total recorded in other comprehensive (income) loss	0	(14)	(24)
Net periodic benefit cost	6	6	7
Total recorded in other comprehensive (income) loss and net periodic benefit cost	$ 6	$ (8)	$ (17)

Intangible Assets - Goodwill (Details) - USD ($)		12 Months Ended
Intangible Assets - Goodwill (Details) - USD ($)	Jul. 01, 2023	Dec. 31, 2023	Dec. 31, 2022
Carrying value of goodwill
Goodwill before impairment charges			$ 1,055,000,000
Accumulated impairment charges			(155,000,000)
Balance at the beginning of the period		$ 900,000,000
Acquisitions		19,000,000
Currency translation		(1,000,000)
Balance at the end of the period		918,000,000
Goodwill impairment	$ 0
North America
Carrying value of goodwill
Goodwill before impairment charges			623,000,000
Accumulated impairment charges			(1,000,000)
Balance at the beginning of the period		622,000,000
Acquisitions		0
Currency translation		0
Balance at the end of the period		622,000,000
South America
Carrying value of goodwill
Goodwill before impairment charges			49,000,000
Accumulated impairment charges			(33,000,000)
Balance at the beginning of the period		16,000,000
Acquisitions		0
Currency translation		2,000,000
Balance at the end of the period		18,000,000
Asia- Pacific
Carrying value of goodwill
Goodwill before impairment charges			311,000,000
Accumulated impairment charges			(121,000,000)
Balance at the beginning of the period		190,000,000
Acquisitions		19,000,000
Currency translation		(5,000,000)
Balance at the end of the period		204,000,000
EMEA
Carrying value of goodwill
Goodwill before impairment charges			72,000,000
Accumulated impairment charges			$ 0
Balance at the beginning of the period		72,000,000
Acquisitions		0
Currency translation		2,000,000
Balance at the end of the period		$ 74,000,000

Pension and Other Postretirement Benefits - Multiemployer Plans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) plan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Multiemployer Plans
Multiemployer benefit plan that company contributes to \| plan	1
Multiemployer plan, maximum contributions by Ingredion	false
Multiemployer plan contributions \| $	$ 11	$ 10	$ 14

Equity - AOCL (Details) - USD ($) $ in Millions	12 Months Ended
Equity - AOCL (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	$ 3,147
Other comprehensive (loss) income before reclassification adjustments	(106)	$ 100	$ 146
(Income) reclassified from accumulated other comprehensive loss	79	(268)	102
Tax (provision)	19	17	(12)
Net other comprehensive income	(8)	(151)	236
Balance at the end of the period	3,538	3,147
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,048)	(897)	(1,133)
Balance at the end of the period	(1,056)	(1,048)	(897)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,008)	(903)	(1,114)
Other comprehensive (loss) income before reclassification adjustments	47	(105)	(100)
(Income) reclassified from accumulated other comprehensive loss	0	0	311
Tax (provision)	0	0	0
Net other comprehensive income	47	(105)	211
Balance at the end of the period	(961)	(1,008)	(903)
Hedging Activities
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	6	48	42
Other comprehensive (loss) income before reclassification adjustments	(151)	210	218
(Income) reclassified from accumulated other comprehensive loss	78	(268)	(209)
Tax (provision)	19	16	(3)
Net other comprehensive income	(54)	(42)	6
Balance at the end of the period	(48)	6	48
Pension and Postretirement Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(46)	(42)	(61)
Other comprehensive (loss) income before reclassification adjustments	(2)	(5)	28
(Income) reclassified from accumulated other comprehensive loss	1	0	0
Tax (provision)	0	1	(9)
Net other comprehensive income	(1)	(4)	19
Balance at the end of the period	$ (47)	$ (46)	$ (42)

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

Schedule of investments

Investments as of December 31, 2023 and 2022 are as follows:


	2023		2022
Equity investments	$	27	$	23
Equity method investments	112		113
Marketable securities	4		3
Total investments	$	143	$	139

Supplementary Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplementary Information

Schedule of accounts receivable, net

Accounts receivable, net as of December 31, 2023 and 2022 were as follows:


	2023		2022
Accounts receivable — trade	$	1,145	$	1,200
Accounts receivable — other	154		228
Allowance for credit losses	(20)		(17)
Total accounts receivable, net	$	1,279	$	1,411

Schedule of inventories

Inventories as of December 31, 2023 and 2022 were as follows:


	2023		2022
Finished and in process	$	926	$	962
Raw materials	434		539
Manufacturing supplies	90		96
Total inventories	$	1,450	$	1,597

Schedule of PP&E

PP&E, net as of December 31, 2023 and 2022 were as follows:


	2023		2022
Land	$	178	$	199
Buildings	853		854
Machinery and equipment	4,767		4,680
Property, plant and equipment, at cost	5,798		5,733
Accumulated depreciation	(3,428)		(3,326)
Property, plant and equipment, net	$	2,370	$	2,407

Schedule of accrued liabilities

Accrued liabilities as of December 31, 2023 and 2022 are as follows:


	2023		2022
Compensation-related costs	$	121	$	112
Current lease liabilities	56		48
Dividends payable	51		47
Taxes payable other than income taxes	46		45
Liabilities held for sale	51		—
Other accrued liabilities	221		214
Total accrued liabilities and liabilities held for sale	$	546	$	466

Schedule of other non-current liabilities

Other non-current liabilities as of December 31, 2023 and 2022 were as follows:


	2023		2022
Non-current operating lease liabilities	$	157	$	146
Pension and postretirement liabilities	117		101
Deferred tax liabilities	116		145
Other	90		85
Total other non-current liabilities	$	480	$	477

Schedule of supplemental cash flow information

The following represents additional cash flow information:


	2023		2022		2021
Interest paid	$	96	$	82	$	72
Income taxes paid	157		187		168

Schedule of quarterly financial data

Earnings per share for each quarter and the year are calculated individually and may not sum to the total for the respective year. Summarized quarterly financial data was as follows:


	1st QTR		2nd QTR		3rd QTR		4th QTR
2023
Net sales	$	2,137	$	2,069	$	2,033	$	1,921
Gross profit	487		441		421		400
Net income attributable to Ingredion	191		163		158		131
Basic earnings per common share of Ingredion	2.89		2.46		2.39		2.00
Diluted earnings per common share of Ingredion	2.85		2.42		2.36		1.97
Per share dividends declared	$	0.71	$	0.71	$	0.78	$	0.78


	1st QTR		2nd QTR		3rd QTR		4th QTR
2022
Net sales	$	1,892	$	2,044	$	2,023	$	1,987
Gross profit	379		390		374		351
Net income attributable to Ingredion	130		142		106		114
Basic earnings per common share of Ingredion	1.94		2.14		1.61		1.73
Diluted earnings per common share of Ingredion	1.92		2.12		1.59		1.71
Per share dividends declared	$	0.65	$	0.65	$	0.71	$	0.71

Intangible Assets - Amortization Expense (Details) - USD ($)		12 Months Ended
	Jul. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense		$ 26,000,000	$ 26,000,000	$ 27,000,000
Indefinite-lived intangible assets impairment	$ 0
Intangible asset amortization expense for the next five years
2024		26,000,000
2025		26,000,000
2026		26,000,000
2027		26,000,000
2028		$ 26,000,000

Supplementary Information - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplementary Information
Net sales	$ 1,921	$ 2,033	$ 2,069	$ 2,137	$ 1,987	$ 2,023	$ 2,044	$ 1,892	$ 8,160	$ 7,946	$ 6,894
Gross profit	400	421	441	487	351	374	390	379	1,749	1,494	1,331
Net income attributable to Ingredion	$ 131	$ 158	$ 163	$ 191	$ 114	$ 106	$ 142	$ 130	$ 643	$ 492	$ 117
Basic earnings per common share of Ingredion (in dollars per share)	$ 2.00	$ 2.39	$ 2.46	$ 2.89	$ 1.73	$ 1.61	$ 2.14	$ 1.94	$ 9.74	$ 7.43	$ 1.74
Diluted earnings per common share of Ingredion (in dollars per share)	1.97	2.36	2.42	2.85	1.71	1.59	2.12	1.92	$ 9.60	$ 7.34	$ 1.73
Per share dividends declared (in dollars per share)	$ 0.78	$ 0.78	$ 0.71	$ 0.71	$ 0.71	$ 0.71	$ 0.65	$ 0.65

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
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Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of components of lease expense

The components of lease expense are as follows:


	2023		2022		2021
Operating lease expense	$	63	$	59	$	58
Variable operating lease expense	26		27		26
Short term lease expense	3		3		4
Lease expense	$	92	$	89	$	88

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

The following is a reconciliation of future undiscounted cash flows to the operating lease liabilities and the related operating lease assets as presented within Other non-current liabilities and Other assets, respectively, on our Consolidated Balance Sheets as of December 31, 2023:


2024	$	63
2025	52
2026	45
2027	29
2028	14
Thereafter	31
Total future lease payments	234
Less imputed interest	21
Present value of future lease payments	213
Less current lease liabilities	56
Non-current operating lease liabilities	$	157
Operating lease assets	$	208

Summary of other lease information

Supplemental cash flow information arising from lease transactions is as follows:


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	64	$	60
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	72	$	52


	Year Ended December 31,
Lease term and discount rate	2023		2022
Weighted average remaining lease term	5.3 years		5.9 years
Weighted average discount rate	4.6	%	4.4	%

Investments - Narrative (Details) $ in Millions			12 Months Ended
Investments - Narrative (Details) $ in Millions	Aug. 02, 2021 USD ($)	Jun. 01, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 13, 2023 $ / $	Dec. 12, 2023 $ / $	Feb. 12, 2021 facility
Equity Method Investments
Restructuring/impairment charges			$ 11	$ 4	$ 387
Impairment of equity method investments			10
Impairment on disposition of assets			$ 0	0	340
Joint venture pre-tax transaction and integration costs				$ 4	6
Foreign currency exchange rate \| $ / $						800	366
Argentina joint venture
Equity Method Investments
Number of manufacturing facilities to be operated \| facility								5
Joint venture, period in arrears			1 month
Amyris joint venture
Equity Method Investments
Ownership percentage		31.00%
Total consideration under equity method investment agreement		$ 28
Cash consideration		10
Non-exclusive license and other consideration		18
Income from equity method investment agreement		$ 8
Argentina joint venture
Equity Method Investments
Ownership percentage	49.00%
Fair value of assets and liabilities transferred	$ 71
Value of shares received as consideration for assets contributed	64
Impairment on disposition of assets					340
Impairment charge - cumulative translation adjustment					311
Impairment charge - write-down of contributed net assets					$ 29
Argentina joint venture \| Grupo Arcor
Equity Method Investments
Cash and other considerations received from joint venture in return of assets and liabilities transferred	$ 7

Leases - Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease Cost
Operating lease expense	$ 63	$ 59	$ 58
Variable operating lease expense	26	27	26
Short term lease expense	3	3	4
Lease expense	$ 92	$ 89	$ 88

Financing Arrangements

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Financing Arrangements

We had total debt outstanding of approximately $2.2 billion and $2.5 billion at December 31, 2023 and 2022, respectively. As of December 31, 2023, our Short-term borrowings consisted primarily of commercial paper borrowings and amounts outstanding under various unsecured local country operating lines of credit. In 2023, we paid the outstanding principal in full and without penalty under our term loan credit agreement that was due on December 16, 2024.

In 2021, we established a commercial paper program under which we may issue senior unsecured notes of short maturities up to a maximum aggregate principal amount of $1.0 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. From the inception of the program until December 31, 2021, the average amount of commercial paper outstanding was $670 million with an average interest rate of 0.27 percent and a weighted average maturity of 48 days. During 2022, the average amount of commercial paper outstanding was $522 million with an average interest rate of 1.97 percent and a weighted average maturity of 16 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. During 2023, the average amount of commercial paper outstanding was $397 million with an average interest rate of 5.30 percent and a weighted average maturity of 11 days. As of December 31, 2023, $327 million of commercial paper was outstanding with an average interest rate of 5.50 percent and a weighted average maturity of 11 days. The amount of commercial paper outstanding under this program in 2024 is expected to fluctuate.

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


	2023				2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
2.900% senior notes due June 1, 2030	$	596	$	536	$	595	$	510
3.200% senior notes due October 1, 2026	499		479		498		470
3.900% senior notes due June 1, 2050	391		300		390		293
6.625% senior notes due April 15, 2037	253		275		253		256
Term loan credit agreement due December 16, 2024	—		—		200		200
Revolving credit agreement	—		—		—		—
Other long-term borrowings	1		1		4		4
Total long-term debt	1,740		1,591		1,940		1,733
Commercial paper	327		327		390		390
Other short-term borrowings	121		121		153		153
Total short-term borrowings	448		448		543		543
Total debt	$	2,188	$	2,039	$	2,483	$	2,276

We guarantee certain obligations of our consolidated subsidiaries, which aggregated to $49 million and $63 million at December 31, 2023 and 2022, respectively.

- Definition

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

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+ Details

Derivatives Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 2022, are as follows:


Derivatives in Cash Flow Hedging Relationships	Gains (Losses) included in AOCL as of December 31,
	2023		2022
Commodity contracts, net of income tax effect of $17 and $3, respectively	$	(46)	$	8
Foreign currency contracts, net of income tax effect of $ 1 and $—, respectively	—		1
Interest rate contracts, net of income tax effect of $1	(2)		(3)
Total	$	(48)	$	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 Consolidated Balance Sheets, are as follows:


	Fair Value of Hedging Instruments as of December 31, 2023
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	6	$	11	$	17	$	—	$	5	$	5
Other assets	—		4		4		—		—		—
Assets	6		15		21		—		5		5
Accounts payable and accrued liabilities	44		14		58		2		12		14
Non-current liabilities	2		2		4		—		—		—
Liabilities	46		16		62		2		12		14
Net Assets/(Liabilities)	$	(40)	$	(1)	$	(41)	$	(2)	$	(7)	$	(9)


	Fair Value of Hedging Instruments as of December 31, 2022
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	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 are as follows:


Derivatives in Cash Flow Hedging Relationships	Gains (Losses) Recognized in OCL on Derivatives						Income Statement Location	Gains (Losses) Reclassified from AOCL into Income
	2023		2022		2021			2023		2022		2021
Commodity contracts	$	(161)	$	202	$	218	Cost of sales	$	(87)	$	261	$	211
Foreign currency contracts	10		8		—		Net sales/Cost of sales	10		7		(1)
Interest rate contracts	—		—		—		Financing costs	(1)		—		(1)
Total	$	(151)	$	210	$	218		$	(78)	$	268	$	209

Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair value of assets and liabilities
Long-term debt	$ 1,591	$ 1,733
Fair Value, Recurring
Fair value of assets and liabilities
Marketable securities	4	3
Derivative assets	26	60
Derivative liabilities	76	64
Long-term debt	1,591	1,733
Fair Value, Recurring \| Level 1
Fair value of assets and liabilities
Marketable securities	4	3
Derivative assets	26	49
Derivative liabilities	43	51
Long-term debt	0	0
Fair Value, Recurring \| Level 2
Fair value of assets and liabilities
Marketable securities	0	0
Derivative assets	0	11
Derivative liabilities	33	13
Long-term debt	1,591	1,733
Fair Value, Recurring \| 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.

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Topic 210
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

Equity - Treasury Stock (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 26, 2022
2022 Stock Repurchase Program
Treasury stock:
Stock repurchase program, number of shares authorized				6,000
Treasury Stock
Treasury stock:
Purchase/acquisition of treasury stock, held in treasury (in shares)	1,000	1,283	765
Repurchases of common stock	$ 101	$ 112	$ 68

Restructuring Charges	12 Months Ended
Restructuring Charges	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges During 2023, we recorded $1 million of pre-tax restructuring charges related to the divestiture of our South Korea business. During 2022, we recorded $4 million of pre-tax restructuring charges, which included $3 million of costs associated with our Cost Smart selling, general and administrative expense (“SG&A”) program and $1 million of costs as part of our Cost Smart Cost of sales program. During 2021, we recorded a total of $47 million of pre-tax restructuring charges. We recorded pre-tax net restructuring charges of $27 million as part of our Cost Smart Cost of sales program, which primarily consisted of accelerated depreciation and other costs recorded in our North America segment. We also recorded $17 million of employee-related and other costs associated with our Cost Smart SG&A program, consisting of professional services and employee-related severance costs primarily in our North America and EMEA segments.

Pension and Other Postretirement Benefits - Pension Benefit Payments (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
U.S. Plans
Benefit plans
Employer contributions	$ 1	$ 1
Expected contribution in next fiscal year	1
Expected future benefit payments
2024	26
2025	26
2026	26
2027	27
2028	24
Thereafter	114
Non-U.S. Plans
Benefit plans
Employer contributions	6	$ 5
Expected contribution in next fiscal year	4
Expected future benefit payments
2024	12
2025	12
2026	12
2027	13
2028	38
Thereafter	$ 73

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income attributable to Ingredion	$ 131	$ 158	$ 163	$ 191	$ 114	$ 106	$ 142	$ 130	$ 643	$ 492	$ 117

- Definition

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

+ References

+ Details

Financing Arrangements - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financing Arrangements
Long-term debt, noncurrent, carrying value	$ 1,740	$ 1,940
Total short-term borrowings, fair value	448	543
Total debt, carrying value	2,188	2,483
Long-term debt, noncurrent, fair value	1,591	1,733
Total short-term borrowings, fair value	448	543
Total debt, fair value	$ 2,039	$ 2,276
2.900% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate	2.90%	2.90%
Long-term debt, noncurrent, carrying value	$ 596	$ 595
Long-term debt, noncurrent, fair value	$ 536	$ 510
3.200% senior notes due October 1, 2026
Financing Arrangements
Debt, interest rate	3.20%	3.20%
Long-term debt, noncurrent, carrying value	$ 499	$ 498
Long-term debt, noncurrent, fair value	$ 479	$ 470
3.900% senior notes due June 1, 2050
Financing Arrangements
Debt, interest rate	3.90%	3.90%
Long-term debt, noncurrent, carrying value	$ 391	$ 390
Long-term debt, noncurrent, fair value	$ 300	$ 293
6.625% senior notes due April 15, 2037
Financing Arrangements
Debt, interest rate	6.625%	6.625%
Long-term debt, noncurrent, carrying value	$ 253	$ 253
Long-term debt, noncurrent, fair value	275	256
Term loan credit agreement due December 16, 2024
Financing Arrangements
Long-term debt, noncurrent, carrying value	0	200
Long-term debt, noncurrent, fair value	0	200
Revolving credit agreement
Financing Arrangements
Long-term debt, noncurrent, carrying value	0	0
Long-term debt, noncurrent, fair value	0	0
Other long-term borrowings
Financing Arrangements
Long-term debt, noncurrent, carrying value	1	4
Long-term debt, noncurrent, fair value	1	4
Commercial paper
Financing Arrangements
Short-term borrowings	327	390
Short-term borrowings, fair value	327	390
Other short-term borrowings
Financing Arrangements
Short-term borrowings	121	153
Short-term borrowings, fair value	$ 121	$ 153

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of reconciliation of common stock share activity

Common stock share activity for 2023, 2022 and 2021 is as follows:


(Shares of common stock, in thousands)	Issued	Held in Treasury	Outstanding
Balance at December 31, 2020	77,811	10,795	67,016
Issuance of restricted stock units as compensation	—	(69)	69
Performance shares and other share-based awards	—	(6)	6
Stock options exercised	—	(331)	331
Purchase/acquisition of treasury stock	—	765	(765)
Balance at December 31, 2021	77,811	11,154	66,657
Issuance of restricted stock units as compensation	—	(95)	95
Performance shares and other share-based awards	—	(43)	43
Stock options exercised	—	(182)	182
Purchase/acquisition of treasury stock	—	1,283	(1,283)
Balance at December 31, 2022	77,811	12,117	65,694
Issuance of restricted stock units as compensation	—	(108)	108
Performance shares and other share-based awards	—	(51)	51
Stock options exercised	—	(386)	386
Purchase/acquisition of treasury stock	—	1,000	(1,000)
Balance at December 31, 2023	77,811	12,572	65,239

Schedule of stock based compensation expense

Share-based compensation expense for 2023, 2022 and 2021 is as follows:


	2023		2022		2021
Stock options:
Pre-tax compensation expense	$	4	$	4	$	3
Income tax benefit	—		—		—
Stock option expense, net of income taxes	4		4		3

Restricted stock units (“RSUs”):
Pre-tax compensation expense	15		13		12
Income tax benefit	(2)		(1)		(1)
RSUs, net of income taxes	13		12		11

Performance shares and other share-based awards:
Pre-tax compensation expense	14		12		8
Income tax benefit	(1)		(1)		(1)
Performance shares and other share-based compensation expense, net of income taxes	13		11		7

Total share-based compensation:
Pre-tax compensation expense	33		29		23
Income tax benefit	(3)		(2)		(2)
Total share-based compensation expense, net of income taxes	$	30	$	27	$	21

Schedule of valuation assumptions for stock options

The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:


	For the Year Ended December 31,
	2023		2022		2021
Expected life (in years)	5.5		5.5		5.5
Risk-free interest rate	4.0	%	2.0	%	0.6	%
Expected volatility	28.3	%	23.8	%	23.2	%
Expected dividend yield	2.9	%	2.9	%	2.9	%

Schedule of stock option transactions

Stock option activity in 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	(386)	71.76
Cancelled	(80)	102.66
Outstanding as of December 31, 2023	1,953	$	96.61	4.97	$	29
Exercisable as of December 31, 2023	1,523	$	97.80	4.03	$	22

Schedule of additional information pertaining to stock option activity

Additional information pertaining to stock option activity is as follows:


	Year Ended December 31,
	2023		2022		2021
Weighted average grant date fair value of stock options granted (per share)	$	23.80	$	15.04	$	12.31
Total intrinsic value of stock options exercised	13		6		10

Schedule of restricted unit activity

RSU activity in 2023 is as follows:


(shares in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested at December 31, 2022	517	$	88.04
Granted	222	98.15
Vested	(154)	87.91
Cancelled	(33)	91.30
Non-vested at December 31, 2023	552	$	92.05

Summary of net changes in accumulated other comprehensive loss

A summary of Accumulated other comprehensive loss for 2023, 2022 and 2021 is presented below:


	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2020	$	(1,114)	$	42	$	(61)	$	(1,133)
Other comprehensive (loss) income before reclassification adjustments	(100)		218		28		146
Loss (income) reclassified from accumulated other comprehensive loss	311		(209)		—		102
Tax (provision)	—		(3)		(9)		(12)
Net other comprehensive income	211		6		19		236
Balance, December 31, 2021	(903)		48		(42)		(897)
Other comprehensive (loss) income before reclassification adjustments	(105)		210		(5)		100
(Income) reclassified from accumulated other comprehensive loss	—		(268)		—		(268)
Tax benefit	—		16		1		17
Net other comprehensive (loss)	(105)		(42)		(4)		(151)
Balance, December 31, 2022	(1,008)		6		(46)		(1,048)
Other comprehensive income (loss) before reclassification adjustments	47		(151)		(2)		(106)
Loss reclassified from accumulated other comprehensive loss	—		78		1		79
Tax benefit	—		19		—		19
Net other comprehensive income (loss)	47		(54)		(1)		(8)
Balance, December 31, 2023	$	(961)	$	(48)	$	(47)	$	(1,056)

Schedule of basic and diluted earnings per common share

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


	2023					2022					2021
	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	643	66.0	$	9.74	$	492	66.2	$	7.43	$	117	67.1	$	1.74

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					0.7
Diluted EPS	$	643	67.0	$	9.60	$	492	67.0	$	7.34	$	117	67.8	$	1.73

Supplementary Information - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Supplementary Information
Accounts receivable — trade	$ 1,145	$ 1,200
Accounts receivable — other	154	228
Allowance for credit losses	(20)	(17)
Total accounts receivable, net	$ 1,279	$ 1,411

Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Gross
Total other intangible assets, gross	$ 684	$ 676
Accumulated Amortization	(299)	(275)
Net
Total other intangible assets, net	$ 385	$ 401
Weighted Average Useful Life (years)	17 years	17 years
Patents
Gross
Finite-lived intangible assets, gross	$ 31	$ 32
Accumulated Amortization	(9)	(7)
Net
Finite-lived intangible assets, net	$ 22	$ 25
Weighted Average Useful Life (years)	12 years	12 years
Customer relationships
Gross
Finite-lived intangible assets, gross	$ 358	$ 356
Accumulated Amortization	(170)	(150)
Net
Finite-lived intangible assets, net	$ 188	$ 206
Weighted Average Useful Life (years)	19 years	19 years
Technology
Gross
Finite-lived intangible assets, gross	$ 111	$ 102
Accumulated Amortization	(103)	(101)
Net
Finite-lived intangible assets, net	$ 8	$ 1
Weighted Average Useful Life (years)	9 years	9 years
Other
Gross
Finite-lived intangible assets, gross	$ 41	$ 43
Accumulated Amortization	(17)	(17)
Net
Finite-lived intangible assets, net	$ 24	$ 26
Weighted Average Useful Life (years)	15 years	15 years
Trademarks/tradenames (indefinite-lived)
Gross
Indefinite-lived intangible assets	$ 143	$ 143
Net
Indefinite-lived intangible assets	$ 143	$ 143

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

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

Net sales to unaffiliated customers by reportable segment are as follows:


	2023		2022		2021
Net sales to unaffiliated customers:
North America	$	5,188	$	4,934	$	4,137
South America	1,062		1,124		1,057
Asia-Pacific	1,089		1,107		997
EMEA	821		781		703
Total net sales	$	8,160	$	7,946	$	6,894

No customer accounted for 10 percent or more of our net sales in 2023, 2022 or 2021.

Operating income by reportable segment is as follows:


	2023		2022		2021
Operating income:
North America	$	718	$	565	$	487
South America	142		169		138
Asia-Pacific	126		93		87
EMEA	156		110		106
Corporate	(173)		(150)		(133)
Subtotal	969		787		685
Acquisition/integration costs	—		(1)		(3)
Restructuring/impairment charges	(11)		(4)		(47)
Impairment on disposition of assets	—		—		(340)
Other matters	(1)		(20)		15
Total operating income	$	957	$	762	$	310

Total assets by reportable segment as of December 31, 2023 and 2022 are as follows:


	As of December 31,
	2023		2022
Assets:
North America (a)	$	4,485	$	4,499
South America	980		949
Asia-Pacific	1,479		1,467
EMEA	698		646
Total assets	$	7,642	$	7,561

_____________________

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

Depreciation and amortization, mechanical stores expense and capital expenditures and mechanical stores purchases by reportable segment are as follows:


	2023		2022		2021
Depreciation and amortization:
North America (a)	$	146	$	145	$	146
South America	19		18		18
Asia-Pacific	39		37		40
EMEA	15		15		16
Total	$	219	$	215	$	220
Mechanical stores expense (b):
North America (a)	$	47	$	43	$	43
South America	6		4		6
Asia-Pacific	5		4		3
EMEA	4		4		3
Total	$	62	$	55	$	55
Capital expenditures and mechanical stores purchases:
North America (a)	$	183	$	178	$	166
South America	42		31		38
Asia-Pacific	68		72		81
EMEA	23		19		15
Total	$	316	$	300	$	300

_____________________

(a)North America includes Corporate activities.

(b)Represents costs for spare parts used in the production process that are recorded in PP&E as part of machinery and equipment until they are utilized in the manufacturing process and expensed as a period cost.

Schedule of net sales to unaffiliated customers by country of origin

Net sales to unaffiliated customers by country of origin are as follows:


	2023		2022		2021
U.S.	$	3,069	$	2,978	$	2,509
Mexico	1,571		1,444		1,170
Brazil	669		720		586
Canada	548		512		459
Germany	413		342		309
Colombia	332		333		260
South Korea	325		356		323
Others	1,233		1,261		1,278
Total	$	8,160	$	7,946	$	6,894

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

Long-lived assets (excluding intangible assets and deferred tax assets) by country as of December 31, 2023 and 2022 are as follows:


	2023		2022
U.S.	$	1,312	$	1,289
Mexico	294		309
Canada	288		273
Brazil	235		209
China	164		144
Thailand	162		153
Germany	133		126
Others	338		435
Total	$	2,926	$	2,938

Pension and Other Postretirement Benefits - Postretirement Funded Status (Details) - Postemployment Retirement Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Benefit obligation
Balance at the beginning of the period	$ 58	$ 65
Service cost	1	1	$ 1
Interest cost	4	3	2
Amendments	2	0
Actuarial loss (gain)	1	(7)
Benefits paid	(4)	(4)
Foreign currency translation	2	0
Balance at the end of the period	64	58	$ 65
Fair value of plan assets	0	0
Funded status	$ (64)	$ (58)

Equity - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Options granted (in shares)	197	281	358
Assumptions used to measure the fair value of awards
Expected life (in years)	5 years 6 months	5 years 6 months	5 years 6 months
Risk-free interest rate	4.00%	2.00%	0.60%
Expected volatility	28.30%	23.80%	23.20%
Expected dividend yield	2.90%	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	358
Exercised (in shares)	(386)	(182)	(331)
Cancelled (in shares)	(80)
Outstanding at the end of the period (in shares)	1,953	2,222
Exercisable at the end of the period (in shares)	1,523
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)	71.76
Cancelled (in dollars per share)	102.66
Outstanding at the end of the period (in dollars per share)	96.61	$ 92.32
Exercisable at the end of the period (in dollars per share)	$ 97.80
Additional information pertaining to stock options
Average Remaining Contractual Term, Outstanding	4 years 11 months 19 days	5 years 1 month 28 days
Average Remaining Contractual Term, Exercisable	4 years 10 days
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 29	$ 24
Aggregate Intrinsic Value, Exercisable (in dollars)	22
Cash received from exercise of stock options	$ 28	$ 11	$ 21
Weighted average grant date fair value of stock options granted (in dollars per share)	$ 23.80	$ 15.04	$ 12.31
Total intrinsic value of stock options exercised (in dollars)	$ 13	$ 6	$ 10
Stock options
Share-based compensation
Term of award	10 years
Period of vesting	3 years
Additional information pertaining to stock options
Unrecognized compensation cost	$ 3
Weighted-average period for amortization of unrecognized compensation cost	1 year 7 months 6 days

Income Taxes - Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of effective tax rate
Provision for tax at U.S. statutory rate	21.00%	21.00%	21.00%
Tax rate difference on foreign income	6.10%	7.20%	13.30%
Foreign currency foreign exchange	(1.80%)	(0.30%)	3.20%
Inflation adjustments	(0.50%)	(0.60%)	(4.00%)
Tax benefit of intercompany financing	(0.40%)	(0.40%)	(1.60%)
U.S. international tax implications	1.00%	2.20%	0.80%
Valuation allowance in Argentina	0.00%	0.00%	(0.40%)
Favorable judgment on the treatment of credits and interest on indirect taxes	(0.20%)	(0.30%)	(4.80%)
Unremitted earnings	0.00%	0.00%	(12.10%)
Impairment charge related to Argentina joint venture	0.00%	0.00%	35.50%
Foreign-derived intangible income (FDII)	(1.50%)	(1.00%)	0.00%
Brazil exclusion of certain tax incentives	(1.20%)	(4.00%)	0.00%
Other items, net	(0.10%)	1.10%	(1.30%)
Provision at effective tax rate	22.40%	24.90%	49.60%

Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Goodwill

The original carrying value of goodwill and accumulated impairment charges at December 31, 2023 are as follows:


	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 January 1, 2023	622		16		190		72		900
Acquisitions	—		—		19		—		19
Currency translation	—		2		(5)		2		(1)
Balance at December 31, 2023	$	622	$	18	$	204	$	74	$	918

We concluded that as of our July 1, 2023 impairment assessments, there were no impairments to goodwill.

Other Intangible Assets

A summary of other intangible assets is as follows:


December 31, 2023	Gross		Accumulated Amortization		Net		Weighted Average Useful Life (years)
Trademarks/tradenames (indefinite-lived)	$	143	$	—	$	143	—
Patents	31		(9)		22		12
Customer relationships	358		(170)		188		19
Technology	111		(103)		8		9
Other	41		(17)		24		15
Total other intangible assets	$	684	$	(299)	$	385	17


December 31, 2022	Gross		Accumulated Amortization		Net		Weighted Average Useful Life (years)
Trademarks/tradenames (indefinite-lived)	$	143	$	—	$	143	—
Patents	32		(7)		25		12
Customer relationships	356		(150)		206		19
Technology	102		(101)		1		9
Other	43		(17)		26		15
Total other intangible assets	$	676	$	(275)	$	401	17

Amortization expense related to intangible assets was $26 million in 2023, $26 million in 2022, and $27 million in 2021. Based on the results of our impairment assessments, we concluded that as of July 1, 2023, there were no impairments to our indefinite-lived other intangible assets.

Estimated future amortization expense related to intangible assets is as follows:


Years ending December 31,	Estimated Future Amortization Expense
2024	$	26
2025	26
2026	26
2027	26
2028	26

Supplementary Information - Supply Chain Finance Programs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Supplementary Information
Supplier finance program obligation	$ 153	$ 175
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic EPS:
Net Income Available to Ingredion									$ 643	$ 492	$ 117
Weighted average number of shares outstanding, basic									66.0	66.2	67.1
Basic earnings per common share of Ingredion (in dollars per share)	$ 2.00	$ 2.39	$ 2.46	$ 2.89	$ 1.73	$ 1.61	$ 2.14	$ 1.94	$ 9.74	$ 7.43	$ 1.74
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	0.7
Diluted EPS:
Net Income Available to Ingredion									$ 643	$ 492	$ 117
Weighted average number of shares outstanding - diluted, Total									67.0	67.0	67.8
Diluted earnings per common share of Ingredion (in dollars per share)	$ 1.97	$ 2.36	$ 2.42	$ 2.85	$ 1.71	$ 1.59	$ 2.12	$ 1.92	$ 9.60	$ 7.34	$ 1.73
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount (in shares)									0.5	1.4	0.9

Pension and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

We sponsor noncontributory defined benefit pension plans (qualified and non-qualified) covering a substantial portion of our employees in the U.S. and Canada and certain employees in other foreign countries. Plans for most salaried employees provide pay-related benefits based on years of service. Plans for hourly employees generally provide benefits based on flat dollar amounts and years of service. Our general funding policy is to make contributions to the plans that comply with minimum funding requirements and are within the limits of deductibility under current tax regulations. Certain foreign countries allow income tax deductions without regard to contribution levels and our policy in those countries is to make contributions required by the terms of the applicable plan.

Included in our pension obligation are nonqualified supplemental retirement plans for certain key employees. Benefits provided under these plans are unfunded and we make direct payments to plan participants. We also provide healthcare and/or life insurance benefits for retired employees in the U.S., Canada and Brazil. Healthcare benefits for retirees outside the U.S., Canada and Brazil are generally covered through local government plans.

Pension Plans

Pension Obligation and Funded Status: The changes in pension benefit obligations and plan assets during 2023 and 2022, as well as the funded status and the amounts recognized in our Consolidated Balance Sheets related to our pension plans at December 31, 2023 and 2022, are as follows:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
Benefit obligation
At January 1	$	300	$	383	$	188	$	254
Service cost	3		4		4		3
Interest cost	15		9		10		9
Benefits paid	(18)		(25)		(13)		(13)
Actuarial loss (gain)	5		(71)		8		(49)
Curtailment/settlement/amendments	—		—		(1)		(2)
Foreign currency translation	—		—		4		(14)
Benefit obligation at December 31	$	305	$	300	$	200	$	188

Fair value of plan assets
At January 1	$	317	$	420	$	189	$	244
Actual return on plan assets	25		(79)		17		(30)
Employer contributions	1		1		6		5
Benefits paid	(18)		(25)		(13)		(13)
Plan settlements	—		—		(1)		(2)
Foreign currency translation	—		—		2		(15)
Fair value of plan assets at December 31	$	325	$	317	$	200	$	189

Funded status	$	20	$	17	$	—	$	1

As of December 31, 2023, the actuarial loss for the U.S. and non-U.S. plans was primarily driven by a decrease in the discount rate compared to the prior year. As of December 31, 2022, the actuarial gain for the U.S. and non-U.S. plans was primarily driven by an increase in discount rates compared to the prior year.

Amounts recorded in the Consolidated Balance Sheets as of December 31, 2023 and 2022 are as follows:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
Non-current asset	$	28	$	25	$	47	$	43
Current liabilities	(1)		(1)		(2)		(1)
Non-current liabilities	(7)		(7)		(45)		(41)
Net asset (liability) recognized	$	20	$	17	$	—	$	1

Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2023 and 2022, are as follows:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
Net actuarial loss	$	32	$	36	$	24	$	24

Prior service (credit) cost	(2)		(3)		—		—
Net amount recognized	$	30	$	33	$	24	$	24

The amount recognized in AOCL at December 31, 2023 decreased compared to prior year for the U.S. pension plans mainly because the actual return on assets was more than the expected return on assets, which was partially offset by the decrease in discount rates used to measure our obligations under our U.S. pension. The net amount recognized in AOCL at December 31, 2023 for the non-U.S. pension plans as compared to December 31, 2022 was flat primarily due to the actuarial loss amortization, which was offset by foreign currency translation.

The accumulated benefit obligation for all defined benefit pension plans was $485 million and $469 million at December 31, 2023 and 2022, respectively. Information for pension plans with a projected benefit obligation in excess of plan assets and an accumulated benefit obligation in excess of plan assets is as follows:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
Projected benefit obligation	$	(8)	$	(8)	$	(51)	$	(45)
Accumulated benefit obligation	(8)		(8)		(40)		(35)
Fair value of plan assets	—		—		4		3

Components of net periodic benefit cost consist of the following for 2023, 2022 and 2021:


	U.S. Plans						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021
Service cost	$	3	$	4	$	4	$	4	$	3	$	4
Interest cost	15		9		8		10		9		9
Expected return on plan assets	(17)		(16)		(17)		(9)		(7)		(8)
Amortization of actuarial loss	1		—		—		1		1		2
Amortization of prior service credit	(1)		(1)		(1)		—		—		—
Net periodic benefit cost	$	1	$	(4)	$	(6)	$	6	$	6	$	7

Total amounts recorded in other comprehensive income and net periodic benefit cost are as follows:


(pre-tax)	U.S. Plans						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021
Net actuarial (gain) loss	$	(3)	$	25	$	(1)	$	—	$	(11)	$	(11)
Prior service cost	—		—		—		—		—		—
Amortization of actuarial loss	(1)		—		—		(1)		(1)		(2)
Amortization of prior service credit	1		1		1		—		—		—
Foreign currency translation	—		—		—		1		(2)		(11)
Total recorded in other comprehensive (income) loss	(3)		26		—		—		(14)		(24)
Net periodic benefit cost	1		(4)		(6)		6		6		7
Total recorded in other comprehensive (income) loss and net periodic benefit cost	$	(2)	$	22	$	(6)	$	6	$	(8)	$	(17)

The weighted average assumptions used to determine our obligations for the pension plans are as follows:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
Discount rate	5.00	%	5.19	%	5.24	%	5.66	%
Rate of compensation increase	3.83		3.92		3.76		3.83
Cash balance interest credit rate	4.53		4.21		—		—

The weighted average assumptions used to determine our net periodic benefit cost for the pension plans are as follows:


	U.S. Plans						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021
Discount rate	5.19	%	2.91	%	2.58	%	5.67	%	3.66	%	2.84	%
Expected long-term return on plan assets	5.50		4.10		4.10		5.05		3.50		3.37
Rate of compensation increase	3.92		4.18		4.26		3.83		3.77		3.54
Cash balance interest crediting rate	4.21		4.11		3.76		—		—		—

For 2023, we assumed an expected long-term rate of return on assets of 5.50 percent for U.S. plans and 4.66 percent for Canadian plans. In developing the expected long-term rate of return assumption on plan assets, which consist mainly of U.S. and Canadian debt and equity securities, we evaluated historical rates of return achieved on plan assets and the asset allocation of the plans, input from our independent actuaries and investment consultants, and historical trends in long-term inflation rates. Projected return estimates are based upon broad equity and bond indices.

The discount rate reflects a rate of return on high-quality fixed-income investments that match the duration of the expected benefit payments. We typically use returns on long-term, high-quality corporate AA bonds as a benchmark in establishing this assumption, and we elect to use a full yield curve approach to estimate these components of benefit cost by applying the specific spot rates along the yield curve used to determine the benefit obligation to the relevant projected cash flows.

Plan Assets: Our investment policy for our pension plans is to balance risk and return through diversified portfolios of fixed income securities, equity instruments and short-term investments. Maturities for fixed income securities are managed such that sufficient liquidity exists to meet near-term benefit payment obligations. For U.S. pension plans, the weighted average target range allocation of assets was 9 to 19 percent in equities and 81 to 91 percent in fixed income inclusive of other short-term investments. The asset allocation is reviewed regularly, and portfolio investments are rebalanced to the targeted allocation when considered appropriate.

Our weighted average asset allocations as of December 31, 2023 and 2022, for U.S. and non-U.S. pension plan assets are as follows:


	U.S. Plans				Non-U.S. Plans
Asset Category	2023		2022		2023		2022
Equity securities	12	%	11	%	8	%	8	%
Debt securities	86		87		78		77
Cash and other	2		2		14		15
Total	100	%	100	%	100	%	100	%

With the exception of cash, which is considered Level 1 in the fair value hierarchy, all significant pension plan assets are held in collective trusts by our U.S. and non-U.S. plans. The fair value of shares of collective trusts are based upon the net asset value (“NAV”) of the fund reported by the fund managers based on quoted market prices of the underlying securities as of the balance sheet date and are considered to be Level 2 fair value measurements. Investments measured at NAV as a practical expedient for fair value, are excluded from the fair value hierarchy. This may produce a fair value measurement that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe our valuation methods are appropriate and consistent with those of other market participants, different methods could result in different fair value measurements at the reporting date.

The fair values of our plan assets by asset category are as follows:


	Fair Value Measurements at December 31, 2023
	NAV				Level 1				Level 2				Total
	2023		2022		2023		2022		2023		2022		2023		2022
U.S. Plans:
Equity index:
U.S. (a)	$	—	$	—	$	—	$	—	$	24	$	22	$	24	$	22
International (b)	—		—		—		—		16		14		16		14
Fixed income index:
Long bond (c)	—		—		—		—		133		127		133		127
Government bond (d)	—		—		—		—		89		89		89		89
Other fixed income (e)	57		59		—		—		—		—		57		59
Cash & Short-term Investments (f)	—		—		—		—		6		6		6		6
Total U.S. Plans	$	57	$	59	$	—	$	—	$	268	$	258	$	325	$	317
Non-U.S. Plans:
Equity index:
U.S. (a)	$	—	$	—	$	—	$	—	$	10	$	9	$	10	$	9
International (b)	—		—		—		—		6		6		6		6
Fixed income index:
Government bond (g)	—		—		—		—		78		99		78		99
Corporate bond (h)	—		—		—		—		79		46		79		46
Other (i)	—		—		—		—		25		22		25		22
Cash & Short-term Investments (f)	—		—		2		2		—		5		2		7
Total Non-U.S. Plans	$	—	$	—	$	2	$	2	$	198	$	187	$	200	$	189

______________________


			(a)			This category consists of both passively and actively managed equity index funds that track the return of large capitalization U.S. equities.


			(b)			This category consists of both passively and actively managed equity index funds that track an index of returns on international developed and emerging market equities.


			(c)			This category consists of an actively managed fixed-income index fund that invests in a diversified portfolio of fixed-income securities with maturities generally exceeding 10 years.


			(d)			This category consists of both passively and actively managed fixed-income index funds that invest in a diversified portfolio of fixed income government debt securities with varying maturities.


			(e)			This category consists of an actively managed common collective fund that invests in government bonds, collateralized mortgage obligations, investment grade private credit and real estate debt. This fund is priced monthly at the aggregated market value of the underlying investments and may be fully redeemed with 95 days notice.


			(f)			This category represents cash, cash equivalents, or highly liquid short-term investments.


			(g)			This category consists of both passively and actively managed fixed income index funds that track the return of government bonds with varying maturities.


			(h)			This category consists of actively managed fixed income index funds that track the return of investment grade corporate bonds with varying maturities.


			(i)			This category mainly consists of investment products provided by insurance companies that offer returns that are subject to a minimum guarantee and mutual funds.

During 2023, we made cash contributions of $1 million to our U.S. pension plans and $6 million to our non-U.S. pension plans. We anticipate that in 2024 we will make cash contributions of $1 million to our U.S. pension plans and $4 million to our non-U.S. pension plans. Cash contributions in subsequent years will depend on a number of factors, including the performance of plan assets.

We expect to pay the following benefit payments to beneficiaries, which reflect anticipated future service, as appropriate:


	U.S. Plans		Non-U.S. Plans
2024	$	26	$	12
2025	26		12
2026	26		12
2027	27		13
2028	24		38
Thereafter	114		73

We also maintain defined contribution plans. We make matching contributions to these plans that are subject to certain vesting requirements and are based on a percentage of employee contributions. The expense for defined contribution plans was $28 million in 2023, $22 million for 2022, and $22 million in 2021.

Postretirement Benefit Plans

Our postretirement benefit plans currently are not funded. The information presented below includes plans in the U.S., Brazil and Canada. The changes in the benefit obligations of the plans during 2023 and 2022, as well as the amounts recognized in our Consolidated Balance Sheets at December 31, 2023 and 2022, are as follows:


	2023		2022
Accumulated postretirement benefit obligation
At January 1	$	58	$	65
Service cost	1		1
Interest cost	4		3
Amendments	2		—
Actuarial (gain) loss	1		(7)
Benefits paid	(4)		(4)
Foreign currency translation	2		—
At December 31	64		58
Fair value of plan assets	—		—
Funded status	$	(64)	$	(58)

As of December 31, 2023, the actuarial loss was insignificant. As of December 31, 2022, the actuarial gain was mainly driven by higher discount rates.

Amounts recorded in the Consolidated Balance Sheets at December 31, 2023 and 2022 consist of:


	2023		2022
Current liabilities	$	(4)	$	(5)
Non-current liabilities	(60)		(53)
Net liability recognized	$	(64)	$	(58)

Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2023 and 2022, are as follows:


	2023		2022
Net actuarial loss	$	4	$	1
Prior service cost	6		5
Net amount recognized	$	10	$	6

Components of net periodic benefit cost consisted of the following for 2023, 2022 and 2021:


	2023		2022		2021
Service cost	$	1	$	1	$	1
Interest cost	4		3		2
Amortization of actuarial (gain) loss	(1)		—		1
Amortization of prior service cost (credit)	1		—		(2)
Net periodic benefit cost	$	5	$	4	$	2

Total amounts recorded in other comprehensive income and net periodic benefit cost for 2023, 2022 and 2021 are as follows:


(pre-tax)	2023		2022		2021
Net actuarial loss (gain)	$	1	$	(7)	$	(5)
Prior service cost	2		—		4
Amortization of prior service (cost) credit	(1)		—		2
Amortization of actuarial gain (loss)	1		—		(1)
Foreign currency translation	1		—		(4)
Total recorded in other comprehensive loss (income)	4		(7)		(4)
Net periodic benefit cost	5		4		2
Total recorded in other comprehensive loss (income) and net periodic benefit cost	$	9	$	(3)	$	(2)

We used the following weighted average assumptions to determine our postretirement benefit obligations for 2023 and 2022:


	2023		2022
Discount rate	7.37	%	7.30	%

The following weighted average assumptions were used to determine our net postretirement benefit cost:


	2023		2022		2021
Discount rate	7.30	%	4.22	%	3.69	%

The discount rate reflects a rate of return on high-quality fixed-income investments that match the duration of expected benefit payments. We typically use returns on long-term, high-quality corporate AA bonds as a benchmark in establishing this assumption.

The healthcare cost trend rates used in valuing our postretirement benefit obligations are established based upon actual healthcare trends and consultation with actuaries and benefit providers. We used the following assumptions as of December 31, 2023:


	U.S.		Canada		Brazil
2023 increase in per capita cost	7.80	%	5.04	%	8.94	%
Ultimate trend	4.50	%	4.05	%	8.94	%
Year ultimate trend reached	2033		2040		2023

We expect to make the following benefit payments to beneficiaries under our postretirement benefit plans, which reflect anticipated future service, as appropriate:



2024	$	4
2025	4
2026	4
2027	4
2028	4
Thereafter	22

Multi-employer Plan

Ingredion participates in and contributes to one multi-employer benefit plan under the terms of collective bargaining agreements that cover certain union-represented employees and retirees in the U.S. The plan covers medical and dental benefits for active hourly employees and retirees represented by the United Steelworkers Union for certain U.S. locations. The risks of participating in this multi-employer plan are different from risk of participating in single-employer plans. This plan receives contributions from two or more unrelated employers pursuant to one or more collective bargaining agreements, and the assets contributed by one employer may be used to fund the benefits of all employees covered within the plan.

We are required to make contributions to this multi-employer plan as determined by the terms and conditions of the collective bargaining agreements and plan terms, but we do not provide more than five percent of the total contributions to the plan. We made regular contributions to the plan of $11 million in 2023, $10 million in 2022, and $14 million in 2021. We cannot currently estimate the amount of multi-employer plan contributions that will be required in 2024 and future years, but these contributions could increase due to healthcare cost trends. The North Kansas City retiree medical group shifted from a multi-employer plan to the Ingredion Post Retirement Medical Health and Life Plan at the end of 2021. The remaining collective bargaining agreements associated with the multi-employer plan expire during 2024 through 2027.

- 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
-Topic 715
-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)
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-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
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-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
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-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
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-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

Supplementary Information - Supplemental Income Statements and Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Income Statements Information
Research and development expense	$ 63	$ 52	$ 43
Supplemental Cash Flow Information
Interest paid	96	82	72
Income taxes paid	$ 157	$ 187	$ 168

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

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 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, Colombia, Peru, Ecuador and Argentina. Our Asia-Pacific segment includes businesses in Thailand, China, Japan, Australia, Indonesia, India, the Philippines, Malaysia, Singapore, New Zealand, Vietnam and previously South Korea, in which we sold our business on February 1, 2024, as more fully described in Note 2. Our EMEA segment includes businesses in Germany, Pakistan, the United Kingdom, South Africa and Poland.

In November 2023, we announced plans to reorganize our business operations, which will result in a change to our reportable business segments. Once the reorganization is complete, which we expect to occur in 2024, we anticipate that our production assets and commercial efforts will align with a global focus on Texture and Healthful Solutions, a local focus on Food and Industrial Ingredients, and other businesses. We will continue to report our results using the existing reportable segment structure until the new segments are operational and discrete financial information consistent with the new segments is being provided to our Chief Operating Decision Maker.

Net sales to unaffiliated customers by reportable segment are as follows:


	2023		2022		2021
Net sales to unaffiliated customers:
North America	$	5,188	$	4,934	$	4,137
South America	1,062		1,124		1,057
Asia-Pacific	1,089		1,107		997
EMEA	821		781		703
Total net sales	$	8,160	$	7,946	$	6,894

No customer accounted for 10 percent or more of our net sales in 2023, 2022 or 2021.

Operating income by reportable segment is as follows:


	2023		2022		2021
Operating income:
North America	$	718	$	565	$	487
South America	142		169		138
Asia-Pacific	126		93		87
EMEA	156		110		106
Corporate	(173)		(150)		(133)
Subtotal	969		787		685
Acquisition/integration costs	—		(1)		(3)
Restructuring/impairment charges	(11)		(4)		(47)
Impairment on disposition of assets	—		—		(340)
Other matters	(1)		(20)		15
Total operating income	$	957	$	762	$	310

Total assets by reportable segment as of December 31, 2023 and 2022 are as follows:


	As of December 31,
	2023		2022
Assets:
North America (a)	$	4,485	$	4,499
South America	980		949
Asia-Pacific	1,479		1,467
EMEA	698		646
Total assets	$	7,642	$	7,561

_____________________

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

Depreciation and amortization, mechanical stores expense and capital expenditures and mechanical stores purchases by reportable segment are as follows:


	2023		2022		2021
Depreciation and amortization:
North America (a)	$	146	$	145	$	146
South America	19		18		18
Asia-Pacific	39		37		40
EMEA	15		15		16
Total	$	219	$	215	$	220
Mechanical stores expense (b):
North America (a)	$	47	$	43	$	43
South America	6		4		6
Asia-Pacific	5		4		3
EMEA	4		4		3
Total	$	62	$	55	$	55
Capital expenditures and mechanical stores purchases:
North America (a)	$	183	$	178	$	166
South America	42		31		38
Asia-Pacific	68		72		81
EMEA	23		19		15
Total	$	316	$	300	$	300

_____________________

(a)North America includes Corporate activities.

Net sales to unaffiliated customers by country of origin are as follows:


	2023		2022		2021
U.S.	$	3,069	$	2,978	$	2,509
Mexico	1,571		1,444		1,170
Brazil	669		720		586
Canada	548		512		459
Germany	413		342		309
Colombia	332		333		260
South Korea	325		356		323
Others	1,233		1,261		1,278
Total	$	8,160	$	7,946	$	6,894

Long-lived assets (excluding intangible assets and deferred tax assets) by country as of December 31, 2023 and 2022 are as follows:


	2023		2022
U.S.	$	1,312	$	1,289
Mexico	294		309
Canada	288		273
Brazil	235		209
China	164		144
Thailand	162		153
Germany	133		126
Others	338		435
Total	$	2,926	$	2,938

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Segment Information - Depreciation, Store Expense and Capital Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment information
Depreciation and amortization	$ 219	$ 215	$ 220
Mechanical stores expense	62	55	55
Capital expenditures and mechanical stores purchases:	316	300	300
North America
Segment information
Depreciation and amortization	146	145	146
Mechanical stores expense	47	43	43
Capital expenditures and mechanical stores purchases:	183	178	166
South America
Segment information
Depreciation and amortization	19	18	18
Mechanical stores expense	6	4	6
Capital expenditures and mechanical stores purchases:	42	31	38
Asia- Pacific
Segment information
Depreciation and amortization	39	37	40
Mechanical stores expense	5	4	3
Capital expenditures and mechanical stores purchases:	68	72	81
EMEA
Segment information
Depreciation and amortization	15	15	16
Mechanical stores expense	4	4	3
Capital expenditures and mechanical stores purchases:	$ 23	$ 19	$ 15

Pension and Other Postretirement Benefits - Pension Plan Assets by Category and FV (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other
Plan assets
Redemption notification period	95 days
Pension Plan \| U.S. Plans
Plan assets
Fair value of plan assets	$ 325	$ 317	$ 420
Pension Plan \| U.S. Plans \| Equity index - U.S.
Plan assets
Fair value of plan assets	24	22
Pension Plan \| U.S. Plans \| Equity index - International
Plan assets
Fair value of plan assets	16	14
Pension Plan \| U.S. Plans \| Fixed income index- Long bond
Plan assets
Fair value of plan assets	133	127
Pension Plan \| U.S. Plans \| Fixed income index - Government bond
Plan assets
Fair value of plan assets	$ 89	$ 89
Pension Plan \| U.S. Plans \| Fixed income index - Government bond \| Minimum
Plan assets
Fixed income securities maturity (in years)	10 years	10 years
Pension Plan \| U.S. Plans \| Other
Plan assets
Fair value of plan assets	$ 57	$ 59
Pension Plan \| U.S. Plans \| Cash & Short-term Investments
Plan assets
Fair value of plan assets	6	6
Pension Plan \| U.S. Plans \| NAV
Plan assets
Fair value of plan assets	57	59
Pension Plan \| U.S. Plans \| NAV \| Equity index - U.S.
Plan assets
Fair value of plan assets	0	0
Pension Plan \| U.S. Plans \| NAV \| Equity index - International
Plan assets
Fair value of plan assets	0	0
Pension Plan \| U.S. Plans \| NAV \| Fixed income index- Long bond
Plan assets
Fair value of plan assets	0	0
Pension Plan \| U.S. Plans \| NAV \| Fixed income index - Government bond
Plan assets
Fair value of plan assets	0	0
Pension Plan \| U.S. Plans \| NAV \| Other
Plan assets
Fair value of plan assets	57	59
Pension Plan \| U.S. Plans \| NAV \| Cash & Short-term Investments
Plan assets
Fair value of plan assets	0	0
Pension Plan \| U.S. Plans \| Level 1
Plan assets
Fair value of plan assets	0	0
Pension Plan \| U.S. Plans \| Level 1 \| Equity index - U.S.
Plan assets
Fair value of plan assets	0	0
Pension Plan \| U.S. Plans \| Level 1 \| Equity index - International
Plan assets
Fair value of plan assets	0	0
Pension Plan \| U.S. Plans \| Level 1 \| Fixed income index- Long bond
Plan assets
Fair value of plan assets	0	0
Pension Plan \| U.S. Plans \| Level 1 \| Fixed income index - Government bond
Plan assets
Fair value of plan assets	0	0
Pension Plan \| U.S. Plans \| Level 1 \| Other
Plan assets
Fair value of plan assets	0	0
Pension Plan \| U.S. Plans \| Level 1 \| Cash & Short-term Investments
Plan assets
Fair value of plan assets	0	0
Pension Plan \| U.S. Plans \| Level 2
Plan assets
Fair value of plan assets	268	258
Pension Plan \| U.S. Plans \| Level 2 \| Equity index - U.S.
Plan assets
Fair value of plan assets	24	22
Pension Plan \| U.S. Plans \| Level 2 \| Equity index - International
Plan assets
Fair value of plan assets	16	14
Pension Plan \| U.S. Plans \| Level 2 \| Fixed income index- Long bond
Plan assets
Fair value of plan assets	133	127
Pension Plan \| U.S. Plans \| Level 2 \| Fixed income index - Government bond
Plan assets
Fair value of plan assets	89	89
Pension Plan \| U.S. Plans \| Level 2 \| Other
Plan assets
Fair value of plan assets	0	0
Pension Plan \| U.S. Plans \| Level 2 \| Cash & Short-term Investments
Plan assets
Fair value of plan assets	6	6
Pension Plan \| Non-U.S. Plans
Plan assets
Fair value of plan assets	200	189	$ 244
Pension Plan \| Non-U.S. Plans \| Equity index - U.S.
Plan assets
Fair value of plan assets	10	9
Pension Plan \| Non-U.S. Plans \| Equity index - International
Plan assets
Fair value of plan assets	6	6
Pension Plan \| Non-U.S. Plans \| Fixed income index - Government bond
Plan assets
Fair value of plan assets	78	99
Pension Plan \| Non-U.S. Plans \| Fixed income index - Corporate bond
Plan assets
Fair value of plan assets	79	46
Pension Plan \| Non-U.S. Plans \| Other
Plan assets
Fair value of plan assets	25	22
Pension Plan \| Non-U.S. Plans \| Cash & Short-term Investments
Plan assets
Fair value of plan assets	2	7
Pension Plan \| Non-U.S. Plans \| NAV
Plan assets
Fair value of plan assets	0	0
Pension Plan \| Non-U.S. Plans \| NAV \| Equity index - U.S.
Plan assets
Fair value of plan assets	0	0
Pension Plan \| Non-U.S. Plans \| NAV \| Equity index - International
Plan assets
Fair value of plan assets	0	0
Pension Plan \| Non-U.S. Plans \| NAV \| Fixed income index - Government bond
Plan assets
Fair value of plan assets	0	0
Pension Plan \| Non-U.S. Plans \| NAV \| Fixed income index - Corporate bond
Plan assets
Fair value of plan assets	0	0
Pension Plan \| Non-U.S. Plans \| NAV \| Other
Plan assets
Fair value of plan assets	0	0
Pension Plan \| Non-U.S. Plans \| NAV \| Cash & Short-term Investments
Plan assets
Fair value of plan assets	0	0
Pension Plan \| Non-U.S. Plans \| Level 1
Plan assets
Fair value of plan assets	2	2
Pension Plan \| Non-U.S. Plans \| Level 1 \| Equity index - U.S.
Plan assets
Fair value of plan assets	0	0
Pension Plan \| Non-U.S. Plans \| Level 1 \| Equity index - International
Plan assets
Fair value of plan assets	0	0
Pension Plan \| Non-U.S. Plans \| Level 1 \| Fixed income index - Government bond
Plan assets
Fair value of plan assets	0	0
Pension Plan \| Non-U.S. Plans \| Level 1 \| Fixed income index - Corporate bond
Plan assets
Fair value of plan assets	0	0
Pension Plan \| Non-U.S. Plans \| Level 1 \| Other
Plan assets
Fair value of plan assets	0	0
Pension Plan \| Non-U.S. Plans \| Level 1 \| Cash & Short-term Investments
Plan assets
Fair value of plan assets	2	2
Pension Plan \| Non-U.S. Plans \| Level 2
Plan assets
Fair value of plan assets	198	187
Pension Plan \| Non-U.S. Plans \| Level 2 \| Equity index - U.S.
Plan assets
Fair value of plan assets	10	9
Pension Plan \| Non-U.S. Plans \| Level 2 \| Equity index - International
Plan assets
Fair value of plan assets	6	6
Pension Plan \| Non-U.S. Plans \| Level 2 \| Fixed income index - Government bond
Plan assets
Fair value of plan assets	78	99
Pension Plan \| Non-U.S. Plans \| Level 2 \| Fixed income index - Corporate bond
Plan assets
Fair value of plan assets	79	46
Pension Plan \| Non-U.S. Plans \| Level 2 \| Other
Plan assets
Fair value of plan assets	25	22
Pension Plan \| Non-U.S. Plans \| Level 2 \| Cash & Short-term Investments
Plan assets
Fair value of plan assets	$ 0	$ 5

Pension and Other Postretirement Benefits - Postretirement Benefit Payments (Details) - Postemployment Retirement Benefits $ in Millions	Dec. 31, 2023 USD ($)
Expected future benefit payments
2024	$ 4
2025	4
2026	4
2027	4
2028	4
Thereafter	$ 22

Acquisitions and Divestitures - Schedule of assets and liabilities held for sale (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities held for sale	$ 51	$ 0
South Korea Divestiture \| Held-for-sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	38
Inventories	69
Property, plant and equipment, net	100
Other assets	4
Assets held for sale	211
Short-term borrowings	2
Accounts payable	30
Accrued liabilities	14
Non-current liabilities	5
Liabilities held for sale	$ 51

Description of the Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Description of the Business and Summary of Significant Accounting Policies	Description of the Business and Summary of Significant Accounting Policies Unless the context otherwise requires, all references herein to the “Company,” “Ingredion,” “we,” “us,” and “our” shall mean Ingredion Incorporated and its consolidated subsidiaries. Description of the business: We primarily manufacture and sell sweeteners, starches, nutrition ingredients and biomaterial solutions derived from wet milling and processing corn and other starch-based materials to a wide range of industries, both domestically and internationally. Basis of presentation: The Consolidated Financial Statements consist of the accounts of Ingredion, including all subsidiaries. Intercompany accounts and transactions are eliminated in consolidation. Use of estimates: The preparation of the accompanying Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates and assumptions impact the value of purchase consideration, accounts receivable, inventories, certain investments, goodwill, intangible assets and other long-lived assets, legal contingencies, income taxes, and pension and other postretirement benefits, among others. These estimates and assumptions are based on our best estimates and judgment. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We will adjust such estimates and assumptions when facts and circumstances dictate. Corn price volatility, adverse changes in the global economic environment, foreign currency devaluations versus the U.S. dollar, and access to credit markets increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the financial statements in future periods. Foreign currency translation: Assets and liabilities of foreign subsidiaries, other than those whose functional currency is the U.S. dollar, are translated at current exchange rates with the related translation adjustments reported in equity as a component of Accumulated other comprehensive loss (“AOCL”), and income statement accounts are translated at the average exchange rate during the period. The U.S. dollar is the functional currency for our subsidiaries in Mexico and Argentina, and we translate their monetary assets and liabilities at current exchange rates with the related adjustment included in financing costs in our Consolidated Statements of Income. Non-monetary assets and liabilities are translated at historical exchange rates with the related translation adjustments included in AOCL in our Consolidated Balance Sheets. Revenue recognition: Ingredion recognizes revenue under the core principle to depict our transfer of products and solutions to customers in amounts that reflect the consideration we expect to receive. To achieve that core principle, we apply the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. We identify customer purchase orders, which in some cases are governed by a master sales agreement, as the contracts with our customers. For each contract, we consider the transfer of products, each of which is distinct, to be the identified performance obligation. The pricing model can be fixed or variable within the contract. The variable pricing model is based on historical commodity pricing and is determinable before we complete the performance obligation. To determine the transaction price for the contract performance obligations, we also evaluate whether the price could be adjusted, and we may reduce the transaction price for certain sales adjustments such as volume incentive discounts and other discount arrangements. We estimate transaction price adjustments using the expected value method based on our analysis of historical volume incentives or discounts over a period considered adequate to account for current pricing and business trends. Historically, actual volume incentives and discounts relative to those estimated and included when determining the transaction price have not materially differed. We accrue volume incentives and discounts in Accrued liabilities and liabilities held for sale in the Consolidated Balance Sheets when we satisfy the performance obligation. We consider the product price as specified in the contract, net of any discounts, as the standalone selling price as it is an observable input that represents the price if we sold the product to a similar customer in similar circumstances. We do not recognize any significant financing components since payment is due shortly after we satisfy our performance obligation. We recognize revenue when we satisfy our performance obligation and control is transferred to the customer, which occurs at a point in time, either upon delivery to an agreed upon location or to the customer. Further, in determining whether control has transferred, we consider if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer. Shipping and handling activities related to contracts with customers represent fulfillment costs and are recorded in Cost of sales in the Consolidated Statements of Income. Taxes assessed by governmental authorities and collected from customers are accounted for on a net basis and excluded from net sales. We expense costs to obtain a contract when we incur the costs since most contracts are one year or less. These costs primarily include our internal sales force compensation. Under the terms of these programs, the compensation is generally earned, and the costs are recognized when we recognize the revenue. From time to time, we may enter into long-term contracts with our customers. Historically, such contracts do not result in significant contract assets or liabilities. Any such arrangements are accounted for in Other assets or Accrued liabilities and liabilities held for sale in the Consolidated Balance Sheets. Cash and cash equivalents: Cash equivalents consist of all instruments purchased with an original maturity of three months or less and that have virtually no risk of loss in value. Accounts receivable: Accounts receivable consists of trade and other receivables carried at approximate fair value, net of an allowance for credit losses. The allowance for credit losses is determined using our best estimate of expected credit losses based on historical experience and current forecasts of future economic conditions, and we adjust this estimate over the life of the receivable as needed. Inventories: Inventories are stated at the lower of cost or net realizable value. Costs are predominantly determined using the weighted average method. Long-term investments: We hold marketable securities and equity investments, which we include in Other assets in the Consolidated Balance Sheets. Marketable securities are carried at fair value and we record changes in fair value to Other operating (income) expense in the Consolidated Statements of Income if we maintain the securities for processing transactions that directly support operating activities; otherwise, we record changes in fair value to Other non-operating (income) expense in the Consolidated Statements of Income. Equity investments in companies for which we do not have the ability to exercise significant influence are accounted for at fair value, with changes in fair value recorded in Other non-operating expense (income) in the Consolidated Statements of Income. Equity securities without readily determinable fair values are carried at cost, less impairments, if any, and adjusted for observable price changes for the identical or a similar investment of the same issuer. We perform a qualitative impairment assessment to determine if such investments are impaired, which considers all available information, including declines in the financial performance of the issuing entity, the issuing entity’s operating environment and general market conditions. Impairments of equity securities without readily determinable fair value are recorded in Other non-operating expense (income) in the Consolidated Statements of Income. Equity investments in companies for which we have the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. Our share of the earnings or losses reported by equity method investees is recognized in Other operating (income) expense in the Consolidated Statements of Income. Each reporting period, we evaluate declines in the fair value of equity method investments below carrying value to determine if any are other-than-temporary and if so, we write down the investment to its estimated fair value. Impairments are recognized in Restructuring/impairment charges in the Consolidated Statements of Income. Leases: We determine if an arrangement contains a lease, as well as its classification as an operating lease or finance lease, at the inception of the agreement. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. The commencement date used for the calculation of the lease obligations recorded is the latter of the lease start date or January 1, 2019, which is when we adopted Accounting Standards Codification (“ASC”) 842. As most of our leases do not provide an implicit rate, we use an incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. The lease asset value includes in our calculation any prepaid lease payments made and any lease incentives received from the arrangement as a reduction of the asset. Certain leases have options to terminate or extend the life of the lease, which we include in the lease asset and lease liability calculation when we have sole discretion to exercise the option and it is reasonably certain we will. We do not separate lease and non-lease components for our leases when it is impracticable to separate them, such as leases with variable payment arrangements. We have certain leases that have variable payments based solely on output or usage of the leased asset, which we do not record in our Consolidated Balance Sheets, but expense as incurred. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets. Property, plant and equipment and definite-lived intangible assets: Property, plant and equipment (“PP&E”) is stated at cost less accumulated depreciation and definite-lived intangible assets are stated at cost less accumulated amortization. For PP&E, depreciation is generally computed on the straight-line basis over the estimated useful lives of depreciable assets, which range from 25 to 50 years for buildings and from two to 25 years for machinery and equipment. Costs for mechanical stores represent costs for spare parts used in the production process that are capitalized in PP&E as part of machinery and equipment until they are utilized in the manufacturing process and expensed as a period cost. Where permitted by law, accelerated depreciation methods are used for tax purposes. For definite-lived intangible assets, we recognize the cost of these amortizable assets in operations over their estimated useful life, which range from two to 30 years. We review the recoverability of the net book value of PP&E and definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable. If this review indicates that the carrying values of the asset group will not be recovered, we reduce the carrying values to fair value and recognize an impairment charge. The impairment analysis for long-lived assets occurs before the goodwill impairment assessment described below. Assets held for sale: We classify long-lived assets or disposal groups as held for sale in the period when all of the following conditions have been met: •we have approved and committed to a plan to sell the assets or disposal group, •the asset or disposal group is available for immediate sale in its present condition, •an active program to locate a buyer and other actions required to complete the sale have been initiated, •the sale of the asset or disposal group is probable and expected to be completed within one year, •the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and •it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When all the held for sale criteria are met, we initially measure a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or the fair value less any costs to sell, recognize any resulting losses, and cease depreciation and amortization of the long-lived asset or assets within a disposal group. Until the date of sale or until the asset or disposal group are no longer classified as held for sale, we assess fair value less any costs to sell and recognize any resulting losses at each reporting period. Gains are not recognized until the date of the sale. Indefinite-lived intangible assets and goodwill: We have certain indefinite-lived intangible assets in the form of tradenames and trademarks. Our methodology for allocating the purchase price of acquisitions is based on established valuation techniques that reflect the consideration of a number of factors, including valuations performed by third-party appraisers when appropriate. Goodwill represents the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed. We assess indefinite-lived intangible assets and goodwill for impairment annually (or other circumstances requiring assessment), which we perform as of July 1 of each year. In testing indefinite-lived intangible assets for impairment, we first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is greater than its carrying amount. If not, then we determine the fair value of the indefinite-lived intangible assets by performing a quantitative impairment analysis that considers various factors, including net sales derived from these intangibles and certain market and industry conditions. In testing goodwill for impairment, we first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount. If not, then an impairment exists for the difference between the fair value and carrying value of the reporting unit. This difference is not to exceed the goodwill recorded at the reporting unit. Hedging instruments: We use derivative financial instruments consisting primarily of commodity futures, swaps and option contracts, forward currency contracts and options, interest rate swaps, and Treasury lock agreements (“T-Locks”). When we enter a derivative contract, we designate the derivative as a hedge of variable cash flows to be paid related to certain forecasted transactions (“a cash flow hedge”), as a hedge of the fair value of certain fixed (“firm”) commitments (“a fair value hedge”), or as a non-designated hedging instrument. This process includes linking all derivatives that are designated as cash flow or fair value hedges to specific assets and liabilities on the Consolidated Balance Sheets, or to specific firm commitments or forecasted transactions. For all hedging relationships, we document the hedging relationships and our risk-management objective and strategy for undertaking the hedge transactions, the hedging instrument, the hedged item, the nature of the risk being hedged, how we will assess the hedging instrument’s effectiveness in offsetting the hedged risk, and a description of the method to measure ineffectiveness. We also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative that is used in a hedging transaction is highly effective in offsetting changes in cash flows or fair values of hedged items. For hedging instruments designated as cash flow hedges, unrealized gains and losses associated with marking cash flow hedging contracts to market (fair value) are recorded as a component of other comprehensive loss (“OCL”) and included in the equity section of the Consolidated Balance sheets as part of 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. Gains and losses from cash flow hedging instruments reclassified from AOCL to earnings are reported as Cash provided by operating activities on the Consolidated Statements of Cash Flows. For hedging instruments designated as fair value hedges, unrealized gains and losses associated with marking fair value hedging contracts to market (fair value) are recorded in earnings each period. Unrealized gains and losses on hedged items in designated and highly effective fair value hedges are also recorded in earnings each period. For hedging instruments not designated as hedging instruments for accounting purposes, all realized and unrealized gains and losses from these instruments are recognized in earnings during each accounting period. We assess the effectiveness of hedging contracts based on changes in the contract’s fair value. The changes in the market value of our hedging contracts have historically been, and are expected to be, highly effective at offsetting changes in the price of hedged items. We discontinue hedge accounting prospectively when it is unlikely or not probable that a forecasted transaction will occur or when we determine that the designation of the derivative as a hedging instrument is no longer appropriate, since the derivative is no longer effective in offsetting changes in the cash flows or fair value of the originally intended hedged transaction. When we discontinue hedge accounting, we continue to carry the derivative on the Consolidated Balance Sheets at its fair value and freeze the deferred gains or losses into AOCL. Changes in the fair value of the derivative are recognized in earnings in the same line item as the original hedged transaction instead of AOCL. Any accumulated gains and losses that were included in AOCL in the period we determined the hedge to be ineffective are also released to earnings. Pension and other postretirement benefits: All U.S. pension and postretirement benefit plans and most non-U.S. pension and postretirement benefit plans value the vested benefit obligation based on the actuarial present value of the vested benefits to which employees are currently entitled based on their expected date of separation or retirement. For defined benefit plans, the service cost component of net periodic benefit cost is presented within either Cost of sales or Operating expenses on the Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of actuarial loss, amortization of prior service credit and settlement loss components of net periodic benefit cost are presented as Other non-operating expense (income) on the Consolidated Statements of Income. Actuarial gains and losses in excess of 10 percent of the greater of the projected benefit obligation or the market-related value of plan assets are classified in AOCL, along with the related tax impact, and recognized as a component of net periodic benefit cost over the average remaining service period of a plan’s active employees for active defined benefit pension plans and over the average remaining life of a plan’s active employees for frozen defined benefit pension plans. Share-based compensation: We have a stock incentive plan that provides for share-based employee compensation, including the granting of stock options, shares of restricted stock, restricted stock units and performance shares to certain key employees. Compensation expense is generally recognized in the Consolidated Statements of Income on a straight-line basis for all awards over the requisite service period. We estimate a forfeiture rate at the time of certain grants, and we update the estimate throughout the vesting of certain awards within the amount of compensation costs recognized in each period. Earnings per common share: Basic earnings per common share (“EPS”) is computed by dividing Net income attributable to Ingredion by the weighted average number of shares outstanding. Diluted EPS is calculated using the treasury stock method, computed by dividing Net income attributable to Ingredion by the weighted average number of shares outstanding, including the dilutive effect of outstanding stock options and other instruments associated with long-term incentive compensation plans. Risks and uncertainties: We operate domestically and internationally, and our business and assets in each country are subject to varying degrees of risk and uncertainty. We insure our business and assets in each country against insurable risks in a manner that we deem appropriate. Because of our geographic dispersion, we believe that a loss from a non-insured event in any one country would not have a material adverse effect on our operations as a whole. Additionally, we believe there is no significant concentration of risk with any single customer or supplier whose failure or non-performance would materially affect our results. We do not consider the potential for insurance recoveries if we record accruals for estimated probable costs from events or circumstances that may be insured. 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 Consolidated Financial Statements. In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The amendments require buyers to disclose information about supplier finance programs that is sufficient to allow financial statement users to understand their nature, activity during the period, changes from period to period and potential magnitude. The amendments in this update are effective for annual periods beginning after December 15, 2022, 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 during the first quarter of 2024. These updates did not have a material impact to our Consolidated Balance Sheets. The disclosure required by the recently adopted accounting standard is reflected in Note 15. We are currently assessing the impact of the rollforward information amendment on our 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 Consolidated Financial Statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280). The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Entities must apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. We are currently assessing the impact of this ASU on our Consolidated Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, the amendment requires information pertaining to taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes with further disaggregation for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this ASU on our Consolidated Financial Statements.

Derivatives Instruments and Hedging Activities - Schedule of Cash Flow Hedges in AOCI (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Gains (losses) included in AOCL	$ (1,056)	$ (1,048)
Cash Flow Hedging
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Gains (losses) included in AOCL	(48)	6
Cash Flow Hedging \| Commodity contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Tax effect of gains (losses) on cash flow hedges	17	(3)
Gains (losses) included in AOCL	(46)	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	0	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	$ (2)	$ (3)

- Definition

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

+ References + Details

Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of debt

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


	2023				2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
2.900% senior notes due June 1, 2030	$	596	$	536	$	595	$	510
3.200% senior notes due October 1, 2026	499		479		498		470
3.900% senior notes due June 1, 2050	391		300		390		293
6.625% senior notes due April 15, 2037	253		275		253		256
Term loan credit agreement due December 16, 2024	—		—		200		200
Revolving credit agreement	—		—		—		—
Other long-term borrowings	1		1		4		4
Total long-term debt	1,740		1,591		1,940		1,733
Commercial paper	327		327		390		390
Other short-term borrowings	121		121		153		153
Total short-term borrowings	448		448		543		543
Total debt	$	2,188	$	2,039	$	2,483	$	2,276

Leases - Operating Lease Reconciliation (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets
2024	$ 63
2025	52
2026	45
2027	29
2028	14
Thereafter	31
Total future lease payments	234
Less imputed interest	21
Present value of future lease payments	213
Less current lease liabilities	56	$ 48
Non-current operating lease liabilities	157	$ 146
Operating lease assets	$ 208
Operating Lease, Liability, Current, Statement of Financial Position	Accrued liabilities and liabilities held for sale	Accrued liabilities and liabilities held for sale
Operating Lease, Liability, Noncurrent, Statement of Financial Position	Other non-current liabilities	Other non-current liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other assets

Equity - Other Share-based Awards under the SIP (Details) - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other share-based awards under the SIP
Amount of Directors' retainer paid in stock	$ 150,000
Total share-based compensation expense included in net income	33,000,000	$ 29,000,000	$ 23,000,000
Restricted Stock Units ("RSUs") \| Director
Other share-based awards under the SIP
Total share-based compensation expense included in net income	$ 2,000,000	$ 2,000,000	$ 2,000,000
Awards outstanding (in shares)	235
Carrying value of share units outstanding	$ 15,000,000
Restricted Stock Units ("RSUs") \| Director \| Minimum
Other share-based awards under the SIP
Minimum period over which deferred shares may be transferred after director's termination of service	6 months
Restricted Stock Units ("RSUs") \| Director \| Maximum
Other share-based awards under the SIP
Minimum period over which deferred shares may be transferred after director's termination of service	10 years 6 months

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income taxes and the provision for income taxes for the years indicated are presented below:


	2023		2022		2021
Income before income taxes:
U.S.	$	244	$	111	$	39
Foreign	595		557		209
Total income before income taxes	839		668		248
Provision for income taxes:
Current tax expense:
U.S. federal	6		8		2
State and local	5		2		2
Foreign	183		159		180
Total current tax expense	194		169		184
Deferred tax expense (benefit):
U.S. federal	—		5		(57)
State and local	1		(1)		(2)
Foreign	(7)		(7)		(2)
Total deferred tax (benefit)	(6)		(3)		(61)
Total provision for income taxes	$	188	$	166	$	123

Deferred income taxes are provided for the tax effects of temporary differences between the financial reporting basis and tax basis of assets and liabilities. Significant temporary differences as of December 31, 2023 and 2022, are summarized as follows:


	2023		2022
Deferred tax assets attributable to:
Employee benefit accruals	$	32	$	30
Pensions and postretirement plans	16		14
Lease liabilities	54		49
Bad debt	5		6
Inventory reserve	16		22
Net operating loss carryforwards	58		59
Tax credit carryforwards	5		5
Derivative contracts	16		—
Uniform capitalization	12		9
Other	35		33
Total deferred tax assets	249		227
Valuation allowances	(46)		(51)
Net deferred tax assets	203		176
Deferred tax liabilities attributable to:
Property, plant and equipment	184		175
Identified intangibles	33		48
Right-of-use lease assets	51		46
Foreign withholding and state taxes on unremitted earnings	1		1
Goodwill	35		31
Brazilian indirect tax credits	—		4
Derivative contracts	—		3
Total deferred tax liabilities	304		308
Net deferred tax liabilities	$	101	$	132

Of the $58 million of tax-effected net operating loss carryforwards as of December 31, 2023, $42 million are for foreign loss carryforwards, $14 million for state loss carryforwards, and $2 million for U.S. federal loss carryforwards. Of the $42 million of foreign loss carryforwards, $24 million are related to Canada, $5 million to Australia, $4 million to Brazil, $3 million to Argentina, and $3 million to Malaysia with carryforward periods of 20 years, indefinite, indefinite, 5 years and 10 years, respectively. U.S. federal and state loss carryforwards have various expiration periods beginning in 2025.

A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Prior to establishing a valuation allowance, we consider historical taxable income, scheduled reversal of deferred tax liabilities, tax planning strategies, tax carryovers and projected future taxable income. As of December 31, 2023, we maintained valuation allowances of $46 million, consisting of $23 million primarily related to foreign loss carryforwards, $14 million for state loss carryforwards, $6 million for state credits and carryforwards, $2 million for U.S. federal loss carryforwards and $1 million for certain foreign tax credits, all of which we have determined will more likely than not expire prior to realization.

Net operating loss carryforwards disclosed in the financial statements differ from the as-filed tax returns due to an unrecognized tax benefit. Foreign net operating loss carryforwards and valuation allowances would increase $10 million absent the unrecognized tax benefit.

A reconciliation of the U.S. federal statutory tax rate to our effective tax rate follows:


	2023		2022		2021
Provision for tax at U.S. statutory rate	21.0	%	21.0	%	21.0	%
Tax rate difference on foreign income	6.1		7.2		13.3
Foreign currency foreign exchange	(1.8)		(0.3)		3.2
Inflation adjustments	(0.5)		(0.6)		(4.0)
Tax benefit of intercompany financing	(0.4)		(0.4)		(1.6)
U.S. international tax implications	1.0		2.2		0.8
Valuation allowance in Argentina	—		—		(0.4)
Favorable judgment on the treatment of credits and interest on indirect taxes	(0.2)		(0.3)		(4.8)
Unremitted earnings	—		—		(12.1)
Impairment charge related to Argentina joint venture	—		—		35.5
Foreign-derived intangible income (FDII)	(1.5)		(1.0)		—
Brazil exclusion of certain tax incentives	(1.2)		(4.0)		—
Other items, net	(0.1)		1.1		(1.3)
Provision at effective tax rate	22.4	%	24.9	%	49.6	%

The 2023 statutory tax rates (including surcharges and local jurisdictional taxes when applicable) were 30 percent in Mexico, 32 percent in Germany, 35 percent in Colombia, 39 percent in Pakistan, and 26 percent in Canada, where we have significant operations. In addition, our subsidiary in Brazil has a statutory tax rate of 34 percent before the application of local incentives that vary each year.

During 2023, the IRS released Notice 2023-55, to address the final foreign tax credit regulations issued in 2022. The notice was effective in 2023 and provided retroactive relief to fiscal 2022. This increased our ability to claim certain foreign tax credits against U.S. taxes with respect to fiscal years 2022 and 2023.

Additionally, during 2023, the Brazilian Government published Law 14.596/23, which established a transfer pricing framework in Brazil that is aligned with the Organization for Economic Co-operation and Development (“OECD”) guidelines. The law was effective January 1, 2024, but our subsidiary in Brazil elected to early adopt the law as of January 1, 2023, which provided a favorable country earnings mix and related increase in our foreign-derived intangible income.

As of December 31, 2023, we had a $1 million accrual for foreign withholding on certain unremitted earnings from foreign subsidiaries. No foreign withholding taxes, federal and state taxes or foreign currency gains or losses have been provided on distributions of approximately $2.7 billion of unremitted earnings of our foreign subsidiaries, as such amounts are considered permanently reinvested. It is not practicable to estimate the additional income taxes, including applicable foreign withholding taxes that would be due upon the repatriation of these earnings.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, for 2023 and 2022 is as follows:


	2023		2022
Balance at January 1	$	30	$	29
Additions for tax positions related to prior years	1		5
Reductions for tax positions related to prior years	(1)		(1)
Additions based on tax positions related to the current year	1		1
Reductions related to a lapse in the statute of limitations	—		(4)
Balance at December 31	$	31	$	30

Of the $31 million of unrecognized tax benefits as of December 31, 2023, $20 million represents the amount that, if recognized, could affect the effective tax rate in future periods. The remaining $11 million includes $10 million of net operating loss carryforwards that would have otherwise had a valuation allowance and $1 million of U.S. federal benefits.

We account for interest and penalties related to income tax matters within the provision for income taxes. We have accrued $5 million of interest expense and penalties related to unrecognized tax benefits as of December 31, 2023.

We are subject to U.S. federal income tax as well as income tax in multiple states and non-U.S. jurisdictions. The U.S. federal tax returns are subject to audit for the years 2020 through 2023. In general, our foreign subsidiaries remain subject to audit for years 2013 and later.

It is reasonably possible that the total amount of unrecognized tax benefits including interest and penalties will increase or decrease within twelve months of December 31, 2023. We believe it is reasonably possible that $4 million of the unrecognized tax benefits may be recognized within twelve months of December 31, 2023, as a result of a statute of limitations lapse and potential settlement.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023								As of December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	4	$	4	$	—	$	—	$	3	$	3	$	—	$	—
Derivative assets	26		26		—		—		60		49		11		—
Derivative liabilities	76		43		33		—		64		51		13		—
Long-term debt	1,591		—		1,591		—		1,733		—		1,733		—