0001558370-22-007571 | 10-Q | XBRL Viewer

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	May 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-13397
Entity Registrant Name	Ingredion Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3514823
Entity Address, Address Line One	5 Westbrook Corporate Center
Entity Address, City or Town	Westchester
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60154
City Area Code	708
Local Phone Number	551-2600
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	INGR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		66,219,580
Entity Central Index Key	0001046257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statements of Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Income (Loss)
Net sales	$ 1,892	$ 1,614
Cost of sales	1,513	1,263
Gross profit	379	351
Operating expenses	169	153
Other operating (income)	(2)	(2)
Restructuring/impairment charges	2	370
Operating income (loss)	210	(170)
Financing costs	24	19
Other non-operating (income)	(1)	(1)
Income (loss) before income taxes	187	(188)
Provision for income taxes	54	55
Net income (loss)	133	(243)
Less: Net income attributable to non-controlling interests	3	3
Net income (loss) attributable to Ingredion	$ 130	$ (246)
Weighted average common shares outstanding:
Basic	66.9	67.3
Diluted	67.6	67.3
Earnings (loss) per common share of Ingredion:
Basic	$ 1.94	$ (3.66)
Diluted	$ 1.92	$ (3.66)

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 133	$ (243)
Other comprehensive income:
Gains on cash flow hedges, net of income tax effect of $46 and $7, respectively	130	22
(Gains) on cash flow hedges reclassified to earnings, net of income tax effect of $12 and $ - , respectively	(34)	(1)
Currency translation adjustment	38	(52)
Comprehensive income (loss)	267	(274)
Less: Comprehensive income attributable to non-controlling interests	2	5
Comprehensive income (loss) attributable to Ingredion	$ 265	$ (279)

- Definition

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

+ References + Details

- Definition

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

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- Definition

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

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Comprehensive Income (Loss)
Gains (losses) on cash flow hedges, income tax effect	$ (46)	$ (7)
(Gains) losses on cash flow hedges reclassified to earnings, net of income tax effect	$ 12

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 324	$ 328
Short-term investments	5	4
Accounts receivable, net	1,431	1,130
Inventories	1,306	1,172
Prepaid expenses	63	63
Total current assets	3,129	2,697
Property, plant and equipment, net of accumulated depreciation of $3,304 and $3,232, respectively	2,446	2,423
Intangible assets, net of accumulated amortization of $259 and $253, respectively	1,339	1,348
Other assets	521	531
Total assets	7,435	6,999
Current liabilities:
Short-term borrowings	514	308
Accounts payable and accrued liabilities	1,207	1,204
Total current liabilities	1,721	1,512
Long-term debt	1,739	1,738
Other non-current liabilities	561	524
Total liabilities	4,021	3,774
Share-based payments subject to redemption	31	36
Redeemable non-controlling interests	71	71
Ingredion stockholders' equity:
Preferred stock - authorized 25,000,000 shares - $0.01 par value, none issued
Common stock - authorized 200,000,000 shares - $0.01 par value, 77,810,875 issued at March 31, 2022 and December 31, 2021	1	1
Additional paid-in capital	1,160	1,158
Less: Treasury stock (common stock: 11,464,034 and 11,154,203 shares at March 31, 2022 and December 31, 2021, respectively) at cost	(1,091)	(1,061)
Accumulated other comprehensive loss	(763)	(897)
Retained earnings	3,986	3,899
Total Ingredion stockholders' equity	3,293	3,100
Non-redeemable non-controlling interests	19	18
Total equity	3,312	3,118
Total liabilities and equity	$ 7,435	$ 6,999

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Property, plant and equipment, Accumulated depreciation	$ 3,304	$ 3,232
Intangible assets, Accumulated amortization	$ 259	$ 253
Preferred stock, authorized (in shares)	25,000,000	25,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0	0
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	77,810,875	77,810,875
Treasury stock (in shares)	11,464,034	11,154,203

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest	Total
Balance at beginning of period at Dec. 31, 2020	$ 1	$ 1,150	$ (1,024)	$ (1,133)	$ 3,957	$ 21
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(246)	4
Dividends declared					(44)
Repurchases of common stock			(14)
Share-based compensation, net of issuance		5	16
Other comprehensive income (loss)				(31)		1
Balance at end of period at Mar. 31, 2021	1	1,155	(1,022)	(1,164)	3,667	26
Balance at beginning of period at Dec. 31, 2021	1	1,158	(1,061)	(897)	3,899	18	$ 3,118
Increase (Decrease) in Stockholders' Equity
Net income (loss)					130	3
Dividends declared					(43)
Repurchases of common stock			(39)
Share-based compensation, net of issuance		2	9
Other comprehensive income (loss)				134		(2)
Balance at end of period at Mar. 31, 2022	$ 1	$ 1,160	$ (1,091)	$ (763)	$ 3,986	$ 19	$ 3,312

- Definition

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

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

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+ Details

Condensed Consolidated Statement of Redeemable Equity $ in Millions	USD ($)
Share-based Payments Subject to Redemption, Beginning Balance at Dec. 31, 2020	$ 30
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(9)
Share-based Payments Subject to Redemption, Ending Balance at Mar. 31, 2021	21
Redeemable Non-Controlling Interests, Beginning Balance at Dec. 31, 2020	70
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	(1)
Other comprehensive income (loss)	1
Redeemable Non-Controlling Interests, Ending Balance at Mar. 31, 2021	70
Share-based Payments Subject to Redemption, Beginning Balance at Dec. 31, 2021	36
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(5)
Share-based Payments Subject to Redemption, Ending Balance at Mar. 31, 2022	31
Redeemable Non-Controlling Interests, Beginning Balance at Dec. 31, 2021	71
Redeemable Non-Controlling Interests, Ending Balance at Mar. 31, 2022	$ 71

- Definition

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

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash (used for) provided by operating activities
Net income (loss)	$ 133	$ (243)
Non-cash charges to net income (loss):
Depreciation and amortization	53	52
Mechanical stores expense	13	14
Impairment charge for assets held for sale		360
Deferred income taxes	3	(4)
Other non-cash charges	15	7
Changes in working capital:
Accounts receivable and prepaid expenses	(126)	(56)
Inventories	(119)	(69)
Accounts payable and accrued liabilities	(45)	(5)
Margin accounts	28	(16)
Other	(7)	(18)
Cash (used for) provided by operating activities	(52)	22
Cash used for investing activities
Capital expenditures and mechanical stores purchases	(85)	(65)
Proceeds from disposal of manufacturing facilities and properties	5	2
Other	4	(1)
Cash used for investing activities	(76)	(64)
Cash provided by (used for) financing activities
Proceeds from borrowings	147	46
Payments on debt	(123)	(36)
Commercial paper borrowings, net	178
Repurchases of common stock, net	(39)	(14)
(Settlements) issuances of common stock for share-based compensation, net	(1)	7
Dividends paid, including to non-controlling interests	(43)	(43)
Cash provided by (used for) financing activities	119	(40)
Effects of foreign exchange rate changes on cash	5	(7)
(Decrease) in cash and cash equivalents	(4)	(89)
Cash and cash equivalents, beginning of period	328	665
Cash and cash equivalents, end of period	$ 324	$ 576

Interim Financial Statements

3 Months Ended

Mar. 31, 2022

Interim Financial Statements

Interim Financial Statements

1. Interim Financial Statements

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

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

Summary of Significant Accounting Standards and Policies

3 Months Ended

Mar. 31, 2022

Description of the Business and Summary of Significant Accounting Policies

Summary of Significant Accounting Standards and Policies

2. Summary of Significant Accounting Standards and Policies

For detailed information about Ingredion’s significant accounting standards and policies, see Note 1 of the Notes to the Consolidated Financial Statements included in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2021.

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, 2022. We are currently evaluating the effect of adoption of ASU No. 2020-04 on our financial position and results of operations.

- Definition

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

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+ Details

Acquisitions

3 Months Ended

Mar. 31, 2022

Acquisitions

Acquisitions

3. Acquisitions

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

Investments

3 Months Ended

Mar. 31, 2022

Investments

Investments

4. Investments

Investments consisted of the following as of:



(in millions)	March 31, 2022		December 31, 2021
Equity investments	$	19	$	16
Equity method investments		106		104
Marketable securities		5		12
Total investments	$	130	$	132

Amyris Joint Venture

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

Arcor Joint Venture

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

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

Beginning on the dates Ingredion entered into the agreements for equity method investees, our share of income from them is included in Other operating (income). Ingredion incurred $6 million of pre-tax transaction and integration costs to acquire the Arcor and Amyris joint venture investments in 2021.

Restructuring and Impairment Charges

3 Months Ended

Mar. 31, 2022

Restructuring and Impairment Charges

Restructuring and Impairment Charges

5. Restructuring and Impairment Charges

For the first quarter of 2022, Ingredion recorded $2 million of pre-tax restructuring charges. For the first quarter of 2021, we recorded a total of $370 million of pre-tax restructuring and impairment charges, consisting of $360 million of pre-tax impairment charges and $10 million of pre-tax restructuring charges.

Restructuring Charges

For the first quarter of 2022, we recorded $2 million of pre-tax net restructuring related charges, which included $1 million of costs as part of our Cost Smart Cost of sales program and $1 million of costs associated with our Cost Smart selling, general and administrative expense (“SG&A”) program.

For the first quarter of 2021, we recorded a total of $10 million pre-tax restructuring related charges. Of these charges, $5 million were related to our Cost Smart SG&A program, which were primarily for employee-related severance costs recorded in our North America and EMEA segments, professional services costs in our North America segment and other costs. We also recorded $3 million of pre-tax restructuring charges for our Cost Smart Cost of sales program, which were primarily for inventory and mechanical stores write-offs and other costs associated with the closure of our Lane Cove, Australia production facility and closures of North America facilities and product lines including our Berwick, Pennsylvania manufacturing facility and the cessation of ethanol production at our Cedar Rapids, Iowa facility.

A summary of Ingredion’s severance accrual at March 31, 2022, which we expect to fully pay in 2022, is as follows ($ in millions):


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

Impairment Charges

At the announcement of our agreement to invest in the Arcor joint venture during the first quarter of 2021, we reclassified assets and liabilities we expected to contribute to the joint venture as held for sale in Other assets in the Condensed Consolidated Balance Sheets and we recorded an impairment charge of $360 million based on our preliminary estimates of their fair value. Of the $360 million impairment charge for the net assets contributed to the Arcor joint venture during the first quarter of 2021, $311 million was related to the write-off of the cumulative translation losses associated with the contributed net assets and $49 million was related to the write-down of the contributed net assets.

Derivatives Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2022

Derivatives Instruments and Hedging Activities

Derivatives Instruments and Hedging Activities

6. Derivative Instruments and Hedging Activities

Ingredion is exposed to market risk stemming from changes in commodity prices (primarily corn and natural gas), foreign currency exchange rates and interest rates. In the normal course of business, we actively manage our exposure to these market risks by entering various hedging transactions authorized under established policies that place controls on these activities. These transactions utilize exchange-traded derivatives or over-the-counter derivatives with investment grade counterparties. We have no collateral to counterparties under collateral funding arrangements as of March 31, 2022. Derivative financial instruments used by Ingredion consist primarily of commodity-related futures, options and swap contracts, foreign currency-related forward contracts, interest rate swaps and treasury locks (“T-Locks”).

Commodity price hedging: Ingredion’s principal use of derivative financial instruments is to manage commodity price risk relating to anticipated purchases of corn and natural gas to be used in the manufacturing process, generally over the next 12 to 24 months. We maintain a commodity-price risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by commodity-price volatility. To manage price risk related to corn purchases, primarily in North America, we use corn futures and option contracts that trade on regulated commodity exchanges to lock in corn costs associated with fixed-priced customer sales contracts. Ingredion also uses over-the-counter natural gas swaps in North America to hedge a portion of its natural gas usage. These derivative financial instruments limit the impact that volatility resulting from fluctuations in market prices will have on corn and natural gas purchases. Ingredion’s natural gas derivatives and the majority of its corn derivatives have been designated as cash flow hedging instruments for accounting purposes.

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

For commodity hedges designated as cash flow hedges for accounting purposes, unrealized gains and losses associated with marking the commodity hedging contracts to market (fair value) are recorded as a component of Other comprehensive loss (“OCL”) and included in the equity section of the Condensed Consolidated Balance Sheets as part of Accumulated other comprehensive loss (“AOCL”). These amounts, as well as their related tax effects, are subsequently reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings, or in the period a hedge is determined to be ineffective. Ingredion assesses the effectiveness of a commodity hedge contract based on changes in the contract’s fair value. The changes in the market value of such contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in the price of the hedged items. Gains and losses from cash flow hedging instruments reclassified from AOCL to earnings are reported as Cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.

Ingredion had outstanding futures and option contracts that hedged the forecasted purchase of approximately 107 million and 135 million bushels of corn as of March 31, 2022 and December 31. 2021, respectively. Ingredion also had outstanding swap contracts that hedged the forecasted purchase of approximately 31 million and 35 million mmbtus of natural gas as of March 31, 2022 and December 31, 2021, respectively.

Foreign currency hedging: Due to our global operations, including operations in many emerging markets, Ingredion is exposed to fluctuations in foreign currency exchange rates. As a result, Ingredion has exposure to translational foreign-exchange risk when the results of its foreign operations are translated to U.S. dollars and to transactional foreign-exchange risk when transactions not denominated in the functional currency are revalued. Ingredion’s foreign-exchange risk management strategy uses derivative financial instruments such as foreign currency forward contracts, swaps and options to manage its transactional foreign exchange risk. Ingredion enters into foreign currency derivative instruments that are designated as both cash flow hedging instruments as well as instruments not designated as hedging instruments for accounting purposes in order to mitigate transactional foreign-exchange risk. Gains and losses from derivative financial instruments not designated as hedging instruments for accounting purposes are marked to market in earnings during each accounting period.

Ingredion hedges certain assets using foreign currency derivatives not designated as hedging instruments for accounting purposes, which had a notional value of $466 million and $360 million as of March 31, 2022 and December 31, 2021, respectively. Ingredion also hedges certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $223 million and $205 million as of March 31, 2022 and December 31 2021, respectively.

Ingredion hedges certain assets using foreign currency derivative instruments that are designated as cash flow hedging instruments for accounting purposes, which had a notional value of $350 million and $505 million as of March 31, 2022 and December 31, 2021, respectively. Ingredion also hedges certain liability positions using foreign currency derivative instruments that are designated as cash flow hedging instruments for accounting purposes, which had a notional value of $578 million and $708 million as of March 31, 2022 and December 31, 2021, respectively.

Interest rate hedging: Ingredion assesses its exposure to variability in interest rates by identifying and monitoring changes in interest rates that may adversely impact future cash flows and the fair value of existing debt instruments and by evaluating hedging opportunities. Ingredion’s risk management strategy is to monitor interest rate risk attributable to both Ingredion’s outstanding and forecasted debt obligations as well as Ingredion’s offsetting hedge positions. Derivative financial instruments that have been used by Ingredion to manage its interest rate risk consist of interest rate swaps and T-Locks.

Ingredion periodically enters into interest rate swaps to hedge its exposure to interest rate changes. The changes in fair value of interest rate swaps designated as hedging instruments that effectively offset the variability in the fair value of outstanding debt obligations are reported in earnings. These amounts offset the gains or losses (the changes in fair value) of the hedged debt instruments that are attributable to changes in interest rates (the hedged risk), which are also recognized in earnings. Ingredion did not have any outstanding interest rate swaps as of March 31, 2022 or December 31, 2021.

Ingredion periodically enters into T-Locks to hedge its exposure to interest rate changes. The T-Locks are designated as hedges of the variability in cash flows associated with future interest payments caused by market fluctuations in the benchmark interest rate until the fixed interest rate is established and are accounted for as cash flow hedges. Accordingly, changes in the fair value of the T-Locks are recorded to AOCL until the consummation of the underlying debt offering, at which time any realized gain (loss) is amortized to earnings over the life of the debt. During 2020, Ingredion entered into and settled T-Locks associated with the issuance of senior notes due in 2030 and 2050. The realized loss upon settlement of the T-Locks was recorded in AOCL and is amortized into earnings over the term of the senior notes. Ingredion did not have outstanding T-Locks as of March 31, 2022 and December 31, 2021.

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


	Amount of Gains
Derivatives in Cash Flow Hedging Relationships	(Losses) included in AOCL
(in millions)	March 31, 2022		December 31, 2021
Commodity contracts, net of income tax effect of $51 and $19, respectively	$	146	$	51
Foreign currency contracts, net of income tax effect of $2 and $ -, respectively		1		-
Interest rate contracts, net of income tax effect of $1		(3)		(3)
Total	$	144	$	48

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


	Fair Value of Hedging Instruments as of March 31, 2022 (in millions)
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts	Total			Commodity Contracts		Foreign Currency Contracts	Total
Accounts receivable, net	$	137	$	8	$	145	$	14	$	4	$	18
Other assets		35		—		35		—		3		3
Assets		172		8		180		14		7		21
Accounts payable and accrued liabilities		30		8		38		10		6		16
Non-current liabilities		1		—		1		—		7		7
Liabilities		31		8		39		10		13		23
Net Assets/(Liabilities)	$	141	$	—	$	141	$	4	$	(6)	$	(2)


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

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


Derivatives in Cash Flow	Gains Recognized in AOCL on Derivatives					Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Three Months Ended March 31,				Income Statement	Three Months Ended March 31,
(in millions)	2022		2021		Location	2022		2021
Commodity contracts	$	171	$	27	Cost of sales	$	44	$	(1)
Foreign currency contracts		5		2	Net sales/Cost of sales		2		2
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	176	$	29		$	46	$	1

As of March 31, 2022, AOCL included $142 million of net gains (net of income taxes of $50 million) on commodities-related derivatives instruments, foreign currency hedges, and T-Locks designated as cash flow hedges that are expected to be reclassified into earnings during the next 12 months.

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Measurements

Fair Value Measurements

7. Fair Value Measurements

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

●

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

●

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

●

Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

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


	As of March 31, 2022								As of December 31, 2021
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Available for sale securities	$	5	$	5	$	—	$	—	$	12	$	12	$	—	$	—
Derivative assets		201		134		67		—		74		49		25		—
Derivative liabilities		62		59		3		—		32		22		10		—
Long-term debt		1,763		—		1,763		—		1,957		—		1,957		—

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

Financing Arrangements

3 Months Ended

Mar. 31, 2022

Financing Arrangements

Financing Arrangements

8. Financing Arrangements

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


	As of		As of
(in millions)	March 31, 2022		December 31, 2021
2.900% senior notes due June 1, 2030	$	595	$	595
3.200% senior notes due October 1, 2026		498		498
3.900% senior notes due June 1, 2050		390		390
6.625% senior notes due April 15, 2037		253		253
Revolving credit agreement		—		—
Other long-term borrowings		3		2
Total long-term debt		1,739		1,738
Commercial paper		428		250
Other short-term borrowings		86		58
Total short-term borrowings		514		308
Total debt	$	2,253	$	2,046

On July 27, 2021 Ingredion established a commercial paper program under which Ingredion may issue senior unsecured notes of short maturities up to a maximum aggregate principal amount of $1 billion outstanding at any time. The notes may be sold from time to time on customary terms in the U.S. commercial paper market. Ingredion intends to use the note proceeds for general corporate purposes. During 2022, the average amount of commercial paper outstanding was $353 million with an average interest rate of 0.38 percent and a weighted average maturity of 27 days. As of March 31, 2022, $428 million of commercial paper was outstanding with an average interest rate of 0.99 percent and a weighted average maturity of 14 days. As of December 31, 2021, $250 million of commercial paper was outstanding with an average interest rate of 0.35 percent and a weighted average maturity of 40 days. The amount of commercial paper outstanding under this program in 2022 is expected to fluctuate.

Other short-term borrowings as of March 31, 2022 and December 31, 2021, primarily include amounts outstanding under various unsecured local country operating lines of credit.

- Definition

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

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies

Commitments and Contingencies

9. Commitments and Contingencies

In May 2021, the Brazilian Supreme Court (“Court”) issued its ruling related to the calculation of certain indirect taxes, which affirmed the Federal Court of Appeals (“Lower Court”) rulings that Ingredion had received in previous years and affirmed that Ingredion is entitled to previously recorded tax credits. The Court ruling ensured that Ingredion is entitled to $15 million of additional credits from the period of 2015 to 2018 that were previously unrecorded pending a final Court ruling. In the second quarter of 2021, Ingredion recorded the $15 million of additional credits within Other operating (income) in the Condensed Consolidated Statements of Income (Loss). As of March 31, 2022, Ingredion has $41 million of remaining indirect tax credits recorded in Other assets and Prepaid expenses on the Condensed Consolidated Balance Sheets that result in deferred income taxes of $3 million. We will use the income tax offsets to eliminate our Brazilian federal tax payments in 2022 and future years, including the income tax payable for the indirect taxes recovered.

Income Taxes

3 Months Ended

Mar. 31, 2022

Taxes

Taxes

10. Income Taxes

In the first quarter of 2022, the U.S. Treasury published final foreign tax credit regulations that limit our ability to claim foreign tax credits from certain countries, primarily in South America. As a result, Ingredion recorded a provisional tax liability and will continue to assess the impact of the regulations on our Condensed Consolidated Financial Statements.

- Definition

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

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+ Details

Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2022

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

11. Pension and Other Postretirement Benefits

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


	Three Months Ended March 31,
	U.S. Plans				Non-U.S. Plans
(in millions)	2022		2021		2022		2021
Service cost	$	1	$	1	$	1	$	1
Interest cost		2		2		2		3
Expected return on plan assets		(4)		(5)		(2)		(2)
Amortization of actuarial loss		—		—		—		1
Net periodic benefit cost (a)	$	(1)	$	(2)	$	1	$	3

Ingredion currently anticipates that we will make approximately $4 million in cash contributions to our pension plans in 2022, consisting of contributions of $3 million to our non-U.S. pension plans and $1 million to our U.S. pension plans. For the first quarter of 2022, we made cash contributions of approximately $1 million to the non-U.S. plans and an insignificant amount to the U.S. plans.

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


	Three Months Ended March 31,
(in millions)	2022		2021
Service cost	$	—	$	—
Interest cost		1		1
Amortization of prior service credit		—		(1)
Net periodic benefit cost (a)	$	1	$	—

(a)

The service cost component of net periodic benefit cost is presented within either Cost of sales or Operating expenses on the Condensed Consolidated Statements of Income (Loss). The interest cost, expected return on plan assets, amortization of prior service credit, and amortization of actuarial loss components of net periodic benefit cost are presented as Other, non-operating income on the Condensed Consolidated Statements of Income (Loss).

- Definition

The entire disclosure for retirement benefits.

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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+ Details

Equity

3 Months Ended

Mar. 31, 2022

Equity

Equity

12. Equity

Treasury stock: On October 22, 2018, the Board of Directors authorized a new stock repurchase program permitting Ingredion to purchase up to 8 million of its outstanding shares of common stock from November 5, 2018 through December 31, 2023. The parameters of Ingredion’s stock repurchase program are not established solely with reference to the dilutive impact of shares issued under Ingredion’s stock incentive plan. However, Ingredion expects that, over time, share repurchases will offset the dilutive impact of shares issued under the stock incentive plan.

During the first quarter of 2022, Ingredion repurchased 455 thousand outstanding shares of common stock in open market transactions at a net cost of $39 million. During the first quarter of 2021, Ingredion repurchased 158 thousand outstanding shares of common stock in open market transactions at a net cost of $14 million.

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


	Three Months Ended
	March 31,
(in millions)	2022		2021
Stock options:
Pre-tax compensation expense	$	1	$	1
Income tax benefit		—		—
Stock option expense, net of income taxes		1		1

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

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

Total share-based compensation:
Pre-tax compensation expense		7		5
Income tax benefit		(1)		—
Total share-based compensation expense, net of income taxes	$	6	$	5

Stock Options: Under Ingredion’s stock incentive plan, stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 10-year term and are exercisable upon vesting, which occurs over a three-year period at the anniversary dates of the date of grant. Compensation expense is generally recognized on a straight-line basis for all awards over the employee’s vesting period or over a one-year required service period for certain retirement-eligible executive level employees. Ingredion estimates

a forfeiture rate at the time of grant and updates the estimate throughout the vesting period of the stock options within the amount of compensation costs recognized in each period.

Ingredion granted non-qualified options to purchase 281 thousand shares and 358 thousand shares for the first quarter of 2022 and 2021, respectively. The fair value of each option grant for the periods presented was estimated using the Black-Scholes option-pricing model with the following assumptions:


	Three Months Ended March 31,
	2022		2021
Expected life (in years)	5.5		5.5
Risk-free interest rate	2.0	%	0.6	%
Expected volatility	23.8	%	23.2	%
Expected dividend yield	2.9	%	2.9	%

The expected life of options represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and Ingredion’s historical exercise patterns. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the grant date for the period corresponding to the expected life of the options. Expected volatility is based on historical volatilities of Ingredion’s common stock. Dividend yields are based on Ingredion’s dividend yield at the date of issuance.

Stock option activity for the first quarter of 2022 was as follows:


	Number of Options (in thousands)	Weighted Average Exercise Price per Share		Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2021	2,154	$	90.39	5.26	$	26
Granted	281		88.66
Exercised	(36)		57.65
Cancelled	(13)		117.27
Outstanding as of March 31, 2022	2,386	$	90.54	5.69	$	12
Exercisable as of March 31, 2022	1,805	$	91.34	4.56	$	12

For the first quarter of 2022, cash received from the exercise of stock options was approximately $2 million. As of March 31, 2022, the unrecognized compensation cost related to non-vested stock options totaled $6 million, which is expected to be amortized over the weighted-average period of approximately 2.0 years.

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


	March 31,
(dollars in millions, except per share)	2022		2021
Weighted average grant date fair value of stock options granted (per share)	$	15.04	$	12.31
Total intrinsic value of stock options exercised	$	1	$	5

Restricted Stock Units: Ingredion has granted restricted stock units (“RSUs”) to certain key employees. The RSUs are primarily subject to cliff vesting, generally after three years, provided the employee remains in the service of Ingredion. The fair value of the RSUs is determined based upon the number of shares granted and the quoted market price of Ingredion’s common stock at the date of the grant.

The following table summarizes RSU activity in 2022:


(RSUs in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested as of December 31, 2021	486	$	88.34
Granted	193		88.91
Vested	(122)		91.40
Cancelled	(14)		88.07
Non-vested as of March 31, 2022	543	$	87.86

As of March 31, 2022, the total remaining unrecognized compensation cost related to RSUs was $30 million, which will be amortized on a weighted-average basis over approximately 1.9 years.

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

For the 2022 performance shares awarded based on Ingredion’s total shareholder return, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on Ingredion’s total shareholder return as compared to the total shareholder return of its peer group. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the Compensation Committee of the Board of Directors. Compensation expense is based on the fair value of the performance shares at the grant date, established using a Monte Carlo simulation model. The total compensation expense for these awards is amortized over a three-year graded vesting schedule.

For the 2022 performance shares awarded based on Adjusted ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on Ingredion’s Adjusted ROIC performance against the target. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the Compensation Committee. Compensation expense is based on the market price of our common stock on the date of the grant and the final number of shares that ultimately vest. Ingredion will estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect Ingredion’s estimated Adjusted ROIC performance against the target. The total compensation expense for these awards is amortized over a three-year graded vesting schedule.

For the first quarter of 2022, Ingredion awarded 86 thousand performance shares at a weighted average fair value of $138.85 per share. As of March 31, 2022, the unrecognized compensation cost related to these awards was $16 million, which will be amortized over the remaining requisite service period of 2.4 years. The 2019 performance share awards, whose three-year performance period has ended, achieved a zero percent payout of granted performance shares. There were no performance shares cancelled during 2022.

Accumulated Other Comprehensive Loss: The following is a summary of Accumulated other comprehensive loss for the first quarter of 2022 and 2021:


(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2021	$	(903)	$	48	$	(42)	$	(897)
Other comprehensive gain before reclassification adjustments		38		176		—		214
(Gain) reclassified from accumulated OCL		—		(46)		—		(46)
Tax (provision)		—		(34)		—		(34)
Net other comprehensive income		38		96		—		134
Balance, March 31, 2022	$	(865)	$	144	$	(42)	$	(763)


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

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


	Total Equity
													Non-
									Accumulated				Redeemable		Share-based		Redeemable
					Additional				Other				Non-		Payments		Non-
	Preferred		Common		Paid-In		Treasury		Comprehensive		Retained		Controlling		Subject to		Controlling
(in millions)	Stock		Stock		Capital		Stock		Loss		Earnings		Interests		Redemption		Interests
Balance, December 31, 2021	$	—	$	1	$	1,158	$	(1,061)	$	(897)	$	3,899	$	18	$	36	$	71
Net income attributable to Ingredion												130
Net income attributable to non-controlling interests														3
Dividends declared, common stock ($0.65/share)												(43)
Repurchases of common stock								(39)
Share-based compensation, net of issuance						2		9								(5)
Other comprehensive income (loss)										134				(2)
Balance, March 31, 2022	$	—	$	1	$	1,160	$	(1,091)	$	(763)	$	3,986	$	19	$	31	$	71


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

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


	Three Months Ended March 31, 2022					Three Months Ended March 31, 2021
(in millions, except per share amounts)	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	130	66.9	$	1.94	$	(246)	67.3	$	(3.66)

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.7					—
Diluted EPS	$	130	67.6	$	1.92	$	(246)	67.3	$	(3.66)

Approximately 1.3 million and 2.1 million share-based awards of common stock were excluded from the calculation of diluted EPS as the impact of their inclusion would have been anti-dilutive for the first quarter of 2022 and 2021, respectively.

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Information

Segment Information

13. Segment Information

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

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


	Three Months Ended
	March 31,
(in millions)	2022		2021
Net sales to unaffiliated customers:
North America	$	1,174	$	945
South America		252		273
Asia-Pacific		272		235
EMEA		194		161
Total net sales	$	1,892	$	1,614

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


	Three Months Ended
	March 31,
(in millions)	2022		2021
Operating income:
North America	$	156	$	134
South America		38		40
Asia-Pacific		22		25
EMEA		31		31
Corporate		(34)		(29)
Subtotal		213		201
Acquisition/integration costs		(1)		(1)
Restructuring/impairment charges		(2)		(10)
Impairment on assets held for sale		—		(360)
Total operating income	$	210	$	(170)

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


	As of		As of
(in millions)	March 31, 2022		December 31, 2021
Assets:
North America (a)	$	4,523	$	4,203
South America		907		799
Asia-Pacific		1,401		1,403
EMEA		604		594
Total assets	$	7,435	$	6,999

(a)

For purposes of presentation, North America includes Corporate assets.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Supplementary Information

3 Months Ended

Mar. 31, 2022

Supplementary Information

Supplementary Information

14. Supplementary Financial Statement Information

Accounts Receivable, Net

Accounts receivable, net are summarized as follows:


	As of		As of
(in millions)	March 31, 2022		December 31, 2021
Accounts receivable, net:
Accounts receivable — trade	$	1,122	$	950
Accounts receivable — other		324		193
Allowance for credit losses		(15)		(13)
Total accounts receivable	$	1,431	$	1,130

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

Inventories

Inventories are summarized as follows:


	As of		As of
(in millions)	March 31, 2022		December 31, 2021
Finished and in process	$	762	$	688
Raw materials		428		380
Manufacturing supplies and other		116		104
Total inventories	$	1,306	$	1,172

Summary of Significant Accounting Standards and Policies (Policies)

3 Months Ended

Mar. 31, 2022

Description of the Business and Summary of Significant Accounting Policies

New Accounting Standards

Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments

Schedule of investments



(in millions)	March 31, 2022		December 31, 2021
Equity investments	$	19	$	16
Equity method investments		106		104
Marketable securities		5		12
Total investments	$	130	$	132

Restructuring and Impairment Charges (Tables)

3 Months Ended

Mar. 31, 2022

Restructuring and Impairment Charges

Summary of severance accrual

A summary of Ingredion’s severance accrual at March 31, 2022, which we expect to fully pay in 2022, is as follows ($ in millions):


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

Derivatives Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2022

Derivatives Instruments and Hedging Activities

Schedule of cash flow hedges included in AOCI


	Amount of Gains
Derivatives in Cash Flow Hedging Relationships	(Losses) included in AOCL
(in millions)	March 31, 2022		December 31, 2021
Commodity contracts, net of income tax effect of $51 and $19, respectively	$	146	$	51
Foreign currency contracts, net of income tax effect of $2 and $ -, respectively		1		-
Interest rate contracts, net of income tax effect of $1		(3)		(3)
Total	$	144	$	48

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


	Fair Value of Hedging Instruments as of March 31, 2022 (in millions)
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location		Commodity Contracts		Foreign Currency Contracts	Total			Commodity Contracts		Foreign Currency Contracts	Total
Accounts receivable, net	$	137	$	8	$	145	$	14	$	4	$	18
Other assets		35		—		35		—		3		3
Assets		172		8		180		14		7		21
Accounts payable and accrued liabilities		30		8		38		10		6		16
Non-current liabilities		1		—		1		—		7		7
Liabilities		31		8		39		10		13		23
Net Assets/(Liabilities)	$	141	$	—	$	141	$	4	$	(6)	$	(2)


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

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


Derivatives in Cash Flow	Gains Recognized in AOCL on Derivatives					Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships	Three Months Ended March 31,				Income Statement	Three Months Ended March 31,
(in millions)	2022		2021		Location	2022		2021
Commodity contracts	$	171	$	27	Cost of sales	$	44	$	(1)
Foreign currency contracts		5		2	Net sales/Cost of sales		2		2
Interest rate contracts		—		—	Financing costs, net		—		—
Total	$	176	$	29		$	46	$	1

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Measurements

Schedule of assets and liabilities measured at fair value


	As of March 31, 2022								As of December 31, 2021
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Available for sale securities	$	5	$	5	$	—	$	—	$	12	$	12	$	—	$	—
Derivative assets		201		134		67		—		74		49		25		—
Derivative liabilities		62		59		3		—		32		22		10		—
Long-term debt		1,763		—		1,763		—		1,957		—		1,957		—

Financing Arrangements (Tables)

3 Months Ended

Mar. 31, 2022

Financing Arrangements

Schedule of debt


	As of		As of
(in millions)	March 31, 2022		December 31, 2021
2.900% senior notes due June 1, 2030	$	595	$	595
3.200% senior notes due October 1, 2026		498		498
3.900% senior notes due June 1, 2050		390		390
6.625% senior notes due April 15, 2037		253		253
Revolving credit agreement		—		—
Other long-term borrowings		3		2
Total long-term debt		1,739		1,738
Commercial paper		428		250
Other short-term borrowings		86		58
Total short-term borrowings		514		308
Total debt	$	2,253	$	2,046

Net Periodic Pension and Postretirement Benefit Costs (Tables)

3 Months Ended

Mar. 31, 2022

Pension Plan

Pension and other postretirement benefits

Components of net periodic benefit cost


	Three Months Ended March 31,
	U.S. Plans				Non-U.S. Plans
(in millions)	2022		2021		2022		2021
Service cost	$	1	$	1	$	1	$	1
Interest cost		2		2		2		3
Expected return on plan assets		(4)		(5)		(2)		(2)
Amortization of actuarial loss		—		—		—		1
Net periodic benefit cost (a)	$	(1)	$	(2)	$	1	$	3

Postemployment Retirement Benefits

Pension and other postretirement benefits

Components of net periodic benefit cost


	Three Months Ended March 31,
(in millions)	2022		2021
Service cost	$	—	$	—
Interest cost		1		1
Amortization of prior service credit		—		(1)
Net periodic benefit cost (a)	$	1	$	—

(a)

Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity

Schedule of stock based compensation expense


	Three Months Ended
	March 31,
(in millions)	2022		2021
Stock options:
Pre-tax compensation expense	$	1	$	1
Income tax benefit		—		—
Stock option expense, net of income taxes		1		1

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

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

Total share-based compensation:
Pre-tax compensation expense		7		5
Income tax benefit		(1)		—
Total share-based compensation expense, net of income taxes	$	6	$	5

Schedule of valuation assumptions for stock options


	Three Months Ended March 31,
	2022		2021
Expected life (in years)	5.5		5.5
Risk-free interest rate	2.0	%	0.6	%
Expected volatility	23.8	%	23.2	%
Expected dividend yield	2.9	%	2.9	%

Schedule of stock option transactions


	Number of Options (in thousands)	Weighted Average Exercise Price per Share		Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2021	2,154	$	90.39	5.26	$	26
Granted	281		88.66
Exercised	(36)		57.65
Cancelled	(13)		117.27
Outstanding as of March 31, 2022	2,386	$	90.54	5.69	$	12
Exercisable as of March 31, 2022	1,805	$	91.34	4.56	$	12

Schedule of additional information pertaining to stock option activity


	March 31,
(dollars in millions, except per share)	2022		2021
Weighted average grant date fair value of stock options granted (per share)	$	15.04	$	12.31
Total intrinsic value of stock options exercised	$	1	$	5

Schedule of restricted unit activity


(RSUs in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested as of December 31, 2021	486	$	88.34
Granted	193		88.91
Vested	(122)		91.40
Cancelled	(14)		88.07
Non-vested as of March 31, 2022	543	$	87.86

Summary of net changes in accumulated other comprehensive loss


(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2021	$	(903)	$	48	$	(42)	$	(897)
Other comprehensive gain before reclassification adjustments		38		176		—		214
(Gain) reclassified from accumulated OCL		—		(46)		—		(46)
Tax (provision)		—		(34)		—		(34)
Net other comprehensive income		38		96		—		134
Balance, March 31, 2022	$	(865)	$	144	$	(42)	$	(763)


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

Schedule of stockholders equity and redeemable equity


	Total Equity
													Non-
									Accumulated				Redeemable		Share-based		Redeemable
					Additional				Other				Non-		Payments		Non-
	Preferred		Common		Paid-In		Treasury		Comprehensive		Retained		Controlling		Subject to		Controlling
(in millions)	Stock		Stock		Capital		Stock		Loss		Earnings		Interests		Redemption		Interests
Balance, December 31, 2021	$	—	$	1	$	1,158	$	(1,061)	$	(897)	$	3,899	$	18	$	36	$	71
Net income attributable to Ingredion												130
Net income attributable to non-controlling interests														3
Dividends declared, common stock ($0.65/share)												(43)
Repurchases of common stock								(39)
Share-based compensation, net of issuance						2		9								(5)
Other comprehensive income (loss)										134				(2)
Balance, March 31, 2022	$	—	$	1	$	1,160	$	(1,091)	$	(763)	$	3,986	$	19	$	31	$	71


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

Schedule of basic and diluted earnings per common share


	Three Months Ended March 31, 2022					Three Months Ended March 31, 2021
(in millions, except per share amounts)	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	130	66.9	$	1.94	$	(246)	67.3	$	(3.66)

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.7					—
Diluted EPS	$	130	67.6	$	1.92	$	(246)	67.3	$	(3.66)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Information

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

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


	Three Months Ended
	March 31,
(in millions)	2022		2021
Net sales to unaffiliated customers:
North America	$	1,174	$	945
South America		252		273
Asia-Pacific		272		235
EMEA		194		161
Total net sales	$	1,892	$	1,614

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


	Three Months Ended
	March 31,
(in millions)	2022		2021
Operating income:
North America	$	156	$	134
South America		38		40
Asia-Pacific		22		25
EMEA		31		31
Corporate		(34)		(29)
Subtotal		213		201
Acquisition/integration costs		(1)		(1)
Restructuring/impairment charges		(2)		(10)
Impairment on assets held for sale		—		(360)
Total operating income	$	210	$	(170)

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


	As of		As of
(in millions)	March 31, 2022		December 31, 2021
Assets:
North America (a)	$	4,523	$	4,203
South America		907		799
Asia-Pacific		1,401		1,403
EMEA		604		594
Total assets	$	7,435	$	6,999

(a)

For purposes of presentation, North America includes Corporate assets.

Supplementary Information (Tables)

3 Months Ended

Mar. 31, 2022

Supplementary Information

Schedule of accounts receivable, net


	As of		As of
(in millions)	March 31, 2022		December 31, 2021
Accounts receivable, net:
Accounts receivable — trade	$	1,122	$	950
Accounts receivable — other		324		193
Allowance for credit losses		(15)		(13)
Total accounts receivable	$	1,431	$	1,130

Schedule of inventories


	As of		As of
(in millions)	March 31, 2022		December 31, 2021
Finished and in process	$	762	$	688
Raw materials		428		380
Manufacturing supplies and other		116		104
Total inventories	$	1,306	$	1,172

Acquisitions - KaTech (Details) - KaTech $ in Millions	Apr. 01, 2021 USD ($)
Acquisitions
Payment for acquisition, net of cash acquired	$ 40
Goodwill	26
Tangible assets	$ 14

Investments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments
Equity investments	$ 19	$ 16
Equity method investments	106	104
Marketable securities	5	12
Total investments	$ 130	$ 132

Investments - Amyris & Arcor joint venture (Details) $ in Millions			12 Months Ended
	Aug. 02, 2021 USD ($)	Jun. 01, 2021 USD ($)	Dec. 31, 2021 USD ($)	Feb. 12, 2021 facility
Equity Method Investments
Transaction costs			$ 6
Arcor joint venture
Equity Method Investments
Number of manufacturing facilities to be operated \| facility				5
Amyris joint venture
Equity Method Investments
Ownership percentage		31.00%
Total consideration under equity method investment agreement		$ 28
Cash consideration paid		10
Non-exclusive license and other consideration		18
Income from equity method investment agreement		$ 8
Arcor joint venture
Equity Method Investments
Fair value of assets and liabilities transferred	$ 71
Ownership percentage	49.00%
Value of shares received as consideration for assets contributed	$ 64
Arcor joint venture \| Grupo Arcor
Equity Method Investments
Cash and other considerations received from joint venture in return of assets and liabilities transferred	$ 7

Restructuring and Impairment Charges - Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring and Impairment Charges
Restructuring/impairment charges and related adjustments	$ 2	$ 370
Restructuring charges	$ 2	10
Impairment charges		360
Impairment on disposition of assets		$ 360

Restructuring and Impairment Charges - Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring and impairment charges
Restructuring charges	$ 2	$ 10
Cost Smart SG&A Program
Restructuring and impairment charges
Restructuring charges	1	5
Cost Smart Cost of Sales Program
Restructuring and impairment charges
Restructuring charges	$ 1	$ 3

Restructuring and Impairment Charges - Employee-related severance (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring accrual
Restructuring charges	$ 2	$ 10
Employee-related severance costs
Restructuring accrual
Balance in severance accrual at beginning of period	3
Payments made to terminated employees	(1)
Balance in severance accrual at end of period	$ 2

Restructuring and Impairment Charges - Impairment Charges (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Restructuring and impairment charges
Impairment on disposition of assets	$ 360
Disposal Group, Held for Sale, Not Discontinued Operations \| South American Subsidiaries, PP&E
Restructuring and impairment charges
Impairment on disposition of assets	360
Impairment charge - Cumulative translation adjustment	311
Impairment charge - Write-down of contributed net assets	$ 49

Derivatives Instruments and Hedging Activities - Commodity price hedging (Details) bu in Millions, MMBTU in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) MMBTU bu	Mar. 31, 2021 USD ($)	Dec. 31, 2021 MMBTU bu
Commodity Contract \| Minimum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	12 months
Commodity Contract \| Maximum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	24 months
Corn Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn and gallons for ethanol) \| bu	107		135
Natural Gas Commodity
Financial instruments, derivatives and hedging activities
Natural gas futures contract (in mmbtu) \| MMBTU	31		35
Not Designated as Hedging Instrument \| Corn Commodity
Financial instruments, derivatives and hedging activities
Gain or (loss) recognized in income \| $	$ 2	$ 1

Derivatives Instruments and Hedging Activities - Foreign currency hedging (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Short \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 466	$ 360
Long \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	223	205
Long \| Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount		708
Cash Flow Hedging \| Short \| Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	350	$ 505
Cash Flow Hedging \| Long \| Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 578

Derivatives Instruments and Hedging Activities - CF Hedges in AOCI (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	$ (763)	$ (897)
Cash Flow Hedging
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	144	48
Cash Flow Hedging \| Commodity Contract
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	146	51
Tax effect on gains (losses) of derivative instruments	(51)	(19)
Cash Flow Hedging \| Foreign Currency Contracts
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	1
Tax effect on gains (losses) of derivative instruments	(2)
Cash Flow Hedging \| Interest Rate Contract
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	(3)	(3)
Tax effect on gains (losses) of derivative instruments	$ 1	$ 1

- Definition

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

+ References + Details

Derivatives Instruments and Hedging Activities - Balance Sheet Location (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets	$ 180	$ 67
Fair value of derivative instruments, Liabilities	39	25
Fair value of derivative instruments, Net Assets/(Liabilities)	141	42
Designated as Hedging Instrument \| Accounts Receivable, Net [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	145	54
Designated as Hedging Instrument \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	35	13
Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	38	17
Designated as Hedging Instrument \| Non Current Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	1	8
Designated as Hedging Instrument \| Commodity Contract
Fair value of derivatives
Fair value of derivative instruments, Assets	172	52
Fair value of derivative instruments, Liabilities	31	7
Fair value of derivative instruments, Net Assets/(Liabilities)	141	45
Designated as Hedging Instrument \| Commodity Contract \| Accounts Receivable, Net [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	137	45
Designated as Hedging Instrument \| Commodity Contract \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	35	7
Designated as Hedging Instrument \| Commodity Contract \| Accounts Payable and Accrued Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	30	5
Designated as Hedging Instrument \| Commodity Contract \| Non Current Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	1	2
Designated as Hedging Instrument \| Foreign Exchange Forward
Fair value of derivatives
Fair value of derivative instruments, Assets	8	15
Fair value of derivative instruments, Liabilities	8	18
Fair value of derivative instruments, Net Assets/(Liabilities)		(3)
Designated as Hedging Instrument \| Foreign Exchange Forward \| Accounts Receivable, Net [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	8	9
Designated as Hedging Instrument \| Foreign Exchange Forward \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets		6
Designated as Hedging Instrument \| Foreign Exchange Forward \| Accounts Payable and Accrued Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	8	12
Designated as Hedging Instrument \| Foreign Exchange Forward \| Non Current Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities		6
Not Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets	21	7
Fair value of derivative instruments, Liabilities	23	7
Fair value of derivative instruments, Net Assets/(Liabilities)	(2)
Not Designated as Hedging Instrument \| Accounts Receivable, Net [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	18	7
Not Designated as Hedging Instrument \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	3
Not Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	16	6
Not Designated as Hedging Instrument \| Non Current Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	7	1
Not Designated as Hedging Instrument \| Commodity Contract
Fair value of derivatives
Fair value of derivative instruments, Assets	14	4
Fair value of derivative instruments, Liabilities	10	2
Fair value of derivative instruments, Net Assets/(Liabilities)	4	2
Not Designated as Hedging Instrument \| Commodity Contract \| Accounts Receivable, Net [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	14	4
Not Designated as Hedging Instrument \| Commodity Contract \| Accounts Payable and Accrued Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	10	2
Not Designated as Hedging Instrument \| Foreign Exchange Forward
Fair value of derivatives
Fair value of derivative instruments, Assets	7	3
Fair value of derivative instruments, Liabilities	13	5
Fair value of derivative instruments, Net Assets/(Liabilities)	(6)	(2)
Not Designated as Hedging Instrument \| Foreign Exchange Forward \| Accounts Receivable, Net [Member]
Fair value of derivatives
Fair value of derivative instruments, Assets	4	3
Not Designated as Hedging Instrument \| Foreign Exchange Forward \| Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	3
Not Designated as Hedging Instrument \| Foreign Exchange Forward \| Accounts Payable and Accrued Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	6	4
Not Designated as Hedging Instrument \| Foreign Exchange Forward \| Non Current Liabilities [Member]
Fair value of derivatives
Fair value of derivative instruments, Liabilities	$ 7	$ 1

Derivatives Instruments and Hedging Activities - Additional information - CF hedges (Details) - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	$ 176	$ 29
Gains (Losses) Reclassified from AOCL into Income	46	1
Commodity Contract
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	171	27
Commodity Contract \| Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	44	(1)
Foreign Currency Contracts
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	5	2
Foreign Currency Contracts \| Net sales/Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	$ 2	$ 2

Derivatives Instruments and Hedging Activities - Gain (Losses) Recognized in Income (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Derivatives Instruments and Hedging Activities
Gains expected to be reclassified into earnings during the next twelve months, net of tax	$ 142
Gains expected to be reclassified into earnings during the next twelve months, income tax effect	$ 50

Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair value of assets and liabilities
Available for sale securities	$ 5	$ 12
Derivative assets	201	74
Derivative liabilities	62	32
Long-term debt	1,763	1,957
Level 1
Fair value of assets and liabilities
Available for sale securities	5	12
Derivative assets	134	49
Derivative liabilities	59	22
Level 2
Fair value of assets and liabilities
Derivative assets	67	25
Derivative liabilities	3	10
Long-term debt	$ 1,763	$ 1,957

Financing Arrangements - Carrying amount (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Financing Arrangements
Long-term debt	$ 1,739	$ 1,738
Total short-term borrowings	514	308
Total debt	$ 2,253	$ 2,046
2.9% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate (as a percent)	2.90%	2.90%
Long-term debt	$ 595	$ 595
3.2% senior notes due October 1, 2026
Financing Arrangements
Debt, interest rate (as a percent)	3.20%	3.20%
Long-term debt	$ 498	$ 498
3.9% senior notes due June 1, 2050
Financing Arrangements
Debt, interest rate (as a percent)	3.90%	3.90%
Long-term debt	$ 390	$ 390
6.625% senior notes due April 15, 2037
Financing Arrangements
Debt, interest rate (as a percent)	6.625%	6.625%
Long-term debt	$ 253	$ 253
Other long-term borrowings
Financing Arrangements
Long-term debt	3	2
Commercial paper
Financing Arrangements
Short-term borrowings	428	250
Other short-term borrowings
Financing Arrangements
Short-term borrowings	$ 86	$ 58

Financing Arrangements - Revolving credit agreement (Details) - USD ($) $ in Millions	3 Months Ended		15 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Long-term debt
Payments on debt	$ 123	$ 36
Proceeds from borrowings	$ 147	$ 46
Commercial paper
Long-term debt
Average amount of commercial paper outstanding			$ 353
Weighted average interest rate (as a percent)			0.38%
Weighted average maturity	14 days		27 days
Short-term borrowings	$ 428		$ 428	$ 250
Weighted average interest rate of outstanding balance (as a percent)	0.99%		0.99%	0.35%
Weighted average maturity of outstanding balance	40 days
Revolving credit agreement
Long-term debt
Maximum aggregate principal amount				$ 1,000

Commitments and Contingencies (Details) - Indirect tax credits - Foreign - Brazil - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2021	Mar. 31, 2022
Commitments and Contingencies
Brazilian indirect tax credits			$ 3
Other Assets and Prepaid Expenses
Commitments and Contingencies
Future tax credits			$ 41
Tax years 2015 - 2018
Commitments and Contingencies
Amount of indirect tax credits expected to receive	$ 15
Tax years 2015 - 2018 \| Other operating income, net
Commitments and Contingencies
Foreign pre-tax benefits		$ 15

Net Periodic Pension and Postretirement Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Plan
Anticipated cash contributions
Anticipated cash contributions in current year	$ 4
Pension Plan \| UNITED STATES
Components of Net Periodic Benefit Costs
Service cost	1	$ 1
Interest cost	2	2
Expected return on plan assets	(4)	(5)
Net periodic benefit cost	(1)	(2)
Anticipated cash contributions
Anticipated cash contributions in current year	1
Pension Plan \| Non-US
Components of Net Periodic Benefit Costs
Service cost	1	1
Interest cost	2	3
Expected return on plan assets	(2)	(2)
Amortization of actuarial loss		1
Net periodic benefit cost	1	3
Anticipated cash contributions
Anticipated cash contributions in current year	3
Employer contributions
Employer contributions	1
Postemployment Retirement Benefits
Components of Net Periodic Benefit Costs
Interest cost	1	1
Amortization of prior service credit		$ (1)
Net periodic benefit cost	$ 1

Equity - Treasury stock (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Oct. 22, 2018
Treasury Stock
Treasury stock:
Purchase/acquisition of treasury stock (in shares)	455	158
Repurchases of common stock (in dollars)	$ 39	$ 14
2018 Stock Repurchase Program
Treasury stock:
Shares authorized to be repurchased (in shares)			8,000

Equity - Share-based payments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based compensation expense
Pre-tax compensation expense	$ 7	$ 5
Income tax benefit	(1)
Total share-based compensation expense, net of income taxes	6	5
Employee Stock Option
Share-based compensation expense
Pre-tax compensation expense	1	1
Total share-based compensation expense, net of income taxes	1	1
RSU
Share-based compensation expense
Pre-tax compensation expense	3	3
Total share-based compensation expense, net of income taxes	3	3
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	3	1
Income tax benefit	(1)
Total share-based compensation expense, net of income taxes	$ 2	$ 1

Equity - Stock options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Stock options, Number of Options
Outstanding at the beginning of the period (in shares)	2,154
Granted (in shares)	281	358
Exercised (in shares)	(36)
Cancelled (in shares)	(13)
Outstanding at the end of the period (in shares)	2,386		2,154
Exercisable at the end of the period (in shares)	1,805
Stock options, Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)	$ 90.39
Granted (in dollars per share)	88.66
Exercised (in dollars per share)	57.65
Cancelled (in dollars per share)	117.27
Outstanding at the end of the period (in dollars per share)	90.54		$ 90.39
Exercisable at the end of the period (in dollars per share)	$ 91.34
Additional information pertaining to stock options
Average Remaining Contractual Term, Outstanding	5 years 8 months 8 days		5 years 3 months 3 days
Average Remaining Contractual Term, Exercisable	4 years 6 months 21 days
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 12		$ 26
Aggregate Intrinsic Value, Exercisable (in dollars)	12
Cash received from exercise of stock options	$ 2
Weighted average grant date fair value of stock options granted (per share)	$ 15.04	$ 12.31
Total intrinsic value of stock options exercised	$ 1	$ 5
Employee Stock Option
Share-based compensation
Term of award	10 years
Period of vesting	3 years
Required service period	1 year
Assumptions used to measure the fair value of awards
Expected life	5 years 6 months	5 years 6 months
Risk-free interest rate (as a percent)	2.00%	0.60%
Expected volatility (as a percent)	23.80%	23.20%
Expected dividend yield (as a percent)	2.90%	2.90%
Additional information pertaining to stock options
Unrecognized compensation cost	$ 6
Weighted-average period for amortization of unrecognized compensation cost	2 years

Equity - Restricted stock units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Other disclosures
Share-based payments subject to redemption	$ 31	$ 36	$ 21	$ 30
RSU
Share-based compensation
Vesting period	3 years
Restricted stock unit activity
Non-vested at the beginning of the period (in shares)	486
Granted (in shares)	193
Vested (in shares)	(122)
Cancelled (in shares)	(14)
Non-vested at the end of the period (in shares)	543
Weighted-average fair value per share
Non-vested at the beginning of the period (in dollars per share)	$ 88.34
Granted (in dollars per share)	88.91
Vested (in dollars per share)	91.40
Cancelled (in dollars per share)	88.07
Non-vested at the end of the period (in dollars per share)	$ 87.86
Other disclosures
Unrecognized compensation cost	$ 30
Weighted-average period for amortization of unrecognized compensation cost	1 year 10 months 24 days

Equity - Performance shares (Details) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) item $ / shares shares	Dec. 31, 2021 USD ($) item	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Share-based compensation
Share-based payments subject to redemption \| $	$ 31	$ 36	$ 21	$ 30
Performance Shares
Share-based compensation
Number of tranches \| item	2	2
Granted (in shares) \| shares	86,000
Weighted-average fair value per share, Granted (in dollars per share) \| $ / shares	$ 138.85
Cancelled (in shares) \| shares	0
Unrecognized compensation cost \| $	$ 16
Remaining requisite service period (in years)	2 years 4 months 24 days
Performance shares, vesting based on TSR
Share-based compensation
Percentage of share-based compensation award	50.00%	50.00%
Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Percentage of share-based compensation award	50.00%	50.00%
Performance period (in years)	3 years	3 years
2019 Awards \| Performance Shares
Share-based compensation
Performance period (in years)	3 years
Award pay out achieved (as a percent)	0.00%
2022 Awards \| Performance shares, vesting based on TSR
Share-based compensation
Vesting period	3 years
Performance period (in years)	3 years
2022 Awards \| Performance shares, vesting based on TSR \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)	0.00%
2022 Awards \| Performance shares, vesting based on TSR \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)	200.00%
2022 Awards \| Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Vesting period	3 years
Performance period (in years)	3 years
2022 Awards \| Performance shares, vesting based on Adjusted ROIC \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)	0.00%
2022 Awards \| Performance shares, vesting based on Adjusted ROIC \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)	200.00%

Equity - AOCL (Details) - USD ($) $ in Millions	3 Months Ended
Equity - AOCL (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	$ 3,100
Balance at the end of the period	3,293
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(903)	$ (1,114)
Other comprehensive gain (loss) before reclassification adjustments	38	(52)
Net other comprehensive income (loss)	38	(52)
Balance at the end of the period	(865)	(1,166)
Hedging Activities
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	48	42
Other comprehensive gain (loss) before reclassification adjustments	176	29
(Gain) reclassified from accumulated OCL	(46)	(1)
Tax (provision) benefit	(34)	(7)
Net other comprehensive income (loss)	96	21
Balance at the end of the period	144	63
Pension and Postretirement Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(42)	(61)
Balance at the end of the period	(42)	(61)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(897)	(1,133)
Other comprehensive gain (loss) before reclassification adjustments	214	(23)
(Gain) reclassified from accumulated OCL	(46)	(1)
Tax (provision) benefit	(34)	(7)
Net other comprehensive income (loss)	134	(31)
Balance at the end of the period	$ (763)	$ (1,164)

Equity - Statements of Equity with dividends per share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Balance at beginning of period	$ 3,118
Balance at end of period	$ 3,312
Dividends declared, common stock (in dollars per share)	$ 0.65	$ 0.64
Common Stock
Balance at beginning of period	$ 1	$ 1
Balance at end of period	1	1
Additional Paid-in Capital
Balance at beginning of period	1,158	1,150
Share-based compensation, net of issuance	2	5
Balance at end of period	1,160	1,155
Treasury Stock
Balance at beginning of period	(1,061)	(1,024)
Repurchases of common stock	(39)	(14)
Share-based compensation, net of issuance	9	16
Balance at end of period	(1,091)	(1,022)
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	(897)	(1,133)
Other comprehensive income (loss)	134	(31)
Balance at end of period	(763)	(1,164)
Retained Earnings
Balance at beginning of period	3,899	3,957
Net income (loss)	130	(246)
Dividends declared, common stock	(43)	(44)
Balance at end of period	3,986	3,667
Noncontrolling Interest
Balance at beginning of period	18	21
Net income (loss)	3	4
Other comprehensive income (loss)	(2)	1
Balance at end of period	$ 19	$ 26

Equity - Statements of Redeemable Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Temporary Equity
Share-based Payments Subject to Redemption, Beginning Balance	$ 36	$ 30
Share-based compensation, net of issuance	(5)	(9)
Share-based Payments Subject to Redemption, Ending Balance	31	21
Redeemable Non-Controlling Interests, Beginning Balance	71	70
Net income (loss) attributable to non-controlling interests		(1)
Other comprehensive income (loss)		1
Redeemable Non-Controlling Interests, Ending Balance	$ 71	$ 70

- Definition

+ References + Details

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic EPS:
Net Income Available to Ingredion - basic	$ 130	$ (246)
Weighted average number of shares outstanding, basic	66.9	67.3
Basic earnings per common share of Ingredion (in dollars per share)	$ 1.94	$ (3.66)
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards	0.7
Diluted EPS:
Net Income Available to Ingredion - diluted	$ 130	$ (246)
Weighted average number of shares outstanding - diluted, Total	67.6	67.3
Diluted earnings per common share of Ingredion (in dollars per share)	$ 1.92	$ (3.66)
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	1.3	2.1

Segment Information - Net sales (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment information
Total net sales	$ 1,892	$ 1,614
Operating income Subtotal	213	201
Acquisition / integration costs	(1)	(1)
Restructuring/impairment charges	(2)	(10)
Impairment on assets held for sale		(360)
Operating income (loss)	210	(170)
Financing costs	24	19
Other non-operating (income)	(1)	(1)
Income (loss) before income taxes	187	(188)
North America Segment
Segment information
Total net sales	1,174	945
South America Segment
Segment information
Total net sales	252	273
Asia Pacific Segment
Segment information
Total net sales	272	235
EMEA Segment
Segment information
Total net sales	194	161
Operating Segments \| North America Segment
Segment information
Operating income Subtotal	156	134
Operating Segments \| South America Segment
Segment information
Operating income Subtotal	38	40
Operating Segments \| Asia Pacific Segment
Segment information
Operating income Subtotal	22	25
Operating Segments \| EMEA Segment
Segment information
Operating income Subtotal	31	31
Corporate, Non-Segment
Segment information
Operating income Subtotal	$ (34)	$ (29)

Segment Information - Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Segment information
Total assets	$ 7,435	$ 6,999
North America Segment
Segment information
Total assets	4,523	4,203
South America Segment
Segment information
Total assets	907	799
Asia Pacific Segment
Segment information
Total assets	1,401	1,403
EMEA Segment
Segment information
Total assets	$ 604	$ 594

- Definition

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

+ References

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+ Details

Supplementary Information - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Supplementary Information
Accounts receivable - trade	$ 1,122	$ 950
Accounts receivable - other	324	193
Allowance for doubtful accounts	(15)	(13)
Total accounts receivable	$ 1,431	$ 1,130

Supplementary Information - Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Supplementary Information
Finished and in process	$ 762	$ 688
Raw materials	428	380
Manufacturing supplies and other	116	104
Total inventories	$ 1,306	$ 1,172