Ingredion (INGR) 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
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		66,763,991
Entity Central Index Key	0001046257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Consolidated Statements of Income
Net sales before shipping and handling costs	$ 1,574	$ 1,563	$ 4,660	$ 4,752
Less: shipping and handling costs	117	113	349	337
Net sales	1,457	1,450	4,311	4,415
Cost of sales	1,113	1,116	3,322	3,367
Gross profit	344	334	989	1,048
Operating expenses	153	148	457	465
Other income, net	(2)	(3)	(3)	(7)
Restructuring/impairment charges	28	34	41	45
Operating income	165	155	494	545
Financing costs, net	24	24	62	65
Other, non-operating expense (income), net	1	(1)	1	(3)
Income before income taxes	140	132	431	483
Provision for income taxes	38	34	120	126
Net income	102	98	311	357
Less: Net income attributable to non-controlling interests	3	3	7	8
Net income attributable to Ingredion	$ 99	$ 95	$ 304	$ 349
Weighted average common shares outstanding:
Basic (in shares)	66.9	71.2	66.9	71.8
Diluted (in shares)	67.4	71.9	67.4	72.7
Earnings per common share of Ingredion:
Basic (in dollars per share)	$ 1.48	$ 1.33	$ 4.54	$ 4.86
Diluted (in dollars per share)	$ 1.47	$ 1.32	$ 4.51	$ 4.80

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 102	$ 98	$ 311	$ 357
Other comprehensive income:
Losses on cash flow hedges, net of income tax effect	(13)		(12)
Losses on cash flow hedges, net of income tax effect		(2)		(1)
(Gains) losses on cash flow hedges reclassified to earnings, net of income tax effect	(3)		2
(Gains) losses on cash flow hedges reclassified to earnings, net of income tax effect		2		4
Actuarial losses on pension and other postretirement obligations, settlements and plan amendments, net of income tax effect of $ -	(1)		(2)	(1)
Unrealized gains (losses) on investments, net of income tax effect of $ -		(1)
Currency translation adjustment	(45)	(17)	(48)	(113)
Comprehensive income	40	80	251	246
Less: Comprehensive income attributable to non-controlling interests	5	3	5	4
Comprehensive income attributable to Ingredion	$ 35	$ 77	$ 246	$ 242

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Condensed Consolidated Statements of Comprehensive Income
(Losses) gains on cash-flow hedges, income tax benefit (expense)	$ 4	$ 4
(Gains) losses on cash-flow hedges reclassified to earnings, income tax expense (benefit)		$ (1)
(Gains) losses) on cash-flow hedges reclassified to earnings, income tax expense (benefit)			$ (1)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 443	$ 327
Short-term investments	3	7
Accounts receivable, net	981	951
Inventories	879	824
Prepaid expenses	36	29
Total current assets	2,342	2,138
Property, plant and equipment, net of accumulated depreciation of $3,016 and $2,915, respectively	2,226	2,198
Goodwill	795	791
Other intangible assets, net of accumulated amortization of $188 and $167, respectively	442	460
Operating lease assets	132
Deferred income tax assets	11	10
Other assets	147	131
Total assets	6,095	5,728
Current liabilities:
Short-term borrowings	81	169
Accounts payable and accrued liabilities	876	777
Total current liabilities	957	946
Non-current liabilities	210	217
Long-term debt	2,001	1,931
Non-current operating lease liabilities	102
Deferred income tax liabilities	185	189
Share-based payments subject to redemption	28	37
Ingredion stockholders' equity:
Preferred stock - authorized 25,000,000 shares - $0.01 par value, none issued
Common stock - authorized 200,000,000 shares - $0.01 par value, 77,810,875 issued at September 30, 2019 and December 31, 2018, respectively	1	1
Additional paid-in capital	1,137	1,096
Less: Treasury stock (common stock: 11,052,615 and 11,284,681 shares at September 30, 2019 and December 31, 2018, respectively) at cost	(1,044)	(1,091)
Accumulated other comprehensive loss	(1,214)	(1,154)
Retained earnings	3,713	3,536
Total Ingredion stockholders' equity	2,593	2,388
Non-controlling interests	19	20
Total equity	2,612	2,408
Total liabilities and equity	$ 6,095	$ 5,728

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Condensed Consolidated Balance Sheets
Property, plant and equipment, Accumulated depreciation	$ 3,016	$ 2,915
Other intangible assets - accumulated amortization (in dollars)	$ 188	$ 167
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)	11,052,615	11,284,681

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings	Non-controlling Interests	Total
Balance at Dec. 31, 2017	$ 1	$ 1,138	$ (494)	$ (1,013)	$ 3,259	$ 26
Increase (Decrease) in Stockholders' Equity
Net income					140	3
Dividends declared					(44)	(3)
Share-based compensation, net of issuance		(6)	18
Other comprehensive income (loss)				41		(2)
Balance at Mar. 31, 2018	1	1,132	(476)	(972)	3,355	24
Balance at Dec. 31, 2017	1	1,138	(494)	(1,013)	3,259	26
Increase (Decrease) in Stockholders' Equity
Net income					349	8	$ 357
Dividends declared					(131)	(7)
Repurchases of common stock, net			(177)
Share-based compensation, net of issuance		(3)	21
Other comprehensive income (loss)				(111)		(4)
Other		(4)		(7)	7	(1)
Balance at Sep. 30, 2018	1	1,131	(650)	(1,131)	3,484	22
Balance at Mar. 31, 2018	1	1,132	(476)	(972)	3,355	24
Increase (Decrease) in Stockholders' Equity
Net income					114	2
Dividends declared					(44)	(1)
Repurchases of common stock, net			(141)
Share-based compensation, net of issuance			2
Other comprehensive income (loss)				(134)		(2)
Other		(4)			1	(1)
Balance at Jun. 30, 2018	1	1,128	(615)	(1,106)	3,426	22
Increase (Decrease) in Stockholders' Equity
Net income					95	3	98
Dividends declared					(43)	(3)
Repurchases of common stock, net			(36)
Share-based compensation, net of issuance		3	1
Other comprehensive income (loss)				(18)
Other				(7)	6
Balance at Sep. 30, 2018	1	1,131	(650)	(1,131)	3,484	22
Balance at Dec. 31, 2018	1	1,096	(1,091)	(1,154)	3,536	20	2,408
Increase (Decrease) in Stockholders' Equity
Net income					100	2
Dividends declared					(42)
Repurchases of common stock, net		32	31
Share-based compensation, net of issuance		9	10
Other comprehensive income (loss)				(6)
Balance at Mar. 31, 2019	1	1,137	(1,050)	(1,160)	3,594	22
Balance at Dec. 31, 2018	1	1,096	(1,091)	(1,154)	3,536	20	2,408
Increase (Decrease) in Stockholders' Equity
Net income					304	7	311
Dividends declared					(127)	(6)
Repurchases of common stock, net		32	31
Share-based compensation, net of issuance		9	16
Other comprehensive income (loss)				(60)		(2)
Balance at Sep. 30, 2019	1	1,137	(1,044)	(1,214)	3,713	19	2,612
Balance at Mar. 31, 2019	1	1,137	(1,050)	(1,160)	3,594	22
Increase (Decrease) in Stockholders' Equity
Net income					105	2
Dividends declared					(43)	(4)
Share-based compensation, net of issuance		1	3
Other comprehensive income (loss)				8		(4)
Balance at Jun. 30, 2019	1	1,138	(1,047)	(1,152)	3,656	16
Increase (Decrease) in Stockholders' Equity
Net income					99	3	102
Dividends declared					(42)	(2)
Share-based compensation, net of issuance		(1)	3
Other comprehensive income (loss)				(62)		2
Balance at Sep. 30, 2019	$ 1	$ 1,137	$ (1,044)	$ (1,214)	$ 3,713	$ 19	$ 2,612

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Redeemable Equity $ in Millions	USD ($)
Beginning Balance at Dec. 31, 2017	$ 36
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	(9)
Ending Balance at Mar. 31, 2018	27
Beginning Balance at Dec. 31, 2017	36
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	(4)
Ending Balance at Sep. 30, 2018	32
Beginning Balance at Mar. 31, 2018	27
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	4
Ending Balance at Jun. 30, 2018	31
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	1
Ending Balance at Sep. 30, 2018	32
Beginning Balance at Dec. 31, 2018	37
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	(16)
Ending Balance at Mar. 31, 2019	21
Beginning Balance at Dec. 31, 2018	37
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	(9)
Ending Balance at Sep. 30, 2019	28
Beginning Balance at Mar. 31, 2019	21
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	4
Ending Balance at Jun. 30, 2019	25
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	3
Ending Balance at Sep. 30, 2019	$ 28

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash provided by operating activities
Net income	$ 311	$ 357
Non-cash charges to net income:
Depreciation and amortization	158	188
Mechanical stores expense	42	43
Deferred income taxes	2	(20)
Other	21	33
Changes in working capital:
Accounts receivable and prepaid expenses	(56)	14
Inventories	(71)	(73)
Accounts payable and accrued liabilities	76	(1)
Margin accounts	(4)	6
Other	11	32
Cash provided by operating activities	490	579
Cash used for investing activities
Capital expenditures and mechanical stores purchases	(231)	(234)
Payments for acquisitions, net of cash acquired of $ 4 and $ - , respectively	(42)
Investment in a non-consolidated affiliate	(10)
Short-term investments	4	2
Other	1	2
Cash used for investing activities	(278)	(230)
Cash used for financing activities
Proceeds from borrowings	839	272
Payments on debt	(858)	(453)
Repurchases of common stock, net	63	(177)
Issuances of common stock for share-based compensation, net of settlements	1	(2)
Dividends paid, including to non-controlling interests	(131)	(137)
Cash used for financing activities	(86)	(497)
Effects of foreign exchange rate changes on cash	(10)	(16)
Increase (decrease) in cash and cash equivalents	116	(164)
Cash and cash equivalents, beginning of period	327	595
Cash and cash equivalents, end of period	$ 443	$ 431

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Condensed Consolidated Statements of Cash Flows
Cash acquired from acquisition	$ 4

Interim Financial Statements

Interim Financial Statements	9 Months Ended
	Sep. 30, 2019
Interim Financial Statements
Interim Financial Statements	1. Interim Financial Statements ​ References to the “Company” are to Ingredion Incorporated (“Ingredion”) and its consolidated subsidiaries. These statements should be read in conjunction with the consolidated financial statements and the related notes to those statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. ​ The unaudited Condensed Consolidated Financial Statements as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 included herein were prepared by management on the same basis as the Company’s audited Consolidated Financial Statements for the year ended December 31, 2018 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, Statements of Comprehensive Income, Balance Sheets, Statements of Equity and Redeemable Equity, and Statements of Cash Flows. The results for the interim periods are not necessarily indicative of the results expected for the full years. ​

Summary of Significant Accounti

Summary of Significant Accounting Standards and Policies	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Standards and Policies
Summary of Significant Accounting Standards and Policies	2. Summary of Significant Accounting Standards and Policies ​ For detailed information about the Company’s significant accounting standards, please refer to Note 2 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Except for the items listed below, there have been no other material changes to the Company’s significant accounting policies for the three and nine months ended September 30, 2019. ​ Recently Adopted Accounting Standards ​ ASU No. 2016-02, Leases (Topic 842) ​ In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842), Topic 840, Leases ​ ASU No. 2017-12 and ASU 2018-16, Derivatives and Hedging (Topic 815) ​ In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. modifies accounting guidance for hedge accounting by making more hedge strategies eligible for hedge accounting, amending presentation and disclosure requirements, and changing how companies assess ineffectiveness. The intent is to simplify the application of hedge accounting and increase transparency of information about an entity’s risk management activities. The amended guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The Company completed its assessment of these updates adopted on January 1, 2019, including potential changes to existing hedging arrangements, and determined the adoption of the guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements. ​ In October 2018, the FASB issued ASU 2018-16 , Derivatives and Hedging (Topic 815) Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as Benchmark Interest Rate for Hedge Accounting Purposes beginning after December 15, 2018, with early adoption permitted. The Update did not have a material impact on the Company’s Condensed Consolidated Financial Statements. ​ New Accounting Standards ​ In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ​ Significant Accounting Policies ​ Indefinite-lived intangible assets and Goodwill: ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) ​ Balance at September 30, 2019 Balance at December 31, 2018 ​ Trademarks/tradenames (indefinite-lived) ​ $ 178 $ 178 ​ ​ ​ The original carrying value of goodwill and accumulated impairment charges by reportable business segment at September 30, 2019 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ South ​ Asia ​ ​ ​ ​ ​ ​ ​ (in millions) America America Pacific EMEA Total Goodwill before impairment charges ​ $ 601 ​ $ 55 ​ $ 225 ​ $ 65 ​ $ 946 ​ Accumulated impairment charges ​ ​ (1) ​ ​ (33) ​ ​ (121) ​ ​ — ​ ​ (155) ​ Balance at January 1, 2019 ​ ​ 600 ​ ​ 22 ​ ​ 104 ​ ​ 65 ​ ​ 791 ​ Acquisitions ​ ​ 7 ​ ​ — ​ ​ — ​ ​ — ​ ​ 7 ​ Currency translation ​ ​ — ​ ​ (2) ​ ​ 2 ​ ​ (3) ​ ​ (3) ​ Balance at September 30, 2019 ​ $ 607 ​ $ 20 ​ $ 106 ​ $ 62 ​ $ 795 ​ ​ The Company assesses indefinite-lived intangible assets and goodwill for impairment annually (or more frequently if impairment indicators arise). The Company performs this annual impairment assessment as of July 1 each year. In testing indefinite-lived intangible assets for impairment, the Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is impaired. After assessing the qualitative factors, if the Company determines that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is greater than its carrying amount, then it would not be required to compute the fair value of the indefinite-lived intangible asset. In the event the qualitative assessment leads the Company to conclude otherwise, then it would be required to determine the fair value of the indefinite-lived intangible assets and perform a quantitative impairment test in accordance with Accounting Standards Codification (“ASC”) subtopic 350-30. In performing the qualitative analysis, the Company considers various factors including net sales derived from these intangibles and certain market and industry conditions. Based on the results of its assessment, the Company concluded that as of July 1, 2019, there were no impairments in its indefinite-lived intangible assets. ​ In testing goodwill for impairment, the Company first assesses qualitative factors in determining whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. After assessing the qualitative factors, if the Company determines that it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount then the Company does not perform the two-step impairment test. If the Company concludes otherwise, then it performs the first step of the two-step impairment test as described in ASC Topic 350. In the first step (“Step One”), the fair value of the reporting unit is compared to its carrying value. If the fair value of the reporting unit exceeds the carrying value of its net assets, goodwill is not considered impaired and no further testing is required. If the carrying value of the net assets exceeds the fair value of the reporting unit, a second step (“Step Two”) of the impairment assessment is performed in order to determine the implied fair value of a reporting unit's goodwill. Determining the implied fair value of goodwill requires a valuation of the reporting unit's tangible and intangible assets and liabilities in a manner similar to the allocation of purchase price in a business combination. If the carrying value of the reporting unit's goodwill exceeds the implied fair value of its goodwill, goodwill is deemed impaired and is written down to the extent of the difference. Based on the results of the annual assessment, the Company concluded that as of July 1, 2019, there were no impairments in its reporting units. ​

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2019
Acquisitions
Acquisitions	3. Acquisitions ​ On March 1, 2019, the Company completed its acquisition of Western Polymer LLC (“Western Polymer”), a privately-held, U.S.-based company headquartered in Moses Lake, Washington, that produces native and modified potato starches for industrial and food applications for $42 million, net of cash acquired of $4 million. The acquisition will expand the Company's potato starch manufacturing capacity, enhance processing capabilities, and broaden its higher-value specialty ingredients business and customer base. The results of the acquired operation are included in the Company’s consolidated results from the acquisition date forward within the North America business segment. ​ A preliminary allocation of the purchase price to the assets acquired and liabilities assumed was made based on available information and incorporating management’s best estimates. The assets acquired and liabilities assumed in the transaction are generally recorded at their estimated acquisition date fair values, while transaction costs associated with the acquisition are expensed as incurred. As of September 30, 2019, $13 million of goodwill and intangible assets, and $29 million of net tangible assets have preliminarily been recorded. Goodwill represents the amount by which the purchase price exceeds the estimated fair value of the net assets acquired. Goodwill and intangible assets are open to be finalized as of September 30, 2019 pending finalization of certain valuations. The goodwill results from synergies and other operational benefits expected to be derived from the acquisition. The goodwill related to Western Polymer is tax-deductible due to the structure of the acquisition. ​ Pro-forma results of operations for the acquisition made in 2019 have not been presented as the effect of the acquisition would not be material to the Company’s results of operations for any periods presented. ​ The Company incurred $2 million of pre-tax acquisition and integration costs for the nine months ended September 30, 2019, associated with its recent acquisition. The Company incurred immaterial pre-tax acquisition and integration costs for the nine months ended September 30, 2018. ​

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2019
Revenue Recognition
Revenue Recognition	4. Revenue Recognition ​ The Company applies the provisions of ASC 606-10, Revenue from Contracts with Customers ​ The Company identified customer purchase orders, which in some cases are governed by a master sales agreement, as the contracts with its customers. For each contract, the Company considers the transfer of products, each of which is distinct, to be the identified performance obligation. In determining the transaction price for the performance obligation, the Company evaluates whether the price is subject to adjustment to determine the consideration to which the Company expects to be entitled. The pricing model can be fixed or variable within the contract. The variable pricing model is based on historical commodity pricing and is determinable prior to completion of the performance obligation. Additionally, the Company has certain sales adjustments for volume incentive discounts and other discount arrangements that reduce the transaction price. The reduction of the transaction price is estimated using the expected value method based on an analysis of historical volume incentives or discounts, over a period of time considered adequate to account for current pricing and business trends. Historically, actual volume incentives and discounts relative to those estimated and included when determining the transaction price have not materially differed. observable input which depicts the price as if sold to a similar customer in similar circumstances. Payment is received shortly after the performance obligation is satisfied; therefore, the Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether a contract has a significant financing component. ​ Revenue is recognized when the Company’s performance obligation is satisfied and control is transferred to the customer, which occurs at a point in time, either upon delivery to an agreed upon location or to the customer. Further, in determining whether control has transferred, the Company considers if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer. ​ Shipping and handling activities related to contracts with customers represent fulfillment costs and are presented as a reduction of net sales. Taxes assessed by governmental authorities and collected from customers are accounted for on a net basis and excluded from revenues. The Company applies a practical expedient to expense costs to obtain a contract as incurred as most contracts are one year or less. These costs primarily include the Company’s internal sales force compensation. Under the terms of these programs, these are generally earned and the costs are recognized at the time the revenue is recognized. ​ From time to time, the Company may enter into long-term contracts with its customers. Historically, the contracts entered into by the Company do not result in significant contract assets or liabilities. Any such arrangements are accounted for in Other assets or Accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheets. There were no significant contract assets or liabilities as of September 30, 2019 or December 31, 2018. ​ The Company is principally engaged in the production and sale of starches and sweeteners for a wide range of industries, and is managed geographically on a regional basis. The Company’s operations are classified into four reportable business segments: North America, South America, Asia-Pacific and Europe, Middle East and Africa (“EMEA”). The nature, amount, timing and uncertainty of the Company’s Net sales are managed by the Company primarily based on its geographic segments. Each region’s product sales are unique to each region and have unique risks. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended ​ ​ ​ ​ September 30, ​ ​ September 30, ​ (in millions) 2019 2018 ​ 2019 2018 Net sales to unaffiliated customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 984 ​ $ 979 ​ $ 2,912 ​ $ 2,940 ​ Less: shipping and handling costs ​ ​ 92 ​ ​ 90 ​ ​ 275 ​ ​ 261 ​ Net sales ​ $ 892 ​ $ 889 ​ $ 2,637 ​ $ 2,679 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South America: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 245 ​ $ 238 ​ $ 699 ​ $ 743 ​ Less: shipping and handling costs ​ ​ 11 ​ ​ 10 ​ ​ 32 ​ ​ 34 ​ Net sales ​ $ 234 ​ $ 228 ​ $ 667 ​ $ 709 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asia-Pacific: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 205 ​ $ 205 ​ $ 611 ​ $ 617 ​ Less: shipping and handling costs ​ ​ 9 ​ ​ 8 ​ ​ 26 ​ ​ 25 ​ Net sales ​ $ 196 ​ $ 197 ​ $ 585 ​ $ 592 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EMEA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 140 ​ $ 141 ​ $ 438 ​ $ 452 ​ Less: shipping and handling costs ​ ​ 5 ​ ​ 5 ​ ​ 16 ​ ​ 17 ​ Net sales ​ $ 135 ​ $ 136 ​ $ 422 ​ $ 435 ​ ​

Restructuring and Impairment Ch

Restructuring and Impairment Charges	9 Months Ended
	Sep. 30, 2019
Restructuring and Impairment Charges
Impairment and Restructuring Charges	5. Restructuring and Impairment Charges ​ For the three and nine months ended September 30, 2019, the Company recorded $28 million and $41 million of pre-tax restructuring charges, respectively. Pre-tax restructuring charges of $14 million and $23 million were recorded for the three and nine months ended September 30, 2019, respectively, for its Cost Smart SG&A program. These costs include $8 million and $11 million, of other costs, including professional services, and $6 million and $12 million of employee- related severance for the three and nine months ended September 30, 2019, respectively. These charges were recorded primarily in the Company’s North America and South America operations, and include $1 million and $2 million of other costs associated with the Finance Transformation initiative in Latin America for the three and nine months ended September 30, 2019, respectively. The Company expects to continue to incur additional charges during the year related to the Cost Smart SG&A program, however, it does not expect to incur any additional restructuring costs related to its Finance Transformation initiative. ​ Additionally, for the three and nine months ended September 30, 2019, the Company recorded $14 million and $18 million, respectively, for its Cost Smart cost of sales program. During the three months ended September 30, 2019, the Company recorded $6 million of restructuring charges in relation to the closure of the Lane Cove, Australia production facility, consisting of $4 million of employee-related severance and $2 million of accelerated depreciation. The Company expects to incur an additional $10 million of restructuring costs during the remainder of 2019 and between $10 million and $12 million in 2020 in relation to the closure. Additionally, during the three months ended September 30, 2019, the Company recorded $4 million of employee-related expenses primarily related to the South America operations restructuring. Finally, the Company recorded $4 million and $8 million of other costs, including professional services, during the three and nine months ended September 30, 2019, primarily in North America including other costs of $2 million in relation to the prior year cessation of wet-milling at the Stockton, California plant. The Company does not expect to incur any additional costs in relation to the cessation of wet-milling at the Stockton, California plant. ​ For the three and nine months ended September 30, 2018, the Company recorded $34 million and $45 million of pre-tax restructuring charges, respectively. This included $28 million of accelerated depreciation and $3 million of employee-related severance costs for the three and nine months ended September 30, 2018, as part of the Cost Smart cost of sales program in relation to the cessation of wet-milling at the Stockton, California plant. In addition, for the three and nine months ended September 30, 2018, the Company recorded $3 million and $4 million, respectively, of employee-related severance and other costs in relation to its Finance Transformation initiative in Latin America as part of its Cost Smart SG&A program. There were also employee-related severance costs of $5 million recorded for the nine months ended September 30, 2018 in relation to the Cost Smart SG&A program in its South America and North America segments. The Company also recorded other costs related to the North America Finance Transformation initiative of $4 million for the nine months ended September 30, 2018, and there were other restructuring costs related to the leaf extraction process in Brazil of $1 million for the nine months ended September 30, 2018. ​ A summary of the Company’s employee-related severance accrual as of September 30, 2019 is as follows (in millions): ​ ​ ​ ​ ​ ​ Balance in severance accrual as of December 31, 2018 $ 10 ​ Cost Smart cost of sales and SG&A ​ ​ 20 ​ Payments made to terminated employees ​ ​ (13) ​ Foreign exchange translation ​ ​ (2) ​ Balance in severance accrual as of September 30, 2019 $ 15 ​ ​ Of the $15 million severance accrual as of September 30, 2019, $14 million is expected to be paid in the next 12 months.

Financial Instruments, Derivati

Financial Instruments, Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2019
Financial Instruments, Derivatives and Hedging Activities
Financial Instruments, Derivatives and Hedging Activities	6. Financial Instruments, Derivatives and Hedging Activities ​ The Company is exposed to market risk stemming from changes in commodity prices (primarily corn and natural gas), foreign currency exchange rates and interest rates. In the normal course of business, the Company actively manages its exposure to these market risks by entering into various hedging transactions, authorized under established policies that place controls on these activities. These transactions utilize exchange-traded derivatives or over-the-counter derivatives with investment-grade counterparties. Derivative financial instruments currently used by the Company consist of commodity-related futures, options and swap contracts, foreign currency-related forward contracts and interest rate swaps. ​ Commodity price hedging For example, the manufacturing of the Company’s products requires a significant volume of corn and natural gas. Price fluctuations in corn and natural gas cause the actual purchase price of corn and natural gas to differ from anticipated prices. ​ To manage price risk related to corn purchases, the Company uses corn futures and option contracts that trade on regulated commodity exchanges to lock-in corn costs associated with fixed-priced customer sales contracts. The Company uses over-the-counter natural gas swaps to hedge a portion of its natural gas usage. These derivative financial instruments limit the impact that volatility resulting from fluctuations in market prices will have on corn and natural gas purchases. The majority of corn derivatives have been designated as cash flow hedging instruments. The Company also enters into futures contracts to hedge price risk associated with fluctuations in the market price of ethanol and soybean oil. The Company’s natural gas, ethanol and soybean oil derivatives have been designated as cash flow hedging instruments. ​ The Company enters into certain corn derivative instruments that are not designated as hedging instruments as defined by ASC 815, Derivatives and Hedging ​ For commodity hedges designated as cash flow hedges, unrealized gains and losses associated with marking the commodity hedging contracts to market (fair value) are recorded as a component of other comprehensive income (“OCI”) and included in the equity section of the Condensed Consolidated Balance Sheets as part of accumulated other comprehensive income/loss (“AOCI”). These amounts are subsequently reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings, or in the month a hedge is determined to be ineffective. The Company assesses the effectiveness of a commodity hedge contract based on changes in the contract’s fair value. The changes in the market value of such contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in the price of the hedged items. Gains and losses from cash flow hedging instruments reclassified from AOCI to earnings are reported as Cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows. ​ As of September 30, 2019, AOCI included $17 million of net losses (net of income tax benefit of $6 million), pertaining to commodities-related derivative instruments designated as cash flow hedges. As of December 31, 2018, AOCI included $2 million of net losses (net of income tax benefit of $2 million), pertaining to commodities-related derivative instruments designated as cash flow hedges. ​ Interest rate hedging ​ The Company has an interest rate swap agreement that effectively converts the interest rates on $200 million of its $400 million of 4.625% senior notes due November 1, 2020, to variable rates. This swap agreement calls for the Company to receive interest at the fixed coupon rate of the respective notes and to pay interest at a variable rate based on the six-month U.S. dollar London Interbank Offered Rate (“LIBOR”) plus a spread. The Company has designated this interest rate swap agreement as a hedge of the changes in fair value of the underlying debt obligations attributable to changes in interest rates and accounts for it as a fair value hedging instrument. The change in fair value of an interest rate swap designated as a hedging instrument that effectively offsets the variability in the fair value of outstanding debt obligations is reported in earnings. This amount offsets the gain or loss (the change in fair value) of the hedged debt instrument that is attributable to changes in interest rates (the hedged risk), which is also recognized in earnings. The fair value of the interest rate swap agreement as of September 30, 2019 was a $2 million gain, and is reflected in the Condensed Consolidated Balance Sheets within Other assets, with an offsetting amount recorded in Long-term debt to adjust the carrying amount of the hedged debt obligations. As of December 31, 2018, the fair value of the interest rate swap agreement was a $1 million loss, and is reflected in the Condensed Consolidated Balance Sheets within Non-current liabilities, with an offsetting amount recorded in Long-term debt to adjust the carrying amount of hedged debt obligations. ​ The Company periodically enters into T-Locks to hedge its exposure to interest rate changes. The T-Locks are designated as hedges of the variability in cash flows associated with future interest payments caused by market fluctuations in the benchmark interest rate until the fixed interest rate is established, and are accounted for as cash flow hedges. Accordingly, changes in the fair value of the T-Locks are recorded to AOCI until the consummation of the underlying debt offering, at which time any realized gain (loss) is amortized to earnings over the life of the debt. The Company did not have any T-Locks outstanding as of September 30, 2019 or December 31, 2018. As of September 30, 2019, AOCI included $1 million of net losses (net of income tax benefit of $1 million) related to settled T-Locks. As of December 31, 2018, AOCI included $2 million of net losses (net of income tax benefit of $1 million) related to settled T-Locks. These deferred losses are being amortized to Financing costs, net over the terms of the senior notes with which they are associated. ​ Foreign currency hedging ASC 815, Derivatives and Hedging ​ Gains and losses from derivative financial instruments not designated as hedging instruments are marked to market in earnings during each accounting period. The notional value of the Company’s foreign currency derivatives not designated as hedging instruments included forward sales contracts of $599 million and $621 million as well as forward purchase contracts with notional value of $182 million and $165 million as of September 30, 2019 and December 31, 2018, respectively. ​ The Company’s foreign currency derivatives designated as cash flow hedging instruments include $3 million of net gains (net of income tax expense of $1 million) in AOCI as of September 30, 2019. The amount included in AOCI related to these hedges at December 31, 2018 was not significant. The notional volume of the Company’s foreign currency cash flow hedging instruments included forward sales contracts of $426 million and $345 million as well as forward purchase contracts of $593 million and $275 million as of September 30, 2019 and December 31, 2018, respectively. ​ The fair value and balance sheet location of the Company’s derivative instruments, presented gross in the Condensed Consolidated Balance Sheets, are reflected below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Hedging Instruments as of September 30, 2019 ​ ​ ​ Designated Hedging Instruments (in millions) ​ Non-Designated Hedging Instruments (in millions) ​ Balance Sheet Location ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ ​ Interest Rate Contracts ​ Total ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ ​ Interest Rate Contracts ​ Total ​ Accounts receivable, net ​ $ 8 ​ $ 6 ​ $ — ​ $ 14 ​ $ 2 ​ $ 10 ​ $ — ​ $ 12 ​ Other assets ​ ​ — ​ ​ 6 ​ ​ 2 ​ ​ 8 ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 1 ​ Assets ​ ​ 8 ​ ​ 12 ​ ​ 2 ​ ​ 22 ​ 2 ​ ​ 11 ​ ​ — ​ ​ 13 ​ Accounts payable and accrued liabilities ​ ​ 17 ​ ​ 3 ​ ​ — ​ ​ 20 ​ ​ 1 ​ ​ 3 ​ ​ — ​ ​ 4 ​ Non-current liabilities ​ ​ 5 ​ ​ 5 ​ ​ — ​ ​ 10 ​ ​ — ​ ​ 3 ​ ​ — ​ ​ 3 ​ Liabilities ​ ​ 22 ​ ​ 8 ​ ​ — ​ ​ 30 ​ ​ 1 ​ ​ 6 ​ ​ — ​ ​ 7 ​ Net (Liabilities)/Assets ​ $ (14) ​ $ 4 ​ $ 2 ​ $ (8) ​ $ 1 ​ $ 5 ​ $ — ​ $ 6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Hedging Instruments as of December 31, 2018 ​ ​ ​ Designated Hedging Instruments (in millions) ​ Non-Designated Hedging Instruments (in millions) ​ Balance Sheet Location ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ ​ Interest Rate Contracts ​ Total ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ ​ Interest Rate Contracts ​ Total ​ Accounts receivable, net ​ $ 5 ​ $ 1 ​ $ — ​ $ 6 ​ $ — ​ $ 16 ​ $ — ​ $ 16 ​ Other assets ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 1 ​ Assets ​ ​ 6 ​ ​ 1 ​ ​ — ​ ​ 7 ​ — ​ ​ 17 ​ ​ — ​ ​ 17 ​ Accounts payable and accrued liabilities ​ ​ 6 ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 3 ​ ​ 9 ​ ​ — ​ ​ 12 ​ Non-current liabilities ​ ​ 3 ​ ​ — ​ ​ 1 ​ ​ 4 ​ ​ — ​ ​ 4 ​ ​ — ​ ​ 4 ​ Liabilities ​ ​ 9 ​ ​ — ​ ​ 1 ​ ​ 10 ​ ​ 3 ​ ​ 13 ​ ​ — ​ ​ 16 ​ Net (Liabilities)/Assets ​ $ (3) ​ $ 1 ​ $ (1) ​ $ (3) ​ $ (3) ​ $ 4 ​ $ — ​ $ 1 ​ ​ As of September 30, 2019, the Company had outstanding futures and option contracts that hedged the forecasted purchase of approximately 47 million bushels of corn. The Company is unable to directly hedge price risk related to coproduct sales; however, it occasionally enters into hedges of soybean oil (a competing product to corn oil) in order to mitigate the price risk of corn oil sales. As of September 30, 2019, the Company had no outstanding soybean oil futures contracts. The Company had outstanding swap and option contracts that hedged the forecasted purchase of approximately 30 million mmbtu’s of natural gas at September 30, 2019. Additionally, as of September 30, 2019 the Company had outstanding ethanol futures contracts hedging approximately 8 million gallons of ethanol. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line item in the statement of financial position in which the hedged item is included (in millions) ​ Carrying Amount of the Hedged Assets/(Liabilities) ​ Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities) ​ Balance sheet date as of ​ September 30, 2019 ​ December 31, 2018 ​ September 30, 2019 ​ December 31, 2018 ​ Interest Rate Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-Term Debt ​ $ (202) ​ $ (199) ​ $ (2) ​ $ 1 ​ ​ Additional information relating to the Company’s derivative instruments is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gains ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gains (Losses) ​ (Losses) ​ Amount of Gains (Losses) ​ Derivatives in Cash-Flow ​ Recognized in OCI ​ Reclassified from ​ Reclassified from AOCI into Income ​ Hedging Relationships ​ Three Months Ended September 30, ​ AOCI ​ Three Months Ended September 30, ​ (in millions, pre-tax) 2019 2018 into Income 2019 2018 ​ Commodity contracts ​ $ (20) ​ $ (5) ​ Cost of sales ​ $ 2 ​ $ (2) ​ Foreign currency contracts ​ ​ 3 ​ ​ 3 ​ Net sales/Cost of sales ​ ​ 1 ​ ​ — ​ Interest rate contracts ​ ​ — ​ ​ — ​ Financing costs, net ​ ​ — ​ ​ — ​ Total ​ $ (17) ​ $ (2) ​ ​ ​ $ 3 ​ $ (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gains ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gains (Losses) ​ (Losses) ​ Amount of Gains (Losses) ​ Derivatives in Cash-Flow ​ Recognized in OCI ​ Reclassified from ​ Reclassified from AOCI into Income ​ Hedging Relationships ​ Nine Months Ended September 30, ​ AOCI ​ Nine Months Ended September 30, ​ (in millions, pre-tax) 2019 2018 into Income 2019 2018 ​ Commodity contracts ​ $ (20) ​ $ (2) ​ Cost of sales ​ $ (1) ​ $ (5) ​ Foreign currency contracts ​ ​ 4 ​ ​ 1 ​ Net sales/Cost of sales ​ ​ (1) ​ ​ 1 ​ Interest rate contracts ​ ​ — ​ ​ — ​ Financing costs, net ​ ​ (1) ​ ​ (1) ​ Total ​ $ (16) ​ $ (1) ​ ​ ​ $ (3) ​ $ (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, 2019 ​ For the Three Months Ended September 30, 2018 ​ Location and Amount of Gains (Losses) Recognized in Income on Fair Value and Cash Flow Hedging Relationships (in millions, pre-tax) ​ Net sales before shipping and handling costs ​ ​ Cost of Sales ​ ​ Financing costs, net ​ Net sales before shipping and handling costs ​ ​ Cost of Sales ​ ​ Financing costs, net ​ Income (expense) reported in earnings ​ $ 1,574 ​ $ (1,113) ​ $ (24) ​ $ 1,563 ​ $ (1,116) ​ $ (24) ​ Fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedged Items ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1 ​ Derivatives designated as hedging instruments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1) ​ Cash flow hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) reclassified from other comprehensive income into earnings ​ $ — ​ $ 2 ​ $ — ​ $ — ​ $ (2) ​ $ — ​ Foreign Exchange Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains reclassified from other comprehensive income into earnings ​ ​ 1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Interest Rate Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) reclassified from other comprehensive income into earnings ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2019 ​ For the Nine Months Ended September 30, 2018 ​ Location and Amount of Gains (Losses) Recognized in Income on Fair Value and Cash Flow Hedging Relationships (in millions, pre-tax) ​ Net sales before shipping and handling costs ​ ​ Cost of Sales ​ ​ Financing costs, net ​ Net sales before shipping and handling costs ​ ​ Cost of Sales ​ ​ Financing costs, net ​ Income (expense) reported in earnings ​ $ 4,660 ​ $ (3,322) ​ $ (62) ​ $ 4,752 ​ $ (3,367) ​ $ (65) ​ Fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedged Items ​ $ — ​ $ — ​ $ (3) ​ $ — ​ $ — ​ $ 4 ​ Derivatives designated as hedging instruments ​ ​ — ​ ​ — ​ ​ 3 ​ ​ — ​ ​ — ​ ​ (4) ​ Cash flow hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses reclassified from other comprehensive income into earnings ​ $ — ​ $ (1) ​ $ — ​ $ — ​ $ (5) ​ $ — ​ Foreign Exchange Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Losses) gains reclassified from other comprehensive income into earnings ​ ​ (2) ​ ​ 1 ​ ​ — ​ ​ 2 ​ ​ (1) ​ ​ — ​ Interest Rate Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses reclassified from other comprehensive income into earnings ​ ​ — ​ ​ — ​ ​ (1) ​ ​ — ​ ​ — ​ ​ (1) ​ ​ As of September 30, 2019, AOCI included $14 million of net losses (net of $5 million of income tax benefit) on commodities-related derivative instruments designated as cash-flow hedges that are expected to be reclassified into earnings during the next 12 months. Transactions and events expected to occur over the next 12 months that will necessitate reclassifying these derivative losses to earnings include the sale of finished goods inventory, which includes previously hedged purchases of corn and natural gas. ​ Presented below are the fair values of the Company’s financial instruments and derivatives for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2019 ​ As of December 31, 2018 ​ (in millions) ​ Total ​ Level 1 (a) ​ Level 2 (b) ​ Level 3 (c) ​ Total ​ Level 1 (a) ​ Level 2 (b) ​ Level 3 (c) ​ Available for sale securities ​ $ 13 ​ $ 13 ​ $ — ​ $ — ​ $ 11 ​ $ 11 ​ $ — ​ $ — ​ Derivative assets ​ ​ 35 ​ ​ 9 ​ ​ 26 ​ ​ — ​ ​ 24 ​ ​ 4 ​ ​ 20 ​ ​ — ​ Derivative liabilities ​ ​ 37 ​ ​ 10 ​ ​ 27 ​ ​ — ​ ​ 26 ​ ​ 6 ​ ​ 20 ​ ​ — ​ Long-term debt ​ ​ 1,986 ​ ​ — ​ ​ 1,986 ​ ​ — ​ ​ 1,954 ​ ​ — ​ ​ 1,954 ​ ​ — ​ ​ (a) Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets or liabilities. (b) Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability or can be derived principally from or corroborated by observable market data. (c) Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. ​ The carrying values of cash equivalents, short-term investments, accounts receivable, accounts payable and short-term borrowings approximate fair values. Commodity futures, options and swap contracts are recognized at fair value. Foreign currency forward contracts, swaps and options are also recognized at fair value. The fair value of the Company’s Long-term debt is estimated based on quotations of major securities dealers who are market makers in the securities. As of September 30, 2019, the carrying value and fair value of the Company’s Long-term debt was $2.0 billion.

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt
Debt	7. Debt ​ As of September 30, 2019 and December 31, 2018, the Company’s total debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ (in millions) ​ September 30, 2019 ​ December 31, 2018 ​ 3.2% senior notes due October 1, 2026 ​ $ 497 ​ $ 496 ​ 4.625% senior notes due November 1, 2020 ​ ​ 400 ​ ​ 399 ​ 6.625% senior notes due April 15, 2037 ​ ​ 253 ​ ​ 254 ​ 5.62% senior notes due March 25, 2020 ​ ​ 200 ​ ​ 200 ​ Term loan credit agreement due April 25, 2019 ​ ​ — ​ ​ 165 ​ Term loan credit agreement due April 12, 2021 ​ ​ 500 ​ ​ — ​ Revolving credit facility ​ ​ 149 ​ ​ 418 ​ Fair value adjustment related to hedged fixed rate debt instruments ​ ​ 2 ​ ​ (1) ​ Long-term debt ​ ​ 2,001 ​ ​ 1,931 ​ Short-term borrowings ​ ​ 81 ​ ​ 169 ​ Total debt ​ $ 2,082 ​ $ 2,100 ​ ​ On April 12, 2019, the Company amended and restated the Term Loan Credit Agreement that was set to mature on April 25, 2019 (“Term Loan”) of $165 million to establish a 24-month senior unsecured term loan credit facility in an amount up to $500 million that matures on April 12, 2021. The Company has used the $500 million to pay down the revolving credit facility (“Revolving Credit Facility”) and to pay off the Term Loan balance. The Company’s long-term debt as of September 30, 2019 includes the 5.62% senior notes due March 25, 2020, as the Company has the ability and intent to refinance such senior notes on a long-term basis using the Revolving Credit Facility or other sources prior to the maturity date.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases
Leases	8. Leases ​ The Company determines if an arrangement is a lease at inception of the agreement. Operating leases are included in operating lease assets, and current and non-current operating lease liabilities in the Company’s Condensed Consolidated Balance Sheets. Lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease asset value includes in its calculation any prepaid lease payments made and any lease incentives received from the arrangement as a reduction of the asset. The Company’s lease terms may include options to extend or terminate the lease, and the impact of these options are included in the lease liability and lease asset calculations when the exercise of the option is at the Company’s sole discretion and it is reasonably certain that the Company will exercise that option. The Company will not separate lease and non-lease components for its leases when it is impracticable to separate the two, such as leases with variable payment arrangements. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ​ The Company has operating leases for certain rail cars, office space, warehouses, and machinery and equipment. The commencement date used for the calculation of the lease obligations recorded is the latter of the commencement date of the new standard (January 1, 2019) or the lease start date. Certain of the leases have options to extend the life of the lease, which are included in the liability calculation when the option is at the sole discretion of the Company and it is reasonably certain that the Company will exercise the option. The Company has certain leases that have variable payments based solely on output or usage of the leased asset. These variable operating lease assets are excluded from the Company’s balance sheet presentation and expensed as incurred. The Company currently has no finance leases. ​ Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Cost ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (in millions) 2019 2019 ​ Operating lease cost ​ $ 13 ​ $ 40 ​ Variable operating lease cost ​ ​ 6 ​ ​ 18 ​ Short term lease cost ​ ​ 1 ​ ​ 2 ​ Lease cost ​ $ 20 ​ $ 60 ​ ​ The following is a reconciliation of future undiscounted cash flows to the operating lease liabilities and the related operating lease assets as presented on the Company’s Condensed Consolidated Balance Sheet as of September 30, 2019. ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ As of ​ (in millions) ​ ​ September 30, 2019 ​ 2019 (Excluding the nine months ended September 30, 2019) ​ $ 13 ​ 2020 ​ ​ 43 ​ 2021 ​ ​ 33 ​ 2022 ​ ​ 25 ​ 2023 ​ ​ 18 ​ Thereafter ​ ​ 32 ​ Total future lease payments ​ ​ 164 ​ Less imputed interest ​ ​ 23 ​ Present value of future lease payments ​ ​ 141 ​ Less current lease liabilities ​ ​ 39 ​ Non-current operating lease liabilities ​ $ 102 ​ Operating lease assets ​ $ 132 ​ ​ Additional information related to the Company’s operating leases is listed below. The right-of-use assets obtained in exchange for lease liabilities for the nine months ended September 30, 2019 includes the initial recognition of $161 million of operating lease assets as part of the adoption of the new lease standard. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Information ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ($ in millions) ​ 2019 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 12 ​ $ 41 ​ Right-of-use assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ $ 11 ​ $ 178 ​ ​ ​ ​ ​ ​ As of ​ ​ ​ ​ ​ ​ September 30, 2019 ​ Weighted average remaining lease term: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ 5.2 years ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ 5.4 % ​ As the Company has not restated prior-year information for its adoption of ASC Topic 842, the following presents its future minimum lease payments for operating leases under ASC Topic 840 on December 31, 2018: ​ ​ ​ ​ ​ ​ Operating Leases ​ As of ​ (in millions) ​ December 31, 2018 ​ 2019 ​ $ 53 ​ 2020 ​ ​ 44 ​ 2021 ​ ​ 40 ​ 2022 ​ ​ 27 ​ 2023 ​ ​ 22 ​ Thereafter ​ ​ 27 ​ Total future lease payments ​ $ 213 ​ ​

Taxes

Taxes	9 Months Ended
	Sep. 30, 2019
Taxes
Taxes	9. Taxes ​ In January 2019, the Company’s Brazilian subsidiary received a favorable decision from the Federal Court of Appeals in Sao Paulo, Brazil, related to certain indirect taxes collected in prior years. As a result of this decision, the Company expects to be entitled to credits against various Brazilian federal tax payments in 2019 and future years. The Company is finalizing the calculation of the amount of the credits and interest related to this court decision, as well as the corresponding tax expense. The credit calculations, which span a period from 2005 to April 2018, are complex and subject to pending decisions within the Brazilian courts that may result in changes to the calculations and the timing of the receipt of benefits. When the Company finalizes the credit calculations and records the gain, a one-time tax payment on the total credit and interest recognized will become immediately due.

Net Periodic Pension and Postre

Net Periodic Pension and Postretirement Benefit Costs	9 Months Ended
	Sep. 30, 2019
Net Periodic Pension and Postretirement Benefit Costs
Net Periodic Pension and Postretirement Benefit Costs	10. Net Periodic Pension and Postretirement Benefit Costs ​ The following table sets forth the components of net periodic cost/(benefit) of the U.S. and non-U.S. defined benefit pension plans for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ ​ U.S. Plans ​ Non-U.S. Plans ​ U.S. Plans ​ Non-U.S. Plans ​ (in millions) 2019 2018 2019 2018 2019 2018 2019 2018 Service cost ​ $ 2 ​ $ 1 ​ $ — ​ $ 1 ​ $ 4 ​ $ 4 ​ $ 2 ​ $ 3 ​ Interest cost ​ ​ 4 ​ ​ 4 ​ ​ 3 ​ ​ 3 ​ ​ 11 ​ ​ 10 ​ ​ 8 ​ ​ 8 ​ Expected return on plan assets ​ ​ (5) ​ ​ (6) ​ ​ (2) ​ ​ (2) ​ ​ (14) ​ ​ (16) ​ ​ (6) ​ ​ (7) ​ Amortization of actuarial loss ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ Net periodic benefit cost/(benefit) (a) ​ $ 1 ​ $ (1) ​ $ 1 ​ $ 2 ​ $ 1 ​ $ (2) ​ $ 5 ​ $ 5 ​ ​ The Company currently anticipates that it will make approximately $4 million in cash contributions to its pension plans in 2019, consisting of $3 million to its non-U.S. pension plans and $1 million to its U.S. pension plans. For the nine months ended September 30, 2019, ​ The following table sets forth the components of net postretirement benefit cost for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (in millions) 2019 2018 2019 2018 ​ Service cost ​ $ — ​ $ 1 ​ $ — ​ $ 1 ​ Interest cost ​ ​ 1 ​ ​ — ​ ​ 2 ​ ​ 2 ​ Amortization of prior service credit ​ ​ — ​ ​ — ​ ​ (1) ​ ​ (1) ​ Net periodic benefit cost (a) ​ $ 1 ​ $ 1 ​ $ 1 ​ $ 2 ​ (a) The service cost component of net periodic benefit cost is presented within either cost of sales or operating expenses on the Condensed Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of actuarial loss and amortization of prior service credit components of net periodic benefit cost are presented as other, non-operating income on the Condensed Consolidated Statements of Income. ​

Inventories

Inventories	9 Months Ended
	Sep. 30, 2019
Inventories
Inventories	11. Inventories ​ Inventories are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of (in millions) September 30, 2019 December 31, 2018 Finished and in process $ 535 $ 522 ​ Raw materials ​ 289 ​ 250 ​ Manufacturing supplies and other ​ 55 ​ 52 ​ Total inventories $ 879 $ 824 ​ ​

Equity

Equity	9 Months Ended
	Sep. 30, 2019
Equity
Equity	12. Equity ​ Treasury stock ​ On November 5, 2018, the Company entered into a Variable Timing Accelerated Share Repurchase (“ASR”) program with JPMorgan (“JPM”). Under the ASR program, the Company paid $455 million on November 5, 2018, and acquired 4 million shares of its common stock having an approximate value of $423 million on that date. On February 5, 2019, the Company and JPM settled the difference between the initial price and average daily volume weighted average price (“VWAP”) less the agreed upon discount during the term of the ASR agreement. The final VWAP was $98.04 per share, which was less than originally paid. The Company settled the difference in cash, resulting in JPM returning $63 million of the upfront payment to the Company on February 6, 2019, and lowering the total cost of repurchasing the 4 million shares of common stock to $392 million. The Company adjusted Additional paid-in capital and Treasury stock by $32 million and $31 million, respectively, during the first quarter of 2019 for this inflow of cash. ​ Shared-based payments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in millions) 2019 2018 2019 2018 Stock options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense $ — $ 1 $ 2 ​ $ 4 ​ Income tax benefit ​ — ​ — ​ — ​ (1) ​ Stock option expense, net of income taxes ​ — ​ 1 ​ 2 ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock units ("RSUs"): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 2 ​ 3 ​ 7 ​ 9 ​ Income tax benefit ​ — ​ (1) ​ (1) ​ (2) ​ RSUs, net of income taxes ​ 2 ​ 2 ​ 6 ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance shares and other share-based awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 2 ​ — ​ 5 ​ 2 ​ Income tax benefit ​ — ​ (1) ​ — ​ (1) ​ Performance shares and other share-based compensation expense, net of income taxes ​ 2 ​ (1) ​ 5 ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total share-based compensation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 4 ​ 4 ​ 14 ​ 15 ​ Income tax benefit ​ — ​ (2) ​ (1) ​ (4) ​ Total share-based compensation expense, net of income taxes $ 4 $ 2 $ 13 ​ $ 11 ​ ​ Stock Options: ​ The Company granted non-qualified options to purchase 247 thousand shares and 215 thousand shares for the nine months ended September 30, 2019 and 2018, respectively. The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions at the date of grant: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2019 ​ 2018 ​ Expected life (in years) ​ 5.5 ​ ​ 5.5 ​ ​ Risk-free interest rate ​ 2.5 % ​ 2.5 % ​ Expected volatility ​ 19.7 % ​ 19.8 % ​ Expected dividend yield ​ 2.7 % ​ 1.8 % ​ ​ The expected life of options represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and the Company’s historical exercise patterns. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the grant date for the period corresponding to the expected life of the options. Expected volatility is based on historical volatilities of the Company’s common stock. Dividend yield is based on current dividend payments at the date of grant. ​ Stock option activity for the nine months ended September 30, 2019 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, 2018 2,079 $ 80.25 ​ 5.51 ​ $ 42 ​ Granted 247 ​ ​ 91.85 ​ ​ ​ ​ ​ ​ Exercised (129) ​ ​ 34.09 ​ ​ ​ ​ ​ ​ Cancelled (56) ​ ​ 113.73 ​ ​ ​ ​ ​ ​ Outstanding as of September 30, 2019 2,141 ​ $ 83.49 5.46 $ 22 ​ Exercisable as of September 30, 2019 1,696 ​ $ 76.92 4.63 $ 22 ​ ​ For the nine months ended September 30, 2019, cash received from the exercise of stock options was $4 million. As of September 30, 2019, the unrecognized compensation cost related to non-vested stock options totaled $3 million, which is expected to be amortized over the weighted-average period of approximately 1.5 years. ​ Additional information pertaining to stock option activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (dollars in millions, except per share) 2019 2018 2019 2018 Weighted average grant date fair value of stock options granted (per share) ​ $ — ​ $ — ​ $ 14.02 ​ $ 24.01 ​ Total intrinsic value of stock options exercised ​ $ 1 ​ $ 1 ​ $ 7 ​ $ 12 ​ ​ Restricted Stock Units: The Company has granted RSUs to certain key employees. The RSUs are subject to cliff vesting, generally after three years provided the employee remains in the service of the Company. Compensation expense is generally recognized on a straight-line basis for all awards over the employee’s vesting period or over a one-year required service period for certain retirement-eligible executive level employees. The Company estimates a forfeiture rate at the time of grant and updates the estimate throughout the vesting of the RSUs within the amount of compensation costs recognized in each period. The fair value of the RSUs is determined based upon the number of shares granted and the market price of the Company’s common stock on the date of the grant. ​ The following table summarizes RSU activity for the nine months ended September 30, 2019: ​ ​ ​ ​ ​ ​ ​ ​ (RSUs in thousands) Number of Restricted Shares Weighted Average Fair Value per Share ​ Non-vested as of December 31, 2018 ​ 344 ​ $ 115.06 ​ Granted ​ 174 ​ ​ 91.28 ​ Vested ​ (136) ​ ​ 101.40 ​ Cancelled ​ (37) ​ ​ 115.79 ​ Non-vested as of September 30, 2019 ​ 345 ​ $ 108.37 ​ ​ As of September 30, 2019, the total remaining unrecognized compensation cost related to RSUs was $17 million, which will be amortized over a weighted average period of approximately 1.9 years. ​ Performance Shares: . ​ For the 2019 performance shares awarded based on the Company’s total shareholder return, the number of shares that ultimately vest can range from zero to 200 percent of the awarded grant depending on the Company’s total shareholder return as compared to the total shareholder return of its peer group. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the 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 2019 performance shares awarded based on ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the awarded grant depending on the Company’s 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 the Company’s common stock on the date of the grant and the final number of shares that ultimately vest. The Company will estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect the Company’s estimated ROIC performance versus the target. The total compensation expense for these awards is amortized over a three-year graded vesting schedule. ​ For the nine months ended September 30, 2019, the Company awarded 70 thousand performance shares at a weighted average fair value of $92.57 per share. ​ As of September 30, 2019, the unrecognized compensation cost related to these awards was $5 million, which will be amortized over the remaining requisite service period of 2.0 years. ​ The 2016 performance share awards vested in the first quarter of 2019, achieving a zero percent payout of the granted performance shares. Additionally, there were three thousand performance share cancellations during the nine months ended September 30, 2019. ​ ​ Accumulated Other Comprehensive Loss: The following is a summary of net changes in Accumulated other comprehensive loss by component and net of tax for the nine months ended September 30, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Cumulative Translation Adjustment Deferred (Loss) Gain on Hedging Activities Pension and Postretirement Adjustment Unrealized (Loss) Gain on Investment Accumulated Other Comprehensive Loss Balance, December 31, 2018 ​ $ (1,080) ​ $ (5) ​ $ (69) ​ $ — ​ $ (1,154) ​ Other comprehensive loss before reclassification adjustments ​ ​ (48) ​ ​ (16) ​ ​ (2) ​ ​ — ​ ​ (66) ​ Amount reclassified from accumulated OCI ​ ​ — ​ ​ 3 ​ ​ — ​ ​ — ​ ​ 3 ​ Tax benefit ​ ​ — ​ ​ 3 ​ ​ — ​ ​ — ​ ​ 3 ​ Net other comprehensive loss ​ ​ (48) ​ ​ (10) ​ ​ (2) ​ ​ — ​ ​ (60) ​ Balance, September 30, 2019 ​ $ (1,128) ​ $ (15) ​ $ (71) ​ $ — ​ $ (1,214) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Cumulative Translation Adjustment Deferred (Loss) Gain on Hedging Activities Pension and Postretirement Adjustment Unrealized (Loss) Gain on Investment Accumulated Other Comprehensive Loss Balance, December 31, 2017 ​ $ (951) ​ $ (13) ​ $ (51) ​ $ 2 ​ $ (1,013) ​ Other comprehensive loss before reclassification adjustments ​ ​ (113) ​ ​ (1) ​ ​ (1) ​ ​ — ​ ​ (115) ​ Amount reclassified from accumulated OCI ​ ​ — ​ ​ 5 ​ ​ — ​ ​ — ​ ​ 5 ​ Adoption of ASU 2016-01 ​ ​ — ​ ​ — ​ ​ — ​ ​ (2) ​ ​ (2) ​ Adoption of ASU 2018-02 ​ ​ — ​ ​ (2) ​ ​ (3) ​ ​ — ​ ​ (5) ​ Tax provision ​ ​ — ​ ​ (1) ​ ​ — ​ ​ — ​ ​ (1) ​ Net other comprehensive (loss) income ​ ​ (113) ​ ​ 1 ​ ​ (4) ​ ​ (2) ​ ​ (118) ​ Balance, September 30, 2018 ​ $ (1,064) ​ $ (12) ​ $ (55) ​ $ — ​ $ (1,131) ​ ​ Supplemental Information : The following Condensed Consolidated Statements of Equity and Redeemable Equity provide the dividends per share for common stock for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ​ Share-based ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Accumulated Other ​ ​ ​ ​ Non- ​ Payments ​ ​ ​ Common ​ Paid-In ​ Treasury ​ Comprehensive ​ Retained ​ Controlling ​ Subject to ​ (in millions) Stock Capital Stock Loss Earnings Interests Redemption Balance, December 31, 2018 ​ $ 1 ​ $ 1,096 ​ $ (1,091) ​ $ (1,154) ​ $ 3,536 ​ $ 20 ​ $ 37 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ Dividends declared, common stock ($0.625/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (42) ​ ​ ​ ​ ​ ​ ​ Repurchases of common stock ​ ​ ​ ​ ​ 32 ​ ​ 31 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ 9 ​ ​ 10 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (16) ​ Other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, March 31, 2019 ​ $ 1 ​ $ 1,137 ​ $ (1,050) ​ $ (1,160) ​ $ 3,594 ​ $ 22 ​ $ 21 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 105 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ Dividends declared, common stock ($0.625/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (43) ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4) ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ 1 ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4 ​ Other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8 ​ ​ ​ ​ ​ (4) ​ ​ ​ ​ Balance, June 30, 2019 ​ $ 1 ​ $ 1,138 ​ $ (1,047) ​ $ (1,152) ​ $ 3,656 ​ $ 16 ​ $ 25 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 99 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ ​ ​ ​ Dividends declared, common stock ($0.63/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (42) ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ (1) ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ Other comprehensive (loss) income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (62) ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ Balance, September 30, 2019 ​ $ 1 ​ $ 1,137 ​ $ (1,044) ​ $ (1,214) ​ $ 3,713 ​ $ 19 ​ $ 28 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ​ Share-based ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Accumulated Other ​ ​ ​ ​ Non- ​ Payments ​ ​ Common ​ Paid-In ​ Treasury ​ Comprehensive ​ Retained ​ Controlling ​ Subject to (in millions) Stock Capital Stock Loss Earnings Interests Redemption Balance, December 31, 2017 $ 1 ​ $ 1,138 ​ $ (494) ​ $ (1,013) ​ $ 3,259 ​ $ 26 ​ $ 36 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 140 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ ​ ​ ​ Dividends declared, common stock ($0.60/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (44) ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ (6) ​ ​ 18 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (9) ​ Other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 41 ​ ​ ​ ​ ​ (2) ​ ​ ​ ​ Balance, March 31, 2018 ​ $ 1 $ 1,132 $ (476) $ (972) $ 3,355 $ 24 $ 27 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 114 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ Dividends declared, common stock ($0.60/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (44) ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) ​ ​ ​ ​ Repurchase of common stock ​ ​ ​ ​ ​ ​ ​ ​ (141) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4 ​ Other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (134) ​ ​ ​ ​ ​ (2) ​ ​ ​ ​ Other ​ ​ ​ ​ ​ (4) ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ ​ (1) ​ ​ ​ ​ Balance, June 30, 2018 ​ $ 1 $ 1,128 $ (615) $ (1,106) $ 3,426 $ 22 $ 31 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 95 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ ​ ​ ​ Dividends declared, common stock ($0.625/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (43) ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) ​ ​ ​ ​ Repurchases of common stock ​ ​ ​ ​ ​ ​ ​ ​ (36) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ 3 ​ ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ Other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (18) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (7) ​ ​ 6 ​ ​ ​ ​ ​ ​ ​ Balance, September 30, 2018 $ 1 $ 1,131 $ (650) $ (1,131) $ 3,484 $ 22 $ 32 ​ ​ Supplemental Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 (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 ​ $ 99 66.9 ​ $ 1.48 ​ $ 95 71.2 ​ $ 1.33 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards ​ ​ ​ 0.5 ​ ​ ​ ​ ​ ​ 0.7 ​ ​ ​ ​ Diluted EPS ​ $ 99 67.4 ​ $ 1.47 ​ $ 95 71.9 ​ $ 1.32 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 (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 ​ $ 304 66.9 ​ $ 4.54 ​ $ 349 71.8 ​ $ 4.86 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards ​ ​ ​ 0.5 ​ ​ ​ ​ ​ ​ 0.9 ​ ​ ​ ​ Diluted EPS ​ $ 304 67.4 ​ $ 4.51 ​ $ 349 72.7 ​ $ 4.80 ​ ​ For the three and nine months ended September 30, 2019, approximately 1.4 million and 1.1 million share-based awards of common stock, respectively, were excluded from the calculation of diluted EPS as the impact of their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2018, approximately 0.6 million and 0.5 million share-based awards of common stock, respectively, were excluded from the calculation of diluted EPS as the impact of their inclusion would have been anti-dilutive.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2019
Segment Information
Segment Information	13. Segment Information ​ The Company is principally engaged in the production and sale of starches and sweeteners for a wide range of industries, and is managed geographically on a regional basis. The Company’s operations are classified into four reportable business segments: North America, South America, Asia-Pacific and EMEA. Its North America segment includes businesses in the U.S., Canada and Mexico. The Company’s South America segment includes businesses in Brazil, Colombia, Ecuador and the Southern Cone of South America, which includes Argentina, Chile, Peru and Uruguay. Its Asia-Pacific segment includes businesses in South Korea, Thailand, China, Japan, Indonesia, the Philippines, Singapore, Malaysia, India, Australia and New Zealand. The Company’s EMEA segment includes businesses in Germany, the United Kingdom, Pakistan and South Africa. The Company does not aggregate its operating segments when determining its reportable segments. Net sales by product are not presented because to do so would be impracticable. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in millions) 2019 2018 2019 2018 ​ Net sales to unaffiliated customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 984 ​ $ 979 ​ $ 2,912 ​ $ 2,940 ​ Less: shipping and handling costs ​ ​ 92 ​ ​ 90 ​ ​ 275 ​ ​ 261 ​ Net sales ​ $ 892 ​ $ 889 ​ $ 2,637 ​ $ 2,679 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South America: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 245 ​ $ 238 ​ $ 699 ​ $ 743 ​ Less: shipping and handling costs ​ ​ 11 ​ ​ 10 ​ ​ 32 ​ ​ 34 ​ Net sales ​ $ 234 ​ $ 228 ​ $ 667 ​ $ 709 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asia-Pacific: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 205 ​ $ 205 ​ $ 611 ​ $ 617 ​ Less: shipping and handling costs ​ ​ 9 ​ ​ 8 ​ ​ 26 ​ ​ 25 ​ Net sales ​ $ 196 ​ $ 197 ​ $ 585 ​ $ 592 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EMEA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 140 ​ $ 141 ​ $ 438 ​ $ 452 ​ Less: shipping and handling costs ​ ​ 5 ​ ​ 5 ​ ​ 16 ​ ​ 17 ​ Net sales ​ $ 135 ​ $ 136 ​ $ 422 ​ $ 435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ ​ September 30, ​ September 30, ​ (in millions) ​ 2019 2018 ​ 2019 ​ 2018 ​ Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 145 ​ $ 138 ​ $ 409 ​ $ 431 ​ South America ​ ​ 27 ​ ​ 22 ​ ​ 61 ​ ​ 68 ​ Asia-Pacific ​ ​ 22 ​ ​ 25 ​ ​ 65 ​ ​ 75 ​ EMEA ​ ​ 24 ​ ​ 26 ​ ​ 71 ​ ​ 86 ​ Corporate ​ ​ (25) ​ ​ (22) ​ ​ (69) ​ ​ (70) ​ Subtotal ​ ​ 193 ​ ​ 189 ​ ​ 537 ​ ​ 590 ​ Restructuring/impairment charges ​ ​ (28) ​ ​ (34) ​ ​ (41) ​ ​ (45) ​ Acquisition/integration costs ​ ​ — ​ ​ — ​ ​ (2) ​ ​ — ​ Total operating income ​ $ 165 ​ $ 155 ​ $ 494 ​ $ 545 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of (in millions) September 30, 2019 December 31, 2018 Total assets: ​ ​ ​ ​ ​ North America (a) $ 4,076 ​ $ 3,737 South America ​ 711 ​ ​ 711 Asia-Pacific ​ 829 ​ ​ 792 EMEA ​ 479 ​ ​ 488 Total $ 6,095 ​ $ 5,728 (a) For purposes of presentation, North America includes Corporate assets. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Standards and Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Standards and Policies
Recently Adopted Accounting Standards and New Accounting Standards	Recently Adopted Accounting Standards ​ ASU No. 2016-02, Leases (Topic 842) ​ In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842), Topic 840, Leases ​ ASU No. 2017-12 and ASU 2018-16, Derivatives and Hedging (Topic 815) ​ In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. modifies accounting guidance for hedge accounting by making more hedge strategies eligible for hedge accounting, amending presentation and disclosure requirements, and changing how companies assess ineffectiveness. The intent is to simplify the application of hedge accounting and increase transparency of information about an entity’s risk management activities. The amended guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The Company completed its assessment of these updates adopted on January 1, 2019, including potential changes to existing hedging arrangements, and determined the adoption of the guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements. ​ In October 2018, the FASB issued ASU 2018-16 , Derivatives and Hedging (Topic 815) Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as Benchmark Interest Rate for Hedge Accounting Purposes beginning after December 15, 2018, with early adoption permitted. The Update did not have a material impact on the Company’s Condensed Consolidated Financial Statements. ​ New Accounting Standards ​ In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
Goodwill and indefinite-lived intangible assets	Indefinite-lived intangible assets and Goodwill: ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) ​ Balance at September 30, 2019 Balance at December 31, 2018 ​ Trademarks/tradenames (indefinite-lived) ​ $ 178 $ 178 ​ ​ ​ The original carrying value of goodwill and accumulated impairment charges by reportable business segment at September 30, 2019 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ South ​ Asia ​ ​ ​ ​ ​ ​ ​ (in millions) America America Pacific EMEA Total Goodwill before impairment charges ​ $ 601 ​ $ 55 ​ $ 225 ​ $ 65 ​ $ 946 ​ Accumulated impairment charges ​ ​ (1) ​ ​ (33) ​ ​ (121) ​ ​ — ​ ​ (155) ​ Balance at January 1, 2019 ​ ​ 600 ​ ​ 22 ​ ​ 104 ​ ​ 65 ​ ​ 791 ​ Acquisitions ​ ​ 7 ​ ​ — ​ ​ — ​ ​ — ​ ​ 7 ​ Currency translation ​ ​ — ​ ​ (2) ​ ​ 2 ​ ​ (3) ​ ​ (3) ​ Balance at September 30, 2019 ​ $ 607 ​ $ 20 ​ $ 106 ​ $ 62 ​ $ 795 ​ ​ The Company assesses indefinite-lived intangible assets and goodwill for impairment annually (or more frequently if impairment indicators arise). The Company performs this annual impairment assessment as of July 1 each year. In testing indefinite-lived intangible assets for impairment, the Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is impaired. After assessing the qualitative factors, if the Company determines that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is greater than its carrying amount, then it would not be required to compute the fair value of the indefinite-lived intangible asset. In the event the qualitative assessment leads the Company to conclude otherwise, then it would be required to determine the fair value of the indefinite-lived intangible assets and perform a quantitative impairment test in accordance with Accounting Standards Codification (“ASC”) subtopic 350-30. In performing the qualitative analysis, the Company considers various factors including net sales derived from these intangibles and certain market and industry conditions. Based on the results of its assessment, the Company concluded that as of July 1, 2019, there were no impairments in its indefinite-lived intangible assets. ​ In testing goodwill for impairment, the Company first assesses qualitative factors in determining whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. After assessing the qualitative factors, if the Company determines that it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount then the Company does not perform the two-step impairment test. If the Company concludes otherwise, then it performs the first step of the two-step impairment test as described in ASC Topic 350. In the first step (“Step One”), the fair value of the reporting unit is compared to its carrying value. If the fair value of the reporting unit exceeds the carrying value of its net assets, goodwill is not considered impaired and no further testing is required. If the carrying value of the net assets exceeds the fair value of the reporting unit, a second step (“Step Two”) of the impairment assessment is performed in order to determine the implied fair value of a reporting unit's goodwill. Determining the implied fair value of goodwill requires a valuation of the reporting unit's tangible and intangible assets and liabilities in a manner similar to the allocation of purchase price in a business combination. If the carrying value of the reporting unit's goodwill exceeds the implied fair value of its goodwill, goodwill is deemed impaired and is written down to the extent of the difference. Based on the results of the annual assessment, the Company concluded that as of July 1, 2019, there were no impairments in its reporting units.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Standards and Policies
Schedule of indefinite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) ​ Balance at September 30, 2019 Balance at December 31, 2018 ​ Trademarks/tradenames (indefinite-lived) ​ $ 178 $ 178 ​
Schedule of goodwill by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ South ​ Asia ​ ​ ​ ​ ​ ​ ​ (in millions) America America Pacific EMEA Total Goodwill before impairment charges ​ $ 601 ​ $ 55 ​ $ 225 ​ $ 65 ​ $ 946 ​ Accumulated impairment charges ​ ​ (1) ​ ​ (33) ​ ​ (121) ​ ​ — ​ ​ (155) ​ Balance at January 1, 2019 ​ ​ 600 ​ ​ 22 ​ ​ 104 ​ ​ 65 ​ ​ 791 ​ Acquisitions ​ ​ 7 ​ ​ — ​ ​ — ​ ​ — ​ ​ 7 ​ Currency translation ​ ​ — ​ ​ (2) ​ ​ 2 ​ ​ (3) ​ ​ (3) ​ Balance at September 30, 2019 ​ $ 607 ​ $ 20 ​ $ 106 ​ $ 62 ​ $ 795 ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue Recognition
Schedule of disaggregation of net sales	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Nine Months Ended ​ ​ ​ ​ September 30, ​ ​ September 30, ​ (in millions) 2019 2018 ​ 2019 2018 Net sales to unaffiliated customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 984 ​ $ 979 ​ $ 2,912 ​ $ 2,940 ​ Less: shipping and handling costs ​ ​ 92 ​ ​ 90 ​ ​ 275 ​ ​ 261 ​ Net sales ​ $ 892 ​ $ 889 ​ $ 2,637 ​ $ 2,679 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South America: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 245 ​ $ 238 ​ $ 699 ​ $ 743 ​ Less: shipping and handling costs ​ ​ 11 ​ ​ 10 ​ ​ 32 ​ ​ 34 ​ Net sales ​ $ 234 ​ $ 228 ​ $ 667 ​ $ 709 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asia-Pacific: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 205 ​ $ 205 ​ $ 611 ​ $ 617 ​ Less: shipping and handling costs ​ ​ 9 ​ ​ 8 ​ ​ 26 ​ ​ 25 ​ Net sales ​ $ 196 ​ $ 197 ​ $ 585 ​ $ 592 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EMEA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 140 ​ $ 141 ​ $ 438 ​ $ 452 ​ Less: shipping and handling costs ​ ​ 5 ​ ​ 5 ​ ​ 16 ​ ​ 17 ​ Net sales ​ $ 135 ​ $ 136 ​ $ 422 ​ $ 435 ​

Restructuring and Impairment _2

Restructuring and Impairment Charges (Tables)	9 Months Ended
	Sep. 30, 2019
Restructuring and Impairment Charges
Summary of restructuring reserve	​ A summary of the Company’s employee-related severance accrual as of September 30, 2019 is as follows (in millions): ​ ​ ​ ​ ​ ​ Balance in severance accrual as of December 31, 2018 $ 10 ​ Cost Smart cost of sales and SG&A ​ ​ 20 ​ Payments made to terminated employees ​ ​ (13) ​ Foreign exchange translation ​ ​ (2) ​ Balance in severance accrual as of September 30, 2019 $ 15 ​

Financial Instruments, Deriva_2

Financial Instruments, Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2019
Financial Instruments, Derivatives and Hedging Activities
Schedule of location and amount of assets and liabilities reported in balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Hedging Instruments as of September 30, 2019 ​ ​ ​ Designated Hedging Instruments (in millions) ​ Non-Designated Hedging Instruments (in millions) ​ Balance Sheet Location ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ ​ Interest Rate Contracts ​ Total ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ ​ Interest Rate Contracts ​ Total ​ Accounts receivable, net ​ $ 8 ​ $ 6 ​ $ — ​ $ 14 ​ $ 2 ​ $ 10 ​ $ — ​ $ 12 ​ Other assets ​ ​ — ​ ​ 6 ​ ​ 2 ​ ​ 8 ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 1 ​ Assets ​ ​ 8 ​ ​ 12 ​ ​ 2 ​ ​ 22 ​ 2 ​ ​ 11 ​ ​ — ​ ​ 13 ​ Accounts payable and accrued liabilities ​ ​ 17 ​ ​ 3 ​ ​ — ​ ​ 20 ​ ​ 1 ​ ​ 3 ​ ​ — ​ ​ 4 ​ Non-current liabilities ​ ​ 5 ​ ​ 5 ​ ​ — ​ ​ 10 ​ ​ — ​ ​ 3 ​ ​ — ​ ​ 3 ​ Liabilities ​ ​ 22 ​ ​ 8 ​ ​ — ​ ​ 30 ​ ​ 1 ​ ​ 6 ​ ​ — ​ ​ 7 ​ Net (Liabilities)/Assets ​ $ (14) ​ $ 4 ​ $ 2 ​ $ (8) ​ $ 1 ​ $ 5 ​ $ — ​ $ 6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Hedging Instruments as of December 31, 2018 ​ ​ ​ Designated Hedging Instruments (in millions) ​ Non-Designated Hedging Instruments (in millions) ​ Balance Sheet Location ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ ​ Interest Rate Contracts ​ Total ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ ​ Interest Rate Contracts ​ Total ​ Accounts receivable, net ​ $ 5 ​ $ 1 ​ $ — ​ $ 6 ​ $ — ​ $ 16 ​ $ — ​ $ 16 ​ Other assets ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 1 ​ Assets ​ ​ 6 ​ ​ 1 ​ ​ — ​ ​ 7 ​ — ​ ​ 17 ​ ​ — ​ ​ 17 ​ Accounts payable and accrued liabilities ​ ​ 6 ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 3 ​ ​ 9 ​ ​ — ​ ​ 12 ​ Non-current liabilities ​ ​ 3 ​ ​ — ​ ​ 1 ​ ​ 4 ​ ​ — ​ ​ 4 ​ ​ — ​ ​ 4 ​ Liabilities ​ ​ 9 ​ ​ — ​ ​ 1 ​ ​ 10 ​ ​ 3 ​ ​ 13 ​ ​ — ​ ​ 16 ​ Net (Liabilities)/Assets ​ $ (3) ​ $ 1 ​ $ (1) ​ $ (3) ​ $ (3) ​ $ 4 ​ $ — ​ $ 1 ​
Schedule of fair value hedges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line item in the statement of financial position in which the hedged item is included (in millions) ​ Carrying Amount of the Hedged Assets/(Liabilities) ​ Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets/(Liabilities) ​ Balance sheet date as of ​ September 30, 2019 ​ December 31, 2018 ​ September 30, 2019 ​ December 31, 2018 ​ Interest Rate Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-Term Debt ​ $ (202) ​ $ (199) ​ $ (2) ​ $ 1 ​
Schedule of amount of gains and losses recognized in OCI and location and amount of gains and losses reported in income statement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gains ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gains (Losses) ​ (Losses) ​ Amount of Gains (Losses) ​ Derivatives in Cash-Flow ​ Recognized in OCI ​ Reclassified from ​ Reclassified from AOCI into Income ​ Hedging Relationships ​ Three Months Ended September 30, ​ AOCI ​ Three Months Ended September 30, ​ (in millions, pre-tax) 2019 2018 into Income 2019 2018 ​ Commodity contracts ​ $ (20) ​ $ (5) ​ Cost of sales ​ $ 2 ​ $ (2) ​ Foreign currency contracts ​ ​ 3 ​ ​ 3 ​ Net sales/Cost of sales ​ ​ 1 ​ ​ — ​ Interest rate contracts ​ ​ — ​ ​ — ​ Financing costs, net ​ ​ — ​ ​ — ​ Total ​ $ (17) ​ $ (2) ​ ​ ​ $ 3 ​ $ (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gains ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gains (Losses) ​ (Losses) ​ Amount of Gains (Losses) ​ Derivatives in Cash-Flow ​ Recognized in OCI ​ Reclassified from ​ Reclassified from AOCI into Income ​ Hedging Relationships ​ Nine Months Ended September 30, ​ AOCI ​ Nine Months Ended September 30, ​ (in millions, pre-tax) 2019 2018 into Income 2019 2018 ​ Commodity contracts ​ $ (20) ​ $ (2) ​ Cost of sales ​ $ (1) ​ $ (5) ​ Foreign currency contracts ​ ​ 4 ​ ​ 1 ​ Net sales/Cost of sales ​ ​ (1) ​ ​ 1 ​ Interest rate contracts ​ ​ — ​ ​ — ​ Financing costs, net ​ ​ (1) ​ ​ (1) ​ Total ​ $ (16) ​ $ (1) ​ ​ ​ $ (3) ​ $ (5) ​
Schedule of location and amount of gain (loss) recognized in income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, 2019 ​ For the Three Months Ended September 30, 2018 ​ Location and Amount of Gains (Losses) Recognized in Income on Fair Value and Cash Flow Hedging Relationships (in millions, pre-tax) ​ Net sales before shipping and handling costs ​ ​ Cost of Sales ​ ​ Financing costs, net ​ Net sales before shipping and handling costs ​ ​ Cost of Sales ​ ​ Financing costs, net ​ Income (expense) reported in earnings ​ $ 1,574 ​ $ (1,113) ​ $ (24) ​ $ 1,563 ​ $ (1,116) ​ $ (24) ​ Fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedged Items ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1 ​ Derivatives designated as hedging instruments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1) ​ Cash flow hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) reclassified from other comprehensive income into earnings ​ $ — ​ $ 2 ​ $ — ​ $ — ​ $ (2) ​ $ — ​ Foreign Exchange Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains reclassified from other comprehensive income into earnings ​ ​ 1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Interest Rate Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) reclassified from other comprehensive income into earnings ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2019 ​ For the Nine Months Ended September 30, 2018 ​ Location and Amount of Gains (Losses) Recognized in Income on Fair Value and Cash Flow Hedging Relationships (in millions, pre-tax) ​ Net sales before shipping and handling costs ​ ​ Cost of Sales ​ ​ Financing costs, net ​ Net sales before shipping and handling costs ​ ​ Cost of Sales ​ ​ Financing costs, net ​ Income (expense) reported in earnings ​ $ 4,660 ​ $ (3,322) ​ $ (62) ​ $ 4,752 ​ $ (3,367) ​ $ (65) ​ Fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedged Items ​ $ — ​ $ — ​ $ (3) ​ $ — ​ $ — ​ $ 4 ​ Derivatives designated as hedging instruments ​ ​ — ​ ​ — ​ ​ 3 ​ ​ — ​ ​ — ​ ​ (4) ​ Cash flow hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses reclassified from other comprehensive income into earnings ​ $ — ​ $ (1) ​ $ — ​ $ — ​ $ (5) ​ $ — ​ Foreign Exchange Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Losses) gains reclassified from other comprehensive income into earnings ​ ​ (2) ​ ​ 1 ​ ​ — ​ ​ 2 ​ ​ (1) ​ ​ — ​ Interest Rate Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses reclassified from other comprehensive income into earnings ​ ​ — ​ ​ — ​ ​ (1) ​ ​ — ​ ​ — ​ ​ (1) ​
Schedule of fair value of financial instruments and derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2019 ​ As of December 31, 2018 ​ (in millions) ​ Total ​ Level 1 (a) ​ Level 2 (b) ​ Level 3 (c) ​ Total ​ Level 1 (a) ​ Level 2 (b) ​ Level 3 (c) ​ Available for sale securities ​ $ 13 ​ $ 13 ​ $ — ​ $ — ​ $ 11 ​ $ 11 ​ $ — ​ $ — ​ Derivative assets ​ ​ 35 ​ ​ 9 ​ ​ 26 ​ ​ — ​ ​ 24 ​ ​ 4 ​ ​ 20 ​ ​ — ​ Derivative liabilities ​ ​ 37 ​ ​ 10 ​ ​ 27 ​ ​ — ​ ​ 26 ​ ​ 6 ​ ​ 20 ​ ​ — ​ Long-term debt ​ ​ 1,986 ​ ​ — ​ ​ 1,986 ​ ​ — ​ ​ 1,954 ​ ​ — ​ ​ 1,954 ​ ​ — ​ ​ (a) Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets or liabilities. (b) Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability or can be derived principally from or corroborated by observable market data. (c) Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs shall be 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.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ (in millions) ​ September 30, 2019 ​ December 31, 2018 ​ 3.2% senior notes due October 1, 2026 ​ $ 497 ​ $ 496 ​ 4.625% senior notes due November 1, 2020 ​ ​ 400 ​ ​ 399 ​ 6.625% senior notes due April 15, 2037 ​ ​ 253 ​ ​ 254 ​ 5.62% senior notes due March 25, 2020 ​ ​ 200 ​ ​ 200 ​ Term loan credit agreement due April 25, 2019 ​ ​ — ​ ​ 165 ​ Term loan credit agreement due April 12, 2021 ​ ​ 500 ​ ​ — ​ Revolving credit facility ​ ​ 149 ​ ​ 418 ​ Fair value adjustment related to hedged fixed rate debt instruments ​ ​ 2 ​ ​ (1) ​ Long-term debt ​ ​ 2,001 ​ ​ 1,931 ​ Short-term borrowings ​ ​ 81 ​ ​ 169 ​ Total debt ​ $ 2,082 ​ $ 2,100 ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases
Summary of net lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Cost ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (in millions) 2019 2019 ​ Operating lease cost ​ $ 13 ​ $ 40 ​ Variable operating lease cost ​ ​ 6 ​ ​ 18 ​ Short term lease cost ​ ​ 1 ​ ​ 2 ​ Lease cost ​ $ 20 ​ $ 60 ​
Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets	​ ​ ​ ​ ​ ​ Operating Leases ​ ​ As of ​ (in millions) ​ ​ September 30, 2019 ​ 2019 (Excluding the nine months ended September 30, 2019) ​ $ 13 ​ 2020 ​ ​ 43 ​ 2021 ​ ​ 33 ​ 2022 ​ ​ 25 ​ 2023 ​ ​ 18 ​ Thereafter ​ ​ 32 ​ Total future lease payments ​ ​ 164 ​ Less imputed interest ​ ​ 23 ​ Present value of future lease payments ​ ​ 141 ​ Less current lease liabilities ​ ​ 39 ​ Non-current operating lease liabilities ​ $ 102 ​ Operating lease assets ​ $ 132 ​
Summary of other lease information	​ ​ ​ ​ ​ ​ ​ ​ ​ Other Information ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ($ in millions) ​ 2019 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 12 ​ $ 41 ​ Right-of-use assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ $ 11 ​ $ 178 ​ ​ ​ ​ ​ ​ As of ​ ​ ​ ​ ​ ​ September 30, 2019 ​ Weighted average remaining lease term: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ 5.2 years ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ 5.4 %
Schedule of minimum lease payments due on leases	As the Company has not restated prior-year information for its adoption of ASC Topic 842, the following presents its future minimum lease payments for operating leases under ASC Topic 840 on December 31, 2018: ​ ​ ​ ​ ​ ​ Operating Leases ​ As of ​ (in millions) ​ December 31, 2018 ​ 2019 ​ $ 53 ​ 2020 ​ ​ 44 ​ 2021 ​ ​ 40 ​ 2022 ​ ​ 27 ​ 2023 ​ ​ 22 ​ Thereafter ​ ​ 27 ​ Total future lease payments ​ $ 213 ​

Net Periodic Pension and Post_2

Net Periodic Pension and Postretirement Benefit Costs (Tables)	9 Months Ended
	Sep. 30, 2019
Pension Plan
Pension and postretirement benefit plans
Components of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ ​ U.S. Plans ​ Non-U.S. Plans ​ U.S. Plans ​ Non-U.S. Plans ​ (in millions) 2019 2018 2019 2018 2019 2018 2019 2018 Service cost ​ $ 2 ​ $ 1 ​ $ — ​ $ 1 ​ $ 4 ​ $ 4 ​ $ 2 ​ $ 3 ​ Interest cost ​ ​ 4 ​ ​ 4 ​ ​ 3 ​ ​ 3 ​ ​ 11 ​ ​ 10 ​ ​ 8 ​ ​ 8 ​ Expected return on plan assets ​ ​ (5) ​ ​ (6) ​ ​ (2) ​ ​ (2) ​ ​ (14) ​ ​ (16) ​ ​ (6) ​ ​ (7) ​ Amortization of actuarial loss ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ Net periodic benefit cost/(benefit) (a) ​ $ 1 ​ $ (1) ​ $ 1 ​ $ 2 ​ $ 1 ​ $ (2) ​ $ 5 ​ $ 5 ​
Postemployment Retirement Benefits
Pension and postretirement benefit plans
Components of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (in millions) 2019 2018 2019 2018 ​ Service cost ​ $ — ​ $ 1 ​ $ — ​ $ 1 ​ Interest cost ​ ​ 1 ​ ​ — ​ ​ 2 ​ ​ 2 ​ Amortization of prior service credit ​ ​ — ​ ​ — ​ ​ (1) ​ ​ (1) ​ Net periodic benefit cost (a) ​ $ 1 ​ $ 1 ​ $ 1 ​ $ 2 ​ (a) The service cost component of net periodic benefit cost is presented within either cost of sales or operating expenses on the Condensed Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of actuarial loss and amortization of prior service credit components of net periodic benefit cost are presented as other, non-operating income on the Condensed Consolidated Statements of Income.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2019
Inventories
Components of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of (in millions) September 30, 2019 December 31, 2018 Finished and in process $ 535 $ 522 ​ Raw materials ​ 289 ​ 250 ​ Manufacturing supplies and other ​ 55 ​ 52 ​ Total inventories $ 879 $ 824 ​

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Equity
Schedule of stock based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in millions) 2019 2018 2019 2018 Stock options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense $ — $ 1 $ 2 ​ $ 4 ​ Income tax benefit ​ — ​ — ​ — ​ (1) ​ Stock option expense, net of income taxes ​ — ​ 1 ​ 2 ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock units ("RSUs"): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 2 ​ 3 ​ 7 ​ 9 ​ Income tax benefit ​ — ​ (1) ​ (1) ​ (2) ​ RSUs, net of income taxes ​ 2 ​ 2 ​ 6 ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance shares and other share-based awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 2 ​ — ​ 5 ​ 2 ​ Income tax benefit ​ — ​ (1) ​ — ​ (1) ​ Performance shares and other share-based compensation expense, net of income taxes ​ 2 ​ (1) ​ 5 ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total share-based compensation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 4 ​ 4 ​ 14 ​ 15 ​ Income tax benefit ​ — ​ (2) ​ (1) ​ (4) ​ Total share-based compensation expense, net of income taxes $ 4 $ 2 $ 13 ​ $ 11 ​
Schedule of valuation assumptions for stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2019 ​ 2018 ​ Expected life (in years) ​ 5.5 ​ ​ 5.5 ​ ​ Risk-free interest rate ​ 2.5 % ​ 2.5 % ​ Expected volatility ​ 19.7 % ​ 19.8 % ​ Expected dividend yield ​ 2.7 % ​ 1.8 % ​
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, 2018 2,079 $ 80.25 ​ 5.51 ​ $ 42 ​ Granted 247 ​ ​ 91.85 ​ ​ ​ ​ ​ ​ Exercised (129) ​ ​ 34.09 ​ ​ ​ ​ ​ ​ Cancelled (56) ​ ​ 113.73 ​ ​ ​ ​ ​ ​ Outstanding as of September 30, 2019 2,141 ​ $ 83.49 5.46 $ 22 ​ Exercisable as of September 30, 2019 1,696 ​ $ 76.92 4.63 $ 22 ​ ​
Schedule of additional information pertaining to stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (dollars in millions, except per share) 2019 2018 2019 2018 Weighted average grant date fair value of stock options granted (per share) ​ $ — ​ $ — ​ $ 14.02 ​ $ 24.01 ​ Total intrinsic value of stock options exercised ​ $ 1 ​ $ 1 ​ $ 7 ​ $ 12 ​
Schedule of restricted unit activity	​ ​ ​ ​ ​ ​ ​ ​ (RSUs in thousands) Number of Restricted Shares Weighted Average Fair Value per Share ​ Non-vested as of December 31, 2018 ​ 344 ​ $ 115.06 ​ Granted ​ 174 ​ ​ 91.28 ​ Vested ​ (136) ​ ​ 101.40 ​ Cancelled ​ (37) ​ ​ 115.79 ​ Non-vested as of September 30, 2019 ​ 345 ​ $ 108.37 ​
Summary of net changes in accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Cumulative Translation Adjustment Deferred (Loss) Gain on Hedging Activities Pension and Postretirement Adjustment Unrealized (Loss) Gain on Investment Accumulated Other Comprehensive Loss Balance, December 31, 2018 ​ $ (1,080) ​ $ (5) ​ $ (69) ​ $ — ​ $ (1,154) ​ Other comprehensive loss before reclassification adjustments ​ ​ (48) ​ ​ (16) ​ ​ (2) ​ ​ — ​ ​ (66) ​ Amount reclassified from accumulated OCI ​ ​ — ​ ​ 3 ​ ​ — ​ ​ — ​ ​ 3 ​ Tax benefit ​ ​ — ​ ​ 3 ​ ​ — ​ ​ — ​ ​ 3 ​ Net other comprehensive loss ​ ​ (48) ​ ​ (10) ​ ​ (2) ​ ​ — ​ ​ (60) ​ Balance, September 30, 2019 ​ $ (1,128) ​ $ (15) ​ $ (71) ​ $ — ​ $ (1,214) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Cumulative Translation Adjustment Deferred (Loss) Gain on Hedging Activities Pension and Postretirement Adjustment Unrealized (Loss) Gain on Investment Accumulated Other Comprehensive Loss Balance, December 31, 2017 ​ $ (951) ​ $ (13) ​ $ (51) ​ $ 2 ​ $ (1,013) ​ Other comprehensive loss before reclassification adjustments ​ ​ (113) ​ ​ (1) ​ ​ (1) ​ ​ — ​ ​ (115) ​ Amount reclassified from accumulated OCI ​ ​ — ​ ​ 5 ​ ​ — ​ ​ — ​ ​ 5 ​ Adoption of ASU 2016-01 ​ ​ — ​ ​ — ​ ​ — ​ ​ (2) ​ ​ (2) ​ Adoption of ASU 2018-02 ​ ​ — ​ ​ (2) ​ ​ (3) ​ ​ — ​ ​ (5) ​ Tax provision ​ ​ — ​ ​ (1) ​ ​ — ​ ​ — ​ ​ (1) ​ Net other comprehensive (loss) income ​ ​ (113) ​ ​ 1 ​ ​ (4) ​ ​ (2) ​ ​ (118) ​ Balance, September 30, 2018 ​ $ (1,064) ​ $ (12) ​ $ (55) ​ $ — ​ $ (1,131) ​
Schedule of stockholders equity and redeemable equity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ​ Share-based ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Accumulated Other ​ ​ ​ ​ Non- ​ Payments ​ ​ ​ Common ​ Paid-In ​ Treasury ​ Comprehensive ​ Retained ​ Controlling ​ Subject to ​ (in millions) Stock Capital Stock Loss Earnings Interests Redemption Balance, December 31, 2018 ​ $ 1 ​ $ 1,096 ​ $ (1,091) ​ $ (1,154) ​ $ 3,536 ​ $ 20 ​ $ 37 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 100 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ Dividends declared, common stock ($0.625/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (42) ​ ​ ​ ​ ​ ​ ​ Repurchases of common stock ​ ​ ​ ​ ​ 32 ​ ​ 31 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ 9 ​ ​ 10 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (16) ​ Other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, March 31, 2019 ​ $ 1 ​ $ 1,137 ​ $ (1,050) ​ $ (1,160) ​ $ 3,594 ​ $ 22 ​ $ 21 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 105 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ Dividends declared, common stock ($0.625/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (43) ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4) ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ 1 ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4 ​ Other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8 ​ ​ ​ ​ ​ (4) ​ ​ ​ ​ Balance, June 30, 2019 ​ $ 1 ​ $ 1,138 ​ $ (1,047) ​ $ (1,152) ​ $ 3,656 ​ $ 16 ​ $ 25 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 99 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ ​ ​ ​ Dividends declared, common stock ($0.63/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (42) ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ (1) ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ Other comprehensive (loss) income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (62) ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ Balance, September 30, 2019 ​ $ 1 ​ $ 1,137 ​ $ (1,044) ​ $ (1,214) ​ $ 3,713 ​ $ 19 ​ $ 28 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ​ Share-based ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Accumulated Other ​ ​ ​ ​ Non- ​ Payments ​ ​ Common ​ Paid-In ​ Treasury ​ Comprehensive ​ Retained ​ Controlling ​ Subject to (in millions) Stock Capital Stock Loss Earnings Interests Redemption Balance, December 31, 2017 $ 1 ​ $ 1,138 ​ $ (494) ​ $ (1,013) ​ $ 3,259 ​ $ 26 ​ $ 36 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 140 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ ​ ​ ​ Dividends declared, common stock ($0.60/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (44) ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ (6) ​ ​ 18 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (9) ​ Other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 41 ​ ​ ​ ​ ​ (2) ​ ​ ​ ​ Balance, March 31, 2018 ​ $ 1 $ 1,132 $ (476) $ (972) $ 3,355 $ 24 $ 27 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 114 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ Dividends declared, common stock ($0.60/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (44) ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) ​ ​ ​ ​ Repurchase of common stock ​ ​ ​ ​ ​ ​ ​ ​ (141) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4 ​ Other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (134) ​ ​ ​ ​ ​ (2) ​ ​ ​ ​ Other ​ ​ ​ ​ ​ (4) ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ ​ (1) ​ ​ ​ ​ Balance, June 30, 2018 ​ $ 1 $ 1,128 $ (615) $ (1,106) $ 3,426 $ 22 $ 31 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 95 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ ​ ​ ​ Dividends declared, common stock ($0.625/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (43) ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) ​ ​ ​ ​ Repurchases of common stock ​ ​ ​ ​ ​ ​ ​ ​ (36) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ 3 ​ ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ Other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (18) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (7) ​ ​ 6 ​ ​ ​ ​ ​ ​ ​ Balance, September 30, 2018 $ 1 $ 1,131 $ (650) $ (1,131) $ 3,484 $ 22 $ 32 ​
Schedule of basic and diluted earnings per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 (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 ​ $ 99 66.9 ​ $ 1.48 ​ $ 95 71.2 ​ $ 1.33 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards ​ ​ ​ 0.5 ​ ​ ​ ​ ​ ​ 0.7 ​ ​ ​ ​ Diluted EPS ​ $ 99 67.4 ​ $ 1.47 ​ $ 95 71.9 ​ $ 1.32 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 (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 ​ $ 304 66.9 ​ $ 4.54 ​ $ 349 71.8 ​ $ 4.86 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards ​ ​ ​ 0.5 ​ ​ ​ ​ ​ ​ 0.9 ​ ​ ​ ​ Diluted EPS ​ $ 304 67.4 ​ $ 4.51 ​ $ 349 72.7 ​ $ 4.80 ​

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Information
Schedule of segment reporting of net sales, operating income and total assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in millions) 2019 2018 2019 2018 ​ Net sales to unaffiliated customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 984 ​ $ 979 ​ $ 2,912 ​ $ 2,940 ​ Less: shipping and handling costs ​ ​ 92 ​ ​ 90 ​ ​ 275 ​ ​ 261 ​ Net sales ​ $ 892 ​ $ 889 ​ $ 2,637 ​ $ 2,679 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South America: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 245 ​ $ 238 ​ $ 699 ​ $ 743 ​ Less: shipping and handling costs ​ ​ 11 ​ ​ 10 ​ ​ 32 ​ ​ 34 ​ Net sales ​ $ 234 ​ $ 228 ​ $ 667 ​ $ 709 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asia-Pacific: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 205 ​ $ 205 ​ $ 611 ​ $ 617 ​ Less: shipping and handling costs ​ ​ 9 ​ ​ 8 ​ ​ 26 ​ ​ 25 ​ Net sales ​ $ 196 ​ $ 197 ​ $ 585 ​ $ 592 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EMEA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 140 ​ $ 141 ​ $ 438 ​ $ 452 ​ Less: shipping and handling costs ​ ​ 5 ​ ​ 5 ​ ​ 16 ​ ​ 17 ​ Net sales ​ $ 135 ​ $ 136 ​ $ 422 ​ $ 435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ ​ September 30, ​ September 30, ​ (in millions) ​ 2019 2018 ​ 2019 ​ 2018 ​ Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 145 ​ $ 138 ​ $ 409 ​ $ 431 ​ South America ​ ​ 27 ​ ​ 22 ​ ​ 61 ​ ​ 68 ​ Asia-Pacific ​ ​ 22 ​ ​ 25 ​ ​ 65 ​ ​ 75 ​ EMEA ​ ​ 24 ​ ​ 26 ​ ​ 71 ​ ​ 86 ​ Corporate ​ ​ (25) ​ ​ (22) ​ ​ (69) ​ ​ (70) ​ Subtotal ​ ​ 193 ​ ​ 189 ​ ​ 537 ​ ​ 590 ​ Restructuring/impairment charges ​ ​ (28) ​ ​ (34) ​ ​ (41) ​ ​ (45) ​ Acquisition/integration costs ​ ​ — ​ ​ — ​ ​ (2) ​ ​ — ​ Total operating income ​ $ 165 ​ $ 155 ​ $ 494 ​ $ 545 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of (in millions) September 30, 2019 December 31, 2018 Total assets: ​ ​ ​ ​ ​ North America (a) $ 4,076 ​ $ 3,737 South America ​ 711 ​ ​ 711 Asia-Pacific ​ 829 ​ ​ 792 EMEA ​ 479 ​ ​ 488 Total $ 6,095 ​ $ 5,728 (a) For purposes of presentation, North America includes Corporate assets.

Summary of Significant Accoun_4

Summary of Significant Accounting Standards and Policies - ASU 2016-02 (Details) - USD ($) $ in Millions	Jan. 01, 2019	Sep. 30, 2019
Recently Adopted Accounting Standards
Lease, Practical expedients, Package	true
Lease, Practical expedients, Use of hindsight	false
Operating lease liabilities		$ 141
Operating lease assets		$ 132
ASU 2016-02, Leases
Recently Adopted Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected	Modified Retrospective
ASU 2016-02, Leases | Adjustment
Recently Adopted Accounting Standards
Operating lease liabilities	$ 170
Operating lease assets	$ 161

Summary of Significant Accoun_5

Summary of Significant Accounting Standards and Policies - Indefinite-lived intangible assets (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Summary of Significant Accounting Standards and Policies
Goodwill	$ 795	$ 791
Indefinite-lived intangible assets	$ 178	$ 178

Summary of Significant Accoun_6

Summary of Significant Accounting Standards and Policies - Goodwill (Details) - USD ($) $ in Millions	Jul. 01, 2019	Sep. 30, 2019	Dec. 31, 2018
Carrying value of goodwill
Goodwill before impairment charges			$ 946
Accumulated impairment charges			(155)
Balance at the beginning of the period		$ 791
Acquisitions		7
Currency translation		(3)
Balance at the end of the period		795
Indefinite-lived intangible assets		178	178
Goodwill impairment	$ 0
Indefinite-lived intangible assets impairment	$ 0
North America
Carrying value of goodwill
Goodwill before impairment charges			601
Accumulated impairment charges			(1)
Balance at the beginning of the period		600
Acquisitions		7
Balance at the end of the period		607
South America
Carrying value of goodwill
Goodwill before impairment charges			55
Accumulated impairment charges			(33)
Balance at the beginning of the period		22
Currency translation		(2)
Balance at the end of the period		20
Asia-Pacific
Carrying value of goodwill
Goodwill before impairment charges			225
Accumulated impairment charges			(121)
Balance at the beginning of the period		104
Currency translation		2
Balance at the end of the period		106
EMEA
Carrying value of goodwill
Goodwill before impairment charges			$ 65
Balance at the beginning of the period		65
Currency translation		(3)
Balance at the end of the period		$ 62

Summary of Significant Accoun_7

Summary of Significant Accounting Standards and Policies - Goodwill and indefinite-lived intangible assets impairment (Details) $ in Millions	Jul. 01, 2019USD ($)
Summary of Significant Accounting Standards and Policies
Indefinite-lived intangible assets impairment	$ 0
Goodwill impairment	$ 0

Acquisitions - (Details)

Acquisitions - (Details) - USD ($) $ in Millions	Mar. 01, 2019	Sep. 30, 2019	Dec. 31, 2018
Acquisitions
Payment for acquisition, net of cash acquired		$ 42
Cash acquired from acquisition		4
Goodwill		795	$ 791
Western Polymer
Acquisitions
Payment for acquisition, net of cash acquired	$ 42
Cash acquired from acquisition	$ 4
Goodwill		13
Tangible assets, net		29
Pre-tax acquisition costs		$ 2

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segment	Sep. 30, 2018USD ($)
Disaggregation of revenue
Revenue, practical expedient, incremental cost of obtaining contract			true
Number of reportable business segments | segment			4
Net sales before shipping and handling costs	$ 1,574	$ 1,563	$ 4,660	$ 4,752
Less: shipping and handling costs	117	113	349	337
Net sales	1,457	1,450	4,311	4,415
North America
Disaggregation of revenue
Net sales before shipping and handling costs	984	979	2,912	2,940
Less: shipping and handling costs	92	90	275	261
Net sales	892	889	2,637	2,679
South America
Disaggregation of revenue
Net sales before shipping and handling costs	245	238	699	743
Less: shipping and handling costs	11	10	32	34
Net sales	234	228	667	709
Asia-Pacific
Disaggregation of revenue
Net sales before shipping and handling costs	205	205	611	617
Less: shipping and handling costs	9	8	26	25
Net sales	196	197	585	592
EMEA
Disaggregation of revenue
Net sales before shipping and handling costs	140	141	438	452
Less: shipping and handling costs	5	5	16	17
Net sales	$ 135	$ 136	$ 422	$ 435

Restructuring and Impairment _3

Restructuring and Impairment Charges - Charges (Details) $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segment	Sep. 30, 2018USD ($)	Dec. 31, 2020USD ($)
Restructuring and impairment charges
Restructuring charges		$ 28	$ 34	$ 41	$ 45
Number of reportable business segments | segment				4
Cost Smart Cost of Sales Program
Restructuring and impairment charges
Restructuring charges		14		$ 18
Cost Smart Cost of Sales Program | Accelerated depreciation
Restructuring and impairment charges
Restructuring charges			28		28
Cost Smart Cost of Sales Program | Employee-related severance costs
Restructuring and impairment charges
Restructuring charges			3		3
Cost Smart Cost of Sales Program, Production facility closure, Australia
Restructuring and impairment charges
Restructuring charges		6		6
Cost Smart Cost of Sales Program, Production facility closure, Australia | Forecast
Restructuring and impairment charges
Restructuring charges	$ 10
Cost Smart Cost of Sales Program, Production facility closure, Australia | Forecast | Minimum
Restructuring and impairment charges
Restructuring charges						$ 10
Cost Smart Cost of Sales Program, Production facility closure, Australia | Forecast | Maximum
Restructuring and impairment charges
Restructuring charges						$ 12
Cost Smart Cost of Sales Program, Production facility closure, Australia | Accelerated depreciation
Restructuring and impairment charges
Restructuring charges		2		2
Cost Smart Cost of Sales Program, Production facility closure, Australia | Employee-related severance costs
Restructuring and impairment charges
Restructuring charges		4		4
Cost Smart Cost of Sales Program, South America | Employee-related severance costs
Restructuring and impairment charges
Restructuring charges		4		4
Cost Smart Cost of Sales Program, North America
Restructuring and impairment charges
Restructuring charges		4		8
Cost Smart Cost of Sales Program, North America | Cessation of wet-milling
Restructuring and impairment charges
Restructuring charges				2
Expected additional costs		0		0
Cost Smart SG&A Program
Restructuring and impairment charges
Restructuring charges		14		23
Cost Smart SG&A Program | Employee-related severance costs
Restructuring and impairment charges
Restructuring charges		6		12
Cost Smart SG&A Program | Other restructuring costs
Restructuring and impairment charges
Restructuring charges		8		11
Cost Smart SG&A Program, Latin American Finance Transformation Initiative | Employee-related severance and other costs
Restructuring and impairment charges
Restructuring charges			$ 3		4
Cost Smart SG&A Program, Latin American Finance Transformation Initiative | Other restructuring costs
Restructuring and impairment charges
Restructuring charges		$ 1		$ 2
Cost Smart SG&A Program, North and South America | Employee-related severance costs
Restructuring and impairment charges
Restructuring charges					5
North America Finance Transformation Initiative | Other restructuring costs
Restructuring and impairment charges
Restructuring charges					4
Brazil leaf extraction Process restructuring | Other restructuring costs
Restructuring and impairment charges
Restructuring charges					$ 1

Restructuring and Impairment _4

Restructuring and Impairment Charges - Employee-related severance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restructuring accrual
Balance in severance accrual at beginning of period
Restructuring charges	$ 28	$ 34	$ 41	$ 45
Balance in severance accrual at end of period	15		15
Employee-related severance costs
Restructuring accrual
Balance in severance accrual at beginning of period			10
Payments made to terminated employees			(13)
Foreign exchange translation			(2)
Balance in severance accrual at end of period	15		15
Restructuring reserve, Expected to be paid in next 12 months	$ 14		14
Cost Smart Cost of Sales and SG&A Program | Employee-related severance costs
Restructuring accrual
Restructuring charges			$ 20

Financial Instruments, Deriva_3

Financial Instruments, Derivatives and Hedging Activities - Commodity price hedging (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	$ (1,214)	$ (1,154)
Commodity Contracts | Minimum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	12 months
Commodity Contracts | Maximum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	24 months
Cash Flow Hedging | Commodity Contracts
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	$ (17)	(2)
Tax effect on gain (loss) of derivative instruments	$ 6	$ 2

Financial Instruments, Deriva_4

Financial Instruments, Derivatives and Hedging Activities - Interest rate hedging (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	$ (1,214)	$ (1,154)
4.625% senior notes due November 1, 2020
Financial instruments, derivatives and hedging activities
Debt, face amount	400
Treasury Lock
Financial instruments, derivatives and hedging activities
Derivative notional amount	0	0
Cash Flow Hedging | Treasury Lock
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	(1)	(2)
Tax effect on gain (loss) of derivative instruments	1	1
Fair Value Hedging | Interest Rate Swap
Financial instruments, derivatives and hedging activities
Increase (decrease) in fair value of instrument	2	$ (1)
Fair Value Hedging | Interest Rate Swap | 4.625% senior notes due November 1, 2020
Financial instruments, derivatives and hedging activities
Debt, face amount	$ 200
Debt, fixed interest rate (as a percent)	4.625%
Debt, floating rate of interest basis	six-month U.S. dollar London Interbank Offered Rate (“LIBOR”)

Financial Instruments, Deriva_5

Financial Instruments, Derivatives and Hedging Activities - Foreign currency hedging (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	$ (1,214)	$ (1,154)
Foreign Currency Forward Contracts | Short | Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	599	621
Foreign Currency Forward Contracts | Long | Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	182	165
Cash Flow Hedging | Foreign Currency Forward Contracts
Financial instruments, derivatives and hedging activities
Accumulated gains (losses) from derivative instruments, net of tax effect	3
Tax effect on gain (loss) of derivative instruments	(1)
Cash Flow Hedging | Foreign Currency Forward Contracts | Short | Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	426	345
Cash Flow Hedging | Foreign Currency Forward Contracts | Long | Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 593	$ 275

Financial Instruments, Deriva_6

Financial Instruments, Derivatives and Hedging Activities - Balance Sheet Location (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets	$ 22	$ 7
Fair value of derivative instruments, Liabilities	30	10
Fair value of derivative instruments, Net Assets/(Liabilities)	(8)	(3)
Designated as Hedging Instrument | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	14	6
Designated as Hedging Instrument | Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	8	1
Designated as Hedging Instrument | Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	20	6
Designated as Hedging Instrument | Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	10	4
Designated as Hedging Instrument | Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	8	6
Fair value of derivative instruments, Liabilities	22	9
Fair value of derivative instruments, Net Assets/(Liabilities)	(14)	(3)
Designated as Hedging Instrument | Commodity Contracts | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	8	5
Designated as Hedging Instrument | Commodity Contracts | Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets		1
Designated as Hedging Instrument | Commodity Contracts | Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	17	6
Designated as Hedging Instrument | Commodity Contracts | Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	5	3
Designated as Hedging Instrument | Foreign Currency Forward Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	12	1
Fair value of derivative instruments, Liabilities	8
Fair value of derivative instruments, Net Assets/(Liabilities)	4	1
Designated as Hedging Instrument | Foreign Currency Forward Contracts | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	6	1
Designated as Hedging Instrument | Foreign Currency Forward Contracts | Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	6
Designated as Hedging Instrument | Foreign Currency Forward Contracts | Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	3
Designated as Hedging Instrument | Foreign Currency Forward Contracts | Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	5
Designated as Hedging Instrument | Interest Rate Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	2
Fair value of derivative instruments, Liabilities		1
Fair value of derivative instruments, Net Assets/(Liabilities)	2	(1)
Designated as Hedging Instrument | Interest Rate Contracts | Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	2
Designated as Hedging Instrument | Interest Rate Contracts | Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities		1
Not Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets	13	17
Fair value of derivative instruments, Liabilities	7	16
Fair value of derivative instruments, Net Assets/(Liabilities)	6	1
Not Designated as Hedging Instrument | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	12	16
Not Designated as Hedging Instrument | Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	1	1
Not Designated as Hedging Instrument | Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	4	12
Not Designated as Hedging Instrument | Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	3	4
Not Designated as Hedging Instrument | Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	2
Fair value of derivative instruments, Liabilities	1	3
Fair value of derivative instruments, Net Assets/(Liabilities)	1	(3)
Not Designated as Hedging Instrument | Commodity Contracts | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	2
Not Designated as Hedging Instrument | Commodity Contracts | Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	1	3
Not Designated as Hedging Instrument | Foreign Currency Forward Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	11	17
Fair value of derivative instruments, Liabilities	6	13
Fair value of derivative instruments, Net Assets/(Liabilities)	5	4
Not Designated as Hedging Instrument | Foreign Currency Forward Contracts | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	10	16
Not Designated as Hedging Instrument | Foreign Currency Forward Contracts | Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	1	1
Not Designated as Hedging Instrument | Foreign Currency Forward Contracts | Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	3	9
Not Designated as Hedging Instrument | Foreign Currency Forward Contracts | Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	$ 3	$ 4

Financial Instruments, Deriva_7

Financial Instruments, Derivatives and Hedging Activities - Outstanding contracts (Details) lb in Millions, gal in Millions, bu in Millions, MMBTU in Millions	Sep. 30, 2019MMBTUlbgalbu
Corn Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn and gallons for ethanol) | bu	47
Soy Bean Oil
Financial instruments, derivatives and hedging activities
Soybean oil futures contract (in pounds) | lb	0
Natural Gas Commodity
Financial instruments, derivatives and hedging activities
Natural gas futures contract (in mmbtu) | MMBTU	30
Ethanol Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn and gallons for ethanol) | gal	8

Financial Instruments, Deriva_8

Financial Instruments, Derivatives and Hedging Activities - Additional information - FV hedges (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Additional information pertaining to fair value hedges
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Liabilities	$ (2)	$ 1
Fair Value Hedging | Long-term debt
Additional information pertaining to fair value hedges
Carrying Amount of the Hedged Liabilities	(202)	(199)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Liabilities	$ (2)	$ 1

Financial Instruments, Deriva_9

Financial Instruments, Derivatives and Hedging Activities - Additional information - CF hedges (Details) - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Hedging relationships
Amount of Gains (Losses) Recognized in OCI	$ (17)	$ (2)	$ (16)	$ (1)
Gain (loss) reclassified from accumulated OCI into earnings	3	(2)	(3)	(5)
Commodity Contracts
Hedging relationships
Amount of Gains (Losses) Recognized in OCI	(20)	(5)	(20)	(2)
Commodity Contracts | Cost of sales
Hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings	2	(2)	(1)	(5)
Foreign Currency Contracts
Hedging relationships
Amount of Gains (Losses) Recognized in OCI	3	$ 3	4	1
Foreign Currency Contracts | Cost of sales
Hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings			1	(1)
Foreign Currency Contracts | Net sales/Cost of sales
Hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings	$ 1		(1)	1
Interest Rate Contracts | Financing costs, net
Hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings			$ (1)	$ (1)

Financial Instruments, Deriv_10

Financial Instruments, Derivatives and Hedging Activities - Location of Gain or (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Hedging relationships
Income (expense) reported in earnings	$ 140	$ 132	$ 431	$ 483
Net sales before shipping and handling costs
Hedging relationships
Income (expense) reported in earnings	1,574	1,563	4,660	4,752
Cost of sales
Hedging relationships
Income (expense) reported in earnings	(1,113)	(1,116)	(3,322)	(3,367)
Financing costs, net
Hedging relationships
Income (expense) reported in earnings	(24)	(24)	(62)	(65)
Fair Value Hedging | Interest Rate Contracts | Financing costs, net
Hedging relationships
Hedged item		1	(3)	4
Derivatives designated as hedging instruments		(1)	3	(4)
Cash Flow Hedging
Hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings	3	(2)	(3)	(5)
Cash Flow Hedging | Commodity Contracts | Cost of sales
Hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings	2	$ (2)	(1)	(5)
Cash Flow Hedging | Foreign Currency Contracts | Net sales before shipping and handling costs
Hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings	$ 1		(2)	2
Cash Flow Hedging | Foreign Currency Contracts | Cost of sales
Hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings			1	(1)
Cash Flow Hedging | Interest Rate Contracts | Financing costs, net
Hedging relationships
Gain (loss) reclassified from accumulated OCI into earnings			$ (1)	$ (1)

Financial Instruments, Deriv_11

Financial Instruments, Derivatives and Hedging Activities - AOCI (Details) $ in Millions	Sep. 30, 2019USD ($)
Foreign Currency Contracts
Hedging relationships
Gains expected to be reclassified into earnings during the next twelve months on settled foreign currency hedges, net of tax	$ 3
Treasury Lock
Hedging relationships
Loss expected to be reclassified into earnings during the next twelve months on settled T-Locks, net of tax	(1)
Foreign Currency Forward Contracts
Hedging relationships
Gains expected to be reclassified during the next twelve months on settled foreign currency hedges, income tax effect	(1)
Cash Flow Hedging | Commodity Contracts
Hedging relationships
Loss expected to be reclassified into earnings during the next twelve months on settled commodity hedging contracts, net of tax	(14)
Loss expected to be reclassified into earnings during the next twelve months on settled commodity hedging contracts, income tax effect	$ 5

Financial Instruments, Deriv_12

Financial Instruments, Derivatives and Hedging Activities - FV (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair value
Fair value of assets and liabilities
Long-term debt	$ 2
Fair Value, Measurements, Recurring
Fair value of assets and liabilities
Available for sale securities	13	$ 11
Derivative assets	35	24
Derivative liabilities	37	26
Long-term debt	1,986	1,954
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1
Fair value of assets and liabilities
Available for sale securities	13	11
Derivative assets	9	4
Derivative liabilities	10	6
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Fair value of assets and liabilities
Derivative assets	26	20
Derivative liabilities	27	20
Long-term debt	$ 1,986	$ 1,954

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Sep. 30, 2019	Apr. 12, 2019	Apr. 11, 2019	Dec. 31, 2018
Debt
Fair value adjustment related to hedged fixed rate debt instruments	$ 2			$ (1)
Total long-term debt	2,001			1,931
Short-term borrowings	81			169
Total debt	$ 2,082			$ 2,100
3.2% senior notes due October 1, 2026
Debt
Debt, interest rate (as a percent)	3.20%			3.20%
Long-term debt excluding fair value adjustments	$ 497			$ 496
4.625% senior notes due November 1, 2020
Debt
Debt, interest rate (as a percent)	4.625%			4.625%
Long-term debt excluding fair value adjustments	$ 400			$ 399
6.625% senior notes due April 15, 2037
Debt
Debt, interest rate (as a percent)	6.625%			6.625%
Long-term debt excluding fair value adjustments	$ 253			$ 254
5.62% senior notes due March 25, 2020
Debt
Debt, interest rate (as a percent)	5.62%			5.62%
Long-term debt excluding fair value adjustments	$ 200			$ 200
Term loan credit agreement due April 25, 2019
Debt
Long-term debt excluding fair value adjustments				165
Total long-term debt			$ 165
Term loan credit agreement due April 12, 2021
Debt
Long-term debt excluding fair value adjustments	500
Debt term		24 months
Maximum borrowing capacity		$ 500
Revolving credit facility
Debt
Long-term debt excluding fair value adjustments	$ 149			$ 418

Leases - Lease costs (Details)

Leases - Lease costs (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Leases
Finance lease liability	$ 0	$ 0
Lease Cost
Operating lease cost	13	40
Variable operating lease cost	6	18
Short term lease cost	1	2
Lease cost	$ 20	$ 60

Leases - Operating lease reconc

Leases - Operating lease reconciliation (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets
2019 (Excluding the nine months ended September 30, 2019)	$ 13
2020	43
2021	33
2022	25
2023	18
Thereafter	32
Total future lease payments	164
Less imputed interest	23
Present value of future lease payments	141
Less current lease liabilities	39
Non-current operating lease liabilities	102
Operating lease assets	$ 132
ASU 2016-02, Leases | Adjustment
Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets
Present value of future lease payments		$ 170
Operating lease assets		$ 161

Leases - Other Information (Det

Leases - Other Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Other information
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 12	$ 41
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 11	$ 178
Weighted average remaining lease term (years): Operating leases	5 years 2 months 12 days	5 years 2 months 12 days
Weighted average discount rate: Operating leases	5.40%	5.40%

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) $ in Millions	Dec. 31, 2018USD ($)
Minimum lease payments for operating leases
2019	$ 53
2020	44
2021	40
2022	27
2023	22
Thereafter	27
Total future lease payments	$ 213

Net Periodic Pension and Post_3

Net Periodic Pension and Postretirement Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Pension Plan
Anticipated cash contributions
Anticipated cash contributions in current year	$ 4		$ 4
Pension Plan | US
Components of Net Periodic Benefit Costs
Service cost	2	$ 1	4	$ 4
Interest cost	4	4	11	10
Expected return on plan assets	(5)	(6)	(14)	(16)
Net periodic benefit cost/(benefit)	1	(1)	1	(2)
Anticipated cash contributions
Anticipated cash contributions in current year	1		1
Employer contributions
Cash contributions made in period			1
Pension Plan | Non-US
Components of Net Periodic Benefit Costs
Service cost		1	2	3
Interest cost	3	3	8	8
Expected return on plan assets	(2)	(2)	(6)	(7)
Amortization of actuarial loss			1	1
Net periodic benefit cost/(benefit)	1	2	5	5
Anticipated cash contributions
Anticipated cash contributions in current year	3		3
Employer contributions
Cash contributions made in period			2
Postemployment Retirement Benefits
Components of Net Periodic Benefit Costs
Service cost		1		1
Interest cost	1		2	2
Amortization of prior service credit			(1)	(1)
Net periodic benefit cost/(benefit)	$ 1	$ 1	$ 1	$ 2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Inventories
Finished and in process	$ 535	$ 522
Raw materials	289	250
Manufacturing supplies and other	55	52
Total inventories	$ 879	$ 824

Equity - Treasury stock (Detail

Equity - Treasury stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Feb. 06, 2019	Nov. 05, 2018	Mar. 31, 2019	Feb. 06, 2019	Feb. 05, 2019	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Oct. 22, 2018
Additional Paid-in Capital
Treasury stock:
Repurchases of common stock, net			$ 32					$ 32
Treasury Stock
Treasury stock:
Repurchases of common stock, net			$ 31			$ (36)	$ (141)	$ 31	$ (177)
ASR agreement
Treasury stock:
Payment made for repurchase of shares		$ 455
Purchase/acquisition of treasury stock (in shares)		4			4
Repurchases of common stock, net		$ (423)		$ (392)
VWAP (in dollars per share)					$ 98.04
Amount of cash returned from upfront payment in repurchase of stock	$ 63
2018 Stock Repurchase Program
Treasury stock:
Shares authorized to be repurchased (in shares)										8

Equity - Share-based payments (

Equity - Share-based payments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based compensation expense
Pre-tax compensation expense	$ 4	$ 4	$ 14	$ 15
Income tax benefit		(2)	(1)	(4)
Total share-based compensation expense, net of income taxes	4	2	13	11
Stock options
Share-based compensation expense
Pre-tax compensation expense		1	2	4
Income tax benefit				(1)
Total share-based compensation expense, net of income taxes		1	2	3
Restricted stock units (RSUs)
Share-based compensation expense
Pre-tax compensation expense	2	3	7	9
Income tax benefit		(1)	(1)	(2)
Total share-based compensation expense, net of income taxes	2	2	6	7
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	2		5	2
Income tax benefit		(1)		(1)
Total share-based compensation expense, net of income taxes	$ 2	$ (1)	$ 5	$ 1

Equity - Stock options (Details

Equity - Stock options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Stock options, Number of Options
Outstanding at the beginning of the period (in shares)			2,079
Granted (in shares)			247	215
Exercised (in shares)			(129)
Cancelled (in shares)			(56)
Outstanding at the end of the period (in shares)	2,141		2,141		2,079
Exercisable at the end of the period (in shares)	1,696		1,696
Stock options, Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)			$ 80.25
Granted (in dollars per share)			91.85
Exercised (in dollars per share)			34.09
Cancelled (in dollars per share)			113.73
Outstanding at the end of the period (in dollars per share)	$ 83.49		83.49		$ 80.25
Exercisable at the end of the period (in dollars per share)	$ 76.92		$ 76.92
Additional information pertaining to stock options
Average Remaining Contractual Term, Outstanding			5 years 5 months 15 days		5 years 6 months 3 days
Average Remaining Contractual Term, Exercisable			4 years 7 months 17 days
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 22		$ 22		$ 42
Aggregate Intrinsic Value, Exercisable (in dollars)	22		22
Cash received from exercise of stock options			$ 4
Weighted average grant date fair value of stock options granted (per share)			$ 14.02	$ 24.01
Total intrinsic value of stock options exercised	1	$ 1	$ 7	$ 12
Stock options
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)			2.50%	2.50%
Expected volatility (as a percent)			19.70%	19.80%
Expected dividend yield (as a percent)			2.70%	1.80%
Additional information pertaining to stock options
Unrecognized compensation cost	$ 3		$ 3
Weighted-average period for amortization of unrecognized compensation cost			1 year 6 months

Equity - Restricted stock units

Equity - Restricted stock units (Details) - Restricted stock units (RSUs) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)$ / sharesshares
Share-based compensation
Vesting terms	3 years
Service period over which compensation expense would be amortized	1 year
Restricted stock unit activity
Non-vested at the beginning of the period (in shares) | shares	344
Granted (in shares) | shares	174
Vested (in shares) | shares	(136)
Cancelled (in shares) | shares	(37)
Non-vested at the end of the period (in shares) | shares	345
Weighted-average fair value per share
Non-vested at the beginning of the period (in dollars per share) | $ / shares	$ 115.06
Granted (in dollars per share) | $ / shares	91.28
Vested (in dollars per share) | $ / shares	101.40
Cancelled (in dollars per share) | $ / shares	115.79
Non-vested at the end of the period (in dollars per share) | $ / shares	$ 108.37
Other disclosures
Unrecognized compensation cost | $	$ 17
Weighted-average period for amortization of unrecognized compensation cost	1 year 10 months 24 days

Equity - Performance shares (De

Equity - Performance shares (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2019	Sep. 30, 2019USD ($)item$ / sharesshares	Dec. 31, 2018
Performance Shares
Share-based compensation
Number of tranches | item		2
Vesting terms			3 years
Granted (in shares)		70
Weighted-average fair value per share, Granted (in dollars per share) | $ / shares		$ 92.57
Unrecognized compensation cost | $		$ 5
Remaining requisite service period (in years)		2 years
Cancelled (in shares)		3
Market-based performance shares
Share-based compensation
Percentage of share-based compensation award		50.00%
Performance shares calculation period (in years)		3 years
Vesting terms		3 years
Market-based performance shares | Minimum
Share-based compensation
Performance shares available for vesting (as a percent)		0.00%
Market-based performance shares | Maximum
Share-based compensation
Performance shares available for vesting (as a percent)		200.00%
Internal-based performance based
Share-based compensation
Percentage of share-based compensation award		50.00%
Performance shares calculation period (in years)		3 years
Vesting terms		3 years
Internal-based performance based | Minimum
Share-based compensation
Performance shares available for vesting (as a percent)		0.00%
Internal-based performance based | Maximum
Share-based compensation
Performance shares available for vesting (as a percent)		200.00%
Performance Shares Award Granted in 2016
Share-based compensation
Award pay out achieved (as a percent)	0.00%

Equity - AOCI (Details)

Equity - AOCI (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	$ 2,388
Balance at the end of the period	2,593
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,080)	$ (951)
Other comprehensive loss before reclassification adjustments	(48)	(113)
Net other comprehensive income (loss)	(48)	(113)
Balance at the end of the period	(1,128)	(1,064)
(Loss) Gain on Hedging Activities, ASU 2017-12
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(5)
Other comprehensive loss before reclassification adjustments	(16)
Amount reclassified from accumulated OCI	3
Tax benefit (provision)	3
Net other comprehensive income (loss)	(10)
Balance at the end of the period	(15)
(Loss) Gain on Hedging Activities
Accumulated Other Comprehensive Loss
Balance at the beginning of the period		(13)
Other comprehensive loss before reclassification adjustments		(1)
Amount reclassified from accumulated OCI		5
Tax benefit (provision)		(1)
Net other comprehensive income (loss)		1
Balance at the end of the period		(12)
(Loss) Gain on Hedging Activities | ASU 2018-02
Accumulated Other Comprehensive Loss
Adoption of ASU		(2)
Pension and other postretirement plans
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(69)	(51)
Other comprehensive loss before reclassification adjustments	(2)	(1)
Net other comprehensive income (loss)	(2)	(4)
Balance at the end of the period	(71)	(55)
Pension and other postretirement plans | ASU 2018-02
Accumulated Other Comprehensive Loss
Adoption of ASU		(3)
Unrealized (Loss) Gain on Investment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period		2
Net other comprehensive income (loss)		(2)
Unrealized (Loss) Gain on Investment | ASU 2016-01
Accumulated Other Comprehensive Loss
Adoption of ASU		(2)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,154)	(1,013)
Other comprehensive loss before reclassification adjustments	(66)	(115)
Amount reclassified from accumulated OCI	3	5
Tax benefit (provision)	3	(1)
Net other comprehensive income (loss)	(60)	(118)
Balance at the end of the period	$ (1,214)	(1,131)
Accumulated Other Comprehensive Loss | ASU 2016-01
Accumulated Other Comprehensive Loss
Adoption of ASU		(2)
Accumulated Other Comprehensive Loss | ASU 2018-02
Accumulated Other Comprehensive Loss
Adoption of ASU		$ (5)

Equity - Statements of Equity w

Equity - Statements of Equity with dividends per share (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Balance			$ 2,408				$ 2,408
Net income	$ 102			$ 98			311	$ 357
Balance	2,612						2,612
Common Stock
Balance	1	$ 1	1	1	$ 1	$ 1	1	1
Balance	1	1	1	1	1	1	1	1
Additional Paid-in Capital
Balance	1,138	1,137	1,096	1,128	1,132	1,138	1,096	1,138
Repurchases of common stock, net			32				32
Share-based compensation, net of issuance	(1)	1	9	3		(6)	9	(3)
Other					(4)			(4)
Balance	1,137	1,138	1,137	1,131	1,128	1,132	1,137	1,131
Treasury Stock
Balance	(1,047)	(1,050)	(1,091)	(615)	(476)	(494)	(1,091)	(494)
Repurchases of common stock, net			31	(36)	(141)		31	(177)
Share-based compensation, net of issuance	3	3	10	1	2	18	16	21
Balance	(1,044)	(1,047)	(1,050)	(650)	(615)	(476)	(1,044)	(650)
Accumulated Other Comprehensive Loss
Balance	(1,152)	(1,160)	(1,154)	(1,106)	(972)	(1,013)	(1,154)	(1,013)
Other comprehensive income (loss)	(62)	8	(6)	(18)	(134)	41	(60)	(111)
Other				(7)				(7)
Balance	(1,214)	(1,152)	(1,160)	(1,131)	(1,106)	(972)	(1,214)	(1,131)
Retained Earnings
Balance	3,656	3,594	3,536	3,426	3,355	3,259	3,536	3,259
Net income	99	105	100	95	114	140	304	349
Dividends declared, common stock	(42)	(43)	(42)	(43)	(44)	(44)	(127)	(131)
Other				6	1			7
Balance	3,713	3,656	3,594	3,484	3,426	3,355	3,713	3,484
Non-controlling Interests
Balance	16	22	20	22	24	26	20	26
Net income	3	2	2	3	2	3	7	8
Dividends declared, common stock	(2)	(4)		(3)	(1)	(3)	(6)	(7)
Other comprehensive income (loss)	2	(4)			(2)	(2)	(2)	(4)
Other					(1)			(1)
Balance	$ 19	$ 16	$ 22	$ 22	$ 22	$ 24	$ 19	$ 22

Equity - Statements of Redeemab

Equity - Statements of Redeemable Equity (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Payments Subject to Redemption
Beginning Balance	$ 25	$ 21	$ 37	$ 31	$ 27	$ 36	$ 37	$ 36
Share-based compensation, net of issuance	3	4	(16)	1	4	(9)	(9)	(4)
Ending Balance	$ 28	$ 25	$ 21	$ 32	$ 31	$ 27	$ 28	$ 32

Equity - EPS (Details)

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Basic EPS:
Net Income Available to Ingredion - basic	$ 99	$ 95	$ 304	$ 349
Weighted average number of shares outstanding, basic	66.9	71.2	66.9	71.8
Basic earnings per common share of Ingredion (in dollars per share)	$ 1.48	$ 1.33	$ 4.54	$ 4.86
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards	0.5	0.7	0.5	0.9
Diluted EPS:
Net Income Available to Ingredion - diluted	$ 99	$ 95	$ 304	$ 349
Weighted Average Number of Shares Outstanding, Diluted, Total	67.4	71.9	67.4	72.7
Diluted earnings per common share of Ingredion (in dollars per share)	$ 1.47	$ 1.32	$ 4.51	$ 4.80
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	1.4	0.6	1.1	0.5

Segment Information - Net sales

Segment Information - Net sales (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segment	Sep. 30, 2018USD ($)
Segment information
Number of reportable business segments | segment			4
Net sales before shipping and handling costs	$ 1,574	$ 1,563	$ 4,660	$ 4,752
Less: shipping and handling costs	117	113	349	337
Net sales	1,457	1,450	4,311	4,415
Operating income Subtotal	193	189	537	590
Restructuring/impairment charges	(28)	(34)	(41)	(45)
Acquisition / integration costs			(2)
Operating income	165	155	494	545
North America
Segment information
Net sales before shipping and handling costs	984	979	2,912	2,940
Less: shipping and handling costs	92	90	275	261
Net sales	892	889	2,637	2,679
South America
Segment information
Net sales before shipping and handling costs	245	238	699	743
Less: shipping and handling costs	11	10	32	34
Net sales	234	228	667	709
Asia-Pacific
Segment information
Net sales before shipping and handling costs	205	205	611	617
Less: shipping and handling costs	9	8	26	25
Net sales	196	197	585	592
EMEA
Segment information
Net sales before shipping and handling costs	140	141	438	452
Less: shipping and handling costs	5	5	16	17
Net sales	135	136	422	435
Operating Segments | North America
Segment information
Operating income Subtotal	145	138	409	431
Operating Segments | South America
Segment information
Operating income Subtotal	27	22	61	68
Operating Segments | Asia-Pacific
Segment information
Operating income Subtotal	22	25	65	75
Operating Segments | EMEA
Segment information
Operating income Subtotal	24	26	71	86
Corporate, Non -Segment
Segment information
Operating income Subtotal	$ (25)	$ (22)	$ (69)	$ (70)

Segment Information - Assets (D

Segment Information - Assets (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Segment information
Total assets	$ 6,095	$ 5,728
North America
Segment information
Total assets	4,076	3,737
South America
Segment information
Total assets	711	711
Asia-Pacific
Segment information
Total assets	829	792
EMEA
Segment information
Total assets	$ 479	$ 488