Ingredion (INGR) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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		66,987,048
Entity Central Index Key	0001046257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Consolidated Statements of Income
Net sales	$ 1,349	$ 1,550	$ 2,892	$ 3,086
Cost of sales	1,078	1,221	2,298	2,441
Gross profit	271	329	594	645
Operating expenses	147	154	301	304
Other income, net		(2)	2	(1)
Restructuring/impairment charges	11	9	25	13
Operating income	113	168	266	329
Financing costs, net	19	16	37	38
Other, non-operating income, net			(1)
Income before income taxes	94	152	230	291
Provision for income taxes	27	45	85	82
Net income	67	107	145	209
Less: Net income attributable to non-controlling interests	1	2	4	4
Net income attributable to Ingredion	$ 66	$ 105	$ 141	$ 205
Weighted average common shares outstanding:
Basic (in shares)	67.2	66.9	67.2	66.9
Diluted (in shares)	67.6	67.4	67.7	67.4
Earnings per common share of Ingredion:
Basic (in dollars per share)	$ 0.98	$ 1.57	$ 2.10	$ 3.06
Diluted (in dollars per share)	$ 0.98	$ 1.56	$ 2.08	$ 3.04

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Consolidated Statements of Comprehensive (Loss) Income
Net income	$ 67	$ 107	$ 145	$ 209
Other comprehensive (loss) income:
(Losses) gains on cash flow hedges, net of income tax effect of $4, $3, $16 and $ - , respectively	(16)	10	(50)	1
Losses on cash flow hedges reclassified to earnings, net of income tax effect of $4, $1, $6 and $1, respectively	15	3	19	5
Actuarial losses on pension and other postretirement obligations, settlements and plan amendments, net of income tax effect of $ -		(1)		(1)
Currency translation adjustment	16	(4)	(118)	(3)
Comprehensive income (loss)	82	115	(4)	211
Less: Comprehensive income (loss) attributable to non-controlling interests	2	(2)	2
Comprehensive income (loss) attributable to Ingredion	$ 80	$ 117	$ (6)	$ 211

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Consolidated Statements of Comprehensive (Loss) Income
(Losses) gains on cash flow hedges, income tax benefit	$ 4	$ (3)	$ 16
Losses on cash-flow hedges reclassified to earnings, income tax benefit (expense)	$ (4)	$ (1)	$ (6)	$ (1)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,047	$ 264
Short-term investments	1	4
Accounts receivable, net	861	977
Inventories	859	861
Prepaid expenses	52	54
Total current assets	2,820	2,160
Property, plant and equipment, net of accumulated depreciation of $3,039 and $3,056, respectively	2,231	2,306
Goodwill	791	801
Other intangible assets, net of accumulated amortization of $210 and $197, respectively	421	437
Operating lease assets	149	151
Deferred income tax assets	17	13
Other assets	182	172
Total assets	6,611	6,040
Current liabilities:
Short-term borrowings	470	82
Accounts payable and accrued liabilities	812	885
Total current liabilities	1,282	967
Non-current liabilities	209	220
Long-term debt	2,140	1,766
Non-current operating lease liabilities	115	120
Deferred income tax liabilities	172	195
Share-based payments subject to redemption	27	31
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 June 30, 2020 and December 31, 2019, respectively	1	1
Additional paid-in capital	1,143	1,137
Less: Treasury stock (common stock: 10,825,142 and 10,993,388 shares at June 30, 2020 and December 31, 2019, respectively) at cost	(1,027)	(1,040)
Accumulated other comprehensive loss	(1,307)	(1,158)
Retained earnings	3,836	3,780
Total Ingredion stockholders' equity	2,646	2,720
Non-controlling interests	20	21
Total equity	2,666	2,741
Total liabilities and equity	$ 6,611	$ 6,040

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Condensed Consolidated Balance Sheet
Property, plant and equipment, Accumulated depreciation	$ 3,039	$ 3,056
Other intangible assets - accumulated amortization (in dollars)	$ 210	$ 197
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)	10,825,142	10,993,388

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, 2018	$ 1	$ 1,096	$ (1,091)	$ (1,154)	$ 3,536	$ 20
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
Increase (Decrease) in Stockholders' Equity
Net income					205	4	$ 209
Dividends declared					(85)	(4)
Repurchases of common stock, net		32	31
Share-based compensation, net of issuance		10	13
Other comprehensive income (loss)				2		(4)
Balance at Jun. 30, 2019	1	1,138	(1,047)	(1,152)	3,656	16
Balance at Mar. 31, 2019	1	1,137	(1,050)	(1,160)	3,594	22
Increase (Decrease) in Stockholders' Equity
Net income					105	2	107
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
Balance at Dec. 31, 2019	1	1,137	(1,040)	(1,158)	3,780	21	2,741
Increase (Decrease) in Stockholders' Equity
Net income					75	3
Dividends declared					(42)
Share-based compensation, net of issuance		5	12
Other comprehensive income (loss)				(164)		(3)
Balance at Mar. 31, 2020	1	1,142	(1,028)	(1,322)	3,813	21
Balance at Dec. 31, 2019	1	1,137	(1,040)	(1,158)	3,780	21	2,741
Increase (Decrease) in Stockholders' Equity
Net income					141	4	145
Dividends declared					(85)	(3)
Share-based compensation, net of issuance		6	13
Other comprehensive income (loss)				(149)		(2)
Balance at Jun. 30, 2020	1	1,143	(1,027)	(1,307)	3,836	20	2,666
Balance at Mar. 31, 2020	1	1,142	(1,028)	(1,322)	3,813	21
Increase (Decrease) in Stockholders' Equity
Net income					66	1	67
Dividends declared					(43)	(3)
Share-based compensation, net of issuance		1	1
Other comprehensive income (loss)				15		1
Balance at Jun. 30, 2020	$ 1	$ 1,143	$ (1,027)	$ (1,307)	$ 3,836	$ 20	$ 2,666

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Redeemable Equity $ in Millions	USD ($)
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	(12)
Ending Balance at Jun. 30, 2019	25
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
Beginning Balance at Dec. 31, 2019	31
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	(8)
Ending Balance at Mar. 31, 2020	23
Beginning Balance at Dec. 31, 2019	31
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	(4)
Ending Balance at Jun. 30, 2020	27
Beginning Balance at Mar. 31, 2020	23
Share-based Payments Subject to Redemption
Share-based compensation, net of issuance	4
Ending Balance at Jun. 30, 2020	$ 27

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash provided by operating activities
Net income	$ 145	$ 209
Non-cash charges to net income:
Depreciation and amortization	106	103
Mechanical stores expense	26	28
Deferred income taxes	(2)	10
Other	25	33
Changes in working capital:
Accounts receivable and prepaid expenses	64	(65)
Inventories	(31)	(39)
Accounts payable and accrued liabilities	(21)	(32)
Margin accounts	(18)	15
Other		(9)
Cash provided by operating activities	294	253
Cash used for investing activities
Capital expenditures and mechanical stores purchases, net of proceeds on disposals	(175)	(156)
Payments for acquisitions, net of cash acquired of $ - and $4, respectively		(42)
Investment in non-consolidated affiliates	(6)	(10)
Short-term investments	3	3
Cash used for investing activities	(178)	(205)
Cash provided by (used for) financing activities
Proceeds from borrowings	1,486	714
Payments on debt	(709)	(765)
Payments for debt issuance costs	(9)
Repurchases of common stock, net		63
Issuances of common stock for share-based compensation, net of settlements	2
Dividends paid, including to non-controlling interests	(87)	(87)
Cash provided by (used for) financing activities	683	(75)
Effects of foreign exchange rate changes on cash	(16)	(3)
Increase (decrease) in cash and cash equivalents	783	(30)
Cash and cash equivalents, beginning of period	264	327
Cash and cash equivalents, end of period	$ 1,047	$ 297

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Condensed Consolidated Statements of Cash Flows
Cash acquired from acquisition	$ 4

Interim Financial Statements

Interim Financial Statements	6 Months Ended
	Jun. 30, 2020
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, 2019. ​ The unaudited Condensed Consolidated Financial Statements as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 included herein were prepared by management on the same basis as the Company’s audited Consolidated Financial Statements for the year ended December 31, 2019 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, Condensed Consolidated Statements of Comprehensive Income (Loss), Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Equity and Redeemable Equity, and Condensed Consolidated Statements of Cash Flows. The results for the interim period are not necessarily indicative of the results expected for the full year. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting 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, see 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, 2019. Except for the matters discussed below, there have been no other material changes to the Company’s significant accounting policies for the three and six months ended June 30, 2020. ​ Recently Adopted Accounting Standards ​ ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350) ​ In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This Update simplifies the subsequent measurement of goodwill as the Update eliminates Step 2 from the goodwill impairment test. Under the Update, an entity will continue to perform its annual, or interim, goodwill impairment test to determine if the fair value of a reporting unit is greater than its carrying amount. An entity should then recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value using the results of its Step 1 assessment, with the loss recognized not to exceed the total amount of goodwill allocated to that reporting unit. This Update is effective for annual periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2017-04 at the beginning of its 2020 fiscal year and the Update did not have a material impact on the Company’s Condensed Consolidated Financial Statements upon adoption. ​ ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ​ In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires the Company to measure and recognize expected credit losses for financial assets held and not accounted for at fair value through net income. This Update is effective for annual periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2016-13 at the beginning of its 2020 fiscal year and the Update did not have a material impact on the Company’s Condensed Consolidated Financial Statements upon adoption. ​ Net Sales Presentation Change ​ During the three months ended December 31, 2019, the Company changed its presentation of shipping and handling costs. These expenses were previously included as a reduction to Net sales in the Condensed Consolidated Statements of Income. The Company is now presenting these expenses within Cost of sales in the Condensed Consolidated Statements of Income. The change in presentation was applied retrospectively to all periods presented in the Condensed Consolidated Statements of Income. The change in presentation had no effect on Gross profit, Operating income, Net income, or Earnings per share. The Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Comprehensive Income (Loss), Condensed Consolidated Statements of Equity and Redeemable Equity, and Condensed Consolidated Statements of Cash Flows are not affected by this change in presentation. ​ The effect of the adjustment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ Six Months Ended June 30, 2019 ​ (in millions) ​ As Reported ​ As Adjusted ​ As Reported ​ As Adjusted ​ Consolidated Statements of Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 1,550 ​ $ — ​ $ 3,086 ​ $ — ​ Less: shipping and handling costs ​ ​ 116 ​ ​ — ​ ​ 232 ​ ​ — ​ Net sales ​ ​ 1,434 ​ ​ 1,550 ​ ​ 2,854 ​ ​ 3,086 ​ Cost of sales ​ ​ 1,105 ​ ​ 1,221 ​ ​ 2,209 ​ ​ 2,441 ​ Gross profit ​ $ 329 ​ $ 329 ​ $ 645 ​ $ 645 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ Six Months Ended June 30, 2019 ​ (in millions) ​ As Reported ​ As Adjusted ​ As Reported ​ As Adjusted ​ Net sales to unaffiliated customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 885 ​ $ 977 ​ $ 1,745 ​ $ 1,928 ​ South America ​ ​ 215 ​ ​ 226 ​ ​ 433 ​ ​ 454 ​ Asia-Pacific ​ ​ 195 ​ ​ 203 ​ ​ 389 ​ ​ 406 ​ EMEA ​ ​ 139 ​ ​ 144 ​ ​ 287 ​ ​ 298 ​ Total ​ $ 1,434 ​ $ 1,550 ​ $ 2,854 ​ $ 3,086 ​ ​

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2020
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. ​ During the three months ended March 31, 2020, the Company finalized the purchase price allocation for the Western Polymer acquisition. The finalization of goodwill and intangible assets did not have a significant impact on previously estimated amounts. The acquisition of Western Polymer added $13 million of goodwill and intangible assets and $29 million of net tangible assets as of the acquisition date. ​ Goodwill represents the amount by which the purchase price exceeds the estimated fair value of the net assets acquired. 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. ​

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Revenue Recognition
Revenue Recognition	4. Revenue Recognition ​ The Company applies the provisions of Accounting Standards Codification (“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. Volume incentives and discounts are accrued at the satisfaction of the performance obligation and accounted for in Accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheets. These amounts are not significant as of June 30, 2020 or December 31, 2019. The product price as specified in the contract, net of any discounts, is considered the standalone selling price as it is an 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 recorded in Cost of 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 June 30, 2020 or December 31, 2019. ​ 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 ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) 2020 2019 ​ 2020 2019 Net sales to unaffiliated customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 848 ​ $ 977 ​ $ 1,811 ​ $ 1,928 ​ South America ​ ​ 182 ​ ​ 226 ​ ​ 419 ​ ​ 454 ​ Asia-Pacific ​ ​ 187 ​ ​ 203 ​ ​ 376 ​ ​ 406 ​ EMEA ​ ​ 132 ​ ​ 144 ​ ​ 286 ​ ​ 298 ​ Total net sales ​ $ 1,349 ​ $ 1,550 ​ $ 2,892 ​ $ 3,086 ​ ​

Restructuring and Impairment Ch

Restructuring and Impairment Charges	6 Months Ended
	Jun. 30, 2020
Restructuring and Impairment Charges
Restructuring and Impairment Charges	​ 5. Restructuring and Impairment Charges ​ For the three and six months ended June 30, 2020, the Company recorded a total of $11 million and $25 million of pre-tax restructuring charges, respectively, as part of the Cost Smart program. For the three months ended June 30, 2020, the Company recorded $6 million of pre-tax restructuring charges for its Cost Smart cost of sales program, including $3 million of asset write-offs and $1 million of other costs in relation to the closure of the Lane Cove, Australia production facility. During the three months ended June 30, 2020, the Company also recorded $1 million of accelerated depreciation and $1 million of employee-related severance, primarily in North America. For the six months ended June 30, 2020, the Company recorded $15 million of pre-tax restructuring charges for its Cost Smart cost of sales program, including $6 million of asset write-offs, $2 million of other costs, and $1 million of accelerated depreciation in relation to the closure of the Lane Cove, Australia production facility. The Company expects to incur $2 million of additional restructuring costs during the remainder of 2020 related to the Lane Cove production facility closure. During the six months ended June 30, 2020, the Company also recorded $4 million of accelerated depreciation, $1 million of employee-related severance, and $1 million of other costs, primarily in North America. ​ Additionally, the Company recorded pre-tax restructuring charges of $5 million and $10 million during the three and six months ended June 30, 2020, respectively, for its Cost Smart selling, general and administrative expense (“SG&A”) program. During the three months ended June 30, 2020, the Company recorded $5 million of pre-tax restructuring charges, consisting primarily of other costs, including professional services, in North America. During the six months ended June 30, 2020, the Company recorded pre-tax restructuring costs of $10 million primarily in North America, consisting of $8 million of other costs, including professional services, and $2 million of employee-related severance. ​ For the three and six months ended June 30, 2019, the Company recorded $9 million and $13 million of pre-tax restructuring charges, respectively. For the three and six months ended June 30, 2019, the Company recorded $6 million and $9 million, respectively, of other costs, including professional services, and employee-related severance in the North America and South America segments as part of its Cost Smart SG&A program. This included $1 million and $2 million of other costs associated with the Finance Transformation initiative in Latin America for the three and six months ended June 30, 2019, respectively. Additionally, for the three and six months ended June 30, 2019, the Company recorded $3 million and $4 million, respectively, of other costs, including professional services, as part of the Cost Smart cost of sales program, including $1 million and $2 million, respectively, in relation to the prior year cessation of wet-milling at the Stockton, California plant. ​ A summary of the Company’s employee-related severance accrual as of June 30, 2020 is as follows (in millions): ​ ​ ​ ​ ​ ​ Balance in severance accrual as of December 31, 2019 $ 15 ​ Cost Smart cost of sales and SG&A ​ ​ 3 ​ Payments made to terminated employees ​ ​ (9) ​ Foreign exchange translation ​ ​ (1) ​ Balance in severance accrual as of June 30, 2020 $ 8 ​ ​ Of the $8 million severance accrual as of June 30, 2020, $7 million is expected to be paid in the next 12 months. ​ As of June 30, 2020, the Company identified certain assets within the Stockton, California and Lane Cove, Australia locations that met the held for sale criteria. The Company expects to sell these assets at a fair value equal to or greater than the carrying value as of June 30, 2020, and did not record a gain or loss associated with the reclassification of these assets to held for sale for the six months ended June 30, 2020. The assets classified as held for sale are reflected in the Condensed Consolidated Balance Sheets as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) ​ ​ June 30, 2020 ​ December 31, 2019 ​ Other assets $ 13 ​ $ — ​ ​

Financial Instruments, Derivati

Financial Instruments, Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2020
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, interest rate swaps, and treasury locks (“T-Locks”). ​ Commodity price hedging : The Company’s principal use of derivative financial instruments is to manage commodity price risk relating to anticipated purchases of corn and natural gas to be used in the manufacturing process, generally over the next 12 to 24 months . The Company maintains a commodity-price risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by commodity-price volatility. To manage price risk related to corn purchases primarily in North America, 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 also uses over-the-counter natural gas swaps in North America to hedge a portion of its natural gas usage. These derivative financial instruments limit the impact that volatility resulting from fluctuations in market prices will have on corn and natural gas purchases. The Company’s natural gas derivatives and the majority of its corn 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 (“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 June 30, 2020, the Company had outstanding futures and option contracts that hedged the forecasted purchase of approximately 64 million bushels of corn. The Company had outstanding swap and option contracts that hedged the forecasted purchase of approximately 33 million mmbtu’s of natural gas at June 30, 2020. ​ Foreign currency hedging Derivatives and Hedging ​ The Company hedges certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $590 million and $621 million as of June 30, 2020 and December 31, 2019, respectively. The Company also hedges certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $478 million and $356 million as of June 30, 2020 and December 31, 2019, respectively. ​ The Company hedges certain assets using foreign currency cash flow hedging instruments, which had a notional value of $325 million and $374 million as of June 30, 2020 and December 31, 2019, respectively. The Company also hedges certain liability positions using foreign currency cash flow hedging instruments, which had a notional value of $460 million and $541 million as of June 30, 2020 and December 31, 2019, respectively. ​ Interest rate hedging ​ The Company periodically enters into interest rate swaps to hedge its exposure to interest rate changes. The changes in fair value of interest rate swaps designated as hedging instruments that effectively offset the variability in the fair value of outstanding debt obligations are reported in earnings. These amounts offset the gains or losses (the changes in fair value) of the hedged debt instruments that are attributable to changes in interest rates (the hedged risk), which are also recognized in earnings. As of June 30, 2020, the Company did not have any outstanding interest rate swaps. As of December 31, 2019, the Company had an outstanding interest rate swap agreement that converted the interest rates on $200 million of its $400 million 4.625% senior notes due November 1, 2020, to variable rates. ​ 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 outstanding T-locks as of June 30, 2020, or December 31, 2019. ​ The derivative instruments designated as cash flow hedges included in AOCI as of June 30, 2020 and December 31, 2019 are reflected below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Cash Flow Hedging Relationships ​ Gains (Losses) included in AOCI ​ (in millions) ​ June 30, 2020 ​ December 31, 2019 ​ Commodity contracts, net of income tax effect of $13 and $5, respectively ​ $ (36) ​ $ (11) ​ Foreign currency contracts, net of income tax effect of $ — and $1, respectively ​ ​ — ​ ​ 3 ​ Interest rate contracts, net of income tax effect of $1 and $ — , respectively ​ ​ (4) ​ ​ (1) ​ Total ​ $ (40) ​ $ (9) ​ ​ 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 June 30, 2020 ​ ​ ​ 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 ​ $ 3 ​ $ — ​ $ — ​ $ 3 ​ $ — ​ $ 5 ​ $ — ​ $ 5 ​ Other assets ​ ​ 2 ​ ​ 1 ​ ​ — ​ ​ 3 ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 1 ​ Assets ​ ​ 5 ​ ​ 1 ​ ​ — ​ ​ 6 ​ — ​ ​ 6 ​ ​ — ​ ​ 6 ​ Accounts payable and accrued liabilities ​ ​ 26 ​ ​ 2 ​ ​ — ​ ​ 28 ​ ​ 4 ​ ​ 16 ​ ​ — ​ ​ 20 ​ Non-current liabilities ​ ​ 2 ​ ​ — ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 3 ​ ​ — ​ ​ 3 ​ Liabilities ​ ​ 28 ​ ​ 2 ​ ​ — ​ ​ 30 ​ ​ 4 ​ ​ 19 ​ ​ — ​ ​ 23 ​ Net (Liabilities)/Assets ​ $ (23) ​ $ (1) ​ $ — ​ $ (24) ​ $ (4) ​ $ (13) ​ $ — ​ $ (17) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Hedging Instruments as of December 31, 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 ​ $ 5 ​ $ 7 ​ $ — ​ $ 12 ​ $ 2 ​ $ 4 ​ $ — ​ $ 6 ​ Other assets ​ ​ 1 ​ ​ 3 ​ ​ 1 ​ ​ 5 ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 1 ​ Assets ​ ​ 6 ​ ​ 10 ​ ​ 1 ​ ​ 17 ​ ​ 2 ​ ​ 5 ​ ​ — ​ ​ 7 ​ Accounts payable and accrued liabilities ​ ​ 13 ​ ​ 4 ​ ​ — ​ ​ 17 ​ ​ 1 ​ ​ 8 ​ ​ — ​ ​ 9 ​ Non-current liabilities ​ ​ 4 ​ ​ 4 ​ ​ — ​ ​ 8 ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 2 ​ Liabilities ​ ​ 17 ​ ​ 8 ​ ​ — ​ ​ 25 ​ ​ 1 ​ ​ 10 ​ ​ — ​ ​ 11 ​ Net (Liabilities)/Assets ​ $ (11) ​ $ 2 ​ $ 1 ​ $ (8) ​ $ 1 ​ $ (5) ​ $ — ​ $ (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ June 30, 2020 ​ December 31, 2019 ​ June 30, 2020 ​ December 31, 2019 ​ Interest Rate Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-Term Debt ​ $ — ​ $ (201) ​ $ — ​ $ (1) ​ ​ Additional information relating to the Company’s derivative instruments is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Cash Flow ​ Gains (Losses) Recognized ​ Income ​ Gains (Losses) Reclassified ​ Hedging Relationships ​ Three Months Ended June 30, ​ Statement ​ Three Months Ended June 30, ​ (in millions) 2020 2019 Location 2020 2019 ​ Commodity contracts ​ $ (20) ​ $ 10 ​ Cost of sales ​ $ (17) ​ $ (5) ​ Foreign currency contracts ​ ​ 1 ​ ​ 3 ​ Net sales/Cost of sales ​ ​ (1) ​ ​ 1 ​ Interest rate contracts ​ ​ (1) ​ ​ — ​ Financing costs, net ​ ​ (1) ​ ​ — ​ Total ​ $ (20) ​ $ 13 ​ ​ ​ $ (19) ​ $ (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Cash-Flow ​ Gains (Losses) Recognized ​ Income ​ Gains (Losses) Reclassified ​ Hedging Relationships ​ Six Months Ended June 30, ​ Statement ​ Six Months Ended June 30, ​ (in millions, pre-tax) 2020 2019 Location 2020 2019 ​ Commodity contracts ​ $ (57) ​ $ — ​ Cost of sales ​ $ (24) ​ $ (3) ​ Foreign currency contracts ​ ​ (4) ​ ​ 1 ​ Net sales/Cost of sales ​ ​ — ​ ​ (2) ​ Interest rate contracts ​ ​ (5) ​ ​ — ​ Financing costs, net ​ ​ (1) ​ ​ (1) ​ Total ​ $ (66) ​ $ 1 ​ ​ ​ $ (25) ​ $ (6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Fair Value Hedging Income Statement Location of ​ Gains (Losses) Recognized in Income ​ Income Statement ​ Gains (Losses) Recognized in Income ​ Relationships Derivatives Designated as ​ Three Months Ended June 30, ​ Location ​ Three Months Ended June 30, ​ (in millions) Hedging Instruments ​ 2020 ​ 2019 ​ of Hedged Items ​ 2020 ​ 2019 ​ Interest rate contracts Financing costs, net ​ $ (4) ​ $ 3 ​ Financing costs, net ​ $ 4 ​ $ (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Fair Value Income Statement Location of ​ Gains (Losses) Recognized in Income ​ Income Statement ​ Gains (Losses) Recognized in Income ​ Hedging Relationships Derivatives Designated as ​ Six Months Ended June 30, ​ Location ​ Six Months Ended June 30, ​ (in millions) Hedging Instruments ​ 2020 ​ 2019 ​ of Hedged Items ​ 2020 ​ 2019 ​ Interest rate contracts Financing costs, net ​ $ (1) ​ $ 3 ​ Financing costs, net ​ $ 1 ​ $ (3) ​ ​ As of June 30, 2020, AOCI included $36 million of net losses (net of income taxes of $13 million) on settled commodities-related derivatives instruments, T-Locks, and foreign currency hedges designated as cash flow hedges that are expected to be reclassified into earnings during the next 12 months. ​ Fair Value Measurements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2020 ​ As of December 31, 2019 ​ (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 ​ $ 10 ​ $ 10 ​ $ — ​ $ — ​ $ 13 ​ $ 13 ​ $ — ​ $ — ​ Derivative assets ​ ​ 12 ​ ​ 2 ​ ​ 10 ​ ​ — ​ ​ 24 ​ ​ 7 ​ ​ 17 ​ ​ — ​ Derivative liabilities ​ ​ 53 ​ ​ 21 ​ ​ 32 ​ ​ — ​ ​ 36 ​ ​ 5 ​ ​ 31 ​ ​ — ​ Long-term debt ​ ​ 2,215 ​ ​ — ​ ​ 2,215 ​ ​ — ​ ​ 1,751 ​ ​ — ​ ​ 1,751 ​ ​ — ​ ​ (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 are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. ​ 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 June 30, 2020, the carrying value and fair value of the Company’s Long-term debt was $2.1 billion and $2.2 billion, respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt
Debt	7. Debt ​ As of June 30, 2020 and December 31, 2019, the Company’s total debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ (in millions) ​ June 30, 2020 ​ December 31, 2019 ​ 2.900% senior notes due June 1, 2030 ​ $ 594 ​ $ — ​ 3.200% senior notes due October 1, 2026 ​ ​ 497 ​ ​ 497 ​ 3.900% senior notes due June 1, 2050 ​ ​ 390 ​ ​ — ​ 6.625% senior notes due April 15, 2037 ​ ​ 253 ​ ​ 253 ​ 4.625% senior notes due November 1, 2020 ​ ​ — ​ ​ 400 ​ 5.62% senior notes due March 25, 2020 ​ ​ — ​ ​ 200 ​ Term loan credit agreement due April 12, 2021 ​ ​ 405 ​ ​ 405 ​ Revolving credit facility ​ ​ — ​ ​ 10 ​ Other long-term borrowings ​ ​ 1 ​ ​ — ​ Fair value adjustment related to hedged fixed rate debt instruments ​ ​ — ​ ​ 1 ​ Long-term debt ​ ​ 2,140 ​ ​ 1,766 ​ 4.625% senior notes due November 1, 2020 ​ ​ 400 ​ ​ — ​ Other short-term borrowings ​ ​ 70 ​ ​ 82 ​ Short-term debt ​ ​ 470 ​ ​ 82 ​ Total debt ​ $ 2,610 ​ $ 1,848 ​ ​ During the three months ended March 31, 2020, the Company used proceeds from the revolving credit facility (“Revolving Credit Facility”) to refinance $200 million of its 5.62% senior notes due March 25, 2020. ​ During the three months ended June 30, 2020, the Company sold its (i) 2.900% senior notes due 2030 in the principal amount of $600 million (the “2030 Notes”) and (ii) 3.900% senior notes due 2050 in the principal amount of $400 million (the “2050 Notes” and, together with the “2030 Notes,” the “Notes”). The Company recorded the aggregate discount of approximately $7 million at which the Notes were issued and capitalized debt issuance costs of approximately $9 million associated with the Notes. ​ During the three months ended June 30, 2020, the Company applied the net proceeds from the sale of the Notes to pay in full the outstanding balance of $394 million under the Revolving Credit Facility and to set aside funds to repay its 4.625% senior notes due November 1, 2020 (the “2020 Notes”). On June 8, 2020, the Company issued a notice for the redemption in full of all $400 million principal amount of the 2020 Notes. The 2020 Notes were redeemed on July 9, 2020 for a total redemption price of $409 million, including accrued interest and a “make-whole” premium as set forth in the indenture. ​ The Company’s long-term debt as of June 30, 2020, includes the term loan credit agreement due April 12, 2021, as the Company has the ability and intent to refinance it on a long-term basis using our Revolving Credit Facility or other means prior to the maturity date. ​

Leases

Leases	6 Months Ended
	Jun. 30, 2020
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 is 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 for 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ Lease Cost ​ June 30, ​ June 30, ​ (in millions) 2020 2019 ​ 2020 2019 ​ Operating lease cost ​ $ 13 ​ $ 14 ​ $ 26 ​ $ 27 ​ Variable operating lease cost ​ ​ 7 ​ ​ 6 ​ ​ 15 ​ ​ 12 ​ Short term lease cost ​ ​ 1 ​ ​ 1 ​ ​ 2 ​ ​ 1 ​ Lease cost ​ $ 21 ​ $ 21 ​ $ 43 ​ $ 40 ​ ​ 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 Condensed Consolidated Balance Sheet as of June 30, 2020. ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ As of ​ (in millions) ​ ​ June 30, 2020 ​ 2020 (Excluding the six months ended June 30, 2020) ​ $ 26 ​ 2021 ​ ​ 44 ​ 2022 ​ ​ 35 ​ 2023 ​ ​ 26 ​ 2024 ​ ​ 18 ​ Thereafter ​ ​ 34 ​ Total future lease payments ​ ​ 183 ​ Less imputed interest ​ ​ 27 ​ Present value of future lease payments ​ ​ 156 ​ Less current lease liabilities ​ ​ 41 ​ Non-current operating lease liabilities ​ $ 115 ​ Operating lease assets ​ $ 149 ​ ​ Additional information related to the Company’s operating leases is listed below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ Other Information ​ June 30, ​ June 30, ​ ($ in millions) ​ 2020 2019 2020 2019 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 13 ​ $ 14 ​ $ 26 ​ $ 29 ​ Right-of-use assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ $ 13 ​ $ 6 ​ $ 21 ​ $ 167 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ Weighted average remaining lease term: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ ​ 5.2 years ​ ​ 5.5 years ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ ​ 5.5 % ​ 5.7 % ​ ​ ​

Taxes

Taxes	6 Months Ended
	Jun. 30, 2020
Taxes
Taxes	9. Taxes ​ The Company’s effective tax rate for the three months ended June 30, 2020 decreased to 28.7 percent from 29.6 percent during the three months ended June 30, 2019. The decrease in the effective income tax rate was primarily driven by a reduction in the Company’s U.S. global intangible low-taxed income (“GILTI”), an adjustment for inflation in Mexico and utilization of previously unbenefited net operating losses compared to an increase in valuation allowance in the 2019 period. The decrease was partially offset by an increase in Argentine hyperinflation adjustments. ​ The effective tax rate for the six months ended June 30, 2020 was 37.0 percent compared to 28.2 percent during the six months ended June 30, 2019. The increase in the effective tax rate was driven by a 22 percent decrease in the valuation of the Mexican peso against the U.S. dollar during the six months ended June 30, 2020. Because the Company uses the U.S. dollar as the functional currency for its subsidiaries in Mexico, its effective tax rate is strongly influenced by the remeasurement of the Mexican peso financial statements into U.S. dollars. In addition, the decrease in the valuation of the Mexican peso against the U.S. dollar produced taxable translation gains on net-U.S.-dollar-monetary assets held in Mexico for which there was no corresponding gain in pre-tax income. Consequently, the Company recorded a discrete tax expense of $22 million in the six months ended June 30, 2020, as compared to a $1 million discrete tax benefit in the six months ended June 30, 2019. ​

Net Periodic Pension and Postre

Net Periodic Pension and Postretirement Benefit Costs	6 Months Ended
	Jun. 30, 2020
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 benefit cost of the U.S. and non-U.S. defined benefit pension plans for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ U.S. Plans ​ Non-U.S. Plans ​ U.S. Plans ​ Non-U.S. Plans ​ (in millions) 2020 2019 2020 2019 2020 2019 2020 2019 Service cost ​ $ 1 ​ $ 1 ​ $ 1 ​ $ 1 ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 ​ Interest cost ​ ​ 3 ​ ​ 3 ​ ​ 3 ​ ​ 2 ​ ​ 6 ​ ​ 7 ​ ​ 6 ​ ​ 5 ​ Expected return on plan assets ​ ​ (6) ​ ​ (4) ​ ​ (2) ​ ​ (2) ​ ​ (11) ​ ​ (9) ​ ​ (4) ​ ​ (4) ​ Amortization of actuarial loss ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ Net periodic benefit cost (a) ​ $ (2) ​ $ — ​ $ 3 ​ $ 2 ​ $ (3) ​ $ — ​ $ 5 ​ $ 4 ​ ​ The Company currently anticipates that it will make approximately $4 million in cash contributions to its pension plans in 2020, consisting of $3 million to its non-U.S. pension plans and $1 million to its U.S. pension plans. For the six months ended June 30, 2020, ​ The following table sets forth the components of net postretirement benefit cost for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ (in millions) 2020 2019 2020 2019 ​ Service cost ​ $ — ​ $ — ​ $ — ​ $ — ​ Interest cost ​ ​ 1 ​ ​ — ​ ​ 2 ​ ​ 1 ​ Amortization of prior service credit ​ ​ — ​ ​ — ​ ​ (1) ​ ​ (1) ​ Net periodic benefit cost (a) ​ $ 1 ​ $ — ​ $ 1 ​ $ — ​ (a) The service cost component of net periodic benefit cost is presented within either cost of sales or operating expenses on the Condensed Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of prior service credit, and amortization of actuarial loss components of net periodic benefit cost are presented as other, non-operating income on the Condensed Consolidated Statements of Income.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2020
Inventories
Inventories	​ 11. Inventories ​ Inventories are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of (in millions) June 30, 2020 December 31, 2019 Finished and in process $ 552 $ 565 ​ Raw materials ​ 246 ​ 237 ​ Manufacturing supplies and other ​ 61 ​ 59 ​ Total inventories $ 859 $ 861 ​ ​

Equity

Equity	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2019 for this inflow of cash. In the three and six months ended June 30, 2020, the Company did not repurchase shares of common stock. ​ Shared-based payments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) 2020 2019 2020 2019 Stock options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense $ 1 $ 1 $ 2 ​ $ 2 ​ Income tax benefit ​ — ​ — ​ — ​ — ​ Stock option expense, net of income taxes ​ 1 ​ 1 ​ 2 ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock units ("RSUs"): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 3 ​ 3 ​ 6 ​ 5 ​ Income tax benefit ​ — ​ (1) ​ (1) ​ (1) ​ RSUs, net of income taxes ​ 3 ​ 2 ​ 5 ​ 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance shares and other share-based awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 2 ​ 2 ​ 4 ​ 3 ​ Income tax benefit ​ — ​ — ​ — ​ — ​ Performance shares and other share-based compensation expense, net of income taxes ​ 2 ​ 2 ​ 4 ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total share-based compensation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 6 ​ 6 ​ 12 ​ 10 ​ Income tax benefit ​ — ​ (1) ​ (1) ​ (1) ​ Total share-based compensation expense, net of income taxes $ 6 $ 5 $ 11 ​ $ 9 ​ ​ Stock Options: Under the Company’s stock incentive plan, stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 10 -year term and are exercisable upon vesting, which occurs over a three-year period at the anniversary dates of the date of grant. Compensation expense is generally recognized on a straight-line basis for all awards over the employee’s vesting period or over a one-year required service period for certain retirement-eligible executive level employees. The Company estimates a forfeiture rate at the time of grant and updates the estimate throughout the vesting period of the stock options within the amount of compensation costs recognized in each period. ​ The Company granted non-qualified options to purchase 336 thousand shares and 247 thousand shares for the six months ended June 30, 2020 and 2019, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2020 ​ 2019 ​ Expected life (in years) ​ 5.5 ​ ​ 5.5 ​ ​ Risk-free interest rate ​ 1.4 % ​ 2.5 % Expected volatility ​ 19.8 % ​ 19.7 % ​ Expected dividend yield ​ 2.9 % ​ 2.7 % ​ ​ 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 six months ended June 30, 2020 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, 2019 2,055 $ 84.36 ​ 5.30 ​ $ 34 ​ Granted 336 ​ ​ 88.35 ​ ​ ​ ​ ​ ​ Exercised (91) ​ ​ 45.01 ​ ​ ​ ​ ​ ​ Cancelled (7) ​ ​ 81.09 ​ ​ ​ ​ ​ ​ Outstanding as of June 30, 2020 2,293 ​ $ 86.53 5.64 $ 15 ​ Exercisable as of June 30, 2020 1,742 ​ $ 84.05 4.58 $ 15 ​ ​ For the six months ended June 30, 2020 , cash received from the exercise of stock options was $5 million. As of June 30, 2020, the unrecognized compensation cost related to non-vested stock options totaled $4 million, which is expected to be amortized over the weighted-average period of approximately 1.7 years. ​ Additional information pertaining to stock option activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (dollars in millions, except per share) 2020 2019 2020 2019 Weighted average grant date fair value of stock options granted (per share) ​ $ — ​ $ — ​ $ 11.48 ​ $ 14.02 ​ Total intrinsic value of stock options exercised ​ $ — ​ $ 2 ​ $ 4 ​ $ 6 ​ ​ 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 period 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 six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ (RSUs in thousands) Number of Restricted Shares Weighted Average Fair Value per Share ​ Non-vested as of December 31, 2019 ​ 339 ​ $ 108.02 ​ Granted ​ 171 ​ ​ 88.29 ​ Vested ​ (92) ​ ​ 117.25 ​ Cancelled ​ (12) ​ ​ 104.34 ​ Non-vested as of June 30, 2020 ​ 406 ​ $ 97.75 ​ ​ As of June 30, 2020, the total remaining unrecognized compensation cost related to RSUs was $21 million, which will be amortized over a weighted average period of approximately 2.0 years. ​ Performance Shares: The Company has a long-term incentive plan for senior management in the form of performance shares . Historically these performance shares vested based solely on the Company’s total shareholder return as compared to the total shareholder return of its peer group over the three-year vesting period. Beginning with the 2019 performance share grants, the vesting of the performance shares are based on two performance metrics. Fifty percent of the performance shares awarded will vest based on the Company’s total shareholder return as compared to the total shareholder return of its peer group, and the remaining fifty percent will vest based on the calculation of the Company’s three-year average Return on Invested Capital (“ROIC”) against an established ROIC target. ​ For the 2020 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 2020 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 six months ended June 30, 2020, the Company awarded 81 thousand performance shares at a weighted average fair value of $94.48 per share. ​ As of June 30, 2020 , the unrecognized compensation cost related to these awards was $8 million, which will be amortized over the remaining requisite service period of 2.2 years. ​ The 2017 performance share awards vested during the six months ended June 30, 2020, achieving a zero percent payout of the granted performance shares. Additionally, there were zero performance share cancellations during the six months ended June 30, 2020. ​ ​ 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 six months ended June 30, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Cumulative Translation Adjustment Deferred (Loss) Gain on Hedging Activities Pension and Postretirement Adjustment Accumulated Other Comprehensive Loss Balance, December 31, 2019 ​ $ (1,089) ​ $ (9) ​ $ (60) ​ $ (1,158) ​ Other comprehensive loss before reclassification adjustments ​ ​ (118) ​ ​ (66) ​ ​ — ​ ​ (184) ​ Amount reclassified from accumulated OCI ​ ​ — ​ ​ 25 ​ ​ — ​ ​ 25 ​ Tax benefit ​ ​ — ​ ​ 10 ​ ​ — ​ ​ 10 ​ Net other comprehensive loss ​ ​ (118) ​ ​ (31) ​ ​ — ​ ​ (149) ​ Balance, June 30, 2020 ​ $ (1,207) ​ $ (40) ​ $ (60) ​ $ (1,307) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Cumulative Translation Adjustment Deferred (Loss) Gain on Hedging Activities Pension and Postretirement Adjustment Accumulated Other Comprehensive Loss Balance, December 31, 2018 ​ $ (1,080) ​ $ (5) ​ $ (69) ​ $ (1,154) ​ Other comprehensive income (loss) before reclassification adjustments ​ ​ (3) ​ ​ 1 ​ ​ (1) ​ ​ (3) ​ Amount reclassified from accumulated OCI ​ ​ — ​ ​ 6 ​ ​ — ​ ​ 6 ​ Tax provision ​ ​ — ​ ​ (1) ​ ​ — ​ ​ (1) ​ Net other comprehensive income (loss) ​ ​ (3) ​ ​ 6 ​ ​ (1) ​ ​ 2 ​ Balance, June 30, 2019 ​ $ (1,083) ​ $ 1 ​ $ (70) ​ $ (1,152) ​ ​ 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 ​ ​ ​ Preferred ​ Common ​ Paid-In ​ Treasury ​ Comprehensive ​ Retained ​ Controlling ​ Subject to ​ (in millions) Stock ​ Stock Capital Stock Loss Earnings Interests Redemption Balance, December 31, 2019 ​ $ — ​ $ 1 ​ $ 1,137 ​ $ (1,040) ​ $ (1,158) ​ $ 3,780 ​ $ 21 ​ $ 31 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 75 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ ​ ​ ​ Dividends declared, common stock ($0.63/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (42) ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ 5 ​ ​ 12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (8) ​ Other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (164) ​ ​ ​ ​ ​ (3) ​ ​ ​ ​ Balance, March 31, 2020 ​ $ — ​ $ 1 ​ $ 1,142 ​ $ (1,028) ​ $ (1,322) ​ $ 3,813 ​ $ 21 ​ $ 23 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 66 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ ​ ​ ​ Dividends declared, common stock ($0.63/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (43) ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4 ​ Other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15 ​ ​ ​ ​ ​ 1 ​ ​ ​ ​ Balance, June 30, 2020 ​ $ — ​ $ 1 ​ $ 1,143 ​ $ (1,027) ​ $ (1,307) ​ $ 3,836 ​ $ 20 ​ $ 27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ​ Share-based ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Accumulated Other ​ ​ ​ ​ Non- ​ Payments ​ ​ Preferred ​ Common ​ Paid-In ​ Treasury ​ Comprehensive ​ Retained ​ Controlling ​ Subject to (in millions) Stock ​ 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 ​ ​ Supplemental Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 (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 ​ $ 66 67.2 ​ $ 0.98 ​ $ 105 66.9 ​ $ 1.57 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards ​ ​ ​ 0.4 ​ ​ ​ ​ ​ ​ 0.5 ​ ​ ​ ​ Diluted EPS ​ $ 66 67.6 ​ $ 0.98 ​ $ 105 67.4 ​ $ 1.56 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (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 ​ $ 141 67.2 ​ $ 2.10 ​ $ 205 66.9 ​ $ 3.06 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards ​ ​ ​ 0.5 ​ ​ ​ ​ ​ ​ 0.5 ​ ​ ​ ​ Diluted EPS ​ $ 141 67.7 ​ $ 2.08 ​ $ 205 67.4 ​ $ 3.04 ​ ​ For the three and six months ended June 30, 2020 approximately 1.6 million and 1.3 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 six months ended June 30, 2019, approximately 1.0 million and 1.0 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	6 Months Ended
	Jun. 30, 2020
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., Mexico, and Canada. The Company’s South America segment includes businesses in Brazil, Colombia, Ecuador, and the Southern Cone of South America, which includes Argentina, Peru, Chile, and Uruguay. Its Asia-Pacific segment includes businesses in South Korea, Thailand, China, Australia, Japan, Indonesia, Singapore, the Philippines, India, Malaysia, New Zealand, and Vietnam. The Company’s EMEA segment includes businesses in Pakistan, Germany, the United Kingdom, South Africa, and Kenya. 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 ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) 2020 2019 ​ 2020 2019 Net sales to unaffiliated customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 848 ​ $ 977 ​ $ 1,811 ​ $ 1,928 ​ South America ​ ​ 182 ​ ​ 226 ​ ​ 419 ​ ​ 454 ​ Asia-Pacific ​ ​ 187 ​ ​ 203 ​ ​ 376 ​ ​ 406 ​ EMEA ​ ​ 132 ​ ​ 144 ​ ​ 286 ​ ​ 298 ​ Total net sales ​ $ 1,349 ​ $ 1,550 ​ $ 2,892 ​ $ 3,086 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) ​ 2020 2019 ​ 2020 ​ 2019 ​ Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 101 ​ $ 139 ​ $ 226 ​ $ 264 ​ South America ​ ​ 13 ​ ​ 16 ​ ​ 39 ​ ​ 34 ​ Asia-Pacific ​ ​ 22 ​ ​ 23 ​ ​ 42 ​ ​ 43 ​ EMEA ​ ​ 21 ​ ​ 23 ​ ​ 48 ​ ​ 47 ​ Corporate ​ ​ (30) ​ ​ (23) ​ ​ (61) ​ ​ (44) ​ Subtotal ​ ​ 127 ​ ​ 178 ​ ​ 294 ​ ​ 344 ​ Restructuring/impairment charges ​ ​ (11) ​ ​ (9) ​ ​ (25) ​ ​ (13) ​ Acquisition/integration costs ​ ​ (3) ​ ​ (1) ​ ​ (3) ​ ​ (2) ​ Total operating income ​ $ 113 ​ $ 168 ​ $ 266 ​ $ 329 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ (in millions) ​ June 30, 2020 December 31, 2019 ​ Assets: ​ ​ ​ ​ ​ ​ ​ North America (a) ​ $ 4,611 ​ $ 3,924 ​ South America ​ ​ 647 ​ ​ 774 ​ Asia-Pacific ​ ​ 838 ​ ​ 843 ​ EMEA ​ ​ 515 ​ ​ 499 ​ Total assets ​ $ 6,611 ​ $ 6,040 ​ (a) For purposes of presentation, North America includes Corporate assets. ​

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events
Subsequent Events	14. Subsequent Event ​ On July 1, 2020, the Company completed its acquisition of PureCircle Limited (“PureCircle”) through its wholly owned subsidiary Ingredion SRSS Holdings Limited (“Ingredion SRSS”), an unlisted United Kingdom private limited company. To complete the closing, the Company made a total cash payment of $222 million, which it funded from cash on hand. Upon the closing, PureCircle is wholly owned by Ingredion SRSS, which in turn is 75%-owned by Ingredion and 25%-owned by former PureCircle shareholders. PureCircle will be consolidated by Ingredion for financial reporting purposes. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Standards and Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting Policies
Recently Adopted Accounting Standards and New Accounting Standards	Recently Adopted Accounting Standards ​ ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350) ​ In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This Update simplifies the subsequent measurement of goodwill as the Update eliminates Step 2 from the goodwill impairment test. Under the Update, an entity will continue to perform its annual, or interim, goodwill impairment test to determine if the fair value of a reporting unit is greater than its carrying amount. An entity should then recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value using the results of its Step 1 assessment, with the loss recognized not to exceed the total amount of goodwill allocated to that reporting unit. This Update is effective for annual periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2017-04 at the beginning of its 2020 fiscal year and the Update did not have a material impact on the Company’s Condensed Consolidated Financial Statements upon adoption. ​ ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ​ In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires the Company to measure and recognize expected credit losses for financial assets held and not accounted for at fair value through net income. This Update is effective for annual periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2016-13 at the beginning of its 2020 fiscal year and the Update did not have a material impact on the Company’s Condensed Consolidated Financial Statements upon adoption. ​
Net Sales Presentation Change	Net Sales Presentation Change ​ During the three months ended December 31, 2019, the Company changed its presentation of shipping and handling costs. These expenses were previously included as a reduction to Net sales in the Condensed Consolidated Statements of Income. The Company is now presenting these expenses within Cost of sales in the Condensed Consolidated Statements of Income. The change in presentation was applied retrospectively to all periods presented in the Condensed Consolidated Statements of Income. The change in presentation had no effect on Gross profit, Operating income, Net income, or Earnings per share. The Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Comprehensive Income (Loss), Condensed Consolidated Statements of Equity and Redeemable Equity, and Condensed Consolidated Statements of Cash Flows are not affected by this change in presentation. ​ The effect of the adjustment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ Six Months Ended June 30, 2019 ​ (in millions) ​ As Reported ​ As Adjusted ​ As Reported ​ As Adjusted ​ Consolidated Statements of Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 1,550 ​ $ — ​ $ 3,086 ​ $ — ​ Less: shipping and handling costs ​ ​ 116 ​ ​ — ​ ​ 232 ​ ​ — ​ Net sales ​ ​ 1,434 ​ ​ 1,550 ​ ​ 2,854 ​ ​ 3,086 ​ Cost of sales ​ ​ 1,105 ​ ​ 1,221 ​ ​ 2,209 ​ ​ 2,441 ​ Gross profit ​ $ 329 ​ $ 329 ​ $ 645 ​ $ 645 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ Six Months Ended June 30, 2019 ​ (in millions) ​ As Reported ​ As Adjusted ​ As Reported ​ As Adjusted ​ Net sales to unaffiliated customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 885 ​ $ 977 ​ $ 1,745 ​ $ 1,928 ​ South America ​ ​ 215 ​ ​ 226 ​ ​ 433 ​ ​ 454 ​ Asia-Pacific ​ ​ 195 ​ ​ 203 ​ ​ 389 ​ ​ 406 ​ EMEA ​ ​ 139 ​ ​ 144 ​ ​ 287 ​ ​ 298 ​ Total ​ $ 1,434 ​ $ 1,550 ​ $ 2,854 ​ $ 3,086 ​

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting Policies
Schedule of new accounting standards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ Six Months Ended June 30, 2019 ​ (in millions) ​ As Reported ​ As Adjusted ​ As Reported ​ As Adjusted ​ Consolidated Statements of Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales before shipping and handling costs ​ $ 1,550 ​ $ — ​ $ 3,086 ​ $ — ​ Less: shipping and handling costs ​ ​ 116 ​ ​ — ​ ​ 232 ​ ​ — ​ Net sales ​ ​ 1,434 ​ ​ 1,550 ​ ​ 2,854 ​ ​ 3,086 ​ Cost of sales ​ ​ 1,105 ​ ​ 1,221 ​ ​ 2,209 ​ ​ 2,441 ​ Gross profit ​ $ 329 ​ $ 329 ​ $ 645 ​ $ 645 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ Six Months Ended June 30, 2019 ​ (in millions) ​ As Reported ​ As Adjusted ​ As Reported ​ As Adjusted ​ Net sales to unaffiliated customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 885 ​ $ 977 ​ $ 1,745 ​ $ 1,928 ​ South America ​ ​ 215 ​ ​ 226 ​ ​ 433 ​ ​ 454 ​ Asia-Pacific ​ ​ 195 ​ ​ 203 ​ ​ 389 ​ ​ 406 ​ EMEA ​ ​ 139 ​ ​ 144 ​ ​ 287 ​ ​ 298 ​ Total ​ $ 1,434 ​ $ 1,550 ​ $ 2,854 ​ $ 3,086 ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue Recognition
Schedule of disaggregation of net sales	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) 2020 2019 ​ 2020 2019 Net sales to unaffiliated customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 848 ​ $ 977 ​ $ 1,811 ​ $ 1,928 ​ South America ​ ​ 182 ​ ​ 226 ​ ​ 419 ​ ​ 454 ​ Asia-Pacific ​ ​ 187 ​ ​ 203 ​ ​ 376 ​ ​ 406 ​ EMEA ​ ​ 132 ​ ​ 144 ​ ​ 286 ​ ​ 298 ​ Total net sales ​ $ 1,349 ​ $ 1,550 ​ $ 2,892 ​ $ 3,086 ​

Restructuring and Impairment _2

Restructuring and Impairment Charges (Tables)	6 Months Ended
	Jun. 30, 2020
Restructuring and Impairment Charges
Summary of restructuring/impairment charges	A summary of the Company’s employee-related severance accrual as of June 30, 2020 is as follows (in millions): ​ ​ ​ ​ ​ ​ Balance in severance accrual as of December 31, 2019 $ 15 ​ Cost Smart cost of sales and SG&A ​ ​ 3 ​ Payments made to terminated employees ​ ​ (9) ​ Foreign exchange translation ​ ​ (1) ​ Balance in severance accrual as of June 30, 2020 $ 8 ​
Summary of assets classified as held for sale reflected in balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) ​ ​ June 30, 2020 ​ December 31, 2019 ​ Other assets $ 13 ​ $ — ​

Financial Instruments, Deriva_2

Financial Instruments, Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2020
Financial Instruments, Derivatives and Hedging Activities
Schedule of cash flow hedges included in AOCI	​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Cash Flow Hedging Relationships ​ Gains (Losses) included in AOCI ​ (in millions) ​ June 30, 2020 ​ December 31, 2019 ​ Commodity contracts, net of income tax effect of $13 and $5, respectively ​ $ (36) ​ $ (11) ​ Foreign currency contracts, net of income tax effect of $ — and $1, respectively ​ ​ — ​ ​ 3 ​ Interest rate contracts, net of income tax effect of $1 and $ — , respectively ​ ​ (4) ​ ​ (1) ​ Total ​ $ (40) ​ $ (9) ​
Schedule of location and amount of assets and liabilities reported in balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Hedging Instruments as of June 30, 2020 ​ ​ ​ 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 ​ $ 3 ​ $ — ​ $ — ​ $ 3 ​ $ — ​ $ 5 ​ $ — ​ $ 5 ​ Other assets ​ ​ 2 ​ ​ 1 ​ ​ — ​ ​ 3 ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 1 ​ Assets ​ ​ 5 ​ ​ 1 ​ ​ — ​ ​ 6 ​ — ​ ​ 6 ​ ​ — ​ ​ 6 ​ Accounts payable and accrued liabilities ​ ​ 26 ​ ​ 2 ​ ​ — ​ ​ 28 ​ ​ 4 ​ ​ 16 ​ ​ — ​ ​ 20 ​ Non-current liabilities ​ ​ 2 ​ ​ — ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 3 ​ ​ — ​ ​ 3 ​ Liabilities ​ ​ 28 ​ ​ 2 ​ ​ — ​ ​ 30 ​ ​ 4 ​ ​ 19 ​ ​ — ​ ​ 23 ​ Net (Liabilities)/Assets ​ $ (23) ​ $ (1) ​ $ — ​ $ (24) ​ $ (4) ​ $ (13) ​ $ — ​ $ (17) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Hedging Instruments as of December 31, 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 ​ $ 5 ​ $ 7 ​ $ — ​ $ 12 ​ $ 2 ​ $ 4 ​ $ — ​ $ 6 ​ Other assets ​ ​ 1 ​ ​ 3 ​ ​ 1 ​ ​ 5 ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 1 ​ Assets ​ ​ 6 ​ ​ 10 ​ ​ 1 ​ ​ 17 ​ ​ 2 ​ ​ 5 ​ ​ — ​ ​ 7 ​ Accounts payable and accrued liabilities ​ ​ 13 ​ ​ 4 ​ ​ — ​ ​ 17 ​ ​ 1 ​ ​ 8 ​ ​ — ​ ​ 9 ​ Non-current liabilities ​ ​ 4 ​ ​ 4 ​ ​ — ​ ​ 8 ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 2 ​ Liabilities ​ ​ 17 ​ ​ 8 ​ ​ — ​ ​ 25 ​ ​ 1 ​ ​ 10 ​ ​ — ​ ​ 11 ​ Net (Liabilities)/Assets ​ $ (11) ​ $ 2 ​ $ 1 ​ $ (8) ​ $ 1 ​ $ (5) ​ $ — ​ $ (4) ​
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 ​ June 30, 2020 ​ December 31, 2019 ​ June 30, 2020 ​ December 31, 2019 ​ Interest Rate Contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-Term Debt ​ $ — ​ $ (201) ​ $ — ​ $ (1) ​
Schedule of amount of gains and losses recognized in OCI and location and income statement location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Cash Flow ​ Gains (Losses) Recognized ​ Income ​ Gains (Losses) Reclassified ​ Hedging Relationships ​ Three Months Ended June 30, ​ Statement ​ Three Months Ended June 30, ​ (in millions) 2020 2019 Location 2020 2019 ​ Commodity contracts ​ $ (20) ​ $ 10 ​ Cost of sales ​ $ (17) ​ $ (5) ​ Foreign currency contracts ​ ​ 1 ​ ​ 3 ​ Net sales/Cost of sales ​ ​ (1) ​ ​ 1 ​ Interest rate contracts ​ ​ (1) ​ ​ — ​ Financing costs, net ​ ​ (1) ​ ​ — ​ Total ​ $ (20) ​ $ 13 ​ ​ ​ $ (19) ​ $ (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Cash-Flow ​ Gains (Losses) Recognized ​ Income ​ Gains (Losses) Reclassified ​ Hedging Relationships ​ Six Months Ended June 30, ​ Statement ​ Six Months Ended June 30, ​ (in millions, pre-tax) 2020 2019 Location 2020 2019 ​ Commodity contracts ​ $ (57) ​ $ — ​ Cost of sales ​ $ (24) ​ $ (3) ​ Foreign currency contracts ​ ​ (4) ​ ​ 1 ​ Net sales/Cost of sales ​ ​ — ​ ​ (2) ​ Interest rate contracts ​ ​ (5) ​ ​ — ​ Financing costs, net ​ ​ (1) ​ ​ (1) ​ Total ​ $ (66) ​ $ 1 ​ ​ ​ $ (25) ​ $ (6) ​
Schedule of location and amount of gain (loss) recognized in income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Fair Value Hedging Income Statement Location of ​ Gains (Losses) Recognized in Income ​ Income Statement ​ Gains (Losses) Recognized in Income ​ Relationships Derivatives Designated as ​ Three Months Ended June 30, ​ Location ​ Three Months Ended June 30, ​ (in millions) Hedging Instruments ​ 2020 ​ 2019 ​ of Hedged Items ​ 2020 ​ 2019 ​ Interest rate contracts Financing costs, net ​ $ (4) ​ $ 3 ​ Financing costs, net ​ $ 4 ​ $ (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Fair Value Income Statement Location of ​ Gains (Losses) Recognized in Income ​ Income Statement ​ Gains (Losses) Recognized in Income ​ Hedging Relationships Derivatives Designated as ​ Six Months Ended June 30, ​ Location ​ Six Months Ended June 30, ​ (in millions) Hedging Instruments ​ 2020 ​ 2019 ​ of Hedged Items ​ 2020 ​ 2019 ​ Interest rate contracts Financing costs, net ​ $ (1) ​ $ 3 ​ Financing costs, net ​ $ 1 ​ $ (3) ​ ​
Schedule of fair value of financial instruments and derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2020 ​ As of December 31, 2019 ​ (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 ​ $ 10 ​ $ 10 ​ $ — ​ $ — ​ $ 13 ​ $ 13 ​ $ — ​ $ — ​ Derivative assets ​ ​ 12 ​ ​ 2 ​ ​ 10 ​ ​ — ​ ​ 24 ​ ​ 7 ​ ​ 17 ​ ​ — ​ Derivative liabilities ​ ​ 53 ​ ​ 21 ​ ​ 32 ​ ​ — ​ ​ 36 ​ ​ 5 ​ ​ 31 ​ ​ — ​ Long-term debt ​ ​ 2,215 ​ ​ — ​ ​ 2,215 ​ ​ — ​ ​ 1,751 ​ ​ — ​ ​ 1,751 ​ ​ — ​ ​ (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 are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ (in millions) ​ June 30, 2020 ​ December 31, 2019 ​ 2.900% senior notes due June 1, 2030 ​ $ 594 ​ $ — ​ 3.200% senior notes due October 1, 2026 ​ ​ 497 ​ ​ 497 ​ 3.900% senior notes due June 1, 2050 ​ ​ 390 ​ ​ — ​ 6.625% senior notes due April 15, 2037 ​ ​ 253 ​ ​ 253 ​ 4.625% senior notes due November 1, 2020 ​ ​ — ​ ​ 400 ​ 5.62% senior notes due March 25, 2020 ​ ​ — ​ ​ 200 ​ Term loan credit agreement due April 12, 2021 ​ ​ 405 ​ ​ 405 ​ Revolving credit facility ​ ​ — ​ ​ 10 ​ Other long-term borrowings ​ ​ 1 ​ ​ — ​ Fair value adjustment related to hedged fixed rate debt instruments ​ ​ — ​ ​ 1 ​ Long-term debt ​ ​ 2,140 ​ ​ 1,766 ​ 4.625% senior notes due November 1, 2020 ​ ​ 400 ​ ​ — ​ Other short-term borrowings ​ ​ 70 ​ ​ 82 ​ Short-term debt ​ ​ 470 ​ ​ 82 ​ Total debt ​ $ 2,610 ​ $ 1,848 ​

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases
Summary of components of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ Lease Cost ​ June 30, ​ June 30, ​ (in millions) 2020 2019 ​ 2020 2019 ​ Operating lease cost ​ $ 13 ​ $ 14 ​ $ 26 ​ $ 27 ​ Variable operating lease cost ​ ​ 7 ​ ​ 6 ​ ​ 15 ​ ​ 12 ​ Short term lease cost ​ ​ 1 ​ ​ 1 ​ ​ 2 ​ ​ 1 ​ Lease cost ​ $ 21 ​ $ 21 ​ $ 43 ​ $ 40 ​
Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets	​ ​ ​ ​ ​ ​ Operating Leases ​ ​ As of ​ (in millions) ​ ​ June 30, 2020 ​ 2020 (Excluding the six months ended June 30, 2020) ​ $ 26 ​ 2021 ​ ​ 44 ​ 2022 ​ ​ 35 ​ 2023 ​ ​ 26 ​ 2024 ​ ​ 18 ​ Thereafter ​ ​ 34 ​ Total future lease payments ​ ​ 183 ​ Less imputed interest ​ ​ 27 ​ Present value of future lease payments ​ ​ 156 ​ Less current lease liabilities ​ ​ 41 ​ Non-current operating lease liabilities ​ $ 115 ​ Operating lease assets ​ $ 149 ​
Summary of other lease information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ Other Information ​ June 30, ​ June 30, ​ ($ in millions) ​ 2020 2019 2020 2019 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 13 ​ $ 14 ​ $ 26 ​ $ 29 ​ Right-of-use assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ $ 13 ​ $ 6 ​ $ 21 ​ $ 167 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ Weighted average remaining lease term: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ ​ 5.2 years ​ ​ 5.5 years ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ ​ 5.5 % ​ 5.7 %

Net Periodic Pension and Post_2

Net Periodic Pension and Postretirement Benefit Costs (Tables)	6 Months Ended
	Jun. 30, 2020
Pension Plan
Pension and postretirement benefit plans
Components of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ U.S. Plans ​ Non-U.S. Plans ​ U.S. Plans ​ Non-U.S. Plans ​ (in millions) 2020 2019 2020 2019 2020 2019 2020 2019 Service cost ​ $ 1 ​ $ 1 ​ $ 1 ​ $ 1 ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 ​ Interest cost ​ ​ 3 ​ ​ 3 ​ ​ 3 ​ ​ 2 ​ ​ 6 ​ ​ 7 ​ ​ 6 ​ ​ 5 ​ Expected return on plan assets ​ ​ (6) ​ ​ (4) ​ ​ (2) ​ ​ (2) ​ ​ (11) ​ ​ (9) ​ ​ (4) ​ ​ (4) ​ Amortization of actuarial loss ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ Net periodic benefit cost (a) ​ $ (2) ​ $ — ​ $ 3 ​ $ 2 ​ $ (3) ​ $ — ​ $ 5 ​ $ 4 ​
Postemployment Retirement Benefits
Pension and postretirement benefit plans
Components of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ (in millions) 2020 2019 2020 2019 ​ Service cost ​ $ — ​ $ — ​ $ — ​ $ — ​ Interest cost ​ ​ 1 ​ ​ — ​ ​ 2 ​ ​ 1 ​ Amortization of prior service credit ​ ​ — ​ ​ — ​ ​ (1) ​ ​ (1) ​ Net periodic benefit cost (a) ​ $ 1 ​ $ — ​ $ 1 ​ $ — ​ (a) The service cost component of net periodic benefit cost is presented within either cost of sales or operating expenses on the Condensed Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of prior service credit, and amortization of actuarial loss components of net periodic benefit cost are presented as other, non-operating income on the Condensed Consolidated Statements of Income.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2020
Inventories
Components of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of (in millions) June 30, 2020 December 31, 2019 Finished and in process $ 552 $ 565 ​ Raw materials ​ 246 ​ 237 ​ Manufacturing supplies and other ​ 61 ​ 59 ​ Total inventories $ 859 $ 861 ​

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity
Schedule of stock based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) 2020 2019 2020 2019 Stock options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense $ 1 $ 1 $ 2 ​ $ 2 ​ Income tax benefit ​ — ​ — ​ — ​ — ​ Stock option expense, net of income taxes ​ 1 ​ 1 ​ 2 ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock units ("RSUs"): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 3 ​ 3 ​ 6 ​ 5 ​ Income tax benefit ​ — ​ (1) ​ (1) ​ (1) ​ RSUs, net of income taxes ​ 3 ​ 2 ​ 5 ​ 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance shares and other share-based awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 2 ​ 2 ​ 4 ​ 3 ​ Income tax benefit ​ — ​ — ​ — ​ — ​ Performance shares and other share-based compensation expense, net of income taxes ​ 2 ​ 2 ​ 4 ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total share-based compensation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 6 ​ 6 ​ 12 ​ 10 ​ Income tax benefit ​ — ​ (1) ​ (1) ​ (1) ​ Total share-based compensation expense, net of income taxes $ 6 $ 5 $ 11 ​ $ 9 ​
Schedule of valuation assumptions for stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2020 ​ 2019 ​ Expected life (in years) ​ 5.5 ​ ​ 5.5 ​ ​ Risk-free interest rate ​ 1.4 % ​ 2.5 % Expected volatility ​ 19.8 % ​ 19.7 % ​ Expected dividend yield ​ 2.9 % ​ 2.7 % ​
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, 2019 2,055 $ 84.36 ​ 5.30 ​ $ 34 ​ Granted 336 ​ ​ 88.35 ​ ​ ​ ​ ​ ​ Exercised (91) ​ ​ 45.01 ​ ​ ​ ​ ​ ​ Cancelled (7) ​ ​ 81.09 ​ ​ ​ ​ ​ ​ Outstanding as of June 30, 2020 2,293 ​ $ 86.53 5.64 $ 15 ​ Exercisable as of June 30, 2020 1,742 ​ $ 84.05 4.58 $ 15 ​ ​
Schedule of additional information pertaining to stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (dollars in millions, except per share) 2020 2019 2020 2019 Weighted average grant date fair value of stock options granted (per share) ​ $ — ​ $ — ​ $ 11.48 ​ $ 14.02 ​ Total intrinsic value of stock options exercised ​ $ — ​ $ 2 ​ $ 4 ​ $ 6 ​
Schedule of restricted unit activity	​ ​ ​ ​ ​ ​ ​ ​ (RSUs in thousands) Number of Restricted Shares Weighted Average Fair Value per Share ​ Non-vested as of December 31, 2019 ​ 339 ​ $ 108.02 ​ Granted ​ 171 ​ ​ 88.29 ​ Vested ​ (92) ​ ​ 117.25 ​ Cancelled ​ (12) ​ ​ 104.34 ​ Non-vested as of June 30, 2020 ​ 406 ​ $ 97.75 ​
Summary of net changes in accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Cumulative Translation Adjustment Deferred (Loss) Gain on Hedging Activities Pension and Postretirement Adjustment Accumulated Other Comprehensive Loss Balance, December 31, 2019 ​ $ (1,089) ​ $ (9) ​ $ (60) ​ $ (1,158) ​ Other comprehensive loss before reclassification adjustments ​ ​ (118) ​ ​ (66) ​ ​ — ​ ​ (184) ​ Amount reclassified from accumulated OCI ​ ​ — ​ ​ 25 ​ ​ — ​ ​ 25 ​ Tax benefit ​ ​ — ​ ​ 10 ​ ​ — ​ ​ 10 ​ Net other comprehensive loss ​ ​ (118) ​ ​ (31) ​ ​ — ​ ​ (149) ​ Balance, June 30, 2020 ​ $ (1,207) ​ $ (40) ​ $ (60) ​ $ (1,307) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Cumulative Translation Adjustment Deferred (Loss) Gain on Hedging Activities Pension and Postretirement Adjustment Accumulated Other Comprehensive Loss Balance, December 31, 2018 ​ $ (1,080) ​ $ (5) ​ $ (69) ​ $ (1,154) ​ Other comprehensive income (loss) before reclassification adjustments ​ ​ (3) ​ ​ 1 ​ ​ (1) ​ ​ (3) ​ Amount reclassified from accumulated OCI ​ ​ — ​ ​ 6 ​ ​ — ​ ​ 6 ​ Tax provision ​ ​ — ​ ​ (1) ​ ​ — ​ ​ (1) ​ Net other comprehensive income (loss) ​ ​ (3) ​ ​ 6 ​ ​ (1) ​ ​ 2 ​ Balance, June 30, 2019 ​ $ (1,083) ​ $ 1 ​ $ (70) ​ $ (1,152) ​
Schedule of stockholders equity and redeemable equity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ​ Share-based ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Accumulated Other ​ ​ ​ ​ Non- ​ Payments ​ ​ ​ Preferred ​ Common ​ Paid-In ​ Treasury ​ Comprehensive ​ Retained ​ Controlling ​ Subject to ​ (in millions) Stock ​ Stock Capital Stock Loss Earnings Interests Redemption Balance, December 31, 2019 ​ $ — ​ $ 1 ​ $ 1,137 ​ $ (1,040) ​ $ (1,158) ​ $ 3,780 ​ $ 21 ​ $ 31 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 75 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ ​ ​ ​ Dividends declared, common stock ($0.63/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (42) ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ 5 ​ ​ 12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (8) ​ Other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (164) ​ ​ ​ ​ ​ (3) ​ ​ ​ ​ Balance, March 31, 2020 ​ $ — ​ $ 1 ​ $ 1,142 ​ $ (1,028) ​ $ (1,322) ​ $ 3,813 ​ $ 21 ​ $ 23 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 66 ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ ​ ​ ​ Dividends declared, common stock ($0.63/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (43) ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4 ​ Other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15 ​ ​ ​ ​ ​ 1 ​ ​ ​ ​ Balance, June 30, 2020 ​ $ — ​ $ 1 ​ $ 1,143 ​ $ (1,027) ​ $ (1,307) ​ $ 3,836 ​ $ 20 ​ $ 27 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ​ Share-based ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Accumulated Other ​ ​ ​ ​ Non- ​ Payments ​ ​ Preferred ​ Common ​ Paid-In ​ Treasury ​ Comprehensive ​ Retained ​ Controlling ​ Subject to (in millions) Stock ​ 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 ​
Schedule of basic and diluted earnings per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 (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 ​ $ 66 67.2 ​ $ 0.98 ​ $ 105 66.9 ​ $ 1.57 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards ​ ​ ​ 0.4 ​ ​ ​ ​ ​ ​ 0.5 ​ ​ ​ ​ Diluted EPS ​ $ 66 67.6 ​ $ 0.98 ​ $ 105 67.4 ​ $ 1.56 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (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 ​ $ 141 67.2 ​ $ 2.10 ​ $ 205 66.9 ​ $ 3.06 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards ​ ​ ​ 0.5 ​ ​ ​ ​ ​ ​ 0.5 ​ ​ ​ ​ Diluted EPS ​ $ 141 67.7 ​ $ 2.08 ​ $ 205 67.4 ​ $ 3.04 ​

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Information
Schedule of segment reporting of net sales, operating income and total assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) 2020 2019 ​ 2020 2019 Net sales to unaffiliated customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 848 ​ $ 977 ​ $ 1,811 ​ $ 1,928 ​ South America ​ ​ 182 ​ ​ 226 ​ ​ 419 ​ ​ 454 ​ Asia-Pacific ​ ​ 187 ​ ​ 203 ​ ​ 376 ​ ​ 406 ​ EMEA ​ ​ 132 ​ ​ 144 ​ ​ 286 ​ ​ 298 ​ Total net sales ​ $ 1,349 ​ $ 1,550 ​ $ 2,892 ​ $ 3,086 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) ​ 2020 2019 ​ 2020 ​ 2019 ​ Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 101 ​ $ 139 ​ $ 226 ​ $ 264 ​ South America ​ ​ 13 ​ ​ 16 ​ ​ 39 ​ ​ 34 ​ Asia-Pacific ​ ​ 22 ​ ​ 23 ​ ​ 42 ​ ​ 43 ​ EMEA ​ ​ 21 ​ ​ 23 ​ ​ 48 ​ ​ 47 ​ Corporate ​ ​ (30) ​ ​ (23) ​ ​ (61) ​ ​ (44) ​ Subtotal ​ ​ 127 ​ ​ 178 ​ ​ 294 ​ ​ 344 ​ Restructuring/impairment charges ​ ​ (11) ​ ​ (9) ​ ​ (25) ​ ​ (13) ​ Acquisition/integration costs ​ ​ (3) ​ ​ (1) ​ ​ (3) ​ ​ (2) ​ Total operating income ​ $ 113 ​ $ 168 ​ $ 266 ​ $ 329 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ (in millions) ​ June 30, 2020 December 31, 2019 ​ Assets: ​ ​ ​ ​ ​ ​ ​ North America (a) ​ $ 4,611 ​ $ 3,924 ​ South America ​ ​ 647 ​ ​ 774 ​ Asia-Pacific ​ ​ 838 ​ ​ 843 ​ EMEA ​ ​ 515 ​ ​ 499 ​ Total assets ​ $ 6,611 ​ $ 6,040 ​ (a) For purposes of presentation, North America includes Corporate assets.

Summary of Significant Accoun_4

Summary of Significant Accounting Standards and Policies - ASUs (Details)	Jan. 01, 2020
ASU 2017-04,Intangibles - Goodwill and Other
Recently Adopted Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted	true
AUS 2016-13, Financial Instruments - Credit Losses
Recently Adopted Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted	true

Summary of Significant Accoun_5

Summary of Significant Accounting Standards and Policies - Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of revenue
Net sales	$ 1,349	$ 1,550	$ 2,892	$ 3,086
Cost of sales	1,078	1,221	2,298	2,441
Gross profit	$ 271	329	$ 594	645
North America
Disaggregation of revenue
Net sales		977		1,928
South America
Disaggregation of revenue
Net sales		226		454
Asia-Pacific
Disaggregation of revenue
Net sales		203		406
EMEA
Disaggregation of revenue
Net sales		144		298
Change In Presentation, Shipping and Handling Costs | As Previously Reported
Disaggregation of revenue
Net sales before shipping and handling costs		1,550		3,086
Less: shipping and handling costs		116		232
Net sales		1,434		2,854
Cost of sales		1,105		2,209
Gross profit		329		645
Change In Presentation, Shipping and Handling Costs | As Previously Reported | North America
Disaggregation of revenue
Net sales		885		1,745
Change In Presentation, Shipping and Handling Costs | As Previously Reported | South America
Disaggregation of revenue
Net sales		215		433
Change In Presentation, Shipping and Handling Costs | As Previously Reported | Asia-Pacific
Disaggregation of revenue
Net sales		195		389
Change In Presentation, Shipping and Handling Costs | As Previously Reported | EMEA
Disaggregation of revenue
Net sales		$ 139		$ 287

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions	Mar. 01, 2019	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Acquisitions
Payment for acquisition, net of cash acquired		$ 42
Cash acquired from acquisition		$ 4
Goodwill			$ 791	$ 801
Western Polymer
Acquisitions
Payment for acquisition, net of cash acquired	$ 42
Cash acquired from acquisition	4
Goodwill	13
Tangible assets, net	$ 29

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)
Disaggregation of revenue
Revenue, practical expedient, incremental cost of obtaining contract			true
Number of reportable business segments | segment			4
Total net sales	$ 1,349	$ 1,550	$ 2,892	$ 3,086
North America
Disaggregation of revenue
Total net sales	848	977	1,811	1,928
South America
Disaggregation of revenue
Total net sales	182	226	419	454
Asia-Pacific
Disaggregation of revenue
Total net sales	187	203	376	406
EMEA
Disaggregation of revenue
Total net sales	$ 132	$ 144	$ 286	$ 298

Restructuring and Impairment _3

Restructuring and Impairment Charges - Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2020	Jun. 30, 2020	Jun. 30, 2019
Restructuring and impairment charges
Restructuring charges		$ 9			$ 13
Cost Smart cost of sales and SG&A Program
Restructuring and impairment charges
Restructuring charges	$ 11			$ 25
Cost Smart cost of sales and SG&A Program | Employee-related severance costs
Restructuring and impairment charges
Restructuring charges				3
Cost Smart Cost of Sales Program
Restructuring and impairment charges
Restructuring charges	6	3		15	4
Cost Smart Cost of Sales Program | Cessation of wet-milling
Restructuring and impairment charges
Restructuring charges		1			2
Cost Smart Cost of Sales Program, Production facility closure, Australia | Forecast
Restructuring and impairment charges
Restructuring charges			$ 2
Cost Smart Cost of Sales Program, Production facility closure, Australia | Asset write-off
Restructuring and impairment charges
Restructuring charges	3			6
Cost Smart Cost of Sales Program, Production facility closure, Australia | Accelerated depreciation
Restructuring and impairment charges
Restructuring charges				1
Cost Smart Cost of Sales Program, Production facility closure, Australia | Other restructuring costs
Restructuring and impairment charges
Restructuring charges	1			2
Cost Smart Cost of Sales Program, North America | Accelerated depreciation
Restructuring and impairment charges
Restructuring charges	1			4
Cost Smart Cost of Sales Program, North America | Employee-related severance costs
Restructuring and impairment charges
Restructuring charges	1			1
Cost Smart Cost of Sales Program, North America | Other restructuring costs
Restructuring and impairment charges
Restructuring charges				1
Cost Smart SG&A Program
Restructuring and impairment charges
Restructuring charges	5			10
Cost Smart SG&A Program | Employee-related severance costs
Restructuring and impairment charges
Restructuring charges				2
Cost Smart SG&A Program | Employee-related severance and other costs
Restructuring and impairment charges
Restructuring charges		6			9
Cost Smart SG&A Program | Other restructuring costs
Restructuring and impairment charges
Restructuring charges				$ 8
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 America
Restructuring and impairment charges
Restructuring charges	$ 5

Restructuring and Impairment _4

Restructuring and Impairment Charges - Employee-related severance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring accrual
Restructuring charges		$ 9		$ 13
Employee-related severance costs
Restructuring accrual
Balance in severance accrual at beginning of period			$ 15
Payments made to terminated employees			(9)
Foreign exchange translation			(1)
Balance in severance accrual at end of period	$ 8		8
Restructuring reserve, Expected to be paid in next 12 months	7		7
Cost Smart cost of sales and SG&A Program
Restructuring accrual
Restructuring charges	$ 11		25
Cost Smart cost of sales and SG&A Program | Employee-related severance costs
Restructuring accrual
Restructuring charges			$ 3

Restructuring and Impairment _5

Restructuring and Impairment Charges - Other assets (Details) $ in Millions	Jun. 30, 2020USD ($)
Other assets
Restructuring and impairment charges
Assets held for sale	$ 13

Financial Instruments, Deriva_3

Financial Instruments, Derivatives and Hedging Activities - Commodity price hedging (Details) bu in Millions, MMBTU in Millions	6 Months Ended
	Jun. 30, 2020MMBTUbu
Commodity Contracts | Minimum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	12 months
Commodity Contracts | Maximum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative	24 months
Corn Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn and gallons for ethanol) | bu	64
Natural Gas Commodity
Financial instruments, derivatives and hedging activities
Natural gas futures contract (in mmbtu) | MMBTU	33

Financial Instruments, Deriva_4

Financial Instruments, Derivatives and Hedging Activities - Foreign currency hedging (Details) - Foreign Currency Forward Contracts - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Short | Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 590	$ 621
Long | Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	478	356
Cash Flow Hedging | Short | Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	325	374
Cash Flow Hedging | Long | Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 460	$ 541

Financial Instruments, Deriva_5

Financial Instruments, Derivatives and Hedging Activities - Interest rate hedging (Details) - 4.625% senior notes due November 1, 2020 $ in Millions	Dec. 31, 2019USD ($)
Financial instruments, derivatives and hedging activities
Principal amount	$ 400
Fair Value Hedging | Interest Rate Swap
Financial instruments, derivatives and hedging activities
Principal amount	$ 200
Debt, fixed interest rate (as a percent)	4.625%

Financial Instruments, Deriva_6

Financial Instruments, Derivatives and Hedging Activities - CF Hedges in AOCI (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	$ (1,307)	$ (1,158)
Cash Flow Hedging
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	(40)	(9)
Cash Flow Hedging | Commodity Contracts
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	(36)	(11)
Tax effect on gains (losses) of derivative instruments	13	5
Cash Flow Hedging | Foreign Currency Contracts
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)		3
Tax effect on gains (losses) of derivative instruments		(1)
Cash Flow Hedging | Interest Rate Contracts
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	(4)	$ (1)
Tax effect on gains (losses) of derivative instruments	$ 1

Financial Instruments, Deriva_7

Financial Instruments, Derivatives and Hedging Activities - Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets	$ 6	$ 17
Fair value of derivative instruments, Liabilities	30	25
Fair value of derivative instruments, Net Assets/(Liabilities)	(24)	(8)
Designated as Hedging Instrument | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	3	12
Designated as Hedging Instrument | Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	3	5
Designated as Hedging Instrument | Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	28	17
Designated as Hedging Instrument | Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	2	8
Designated as Hedging Instrument | Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	5	6
Fair value of derivative instruments, Liabilities	28	17
Fair value of derivative instruments, Net Assets/(Liabilities)	(23)	(11)
Designated as Hedging Instrument | Commodity Contracts | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	3	5
Designated as Hedging Instrument | Commodity Contracts | Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	2	1
Designated as Hedging Instrument | Commodity Contracts | Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	26	13
Designated as Hedging Instrument | Commodity Contracts | Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	2	4
Designated as Hedging Instrument | Foreign Currency Forward Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	1	10
Fair value of derivative instruments, Liabilities	2	8
Fair value of derivative instruments, Net Assets/(Liabilities)	(1)	2
Designated as Hedging Instrument | Foreign Currency Forward Contracts | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets		7
Designated as Hedging Instrument | Foreign Currency Forward Contracts | Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets	1	3
Designated as Hedging Instrument | Foreign Currency Forward Contracts | Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	2	4
Designated as Hedging Instrument | Foreign Currency Forward Contracts | Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities		4
Designated as Hedging Instrument | Interest Rate Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets		1
Fair value of derivative instruments, Net Assets/(Liabilities)		1
Designated as Hedging Instrument | Interest Rate Contracts | Other assets
Fair value of derivatives
Fair value of derivative instruments, Assets		1
Not Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets	6	7
Fair value of derivative instruments, Liabilities	23	11
Fair value of derivative instruments, Net Assets/(Liabilities)	(17)	(4)
Not Designated as Hedging Instrument | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	5	6
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	20	9
Not Designated as Hedging Instrument | Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	3	2
Not Designated as Hedging Instrument | Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets		2
Fair value of derivative instruments, Liabilities	4	1
Fair value of derivative instruments, Net Assets/(Liabilities)	(4)	1
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	4	1
Not Designated as Hedging Instrument | Foreign Currency Forward Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets	6	5
Fair value of derivative instruments, Liabilities	19	10
Fair value of derivative instruments, Net Assets/(Liabilities)	(13)	(5)
Not Designated as Hedging Instrument | Foreign Currency Forward Contracts | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, Assets	5	4
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	16	8
Not Designated as Hedging Instrument | Foreign Currency Forward Contracts | Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, Liabilities	$ 3	$ 2

Financial Instruments, Deriva_8

Financial Instruments, Derivatives and Hedging Activities - Additional information - FV hedges (Details) - Fair Value Hedging - Long-term debt $ in Millions	Dec. 31, 2019USD ($)
Additional information pertaining to fair value hedges
Carrying Amount of the Hedged Liabilities	$ (201)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Liabilities	$ (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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Hedging relationships
Gains (Losses) Recognized in OCI	$ (20)	$ 13	$ (66)	$ 1
Gains (Losses) Reclassified from AOCI into Income	(19)	(4)	(25)	(6)
Commodity Contracts
Hedging relationships
Gains (Losses) Recognized in OCI	(20)	10	(57)
Commodity Contracts | Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCI into Income	(17)	(5)	(24)	(3)
Foreign Currency Contracts
Hedging relationships
Gains (Losses) Recognized in OCI	1	3	(4)	1
Foreign Currency Contracts | Net sales/Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCI into Income	(1)	$ 1		(2)
Interest Rate Contracts
Hedging relationships
Gains (Losses) Recognized in OCI	(1)		(5)
Interest Rate Contracts | Financing costs, net
Hedging relationships
Gains (Losses) Reclassified from AOCI into Income	$ (1)		$ (1)	$ (1)

Financial Instruments, Deriv_10

Financial Instruments, Derivatives and Hedging Activities - Gain (Losses) Recognized in Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Hedging relationships
Loss expected to be reclassified into earnings during the next twelve months, net of tax			$ (36)
Loss expected to be reclassified into earnings during the next twelve months, income tax effect			13
Fair Value Hedging | Interest Rate Contracts | Financing costs, net
Hedging relationships
Gains (losses) recognized in income, Hedging instruments	$ (4)	$ 3	(1)	$ 3
Gains (losses) recognized in income, Hedged item	$ 4	$ (3)	$ 1	$ (3)

Financial Instruments, Deriv_11

Financial Instruments, Derivatives and Hedging Activities - FV (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Carrying value
Fair value of assets and liabilities
Long-term debt	$ 2,100
Fair value
Fair value of assets and liabilities
Long-term debt	2,200
Fair Value, Measurements, Recurring
Fair value of assets and liabilities
Available for sale securities	10	$ 13
Derivative assets	12	24
Derivative liabilities	53	36
Long-term debt	2,215	1,751
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1
Fair value of assets and liabilities
Available for sale securities	10	13
Derivative assets	2	7
Derivative liabilities	21	5
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Fair value of assets and liabilities
Derivative assets	10	17
Derivative liabilities	32	31
Long-term debt	$ 2,215	$ 1,751

Debt - Components (Details)

Debt - Components (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Financing Arrangements
Other long-term borrowings	$ 1
Fair value adjustment related to hedged fixed rate debt instruments			$ 1
Long-term debt	2,140		1,766
Other short-term borrowings	70		82
Short-term debt	470		82
Total debt	$ 2,610		$ 1,848
2.9% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate (as a percent)	2.90%
Long-term debt excluding fair value adjustments	$ 594
3.2% senior notes due October 1, 2026
Financing Arrangements
Debt, interest rate (as a percent)	3.20%		3.20%
Long-term debt excluding fair value adjustments	$ 497		$ 497
3.9% senior notes due June 1, 2050
Financing Arrangements
Debt, interest rate (as a percent)	3.90%
Long-term debt excluding fair value adjustments	$ 390
6.625% senior notes due April 15, 2037
Financing Arrangements
Debt, interest rate (as a percent)	6.625%		6.625%
Long-term debt excluding fair value adjustments	$ 253		$ 253
4.625% senior notes due November 1, 2020
Financing Arrangements
Debt, interest rate (as a percent)	4.625%		4.625%
Long-term debt excluding fair value adjustments			$ 400
Short term borrowings	$ 400
5.62% senior notes due March 25, 2020
Financing Arrangements
Debt, interest rate (as a percent)		5.62%	5.62%
Long-term debt excluding fair value adjustments			$ 200
Term loan credit agreement due April 12, 2021
Financing Arrangements
Long-term debt excluding fair value adjustments	$ 405		405
Revolving credit facility
Financing Arrangements
Long-term debt excluding fair value adjustments			$ 10

Debt - Additional information (

Debt - Additional information (Details) - USD ($) $ in Millions	Jul. 09, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
2.9% senior notes due June 1, 2030 and 3.9% senior notes due June 1, 2050
Financing Arrangements
Discount		$ 7
Debt issuance costs capitalized		$ 9
2.9% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate (as a percent)		2.90%
Principal amount		$ 600
3.9% senior notes due June 1, 2050
Financing Arrangements
Debt, interest rate (as a percent)		3.90%
Principal amount		$ 400
Revolving credit facility
Financing Arrangements
Repayments of long-term debt		$ 394
4.625% senior notes due November 1, 2020
Financing Arrangements
Debt, interest rate (as a percent)		4.625%		4.625%
Principal amount				$ 400
Debt balance		$ 400
4.625% senior notes due November 1, 2020 | Subsequent Event.
Financing Arrangements
Amount of debt redeemed	$ 400
Debt redemption price	$ 409
5.62% senior notes due March 25, 2020
Financing Arrangements
Repayments of long-term debt			$ 200
Debt, interest rate (as a percent)			5.62%	5.62%

Leases - Lease costs (Details)

Leases - Lease costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases
Finance lease liability	$ 0		$ 0
Lease Cost
Operating lease cost	13	$ 14	26	$ 27
Variable operating lease cost	7	6	15	12
Short term lease cost	1	1	2	1
Lease cost	$ 21	$ 21	$ 43	$ 40

Leases - Operating lease reconc

Leases - Operating lease reconciliation (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets
2020 (Excluding the six months ended June 30, 2020)	$ 26
2021	44
2022	35
2023	26
2024	18
Thereafter	34
Total future lease payments	183
Less imputed interest	27
Present value of future lease payments	156
Less current lease liabilities	41
Non-current operating lease liabilities	115	$ 120
Operating lease assets	$ 149	$ 151

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Other information
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 13	$ 14	$ 26	$ 29
Right-of-use assets obtained in exchange for lease liabilities: Operating leases	$ 13	$ 6	$ 21	$ 167
Weighted average remaining lease term (years): Operating leases	5 years 2 months 12 days		5 years 2 months 12 days		5 years 6 months
Weighted average discount rate: Operating leases	5.50%		5.50%		5.70%

Taxes - Effective tax rate (Det

Taxes - Effective tax rate (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Taxes
Effective tax rate (as a percent)	28.70%	29.60%	37.00%	28.20%
Devaluation of Mexican peso against U.S. dollar (as a percent)			22.00%
Discrete tax expense (benefit) due to taxable translation gains on net U.S. dollar monetary assets held in Mexico			$ 22	$ 1

Net Periodic Pension and Post_3

Net Periodic Pension and Postretirement Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Non-US
Employer contributions
Employer contributions			$ 1
Pension Plan
Anticipated cash contributions
Anticipated cash contributions in current year	$ 4		4
Pension Plan | US
Components of Net Periodic Benefit Costs
Service cost	1	$ 1	2	$ 2
Interest cost	3	3	6	7
Expected return on plan assets	(6)	(4)	(11)	(9)
Net periodic benefit cost/(benefit)	(2)		(3)
Anticipated cash contributions
Anticipated cash contributions in current year	1		1
Pension Plan | Non-US
Components of Net Periodic Benefit Costs
Service cost	1	1	2	2
Interest cost	3	2	6	5
Expected return on plan assets	(2)	(2)	(4)	(4)
Amortization of actuarial loss	1	1	1	1
Net periodic benefit cost/(benefit)	3	$ 2	5	4
Anticipated cash contributions
Anticipated cash contributions in current year	3		3
Postemployment Retirement Benefits
Components of Net Periodic Benefit Costs
Interest cost	1		2	1
Amortization of prior service credit			(1)	$ (1)
Net periodic benefit cost/(benefit)	$ 1		$ 1

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventories
Finished and in process	$ 552	$ 565
Raw materials	246	237
Manufacturing supplies and other	61	59
Total inventories	$ 859	$ 861

Equity - Treasury stock (Detail

Equity - Treasury stock (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 06, 2019	Nov. 05, 2018	Jun. 30, 2020	Mar. 31, 2019	Feb. 06, 2019	Feb. 05, 2019	Jun. 30, 2020	Jun. 30, 2019	Oct. 22, 2018
Treasury stock:
Purchase/acquisition of treasury stock (in shares)			0				0
Additional Paid-in Capital
Treasury stock:
Repurchases of common stock, net				$ 32				$ 32
Treasury Stock
Treasury stock:
Repurchases of common stock, net				$ 31				$ 31
ASR agreement
Treasury stock:
Payment made for repurchase of shares		$ 455
Purchase/acquisition of treasury stock (in shares)		4,000,000				4,000,000
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)									8,000,000

Equity - Share-based payments (

Equity - Share-based payments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based compensation expense
Pre-tax compensation expense	$ 6	$ 6	$ 12	$ 10
Income tax benefit		(1)	(1)	(1)
Total share-based compensation expense, net of income taxes	6	5	11	9
Stock options
Share-based compensation expense
Pre-tax compensation expense	1	1	2	2
Total share-based compensation expense, net of income taxes	1	1	2	2
Restricted stock units (RSUs)
Share-based compensation expense
Pre-tax compensation expense	3	3	6	5
Income tax benefit		(1)	(1)	(1)
Total share-based compensation expense, net of income taxes	3	2	5	4
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	2	2	4	3
Total share-based compensation expense, net of income taxes	$ 2	$ 2	$ 4	$ 3

Equity - Stock options (Details

Equity - Stock options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Stock options, Number of Options
Outstanding at the beginning of the period (in shares)		2,055
Granted (in shares)		336	247
Exercised (in shares)		(91)
Cancelled (in shares)		(7)
Outstanding at the end of the period (in shares)		2,293		2,055
Exercisable at the end of the period (in shares)		1,742
Stock options, Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)		$ 84.36
Granted (in dollars per share)		88.35
Exercised (in dollars per share)		45.01
Cancelled (in dollars per share)		81.09
Outstanding at the end of the period (in dollars per share)		86.53		$ 84.36
Exercisable at the end of the period (in dollars per share)		$ 84.05
Additional information pertaining to stock options
Average Remaining Contractual Term, Outstanding		5 years 7 months 20 days		5 years 3 months 18 days
Average Remaining Contractual Term, Exercisable		4 years 6 months 29 days
Aggregate Intrinsic Value, Outstanding (in dollars)		$ 15		$ 34
Aggregate Intrinsic Value, Exercisable (in dollars)		15
Cash received from exercise of stock options		$ 5
Weighted average grant date fair value of stock options granted (per share)		$ 11.48	$ 14.02
Total intrinsic value of stock options exercised	$ 2	$ 4	$ 6
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)		1.40%	2.50%
Expected volatility (as a percent)		19.80%	19.70%
Expected dividend yield (as a percent)		2.90%	2.70%
Additional information pertaining to stock options
Unrecognized compensation cost		$ 4
Weighted-average period for amortization of unrecognized compensation cost		1 year 8 months 12 days

Equity - Restricted stock units

Equity - Restricted stock units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Other disclosures
Share-based payments subject to redemption	$ 27	$ 23	$ 31	$ 25	$ 21	$ 37
Restricted stock units (RSUs)
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)	339
Granted (in shares)	171
Vested (in shares)	(92)
Cancelled (in shares)	(12)
Non-vested at the end of the period (in shares)	406
Weighted-average fair value per share
Non-vested at the beginning of the period (in dollars per share)	$ 108.02
Granted (in dollars per share)	88.29
Vested (in dollars per share)	117.25
Cancelled (in dollars per share)	104.34
Non-vested at the end of the period (in dollars per share)	$ 97.75
Other disclosures
Unrecognized compensation cost	$ 21
Weighted-average period for amortization of unrecognized compensation cost	2 years

Equity - Performance shares (De

Equity - Performance shares (Details) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)item$ / sharesshares	Dec. 31, 2018USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)
Share-based compensation
Share-based payments subject to redemption | $	$ 27	$ 37	$ 23	$ 31	$ 25	$ 21
Performance Shares
Share-based compensation
Number of tranches | item	2
Vesting terms		3 years
Granted (in shares) | shares	81
Weighted-average fair value per share, Granted (in dollars per share) | $ / shares	$ 94.48
Unrecognized compensation cost | $	$ 8
Remaining requisite service period (in years)	2 years 2 months 12 days
Cancelled (in shares) | shares	0
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 2017
Share-based compensation
Award pay out achieved (as a percent)	0.00%

Equity - AOCI (Details)

Equity - AOCI (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	$ 2,720
Balance at the end of the period	2,646
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,089)	$ (1,080)
Other comprehensive income (loss) before reclassification adjustments	(118)	(3)
Net other comprehensive income (loss)	(118)	(3)
Balance at the end of the period	(1,207)	(1,083)
(Loss) Gain on Hedging Activities
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(9)	(5)
Other comprehensive income (loss) before reclassification adjustments	(66)	1
Amount reclassified from accumulated OCI	25	6
Tax benefit (provision)	10	(1)
Net other comprehensive income (loss)	(31)	6
Balance at the end of the period	(40)	1
Pension and other postretirement plans
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(60)	(69)
Other comprehensive income (loss) before reclassification adjustments		(1)
Net other comprehensive income (loss)		(1)
Balance at the end of the period	(60)	(70)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,158)	(1,154)
Other comprehensive income (loss) before reclassification adjustments	(184)	(3)
Amount reclassified from accumulated OCI	25	6
Tax benefit (provision)	10	(1)
Net other comprehensive income (loss)	(149)	2
Balance at the end of the period	$ (1,307)	$ (1,152)

Equity - Statements of Equity w

Equity - Statements of Equity with dividends per share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Balance		$ 2,741			$ 2,741
Net income	$ 67		$ 107		145	$ 209
Balance	$ 2,666				2,666
Dividends declared, common stock (in dollars per share)	$ 0.63	$ 0.63	$ 0.625	$ 0.625
Common Stock
Balance	$ 1	$ 1	$ 1	$ 1	1	1
Balance	1	1	1	1	1	1
Additional Paid-in Capital
Balance	1,142	1,137	1,137	1,096	1,137	1,096
Repurchases of common stock, net				32		32
Share-based compensation, net of issuance	1	5	1	9	6	10
Balance	1,143	1,142	1,138	1,137	1,143	1,138
Treasury Stock
Balance	(1,028)	(1,040)	(1,050)	(1,091)	(1,040)	(1,091)
Repurchases of common stock, net				31		31
Share-based compensation, net of issuance	1	12	3	10	13	13
Balance	(1,027)	(1,028)	(1,047)	(1,050)	(1,027)	(1,047)
Accumulated Other Comprehensive Loss
Balance	(1,322)	(1,158)	(1,160)	(1,154)	(1,158)	(1,154)
Other comprehensive income (loss)	15	(164)	8	(6)	(149)	2
Balance	(1,307)	(1,322)	(1,152)	(1,160)	(1,307)	(1,152)
Retained Earnings
Balance	3,813	3,780	3,594	3,536	3,780	3,536
Net income	66	75	105	100	141	205
Dividends declared, common stock	(43)	(42)	(43)	(42)	(85)	(85)
Balance	3,836	3,813	3,656	3,594	3,836	3,656
Non-Controlling Interests
Balance	21	21	22	20	21	20
Net income	1	3	2	2	4	4
Dividends declared, common stock	(3)		(4)		(3)	(4)
Other comprehensive income (loss)	1	(3)	(4)		(2)	(4)
Balance	$ 20	$ 21	$ 16	$ 22	$ 20	$ 16

Equity - Statements of Redeemab

Equity - Statements of Redeemable Equity (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payments Subject to Redemption
Beginning Balance	$ 23	$ 31	$ 21	$ 37	$ 31	$ 37
Share-based compensation, net of issuance	4	(8)	4	(16)	(4)	(12)
Ending Balance	$ 27	$ 23	$ 25	$ 21	$ 27	$ 25

Equity - EPS (Details)

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic EPS:
Net Income Available to Ingredion - basic	$ 66	$ 105	$ 141	$ 205
Weighted average number of shares outstanding, basic	67.2	66.9	67.2	66.9
Basic earnings per common share of Ingredion (in dollars per share)	$ 0.98	$ 1.57	$ 2.10	$ 3.06
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards	0.4	0.5	0.5	0.5
Diluted EPS:
Net Income Available to Ingredion - diluted	$ 66	$ 105	$ 141	$ 205
Weighted Average Number of Shares Outstanding, Diluted, Total	67.6	67.4	67.7	67.4
Diluted earnings per common share of Ingredion (in dollars per share)	$ 0.98	$ 1.56	$ 2.08	$ 3.04
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	1.6	1	1.3	1

Segment Information - Net sales

Segment Information - Net sales (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)
Segment information
Number of reportable business segments | segment			4
Total net sales	$ 1,349	$ 1,550	$ 2,892	$ 3,086
Operating income Subtotal	127	178	294	344
Restructuring/impairment charges	(11)	(9)	(25)	(13)
Acquisition / integration costs	(3)	(1)	(3)	(2)
Operating income	113	168	266	329
North America
Segment information
Total net sales	848	977	1,811	1,928
South America
Segment information
Total net sales	182	226	419	454
Asia-Pacific
Segment information
Total net sales	187	203	376	406
EMEA
Segment information
Total net sales	132	144	286	298
Operating Segments | North America
Segment information
Operating income Subtotal	101	139	226	264
Operating Segments | South America
Segment information
Operating income Subtotal	13	16	39	34
Operating Segments | Asia-Pacific
Segment information
Operating income Subtotal	22	23	42	43
Operating Segments | EMEA
Segment information
Operating income Subtotal	21	23	48	47
Corporate, Non -Segment
Segment information
Operating income Subtotal	$ (30)	$ (23)	$ (61)	$ (44)

Segment Information - Assets (D

Segment Information - Assets (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Segment information
Total assets	$ 6,611	$ 6,040
North America
Segment information
Total assets	4,611	3,924
South America
Segment information
Total assets	647	774
Asia-Pacific
Segment information
Total assets	838	843
EMEA
Segment information
Total assets	$ 515	$ 499

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event. $ in Millions	Jul. 01, 2020USD ($)
Ingredion SRSS
Subsequent Event
Ownership percentage	75.00%
Ingredion SRSS | Former PureCircle Shareholders
Subsequent Event
Ownership percentage	25.00%
PureCircle Limited
Subsequent Event
Purchase price	$ 222