Ingredion (INGR) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-13397
Entity Registrant Name	Ingredion Incorporated
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3514823
Entity Address, Address Line One	5 Westbrook Corporate Center
Entity Address, City or Town	Westchester
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60154
City Area Code	708
Local Phone Number	551-2600
Title of 12(b) Security	Common Stock, $.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		65,520,860
Entity Central Index Key	0001046257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Income (Loss)
Net sales	$ 2,044	$ 1,762	$ 3,936	$ 3,376
Cost of sales	1,654	1,395	3,167	2,658
Gross profit	390	367	769	718
Operating expenses	179	167	348	320
Other operating (income)	(4)	(26)	(6)	(28)
Restructuring/impairment charges	2	4	4	374
Operating income	213	222	423	52
Financing costs	17	19	41	38
Other non-operating (income)		(2)	(1)	(3)
Income before income taxes	196	205	383	17
Provision for income taxes	51	24	105	79
Net income (loss)	145	181	278	(62)
Less: Net income attributable to non-controlling interests	3	3	6	6
Net income (loss) attributable to Ingredion	$ 142	$ 178	$ 272	$ (68)
Weighted average common shares outstanding:
Basic	66.4	67.2	66.6	67.3
Diluted	67.1	67.9	67.3	67.3
Earnings (loss) per common share of Ingredion:
Basic	$ 2.14	$ 2.65	$ 4.08	$ (1.01)
Diluted	$ 2.12	$ 2.62	$ 4.04	$ (1.01)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Comprehensive (Loss) Income
Net income (loss)	$ 145	$ 181	$ 278	$ (62)
Other comprehensive income:
Gains on cash flow hedges, net of income tax effect of $1, $40, $47 and $47, respectively	2	107	132	129
(Gains) on cash flow hedges reclassified to earnings, net of income tax effect of $22, $30, $34 and $30, respectively	(60)	(79)	(94)	(80)
Currency translation adjustment	(119)	30	(81)	(22)
Comprehensive (loss) income	(32)	239	235	(35)
Less: Comprehensive (loss) income attributable to non-controlling interests	(4)	3	(2)	8
Comprehensive (loss) income attributable to Ingredion	$ (28)	$ 236	$ 237	$ (43)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Comprehensive (Loss) Income
Gains (losses) on cash flow hedges, income tax effect	$ (1)	$ (40)	$ (47)	$ (47)
(Gains) losses on cash flow hedges reclassified to earnings, income tax effect	$ 22	$ 30	$ 34	$ 30

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 318	$ 328
Short-term investments	4	4
Accounts receivable, net	1,396	1,130
Inventories	1,403	1,172
Prepaid expenses	56	63
Total current assets	3,177	2,697
Property, plant and equipment, net of accumulated depreciation of $3,279 and $3,232, respectively	2,375	2,423
Intangible assets, net of accumulated amortization of $262 and $253, respectively	1,313	1,348
Other assets	524	531
Total assets	7,389	6,999
Current liabilities:
Short-term borrowings	652	308
Accounts payable and accrued liabilities	1,193	1,204
Total current liabilities	1,845	1,512
Long-term debt	1,739	1,738
Other non-current liabilities	537	524
Total liabilities	4,121	3,774
Share-based payments subject to redemption	37	36
Redeemable non-controlling interests	70	71
Ingredion stockholders' equity:
Preferred stock - authorized 25,000,000 shares - $0.01 par value, none issued
Common stock - authorized 200,000,000 shares - $0.01 par value, 77,810,875 issued at June 30, 2022 and December 31, 2021	1	1
Additional paid-in capital	1,133	1,158
Less: Treasury stock (common stock: 11,972,479 and 11,154,203 shares at June 30, 2022 and December 31, 2021, respectively) at cost	(1,133)	(1,061)
Accumulated other comprehensive loss	(940)	(897)
Retained earnings	4,085	3,899
Total Ingredion stockholders' equity	3,146	3,100
Non-redeemable non-controlling interests	15	18
Total equity	3,161	3,118
Total liabilities and equity	$ 7,389	$ 6,999

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Property, plant and equipment, Accumulated depreciation	$ 3,279	$ 3,232
Intangible assets, Accumulated amortization	$ 262	$ 253
Preferred stock, authorized (in shares)	25,000,000	25,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0	0
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	77,810,875	77,810,875
Treasury stock (in shares)	11,972,479	11,154,203

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Common Stock	Additional Paid-in Capital	Treasury Stock, Common	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest	Total
Balance at beginning of period at Dec. 31, 2020	$ 1	$ 1,150	$ (1,024)	$ (1,133)	$ 3,957	$ 21
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(246)	4
Dividends declared					(44)
Repurchases of common stock			(14)
Share-based compensation, net of issuance		5	16
Other comprehensive income (loss)				(31)		1
Balance at end of period at Mar. 31, 2021	1	1,155	(1,022)	(1,164)	3,667	26
Balance at beginning of period at Dec. 31, 2020	1	1,150	(1,024)	(1,133)	3,957	21
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(68)	7
Dividends declared					(87)	(7)
Repurchases of common stock			(24)
Share-based compensation, net of issuance		4	19
Other comprehensive income (loss)				27		1
Balance at end of period at Jun. 30, 2021	1	1,154	(1,029)	(1,106)	3,802	22
Balance at beginning of period at Mar. 31, 2021	1	1,155	(1,022)	(1,164)	3,667	26
Increase (Decrease) in Stockholders' Equity
Net income (loss)					178	3
Dividends declared					(43)	(7)
Repurchases of common stock			(10)
Share-based compensation, net of issuance		(1)	3
Other comprehensive income (loss)				58
Balance at end of period at Jun. 30, 2021	1	1,154	(1,029)	(1,106)	3,802	22
Balance at beginning of period at Dec. 31, 2021	1	1,158	(1,061)	(897)	3,899	18	$ 3,118
Increase (Decrease) in Stockholders' Equity
Net income (loss)					130	3
Dividends declared					(43)
Repurchases of common stock			(39)
Share-based compensation, net of issuance		2	9
Other comprehensive income (loss)				134		(2)
Balance at end of period at Mar. 31, 2022	1	1,160	(1,091)	(763)	3,986	19
Balance at beginning of period at Dec. 31, 2021	1	1,158	(1,061)	(897)	3,899	18	3,118
Increase (Decrease) in Stockholders' Equity
Net income (loss)					272	5
Dividends declared					(86)	(4)
Repurchases of common stock			(83)
Share-based compensation, net of issuance		4	11
Fair market value adjustment to non-controlling interests		(29)
Other comprehensive income (loss)				(43)		(4)
Balance at end of period at Jun. 30, 2022	1	1,133	(1,133)	(940)	4,085	15	3,161
Balance at beginning of period at Mar. 31, 2022	1	1,160	(1,091)	(763)	3,986	19
Increase (Decrease) in Stockholders' Equity
Net income (loss)					142	2
Dividends declared					(43)	(4)
Repurchases of common stock			(44)
Share-based compensation, net of issuance		2	2
Fair market value adjustment to non-controlling interests		(29)
Other comprehensive income (loss)				(177)		(2)
Balance at end of period at Jun. 30, 2022	$ 1	$ 1,133	$ (1,133)	$ (940)	$ 4,085	$ 15	$ 3,161

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Redeemable Equity $ in Millions	USD ($)
Share-based Payments Subject to Redemption, Beginning Balance at Dec. 31, 2020	$ 30
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(9)
Share-based Payments Subject to Redemption, Ending Balance at Mar. 31, 2021	21
Redeemable Non-Controlling Interests, Beginning Balance at Dec. 31, 2020	70
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	(1)
Other comprehensive income (loss)	1
Redeemable Non-Controlling Interests, Ending Balance at Mar. 31, 2021	70
Share-based Payments Subject to Redemption, Beginning Balance at Dec. 31, 2020	30
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(2)
Share-based Payments Subject to Redemption, Ending Balance at Jun. 30, 2021	28
Redeemable Non-Controlling Interests, Beginning Balance at Dec. 31, 2020	70
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	(1)
Other comprehensive income (loss)	1
Redeemable Non-Controlling Interests, Ending Balance at Jun. 30, 2021	70
Share-based Payments Subject to Redemption, Beginning Balance at Mar. 31, 2021	21
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	7
Share-based Payments Subject to Redemption, Ending Balance at Jun. 30, 2021	28
Redeemable Non-Controlling Interests, Beginning Balance at Mar. 31, 2021	70
Redeemable Non-Controlling Interests, Ending Balance at Jun. 30, 2021	70
Share-based Payments Subject to Redemption, Beginning Balance at Dec. 31, 2021	36
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(5)
Share-based Payments Subject to Redemption, Ending Balance at Mar. 31, 2022	31
Redeemable Non-Controlling Interests, Beginning Balance at Dec. 31, 2021	71
Redeemable Non-Controlling Interests, Ending Balance at Mar. 31, 2022	71
Share-based Payments Subject to Redemption, Beginning Balance at Dec. 31, 2021	36
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	1
Share-based Payments Subject to Redemption, Ending Balance at Jun. 30, 2022	37
Redeemable Non-Controlling Interests, Beginning Balance at Dec. 31, 2021	71
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	1
Fair market value adjustment to non-controlling interests	29
Non-controlling interest purchases	(27)
Other comprehensive income (loss)	(4)
Redeemable Non-Controlling Interests, Ending Balance at Jun. 30, 2022	70
Share-based Payments Subject to Redemption, Beginning Balance at Mar. 31, 2022	31
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	6
Share-based Payments Subject to Redemption, Ending Balance at Jun. 30, 2022	37
Redeemable Non-Controlling Interests, Beginning Balance at Mar. 31, 2022	71
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	1
Fair market value adjustment to non-controlling interests	29
Non-controlling interest purchases	(27)
Other comprehensive income (loss)	(4)
Redeemable Non-Controlling Interests, Ending Balance at Jun. 30, 2022	$ 70

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash (used for) provided by operating activities
Net income (loss)	$ 278	$ (62)
Non-cash charges to net income (loss):
Depreciation and amortization	107	103
Mechanical stores expense	27	27
Impairment charge for assets held for sale		360
Deferred income taxes	(2)	(21)
Other non-cash charges	25	(5)
Changes in working capital:
Accounts receivable and prepaid expenses	(210)	(118)
Inventories	(256)	(165)
Accounts payable and accrued liabilities	12	62
Margin accounts	(5)	(20)
Other	20	(32)
Cash (used for) provided by operating activities	(4)	129
Cash used for investing activities
Capital expenditures and mechanical stores purchases	(144)	(117)
Payments for acquisitions, net of cash acquired		(40)
Proceeds from disposal of manufacturing facilities and properties	7	15
Other	1	(15)
Cash used for investing activities	(136)	(157)
Cash provided by (used for) financing activities
Proceeds from borrowings	227	430
Payments on debt	(189)	(416)
Commercial paper borrowings, net	308
Repurchases of common stock, net	(83)	(24)
Purchases of non-controlling interests	(27)
(Settlements) issuances of common stock for share-based compensation, net	(1)	9
Dividends paid, including to non-controlling interests	(90)	(93)
Cash provided by (used for) financing activities	145	(94)
Effects of foreign exchange rate changes on cash	(15)	(1)
Decrease in cash and cash equivalents	(10)	(123)
Cash and cash equivalents, beginning of period	328	665
Cash and cash equivalents, end of period	$ 318	$ 542

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Cash Flows
Cash acquired from acquisition	$ 0	$ 2

Interim Financial Statements

Interim Financial Statements	6 Months Ended
	Jun. 30, 2022
Interim Financial Statements
Interim Financial Statements	1. Interim Financial Statements ​ References to the “Company,” “Ingredion,” “we,” “us,” and “our” shall mean Ingredion Incorporated (“Ingredion”) individually and together with its consolidated subsidiaries. These statements should be read in conjunction with the consolidated financial statements and the related notes to those statements contained in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2021. ​ The unaudited Condensed Consolidated Financial Statements as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 included herein were prepared by management on the same basis as Ingredion’s audited Consolidated Financial Statements for the year ended December 31, 2021 and reflect all adjustments (consisting solely of normal recurring items unless otherwise noted) that are, in the opinion of management, necessary for the fair presentation of the Condensed Consolidated Statements of Income (Loss), Condensed Consolidated Statements of Comprehensive (Loss) Income, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Equity and Redeemable Equity, and Condensed Consolidated Statements of Cash Flows. The results for the interim period are not necessarily indicative of the results expected for the full year or any other future period. ​

Summary of Significant Accounti

Summary of Significant Accounting Standards and Policies	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Standards and Policies
Summary of Significant Accounting Standards and Policies	2. Summary of Significant Accounting Standards and Policies ​ For detailed information about Ingredion’s significant accounting standards and policies, see Note 1 of the Notes to the Consolidated Financial Statements included in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2021. There have been no material changes to our significant accounting standards and policies for the three and six months ended June 30, 2022. ​ New Accounting Standards ​ In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2022
Acquisitions
Acquisitions	3. Acquisitions ​ PureCircle Non-Controlling Interests ​ During the three months ended June 30, 2022, Ingredion purchased shares from minority shareholders in PureCircle Limited (“PureCircle”) for $27 million. The purchase increased our ownership percentage in PureCircle from 75 percent to 82 percent as of June 30, 2022. ​ Other Acquisitions ​ On April 1, 2021, Ingredion acquired KaTech, a privately held company headquartered in Germany. KaTech provides advanced texture and stabilization solutions to the food and beverage industry. To complete the closing, Ingredion made a total cash payment of $40 million, net of cash acquired, which we funded from cash on hand. The acquisition added $26 million of goodwill and intangible assets, as well as $14 million of tangible assets. Beginning at the acquisition date, our Condensed Consolidated Financial Statements reflect the effects of the acquisition and KaTech’s financial results, which we report in our Europe, Middle East and Africa (“EMEA”) reportable business segment. ​

Investments

Investments	6 Months Ended
	Jun. 30, 2022
Investments
Investments	4. Investments ​ Investments consisted of the following as of the dates indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) ​ June 30, 2022 ​ December 31, 2021 Equity investments ​ $ 22 ​ $ 16 Equity method investments ​ ​ 109 ​ ​ 104 Marketable securities ​ ​ 4 ​ ​ 12 Total investments ​ $ 135 ​ $ 132 ​ Amyris Joint Venture ​ On June 1, 2021, Ingredion entered into an agreement with Amyris, Inc. (“Amyris”) for certain exclusive commercialization rights to Amyris’s rebaudioside M by fermentation product, the exclusive licensing of the product’s manufacturing technology and a 31 percent ownership stake in a joint venture for the products (the “Amyris joint venture”). In exchange, we contributed $28 million of total consideration, which included $10 million of cash, as well as non-exclusive intellectual property licenses and other consideration valued at $18 million. The transaction resulted in an $8 million gain recorded in Other operating (income) during the three months ended June 30, 2021, which included $18 million related to the non-exclusive intellectual property licenses, partly offset by the $10 million cash payment. Beginning June 1, 2021, Ingredion accounts for the investment under the equity method. ​ Argentina Joint Venture ​ On February 12, 2021, Ingredion entered into an agreement with an affiliate of Grupo Arcor, an Argentine food company, to establish Ingrear Holding S.A. (the “Argentina joint venture”), a joint venture to operate five manufacturing facilities in Argentina to sell value-added ingredients to customers in the food, beverage, pharmaceutical and other industries in Argentina, Chile and Uruguay. On August 2, 2021, Ingredion and Grupo Arcor completed all closing conditions, pending customary antitrust review, to combine the manufacturing facilities, finalize the transaction and formally establish the Argentina joint venture, which is managed by a jointly appointed team of executives and is accounted for under the equity method. ​ We exchanged certain assets and liabilities with a fair value of $71 million from our Argentina, Chile and Uruguay operations for 49 percent of the outstanding shares of the Argentina joint venture valued at $64 million, as well as $7 million of other consideration, including cash, from Grupo Arcor as of August 2, 2021. The transaction also resulted in an impairment charge for the transferred assets and liabilities more fully described in Note 5. ​ Beginning on the dates Ingredion entered into the agreements for equity method investees, our share of income from them is included in Other operating (income). Ingredion incurred an insignificant amount of pre-tax acquisition and integration costs during the three and six months ended June 30, 2022, and $1 million of pre-tax acquisition and integration costs during the three and six months ended June 30, 2021, related to the acquisition and integration of the Amyris and Argentina joint ventures.

Restructuring and Impairment Ch

Restructuring and Impairment Charges	6 Months Ended
	Jun. 30, 2022
Restructuring and Impairment Charges
Restructuring and Impairment Charges	5. Restructuring and Impairment Charges ​ For the three and six months ended June 30, 2022, Ingredion recorded $2 million and $4 million of pre-tax restructuring-related charges, respectively. For the three and six months ended June 30, 2021, Ingredion recorded $4 million and $374 million of pre-tax restructuring and impairment charges, respectively. ​ Restructuring Charges ​ For the three months ended June 30, 2022, we recorded $2 million of pre-tax restructuring related charges, which were costs primarily associated with our Cost Smart selling, general and administrative expense (“SG&A”) program. For the six months ended June 30, 2022, we recorded $4 million of pre-tax restructuring-related charges, which included $3 million of costs associated with our Cost Smart SG&A program and $1 million of costs as part of our Cost Smart Cost of sales program. ​ For the three months ended June 30, 2021, ​ For the six months ended June 30, 2021, we recorded $14 million of pre-tax net restructuring-related charges, consisting of $9 million of costs associated with our Cost Smart SG&A program and $8 million of costs associated with our Cost Smart Cost of sales program. The Cost Smart Cost of sales charges were partly offset by a $5 million gain on the sale of the Stockton, California land and building. Ingredion also recorded $2 million of restructuring charges related to the Amyris joint venture transaction described in Note 4 during the six months ended June 30, 2021. ​ A summary of Ingredion’s severance accrual at June 30, 2022, which we expect to fully pay in 2022, is as follows (in millions): ​ ​ ​ ​ ​ ​ Balance in severance accrual as of December 31, 2021 $ 3 ​ Payments made to terminated employees ​ ​ (2) ​ Balance in severance accrual as of June 30, 2022 $ 1 ​ ​ Impairment Charges ​ At the announcement of our agreement to invest in the Argentina joint venture during the three months ended March 31, 2021, we reclassified assets and liabilities we expected to contribute to the joint venture as held for sale in Other assets in the Condensed Consolidated Balance Sheets and recorded an impairment charge of $360 million based on our preliminary estimates of their fair value. Of the $360 million impairment charge for the net assets contributed to the Argentina joint venture during the three months ended March 31, 2021, $311 million was related to the write-off of the cumulative translation losses associated with the contributed net assets and $49 million was related to the write-down of the contributed net assets.

Derivatives Instruments and Hed

Derivatives Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2022
Derivatives Instruments and Hedging Activities
Derivatives Instruments and Hedging Activities	6. Derivative Instruments and Hedging Activities ​ Ingredion is exposed to market risk stemming from changes in commodity prices (primarily corn and natural gas), foreign currency exchange rates and interest rates. In the normal course of business, we actively manage our exposure to these market risks by entering various hedging transactions authorized under established policies that place controls on these activities. These transactions utilize exchange-traded derivatives or over-the-counter derivatives with investment grade counterparties. We have no collateral to counterparties under collateral funding arrangements as of June 30, 2022. Derivative financial instruments used by Ingredion consist primarily of commodity-related futures, options and swap contracts, foreign currency-related forward contracts, interest rate swaps and treasury locks (“T-Locks”). ​ Commodity price hedging 12 ​ For certain corn derivative instruments that are not designated as cash flow hedging instruments for accounting purposes, all realized and unrealized gains and losses from these instruments are recognized in cost of sales during each accounting period. We enter these derivative instruments to further mitigate commodity and basis price risks related to anticipated purchases of corn. During the three and six months ended June 30, 2022, Ingredion recognized a $3 million loss and $1 million loss, respectively, on non-designated commodity contracts. During the three and six months ended June 30, 2021, Ingredion recognized an insignificant loss and $1 million loss, respectively, on non-designated commodity contracts. ​ For commodity hedges designated as cash flow hedges for accounting purposes, unrealized gains and losses associated with marking the commodity hedging contracts to market (fair value) are recorded as a component of Other comprehensive loss (“OCL”) and included in the equity section of the Condensed Consolidated Balance Sheets as part of Accumulated other comprehensive loss (“AOCL”). These amounts, as well as their related tax effects, are subsequently reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings, or in the period a hedge is determined to be ineffective. Ingredion assesses the effectiveness of a commodity hedge contract based on changes in the contract’s fair value. The changes in the market value of such contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in the price of the hedged items. Gains and losses from cash flow hedging instruments reclassified from AOCL to earnings are reported as Cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows. ​ Ingredion had outstanding futures and option contracts that hedged the forecasted purchase of approximately 77 million and 135 million bushels of corn as of June 30, 2022 and December 31. 2021, respectively. Ingredion also had outstanding swap contracts that hedged the forecasted purchase of approximately 38 million and 35 million mmbtus of natural gas as of June 30, 2022 and December 31, 2021, respectively. ​ Foreign currency hedging ​ Ingredion hedges certain assets using foreign currency derivatives not designated as hedging instruments for accounting purposes, which had a notional value of $414 million and $360 million as of June 30, 2022 and December 31, 2021, respectively. Ingredion also hedges certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $255 million and $205 million as of June 30, 2022 and December 31 2021, respectively. ​ Ingredion hedges certain assets using foreign currency derivative instruments that are designated as cash flow hedging instruments for accounting purposes, which had a notional value of $358 million and $505 million as of June 30, 2022 and December 31, 2021, respectively. Ingredion also hedges certain liability positions using foreign currency derivative instruments that are designated as cash flow hedging instruments for accounting purposes, which had a notional value of $518 million and $708 million as of June 30, 2022 and December 31, 2021, respectively. ​ Interest rate hedging ​ Ingredion periodically enters into interest rate swaps to hedge its exposure to interest rate changes. The changes in fair value of interest rate swaps designated as hedging instruments that effectively offset the variability in the fair value of outstanding debt obligations are reported in earnings. These amounts offset the gains or losses (the changes in fair value) of the hedged debt instruments that are attributable to changes in interest rates (the hedged risk), which are also recognized in earnings. Ingredion did not have any outstanding interest rate swaps as of June 30, 2022 or December 31, 2021. ​ Ingredion periodically enters into T-Locks to hedge its exposure to interest rate changes. The T-Locks are designated as hedges of the variability in cash flows associated with future interest payments caused by market fluctuations in the benchmark interest rate until the fixed interest rate is established and are accounted for as cash flow hedges. Accordingly, changes in the fair value of the T-Locks are recorded to AOCL until the consummation of the underlying debt offering, at which time any realized gain (loss) is amortized to earnings over the life of the debt. During 2020, Ingredion entered into and settled T-Locks associated with the issuance of senior notes due in 2030 and 2050. The realized loss upon settlement of the T-Locks was recorded in AOCL and is amortized into earnings over the term of the senior notes. Ingredion did not have outstanding T-Locks as of June 30, 2022 and December 31, 2021. ​ The derivative instruments designated as cash flow hedges included in AOCL as of June 30, 2022 and December 31, 2021 are reflected below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gains ​ Derivatives in Cash Flow Hedging Relationships ​ (Losses) included in AOCL ​ (in millions) ​ June 30, 2022 ​ December 31, 2021 ​ Commodity contracts, net of income tax effect of $29 and $19, respectively ​ $ 84 ​ $ 51 ​ Foreign currency contracts, net of income tax effect of $3 and $ -, respectively ​ ​ 5 ​ ​ - ​ Interest rate contracts, net of income tax effect of $1 ​ ​ (3) ​ ​ (3) ​ Total ​ $ 86 ​ $ 48 ​ ​ The fair value and balance sheet location of the Ingredion’s derivative instruments, presented gross in the Condensed Consolidated Balance Sheets, are reflected below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Hedging Instruments as of June 30, 2022 (in millions) ​ ​ ​ Designated Hedging Instruments ​ Non-Designated Hedging Instruments ​ Balance Sheet Location ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ Total ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ Total ​ Accounts receivable, net ​ $ 86 ​ $ 10 ​ $ 96 ​ $ 2 ​ $ 12 ​ $ 14 ​ Other assets ​ ​ 6 ​ ​ 7 ​ ​ 13 ​ ​ — ​ ​ — ​ ​ — ​ Assets ​ ​ 92 ​ ​ 17 ​ ​ 109 ​ ​ 2 ​ ​ 12 ​ ​ 14 ​ Accounts payable and accrued liabilities ​ ​ 26 ​ ​ 12 ​ ​ 38 ​ ​ 3 ​ ​ 5 ​ ​ 8 ​ Non-current liabilities ​ ​ 4 ​ ​ 8 ​ ​ 12 ​ ​ — ​ ​ 1 ​ ​ 1 ​ Liabilities ​ ​ 30 ​ ​ 20 ​ ​ 50 ​ ​ 3 ​ ​ 6 ​ ​ 9 ​ Net Assets/(Liabilities) ​ $ 62 ​ $ (3) ​ $ 59 ​ $ (1) ​ $ 6 ​ $ 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Hedging Instruments as of December 31, 2021 (in millions) ​ ​ ​ Designated Hedging Instruments ​ Non-Designated Hedging Instruments ​ Balance Sheet Location ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ Total ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ Total ​ Accounts receivable, net ​ $ 45 ​ $ 9 ​ $ 54 ​ $ 4 ​ $ 3 ​ $ 7 ​ Other assets ​ ​ 7 ​ ​ 6 ​ ​ 13 ​ ​ — ​ ​ — ​ ​ — ​ Assets ​ ​ 52 ​ ​ 15 ​ ​ 67 ​ ​ 4 ​ ​ 3 ​ ​ 7 ​ Accounts payable and accrued liabilities ​ ​ 5 ​ ​ 12 ​ ​ 17 ​ ​ 2 ​ ​ 4 ​ ​ 6 ​ Non-current liabilities ​ ​ 2 ​ ​ 6 ​ ​ 8 ​ ​ — ​ ​ 1 ​ ​ 1 ​ Liabilities ​ ​ 7 ​ ​ 18 ​ ​ 25 ​ ​ 2 ​ ​ 5 ​ ​ 7 ​ Net Assets/(Liabilities) ​ $ 45 ​ $ (3) ​ $ 42 ​ $ 2 ​ $ (2) ​ $ — ​ ​ Additional information relating to the Ingredion’s derivative instruments is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Cash Flow ​ Gains (Losses) Recognized in AOCL on Derivatives ​ ​ ​ Gains (Losses) Reclassified from AOCL into Income ​ Hedging Relationships ​ Three Months Ended June 30, ​ Income Statement ​ Three Months Ended June 30, ​ (in millions) 2022 2021 Location 2022 2021 ​ Commodity contracts ​ $ (3) ​ $ 149 ​ Cost of sales ​ $ 81 ​ $ 110 ​ Foreign currency contracts ​ ​ 6 ​ ​ (2) ​ Net sales/Cost of sales ​ ​ 1 ​ ​ (1) ​ Interest rate contracts ​ ​ — ​ ​ — ​ Financing costs, net ​ ​ — ​ ​ — ​ Total ​ $ 3 ​ $ 147 ​ ​ ​ $ 82 ​ $ 109 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Cash-Flow ​ Gains Recognized in AOCL on Derivatives ​ ​ ​ Gains Reclassified from AOCL into Income ​ Hedging Relationships ​ Six Months Ended June 30, ​ Income Statement ​ Six Months Ended June 30, ​ (in millions) 2022 2021 Location 2022 2021 ​ Commodity contracts ​ $ 168 ​ $ 176 ​ Cost of sales ​ $ 125 ​ $ 109 ​ Foreign currency contracts ​ ​ 11 ​ ​ — ​ Net sales/Cost of sales ​ ​ 3 ​ ​ 1 ​ Interest rate contracts ​ ​ — ​ ​ — ​ Financing costs, net ​ ​ — ​ ​ — ​ Total ​ $ 179 ​ $ 176 ​ ​ ​ $ 128 ​ $ 110 ​ ​ As of June 30, 2022, AOCL included $87 million of net gains (net of income taxes of $32 million) on commodities-related derivatives instruments, foreign currency hedges, and T-Locks designated as cash flow hedges that are expected to be reclassified into earnings during the next 12 months.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements
Fair Value Measurements	​ 7. Fair Value Measurements ​ We measure certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we use various valuation approaches. The hierarchy of those valuation approaches is in three levels based on the reliability of inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Below is a summary of the hierarchy levels: ​ ● Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets or liabilities. ​ ● Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly for substantially the full term of the financial instrument. Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability or can be derived principally from or corroborated by observable market data. ​ ● Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. ​ Assets and liabilities measured at fair value on a recurring basis are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ As of December 31, 2021 ​ (in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Available for sale securities ​ $ 4 ​ $ 4 ​ $ — ​ $ — ​ $ 12 ​ $ 12 ​ $ — ​ $ — ​ Derivative assets ​ ​ 123 ​ ​ 69 ​ ​ 54 ​ ​ — ​ ​ 74 ​ ​ 49 ​ ​ 25 ​ ​ — ​ Derivative liabilities ​ ​ 59 ​ ​ 55 ​ ​ 4 ​ ​ — ​ ​ 32 ​ ​ 22 ​ ​ 10 ​ ​ — ​ Long-term debt ​ ​ 1,601 ​ ​ — ​ ​ 1,601 ​ ​ — ​ ​ 1,957 ​ ​ — ​ ​ 1,957 ​ ​ — ​ ​ The carrying values of cash equivalents, short-term investments, accounts receivable, accounts payable and short-term borrowings approximate fair values. Commodity futures, options and swaps contracts are recognized at fair value. Foreign currency forward contracts, swaps and options are also recognized at fair value. The fair value of Ingredion’s Long-term debt is estimated based on quotations of major securities dealers who are market makers in the securities.

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2022
Financing Arrangements
Financing Arrangements	​ 8. Financing Arrangements ​ Presented below are Ingredion’s debt carrying amounts, net of related discounts, premiums, and debt issuance costs as of June 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ (in millions) ​ June 30, 2022 ​ December 31, 2021 ​ 2.900% senior notes due June 1, 2030 ​ $ 595 ​ $ 595 ​ 3.200% senior notes due October 1, 2026 ​ ​ 498 ​ ​ 498 ​ 3.900% senior notes due June 1, 2050 ​ ​ 390 ​ ​ 390 ​ 6.625% senior notes due April 15, 2037 ​ ​ 253 ​ ​ 253 ​ Revolving credit agreement ​ ​ — ​ ​ — ​ Other long-term borrowings ​ ​ 3 ​ ​ 2 ​ Total long-term debt ​ ​ 1,739 ​ ​ 1,738 ​ Commercial paper ​ ​ 558 ​ ​ 250 ​ Other short-term borrowings ​ ​ 94 ​ ​ 58 ​ Total short-term borrowings ​ ​ 652 ​ ​ 308 ​ Total debt ​ $ 2,391 ​ $ 2,046 ​ ​ On July 27, 2021, Ingredion established a commercial paper program under which Ingredion may issue senior unsecured notes of short maturities up to a maximum aggregate principal amount of $1 billion outstanding at any time. The notes may be sold from time to time on customary terms in the U.S. commercial paper market. Ingredion intends to use the note proceeds for general corporate purposes. During the six months ended June 30, 2022, the average amount of commercial paper outstanding was $425 million with an average interest rate of 0.74 percent and a weighted average maturity of 19 days. As of June 30, 2022, $558 million of commercial paper was outstanding with an average interest rate of 2.02 percent and a weighted average maturity of 17 days. As of December 31, 2021, $250 million of commercial paper was outstanding with an average interest rate of 0.35 percent and a weighted average maturity of 40 days. The amount of commercial paper outstanding under this program in 2022 is expected to fluctuate. ​ Other short-term borrowings as of June 30, 2022 and December 31, 2021, primarily include amounts outstanding under various unsecured local country operating lines of credit.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies
Commitments and Contingencies	9. Commitments and Contingencies ​ In May 2021, the Brazilian Supreme Court (“Court”) issued its ruling related to the calculation of certain indirect taxes, which affirmed the Federal Court of Appeals (“Lower Court”) rulings that Ingredion had in previous years and affirmed that Ingredion is entitled to previously recorded tax credits. The Court ruling affirmed that Ingredion is entitled to $15 million of additional credits from the period of 2015 to 2018 that were previously unrecorded pending a final Court ruling. As a result, during the three months ended June 30, 2021, Ingredion recorded the $15 million of additional credits within Other operating (income) in the Condensed Consolidated Statements of Income (Loss). As of June 30, 2022 and December 31, 2021, Ingredion had $29 million and $41 million, respectively, of remaining indirect tax credits recorded in Other assets and Prepaid expenses on the Condensed Consolidated Balance Sheets. These credits resulted in an insignificant amount and $5 million of deferred income taxes as of June 30, 2022 and December 31, 2021, respectively. We will use the income tax offsets to eliminate our Brazilian federal tax payments in 2022 and future years, including the income tax payable for the indirect taxes recovered.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Taxes
Taxes	10. Income Taxes ​ During the three months ended March 31, 2022, the U.S. Treasury published final foreign tax credit regulations that limit our ability to claim foreign tax credits from certain countries, primarily in South America. As a result, we recorded a provisional tax liability during the three months ended March 31, 2022, and will continue to assess the impact of the regulations on our Condensed Consolidated Financial Statements in future periods. ​

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2022
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits	11. Pension and Other Postretirement Benefits ​ The following table sets forth the components of net periodic benefit cost of the U.S. and non-U.S. defined benefit pension plans for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ U.S. Plans ​ Non-U.S. Plans ​ U.S. Plans ​ Non-U.S. Plans ​ (in millions) 2022 2021 2022 2021 2022 2021 2022 2021 Service cost ​ $ 1 ​ $ 1 ​ $ 1 ​ $ 1 ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 ​ Interest cost ​ ​ 2 ​ ​ 2 ​ ​ 3 ​ ​ 2 ​ ​ 4 ​ ​ 4 ​ ​ 5 ​ ​ 5 ​ Expected return on plan assets ​ ​ (4) ​ ​ (4) ​ ​ (2) ​ ​ (2) ​ ​ (8) ​ ​ (9) ​ ​ (4) ​ ​ (4) ​ Amortization of actuarial loss ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ Net periodic benefit cost (a) ​ $ (1) ​ $ (1) ​ $ 2 ​ $ 1 ​ $ (2) ​ $ (3) ​ $ 3 ​ $ 4 ​ ​ We currently anticipate that we will make approximately $4 million in cash contributions to our pension plans in 2022, consisting of contributions of $3 million to our non-U.S. pension plans and $1 million to our U.S. pension plans. For the six months ended June 30, 2022, we made cash contributions of approximately $2 million to the non-U.S. plans and an insignificant amount to the U.S. plans. ​ The following table sets forth the components of net postretirement benefit cost for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ (in millions) 2022 2021 2022 2021 ​ Service cost ​ $ — ​ $ — ​ $ — ​ $ — ​ Interest cost ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ Amortization of prior service cost (credit) ​ ​ 1 ​ ​ — ​ ​ 1 ​ ​ (1) ​ Net periodic benefit cost (a) ​ $ 1 ​ $ — ​ $ 2 ​ $ — ​ (a) The service cost component of net periodic benefit cost is presented within either Cost of sales or Operating expenses on the Condensed Consolidated Statements of Income (Loss). The interest cost, expected return on plan assets, amortization of prior service credit, and amortization of actuarial loss components of net periodic benefit cost are presented as Other, non-operating (income) on the Condensed Consolidated Statements of Income (Loss).

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Equity
Equity	12. Equity ​ Treasury stock ​ During the three and six months ended June 30, 2022, we repurchased 502 thousand and 957 thousand outstanding shares of common stock in open market transactions at a net cost of $44 million and $83 million, respectively. During the three and six months ended June 30, 2021, we repurchased 107 thousand and 265 thousand outstanding shares of common stock in open market transactions at a net cost of $10 million and $24 million, respectively. ​ Share-based payments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) 2022 2021 2022 2021 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 ​ 6 ​ Income tax benefit ​ (1) ​ (1) ​ (1) ​ (1) ​ RSUs, net of income taxes ​ 2 ​ 2 ​ 5 ​ 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance shares and other share-based awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 4 ​ 2 ​ 7 ​ 3 ​ Income tax benefit ​ — ​ — ​ (1) ​ — ​ Performance shares and other share-based compensation expense, net of income taxes ​ 4 ​ 2 ​ 6 ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total share-based compensation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 8 ​ 6 ​ 15 ​ 11 ​ Income tax benefit ​ (1) ​ (1) ​ (2) ​ (1) ​ Total share-based compensation expense, net of income taxes $ 7 $ 5 $ 13 ​ $ 10 ​ ​ Stock Options: expense is generally recognized on a straight-line basis for all awards over the employee’s vesting period or over a one-year required service period for certain retirement-eligible executive level employees. Ingredion estimates a forfeiture rate at the time of grant and updates the estimate throughout the vesting period of the stock options within the amount of compensation costs recognized in each period. ​ Ingredion granted non-qualified options to purchase 281 thousand shares and 358 thousand shares for the first six months ended June 30, 2022 and 2021, respectively. The fair value of each option grant for the periods presented was estimated using the Black-Scholes option-pricing model with the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2022 ​ 2021 ​ Expected life (in years) ​ 5.5 ​ ​ 5.5 ​ ​ Risk-free interest rate ​ 2.0 % ​ 0.6 % Expected volatility ​ 23.8 % ​ 23.2 % ​ Expected dividend yield ​ 2.9 % ​ 2.9 % ​ ​ The expected life of options represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and Ingredion’s historical exercise patterns. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the grant date for the period corresponding to the expected life of the options. Expected volatility is based on historical volatilities of Ingredion’s common stock. Dividend yields are based on Ingredion’s dividend yield at the date of issuance. ​ Stock option activity for the six months ended June 30, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Options (in thousands) Weighted Average Exercise Price per Share Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in millions) Outstanding as of December 31, 2021 2,154 $ 90.39 ​ 5.26 ​ $ 26 ​ Granted 281 ​ ​ 88.66 ​ ​ ​ ​ ​ ​ Exercised (45) ​ ​ 59.12 ​ ​ ​ ​ ​ ​ Cancelled (23) ​ ​ 104.71 ​ ​ ​ ​ ​ ​ Outstanding as of June 30, 2022 2,367 ​ $ 90.65 5.42 $ 13 ​ Exercisable as of June 30, 2022 1,795 ​ $ 91.48 4.29 $ 12 ​ ​ For the six months ended June 30, 2022, cash received from the exercise of stock options was approximately $3 million. As of June 30, 2022, the unrecognized compensation cost related to non-vested stock options totaled $5 million, which is expected to be amortized over the weighted-average period of approximately 1.8 years. ​ Additional information pertaining to stock option activity is as follows for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (dollars in millions, except per share) 2022 2021 2022 2021 Weighted average grant date fair value of stock options granted (per share) ​ $ — ​ $ — ​ $ 15.04 ​ $ 12.31 ​ Total intrinsic value of stock options exercised ​ $ 1 ​ $ 1 ​ $ 2 ​ $ 6 ​ ​ Restricted Stock Units: ​ The following table summarizes RSU activity in 2022: ​ ​ ​ ​ ​ ​ ​ ​ (RSUs in thousands) Number of Restricted Shares Weighted Average Fair Value per Share ​ Non-vested as of December 31, 2021 ​ 486 ​ $ 88.34 ​ Granted ​ 203 ​ ​ 88.86 ​ Vested ​ (126) ​ ​ 91.28 ​ Cancelled ​ (34) ​ ​ 86.85 ​ Non-vested as of June 30, 2022 ​ 529 ​ $ 87.94 ​ ​ As of June 30, 2022, the total remaining unrecognized compensation cost related to RSUs was $26 million, which will be amortized on a weighted-average basis over approximately 2.0 years. ​ Performance Shares: ​ For the 2022 performance shares awarded based on Ingredion’s total shareholder return, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on Ingredion’s total shareholder return as compared to the total shareholder return of its peer group. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the People, Culture and Compensation Committee of the Board of Directors. Compensation expense is based on the fair value of the performance shares at the grant date, established using a Monte Carlo simulation model. The total compensation expense for these awards is amortized over a three-year graded vesting schedule. ​ For the 2022 performance shares awarded based on Adjusted ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on Ingredion’s Adjusted ROIC performance against the target. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the People, Culture and Compensation Committee. Compensation expense is based on the market price of our common stock on the date of the grant and the final number of shares that ultimately vest. Ingredion will estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect Ingredion’s estimated Adjusted ROIC performance against the target. The total compensation expense for these awards is amortized over a three-year graded vesting schedule. ​ For the six months ended June 30, 2022, Ingredion awarded 86 thousand performance shares at a weighted average fair value of $138.85 per share. As of June 30, 2022, the unrecognized compensation cost related to these awards was $14 million, which will be amortized over the remaining requisite service period of 2.1 years. The 2019 performance share awards, whose three-year performance period has ended, achieved a zero percent payout of granted performance shares. There were one thousand performance shares cancelled during 2022. ​ Accumulated Other Comprehensive Loss: The following is a summary of Accumulated other comprehensive loss for the six months ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Cumulative Translation Adjustment Hedging Activities Pension and Postretirement Adjustment AOCL Balance, December 31, 2021 ​ $ (903) ​ $ 48 ​ $ (42) ​ $ (897) ​ Other comprehensive (loss) gain before reclassification adjustments ​ ​ (81) ​ ​ 179 ​ ​ — ​ ​ 98 ​ (Gain) reclassified from accumulated OCL ​ ​ — ​ ​ (128) ​ ​ — ​ ​ (128) ​ Tax (provision) ​ ​ — ​ ​ (13) ​ ​ — ​ ​ (13) ​ Net other comprehensive (loss) income ​ ​ (81) ​ ​ 38 ​ ​ — ​ ​ (43) ​ Balance, June 30, 2022 ​ $ (984) ​ $ 86 ​ $ (42) ​ $ (940) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Cumulative Translation Adjustment Hedging Activities Pension and Postretirement Adjustment AOCL Balance, December 31, 2020 ​ $ (1,114) ​ $ 42 ​ $ (61) ​ $ (1,133) ​ Other comprehensive (loss) gain before reclassification adjustments ​ ​ (22) ​ ​ 176 ​ ​ — ​ ​ 154 ​ (Gain) reclassified from accumulated OCL ​ ​ — ​ ​ (110) ​ ​ — ​ ​ (110) ​ Tax (provision) ​ ​ — ​ ​ (17) ​ ​ — ​ ​ (17) ​ Net other comprehensive (loss) income ​ ​ (22) ​ ​ 49 ​ ​ — ​ ​ 27 ​ Balance, June 30, 2021 ​ $ (1,136) ​ $ 91 ​ $ (61) ​ $ (1,106) ​ ​ Supplemental Information : The following Condensed Consolidated Statements of Equity and Redeemable Equity present the dividends per share for common stock for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Redeemable Share-based ​ Redeemable ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ ​ ​ ​ Non- ​ Payments ​ Non- ​ ​ ​ Preferred ​ Common ​ Paid-In ​ Treasury ​ Comprehensive ​ Retained ​ Controlling ​ Subject to ​ Controlling ​ (in millions) Stock Stock Capital Stock Loss Earnings Interests Redemption Interests Balance, December 31, 2021 ​ $ — ​ $ 1 ​ $ 1,158 ​ $ (1,061) ​ $ (897) ​ $ 3,899 ​ $ 18 ​ $ 36 ​ $ 71 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 130 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ Dividends declared, common stock ($0.65/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (43) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchases of common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (39) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ 9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5) ​ ​ ​ ​ Other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 134 ​ ​ ​ ​ ​ (2) ​ ​ ​ ​ ​ ​ ​ Balance, March 31, 2022 ​ $ — ​ $ 1 ​ $ 1,160 ​ $ (1,091) ​ $ (763) ​ $ 3,986 ​ $ 19 ​ $ 31 ​ $ 71 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 142 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ ​ 1 ​ Dividends declared, common stock ($0.65/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (43) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4) ​ ​ ​ ​ ​ ​ ​ Repurchases of common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (44) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6 ​ ​ ​ ​ Fair market value adjustment to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ (29) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 29 ​ Non-controlling interest purchases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (27) ​ Other comprehensive (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (177) ​ ​ ​ ​ ​ (2) ​ ​ ​ ​ ​ (4) ​ Balance, June 30, 2022 ​ $ — ​ $ 1 ​ $ 1,133 ​ $ (1,133) ​ $ (940) ​ $ 4,085 ​ $ 15 ​ $ 37 ​ $ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Redeemable Share-based ​ Redeemable ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ ​ ​ ​ Non- ​ Payments ​ Non- ​ ​ ​ Preferred ​ Common ​ Paid-In ​ Treasury ​ Comprehensive ​ Retained ​ Controlling ​ Subject to ​ Controlling (in millions) Stock Stock Capital Stock Loss Earnings Interests Redemption Interests Balance, December 31, 2020 ​ $ — ​ $ 1 ​ $ 1,150 ​ $ (1,024) ​ $ (1,133) ​ $ 3,957 ​ $ 21 ​ $ 30 ​ $ 70 ​ Net (loss) attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (246) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4 ​ ​ ​ ​ ​ (1) ​ Dividends declared, common stock ($0.64/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (44) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchases of common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (14) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ 5 ​ ​ 16 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (9) ​ ​ ​ ​ Other comprehensive (loss) income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (31) ​ ​ ​ ​ ​ 1 ​ ​ ​ ​ ​ 1 ​ Balance, March 31, 2021 ​ $ — ​ $ 1 ​ $ 1,155 ​ $ (1,022) ​ $ (1,164) ​ $ 3,667 ​ $ 26 ​ $ 21 ​ $ 70 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ Dividends declared, common stock ($0.64/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (43) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (7) ​ ​ ​ ​ ​ ​ ​ Repurchases of common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (10) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ (1) ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7 ​ ​ ​ ​ Other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 58 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, June 30, 2021 ​ $ — ​ $ 1 ​ $ 1,154 ​ $ (1,029) ​ $ (1,106) ​ $ 3,802 ​ $ 22 ​ $ 28 ​ $ 70 ​ ​ Supplemental Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 (in millions, except per share amounts) Net Income Available to Ingredion Weighted Average Shares Per Share Amount Net Income Available to Ingredion Weighted Average Shares Per Share Amount Basic EPS ​ $ 142 66.4 ​ $ 2.14 ​ $ 178 67.2 ​ $ 2.65 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards ​ ​ ​ 0.7 ​ ​ ​ ​ ​ ​ 0.7 ​ ​ ​ ​ Diluted EPS ​ $ 142 67.1 ​ $ 2.12 ​ $ 178 67.9 ​ $ 2.62 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 (in millions, except per share amounts) Net Income Available to Ingredion Weighted Average Shares Per Share Amount Net Income Available to Ingredion Weighted Average Shares Per Share Amount Basic EPS ​ $ 272 66.6 ​ $ 4.08 ​ $ (68) 67.3 ​ $ (1.01) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards ​ ​ ​ 0.7 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ Diluted EPS ​ $ 272 67.3 ​ $ 4.04 ​ $ (68) 67.3 ​ $ (1.01) ​ ​ Approximately 1.5 million and 1.4 million share-based awards of common stock were excluded from the calculation of diluted EPS as the impact of their inclusion would have been anti-dilutive for the three and six months ended June 30, 2022, respectively. For the three and six months ended June 30, 2021, approximately 1.4 million and 2.1 million share-based awards of common stock, respectively, were excluded from the calculation of diluted EPS as the impact of their inclusion would have been anti-dilutive.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Information
Segment Information	13. Segment Information ​ Ingredion is principally engaged in the production and sale of starches and sweeteners for a wide range of industries and is managed geographically on a regional basis. The nature, amount, timing and uncertainty of Ingredion’s Net sales are managed by Ingredion primarily based on our geographic segments, which we classify and report as North America, South America, Asia-Pacific and EMEA. Our North America segment includes businesses in the U.S., Mexico and Canada. Our South America segment includes businesses and our share of earnings from investments in joint ventures in Brazil, Argentina, Chile, Colombia, Ecuador, Peru and Uruguay. Our Asia-Pacific segment includes the PureCircle operating segment as well as businesses in South Korea, Thailand, China, Australia, Japan, New Zealand, Indonesia, Singapore, the Philippines, Malaysia, India and Vietnam. Our EMEA segment includes businesses in Pakistan, Germany, Poland, the United Kingdom and South Africa. Net sales by product are not presented because to do so would be impracticable. ​ Presented below are Ingredion’s net sales to unaffiliated customers by reportable segment for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) 2022 2021 ​ 2022 2021 Net sales to unaffiliated customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 1,284 ​ $ 1,068 ​ $ 2,458 ​ $ 2,013 ​ South America ​ ​ 290 ​ ​ 268 ​ ​ 542 ​ ​ 541 ​ Asia-Pacific ​ ​ 275 ​ ​ 248 ​ ​ 547 ​ ​ 483 ​ EMEA ​ ​ 195 ​ ​ 178 ​ ​ 389 ​ ​ 339 ​ Total net sales ​ $ 2,044 ​ $ 1,762 ​ $ 3,936 ​ $ 3,376 ​ ​ Presented below are Ingredion’s operating income by reportable segment for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) 2022 2021 ​ 2022 ​ 2021 Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 161 ​ $ 149 ​ $ 317 ​ $ 283 ​ South America ​ ​ 39 ​ ​ 33 ​ ​ 77 ​ ​ 73 ​ Asia-Pacific ​ ​ 21 ​ ​ 24 ​ ​ 43 ​ ​ 49 ​ EMEA ​ ​ 29 ​ ​ 32 ​ ​ 60 ​ ​ 63 ​ Corporate ​ ​ (35) ​ ​ (30) ​ ​ (69) ​ ​ (59) ​ Subtotal ​ ​ 215 ​ ​ 208 ​ ​ 428 ​ ​ 409 ​ Acquisition/integration costs ​ ​ — ​ ​ 3 ​ ​ (1) ​ ​ 2 ​ Restructuring/impairment charges ​ ​ (2) ​ ​ (4) ​ ​ (4) ​ ​ (14) ​ Impairment on assets held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ (360) ​ Other matters ​ ​ — ​ ​ 15 ​ ​ — ​ ​ 15 ​ Total operating income ​ $ 213 ​ $ 222 ​ $ 423 ​ $ 52 ​ ​ Presented below are Ingredion’s total assets by reportable segment as of June 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ (in millions) ​ June 30, 2022 December 31, 2021 ​ Assets: ​ ​ ​ ​ ​ ​ ​ North America (a) ​ $ 4,527 ​ $ 4,203 ​ South America ​ ​ 876 ​ ​ 799 ​ Asia-Pacific ​ ​ 1,374 ​ ​ 1,403 ​ EMEA ​ ​ 612 ​ ​ 594 ​ Total assets ​ $ 7,389 ​ $ 6,999 ​ For purposes of presentation, North America includes Corporate assets.

Supplementary Information

Supplementary Information	6 Months Ended
	Jun. 30, 2022
Supplementary Information
Supplementary Information	14. Supplementary Financial Statement Information ​ Accounts Receivable, Net ​ Accounts receivable, net are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ (in millions) June 30, 2022 December 31, 2021 ​ Accounts receivable, net: ​ ​ ​ ​ ​ ​ ​ Accounts receivable — trade ​ $ 1,180 ​ $ 950 ​ Accounts receivable — other ​ ​ 232 ​ ​ 193 ​ Allowance for credit losses ​ ​ (16) ​ ​ (13) ​ Total accounts receivable ​ $ 1,396 ​ $ 1,130 ​ ​ There were no significant contract assets or significant contract liabilities associated with our customers as of June 30, 2022 or December 31, 2021. Liabilities for volume discounts and incentives were also not significant as of June 30, 2022 or December 31, 2021. ​ Inventories ​ Inventories are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of (in millions) June 30, 2022 December 31, 2021 Finished and in process $ 839 $ 688 ​ Raw materials ​ 424 ​ 380 ​ Manufacturing supplies and other ​ 140 ​ 104 ​ Total inventories $ 1,403 $ 1,172 ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Standards and Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Standards and Policies
New Accounting Standards	New Accounting Standards ​ In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Investments
Schedule of investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) ​ June 30, 2022 ​ December 31, 2021 Equity investments ​ $ 22 ​ $ 16 Equity method investments ​ ​ 109 ​ ​ 104 Marketable securities ​ ​ 4 ​ ​ 12 Total investments ​ $ 135 ​ $ 132

Restructuring and Impairment _2

Restructuring and Impairment Charges (Tables)	6 Months Ended
	Jun. 30, 2022
Restructuring and Impairment Charges
Summary of severance accrual	A summary of Ingredion’s severance accrual at June 30, 2022, which we expect to fully pay in 2022, is as follows (in millions): ​ ​ ​ ​ ​ ​ Balance in severance accrual as of December 31, 2021 $ 3 ​ Payments made to terminated employees ​ ​ (2) ​ Balance in severance accrual as of June 30, 2022 $ 1 ​

Derivatives Instruments and H_2

Derivatives Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2022
Derivatives Instruments and Hedging Activities
Schedule of cash flow hedges included in AOCI	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gains ​ Derivatives in Cash Flow Hedging Relationships ​ (Losses) included in AOCL ​ (in millions) ​ June 30, 2022 ​ December 31, 2021 ​ Commodity contracts, net of income tax effect of $29 and $19, respectively ​ $ 84 ​ $ 51 ​ Foreign currency contracts, net of income tax effect of $3 and $ -, respectively ​ ​ 5 ​ ​ - ​ Interest rate contracts, net of income tax effect of $1 ​ ​ (3) ​ ​ (3) ​ Total ​ $ 86 ​ $ 48 ​
Schedule of location and amount of assets and liabilities reported in balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Hedging Instruments as of June 30, 2022 (in millions) ​ ​ ​ Designated Hedging Instruments ​ Non-Designated Hedging Instruments ​ Balance Sheet Location ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ Total ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ Total ​ Accounts receivable, net ​ $ 86 ​ $ 10 ​ $ 96 ​ $ 2 ​ $ 12 ​ $ 14 ​ Other assets ​ ​ 6 ​ ​ 7 ​ ​ 13 ​ ​ — ​ ​ — ​ ​ — ​ Assets ​ ​ 92 ​ ​ 17 ​ ​ 109 ​ ​ 2 ​ ​ 12 ​ ​ 14 ​ Accounts payable and accrued liabilities ​ ​ 26 ​ ​ 12 ​ ​ 38 ​ ​ 3 ​ ​ 5 ​ ​ 8 ​ Non-current liabilities ​ ​ 4 ​ ​ 8 ​ ​ 12 ​ ​ — ​ ​ 1 ​ ​ 1 ​ Liabilities ​ ​ 30 ​ ​ 20 ​ ​ 50 ​ ​ 3 ​ ​ 6 ​ ​ 9 ​ Net Assets/(Liabilities) ​ $ 62 ​ $ (3) ​ $ 59 ​ $ (1) ​ $ 6 ​ $ 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Hedging Instruments as of December 31, 2021 (in millions) ​ ​ ​ Designated Hedging Instruments ​ Non-Designated Hedging Instruments ​ Balance Sheet Location ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ Total ​ ​ Commodity Contracts ​ ​ Foreign Currency Contracts ​ Total ​ Accounts receivable, net ​ $ 45 ​ $ 9 ​ $ 54 ​ $ 4 ​ $ 3 ​ $ 7 ​ Other assets ​ ​ 7 ​ ​ 6 ​ ​ 13 ​ ​ — ​ ​ — ​ ​ — ​ Assets ​ ​ 52 ​ ​ 15 ​ ​ 67 ​ ​ 4 ​ ​ 3 ​ ​ 7 ​ Accounts payable and accrued liabilities ​ ​ 5 ​ ​ 12 ​ ​ 17 ​ ​ 2 ​ ​ 4 ​ ​ 6 ​ Non-current liabilities ​ ​ 2 ​ ​ 6 ​ ​ 8 ​ ​ — ​ ​ 1 ​ ​ 1 ​ Liabilities ​ ​ 7 ​ ​ 18 ​ ​ 25 ​ ​ 2 ​ ​ 5 ​ ​ 7 ​ Net Assets/(Liabilities) ​ $ 45 ​ $ (3) ​ $ 42 ​ $ 2 ​ $ (2) ​ $ — ​
Schedule of amount of gains and losses recognized in OCI and location and income statement location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Cash Flow ​ Gains (Losses) Recognized in AOCL on Derivatives ​ ​ ​ Gains (Losses) Reclassified from AOCL into Income ​ Hedging Relationships ​ Three Months Ended June 30, ​ Income Statement ​ Three Months Ended June 30, ​ (in millions) 2022 2021 Location 2022 2021 ​ Commodity contracts ​ $ (3) ​ $ 149 ​ Cost of sales ​ $ 81 ​ $ 110 ​ Foreign currency contracts ​ ​ 6 ​ ​ (2) ​ Net sales/Cost of sales ​ ​ 1 ​ ​ (1) ​ Interest rate contracts ​ ​ — ​ ​ — ​ Financing costs, net ​ ​ — ​ ​ — ​ Total ​ $ 3 ​ $ 147 ​ ​ ​ $ 82 ​ $ 109 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in Cash-Flow ​ Gains Recognized in AOCL on Derivatives ​ ​ ​ Gains Reclassified from AOCL into Income ​ Hedging Relationships ​ Six Months Ended June 30, ​ Income Statement ​ Six Months Ended June 30, ​ (in millions) 2022 2021 Location 2022 2021 ​ Commodity contracts ​ $ 168 ​ $ 176 ​ Cost of sales ​ $ 125 ​ $ 109 ​ Foreign currency contracts ​ ​ 11 ​ ​ — ​ Net sales/Cost of sales ​ ​ 3 ​ ​ 1 ​ Interest rate contracts ​ ​ — ​ ​ — ​ Financing costs, net ​ ​ — ​ ​ — ​ Total ​ $ 179 ​ $ 176 ​ ​ ​ $ 128 ​ $ 110 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements
Schedule of assets and liabilities measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ As of December 31, 2021 ​ (in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Available for sale securities ​ $ 4 ​ $ 4 ​ $ — ​ $ — ​ $ 12 ​ $ 12 ​ $ — ​ $ — ​ Derivative assets ​ ​ 123 ​ ​ 69 ​ ​ 54 ​ ​ — ​ ​ 74 ​ ​ 49 ​ ​ 25 ​ ​ — ​ Derivative liabilities ​ ​ 59 ​ ​ 55 ​ ​ 4 ​ ​ — ​ ​ 32 ​ ​ 22 ​ ​ 10 ​ ​ — ​ Long-term debt ​ ​ 1,601 ​ ​ — ​ ​ 1,601 ​ ​ — ​ ​ 1,957 ​ ​ — ​ ​ 1,957 ​ ​ — ​

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2022
Financing Arrangements
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ (in millions) ​ June 30, 2022 ​ December 31, 2021 ​ 2.900% senior notes due June 1, 2030 ​ $ 595 ​ $ 595 ​ 3.200% senior notes due October 1, 2026 ​ ​ 498 ​ ​ 498 ​ 3.900% senior notes due June 1, 2050 ​ ​ 390 ​ ​ 390 ​ 6.625% senior notes due April 15, 2037 ​ ​ 253 ​ ​ 253 ​ Revolving credit agreement ​ ​ — ​ ​ — ​ Other long-term borrowings ​ ​ 3 ​ ​ 2 ​ Total long-term debt ​ ​ 1,739 ​ ​ 1,738 ​ Commercial paper ​ ​ 558 ​ ​ 250 ​ Other short-term borrowings ​ ​ 94 ​ ​ 58 ​ Total short-term borrowings ​ ​ 652 ​ ​ 308 ​ Total debt ​ $ 2,391 ​ $ 2,046 ​

Net Periodic Pension and Postre

Net Periodic Pension and Postretirement Benefit Costs (Tables)	6 Months Ended
	Jun. 30, 2022
Pension Plan
Pension and other postretirement benefits
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) 2022 2021 2022 2021 2022 2021 2022 2021 Service cost ​ $ 1 ​ $ 1 ​ $ 1 ​ $ 1 ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 ​ Interest cost ​ ​ 2 ​ ​ 2 ​ ​ 3 ​ ​ 2 ​ ​ 4 ​ ​ 4 ​ ​ 5 ​ ​ 5 ​ Expected return on plan assets ​ ​ (4) ​ ​ (4) ​ ​ (2) ​ ​ (2) ​ ​ (8) ​ ​ (9) ​ ​ (4) ​ ​ (4) ​ Amortization of actuarial loss ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ Net periodic benefit cost (a) ​ $ (1) ​ $ (1) ​ $ 2 ​ $ 1 ​ $ (2) ​ $ (3) ​ $ 3 ​ $ 4 ​
Postemployment Retirement Benefits
Pension and other postretirement benefits
Components of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ (in millions) 2022 2021 2022 2021 ​ Service cost ​ $ — ​ $ — ​ $ — ​ $ — ​ Interest cost ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ Amortization of prior service cost (credit) ​ ​ 1 ​ ​ — ​ ​ 1 ​ ​ (1) ​ Net periodic benefit cost (a) ​ $ 1 ​ $ — ​ $ 2 ​ $ — ​ (a) The service cost component of net periodic benefit cost is presented within either Cost of sales or Operating expenses on the Condensed Consolidated Statements of Income (Loss). The interest cost, expected return on plan assets, amortization of prior service credit, and amortization of actuarial loss components of net periodic benefit cost are presented as Other, non-operating (income) on the Condensed Consolidated Statements of Income (Loss).

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity
Schedule of stock based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) 2022 2021 2022 2021 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 ​ 6 ​ Income tax benefit ​ (1) ​ (1) ​ (1) ​ (1) ​ RSUs, net of income taxes ​ 2 ​ 2 ​ 5 ​ 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance shares and other share-based awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 4 ​ 2 ​ 7 ​ 3 ​ Income tax benefit ​ — ​ — ​ (1) ​ — ​ Performance shares and other share-based compensation expense, net of income taxes ​ 4 ​ 2 ​ 6 ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total share-based compensation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax compensation expense ​ 8 ​ 6 ​ 15 ​ 11 ​ Income tax benefit ​ (1) ​ (1) ​ (2) ​ (1) ​ Total share-based compensation expense, net of income taxes $ 7 $ 5 $ 13 ​ $ 10 ​
Schedule of valuation assumptions for stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2022 ​ 2021 ​ Expected life (in years) ​ 5.5 ​ ​ 5.5 ​ ​ Risk-free interest rate ​ 2.0 % ​ 0.6 % Expected volatility ​ 23.8 % ​ 23.2 % ​ Expected dividend yield ​ 2.9 % ​ 2.9 % ​
Schedule of stock option transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Options (in thousands) Weighted Average Exercise Price per Share Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in millions) Outstanding as of December 31, 2021 2,154 $ 90.39 ​ 5.26 ​ $ 26 ​ Granted 281 ​ ​ 88.66 ​ ​ ​ ​ ​ ​ Exercised (45) ​ ​ 59.12 ​ ​ ​ ​ ​ ​ Cancelled (23) ​ ​ 104.71 ​ ​ ​ ​ ​ ​ Outstanding as of June 30, 2022 2,367 ​ $ 90.65 5.42 $ 13 ​ Exercisable as of June 30, 2022 1,795 ​ $ 91.48 4.29 $ 12 ​ ​
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) 2022 2021 2022 2021 Weighted average grant date fair value of stock options granted (per share) ​ $ — ​ $ — ​ $ 15.04 ​ $ 12.31 ​ Total intrinsic value of stock options exercised ​ $ 1 ​ $ 1 ​ $ 2 ​ $ 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, 2021 ​ 486 ​ $ 88.34 ​ Granted ​ 203 ​ ​ 88.86 ​ Vested ​ (126) ​ ​ 91.28 ​ Cancelled ​ (34) ​ ​ 86.85 ​ Non-vested as of June 30, 2022 ​ 529 ​ $ 87.94 ​
Summary of net changes in accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Cumulative Translation Adjustment Hedging Activities Pension and Postretirement Adjustment AOCL Balance, December 31, 2021 ​ $ (903) ​ $ 48 ​ $ (42) ​ $ (897) ​ Other comprehensive (loss) gain before reclassification adjustments ​ ​ (81) ​ ​ 179 ​ ​ — ​ ​ 98 ​ (Gain) reclassified from accumulated OCL ​ ​ — ​ ​ (128) ​ ​ — ​ ​ (128) ​ Tax (provision) ​ ​ — ​ ​ (13) ​ ​ — ​ ​ (13) ​ Net other comprehensive (loss) income ​ ​ (81) ​ ​ 38 ​ ​ — ​ ​ (43) ​ Balance, June 30, 2022 ​ $ (984) ​ $ 86 ​ $ (42) ​ $ (940) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Cumulative Translation Adjustment Hedging Activities Pension and Postretirement Adjustment AOCL Balance, December 31, 2020 ​ $ (1,114) ​ $ 42 ​ $ (61) ​ $ (1,133) ​ Other comprehensive (loss) gain before reclassification adjustments ​ ​ (22) ​ ​ 176 ​ ​ — ​ ​ 154 ​ (Gain) reclassified from accumulated OCL ​ ​ — ​ ​ (110) ​ ​ — ​ ​ (110) ​ Tax (provision) ​ ​ — ​ ​ (17) ​ ​ — ​ ​ (17) ​ Net other comprehensive (loss) income ​ ​ (22) ​ ​ 49 ​ ​ — ​ ​ 27 ​ Balance, June 30, 2021 ​ $ (1,136) ​ $ 91 ​ $ (61) ​ $ (1,106) ​
Schedule of stockholders equity and redeemable equity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Redeemable Share-based ​ Redeemable ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ ​ ​ ​ Non- ​ Payments ​ Non- ​ ​ ​ Preferred ​ Common ​ Paid-In ​ Treasury ​ Comprehensive ​ Retained ​ Controlling ​ Subject to ​ Controlling ​ (in millions) Stock Stock Capital Stock Loss Earnings Interests Redemption Interests Balance, December 31, 2021 ​ $ — ​ $ 1 ​ $ 1,158 ​ $ (1,061) ​ $ (897) ​ $ 3,899 ​ $ 18 ​ $ 36 ​ $ 71 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 130 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ Dividends declared, common stock ($0.65/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (43) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchases of common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (39) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ 9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5) ​ ​ ​ ​ Other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 134 ​ ​ ​ ​ ​ (2) ​ ​ ​ ​ ​ ​ ​ Balance, March 31, 2022 ​ $ — ​ $ 1 ​ $ 1,160 ​ $ (1,091) ​ $ (763) ​ $ 3,986 ​ $ 19 ​ $ 31 ​ $ 71 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 142 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ ​ ​ ​ 1 ​ Dividends declared, common stock ($0.65/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (43) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4) ​ ​ ​ ​ ​ ​ ​ Repurchases of common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (44) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ 2 ​ ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6 ​ ​ ​ ​ Fair market value adjustment to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ (29) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 29 ​ Non-controlling interest purchases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (27) ​ Other comprehensive (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (177) ​ ​ ​ ​ ​ (2) ​ ​ ​ ​ ​ (4) ​ Balance, June 30, 2022 ​ $ — ​ $ 1 ​ $ 1,133 ​ $ (1,133) ​ $ (940) ​ $ 4,085 ​ $ 15 ​ $ 37 ​ $ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Redeemable Share-based ​ Redeemable ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ ​ ​ ​ Non- ​ Payments ​ Non- ​ ​ ​ Preferred ​ Common ​ Paid-In ​ Treasury ​ Comprehensive ​ Retained ​ Controlling ​ Subject to ​ Controlling (in millions) Stock Stock Capital Stock Loss Earnings Interests Redemption Interests Balance, December 31, 2020 ​ $ — ​ $ 1 ​ $ 1,150 ​ $ (1,024) ​ $ (1,133) ​ $ 3,957 ​ $ 21 ​ $ 30 ​ $ 70 ​ Net (loss) attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (246) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4 ​ ​ ​ ​ ​ (1) ​ Dividends declared, common stock ($0.64/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (44) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchases of common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (14) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ 5 ​ ​ 16 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (9) ​ ​ ​ ​ Other comprehensive (loss) income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (31) ​ ​ ​ ​ ​ 1 ​ ​ ​ ​ ​ 1 ​ Balance, March 31, 2021 ​ $ — ​ $ 1 ​ $ 1,155 ​ $ (1,022) ​ $ (1,164) ​ $ 3,667 ​ $ 26 ​ $ 21 ​ $ 70 ​ Net income attributable to Ingredion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ Dividends declared, common stock ($0.64/share) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (43) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared, non-controlling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (7) ​ ​ ​ ​ ​ ​ ​ Repurchases of common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (10) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share-based compensation, net of issuance ​ ​ ​ ​ ​ ​ ​ ​ (1) ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7 ​ ​ ​ ​ Other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 58 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, June 30, 2021 ​ $ — ​ $ 1 ​ $ 1,154 ​ $ (1,029) ​ $ (1,106) ​ $ 3,802 ​ $ 22 ​ $ 28 ​ $ 70 ​
Schedule of basic and diluted earnings per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 (in millions, except per share amounts) Net Income Available to Ingredion Weighted Average Shares Per Share Amount Net Income Available to Ingredion Weighted Average Shares Per Share Amount Basic EPS ​ $ 142 66.4 ​ $ 2.14 ​ $ 178 67.2 ​ $ 2.65 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards ​ ​ ​ 0.7 ​ ​ ​ ​ ​ ​ 0.7 ​ ​ ​ ​ Diluted EPS ​ $ 142 67.1 ​ $ 2.12 ​ $ 178 67.9 ​ $ 2.62 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 (in millions, except per share amounts) Net Income Available to Ingredion Weighted Average Shares Per Share Amount Net Income Available to Ingredion Weighted Average Shares Per Share Amount Basic EPS ​ $ 272 66.6 ​ $ 4.08 ​ $ (68) 67.3 ​ $ (1.01) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards ​ ​ ​ 0.7 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ Diluted EPS ​ $ 272 67.3 ​ $ 4.04 ​ $ (68) 67.3 ​ $ (1.01) ​

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Information
Schedule of segment reporting of net sales, operating income and total assets	Presented below are Ingredion’s net sales to unaffiliated customers by reportable segment for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) 2022 2021 ​ 2022 2021 Net sales to unaffiliated customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 1,284 ​ $ 1,068 ​ $ 2,458 ​ $ 2,013 ​ South America ​ ​ 290 ​ ​ 268 ​ ​ 542 ​ ​ 541 ​ Asia-Pacific ​ ​ 275 ​ ​ 248 ​ ​ 547 ​ ​ 483 ​ EMEA ​ ​ 195 ​ ​ 178 ​ ​ 389 ​ ​ 339 ​ Total net sales ​ $ 2,044 ​ $ 1,762 ​ $ 3,936 ​ $ 3,376 ​ ​ Presented below are Ingredion’s operating income by reportable segment for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in millions) 2022 2021 ​ 2022 ​ 2021 Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ $ 161 ​ $ 149 ​ $ 317 ​ $ 283 ​ South America ​ ​ 39 ​ ​ 33 ​ ​ 77 ​ ​ 73 ​ Asia-Pacific ​ ​ 21 ​ ​ 24 ​ ​ 43 ​ ​ 49 ​ EMEA ​ ​ 29 ​ ​ 32 ​ ​ 60 ​ ​ 63 ​ Corporate ​ ​ (35) ​ ​ (30) ​ ​ (69) ​ ​ (59) ​ Subtotal ​ ​ 215 ​ ​ 208 ​ ​ 428 ​ ​ 409 ​ Acquisition/integration costs ​ ​ — ​ ​ 3 ​ ​ (1) ​ ​ 2 ​ Restructuring/impairment charges ​ ​ (2) ​ ​ (4) ​ ​ (4) ​ ​ (14) ​ Impairment on assets held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ (360) ​ Other matters ​ ​ — ​ ​ 15 ​ ​ — ​ ​ 15 ​ Total operating income ​ $ 213 ​ $ 222 ​ $ 423 ​ $ 52 ​ ​ Presented below are Ingredion’s total assets by reportable segment as of June 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ (in millions) ​ June 30, 2022 December 31, 2021 ​ Assets: ​ ​ ​ ​ ​ ​ ​ North America (a) ​ $ 4,527 ​ $ 4,203 ​ South America ​ ​ 876 ​ ​ 799 ​ Asia-Pacific ​ ​ 1,374 ​ ​ 1,403 ​ EMEA ​ ​ 612 ​ ​ 594 ​ Total assets ​ $ 7,389 ​ $ 6,999 ​ For purposes of presentation, North America includes Corporate assets.

Supplementary Information (Tabl

Supplementary Information (Tables)	6 Months Ended
	Jun. 30, 2022
Supplementary Information
Schedule of accounts receivable, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ (in millions) June 30, 2022 December 31, 2021 ​ Accounts receivable, net: ​ ​ ​ ​ ​ ​ ​ Accounts receivable — trade ​ $ 1,180 ​ $ 950 ​ Accounts receivable — other ​ ​ 232 ​ ​ 193 ​ Allowance for credit losses ​ ​ (16) ​ ​ (13) ​ Total accounts receivable ​ $ 1,396 ​ $ 1,130 ​
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of (in millions) June 30, 2022 December 31, 2021 Finished and in process $ 839 $ 688 ​ Raw materials ​ 424 ​ 380 ​ Manufacturing supplies and other ​ 140 ​ 104 ​ Total inventories $ 1,403 $ 1,172 ​

Acquisitions - PureCircle Non-C

Acquisitions - PureCircle Non-Controlling Interests (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jul. 01, 2020
PureCircle
Acquisition
Ownership percentage by parent	82%	75%
PureCircle
Acquisition
Payment to acquire additional shares	$ 27

Acquisitions - Other (Details)

Acquisitions - Other (Details) - USD ($) $ in Millions		6 Months Ended
	Apr. 01, 2021	Jun. 30, 2021
Acquisitions
Payment for acquisition, net of cash acquired		$ 40
KaTech
Acquisitions
Payment for acquisition, net of cash acquired	$ 40
Goodwill	26
Tangible assets	$ 14

Investments (Details)

Investments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments
Equity investments	$ 22	$ 16
Equity method investments	109	104
Marketable securities	4	12
Total investments	$ 135	$ 132

Investments - Amyris & Argentin

Investments - Amyris & Argentina joint venture (Details) $ in Millions			3 Months Ended	6 Months Ended
	Aug. 02, 2021 USD ($)	Jun. 01, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Feb. 12, 2021 facility
Equity Method Investments
Transaction costs			$ 1	$ 1
Argentina joint venture
Equity Method Investments
Number of manufacturing facilities to be operated | facility					5
Amyris joint venture
Equity Method Investments
Ownership percentage		31%
Total consideration under equity method investment agreement		$ 28
Cash consideration paid		10	10
Non-exclusive license and other consideration		$ 18	18
Income from equity method investment agreement			$ 8
Argentina joint venture
Equity Method Investments
Fair value of assets and liabilities transferred	$ 71
Ownership percentage	49%
Value of shares received as consideration for assets contributed	$ 64
Argentina joint venture | Grupo Arcor
Equity Method Investments
Cash and other considerations received from joint venture in return of assets and liabilities transferred	$ 7

Restructuring and Impairment _3

Restructuring and Impairment Charges - Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring and Impairment Charges
Restructuring/impairment charges and related adjustments	$ 2	$ 4	$ 4	$ 374
Restructuring charges	$ 2	$ 4	$ 4	$ 14

Restructuring and Impairment _4

Restructuring and Impairment Charges - Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring and impairment charges
Restructuring charges	$ 2	$ 4	$ 4	$ 14
Cost Smart SG&A Program
Restructuring and impairment charges
Restructuring charges		4	3	9
Cost Smart Cost of Sales Program
Restructuring and impairment charges
Restructuring charges		5	$ 1	8
Cost Smart Cost of Sales Program, Production facility closure, Stockton, California
Restructuring and impairment charges
Gain on the sale of land and building		$ 5		5
Amyris joint venture restructuring
Restructuring and impairment charges
Restructuring charges				$ 2

Restructuring and Impairment _5

Restructuring and Impairment Charges - Employee-related severance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring accrual
Restructuring charges	$ 2	$ 4	$ 4	$ 14
Employee-related severance costs
Restructuring accrual
Balance in severance accrual at beginning of period			3
Payments made to terminated employees			(2)
Balance in severance accrual at end of period	$ 1		$ 1

Restructuring and Impairment _6

Restructuring and Impairment Charges - Impairment Charges (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
Restructuring and impairment charges
Impairment on disposition of assets		$ 360
Disposal Group, Held for Sale, Not Discontinued Operations | South American Subsidiaries, PP&E
Restructuring and impairment charges
Impairment on disposition of assets	$ 360
Impairment charge - Cumulative translation adjustment	311
Impairment charge - Write-down of contributed net assets	$ 49

Derivatives Instruments and H_3

Derivatives Instruments and Hedging Activities - Commodity price hedging (Details) bu in Millions, MMBTU in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) MMBTU bu	Jun. 30, 2021	Jun. 30, 2022 USD ($) MMBTU bu	Jun. 30, 2021 USD ($)	Dec. 31, 2021 MMBTU bu
Commodity Contract | Minimum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative			12 months
Commodity Contract | Maximum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative			24 months
Not Designated as Hedging Instrument | Commodity Contract
Financial instruments, derivatives and hedging activities
Derivative, Gain (Loss), Statement of Income or Comprehensive Income	Cost of sales	Cost of sales	Cost of sales	Cost of sales
Not Designated as Hedging Instrument | Corn Commodity
Financial instruments, derivatives and hedging activities
Gain or (loss) recognized in income | $	$ (3)		$ (1)	$ (1)
Designated as Hedging Instrument | Corn Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn and gallons for ethanol) | bu	77		77		135
Designated as Hedging Instrument | Natural Gas Commodity
Financial instruments, derivatives and hedging activities
Natural gas futures contract (in mmbtu) | MMBTU	38		38		35

Derivatives Instruments and H_4

Derivatives Instruments and Hedging Activities - Foreign currency hedging (Details) - Foreign Currency Contracts - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Short | Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 414	$ 360
Long | Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	255	205
Cash Flow Hedging | Short | Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	358	505
Cash Flow Hedging | Long | Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 518	$ 708

Derivatives Instruments and H_5

Derivatives Instruments and Hedging Activities - CF Hedges in AOCI (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	$ (940)	$ (897)
Cash Flow Hedging
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	86	48
Cash Flow Hedging | Commodity Contract
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	84	51
Tax effect on gains (losses) of derivative instruments	(29)	(19)
Cash Flow Hedging | Foreign Currency Contracts
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	5
Tax effect on gains (losses) of derivative instruments	(3)
Cash Flow Hedging | Interest Rate Contract
Accumulated Other Comprehensive Loss.
Accumulated other comprehensive income (loss)	(3)	(3)
Tax effect on gains (losses) of derivative instruments	$ 1	$ 1

Derivatives Instruments and H_6

Derivatives Instruments and Hedging Activities - Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair value of derivatives
Derivative Asset, Current, Statement of Financial Position	Accounts receivable, net	Accounts receivable, net
Derivative Asset, Noncurrent, Statement of Financial Position	Other assets	Other assets
Derivative Asset, Statement of Financial Position	Other assets, Accounts receivable, net	Other assets, Accounts receivable, net
Derivative Liability, Current, Statement of Financial Position	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current
Derivative Liability, Noncurrent, Statement of Financial Position	Other non-current liabilities	Other non-current liabilities
Derivative Liability, Statement of Financial Position	Accounts Payable and Accrued Liabilities, Current, Other non-current liabilities	Accounts Payable and Accrued Liabilities, Current, Other non-current liabilities
Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets, current	$ 96	$ 54
Fair value of derivative instruments, Assets, noncurrent	13	13
Fair value of derivative instruments, Assets	109	67
Fair value of derivative instruments, Liabilities, current	38	17
Fair value of derivative instruments, Liabilities, noncurrent	12	8
Fair value of derivative instruments, Liabilities	50	25
Fair value of derivative instruments, Net Assets/(Liabilities)	59	42
Designated as Hedging Instrument | Commodity Contract
Fair value of derivatives
Fair value of derivative instruments, Assets, current	86	45
Fair value of derivative instruments, Assets, noncurrent	6	7
Fair value of derivative instruments, Assets	92	52
Fair value of derivative instruments, Liabilities, current	26	5
Fair value of derivative instruments, Liabilities, noncurrent	4	2
Fair value of derivative instruments, Liabilities	30	7
Fair value of derivative instruments, Net Assets/(Liabilities)	62	45
Designated as Hedging Instrument | Foreign Currency Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets, current	10	9
Fair value of derivative instruments, Assets, noncurrent	7	6
Fair value of derivative instruments, Assets	17	15
Fair value of derivative instruments, Liabilities, current	12	12
Fair value of derivative instruments, Liabilities, noncurrent	8	6
Fair value of derivative instruments, Liabilities	20	18
Fair value of derivative instruments, Net Assets/(Liabilities)	(3)	(3)
Not Designated as Hedging Instrument
Fair value of derivatives
Fair value of derivative instruments, Assets, current	14	7
Fair value of derivative instruments, Assets	14	7
Fair value of derivative instruments, Liabilities, current	8	6
Fair value of derivative instruments, Liabilities, noncurrent	1	1
Fair value of derivative instruments, Liabilities	9	7
Fair value of derivative instruments, Net Assets/(Liabilities)	5
Not Designated as Hedging Instrument | Commodity Contract
Fair value of derivatives
Fair value of derivative instruments, Assets, current	2	4
Fair value of derivative instruments, Assets	2	4
Fair value of derivative instruments, Liabilities, current	3	2
Fair value of derivative instruments, Liabilities	3	2
Fair value of derivative instruments, Net Assets/(Liabilities)	(1)	2
Not Designated as Hedging Instrument | Foreign Currency Contracts
Fair value of derivatives
Fair value of derivative instruments, Assets, current	12	3
Fair value of derivative instruments, Assets	12	3
Fair value of derivative instruments, Liabilities, current	5	4
Fair value of derivative instruments, Liabilities, noncurrent	1	1
Fair value of derivative instruments, Liabilities	6	5
Fair value of derivative instruments, Net Assets/(Liabilities)	$ 6	$ (2)

Derivatives Instruments and H_7

Derivatives Instruments and Hedging Activities - Additional information - CF hedges (Details) - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	$ 3	$ 147	$ 179	$ 176
Gains (Losses) Reclassified from AOCL into Income	82	109	128	110
Commodity Contract
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	(3)	149	168	176
Commodity Contract | Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	81	110	125	109
Foreign Currency Contracts
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	6	(2)	11
Foreign Currency Contracts | Net sales/Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	$ 1	$ (1)	$ 3	$ 1

Derivatives Instruments and H_8

Derivatives Instruments and Hedging Activities - Gain (Losses) Recognized in Income (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Derivatives Instruments and Hedging Activities
Gains expected to be reclassified into earnings during the next twelve months, net of tax	$ 87
Gains expected to be reclassified into earnings during the next twelve months, income tax effect	$ 32

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair value of assets and liabilities
Derivative Asset, Statement of Financial Position	Other assets, Accounts receivable, net	Other assets, Accounts receivable, net
Derivative Liability, Statement of Financial Position	Accounts Payable and Accrued Liabilities, Current, Other non-current liabilities	Accounts Payable and Accrued Liabilities, Current, Other non-current liabilities
Recurring
Fair value of assets and liabilities
Available for sale securities	$ 4	$ 12
Derivative assets	123	74
Derivative liabilities	59	32
Long-term debt	1,601	1,957
Recurring | Level 1
Fair value of assets and liabilities
Available for sale securities	4	12
Derivative assets	69	49
Derivative liabilities	55	22
Recurring | Level 2
Fair value of assets and liabilities
Derivative assets	54	25
Derivative liabilities	4	10
Long-term debt	$ 1,601	$ 1,957

Financing Arrangements - Carryi

Financing Arrangements - Carrying amount (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Financing Arrangements
Long-term debt	$ 1,739	$ 1,738
Total short-term borrowings	652	308
Total debt	$ 2,391	$ 2,046
2.9% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate (as a percent)	2.90%	2.90%
Long-term debt	$ 595	$ 595
3.2% senior notes due October 1, 2026
Financing Arrangements
Debt, interest rate (as a percent)	3.20%	3.20%
Long-term debt	$ 498	$ 498
3.9% senior notes due June 1, 2050
Financing Arrangements
Debt, interest rate (as a percent)	3.90%	3.90%
Long-term debt	$ 390	$ 390
6.625% senior notes due April 15, 2037
Financing Arrangements
Debt, interest rate (as a percent)	6.625%	6.625%
Long-term debt	$ 253	$ 253
Other long-term borrowings
Financing Arrangements
Long-term debt	3	2
Commercial paper
Financing Arrangements
Short-term borrowings	558	250
Other short-term borrowings
Financing Arrangements
Short-term borrowings	$ 94	$ 58

Financing Arrangements - Revolv

Financing Arrangements - Revolving credit agreement (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Long-term debt
Payments on debt	$ 189	$ 416
Proceeds from borrowings	227	$ 430
Commercial paper
Long-term debt
Average amount of commercial paper outstanding	$ 425
Weighted average interest rate (as a percent)	0.74%
Weighted average maturity	19 days
Short-term borrowings	$ 558		$ 250
Weighted average interest rate of outstanding balance (as a percent)	2.02%		0.35%
Weighted average maturity of outstanding balance	17 days		40 days
Revolving credit agreement
Long-term debt
Maximum aggregate principal amount			$ 1,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - Indirect tax credits - Foreign - Brazil - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2021	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies
Brazilian indirect tax credits				$ 5
Other Assets and Prepaid Expenses
Commitments and Contingencies
Future tax credits			$ 29	$ 41
Tax years 2015 - 2018
Commitments and Contingencies
Amount of indirect tax credits expected to receive	$ 15
Tax years 2015 - 2018 | Other operating income, net
Commitments and Contingencies
Foreign pre-tax benefits		$ 15

Net Periodic Pension and Post_2

Net Periodic Pension and Postretirement Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Pension Plan
Components of Net Periodic Benefit Costs
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Anticipated cash contributions
Anticipated cash contributions in current year	$ 4		$ 4
Pension Plan | UNITED STATES
Components of Net Periodic Benefit Costs
Service cost	1	$ 1	2	$ 2
Interest cost	2	2	4	4
Expected return on plan assets	(4)	(4)	(8)	(9)
Net periodic benefit cost	(1)	(1)	(2)	(3)
Anticipated cash contributions
Anticipated cash contributions in current year	1		1
Pension Plan | Non-U.S.
Components of Net Periodic Benefit Costs
Service cost	1	1	2	2
Interest cost	3	2	5	5
Expected return on plan assets	(2)	(2)	(4)	(4)
Amortization of actuarial loss				1
Net periodic benefit cost	2	$ 1	3	4
Anticipated cash contributions
Anticipated cash contributions in current year	$ 3		3
Employer contributions
Employer contributions			2
Postemployment Retirement Benefits
Components of Net Periodic Benefit Costs
Interest cost			$ 1	$ 1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of prior service credit	$ 1		$ 1	$ (1)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net periodic benefit cost	$ 1		$ 2

Equity - Treasury stock (Detail

Equity - Treasury stock (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Oct. 22, 2018
Treasury Stock, Common
Treasury stock:
Purchase/acquisition of treasury stock (in shares)	502		107		957	265
Repurchases of common stock (in dollars)	$ 44	$ 39	$ 10	$ 14	$ 83	$ 24
2018 Stock Repurchase Program
Treasury stock:
Shares authorized to be repurchased (in shares)							8,000

Equity - Share-based payments (

Equity - Share-based payments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based compensation expense
Pre-tax compensation expense	$ 8	$ 6	$ 15	$ 11
Income tax benefit	(1)	(1)	(2)	(1)
Total share-based compensation expense, net of income taxes	7	5	13	10
Employee Stock Option
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
RSU
Share-based compensation expense
Pre-tax compensation expense	3	3	6	6
Income tax benefit	(1)	(1)	(1)	(1)
Total share-based compensation expense, net of income taxes	2	2	5	5
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	4	2	7	3
Income tax benefit			(1)
Total share-based compensation expense, net of income taxes	$ 4	$ 2	$ 6	$ 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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Stock options, Number of Options
Outstanding at the beginning of the period (in shares)			2,154
Granted (in shares)			281	358
Exercised (in shares)			(45)
Cancelled (in shares)			(23)
Outstanding at the end of the period (in shares)	2,367		2,367		2,154
Exercisable at the end of the period (in shares)	1,795		1,795
Stock options, Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)			$ 90.39
Granted (in dollars per share)			88.66
Exercised (in dollars per share)			59.12
Cancelled (in dollars per share)			104.71
Outstanding at the end of the period (in dollars per share)	$ 90.65		90.65		$ 90.39
Exercisable at the end of the period (in dollars per share)	$ 91.48		$ 91.48
Additional information pertaining to stock options
Average Remaining Contractual Term, Outstanding			5 years 5 months 1 day		5 years 3 months 3 days
Average Remaining Contractual Term, Exercisable			4 years 3 months 14 days
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 13		$ 13		$ 26
Aggregate Intrinsic Value, Exercisable (in dollars)	12		12
Cash received from exercise of stock options			$ 3
Weighted average grant date fair value of stock options granted (per share)			$ 15.04	$ 12.31
Total intrinsic value of stock options exercised	1	$ 1	$ 2	$ 6
Employee Stock Option
Share-based compensation
Term of award			10 years
Period of vesting			3 years
Required service period			1 year
Assumptions used to measure the fair value of awards
Expected life			5 years 6 months	5 years 6 months
Risk-free interest rate (as a percent)			2%	0.60%
Expected volatility (as a percent)			23.80%	23.20%
Expected dividend yield (as a percent)			2.90%	2.90%
Additional information pertaining to stock options
Unrecognized compensation cost	$ 5		$ 5
Weighted-average period for amortization of unrecognized compensation cost			1 year 9 months 18 days

Equity - Restricted stock units

Equity - Restricted stock units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Other disclosures
Share-based payments subject to redemption	$ 37	$ 31	$ 36	$ 28	$ 21	$ 30
RSU
Share-based compensation
Vesting period	3 years
Restricted stock unit activity
Non-vested at the beginning of the period (in shares)	486
Granted (in shares)	203
Vested (in shares)	(126)
Cancelled (in shares)	(34)
Non-vested at the end of the period (in shares)	529
Weighted-average fair value per share
Non-vested at the beginning of the period (in dollars per share)	$ 88.34
Granted (in dollars per share)	88.86
Vested (in dollars per share)	91.28
Cancelled (in dollars per share)	86.85
Non-vested at the end of the period (in dollars per share)	$ 87.94
Other disclosures
Unrecognized compensation cost	$ 26
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, 2022 USD ($) item $ / shares shares	Dec. 31, 2021 USD ($) item	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Share-based compensation
Share-based payments subject to redemption | $	$ 37	$ 36	$ 31	$ 28	$ 21	$ 30
Performance Shares
Share-based compensation
Number of tranches | item	2	2
Granted (in shares) | shares	86
Weighted-average fair value per share, Granted (in dollars per share) | $ / shares	$ 138.85
Cancelled (in shares) | shares	1
Unrecognized compensation cost | $	$ 14
Remaining requisite service period (in years)	2 years 1 month 6 days
Performance shares, vesting based on TSR
Share-based compensation
Percentage of share-based compensation award	50%	50%
Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Percentage of share-based compensation award	50%	50%
Performance period (in years)	3 years	3 years
2019 Awards | Performance Shares
Share-based compensation
Performance period (in years)	3 years
Award pay out achieved (as a percent)	0%
2022 Awards | Performance shares, vesting based on TSR
Share-based compensation
Vesting period	3 years
Performance period (in years)	3 years
2022 Awards | Performance shares, vesting based on TSR | Minimum
Share-based compensation
Performance shares available for vesting (as a percent)	0%
2022 Awards | Performance shares, vesting based on TSR | Maximum
Share-based compensation
Performance shares available for vesting (as a percent)	200%
2022 Awards | Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Vesting period	3 years
Performance period (in years)	3 years
2022 Awards | Performance shares, vesting based on Adjusted ROIC | Minimum
Share-based compensation
Performance shares available for vesting (as a percent)	0%
2022 Awards | Performance shares, vesting based on Adjusted ROIC | Maximum
Share-based compensation
Performance shares available for vesting (as a percent)	200%

Equity - AOCL (Details)

Equity - AOCL (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	$ 3,100
Balance at the end of the period	3,146
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(903)	$ (1,114)
Other comprehensive gain (loss) before reclassification adjustments	(81)	(22)
Net other comprehensive income (loss)	(81)	(22)
Balance at the end of the period	(984)	(1,136)
Hedging Activities
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	48	42
Other comprehensive gain (loss) before reclassification adjustments	179	176
(Gain) reclassified from accumulated OCL	(128)	(110)
Tax (provision) benefit	(13)	(17)
Net other comprehensive income (loss)	38	49
Balance at the end of the period	86	91
Pension and Postretirement Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(42)	(61)
Balance at the end of the period	(42)	(61)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(897)	(1,133)
Other comprehensive gain (loss) before reclassification adjustments	98	154
(Gain) reclassified from accumulated OCL	(128)	(110)
Tax (provision) benefit	(13)	(17)
Net other comprehensive income (loss)	(43)	27
Balance at the end of the period	$ (940)	$ (1,106)

Equity - Statements of Equity w

Equity - Statements of Equity with dividends per share (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Balance at beginning of period		$ 3,118			$ 3,118
Balance at end of period	$ 3,161				3,161
Common Stock
Balance at beginning of period	1	1	$ 1	$ 1	1	$ 1
Balance at end of period	1	1	1	1	1	1
Additional Paid-in Capital
Balance at beginning of period	1,160	1,158	1,155	1,150	1,158	1,150
Share-based compensation, net of issuance	2	2	(1)	5	4	4
Fair market value adjustment to non-controlling interests	(29)				(29)
Balance at end of period	1,133	1,160	1,154	1,155	1,133	1,154
Treasury Stock, Common
Balance at beginning of period	(1,091)	(1,061)	(1,022)	(1,024)	(1,061)	(1,024)
Repurchases of common stock	(44)	(39)	(10)	(14)	(83)	(24)
Share-based compensation, net of issuance	2	9	3	16	11	19
Balance at end of period	(1,133)	(1,091)	(1,029)	(1,022)	(1,133)	(1,029)
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	(763)	(897)	(1,164)	(1,133)	(897)	(1,133)
Other comprehensive income (loss)	(177)	134	58	(31)	(43)	27
Balance at end of period	(940)	(763)	(1,106)	(1,164)	(940)	(1,106)
Retained Earnings
Balance at beginning of period	3,986	3,899	3,667	3,957	3,899	3,957
Net income (loss)	142	130	178	(246)	272	(68)
Dividends declared, common stock	(43)	(43)	(43)	(44)	(86)	(87)
Balance at end of period	4,085	3,986	3,802	3,667	4,085	3,802
Noncontrolling Interest
Balance at beginning of period	19	18	26	21	18	21
Net income (loss)	2	3	3	4	5	7
Dividends declared, common stock	(4)		(7)		(4)	(7)
Other comprehensive income (loss)	(2)	(2)		1	(4)	1
Balance at end of period	$ 15	$ 19	$ 22	$ 26	$ 15	$ 22

Equity - Statements of Redeemab

Equity - Statements of Redeemable Equity (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Temporary Equity
Share-based Payments Subject to Redemption, Beginning Balance	$ 31	$ 36	$ 21	$ 30	$ 36	$ 30
Share-based compensation, net of issuance	6	(5)	7	(9)	1	(2)
Share-based Payments Subject to Redemption, Ending Balance	37	31	28	21	37	28
Redeemable Non-Controlling Interests, Beginning Balance	71	71	70	70	71	70
Net income (loss) attributable to non-controlling interests	1			(1)	1	(1)
Fair market value adjustment to non-controlling interests	29				29
Non-controlling interest purchases	(27)				(27)
Other comprehensive income (loss)	(4)			1	(4)	1
Redeemable Non-Controlling Interests, Ending Balance	$ 70	$ 71	$ 70	$ 70	$ 70	$ 70

Equity - EPS (Details)

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic EPS:
Net Income Available to Ingredion - basic	$ 142	$ 178	$ 272	$ (68)
Weighted average number of shares outstanding, basic	66.4	67.2	66.6	67.3
Basic earnings per common share of Ingredion (in dollars per share)	$ 2.14	$ 2.65	$ 4.08	$ (1.01)
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards	0.7	0.7	0.7
Diluted EPS:
Net Income Available to Ingredion - diluted	$ 142	$ 178	$ 272	$ (68)
Weighted average number of shares outstanding - diluted, Total	67.1	67.9	67.3	67.3
Diluted earnings per common share of Ingredion (in dollars per share)	$ 2.12	$ 2.62	$ 4.04	$ (1.01)
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	1.5	1.4	1.4	2.1

Segment Information - Net sales

Segment Information - Net sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment information
Total net sales	$ 2,044	$ 1,762	$ 3,936	$ 3,376
Operating income Subtotal	215	208	428	409
Acquisition/integration costs		3	(1)	2
Restructuring/impairment charges	(2)	(4)	(4)	(14)
Impairment on assets held for sale				(360)
Other matters		15		15
Operating income	213	222	423	52
North America Segment
Segment information
Total net sales	1,284	1,068	2,458	2,013
South America Segment
Segment information
Total net sales	290	268	542	541
Asia Pacific Segment
Segment information
Total net sales	275	248	547	483
EMEA Segment
Segment information
Total net sales	195	178	389	339
Operating Segments | North America Segment
Segment information
Operating income Subtotal	161	149	317	283
Operating Segments | South America Segment
Segment information
Operating income Subtotal	39	33	77	73
Operating Segments | Asia Pacific Segment
Segment information
Operating income Subtotal	21	24	43	49
Operating Segments | EMEA Segment
Segment information
Operating income Subtotal	29	32	60	63
Corporate, Non-Segment
Segment information
Operating income Subtotal	$ (35)	$ (30)	$ (69)	$ (59)

Segment Information - Assets (D

Segment Information - Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Segment information
Total assets	$ 7,389	$ 6,999
North America Segment
Segment information
Total assets	4,527	4,203
South America Segment
Segment information
Total assets	876	799
Asia Pacific Segment
Segment information
Total assets	1,374	1,403
EMEA Segment
Segment information
Total assets	$ 612	$ 594

Supplementary Information - Acc

Supplementary Information - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Supplementary Information
Accounts receivable - trade	$ 1,180	$ 950
Accounts receivable - other	232	193
Allowance for doubtful accounts	(16)	(13)
Total accounts receivable	$ 1,396	$ 1,130

Supplementary Information - Inv

Supplementary Information - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Supplementary Information
Finished and in process	$ 839	$ 688
Raw materials	424	380
Manufacturing supplies and other	140	104
Total inventories	$ 1,403	$ 1,172