Ingredion (INGR) 10-Q8 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-13397
Entity Registrant Name	Ingredion Incorporated
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3514823
Entity Address, Address Line One	5 Westbrook Corporate Center
Entity Address, City or Town	Westchester
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60154
City Area Code	708
Local Phone Number	551-2600
Title of 12(b) Security	Common Stock
Trading Symbol	INGR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		66,140,434
Entity Central Index Key	0001046257
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 2,069	$ 2,044	$ 4,206	$ 3,936
Cost of sales	1,628	1,654	3,278	3,167
Gross profit	441	390	928	769
Operating expenses	188	179	375	348
Other operating expense (income)	2	(4)	11	(6)
Restructuring/impairment charges	0	2	0	4
Operating income	251	213	542	423
Financing costs	30	17	62	41
Other non-operating expense (income)	2	0	2	(1)
Income before income taxes	219	196	478	383
Provision for income taxes	55	51	120	105
Net income	164	145	358	278
Less: Net income attributable to non-controlling interests	1	3	4	6
Net income attributable to Ingredion	$ 163	$ 142	$ 354	$ 272
Weighted average common shares outstanding:
Basic (in shares)	66.3	66.4	66.2	66.6
Diluted (in shares)	67.3	67.1	67.2	67.3
Earnings per common share of Ingredion:
Basic (in dollars per share)	$ 2.46	$ 2.14	$ 5.35	$ 4.08
Diluted (in dollars per share)	$ 2.42	$ 2.12	$ 5.27	$ 4.04

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 164	$ 145	$ 358	$ 278
Other comprehensive income:
(Losses) gains on cash flow hedges, net of income tax effect of $15, $1, $31 and $47, respectively	(44)	2	(86)	132
Losses (gains) on cash flow hedges reclassified to earnings, net of income tax effect of $5, $22, $1 and $34, respectively	15	(60)	1	(94)
(Losses) on pension and other postretirement obligations, net of income tax effect of $1, $—, $1 and $—, respectively	(1)	0	(1)	0
Currency translation adjustment	9	(119)	15	(81)
Comprehensive income (loss)	143	(32)	287	235
Less: Comprehensive (loss) attributable to non-controlling interests	(1)	(4)	(4)	(2)
Comprehensive income (loss) attributable to Ingredion	$ 144	$ (28)	$ 291	$ 237

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
(Losses) gains on cash flow hedges, income tax effect	$ (15)	$ 1	$ (31)	$ 47
Losses (gains) on cash flow hedges reclassified to earnings, income tax effect	(5)	22	(1)	34
(Losses) on pension and other postretirement obligations, income tax effect	$ 1	$ 0	$ 1	$ 0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 257	$ 236
Short-term investments	6	3
Accounts receivable, net	1,366	1,411
Inventories	1,618	1,597
Prepaid expenses	64	62
Total current assets	3,311	3,309
Property, plant and equipment, net of accumulated depreciation of $3,434 and $3,326, respectively	2,414	2,407
Intangible assets, net of accumulated amortization of $287 and $275, respectively	1,311	1,301
Other assets	564	544
Total assets	7,600	7,561
Current liabilities:
Short-term borrowings	522	543
Accounts payable and accrued liabilities	1,198	1,339
Total current liabilities	1,720	1,882
Long-term debt	1,939	1,940
Other non-current liabilities	466	477
Total liabilities	4,125	4,299
Share-based payments subject to redemption	43	48
Redeemable non-controlling interests	43	51
Ingredion stockholders’ equity:
Preferred stock — authorized 25,000,000 shares — $0.01 par value, none issued	0	0
Common stock — authorized 200,000,000 shares — $0.01 par value, 77,810,875 issued at June 30, 2023 and December 31, 2022	1	1
Additional paid-in capital	1,142	1,132
Less: Treasury stock (common stock: 11,688,205 and 12,116,920 shares at June 30, 2023 and December 31, 2022, respectively) at cost	(1,116)	(1,148)
Accumulated other comprehensive loss	(1,119)	(1,048)
Retained earnings	4,469	4,210
Total Ingredion stockholders’ equity	3,377	3,147
Non-redeemable non-controlling interests	12	16
Total equity	3,389	3,163
Total liabilities and equity	$ 7,600	$ 7,561

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 3,434	$ 3,326
Intangible assets, accumulated amortization	$ 287	$ 275
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)	11,688,205	12,116,920

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity and Redeemable Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings	Non- Redeemable Non- Controlling Interests
Balance at beginning of period at Dec. 31, 2021		$ 1	$ 1,158	$ (1,061)	$ (897)	$ 3,899	$ 18
Increase (Decrease) in Stockholders' Equity
Net income						130	3
Dividends declared						(43)
Repurchases of common stock, net				(39)
Share-based compensation, net of issuance			2	9
Other comprehensive (loss)					134		(2)
Balance at end of period at Mar. 31, 2022		1	1,160	(1,091)	(763)	3,986	19
Share-based payments subject to redemption, beginning balance at Dec. 31, 2021	$ 36
Redeemable non-controlling interests, beginning balance at Dec. 31, 2021	71
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, ending balance at Mar. 31, 2022	71
Balance at beginning of period at Dec. 31, 2021		1	1,158	(1,061)	(897)	3,899	18
Increase (Decrease) in Stockholders' Equity
Net income						272	5
Dividends declared						(86)	(4)
Repurchases of common stock, net				(83)
Share-based compensation, net of issuance			4	11
Fair market value adjustment to non-controlling interests			(29)
Other comprehensive (loss)					(43)		(4)
Balance at end of period at Jun. 30, 2022		1	1,133	(1,133)	(940)	4,085	15
Share-based payments subject to redemption, beginning balance at Dec. 31, 2021	36
Redeemable non-controlling interests, beginning balance at Dec. 31, 2021	71
Increase (Decrease) in Temporary Equity
Net income attributable to non-controlling interests	1
Share-based compensation, net of issuance	1
Fair market value adjustment to non-controlling interests	29
Non-controlling interest purchases	(27)
Other comprehensive (loss)	(4)
Share-based payments subject to redemption, ending balance at Jun. 30, 2022	37
Redeemable non-controlling interests, ending balance at Jun. 30, 2022	70
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						142	2
Dividends declared						(43)	(4)
Repurchases of common stock, net				(44)
Share-based compensation, net of issuance			2	2
Fair market value adjustment to non-controlling interests			(29)
Other comprehensive (loss)					(177)		(2)
Balance at end of period at Jun. 30, 2022		1	1,133	(1,133)	(940)	4,085	15
Share-based payments subject to redemption, beginning balance at Mar. 31, 2022	31
Redeemable non-controlling interests, beginning balance at Mar. 31, 2022	71
Increase (Decrease) in Temporary Equity
Net income attributable to non-controlling interests	1
Share-based compensation, net of issuance	6
Fair market value adjustment to non-controlling interests	29
Non-controlling interest purchases	(27)
Other comprehensive (loss)	(4)
Share-based payments subject to redemption, ending balance at Jun. 30, 2022	37
Redeemable non-controlling interests, ending balance at Jun. 30, 2022	70
Balance at beginning of period at Dec. 31, 2022	3,163	1	1,132	(1,148)	(1,048)	4,210	16
Increase (Decrease) in Stockholders' Equity
Net income						191	3
Dividends declared						(47)
Share-based compensation, net of issuance			1	21
Other comprehensive (loss)					(50)		(6)
Balance at end of period at Mar. 31, 2023		1	1,133	(1,127)	(1,098)	4,354	13
Share-based payments subject to redemption, beginning balance at Dec. 31, 2022	48
Redeemable non-controlling interests, beginning balance at Dec. 31, 2022	51
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(10)
Share-based payments subject to redemption, ending balance at Mar. 31, 2023	38
Redeemable non-controlling interests, ending balance at Mar. 31, 2023	51
Balance at beginning of period at Dec. 31, 2022	3,163	1	1,132	(1,148)	(1,048)	4,210	16
Increase (Decrease) in Stockholders' Equity
Net income						354	4
Dividends declared						(95)	(1)
Share-based compensation, net of issuance			3	32
Fair market value adjustment to non-controlling interests			7
Other comprehensive (loss)					(71)		(7)
Balance at end of period at Jun. 30, 2023	3,389	1	1,142	(1,116)	(1,119)	4,469	12
Share-based payments subject to redemption, beginning balance at Dec. 31, 2022	48
Redeemable non-controlling interests, beginning balance at Dec. 31, 2022	51
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(5)
Fair market value adjustment to non-controlling interests	(7)
Other comprehensive (loss)	(1)
Share-based payments subject to redemption, ending balance at Jun. 30, 2023	43
Redeemable non-controlling interests, ending balance at Jun. 30, 2023	43
Balance at beginning of period at Mar. 31, 2023		1	1,133	(1,127)	(1,098)	4,354	13
Increase (Decrease) in Stockholders' Equity
Net income						163	1
Dividends declared						(48)	(1)
Share-based compensation, net of issuance			2	11
Fair market value adjustment to non-controlling interests			7
Other comprehensive (loss)					(21)		(1)
Balance at end of period at Jun. 30, 2023	3,389	$ 1	$ 1,142	$ (1,116)	$ (1,119)	$ 4,469	$ 12
Share-based payments subject to redemption, beginning balance at Mar. 31, 2023	38
Redeemable non-controlling interests, beginning balance at Mar. 31, 2023	51
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	5
Fair market value adjustment to non-controlling interests	(7)
Other comprehensive (loss)	(1)
Share-based payments subject to redemption, ending balance at Jun. 30, 2023	43
Redeemable non-controlling interests, ending balance at Jun. 30, 2023	$ 43

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash provided by (used for) operating activities
Net income	$ 358	$ 278
Non-cash charges to net income:
Depreciation and amortization	109	107
Mechanical stores expense	33	27
Other non-cash charges	27	23
Changes in working capital:
Accounts receivable and prepaid expenses	32	(210)
Inventories	(42)	(256)
Accounts payable and accrued liabilities	(208)	12
Margin accounts	(10)	(5)
Other	(20)	20
Cash provided by (used for) operating activities	279	(4)
Cash used for investing activities
Capital expenditures and mechanical stores purchases	(154)	(144)
Proceeds from disposal of manufacturing facilities and properties	1	7
Other	(7)	1
Cash used for investing activities	(160)	(136)
Cash (used for) provided by financing activities
Proceeds from borrowings	493	227
Payments on debt	(510)	(189)
Commercial paper borrowings, net	0	308
Repurchases of common stock, net	0	(83)
Issuances (settlements) of common stock for share-based compensation, net	15	(1)
Purchases of non-controlling interests	0	(27)
Dividends paid, including to non-controlling interests	(95)	(90)
Cash (used for) provided by financing activities	(97)	145
Effects of foreign exchange rate changes on cash	(1)	(15)
Increase (decrease) in cash and cash equivalents	21	(10)
Cash and cash equivalents, beginning of period	236	328
Cash and cash equivalents, end of period	$ 257	$ 318

Interim Financial Statements

Interim Financial Statements	6 Months Ended
Interim Financial Statements	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	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, 2022. The unaudited Condensed Consolidated Financial Statements as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 included herein were prepared by management on the same basis as Ingredion’s audited Consolidated Financial Statements for the year ended December 31, 2022 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, Condensed Consolidated Statements of Comprehensive Income (Loss), Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Equity and Redeemable Equity, and Condensed Consolidated Statements of Cash Flows. The results for the interim period are not necessarily indicative of the results expected for the full year or any other future period.

Summary of Significant Accounti

Summary of Significant Accounting Standards and Policies	6 Months Ended
Summary of Significant Accounting Standards and Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Standards and Policies	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, 2022. New Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2024. We adopted ASU 2020-04 at the beginning of our 2023 fiscal year, and this ASU did not have a material impact on our Condensed Consolidated Financial Statements. In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On December 1, 2022, we acquired a 65 percent controlling interest in Mannitab Pharma Specialties Private Limited ("Mannitab") for $22 million, and we agreed to acquire the remaining 35 percent of Mannitab on or before March 2026. We preliminarily recorded $28 million of goodwill and intangible assets on our Condensed Consolidated Financial Statements to reflect our controlling interest in Mannitab, which is an Indian manufacturer of spray dried and fine grade mannitol. Beginning at the acquisition date, our Condensed Consolidated Financial Statements reflect the effects of the acquisition and Mannitab's financial results, which we report in our Asia-Pacific reportable business segment. On August 1, 2022, we acquired Amishi Drugs and Chemicals Private Limited ("Amishi") for $7 million, which added $3 million of goodwill and intangible assets to our Condensed Consolidated Financial Statements. Amishi is an Indian manufacturer of chemically modified starch-based pharmaceutical excipients. Beginning at the acquisition date, our

Investments

Investments	6 Months Ended
Investments	Jun. 30, 2023
Investments [Abstract]
Investments	Investments Investments consisted of the following as of: (in millions) June 30, December 31, Equity investments $ 23 $ 23 Equity method investments 116 113 Marketable securities 4 3 Total investments $ 143 $ 139 Our investments classified as equity investments do not have readily determinable fair values. Beginning on the dates we entered into the agreements for equity method investments, our share of income from them is included within Other operating expense (income) in the Condensed Consolidated Statements of Income. All of our investments are recorded within Other assets on the Condensed Consolidated Balance Sheets. 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 sell value-added ingredients to customers in the food, beverage, pharmaceutical and other industries in Argentina, Chile and Uruguay. Ingredion and Grupo Arcor have 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.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
Derivative Instruments and Hedging Activities	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We are exposed to market risk stemming from changes in commodity prices (primarily corn and natural gas), foreign currency exchange rates and interest rates. In the normal course of business, we actively manage our exposure to these market risks by entering various hedging transactions authorized under established policies that place controls on these activities. These transactions utilize exchange-traded derivatives or over-the-counter derivatives with investment grade counterparties. We use derivative financial instruments that consist of commodity-related futures, options and swap contracts, foreign currency-related forward contracts, interest rate swaps and treasury locks (“T-Locks”). Commodity price hedging : Our principal use of derivative financial instruments is to manage commodity price risk relating to anticipated purchases of corn and natural gas that we intend to use in the manufacturing process, generally over the next 12 to 24 months. We maintain a commodity-price risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by commodity-price volatility. To manage price risk related to corn purchases primarily in North America, we use corn futures and option contracts that trade on regulated commodity exchanges to lock in corn costs associated with fixed-priced customer sales contracts. We use soybean oil and soybean meal futures contracts in North America that trade on regulated commodity exchanges to hedge sales of our co-products. We also use over-the-counter natural gas swaps primarily in North America to hedge a portion of our natural gas usage. These derivative financial instruments limit the impact that volatility resulting from fluctuations in market prices will have on corn and natural gas purchases, as well as co-product sales. Our natural gas, soybean meal and the majority of our corn and soybean oil derivatives have been designated as cash flow hedging instruments. For certain corn derivative instruments that are not designated as 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 price risk related to anticipated purchases of corn. During the three and six months ended June 30, 2023, we recognized an insignificant amount and a $1 million gain, respectively, on non-designated commodity contracts. During the three and six months ended June 30, 2022, we recognized a $3 million loss and $1 million loss, respectively, on non-designated commodity contracts. For commodity hedges designated as cash flow hedges, unrealized gains and losses associated with marking the commodity hedging contracts to market (fair value) are recorded as a component of other comprehensive 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. We assess 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. We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 65 million and 120 million bushels of corn as of June 30, 2023 and December 31, 2022, respectively. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 31 million mmbtus of natural gas as of both June 30, 2023 and December 31, 2022. Foreign currency hedging : Due to our global operations, including operations in many emerging markets, we are exposed to fluctuations in foreign currency exchange rates. As a result, we have exposure to translational foreign-exchange risk when the results of our foreign operations are translated to U.S. dollars and to transactional foreign-exchange risk when transactions not denominated in the functional currency are revalued. Our foreign-exchange risk management strategy uses derivative financial instruments such as foreign currency forward contracts, swaps and options to manage our transactional foreign exchange risk. We enter into foreign currency derivative instruments that are designated as both cash flow hedging instruments as well as instruments not designated as hedging instruments for accounting purposes in order to mitigate transactional foreign-exchange risk. Gains and losses from derivative financial instruments not designated as hedging instruments for accounting purposes are marked to market in earnings during each period. We hedge certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $470 million and $405 million as of June 30, 2023 and December 31, 2022, respectively. We also hedge certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $264 million and $239 million as of June 30, 2023 and December 31, 2022, respectively. We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $464 million and $668 million as of June 30, 2023 and December 31, 2022, respectively. We also hedge certain liability positions using foreign currency cash flow hedging instruments, which had a notional value of $703 million and $840 million as of June 30, 2023 and December 31, 2022, respectively. Interest rate hedging : We assess our exposure to variability in interest rates by identifying and monitoring changes in interest rates that may adversely impact future cash flows and the fair value of existing debt instruments and by evaluating hedging opportunities. Our risk management strategy is to monitor interest rate risk attributable to both our outstanding and forecasted debt obligations as well as our offsetting hedge positions. Derivative financial instruments that we have used to manage our interest rate risk consist of interest rate swaps and T-Locks. We periodically enter into T-Locks to hedge our exposure to interest rate changes. 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, we 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. We did not have outstanding T-Locks as of June 30, 2023 and December 31, 2022. The derivative instruments designated as cash flow hedges included in AOCL as of June 30, 2023 and December 31, 2022, are reflected below: Derivatives in Cash Flow Hedging Relationships Gains (Losses) (in millions) June 30, December 31, Commodity contracts, net of income tax effect of $27 and $3, respectively $ (75) $ 8 Foreign currency contracts, net of income tax effect of $— (1) 1 Interest rate contracts, net of income tax effect of $1 (3) (3) Total $ (79) $ 6 The fair value and balance sheet location of our derivative instruments, presented gross in the Condensed Consolidated Balance Sheets, are reflected below: Fair Value of Hedging Instruments as of June 30, 2023 Designated Hedging Instruments (in millions) Non-Designated Hedging Instruments (in millions) Balance Sheet Location Commodity Contracts Foreign Currency Contracts Total Commodity Contracts Foreign Currency Contracts Total Accounts receivable, net $ 6 $ 12 $ 18 $ 2 $ 5 $ 7 Other assets 1 4 5 — — — Assets 7 16 23 2 5 7 Accounts payable and accrued liabilities 84 16 100 2 11 13 Non-current liabilities 5 — 5 — — — Liabilities 89 16 105 2 11 13 Net Assets/(Liabilities) $ (82) $ — $ (82) $ — $ (6) $ (6) Fair Value of Hedging Instruments as of December 31, 2022 Designated Hedging Instruments (in millions) Non-Designated Hedging Instruments (in millions) Balance Sheet Location Commodity Contracts Foreign Currency Contracts Total Commodity Contracts Foreign Currency Contracts Total Accounts receivable, net $ 28 $ 20 $ 48 $ — $ 5 $ 5 Other assets 1 6 7 — — — Assets 29 26 55 — 5 5 Accounts payable and accrued liabilities 22 23 45 1 6 7 Non-current liabilities 3 9 12 — — — Liabilities 25 32 57 1 6 7 Net Assets/(Liabilities) $ 4 $ (6) $ (2) $ (1) $ (1) $ (2) Additional information relating to our derivative instruments is presented below: Derivatives in Cash Flow Gains (Losses) Gains (Losses) Hedging Relationships Three Months Ended June 30, Income Statement Three Months Ended June 30, (in millions) 2023 2022 Location 2023 2022 Commodity contracts $ (55) $ (3) Cost of sales $ (18) $ 81 Foreign currency contracts (4) 6 Net sales/Cost of sales (2) 1 Interest rate contracts — — Financing costs, net — — Total $ (59) $ 3 $ (20) $ 82 Derivatives in Cash Flow Gains (Losses) Gains (Losses) Hedging Relationships Six Months Ended June 30, Income Statement Six Months Ended June 30, (in millions) 2023 2022 Location 2023 2022 Commodity contracts $ (122) $ 168 Cost of sales $ (9) $ 125 Foreign currency contracts 5 11 Net sales/Cost of sales 7 3 Interest rate contracts — — Financing costs, net — — Total $ (117) $ 179 $ (2) $ 128 As of June 30, 2023, AOCL included $76 million of net losses (net of income taxes of $26 million) on commodities-related derivative instruments, T-Locks and foreign currency hedges designated as cash flow hedges that are expected to be reclassified into earnings during the next 12 months.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	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, 2023 As of December 31, 2022 (in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ 4 $ 4 $ — $ — $ 3 $ 3 $ — $ — Derivative assets 30 29 1 — 60 49 11 — Derivative liabilities 118 86 32 — 64 51 13 — Long-term debt 1,752 — 1,752 — 1,733 — 1,733 —

Financing Arrangements

Financing Arrangements	6 Months Ended
Financing Arrangements	Jun. 30, 2023
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs as of June 30, 2023 and December 31, 2022: (in millions) As of As of 2.900% senior notes due June 1, 2030 $ 596 $ 595 3.200% senior notes due October 1, 2026 498 498 3.900% senior notes due June 1, 2050 391 390 6.625% senior notes due April 15, 2037 253 253 Term loan credit agreement due December 16, 2024 200 200 Revolving credit agreement — — Other long-term borrowings 1 4 Total long-term debt 1,939 1,940 Commercial paper 390 390 Other short-term borrowings 132 153 Total short-term borrowings 522 543 Total debt $ 2,461 $ 2,483 We maintain a commercial paper program under which we 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. We use the note proceeds for general corporate purposes. During the six months ended June 30, 2023, the average amount of commercial paper outstanding was $468 million with an average interest rate of 5.13 percent and a weighted average maturity of 10 days. 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, 2023, $390 million of commercial paper was outstanding with an average interest rate of 5.38 percent and a weighted average maturity of 15 days. As of December 31, 2022, $390 million of commercial paper was outstanding with an average interest rate of 4.75 percent and a weighted average maturity of 7 days. The amount of commercial paper outstanding under this program in 2023 is expected to fluctuate. Other short-term borrowings as of June 30, 2023 and December 31, 2022 primarily include amounts outstanding under various unsecured local country operating lines of credit.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Following the July 1, 2023 expiration of our collective bargaining agreement with the union at our Indianapolis manufacturing facility, we entered into a short-term extension, during which there will be no work stoppage, in order to facilitate continued negotiations between the union and us relating to a new long-term agreement. In October 2022, the Brazilian Superior Court of Justice issued a motion of clarification that certain tax incentives provided by local governments can be excluded from taxable income. In the fourth quarter of 2022, we filed an action for the right to recover previously taxable local government tax incentives granted during fiscal years 2018 to 2022. As our recovery is probable, we recorded a $27 million income tax benefit, which we expect to recover within five years. As of June 30, 2023 and December 31, 2022, we had $31 million and $27 million, respectively, of remaining tax incentives recorded within Other assets on the Condensed Consolidated Balance Sheets.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	6 Months Ended
Pension and Other Postretirement Benefits	Jun. 30, 2023
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	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) 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ 1 $ 1 $ 1 $ 1 $ 1 $ 2 $ 2 $ 2 Interest cost 4 2 3 3 8 4 5 5 Expected return on plan assets (4) (4) (2) (2) (8) (8) (4) (4) Net periodic benefit cost (a) $ 1 $ (1) $ 2 $ 2 $ 1 $ (2) $ 3 $ 3 We anticipate that we will make cash contributions of $1 million and $3 million to our U.S. and non-U.S. pension plans, respectively, in 2023. For the six months ended June 30, 2023, 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) 2023 2022 2023 2022 Service cost $ — $ — $ — $ — Interest cost 1 — 2 1 Amortization of prior service cost — 1 — 1 Net periodic benefit cost (a) $ 1 $ 1 $ 2 $ 2 _______________________________________ (a) The service cost component of net periodic benefit cost is presented within either Cost of sales or Operating expenses on the Condensed Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of prior service credit, and amortization of actuarial loss components of net periodic benefit cost are presented within Other non-operating expense (income) on the Condensed Consolidated Statements of Income.

Equity

Equity	6 Months Ended
Equity	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Equity	Equity Treasury stock: On September 26, 2022, the Board of Directors authorized a new stock repurchase program permitting us to purchase up to 6 million shares of our outstanding common stock from September 26, 2022 through December 31, 2025. We may repurchase shares from time to time in the open market, in privately negotiated transactions, or otherwise, at prices we deem appropriate. We are not obligated to repurchase any shares under the authorization, and the new repurchase program may be suspended, discontinued, or modified at any time, for any reason and without notice. The parameters of our stock repurchase program are not established solely with reference to the dilutive impact of shares issued under our stock incentive plan. However, we expect that, over time, share repurchases will offset the dilutive impact of shares issued under the stock incentive plan. During the three and six months ended June 30, 2023, there were no shares of common stock repurchased. During the three and six months ended June 30, 2022, we repurchased 502 thousand and 957 thousand shares of common stock in open market transactions at a net cost of $44 million and $83 million, respectively. Share-based payments : The following table summarizes the components of our share-based compensation expense for the periods presented: Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 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 7 6 Income tax benefit — (1) (1) (1) RSUs, net of income taxes 3 2 6 5 Performance shares and other share-based awards: Pre-tax compensation expense 1 4 5 7 Income tax benefit — — — (1) Performance shares and other share-based compensation expense, net of income taxes 1 4 5 6 Total share-based compensation: Pre-tax compensation expense 5 8 14 15 Income tax benefit — (1) (1) (2) Total share-based compensation expense, net of income taxes $ 5 $ 7 $ 13 $ 13 Stock Options: Under our stock incentive plan, stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 10-year term and are exercisable upon vesting, which occurs over a three-year period at the anniversary dates of the date of grant. We generally recognize compensation expense 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. We estimate a forfeiture rate at the time of grant and update the estimate throughout the vesting period of the stock options within the amount of compensation costs recognized in each period. We granted non-qualified options to purchase 197 thousand shares and 281 thousand shares for the six months ended June 30, 2023 and 2022, respectively. We estimated the fair value of each option grant by using the Black-Scholes option-pricing model with the following assumptions: Six Months Ended June 30, 2023 2022 Expected life (in years) 5.5 5.5 Risk-free interest rate 4.0% 2.0% Expected volatility 28.3% 23.8% Expected dividend yield 2.9% 2.9% The expected life of options represents the weighted average period that we expect options granted to be outstanding giving consideration to vesting schedules and our historical exercise patterns. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the grant date for the period corresponding to the expected life of the options. Expected volatility is based on historical volatilities of our common stock, and dividend yields are based on our dividend yield at the date of issuance. A summary of stock option transactions for the six months ended June 30, 2023 is as follows: Number of Options Weighted Average Exercise Price per Share Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2022 2,222 $ 92.32 5.16 $ 24 Granted 197 98.69 Exercised (297) 71.95 Cancelled (37) 92.18 Outstanding as of June 30, 2023 2,085 $ 95.82 5.34 $ 29 Exercisable as of June 30, 2023 1,637 $ 96.76 4.39 $ 23 For the six months ended June 30, 2023, cash received from the exercise of stock options was approximately $21 million. As of June 30, 2023, the unrecognized compensation cost related to non-vested stock options totaled $5 million, which we expect to amortize over the weighted-average period of approximately 1.7 years. Additional information pertaining to stock option activity is as follows: Three Months Ended Six Months Ended (dollars in millions, except per share) 2023 2022 2023 2022 Weighted average grant date fair value of stock options granted (per share) $ — $ — $ 23.80 $ 15.04 Total intrinsic value of stock options exercised 4 1 10 2 Restricted Stock Units: We have granted restricted stock units (“RSUs”) to certain key employees. The RSUs are primarily subject to cliff vesting, generally after three years, provided the employee remains in our service. The fair value of the RSUs is determined based upon the number of shares granted and the quoted market price of our common stock at the grant date. The following table summarizes RSU activity in 2023: (shares in thousands) Number of Weighted Non-vested at December 31, 2022 517 $ 88.04 Granted 213 98.46 Vested (138) 88.43 Cancelled (28) 90.88 Non-vested at June 30, 2023 564 $ 91.80 At June 30, 2023, the total remaining unrecognized compensation cost related to RSUs was $29 million, which will be amortized on a weighted-average basis over approximately 2.0 years. Performance Shares: We have a long-term incentive plan for senior management in the form of performance shares. The vesting of the performance shares is generally based on two performance metrics. Fifty percent of the performance shares awarded vest based on our total shareholder return as compared to the total shareholder return of our peer group and the remaining fifty percent vest based on the calculation of our three-year average Adjusted Return on Invested Capital (“ROIC”) against an established ROIC target. For the 2023 performance shares awarded based on our total shareholder return, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our total shareholder return as compared to the total shareholder return of our peer group. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the People, Culture, and Compensation Committee ("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. We amortize the total compensation expense for these awards over a three-year graded vesting schedule. For the 2023 performance shares awarded based on Adjusted ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our Adjusted ROIC performance against the target. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the Compensation Committee. We base compensation expense on the market price of our common stock on the grant date and the final number of shares that ultimately vest. We estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect our estimated Adjusted ROIC performance against the target. We amortize the total compensation expense for these awards over a three-year graded vesting schedule. For the six months ended June 30, 2023, we awarded 92,628 thousand performance shares at a weighted average fair value of $114.26 per share. As of June 30, 2023, the unrecognized compensation cost related to these awards was $14 million, which we will amortize over the remaining service period of 2.2 years. The 2020 performance share awards that vested in February 2023 achieved a 77 percent payout of the granted performance shares. As of June 30, 2023, we estimated the 2021 performance share awards will pay out at 180 percent. For the six months ended June 30, 2023, 34 thousand shares were cancelled. Accumulated Other Comprehensive Loss: The following is a summary of accumulated other comprehensive income (loss) for the six months ended June 30, 2023 and 2022: (in millions) Cumulative Translation Adjustment Hedging Activities Pension and Postretirement Adjustment AOCL Balance, December 31, 2022 $ (1,008) $ 6 $ (46) $ (1,048) Other comprehensive income (loss) before reclassification adjustments 15 (117) (2) (104) Loss reclassified from accumulated OCL — 2 — 2 Tax benefit — 30 1 31 Net other comprehensive income (loss) 15 (85) (1) (71) Balance, June 30, 2023 $ (993) $ (79) $ (47) $ (1,119) (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) 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 Share-based Redeemable (in millions) Preferred Common Additional Treasury Accumulated Other Retained Non- Balance, December 31, 2022 $ — $ 1 $ 1,132 $ (1,148) $ (1,048) $ 4,210 $ 16 $ 48 $ 51 Net income attributable to Ingredion 191 Net income attributable to non-controlling interests 3 Dividends declared, common stock ($0.71/share) (47) Share-based compensation, net of issuance 1 21 (10) Other comprehensive (loss) (50) (6) Balance, March 31, 2023 $ — $ 1 $ 1,133 $ (1,127) $ (1,098) $ 4,354 $ 13 $ 38 $ 51 Net income attributable to Ingredion 163 Net income attributable to non-controlling interests 1 Dividends declared, common stock ($0.71/share) (48) Dividends declared, non-controlling interests (1) Share-based compensation, net of issuance 2 11 5 Fair market value adjustment to non-controlling interests 7 (7) Other comprehensive (loss) (21) (1) (1) Balance, June 30, 2023 $ — $ 1 $ 1,142 $ (1,116) $ (1,119) $ 4,469 $ 12 $ 43 $ 43 Total Equity Share-based Redeemable (in millions) Preferred Common Additional Treasury Accumulated Other Retained Non- 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/per 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 Supplemental Information : The following table provides the computation of basic and diluted earnings per common share (“EPS”) for the periods presented. Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 (in millions, except per share amounts) Net Income Weighted Per Net Income Weighted Per Basic EPS $ 163 66.3 $ 2.46 $ 142 66.4 $ 2.14 Effect of Dilutive Securities: Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards 1.0 0.7 Diluted EPS $ 163 67.3 $ 2.42 $ 142 67.1 $ 2.12 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 (in millions, except per share amounts) Net Income Weighted Per Net Income Weighted Per Basic EPS $ 354 66.2 $ 5.35 $ 272 66.6 $ 4.08 Effect of Dilutive Securities: Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards 1.0 0.7 Diluted EPS $ 354 67.2 $ 5.27 $ 272 67.3 $ 4.04 Approximately 0.6 million and 0.5 million share-based awards of common stock were excluded for the three and six months ended June 30, 2023, respectively, from the calculation of the weighted average number of shares outstanding for diluted EPS because their effects were anti-dilutive. For the three and six months ended June 30, 2022, approximately 1.5 million and 1.4 million share-based awards of common stock, respectively, were excluded from the calculation of the weighted average number of shares outstanding for diluted EPS because their effects were anti-dilutive.

Information by Segment and Geog

Information by Segment and Geographic Region	6 Months Ended
Information by Segment and Geographic Region	Jun. 30, 2023
Segment Reporting [Abstract]
Information by Segment and Geographic Region	Information by Segment and Geographic RegionWe are principally engaged in the production and sale of starches and sweeteners for a wide range of industries, and we are managed geographically on a regional basis. The nature, amount, timing and uncertainty of our Net sales are managed by us primarily based on our geographic segments, which we classify and report as North America, South America, Asia-Pacific and Europe, the Middle East, and Africa ("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 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 our net sales to unaffiliated customers by reportable segment for the periods indicated: Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Net sales to unaffiliated customers: North America $ 1,342 $ 1,284 $ 2,698 $ 2,458 South America 257 290 526 542 Asia-Pacific 267 275 544 547 EMEA 203 195 438 389 Total net sales $ 2,069 $ 2,044 $ 4,206 $ 3,936 Presented below is our operating income by reportable segment for the periods indicated: Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Operating income: North America $ 197 $ 161 $ 404 $ 317 South America 23 39 64 77 Asia-Pacific 27 21 55 43 EMEA 42 29 99 60 Corporate (38) (35) (75) (69) Subtotal 251 215 547 428 Acquisition/integration costs — — — (1) Restructuring/impairment charges — (2) — (4) Other matters — — (5) — Total operating income $ 251 $ 213 $ 542 $ 423 Presented below are our total assets by reportable segment as of June 30, 2023 and December 31, 2022: (in millions) As of As of Assets: North America (a) $ 4,580 $ 4,499 South America 922 949 Asia-Pacific 1,395 1,467 EMEA 703 646 Total assets $ 7,600 $ 7,561 _____________________ (a) For purposes of presentation, North America includes Corporate assets.

Supplementary Information

Supplementary Information	6 Months Ended
Supplementary Information	Jun. 30, 2023
Supplementary Information
Supplementary Information	Supplementary Information Accounts Receivable, Net Accounts receivable, net as of June 30, 2023 and December 31, 2022, consist of: (in millions) As of As of Accounts receivable — trade $ 1,221 $ 1,200 Accounts receivable — other 162 228 Allowance for credit losses (17) (17) Total accounts receivable $ 1,366 $ 1,411 There wer e no significant contract assets or contract liabilities associated with our customers as of June 30, 2023 or December 31, 2022. Liabilities for volume discounts and incentives were also not significant as of June 30, 2023 or December 31, 2022. Inventories Inventories as of June 30, 2023 and December 31, 2022, consist of: (in millions) As of As of Finished and in process $ 998 $ 962 Raw materials 527 539 Manufacturing supplies 93 96 Total inventories $ 1,618 $ 1,597 Supply Chain Finance Programs Under supply chain finance programs administered by third-party banks, our suppliers have the opportunity to sell receivables due from us to participating financing institutions and receive earlier payment at a discount. Our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether such supplier sells its receivable to a financial institution. The payment terms we negotiate with a supplier are independent of whether such supplier participates in a supply chain finance program, and participation in any such program by a supplier has no effect on our income or cash flows.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 163	$ 142	$ 354	$ 272

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Amended Trading Plan [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 4, 2023, James P. Zallie, our President and Chief Executive Officer, entered into an amended written plan for the sale of up to 56,331 shares of our common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The plan commences on August 11, 2023 and will expire on February 2, 2026, or on any earlier date on which all of the shares have been sold.
Name	James P. Zallie
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 4, 2023
Arrangement Duration	906 days
Aggregate Available	56,331	56,331
Original Trading Plan [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Also on May 4, 2023, Mr. Zallie terminated an existing written plan that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. This original plan provided for the sale of up to 56,331 shares of our common stock between March 13, 2023 and October 10, 2024.
Name	James P. Zallie
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 4, 2023
Arrangement Duration	577 days
Aggregate Available	56,331	56,331

Summary of Significant Accoun_2

Summary of Significant Accounting Standards and Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
New Accounting Standards	New Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2024. We adopted ASU 2020-04 at the beginning of our 2023 fiscal year, and this ASU did not have a material impact on our Condensed Consolidated Financial Statements. In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations

Investments (Tables)

Investments (Tables)	6 Months Ended
Investments (Tables)	Jun. 30, 2023
Investments [Abstract]
Schedule of Investments	Investments consisted of the following as of: (in millions) June 30, December 31, Equity investments $ 23 $ 23 Equity method investments 116 113 Marketable securities 4 3 Total investments $ 143 $ 139

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Cash Flow Hedges Included in AOCI	The derivative instruments designated as cash flow hedges included in AOCL as of June 30, 2023 and December 31, 2022, are reflected below: Derivatives in Cash Flow Hedging Relationships Gains (Losses) (in millions) June 30, December 31, Commodity contracts, net of income tax effect of $27 and $3, respectively $ (75) $ 8 Foreign currency contracts, net of income tax effect of $— (1) 1 Interest rate contracts, net of income tax effect of $1 (3) (3) Total $ (79) $ 6
Schedule of Fair Value and Balance Sheet Location of Derivative Instruments	The fair value and balance sheet location of our derivative instruments, presented gross in the Condensed Consolidated Balance Sheets, are reflected below: Fair Value of Hedging Instruments as of June 30, 2023 Designated Hedging Instruments (in millions) Non-Designated Hedging Instruments (in millions) Balance Sheet Location Commodity Contracts Foreign Currency Contracts Total Commodity Contracts Foreign Currency Contracts Total Accounts receivable, net $ 6 $ 12 $ 18 $ 2 $ 5 $ 7 Other assets 1 4 5 — — — Assets 7 16 23 2 5 7 Accounts payable and accrued liabilities 84 16 100 2 11 13 Non-current liabilities 5 — 5 — — — Liabilities 89 16 105 2 11 13 Net Assets/(Liabilities) $ (82) $ — $ (82) $ — $ (6) $ (6) Fair Value of Hedging Instruments as of December 31, 2022 Designated Hedging Instruments (in millions) Non-Designated Hedging Instruments (in millions) Balance Sheet Location Commodity Contracts Foreign Currency Contracts Total Commodity Contracts Foreign Currency Contracts Total Accounts receivable, net $ 28 $ 20 $ 48 $ — $ 5 $ 5 Other assets 1 6 7 — — — Assets 29 26 55 — 5 5 Accounts payable and accrued liabilities 22 23 45 1 6 7 Non-current liabilities 3 9 12 — — — Liabilities 25 32 57 1 6 7 Net Assets/(Liabilities) $ 4 $ (6) $ (2) $ (1) $ (1) $ (2)
Schedule of Amount of Gains and Losses Recognized in OCI and Income Statement Location	Additional information relating to our derivative instruments is presented below: Derivatives in Cash Flow Gains (Losses) Gains (Losses) Hedging Relationships Three Months Ended June 30, Income Statement Three Months Ended June 30, (in millions) 2023 2022 Location 2023 2022 Commodity contracts $ (55) $ (3) Cost of sales $ (18) $ 81 Foreign currency contracts (4) 6 Net sales/Cost of sales (2) 1 Interest rate contracts — — Financing costs, net — — Total $ (59) $ 3 $ (20) $ 82 Derivatives in Cash Flow Gains (Losses) Gains (Losses) Hedging Relationships Six Months Ended June 30, Income Statement Six Months Ended June 30, (in millions) 2023 2022 Location 2023 2022 Commodity contracts $ (122) $ 168 Cost of sales $ (9) $ 125 Foreign currency contracts 5 11 Net sales/Cost of sales 7 3 Interest rate contracts — — Financing costs, net — — Total $ (117) $ 179 $ (2) $ 128

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and liabilities measured at fair value on a recurring basis are presented below: As of June 30, 2023 As of December 31, 2022 (in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable Securities $ 4 $ 4 $ — $ — $ 3 $ 3 $ — $ — Derivative assets 30 29 1 — 60 49 11 — Derivative liabilities 118 86 32 — 64 51 13 — Long-term debt 1,752 — 1,752 — 1,733 — 1,733 —

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
Financing Arrangements (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs as of June 30, 2023 and December 31, 2022: (in millions) As of As of 2.900% senior notes due June 1, 2030 $ 596 $ 595 3.200% senior notes due October 1, 2026 498 498 3.900% senior notes due June 1, 2050 391 390 6.625% senior notes due April 15, 2037 253 253 Term loan credit agreement due December 16, 2024 200 200 Revolving credit agreement — — Other long-term borrowings 1 4 Total long-term debt 1,939 1,940 Commercial paper 390 390 Other short-term borrowings 132 153 Total short-term borrowings 522 543 Total debt $ 2,461 $ 2,483

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	6 Months Ended
Pension and Other Postretirement Benefits (Tables)	Jun. 30, 2023
Pension Plan
Pension and other postretirement benefits
Components of Net Periodic Benefit Cost	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) 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ 1 $ 1 $ 1 $ 1 $ 1 $ 2 $ 2 $ 2 Interest cost 4 2 3 3 8 4 5 5 Expected return on plan assets (4) (4) (2) (2) (8) (8) (4) (4) Net periodic benefit cost (a) $ 1 $ (1) $ 2 $ 2 $ 1 $ (2) $ 3 $ 3
Postemployment Retirement Benefits
Pension and other postretirement benefits
Components of Net Periodic Benefit Cost	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) 2023 2022 2023 2022 Service cost $ — $ — $ — $ — Interest cost 1 — 2 1 Amortization of prior service cost — 1 — 1 Net periodic benefit cost (a) $ 1 $ 1 $ 2 $ 2 _______________________________________ (a) The service cost component of net periodic benefit cost is presented within either Cost of sales or Operating expenses on the Condensed Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of prior service credit, and amortization of actuarial loss components of net periodic benefit cost are presented within Other non-operating expense (income) on the Condensed Consolidated Statements of Income.

Equity (Tables)

Equity (Tables)	6 Months Ended
Equity (Tables)	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of Share-Based Compensation Expense	The following table summarizes the components of our share-based compensation expense for the periods presented: Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 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 7 6 Income tax benefit — (1) (1) (1) RSUs, net of income taxes 3 2 6 5 Performance shares and other share-based awards: Pre-tax compensation expense 1 4 5 7 Income tax benefit — — — (1) Performance shares and other share-based compensation expense, net of income taxes 1 4 5 6 Total share-based compensation: Pre-tax compensation expense 5 8 14 15 Income tax benefit — (1) (1) (2) Total share-based compensation expense, net of income taxes $ 5 $ 7 $ 13 $ 13
Schedule of Valuation Assumptions for Stock Options	he fair value of each option grant by using the Black-Scholes option-pricing model with the following assumptions: Six Months Ended June 30, 2023 2022 Expected life (in years) 5.5 5.5 Risk-free interest rate 4.0% 2.0% Expected volatility 28.3% 23.8% Expected dividend yield 2.9% 2.9%
Schedule of Stock Option Transactions	A summary of stock option transactions for the six months ended June 30, 2023 is as follows: Number of Options Weighted Average Exercise Price per Share Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2022 2,222 $ 92.32 5.16 $ 24 Granted 197 98.69 Exercised (297) 71.95 Cancelled (37) 92.18 Outstanding as of June 30, 2023 2,085 $ 95.82 5.34 $ 29 Exercisable as of June 30, 2023 1,637 $ 96.76 4.39 $ 23
Schedule of Additional Information Pertaining to Stock Option Activity	Additional information pertaining to stock option activity is as follows: Three Months Ended Six Months Ended (dollars in millions, except per share) 2023 2022 2023 2022 Weighted average grant date fair value of stock options granted (per share) $ — $ — $ 23.80 $ 15.04 Total intrinsic value of stock options exercised 4 1 10 2
Schedule of Restricted Unit Activity	The following table summarizes RSU activity in 2023: (shares in thousands) Number of Weighted Non-vested at December 31, 2022 517 $ 88.04 Granted 213 98.46 Vested (138) 88.43 Cancelled (28) 90.88 Non-vested at June 30, 2023 564 $ 91.80
Summary of Accumulated Other Comprehensive Loss	The following is a summary of accumulated other comprehensive income (loss) for the six months ended June 30, 2023 and 2022: (in millions) Cumulative Translation Adjustment Hedging Activities Pension and Postretirement Adjustment AOCL Balance, December 31, 2022 $ (1,008) $ 6 $ (46) $ (1,048) Other comprehensive income (loss) before reclassification adjustments 15 (117) (2) (104) Loss reclassified from accumulated OCL — 2 — 2 Tax benefit — 30 1 31 Net other comprehensive income (loss) 15 (85) (1) (71) Balance, June 30, 2023 $ (993) $ (79) $ (47) $ (1,119) (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)
Schedule of Basic and Diluted Earnings Per Common Share	The following table provides the computation of basic and diluted earnings per common share (“EPS”) for the periods presented. Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 (in millions, except per share amounts) Net Income Weighted Per Net Income Weighted Per Basic EPS $ 163 66.3 $ 2.46 $ 142 66.4 $ 2.14 Effect of Dilutive Securities: Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards 1.0 0.7 Diluted EPS $ 163 67.3 $ 2.42 $ 142 67.1 $ 2.12 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 (in millions, except per share amounts) Net Income Weighted Per Net Income Weighted Per Basic EPS $ 354 66.2 $ 5.35 $ 272 66.6 $ 4.08 Effect of Dilutive Securities: Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards 1.0 0.7 Diluted EPS $ 354 67.2 $ 5.27 $ 272 67.3 $ 4.04
Schedule of Stockholders Equity	The following Condensed Consolidated Statements of Equity and Redeemable Equity present the dividends per share for common stock for the periods indicated: Total Equity Share-based Redeemable (in millions) Preferred Common Additional Treasury Accumulated Other Retained Non- Balance, December 31, 2022 $ — $ 1 $ 1,132 $ (1,148) $ (1,048) $ 4,210 $ 16 $ 48 $ 51 Net income attributable to Ingredion 191 Net income attributable to non-controlling interests 3 Dividends declared, common stock ($0.71/share) (47) Share-based compensation, net of issuance 1 21 (10) Other comprehensive (loss) (50) (6) Balance, March 31, 2023 $ — $ 1 $ 1,133 $ (1,127) $ (1,098) $ 4,354 $ 13 $ 38 $ 51 Net income attributable to Ingredion 163 Net income attributable to non-controlling interests 1 Dividends declared, common stock ($0.71/share) (48) Dividends declared, non-controlling interests (1) Share-based compensation, net of issuance 2 11 5 Fair market value adjustment to non-controlling interests 7 (7) Other comprehensive (loss) (21) (1) (1) Balance, June 30, 2023 $ — $ 1 $ 1,142 $ (1,116) $ (1,119) $ 4,469 $ 12 $ 43 $ 43 Total Equity Share-based Redeemable (in millions) Preferred Common Additional Treasury Accumulated Other Retained Non- 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/per 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

Information by Segment and Ge_2

Information by Segment and Geographic Region (Tables)	6 Months Ended
Information by Segment and Geographic Region (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting of Net Sales, Operating Income and Total Assets	Presented below are our net sales to unaffiliated customers by reportable segment for the periods indicated: Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Net sales to unaffiliated customers: North America $ 1,342 $ 1,284 $ 2,698 $ 2,458 South America 257 290 526 542 Asia-Pacific 267 275 544 547 EMEA 203 195 438 389 Total net sales $ 2,069 $ 2,044 $ 4,206 $ 3,936 Presented below is our operating income by reportable segment for the periods indicated: Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Operating income: North America $ 197 $ 161 $ 404 $ 317 South America 23 39 64 77 Asia-Pacific 27 21 55 43 EMEA 42 29 99 60 Corporate (38) (35) (75) (69) Subtotal 251 215 547 428 Acquisition/integration costs — — — (1) Restructuring/impairment charges — (2) — (4) Other matters — — (5) — Total operating income $ 251 $ 213 $ 542 $ 423 Presented below are our total assets by reportable segment as of June 30, 2023 and December 31, 2022: (in millions) As of As of Assets: North America (a) $ 4,580 $ 4,499 South America 922 949 Asia-Pacific 1,395 1,467 EMEA 703 646 Total assets $ 7,600 $ 7,561 _____________________ (a) For purposes of presentation, North America includes Corporate assets.

Supplementary Information (Tabl

Supplementary Information (Tables)	6 Months Ended
Supplementary Information (Tables)	Jun. 30, 2023
Supplementary Information
Schedule of Accounts Receivable, Net	Accounts receivable, net as of June 30, 2023 and December 31, 2022, consist of: (in millions) As of As of Accounts receivable — trade $ 1,221 $ 1,200 Accounts receivable — other 162 228 Allowance for credit losses (17) (17) Total accounts receivable $ 1,366 $ 1,411
Schedule of Inventories	Inventories as of June 30, 2023 and December 31, 2022, consist of: (in millions) As of As of Finished and in process $ 998 $ 962 Raw materials 527 539 Manufacturing supplies 93 96 Total inventories $ 1,618 $ 1,597

Acquisitions - (Details)

Acquisitions - (Details) - USD ($) $ in Millions	Dec. 01, 2022	Aug. 01, 2022	Mar. 31, 2026	Jun. 30, 2023	Dec. 31, 2022
Acquisitions
Goodwill and intangible assets				$ 1,311	$ 1,301
Mannitab Pharma Specialties Private Limited
Acquisitions
Additional percentage of outstanding shares acquired	65%
Payment for acquisition, net of cash acquired	$ 22
Goodwill and intangible assets	$ 28
Mannitab Pharma Specialties Private Limited \| Forecast
Acquisitions
Additional percentage of outstanding shares acquired			35%
Amishi Drugs And Chemicals Private Limited
Acquisitions
Payment for acquisition, net of cash acquired		$ 7
Goodwill and intangible assets		$ 3

Investments - Breakdown of Inve

Investments - Breakdown of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Equity investments	$ 23	$ 23
Equity method investments	116	113
Marketable securities	4	3
Total investments	$ 143	$ 139

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Commodity Price Hedging (Details) bu in Millions, MMBTU in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) MMBTU bu	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) MMBTU bu	Jun. 30, 2022 USD ($)	Dec. 31, 2022 MMBTU bu
Commodity Contracts \| Minimum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative			12 months
Commodity Contracts \| Maximum
Financial instruments, derivatives and hedging activities
Maturity period of price risk derivative			24 months
Corn Commodity
Financial instruments, derivatives and hedging activities
Futures contract (in bushels for corn) \| bu	65		65		120
Corn Commodity \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Gain (loss) recognized in income, not a hedging instrument \| $	$ 0	$ (3)	$ 1	$ (1)
Natural Gas Commodity
Financial instruments, derivatives and hedging activities
Natural gas swap contract (in mmbtu of natural gas) \| MMBTU	31		31		31

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Foreign Currency Hedging (Details) - Foreign Currency Contracts - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Short \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 470	$ 405
Long \| Not Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	264	239
Cash Flow Hedging \| Short \| Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	464	668
Cash Flow Hedging \| Long \| Designated as Hedging Instrument
Financial instruments, derivatives and hedging activities
Derivative notional amount	$ 703	$ 840

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Cash Flow Hedges in AOCI (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Gains (Losses) included in AOCL	$ (1,119)	$ (1,048)
Cash Flow Hedging
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Gains (Losses) included in AOCL	(79)	6
Cash Flow Hedging \| Commodity contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Tax effect of gains (losses) on cash flow hedges	(27)	3
Gains (Losses) included in AOCL	(75)	8
Cash Flow Hedging \| Foreign currency contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Tax effect of gains (losses) on cash flow hedges	0	0
Gains (Losses) included in AOCL	(1)	1
Cash Flow Hedging \| Interest rate contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Tax effect of gains (losses) on cash flow hedges	(1)	(1)
Gains (Losses) included in AOCL	$ (3)	$ (3)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair value of derivatives
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, Accounts receivable, net	Other assets, Accounts receivable, net
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued liabilities, Other non-current liabilities	Accounts payable and accrued liabilities, Other non-current liabilities
Designated Hedging Instruments
Fair value of derivatives
Fair value of derivative instruments, assets	$ 23	$ 55
Fair value of derivative instruments, liabilities	105	57
Fair value of derivative instruments, Net Assets/(Liabilities)	(82)	(2)
Designated Hedging Instruments \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	18	48
Designated Hedging Instruments \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	5	7
Designated Hedging Instruments \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	100	45
Designated Hedging Instruments \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	5	12
Designated Hedging Instruments \| Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	7	29
Fair value of derivative instruments, liabilities	89	25
Fair value of derivative instruments, Net Assets/(Liabilities)	(82)	4
Designated Hedging Instruments \| Commodity Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	6	28
Designated Hedging Instruments \| Commodity Contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	1	1
Designated Hedging Instruments \| Commodity Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	84	22
Designated Hedging Instruments \| Commodity Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	5	3
Designated Hedging Instruments \| Foreign Currency Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	16	26
Fair value of derivative instruments, liabilities	16	32
Fair value of derivative instruments, Net Assets/(Liabilities)	0	(6)
Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	12	20
Designated Hedging Instruments \| Foreign Currency Contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	4	6
Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	16	23
Designated Hedging Instruments \| Foreign Currency Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	0	9
Non-Designated Hedging Instruments
Fair value of derivatives
Fair value of derivative instruments, assets	7	5
Fair value of derivative instruments, liabilities	13	7
Fair value of derivative instruments, Net Assets/(Liabilities)	(6)	(2)
Non-Designated Hedging Instruments \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	7	5
Non-Designated Hedging Instruments \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	0
Non-Designated Hedging Instruments \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	13	7
Non-Designated Hedging Instruments \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	0	0
Non-Designated Hedging Instruments \| Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	2	0
Fair value of derivative instruments, liabilities	2	1
Fair value of derivative instruments, Net Assets/(Liabilities)	0	(1)
Non-Designated Hedging Instruments \| Commodity Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	2	0
Non-Designated Hedging Instruments \| Commodity Contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	0
Non-Designated Hedging Instruments \| Commodity Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	2	1
Non-Designated Hedging Instruments \| Commodity Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	0	0
Non-Designated Hedging Instruments \| Foreign Currency Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	5	5
Fair value of derivative instruments, liabilities	11	6
Fair value of derivative instruments, Net Assets/(Liabilities)	(6)	(1)
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	5	5
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Other assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	0
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts payable and accrued liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	11	6
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	$ 0	$ 0

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	$ (59)	$ 3	$ (117)	$ 179
Gains (Losses) Reclassified from AOCL into Income	(20)	82	(2)	128
Commodity contracts
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	(55)	(3)	(122)	168
Commodity contracts \| Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	(18)	81	(9)	125
Foreign currency contracts
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	(4)	6	5	11
Foreign currency contracts \| Net sales/Cost of sales
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	(2)	1	7	3
Interest rate contracts
Hedging relationships
Gains (Losses) Recognized in AOCL on Derivatives	0	0	0	0
Interest rate contracts \| Financing costs, net
Hedging relationships
Gains (Losses) Reclassified from AOCL into Income	$ 0	$ 0	$ 0	$ 0

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Gain (Losses) Recognized in Income (Details) $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gains expected to be reclassified into earnings during the next twelve months, net of tax	$ 76
Gains expected to be reclassified into earnings during the next twelve months, income tax effect	$ 26

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair value of assets and liabilities
Marketable Securities	$ 4	$ 3
Derivative assets	30	60
Derivative liabilities	118	64
Long-term debt	1,752	1,733
Level 1
Fair value of assets and liabilities
Marketable Securities	4	3
Derivative assets	29	49
Derivative liabilities	86	51
Long-term debt	0	0
Level 2
Fair value of assets and liabilities
Marketable Securities	0	0
Derivative assets	1	11
Derivative liabilities	32	13
Long-term debt	1,752	1,733
Level 3
Fair value of assets and liabilities
Marketable Securities	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Long-term debt	$ 0	$ 0

Financing Arrangements - Carryi

Financing Arrangements - Carrying Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Arrangements
Total long-term debt	$ 1,939	$ 1,940
Total short-term borrowings	522	543
Total debt	$ 2,461	$ 2,483
2.900% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate (as a percent)	2.90%	2.90%
Total long-term debt	$ 596	$ 595
3.200% senior notes due October 1, 2026
Financing Arrangements
Debt, interest rate (as a percent)	3.20%	3.20%
Total long-term debt	$ 498	$ 498
3.900% senior notes due June 1, 2050
Financing Arrangements
Debt, interest rate (as a percent)	3.90%	3.90%
Total long-term debt	$ 391	$ 390
6.625% senior notes due April 15, 2037
Financing Arrangements
Debt, interest rate (as a percent)	6.625%	6.625%
Total long-term debt	$ 253	$ 253
Term loan credit agreement due December 16, 2024
Financing Arrangements
Total long-term debt	200	200
Revolving credit agreement
Financing Arrangements
Total long-term debt	0	0
Other long-term borrowings
Financing Arrangements
Total long-term debt	1	4
Commercial paper
Financing Arrangements
Short-term borrowings	390	390
Other short-term borrowings
Financing Arrangements
Short-term borrowings	$ 132	$ 153

Financing Arrangements - Commer

Financing Arrangements - Commercial Paper (Details) - Commercial paper - USD ($) $ in Millions			6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Long-term debt
Maximum aggregate principal amount	$ 1,000		$ 1,000
Average amount of commercial paper outstanding			$ 468	$ 425
Weighted average interest rate (as a percent)			5.13%	0.74%
Weighted average maturity			10 days	19 days
Commercial paper outstanding	$ 390	$ 390	$ 390
Basis spread	5.38%	4.75%
Weighted average maturity of outstanding balance	15 days	7 days

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2023
Commitments and Contingencies
Tax benefit related to the exclusion of certain tax incentives	$ 27
Other Assets
Commitments and Contingencies
Remaining tax incentives related to non-taxable Brazil ICMS incentives	$ 27	$ 31

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Plan \| U.S. Plans
Benefit plans
Service cost	$ 1	$ 1	$ 1	$ 2
Interest cost	4	2	8	4
Expected return on plan assets	(4)	(4)	(8)	(8)
Net periodic benefit cost	1	(1)	1	(2)
Cash contribution expected during fiscal year	1		1
Cash contributions			0
Pension Plan \| Non-U.S. Plans
Benefit plans
Service cost	1	1	2	2
Interest cost	3	3	5	5
Expected return on plan assets	(2)	(2)	(4)	(4)
Net periodic benefit cost	2	2	3	3
Cash contribution expected during fiscal year	3		3
Cash contributions			2
Postemployment Retirement Benefits
Benefit plans
Service cost	0	0	0	0
Interest cost	1	0	2	1
Amortization of prior service credit	0	1	0	1
Net periodic benefit cost	$ 1	$ 1	$ 2	$ 2

Equity - Treasury Stock (Detail

Equity - Treasury Stock (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 26, 2022
Treasury Stock
Treasury stock:
Purchase/acquisition of treasury stock (in shares)	0	502		0	957
Repurchases of common stock		$ 44	$ 39		$ 83
2022 Stock Repurchase Program
Treasury stock:
Stock repurchase program, number of shares authorized						6,000

Equity - Share-based Payments (

Equity - Share-based Payments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based compensation expense
Pre-tax compensation expense	$ 5	$ 8	$ 14	$ 15
Income tax benefit	0	(1)	(1)	(2)
Total share-based compensation expense, net of income taxes	5	7	13	13
Stock options
Share-based compensation expense
Pre-tax compensation expense	1	1	2	2
Income tax benefit	0	0	0	0
Total share-based compensation expense, net of income taxes	1	1	2	2
Restricted Stock Units ("RSUs") \| Employee
Share-based compensation expense
Pre-tax compensation expense	3	3	7	6
Income tax benefit	0	(1)	(1)	(1)
Total share-based compensation expense, net of income taxes	3	2	6	5
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	1	4	5	7
Income tax benefit	0	0	0	(1)
Total share-based compensation expense, net of income taxes	$ 1	$ 4	$ 5	$ 6

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Assumptions used to measure the fair value of awards
Expected life (in years)			5 years 6 months	5 years 6 months
Risk-free interest rate (as a percent)			4%	2%
Expected volatility (as a percent)			28.30%	23.80%
Expected dividend yield (as a percent)			2.90%	2.90%
Stock options, Number of Options
Outstanding at the beginning of the period (in shares)			2,222
Granted (in shares)			197	281
Exercised (in shares)			(297)
Cancelled (in shares)			(37)
Outstanding at the end of the period (in shares)	2,085		2,085		2,222
Exercisable at the end of the period (in shares)	1,637		1,637
Stock options, Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)			$ 92.32
Granted (in dollars per share)			98.69
Exercised (in dollars per share)			71.95
Cancelled (in dollars per share)			92.18
Outstanding at the end of the period (in dollars per share)	$ 95.82		95.82		$ 92.32
Exercisable at the end of the period (in dollars per share)	$ 96.76		$ 96.76
Additional information pertaining to stock options
Average Remaining Contractual Term, Outstanding			5 years 4 months 2 days		5 years 1 month 28 days
Average Remaining Contractual Term, Exercisable			4 years 4 months 20 days
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 29		$ 29		$ 24
Aggregate Intrinsic Value, Exercisable (in dollars)	$ 23		23
Cash received from exercise of stock options			$ 21
Weighted average grant date fair value of stock options granted (in dollars per share)	$ 0	$ 0	$ 23.80	$ 15.04
Total intrinsic value of stock options exercised (in dollars)	$ 4	$ 1	$ 10	$ 2
Stock options
Share-based compensation
Term of award			10 years
Period of vesting			3 years
Requisite service period			1 year
Additional information pertaining to stock options
Unrecognized compensation cost	$ 5		$ 5
Weighted-average period for amortization of unrecognized compensation cost			1 year 8 months 12 days

Equity - Restricted Stock Units

Equity - Restricted Stock Units (Details) - Restricted Stock Units ("RSUs") - Employee $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Share-based compensation
Vesting terms	3 years
Number of Restricted Shares
Non-vested at the beginning of the period (in shares) \| shares	517,000
Granted (in shares) \| shares	213,000
Vested (in shares) \| shares	(138,000)
Cancelled (in shares) \| shares	(28,000)
Non-vested at the end of the period (in shares) \| shares	564,000
Weighted Average Fair Value per Share
Non-vested at the beginning of the period (in dollars per share) \| $ / shares	$ 88.04
Granted (in dollars per share) \| $ / shares	98.46
Vested (in dollars per share) \| $ / shares	88.43
Cancelled (in dollars per share) \| $ / shares	90.88
Non-vested at the end of the period (in dollars per share) \| $ / shares	$ 91.80
Other disclosures
Unrecognized compensation cost \| $	$ 29
Weighted-average period for amortization of unrecognized compensation cost	2 years

Equity - Performance Shares (De

Equity - Performance Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	6 Months Ended
	Feb. 28, 2023	Jun. 30, 2023
Performance Shares
Share-based compensation
Granted (in shares)		92,628
Weighted-average fair value per share, granted (in dollars per share)		$ 114.26
Unrecognized compensation cost		$ 14
Remaining requisite service period (in years)		2 years 2 months 12 days
Cancelled (in shares)		34
Performance shares, vesting based on TSR
Share-based compensation
Percentage of share-based compensation award		50%
Performance shares calculation period		3 years
Vesting terms		3 years
Performance shares, vesting based on TSR \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)		0%
Performance shares, vesting based on TSR \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)		200%
Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Percentage of share-based compensation award		50%
Performance shares calculation period		3 years
Vesting terms		3 years
Performance shares, vesting based on Adjusted ROIC \| Minimum
Share-based compensation
Performance shares available for vesting (as a percent)		0%
Performance shares, vesting based on Adjusted ROIC \| Maximum
Share-based compensation
Performance shares available for vesting (as a percent)		200%
2020 Awards \| Performance Shares
Share-based compensation
Award pay out achieved (as a percent)	77%
2021 Awards \| Performance Shares
Share-based compensation
Estimated pay out (as a percent)		180%

Equity - AOCL (Details)

Equity - AOCL (Details) - USD ($) $ in Millions	6 Months Ended
Equity - AOCL (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	$ 3,147
Balance at the end of the period	3,377
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,008)	$ (903)
Other comprehensive income (loss) before reclassification adjustments	15	(81)
Loss reclassified from accumulated OCL	0	0
Tax benefit	0	0
Net other comprehensive income (loss)	15	(81)
Balance at the end of the period	(993)	(984)
Hedging Activities
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	6	48
Other comprehensive income (loss) before reclassification adjustments	(117)	179
Loss reclassified from accumulated OCL	2	(128)
Tax benefit	30	(13)
Net other comprehensive income (loss)	(85)	38
Balance at the end of the period	(79)	86
Pension and Postretirement Adjustment
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(46)	(42)
Other comprehensive income (loss) before reclassification adjustments	(2)	0
Loss reclassified from accumulated OCL	0	0
Tax benefit	1	0
Net other comprehensive income (loss)	(1)	0
Balance at the end of the period	(47)	(42)
AOCL
Accumulated Other Comprehensive Loss
Balance at the beginning of the period	(1,048)	(897)
Other comprehensive income (loss) before reclassification adjustments	(104)	98
Loss reclassified from accumulated OCL	2	(128)
Tax benefit	31	(13)
Net other comprehensive income (loss)	(71)	(43)
Balance at the end of the period	$ (1,119)	$ (940)

Equity - Changes in Total Equit

Equity - Changes in Total Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period		$ 3,163			$ 3,163
Dividends declared (in dollars per share)	$ 0.71	$ 0.71	$ 0.65	$ 0.65
Balance at end of period	$ 3,389				3,389
Increase (Decrease) in Temporary Equity
Share-based payments subject to redemption, beginning balance	38	$ 48	$ 31	$ 36	48	$ 36
Redeemable non-controlling interests, beginning balance	51	51	71	71	51	71
Share-based compensation, net of issuance	5	(10)	6	(5)	(5)	1
Fair market value adjustment to non-controlling interests	(7)		29		(7)	29
Other comprehensive (loss)	(1)		(4)		(1)	(4)
Share-based payments subject to redemption, ending balance	43	38	37	31	43	37
Redeemable non-controlling interests, ending balance	43	51	70	71	43	70
Common Stock
Increase (Decrease) in Stockholders' Equity
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
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	1,133	1,132	1,160	1,158	1,132	1,158
Share-based compensation, net of issuance	2	1	2	2	3	4
Fair market value adjustment to non-controlling interests	7		(29)		7	(29)
Balance at end of period	1,142	1,133	1,133	1,160	1,142	1,133
Treasury Stock
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	(1,127)	(1,148)	(1,091)	(1,061)	(1,148)	(1,061)
Share-based compensation, net of issuance	11	21	2	9	32	11
Balance at end of period	(1,116)	(1,127)	(1,133)	(1,091)	(1,116)	(1,133)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	(1,098)	(1,048)	(763)	(897)	(1,048)	(897)
Other comprehensive (loss)	(21)	(50)	(177)	134	(71)	(43)
Balance at end of period	(1,119)	(1,098)	(940)	(763)	(1,119)	(940)
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	4,354	4,210	3,986	3,899	4,210	3,899
Net income	163	191	142	130	354	272
Dividends declared	(48)	(47)	(43)	(43)	(95)	(86)
Balance at end of period	4,469	4,354	4,085	3,986	4,469	4,085
Non- Redeemable Non- Controlling Interests
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	13	16	19	18	16	18
Net income	1	3	2	3	4	5
Dividends declared	(1)		(4)		(1)	(4)
Other comprehensive (loss)	(1)	(6)	(2)	(2)	(7)	(4)
Balance at end of period	$ 12	$ 13	$ 15	$ 19	$ 12	$ 15

Equity - EPS (Details)

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic EPS:
Net Income Available to Ingredion	$ 163	$ 142	$ 354	$ 272
Weighted average number of shares outstanding, basic	66.3	66.4	66.2	66.6
Basic earnings per common share of Ingredion (in dollars per share)	$ 2.46	$ 2.14	$ 5.35	$ 4.08
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards	1	0.7	1	0.7
Diluted EPS:
Net Income Available to Ingredion	$ 163	$ 142	$ 354	$ 272
Weighted average number of shares outstanding - diluted, Total	67.3	67.1	67.2	67.3
Diluted earnings per common share of Ingredion (in dollars per share)	$ 2.42	$ 2.12	$ 5.27	$ 4.04
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	0.6	1.5	0.5	1.4

Information by Segment and Ge_3

Information by Segment and Geographic Region - Net Sales and Operating Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment information
Net sales	$ 2,069	$ 2,044	$ 4,206	$ 3,936
Subtotal	251	215	547	428
Acquisition/integration costs	0	0	0	(1)
Restructuring/impairment charges	0	(2)	0	(4)
Other matters	0	0	(5)	0
Operating income	251	213	542	423
North America
Segment information
Net sales	1,342	1,284	2,698	2,458
South America
Segment information
Net sales	257	290	526	542
Asia-Pacific
Segment information
Net sales	267	275	544	547
EMEA
Segment information
Net sales	203	195	438	389
Operating Segments \| North America
Segment information
Subtotal	197	161	404	317
Operating Segments \| South America
Segment information
Subtotal	23	39	64	77
Operating Segments \| Asia-Pacific
Segment information
Subtotal	27	21	55	43
Operating Segments \| EMEA
Segment information
Subtotal	42	29	99	60
Corporate
Segment information
Subtotal	$ (38)	$ (35)	$ (75)	$ (69)

Information by Segment and Ge_4

Information by Segment and Geographic Region - Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Segment information
Total assets	$ 7,600	$ 7,561
North America
Segment information
Total assets	4,580	4,499
South America
Segment information
Total assets	922	949
Asia-Pacific
Segment information
Total assets	1,395	1,467
EMEA
Segment information
Total assets	$ 703	$ 646

Supplementary Information - Acc

Supplementary Information - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Supplementary Information
Accounts receivable — trade	$ 1,221	$ 1,200
Accounts receivable — other	162	228
Allowance for credit losses	(17)	(17)
Total accounts receivable	$ 1,366	$ 1,411

Supplementary Information - Inv

Supplementary Information - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Supplementary Information
Finished and in process	$ 998	$ 962
Raw materials	527	539
Manufacturing supplies	93	96
Total inventories	$ 1,618	$ 1,597

Supplementary Information - Sup

Supplementary Information - Supply Chain Finance Program (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Supply chain finance program, liabilities	$ 105	$ 175