Ingredion (INGR) 10-Q8 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		65,157,632
Entity Central Index Key	0001046257
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,870	$ 2,033	$ 5,630	$ 6,239
Cost of sales	1,391	1,612	4,288	4,890
Gross profit	479	421	1,342	1,349
Operating expenses	198	203	578	578
Other operating expense (income), net	1	(5)	5	6
Restructuring/impairment charges	12	10	38	10
Operating income	268	213	721	755
Financing costs	1	26	30	88
Net gain on sale of business	(8)	0	(90)	0
Other non-operating expense	2	2	2	4
Income before income taxes	273	185	779	663
Provision for income taxes	84	25	222	145
Net income	189	160	557	518
Less: Net income attributable to non-controlling interests	1	2	5	6
Net income attributable to Ingredion	$ 188	$ 158	$ 552	$ 512
Weighted average common shares outstanding:
Basic (in shares)	65.3	66	65.6	66.1
Diluted (in shares)	66.5	67	66.6	67.1
Earnings per common share of Ingredion:
Basic (in dollars per share)	$ 2.88	$ 2.39	$ 8.41	$ 7.75
Diluted (in dollars per share)	$ 2.83	$ 2.36	$ 8.29	$ 7.63

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 189	$ 160	$ 557	$ 518
Other comprehensive income:
Gains (losses) on cash flow hedges, net of income tax effect of $1, $1, $17 and $32	6	(5)	(45)	(91)
Losses on cash flow hedges reclassified to earnings, net of income tax effect of $8, $10, $25 and $11	20	24	67	25
(Losses) gains on pension and other postretirement obligations, net of income tax effect of $—, $—, $— and $1	(1)	0	1	(1)
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect of $—	1	1	1	1
Currency translation adjustment	92	(45)	32	(30)
Comprehensive income	307	135	613	422
Less: Comprehensive income (loss) attributable to non-controlling interests	3	2	6	(2)
Comprehensive income attributable to Ingredion	$ 304	$ 133	$ 607	$ 424

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Gains (losses) on cash flow hedges, net of income tax effect	$ 1	$ 1	$ 17	$ 32
Losses on cash flow hedges reclassified to earnings, net of income tax effect	8	10	25	11
Gains (losses) on pension and other postretirement obligations, net of income tax effect	0	0	0	1
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 877	$ 401
Short-term investments	7	8
Accounts receivable, net	1,173	1,279
Inventories	1,234	1,450
Prepaid expenses and assets held for sale	60	261
Total current assets	3,351	3,399
Property, plant and equipment, net of accumulated depreciation of $3,532 and $3,428	2,332	2,370
Intangible assets, net of accumulated amortization of $322 and $299	1,295	1,303
Other non-current assets	547	570
Total assets	7,525	7,642
Current liabilities:
Short-term borrowings	99	448
Accounts payable	604	778
Accrued liabilities and liabilities held for sale	552	546
Total current liabilities	1,255	1,772
Long-term debt	1,741	1,740
Other non-current liabilities	499	480
Total liabilities	3,495	3,992
Share-based payments subject to redemption	54	55
Redeemable non-controlling interests	7	43
Ingredion stockholders’ equity:
Preferred stock — authorized 25.0 shares — $0.01 par value, none issued	0	0
Common stock — authorized 200.0 shares — $0.01 par value, 77.8 shares issued at September 30, 2024 and December 31, 2023	1	1
Additional paid-in capital	1,145	1,146
Less: Treasury stock (common stock: 12.7 and 12.6 shares at September 30, 2024 and December 31, 2023) at cost	(1,245)	(1,207)
Accumulated other comprehensive loss	(1,000)	(1,056)
Retained earnings	5,049	4,654
Total Ingredion stockholders’ equity	3,950	3,538
Non-redeemable non-controlling interests	19	14
Total stockholders’ equity	3,969	3,552
Total liabilities and stockholders’ equity	$ 7,525	$ 7,642

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 3,532	$ 3,428
Intangible assets, accumulated amortization	$ 322	$ 299
Preferred stock, authorized (in shares)	25	25
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	200
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	77.8	77.8
Treasury stock (in shares)	12.7	12.6

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity and Redeemable Equity (Unaudited) - 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, 2022		$ 1	$ 1,132	$ (1,148)	$ (1,048)	$ 4,210	$ 16
Increase (Decrease) in Stockholders' Equity
Net income (loss)						191	3
Dividends declared						(47)
Share-based compensation, net of issuance			1	21
Other comprehensive income (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
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, beginning balance at Dec. 31, 2022	51
Redeemable non-controlling interests, ending balance at Mar. 31, 2023	51
Balance at beginning of period at Dec. 31, 2022		1	1,132	(1,148)	(1,048)	4,210	16
Increase (Decrease) in Stockholders' Equity
Net income (loss)						512	6
Dividends declared						(147)	(2)
Repurchases of common stock, net				(101)
Share-based compensation, net of issuance			4	38
Fair market value adjustment to non-controlling interests			7
Other comprehensive income (loss)					(96)		(7)
Balance at end of period at Sep. 30, 2023		1	1,143	(1,211)	(1,144)	4,575	13
Share-based payments subject to redemption, beginning balance at Dec. 31, 2022	48
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	1
Share-based payments subject to redemption, ending balance at Sep. 30, 2023	49
Redeemable non-controlling interests, beginning balance at Dec. 31, 2022	51
Increase (Decrease) in Temporary Equity
Fair market value adjustment to non-controlling interests	(7)
Purchases of non-controlling interests	(2)
Other comprehensive income (loss)	(1)
Redeemable non-controlling interests, ending balance at Sep. 30, 2023	41
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 (loss)						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 income (loss)					(21)		(1)
Balance at end of period at Jun. 30, 2023		1	1,142	(1,116)	(1,119)	4,469	12
Share-based payments subject to redemption, beginning balance at Mar. 31, 2023	38
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	5
Share-based payments subject to redemption, ending balance at Jun. 30, 2023	43
Redeemable non-controlling interests, beginning balance at Mar. 31, 2023	51
Increase (Decrease) in Temporary Equity
Fair market value adjustment to non-controlling interests	(7)
Other comprehensive income (loss)	(1)
Redeemable non-controlling interests, ending balance at Jun. 30, 2023	43
Increase (Decrease) in Stockholders' Equity
Net income (loss)						158	2
Dividends declared						(52)	(1)
Repurchases of common stock, net				(101)
Share-based compensation, net of issuance			1	6
Other comprehensive income (loss)					(25)
Balance at end of period at Sep. 30, 2023		1	1,143	(1,211)	(1,144)	4,575	13
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	6
Share-based payments subject to redemption, ending balance at Sep. 30, 2023	49
Increase (Decrease) in Temporary Equity
Fair market value adjustment to non-controlling interests	(2)
Redeemable non-controlling interests, ending balance at Sep. 30, 2023	41
Balance at beginning of period at Dec. 31, 2023	3,552	1	1,146	(1,207)	(1,056)	4,654	14
Increase (Decrease) in Stockholders' Equity
Net income (loss)						216	2
Dividends declared						(52)
Repurchases of common stock, net				(1)
Share-based compensation, net of issuance				29
Other comprehensive income (loss)					(6)
Balance at end of period at Mar. 31, 2024		1	1,146	(1,179)	(1,062)	4,818	16
Share-based payments subject to redemption, beginning balance at Dec. 31, 2023	55
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(12)
Share-based payments subject to redemption, ending balance at Mar. 31, 2024	43
Redeemable non-controlling interests, beginning balance at Dec. 31, 2023	43
Increase (Decrease) in Temporary Equity
Other comprehensive income (loss)	(1)
Redeemable non-controlling interests, ending balance at Mar. 31, 2024	42
Balance at beginning of period at Dec. 31, 2023	3,552	1	1,146	(1,207)	(1,056)	4,654	14
Increase (Decrease) in Stockholders' Equity
Net income (loss)						552	7
Dividends declared						(157)	(3)
Repurchases of common stock, net				(87)
Share-based compensation, net of issuance			5	49
Fair market value adjustment to non-controlling interests			(6)
Other comprehensive income (loss)					56		1
Balance at end of period at Sep. 30, 2024	3,969	1	1,145	(1,245)	(1,000)	5,049	19
Share-based payments subject to redemption, beginning balance at Dec. 31, 2023	55
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(1)
Share-based payments subject to redemption, ending balance at Sep. 30, 2024	54
Redeemable non-controlling interests, beginning balance at Dec. 31, 2023	43
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	(2)
Fair market value adjustment to non-controlling interests	6
Purchases of non-controlling interests	(40)
Other comprehensive income (loss)	0
Redeemable non-controlling interests, ending balance at Sep. 30, 2024	7
Balance at beginning of period at Mar. 31, 2024		1	1,146	(1,179)	(1,062)	4,818	16
Increase (Decrease) in Stockholders' Equity
Net income (loss)						148	3
Dividends declared						(52)	(2)
Repurchases of common stock, net				(65)
Share-based compensation, net of issuance			1	11
Fair market value adjustment to non-controlling interests			(6)
Other comprehensive income (loss)					(56)
Balance at end of period at Jun. 30, 2024		1	1,141	(1,233)	(1,118)	4,914	17
Share-based payments subject to redemption, beginning balance at Mar. 31, 2024	43
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	7
Share-based payments subject to redemption, ending balance at Jun. 30, 2024	50
Redeemable non-controlling interests, beginning balance at Mar. 31, 2024	42
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	(1)
Fair market value adjustment to non-controlling interests	6
Purchases of non-controlling interests	(40)
Redeemable non-controlling interests, ending balance at Jun. 30, 2024	7
Increase (Decrease) in Stockholders' Equity
Net income (loss)						188	2
Dividends declared						(53)	(1)
Repurchases of common stock, net				(21)
Share-based compensation, net of issuance			4	9
Other comprehensive income (loss)					118		1
Balance at end of period at Sep. 30, 2024	3,969	$ 1	$ 1,145	$ (1,245)	$ (1,000)	$ 5,049	$ 19
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	4
Share-based payments subject to redemption, ending balance at Sep. 30, 2024	54
Increase (Decrease) in Temporary Equity
Net income (loss) attributable to non-controlling interests	(1)
Other comprehensive income (loss)	1
Redeemable non-controlling interests, ending balance at Sep. 30, 2024	$ 7

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash from operating activities
Net income	$ 557	$ 518
Non-cash charges to net income:
Depreciation and amortization	160	165
Mechanical stores expense	45	48
Net gain on sale of business	(90)	0
Deferred income taxes	19	(7)
Impairment charges	26	10
Other non-cash charges	26	42
Changes in working capital:
Accounts receivable and prepaid expenses	113	(6)
Inventories	229	61
Accounts payable and accrued liabilities	(94)	(173)
Margin accounts	7	2
Other	2	(13)
Cash provided by operating activities	1,000	647
Cash from investing activities
Capital expenditures and mechanical stores purchases	(170)	(233)
Proceeds from disposal of manufacturing facilities and properties	0	2
Proceeds from sale of business	255	0
Other	(6)	(11)
Cash provided by (used for) investing activities	79	(242)
Cash from financing activities
Proceeds from borrowings	527	636
Payments on debt	(539)	(652)
Commercial paper borrowings, net	(327)	(57)
Repurchases of common stock, net	(87)	(101)
Issuances of common stock for share-based compensation, net	21	18
Purchases of non-controlling interests	(40)	(2)
Dividends paid, including to non-controlling interests	(156)	(143)
Cash (used for) financing activities	(601)	(301)
Effects of foreign exchange rate changes on cash and cash equivalents	(2)	(5)
Increase in cash and cash equivalents	476	99
Cash and cash equivalents, beginning of period	401	236
Cash and cash equivalents, end of period	$ 877	$ 335

Basis of Presentation and New A

Basis of Presentation and New Accounting Standards	9 Months Ended
Basis of Presentation and New Accounting Standards	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and New Accounting Standards	1. Basis of Presentation and New Accounting Standards Unless the context otherwise requires, all references herein to the “Company,” “Ingredion,” “we,” “us,” and “our” shall mean Ingredion Incorporated and its consolidated subsidiaries. These statements should be read in conjunction with the consolidated financial statements and the related notes to those statements contained in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2023. The significant accounting policies and estimates used in preparing these Condensed Consolidated Financial Statements were applied on the same basis consistent with those reflected in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2023. The unaudited Condensed Consolidated Financial Statements as of September 30, 2024 and for the third quarter and year-to-date September 30, 2024 and 2023 included herein were prepared by us on the same basis as our audited Consolidated Financial Statements for the year ended December 31, 2023 and reflect all adjustments (consisting solely of normal recurring items unless otherwise noted) that are, in our opinion, necessary for the fair presentation of the Condensed Consolidated Statements of Income, Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Equity and Redeemable Equity, and Condensed Consolidated Statements of Cash Flows. The results for the interim period are not necessarily indicative of the results expected for the full year or any other future period. Effective January 1, 2024, there are three reportable segments consisting of Texture & Healthful Solutions (“T&HS”), Food & Industrial Ingredients - Latin America (“F&II - LATAM”) and Food & Industrial Ingredients - U.S./Canada (“F&II - U.S./Canada”). New Accounting Standards In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . This ASU requires filers to disclose information about supplier finance programs that is sufficient to allow financial statement users to understand their nature, activity during the period, changes from period to period and potential magnitude. This ASU is effective for annual periods beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. We adopted this ASU at the beginning of our 2023 fiscal year and adopted the amendment on rollforward information at the beginning of our 2024 fiscal year. The disclosures required by this ASU are reflected in Note 12. In August 2023, the FASB issued ASU No. 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60). This ASU requires that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). This ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. A joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively. We will adopt this ASU on a prospective basis at the beginning of our 2025 fiscal year and do not believe it will have a material impact on the Condensed Consolidated Financial Statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) . This ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Entities must apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. We are currently assessing the impact of this ASU on the Condensed Consolidated Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU requires public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, this ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes with further disaggregation for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently waiting for additional guidance to be issued on the quantitative thresholds before we can assess the impact of this ASU on the Condensed Consolidated Financial Statements.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
Acquisitions and Divestitures	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	2. Acquisitions and Divestitures PureCircle Non-Controlling Interests Acquisition During year-to-date 2024, we purchased shares from minority shareholders in PureCircle Limited (“PureCircle”) for $40 million, which increased our ownership percentage from 88 percent as of December 31, 2023 to 98 percent as of September 30, 2024. During the third quarter of 2023, we purchased shares from minority shareholders in PureCircle for $2 million. These purchases increased our ownership percentage from 87 percent as of December 31, 2022 to 88 percent as of September 30, 2023. South Korea Divestiture

Intangible Assets

Intangible Assets	9 Months Ended
Intangible Assets	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	3. Intangible Assets Goodwill represents the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed. The original carrying value of goodwill by reportable segment and All Other as of September 30, 2024 is presented below. There were no accumulated impairment charges by reportable segment. T&HS F&II - LATAM F&II - U.S./Canada All Other Total Balance as of January 1, 2024 $ 388 $ 146 $ 296 $ 88 $ 918 Cumulative translation adjustment 5 (2) — 4 7 Balance as of September 30, 2024 $ 393 $ 144 $ 296 $ 92 $ 925

Investments

Investments	9 Months Ended
Investments	Sep. 30, 2024
Investments [Abstract]
Investments	4. Investments Investments as of September 30, 2024 and December 31, 2023 are as follows: September 30, December 31, Equity investments $ 34 $ 27 Equity method investments 94 112 Marketable securities 5 4 Total investments $ 133 $ 143 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 or loss from these investments is included within Other operating expense (income), net in the Condensed Consolidated Statements of Income. During the second quarter of 2024, we recorded $18 million in Restructuring/impairment charges in the Condensed Consolidated Statements of Income, which represented an other-than-temporary impairment on our equity method investments. Argentina Joint Venture

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
Derivative Instruments and Hedging Activities	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	5. Derivative Instruments and Hedging Activities Commodity price hedging : We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 59 million and 109 million bushels of corn as of September 30, 2024 and December 31, 2023. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 28 million mmbtus of natural gas as of both September 30, 2024 and December 31, 2023. Foreign currency hedging : We hedge certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $489 million and $694 million as of September 30, 2024 and December 31, 2023. We also hedge certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $147 million and $182 million as of September 30, 2024 and December 31, 2023. We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $394 million and $449 million as of September 30, 2024 and December 31, 2023. We also hedge certain liability positions using foreign currency cash flow hedging instruments, which had a notional value of $483 million and $621 million as of September 30, 2024 and December 31, 2023. Interest rate hedging : We periodically enter into T-Locks to hedge our exposure to interest rate changes. We have settled T-Locks associated with the issuance of our senior notes due in 2030 and 2050. The realized loss upon settlement of these T-Locks was recorded in Accumulated other comprehensive loss (“AOCL”) and is amortized into earnings over the term of the senior notes. We did not have outstanding T-Locks as of either September 30, 2024 or December 31, 2023. The derivative instruments designated as cash flow hedges included in AOCL as of September 30, 2024 and December 31, 2023 are as follows: (Losses) gains September 30, December 31, Commodity contracts, net of income tax effect of $12 and $17 $ (34) $ (46) Foreign currency contracts, net of income tax effect of $4 and $1 10 — Interest rate contracts, net of income tax effect of $1 (2) (2) Total $ (26) $ (48) As of September 30, 2024, AOCL included $25 million of net losses (net of income taxes of $9 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 twelve months. The fair value and balance sheet location of our derivative instruments, presented gross in the Condensed Consolidated Balance Sheets, are as follows: Fair Value of Hedging Instruments as of September 30, 2024 Designated Hedging Instruments Non-Designated Hedging Instruments Commodity Contracts Foreign Currency Contracts Total Commodity Contracts Foreign Currency Contracts Total Accounts receivable, net $ 6 $ 12 $ 18 $ — $ 6 $ 6 Other non-current assets 1 5 6 — — — Assets 7 17 24 — 6 6 Accounts payable 27 3 30 1 7 8 Other non-current liabilities 1 3 4 — — — Liabilities 28 6 34 1 7 8 Net Assets/(Liabilities) $ (21) $ 11 $ (10) $ (1) $ (1) $ (2) Fair Value of Hedging Instruments as of December 31, 2023 Designated Hedging Instruments Non-Designated Hedging Instruments Commodity Contracts Foreign Currency Contracts Total Commodity Contracts Foreign Currency Contracts Total Accounts receivable, net $ 6 $ 11 $ 17 $ — $ 5 $ 5 Other non-current assets — 4 4 — — — Assets 6 15 21 — 5 5 Accounts payable 44 14 58 2 12 14 Other non-current liabilities 2 2 4 — — — Liabilities 46 16 62 2 12 14 Net Assets/(Liabilities) $ (40) $ (1) $ (41) $ (2) $ (7) $ (9) Additional information relating to our derivative instruments in cash flow hedging relationships is as follows: (Losses) Gains (Losses) Gains Three Months Ended September 30, Income Statement Three Months Ended September 30, 2024 2023 Location 2024 2023 Commodity contracts $ (5) $ (10) Cost of sales $ (28) $ (37) Foreign currency contracts 12 4 Net sales/Cost of sales — 3 Total $ 7 $ (6) $ (28) $ (34) (Losses) Gains (Losses) Gains Nine Months Ended September 30, Income Statement Nine Months Ended September 30, 2024 2023 Location 2024 2023 Commodity contracts $ (76) $ (132) Cost of sales $ (93) $ (46) Foreign currency contracts 14 9 Net sales/Cost of sales 1 10 Total $ (62) $ (123) $ (92) $ (36)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. 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 September 30, 2024 As of December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable securities $ 5 $ 5 $ — $ — $ 4 $ 4 $ — $ — Derivative assets 30 29 1 — 26 26 — — Derivative liabilities 42 31 11 — 76 43 33 — Long-term debt 1,657 — 1,657 — 1,591 — 1,591 —

Financing Arrangements

Financing Arrangements	9 Months Ended
Financing Arrangements	Sep. 30, 2024
Debt Disclosure [Abstract]
Financing Arrangements	7. Financing Arrangements Debt carrying amounts, net of related discounts, premiums and debt issuance costs, are presented below: As of As of 2.900% senior notes due June 1, 2030 $ 597 $ 596 3.200% senior notes due October 1, 2026 499 499 3.900% senior notes due June 1, 2050 391 391 6.625% senior notes due April 15, 2037 252 253 Revolving credit agreement — — Other long-term borrowings 2 1 Total long-term debt 1,741 1,740 Commercial paper — 327 Other short-term borrowings 99 121 Total short-term borrowings 99 448 Total debt $ 1,840 $ 2,188 We maintain a commercial paper program under which we may issue senior unsecured notes of short-term maturities up to a maximum aggregate principal amount of $1.0 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 year-to-date 2024, the average amount of commercial paper outstanding was $41 million with an average interest rate of 5.51 percent and a weighted average maturity of eight days. During year-to-date 2023, the average amount of commercial paper outstanding was $438 million with an average interest rate of 5.25 percent and a weighted average maturity of eleven days. As of September 30, 2024, we had no commercial paper outstanding. As of December 31, 2023, $327 million of commercial paper was outstanding with an average interest rate of 5.50 percent and a weighted average maturity of eleven days. The amount of commercial paper outstanding under this program for the remainder of 2024 may fluctuate. Other short-term borrowings as of September 30, 2024 and December 31, 2023 primarily include amounts outstanding under various unsecured local country operating lines of credit.

Pension and Other Post-employme

Pension and Other Post-employment Benefits	9 Months Ended
Pension and Other Post-employment Benefits	Sep. 30, 2024
Retirement Benefits [Abstract]
Pension and Other Post-employment Benefits	8. Pension and Other Post-employment Benefits Components of net periodic cost consist of the following for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ — $ 1 $ 1 $ 1 $ 2 $ 2 $ 2 $ 3 Interest cost 4 3 2 3 11 11 7 8 Expected return on plan assets (4) (4) (2) (3) (13) (12) (6) (7) Amortization of prior service credit — (1) — — — (1) — — Amortization of actuarial loss — 1 — 1 — 1 — 1 Net periodic cost (a) $ — $ — $ 1 $ 2 $ — $ 1 $ 3 $ 5 We anticipate that we will make cash contributions of $1 million and $4 million to the U.S. and non-U.S. pension plans in 2024. For the year-to-date 2024, we made cash contributions of $1 million to the U.S. pension plans and $3 million to the non-U.S. pension plans. The following table sets forth the components of net postretirement benefit cost for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest cost $ 2 $ 1 $ 3 $ 3 Amortization of prior service cost 1 — 1 — Net periodic cost (a) $ 3 $ 1 $ 4 $ 3 _______________________________________ (a) The service cost component of net periodic 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 costs and amortization of actuarial losses are presented within Other non-operating expense on the Condensed Consolidated Statements of Income.

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Equity	9. Equity Treasury Stock: On September 26, 2022, the Board of Directors approved a stock repurchase program authorizing us to purchase up to 6.0 million shares of our outstanding common stock until 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 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 third quarter and year-to-date 2024, we repurchased 185 thousand and 762 thousand outstanding shares of common stock in open market transactions at a net cost of $21 million and $87 million. During the third quarter and year-to-date 2023, we repurchased 1.0 million outstanding shares of common stock in open market transactions at a net cost of $101 million. Share-based Payments : Share-based compensation expense for the periods presented is as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Stock options: Pre-tax compensation expense $ 1 $ 1 $ 4 $ 3 Income tax benefit — — — — Stock option expense, net of income taxes 1 1 4 3 Restricted stock units (“RSUs”): Pre-tax compensation expense 4 4 15 11 Income tax benefit (1) — (2) (1) RSUs, net of income taxes 3 4 13 10 Performance shares and other share-based awards: Pre-tax compensation expense 3 4 11 9 Income tax benefit — (1) — (1) Performance shares and other share-based compensation expense, net of income taxes 3 3 11 8 Total share-based compensation: Pre-tax compensation expense 8 9 30 23 Income tax benefit (1) (1) (2) (2) Total share-based compensation expense, net of income taxes $ 7 $ 8 $ 28 $ 21 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 ten-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. 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 178 thousand shares and 197 thousand shares for year-to-date 2024 and 2023. We estimated the fair value of each option grant by using the Black-Scholes option-pricing model with the following assumptions: Nine Months Ended September 30, 2024 2023 Expected life (in years) 5.5 5.5 Risk-free interest rate 4.2% 4.0% Expected volatility 28.1% 28.3% 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. Stock option activity for year-to-date 2024 is as follows: Number of Options Weighted Average Exercise Price per Share Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2023 1,953 $ 96.61 5.0 $ 29 Granted 178 108.38 Exercised (390) 85.17 Cancelled (44) 101.45 Outstanding as of September 30, 2024 1,697 $ 100.35 5.3 $ 63 Exercisable as of September 30, 2024 1,347 $ 100.13 4.5 $ 50 For year-to-date 2024, cash received from the exercise of stock options was approximately $33 million. As of September 30, 2024, the unrecognized compensation cost related to non-vested stock options totaled $2 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 Nine Months Ended 2024 2023 2024 2023 Weighted average grant date fair value of stock options granted (per share) $ — $ — $ 26.33 $ 23.80 Total intrinsic value of stock options exercised 3 1 13 11 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 year-to-date in 2024: Number of Weighted Non-vested as of December 31, 2023 552 $ 92.05 Granted 210 108.81 Vested (174) 87.46 Cancelled (45) 95.74 Non-vested as of September 30, 2024 543 $ 99.43 As of September 30, 2024, the total remaining unrecognized compensation cost related to RSUs was $23 million, which will be amortized on a weighted-average basis over approximately 1.8 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 (“Adjusted ROIC”) against an established ROIC target. For the 2024 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 2024 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 year-to-date 2024, we awarded 86 thousand performance shares at a weighted average fair value of $127.97 per share. As of September 30, 2024, the unrecognized compensation cost related to these awards was $11 million, which we will amortize over the remaining service period of 2.0 years. The 2021 performance share awards that vested in February 2024 achieved a 200 percent payout of the granted performance shares. As of September 30, 2024, we estimated the 2022 performance share awards will pay out at 200 percent. For year-to-date 2024, 17 thousand shares were cancelled. Accumulated Other Comprehensive Loss: The following is a summary of accumulated other comprehensive loss for year-to-date 2024 and 2023: Cumulative Translation Adjustment Hedging Activities Pension and Other Post-employment Benefits AOCL Balance as of December 31, 2023 $ (961) $ (48) $ (47) $ (1,056) Other comprehensive income (loss) before reclassification adjustments 32 (62) 1 (29) Loss reclassified from AOCL — 92 1 93 Tax (provision) — (8) — (8) Net other comprehensive income 32 22 2 56 Balance as of September 30, 2024 $ (929) $ (26) $ (45) $ (1,000) Cumulative Translation Adjustment Hedging Activities Pension and Other Post-employment Benefits AOCL Balance as of December 31, 2022 $ (1,008) $ 6 $ (46) $ (1,048) Other comprehensive (loss) before reclassification adjustments (30) (123) (2) (155) Loss reclassified from AOCL — 36 1 37 Tax benefit — 21 1 22 Net other comprehensive (loss) (30) (66) — (96) Balance as of September 30, 2023 $ (1,038) $ (60) $ (46) $ (1,144) : The following tables present information about the computation of basic and diluted earnings per common share (“EPS”) for the periods presented: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Net Income Weighted Per Net Income Weighted Per Basic EPS $ 188 65.3 $ 2.88 $ 158 66.0 $ 2.39 Effect of Dilutive Securities: Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive RSUs and other awards 1.2 1.0 Diluted EPS $ 188 66.5 $ 2.83 $ 158 67.0 $ 2.36 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Net Income Weighted Per Net Income Weighted Per Basic EPS $ 552 65.6 $ 8.41 $ 512 66.1 $ 7.75 Effect of Dilutive Securities: Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive RSUs and other awards 1.0 1.0 Diluted EPS $ 552 66.6 $ 8.29 $ 512 67.1 $ 7.63 For the third quarter and year-to-date 2024, approximately 0.2 million and 0.5 million share-based awards of common stock were excluded from the calculation of the weighted average number of shares outstanding for diluted EPS because their effects were anti-dilutive. For the third quarter and year-to-date 2023, approximately 0.5 million share-based awards of common stock were excluded from the calculation of the weighted average number of shares outstanding for diluted EPS because their effects were anti-dilutive.

Segment Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	10. Segment Information We are principally engaged in the production and sale of starches and sweeteners for a wide range of industries. Our T&HS segment has a global focus and primarily manufactures texturizing food ingredients. Our F&II - LATAM segment has a local focus and primarily manufactures food, ingredient, and industrial products, which we process from raw materials that we primarily source within South America and Mexico. Our F&II - U.S./Canada segment has a local focus and primarily manufactures food, ingredient, and industrial products, which we process from raw materials sourced within the U.S. and Canada. All Other consists of the businesses of multiple operating segments that are not individually or collectively classified as reportable segments. Revenues from All Other are generated primarily by sweetener and starch sales by our Pakistan business, sales of stevia and other ingredients from our PureCircle and Sugar Reduction businesses, and pea protein ingredients from our Protein Fortification business. We divested our South Korea business on February 1, 2024 and its results are included in our consolidated financial results through the date of sale, which affects the comparability of results between years within All Other. Net sales by product are not presented because such presentation is not practicable. The following tables present information about our net sales to affiliated and unaffiliated customers by reportable segment and All Other for the periods presented: Three Months Ended T&HS F&II - LATAM F&II - U.S./Canada All Other Consolidated Totals September 30, 2024 Net sales including intersegment sales $ 611 $ 633 $ 567 $ 106 $ 1,917 Less : Intersegment sales (11) (13) (19) (4) (47) Net sales $ 600 $ 620 $ 548 $ 102 $ 1,870 September 30, 2023 Net sales including intersegment sales $ 625 $ 665 $ 621 $ 178 $ 2,089 Less : Intersegment sales (26) (7) (22) (1) (56) Net sales $ 599 $ 658 $ 599 $ 177 $ 2,033 Nine Months Ended T&HS F&II - LATAM F&II - U.S./Canada All Other Consolidated Totals September 30, 2024 Net sales including intersegment sales $ 1,827 $ 1,899 $ 1,714 $ 346 $ 5,786 Less : Intersegment sales (42) (33) (70) (11) (156) Net sales $ 1,785 $ 1,866 $ 1,644 $ 335 $ 5,630 September 30, 2023 Net sales including intersegment sales $ 1,966 $ 2,017 $ 1,883 $ 563 $ 6,429 Less : Intersegment sales (84) (26) (72) (8) (190) Net sales $ 1,882 $ 1,991 $ 1,811 $ 555 $ 6,239 The following table presents information about our operating income (loss) by reportable segment and All Other for the periods presented: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Operating income (loss): Texture & Healthful Solutions $ 96 $ 86 $ 256 $ 318 Food & Industrial Ingredients - LATAM 131 104 362 327 Food & Industrial Ingredients - U.S./Canada 99 79 291 251 All Other (4) (1) (18) (6) Corporate (40) (49) (123) (124) Subtotal 282 219 768 766 Restructuring and resegmentation costs (6) — (12) — Other matters — 4 (9) (1) Impairment charges (8) (10) (26) (10) Total operating income $ 268 $ 213 $ 721 $ 755 The Chief Operating Decision Maker evaluates performance, makes strategic decisions, and allocates resources based on Property, plant and equipment, net for internal and external reporting purposes. Presented below is Property, plant and equipment, net by reportable segment and All Other as of September 30, 2024 and December 31, 2023: As of As of Property, plant and equipment, net: Texture & Healthful Solutions $ 867 $ 855 Food & Industrial Ingredients - LATAM 520 552 Food & Industrial Ingredients - U.S./Canada 543 548 All Other (a) 402 415 Total Property, plant and equipment, net $ 2,332 $ 2,370 _____________________ (a) For purposes of presentation, All Other includes Corporate assets.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies We filed an action in Brazil to recover previously taxable local government tax incentives. As we believe recovery is probable, we recorded a $27 million income tax benefit in 2022. As of September 30, 2024 and December 31, 2023, we had $30 million and $32 million of remaining tax incentives. A portion of these credits are expected to be used within one year. As of September 30, 2024, $25 million was recorded in Accounts receivable, net and $5 million in Other non-current assets in the Condensed Consolidated Balance Sheets.

Supplementary Information

Supplementary Information	9 Months Ended
Supplementary Information	Sep. 30, 2024
Supplementary Information
Supplementary Information	12. Supplementary Information Accounts Receivable, Net Accounts receivable, net as of September 30, 2024 and December 31, 2023 were as follows: As of As of Accounts receivable - trade $ 1,016 $ 1,145 Accounts receivable - other 172 $ 154 Allowance for credit losses (15) $ (20) Total accounts receivable, net $ 1,173 $ 1,279 There were no significant contract assets or contract liabilities associated with our customers as of September 30, 2024 or December 31, 2023. Liabilities for volume discounts and incentives were also not significant as of September 30, 2024 or December 31, 2023. Inventories Inventories as of September 30, 2024 and December 31, 2023 were as follows: As of As of Finished and in process $ 797 $ 926 Raw materials 355 434 Manufacturing supplies 82 90 Total inventories $ 1,234 $ 1,450 Property, Plant and Equipment, Net During the three months ended September 30, 2024, we announced the intent to close certain manufacturing operations in the United Kingdom in 2025. We recognized an impairment charge of $8 million in connection with the property, plant and equipment at that manufacturing plant. 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. As of September 30, 2024 and December 31, 2023, participating financial institutions held $121 million and $153 million of our liabilities recorded in Accounts payable and Accrued liabilities and liabilities held for sale , Colombia, Peru, Thailand and China. The rollforward of our outstanding obligations confirmed as valid under our supply chain finance programs as of September 30, 2024 was as follows: As of Outstanding at the beginning of the year $ 153 Invoices added during the year 359 Invoices paid during the year (379) Cumulative translation adjustment (12) Outstanding as of September 30, 2024 $ 121

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 188	$ 158	$ 552	$ 512

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rob Ritchie [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 13, 2024, Rob Ritchie, Senior Vice President, Food & Industrial Ingredients, LATAM and U.S./Canada, terminated an existing written plan that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The original plan was adopted on February 29, 2024, and provided for the sale of up to 4,044 shares of our common stock between May 30, 2024 and February 1, 2026. As of the date of termination, Mr. Ritchie had sold 1,195 shares of common stock pursuant to the terms of the plan.
Name	Rob Ritchie
Title	Senior Vice President
Rule 10b5-1 Arrangement Terminated	true
Termination Date	August 13, 2024
Aggregate Available	4,044	4,044
James D. Gray [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 29, 2024, James D. Gray, Executive Vice President and Chief Financial Officer, entered into a written plan for the sale of up to 54,869 shares of our common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan commences on November 29, 2024 and will expire on November 6, 2025, or any earlier date on which all of the shares have been sold.
Name	James D. Gray
Title	Executive Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 29, 2024
Expiration Date	November 6, 2025
Arrangement Duration	342 days
Aggregate Available	54,869	54,869

Basis of Presentation and New_2

Basis of Presentation and New Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Standards	New Accounting Standards In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . This ASU requires filers to disclose information about supplier finance programs that is sufficient to allow financial statement users to understand their nature, activity during the period, changes from period to period and potential magnitude. This ASU is effective for annual periods beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. We adopted this ASU at the beginning of our 2023 fiscal year and adopted the amendment on rollforward information at the beginning of our 2024 fiscal year. The disclosures required by this ASU are reflected in Note 12. In August 2023, the FASB issued ASU No. 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60). This ASU requires that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). This ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. A joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively. We will adopt this ASU on a prospective basis at the beginning of our 2025 fiscal year and do not believe it will have a material impact on the Condensed Consolidated Financial Statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) . This ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Entities must apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. We are currently assessing the impact of this ASU on the Condensed Consolidated Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU requires public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, this ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes with further disaggregation for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently waiting for additional guidance to be issued on the quantitative thresholds before we can assess the impact of this ASU on the Condensed Consolidated Financial Statements.

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
Intangible Assets (Tables)	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The original carrying value of goodwill by reportable segment and All Other as of September 30, 2024 is presented below. There were no accumulated impairment charges by reportable segment. T&HS F&II - LATAM F&II - U.S./Canada All Other Total Balance as of January 1, 2024 $ 388 $ 146 $ 296 $ 88 $ 918 Cumulative translation adjustment 5 (2) — 4 7 Balance as of September 30, 2024 $ 393 $ 144 $ 296 $ 92 $ 925

Investments (Tables)

Investments (Tables)	9 Months Ended
Investments (Tables)	Sep. 30, 2024
Investments [Abstract]
Schedule of investments	Investments as of September 30, 2024 and December 31, 2023 are as follows: September 30, December 31, Equity investments $ 34 $ 27 Equity method investments 94 112 Marketable securities 5 4 Total investments $ 133 $ 143

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 are as follows: (Losses) gains September 30, December 31, Commodity contracts, net of income tax effect of $12 and $17 $ (34) $ (46) Foreign currency contracts, net of income tax effect of $4 and $1 10 — Interest rate contracts, net of income tax effect of $1 (2) (2) Total $ (26) $ (48)
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 as follows: Fair Value of Hedging Instruments as of September 30, 2024 Designated Hedging Instruments Non-Designated Hedging Instruments Commodity Contracts Foreign Currency Contracts Total Commodity Contracts Foreign Currency Contracts Total Accounts receivable, net $ 6 $ 12 $ 18 $ — $ 6 $ 6 Other non-current assets 1 5 6 — — — Assets 7 17 24 — 6 6 Accounts payable 27 3 30 1 7 8 Other non-current liabilities 1 3 4 — — — Liabilities 28 6 34 1 7 8 Net Assets/(Liabilities) $ (21) $ 11 $ (10) $ (1) $ (1) $ (2) Fair Value of Hedging Instruments as of December 31, 2023 Designated Hedging Instruments Non-Designated Hedging Instruments Commodity Contracts Foreign Currency Contracts Total Commodity Contracts Foreign Currency Contracts Total Accounts receivable, net $ 6 $ 11 $ 17 $ — $ 5 $ 5 Other non-current assets — 4 4 — — — Assets 6 15 21 — 5 5 Accounts payable 44 14 58 2 12 14 Other non-current liabilities 2 2 4 — — — Liabilities 46 16 62 2 12 14 Net Assets/(Liabilities) $ (40) $ (1) $ (41) $ (2) $ (7) $ (9)
Schedule of amount of gains and losses recognized in OCI and income statement location	Additional information relating to our derivative instruments in cash flow hedging relationships is as follows: (Losses) Gains (Losses) Gains Three Months Ended September 30, Income Statement Three Months Ended September 30, 2024 2023 Location 2024 2023 Commodity contracts $ (5) $ (10) Cost of sales $ (28) $ (37) Foreign currency contracts 12 4 Net sales/Cost of sales — 3 Total $ 7 $ (6) $ (28) $ (34) (Losses) Gains (Losses) Gains Nine Months Ended September 30, Income Statement Nine Months Ended September 30, 2024 2023 Location 2024 2023 Commodity contracts $ (76) $ (132) Cost of sales $ (93) $ (46) Foreign currency contracts 14 9 Net sales/Cost of sales 1 10 Total $ (62) $ (123) $ (92) $ (36)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
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 September 30, 2024 As of December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable securities $ 5 $ 5 $ — $ — $ 4 $ 4 $ — $ — Derivative assets 30 29 1 — 26 26 — — Derivative liabilities 42 31 11 — 76 43 33 — Long-term debt 1,657 — 1,657 — 1,591 — 1,591 —

Financing Arrangements (Tables)

Financing Arrangements (Tables)	9 Months Ended
Financing Arrangements (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of debt	Debt carrying amounts, net of related discounts, premiums and debt issuance costs, are presented below: As of As of 2.900% senior notes due June 1, 2030 $ 597 $ 596 3.200% senior notes due October 1, 2026 499 499 3.900% senior notes due June 1, 2050 391 391 6.625% senior notes due April 15, 2037 252 253 Revolving credit agreement — — Other long-term borrowings 2 1 Total long-term debt 1,741 1,740 Commercial paper — 327 Other short-term borrowings 99 121 Total short-term borrowings 99 448 Total debt $ 1,840 $ 2,188

Pension and Other Post-employ_2

Pension and Other Post-employment Benefits (Tables)	9 Months Ended
Pension and Other Post-employment Benefits (Tables)	Sep. 30, 2024
Retirement Benefits [Abstract]
Components of net periodic benefit (cost)	Components of net periodic cost consist of the following for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ — $ 1 $ 1 $ 1 $ 2 $ 2 $ 2 $ 3 Interest cost 4 3 2 3 11 11 7 8 Expected return on plan assets (4) (4) (2) (3) (13) (12) (6) (7) Amortization of prior service credit — (1) — — — (1) — — Amortization of actuarial loss — 1 — 1 — 1 — 1 Net periodic cost (a) $ — $ — $ 1 $ 2 $ — $ 1 $ 3 $ 5 The following table sets forth the components of net postretirement benefit cost for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest cost $ 2 $ 1 $ 3 $ 3 Amortization of prior service cost 1 — 1 — Net periodic cost (a) $ 3 $ 1 $ 4 $ 3 _______________________________________ (a) The service cost component of net periodic 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 costs and amortization of actuarial losses are presented within Other non-operating expense on the Condensed Consolidated Statements of Income.

Equity (Tables)

Equity (Tables)	9 Months Ended
Equity (Tables)	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of stock based compensation expense	Share-based compensation expense for the periods presented is as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Stock options: Pre-tax compensation expense $ 1 $ 1 $ 4 $ 3 Income tax benefit — — — — Stock option expense, net of income taxes 1 1 4 3 Restricted stock units (“RSUs”): Pre-tax compensation expense 4 4 15 11 Income tax benefit (1) — (2) (1) RSUs, net of income taxes 3 4 13 10 Performance shares and other share-based awards: Pre-tax compensation expense 3 4 11 9 Income tax benefit — (1) — (1) Performance shares and other share-based compensation expense, net of income taxes 3 3 11 8 Total share-based compensation: Pre-tax compensation expense 8 9 30 23 Income tax benefit (1) (1) (2) (2) Total share-based compensation expense, net of income taxes $ 7 $ 8 $ 28 $ 21
Schedule of valuation assumptions for stock options	We estimated the fair value of each option grant by using the Black-Scholes option-pricing model with the following assumptions: Nine Months Ended September 30, 2024 2023 Expected life (in years) 5.5 5.5 Risk-free interest rate 4.2% 4.0% Expected volatility 28.1% 28.3% Expected dividend yield 2.9% 2.9%
Schedule of stock option transactions	Stock option activity for year-to-date 2024 is as follows: Number of Options Weighted Average Exercise Price per Share Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2023 1,953 $ 96.61 5.0 $ 29 Granted 178 108.38 Exercised (390) 85.17 Cancelled (44) 101.45 Outstanding as of September 30, 2024 1,697 $ 100.35 5.3 $ 63 Exercisable as of September 30, 2024 1,347 $ 100.13 4.5 $ 50
Schedule of additional information pertaining to stock option activity	Additional information pertaining to stock option activity is as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Weighted average grant date fair value of stock options granted (per share) $ — $ — $ 26.33 $ 23.80 Total intrinsic value of stock options exercised 3 1 13 11
Schedule of restricted unit activity	The following table summarizes RSU activity year-to-date in 2024: Number of Weighted Non-vested as of December 31, 2023 552 $ 92.05 Granted 210 108.81 Vested (174) 87.46 Cancelled (45) 95.74 Non-vested as of September 30, 2024 543 $ 99.43
Summary of net changes in accumulated other comprehensive loss	The following is a summary of accumulated other comprehensive loss for year-to-date 2024 and 2023: Cumulative Translation Adjustment Hedging Activities Pension and Other Post-employment Benefits AOCL Balance as of December 31, 2023 $ (961) $ (48) $ (47) $ (1,056) Other comprehensive income (loss) before reclassification adjustments 32 (62) 1 (29) Loss reclassified from AOCL — 92 1 93 Tax (provision) — (8) — (8) Net other comprehensive income 32 22 2 56 Balance as of September 30, 2024 $ (929) $ (26) $ (45) $ (1,000) Cumulative Translation Adjustment Hedging Activities Pension and Other Post-employment Benefits AOCL Balance as of December 31, 2022 $ (1,008) $ 6 $ (46) $ (1,048) Other comprehensive (loss) before reclassification adjustments (30) (123) (2) (155) Loss reclassified from AOCL — 36 1 37 Tax benefit — 21 1 22 Net other comprehensive (loss) (30) (66) — (96) Balance as of September 30, 2023 $ (1,038) $ (60) $ (46) $ (1,144)
Schedule of Stockholders Equity	The following Condensed Consolidated Statements of Equity and Redeemable Equity present information about the dividends per share for common stock for the periods indicated: Total Equity Share-based Redeemable Preferred Common Additional Treasury Accumulated Other Retained Non-Redeemable Balance as of December 31, 2023 $ — $ 1 $ 1,146 $ (1,207) $ (1,056) $ 4,654 $ 14 $ 55 $ 43 Net income attributable to Ingredion — — — — — 216 — — — Net income attributable to non-controlling interests — — — — — — 2 — — Dividends declared, common stock ($0.78/share) — — — — — (52) — — — Repurchases of common stock, net — — — (1) — — — — — Share-based compensation, net of issuance — — — 29 — — — (12) — Other comprehensive (loss) — — — — (6) — — — — (1) Balance as of March 31, 2024 $ — $ 1 $ 1,146 $ (1,179) $ (1,062) $ 4,818 $ 16 $ 43 $ 42 Net income attributable to Ingredion — — — — — 148 — — — — Net income (loss) attributable to non-controlling interests — — — — — — 3 — (1) Dividends declared, common stock ($0.78/share) — — — — — (52) — — — Dividends declared, non-controlling interests — — — — — — (2) — — Repurchases of common stock, net — — — (65) — — — — — Share-based compensation, net of issuance — — 1 11 — — — 7 — Fair market value adjustment to non-controlling interests — — (6) — — — — — 6 Purchases of non-controlling interests — — — — — — — — (40) Other comprehensive (loss) — — — — (56) — — — — Balance as of June 30, 2024 $ — $ 1 $ 1,141 $ (1,233) $ (1,118) $ 4,914 $ 17 $ 50 $ 7 Net income attributable to Ingredion — — — — — 188 — — — Net income (loss) attributable to non-controlling interests — — — — — — 2 — (1) Dividends declared, common stock ($0.80/share) — — — — — (53) — — — Dividends declared, non-controlling interests — — — — — — (1) — — Repurchases of common stock, net — — — (21) — — — — — Share-based compensation, net of issuance — — 4 9 — — — 4 — Other comprehensive income — — — — 118 — 1 — 1 Balance as of September 30, 2024 $ — $ 1 $ 1,145 $ (1,245) $ (1,000) $ 5,049 $ 19 $ 54 $ 7 Total Equity Share-based Redeemable Preferred Common Additional Treasury Accumulated Other Retained Non-Redeemable Balance as of 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 as of 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 as of June 30, 2023 $ — $ 1 $ 1,142 $ (1,116) $ (1,119) $ 4,469 $ 12 $ 43 $ 43 Net income attributable to Ingredion — — — — — 158 — — — Net income attributable to non-controlling interests — — — — — — 2 — — Dividends declared, common stock ($0.78/share) — — — — — (52) — — — Dividends declared, non-controlling interests — — — — — — (1) — — Repurchases of common stock — — — (101) — — — — — Share-based compensation, net of issuance — — 1 6 — — — 6 — Purchases of non-controlling interests — — — — — — — — (2) Other comprehensive (loss) — — — — (25) — — — — Balance as of September 30, 2023 $ — $ 1 $ 1,143 $ (1,211) $ (1,144) $ 4,575 $ 13 $ 49 $ 41
Schedule of basic and diluted earnings per common share	The following tables present information about the computation of basic and diluted earnings per common share (“EPS”) for the periods presented: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Net Income Weighted Per Net Income Weighted Per Basic EPS $ 188 65.3 $ 2.88 $ 158 66.0 $ 2.39 Effect of Dilutive Securities: Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive RSUs and other awards 1.2 1.0 Diluted EPS $ 188 66.5 $ 2.83 $ 158 67.0 $ 2.36 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Net Income Weighted Per Net Income Weighted Per Basic EPS $ 552 65.6 $ 8.41 $ 512 66.1 $ 7.75 Effect of Dilutive Securities: Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive RSUs and other awards 1.0 1.0 Diluted EPS $ 552 66.6 $ 8.29 $ 512 67.1 $ 7.63

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting of Net Sales, Operating Income and Total Assets	The following tables present information about our net sales to affiliated and unaffiliated customers by reportable segment and All Other for the periods presented: Three Months Ended T&HS F&II - LATAM F&II - U.S./Canada All Other Consolidated Totals September 30, 2024 Net sales including intersegment sales $ 611 $ 633 $ 567 $ 106 $ 1,917 Less : Intersegment sales (11) (13) (19) (4) (47) Net sales $ 600 $ 620 $ 548 $ 102 $ 1,870 September 30, 2023 Net sales including intersegment sales $ 625 $ 665 $ 621 $ 178 $ 2,089 Less : Intersegment sales (26) (7) (22) (1) (56) Net sales $ 599 $ 658 $ 599 $ 177 $ 2,033 Nine Months Ended T&HS F&II - LATAM F&II - U.S./Canada All Other Consolidated Totals September 30, 2024 Net sales including intersegment sales $ 1,827 $ 1,899 $ 1,714 $ 346 $ 5,786 Less : Intersegment sales (42) (33) (70) (11) (156) Net sales $ 1,785 $ 1,866 $ 1,644 $ 335 $ 5,630 September 30, 2023 Net sales including intersegment sales $ 1,966 $ 2,017 $ 1,883 $ 563 $ 6,429 Less : Intersegment sales (84) (26) (72) (8) (190) Net sales $ 1,882 $ 1,991 $ 1,811 $ 555 $ 6,239 The following table presents information about our operating income (loss) by reportable segment and All Other for the periods presented: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Operating income (loss): Texture & Healthful Solutions $ 96 $ 86 $ 256 $ 318 Food & Industrial Ingredients - LATAM 131 104 362 327 Food & Industrial Ingredients - U.S./Canada 99 79 291 251 All Other (4) (1) (18) (6) Corporate (40) (49) (123) (124) Subtotal 282 219 768 766 Restructuring and resegmentation costs (6) — (12) — Other matters — 4 (9) (1) Impairment charges (8) (10) (26) (10) Total operating income $ 268 $ 213 $ 721 $ 755 The Chief Operating Decision Maker evaluates performance, makes strategic decisions, and allocates resources based on Property, plant and equipment, net for internal and external reporting purposes. Presented below is Property, plant and equipment, net by reportable segment and All Other as of September 30, 2024 and December 31, 2023: As of As of Property, plant and equipment, net: Texture & Healthful Solutions $ 867 $ 855 Food & Industrial Ingredients - LATAM 520 552 Food & Industrial Ingredients - U.S./Canada 543 548 All Other (a) 402 415 Total Property, plant and equipment, net $ 2,332 $ 2,370 _____________________ (a) For purposes of presentation, All Other includes Corporate assets.

Supplementary Information (Tabl

Supplementary Information (Tables)	9 Months Ended
Supplementary Information (Tables)	Sep. 30, 2024
Supplementary Information
Schedule of accounts receivable, net	Accounts receivable, net as of September 30, 2024 and December 31, 2023 were as follows: As of As of Accounts receivable - trade $ 1,016 $ 1,145 Accounts receivable - other 172 $ 154 Allowance for credit losses (15) $ (20) Total accounts receivable, net $ 1,173 $ 1,279
Schedule of inventories	Inventories as of September 30, 2024 and December 31, 2023 were as follows: As of As of Finished and in process $ 797 $ 926 Raw materials 355 434 Manufacturing supplies 82 90 Total inventories $ 1,234 $ 1,450
Schedule of supplier chain finance program	The rollforward of our outstanding obligations confirmed as valid under our supply chain finance programs as of September 30, 2024 was as follows: As of Outstanding at the beginning of the year $ 153 Invoices added during the year 359 Invoices paid during the year (379) Cumulative translation adjustment (12) Outstanding as of September 30, 2024 $ 121

Basis of Presentation and New_3

Basis of Presentation and New Accounting Standards (Details)	9 Months Ended
	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Number of reportable segments	3

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) $ in Millions, ₩ in Billions			3 Months Ended			9 Months Ended
	Feb. 01, 2024 USD ($)	Feb. 01, 2024 KRW (₩)	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Feb. 01, 2024 KRW (₩)	Dec. 31, 2023	Dec. 31, 2022
Acquisitions
Purchases of non-controlling interests						$ 40	$ 2
Proceeds from sale of business						255	0
Net gain on sale of business			$ 8		$ 0	$ 90	$ 0
Disposed of by Sale \| South Korea Divestiture
Acquisitions
Divestiture, consideration	$ 294							₩ 384
Proceeds from sale of business	$ 247	₩ 330
Net gain on sale of business			$ 8	$ 82
PureCircle Limited
Acquisitions
Ownership percentage by parent			98%		88%	98%	88%		88%	87%
PureCircle Limited
Acquisitions
Purchases of non-controlling interests					$ 2	$ 40

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($)	Jul. 01, 2024	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated goodwill impairment		$ 0
goodwill and indefinite-lived intangible asset impairment	$ 0
Indefinite-lived intangible assets		$ 143,000,000	$ 143,000,000

Intangible Assets - Schedule of

Intangible Assets - Schedule of goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Carrying value of goodwill
Balance at the beginning of the period	$ 918
Cumulative translation adjustment	7
Balance at the end of the period	925
Operating Segments \| T&HS
Carrying value of goodwill
Balance at the beginning of the period	388
Cumulative translation adjustment	5
Balance at the end of the period	393
Operating Segments \| F&II - LATAM
Carrying value of goodwill
Balance at the beginning of the period	146
Cumulative translation adjustment	(2)
Balance at the end of the period	144
Operating Segments \| F&II - U.S./Canada
Carrying value of goodwill
Balance at the beginning of the period	296
Cumulative translation adjustment	0
Balance at the end of the period	296
All Other
Carrying value of goodwill
Balance at the beginning of the period	88
Cumulative translation adjustment	4
Balance at the end of the period	$ 92

Investments - Schedule of inves

Investments - Schedule of investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments [Abstract]
Equity investments	$ 34	$ 27
Equity method investments	94	112
Marketable securities	5	4
Total investments	$ 133	$ 143

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
Investments - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)	Sep. 30, 2024	Dec. 13, 2023 $ / $	Dec. 12, 2023 $ / $
Equity Method Investments
Impairment of equity method investments \| $	$ 18
Foreign currency exchange rate \| $ / $			800	366
Argentina joint venture
Equity Method Investments
Joint venture, period in arrears		1 month

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) bu in Millions, MMBTU in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) MMBTU bu	Dec. 31, 2023 USD ($) MMBTU bu
Hedging relationships
Loss expected to be reclassified into earnings during the next twelve months	$ 25
Loss expected to be reclassified into earnings during the next twelve months, income tax effect	$ 9
Corn commodity
Hedging relationships
Futures contract (in bushels for corn) \| bu	59	109
Natural gas commodity
Hedging relationships
Natural gas swap contract (in mmbtu of natural gas) \| MMBTU	28	28
Foreign currency contracts \| Not designated as hedging Iinstrument \| Short
Hedging relationships
Derivative notional amount	$ 489	$ 694
Foreign currency contracts \| Not designated as hedging Iinstrument \| Long
Hedging relationships
Derivative notional amount	147	182
Foreign currency contracts \| Designated as hedging instrument \| Short \| Cash flow hedging
Hedging relationships
Derivative notional amount	394	449
Foreign currency contracts \| Designated as hedging instrument \| Long \| Cash flow hedging
Hedging relationships
Derivative notional amount	$ 483	$ 621

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of cash flow hedges included in AOCI (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) gains included in AOCL	$ (1,000)	$ (1,056)
Cash flow hedging
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) gains included in AOCL	(26)	(48)
Cash flow hedging \| Commodity contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) gains included in AOCL	(34)	(46)
Tax effect of gains (losses) on cash flow hedges	12	17
Cash flow hedging \| Foreign currency contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) gains included in AOCL	10	0
Tax effect of gains (losses) on cash flow hedges	4	1
Cash flow hedging \| Interest rate contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) gains included in AOCL	(2)	(2)
Tax effect of gains (losses) on cash flow hedges	$ 1	$ 1

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Balance sheet location (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Designated Hedging Instruments
Fair value of derivatives
Fair value of derivative instruments, assets	$ 24	$ 21
Fair value of derivative instruments, liabilities	34	62
Fair value of derivative instruments, net assets/(liabilities)	(10)	(41)
Designated Hedging Instruments \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	18	17
Designated Hedging Instruments \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	6	4
Designated Hedging Instruments \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	30	58
Designated Hedging Instruments \| Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	4	4
Designated Hedging Instruments \| Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	7	6
Fair value of derivative instruments, liabilities	28	46
Fair value of derivative instruments, net assets/(liabilities)	(21)	(40)
Designated Hedging Instruments \| Commodity Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	6	6
Designated Hedging Instruments \| Commodity Contracts \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	1	0
Designated Hedging Instruments \| Commodity Contracts \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	27	44
Designated Hedging Instruments \| Commodity Contracts \| Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	1	2
Designated Hedging Instruments \| Foreign Currency Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	17	15
Fair value of derivative instruments, liabilities	6	16
Fair value of derivative instruments, net assets/(liabilities)	11	(1)
Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	12	11
Designated Hedging Instruments \| Foreign Currency Contracts \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	5	4
Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	3	14
Designated Hedging Instruments \| Foreign Currency Contracts \| Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	3	2
Non-Designated Hedging Instruments
Fair value of derivatives
Fair value of derivative instruments, assets	6	5
Fair value of derivative instruments, liabilities	8	14
Fair value of derivative instruments, net assets/(liabilities)	(2)	(9)
Non-Designated Hedging Instruments \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	6	5
Non-Designated Hedging Instruments \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	0
Non-Designated Hedging Instruments \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	8	14
Non-Designated Hedging Instruments \| Other 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	0	0
Fair value of derivative instruments, liabilities	1	2
Fair value of derivative instruments, net assets/(liabilities)	(1)	(2)
Non-Designated Hedging Instruments \| Commodity Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	0	0
Non-Designated Hedging Instruments \| Commodity Contracts \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	0
Non-Designated Hedging Instruments \| Commodity Contracts \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	1	2
Non-Designated Hedging Instruments \| Commodity Contracts \| Other 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	6	5
Fair value of derivative instruments, liabilities	7	12
Fair value of derivative instruments, net assets/(liabilities)	(1)	(7)
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	6	5
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	0
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	7	12
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	$ 0	$ 0

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Cash flow hedges (Details) - Cash flow hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Hedging relationships
(Losses) Gains Recognized in AOCL on Derivatives	$ 7	$ (6)	$ (62)	$ (123)
(Losses) Gains Reclassified from AOCL into Income	(28)	(34)	(92)	(36)
Commodity contracts
Hedging relationships
(Losses) Gains Recognized in AOCL on Derivatives	(5)	(10)	(76)	(132)
Commodity contracts \| Cost of sales
Hedging relationships
(Losses) Gains Reclassified from AOCL into Income	(28)	(37)	(93)	(46)
Foreign currency contracts
Hedging relationships
(Losses) Gains Recognized in AOCL on Derivatives	12	4	14	9
Foreign currency contracts \| Net sales/Cost of sales
Hedging relationships
(Losses) Gains Reclassified from AOCL into Income	$ 0	$ 3	$ 1	$ 10

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair value of assets and liabilities
Marketable securities	$ 5	$ 4
Derivative assets	30	26
Derivative liabilities	42	76
Long-term debt	1,657	1,591
Level 1
Fair value of assets and liabilities
Marketable securities	5	4
Derivative assets	29	26
Derivative liabilities	31	43
Long-term debt	0	0
Level 2
Fair value of assets and liabilities
Marketable securities	0	0
Derivative assets	1	0
Derivative liabilities	11	33
Long-term debt	1,657	1,591
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 - Schedu

Financing Arrangements - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financing Arrangements
Total long-term debt	$ 1,741	$ 1,740
Total short-term borrowings	99	448
Total debt	$ 1,840	$ 2,188
2.900% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate	2.90%	2.90%
Total long-term debt	$ 597	$ 596
3.200% senior notes due October 1, 2026
Financing Arrangements
Debt, interest rate	3.20%	3.20%
Total long-term debt	$ 499	$ 499
3.900% senior notes due June 1, 2050
Financing Arrangements
Debt, interest rate	3.90%	3.90%
Total long-term debt	$ 391	$ 391
6.625% senior notes due April 15, 2037
Financing Arrangements
Debt, interest rate	6.625%	6.625%
Total long-term debt	$ 252	$ 253
Revolving credit agreement
Financing Arrangements
Total long-term debt	0	0
Other long-term borrowings
Financing Arrangements
Total long-term debt	2	1
Commercial paper
Financing Arrangements
Short-term borrowings	0	327
Other short-term borrowings
Financing Arrangements
Short-term borrowings	$ 99	$ 121

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) - Commercial paper - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Long-term debt
Maximum aggregate principal amount	$ 1,000
Average amount of commercial paper outstanding	$ 41	$ 438
Weighted average interest rate	5.51%	5.25%
Weighted average maturity	8 days	11 days
Short-term borrowings	$ 0		$ 327
Basis spread			5.50%
Weighted average maturity of outstanding balance			11 days

Pension and Other Post-employ_3

Pension and Other Post-employment Benefits - Components of net periodic benefit (cost) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Plan \| U.S. Plans
Benefit plans
Service cost	$ 0	$ 1	$ 2	$ 2
Interest cost	4	3	11	11
Expected return on plan assets	(4)	(4)	(13)	(12)
Amortization of prior service credit	0	(1)	0	(1)
Amortization of actuarial loss	0	1	0	1
Net periodic cost	0	0	0	1
Pension Plan \| Non-U.S. Plans
Benefit plans
Service cost	1	1	2	3
Interest cost	2	3	7	8
Expected return on plan assets	(2)	(3)	(6)	(7)
Amortization of prior service credit	0	0	0	0
Amortization of actuarial loss	0	1	0	1
Net periodic cost	1	2	3	5
Postemployment Retirement Benefits
Benefit plans
Interest cost	2	1	3	3
Amortization of prior service credit	1	0	1	0
Net periodic cost	$ 3	$ 1	$ 4	$ 3

Pension and Other Post-employ_4

Pension and Other Post-employment Benefits - Narrative (Details) - Pension Plan $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
U.S. Plans
Benefit plans
Cash contribution expected during fiscal year	$ 1
Cash contributions	1
Non-U.S. Plans
Benefit plans
Cash contribution expected during fiscal year	4
Cash contributions	$ 3

Equity - Treasury Stock (Detail

Equity - Treasury Stock (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 26, 2022
Treasury Stock
Treasury stock:
Purchase/acquisition of treasury stock (in shares)	185			1,000	762	1,000
Repurchases of common stock	$ 21	$ 65	$ 1	$ 101	$ 87	$ 101
2022 Stock Repurchase Program
Treasury stock:
Stock repurchase program, number of shares authorized							6,000

Equity - Schedule of stock base

Equity - Schedule of stock based compensation expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based compensation expense
Pre-tax compensation expense	$ 8	$ 9	$ 30	$ 23
Income tax benefit	(1)	(1)	(2)	(2)
Total share-based compensation expense, net of income taxes	7	8	28	21
Stock options
Share-based compensation expense
Pre-tax compensation expense	1	1	4	3
Income tax benefit	0	0	0	0
Total share-based compensation expense, net of income taxes	1	1	4	3
RSUs \| Employee
Share-based compensation expense
Pre-tax compensation expense	4	4	15	11
Income tax benefit	(1)	0	(2)	(1)
Total share-based compensation expense, net of income taxes	3	4	13	10
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	3	4	11	9
Income tax benefit	0	(1)	0	(1)
Total share-based compensation expense, net of income taxes	$ 3	$ 3	$ 11	$ 8

Equity - Stock Options (Details

Equity - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based compensation
Options granted (in shares)			178	197
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			4.20%	4%
Expected volatility			28.10%	28.30%
Expected dividend yield			2.90%	2.90%
Stock options, Number of Options
Outstanding at the beginning of the period (in shares)			1,953
Granted (in shares)			178	197
Exercised (in shares)			(390)
Cancelled (in shares)			(44)
Outstanding at the end of the period (in shares)	1,697		1,697		1,953
Exercisable at the end of the period (in shares)	1,347		1,347
Stock options, Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)			$ 96.61
Granted (in dollars per share)			108.38
Exercised (in dollars per share)			85.17
Cancelled (in dollars per share)			101.45
Outstanding at the end of the period (in dollars per share)	$ 100.35		100.35		$ 96.61
Exercisable at the end of the period (in dollars per share)	$ 100.13		$ 100.13
Additional information pertaining to stock options
Average Remaining Contractual Term, Outstanding			5 years 3 months 18 days		5 years
Average Remaining Contractual Term, Exercisable			4 years 6 months
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 63		$ 63		$ 29
Aggregate Intrinsic Value, Exercisable (in dollars)	$ 50		50
Cash received from exercise of stock options			$ 33
Weighted average grant date fair value of stock options granted (in dollars per share)	$ 0	$ 0	$ 26.33	$ 23.80
Total intrinsic value of stock options exercised (in dollars)	$ 3	$ 1	$ 13	$ 11
Stock options
Share-based compensation
Term of award			10 years
Period of vesting			3 years
Additional information pertaining to stock options
Unrecognized compensation cost	$ 2		$ 2
Weighted-average period for amortization of unrecognized compensation cost			1 year 8 months 12 days

Equity - Restricted Stock Units

Equity - Restricted Stock Units (Details) - RSUs - Employee $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Share-based compensation
Vesting terms	3 years
Number of Restricted Shares (in thousands)
Non-vested at the beginning of the period (in shares) \| shares	552
Granted (in shares) \| shares	210
Vested (in shares) \| shares	(174)
Cancelled (in shares) \| shares	(45)
Non-vested at the end of the period (in shares) \| shares	543
Weighted Average Fair Value per Share
Non-vested at the beginning of the period (in dollars per share) \| $ / shares	$ 92.05
Granted (in dollars per share) \| $ / shares	108.81
Vested (in dollars per share) \| $ / shares	87.46
Cancelled (in dollars per share) \| $ / shares	95.74
Non-vested at the end of the period (in dollars per share) \| $ / shares	$ 99.43
Other disclosures
Unrecognized compensation cost \| $	$ 23
Weighted-average period for amortization of unrecognized compensation cost	1 year 9 months 18 days

Equity - Performance Shares (De

Equity - Performance Shares (Details) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	9 Months Ended
	Feb. 29, 2024	Sep. 30, 2024 USD ($) metric $ / shares shares
Performance Shares
Share-based compensation
Number of tranches \| metric		2
Granted (in shares)		86
Weighted-average fair value per share, granted (in dollars per share) \| $ / shares		$ 127.97
Unrecognized compensation cost \| $		$ 11
Remaining requisite service period (in years)		2 years
Cancelled (in shares)		17
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%
2021 Awards \| Performance Shares
Share-based compensation
Award pay out achieved (as a percent)	200%
2022 Awards \| Performance Shares
Share-based compensation
Estimated pay out (as a percent)		200%

Equity - AOCL (Details)

Equity - AOCL (Details) - USD ($) $ in Millions	9 Months Ended
Equity - AOCL (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Loss
Balance at beginning of period	$ 3,552
Other comprehensive income (loss) before reclassification adjustments	(29)	$ (155)
Loss reclassified from AOCL	93	37
Tax (provision)	(8)	22
Net other comprehensive income	56	(96)
Balance at end of period	3,969
AOCL
Accumulated Other Comprehensive Loss
Balance at beginning of period	(1,056)	(1,048)
Balance at end of period	(1,000)	(1,144)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at beginning of period	(961)	(1,008)
Other comprehensive income (loss) before reclassification adjustments	32	(30)
Loss reclassified from AOCL	0	0
Tax (provision)	0	0
Net other comprehensive income	32	(30)
Balance at end of period	(929)	(1,038)
Hedging Activities
Accumulated Other Comprehensive Loss
Balance at beginning of period	(48)	6
Other comprehensive income (loss) before reclassification adjustments	(62)	(123)
Loss reclassified from AOCL	92	36
Tax (provision)	(8)	21
Net other comprehensive income	22	(66)
Balance at end of period	(26)	(60)
Pension and Other Post-employment Benefits
Accumulated Other Comprehensive Loss
Balance at beginning of period	(47)	(46)
Other comprehensive income (loss) before reclassification adjustments	1	(2)
Loss reclassified from AOCL	1	1
Tax (provision)	0	1
Net other comprehensive income	2	0
Balance at end of period	$ (45)	$ (46)

Equity - Changes in Total Equit

Equity - Changes in Total Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period			$ 3,552				$ 3,552
Balance at end of period	$ 3,969						3,969
Dividends declared (in dollars per share)	$ 0.80	$ 0.78	$ 0.78	$ 0.78	$ 0.71	$ 0.71
Increase (Decrease) in Temporary Equity
Share-based payments subject to redemption, beginning balance	$ 50	$ 43	$ 55	$ 43	$ 38	$ 48	55	$ 48
Share-based compensation, net of issuance	4	7	(12)	6	5	(10)	(1)	1
Share-based payments subject to redemption, ending balance	54	50	43	49	43	38	54	49
Redeemable non-controlling interests, beginning balance	7	42	43	43	51	51	43	51
Net income (loss) attributable to non-controlling interests	(1)	(1)					(2)
Fair market value adjustment to non-controlling interests		6		(2)	(7)		6	(7)
Purchases of non-controlling interests		(40)					(40)	(2)
Other comprehensive (loss)	1		(1)		(1)		0	(1)
Redeemable non-controlling interests, ending balance	7	7	42	41	43	51	7	41
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	1	1	1	1	1	1	1	1
Balance at end of period	1	1	1	1	1	1	1	1
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	1,141	1,146	1,146	1,142	1,133	1,132	1,146	1,132
Share-based compensation, net of issuance	4	1		1	2	1	5	4
Fair market value adjustment to non-controlling interests		(6)			7		(6)	7
Balance at end of period	1,145	1,141	1,146	1,143	1,142	1,133	1,145	1,143
Treasury Stock
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	(1,233)	(1,179)	(1,207)	(1,116)	(1,127)	(1,148)	(1,207)	(1,148)
Repurchases of common stock, net	(21)	(65)	(1)	(101)			(87)	(101)
Share-based compensation, net of issuance	9	11	29	6	11	21	49	38
Balance at end of period	(1,245)	(1,233)	(1,179)	(1,211)	(1,116)	(1,127)	(1,245)	(1,211)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	(1,118)	(1,062)	(1,056)	(1,119)	(1,098)	(1,048)	(1,056)	(1,048)
Other comprehensive (loss)	118	(56)	(6)	(25)	(21)	(50)	56	(96)
Balance at end of period	(1,000)	(1,118)	(1,062)	(1,144)	(1,119)	(1,098)	(1,000)	(1,144)
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	4,914	4,818	4,654	4,469	4,354	4,210	4,654	4,210
Net income (loss)	188	148	216	158	163	191	552	512
Dividends declared	(53)	(52)	(52)	(52)	(48)	(47)	(157)	(147)
Balance at end of period	5,049	4,914	4,818	4,575	4,469	4,354	5,049	4,575
Non- Redeemable Non- Controlling Interests
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	17	16	14	12	13	16	14	16
Net income (loss)	2	3	2	2	1	3	7	6
Dividends declared	(1)	(2)		(1)	(1)		(3)	(2)
Other comprehensive (loss)	1				(1)	(6)	1	(7)
Balance at end of period	$ 19	$ 17	$ 16	$ 13	$ 12	$ 13	$ 19	$ 13

Equity - EPS (Details)

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic EPS
Net Income Attributable to Ingredion	$ 188	$ 158	$ 552	$ 512
Weighted average number of shares outstanding, basic	65.3	66	65.6	66.1
Basic earnings per common share of Ingredion (in dollars per share)	$ 2.88	$ 2.39	$ 8.41	$ 7.75
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards	1.2	1	1	1
Diluted EPS
Net Income Attributable to Ingredion	$ 188	$ 158	$ 552	$ 512
Weighted average number of shares outstanding - diluted, Total	66.5	67	66.6	67.1
Diluted earnings per common share of Ingredion (in dollars per share)	$ 2.83	$ 2.36	$ 8.29	$ 7.63
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	0.2	0.5	0.5	0.5

Segment Information - Net Sales

Segment Information - Net Sales and Operating Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment information
Net sales	$ 1,870	$ 2,033	$ 5,630	$ 6,239
Operating income, subtotal	282	219	768	766
Restructuring and resegmentation costs	(6)	0	(12)	0
Other matters	0	4	(9)	(1)
Impairment charges	(8)	(10)	(26)	(10)
Operating income	268	213	721	755
T&HS
Segment information
Net sales	600	599	1,785	1,882
F&II - LATAM
Segment information
Net sales	620	658	1,866	1,991
F&II - U.S./Canada
Segment information
Net sales	548	599	1,644	1,811
Operating Segments \| T&HS
Segment information
Net sales	611	625	1,827	1,966
Operating income, subtotal	96	86	256	318
Operating Segments \| F&II - LATAM
Segment information
Net sales	633	665	1,899	2,017
Operating income, subtotal	131	104	362	327
Operating Segments \| F&II - U.S./Canada
Segment information
Net sales	567	621	1,714	1,883
Operating income, subtotal	99	79	291	251
All Other
Segment information
Net sales	106	178	346	563
Operating income, subtotal	(4)	(1)	(18)	(6)
Operating segments and all other
Segment information
Net sales	1,917	2,089	5,786	6,429
Intersegment sales
Segment information
Net sales	(47)	(56)	(156)	(190)
Intersegment sales \| T&HS
Segment information
Net sales	(11)	(26)	(42)	(84)
Intersegment sales \| F&II - LATAM
Segment information
Net sales	(13)	(7)	(33)	(26)
Intersegment sales \| F&II - U.S./Canada
Segment information
Net sales	(19)	(22)	(70)	(72)
Intersegment sales, all other
Segment information
Net sales	(4)	(1)	(11)	(8)
All other, excluding intersegment sales
Segment information
Net sales	102	177	335	555
Corporate
Segment information
Operating income, subtotal	$ (40)	$ (49)	$ (123)	$ (124)

Segment Information - Property,

Segment Information - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment information
Total Property, plant and equipment, net	$ 2,332	$ 2,370
All Other
Segment information
Total Property, plant and equipment, net	402	415
T&HS \| Operating Segments
Segment information
Total Property, plant and equipment, net	867	855
F&II - LATAM \| Operating Segments
Segment information
Total Property, plant and equipment, net	520	552
F&II - U.S./Canada \| Operating Segments
Segment information
Total Property, plant and equipment, net	$ 543	$ 548

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies
Tax benefit related to the exclusion of certain tax incentives	$ 27
Brazil \| Reduction in taxes \| Foreign Tax Authority
Commitments and Contingencies
Brazilian deferred tax credits		$ 30	$ 32
Brazil \| Reduction in taxes \| Foreign Tax Authority \| Accounts receivable, net
Commitments and Contingencies
Brazilian deferred tax credits		25
Brazil \| Reduction in taxes \| Foreign Tax Authority \| Other non-current assets
Commitments and Contingencies
Brazilian deferred tax credits		$ 5

Supplementary Information - Acc

Supplementary Information - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Supplementary Information
Accounts receivable - trade	$ 1,016	$ 1,145
Accounts receivable - other	172	154
Allowance for credit losses	(15)	(20)
Total accounts receivable, net	$ 1,173	$ 1,279

Supplementary Information - Inv

Supplementary Information - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Supplementary Information
Finished and in process	$ 797	$ 926
Raw materials	355	434
Manufacturing supplies	82	90
Total inventories	$ 1,234	$ 1,450

Supplementary Information - Sch

Supplementary Information - Schedule of Supply Chain Finance Program (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Supplier Finance Program, Obligation [Roll Forward]
Outstanding at the beginning of the year	$ 153
Invoices added during the year	359
Invoices paid during the year	(379)
Cumulative translation adjustment	(12)
Outstanding as of September 30, 2024	$ 121

Supplementary Information - Nar

Supplementary Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Impairment of manufacturing operations	$ 8
Supplier finance program obligation	$ 121	$ 153
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable, Accrued liabilities and liabilities held for sale	Accounts payable, Accrued liabilities and liabilities held for sale