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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
or
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from     to
Commission file number 1-13397
Ingredion_Logo_SM_rgbHEX.gif
INGREDION INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware22-3514823
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
5 Westbrook Corporate Center, Westchester, Illinois
60154
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code (708) 551-2600
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per share
INGR
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer
o
Non-accelerated filer
o
Smaller reporting company
o
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
ClassOutstanding at August 5, 2024
Common Stock, $0.01 par value
65,061,430 shares

INGREDION INCORPORATED
FORM 10-Q
TABLE OF CONTENTS
Page No.
2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Ingredion Incorporated
Condensed Consolidated Statements of Income
(Unaudited)
(dollars and shares in millions, except per share amounts)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Net sales$1,878 $2,069 $3,760 $4,206 
Cost of sales1,432 1,628 2,897 3,278 
Gross profit446 441 863 928 
Operating expenses191 188 380 375 
Other operating (income) expense(8)2 4 11 
Restructuring/impairment charges23 — 26 — 
Operating income240 251 453 542 
Financing costs10 30 29 62 
Net gain on sale of business— — (82)— 
Other non-operating expense— 2 — 2 
Income before income taxes 230 219 506 478 
Provision for income taxes80 55 138 120 
Net income150 164 368 358 
Less: Net income attributable to non-controlling interests2 1 4 4 
Net income attributable to Ingredion$148 $163 $364 $354 
Earnings per common share attributable to Ingredion common shareholders:
Weighted average common shares outstanding:
Basic65.766.365.766.2
Diluted66.867.366.767.2
Earnings per common share of Ingredion:
Basic$2.25 $2.46 $5.54 $5.35 
Diluted$2.22 $2.42 $5.46 $5.27 
See the Notes to the Condensed Consolidated Financial Statements.
3
Ingredion Incorporated
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(in millions)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Net income$150 $164 $368 $358 
Other comprehensive income:
(Losses) on cash flow hedges, net of income tax effect of $8, $15, $18 and $31
(20)(44)(51)(86)
Losses on cash flow hedges reclassified to earnings, net of income tax effect of $8, $5, $17 and $1
23 15 47 1 
Gains (losses) on pension and other post-employment benefits, net of income tax effect of $—, $1, $— and $1
1 (1)2 (1)
Cumulative translation adjustment(60)9 (60)15 
Comprehensive income94 143 306 287 
Less: Comprehensive income (loss) attributable to non-controlling interests 2 (1)3 (4)
Comprehensive income attributable to Ingredion$92 $144 $303 $291 
See the Notes to the Condensed Consolidated Financial Statements.
4
Ingredion Incorporated
Condensed Consolidated Balance Sheets
(dollars and shares in millions, except per share amounts)
June 30,
2024		December 31,
2023
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$505 $401 
Short-term investments 5 8 
Accounts receivable, net1,286 1,279 
Inventories1,244 1,450 
Prepaid expenses and assets held for sale59 261 
Total current assets3,099 3,399 
Property, plant and equipment, net of accumulated depreciation of $3,451 and $3,428
2,291 2,370 
Intangible assets, net of accumulated amortization of $311 and $299
1,275 1,303 
Other non-current assets556 570 
Total assets$7,221 $7,642 
Liabilities and stockholders' equity
Current liabilities:
Short-term borrowings $109 $448 
Accounts payable606 778 
Accrued liabilities and liabilities held for sale515 546 
Total current liabilities1,230 1,772 
Long-term debt1,741 1,740 
Other non-current liabilities471 480 
Total liabilities3,442 3,992 
Share-based payments subject to redemption50 55 
Redeemable non-controlling interests7 43 
Ingredion stockholders’ equity:
Preferred stock — authorized 25.0 shares — $0.01 par value, none issued
— — 
Common stock — authorized 200.0 shares — $0.01 par value, 77.8 shares issued at June 30, 2024 and December 31, 2023
1 1 
Additional paid-in capital1,141 1,146 
Less: Treasury stock (common stock: 12.6 shares at June 30, 2024 and December 31, 2023) at cost
(1,233)(1,207)
Accumulated other comprehensive loss(1,118)(1,056)
Retained earnings4,914 4,654 
Total Ingredion stockholders’ equity3,705 3,538 
Non-redeemable non-controlling interests17 14 
Total stockholders' equity3,722 3,552 
Total liabilities and stockholders' equity$7,221 $7,642 
See the Notes to the Condensed Consolidated Financial Statements.
5
Ingredion Incorporated
Condensed Consolidated Statements of Equity and Redeemable Equity
(Unaudited)
(in millions)
Total EquityShare-based
Payments
Subject to
Redemption		Redeemable
Non-
Controlling
Interests
Preferred
Stock		Common
Stock		Additional
Paid-In
Capital		Treasury
Stock		Accumulated Other
Comprehensive
Loss		Retained
Earnings		Non-
Redeemable
Non-
Controlling
Interests
Balance as of December 31, 2023$— $1 $1,146 $(1,207)$(1,056)$4,654 $14 $55 $43 
Net income attributable to Ingredion— — — — — 364 — — — 
Net income (loss) attributable to non-controlling interests— — — — — — 5 — (1)
Dividends declared— — — — — (104)(2)— — 
Repurchases of common stock, net— — — (66)— — — — — 
Share-based compensation, net of issuance— — 1 40 — — — (5)— 
Fair market value adjustment to non-controlling interests— — (6)— — — — — 6 
Purchases of non-controlling interests— — — — — — — — (40)
Other comprehensive (loss)— — — — (62)— — — (1)
Balance as of June 30, 2024$— $1 $1,141 $(1,233)$(1,118)$4,914 $17 $50 $7 
Total EquityShare-based
Payments
Subject to
Redemption		Redeemable
Non-
Controlling
Interests
Preferred
Stock		Common
Stock		Additional
Paid-In
Capital		Treasury
Stock		Accumulated Other
Comprehensive
Loss		Retained
Earnings		Non-
Redeemable
Non-
Controlling
Interests
Balance as of December 31, 2022$— $1 $1,132 $(1,148)$(1,048)$4,210 $16 $48 $51 
Net income attributable to Ingredion— — — — — 354 — — — 
Net income attributable to non-controlling interests— — — — — — 4 — — 
Dividends declared— — — — — (95)(1)— — 
Share-based compensation, net of issuance— — 3 32 — — — (5)— 
Fair market value adjustment to non-controlling interests— — 7 — — — — — (7)
Other comprehensive (loss)— — — — (71)— (7)— (1)
Balance as of June 30, 2023$— $1 $1,142 $(1,116)$(1,119)$4,469 $12 $43 $43 
See the Notes to the Condensed Consolidated Financial Statements.
6
Ingredion Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in millions)
Six Months Ended
June 30,
20242023
Cash from operating activities
Net income$368 $358 
Non-cash charges to net income:
Depreciation and amortization107 109 
Mechanical stores expense29 33 
Net gain on sale of business(82)— 
Other non-cash charges54 27 
Changes in working capital:
Accounts receivable and prepaid expenses1 32 
Inventories188 (42)
Accounts payable and accrued liabilities(124)(208)
Margin accounts(13)(10)
Other (7)(20)
Cash provided by operating activities521 279 
Cash from investing activities
Capital expenditures and mechanical stores purchases(120)(154)
Proceeds from disposal of manufacturing facilities and properties— 1 
Proceeds from sale of business247 — 
Other(2)(7)
Cash provided by (used for) investing activities125 (160)
Cash from financing activities
Proceeds from borrowings303 493 
Payments on debt(303)(510)
Commercial paper borrowings, net(327)— 
Repurchases of common stock, net(66)— 
Issuances of common stock for share-based compensation, net11 15 
Purchases of non-controlling interests(40)— 
Dividends paid, including to non-controlling interests(104)(95)
Cash (used for) financing activities(526)(97)
Effects of foreign exchange rate changes on cash and cash equivalents(16)(1)
Increase in cash and cash equivalents104 21 
Cash and cash equivalents, beginning of period401 236 
Cash and cash equivalents, end of period$505 $257 
See the Notes to the Condensed Consolidated Financial Statements.
7
Ingredion Incorporated
Notes to Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)


 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 June 30, 2024 and for the second quarter and year-to-date June 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. The amendments require 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. The amendments in this ASU are 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). The amendments in this ASU require 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). The amendments in this ASU are 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). The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU are 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. The amendments require 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, the amendment 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
8
Ingredion Incorporated
Notes to Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)

threshold. The amendments in this ASU are 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.
 2. Acquisitions and Divestitures
PureCircle Non-Controlling Interests Acquisition
During the second quarter of 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 June 30, 2024.
South Korea Divestiture
On February 1, 2024, we completed the sale of our South Korea business, which we reported in All Other for segment purposes, for a total consideration of 384.0 billion South Korean won, or approximately $294 million. We received 330.0 billion South Korea won, or $247 million net of certain transaction costs, when the transaction closed, and we will receive the remaining consideration in equal annual payments through February 2027. As a result, we recognized a pre-tax net gain of $82 million within Net gain on sale of business in the Condensed Consolidated Statements of Income.
 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 June 30, 2024 is presented below. There were no accumulated impairment charges by reportable segment.
T&HSF&II - LATAMF&II - U.S./CanadaAll OtherTotal
Balance as of January 1, 2024$388 $146 $296 $88 $918 
Cumulative translation adjustment(6)(2)— (3)(11)
Balance as of June 30, 2024
$382 $144 $296 $85 $907 
 4. Investments
Investments as of June 30, 2024 and December 31, 2023 are as follows:
June 30,
2024		December 31,
2023
Equity investments$32 $27 
Equity method investments91 112 
Marketable securities4 4 
Total investments$127 $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 from these investments is included within Other operating (income) expense 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.
9
Ingredion Incorporated
Notes to Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)

Argentina Joint Venture
On February 12, 2021, we entered into an agreement with an affiliate of Grupo Arcor, an Argentine food company, to establish Ingrear Holding S.A. (the “Argentina joint venture”), a joint venture to sell value-added ingredients to customers in the food, beverage, pharmaceutical and other industries in Argentina, Chile and Uruguay. Ingredion and Grupo Arcor have completed all closing conditions, pending customary antitrust review, to combine the manufacturing facilities, finalize the transaction and formally establish the Argentina joint venture, which is managed by a jointly appointed team of executives. The Argentina joint venture is accounted for on the equity method of accounting, and we recognize our share of income or expense in Other operating expense one month in arrears due to the timing of when results are available. On December 13, 2023, the new Argentine government allowed the Argentine peso to devalue from the exchange rate of approximately 366 pesos to one U.S. dollar, to 800 pesos to one U.S. dollar. As we recognize our share of earnings one month in arrears, the loss from the change in value of the peso in December 2023 was recorded in Other operating expense during the first quarter of 2024.
 5. Derivative Instruments and Hedging Activities
Commodity price hedging: We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 77 million and 109 million bushels of corn as of June 30, 2024 and December 31, 2023. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 26 million and 28 million mmbtus of natural gas as of June 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 $404 million and $694 million as of June 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 $120 million and $182 million as of June 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 June 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 $465 million and $621 million as of June 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 June 30, 2024 or December 31, 2023.
The derivative instruments designated as cash flow hedges included in AOCL as of June 30, 2024 and December 31, 2023 are as follows:
(Losses)
included in AOCL as of
June 30,
2024		December 31,
2023
Commodity contracts, net of income tax effect of $19 and $17
$(50)$(46)
Foreign currency contracts, net of income tax effect of $2 and $1
— — 
Interest rate contracts, net of income tax effect of $1
(2)(2)
Total$(52)$(48)
As of June 30, 2024, AOCL included $46 million of net losses (net of income taxes of $16 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.
10
Ingredion Incorporated
Notes to Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)

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 June 30, 2024
Designated Hedging InstrumentsNon-Designated Hedging Instruments
Balance Sheet LocationCommodity ContractsForeign Currency ContractsTotalCommodity ContractsForeign Currency ContractsTotal
Accounts receivable, net$9 $12 $21 $— $7 $7 
Other non-current assets1 4 5 — 1 1 
Assets10 16 26 — 8 8 
Accounts payable62 10 72 2 5 7 
Other non-current liabilities2 1 3 — — — 
Liabilities64 11 75 2 5 7 
Net Assets/(Liabilities)$(54)$5 $(49)$(2)$3 $1 
Fair Value of Hedging Instruments as of December 31, 2023
Designated Hedging InstrumentsNon-Designated Hedging Instruments
Balance Sheet LocationCommodity ContractsForeign Currency ContractsTotalCommodity ContractsForeign Currency ContractsTotal
Accounts receivable, net$6 $11 $17 $— $5 $5 
Other non-current assets—44—— — 
Assets61521—55
Accounts payable44145821214
Other non-current liabilities224—— — 
Liabilities46166221214
Net Assets/(Liabilities)$(40)$(1)$(41)$(2)$(7)$(9)
Additional information relating to our derivative instruments is as follows:
(Losses) Gains
Recognized in AOCL on Derivatives		(Losses) Gains
Reclassified from AOCL into Income
Derivatives in Cash FlowThree Months Ended June 30,Income StatementThree Months Ended June 30,
Hedging Relationships20242023Location20242023
Commodity contracts$(29)$(55)Cost of sales$(32)$(18)
Foreign currency contracts1 (4)Net sales/Cost of sales1 (2)
Total$(28)$(59)$(31)$(20)
(Losses) Gains
Recognized in AOCL on Derivatives		(Losses) Gains
Reclassified from AOCL into Income
Derivatives in Cash FlowSix Months Ended June 30,Income StatementSix Months Ended June 30,
Hedging Relationships20242023Location20242023
Commodity contracts$(71)$(122)Cost of sales$(65)$(9)
Foreign currency contracts2 5 Net sales/Cost of sales1 7 
Total$(69)$(117)$(64)$(2)
11
Ingredion Incorporated
Notes to Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)

 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 June 30, 2024As of December 31, 2023
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Marketable securities$4 $4 $— $— $4 $4 $— $— 
Derivative assets34 32 2 — 26 26 — — 
Derivative liabilities82 64 18 — 76 43 33 — 
Long-term debt1,581 — 1,581 — 1,591 — 1,591 — 
The carrying values of cash equivalents, short-term investments, accounts receivable, short-term borrowings and accounts payable approximate fair values. Commodity futures, options and swap contracts are recognized at fair value. Foreign currency forward contracts, swaps and options are also recognized at fair value. The fair value of our Long-term debt is estimated based on quotations of major securities dealers who are market makers in the securities.
12
Ingredion Incorporated
Notes to Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)

 7. Financing Arrangements
Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs, as of June 30, 2024 and December 31, 2023:
As of
June 30, 2024		As of
December 31, 2023
2.900% senior notes due June 1, 2030
$596 $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
253 253 
Revolving credit agreement— — 
Other long-term borrowings2 1 
Total long-term debt1,741 1,740 
Commercial paper— 327 
Other short-term borrowings109 121 
Total short-term borrowings109 448 
Total debt$1,850 $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 $63 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 $468 million with an average interest rate of 5.13 percent and a weighted average maturity of ten days. As of June 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 is expected to fluctuate.
Other short-term borrowings as of June 30, 2024 and December 31, 2023 primarily include amounts outstanding under various unsecured local country operating lines of credit.
 8. Pension and Other Post-employment Benefits
Components of net periodic cost consist of the following for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
20242023202420232024202320242023
Service cost$1 $1 $— $1 $2 $1 $1 $2 
Interest cost4 4 3 3 7 8 5 5 
Expected return on plan assets(5)(4)(2)(2)(9)(8)(4)(4)
Net periodic cost (a)
$— $1 $1 $2 $— $1 $2 $3 
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 an insignificant amount to the U.S. pension plans and $2 million to the non-U.S. pension plans.
13
Ingredion Incorporated
Notes to Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)

The following table sets forth the components of net postretirement benefit cost for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Interest cost$— $1 $1 $2 
Amortization of prior service cost— — — — 
Net periodic cost (a)
$— $1 $1 $2 
_______________________________________
(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 and amortization of prior service costs are presented within Other non-operating expense on the Condensed Consolidated Statements of Income.
 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 second quarter and year-to-date 2024, we repurchased 572 thousand and 577 thousand outstanding shares of common stock in open market transactions at a net cost of $65 million and $66 million. During the second quarter and year-to-date 2023, we did not repurchase any shares of common stock.
14
Ingredion Incorporated
Notes to Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)

Share-based Payments: Share-based compensation expense for the periods presented is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Stock options:
Pre-tax compensation expense$1 $1 $3 $2 
Income tax benefit— — — — 
Stock option expense, net of income taxes1 1 3 2 
Restricted stock units (“RSUs”):
Pre-tax compensation expense4 3 11 7 
Income tax benefit— — (1)(1)
RSUs, net of income taxes4 3 10 6 
Performance shares and other share-based awards:
Pre-tax compensation expense4 1 8 5 
Income tax benefit— — — — 
Performance shares and other share-based compensation expense, net of income taxes4 1 8 5 
Total share-based compensation:
Pre-tax compensation expense9 5 22 14 
Income tax benefit— — (1)(1)
Total share-based compensation expense, net of income taxes$9 $5 $21 $13 
Stock Options: Under our stock incentive plan, stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 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:
Six Months Ended June 30,
20242023
Expected life (in years)5.55.5
Risk-free interest rate4.2%4.0%
Expected volatility28.1%28.3%
Expected dividend yield2.9%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.
15
Ingredion Incorporated
Notes to Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)

Stock option activity for year-to-date 2024 is as follows:
Number of Options
(in thousands)		Weighted Average Exercise Price per ShareAverage Remaining Contractual Term (in years)Aggregate Intrinsic Value
Outstanding as of December 31, 20231,953$96.61 5.0$29 
Granted178108.38 
Exercised(297)82.24 
Cancelled(44)101.82 
Outstanding as of June 30, 20241,790$100.03 5.4$30 
Exercisable as of June 30, 20241,441$99.75 4.5$25 
For year-to-date 2024, cash received from the exercise of stock options was approximately $24 million. As of June 30, 2024, the unrecognized compensation cost related to non-vested stock options totaled $3 million, which we expect to amortize over the weighted-average period of approximately 1.5 years.
Additional information pertaining to stock option activity is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Weighted average grant date fair value of stock options granted (per share)$— $— $26.33 $23.80 
Total intrinsic value of stock options exercised4 4 9 10 
Restricted Stock Units: We have granted restricted stock units (“RSUs”) to certain key employees. The RSUs are primarily subject to cliff vesting, generally after three years, provided the employee remains in our service. The fair value of the RSUs is determined based upon the number of shares granted and the quoted market price of our common stock at the grant date.
The following table summarizes RSU activity in 2024:
Number of
Restricted
Shares
(in thousands)		Weighted
Average
Fair Value
per Share
Non-vested as of December 31, 2023552$92.05 
Granted205107.63 
Vested(167)87.33 
Cancelled(45)95.97 
Non-vested as of June 30, 2024545$99.24 
As of June 30, 2024, the total remaining unrecognized compensation cost related to RSUs was $26 million, which will be amortized on a weighted-average basis over approximately 1.9 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.
16
Ingredion Incorporated
Notes to Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)

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 June 30, 2024, the unrecognized compensation cost related to these awards was $14 million, which we will amortize over the remaining service period of 2.2 years. The 2021 performance share awards that vested in February 2024 achieved a 200 percent payout of the granted performance shares. As of June 30, 2024, we estimated the 2022 performance share awards will pay out at 200 percent. For year-to-date 2024, 12 thousand shares were cancelled.
Accumulated Other Comprehensive Loss: The following is a summary of accumulated other comprehensive loss for year-to-date 2024 and 2023:
Cumulative Translation AdjustmentHedging ActivitiesPension and Other Post-employment BenefitsAOCL
Balance as of December 31, 2023$(961)$(48)$(47)$(1,056)
Other comprehensive (loss) income before reclassification adjustments (60)(69)2 (127)
Loss reclassified from AOCL— 64 — 64 
Tax benefit— 1 — 1 
Net other comprehensive (loss) income(60)(4)2 (62)
Balance as of June 30, 2024$(1,021)$(52)$(45)$(1,118)
Cumulative Translation AdjustmentHedging ActivitiesPension and Other Post-employment BenefitsAOCL
Balance as of December 31, 2022$(1,008)$6 $(46)$(1,048)
Other comprehensive income (loss) before reclassification adjustments15 (117)(2)(104)
Loss reclassified from AOCL— 2 — 2 
Tax benefit— 30 1 31 
Net other comprehensive income (loss)15 (85)(1)(71)
Balance as of June 30, 2023$(993)$(79)$(47)$(1,119)


17
Ingredion Incorporated
Notes to Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)

Supplemental Information: The following Condensed Consolidated Statements of Equity and Redeemable Equity provide the dividends per share for common stock for the periods indicated:
Total EquityShare-based
Payments
Subject to
Redemption		Redeemable
Non-
Controlling
Interests
Preferred
Stock		Common
Stock		Additional
Paid-In
Capital		Treasury
Stock		Accumulated Other
Comprehensive
Loss		Retained
Earnings		Non-
Redeemable
Non-
Controlling
Interests
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)— — —