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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 September 30, 2023
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 Incorporated
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
22-3514823
(I.R.S. Employer Identification No.)
5 Westbrook Corporate Center
Westchester, Illinois
60154
(Address of principal executive offices)(Zip Code)
(708) 551-2600
Registrant’s telephone number, including area code)
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.
Class
Outstanding at November 3, 2023
Common Stock, $0.01 par value
65,192,468 shares

INGREDION INCORPORATED
FORM 10-Q
TABLE OF CONTENTS
2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Ingredion Incorporated
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions, except per share amounts)2023202220232022
Net sales$2,033 $2,023 $6,239 $5,959 
Cost of sales1,612 1,649 4,890 4,816 
Gross profit421 374 1,349 1,143 
Operating expenses203 180 578 528 
Other operating (income) expense(5)10 6 4 
Restructuring/impairment charges10 2 10 6 
Operating income213 182 755 605 
Financing costs26 24 88 65 
Other non-operating expense (income)2 (3)4 (4)
Income before income taxes 185 161 663 544 
Provision for income taxes25 52 145 157 
Net income160 109 518 387 
Less: Net income attributable to non-controlling interests2 3 6 9 
Net income attributable to Ingredion$158 $106 $512 $378 
Weighted average common shares outstanding:
Basic66.065.866.166.4
Diluted67.066.667.167.1
Earnings per common share of Ingredion:
Basic$2.39 $1.61 $7.75 $5.69 
Diluted$2.36 $1.59 $7.63 $5.63 
See the Notes to the Condensed Consolidated Financial Statements.
3
Ingredion Incorporated
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2023202220232022
Net income$160 $109 $518 $387 
Other comprehensive income:
(Losses) gains on cash flow hedges, net of income tax effect of $1, $19, $32 and $66, respectively
(5)56 (91)188 
Losses (gains) on cash flow hedges reclassified to earnings, net of income tax effect of $10, $18, $11 and $52, respectively
24 (55)25 (149)
(Losses) on pension and other postretirement obligations, net of income tax effect of $—, $—, $1, and $—, respectively
— — (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(45)(114)(30)(195)
Comprehensive income (loss)135 (3)422 232 
Less: Comprehensive income (loss) attributable to non-controlling interests 2 (2)(2)(4)
Comprehensive income (loss) attributable to Ingredion$133 $(1)$424 $236 
See the Notes to the Condensed Consolidated Financial Statements.
4
Ingredion Incorporated
Condensed Consolidated Balance Sheets
(in millions, except share and per share amounts)September 30,
2023		December 31,
2022
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$335 $236 
Short-term investments 6 3 
Accounts receivable, net1,380 1,411 
Inventories1,502 1,597 
Prepaid expenses66 62 
Total current assets3,289 3,309 
Property, plant and equipment, net of accumulated depreciation of $3,455 and $3,326, respectively
2,401 2,407 
Intangible assets, net of accumulated amortization of $291 and $275, respectively
1,296 1,301 
Other assets563 544 
Total assets$7,549 $7,561 
Liabilities and equity
Current liabilities:
Short-term borrowings $466 $543 
Accounts payable and accrued liabilities1,202 1,339 
Total current liabilities1,668 1,882 
Long-term debt1,940 1,940 
Other non-current liabilities474 477 
Total liabilities4,082 4,299 
Share-based payments subject to redemption49 48 
Redeemable non-controlling interests41 51 
Ingredion stockholders’ equity:
Preferred stock — authorized 25,000,000 shares — $0.01 par value, none issued
— — 
Common stock — authorized 200,000,000 shares — $0.01 par value, 77,810,875 issued at September 30, 2023 and December 31, 2022
1 1 
Additional paid-in capital1,143 1,132 
Less: Treasury stock (common stock: 12,623,174 and 12,116,920 shares at September 30, 2023 and December 31, 2022, respectively) at cost
(1,211)(1,148)
Accumulated other comprehensive loss(1,144)(1,048)
Retained earnings4,575 4,210 
Total Ingredion stockholders’ equity3,364 3,147 
Non-redeemable non-controlling interests13 16 
Total equity3,377 3,163 
Total liabilities and equity$7,549 $7,561 
See the Notes to the Condensed Consolidated Financial Statements.
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Ingredion Incorporated
Condensed Consolidated Statements of Equity and Redeemable Equity
(Unaudited)
Total EquityShare-based
Payments
Subject to
Redemption		Redeemable
Non-
Controlling
Interests
(in millions)Preferred
Stock		Common
Stock		Additional
Paid-In
Capital		Treasury
Stock		Accumulated Other
Comprehensive
Loss		Retained
Earnings		Non-
Redeemable
Non-
Controlling
Interests
Balance, December 31, 2022$— $1 $1,132 $(1,148)$(1,048)$4,210 $16 $48 $51 
Net income attributable to Ingredion512 
Net income attributable to non-controlling interests6 
Dividends declared(147)(2)
Repurchases of common stock(101)
Share-based compensation, net of issuance4 38 1 
Fair market value adjustment to non-controlling interests7 (7)
Non-controlling interest purchases(2)
Other comprehensive (loss)(96)(7)(1)
Balance, September 30, 2023$— $1 $1,143 $(1,211)$(1,144)$4,575 $13 $49 $41 
Total EquityShare-based
Payments
Subject to
Redemption		Redeemable
Non-
Controlling
Interests
(in millions)Preferred
Stock		Common
Stock		Additional
Paid-In
Capital		Treasury
Stock		Accumulated Other
Comprehensive
Loss		Retained
Earnings		Non-
Redeemable
Non-
Controlling
Interests
Balance, December 31, 2021$— $1 $1,158 $(1,061)$(897)$3,899 $18 $36 $71 
Net income attributable to Ingredion378 
Net income attributable to non-controlling interests7 2 
Dividends declared(134)(4)
Repurchases of common stock, net(112)
Share-based compensation, net of issuance4 14 7 
Fair market value adjustment to non-controlling interests(29)29 
Non-controlling interest purchases(40)
Other comprehensive (loss)(155)(7)(6)
Balance, September 30, 2022$— $1 $1,133 $(1,159)$(1,052)$4,143 $14 $43 $56 
See the Notes to the Condensed Consolidated Financial Statements.
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Ingredion Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions)20232022
Cash provided by operating activities
Net income$518 $387 
Non-cash charges to net income:
Depreciation and amortization165 160 
Mechanical stores expense48 42 
Deferred income taxes(7)(3)
Other non-cash charges52 41 
Changes in working capital:
Accounts receivable and prepaid expenses(6)(276)
Inventories61 (401)
Accounts payable and accrued liabilities(173)99 
Margin accounts2 (11)
Other (13)42 
Cash provided by operating activities647 80 
Cash used for investing activities
Capital expenditures and mechanical stores purchases(233)(203)
Proceeds from disposal of manufacturing facilities and properties2 7 
Payments for acquisitions, net of cash acquired
— (7)
Other(11)1 
Cash used for investing activities(242)(202)
Cash (used for) provided by financing activities
Proceeds from borrowings636 376 
Payments on debt(652)(342)
Commercial paper borrowings, net(57)372 
Repurchases of common stock, net(101)(112)
Issuances of common stock for share-based compensation, net18 1 
Purchases of non-controlling interests(2)(40)
Dividends paid, including to non-controlling interests(143)(133)
Cash (used for) provided by financing activities(301)122 
Effects of foreign exchange rate changes on cash(5)(34)
Increase (decrease) in cash and cash equivalents99 (34)
Cash and cash equivalents, beginning of period236 328 
Cash and cash equivalents, end of period$335 $294 
See the Notes to the Condensed Consolidated Financial Statements.
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Ingredion Incorporated
Notes to Condensed Consolidated Financial Statements
 1. Interim Financial Statements
References to the “Company,” “Ingredion,” “we,” “us,” and “our” shall mean Ingredion Incorporated (“Ingredion”) individually and together with its consolidated subsidiaries. These statements should be read in conjunction with the consolidated financial statements and the related notes to those statements contained in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2022.
The unaudited Condensed Consolidated Financial Statements as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 included herein were prepared by management on the same basis as Ingredion’s audited Consolidated Financial Statements for the year ended December 31, 2022 and reflect all adjustments (consisting solely of normal recurring items unless otherwise noted) that are, in the opinion of management, necessary for the fair presentation of the Condensed Consolidated Statements of Income, Condensed Consolidated Statements of Comprehensive Income (Loss), Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Equity and Redeemable Equity, and Condensed Consolidated Statements of Cash Flows. The results for the interim period are not necessarily indicative of the results expected for the full year or any other future period.
 2. Summary of Significant Accounting Standards and Policies
For detailed information about Ingredion’s significant accounting standards and policies, see Note 1 of the Notes to the Consolidated Financial Statements included in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2022.
New Accounting Standards
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2024. We adopted ASU 2020-04 at the beginning of our 2023 fiscal year and this ASU did not have a material impact on our Condensed Consolidated Financial Statements.
In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. 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 update 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 the updates to the standard at the beginning of our 2023 fiscal year and will adopt the amendment on rollforward information in the future. These updates did not have a material impact to our Condensed Consolidated Balance Sheets. The disclosure required by the recently adopted accounting standard is reflected in Note 13 of the Notes to Condensed Consolidated Financial Statements. We are currently assessing the impact of the rollforward information amendment on our Condensed Consolidated Financial Statements.
In August 2023, the FASB issued ASU No. 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60). The amendments in this update 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 plan to 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 our Condensed Consolidated Financial Statements.


8
 3. Acquisitions
PureCircle Non-Controlling Interests
During the quarter ended September 30, 2023, Ingredion purchased shares from minority shareholders in PureCircle Limited (“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.
During the three and nine months ended September 30, 2022, Ingredion purchased shares from minority shareholders in PureCircle for $13 million and $40 million, respectively. These purchases increased our ownership percentage in PureCircle from 75 percent as of December 31, 2021, to 85 percent as of September 30, 2022.
Other Acquisitions
On December 1, 2022, we acquired a 65 percent controlling interest in Mannitab Pharma Specialties Private Limited (“Mannitab”), an Indian manufacturer of spray dried and fine grade mannitol, for $22 million. We agreed to acquire the remaining 35 percent of Mannitab on or before March 2026. We recorded $19 million of goodwill and $9 million of definite-lived intangible assets on our Condensed Consolidated Financial Statements to reflect our controlling interest in Mannitab. Beginning at the acquisition date, our Condensed Consolidated Financial Statements reflect the effects of the acquisition and Mannitab’s financial results, which we report in our Asia-Pacific reportable business segment.
On August 1, 2022, we acquired Amishi Drugs and Chemicals Private Limited (“Amishi”) for $7 million, which added $3 million of goodwill and intangible assets to our Condensed Consolidated Financial Statements. Amishi is an Indian manufacturer of chemically modified starch-based pharmaceutical excipients. Beginning at the acquisition date, our Condensed Consolidated Financial Statements reflect the effects of the acquisition and Amishi’s financial results, which we report in our Asia-Pacific reportable business segment.
 4. 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 and accumulated impairment charges by reportable business segment at September 30, 2023 are as follows:
(in millions)North AmericaSouth AmericaAsia-PacificEMEATotal
Goodwill before impairment charges$623 $49 $311 $72 $1,055 
Accumulated impairment charges(1)(33)(121)— (155)
Balance at December 31, 2022
622 16 190 72 900 
Acquisition
— — 19 — 19
Currency translation
— 1 (11)(1)(11)
Balance at September 30, 2023$622 $17 $198 $71 $908 
The following table summarizes the balances of Ingredion’s indefinite-lived intangible assets as of:
(in millions)September 30,
2023		December 31,
2022
Trademarks/tradenames$143 $143 
Ingredion assesses goodwill and indefinite-lived intangible assets for impairment annually (or more frequently if impairment indicators arise). Based on the results of our assessment as of July 1, 2023, there were no impairments in our goodwill or indefinite-lived intangible assets.
9
 5. Investments
Investments consisted of the following as of:
(in millions)September 30,
2023		December 31,
2022
Equity investments$27 $23 
Equity method investments101 113 
Marketable securities4 3 
Total investments$132 $139 
Our investments classified as equity investments do not have readily determinable fair values. Beginning on the dates we entered into the agreements for equity method investments, our share of income from them is included within Other operating (income) expense in the Condensed Consolidated Statements of Income. During the third quarter of 2023, we recorded a $10 million other-than-temporary-impairment on our equity method investments, included in Restructuring/impairment charges in the Condensed Consolidated Statements of Income.
Argentina Joint Venture
On February 12, 2021, Ingredion entered into an agreement with an affiliate of Grupo Arcor, an Argentine food company, to establish Ingrear Holding S.A. (the “Argentina joint venture”), a joint venture to sell value-added ingredients to customers in the food, beverage, pharmaceutical and other industries in Argentina, Chile and Uruguay. Ingredion and Grupo Arcor have completed all closing conditions, pending customary antitrust review, to combine the manufacturing facilities, finalize the transaction and formally establish the Argentina joint venture, which is managed by a jointly appointed team of executives.
 6. Derivative Instruments and Hedging Activities
We are exposed to market risk stemming from changes in commodity prices (primarily corn and natural gas), foreign currency exchange rates and interest rates. In the normal course of business, we actively manage our exposure to these market risks by entering various hedging transactions authorized under established policies that place controls on these activities. These transactions utilize exchange-traded derivatives or over-the-counter derivatives with investment grade counterparties. We use derivative financial instruments that consist of commodity-related futures, options and swap contracts, foreign currency-related forward contracts, interest rate swaps and treasury locks (“T-Locks”).
Commodity price hedging: Our principal use of derivative financial instruments is to manage commodity price risk relating to anticipated purchases of corn and natural gas that we intend to use in the manufacturing process, generally over the next 12 to 24 months. We maintain a commodity-price risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by commodity-price volatility. To manage price risk related to corn purchases primarily in North America, we use corn futures and option contracts that trade on regulated commodity exchanges to lock in corn costs associated with fixed-priced customer sales contracts. We use soybean oil and soybean meal futures contracts in North America that trade on regulated commodity exchanges to hedge sales of our co-products. We also use over-the-counter natural gas swaps primarily in North America to hedge a portion of our natural gas usage. These derivative financial instruments limit the impact that volatility resulting from fluctuations in market prices will have on corn and natural gas purchases, as well as co-product sales. Our natural gas, soybean meal and the majority of our corn and soybean oil derivatives have been designated as cash flow hedging instruments.
For certain corn derivative instruments that are not designated as hedging instruments for accounting purposes, all realized and unrealized gains and losses from these instruments are recognized in cost of sales during each accounting period. We enter these derivative instruments to further mitigate commodity price risk related to anticipated purchases of corn. During the three and nine months ended September 30, 2023, we recognized an insignificant amount and a $1 million gain, respectively, on non-designated commodity contracts. During the three and nine months ended September 30, 2022, we recognized a $3 million gain and $2 million gain, respectively, on non-designated commodity contracts.
For commodity hedges designated as cash flow hedges, unrealized gains and losses associated with marking the commodity hedging contracts to market (fair value) are recorded as a component of other comprehensive loss (“OCL”) and included in the equity section of the Condensed Consolidated Balance Sheets as part of accumulated other comprehensive
10
loss (“AOCL”). These amounts, as well as their related tax effects, are subsequently reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings, or in the period a hedge is determined to be ineffective. We assess the effectiveness of a commodity hedge contract based on changes in the contract’s fair value. The changes in the market value of such contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in the price of the hedged items. Gains and losses from cash flow hedging instruments reclassified from AOCL to earnings are reported as Cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.
We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 58 million and 120 million bushels of corn as of September 30, 2023 and December 31, 2022, respectively. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 30 million and 31 million mmbtus of natural gas as of September 30, 2023 and December 31, 2022, respectively.
Foreign currency hedging: Due to our global operations, including operations in many emerging markets, we are exposed to fluctuations in foreign currency exchange rates. As a result, we have exposure to translational foreign-exchange risk when the results of our foreign operations are translated to U.S. dollars and to transactional foreign-exchange risk when transactions not denominated in the functional currency are revalued. Our foreign-exchange risk management strategy uses derivative financial instruments such as foreign currency forward contracts, swaps and options to manage our transactional foreign exchange risk. We enter into foreign currency derivative instruments that are designated as cash flow hedging instruments as well as instruments not designated as hedging instruments for accounting purposes in order to mitigate transactional foreign-exchange risk. Gains and losses from derivative financial instruments not designated as hedging instruments for accounting purposes are marked to market in earnings during each period.
We hedge certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $463 million and $405 million as of September 30, 2023 and December 31, 2022, respectively. We also hedge certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $238 million and $239 million as of September 30, 2023 and December 31, 2022, respectively.
We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $594 million and $668 million as of September 30, 2023 and December 31, 2022, respectively. We also hedge certain liability positions using foreign currency cash flow hedging instruments, which had a notional value of $769 million and $840 million as of September 30, 2023 and December 31, 2022, respectively.
Interest rate hedging: We assess our exposure to variability in interest rates by identifying and monitoring changes in interest rates that may adversely impact future cash flows and the fair value of existing debt instruments and by evaluating hedging opportunities. Our risk management strategy is to monitor interest rate risk attributable to our outstanding and forecasted debt obligations as well as our offsetting hedge positions. Derivative financial instruments that we have used to manage our interest rate risk consist of interest rate swaps and T-Locks.
We periodically enter into T-Locks to hedge our exposure to interest rate changes. The T-Locks are designated as hedges of the variability in cash flows associated with future interest payments caused by market fluctuations in the benchmark interest rate until the fixed interest rate is established and are accounted for as cash flow hedges. Accordingly, changes in the fair value of the T-Locks are recorded to AOCL until the consummation of the underlying debt offering, at which time any realized gain (loss) is amortized to earnings over the life of the debt. 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 AOCL and is amortized into earnings over the term of the senior notes. We did not have unsettled T-Locks as of September 30, 2023 and December 31, 2022.
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The derivative instruments designated as cash flow hedges included in AOCL as of September 30, 2023 and December 31, 2022 are reflected below:
Derivatives in Cash Flow Hedging RelationshipsGains (Losses)
included in AOCL as of
(in millions)
September 30,
2023		December 31,
2022
Commodity contracts, net of income tax effect of $19 and $3, respectively
$(56)$8 
Foreign currency contracts, net of income tax effect of $1 and $—, respectively
(1)1 
Interest rate contracts, net of income tax effect of $1
(3)(3)
Total$(60)$6 
As of September 30, 2023, AOCL included $59 million of net losses (net of income taxes of $20 million) on commodities-related derivative instruments, T-Locks and foreign currency hedges designated as cash flow hedges that are expected to be reclassified into earnings during the next 12 months.
The fair value and balance sheet location of our derivative instruments, presented gross in the Condensed Consolidated Balance Sheets, are reflected below:
Fair Value of Hedging Instruments as of September 30, 2023
Designated Hedging Instruments (in millions)Non-Designated Hedging Instruments (in millions)
Balance Sheet LocationCommodity ContractsForeign Currency ContractsTotalCommodity ContractsForeign Currency ContractsTotal
Accounts receivable, net$5 $14 $19 $1 $8 $9 
Other assets1 11 12 — — — 
Assets6 25 31 1 8 9 
Accounts payable and accrued liabilities56 19 75 2 7 9 
Non-current liabilities2 4 6 — 1 1 
Liabilities58 23 81 2 8 10 
Net Assets/(Liabilities)$(52)$2 $(50)$(1)$— $(1)
Fair Value of Hedging Instruments as of December 31, 2022
Designated Hedging Instruments (in millions)Non-Designated Hedging Instruments (in millions)
Balance Sheet LocationCommodity ContractsForeign Currency ContractsTotalCommodity ContractsForeign Currency ContractsTotal
Accounts receivable, net$28 $20 $48 $— $5 $5 
Other assets167—— — 
Assets292655—55
Accounts payable and accrued liabilities222345167
Non-current liabilities3912—— — 
Liabilities253257167
Net Assets/(Liabilities)$4 $(6)$(2)$(1)$(1)$(2)
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Additional information relating to our derivative instruments is presented below:
Derivatives in Cash FlowGains (Losses)
Recognized in AOCL on Derivatives		Gains (Losses)
Reclassified from AOCL into Income
Hedging RelationshipsThree Months Ended September 30,Income StatementThree Months Ended September 30,
(in millions)20232022Location20232022
Commodity contracts$(10)$72 Cost of sales$(37)$72 
Foreign currency contracts4 3 Net sales/Cost of sales3 1 
Total$(6)$75 $(34)$73 
Derivatives in Cash FlowGains (Losses)
Recognized in AOCL on Derivatives		Gains (Losses)
Reclassified from AOCL into Income
Hedging RelationshipsNine Months Ended September 30,Income StatementNine Months Ended September 30,
(in millions)20232022Location20232022
Commodity contracts$(132)$240 Cost of sales$(46)$197 
Foreign currency contracts9 14 Net sales/Cost of sales10 4 
Total$(123)$254 $(36)$201 
 7. Fair Value Measurements
We measure certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we use various valuation approaches. The hierarchy of those valuation approaches is in three levels based on the reliability of inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Below is a summary of the hierarchy levels:
•Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability or can be derived principally from or corroborated by observable market data.
•Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.
Assets and liabilities measured at fair value on a recurring basis are presented below:
As of September 30, 2023As of December 31, 2022
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Marketable securities$4 $4 $— $— $3 $3 $— $— 
Derivative assets40 39 1 — 60 49 11 — 
Derivative liabilities91 67 24 — 64 51 13 — 
Long-term debt1,679 — 1,679 — 1,733 — 1,733 — 
The carrying values of cash equivalents, short-term investments, accounts receivable, accounts payable and short-term borrowings approximate fair values. Commodity futures, options and swaps contracts are recognized at fair value. Foreign currency forward contracts, swaps and options are also recognized at fair value. The fair value of our Long-term debt is estimated based on quotations of major securities dealers who are market makers in the securities.
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 8. Financing Arrangements
Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs as of September 30, 2023 and December 31, 2022:
(in millions)As of
September 30, 2023		As of
December 31, 2022
2.900% senior notes due June 1, 2030
$596 $595 
3.200% senior notes due October 1, 2026
499 498 
3.900% senior notes due June 1, 2050
391 390 
6.625% senior notes due April 15, 2037
253 253 
Term loan credit agreement due December 16, 2024200 200 
Revolving credit agreement— — 
Other long-term borrowings1 4 
Total long-term debt1,940 1,940 
Commercial paper333 390 
Other short-term borrowings133 153 
Total short-term borrowings466 543 
Total debt$2,406 $2,483 
We maintain a commercial paper program under which we may issue senior unsecured notes of short maturities up to a maximum aggregate principal amount of $1 billion outstanding at any time. The notes may be sold from time to time on customary terms in the U.S. commercial paper market. We use the note proceeds for general corporate purposes. During the nine months ended September 30, 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 11 days. During the nine months ended September 30, 2022, the average amount of commercial paper outstanding was $489 million with an average interest rate of 1.50 percent and a weighted average maturity of 18 days. As of September 30, 2023, $333 million of commercial paper was outstanding with an average interest rate of 5.52 percent and a weighted average maturity of 14 days. As of December 31, 2022, $390 million of commercial paper was outstanding with an average interest rate of 4.75 percent and a weighted average maturity of 7 days. The amount of commercial paper outstanding under this program for the remainder of 2023 is expected to fluctuate.
Other short-term borrowings as of September 30, 2023 and December 31, 2022 primarily include amounts outstanding under various unsecured local country operating lines of credit.
 9. Commitments and Contingencies
On October 30, 2023, we entered into a four-year collective bargaining agreement with the union at our Indianapolis manufacturing facility.
In October 2022, the Brazilian Superior Court of Justice issued a motion of clarification that certain tax incentives provided by local governments can be excluded from taxable income. In the fourth quarter of 2022, we filed an action for the right to recover previously taxable local government tax incentives granted during fiscal years 2018 to 2022. As our recovery is probable, we recorded a $27 million income tax benefit, which we expect to recover within five years. As of September 30, 2023 and December 31, 2022, we had $30 million and $27 million, respectively, of remaining tax incentives recorded within Other assets on the Condensed Consolidated Balance Sheets.
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 10. Pension and Other Postretirement Benefits
The following table sets forth the components of net periodic (benefit) cost of the U.S. and non-U.S. defined benefit pension plans for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions)20232022202320222023202220232022
Service cost$1 $1 $1 $1 $2 $3 $3 $3 
Interest cost3 2 3 2 11 6 8 7 
Expected return on plan assets(4)(5)(3)(2)(12)(13)(7)(6)
Amortization of prior service credit(1)— — — (1)— — — 
Amortization of actuarial loss1 — 1 — 1 — 1 — 
Net periodic (benefit) cost (a)
$— $(2)$2 $1 $1 $(4)$5 $4 
We anticipate that we will make cash contributions of $1 million and $3 million to our U.S. and non-U.S. pension plans, respectively, in 2023. For the nine months ended September 30, 2023, we made cash contributions of approximately $1 million to the U.S. plans and $2 million to the non-U.S. plans.
The following table sets forth the components of net postretirement benefit cost for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2023202220232022
Service cost$— $— $— $— 
Interest cost1 1 3 2 
Amortization of prior service cost— — — 1 
Net periodic cost (a)
$1 $1 $3 $3 
_______________________________________
(a)The service cost component of net periodic (benefit) cost is presented within either Cost of sales or Operating expenses on the Condensed Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of prior service (credit) cost, and amortization of actuarial loss components of net periodic (benefit) cost are presented within Other non-operating expense (income) on the Condensed Consolidated Statements of Income.
 11. Equity
Treasury stock: On September 26, 2022, the Board of Directors authorized a new stock repurchase program permitting us to purchase up to 6 million shares of our outstanding common stock from September 26, 2022 through December 31, 2025. We may repurchase shares from time to time in the open market, in privately negotiated transactions, or otherwise, at prices we deem appropriate. We are not obligated to repurchase any shares under the authorization, and the repurchase program may be suspended, discontinued, or modified at any time, for any reason and without notice. The parameters of our stock repurchase program are not established solely with reference to the dilutive impact of shares issued under our stock incentive plan. However, we expect that, over time, share repurchases will offset the dilutive impact of shares issued under the stock incentive plan.
During the three and nine months ended September 30, 2023, we repurchased 1.0 million outstanding shares of common stock in open market transactions at a net cost of $101 million. During the three and nine months ended September 30, 2022, we repurchased 0.3 million and 1.3 million shares of common stock in open market transactions at a net cost of $29 million and $112 million, respectively.
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Share-based Payments: The following table summarizes the components of our share-based compensation expense for the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2023202220232022
Stock options:
Pre-tax compensation expense$1 $1 $3 $3 
Income tax benefit— — — — 
Stock option expense, net of income taxes1 1 3 3 
Restricted stock units (“RSUs”):
Pre-tax compensation expense4 4 11 10 
Income tax benefit— — (1)(1)
RSUs, net of income taxes4 4 10 9 
Performance shares and other share-based awards:
Pre-tax compensation expense4 2 9 9 
Income tax benefit(1)— (1)(1)
Performance shares and other share-based compensation expense, net of income taxes3 2 8 8 
Total share-based compensation:
Pre-tax compensation expense9 7 23 22 
Income tax benefit(1)— (2)(2)
Total share-based compensation expense, net of income taxes$8 $7 $21 $20 
Stock Options: Under our stock incentive plan, stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 10-year term and are exercisable upon vesting, which occurs over a three-year period at the anniversary dates of the date of grant. We generally recognize compensation expense on a straight-line basis for all awards over the employee’s vesting period or over a one-year required service period for certain retirement-eligible executive level employees. We estimate a forfeiture rate at the time of grant and update the estimate throughout the vesting period of the stock options within the amount of compensation costs recognized in each period.
We granted non-qualified options to purchase 197 thousand shares and 281 thousand shares for the nine months ended September 30, 2023 and 2022, respectively. We estimated the fair value of each option grant by using the Black-Scholes option-pricing model with the following assumptions:
Nine Months Ended September 30,
20232022
Expected life (in years)5.55.5
Risk-free interest rate4.0%2.0%
Expected volatility28.3%23.8%
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.
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A summary of stock option transactions for the nine months ended September 30, 2023 is as follows:
Number of Options
(in thousands)		Weighted Average Exercise Price per ShareAverage Remaining Contractual Term (Years)Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 20222,222$92.32 5.16$24 
Granted19798.69 
Exercised(345)72.76 
Cancelled(62)105.47 
Outstanding as of September 30, 20232,012$95.89 5.17$15 
Exercisable as of September 30, 20231,565$96.88 4.20$12 
For the nine months ended September 30, 2023, cash received from the exercise of stock options was approximately $25 million. As of September 30, 2023, the unrecognized compensation cost related to non-vested stock options totaled $4 million, which we expect to amortize over the weighted-average period of approximately 1.6 years.
Additional information pertaining to stock option activity is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(dollars in millions, except per share amounts)2023202220232022
Weighted average grant date fair value of stock options granted (per share)$— $— $23.80 $15.04 
Total intrinsic value of stock options exercised1 1 11 2 
Restricted Stock Units: We have granted restricted stock units (“RSUs”) to certain key employees. The RSUs are primarily subject to cliff vesting, generally after three years, provided the employee remains in our service. The fair value of the RSUs is determined based upon the number of shares granted and the quoted market price of our common stock at the grant date.
The following table summarizes RSU activity in 2023:
(shares in thousands)Number of
Restricted
Shares		Weighted
Average
Fair Value
per Share
Non-vested at December 31, 2022517$88.04 
Granted21798.29 
Vested(145)88.13 
Cancelled(33)91.18 
Non-vested at September 30, 2023556$91.94 
At September 30, 2023, the total remaining unrecognized compensation cost related to RSUs was $24 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.
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For the 2023 performance shares awarded based on our total shareholder return, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our total shareholder return as compared to the total shareholder return of our peer group. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the People, Culture, and Compensation Committee (“Compensation Committee”) of the Board of Directors. Compensation expense is based on the fair value of the performance shares at the grant date, established using a Monte Carlo simulation model. We amortize the total compensation expense for these awards over a three-year graded vesting schedule.
For the 2023 performance shares awarded based on Adjusted ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our Adjusted ROIC performance against the target. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the Compensation Committee. We base compensation expense on the market price of our common stock on the grant date and the final number of shares that ultimately vest. We estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect our estimated Adjusted ROIC performance against the target. We amortize the total compensation expense for these awards over a three-year graded vesting schedule.
For the nine months ended September 30, 2023, we awarded 92,628 thousand performance shares at a weighted average fair value of $114.26 per share. As of September 30, 2023, the unrecognized compensation cost related to these awards was $11 million, which we will amortize over the remaining service period of 2.0 years. The 2020 performance share awards that vested in February 2023 achieved a 77 percent payout of the granted performance shares. As of September 30, 2023, we estimated the 2021 performance share awards will pay out at 180 percent. For the nine months ended September 30, 2023, 34 thousand shares were cancelled.
Accumulated Other Comprehensive Loss: The following is a summary of accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 and 2022:
(in millions)Cumulative Translation AdjustmentHedging ActivitiesPension and Postretirement AdjustmentAOCL
Balance, December 31, 2022$(1,008)$6 $(46)$(1,048)
Other comprehensive (loss) before reclassification adjustments (30)(123)(2)(155)
Loss reclassified from accumulated OCL— 36 1 37 
Tax benefit— 21 1 22 
Net other comprehensive (loss)(30)(66)— (96)
Balance, September 30, 2023$(1,038)$(60)$(46)$(1,144)
(in millions)Cumulative Translation AdjustmentHedging ActivitiesPension and Postretirement AdjustmentAOCL
Balance, December 31, 2021$(903)$48 $(42)$(897)
Other comprehensive (loss) gain before reclassification adjustments(195)254 — 59 
(Gain) loss reclassified from accumulated OCL— (201)1 (200)
Tax (provision)— (14)— (14)
Net other comprehensive (loss) income(195)39 1 (155)
Balance, September 30, 2022$(1,098)$87 $(41)$(1,052)




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Supplemental Information: The following Condensed Consolidated Statements of Equity and Redeemable Equity present the dividends per share for common stock for the periods indicated:
Total EquityShare-based
Payments
Subject to
Redemption		Redeemable
Non-
Controlling
Interests
(in millions)Preferred
Stock		Common
Stock		Additional
Paid-In
Capital		Treasury
Stock		Accumulated Other
Comprehensive
Loss		Retained
Earnings		Non-
Redeemable
Non-
Controlling
Interests
Balance, December 31, 2022$— $1 $1,132 $(1,148)$(1,048)$4,210 $16 $48 $51 
Net income attributable to Ingredion191 
Net income attributable to non-controlling interests3 
Dividends declared, common stock ($0.71/share)
(47)
Share-based compensation, net of issuance1 21 (10)
Other comprehensive (loss)(50)(6)
Balance, March 31, 2023$— $1 $1,133 $(1,127)$(1,098)$4,354 $13 $38 $51 
Net income attributable to Ingredion163 
Net income attributable to non-controlling interests1 
Dividends declared, common stock ($0.71/share)
(48)
Dividends declared, non-controlling interests(1)
Share-based compensation, net of issuance2 11 5 
Fair market value adjustment to non-controlling interests7 (7)
Other comprehensive (loss)(21)(1)(1)
Balance, June 30, 2023$— $1 $1,142 $(1,116)$(1,119)$4,469 $12