10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

or

o TRANSITION 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	22-3514823
(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 class	Trading 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 filer	x	Accelerated 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 August 5, 2024
Common Stock, $0.01 par value	65,061,430 shares

INGREDION INCORPORATED

FORM 10-Q

TABLE OF CONTENTS

		Page No.
Part I	Financial Information
Item 1.	Financial Statements and Supplementary Data	3
	Condensed Consolidated Statements of Income (Unaudited) for the three and six months ended June 30, 2024 and 2023	3
	Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2024 and 2023	4
	Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023	5
	Condensed Consolidated Statements of Equity and Redeemable Equity (Unaudited) for the six months ended June 30, 2024 and 2023	6
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023	7
	Notes to the Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	29
Part II	Other Information
Item 1.	Legal Proceedings	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 5.	Other Information	31
Item 6.	Exhibits	32
Signatures		33

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,
	2024		2023		2024		2023
Net sales	$	1,878	$	2,069	$	3,760	$	4,206
Cost of sales	1,432		1,628		2,897		3,278
Gross profit	446		441		863		928
Operating expenses	191		188		380		375
Other operating (income) expense	(8)		2		4		11
Restructuring/impairment charges	23		—		26		—
Operating income	240		251		453		542
Financing costs	10		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 taxes	80		55		138		120
Net income	150		164		368		358
Less: Net income attributable to non-controlling interests	2		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:
Basic	65.7		66.3		65.7		66.2
Diluted	66.8		67.3		66.7		67.2
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,
	2024		2023		2024		2023
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 income	94		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, net	1,286		1,279
Inventories	1,244		1,450
Prepaid expenses and assets held for sale	59		261
Total current assets	3,099		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 assets	556		570
Total assets	$	7,221	$	7,642
Liabilities and stockholders' equity
Current liabilities:
Short-term borrowings	$	109	$	448
Accounts payable	606		778
Accrued liabilities and liabilities held for sale	515		546
Total current liabilities	1,230		1,772
Long-term debt	1,741		1,740
Other non-current liabilities	471		480
Total liabilities	3,442		3,992
Share-based payments subject to redemption	50		55
Redeemable non-controlling interests	7		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 capital	1,141		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 earnings	4,914		4,654
Total Ingredion stockholders’ equity	3,705		3,538
Non-redeemable non-controlling interests	17		14
Total stockholders' equity	3,722		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 Equity														Share-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 Equity														Share-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,
	2024		2023
Cash from operating activities
Net income	$	368	$	358
Non-cash charges to net income:
Depreciation and amortization	107		109
Mechanical stores expense	29		33
Net gain on sale of business	(82)		—
Other non-cash charges	54		27
Changes in working capital:
Accounts receivable and prepaid expenses	1		32
Inventories	188		(42)
Accounts payable and accrued liabilities	(124)		(208)
Margin accounts	(13)		(10)
Other	(7)		(20)
Cash provided by operating activities	521		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 business	247		—
Other	(2)		(7)
Cash provided by (used for) investing activities	125		(160)
Cash from financing activities
Proceeds from borrowings	303		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, net	11		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 equivalents	104		21
Cash and cash equivalents, beginning of period	401		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&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	(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 investments	91		112
Marketable securities	4		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 Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	9	$	12	$	21	$	—	$	7	$	7
Other non-current assets	1		4		5		—		1		1
Assets	10		16		26		—		8		8
Accounts payable	62		10		72		2		5		7
Other non-current liabilities	2		1		3		—		—		—
Liabilities	64		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 Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	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 is as follows:

	(Losses) Gains Recognized in AOCL on Derivatives					(Losses) Gains Reclassified from AOCL into Income
Derivatives in Cash Flow	Three Months Ended June 30,				Income Statement	Three Months Ended June 30,
Hedging Relationships	2024		2023		Location	2024		2023
Commodity contracts	$	(29)	$	(55)	Cost of sales	$	(32)	$	(18)
Foreign currency contracts	1		(4)		Net sales/Cost of sales	1		(2)
Total	$	(28)	$	(59)		$	(31)	$	(20)

	(Losses) Gains Recognized in AOCL on Derivatives					(Losses) Gains Reclassified from AOCL into Income
Derivatives in Cash Flow	Six Months Ended June 30,				Income Statement	Six Months Ended June 30,
Hedging Relationships	2024		2023		Location	2024		2023
Commodity contracts	$	(71)	$	(122)	Cost of sales	$	(65)	$	(9)
Foreign currency contracts	2		5		Net sales/Cost of sales	1		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, 2024								As of December 31, 2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	4	$	4	$	—	$	—	$	4	$	4	$	—	$	—
Derivative assets	34		32		2		—		26		26		—		—
Derivative liabilities	82		64		18		—		76		43		33		—
Long-term debt	1,581		—		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 borrowings	2		1
Total long-term debt	1,741		1,740
Commercial paper	—		327
Other short-term borrowings	109		121
Total short-term borrowings	109		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. 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	$	1	$	1	$	2
Interest cost	4		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,
	2024		2023		2024		2023
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,
	2024		2023		2024		2023
Stock options:
Pre-tax compensation expense	$	1	$	1	$	3	$	2
Income tax benefit	—		—		—		—
Stock option expense, net of income taxes	1		1		3		2
Restricted stock units (“RSUs”):
Pre-tax compensation expense	4		3		11		7
Income tax benefit	—		—		(1)		(1)
RSUs, net of income taxes	4		3		10		6
Performance shares and other share-based awards:
Pre-tax compensation expense	4		1		8		5
Income tax benefit	—		—		—		—
Performance shares and other share-based compensation expense, net of income taxes	4		1		8		5
Total share-based compensation:
Pre-tax compensation expense	9		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,
	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.

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 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	(297)	82.24
Cancelled	(44)	101.82
Outstanding as of June 30, 2024	1,790	$	100.03	5.4	$	30
Exercisable as of June 30, 2024	1,441	$	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,
	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	4		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, 2023	552	$	92.05
Granted	205	107.63
Vested	(167)	87.33
Cancelled	(45)	95.97
Non-vested as of June 30, 2024	545	$	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 Adjustment		Hedging Activities		Pension and Other Post-employment Benefits		AOCL
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 Adjustment		Hedging Activities		Pension and Other Post-employment Benefits		AOCL
Balance as of December 31, 2022	$	(1,008)	$	6	$	(46)	$	(1,048)
Other comprehensive income (loss) before reclassification adjustments	15		(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 Equity															Share-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)	—		—		—		—		(56)		—			—		—			—
Balance as of June 30, 2024	$	—	$	1	$	1,141	$	(1,233)	$	(1,118)	$	4,914		$	17	$	50		$	7

18

Ingredion Incorporated

Notes to Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

	Total Equity																Share-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	—		—	—		—		—			—		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

19

Ingredion Incorporated

Notes to Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

Supplemental Information: The following tables provide the computation of basic and diluted earnings per common share (“EPS”) for the periods presented:

	Three Months Ended June 30, 2024					Three Months Ended June 30, 2023
	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	148	65.7	$	2.25	$	163	66.3	$	2.46
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive RSUs and other awards			1.1					1.0
Diluted EPS	$	148	66.8	$	2.22	$	163	67.3	$	2.42

	Six Months Ended June 30, 2024					Six Months Ended June 30, 2023
	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	364	65.7	$	5.54	$	354	66.2	$	5.35
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	$	364	66.7	$	5.46	$	354	67.2	$	5.27

For the second quarter and year-to-date 2024, 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. For the second quarter and year-to-date 2023, approximately 0.6 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.

 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. Net sales by product are not presented because such presentation is not practicable.

20

Ingredion Incorporated

Notes to Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

The following tables are 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
June 30, 2024
Net sales including intersegment sales	$	604	$	640	$	580	$	109	$	1,933
Less: Intersegment sales	(16)		(10)		(25)		(4)		(55)
Net sales	$	588	$	630	$	555	$	105	$	1,878
June 30, 2023
Net sales including intersegment sales	$	643	$	675	$	627	$	184	$	2,129
Less: Intersegment sales	(25)		(9)		(23)		(3)		(60)
Net sales	$	618	$	666	$	604	$	181	$	2,069

Six Months Ended	T&HS		F&II - LATAM		F&II - U.S./Canada		All Other		Consolidated Totals
June 30, 2024
Net sales including intersegment sales	$	1,216	$	1,266	$	1,147	$	240	$	3,869
Less: Intersegment sales	(31)		(20)		(51)		(7)		(109)
Net sales	$	1,185	$	1,246	$	1,096	$	233	$	3,760
June 30, 2023
Net sales including intersegment sales	$	1,341	$	1,352	$	1,262	$	385	$	4,340
Less: Intersegment sales	(58)		(19)		(50)		(7)		(134)
Net sales	$	1,283	$	1,333	$	1,212	$	378	$	4,206

The following table provides our operating income (loss) by reportable segment and All Other for the periods presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating income (loss):
Texture & Healthful Solutions	$	86	$	105	$	160	$	232
Food & Industrial Ingredients - LATAM	130		101		231		223
Food & Industrial Ingredients - U.S./Canada	105		80		192		172
All Other	(10)		3		(14)		(5)
Corporate	(41)		(38)		(83)		(75)
Subtotal	270		251		486		547
Restructuring and resegmentation costs	(3)		—		(6)		—
Other matters	(9)		—		(9)		(5)
Impairment charge	(18)		—		(18)		—
Total operating income	$	240	$	251	$	453	$	542

21

Ingredion Incorporated

Notes to Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

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 June 30, 2024 and December 31, 2023:

	As of June 30, 2024		As of December 31, 2023
Property, plant and equipment, net:
Texture & Healthful Solutions	$	838	$	855
Food & Industrial Ingredients - LATAM	$	516	$	552
Food & Industrial Ingredients - U.S./Canada	$	533	$	548
All Other (a)	$	404	$	415
Total Property, plant and equipment, net	$	2,291	$	2,370

_____________________

(a)For purposes of presentation, All Other includes Corporate assets.

 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 June 30, 2024 and December 31, 2023, $29 million and $32 million of remaining tax incentives were recorded in Other non-current assets in the Condensed Consolidated Balance Sheets.

 12. Supplementary Information

Accounts Receivable, Net

Accounts receivable, net as of June 30, 2024 and December 31, 2023 were as follows:

	As of June 30, 2024		As of December 31, 2023
Accounts receivable - trade	$	1,130	$	1,145
Accounts receivable - other	172		$	154
Allowance for credit losses	(16)		$	(20)
Total accounts receivable, net	$	1,286	$	1,279

There were no significant contract assets or contract liabilities associated with our customers as of June 30, 2024 or December 31, 2023. Liabilities for volume discounts and incentives were also not significant as of June 30, 2024 or December 31, 2023.

Inventories

Inventories as of June 30, 2024 and December 31, 2023 were as follows:

	As of June 30, 2024		As of December 31, 2023
Finished and in process	$	791	$	926
Raw materials	368		434
Manufacturing supplies	85		90
Total inventories	$	1,244	$	1,450

22

Ingredion Incorporated

Notes to Condensed Consolidated Financial Statements

(dollars in millions, except per share data, unless otherwise noted)

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 June 30, 2024 and December 31, 2023, participating financial institutions held $115 million and $153 million of our liabilities recorded in Accounts payable and Accrued liabilities and liabilities held for sale on our Condensed Consolidated Balance Sheets. As of June 30, 2024, supply chain finance programs existed for operations in Brazil, Mexico, certain PureCircle entities, Colombia, Peru, Thailand and China.

The rollforward of our outstanding obligations confirmed as valid under our supply chain finance programs as of June 30, 2024 was as follows:

	As of June 30, 2024
Outstanding at the beginning of the year	$	153
Invoices added during the year	255
Invoices paid during the year	(278)
Cumulative translation adjustment	(15)
Outstanding as of June 30, 2024	$	115

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Unless otherwise indicated or the context otherwise requires, as used in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the terms “the Company,” “Ingredion,” “we,” “us,” and “our” and similar terms refer to Ingredion Incorporated and its consolidated subsidiaries. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with the unaudited interim Condensed Consolidated Financial Statements and related notes included elsewhere in this report and with the audited Consolidated Financial Statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. This discussion contains forward-looking statements that are subject to numerous risks and uncertainties. Actual results may differ materially from those contained in any forward-looking statements. See “Forward-Looking Statements” at the end of this discussion.

Overview

We are a leading global ingredients solutions provider that transforms grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. Our innovative ingredient solutions help customers stay on trend with simple ingredients and other in-demand ingredients.

During the second quarter of 2024, net sales, operating income, net income and diluted earnings per share decreased when compared to the same quarter last year. Excluding the impact from the sale of our business in South Korea, the decrease in our net sales was driven by both raw material deflation and price mix impacts, partially offset by volume increases. Cost of sales decreased primarily due to lower raw material and input costs, partially offset by price mix, and these factors led to increased gross profit and higher gross margins. Operating income decreased during the second quarter primarily due to an other-than-temporary impairment charge and restructuring activities. Net income and diluted earnings per share decreased primarily due to lower financing costs and a higher effective tax rate for the second quarter of 2024 compared to the second quarter of 2023.

Results of Operations

The following discusses our results for our three reportable segments consisting of Texture & Healthful Solutions (“T&HS”), Food & Industrial Ingredients (“F&II”) - Latin America (“LATAM”), and F&II - U.S./Canada. In addition, we discuss the results of All Other. Fluctuations in foreign currency exchange rates affect the U.S. dollar amounts of our foreign subsidiaries’ net sales and expenses. For most of our foreign subsidiaries, the local foreign currency is the functional currency. Accordingly, net sales and expenses denominated in the functional currencies of these subsidiaries are translated into U.S. dollars at the applicable average exchange rates for the period.

Second Quarter of 2024

With Comparatives to Second Quarter of 2023

Net sales. Net sales decreased 9 percent to $1,878 million for the second quarter of 2024 compared to $2,069 million for the second quarter of 2023. The decrease was due primarily from price mix from lower raw material costs and lost sales volume from the sale of South Korea, partly offset by volume increases.

Cost of sales. Cost of sales decreased 12 percent to $1,432 million for the second quarter of 2024 compared to cost of sales of $1,628 million for the second quarter of 2023. The decrease was due primarily to lower raw material and input costs. Our gross profit margin of 24 percent for the second quarter of 2024 increased from 21 percent for the second quarter of 2023.

Operating expenses. Operating expenses increased 2 percent to $191 million for the second quarter of 2024 compared to $188 million for the second quarter of 2023. The increase was primarily due to general cost inflation. Operating expenses as a percentage of net sales were 10 percent and 9 percent for the second quarter of 2024 and 2023.

Other operating (income) expense. Other operating (income) was $(8) million for the second quarter of 2024 compared to other operating expense of $2 million for the second quarter of 2023. The change was primarily due to income from our Argentina joint venture.

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Restructuring and impairment charges. Restructuring and impairment charges were $23 million for the second quarter of 2024 compared to an insignificant amount for the second quarter of 2023. During the second quarter of 2024, we recorded an $18 million other-than-temporary-impairment on an equity method investment in addition to costs incurred related to restructuring activities and the resegmentation of the business.

Financing costs. Financing costs decreased 67 percent to $10 million for the second quarter of 2024 compared to $30 million for the second quarter of 2023. The decrease was primarily due to lower average outstanding debt balances for the second quarter of 2024 compared to the second quarter of 2023, as well as foreign exchange impacts.

Provision for income taxes. Our effective income tax rates for the second quarter of 2024 and second quarter of 2023 were 34.8 percent and 25.1 percent. The increase was primarily due to depreciation of the Mexican peso against the U.S. dollar during the second quarter of 2024 compared to an appreciation during the second quarter of 2023 and the impairment of an equity method investment during the second quarter of 2024.

Net income attributable to Ingredion. Net income attributable to Ingredion for the second quarter of 2024 decreased to $148 million from $163 million for the second quarter of 2023. The decrease was primarily due to lower volumes, higher restructuring costs and a less favorable effective tax rate, partially offset by lower input costs and reduced financing costs.

Segment Results

Texture & Healthful Solutions

Net sales. T&HS net sales decreased 5 percent to $588 million for the second quarter of 2024 from $618 million for the second quarter of 2023. The decrease was primarily due to unfavorable price mix of 12 percent and unfavorable foreign exchange of 1 percent, partially offset by an increase of 8 percent in volume.

Operating income. T&HS operating income decreased 18 percent to $86 million for the second quarter of 2024 from $105 million for the second quarter of 2023. The decrease was primarily due unfavorable price mix, partially offset by recovering volumes and lower input costs.

Food & Industrial Ingredients - LATAM

Net sales. F&II - LATAM net sales decreased 5 percent to $630 million for the second quarter of 2024 from $666 million for the second quarter of 2023. The decrease was primarily due to unfavorable price mix of 10 percent, partially offset by an increase of 4 percent in volume and favorable foreign exchange impacts of 1 percent.

Operating income. F&II - LATAM operating income increased 29 percent to $130 million for the second quarter of 2024 from $101 million for the second quarter of 2023. The increase was primarily due to lower input costs and improved volume, partially offset by price mix.

Food & Industrial Ingredients - U.S./Canada

Net sales. F&II - U.S./Canada net sales decreased 8 percent to $555 million for the second quarter of 2024 from $604 million for the second quarter of 2023. The decrease was due to unfavorable price mix of 10 percent, partially offset by an increase of 2 percent in volume.

Operating income. F&II - U.S./Canada operating income increased 31 percent to $105 million for the second quarter of 2024 from $80 million for the second quarter of 2023. The increase was primarily due to lower raw material and input costs, partially offset by price mix.

All Other

Net sales. All Other net sales decreased 42 percent to $105 million for the second quarter of 2024 from $181 million for the second quarter of 2023. Excluding the sale of the South Korea business, net sales increased 2 percent.

Operating (loss) income. All Other operating (loss) income was $(10) million for the second quarter of 2024 compared to $3 million for the second quarter of 2023. The decrease was primarily due to the sale of the South Korea business.

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Year-to-Date 2024

With Comparatives to Year-to-Date 2023

Net sales. Net sales decreased 11 percent to $3,760 million for year-to-date 2024 compared to $4,206 million for year-to-date 2023. The decrease was primarily due to price mix from lower raw material costs and lost sales volume from the sale of South Korea, partially offset by volume increases.

Cost of sales. Cost of sales decreased 12 percent to $2,897 million for year-to-date 2024 compared to cost of sales of $3,278 million for year-to-date 2023. The decrease was primarily due to lower raw material and input costs. Our gross profit margin of 23 percent for year-to-date 2024 increased from 22 percent for year-to-date 2023.

Operating expenses. Operating expenses increased 1 percent to $380 million for year-to-date 2024 compared to $375 million for year-to-date 2023. The increase was primarily due to general cost inflation. Operating expenses as a percentage of net sales were 10 percent for year-to-date 2024 and 9 percent for year-to-date 2023.

Other operating expense. Other operating expense was $4 million for year-to-date 2024 compared to $11 million for year-to-date 2023. The decrease was primarily due to charges related to a U.S.-based work stoppage for year-to-date 2023 that were not incurred for year-to-date 2024.

Restructuring and impairment charges. Restructuring and impairment charges were $26 million for year-to-date 2024 compared to none for year-to-date 2023. During the second quarter of 2024, we recorded an $18 million other-than-temporary-impairment on an equity method investment in addition to costs incurred related to restructuring activities and the resegmentation of the business.

Financing costs. Financing costs decreased 53 percent to $29 million for year-to-date 2024 compared to $62 million for year-to-date 2023. The decrease was primarily due to lower average outstanding debt balances during the year-to-date 2024 compared to year-to-date 2023, as well as foreign exchange impacts.

Net gain on sale of business. Net gain on sale of business was $82 million for year-to-date 2024 to reflect the sale of the South Korea business, which was completed on February 1, 2024. There was no such gain recorded year-to-date 2023.

Provision for income taxes. Our effective income tax rate for year-to-date 2024 increased to 27.3 percent from 25.1 percent for year-to-date 2023. The increase was primarily due to depreciation of the Mexican peso against the U.S. dollar for year-to-date 2024 compared to an appreciation for year-to-date 2023 and the impairment of an equity method investment during the second quarter of 2024. These impacts were partially offset by favorable tax treatment on the sale of the South Korea business during the first quarter of 2024.

Net income attributable to Ingredion. Net income attributable to Ingredion for year-to-date 2024 increased to $364 million from $354 million for year-to-date 2023. The increase was primarily due to the gain on the sale of our South Korea business and reduced financing costs.

Segment Results

T&HS

Net sales. T&HS net sales decreased 8 percent to $1,185 million for year-to-date 2024 from $1,283 million for year-to-date 2023. The decrease was primarily due to unfavorable price mix of 10 percent and unfavorable foreign exchange of 2 percent, partially offset by increased volume of 4 percent.

Operating income. T&HS operating income decreased 31 percent to $160 million for year-to-date 2024 from $232 million for year-to-date 2023. The decrease was primarily due to unfavorable price mix and higher input costs, partially offset by improved volume.

F&II - LATAM

Net sales. F&II - LATAM net sales decreased 7 percent to $1,246 million for year-to-date 2024 from $1,333 million for year-to-date 2023. The decrease was primarily due to unfavorable price mix of 9 percent, partially offset by foreign exchange impacts of 2 percent.

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Operating income. F&II - LATAM operating income increased 4 percent to $231 million for year-to-date 2024 from $223 million for year-to-date 2023. The increase was primarily due to lower input costs and improved volume, partially offset by price mix.

F&II - U.S./Canada

Net sales. F&II - U.S./Canada net sales decreased 10 percent to $1,096 million for year-to-date 2024 from $1,212 million for year-to-date 2023. The decrease was primarily due to unfavorable price mix of 9 percent and unfavorable volumes of 1 percent.

Operating income. F&II - U.S./Canada operating income increased 12 percent to $192 million for year-to-date 2024 from $172 million for year-to-date 2023. The increase was primarily due to lower raw material and input costs, partially offset by price mix.

All Other

Net sales. All Other net sales decreased 38 percent to $233 million for year-to-date 2024 from $378 million for year-to-date 2023. Excluding the sale of the South Korea business, net sales were down 4 percent.

Operating (loss). All Other operating (loss) increased 180 percent to $(14) million for year-to-date 2024 compared to $(5) million for year-to-date 2023. The increase was primarily due to the sale of the South Korea business.

Liquidity and Capital Resources

As of June 30, 2024, we had total available liquidity of $2.1 billion. Domestic liquidity of $1.1 billion consisted of $84 million in cash and cash equivalents and $1.0 billion available through our commercial paper program. The commercial paper program is backed by $1.0 billion of borrowing availability under a five-year revolving credit agreement.

As of June 30, 2024, we had international liquidity of $1.0 billion, consisting of $421 million of cash and cash equivalents and $5 million of short-term investments held by our operations outside the U.S., as well as $608 million of unused operating lines of credit in foreign countries where we operate. As the parent company, we guarantee certain obligations of our consolidated subsidiaries. These guarantees totaled $39 million as of June 30, 2024. We believe that those consolidated subsidiaries will be able to meet their financial obligations as they become due.

As of June 30, 2024, we had total debt outstanding of approximately $1.9 billion, or approximately $1.7 billion excluding other short-term borrowings. Of our outstanding debt, $1.7 billion consists of senior notes that do not require principal repayment until 2026 through 2050. The weighted average interest rate on our total indebtedness was approximately 4.2 percent for year-to-date 2024 and approximately 4.3 percent for year-to-date 2023.

The principal source of our liquidity is our internally generated cash flow, which we supplement as necessary with our ability to borrow under our credit facilities and commercial paper program and to raise funds in the capital markets. We currently expect that our available cash balances, future cash flow from operations, access to debt markets and borrowing capacity under our revolving credit facility and commercial paper program will provide us with sufficient liquidity to fund our anticipated capital expenditures, dividends and other operating, investing and financing activities for at least the next twelve months and for the foreseeable future thereafter. Our future cash flow needs will depend on many factors, including our rate of revenue growth, cost of raw materials, changing working capital requirements, the timing and extent of our expansion into new markets, the timing of introductions of new products, potential acquisitions of complementary businesses and technologies, continuing market acceptance of our new products and general economic and market conditions. We may need to raise additional capital or incur indebtedness to fund our needs for less predictable strategic initiatives, such as acquisitions.

Net Cash Flows

Our cash provided by operating activities was $521 million for year-to-date 2024 compared to cash provided by operating activities of $279 million for year-to-date 2023. The increase was primarily due to changes in working capital. Cash provided by changes in working capital increased by $280 million for year-to-date 2024 compared to year-to-date 2023 primarily due to decreases in inventory and increases in accounts payable and accrued liabilities, partially offset by an increase in trade accounts receivable and prepaid expenses.

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We used $120 million of cash for capital expenditures and mechanical stores purchases to update, expand and improve our facilities during year-to-date 2024, compared to $154 million that we paid during year-to-date 2023 for the same purposes. Capital investment commitments for the remainder of 2024 are anticipated to be approximately $340 million.

We used $526 million of cash for financing activities during year-to-date 2024 compared to cash used for financing activities of $97 million for year-to-date 2023. The difference was primarily attributable to a net $327 million reduction of our commercial paper borrowings during year-to-date 2024 from zero net borrowings of commercial paper during year-to-date 2023.

We declare and pay cash dividends to our common stockholders of record on a quarterly basis. Dividends paid, including those to non-controlling interests, was $104 million during year-to-date 2024 compared to $95 million during year-to-date 2023. The increase in dividend payments was due to an increase in our quarterly dividend to $0.78 per share during year-to-date 2024 from $0.71 per share during year-to-date 2023.

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. During the second quarter of 2024, we purchased shares in PureCircle from minority shareholders for $40 million, which increased our ownership to 98 percent as of June 30, 2024.

We have not provided foreign withholding taxes, state income taxes and federal and state taxes on foreign currency gains/losses on accumulated undistributed earnings of certain foreign subsidiaries because these earnings are considered to be permanently reinvested. It is not practicable to determine the amount of the unrecognized deferred tax liability related to the undistributed earnings. We do not anticipate the need to repatriate funds to the U.S. to satisfy domestic liquidity needs arising in the ordinary course of business, including liquidity needs associated with our domestic debt service requirements.

Critical Accounting Policies and Estimates

Our critical accounting policies and estimates are described in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no changes to our critical accounting policies and estimates during year-to-date 2024.

New Accounting Pronouncements

The information called for by this section is incorporated herein by reference to Note 1 to the Condensed Consolidated Financial Statements included in this report.

Forward-Looking Statements

This Form 10-Q contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Ingredion Incorporated intends these forward-looking statements to be covered by the safe harbor provisions for such statements.

Forward-looking statements include, among others, any statements regarding our prospects, future operations, or future financial condition, earnings, net sales, tax rates, capital expenditures, cash flows, expenses or other financial items, including management’s plans or strategies and objectives for any of the foregoing and any assumptions, expectations or beliefs underlying any of the foregoing.

These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “should,” “anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,” “propels,” “opportunities,” “potential,” “provisional,” or other similar expressions or the negative thereof. All statements other than statements of historical facts therein are “forward-looking statements.”

These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct.

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Actual results and developments may differ materially from the expectations expressed in or implied by these statements, based on various risks and uncertainties, including geopolitical conflicts and actions arising from them, including the impacts on the availability and prices of raw materials and energy supplies, supply chain interruptions, and volatility in foreign exchange and interest rates; changing consumer consumption preferences that may lessen demand for products we make; the effects of global economic conditions and the general political, economic, business, and market conditions that affect customers and consumers in the various geographic regions and countries in which we buy our raw materials or manufacture or sell our products, and the impact these factors may have on our sales volumes, the pricing of our products and our ability to collect our receivables from customers; future purchases of our products by major industries which we serve and from which we derive a significant portion of our sales, including, without limitation, the food, animal nutrition, beverage and brewing industries; the risks associated with pandemics; the uncertainty of acceptance of products developed through genetic modification and biotechnology; our ability to develop or acquire new products and services at rates or of qualities sufficient to gain market acceptance; increased competitive and/or customer pressure in the corn-refining industry and related industries, including with respect to the markets and prices for our primary products and our co-products, particularly corn oil; price fluctuations, supply chain disruptions, and shortages affecting inputs to our production processes and delivery channels, including raw materials, energy costs and availability and cost of freight and logistics; our ability to contain costs, achieve budgets and realize expected synergies, including with respect to our ability to complete planned maintenance and investment projects on time and on budget as well as with respect to freight and shipping costs and hedging activities; operating difficulties at our manufacturing facilities and liabilities relating to product safety and quality; the effects of climate change and legal, regulatory, and market measures to address climate change; our ability to successfully identify and complete acquisitions, divestitures, or strategic alliances on favorable terms as well as our ability to successfully conduct due diligence, integrate acquired businesses or implement and maintain strategic alliances and achieve anticipated synergies with respect to all of the foregoing; economic, political and other risks inherent in conducting operations in foreign countries and in foreign currencies; the failure to maintain satisfactory labor relations; our ability to attract, develop, motivate, and maintain good relationships with our workforce; the impact on our business of natural disasters, war, threats or acts of terrorism, or the occurrence of other significant events beyond our control; the impact of impairment charges on our goodwill or long-lived assets; changes in government policy, law, or regulation and costs of legal compliance, including compliance with environmental regulation; changes in our tax rates or exposure to additional income tax liability; increases in our borrowing costs that could result from increased interest rates; our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; interruptions, security incidents, or failures with respect to information technology systems, processes, and sites; volatility in the stock market and other factors that could adversely affect our stock price; risks affecting the continuation of our dividend policy; and our ability to maintain effective internal control over financial reporting.

Our forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” and other information included in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See the discussion set forth in Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for the year ended December 31, 2023 for a discussion of the manner in which we address risks with respect to interest rates, raw material and energy costs and foreign currencies. There have been no material changes in the information provided with respect to those risks during year-to-date 2024.

ITEM 4. CONTROLS AND PROCEDURES

Our management, including our Chief Executive Officer and our Chief Financial Officer, performed an evaluation of the effectiveness of our disclosure controls and procedures as of June 30, 2024. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of June 30, 2024, our disclosure controls and procedures (a) are effective in providing reasonable assurance that all information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, has been recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and (b) are designed to ensure that information required to be disclosed in the reports we file or submit under the Securities Exchange Act of 1934, as

29

amended, is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

There have been no changes in our internal control over financial reporting during the second quarter of 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

As of the date of this report, there have been no material developments in the environmental proceedings related to our Bedford Park, Illinois manufacturing facility discussed in Part I, Item 3. Legal Proceedings in our Annual Report for the year ended December 31, 2023.

In addition to the foregoing matter, we are currently subject to claims and suits arising in the ordinary course of business, including those relating to labor matters, certain environmental proceedings, and commercial claims. We also routinely receive inquiries from regulators and other government authorities relating to various aspects of our business, including with respect to compliance with laws and regulations relating to the environment, and at any given time, we have matters at various stages of resolution with the applicable governmental authorities. The outcomes of these matters are not within our complete control and may not be known for prolonged periods of time. We do not believe that the results of currently known legal proceedings and inquires will be material to us. There can be no assurance, however, that such claims, suits, or investigations or those arising in the future, whether taken individually or in the aggregate, will not have a material adverse effect on our financial condition or results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Purchases of common stock:

The following table presents information regarding our repurchase of shares of our common stock during the second quarter of 2024:

(shares in thousands)	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares That May Yet be Purchased Under the Plans or Programs at End of Period
April 1 – April 30, 2024	117	111.16	117	4,878
May 1 – May 31, 2024	85	115.92	85	4,793
June 1 – June 30, 2024	370	114.67	370	4,423
Total	572	113.88	572

On September 26, 2022, the Board of Directors approved a stock repurchase program permitting us to purchase up to 6.0 million shares of our outstanding common stock until December 31, 2025. As of June 30, 2024, we had 4.4 million shares available for repurchase under the stock repurchase program.

ITEM 5. OTHER INFORMATION

Trading Arrangements

During the second quarter of 2024, none of Ingredion’s directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) adopted or terminated any contract, instruction or written plan for the purchase or sale of Ingredion securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, or to be effected under any non-Rule 10b5-1 trading arrangement.

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ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

a) Exhibits

We hereby file or furnish the exhibits listed below:

Exhibit No.	Description
31.1†	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2†	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1††	Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2††	Certification of Chief Financial Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
101.INS†	XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH†	Inline XBRL Taxonomy Extension Schema Document.
101.CAL†	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF†	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB†	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE†	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104†	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document, which is contained in Exhibit 101).

_____________________

†	Filed with this report.
††	Furnished with this report.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	INGREDION INCORPORATED
Date: August 8, 2024	By:	/s/ James D. Gray
	James D. Gray
	Executive Vice President and Chief Financial Officer
Date: August 8, 2024	By:	/s/ Davida M. Gable
	Davida M. Gable
	Vice President, Corporate Controller, Finance and Environmental, Social and Governance

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EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, James P. Zallie, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Ingredion Incorporated;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2024	/s/ James P. Zallie
	James P. Zallie
	President and Chief Executive Officer

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EX-31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, James D. Gray, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Ingredion Incorporated;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2024	/s/ James D. Gray
	James D. Gray
	Executive Vice President and Chief Financial Officer

1

EX-32.1

EXHIBIT 32.1

Certification Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the

Sarbanes-Oxley Act of 2002

I, James P. Zallie, the Chief Executive Officer of Ingredion Incorporated, certify that to my knowledge (i) the report on Form 10-Q for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Ingredion Incorporated.

James P. Zallie

Chief Executive Officer

August 8, 2024

A signed original of this written statement required by Section 906 has been provided to Ingredion Incorporated and will be retained by Ingredion Incorporated and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

EXHIBIT 32.2

Certification Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the

Sarbanes-Oxley Act of 2002

I, James D. Gray, the Chief Financial Officer of Ingredion Incorporated, certify that to my knowledge (i) the report on Form 10-Q for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Ingredion Incorporated.

/s/ James D. Gray

James D. Gray

Chief Financial Officer

August 8, 2024

A signed original of this written statement required by Section 906 has been provided to Ingredion Incorporated and will be retained by Ingredion Incorporated and furnished to the Securities and Exchange Commission or its staff upon request.

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Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 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		65,061,430
Entity Central Index Key	0001046257
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false

XML

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,878	$ 2,069	$ 3,760	$ 4,206
Cost of sales	1,432	1,628	2,897	3,278
Gross profit	446	441	863	928
Operating expenses	191	188	380	375
Other operating (income) expense	(8)	2	4	11
Restructuring/impairment charges	23	0	26	0
Operating income	240	251	453	542
Financing costs	10	30	29	62
Net gain on sale of business	0	0	(82)	0
Other non-operating expense	0	2	0	2
Income before income taxes	230	219	506	478
Provision for income taxes	80	55	138	120
Net income	150	164	368	358
Less: Net income attributable to non-controlling interests	2	1	4	4
Net income attributable to Ingredion	$ 148	$ 163	$ 364	$ 354
Weighted average common shares outstanding:
Basic (in shares)	65.7	66.3	65.7	66.2
Diluted (in shares)	66.8	67.3	66.7	67.2
Earnings per common share of Ingredion:
Basic (in dollars per share)	$ 2.25	$ 2.46	$ 5.54	$ 5.35
Diluted (in dollars per share)	$ 2.22	$ 2.42	$ 5.46	$ 5.27

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
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 income	94	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

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
(Losses) on cash flow hedges, income tax effect	$ 8	$ 15	$ 18	$ 31
Losses on cash flow hedges reclassified to earnings, income tax effect	8	5	17	1
Gains (losses) on pension and other post-employment benefits, income tax effect	$ 0	$ 1	$ 0	$ 1

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 505	$ 401
Short-term investments	5	8
Accounts receivable, net	1,286	1,279
Inventories	1,244	1,450
Prepaid expenses and assets held for sale	59	261
Total current assets	3,099	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 assets	556	570
Total assets	7,221	7,642
Current liabilities:
Short-term borrowings	109	448
Accounts payable	606	778
Accrued liabilities and liabilities held for sale	515	546
Total current liabilities	1,230	1,772
Long-term debt	1,741	1,740
Other non-current liabilities	471	480
Total liabilities	3,442	3,992
Share-based payments subject to redemption	50	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 June 30, 2024 and December 31, 2023	1	1
Additional paid-in capital	1,141	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 earnings	4,914	4,654
Total Ingredion stockholders’ equity	3,705	3,538
Non-redeemable non-controlling interests	17	14
Total stockholders' equity	3,722	3,552
Total liabilities and stockholders' equity	$ 7,221	$ 7,642

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 3,451	$ 3,428
Intangible assets, accumulated amortization	$ 311	$ 299
Preferred stock, authorized (in shares)	25.0	25.0
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0.0	0.0
Common stock, authorized (in shares)	200.0	200.0
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)	12.6	12.6

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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 (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)						354	4
Dividends declared						(95)	(1)
Repurchases of common stock, net				0
Share-based compensation, net of issuance			3	32
Fair market value adjustment to non-controlling interests			7
Other comprehensive (loss)					(71)		(7)
Balance at end of period at Jun. 30, 2023		1	1,142	(1,116)	(1,119)	4,469	12
Share-based payments subject to redemption, beginning balance at Dec. 31, 2022	48
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 Dec. 31, 2022	51
Increase (Decrease) in Temporary Equity
Fair market value adjustment to non-controlling interests	(7)
Other comprehensive (loss)	(1)
Redeemable non-controlling interests, ending balance at Jun. 30, 2023	43
Balance at beginning of period at Mar. 31, 2023		1	1,133	(1,127)	(1,098)	4,354	13
Increase (Decrease) in Stockholders' Equity
Net income (loss)						163	1
Dividends declared						(48)	(1)
Repurchases of common stock, net				0
Share-based compensation, net of issuance			2	11
Fair market value adjustment to non-controlling interests			7
Other comprehensive (loss)					(21)		(1)
Balance at end of period at Jun. 30, 2023		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 (loss)	(1)
Redeemable non-controlling interests, ending balance at Jun. 30, 2023	43
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 (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 (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)						364	5
Dividends declared						(104)	(2)
Repurchases of common stock, net				(66)
Share-based compensation, net of issuance			1	40
Fair market value adjustment to non-controlling interests			(6)
Other comprehensive (loss)					(62)		0
Balance at end of period at Jun. 30, 2024	3,722	1	1,141	(1,233)	(1,118)	4,914	17
Share-based payments subject to redemption, beginning balance at Dec. 31, 2023	55
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(5)
Share-based payments subject to redemption, ending balance at Jun. 30, 2024	50
Redeemable non-controlling interests, beginning balance at Dec. 31, 2023	43
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)
Other comprehensive (loss)	(1)
Redeemable non-controlling interests, ending balance at Jun. 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 (loss)					(56)
Balance at end of period at Jun. 30, 2024	3,722	$ 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

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash from operating activities
Net income	$ 368	$ 358
Non-cash charges to net income:
Depreciation and amortization	107	109
Mechanical stores expense	29	33
Net gain on sale of business	(82)	0
Other non-cash charges	54	27
Changes in working capital:
Accounts receivable and prepaid expenses	1	32
Inventories	188	(42)
Accounts payable and accrued liabilities	(124)	(208)
Margin accounts	(13)	(10)
Other	(7)	(20)
Cash provided by operating activities	521	279
Cash from investing activities
Capital expenditures and mechanical stores purchases	(120)	(154)
Proceeds from disposal of manufacturing facilities and properties	0	1
Proceeds from sale of business	247	0
Other	(2)	(7)
Cash provided by (used for) investing activities	125	(160)
Cash from financing activities
Proceeds from borrowings	303	493
Payments on debt	(303)	(510)
Commercial paper borrowings, net	(327)	0
Repurchases of common stock, net	(66)	0
Issuances of common stock for share-based compensation, net	11	15
Purchases of non-controlling interests	(40)	0
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 equivalents	104	21
Cash and cash equivalents, beginning of period	401	236
Cash and cash equivalents, end of period	$ 505	$ 257

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Basis of Presentation and New Accounting Standards

6 Months Ended

Jun. 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 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

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.

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Acquisitions and Divestitures

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions and Divestitures

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.

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Intangible Assets

6 Months Ended

Jun. 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 June 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	(6)		(2)		—		(3)		(11)
Balance as of June 30, 2024	$	382	$	144	$	296	$	85	$	907

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Investments

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

Investments

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 investments	91		112
Marketable securities	4		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.

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.

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Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 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 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.

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 Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	9	$	12	$	21	$	—	$	7	$	7
Other non-current assets	1		4		5		—		1		1
Assets	10		16		26		—		8		8
Accounts payable	62		10		72		2		5		7
Other non-current liabilities	2		1		3		—		—		—
Liabilities	64		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 Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	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 is as follows:

	(Losses) Gains Recognized in AOCL on Derivatives					(Losses) Gains Reclassified from AOCL into Income
Derivatives in Cash Flow	Three Months Ended June 30,				Income Statement	Three Months Ended June 30,
Hedging Relationships	2024		2023		Location	2024		2023
Commodity contracts	$	(29)	$	(55)	Cost of sales	$	(32)	$	(18)
Foreign currency contracts	1		(4)		Net sales/Cost of sales	1		(2)
Total	$	(28)	$	(59)		$	(31)	$	(20)

	(Losses) Gains Recognized in AOCL on Derivatives					(Losses) Gains Reclassified from AOCL into Income
Derivatives in Cash Flow	Six Months Ended June 30,				Income Statement	Six Months Ended June 30,
Hedging Relationships	2024		2023		Location	2024		2023
Commodity contracts	$	(71)	$	(122)	Cost of sales	$	(65)	$	(9)
Foreign currency contracts	2		5		Net sales/Cost of sales	1		7
Total	$	(69)	$	(117)		$	(64)	$	(2)

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Fair Value Measurements

6 Months Ended

Jun. 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 June 30, 2024								As of December 31, 2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	4	$	4	$	—	$	—	$	4	$	4	$	—	$	—
Derivative assets	34		32		2		—		26		26		—		—
Derivative liabilities	82		64		18		—		76		43		33		—
Long-term debt	1,581		—		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.

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Financing Arrangements

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Financing Arrangements

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 borrowings	2		1
Total long-term debt	1,741		1,740
Commercial paper	—		327
Other short-term borrowings	109		121
Total short-term borrowings	109		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.

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Pension and Other Post-employment Benefits

6 Months Ended

Jun. 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 June 30,								Six Months Ended June 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	$	1	$	1	$	2
Interest cost	4		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.

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,
	2024		2023		2024		2023
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.

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Equity

6 Months Ended

Jun. 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 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.

Share-based Payments: Share-based compensation expense for the periods presented is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Stock options:
Pre-tax compensation expense	$	1	$	1	$	3	$	2
Income tax benefit	—		—		—		—
Stock option expense, net of income taxes	1		1		3		2
Restricted stock units (“RSUs”):
Pre-tax compensation expense	4		3		11		7
Income tax benefit	—		—		(1)		(1)
RSUs, net of income taxes	4		3		10		6
Performance shares and other share-based awards:
Pre-tax compensation expense	4		1		8		5
Income tax benefit	—		—		—		—
Performance shares and other share-based compensation expense, net of income taxes	4		1		8		5
Total share-based compensation:
Pre-tax compensation expense	9		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,
	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 (in thousands)	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	(297)	82.24
Cancelled	(44)	101.82
Outstanding as of June 30, 2024	1,790	$	100.03	5.4	$	30
Exercisable as of June 30, 2024	1,441	$	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,
	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	4		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, 2023	552	$	92.05
Granted	205	107.63
Vested	(167)	87.33
Cancelled	(45)	95.97
Non-vested as of June 30, 2024	545	$	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.

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 Adjustment		Hedging Activities		Pension and Other Post-employment Benefits		AOCL
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 Adjustment		Hedging Activities		Pension and Other Post-employment Benefits		AOCL
Balance as of December 31, 2022	$	(1,008)	$	6	$	(46)	$	(1,048)
Other comprehensive income (loss) before reclassification adjustments	15		(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)

upplemental Information: The following tables provide the computation of basic and diluted earnings per common share (“EPS”) for the periods presented:

	Three Months Ended June 30, 2024					Three Months Ended June 30, 2023
	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	148	65.7	$	2.25	$	163	66.3	$	2.46
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive RSUs and other awards			1.1					1.0
Diluted EPS	$	148	66.8	$	2.22	$	163	67.3	$	2.42

	Six Months Ended June 30, 2024					Six Months Ended June 30, 2023
	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	364	65.7	$	5.54	$	354	66.2	$	5.35
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	$	364	66.7	$	5.46	$	354	67.2	$	5.27

For the second quarter and year-to-date 2024, 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. For the second quarter and year-to-date 2023, approximately 0.6 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.

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Segment Information

6 Months Ended

Jun. 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. Net sales by product are not presented because such presentation is not practicable.

The following tables are 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
June 30, 2024
Net sales including intersegment sales	$	604	$	640	$	580	$	109	$	1,933
Less: Intersegment sales	(16)		(10)		(25)		(4)		(55)
Net sales	$	588	$	630	$	555	$	105	$	1,878
June 30, 2023
Net sales including intersegment sales	$	643	$	675	$	627	$	184	$	2,129
Less: Intersegment sales	(25)		(9)		(23)		(3)		(60)
Net sales	$	618	$	666	$	604	$	181	$	2,069

Six Months Ended	T&HS		F&II - LATAM		F&II - U.S./Canada		All Other		Consolidated Totals
June 30, 2024
Net sales including intersegment sales	$	1,216	$	1,266	$	1,147	$	240	$	3,869
Less: Intersegment sales	(31)		(20)		(51)		(7)		(109)
Net sales	$	1,185	$	1,246	$	1,096	$	233	$	3,760
June 30, 2023
Net sales including intersegment sales	$	1,341	$	1,352	$	1,262	$	385	$	4,340
Less: Intersegment sales	(58)		(19)		(50)		(7)		(134)
Net sales	$	1,283	$	1,333	$	1,212	$	378	$	4,206

The following table provides our operating income (loss) by reportable segment and All Other for the periods presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating income (loss):
Texture & Healthful Solutions	$	86	$	105	$	160	$	232
Food & Industrial Ingredients - LATAM	130		101		231		223
Food & Industrial Ingredients - U.S./Canada	105		80		192		172
All Other	(10)		3		(14)		(5)
Corporate	(41)		(38)		(83)		(75)
Subtotal	270		251		486		547
Restructuring and resegmentation costs	(3)		—		(6)		—
Other matters	(9)		—		(9)		(5)
Impairment charge	(18)		—		(18)		—
Total operating income	$	240	$	251	$	453	$	542

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 June 30, 2024 and December 31, 2023:

	As of June 30, 2024		As of December 31, 2023
Property, plant and equipment, net:
Texture & Healthful Solutions	$	838	$	855
Food & Industrial Ingredients - LATAM	$	516	$	552
Food & Industrial Ingredients - U.S./Canada	$	533	$	548
All Other (a)	$	404	$	415
Total Property, plant and equipment, net	$	2,291	$	2,370

_____________________

(a)For purposes of presentation, All Other includes Corporate assets.

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Commitments and Contingencies

6 Months Ended

Jun. 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 June 30, 2024 and December 31, 2023, $29 million and $32 million of remaining tax incentives were recorded in Other non-current assets in the Condensed Consolidated Balance Sheets.

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Supplementary Information

6 Months Ended

Jun. 30, 2024

Supplementary Information

Supplementary Information

12. Supplementary Information

Accounts Receivable, Net

Accounts receivable, net as of June 30, 2024 and December 31, 2023 were as follows:

	As of June 30, 2024		As of December 31, 2023
Accounts receivable - trade	$	1,130	$	1,145
Accounts receivable - other	172		$	154
Allowance for credit losses	(16)		$	(20)
Total accounts receivable, net	$	1,286	$	1,279

There were no significant contract assets or contract liabilities associated with our customers as of June 30, 2024 or December 31, 2023. Liabilities for volume discounts and incentives were also not significant as of June 30, 2024 or December 31, 2023.

Inventories

Inventories as of June 30, 2024 and December 31, 2023 were as follows:

	As of June 30, 2024		As of December 31, 2023
Finished and in process	$	791	$	926
Raw materials	368		434
Manufacturing supplies	85		90
Total inventories	$	1,244	$	1,450

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 June 30, 2024 and December 31, 2023, participating financial institutions held $115 million and $153 million of our liabilities recorded in Accounts payable and Accrued liabilities and liabilities held for sale on our Condensed Consolidated Balance Sheets. As of June 30, 2024, supply chain finance programs existed for operations in Brazil, Mexico, certain PureCircle entities, Colombia, Peru, Thailand and China.

The rollforward of our outstanding obligations confirmed as valid under our supply chain finance programs as of June 30, 2024 was as follows:

	As of June 30, 2024
Outstanding at the beginning of the year	$	153
Invoices added during the year	255
Invoices paid during the year	(278)
Cumulative translation adjustment	(15)
Outstanding as of June 30, 2024	$	115

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 148	$ 163	$ 364	$ 354

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Basis of Presentation and New Accounting Standards (Policies)

6 Months Ended

Jun. 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. 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

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.

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Intangible Assets (Tables)

6 Months Ended

Jun. 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 June 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	(6)		(2)		—		(3)		(11)
Balance as of June 30, 2024	$	382	$	144	$	296	$	85	$	907

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Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

Schedule of 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 investments	91		112
Marketable securities	4		4
Total investments	$	127	$	143

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 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 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)

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 June 30, 2024
	Designated Hedging Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	Commodity Contracts		Foreign Currency Contracts		Total		Commodity Contracts		Foreign Currency Contracts		Total
Accounts receivable, net	$	9	$	12	$	21	$	—	$	7	$	7
Other non-current assets	1		4		5		—		1		1
Assets	10		16		26		—		8		8
Accounts payable	62		10		72		2		5		7
Other non-current liabilities	2		1		3		—		—		—
Liabilities	64		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 Instruments						Non-Designated Hedging Instruments
Balance Sheet Location	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 is as follows:

	(Losses) Gains Recognized in AOCL on Derivatives					(Losses) Gains Reclassified from AOCL into Income
Derivatives in Cash Flow	Three Months Ended June 30,				Income Statement	Three Months Ended June 30,
Hedging Relationships	2024		2023		Location	2024		2023
Commodity contracts	$	(29)	$	(55)	Cost of sales	$	(32)	$	(18)
Foreign currency contracts	1		(4)		Net sales/Cost of sales	1		(2)
Total	$	(28)	$	(59)		$	(31)	$	(20)

	(Losses) Gains Recognized in AOCL on Derivatives					(Losses) Gains Reclassified from AOCL into Income
Derivatives in Cash Flow	Six Months Ended June 30,				Income Statement	Six Months Ended June 30,
Hedging Relationships	2024		2023		Location	2024		2023
Commodity contracts	$	(71)	$	(122)	Cost of sales	$	(65)	$	(9)
Foreign currency contracts	2		5		Net sales/Cost of sales	1		7
Total	$	(69)	$	(117)		$	(64)	$	(2)

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 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 June 30, 2024								As of December 31, 2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Marketable securities	$	4	$	4	$	—	$	—	$	4	$	4	$	—	$	—
Derivative assets	34		32		2		—		26		26		—		—
Derivative liabilities	82		64		18		—		76		43		33		—
Long-term debt	1,581		—		1,581		—		1,591		—		1,591		—

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Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of debt

Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs, as of June 30, 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 borrowings	2		1
Total long-term debt	1,741		1,740
Commercial paper	—		327
Other short-term borrowings	109		121
Total short-term borrowings	109		448
Total debt	$	1,850	$	2,188

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Pension and Other Post-employment Benefits (Tables)

6 Months Ended

Jun. 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 June 30,								Six Months Ended June 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	$	1	$	1	$	2
Interest cost	4		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

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,
	2024		2023		2024		2023
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.

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Equity (Tables)

6 Months Ended

Jun. 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Stock options:
Pre-tax compensation expense	$	1	$	1	$	3	$	2
Income tax benefit	—		—		—		—
Stock option expense, net of income taxes	1		1		3		2
Restricted stock units (“RSUs”):
Pre-tax compensation expense	4		3		11		7
Income tax benefit	—		—		(1)		(1)
RSUs, net of income taxes	4		3		10		6
Performance shares and other share-based awards:
Pre-tax compensation expense	4		1		8		5
Income tax benefit	—		—		—		—
Performance shares and other share-based compensation expense, net of income taxes	4		1		8		5
Total share-based compensation:
Pre-tax compensation expense	9		5		22		14
Income tax benefit	—		—		(1)		(1)
Total share-based compensation expense, net of income taxes	$	9	$	5	$	21	$	13

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:

	Six Months Ended June 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 (in thousands)	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	(297)	82.24
Cancelled	(44)	101.82
Outstanding as of June 30, 2024	1,790	$	100.03	5.4	$	30
Exercisable as of June 30, 2024	1,441	$	99.75	4.5	$	25

Schedule of additional information pertaining to stock option activity

Additional information pertaining to stock option activity is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	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	4		4		9		10

Schedule of restricted unit activity

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, 2023	552	$	92.05
Granted	205	107.63
Vested	(167)	87.33
Cancelled	(45)	95.97
Non-vested as of June 30, 2024	545	$	99.24

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 (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 Adjustment		Hedging Activities		Pension and Other Post-employment Benefits		AOCL
Balance as of December 31, 2022	$	(1,008)	$	6	$	(46)	$	(1,048)
Other comprehensive income (loss) before reclassification adjustments	15		(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)

Schedule of Stockholders Equity

The following Condensed Consolidated Statements of Equity and Redeemable Equity provide the dividends per share for common stock for the periods indicated:

	Total Equity															Share-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)	—		—		—		—		(56)		—			—		—			—
Balance as of June 30, 2024	$	—	$	1	$	1,141	$	(1,233)	$	(1,118)	$	4,914		$	17	$	50		$	7

	Total Equity																Share-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	—		—	—		—		—			—		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

Schedule of basic and diluted earnings per common share

The following tables provide the computation of basic and diluted earnings per common share (“EPS”) for the periods presented:

	Three Months Ended June 30, 2024					Three Months Ended June 30, 2023
	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	148	65.7	$	2.25	$	163	66.3	$	2.46
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive RSUs and other awards			1.1					1.0
Diluted EPS	$	148	66.8	$	2.22	$	163	67.3	$	2.42

	Six Months Ended June 30, 2024					Six Months Ended June 30, 2023
	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	364	65.7	$	5.54	$	354	66.2	$	5.35
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	$	364	66.7	$	5.46	$	354	67.2	$	5.27

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting of Net Sales, Operating Income and Total Assets

The following tables are 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
June 30, 2024
Net sales including intersegment sales	$	604	$	640	$	580	$	109	$	1,933
Less: Intersegment sales	(16)		(10)		(25)		(4)		(55)
Net sales	$	588	$	630	$	555	$	105	$	1,878
June 30, 2023
Net sales including intersegment sales	$	643	$	675	$	627	$	184	$	2,129
Less: Intersegment sales	(25)		(9)		(23)		(3)		(60)
Net sales	$	618	$	666	$	604	$	181	$	2,069

Six Months Ended	T&HS		F&II - LATAM		F&II - U.S./Canada		All Other		Consolidated Totals
June 30, 2024
Net sales including intersegment sales	$	1,216	$	1,266	$	1,147	$	240	$	3,869
Less: Intersegment sales	(31)		(20)		(51)		(7)		(109)
Net sales	$	1,185	$	1,246	$	1,096	$	233	$	3,760
June 30, 2023
Net sales including intersegment sales	$	1,341	$	1,352	$	1,262	$	385	$	4,340
Less: Intersegment sales	(58)		(19)		(50)		(7)		(134)
Net sales	$	1,283	$	1,333	$	1,212	$	378	$	4,206

The following table provides our operating income (loss) by reportable segment and All Other for the periods presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating income (loss):
Texture & Healthful Solutions	$	86	$	105	$	160	$	232
Food & Industrial Ingredients - LATAM	130		101		231		223
Food & Industrial Ingredients - U.S./Canada	105		80		192		172
All Other	(10)		3		(14)		(5)
Corporate	(41)		(38)		(83)		(75)
Subtotal	270		251		486		547
Restructuring and resegmentation costs	(3)		—		(6)		—
Other matters	(9)		—		(9)		(5)
Impairment charge	(18)		—		(18)		—
Total operating income	$	240	$	251	$	453	$	542

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 June 30, 2024 and December 31, 2023:

	As of June 30, 2024		As of December 31, 2023
Property, plant and equipment, net:
Texture & Healthful Solutions	$	838	$	855
Food & Industrial Ingredients - LATAM	$	516	$	552
Food & Industrial Ingredients - U.S./Canada	$	533	$	548
All Other (a)	$	404	$	415
Total Property, plant and equipment, net	$	2,291	$	2,370

_____________________

(a)For purposes of presentation, All Other includes Corporate assets.

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Supplementary Information (Tables)

6 Months Ended

Jun. 30, 2024

Supplementary Information

Schedule of accounts receivable, net

Accounts receivable, net as of June 30, 2024 and December 31, 2023 were as follows:

	As of June 30, 2024		As of December 31, 2023
Accounts receivable - trade	$	1,130	$	1,145
Accounts receivable - other	172		$	154
Allowance for credit losses	(16)		$	(20)
Total accounts receivable, net	$	1,286	$	1,279

Schedule of inventories

Inventories as of June 30, 2024 and December 31, 2023 were as follows:

	As of June 30, 2024		As of December 31, 2023
Finished and in process	$	791	$	926
Raw materials	368		434
Manufacturing supplies	85		90
Total inventories	$	1,244	$	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 June 30, 2024 was as follows:

	As of June 30, 2024
Outstanding at the beginning of the year	$	153
Invoices added during the year	255
Invoices paid during the year	(278)
Cumulative translation adjustment	(15)
Outstanding as of June 30, 2024	$	115

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Basis of Presentation and New Accounting Standards (Details)	6 Months Ended
	Jun. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Number of reportable segments	3

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Acquisitions and Divestitures (Details) $ in Millions, ₩ in Billions			3 Months Ended		6 Months Ended
	Feb. 01, 2024 USD ($)	Feb. 01, 2024 KRW (₩)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Feb. 01, 2024 KRW (₩)	Dec. 31, 2023
Acquisitions
Purchases of non-controlling interests					$ 40	$ 0
Proceeds from sale of business					247	0
Net gain on sale of business			$ 0	$ 0	82	$ 0
Disposed of by Sale | South Korea Divestiture
Acquisitions
Divestiture, consideration	$ 294						₩ 384.0
Proceeds from sale of business	$ 247	₩ 330.0
Net gain on sale of business					$ 82
PureCircle Limited
Acquisitions
Ownership percentage by parent			98.00%		98.00%			88.00%
PureCircle Limited
Acquisitions
Purchases of non-controlling interests			$ 40

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Intangible Assets - Narrative (Details)	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated goodwill impairment	$ 0

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Intangible Assets - Schedule of goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Carrying value of goodwill
Balance at the beginning of the period	$ 918
Cumulative translation adjustment	(11)
Balance at the end of the period	907
Operating Segments | T&HS
Carrying value of goodwill
Balance at the beginning of the period	388
Cumulative translation adjustment	(6)
Balance at the end of the period	382
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	(3)
Balance at the end of the period	$ 85

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Investments - Schedule of investments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments [Abstract]
Equity investments	$ 32	$ 27
Equity method investments	91	112
Marketable securities	4	4
Total investments	$ 127	$ 143

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Investments - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 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

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Derivative Instruments and Hedging Activities - Narrative (Details) bu in Millions, MMBTU in Millions, $ in Millions	6 Months Ended
	Jun. 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	$ 46
Loss expected to be reclassified into earnings during the next twelve months, income tax effect	$ 16
Corn commodity
Hedging relationships
Futures contract (in bushels for corn) | bu	77	109
Natural gas commodity
Hedging relationships
Natural gas swap contract (in mmbtu of natural gas) | MMBTU	26	28
Foreign currency contracts | Not designated as hedging Iinstrument | Short
Hedging relationships
Derivative notional amount	$ 404	$ 694
Foreign currency contracts | Not designated as hedging Iinstrument | Long
Hedging relationships
Derivative notional amount	120	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	$ 465	$ 621

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Derivative Instruments and Hedging Activities - Schedule of cash flow hedges included in AOCI (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) included in AOCL	$ (1,118)	$ (1,056)
Cash flow hedging
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) included in AOCL	(52)	(48)
Cash flow hedging | Commodity contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) included in AOCL	(50)	(46)
Tax effect of gains (losses) on cash flow hedges	19	17
Cash flow hedging | Foreign currency contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) included in AOCL	0	0
Tax effect of gains (losses) on cash flow hedges	2	1
Cash flow hedging | Interest rate contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
(Losses) included in AOCL	(2)	(2)
Tax effect of gains (losses) on cash flow hedges	$ 1	$ 1

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Derivative Instruments and Hedging Activities - Balance sheet location (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Designated Hedging Instruments
Fair value of derivatives
Fair value of derivative instruments, assets	$ 26	$ 21
Fair value of derivative instruments, liabilities	75	62
Fair value of derivative instruments, net assets/(liabilities)	(49)	(41)
Designated Hedging Instruments | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	21	17
Designated Hedging Instruments | Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	5	4
Designated Hedging Instruments | Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	72	58
Designated Hedging Instruments | Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	3	4
Designated Hedging Instruments | Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	10	6
Fair value of derivative instruments, liabilities	64	46
Fair value of derivative instruments, net assets/(liabilities)	(54)	(40)
Designated Hedging Instruments | Commodity Contracts | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	9	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	62	44
Designated Hedging Instruments | Commodity Contracts | Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	2	2
Designated Hedging Instruments | Foreign Currency Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	16	15
Fair value of derivative instruments, liabilities	11	16
Fair value of derivative instruments, net assets/(liabilities)	5	(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	4	4
Designated Hedging Instruments | Foreign Currency Contracts | Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	10	14
Designated Hedging Instruments | Foreign Currency Contracts | Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	1	2
Non-Designated Hedging Instruments
Fair value of derivatives
Fair value of derivative instruments, assets	8	5
Fair value of derivative instruments, liabilities	7	14
Fair value of derivative instruments, net assets/(liabilities)	1	(9)
Non-Designated Hedging Instruments | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	7	5
Non-Designated Hedging Instruments | Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	1	0
Non-Designated Hedging Instruments | Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	7	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	2	2
Fair value of derivative instruments, net assets/(liabilities)	(2)	(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	2	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	8	5
Fair value of derivative instruments, liabilities	5	12
Fair value of derivative instruments, net assets/(liabilities)	3	(7)
Non-Designated Hedging Instruments | Foreign Currency Contracts | Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	7	5
Non-Designated Hedging Instruments | Foreign Currency Contracts | Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	1	0
Non-Designated Hedging Instruments | Foreign Currency Contracts | Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	5	12
Non-Designated Hedging Instruments | Foreign Currency Contracts | Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	$ 0	$ 0

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Derivative Instruments and Hedging Activities - Cash flow hedges (Details) - Cash flow hedging - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Hedging relationships
(Losses) Gains Recognized in AOCL on Derivatives	$ (28)	$ (59)	$ (69)	$ (117)
(Losses) Gains Reclassified from AOCL into Income	(31)	(20)	(64)	(2)
Commodity contracts
Hedging relationships
(Losses) Gains Recognized in AOCL on Derivatives	(29)	(55)	(71)	(122)
Commodity contracts | Cost of sales
Hedging relationships
(Losses) Gains Reclassified from AOCL into Income	(32)	(18)	(65)	(9)
Foreign currency contracts
Hedging relationships
(Losses) Gains Recognized in AOCL on Derivatives	1	(4)	2	5
Foreign currency contracts | Net sales/Cost of sales
Hedging relationships
(Losses) Gains Reclassified from AOCL into Income	$ 1	$ (2)	$ 1	$ 7

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Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair value of assets and liabilities
Marketable securities	$ 4	$ 4
Derivative assets	34	26
Derivative liabilities	82	76
Long-term debt	1,581	1,591
Level 1
Fair value of assets and liabilities
Marketable securities	4	4
Derivative assets	32	26
Derivative liabilities	64	43
Long-term debt	0	0
Level 2
Fair value of assets and liabilities
Marketable securities	0	0
Derivative assets	2	0
Derivative liabilities	18	33
Long-term debt	1,581	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

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Financing Arrangements - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Arrangements
Total long-term debt	$ 1,741	$ 1,740
Total short-term borrowings	109	448
Total debt	$ 1,850	$ 2,188
2.900% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate	2.90%	2.90%
Total long-term debt	$ 596	$ 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	$ 253	$ 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	$ 109	$ 121

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Financing Arrangements - Narrative (Details) - Commercial paper - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Long-term debt
Maximum aggregate principal amount	$ 1,000
Average amount of commercial paper outstanding	$ 63	$ 468
Weighted average interest rate	5.51%	5.13%
Weighted average maturity	8 days	10 days
Short-term borrowings	$ 0		$ 327
Basis spread			5.50%
Weighted average maturity of outstanding balance			11 days

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

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Pension and Other Post-employment Benefits - Narrative (Details) - Pension Plan $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
U.S. Plans
Benefit plans
Cash contribution expected during fiscal year	$ 1
Non-U.S. Plans
Benefit plans
Cash contribution expected during fiscal year	4
Cash contributions	$ 2

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Equity - Treasury Stock (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 26, 2022
Treasury Stock
Treasury stock:
Purchase/acquisition of treasury stock (in shares)	572			577
Repurchases of common stock	$ 65	$ 1	$ 0	$ 66	$ 0
2022 Stock Repurchase Program
Treasury stock:
Stock repurchase program, number of shares authorized						6,000

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Equity - Schedule of stock based compensation expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based compensation expense
Pre-tax compensation expense	$ 9	$ 5	$ 22	$ 14
Income tax benefit	0	0	(1)	(1)
Total share-based compensation expense, net of income taxes	9	5	21	13
Stock options
Share-based compensation expense
Pre-tax compensation expense	1	1	3	2
Income tax benefit	0	0	0	0
Total share-based compensation expense, net of income taxes	1	1	3	2
RSUs | Employee
Share-based compensation expense
Pre-tax compensation expense	4	3	11	7
Income tax benefit	0	0	(1)	(1)
Total share-based compensation expense, net of income taxes	4	3	10	6
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	4	1	8	5
Income tax benefit	0	0	0	0
Total share-based compensation expense, net of income taxes	$ 4	$ 1	$ 8	$ 5

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Equity - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 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%	4.00%
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)			(297)
Cancelled (in shares)			(44)
Outstanding at the end of the period (in shares)	1,790		1,790		1,953
Exercisable at the end of the period (in shares)	1,441		1,441
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)			82.24
Cancelled (in dollars per share)			101.82
Outstanding at the end of the period (in dollars per share)	$ 100.03		100.03		$ 96.61
Exercisable at the end of the period (in dollars per share)	$ 99.75		$ 99.75
Additional information pertaining to stock options
Average Remaining Contractual Term, Outstanding			5 years 4 months 24 days		5 years
Average Remaining Contractual Term, Exercisable			4 years 6 months
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 30		$ 30		$ 29
Aggregate Intrinsic Value, Exercisable (in dollars)	$ 25		25
Cash received from exercise of stock options			$ 24
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)	$ 4	$ 4	$ 9	$ 10
Stock options
Share-based compensation
Term of award			10 years
Period of vesting			3 years
Additional information pertaining to stock options
Unrecognized compensation cost	$ 3		$ 3
Weighted-average period for amortization of unrecognized compensation cost			1 year 6 months

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Equity - Restricted Stock Units (Details) - RSUs - Employee $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 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	205
Vested (in shares) | shares	(167)
Cancelled (in shares) | shares	(45)
Non-vested at the end of the period (in shares) | shares	545
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	107.63
Vested (in dollars per share) | $ / shares	87.33
Cancelled (in dollars per share) | $ / shares	95.97
Non-vested at the end of the period (in dollars per share) | $ / shares	$ 99.24
Other disclosures
Unrecognized compensation cost | $	$ 26
Weighted-average period for amortization of unrecognized compensation cost	1 year 10 months 24 days

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Equity - Performance Shares (Details) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	6 Months Ended
	Feb. 29, 2024	Jun. 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 | $		$ 14
Remaining requisite service period (in years)		2 years 2 months 12 days
Cancelled (in shares)		12
Performance shares, vesting based on TSR
Share-based compensation
Percentage of share-based compensation award		50.00%
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)		0.00%
Performance shares, vesting based on TSR | Maximum
Share-based compensation
Performance shares available for vesting (as a percent)		200.00%
Performance shares, vesting based on Adjusted ROIC
Share-based compensation
Percentage of share-based compensation award		50.00%
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)		0.00%
Performance shares, vesting based on Adjusted ROIC | Maximum
Share-based compensation
Performance shares available for vesting (as a percent)		200.00%
2021 Awards | Performance Shares
Share-based compensation
Award pay out achieved (as a percent)	200.00%
2022 Awards | Performance Shares
Share-based compensation
Estimated pay out (as a percent)		200.00%

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Equity - AOCL (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Loss
Balance at beginning of period	$ 3,552
Other comprehensive (loss) income before reclassification adjustments	(127)	$ (104)
Loss reclassified from AOCL	64	2
Tax benefit	1	31
Net other comprehensive (loss) income	(62)	(71)
Balance at end of period	3,722
AOCL
Accumulated Other Comprehensive Loss
Balance at beginning of period	(1,056)	(1,048)
Balance at end of period	(1,118)	(1,119)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at beginning of period	(961)	(1,008)
Other comprehensive (loss) income before reclassification adjustments	(60)	15
Loss reclassified from AOCL	0	0
Tax benefit	0	0
Net other comprehensive (loss) income	(60)	15
Balance at end of period	(1,021)	(993)
Hedging Activities
Accumulated Other Comprehensive Loss
Balance at beginning of period	(48)	6
Other comprehensive (loss) income before reclassification adjustments	(69)	(117)
Loss reclassified from AOCL	64	2
Tax benefit	1	30
Net other comprehensive (loss) income	(4)	(85)
Balance at end of period	(52)	(79)
Pension and Other Post-employment Benefits
Accumulated Other Comprehensive Loss
Balance at beginning of period	(47)	(46)
Other comprehensive (loss) income before reclassification adjustments	2	(2)
Loss reclassified from AOCL	0	0
Tax benefit	0	1
Net other comprehensive (loss) income	2	(1)
Balance at end of period	$ (45)	$ (47)

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Equity - Changes in Total Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period		$ 3,552			$ 3,552
Balance at end of period	$ 3,722				3,722
Dividends declared (in dollars per share)	$ 0.78	$ 0.78	$ 0.71	$ 0.71
Increase (Decrease) in Temporary Equity
Share-based payments subject to redemption, beginning balance	$ 43	$ 55	$ 38	$ 48	55	$ 48
Share-based compensation, net of issuance	7	(12)	5	(10)	(5)	(5)
Share-based payments subject to redemption, ending balance	50	43	43	38	50	43
Redeemable non-controlling interests, beginning balance	42	43	51	51	43	51
Fair market value adjustment to non-controlling interests	6		(7)		6	(7)
Non-controlling interest purchases	(40)				(40)
Other comprehensive (loss)		(1)	(1)		(1)	(1)
Redeemable non-controlling interests, ending balance	7	42	43	51	7	43
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	1	1	1	1	1	1
Balance at end of period	1	1	1	1	1	1
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	1,146	1,146	1,133	1,132	1,146	1,132
Share-based compensation, net of issuance	1		2	1	1	3
Fair market value adjustment to non-controlling interests	(6)		7		(6)	7
Balance at end of period	1,141	1,146	1,142	1,133	1,141	1,142
Treasury Stock
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	(1,179)	(1,207)	(1,127)	(1,148)	(1,207)	(1,148)
Repurchases of common stock, net	(65)	(1)	0		(66)	0
Share-based compensation, net of issuance	11	29	11	21	40	32
Balance at end of period	(1,233)	(1,179)	(1,116)	(1,127)	(1,233)	(1,116)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	(1,062)	(1,056)	(1,098)	(1,048)	(1,056)	(1,048)
Other comprehensive (loss)	(56)	(6)	(21)	(50)	(62)	(71)
Balance at end of period	(1,118)	(1,062)	(1,119)	(1,098)	(1,118)	(1,119)
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	4,818	4,654	4,354	4,210	4,654	4,210
Net income (loss)	148	216	163	191	364	354
Dividends declared	(52)	(52)	(48)	(47)	(104)	(95)
Balance at end of period	4,914	4,818	4,469	4,354	4,914	4,469
Non- Redeemable Non- Controlling Interests
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	16	14	13	16	14	16
Net income (loss)	3	2	1	3	5	4
Dividends declared	(2)		(1)		(2)	(1)
Other comprehensive (loss)			(1)	(6)	0	(7)
Balance at end of period	$ 17	$ 16	$ 12	$ 13	$ 17	$ 12

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Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic EPS
Net Income Available to Ingredion	$ 148	$ 163	$ 364	$ 354
Weighted average number of shares outstanding, basic	65.7	66.3	65.7	66.2
Basic earnings per common share of Ingredion (in dollars per share)	$ 2.25	$ 2.46	$ 5.54	$ 5.35
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards	1.1	1.0	1.0	1.0
Diluted EPS
Net Income Available to Ingredion	$ 148	$ 163	$ 364	$ 354
Weighted average number of shares outstanding - diluted, Total	66.8	67.3	66.7	67.2
Diluted earnings per common share of Ingredion (in dollars per share)	$ 2.22	$ 2.42	$ 5.46	$ 5.27
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount	0.5	0.6	0.5	0.5

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Segment Information - Net Sales and Operating Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment information
Net sales	$ 1,878	$ 2,069	$ 3,760	$ 4,206
Operating income, subtotal	270	251	486	547
Restructuring and resegmentation costs	(3)	0	(6)	0
Other matters	(9)	0	(9)	(5)
Impairment charge	(18)	0	(18)	0
Operating income	240	251	453	542
T&HS
Segment information
Net sales	588	618	1,185	1,283
F&II - LATAM
Segment information
Net sales	630	666	1,246	1,333
F&II - U.S./Canada
Segment information
Net sales	555	604	1,096	1,212
Operating Segments | T&HS
Segment information
Net sales	604	643	1,216	1,341
Operating income, subtotal	86	105	160	232
Operating Segments | F&II - LATAM
Segment information
Net sales	640	675	1,266	1,352
Operating income, subtotal	130	101	231	223
Operating Segments | F&II - U.S./Canada
Segment information
Net sales	580	627	1,147	1,262
Operating income, subtotal	105	80	192	172
All Other
Segment information
Net sales	109	184	240	385
Operating income, subtotal	(10)	3	(14)	(5)
Operating segments and all other
Segment information
Net sales	1,933	2,129	3,869	4,340
Intersegment sales
Segment information
Net sales	(55)	(60)	(109)	(134)
Intersegment sales | T&HS
Segment information
Net sales	(16)	(25)	(31)	(58)
Intersegment sales | F&II - LATAM
Segment information
Net sales	(10)	(9)	(20)	(19)
Intersegment sales | F&II - U.S./Canada
Segment information
Net sales	(25)	(23)	(51)	(50)
Intersegment sales, all other
Segment information
Net sales	(4)	(3)	(7)	(7)
All other, excluding intersegment sales
Segment information
Net sales	105	181	233	378
Corporate
Segment information
Operating income, subtotal	$ (41)	$ (38)	$ (83)	$ (75)

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Segment Information - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Segment information
Total Property, plant and equipment, net	$ 2,291	$ 2,370
All Other
Segment information
Total Property, plant and equipment, net	404	415
T&HS | Operating Segments
Segment information
Total Property, plant and equipment, net	838	855
F&II - LATAM | Operating Segments
Segment information
Total Property, plant and equipment, net	516	552
F&II - U.S./Canada | Operating Segments
Segment information
Total Property, plant and equipment, net	$ 533	$ 548

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Commitment and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Jun. 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		$ 29	$ 32

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Supplementary Information - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Supplementary Information
Accounts receivable - trade	$ 1,130	$ 1,145
Accounts receivable - other	172	154
Allowance for credit losses	(16)	(20)
Total accounts receivable, net	$ 1,286	$ 1,279

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Supplementary Information - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Supplementary Information
Finished and in process	$ 791	$ 926
Raw materials	368	434
Manufacturing supplies	85	90
Total inventories	$ 1,244	$ 1,450

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Supplementary Information - Schedule of Supply Chain Finance Program (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Supplier Finance Program, Obligation [Roll Forward]
Outstanding at the beginning of the year	$ 153
Invoices added during the year	255
Invoices paid during the year	(278)
Cumulative translation adjustment	(15)
Outstanding as of June 30, 2024	$ 115

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Supplementary Information - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Supplier finance program obligation	$ 115	$ 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