Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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 March 31, 2025


			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 May 7, 2025
Common Stock, $0.01 par value						64,311,010 shares

INGREDION INCORPORATED

FORM 10-Q

TABLE OF CONTENTS


		Page No.
Part I	Financial Information
Item 1.	Financial Statements	4
	Condensed Consolidated Statements of Income (Unaudited) for the three months ended March 3 1 , 202 5 and 2 024	4
	Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 3 1 , 202 5 and 20 24	5
	Condensed Consolidated Balance Sheets as of March 3 1 , 202 5 (Unaudited) and December 31, 2 024	6
	Condensed Consolidated Statements of Equity and Redeemable Equity (Unaudited) for the three months ended March 3 1 , 202 5 and 202 4	7
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 3 1 , 202 5 and 202 4	8
	Notes to the Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	25
Part II	Other Information
Item 1.	Legal Proceedings	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 5.	Other Information	26
Item 6.	Exhibits	27
Signatures		28

T a b l e o f C o n t e n t s

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Ingredion Incorporated

Condensed Consolidated Statements of Income

(Unaudited)

(dollars and shares in millions, except per share data)


	Three Months Ended March 31,
	2025		2024
Net sales	$	1,813	$	1,882
Cost of sales	1,347		1,465
Gross profit	466		417
Operating expenses	193		189
Other operating (income) expense, net	(10)		12
Restructuring/impairment charges	7		3
Operating income	276		213
Financing costs	9		19
Net gain on sale of business	—		(82)

Income before income taxes	267		276
Provision for income taxes	68		58
Net income	199		218
Less: Net income attributable to non-controlling interests	2		2
Net income attributable to Ingredion	$	197	$	216

Earnings per common share attributable to Ingredion common shareholders:

Weighted average common shares outstanding:
Basic	64.5		65.7
Diluted	65.6		66.8

Earnings per common share of Ingredion:
Basic	$	3.05	$	3.29
Diluted	3.00		3.23

See the Notes to the Condensed Consolidated Financial Statements.

T a b l e o f C o n t e n t s

Ingredion Incorporated

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(dollars in millions)


	Three Months Ended March 31,
	2025		2024
Net income	$	199	$	218
Other comprehensive income:
Gains (losses) on cash flow hedges, net of income tax effect of $4 and $10	13		(31)
(Gains) losses on cash flow hedges reclassified to earnings, net of income tax effect of $— and $9	(2)		24

Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect of $—	—		1
Currency translation adjustment	50		—
Comprehensive income	260		212
Less: Comprehensive income attributable to non-controlling interests	3		1
Comprehensive income attributable to Ingredion	$	257	$	211

See the Notes to the Condensed Consolidated Financial Statements.

T a b l e o f C o n t e n t s

Ingredion Incorporated

Condensed Consolidated Balance Sheets

(dollars and shares in millions, except per share amounts)


	March 31, 2025		December 31, 2024
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	837	$	997
Short-term investments	9		11
Accounts receivable, net	1,284		1,093
Inventories	1,172		1,187
Prepaid expenses and assets held for sale	63		67
Total current assets	3,365		3,355
Property, plant and equipment, net of accumulated depreciation of $3,547 and $3,476	2,289		2,264
Intangible assets, net of accumulated amortization of $332 and $324	1,264		1,264
Other non-current assets	550		561
Total assets	$	7,468	$	7,444

Liabilities and stockholders’ equity
Current liabilities:
Short-term borrowings	$	42	$	44
Accounts payable	634		604
Accrued liabilities and liabilities held for sale	506		633
Total current liabilities	1,182		1,281
Long-term debt	1,742		1,787
Other non-current liabilities	496		486
Total liabilities	3,420		3,554

Share-based payments subject to redemption	42		60
Redeemable non-controlling interests	8		7

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 March 31, 2025 and December 31, 2024	1		1
Additional paid-in capital	1,158		1,152
Less: Treasury stock (common stock: 13.5 and 13.3 shares at March 31, 2025 and December 31, 2024) at cost	(1,393)		(1,355)
Accumulated other comprehensive loss	(1,025)		(1,086)
Retained earnings	5,236		5,092
Total Ingredion stockholders’ equity	3,977		3,804
Non-redeemable non-controlling interests	21		19
Total stockholders’ equity	3,998		3,823
Total liabilities and stockholders’ equity	$	7,468	$	7,444

See the Notes to the Condensed Consolidated Financial Statements.

T a b l e o f C o n t e n t s

Ingredion Incorporated

Condensed Consolidated Statements of Equity and Redeemable Equity

(Unaudited)

(dollars 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, 2024	$	—	$	1	$	1,152	$	(1,355)	$	(1,086)	$	5,092	$	19	$	60	$	7
Net income attributable to Ingredion	—		—		—		—		—		197		—		—		—
Net income attributable to non-controlling interests	—		—		—		—		—		—		2		—		—
Dividends declared, common stock ($0.80/share)	—		—		—		—		—		(53)		—		—		—
Repurchases of common stock, net	—		—		—		(55)		—		—		—		—		—
Share-based compensation, net of issuance	—		—		6		17		—		—		—		(18)		—


Other comprehensive income	—		—		—		—		61				—		—		1
Balance as of March 31, 2025	$	—	$	1	$	1,158	$	(1,393)	$	(1,025)	$	5,236	$	21	$	42	$	8


	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

See the Notes to the Condensed Consolidated Financial Statements.

T a b l e o f C o n t e n t s

Ingredion Incorporated

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(dollars in millions)


	Three Months Ended March 31,
	2025		2024
Cash from operating activities
Net income	$	199	$	218
Non-cash charges to net income:
Depreciation and amortization	55		53
Mechanical stores expense	16		14
Net gain on sale of business	—		(82)

Impairment charges	6		—
Other non-cash charges	15		32
Changes in working capital:
Accounts receivable and prepaid expenses	(172)		6
Inventories	28		104
Accounts payable and accrued liabilities	(76)		(135)
Margin accounts	(3)		(11)
Other	9		10
Cash provided by operating activities	77		209
Cash from investing activities
Capital expenditures and mechanical stores purchases, net	(92)		(65)

Proceeds from sale of business	—		247

Other	2		(1)
Cash (used for) provided by investing activities	(90)		181
Cash from financing activities
Proceeds from borrowings	106		149
Payments on debt	(154)		(134)
Commercial paper repayments, net	—		(312)
Consideration received from sale of business	12		—
Repurchases of common stock, net	(55)		(1)
Common stock activity for share-based compensation, net	(11)		2

Dividends paid, including to non-controlling interests	(52)		(51)
Cash used for financing activities	(154)		(347)
Effects of foreign exchange rate changes on cash and cash equivalents	7		(6)
(Decrease) increase in cash and cash equivalents	(160)		37
Cash and cash equivalents, beginning of period	997		401
Cash and cash equivalents, end of period	$	837	$	438

See the Notes to the Condensed Consolidated Financial Statements.

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Ingredion Incorporated

Notes to the 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, 2024. The significant accounting policies and estimates used in preparing these Condensed Consolidated Financial Statements were applied on the same basis and consistent with those reflected in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2024.

The unaudited Condensed Consolidated Financial Statements as of March 31, 2025 and for the first quarter of March 31, 2025 and 2024 included herein were prepared by us on the same basis as our audited Consolidated Financial Statements for the year ended December 31, 2024 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.

New Accounting Standards

In August 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60). This ASU requires that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). This ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. A joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively. We adopted this ASU at the beginning of our 2025 fiscal year on a prospective basis.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, this ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes with further disaggregation for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this ASU on our Condensed Consolidated Financial Statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40). The amendments in this update enhance disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses included in certain notes to the Condensed Consolidated Financial Statements. This ASU is effective for annual periods beginning after December 15, 2026, with early adoption permitted. We are currently assessing the impact of this ASU on our Condensed Consolidated Financial Statements.

2. Divestitures

South Korea Divestiture

On February 1, 2024, we completed the sale of our South Korea business, which we reported in All Other, for a total consideration of 384 billion South Korean won, or approximately $294 million. As a result, we recognized a pre-tax net gain of $82 million during the first quarter of 2024 within Net gain on sale of business in the Condensed Consolidated Statements of Income and received 330 billion South Korean won, or $247 million net of certain transaction costs. During the first quarter of 2025, we received the first annual consideration payment of 18 billion South Korean won, or

Table of Contents

Ingredion Incorporated

Notes to the Condensed Consolidated Financial Statements

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

approximately $12 million. We will receive the remaining consideration in equal annual payments through February 2027 recorded in Accounts receivable, net and Other non-current assets.

3. Derivative Instruments and Hedging Activities

Commodity price hedging: We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 94 million and 105 million bushels of corn as of March 31, 2025 and December 31, 2024. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 25 million and 24 million mmbtus of natural gas as of March 31, 2025 and December 31, 2024.

Foreign currency hedging: We hedge certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $413 million and $408 million as of March 31, 2025 and December 31, 2024. We also hedge certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $165 million and $113 million as of March 31, 2025 and December 31, 2024.

We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $461 million and $447 million as of March 31, 2025 and December 31, 2024. We also hedge certain liability positions using foreign currency cash flow hedging instruments, which had a notional value of $493 million and $448 million as of March 31, 2025 and December 31, 2024.

The derivative instruments designated as cash flow hedges included in accumulated other comprehensive loss (“AOCL”) were as follows:


	Gains (Losses) included in AOCL as of
	March 31, 2025		December 31, 2024
Commodity contracts, net of income tax effect of $4 and $—	$	11	$	(1)
Foreign currency contracts, net of income tax effect of $4	6		7
Interest rate contracts, net of income tax effect of $1	(2)		(2)
Total	$	15	$	4

As of March 31, 2025, AOCL included $15 million of net gains (net of income taxes of $5 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, were as follows:


	Fair Value of Hedging Instruments as of March 31, 2025
	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	$	20	$	9	$	29	$	1	$	7	$	8
Other non-current assets	1		5		6		—		—		—
Assets	21		14		35		1		7		8
Accounts payable	10		8		18		1		3		4
Other non-current liabilities	1		1		2		—		—		—
Liabilities	11		9		20		1		3		4
Net Assets/(Liabilities)	$	10	$	5	$	15	$	—	$	4	$	4

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Ingredion Incorporated

Notes to the Condensed Consolidated Financial Statements

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


	Fair Value of Hedging Instruments as of December 31, 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	$	18	$	15	$	33	$	1	$	11	$	12
Other non-current assets	1		4		5		—		2		2
Assets	19		19		38		1		13		14
Accounts payable	8		8		16		1		2		3
Other non-current liabilities	—		2		2		—		—		—
Liabilities	8		10		18		1		2		3
Net Assets/(Liabilities)	$	11	$	9	$	20	$	—	$	11	$	11

Additional information relating to our derivative instruments in cash flow hedging relationships were as follows:


	Gains (Losses) Recognized in OCL on Derivatives					(Losses) Gains Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging Relationships	Three Months Ended March 31,				Income Statement Location	Three Months Ended March 31,
	2025		2024			2025		2024
Commodity contracts	$	13	$	(42)	Cost of sales	$	(3)	$	(33)
Foreign currency contracts	4		1		Net sales/Cost of sales	5		—
Total	$	17	$	(41)		$	2	$	(33)

4. 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.

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Ingredion Incorporated

Notes to the Condensed Consolidated Financial Statements

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

Assets and liabilities measured at fair value on a recurring basis were as follows:


	As of March 31, 2025								As of December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Marketable securities	$	5	$	—	$	—	$	5	$	5	$	—	$	—	$	5
Derivative assets	27		16		—		43		48		4		—		52
Derivative liabilities	19		5		—		24		17		4		—		21
Long-term debt	—		1,618		—		1,618		—		1,633		—		1,633

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 forwards, options and swap contracts 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.

5. Financing Arrangements

Debt carrying amounts, net of related discounts, premiums and debt issuance costs, were as follows:


	As of March 31, 2025		As of December 31, 2024
2.900% senior notes due June 1, 2030	$	597	$	597
3.200% senior notes due October 1, 2026	499		499
3.900% senior notes due June 1, 2050	392		391
6.625% senior notes due April 15, 2037	252		253
Revolving credit agreement	—		—
Other long-term borrowings	2		47
Total long-term debt	1,742		1,787
Commercial paper	—		—
Other short-term borrowings	42		44
Total short-term borrowings	42		44
Total debt	$	1,784	$	1,831

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. As of March 31, 2025 and December 31, 2024, there was no commercial paper outstanding. During the first quarter of 2024, the average amount of commercial paper outstanding was $118 million with an average interest rate of 5.51 percent and a weighted average maturity of eight days. The amount of commercial paper outstanding under this program for the remainder of 2025 may fluctuate.

Other short-term borrowings as of March 31, 2025 and December 31, 2024 primarily include amounts outstanding under various unsecured local country operating lines of credit.

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Ingredion Incorporated

Notes to the Condensed Consolidated Financial Statements

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

6. Pension and Other Postretirement Benefits

Components of net periodic cost consist of the following for the periods presented:


	Three Months Ended March 31,
	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Service cost	$	1	$	1	$	1	$	1
Interest cost	3		3		2		2
Expected return on plan assets	(4)		(4)		(2)		(2)


Net periodic cost	$	—	$	—	$	1	$	1

We anticipate that we will make cash contributions of $1 million and $2 million to the U.S. and non-U.S. pension plans in 2025. For the first quarter of 2025, we made an insignificant cash contribution to the U.S. pension plans and $1 million to the non-U.S. pension plans.

During the first quarter of 2025 and 2024, the net periodic benefit cost for the postretirement plans consisted of $1 million of interest costs and no services costs.

7. 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 first quarter of 2025, we repurchased 409 thousand outstanding shares of common stock in open market transactions at a net cost of $55 million. During the first quarter of 2024, we repurchased 5 thousand outstanding shares of common stock in open market transactions at a net cost of $1 million.

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Ingredion Incorporated

Notes to the Condensed Consolidated Financial Statements

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

Share-based Payments: Share-based compensation expense was as follows:


	Three Months Ended March 31,
	2025		2024
Stock options:
Pre-tax compensation expense	$	1	$	2
Income tax benefit	—		—
Stock option expense, net of income taxes	1		2

Restricted stock units (“RSUs”):
Pre-tax compensation expense	7		7
Income tax benefit	(1)		(1)
RSUs, net of income taxes	6		6

Performance shares and other share-based awards:
Pre-tax compensation expense	5		4
Income tax benefit	—		—
Performance shares and other share-based compensation expense, net of income taxes	5		4

Total share-based compensation:
Pre-tax compensation expense	13		13
Income tax benefit	(1)		(1)
Total share-based compensation expense, net of income taxes	$	12	$	12

Stock Options: Under our stock incentive plan, stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 10-year term and are exercisable upon vesting, which occurs over a 3-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 158 thousand shares and 178 thousand shares for the first quarter of 2025 and 2024. We estimated the fair value of each option grant by using the Black-Scholes option-pricing model with the following assumptions:


	Three Months Ended March 31,
	2025	2024
Expected life (in years)	5.5	5.5
Risk-free interest rate	4.1%	4.2%
Expected volatility	28.2%	28.1%
Expected dividend yield	2.5%	2.9%

The expected life of options represents the weighted average period that we expect options granted to be outstanding giving consideration to vesting schedules and our historical exercise patterns. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the grant date for the period corresponding to the expected life of the options. Expected volatility is based on historical volatilities of our common stock, and dividend yields are based on our dividend yield at the date of issuance.

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Ingredion Incorporated

Notes to the Condensed Consolidated Financial Statements

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

Stock option activity for 2025 was as follows:


	Number of Options (in thousands)	Weighted Average Exercise Price per Share		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2024	1,453	$	100.04	5.6	$	55
Granted	158	130.57
Exercised	(16)	94.22
Cancelled	—	—
Outstanding as of March 31, 2025	1,595	$	103.12	5.8	$	52
Exercisable as of March 31, 2025	1,271	$	99.43	5.0	$	46

For the first quarter of 2025, cash received from the exercise of stock options was $2 million. As of March 31, 2025, the unrecognized compensation cost related to non-vested stock options totaled $6 million, which we expect to amortize over the weighted-average period of approximately 1.4 years.

Additional information pertaining to stock option activity was as follows:


	Three Months Ended March 31,
	2025		2024
Weighted average grant date fair value of stock options granted (per share)	$	33.53	$	26.33
Total intrinsic value of stock options exercised	1		5

Restricted Stock Units: We have granted restricted stock units (“RSUs”) to certain key employees. The RSUs are primarily subject to cliff vesting, generally after 3 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.

RSU activity for 2025 was as follows:


	Number of Restricted Shares (in thousands)	Weighted Average Fair Value per Share
Non-vested as of December 31, 2024	538	$	99.58
Granted	163	130.57
Vested	(157)	88.94
Cancelled	(3)	101.52
Non-vested as of March 31, 2025	541	$	111.81

As of March 31, 2025, the total remaining unrecognized compensation cost related to RSUs was $32 million, which will be amortized on a weighted-average basis over approximately 2.0 years.

Performance Shares: We have a long-term incentive plan for senior management in the form of performance shares. The vesting of the performance shares is generally based on two performance metrics. Fifty percent of the performance shares awarded vest based on our total shareholder return as compared to the total shareholder return of our peer group, and the remaining fifty percent vest based on the calculation of our three-year average Adjusted Return on Invested Capital (“Adjusted ROIC”) against an established ROIC target.

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Ingredion Incorporated

Notes to the Condensed Consolidated Financial Statements

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

For the 2025 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 2025 performance shares awarded based on Adjusted ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our Adjusted ROIC performance against the target. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the Compensation Committee. We base compensation expense on the market price of our common stock on the grant date and the final number of shares that ultimately vest. We estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect our estimated Adjusted ROIC performance against the target. We amortize the total compensation expense for these awards over a three-year graded vesting schedule.

For the first quarter of 2025, we awarded 82 thousand performance shares at a weighted average fair value of $145.73 per share. As of March 31, 2025, the unrecognized compensation cost related to these awards was $21 million, which we will amortize over the remaining service period of 2.4 years. The 2022 performance share awards that vested in February 2025 achieved a 200 percent payout of the granted performance shares. As of March 31, 2025, we estimated the 2023 performance share awards will pay out at 200 percent.

Accumulated Other Comprehensive Loss: A summary of accumulated other comprehensive loss for 2025 and 2024 was as follows:


	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance as of December 31, 2024	$	(1,061)	$	4	$	(29)	$	(1,086)
Other comprehensive income before reclassification adjustments	50		17		—		67
(Income) reclassified from AOCL	—		(2)		—		(2)
Tax (provision)	—		(4)		—		(4)
Net other comprehensive income	50		11		—		61
Balance as of March 31, 2025	$	(1,011)	$	15	$	(29)	$	(1,025)


	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance as of December 31, 2023	$	(961)	$	(48)	$	(47)	$	(1,056)
Other comprehensive (loss) before reclassification adjustments	—		(41)		—		(41)
Loss reclassified from AOCL	—		33		1		34
Tax benefit	—		1		—		1
Net other comprehensive (loss) income	—		(7)		1		(6)
Balance as of March 31, 2024	$	(961)	$	(55)	$	(46)	$	(1,062)

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Ingredion Incorporated

Notes to the Condensed Consolidated Financial Statements

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

Supplemental Information: The following table presents information about the computation of basic and diluted earnings per common share (“EPS”):


	Three Months Ended March 31, 2025					Three Months Ended March 31, 2024
	Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	197	64.5	$	3.05	$	216	65.7	$	3.29
Effect of Dilutive Securities (i)			1.1					1.1
Diluted EPS	$	197	65.6	$	3.00	$	216	66.8	$	3.23

_____________________

(i)Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive stock options, vesting of dilutive RSUs and other awards.

For the first quarter of 2025 and 2024, approximately 0.1 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.

8. 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. Net sales from All Other are generated primarily by sweetener and starch sales by our Pakistan business, sales of stevia and other ingredients from our PureCircle and Sugar Reduction businesses, and pea protein ingredients from our Protein Fortification business. We divested our South Korea business on February 1, 2024 and its results are included in our consolidated financial results through the date of sale, which affects the comparability of results between years within All Other. Net sales by product are not presented because such presentation is not practicable.

Adjusted operating income presented by segment includes an arms-length profit margin for sales of manufactured products sold to other segments. We exclude specified and certain corporate items from our reportable segments and All Other because the Chief Operating Decision Maker (“CODM”) evaluates each segment’s performance exclusive of these items.

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Ingredion Incorporated

Notes to the Condensed Consolidated Financial Statements

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

Net sales to affiliated and unaffiliated customers by reportable segment and All Other was as follows:


	Three Months Ended March 31, 2025
	T&HS		F&II - LATAM		F&II - U.S./Canada		All Other		Corporate		Total
Segment net sales	$	611	$	586	$	553	$	121	$	—
Inter-segment net sales	(9)		(13)		(33)		(3)		—
Net sales to unaffiliated customers	$	602	$	573	$	520	$	118	$	—	$	1,813
Segment cost of sales	$	426	$	420	$	405	$	101	$	—
Other operating expenses	77		26		23		17		45
Adjusted operating income (loss)	$	99	$	127	$	92	$	0	$	(45)	$	273
Unallocated income (i)											3
Operating income											$	276

	Three Months Ended March 31, 2024
	T&HS		F&II - LATAM		F&II - U.S./Canada		All Other		Corporate		Total
Segment net sales	$	612	$	626	$	567	$	131	$	—
Inter-segment net sales	(15)		(10)		(26)		(3)		—
Net sales to unaffiliated customers	$	597	$	616	$	541	$	128	$	—	$	1,882
Segment cost of sales	$	450	$	468	$	434	$	113	$	—
Other operating expenses	73		47		20		19		42
Adjusted operating income (loss)	$	74	$	101	$	87	$	(4)	$	(42)	$	216
Unallocated (costs) (i)											(3)
Operating income											$	213


	Three Months Ended March 31,
(i) Unallocated income (costs):	2025		2024

Restructuring and resegmentation costs	$	(1)	$	(3)
Impairment charges	(6)		—
Other matters	10		—
Total unallocated income (costs)	$	3	$	(3)

The CODM evaluates performance, makes strategic decisions, and allocates resources based on Property, plant and equipment, net for internal and external reporting purposes. Property, plant and equipment, net by reportable segment and All Other was as follows:


	As of March 31, 2025		As of December 31, 2024
Texture & Healthful Solutions	$	888	$	884
Food & Industrial Ingredients - LATAM	526		508
Food & Industrial Ingredients - U.S./Canada	562		556
All Other (i)	313		316
Total property, plant and equipment, net	$	2,289	$	2,264

_____________________

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

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Ingredion Incorporated

Notes to the Condensed Consolidated Financial Statements

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

9. Commitments and Contingencies

In December 2022, we filed an action in Brazil to recover previously taxable local government tax incentives. As of March 31, 2025 and December 31, 2024, we had $30 million and $39 million of remaining tax incentives, which decreased due to the utilization of the tax credits for the payment of income tax. A portion of these credits is expected to be used within one year. As of March 31, 2025, $25 million was recorded in Accounts receivable, net and $5 million in Other non-current assets in the Condensed Consolidated Balance Sheets.

10. Supplementary Information

Accounts receivable, net

Accounts receivable, net was as follows:


	As of March 31, 2025		As of December 31, 2024
Accounts receivable - trade	$	1,120	$	939
Accounts receivable - other	177		167
Allowance for credit losses	(13)		(13)
Total accounts receivable, net	$	1,284	$	1,093

There were no significant contract assets or contract liabilities associated with our customers as of March 31, 2025 or December 31, 2024. Liabilities for volume discounts and incentives were also not significant as of March 31, 2025 or December 31, 2024.

Inventories

Inventories were as follows:


	As of March 31, 2025		As of December 31, 2024
Finished and in process	$	762	$	762
Raw materials	331		346
Manufacturing supplies	79		79
Total inventories	$	1,172	$	1,187

Investments

Investments were as follows:


	As of March 31, 2025		As of December 31, 2024
Equity method investments	$	105	$	95
Equity investments	26		31
Marketable securities	5		5
Total investments	$	136	$	131

Our equity method investments, which require us to use the equity method of accounting, included our 49% joint venture equity ownership in Ingrear Holding S.A., our Argentina joint venture, for the periods ended March 31, 2025 and December 31, 2024. Our investments classified as equity investments do not have readily determinable fair values. During the first quarter of 2025, we recognized other-than-temporary impairment charges of $5 million on certain equity investments.

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Ingredion Incorporated

Notes to the 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 March 31, 2025 and December 31, 2024, participating financial institutions held $148 million and $135 million of our liabilities recorded in Accounts payable and Accrued liabilities and liabilities held for sale in our Condensed Consolidated Balance Sheets. As of March 31, 2025, supply chain finance programs existed for operations in the U.S., 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 were as follows:


	As of March 31, 2025
Outstanding as of December 31, 2024	$	135
Invoices added during the year	122
Invoices paid during the year	(117)
Cumulative translation adjustment	8
Outstanding as of March 31, 2025	$	148

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. This discussion 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 Condensed Consolidated Financial Statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. This discussion contains forward-looking statements that are subject to numerous risks and uncertainties. Actual results may differ materially from those contained or implied 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. We are organized into three reportable segments that consist of Texture & Healthful Solutions (“T&HS”), Food & Industrial Ingredients (“F&II”) - Latin America (“LATAM”), and F&II - U.S./Canada, as well as All Other.

In the first quarter of 2025, net sales and net income decreased in the first quarter of 2025 compared to the same quarter last year by 4 percent and 9 percent, respectively, while operating income increased 30 percent. Excluding the effects of the sale of our South Korea business on February 1, 2024, net sales decreased 2 percent and net income increased by 38 percent reflecting lower price mix attributable to lower raw material costs and foreign exchange impacts, partially offset by increased volumes. Operating income increased from the first quarter of 2024, primarily due to volume growth and lower raw material costs.

Most of our products are made locally and sold locally. We sell the vast majority of our products to customers in the U.S., Mexico and Canada, where trade is governed by the United States-Mexico-Canada Agreement (“USMCA”). Our operations in the U.S. source corn produced in the U.S., and our subsidiaries outside the U.S. utilize both supplies of corn from their local regions, as well as corn imported from other geographic areas, including the U.S. In response to escalating tariff actions, we have activated a tariff response hub to continually assess our fluid business environment so that we may work with customers to navigate the complexity in the most cost-effective and least-disruptive manner. Although our efforts to date have been successful, we continue to monitor changing tariff requirements and reciprocal actions, as well as indirect effects in the economic environment, which may adversely affect our operations.

Results of Operations

We have significant operations globally. 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.

First Quarter of 2025

With Comparatives to First Quarter of 2024

Net sales. Net sales decreased 4 percent to $1,813 million for the first quarter of 2025 compared to $1,882 million for the first quarter of 2024. The decrease was due primarily to lower raw material costs, foreign exchange impacts and the impact of our South Korea business in the first quarter of 2024, partially offset by T&HS volume increases.

Cost of sales. Cost of sales decreased 8 percent to $1,347 million for the first quarter of 2025 compared to $1,465 million for the first quarter of 2024. The decrease was due primarily to lower raw material and input costs, compared to the same quarter last year. As a result, gross profit margin increased to 26 percent for the first quarter of 2025 from 22 percent for the first quarter of 2024.

Operating expenses. Operating expenses increased 2 percent to $193 million for the first quarter of 2025 compared to $189 million for the first quarter of 2024,. Operating expenses as a percentage of net sales were 11 percent for the first quarter of 2025 and 10 percent for the first quarter of 2024.

Other operating (income) expense. Other operating income was $10 million for the first quarter of 2025 compared to other operating expense of $12 million for the first quarter of 2024. The change was primarily due to earnings in our Argentina joint venture during the first quarter of 2025 compared to losses during the first quarter 2024 reflecting the impact from the devaluation of the Argentine currency.

Restructuring/impairment charges. Restructuring/impairment charges increased to $7 million for the first quarter of 2025 compared to $3 million for the first quarter of 2024. The increase primarily relates to impairment charges related to certain equity investments recorded during the first quarter of 2025. During the first quarter of 2024, we recorded restructuring charges due to the resegmentation of the business effective January 1, 2024.

Financing costs. Financing costs decreased 53 percent to $9 million for the first quarter of 2025 compared to $19 million for the first quarter of 2024. The decrease was primarily due to lower average outstanding debt balances for the first quarter of 2025 compared to the first quarter of 2024.

Net gain on sale of business. Net gain on sale of business was $82 million for the first quarter of 2024 to reflect the sale of our South Korea business, which was completed on February 1, 2024.

Provision for income taxes. Our effective income tax rate for the first quarter of 2025 and 2024 was 25.5 percent and 21.0 percent. The increase was primarily due to favorable tax treatment on the sale of our South Korea business in the first quarter of 2024.

Net income attributable to Ingredion. Net income attributable to Ingredion for the first quarter of 2025 decreased to $197 million from $216 million for the first quarter of 2024. The decrease was primarily due to the $82 million gain on the sale of our South Korea business in the first quarter of 2024.

Segment Results

Texture & Healthful Solutions

Net sales. T&HS net sales increased to $602 million for the first quarter of 2025 compared to $597 million for the first quarter of 2024. Net sales increased primarily due to volumes, partially offset by unfavorable price mix.

Operating income. T&HS operating income increased 34 percent to $99 million for the first quarter of 2025 from $74 million for the first quarter of 2024. The increase was primarily due to lower raw material and input costs and increased volumes, partially offset by unfavorable price mix.

Food & Industrial Ingredients - LATAM

Net sales. F&II - LATAM net sales decreased 7 percent to $573 million for the first quarter of 2025 from $616 million for the first quarter of 2024. Net sales decreased primarily due to unfavorable foreign exchange impacts, primarily in Brazil, and lower volumes.

Operating income. F&II - LATAM operating income increased 26 percent to $127 million for the first quarter of 2025 from $101 million for the first quarter of 2024. The quarter’s results benefited from the lapping of the devaluation of the Argentine peso on prior year results of our Argentina joint venture. Excluding the joint venture’s results, segment operating income increased due to lower raw material costs that were partially offset by lower volumes.

Food & Industrial Ingredients - U.S./Canada

Net sales. F&II - U.S./Canada net sales decreased 4 percent to $520 million for the first quarter of 2025 from $541 million for the first quarter of 2024. Net sales decreased primarily due to unfavorable price mix due to lower raw material costs that we passed through to customers.

Operating income. F&II - U.S./Canada operating income increased 6 percent to $92 million for the first quarter of 2025 from $87 million for the first quarter of 2024. The increase was primarily due to lower raw material costs.

All Other

Net sales. All Other net sales decreased 8 percent to $118 million for the first quarter of 2025 from $128 million for the first quarter of 2024. Net sales decreased primarily due to the sale of our South Korea business on February 1, 2024. Excluding the sale of our South Korea business, net sales increased 13 percent.

Operating income (loss). All Other operating (loss) was $0 million for the first quarter of 2025 compared to $(4) million for the first quarter of 2024. The increase was primarily due to improvements in our plant-based protein business.

Liquidity and Cash Requirements

As of March 31, 2025, we had total available liquidity of $3.8 billion. Domestic liquidity of $1.5 billion consisted of $471 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 March 31, 2025, we had international liquidity of $2.3 billion, consisting of $366 million of cash and cash equivalents and $9 million of short-term investments held by our operations outside the U.S., as well as $1.9 billion 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 $34 million as of March 31, 2025. We believe that those consolidated subsidiaries will be able to meet their financial obligations as they become due.

As of March 31, 2025, we had total debt outstanding of $1.8 billion. 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 4.0 percent for the first quarter of 2025 and approximately 4.1 percent for the first quarter of 2024.

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 $77 million for the first quarter of 2025 compared to cash provided by operating activities of $209 million for the first quarter of 2024. The decrease was primarily attributable to a $223 million change in working capital resulting from increased trade accounts receivables due to reduced utilization of customer financing programs and higher volumes.

We used $92 million of cash for capital expenditures and mechanical stores purchases to update, expand and improve our facilities during the first quarter of 2025 compared to $65 million we applied during the first quarter of 2024 for the same purposes. Capital investment commitments for the remainder of 2025 are anticipated to be between $400 million and $450 million.

We used $154 million of cash for financing activities during the first quarter of 2025 compared to cash used for financing activities of $347 million for the first quarter of 2024. The difference was primarily reflected the absence of commercial paper borrowings during the first quarter of 2025 compared to $312 million net repayments of commercial paper during the first quarter of 2024. The impact of this was partially offset by an increase in payments of debt of $48 million net in during first quarter 2025 compared to $15 million of net proceeds during first quarter 2024 and an increase in repurchases of common stock to $55 million in the first quarter 2025 compared to $1 million in the first quarter 2024.

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 $52 million during the first quarter of 2025 compared to $51 million during the first quarter of 2024. The increase in dividend payments was due to an increase in our quarterly dividend to $0.80 per share during the first quarter of 2025 from $0.78 per share during the first quarter of 2024.

We have not provided foreign withholding taxes, state income taxes and federal and state taxes on foreign currency gains and 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, 2024. There have been no changes to our critical accounting policies and estimates during the first quarter of 2025.

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 (“Exchange Act”). 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,” “opportunities,” “potential,” 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.

Actual results and developments may differ materially from the expectations expressed in or implied by these statements, based on various risks and uncertainties, including changes in consumer practices, preferences, demand and perceptions that may lessen demand for the products we make; 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; 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; our reliance on 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, beverage, animal nutrition and brewing industries; the risks associated with pandemics; 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, and the ability to pass through price increases in our key inputs; price fluctuations, supply chain disruptions, tariffs, duties and shortages affecting inputs to our procurement, 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 our ability to complete planned maintenance and investment projects on time and on budget as well as to effectively manage 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 to successfully conduct due diligence, integrate acquired businesses or implement and maintain strategic alliances and achieve anticipated synergies with respect to such transactions; 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 of legal and regulatory proceedings, lawsuits, claims and investigations; the impact of any impairment charges on our goodwill or long-lived assets; the impact on our business of political events, trade and international disputes, war, threats or acts of terrorism, and natural disasters; changes in government policy, law, or regulation and costs of legal compliance, including compliance with environmental regulation or the occurrence of other significant events beyond our control; changes in our tax rates or exposure to additional income tax liability; risks affecting our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; increases in interest rates that could increase our borrowing costs; interruptions, security incidents, or failures with respect to information technology systems, processes, and sites; 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 or otherwise. 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, 2024 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, 2024 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 the first quarter of 2025.

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 March 31, 2025. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of March 31, 2025, 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 Exchange Act 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 Exchange Act 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 first quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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 on Form 10-K for the year ended December 31, 2024.

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 first quarter of 2025:


(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 2022 Stock Repurchase Program
January 1 – January 31, 2025	409	134.34	409	2,938
February 1 – February 28, 2025	—	—	—	2,938
March 1 – March 31, 2025	—	—	—	2,938
Total	409	134.34	409

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 March 31, 2025, we had 2.9 million shares available for repurchase under the stock repurchase program.

ITEM 5. OTHER INFORMATION

Trading Arrangements

During the first quarter of 2025, none of Ingredion’s directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) 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 Exchange Act, or to be effected under any non-Rule 10b5-1 trading arrangement.

ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

a) Exhibits

We hereby file or furnish the exhibits listed below:


Exhibit No.			Description

10.1*†			Letter of Agreement, dated as of November 12, 2021, between Ingredion and Tanya Jaeger de Foras.

10.2*†			Letter of Agreement, dated as of April 16, 2023, between Ingredion and Robert Ritchie.

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.

*			Management contract or compensatory plan or arrangement to be filed as an exhibit to this form pursuant to Item 6 of this report.

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: May 9, 2025	By:	/s/ James D. Gray
	James D. Gray
	Executive Vice President and Chief Financial Officer

Date: May 9, 2025	By:	/s/ Davida M. Gable
	Davida M. Gable
	Vice President, Corporate Controller, Finance and Environmental, Social and Governance

T. Jaeger de Foras Page 1 Ingredion Incorporated 5 Westbrook Corporate Center Westchester, IL 60154 PERSONAL & CONFIDENTIAL November 12, 2021 Tanya Jaeger de Foras Delivered electronically UPDATED Dear Tanya: Congratulations! I am pleased to confirm our offer of employment to join Ingredion Incorporated in the position of Chief Legal Officer, Corporate Secretary and Chief Compliance Officer, with an anticipated start date of November 29, 2021. You will be based in our Westchester, IL location and report to James Zallie, President & Chief Executive Officer. Base Salary: You will receive a base salary at an annual rate of $475,000 USD in installments in accordance with Ingredion’s payroll procedures, which currently provide for semi-monthly payments. Your base salary includes compensation for all time worked, as well as appropriate consideration for Company holidays and other time off. Your base salary will be considered for adjustment as part of our normal year-end performance management and compensation process, provided that your next salary review date will be February 2023. Your position is grade level O and is exempt. Short Term Incentive Compensation: Beginning in 2022 you will be eligible to participate in the Ingredion Annual Incentive Plan (AIP) with a target bonus of 65% of your annual rate of base salary; however, depending on the performance achieved, the actual earned award can vary. You will be provided with detailed information about this plan by the Total Rewards team in early 2022. Long Term Incentive Compensation: Beginning in the first quarter of 2022, you will be eligible to receive equity-based awards under Ingredion’s Long-Term Incentive Program (“LTIP”). Equity awarded to you will be delivered in a mix of Performance Shares (“PSUs”), Restricted Stock Units (“RSUs”), and Stock Options. Last year, equity issued under the LTIP for Grade O positions was weighted as follows: 50% of equity value granted as PSUs, 25% of equity value granted as RSUs and 25% of the equity value granted as Stock Options. The number of shares will be determined on the grant date. Currently, the RSUs will cliff vest after three years, while one third of Stock Options will vest on each anniversary of the grant and will be fully vested after three years. PSUs will be earned over a three-year period based on plan metrics for the performance cycle. Upon vesting, PSUs are delivered in the form of shares of Ingredion stock, and funding can range from 0 to 200% of the “Target” number of shares. Subject to Board approval, your February 2022 grant value will be $650,000 USD. The value of future awards under the LTIP will be based upon the Company's budget for long-term incentive compensation, your job performance, and the scope of your role and responsibilities.

T. Jaeger de Foras Page 2 Relocation timing and requirements: You acknowledge and agree that your physical presence in the Westchester, Illinois area and presence in the office consistent with Ingredion’s US/Canada – Agile Way of Working Policy are important parts of being effective in your role. You therefore agree that you will promptly establish a regular temporary residence/housing arrangement in the Westchester, Illinois area and will be in compliance with Ingredion’s US/Canada – Agile Way of Working Policy no later than January 4, 2022. You further agree that you will fully relocate your primary permanent residence to the Westchester, Illinois area by end of July 2022. During the period in which you have established your temporary housing arrangement but not yet established your primary permanent residence, Ingredion’s expectation is that you will typically be physically present in the Westchester, Illinois area, even if there may be days on which you are working from your temporary housing location instead of Ingredion’s offices. You agree that if, for any reason, you do not to establish a regular temporary residence in the Westchester, Illinois area (or are not in compliance with Ingredion’s US/Canada – Agile Way of Working Policy) by January 4, 2022, or you do not fully relocate your primary permanent residence to the Westchester, Illinois area by end of July 2022, Ingredion may terminate your employment and you will not be eligible for any severance benefits under any Executive Severance Agreement (as described below) or other company plan or policy (notwithstanding anything to the contrary in such Executive Severance Agreement, benefit or incentive plan or policy). Such a termination of your employment will be deemed a termination for “cause” under any Executive Severance Agreement, Repayment Agreement, or Ingredion benefit or incentive plan or policy (as applicable). For the time period between start date and January 4, 2022 we anticipate you will stay in hotel accommodations in the Westchester, Illinois area when you are required to be in the office. Any qualifying expenses incurred during this time period should be submitted as reimbursable business expenses through the expense management system. Relocation expenses: To support the relocation of your permanent residence to the Westchester, Illinois area, Ingredion will provide you Tier 1 relocation benefits under the Ingredion US and Canada Relocation Policy (“Policy”) up to a maximum of $150,000 in benefits. This amount includes any and all associated tax (federal, state and local). A full summary of such benefits, together with a Repayment Agreement, are attached. You must sign and return the Repayment Agreement prior to receiving any benefits under the Policy. Upon acceptance of the offer and your return of a signed Repayment Agreement, our relocation management company will assign a relocation specialist to you to conduct a further review of the authorized benefits. Notwithstanding anything to the contrary in the Policy: o With respect to your establishing a regular temporary residence in the Westchester, Illinois area, the Company will pay your reasonable expenses for a furnished temporary corporate living arrangement in the Westchester, Illinois area (such expenses the “Temporary Living Expenses”) for a consecutive seven (7)-month period. These Temporary Living Expenses are inclusive of the Temporary Living benefit described in the Policy (you are not eligible to receive both) and must comply with the terms of the Policy and Ingredion’s business expense reimbursement policies.

T. Jaeger de Foras Page 3 Executive Perquisites: o You will have the choice of 1) Company car allowance of $15,000 per annum (prorated for 2021 based on your start date) paid through U.S. payroll, or 2) Lease of a Company vehicle o You will be eligible for a financial advisory perquisite reimbursement of up to $5,500 o You will be eligible for an annual executive physical through Northwestern Medicine o You will be eligible to participate in the lngredion Incorporated Supplemental Executive Retirement Plan ("SERP"), subject to its terms. The SERP offers pretax deferrals of up to 20% of your salary and up to 75% of your bonus, and it restores savings and employer matching contributions which would otherwise be lost due to IRS limits. Vacation and floating holidays: You are eligible to accrue 4 weeks of vacation annually. Employees begin accruing vacation at the rate of one-twelfth (1/12) of their annual vacation eligibility for each completed calendar month of service after their date of hire. Please note, unless hired on the first calendar day of the month, you will not earn any vacation during the month you were hired. In addition, you will be granted one (1) floating holiday in the year in which you are hired and annually thereafter. Stock Ownership Requirements: o You will be subject to a stock ownership requirement of three-times-base-salary and have five years to achieve this level. o Share ownership for this purpose includes direct and indirect ownership of common stock, including restricted stock and shares held through the lngredion 401(k) plan, RSUs and phantom stock units held in the SERP. Stock options and unvested performance shares are not included in ownership for this purpose. o Please note that unless or until the ownership requirement has been achieved, you are not permitted to sell shares of common stock other than to fund the payment of the exercise price of options or to fund the payment of taxes upon the exercise of options or vesting of restricted stock units ("RSUs") or shares of restricted stock. Confidentiality and Intellectual Property Rights and Non-Competition Agreements: o The terms and conditions of this offer remain contingent upon your agreement to the Restrictive Covenants contained in the form of Executive Severance Agreement provided by the Company, the terms and conditions of which shall be deemed incorporated herein by reference, but which shall survive termination of your employment in accordance with its terms. o This offer letter and the Executive Severance Agreement shall constitute the entire agreement and understanding with respect to the matters described herein and supersede any and all prior and/or contemporaneous agreements and understandings, oral or written. o You agree that the benefits provided in this offer letter and the other benefits offered in the Executive Severance Agreement constitute sufficient consideration for your execution

T. Jaeger de Foras Page 4 of these agreements. Conditions of Employment: As a condition of our offer of employment, as well as your continued employment by the Company, you must read, understand and abide by all applicable agreements and policies including: 1. the Executive Severance Agreement 2. the Ingredion Policies on Business Conduct. All documents are provided with this letter, and you are required to sign and return the Executive Severance Agreement with this offer letter. You also will be required to sign and agree to comply with the Ingredion Policies on Business conduct. You agree that the benefits provided in this offer letter, as well as your continued employment, constitute sufficient consideration for your execution of these agreements. In addition, your employment with Ingredion Incorporated is contingent upon providing us with a complete copy of all agreements with your current and former employers (or entities to which you provided services) regarding inventions, non- disclosure of confidential information, non-compete agreements, or any other employment or other restrictions that may impact your ability to perform the duties assigned to you. You further agree that you will remain in compliance with such agreements and any and all professional ethics obligations and will not use or disclose any proprietary or other confidential information of any prior employer or other third party in connection with your performance of your duties for Ingredion. Additionally, to comply with the government COVID-19 Healthcare ETS, we will require proof of vaccination status or qualification for an exemption on the basis of a sincerely held religious belief or disability by January 4, 2022. Pre-employment requirements: This offer and your continued employment are contingent upon the satisfactory completion of background and reference checks, passing a pre-employment drug screen and medical evaluation (if applicable and where allowable by law), and the submission of proof of authorization to work in the United States. Once we receive written acceptance of this offer, we will begin our background verification and confirmation of the information you provided on the application form. You will not be able to begin work until we have satisfactorily completed the pre- employment requirements. Your current employer information will be verified as part of this process. Employment eligibility verification: As a result of the Immigration Reform and Control Act of 1986, all employers are required by law to verify the work authorization status of each person they hire. Therefore, on your first day of work, you will be asked to complete the I-9 Employment Eligibility Verification form. As detailed on the enclosed Employment Eligibility Verification List of Acceptable Documents, you must provide original documentation of your identity and work authorization within three days after your first day of work. The list of documents which are acceptable for this purpose are outlined in the Employment Eligibility Verification (I-9), which is attached for your reference. Please plan to bring these documents with you on your first day so we can complete this process in compliance with the federal rules.

T. Jaeger de Foras Page 5 Withholding requirements All amounts paid or provided to you under this offer letter will be subject to any applicable income, payroll, or other tax withholding requirements. At-will employment Nothing stated in this offer letter nor in any of our prior communications constitutes, or may be construed as, a commitment to, or contract of or for, employment for any specific duration. Your employment with the Company will be “at will,” which means you may leave the Company, or the Company may require you to leave its employ, for any reason, at any time, except as otherwise provided by law. This at-will relationship will remain in effect throughout your employment with the Company and any of its successors, affiliates, or related entities, unless it is modified by a specific, express, written employment contract which is signed by you and an authorized executive of the Company. Next steps To accept this offer, please complete, sign, scan and return all documents as indicated in this letter via email to Julie Quinn, Vice President – Total Rewards at Julie.Quinn@ingredion.com. If you have questions about the offer, or need to discuss a different start date, please contact Julie Quinn at 815-302-4851. Any change in start date requested by you must be mutually agreed by the Company. This offer is valid until 11/12/2021 and thereafter automatically expires. Tanya, we look forward to your prompt acceptance of this offer and the valuable contributions you will make at Ingredion. Sincerely, James Zallie President and Chief Executive Officer Ingredion Incorporated Enclosures: • Employment Eligibility Verification List of Acceptable Documents • Executive Severance Agreement • Ingredion Policies on Business Conduct • Relocation Expense Repayment Agreement • Ingredion US/Canada – Tier 1 Domestic Relocation Summary • Ingredion US/Canada – Agile Way of Working Policy • Ingredion COVID-19 Vaccination Declaration

T. Jaeger de Foras Page 6 Acceptance of employment Please indicate your acceptance of this offer by signing and dating below, signing the enclosed Executive Severance Agreement, completing the information on this and the following page, and returning the documents to Julie Quinn at Julie.Quinn@ingredion.com. I, Tanya Jaeger de Foras, accept the terms and conditions set forth in this offer of employment for the position of Senior Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer with Ingredion Incorporated. Signature: Date: Relocation: If your address on your first day of employment will be different from the one listed at the top of this letter, please indicate your correct address below: Please return the signed acceptance & personal data pages via email to: Julie.Quinn@ingredion.com.

T. Jaeger de Foras Page 7 Acceptance of employment - personal data Please complete this section with your acceptance. If you would prefer to complete this over the phone, please contact me directly. The information obtained will be kept confidential and may only be used in accordance with the provisions of applicable laws, executive orders, and regulations. Social Security Number: Birth Date: Please return the signed acceptance & personal data pages via email to: Julie.Quinn@ingredion.com.

1 Ingredion Incorporated 5 Westbrook Corporate Center Westchester, IL 60154 PERSONAL & CONFIDENTIAL April 16, 2023 Robert Ritchie Delivered electronically Dear Rob: Congratulations! I am pleased to confirm your appointment to the position of Senior Vice President, Food and Industrial Ingredients Americas, with an effective date of May 2, 2023. You will continue to be based out of the Westchester, IL location and will report directly to James Zallie, President & Chief Executive Officer as a member of the Ingredion ELT. Additionally, by virtue of this appointment you will become a Section 16 Officer of Ingredion and therefore will be subject to all SEC reporting requirements. Base Salary: Your base salary will be increased to an annual rate of $500,000 USD and will be paid in accordance with Ingredion’s payroll procedures, which currently provide for semi-monthly payments. Your base salary includes compensation for all time worked, as well as appropriate consideration for Company holidays and other time off. Your position is grade level O and is exempt. Short Term Incentive Compensation: Your Ingredion Annual Incentive Plan (AIP) target bonus will increase to 70% of your annual base salary; however, depending on the performance achieved, the actual earned award can vary. Your AIP payout for 2023 will be pro-rated based on the time period you were aligned with each AIP target bonus percentage. Long Term Incentive Compensation: As additional recognition for your appointment to the new role, you will be awarded $300,000 USD off-cycle Restricted Stock Units (“RSUs”) with a grant date of May 2, 2023. These RSUs will cliff vest after three years. Additional information on the number of shares will be provided once the calculations can be completed. Beginning in the first quarter of 2024, you will be eligible to receive equity awards at the ELT level. The value of future awards under the LTIP will be based upon the Company's budget for long-term incentive compensation, your job performance, and the scope of your role and responsibilities and are subject to Board approval.

2 Executive Perquisites: In your new role, you will be eligible for: o You will have the choice of: 1) Company car allowance of $15,000 per annum (prorated for 2023 based on your effective date in the new role) paid through U.S. payroll; or 2) Lease of a Company vehicle o Financial advisory perquisite reimbursement of up to $5,500 o An annual executive physical through Northwestern Medicine Stock Ownership Requirements o You will be subject to a stock ownership requirement of three-times-base-salary and have five years to achieve this level. o Share ownership for this purpose includes direct and indirect ownership of common stock, including restricted stock and shares held through the lngredion 401(k) plan, RSUs and phantom stock units held in the SERP. Stock options and unvested performance shares are not included in ownership for this purpose. o Please note that unless or until the ownership requirement has been achieved, you are not permitted to sell shares of common stock other than to fund the payment of the exercise price of options or to fund the payment of taxes upon the exercise of options or vesting of restricted stock units ("RSUs") or shares of restricted stock. Confidentiality and Intellectual Property Rights and Non-Competition Agreements o The terms and conditions of this offer remain contingent upon your agreement to the Restrictive Covenants contained in the form of Executive Severance Agreement provided by the Company, the terms and conditions of which shall be deemed incorporated herein by reference, but which shall survive termination of your employment in accordance with its terms. o This offer letter and the Executive Severance Agreement shall constitute the entire agreement and understanding with respect to the matters described herein and supersede any and all prior and/or contemporaneous agreements and understandings, oral or written. o You agree that the benefits provided in this offer letter and the other benefits offered in the Executive Severance Agreement constitute sufficient consideration for your execution of these agreements. Conditions of Employment As a condition of our offer of employment, as well as your continued employment by the Company, you must read, understand and abide by all applicable agreements and policies including: 1. the Executive Severance Agreement 2. the Ingredion Policies on Business Conduct All documents are provided with this letter, and you are required to sign and return the Executive Severance Agreement with this offer letter. You also will be required to comply with the Ingredion Policies on Business conduct. You agree that the benefits provided in this offer letter,

3 as well as your continued employment, constitute sufficient consideration for your execution of these agreements. You further agree that you will remain in compliance with such agreements and any and all professional ethics obligations and will not use or disclose any proprietary or other confidential information in connection with your performance of your duties for Ingredion. Additionally, you agree that the terms and conditions presented in this letter as well as in the Executive Severance Agreement replace any and all prior offer letters and severance agreements between you and Ingredion Incorporated. Withholding requirements All amounts paid or provided to you under this offer letter will be subject to any applicable income, payroll, or other tax withholding requirements. At-will employment Nothing stated in this offer letter nor in any of our prior communications constitutes, or may be construed as, a commitment to, or contract of or for, employment for any specific duration. Your employment with the Company will be “at will,” which means you may leave the Company, or the Company may require you to leave its employ, for any reason, at any time, except as otherwise provided by law. This at-will relationship will remain in effect throughout your employment with the Company and any of its successors, affiliates or related entities, unless it is modified by a specific, express, written employment contract which is signed by you and an authorized executive of the Company. Rob, we look forward to the valuable contributions you will make in your new role at Ingredion. Sincerely, James Zallie President and Chief Executive Officer Ingredion Incorporated Enclosures: • Executive Severance Agreement • Ingredion Policies on Business Conduct

4 Acceptance of appointment Please indicate your acceptance of this appointment by signing and dating below, signing the enclosed Executive Severance Agreement, completing the information on this page, and returning the documents to Julie Quinn, VP, Total Rewards at julie.quinn@ingredion.com. I, Robert Ritchie, accept the terms and conditions set forth in this letter for the position of Senior Vice President, Food and Industrial Ingredients Americas with Ingredion Incorporated. Signature: Date: April 17, 2023

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: May 9, 2025			/s/ James P. Zallie
			James P. Zallie
			President and Chief Executive Officer

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;

(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: May 9, 2025			/s/ James D. Gray
			James D. Gray
			Executive Vice President and Chief Financial Officer

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 March 31, 2025 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 P. Zallie
James P. Zallie
Chief Executive Officer
May 9, 2025

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.

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 March 31, 2025 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
May 9, 2025

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	May 07, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
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, par value $0.01 per share
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		64,311,010
Entity Central Index Key	0001046257
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Net sales	$ 1,813	$ 1,882
Cost of sales	1,347	1,465
Gross profit	466	417
Operating expenses	193	189
Other operating (income) expense, net	(10)	12
Restructuring/impairment charges	7	3
Operating income	276	213
Financing costs	9	19
Net gain on sale of business	0	(82)
Income before income taxes	267	276
Provision for income taxes	68	58
Net income	199	218
Less: Net income attributable to non-controlling interests	2	2
Net income attributable to Ingredion	$ 197	$ 216
Weighted average common shares outstanding:
Basic (in shares)	64.5	65.7
Diluted (in shares)	65.6	66.8
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 3.05	$ 3.29
Diluted (in dollars per share)	$ 3.00	$ 3.23

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 199	$ 218
Other comprehensive income:
Gains (losses) on cash flow hedges, net of income tax effect of $4 and $10	13	(31)
(Gains) losses on cash flow hedges reclassified to earnings, net of income tax effect of $— and $9	(2)	24
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect of $—	0	1
Currency translation adjustment	50	0
Comprehensive income	260	212
Less: Comprehensive income attributable to non-controlling interests	3	1
Comprehensive income attributable to Ingredion	$ 257	$ 211

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Gains (losses) on cash flow hedges, tax effect	$ 4	$ 10
Losses on cash flow hedges reclassified to earnings, tax effect	0	9
Losses related to pension and other postretirement obligations reclassified to earnings, tax effect	$ 0	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 837	$ 997
Short-term investments	9	11
Accounts receivable, net	1,284	1,093
Inventories	1,172	1,187
Prepaid expenses and assets held for sale	63	67
Total current assets	3,365	3,355
Property, plant and equipment, net of accumulated depreciation of $3,547 and $3,476	2,289	2,264
Intangible assets, net of accumulated amortization of $332 and $324	1,264	1,264
Other non-current assets	550	561
Total assets	7,468	7,444
Current liabilities:
Short-term borrowings	42	44
Accounts payable	634	604
Accrued liabilities and liabilities held for sale	506	633
Total current liabilities	1,182	1,281
Long-term debt	1,742	1,787
Other non-current liabilities	496	486
Total liabilities	3,420	3,554
Share-based payments subject to redemption	42	60
Redeemable non-controlling interests	8	7
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 March 31, 2025 and December 31, 2024	1	1
Additional paid-in capital	1,158	1,152
Less: Treasury stock (common stock: 13.5 and 13.3 shares at March 31, 2025 and December 31, 2024) at cost	(1,393)	(1,355)
Accumulated other comprehensive loss	(1,025)	(1,086)
Retained earnings	5,236	5,092
Total Ingredion stockholders’ equity	3,977	3,804
Non-redeemable non-controlling interests	21	19
Total stockholders’ equity	3,998	3,823
Total liabilities and stockholders’ equity	$ 7,468	$ 7,444

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 3,547	$ 3,476
Intangible assets, accumulated amortization	$ 332	$ 324
Preferred stock, authorized (in shares)	25,000,000.0	25,000,000.0
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0	0
Common stock, authorized (in shares)	200,000,000.0	200,000,000.0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	77,800,000	77,800,000
Treasury stock (in shares)	13,500,000	13,300,000

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, 2023		$ 1	$ 1,146	$ (1,207)	$ (1,056)	$ 4,654	$ 14
Increase (Decrease) in Stockholders' Equity
Net income attributable to Ingredion	$ 216					216
Net income attributable to non-controlling interests	2						2
Dividends declared						(52)
Repurchases of common stock, net				(1)
Share-based compensation, net of issuance				29
Other comprehensive income (loss)					(6)
Balance at end of period at Mar. 31, 2024		1	1,146	(1,179)	(1,062)	4,818	16
Share-based payments subject to redemption, beginning balance at Dec. 31, 2023	55
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(12)
Share-based payments subject to redemption, ending balance at Mar. 31, 2024	43
Redeemable non-controlling interests, beginning balance at Dec. 31, 2023	43
Increase (Decrease) in Temporary Equity
Other comprehensive income (loss)	(1)
Redeemable non-controlling interests, ending balance at Mar. 31, 2024	42
Balance at beginning of period at Dec. 31, 2024	3,823	1	1,152	(1,355)	(1,086)	5,092	19
Increase (Decrease) in Stockholders' Equity
Net income attributable to Ingredion	197					197
Net income attributable to non-controlling interests	2						2
Dividends declared						(53)
Repurchases of common stock, net				(55)
Share-based compensation, net of issuance			6	17
Other comprehensive income (loss)					61
Balance at end of period at Mar. 31, 2025	3,998	$ 1	$ 1,158	$ (1,393)	$ (1,025)	$ 5,236	$ 21
Share-based payments subject to redemption, beginning balance at Dec. 31, 2024	60
Increase (Decrease) in Temporary Equity
Share-based compensation, net of issuance	(18)
Share-based payments subject to redemption, ending balance at Mar. 31, 2025	42
Redeemable non-controlling interests, beginning balance at Dec. 31, 2024	7
Increase (Decrease) in Temporary Equity
Other comprehensive income (loss)	1
Redeemable non-controlling interests, ending balance at Mar. 31, 2025	$ 8

Condensed Consolidated Statements of Equity and Redeemable Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.80	$ 0.78

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash from operating activities
Net income	$ 199	$ 218
Non-cash charges to net income:
Depreciation and amortization	55	53
Mechanical stores expense	16	14
Net gain on sale of business	0	(82)
Impairment charges	6	0
Other non-cash charges	15	32
Changes in working capital:
Accounts receivable and prepaid expenses	(172)	6
Inventories	28	104
Accounts payable and accrued liabilities	(76)	(135)
Margin accounts	(3)	(11)
Other	9	10
Cash provided by operating activities	77	209
Cash from investing activities
Capital expenditures and mechanical stores purchases, net	(92)	(65)
Proceeds from sale of business	0	247
Other	2	(1)
Cash (used for) provided by investing activities	(90)	181
Cash from financing activities
Proceeds from borrowings	106	149
Payments on debt	(154)	(134)
Commercial paper repayments, net	0	(312)
Consideration received from sale of business	12	0
Repurchases of common stock, net	(55)	(1)
Common stock activity for share-based compensation, net	(11)	2
Dividends paid, including to non-controlling interests	(52)	(51)
Cash used for financing activities	(154)	(347)
Effects of foreign exchange rate changes on cash and cash equivalents	7	(6)
(Decrease) increase in cash and cash equivalents	(160)	37
Cash and cash equivalents, beginning of period	997	401
Cash and cash equivalents, end of period	$ 837	$ 438

Basis of Presentation and New Accounting Standards	3 Months Ended
Basis of Presentation and New Accounting Standards	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and New Accounting Standards	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, 2024. The significant accounting policies and estimates used in preparing these Condensed Consolidated Financial Statements were applied on the same basis and consistent with those reflected in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2024. The unaudited Condensed Consolidated Financial Statements as of March 31, 2025 and for the first quarter of March 31, 2025 and 2024 included herein were prepared by us on the same basis as our audited Consolidated Financial Statements for the year ended December 31, 2024 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. New Accounting Standards In August 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60). This ASU requires that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). This ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. A joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively. We adopted this ASU at the beginning of our 2025 fiscal year on a prospective basis. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, this ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes with further disaggregation for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this ASU on our Condensed Consolidated Financial Statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40). The amendments in this update enhance disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses included in certain notes to the Condensed Consolidated Financial Statements. This ASU is effective for annual periods beginning after December 15, 2026, with early adoption permitted. We are currently assessing the impact of this ASU on our Condensed Consolidated Financial Statements.

Divestitures	3 Months Ended
Divestitures	Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures South Korea Divestiture On February 1, 2024, we completed the sale of our South Korea business, which we reported in All Other, for a total consideration of 384 billion South Korean won, or approximately $294 million. As a result, we recognized a pre-tax net gain of $82 million during the first quarter of 2024 within Net gain on sale of business in the Condensed Consolidated Statements of Income and received 330 billion South Korean won, or $247 million net of certain transaction costs. During the first quarter of 2025, we received the first annual consideration payment of 18 billion South Korean won, or approximately $12 million. We will receive the remaining consideration in equal annual payments through February 2027 recorded in Accounts receivable, net and Other non-current assets.

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

The derivative instruments designated as cash flow hedges included in accumulated other comprehensive loss (“AOCL”) were as follows:


	Gains (Losses) included in AOCL as of
	March 31, 2025		December 31, 2024
Commodity contracts, net of income tax effect of $4 and $—	$	11	$	(1)
Foreign currency contracts, net of income tax effect of $4	6		7
Interest rate contracts, net of income tax effect of $1	(2)		(2)
Total	$	15	$	4

The fair value and balance sheet location of our derivative instruments, presented gross in the Condensed Consolidated Balance Sheets, were as follows:


	Fair Value of Hedging Instruments as of March 31, 2025
	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	$	20	$	9	$	29	$	1	$	7	$	8
Other non-current assets	1		5		6		—		—		—
Assets	21		14		35		1		7		8
Accounts payable	10		8		18		1		3		4
Other non-current liabilities	1		1		2		—		—		—
Liabilities	11		9		20		1		3		4
Net Assets/(Liabilities)	$	10	$	5	$	15	$	—	$	4	$	4


	Fair Value of Hedging Instruments as of December 31, 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	$	18	$	15	$	33	$	1	$	11	$	12
Other non-current assets	1		4		5		—		2		2
Assets	19		19		38		1		13		14
Accounts payable	8		8		16		1		2		3
Other non-current liabilities	—		2		2		—		—		—
Liabilities	8		10		18		1		2		3
Net Assets/(Liabilities)	$	11	$	9	$	20	$	—	$	11	$	11

Additional information relating to our derivative instruments in cash flow hedging relationships were as follows:


	Gains (Losses) Recognized in OCL on Derivatives					(Losses) Gains Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging Relationships	Three Months Ended March 31,				Income Statement Location	Three Months Ended March 31,
	2025		2024			2025		2024
Commodity contracts	$	13	$	(42)	Cost of sales	$	(3)	$	(33)
Foreign currency contracts	4		1		Net sales/Cost of sales	5		—
Total	$	17	$	(41)		$	2	$	(33)

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

•Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets or liabilities.

Assets and liabilities measured at fair value on a recurring basis were as follows:


	As of March 31, 2025								As of December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Marketable securities	$	5	$	—	$	—	$	5	$	5	$	—	$	—	$	5
Derivative assets	27		16		—		43		48		4		—		52
Derivative liabilities	19		5		—		24		17		4		—		21
Long-term debt	—		1,618		—		1,618		—		1,633		—		1,633

Financing Arrangements

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Financing Arrangements

Debt carrying amounts, net of related discounts, premiums and debt issuance costs, were as follows:


	As of March 31, 2025		As of December 31, 2024
2.900% senior notes due June 1, 2030	$	597	$	597
3.200% senior notes due October 1, 2026	499		499
3.900% senior notes due June 1, 2050	392		391
6.625% senior notes due April 15, 2037	252		253
Revolving credit agreement	—		—
Other long-term borrowings	2		47
Total long-term debt	1,742		1,787
Commercial paper	—		—
Other short-term borrowings	42		44
Total short-term borrowings	42		44
Total debt	$	1,784	$	1,831

Other short-term borrowings as of March 31, 2025 and December 31, 2024 primarily include amounts outstanding under various unsecured local country operating lines of credit.

Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Components of net periodic cost consist of the following for the periods presented:


	Three Months Ended March 31,
	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Service cost	$	1	$	1	$	1	$	1
Interest cost	3		3		2		2
Expected return on plan assets	(4)		(4)		(2)		(2)


Net periodic cost	$	—	$	—	$	1	$	1

During the first quarter of 2025 and 2024, the net periodic benefit cost for the postretirement plans consisted of $1 million of interest costs and no services costs.

Equity

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Equity

Share-based Payments: Share-based compensation expense was as follows:


	Three Months Ended March 31,
	2025		2024
Stock options:
Pre-tax compensation expense	$	1	$	2
Income tax benefit	—		—
Stock option expense, net of income taxes	1		2

Restricted stock units (“RSUs”):
Pre-tax compensation expense	7		7
Income tax benefit	(1)		(1)
RSUs, net of income taxes	6		6

Performance shares and other share-based awards:
Pre-tax compensation expense	5		4
Income tax benefit	—		—
Performance shares and other share-based compensation expense, net of income taxes	5		4

Total share-based compensation:
Pre-tax compensation expense	13		13
Income tax benefit	(1)		(1)
Total share-based compensation expense, net of income taxes	$	12	$	12


	Three Months Ended March 31,
	2025	2024
Expected life (in years)	5.5	5.5
Risk-free interest rate	4.1%	4.2%
Expected volatility	28.2%	28.1%
Expected dividend yield	2.5%	2.9%

Stock option activity for 2025 was as follows:


	Number of Options (in thousands)	Weighted Average Exercise Price per Share		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2024	1,453	$	100.04	5.6	$	55
Granted	158	130.57
Exercised	(16)	94.22
Cancelled	—	—
Outstanding as of March 31, 2025	1,595	$	103.12	5.8	$	52
Exercisable as of March 31, 2025	1,271	$	99.43	5.0	$	46

Additional information pertaining to stock option activity was as follows:


	Three Months Ended March 31,
	2025		2024
Weighted average grant date fair value of stock options granted (per share)	$	33.53	$	26.33
Total intrinsic value of stock options exercised	1		5

RSU activity for 2025 was as follows:


	Number of Restricted Shares (in thousands)	Weighted Average Fair Value per Share
Non-vested as of December 31, 2024	538	$	99.58
Granted	163	130.57
Vested	(157)	88.94
Cancelled	(3)	101.52
Non-vested as of March 31, 2025	541	$	111.81

As of March 31, 2025, the total remaining unrecognized compensation cost related to RSUs was $32 million, which will be amortized on a weighted-average basis over approximately 2.0 years.

Accumulated Other Comprehensive Loss: A summary of accumulated other comprehensive loss for 2025 and 2024 was as follows:


	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance as of December 31, 2024	$	(1,061)	$	4	$	(29)	$	(1,086)
Other comprehensive income before reclassification adjustments	50		17		—		67
(Income) reclassified from AOCL	—		(2)		—		(2)
Tax (provision)	—		(4)		—		(4)
Net other comprehensive income	50		11		—		61
Balance as of March 31, 2025	$	(1,011)	$	15	$	(29)	$	(1,025)


	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance as of December 31, 2023	$	(961)	$	(48)	$	(47)	$	(1,056)
Other comprehensive (loss) before reclassification adjustments	—		(41)		—		(41)
Loss reclassified from AOCL	—		33		1		34
Tax benefit	—		1		—		1
Net other comprehensive (loss) income	—		(7)		1		(6)
Balance as of March 31, 2024	$	(961)	$	(55)	$	(46)	$	(1,062)

Supplemental Information: The following table presents information about the computation of basic and diluted earnings per common share (“EPS”):


	Three Months Ended March 31, 2025					Three Months Ended March 31, 2024
	Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	197	64.5	$	3.05	$	216	65.7	$	3.29
Effect of Dilutive Securities (i)			1.1					1.1
Diluted EPS	$	197	65.6	$	3.00	$	216	66.8	$	3.23

_____________________

(i)Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive stock options, vesting of dilutive RSUs and other awards.

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

Net sales to affiliated and unaffiliated customers by reportable segment and All Other was as follows:


	Three Months Ended March 31, 2025
	T&HS		F&II - LATAM		F&II - U.S./Canada		All Other		Corporate		Total
Segment net sales	$	611	$	586	$	553	$	121	$	—
Inter-segment net sales	(9)		(13)		(33)		(3)		—
Net sales to unaffiliated customers	$	602	$	573	$	520	$	118	$	—	$	1,813
Segment cost of sales	$	426	$	420	$	405	$	101	$	—
Other operating expenses	77		26		23		17		45
Adjusted operating income (loss)	$	99	$	127	$	92	$	0	$	(45)	$	273
Unallocated income (i)											3
Operating income											$	276

	Three Months Ended March 31, 2024
	T&HS		F&II - LATAM		F&II - U.S./Canada		All Other		Corporate		Total
Segment net sales	$	612	$	626	$	567	$	131	$	—
Inter-segment net sales	(15)		(10)		(26)		(3)		—
Net sales to unaffiliated customers	$	597	$	616	$	541	$	128	$	—	$	1,882
Segment cost of sales	$	450	$	468	$	434	$	113	$	—
Other operating expenses	73		47		20		19		42
Adjusted operating income (loss)	$	74	$	101	$	87	$	(4)	$	(42)	$	216
Unallocated (costs) (i)											(3)
Operating income											$	213


	Three Months Ended March 31,
(i) Unallocated income (costs):	2025		2024

Restructuring and resegmentation costs	$	(1)	$	(3)
Impairment charges	(6)		—
Other matters	10		—
Total unallocated income (costs)	$	3	$	(3)


	As of March 31, 2025		As of December 31, 2024
Texture & Healthful Solutions	$	888	$	884
Food & Industrial Ingredients - LATAM	526		508
Food & Industrial Ingredients - U.S./Canada	562		556
All Other (i)	313		316
Total property, plant and equipment, net	$	2,289	$	2,264

_____________________

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

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In December 2022, we filed an action in Brazil to recover previously taxable local government tax incentives. As of March 31, 2025 and December 31, 2024, we had $30 million and $39 million of remaining tax incentives, which decreased due to the utilization of the tax credits for the payment of income tax. A portion of these credits is expected to be used within one year. As of March 31, 2025, $25 million was recorded in Accounts receivable, net and $5 million in Other non-current assets in the Condensed Consolidated Balance Sheets.

Supplementary Information

3 Months Ended

Mar. 31, 2025

Supplementary Information

Supplementary Information

Accounts receivable, net

Accounts receivable, net was as follows:


	As of March 31, 2025		As of December 31, 2024
Accounts receivable - trade	$	1,120	$	939
Accounts receivable - other	177		167
Allowance for credit losses	(13)		(13)
Total accounts receivable, net	$	1,284	$	1,093

Inventories

Inventories were as follows:


	As of March 31, 2025		As of December 31, 2024
Finished and in process	$	762	$	762
Raw materials	331		346
Manufacturing supplies	79		79
Total inventories	$	1,172	$	1,187

Investments

Investments were as follows:


	As of March 31, 2025		As of December 31, 2024
Equity method investments	$	105	$	95
Equity investments	26		31
Marketable securities	5		5
Total investments	$	136	$	131

Supply Chain Finance Programs

The rollforward of our outstanding obligations confirmed as valid under our supply chain finance programs were as follows:


	As of March 31, 2025
Outstanding as of December 31, 2024	$	135
Invoices added during the year	122
Invoices paid during the year	(117)
Cumulative translation adjustment	8
Outstanding as of March 31, 2025	$	148

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income attributable to Ingredion	$ 197	$ 216

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
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

Basis of Presentation and New Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Standards	New Accounting Standards In August 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60). This ASU requires that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). This ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. A joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively. We adopted this ASU at the beginning of our 2025 fiscal year on a prospective basis. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, this ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes with further disaggregation for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this ASU on our Condensed Consolidated Financial Statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40). The amendments in this update enhance disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses included in certain notes to the Condensed Consolidated Financial Statements. This ASU is effective for annual periods beginning after December 15, 2026, with early adoption permitted. We are currently assessing the impact of this ASU on our Condensed Consolidated Financial Statements.

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2025

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 accumulated other comprehensive loss (“AOCL”) were as follows:


	Gains (Losses) included in AOCL as of
	March 31, 2025		December 31, 2024
Commodity contracts, net of income tax effect of $4 and $—	$	11	$	(1)
Foreign currency contracts, net of income tax effect of $4	6		7
Interest rate contracts, net of income tax effect of $1	(2)		(2)
Total	$	15	$	4

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, were as follows:


	Fair Value of Hedging Instruments as of March 31, 2025
	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	$	20	$	9	$	29	$	1	$	7	$	8
Other non-current assets	1		5		6		—		—		—
Assets	21		14		35		1		7		8
Accounts payable	10		8		18		1		3		4
Other non-current liabilities	1		1		2		—		—		—
Liabilities	11		9		20		1		3		4
Net Assets/(Liabilities)	$	10	$	5	$	15	$	—	$	4	$	4


	Fair Value of Hedging Instruments as of December 31, 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	$	18	$	15	$	33	$	1	$	11	$	12
Other non-current assets	1		4		5		—		2		2
Assets	19		19		38		1		13		14
Accounts payable	8		8		16		1		2		3
Other non-current liabilities	—		2		2		—		—		—
Liabilities	8		10		18		1		2		3
Net Assets/(Liabilities)	$	11	$	9	$	20	$	—	$	11	$	11

Schedule of amount of gains and losses recognized in OCI and income statement location

Additional information relating to our derivative instruments in cash flow hedging relationships were as follows:


	Gains (Losses) Recognized in OCL on Derivatives					(Losses) Gains Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging Relationships	Three Months Ended March 31,				Income Statement Location	Three Months Ended March 31,
	2025		2024			2025		2024
Commodity contracts	$	13	$	(42)	Cost of sales	$	(3)	$	(33)
Foreign currency contracts	4		1		Net sales/Cost of sales	5		—
Total	$	17	$	(41)		$	2	$	(33)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 were as follows:


	As of March 31, 2025								As of December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Marketable securities	$	5	$	—	$	—	$	5	$	5	$	—	$	—	$	5
Derivative assets	27		16		—		43		48		4		—		52
Derivative liabilities	19		5		—		24		17		4		—		21
Long-term debt	—		1,618		—		1,618		—		1,633		—		1,633

Financing Arrangements (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of debt

Debt carrying amounts, net of related discounts, premiums and debt issuance costs, were as follows:


	As of March 31, 2025		As of December 31, 2024
2.900% senior notes due June 1, 2030	$	597	$	597
3.200% senior notes due October 1, 2026	499		499
3.900% senior notes due June 1, 2050	392		391
6.625% senior notes due April 15, 2037	252		253
Revolving credit agreement	—		—
Other long-term borrowings	2		47
Total long-term debt	1,742		1,787
Commercial paper	—		—
Other short-term borrowings	42		44
Total short-term borrowings	42		44
Total debt	$	1,784	$	1,831

Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31,
	U.S. Plans				Non-U.S. Plans
	2025		2024		2025		2024
Service cost	$	1	$	1	$	1	$	1
Interest cost	3		3		2		2
Expected return on plan assets	(4)		(4)		(2)		(2)


Net periodic cost	$	—	$	—	$	1	$	1

Equity (Tables)

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of stock based compensation expense

Share-based compensation expense was as follows:


	Three Months Ended March 31,
	2025		2024
Stock options:
Pre-tax compensation expense	$	1	$	2
Income tax benefit	—		—
Stock option expense, net of income taxes	1		2

Restricted stock units (“RSUs”):
Pre-tax compensation expense	7		7
Income tax benefit	(1)		(1)
RSUs, net of income taxes	6		6

Performance shares and other share-based awards:
Pre-tax compensation expense	5		4
Income tax benefit	—		—
Performance shares and other share-based compensation expense, net of income taxes	5		4

Total share-based compensation:
Pre-tax compensation expense	13		13
Income tax benefit	(1)		(1)
Total share-based compensation expense, net of income taxes	$	12	$	12

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:


	Three Months Ended March 31,
	2025	2024
Expected life (in years)	5.5	5.5
Risk-free interest rate	4.1%	4.2%
Expected volatility	28.2%	28.1%
Expected dividend yield	2.5%	2.9%

Schedule of stock option transactions

Stock option activity for 2025 was as follows:


	Number of Options (in thousands)	Weighted Average Exercise Price per Share		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2024	1,453	$	100.04	5.6	$	55
Granted	158	130.57
Exercised	(16)	94.22
Cancelled	—	—
Outstanding as of March 31, 2025	1,595	$	103.12	5.8	$	52
Exercisable as of March 31, 2025	1,271	$	99.43	5.0	$	46

Schedule of additional information pertaining to stock option activity

Additional information pertaining to stock option activity was as follows:


	Three Months Ended March 31,
	2025		2024
Weighted average grant date fair value of stock options granted (per share)	$	33.53	$	26.33
Total intrinsic value of stock options exercised	1		5

Schedule of restricted unit activity

RSU activity for 2025 was as follows:


	Number of Restricted Shares (in thousands)	Weighted Average Fair Value per Share
Non-vested as of December 31, 2024	538	$	99.58
Granted	163	130.57
Vested	(157)	88.94
Cancelled	(3)	101.52
Non-vested as of March 31, 2025	541	$	111.81

Summary of net changes in accumulated other comprehensive loss

A summary of accumulated other comprehensive loss for 2025 and 2024 was as follows:


	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance as of December 31, 2024	$	(1,061)	$	4	$	(29)	$	(1,086)
Other comprehensive income before reclassification adjustments	50		17		—		67
(Income) reclassified from AOCL	—		(2)		—		(2)
Tax (provision)	—		(4)		—		(4)
Net other comprehensive income	50		11		—		61
Balance as of March 31, 2025	$	(1,011)	$	15	$	(29)	$	(1,025)


	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance as of December 31, 2023	$	(961)	$	(48)	$	(47)	$	(1,056)
Other comprehensive (loss) before reclassification adjustments	—		(41)		—		(41)
Loss reclassified from AOCL	—		33		1		34
Tax benefit	—		1		—		1
Net other comprehensive (loss) income	—		(7)		1		(6)
Balance as of March 31, 2024	$	(961)	$	(55)	$	(46)	$	(1,062)

Schedule of basic and diluted earnings per common share

The following table presents information about the computation of basic and diluted earnings per common share (“EPS”):


	Three Months Ended March 31, 2025					Three Months Ended March 31, 2024
	Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	197	64.5	$	3.05	$	216	65.7	$	3.29
Effect of Dilutive Securities (i)			1.1					1.1
Diluted EPS	$	197	65.6	$	3.00	$	216	66.8	$	3.23

_____________________

(i)Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive stock options, vesting of dilutive RSUs and other awards.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

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

Net sales to affiliated and unaffiliated customers by reportable segment and All Other was as follows:


	Three Months Ended March 31, 2025
	T&HS		F&II - LATAM		F&II - U.S./Canada		All Other		Corporate		Total
Segment net sales	$	611	$	586	$	553	$	121	$	—
Inter-segment net sales	(9)		(13)		(33)		(3)		—
Net sales to unaffiliated customers	$	602	$	573	$	520	$	118	$	—	$	1,813
Segment cost of sales	$	426	$	420	$	405	$	101	$	—
Other operating expenses	77		26		23		17		45
Adjusted operating income (loss)	$	99	$	127	$	92	$	0	$	(45)	$	273
Unallocated income (i)											3
Operating income											$	276

	Three Months Ended March 31, 2024
	T&HS		F&II - LATAM		F&II - U.S./Canada		All Other		Corporate		Total
Segment net sales	$	612	$	626	$	567	$	131	$	—
Inter-segment net sales	(15)		(10)		(26)		(3)		—
Net sales to unaffiliated customers	$	597	$	616	$	541	$	128	$	—	$	1,882
Segment cost of sales	$	450	$	468	$	434	$	113	$	—
Other operating expenses	73		47		20		19		42
Adjusted operating income (loss)	$	74	$	101	$	87	$	(4)	$	(42)	$	216
Unallocated (costs) (i)											(3)
Operating income											$	213


	Three Months Ended March 31,
(i) Unallocated income (costs):	2025		2024

Restructuring and resegmentation costs	$	(1)	$	(3)
Impairment charges	(6)		—
Other matters	10		—
Total unallocated income (costs)	$	3	$	(3)

Property, plant and equipment, net by reportable segment and All Other was as follows:


	As of March 31, 2025		As of December 31, 2024
Texture & Healthful Solutions	$	888	$	884
Food & Industrial Ingredients - LATAM	526		508
Food & Industrial Ingredients - U.S./Canada	562		556
All Other (i)	313		316
Total property, plant and equipment, net	$	2,289	$	2,264

_____________________

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

Supplementary Information (Tables)

3 Months Ended

Mar. 31, 2025

Supplementary Information

Schedule of accounts receivable, net

Accounts receivable, net was as follows:


	As of March 31, 2025		As of December 31, 2024
Accounts receivable - trade	$	1,120	$	939
Accounts receivable - other	177		167
Allowance for credit losses	(13)		(13)
Total accounts receivable, net	$	1,284	$	1,093

Schedule of inventories

Inventories were as follows:


	As of March 31, 2025		As of December 31, 2024
Finished and in process	$	762	$	762
Raw materials	331		346
Manufacturing supplies	79		79
Total inventories	$	1,172	$	1,187

Schedule of investments

Investments were as follows:


	As of March 31, 2025		As of December 31, 2024
Equity method investments	$	105	$	95
Equity investments	26		31
Marketable securities	5		5
Total investments	$	136	$	131

Schedule of supplier chain finance program

The rollforward of our outstanding obligations confirmed as valid under our supply chain finance programs were as follows:


	As of March 31, 2025
Outstanding as of December 31, 2024	$	135
Invoices added during the year	122
Invoices paid during the year	(117)
Cumulative translation adjustment	8
Outstanding as of March 31, 2025	$	148

Divestitures (Details) $ in Millions, ₩ in Billions			3 Months Ended
Divestitures (Details) $ in Millions, ₩ in Billions	Feb. 01, 2024 USD ($)	Feb. 01, 2024 KRW (₩)	Mar. 31, 2025 USD ($)	Mar. 31, 2025 KRW (₩)	Mar. 31, 2024 USD ($)	Feb. 01, 2024 KRW (₩)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sale of business			$ 0		$ 82
Proceeds from sale of business			0		247
Disposed of by Sale \| South Korea Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture, consideration	$ 294					₩ 384
Net gain on sale of business					$ 82
Proceeds from sale of business	$ 247	₩ 330	$ 12	₩ 18

Derivative Instruments and Hedging Activities - Narrative (Details) bu in Millions, MMBTU in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) MMBTU bu	Dec. 31, 2024 USD ($) MMBTU bu
Hedging relationships
Gain expected to be reclassified into earnings during the next twelve months	$ 15
Gain expected to be reclassified into earnings during the next twelve months, income tax effect	$ 5
Corn commodity
Hedging relationships
Futures contract (in bushels for corn) \| bu	94	105
Natural gas commodity
Hedging relationships
Natural gas swap contract (in mmbtu of natural gas) \| MMBTU	25	24
Foreign currency contracts \| Not designated as hedging Iinstrument \| Short
Hedging relationships
Derivative notional amount	$ 413	$ 408
Foreign currency contracts \| Not designated as hedging Iinstrument \| Long
Hedging relationships
Derivative notional amount	165	113
Foreign currency contracts \| Designated as hedging instrument \| Short \| Cash flow hedging
Hedging relationships
Derivative notional amount	461	447
Foreign currency contracts \| Designated as hedging instrument \| Long \| Cash flow hedging
Hedging relationships
Derivative notional amount	$ 493	$ 448

Derivative Instruments and Hedging Activities - Schedule of cash flow hedges included in AOCI (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Gains (losses) included in AOCL	$ (1,025)	$ (1,086)
Cash flow hedging
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Gains (losses) included in AOCL	15	4
Cash flow hedging \| Commodity contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Gains (losses) included in AOCL	11	(1)
Tax effect of gains (losses) on cash flow hedges	4	0
Cash flow hedging \| Foreign currency contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Gains (losses) included in AOCL	6	7
Tax effect of gains (losses) on cash flow hedges	4	4
Cash flow hedging \| Interest rate contracts
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Gains (losses) included in AOCL	(2)	(2)
Tax effect of gains (losses) on cash flow hedges	$ 1	$ 1

Derivative Instruments and Hedging Activities - Balance sheet location (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Designated Hedging Instruments
Fair value of derivatives
Fair value of derivative instruments, assets	$ 35	$ 38
Fair value of derivative instruments, liabilities	20	18
Fair value of derivative instruments, net assets/(liabilities)	15	20
Designated Hedging Instruments \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	29	33
Designated Hedging Instruments \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	6	5
Designated Hedging Instruments \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	18	16
Designated Hedging Instruments \| Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	2	2
Designated Hedging Instruments \| Commodity Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	21	19
Fair value of derivative instruments, liabilities	11	8
Fair value of derivative instruments, net assets/(liabilities)	10	11
Designated Hedging Instruments \| Commodity Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	20	18
Designated Hedging Instruments \| Commodity Contracts \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	1	1
Designated Hedging Instruments \| Commodity Contracts \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	10	8
Designated Hedging Instruments \| Commodity Contracts \| Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	1	0
Designated Hedging Instruments \| Foreign Currency Contracts
Fair value of derivatives
Fair value of derivative instruments, assets	14	19
Fair value of derivative instruments, liabilities	9	10
Fair value of derivative instruments, net assets/(liabilities)	5	9
Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	9	15
Designated Hedging Instruments \| Foreign Currency Contracts \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	5	4
Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	8	8
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	14
Fair value of derivative instruments, liabilities	4	3
Fair value of derivative instruments, net assets/(liabilities)	4	11
Non-Designated Hedging Instruments \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	8	12
Non-Designated Hedging Instruments \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	2
Non-Designated Hedging Instruments \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	4	3
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	1	1
Fair value of derivative instruments, liabilities	1	1
Fair value of derivative instruments, net assets/(liabilities)	0	0
Non-Designated Hedging Instruments \| Commodity Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	1	1
Non-Designated Hedging Instruments \| Commodity Contracts \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	0
Non-Designated Hedging Instruments \| Commodity Contracts \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	1	1
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	7	13
Fair value of derivative instruments, liabilities	3	2
Fair value of derivative instruments, net assets/(liabilities)	4	11
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts receivable, net
Fair value of derivatives
Fair value of derivative instruments, assets	7	11
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Other non-current assets
Fair value of derivatives
Fair value of derivative instruments, assets	0	2
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Accounts payable
Fair value of derivatives
Fair value of derivative instruments, liabilities	3	2
Non-Designated Hedging Instruments \| Foreign Currency Contracts \| Other non-current liabilities
Fair value of derivatives
Fair value of derivative instruments, liabilities	$ 0	$ 0

Derivative Instruments and Hedging Activities - Cash flow hedges (Details) - Cash flow hedging - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Hedging relationships
Gains (Losses) Recognized in OCL on Derivatives	$ 17	$ (41)
(Losses) Gains Reclassified from AOCL into Income	2	(33)
Commodity contracts
Hedging relationships
Gains (Losses) Recognized in OCL on Derivatives	13	(42)
Commodity contracts \| Cost of sales
Hedging relationships
(Losses) Gains Reclassified from AOCL into Income	(3)	(33)
Foreign currency contracts
Hedging relationships
Gains (Losses) Recognized in OCL on Derivatives	4	1
Foreign currency contracts \| Net sales/Cost of sales
Hedging relationships
(Losses) Gains Reclassified from AOCL into Income	$ 5	$ 0

Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Fair value of assets and liabilities
Marketable securities	$ 5	$ 5
Derivative assets	43	52
Derivative liabilities	24	21
Long-term debt	1,618	1,633
Level 1
Fair value of assets and liabilities
Marketable securities	5	5
Derivative assets	27	48
Derivative liabilities	19	17
Long-term debt	0	0
Level 2
Fair value of assets and liabilities
Marketable securities	0	0
Derivative assets	16	4
Derivative liabilities	5	4
Long-term debt	1,618	1,633
Level 3
Fair value of assets and liabilities
Marketable securities	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Long-term debt	$ 0	$ 0

Financing Arrangements - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Financing Arrangements
Total long-term debt	$ 1,742	$ 1,787
Total short-term borrowings	42	44
Total debt	$ 1,784	1,831
2.900% senior notes due June 1, 2030
Financing Arrangements
Debt, interest rate	2.90%
Total long-term debt	$ 597	597
3.200% senior notes due October 1, 2026
Financing Arrangements
Debt, interest rate	3.20%
Total long-term debt	$ 499	499
3.900% senior notes due June 1, 2050
Financing Arrangements
Debt, interest rate	3.90%
Total long-term debt	$ 392	391
6.625% senior notes due April 15, 2037
Financing Arrangements
Debt, interest rate	6.625%
Total long-term debt	$ 252	253
Revolving credit agreement
Financing Arrangements
Total long-term debt	0	0
Other long-term borrowings
Financing Arrangements
Total long-term debt	2	47
Commercial paper
Financing Arrangements
Short-term borrowings	0	0
Other short-term borrowings
Financing Arrangements
Short-term borrowings	$ 42	$ 44

Financing Arrangements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2025	Dec. 31, 2024
Long-term debt
Weighted average maturity	8 days
Commercial paper
Long-term debt
Maximum aggregate principal amount		$ 1,000
Short-term borrowings		$ 0	$ 0
Average amount of commercial paper outstanding	$ 118
Weighted average interest rate	5.51%

Pension and Other Postretirement Benefits - Components of net periodic benefit (cost) (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
U.S. Plans
Benefit plans
Service cost	$ 1	$ 1
Interest cost	3	3
Expected return on plan assets	(4)	(4)
Net periodic cost	0	0
Non-U.S. Plans
Benefit plans
Service cost	1	1
Interest cost	2	2
Expected return on plan assets	(2)	(2)
Net periodic cost	$ 1	$ 1

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Postemployment Retirement Benefits
Benefit plans
Interest cost	$ 1	$ 1
Service cost	0	0
U.S. Plans \| Pension Plan
Benefit plans
Cash contribution expected during fiscal year	1
Interest cost	3	3
Service cost	1	1
Non-U.S. Plans \| Pension Plan
Benefit plans
Cash contribution expected during fiscal year	2
Cash contributions	1
Interest cost	2	2
Service cost	$ 1	$ 1

Equity - Treasury Stock (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Sep. 26, 2022
Treasury Stock
Treasury stock:
Purchase/acquisition of treasury stock (in shares)	409	5
Repurchases of common stock	$ 55	$ 1
2022 Stock Repurchase Program
Treasury stock:
Stock repurchase program, number of shares authorized			6,000

Equity - Schedule of stock based compensation expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based compensation expense
Pre-tax compensation expense	$ 13	$ 13
Income tax benefit	(1)	(1)
Total share-based compensation expense, net of income taxes	12	12
Stock options
Share-based compensation expense
Pre-tax compensation expense	1	2
Income tax benefit	0	0
Total share-based compensation expense, net of income taxes	1	2
RSUs \| Employee
Share-based compensation expense
Pre-tax compensation expense	7	7
Income tax benefit	(1)	(1)
Total share-based compensation expense, net of income taxes	6	6
Performance shares and other share-based awards
Share-based compensation expense
Pre-tax compensation expense	5	4
Income tax benefit	0	0
Total share-based compensation expense, net of income taxes	$ 5	$ 4

Equity - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Share-based compensation
Options granted (in shares)	158	178
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	4.10%	4.20%
Expected volatility	28.20%	28.10%
Expected dividend yield	2.50%	2.90%
Stock options, Number of Options
Outstanding at the beginning of the period (in shares)	1,453
Granted (in shares)	158	178
Exercised (in shares)	(16)
Cancelled (in shares)	0
Outstanding at the end of the period (in shares)	1,595		1,453
Exercisable at the end of the period (in shares)	1,271
Stock options, Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)	$ 100.04
Granted (in dollars per share)	130.57
Exercised (in dollars per share)	94.22
Cancelled (in dollars per share)	0
Outstanding at the end of the period (in dollars per share)	103.12		$ 100.04
Exercisable at the end of the period (in dollars per share)	$ 99.43
Additional information pertaining to stock options
Average remaining contractual term, outstanding	5 years 9 months 18 days		5 years 7 months 6 days
Average remaining contractual term, exercisable	5 years
Aggregate intrinsic value, outstanding (in dollars)	$ 52		$ 55
Aggregate intrinsic value, exercisable (in dollars)	46
Cash received from exercise of stock options	$ 2
Weighted average grant date fair value of stock options granted (in dollars per share)	$ 33.53	$ 26.33
Total intrinsic value of stock options exercised (in dollars)	$ 1	$ 5
Stock options
Share-based compensation
Term of award	10 years
Period of vesting	3 years
Additional information pertaining to stock options
Unrecognized compensation cost	$ 6
Weighted-average period for amortization of unrecognized compensation cost	1 year 4 months 24 days

Equity - Restricted Stock Units (Details) - RSUs - Employee $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2025 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	538
Granted (in shares) \| shares	163
Vested (in shares) \| shares	(157)
Cancelled (in shares) \| shares	(3)
Non-vested at the end of the period (in shares) \| shares	541
Weighted Average Fair Value per Share
Non-vested at the beginning of the period (in dollars per share) \| $ / shares	$ 99.58
Granted (in dollars per share) \| $ / shares	130.57
Vested (in dollars per share) \| $ / shares	88.94
Cancelled (in dollars per share) \| $ / shares	101.52
Non-vested at the end of the period (in dollars per share) \| $ / shares	$ 111.81
Other disclosures
Unrecognized compensation cost \| $	$ 32
Weighted-average period for amortization of unrecognized compensation cost	2 years

Equity - Performance Shares (Details) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2025	Mar. 31, 2025 USD ($) metric $ / shares shares
Performance Shares
Share-based compensation
Number of tranches \| metric		2
Granted (in shares) \| shares		82
Weighted-average fair value per share, granted (in dollars per share) \| $ / shares		$ 145.73
Unrecognized compensation cost \| $		$ 21
Remaining requisite service period (in years)		2 years 4 months 24 days
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%

Equity - AOCL (Details) - USD ($) $ in Millions	3 Months Ended
Equity - AOCL (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Accumulated Other Comprehensive Loss
Balance at beginning of period	$ 3,823
Other comprehensive income before reclassification adjustments	67	$ (41)
(Income) reclassified from AOCL	(2)	34
Tax (provision)	(4)	1
Net other comprehensive income	61	(6)
Balance at end of period	3,998
AOCL
Accumulated Other Comprehensive Loss
Balance at beginning of period	(1,086)	(1,056)
Balance at end of period	(1,025)	(1,062)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Loss
Balance at beginning of period	(1,061)	(961)
Other comprehensive income before reclassification adjustments	50	0
(Income) reclassified from AOCL	0	0
Tax (provision)	0	0
Net other comprehensive income	50	0
Balance at end of period	(1,011)	(961)
Hedging Activities
Accumulated Other Comprehensive Loss
Balance at beginning of period	4	(48)
Other comprehensive income before reclassification adjustments	17	(41)
(Income) reclassified from AOCL	(2)	33
Tax (provision)	(4)	1
Net other comprehensive income	11	(7)
Balance at end of period	15	(55)
Pension and Postretirement Adjustment
Accumulated Other Comprehensive Loss
Balance at beginning of period	(29)	(47)
Other comprehensive income before reclassification adjustments	0	0
(Income) reclassified from AOCL	0	1
Tax (provision)	0	0
Net other comprehensive income	0	1
Balance at end of period	$ (29)	$ (46)

Equity - Changes in Total Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	$ 3,823
Net income attributable to Ingredion	197	$ 216
Net income attributable to non-controlling interests	2	2
Balance at end of period	3,998
Increase (Decrease) in Temporary Equity
Share-based payments subject to redemption, beginning balance	60	55
Share-based compensation, net of issuance	(18)	(12)
Share-based payments subject to redemption, ending balance	42	43
Redeemable non-controlling interests, beginning balance	7	43
Other comprehensive (loss)	1	(1)
Redeemable non-controlling interests, ending balance	8	42
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	1	1
Balance at end of period	1	1
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	1,152	1,146
Share-based compensation, net of issuance	6
Balance at end of period	1,158	1,146
Treasury Stock
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	(1,355)	(1,207)
Repurchases of common stock, net	(55)	(1)
Share-based compensation, net of issuance	17	29
Balance at end of period	(1,393)	(1,179)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	(1,086)	(1,056)
Other comprehensive (loss)	61	(6)
Balance at end of period	(1,025)	(1,062)
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	5,092	4,654
Net income attributable to Ingredion	197	216
Dividends declared	(53)	(52)
Balance at end of period	5,236	4,818
Non- Redeemable Non- Controlling Interests
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	19	14
Net income attributable to non-controlling interests	2	2
Balance at end of period	$ 21	$ 16

Equity - EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Basic EPS
Net Income Attributable to Ingredion	$ 197	$ 216
Weighted average number of shares outstanding, basic	64.5	65.7
Basic earnings per common share of Ingredion (in dollars per share)	$ 3.05	$ 3.29
Effect of Dilutive Securities
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards	1.1	1.1
Diluted EPS
Diluted EPS	$ 197	$ 216
Weighted average number of shares outstanding - diluted	65.6	66.8
Diluted earnings per common share of Ingredion (in dollars per share)	$ 3.00	$ 3.23
Antidilutive securities excluded in calculation of diluted EPS:
Antidilutive securities excluded from computation of earnings per share amount (in shares)	0.1	0.5

Segment Information - Schedule of Net Sales and Operating Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment information
Net sales to unaffiliated customers	$ 1,813	$ 1,882
Adjusted operating income (loss)	273	216
Unallocated income (costs)	3	(3)
Operating income	276	213
T&HS
Segment information
Net sales to unaffiliated customers	602	597
F&II - LATAM
Segment information
Net sales to unaffiliated customers	573	616
F&II - U.S./Canada
Segment information
Net sales to unaffiliated customers	520	541
Operating Segments \| T&HS
Segment information
Net sales to unaffiliated customers	611	612
Segment cost of sales	426	450
Other operating expenses	77	73
Adjusted operating income (loss)	99	74
Operating Segments \| F&II - LATAM
Segment information
Net sales to unaffiliated customers	586	626
Segment cost of sales	420	468
Other operating expenses	26	47
Adjusted operating income (loss)	127	101
Operating Segments \| F&II - U.S./Canada
Segment information
Net sales to unaffiliated customers	553	567
Segment cost of sales	405	434
Other operating expenses	23	20
Adjusted operating income (loss)	92	87
All Other and Inter-segment sales
Segment information
Net sales to unaffiliated customers	118	128
All Other
Segment information
Net sales to unaffiliated customers	121	131
Segment cost of sales	101	113
Other operating expenses	17	19
Adjusted operating income (loss)	0	(4)
Inter-segment sales
Segment information
Net sales to unaffiliated customers	(3)	(3)
Inter-segment sales \| T&HS
Segment information
Net sales to unaffiliated customers	(9)	(15)
Inter-segment sales \| F&II - LATAM
Segment information
Net sales to unaffiliated customers	(13)	(10)
Inter-segment sales \| F&II - U.S./Canada
Segment information
Net sales to unaffiliated customers	(33)	(26)
Corporate
Segment information
Segment cost of sales	0	0
Other operating expenses	45	42
Adjusted operating income (loss)	$ (45)	$ (42)

Segment Information - Schedule of Unallocated Income (Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting [Abstract]
Restructuring and resegmentation costs	$ (1)	$ (3)
Impairment charges	(6)	0
Other matters	10	0
Total unallocated income (costs)	$ 3	$ (3)

Segment Information - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Segment information
Total property, plant and equipment, net	$ 2,289	$ 2,264
All Other
Segment information
Total property, plant and equipment, net	313	316
T&HS \| Operating Segments
Segment information
Total property, plant and equipment, net	888	884
F&II - LATAM \| Operating Segments
Segment information
Total property, plant and equipment, net	526	508
F&II - U.S./Canada \| Operating Segments
Segment information
Total property, plant and equipment, net	$ 562	$ 556

Commitment and Contingencies (Details) - Brazil - Reduction in taxes - Foreign Tax Authority - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Commitments and Contingencies
Brazilian deferred tax credits	$ 30	$ 39
Accounts receivable, net
Commitments and Contingencies
Brazilian deferred tax credits	25
Other non-current assets
Commitments and Contingencies
Brazilian deferred tax credits	$ 5

Supplementary Information - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Supplementary Information
Accounts receivable - trade	$ 1,120	$ 939
Accounts receivable - other	177	167
Allowance for credit losses	(13)	(13)
Total accounts receivable, net	$ 1,284	$ 1,093

Supplementary Information - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Supplementary Information
Finished and in process	$ 762	$ 762
Raw materials	331	346
Manufacturing supplies	79	79
Total inventories	$ 1,172	$ 1,187

Supplementary Information - Schedule of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Supplementary Information
Equity method investments	$ 105	$ 95
Equity investments	26	31
Marketable securities	5	5
Total investments	$ 136	$ 131

Supplementary Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Equity Method Investments
Impairment of equity method investments	$ 5
Supplier finance program obligation	$ 148	$ 135
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
Ingrear Holding S.A
Equity Method Investments
Ownership percentage	49.00%

Supplementary Information - Schedule of Supply Chain Finance Program (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Supplier Finance Program, Obligation [Roll Forward]
Outstanding as of December 31, 2024	$ 135
Invoices added during the year	122
Invoices paid during the year	(117)
Cumulative translation adjustment	8
Outstanding as of March 31, 2025	$ 148