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Leases | 12 Months Ended
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Dec. 31, 2021
Leases |
Leases | ​ NOTE 9 – Leases ​ The components of lease expense for the indicated periods were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions) | ​ | 2021 |  | 2020 |  | 2019 | ​
Operating lease cost | ​ | $ | 58 | ​ | $ | 58 | ​ | $ | 55 | ​
Variable operating lease cost | ​ | ​ | 26 | ​ | ​ | 29 | ​ | ​ | 24 | ​
Short term lease cost | ​ | ​ | 4 | ​ | ​ | 4 | ​ | ​ | 3 | ​
Lease expense | ​ | $ | 88 | ​ | $ | 91 | ​ | $ | 82 | ​
​ Ingredion currently has no finance leases. The following is a reconciliation of future undiscounted cash flows to the operating lease liabilities and the related operating lease assets as presented within Other non-current liabilities and Other assets, respectively, on Ingredion’s Consolidated Balance Sheets as of December 31, 2021 ($ in millions): ​
​ | ​ | ​ | ​ | ​
2022 | ​ | $ | 52 | ​
2023 | ​ | ​ | 43 | ​
2024 | ​ | ​ | 33 | ​
2025 | ​ | ​ | 24 | ​
2026 | ​ | ​ | 19 | ​
Thereafter | ​ | ​ | 52 | ​
Total future lease payments | ​ | ​ | 223 | ​
Less imputed interest | ​ | ​ | 22 | ​
Present value of future lease payments | ​ | ​ | 201 | ​
Less current lease liabilities | ​ | ​ | 47 | ​
Non-current operating lease liabilities | ​ | $ | 154 | ​
Operating lease assets | ​ | $ | 193 | ​
​ Additional information related to Ingredion’s operating leases is listed below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​
Other Information | ​ | December 31, | ​
($ in millions) |  | 2021 |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 58 | ​ | $ | 60 | ​
Right-of-use assets obtained in exchange for lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 77 | ​ | $ | 76 | ​
​ | ​ | As of | ​ | ​ | As of
​ | ​ | December 31, 2021 | ​ | ​ | December 31, 2020
Weighted average remaining lease term: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 6.5 years | ​ | ​ | 5.5 years | ​
Weighted average discount rate: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 4.0 | % | ​ | 4.9 | %
​

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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