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Leases

12 Months Ended

Dec. 31, 2021

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	%