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Financing Arrangements

3 Months Ended

Mar. 31, 2022

Financing Arrangements

Financing Arrangements

8. Financing Arrangements

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Presented below are Ingredion’s debt carrying amounts, net of related discounts, premiums, and debt issuance costs as of March 31, 2022 and December 31, 2021:

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​	​	​	​	​	​	​	​
​	​	As of		​	As of		​
(in millions)	​	March 31, 2022		​	December 31, 2021		​
2.900% senior notes due June 1, 2030	​	$	595	​	$	595	​
3.200% senior notes due October 1, 2026	​	​	498	​	​	498	​
3.900% senior notes due June 1, 2050	​	​	390	​	​	390	​
6.625% senior notes due April 15, 2037	​	​	253	​	​	253	​
Revolving credit agreement	​	​	—	​	​	—	​
Other long-term borrowings	​	​	3	​	​	2	​
Total long-term debt	​	​	1,739	​	​	1,738	​
Commercial paper	​	​	428	​	​	250	​
Other short-term borrowings	​	​	86	​	​	58	​
Total short-term borrowings	​	​	514	​	​	308	​
Total debt	​	$	2,253	​	$	2,046	​

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On July 27, 2021 Ingredion established a commercial paper program under which Ingredion may issue senior unsecured notes of short maturities up to a maximum aggregate principal amount of $1 billion outstanding at any time. The notes may be sold from time to time on customary terms in the U.S. commercial paper market. Ingredion intends to use the note proceeds for general corporate purposes. During 2022, the average amount of commercial paper outstanding was $353 million with an average interest rate of 0.38 percent and a weighted average maturity of 27 days. As of March 31, 2022, $428 million of commercial paper was outstanding with an average interest rate of 0.99 percent and a weighted average maturity of 14 days. As of December 31, 2021, $250 million of commercial paper was outstanding with an average interest rate of 0.35 percent and a weighted average maturity of 40 days. The amount of commercial paper outstanding under this program in 2022 is expected to fluctuate.

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Other short-term borrowings as of March 31, 2022 and December 31, 2021, primarily include amounts outstanding under various unsecured local country operating lines of credit.

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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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