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Derivatives Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of cash flow hedges included in AOCI

The derivative instruments designated as cash flow hedges included in AOCL as of December 31, 2022 and 2021, are reflected below:

Derivatives in Cash Flow Hedging Relationships (in millions)						Gains (Losses) included in AOCL as of December 31,
						2022						2021
Commodity contracts, net of income tax effect of $3 and $19, respectively						$	8					$	51
Foreign currency contracts, net of income tax effect of $ —						1						—
Interest rate contracts, net of income tax effect of $1						(3)						(3)
Total						$	6					$	48

Schedule of fair value and balance sheet location of derivative instruments

The fair value and balance sheet location of our derivative instruments, presented gross in the Consolidated Balance Sheets, are reflected below:

						Fair Value of Hedging Instruments as of December 31, 2022
						Designated Hedging Instruments (in millions)																		Non-Designated Hedging Instruments (in millions)
Balance Sheet Location						Commodity Contracts						Foreign Currency Contracts						Total						Commodity Contracts						Foreign Currency Contracts						Total
Accounts receivable, net						$	28					$	20					$	48					$	—					$	5					$	5
Other assets						1						6						7						—						—						—
Assets						29						26						55						—						5						5
Accounts payable and accrued liabilities						22						23						45						1						6						7
Non-current liabilities						3						9						12						—						—						—
Liabilities						25						32						57						1						6						7
Net Assets/(Liabilities)						$	4					$	(6)					$	(2)					$	(1)					$	(1)					$	(2)

						Fair Value of Hedging Instruments as of December 31, 2021
						Designated Hedging Instruments (in millions)																		Non-Designated Hedging Instruments (in millions)
Balance Sheet Location						Commodity Contracts						Foreign Currency Contracts						Total						Commodity Contracts						Foreign Currency Contracts						Total
Accounts receivable, net						$	45					$	9					$	54					$	4					$	3					$	7
Other assets						7						6						13						—						0						0
Assets						52						15						67						4						3						7
Accounts payable and accrued liabilities						5						12						17						2						4						6
Non-current liabilities						2						6						8						—						1						1
Liabilities						7						18						25						2						5						7
Net Assets/(Liabilities)						$	45					$	(3)					$	42					$	2					$	(2)					$	—

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

Additional information relating to Ingredion’s derivative instruments is presented below:

Derivatives in Cash Flow Hedging Relationships (in millions)						Gains (Losses) Recognized in OCL on Derivatives																		Income Statement Location						Gains (Losses) Reclassified from AOCL into Income
						2022						2021						2020												2022						2021						2020
Commodity contracts						$	202					$	218					$	17					Cost of sales						$	261					$	211					$	(62)
Foreign currency contracts						8						—						(7)						Net sales/Cost of sales						7						(1)						(2)
Interest rate contracts						—						—						(5)						Financing costs						—						(1)						(1)
Total						$	210					$	218					$	5											$	268					$	209					$	(65)

Schedule of location and amount of gain (loss) recognized in income

Derivatives in Fair Value Hedging Relationships (in millions)			Income Statement Location of Derivatives Designated as Hedging Instruments			Gains (Losses) Recognized in Income																		Income Statement Location of Hedged Items						Gains (Losses) Recognized in Income
						2022						2021						2020												2022						2021						2020
Interest rate contracts			Financing costs			$	—					$	—					$	(1)					Financing costs						$	—					$	—					$	1

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

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