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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Pension Plan  
Pension and other postretirement benefits  
Schedule of funded status The changes in pension benefit obligations and plan assets during 2022 and 2021, as well as the funded status and the amounts recognized in our Consolidated Balance Sheets related to our pension plans at December 31, 2022 and 2021, were as follows:
U.S. PlansNon-U.S. Plans
(in millions)2022202120222021
Benefit obligation
At January 1$383 $409 $254 $275 
Service cost4 4 3 4 
Interest cost9 8 9 9 
Benefits paid(25)(24)(13)(13)
Actuarial (gain) loss(71)(14)(49)(15)
Curtailment/settlement/amendments— — (2)(1)
Foreign currency translation— — (14)(5)
Benefit obligation at December 31$300 $383 $188 $254 
Fair value of plan assets
At January 1$420 $439 $244 $249 
Actual return on plan assets(79)4 (30)3 
Employer contributions1 1 5 7 
Benefits paid(25)(24)(13)(13)
Plan settlements— — (2)(1)
Foreign currency translation— — (15)(1)
Fair value of plan assets at December 31$317 $420 $189 $244 
Funded status$17 $37 $1 $(10)
Schedule of amounts recognized in the consolidated balance sheets
Amounts recorded in the Consolidated Balance Sheets as of December 31, 2022 and 2021 were as follows:
U.S. PlansNon-U.S. Plans
(in millions)2022202120222021
Non-current asset$25 $47 $43 $44 
Current liabilities(1)(1)(1)(1)
Non-current liabilities(7)(9)(41)(53)
Net asset (liability) recognized$17 $37 $1 $(10)
Schedule of amounts recognized in accumulated other comprehensive loss
Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2022 and 2021, were as follows:
U.S. PlansNon-U.S. Plans
(in millions)2022202120222021
Net actuarial loss$36 $11 $24 $38 
Transition obligation— — — — 
Prior service (credit) cost(3)(4)— — 
Net amount recognized$33 $7 $24 $38 
Schedule of plan obligations and assets for plans with an accumulated benefit obligation in excess of plan assets Information for pension plans with a projected benefit obligation in excess of plan assets and an accumulated benefit obligation in excess of plan assets was as follows:
U.S. PlansNon-U.S. Plans
(in millions)2022202120222021
Projected benefit obligation$(8)$(10)$(45)$(57)
Accumulated benefit obligation(8)(9)(35)(48)
Fair value of plan assets— — 3 3 
Components of net periodic benefit cost
Components of net periodic benefit cost consist of the following for 2022, 2021 and 2020:
U.S. PlansNon-U.S. Plans
(in millions)202220212020202220212020
Service cost$4 $4 $5 $3 $4 $4 
Interest cost9 8 11 9 9 10 
Expected return on plan assets(16)(17)(21)(7)(8)(8)
Amortization of actuarial loss— — — 1 2 2 
Amortization of prior service credit(1)(1)(1)— — — 
Net periodic benefit cost$(4)$(6)$(6)$6 $7 $8 
Schedule of amounts recorded in other comprehensive income and net periodic benefit cost
Total amounts recorded in other comprehensive income and net periodic benefit cost were as follows:
(in millions, pre-tax)U.S. PlansNon-U.S. Plans
202220212020202220212020
Net actuarial (gain) loss $25 $(1)$(3)$(11)$(11)$1 
Prior service cost— — — — — — 
Amortization of actuarial loss— — — (1)(2)(2)
Amortization of prior service credit1 1 1 — — — 
Foreign currency translation— — — (2)(11)— 
Total recorded in other comprehensive income26 — (2)(14)(24)(1)
Net periodic benefit cost(4)(6)(6)6 7 8 
Total recorded in other comprehensive income and net periodic benefit cost$22 $(6)$(8)$(8)$(17)$7 
Schedule of weighted average assumptions used to determine the company's obligations
The following weighted average assumptions were used to determine our obligations for the pension plans for the given years:
U.S. PlansNon-U.S. Plans
2022202120222021
Discount rate5.19 %2.91 %5.66 %3.47 %
Rate of compensation increase3.92 4.18 3.83 3.67 
Cash balance interest credit rate4.21 4.11 — — 
Schedule of weighted average assumptions used to determine the company's net periodic benefit cost
The following weighted average assumptions were used to determine our net periodic benefit cost for the pension plans for the given years:
U.S. PlansNon-U.S. Plans
202220212020202220212020
Discount rate2.91 %2.58 %3.34 %3.66 %2.84 %3.55 %
Expected long-term return on plan assets4.10 4.10 5.30 3.50 3.37 3.81 
Rate of compensation increase4.18 4.26 4.21 3.77 3.54 3.68 
Cash balance interest crediting rate4.11 3.76 4.16 — — — 
Schedule of weighted average asset allocation
Our weighted average asset allocations as of December 31, 2022 and 2021, for U.S. and non-U.S. pension plan assets are as follows:
U.S. PlansNon-U.S. Plans
Asset Category2022202120222021
Equity securities11 %14 %8 %18 %
Debt securities87 85 77 57 
Cash and other2 1 15 25 
Total100 %100 %100 %100 %
Schedule of fair values of the company's plan assets, by asset category and level
The fair values of our plan assets by asset category are as follows:
Fair Value Measurements at December 31, 2022
NAVLevel 1Level 2Total
(in millions)20222021202220212022202120222021
U.S. Plans:
Equity index:
U.S. (a)
$— $— $— $— $22 $37 $22 $37 
International (b)
— — — — 14 22 14 22 
Fixed income index:
Long bond (c)
— — — — 127 179 127 179 
Long government bond (d)
— — — — 89 109 89 109 
Other fixed income (e)
59 69 — — — — 59 69 
Cash & Short-term Investments (f)
— — — — 6 4 6 4 
Total U.S. Plans$59 $69 $— $— $258 $351 $317 $420 
Non-U.S. Plans:
Equity index:
U.S. (a)
$— $— $— $— $9 $26 $9 $26 
International (b)
— — — — 6 17 6 17 
Fixed income index:
Short bond (g)
— — — — 25 34 25 34 
Intermediate bond (h)
— — — — 51 45 51 45 
Long bond (i)
— — — — 69 93 69 93 
Other (j)
— — — — 22 21 22 21 
Cash & Short-term Investments (f)
— — 2 8 5 — 7 8 
Total Non-U.S. Plans$— $— $2 $8 $187 $236 $189 $244 
______________________
(a)This category consists of both passively and actively managed equity index funds that track the return of large capitalization U.S. equities.
(b)This category consists of both passively and actively managed equity index funds that track an index of returns on international developed market equities.
(c)
This category consists of an actively managed fixed income index fund that invests in a diversified portfolio of fixed-income corporate securities with maturities generally exceeding 10 years.
(d)
This category consists of an actively managed fixed income index fund that invests in a diversified portfolio of fixed-income U.S. treasury securities with maturities generally exceeding 10 years.
(e)
This category consists of an actively managed common collective fund that invests in government bonds, collateralized mortgage obligations, investment grade private credit and real estate debt. This fund is priced monthly at the aggregated market value of the underlying investments and can be fully redeemed with 95 days notification.
(f)This category represents cash, cash equivalents, or highly liquid short-term investments.
(g)This category consists of both passively and actively managed fixed income index funds that track the return of short-duration government and investment grade corporate bonds.
(h)This category consists of both passively and actively managed fixed income index funds that track the return of intermediate duration government and investment grade corporate bonds.
(i)This category consists of both passively and actively managed fixed income index funds that track the return of government bonds and investment grade corporate bonds.
(j)This category mainly consists of investment products provided by insurance companies that offer returns that are subject to a minimum guarantee and mutual funds.
Schedule of benefit payments, which reflect anticipated future service, as appropriate and are expected to be made
The following benefit payments to beneficiaries, which reflect anticipated future service, as appropriate, are expected to be made in the following years:
(in millions)U.S. PlansNon-U.S. Plans
202326 14 
202425 13 
202525 13 
202625 13 
202726 14 
Years 2028 - 2032115 78 
Postemployment Retirement Benefits  
Pension and other postretirement benefits  
Schedule of funded status The information presented below includes plans in the U.S., Brazil and Canada. The changes in the benefit obligations of the plans during 2022 and 2021, as well as the amounts recognized in our Consolidated Balance Sheets at December 31, 2022 and 2021, are as follows:
(in millions)20222021
Accumulated postretirement benefit obligation
At January 1$65 $68 
Service cost1 1 
Interest cost3 2 
Amendments— 4 
Actuarial (gain) loss(7)(5)
Benefits paid(4)(4)
Foreign currency translation— (1)
At December 3158 65 
Fair value of plan assets— — 
Funded status$(58)$(65)
Schedule of amounts recognized in the consolidated balance sheets
Amounts recorded in the Consolidated Balance Sheets at December 31, 2022 and 2021 consist of:
(in millions)20222021
Current liabilities$(5)$(4)
Non-current liabilities(53)(61)
Net liability recognized$(58)$(65)
Schedule of amounts recognized in accumulated other comprehensive loss
Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2022 and 2021 were as follows:
(in millions)20222021
Net actuarial loss$1 $8 
Prior service cost5 5 
Net amount recognized$6 $13 
Components of net periodic benefit cost
Components of net periodic benefit cost consisted of the following for 2022, 2021 and 2020:
(in millions)202220212020
Service cost$1 $1 $— 
Interest cost3 2 3 
Amortization of actuarial loss— 1 1 
Amortization of prior service credit— (2)(2)
Net periodic benefit cost$4 $2 $2 
Schedule of amounts recorded in other comprehensive income and net periodic benefit cost
Total amounts recorded in other comprehensive income and net periodic benefit cost for 2022, 2021 and 2020 was as follows:
(in millions, pre-tax)202220212020
Net actuarial loss (gain)$(7)$(5)$4 
Prior service cost— 4 — 
Amortization of prior service credit— 2 2 
Amortization of actuarial loss— (1)(1)
Foreign currency translation— (4)— 
Total recorded in other comprehensive income (7)(4)5 
Net periodic benefit cost4 2 2 
Total recorded in other comprehensive income and net periodic benefit cost$(3)$(2)$7 
Schedule of weighted average assumptions used to determine the company's obligations
The following weighted average assumptions were used to determine our obligations under the postretirement plans for 2022 and 2021:
20222021
Discount rate7.30 %4.22 %
Schedule of weighted average assumptions used to determine the company's net periodic benefit cost
The following weighted average assumptions were used to determine our net postretirement benefit cost:
202220212020
Discount rate4.22 %3.69 %4.42 %
Schedule of assumptions made in measuring the company's postretirement benefit obligation The following assumptions were used as of December 31, 2022:
U.S. Canada Brazil
2022 increase in per capita cost6.82 %4.82 %8.68 %
Ultimate trend4.50 %4.05 %8.68 %
Year ultimate trend reached203220402022
Schedule of benefit payments, which reflect anticipated future service, as appropriate and are expected to be made
The following benefit payments to beneficiaries, which reflect anticipated future service, as appropriate, are expected to be made under Ingredion’s postretirement benefit plans:
(in millions)
2023$5 
20244 
20254 
20264 
20274 
Years 2028 - 203221