CONSOLIDATED STATEMENTS OF INCOME

YEAR ENDED DECEMBER 31,

(in millions, except per share amounts) 2022 2021 2020

Net sales $7,946 $6,894 $5,987

Cost of sales 6,452 5,563 4,715
Gross profit 1,494 1,331 1,272
Operating expenses 715 668 628
Other operating expense (income) 13 (34) (31)
Restructuring/impairment charges and related adjustments 4 387 93
Operating income 762 310 582
Financing costs 99 74 81
Other non-operating (income) (5) (12) (5)
Income before income taxes 668 248 506
Provision for income taxes 166 123 152
Net income 502 125 354
Less: Net income attributable to non-controlling interests 10 8 6
Net income attributable to Ingredion $492 $117 $348
Weighted average common shares outstanding:
Basic 66.2 67.1 67.2
Diluted 67.0 67.8 67.6
Earnings per common share of Ingredion:
Basic $7.43 $1.74 $5.18
Diluted 7.34 1.73 5.15
See the Notes to the Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)

Net income

Other comprehensive income:

Gains on cash flow hedges, net of income tax effect of $53, $58 and $2,

(Gains) losses on cash flow hedges reclassified to earnings, net of income tax effect of $69, $55 and $17,
respectively
Actuarial (losses) gains on pension and other postretirement obligations, settlements and plan amendments, net
of income tax effect of $1, $9 and $1, respectively
Currency translation adjustment

Comprehensive income

Less: Comprehensive income attributable to non-controlling interests

Comprehensive income attributable to Ingredion

See the Notes to the Consolidated Financial Statements.
 2022 2021 2020

$502 $125 $354

157 160 3

(199) (154) 48

(4) 19 (1)

(105) 211 (25)

351 361 379

— 9 5

$351 $352 $374

CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share amounts)

Assets
Current assets:
Cash and cash equivalents
Short-term investments
Accounts receivable, net
Inventories
Prepaid expenses
Total current assets
Property, plant and equipment, net of accumulated depreciation of $3,326 and $3,232, respectively
Intangible assets
Other assets
Total assets
Liabilities and equity
Current liabilities:
Short-term borrowings
Accounts payable
Accrued liabilities
Total current liabilities
Long-term debt
Other non-current liabilities
Total liabilities
Share-based payments subject to redemption
Redeemable non-controlling interests
Ingredion stockholders’ equity:
Preferred stock—authorized 25,000,000 shares—$0.01 par value, none issued
Common stock—authorized 200,000,000 shares—$0.01 par value, 77,810,875 issued at December 31, 2022 and December 31, 2021
Additional paid-in capital
Less: Treasury stock (common stock: 12,116,920 and 11,154,203 shares at December 31, 2022 and December 31, 2021, respectively) at cost

Accumulated other comprehensive loss

Retained earnings
Total Ingredion stockholders’ equity
Non-redeemable non-controlling interests
Total equity
Total liabilities and equity
See the Notes to the Consolidated Financial Statements.
2022 2021

$236 $328
3 4
1,411 1,130
1,597 1,172
62 63
3,309 2,697
2,407 2,423
1,301 1,348
544 531
$7,561 $6,999

$543 $308
873 774
466 430
1,882 1,512
1,940 1,738
477 524
4,299 3,774
48 36
51 71

— —
1 1
1,132 1,158
(1,148) (1,061)

(1,048) (897)
4,210 3,899
3,147 3,100
16 18
3,163 3,118
$7,561 $6,999
CONSOLIDATED STATEMENTS
OF EQUITY AND REDEEMABLE
EQUITY
(in millions) PREFERREDST COMMON STOCK ADDITIONAL TREASURY
OCK PAID-IN CAPITAL STOCK

Balance, December 31, 2019 $— $1 $1,137 ($1,040)

Net income attributable to Ingredion
Net income (loss) attributable to non-controlling interests
Dividends declared
Acquisition of redeemable non-controlling interests
Share-based compensation, net of issuance 13 16
Other comprehensive income (loss)
Other
Balance, December 31, 2020 — 1 1,150 (1,024)
Net income attributable to Ingredion
Net income (loss) attributable to non-controlling interests
Dividends declared
Repurchases of common stock, net (68)
Share-based compensation, net of issuance 8 31
Other comprehensive income (loss)
Balance, December 31, 2021 — 1 1,158 (1,061)
Net income attributable to Ingredion
Net income attributable to non-controlling interests
Dividends declared
Repurchases of common stock, net (112)
Share-based compensation, net of issuance 3 25
Fair market value adjustment to non-controlling interests (29)
Non-controlling interest purchases
Other comprehensive (loss)
Balance, December 31, 2022 $— $1 $1,132 ($1,148)
See the Notes to the Consolidated Financial Statements.
TOTAL EQUITY
ACCUMULATED OTHER RETAINED NON-REDEEMABLE NON- SHARE-BASED REDEEMABLE
COMPREHENSIVE LOSS EARNINGS CONTROLLING INTERESTS PAYMENTS NON-
SUBJECT TO CONTROLLING
REDEMPTION INTERESTS

($1,158) $3,780 $21 $31 $—

348
10 (4)
(171) (8)
74
(1)
25 (1)
(1)
(1,133) 3,957 21 30 70
117
11 (3)
(175) (11)

6
236 (3) 4
(897) 3,899 18 36 71
492
9 1
(181) (5)

12
29
(46)
(151) (6) (4)
($1,048) $4,210 $16 $48 $51
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEAR ENDED DECEMBER 31,
(in millions)

Cash provided by operating activities

Net income

Non-cash charges to net income:

Depreciation and amortization
Mechanical stores expense
Impairment on disposition of assets
Deferred income taxes
Other non-cash charges
Changes in working capital:
Accounts receivable and prepaid expenses
Inventories
Accounts payable and accrued liabilities
Margin accounts
Other
Cash provided by operating activities
Cash used for investing activities
Capital expenditures and mechanical stores purchases

Proceeds from disposal of manufacturing facilities and properties

Payments for acquisitions, net of cash acquired
Other
Cash used for investing activities
Cash provided by (used for) financing activities
Proceeds from borrowings

Payments on debt
Debt issuance cost
Commercial paper borrowings, net
(Repurchases) issuances of common stock, net
Purchases of non-controlling interests
Dividends paid, including to non-controlling interests
Cash provided by (used for) financing activities
Effects of foreign exchange rate changes on cash
(Decrease) increase in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
See the Notes to the Consolidated Financial Statements.
2022 2021 2020

$502 $125 $354

215 220 213

55 55 54
— 340 —
(3) (61) (7)
57 8 105

(310) (162) (3)

(468) (312) (14)
158 226 124
(44) (32) 43
(10) (15) (40)
152 392 829

(300) (300) (340)

7 18 7
(29) (40) (236)
2 (13) (2)
(320) (335) (571)

825 1,300 1,550

(532) (1,690) (1,224)

— — (9)
140 250 —
(103) (49) 4
(46) — —
(181) (184) (178)
103 (373) 143
(27) (21) —
(92) (337) 401
328 665 264
$236 $328 $665