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Equity (Tables) | 3 Months Ended
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Mar. 31, 2019
Equity |
Schedule of stock based compensation expense |
|  | Three Months Ended |
|  | March 31, |
(in millions) |  | 2019 |  | 2018 |
Stock options: |  |  |  |  |  |  |
Pre-tax compensation expense |  | $ | 1 |  | $ | 1 |
Income tax benefit |  |  | — |  |  | — |
Stock option expense, net of income taxes |  |  | 1 |  |  | 1 |
Restricted stock units ("RSUs"): |  |  |  |  |  |  |
Pre-tax compensation expense |  |  | 2 |  |  | 3 |
Income tax benefit |  |  | — |  |  | (1) |
RSUs, net of income taxes |  |  | 2 |  |  | 2 |
Performance shares and other share-based awards: |  |  |  |  |  |  |
Pre-tax compensation expense |  |  | 1 |  |  | 1 |
Income tax benefit |  |  | — |  |  | — |
Performance shares and other share-based compensation expense, net of income taxes |  |  | 1 |  |  | 1 |
Total share-based compensation: |  |  |  |  |  |  |
Pre-tax compensation expense |  |  | 4 |  |  | 5 |
Income tax benefit |  |  | — |  |  | (1) |
Total share-based compensation expense, net of income taxes |  | $ | 4 |  | $ | 4 |
Schedule of valuation assumptions for stock options |
|  | Three Months Ended March 31, |
|  | 2019 |  | 2018 |
Expected life (in years) |  | 5.5 |  |  | 5.5 |  |
Risk-free interest rate |  | 2.5 | % |  | 2.5 | % |
Expected volatility |  | 19.7 | % |  | 19.8 | % |
Expected dividend yield |  | 2.7 | % |  | 1.8 | % |
Schedule of stock option transactions |
|  | Number of Options (in thousands) |  | Weighted Average Exercise Price per Share |  | Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in millions) |
Outstanding as of December 31, 2018 |  | 2,079 |  | $ | 80.25 |  | 5.51 |  | $ | 42 |
Granted |  | 247 |  |  | 91.85 |  |  |  |  |  |
Exercised |  | (60) |  |  | 32.99 |  |  |  |  |  |
Cancelled |  | (22) |  |  | 121.87 |  |  |  |  |  |
Outstanding as of March 31, 2019 |  | 2,244 |  | $ | 82.38 |  | 5.83 |  | $ | 43 |
Exercisable as of March 31, 2019 |  | 1,783 |  | $ | 75.57 |  | 5.16 |  | $ | 42 |
Schedule of additional information pertaining to stock option activity |
|  | Three Months Ended |
|  | March 31, |
(dollars in millions, except per share) |  | 2019 |  | 2018 |
Weighted average grant date fair value of stock options granted (per share) |  | $ | 14.02 |  | $ | 24.01 |
Total intrinsic value of stock options exercised |  | $ | 4 |  | $ | 8 |
Schedule of restricted unit activity |
(RSUs in thousands) |  | Number of RSUs |  | Weighted Average Fair Value per Share |
Non-vested as of December 31, 2018 |  | 341 |  | $ | 115.06 |
Granted |  | 148 |  |  | 91.94 |
Vested |  | (123) |  |  | 100.20 |
Cancelled |  | (15) |  |  | 121.62 |
Non-vested as of March 31, 2019 |  | 351 |  | $ | 110.25 |
Summary of net changes in accumulated other comprehensive loss |
(in millions) |  | Cumulative Translation Adjustment |  | Deferred (Loss) Gain on Hedging Activities |  | Pension and Postretirement Adjustment |  | Unrealized (Loss) Gain on Investment |  | Accumulated Other Comprehensive Loss |
Balance, December 31, 2018 |  | $ | (1,080) |  | $ | (5) |  | $ | (69) |  | $ | — |  | $ | (1,154) |
Other comprehensive income (loss) before reclassification adjustments |  |  | 1 |  |  | (12) |  |  | — |  |  | — |  |  | (11) |
Amount reclassified from accumulated OCI |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Tax benefit |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Net other comprehensive income (loss) |  |  | 1 |  |  | (7) |  |  | — |  |  | — |  |  | (6) |
Balance, March 31, 2019 |  | $ | (1,079) |  | $ | (12) |  | $ | (69) |  | $ | — |  | $ | (1,160) |
(in millions) |  | Cumulative Translation Adjustment |  | Deferred (Loss) Gain on Hedging Activities |  | Pension and Postretirement Adjustment |  | Unrealized (Loss) Gain on Investment |  | Accumulated Other Comprehensive Loss |
Balance, December 31, 2017 |  | $ | (951) |  | $ | (13) |  | $ | (51) |  | $ | 2 |  | $ | (1,013) |
Other comprehensive income (loss) before reclassification adjustments |  |  | 21 |  |  | 22 |  |  | (1) |  |  | 1 |  |  | 43 |
Amount reclassified from accumulated OCI |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
Tax provision |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  | (6) |
Net other comprehensive income (loss) |  |  | 21 |  |  | 20 |  |  | (1) |  |  | 1 |  |  | 41 |
Balance, March 31, 2018 |  | $ | (930) |  | $ | 7 |  | $ | (52) |  | $ | 3 |  | $ | (972) |
Schedule of stockholders equity and redeemable equity |
|  | Total Equity |  | Share-based |
|  |  |  |  | Additional |  |  |  |  | Accumulated Other |  |  |  |  | Non- |  | Payments |
|  | Common |  | Paid-In |  | Treasury |  | Comprehensive |  | Retained |  | Controlling |  | Subject to |
(in millions) |  | Stock |  | Capital |  | Stock |  | Loss |  | Earnings |  | Interests |  | Redemption |
Balance, December 31, 2018 |  | $ | 1 |  | $ | 1,096 |  | $ | (1,091) |  | $ | (1,154) |  | $ | 3,536 |  | $ | 20 |  | $ | 37 |
Net income attributable to Ingredion |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 100 |  |  |  |  |  |  |
Net income attributable to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2 |  |  |  |
Dividends declared, common stock ($0.625/share) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (42) |  |  |  |  |  |  |
Repurchases of common stock |  |  |  |  |  | 32 |  |  | 31 |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based compensation, net of issuance |  |  |  |  |  | 9 |  |  | 10 |  |  |  |  |  |  |  |  |  |  |  | (16) |
Other comprehensive loss |  |  |  |  |  |  |  |  |  |  |  | (6) |  |  |  |  |  |  |  |  |  |
Balance, March 31, 2019 |  | $ | 1 |  | $ | 1,137 |  | $ | (1,050) |  | $ | (1,160) |  | $ | 3,594 |  | $ | 22 |  | $ | 21 |
|  | Total Equity |  | Share-based |
|  |  |  |  | Additional |  |  |  |  | Accumulated Other |  |  |  |  | Non- |  | Payments |
|  | Common |  | Paid-In |  | Treasury |  | Comprehensive |  | Retained |  | Controlling |  | Subject to |
(in millions) |  | Stock |  | Capital |  | Stock |  | Loss |  | Earnings |  | Interests |  | Redemption |
Balance, December 31, 2017 |  | $ | 1 |  | $ | 1,138 |  | $ | (494) |  | $ | (1,013) |  | $ | 3,259 |  | $ | 26 |  | $ | 36 |
Net income attributable to Ingredion |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 140 |  |  |  |  |  |  |
Net income attributable to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 |  |  |  |
Dividends declared, common stock ($0.60/share) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (44) |  |  |  |  |  |  |
Dividends declared, non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3) |  |  |  |
Share-based compensation, net of issuance |  |  |  |  |  | (6) |  |  | 18 |  |  |  |  |  |  |  |  |  |  |  | (9) |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  | 41 |  |  |  |  |  | (2) |  |  |  |
Balance, March 31, 2018 |  | $ | 1 |  | $ | 1,132 |  | $ | (476) |  | $ | (972) |  | $ | 3,355 |  | $ | 24 |  | $ | 27 |
Schedule of basic and diluted earnings per common share |
|  | Three Months Ended March 31, 2019 |  | Three Months Ended March 31, 2018 |
(in millions, except per share amounts) |  | Net Income Available to Ingredion |  | Weighted Average Shares |  | Per Share Amount |  | Net Income Available to Ingredion |  | Weighted Average Shares |  | Per Share Amount |
Basic EPS |  | $ | 100 |  | 66.8 |  | $ | 1.50 |  | $ | 140 |  | 72.3 |  | $ | 1.94 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards |  |  |  |  | 0.6 |  |  |  |  |  |  |  | 1.3 |  |  |  |
Diluted EPS |  | $ | 100 |  | 67.4 |  | $ | 1.48 |  | $ | 140 |  | 73.6 |  | $ | 1.90 |

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