XML 44 R33.htm IDEA: XBRL DOCUMENT

Equity (Tables)

6 Months Ended

Jun. 30, 2021

Equity

Schedule of stock based compensation expense


		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in millions)		2021			2020			2021			2020
Stock options:
Pre-tax compensation expense		$	1		$	1		$	2		$	2
Income tax benefit			—			—			—			—
Stock option expense, net of income taxes			1			1			2			2

Restricted stock units ("RSUs"):
Pre-tax compensation expense			3			3			6			6
Income tax benefit			(1)			—			(1)			(1)
RSUs, net of income taxes			2			3			5			5

Performance shares and other share-based awards:
Pre-tax compensation expense			2			2			3			4
Income tax benefit			—			—			—			—
Performance shares and other share-based compensation expense, net of income taxes			2			2			3			4

Total share-based compensation:
Pre-tax compensation expense			6			6			11			12
Income tax benefit			(1)			—			(1)			(1)
Total share-based compensation expense, net of income taxes		$	5		$	6		$	10		$	11

Schedule of valuation assumptions for stock options


		Six Months Ended June 30,
		2021			2020
Expected life (in years)		5.5			5.5
Risk-free interest rate		0.6	%		1.4	%
Expected volatility		23.2	%		19.8	%
Expected dividend yield		2.9	%		2.9	%

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, 2020		2,238		$	86.55		5.15		$	14
Granted		358			87.12
Exercised		(189)			58.07
Cancelled		(56)			92.83
Outstanding as of June 30, 2021		2,351		$	88.99		5.70		$	20
Exercisable as of June 30, 2021		1,740		$	89.30		4.47		$	19

Schedule of additional information pertaining to stock option activity


		Three Months Ended						Six Months Ended
		June 30,						June 30,
(dollars in millions, except per share)		2021			2020			2021			2020
Weighted average grant date fair value of stock options granted (per share)		$	—		$	—		$	12.31		$	11.48
Total intrinsic value of stock options exercised		$	1		$	—		$	6		$	4

Schedule of restricted unit activity


(RSUs in thousands)		Number of Restricted Shares		Weighted Average Fair Value per Share
Non-vested as of December 31, 2020		418		$	96.45
Granted		219			87.32
Vested		(84)			126.56
Cancelled		(34)			90.69
Non-vested as of June 30, 2021		519		$	88.18

Summary of net changes in accumulated other comprehensive loss


(in millions)		Cumulative Translation Adjustment			Hedging Activities			Pension and Postretirement Adjustment			Accumulated Other Comprehensive Loss
Balance, December 31, 2020		$	(1,114)		$	42		$	(61)		$	(1,133)
Other comprehensive (loss) gain before reclassification adjustments			(22)			176			—			154
(Gain) reclassified from accumulated OCL			—			(110)			—			(110)
Tax (provision)			—			(17)			—			(17)
Net other comprehensive (loss) income			(22)			49			—			27
Balance, June 30, 2021		$	(1,136)		$	91		$	(61)		$	(1,106)


(in millions)		Cumulative Translation Adjustment			Hedging Activities			Pension and Postretirement Adjustment			Accumulated Other Comprehensive Loss
Balance, December 31, 2019		$	(1,089)		$	(9)		$	(60)		$	(1,158)
Other comprehensive (loss) before reclassification adjustments			(118)			(66)			—			(184)
Loss reclassified from accumulated OCL			—			25			—			25
Tax benefit			—			10			—			10
Net other comprehensive loss			(118)			(31)			—			(149)
Balance, June 30, 2020		$	(1,207)		$	(40)		$	(60)		$	(1,307)

Schedule of stockholders equity and redeemable equity


		Total Equity
																				Non-
														Accumulated						Redeemable			Share-based			Redeemable
								Additional						Other						Non-			Payments			Non-
		Preferred			Common			Paid-In			Treasury			Comprehensive			Retained			Controlling			Subject to			Controlling
(in millions)		Stock			Stock			Capital			Stock			Loss			Earnings			Interests			Redemption			Interests
Balance, December 31, 2020		$	—		$	1		$	1,150		$	(1,024)		$	(1,133)		$	3,957		$	21		$	30		$	70
Net (loss) attributable to Ingredion																		(246)
Net income attributable to non-controlling interests																					4						(1)
Dividends declared, common stock ($0.64/share)																		(44)
Repurchases of common stock												(14)
Share-based compensation, net of issuance									5			16												(9)
Other comprehensive loss															(31)						1						1
Balance, March 31, 2021		$	—		$	1		$	1,155		$	(1,022)		$	(1,164)		$	3,667		$	26		$	21		$	70
Net income attributable to Ingredion																		178
Net income attributable to non-controlling interests																					3
Dividends declared, common stock ($0.64/share)																		(43)
Dividends declared, non-controlling interests																					(7)
Repurchases of common stock												(10)
Share-based compensation, net of issuance									(1)			3												7
Other comprehensive income															58
Balance, June 30, 2021		$	—		$	1		$	1,154		$	(1,029)		$	(1,106)		$	3,802		$	22		$	28		$	70


		Total Equity
																				Non-
														Accumulated						Redeemable			Share-based			Redeemable
								Additional						Other						Non-			Payments			Non-
		Preferred			Common			Paid-In			Treasury			Comprehensive			Retained			Controlling			Subject to			Controlling
(in millions)		Stock			Stock			Capital			Stock			Loss			Earnings			Interests			Redemption			Interests
Balance, December 31, 2019		$	—		$	1		$	1,137		$	(1,040)		$	(1,158)		$	3,780		$	21		$	31		$	—
Net income attributable to Ingredion																		75
Net income attributable to non-controlling interests																					3
Dividends declared, common stock ($0.63/share)																		(42)
Repurchases of common stock
Share-based compensation, net of issuance									5			12												(8)
Other comprehensive loss															(164)						(3)
Balance, March 31, 2020		$	—		$	1		$	1,142		$	(1,028)		$	(1,322)		$	3,813		$	21		$	23		$	—
Net income attributable to Ingredion																		66
Net income attributable to non-controlling interests																					1
Dividends declared, common stock ($0.63/share)																		(43)
Dividends declared, non-controlling interests																					(3)
Repurchases of common stock
Share-based compensation, net of issuance									1			1												4
Other comprehensive income (loss)															15						1
Balance, June 30, 2019		$	—		$	1		$	1,143		$	(1,027)		$	(1,307)		$	3,836		$	20		$	27		$	—

Schedule of basic and diluted earnings per common share


		Three Months Ended June 30, 2021								Three Months Ended June 30, 2020
(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		$	178		67.2		$	2.65		$	66		67.2		$	0.98

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards					0.7								0.4
Diluted EPS		$	178		67.9		$	2.62		$	66		67.6		$	0.98


		Six Months Ended June 30, 2021								Six Months Ended June 30, 2020
(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		$	(68)		67.3		$	(1.01)		$	141		67.2		$	2.10

Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards													0.5
Diluted EPS		$	(68)		67.3		$	(1.01)		$	141		67.7		$	2.08