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Restructuring and Impairment Charges | 12 Months Ended
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Dec. 31, 2021
Restructuring and Impairment Charges |
Restructuring and Impairment Charges | NOTE 5 – Restructuring and Impairment Charges ​ During 2021, Ingredion recorded $387 million of net pre-tax restructuring and impairment charges. Ingredion recorded a pre-tax impairment charge of $340 million related to the net assets we contributed to the Arcor joint venture and pre-tax restructuring charges of $44 million primarily related to Ingredion’s Cost Smart program. During 2020 Ingredion recorded a total of $93 million of pre-tax restructuring and impairment charges, including $48 million of pre-tax restructuring costs and $45 million of pre-tax impairment charges. During 2019 Ingredion recorded $57 million of pre-tax restructuring charges related to Ingredion’s Cost Smart program. ​ Impairment Charges ​ At the announcement of our agreement to invest in the Arcor joint venture in the first quarter of 2021, we reclassified assets and liabilities we expected to contribute to the joint venture as held for sale in Other assets in the Consolidated Balance Sheets and we recorded an impairment charge of $360 million based on our preliminary estimates of their fair value. Upon completion of the transaction in the third quarter of 2021, Ingredion finalized the fair value of the held for sale assets and liabilities, which resulted in a $20 million favorable adjustment to the impairment charge in the quarter. Of the final $340 million impairment charge for the net assets contributed to the Arcor joint venture in 2021, $311 million was related to the write-off of the cumulative translation losses associated with the contributed net assets and $29 million was related to the final write-down of the contributed net assets to fair value. ​ During 2020 Ingredion recorded a $35 million impairment charge for its indefinite-lived intangible asset associated with the TIC Gums tradename due to our decision to change our marketing strategy related to the brand. Additionally, we recorded a $10 million other-than-temporary impairment of our equity method investment in Verdient when we agreed to acquire the remaining 80 percent interest in Verdient. ​ Restructuring Charges ​ During 2021 Ingredion recorded $47 million of pre-tax net restructuring related charges. Ingredion recorded pre-tax net restructuring charges of $27 million as part of our Cost Smart Cost of sales program, which primarily consisted of accelerated depreciation and other costs recorded in our North America segment. We also recorded $17 million of employee-related and other costs associated with our Cost Smart selling, general and administrative expense (“SG&A”) program, consisting of professional services and employee-related severance costs primarily in our North America and EMEA segments. ​ During 2020 Ingredion recorded a total of $48 million of pre-tax restructuring related charges. Ingredion recorded pre-tax restructuring charges of $25 million for our Cost Smart SG&A program, which were primarily for employee-related severance costs recorded in our North America and EMEA segments, professional services costs in our North America segment and other costs. We also recorded $23 million of pre-tax restructuring charges for our Cost Smart Cost of sales program, which were primarily for inventory and mechanical stores write-offs and other costs associated with the closure of our Lane Cove, Australia production facility and closures of North America facilities and product lines including our Berwick, Pennsylvania manufacturing facility and the cessation of ethanol production at our Cedar Rapids, Iowa facility. ​ During 2019 Ingredion recorded a total of $57 million of pre-tax restructuring charges. We recorded $29 million of pre-tax restructuring charges for our Cost Smart Cost of sales program, which were primarily for accelerated depreciation and employee-related severance associated with the closure of our Lane Cove, Australia production facility and professional services and other costs primarily in North America. Pre-tax restructuring charges of $28 million were recorded for the Cost Smart SG&A program, which were primarily professional services and employee-related severance costs recorded in our North America and South America segments. The Cost Smart Cost of sales and Cost Smart SG&A programs began in 2018, during which we incurred $49 million of costs as part of the Cost Smart cost of sales program and $11 million of costs as part of the Cost Smart SG&A program. ​ A summary of Ingredion’s severance accrual at December 31, 2021, which we expect to fully pay in 2022, is as follows ($ in millions): ​
​ | ​ | ​ | ​ | ​
Balance in severance accrual as of December 31, 2020 |  | $ | 12 | ​
Joint venture related | ​ | ​ | 1 | ​
Cost Smart | ​ | ​ | 1 | ​
Payments made to terminated employees | ​ | ​ | (11) | ​
Balance in severance accrual as of December 31, 2021 |  | $ | 3 | ​
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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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