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Equity (Tables)
3 Months Ended
Mar. 31, 2022
Equity  
Schedule of stock based compensation expense

Three Months Ended

March 31, 

(in millions)

    

2022

    

2021

 

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

 

3

 

3

Income tax benefit

 

 

RSUs, net of income taxes

 

3

 

3

Performance shares and other share-based awards:

Pre-tax compensation expense

 

3

 

1

Income tax benefit

 

(1)

 

Performance shares and other share-based compensation expense, net of income taxes

 

2

 

1

Total share-based compensation:

Pre-tax compensation expense

 

7

 

5

Income tax benefit

 

(1)

 

Total share-based compensation expense, net of income taxes

 

$

6

$

5

Schedule of valuation assumptions for stock options

Three Months Ended March 31, 

    

2022

2021

Expected life (in years)

5.5

5.5

Risk-free interest rate

2.0

%

0.6

%

 

Expected volatility

23.8

%

23.2

%

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, 2021

 

2,154

 

$

90.39

5.26

$

26

Granted

 

281

88.66

Exercised

 

(36)

57.65

Cancelled

 

(13)

117.27

Outstanding as of March 31, 2022

 

2,386

$

90.54

 

5.69

 

$

12

Exercisable as of March 31, 2022

 

1,805

$

91.34

 

4.56

 

$

12

Schedule of additional information pertaining to stock option activity

March 31, 

(dollars in millions, except per share)

    

2022

    

2021

  

Weighted average grant date fair value of stock options granted (per share)

$

15.04

$

12.31

Total intrinsic value of stock options exercised

$

1

$

5

Schedule of restricted unit activity

(RSUs in thousands)

    

Number of Restricted Shares

    

Weighted Average Fair Value per Share

Non-vested as of December 31, 2021

486

$

88.34

Granted

193

88.91

Vested

(122)

91.40

Cancelled

(14)

88.07

Non-vested as of March 31, 2022

543

$

87.86

Summary of net changes in accumulated other comprehensive loss

(in millions)

    

Cumulative Translation Adjustment

    

Hedging Activities

    

Pension and Postretirement Adjustment

    

AOCL

   

Balance, December 31, 2021

$

(903)

$

48

$

(42)

$

(897)

Other comprehensive gain before reclassification adjustments

38

176

214

(Gain) reclassified from accumulated OCL

(46)

(46)

Tax (provision)

(34)

(34)

Net other comprehensive income

38

96

134

Balance, March 31, 2022

$

(865)

$

144

$

(42)

$

(763)

(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) before reclassification adjustments

(52)

29

(23)

(Gain) reclassified from accumulated OCL

(1)

(1)

Tax (provision)

(7)

(7)

Net other comprehensive (loss) income

(52)

21

(31)

Balance, March 31, 2021

$

(1,166)

$

63

$

(61)

$

(1,164)

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, 2021

$

$

1

$

1,158

$

(1,061)

$

(897)

$

3,899

$

18

$

36

$

71

Net income attributable to Ingredion

130

Net income attributable to non-controlling interests

3

Dividends declared, common stock ($0.65/share)

(43)

Repurchases of common stock

(39)

Share-based compensation, net of issuance

2

9

(5)

Other comprehensive income (loss)

134

(2)

Balance, March 31, 2022

$

$

1

$

1,160

$

(1,091)

$

(763)

$

3,986

$

19

$

31

$

71

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) income

(31)

1

1

Balance, March 31, 2021

$

$

1

$

1,155

$

(1,022)

$

(1,164)

$

3,667

$

26

$

21

$

70

Schedule of basic and diluted earnings per common share

    

Three Months Ended March 31, 2022

    

Three Months Ended March 31, 2021

    

(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

$

130

 

66.9

$

1.94

$

(246)

 

67.3

$

(3.66)

Effect of Dilutive Securities:

Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards

 

0.7

 

Diluted EPS

$

130

 

67.6

$

1.92

$

(246)

 

67.3

$

(3.66)