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Equity (Tables) | 6 Months Ended
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Jun. 30, 2022
Equity |
Schedule of stock based compensation expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
(in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
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) | ​ |  | (1) | ​
RSUs, net of income taxes | ​ |  | 2 | ​ |  | 2 | ​ |  | 5 | ​ |  | 5 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Performance shares and other share-based awards: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax compensation expense | ​ |  | 4 | ​ |  | 2 | ​ |  | 7 | ​ |  | 3 | ​
Income tax benefit | ​ |  | — | ​ |  | — | ​ |  | (1) | ​ |  | — | ​
Performance shares and other share-based compensation expense, net of income taxes | ​ |  | 4 | ​ |  | 2 | ​ |  | 6 | ​ |  | 3 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total share-based compensation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pre-tax compensation expense | ​ |  | 8 | ​ |  | 6 | ​ |  | 15 | ​ |  | 11 | ​
Income tax benefit | ​ |  | (1) | ​ |  | (1) | ​ |  | (2) | ​ |  | (1) | ​
Total share-based compensation expense, net of income taxes |  | $ | 7 |  | $ | 5 |  | $ | 13 | ​ | $ | 10 | ​
Schedule of valuation assumptions for stock options | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, | ​
​ |  | 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 |  | (45) | ​ | ​ | 59.12 | ​ | ​ | ​ | ​ | ​ | ​
Cancelled |  | (23) | ​ | ​ | 104.71 | ​ | ​ | ​ | ​ | ​ | ​
Outstanding as of June 30, 2022 |  | 2,367 | ​ | $ | 90.65 |  | 5.42 |  | $ | 13 | ​
Exercisable as of June 30, 2022 |  | 1,795 | ​ | $ | 91.48 |  | 4.29 |  | $ | 12 | ​
​
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) |  | 2022 |  | 2021 |  | 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 | ​ | $ | 1 | ​ | $ | 2 | ​ | $ | 6 | ​
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 | ​ | 203 | ​ | ​ | 88.86 | ​
Vested | ​ | (126) | ​ | ​ | 91.28 | ​
Cancelled | ​ | (34) | ​ | ​ | 86.85 | ​
Non-vested as of June 30, 2022 | ​ | 529 | ​ | $ | 87.94 | ​
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 (loss) gain before reclassification adjustments | ​ | ​ | (81) | ​ | ​ | 179 | ​ | ​ | — | ​ | ​ | 98 | ​
(Gain) reclassified from accumulated OCL | ​ | ​ | — | ​ | ​ | (128) | ​ | ​ | — | ​ | ​ | (128) | ​
Tax (provision) | ​ | ​ | — | ​ | ​ | (13) | ​ | ​ | — | ​ | ​ | (13) | ​
Net other comprehensive (loss) income | ​ | ​ | (81) | ​ | ​ | 38 | ​ | ​ | — | ​ | ​ | (43) | ​
Balance, June 30, 2022 | ​ | $ | (984) | ​ | $ | 86 | ​ | $ | (42) | ​ | $ | (940) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions) |  | Cumulative Translation Adjustment |  | Hedging Activities |  | Pension and Postretirement Adjustment |  | AOCL |
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) | ​
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 | ​
Net income attributable to Ingredion | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 142 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to non-controlling interests | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 1 | ​
Dividends declared, common stock ($0.65/share) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (43) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends declared, non-controlling interests | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Repurchases of common stock | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (44) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share-based compensation, net of issuance | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 6 | ​ | ​ | ​ | ​
Fair market value adjustment to non-controlling interests | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (29) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 29 | ​
Non-controlling interest purchases | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (27) | ​
Other comprehensive (loss) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (177) | ​ | ​ | ​ | ​ | ​ | (2) | ​ | ​ | ​ | ​ | ​ | (4) | ​
Balance, June 30, 2022 | ​ | $ | — | ​ | $ | 1 | ​ | $ | 1,133 | ​ | $ | (1,133) | ​ | $ | (940) | ​ | $ | 4,085 | ​ | $ | 15 | ​ | $ | 37 | ​ | $ | 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, 2020 | ​ | $ | — | ​ | $ | 1 | ​ | $ | 1,150 | ​ | $ | (1,024) | ​ | $ | (1,133) | ​ | $ | 3,957 | ​ | $ | 21 | ​ | $ | 30 | ​ | $ | 70 | ​
Net (loss) attributable to Ingredion | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (246) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) 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 | ​
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 | ​
Schedule of basic and diluted earnings per common share | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| ​ | Three Months Ended June 30, 2022 |  | Three Months Ended June 30, 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 | ​ | $ | 142 |  | 66.4 | ​ | $ | 2.14 | ​ | $ | 178 |  | 67.2 | ​ | $ | 2.65 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Effect of Dilutive Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards | ​ | ​ | ​ |  | 0.7 | ​ | ​ | ​ | ​ | ​ | ​ |  | 0.7 | ​ | ​ | ​ | ​
Diluted EPS | ​ | $ | 142 |  | 67.1 | ​ | $ | 2.12 | ​ | $ | 178 |  | 67.9 | ​ | $ | 2.62 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| ​ | Six Months Ended June 30, 2022 |  | Six Months Ended June 30, 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 | ​ | $ | 272 |  | 66.6 | ​ | $ | 4.08 | ​ | $ | (68) |  | 67.3 | ​ | $ | (1.01) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | $ | 272 |  | 67.3 | ​ | $ | 4.04 | ​ | $ | (68) |  | 67.3 | ​ | $ | (1.01) | ​

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