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Equity (Tables) | 3 Months Ended
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Mar. 31, 2023
Stockholders' Equity Note [Abstract] |
Schedule of Share-Based Compensation Expense | The following table summarizes the components of our share-based compensation expense for the periods presented:
|  | Three Months Ended March 31,
(in millions) |  | 2023 |  | 2022
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 |  | 4 |  |  | 3 |
Income tax benefit |  | (1) |  |  | — |
RSUs, net of income taxes |  | 3 |  |  | 3 |
Performance shares and other share-based awards: |  |  |  |
Pre-tax compensation expense |  | 4 |  |  | 3 |
Income tax benefit |  | — |  |  | (1) |
Performance shares and other share-based compensation expense, net of income taxes |  | 4 |  |  | 2 |
Total share-based compensation: |  |  |  |
Pre-tax compensation expense |  | 9 |  |  | 7 |
Income tax benefit |  | (1) |  |  | (1) |
Total share-based compensation expense, net of income taxes |  | $ | 8 |  |  | $ | 6 |
Schedule of Valuation Assumptions for Stock Options | The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:
|  | Three Months Ended March 31,
|  | 2023 |  | 2022
Expected life (in years) |  | 5.5 |  | 5.5
Risk-free interest rate |  | 4.0 | % |  | 2.0 | %
Expected volatility |  | 28.3 | % |  | 23.8 | %
Expected dividend yield |  | 2.9 | % |  | 2.9 | %
Schedule of Stock Option Transactions | A summary of stock option transactions for the first quarter of 2023 is as follows:
|  | 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, 2022 |  | 2,222 |  | $ | 92.32 |  |  | 5.16 |  | $ | 24 |
Granted |  | 197 |  | 98.69 |  |  |  |  |
Exercised |  | (148) |  | 63.51 |  |  |  |  |
Cancelled |  | — |  | — |  |  |  |  |
Outstanding as of March 31, 2023 |  | 2,271 |  | $ | 94.75 |  |  | 5.61 |  | $ | 25 |
Exercisable as of March 31, 2023 |  | 1,786 |  | $ | 95.38 |  |  | 4.67 |  | $ | 20 |
Schedule of Additional Information Pertaining to Stock Option Activity | Additional information pertaining to stock option activity is as follows:
|  | Three Months Ended March 31,
(dollars in millions, except per share) |  | 2023 |  | 2022
Weighted average grant date fair value of stock options granted (per share) |  | $ | 23.80 |  |  | $ | 15.04 |
Total intrinsic value of stock options exercised |  | 6 |  |  | 1 |
Schedule of Restricted Unit Activity | The following table summarizes RSU activity during the first quarter of 2023:
(shares in thousands) |  | Number of Restricted Shares |  | Weighted Average Fair Value per Share
Non-vested at December 31, 2022 |  | 517 |  | $ | 88.04 |
Granted |  | 203 |  | 98.46 |
Vested |  | (137) |  | 88.44 |
Cancelled |  | (5) |  | 89.11 |
Non-vested at March 31, 2023 |  | 578 |  | $ | 91.64 |
Summary of Accumulated Other Comprehensive Loss | The following is a summary of accumulated other comprehensive income (loss) for the first quarter of 2023 and 2022:
(in millions) |  | Cumulative Translation Adjustment |  | Hedging Activities |  | Pension and Postretirement Adjustment |  | AOCL
Balance, December 31, 2022 |  | $ | (1,008) |  |  | $ | 6 |  |  | $ | (46) |  |  | $ | (1,048) |
Other comprehensive income (loss) before reclassification adjustments |  | 6 |  |  | (58) |  |  | — |  |  | (52) |
(Gain) loss reclassified from accumulated OCL |  | — |  |  | (18) |  |  | — |  |  | (18) |
Tax benefit |  | — |  |  | 20 |  |  | — |  |  | 20 |
Net other comprehensive income (loss) |  | 6 |  |  | (56) |  |  | — |  |  | (50) |
Balance, March 31, 2023 |  | $ | (1,002) |  |  | $ | (50) |  |  | $ | (46) |  |  | $ | (1,098) |
(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) |
Schedule of Basic and Diluted Earnings Per Common Share | The following table provides the computation of basic and diluted earnings per common share (“EPS”) for the periods presented.
|  | Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022
(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 |  | $ | 191 |  |  | 66.1 |  | $ | 2.89 |  |  | $ | 130 |  |  | 66.9 |  | $ | 1.94 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |  |
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards |  |  |  | 1.0 |  |  |  |  |  | 0.7 |  |
Diluted EPS |  | $ | 191 |  |  | 67.1 |  | $ | 2.85 |  |  | $ | 130 |  |  | 67.6 |  | $ | 1.92 |

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