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Equity (Tables)

3 Months Ended

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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