XML 49 R2.htm IDEA: XBRL DOCUMENT v3.23.1
Pay vs Performance Disclosure
12 Months Ended 36 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2022
Pay vs Performance Disclosure [Table]        
Pay vs Performance [Table Text Block]
Pay Versus Performance Disclosure
In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for o
ur princ
ipal executive officer (“PEO”) and
Non-PEO
NEOs and Company performance for our three most recent fiscal years. The PCC Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years presented. See “Compensation Discussion and Analysis” beginning on page 23 for information about the decisions made by the PCC Committee with respect to our NEO compensation for each such year.
 
                                      Value of Initial Fixed $100
Investment Based On:
             
Year
(a)
   
Summary
Compensation
Table Total
for PEO
(1)
 ($)
(b)
   
Compensation
Actually Paid
to PEO
(2)
 ($)
(c)
       
Average Summary
Compensation
Table Total for
Non-PEO NEOs
(3) 
($)
(d)
   
Average
Compensation
Actually Paid
to Non-PEO
NEOs
(2)
 ($)
(e)
       
Total Shareholder
Return
(4)
 ($)
(f)
   
Peer Group
Total Shareholder
Return
(5)
 ($)
(g)
   
Net Income
(6)
(in millions)
(h)
   
Adjusted EBITDA
(7)
(in millions)
(i)
 
                     
 
2022
 
 
 
9,476,866
 
 
 
14,480,789
 
     
 
2,416,154
 
 
 
3,052,569
 
     
 
115.44
 
 
 
133.24
 
 
 
492
 
 
 
1,002
 
                     
 
2021
 
 
 
10,326,083
 
 
 
14,358,676
 
     
 
2,716,821
 
 
 
2,890,902
 
     
 
110.50
 
 
 
122.95
 
 
 
117
 
 
 
896
 
                     
 
2020
 
 
 
9,648,514
 
 
 
6,391,419
 
     
 
2,022,705
 
 
 
1,547,542
 
     
 
87.45
 
 
 
106.15
 
 
 
348
 
 
 
869
 
 
(1)
Dollar amounts shown are the amounts reported for the PEO under the “Total” column of the Summary Compensation Table (“SCT”) for the years presented (the “Covered Years”). James Zallie was our PEO for each Covered Year.
 
(2)
Dollar amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect the actual compensation earned by or paid to the applicable NEO for any Covered Year. Compensation Actually Paid reflects the following adjustments to the SCT amounts for equity awards and pension benefits reported for the PEO and the
Non-PEO
NEOs:
 
Adjustments to Determine
      PEO        
Non-PEO NEOs
 
Compensation “Actually Paid”
      2022     2021     2020         2022     2021     2020  
         ($)     ($)     ($)         ($)     ($)     ($)  
                 
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the SCT
     
 
 
 
 
-329,290
 
 
 
-540,730
 
     
 
-7,414
 
 
 
-11,548
 
 
 
-12,350
 
                 
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT
     
 
-4,756,723
 
 
 
-5,402,825
 
 
 
-4,834,371
 
     
 
-762,884
 
 
 
-1,090,714
 
 
 
-731,309
 
                 
Deduction for Amounts Reported under the “Option Awards” Column in the SCT
     
 
-1,562,393
 
 
 
-1,622,964
 
 
 
-1,475,313
 
     
 
-229,671
 
 
 
-229,691
 
 
 
-223,170
 
                 
Increase for “Service Cost” for Pension Plans
     
 
147,024
 
 
 
159,382
 
 
 
120,986
 
     
 
16,689
 
 
 
34,313
 
 
 
25,905
 
                 
Increase for “Other Cost” for Pension Plans
     
 
 
 
 
169,908
 
 
 
419,744
 
     
 
 
 
 
11,713
 
 
 
11,747
 
                 
Fair value of equity compensation granted in current year
     
 
9,980,318
 
 
 
10,371,863
 
 
 
4,836,982
 
     
 
1,533,228
 
 
 
1,632,198
 
 
 
731,700
 
                 
Change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year
     
 
1,207,751
 
 
 
1,558,116
 
 
 
-1,614,038
 
     
 
127,162
 
 
 
142,575
 
 
 
-226,028
 
                 
Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year
     
 
-12,054
 
 
 
-871,597
 
 
 
-170,261
 
     
 
-32,353
 
 
 
-46,623
 
 
 
-26,332
 
                 
Fair value of forfeited awards determined at end of prior year for awards made in prior fiscal years that were forfeited during current fiscal year
     
 
 
 
 
 
 
 
-94
 
     
 
 
 
 
-233,665
 
 
 
-24
 
                 
Total Adjustments  
     
 
5,003,923
 
 
 
4,032,593
 
 
 
-3,257,095
 
 
 
 
 
644,759
 
 
 
208,559
 
 
 
-449,861
 
 
  
Stock option grant date fair values are calculated based on the Black-Scholes option pricing model as of the grant date. Adjustments have been made to the inputs in the Black-Scholes option pricing model to determine the fair value as of each measurement date. Performance stock unit grant date fair values are calculated using a Monte-Carlo simulation model for the
TSR-based
potion of the award (where applicable) and ROIC for the ROIC-based portion of the award. Adjustments have been made to the inputs into the Monte-Carlo simulation and ROIC calculation as of the measurement date. Restricted stock unit grant date fair values are calculated using the Closing Price of the Company’s common stock as of the grant date. Adjustments have been made using the Closing Price of the Company’s common stock as of the measurement date.
 
(3)
Dollar amounts shown represent the average of the total compensation amounts reported in the SCT for the
Non-PEO
NEOs for the Covered Years. The following executive officers served as the
Non-PEO
NEOs for the following years: (i) for 2022, James Gray, Jorgen Kokke, Nancy Wolfe, and Jeremy Xu; (ii) for 2021, James Gray, Jorgen Kokke, Janet Bawcom, Eric Seip, and Jeremy Xu; and (iii) for 2020, James Gray, Elizabeth Adefioye, Janet Bawcom, and Jorgen Kokke.
 
(4)
The cumulative TSR for the Company is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. Each of these yearly percentage changes was applied to a deemed fixed investment of $100 at the beginning of the measurement period to produce the Covered
Year-end
values of such investment as of the end of 2022, 2021 and 2020.
 
(5)
The cumulative Peer Group TSR utilizes the S&P 1500 Food, Beverage and Tobacco Index (the “Peer Group”), which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our annual report for the year ended December 31, 2022. For each Covered Year, our Peer Group TSR was calculated based on a deemed fixed investment of $100 through the measurement period, assuming dividend reinvestment for the peer group, weighted according to the respective companies’ stock market capitalization at the beginning of the measurement period.
 
(6)
Amounts reported represent Net Income attributable to Ingredion as presented in the Company’s audited financial statements for the applicable Covered Year.
 
(7)
We determined Adjusted EBITDA to be the most important performance measure used to link Company performance to Compensation Actually Paid to our PEO and
Non-PEO
NEOs for 2022. Adjusted EBITDA was the highest-weighted financial metric used to determine NEO performance under our Annual Incentive Plan for 2022, as discussed in “Elements of Compensation – Financial Metrics” in the Compensation Discussion and Analysis section of this proxy statement. This performance measure may not have been the most important performance measure for 2021 or 2020, and we may determine that a different performance measure will be the most important performance measure for future years. We define Adjusted EBITDA, which is a
non-GAAP
financial measure, as income before income taxes, as further adjusted for the following items: depreciation and amortization; financing costs; other
non-operating
(income); restructuring/impairment charges; acquisition/integration costs; and other matters primarily consisting of charges related to a U.S.-based work stoppage.
     
Company Selected Measure Name Adjusted EBITDA      
Named Executive Officers, Footnote [Text Block] Dollar amounts shown represent the average of the total compensation amounts reported in the SCT for the
Non-PEO
NEOs for the Covered Years. The following executive officers served as the
Non-PEO
NEOs for the following years: (i) for 2022, James Gray, Jorgen Kokke, Nancy Wolfe, and Jeremy Xu; (ii) for 2021, James Gray, Jorgen Kokke, Janet Bawcom, Eric Seip, and Jeremy Xu; and (iii) for 2020, James Gray, Elizabeth Adefioye, Janet Bawcom, and Jorgen Kokke.
     
Peer Group Issuers, Footnote [Text Block] The cumulative Peer Group TSR utilizes the S&P 1500 Food, Beverage and Tobacco Index (the “Peer Group”), which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our annual report for the year ended December 31, 2022. For each Covered Year, our Peer Group TSR was calculated based on a deemed fixed investment of $100 through the measurement period, assuming dividend reinvestment for the peer group, weighted according to the respective companies’ stock market capitalization at the beginning of the measurement period.
     
PEO Total Compensation Amount $ 9,476,866 $ 10,326,083 $ 9,648,514  
PEO Actually Paid Compensation Amount $ 14,480,789 14,358,676 6,391,419  
Adjustment To PEO Compensation, Footnote [Text Block]
(2)
Dollar amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect the actual compensation earned by or paid to the applicable NEO for any Covered Year. Compensation Actually Paid reflects the following adjustments to the SCT amounts for equity awards and pension benefits reported for the PEO and the
Non-PEO
NEOs:
 
Adjustments to Determine
      PEO        
Non-PEO NEOs
 
Compensation “Actually Paid”
      2022     2021     2020         2022     2021     2020  
         ($)     ($)     ($)         ($)     ($)     ($)  
                 
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the SCT
     
 
 
 
 
-329,290
 
 
 
-540,730
 
     
 
-7,414
 
 
 
-11,548
 
 
 
-12,350
 
                 
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT
     
 
-4,756,723
 
 
 
-5,402,825
 
 
 
-4,834,371
 
     
 
-762,884
 
 
 
-1,090,714
 
 
 
-731,309
 
                 
Deduction for Amounts Reported under the “Option Awards” Column in the SCT
     
 
-1,562,393
 
 
 
-1,622,964
 
 
 
-1,475,313
 
     
 
-229,671
 
 
 
-229,691
 
 
 
-223,170
 
                 
Increase for “Service Cost” for Pension Plans
     
 
147,024
 
 
 
159,382
 
 
 
120,986
 
     
 
16,689
 
 
 
34,313
 
 
 
25,905
 
                 
Increase for “Other Cost” for Pension Plans
     
 
 
 
 
169,908
 
 
 
419,744
 
     
 
 
 
 
11,713
 
 
 
11,747
 
                 
Fair value of equity compensation granted in current year
     
 
9,980,318
 
 
 
10,371,863
 
 
 
4,836,982
 
     
 
1,533,228
 
 
 
1,632,198
 
 
 
731,700
 
                 
Change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year
     
 
1,207,751
 
 
 
1,558,116
 
 
 
-1,614,038
 
     
 
127,162
 
 
 
142,575
 
 
 
-226,028
 
                 
Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year
     
 
-12,054
 
 
 
-871,597
 
 
 
-170,261
 
     
 
-32,353
 
 
 
-46,623
 
 
 
-26,332
 
                 
Fair value of forfeited awards determined at end of prior year for awards made in prior fiscal years that were forfeited during current fiscal year
     
 
 
 
 
 
 
 
-94
 
     
 
 
 
 
-233,665
 
 
 
-24
 
                 
Total Adjustments  
     
 
5,003,923
 
 
 
4,032,593
 
 
 
-3,257,095
 
 
 
 
 
644,759
 
 
 
208,559
 
 
 
-449,861
 
     
Non-PEO NEO Average Total Compensation Amount $ 2,416,154 2,716,821 2,022,705  
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,052,569 2,890,902 1,547,542  
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
(2)
Dollar amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect the actual compensation earned by or paid to the applicable NEO for any Covered Year. Compensation Actually Paid reflects the following adjustments to the SCT amounts for equity awards and pension benefits reported for the PEO and the
Non-PEO
NEOs:
 
Adjustments to Determine
      PEO        
Non-PEO NEOs
 
Compensation “Actually Paid”
      2022     2021     2020         2022     2021     2020  
         ($)     ($)     ($)         ($)     ($)     ($)  
                 
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the SCT
     
 
 
 
 
-329,290
 
 
 
-540,730
 
     
 
-7,414
 
 
 
-11,548
 
 
 
-12,350
 
                 
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT
     
 
-4,756,723
 
 
 
-5,402,825
 
 
 
-4,834,371
 
     
 
-762,884
 
 
 
-1,090,714
 
 
 
-731,309
 
                 
Deduction for Amounts Reported under the “Option Awards” Column in the SCT
     
 
-1,562,393
 
 
 
-1,622,964
 
 
 
-1,475,313
 
     
 
-229,671
 
 
 
-229,691
 
 
 
-223,170
 
                 
Increase for “Service Cost” for Pension Plans
     
 
147,024
 
 
 
159,382
 
 
 
120,986
 
     
 
16,689
 
 
 
34,313
 
 
 
25,905
 
                 
Increase for “Other Cost” for Pension Plans
     
 
 
 
 
169,908
 
 
 
419,744
 
     
 
 
 
 
11,713
 
 
 
11,747
 
                 
Fair value of equity compensation granted in current year
     
 
9,980,318
 
 
 
10,371,863
 
 
 
4,836,982
 
     
 
1,533,228
 
 
 
1,632,198
 
 
 
731,700
 
                 
Change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year
     
 
1,207,751
 
 
 
1,558,116
 
 
 
-1,614,038
 
     
 
127,162
 
 
 
142,575
 
 
 
-226,028
 
                 
Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year
     
 
-12,054
 
 
 
-871,597
 
 
 
-170,261
 
     
 
-32,353
 
 
 
-46,623
 
 
 
-26,332
 
                 
Fair value of forfeited awards determined at end of prior year for awards made in prior fiscal years that were forfeited during current fiscal year
     
 
 
 
 
 
 
 
-94
 
     
 
 
 
 
-233,665
 
 
 
-24
 
                 
Total Adjustments  
     
 
5,003,923
 
 
 
4,032,593
 
 
 
-3,257,095
 
 
 
 
 
644,759
 
 
 
208,559
 
 
 
-449,861
 
     
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
Compensation Actually Paid, Company Total Shareholder Return and Peer Group Total Shareholder Return.
The chart below illustrates for the Covered Years the Compensation Actually Paid to our PEO and
Non-PEO
NEOs in relation to our TSR and our Peer Group TSR. In 2020, Compensation Actually Paid was lower than Summary Compensation Table pay for both our PEO and
Non-PEO
NEOs, which aligned with the decrease in our TSR. Our TSR increased 15% from 2019 to 2022, while our Peer Group experienced a 33% increase in TSR over the same time period. We have outperformed our Peer Group during the last two Covered Years.
 
LOGO
 
     
Compensation Actually Paid vs. Net Income [Text Block]
Compensation Actually Paid and Company Net Income.
The chart below illustrates for the Covered Years the Compensation Actually Paid to our PEO and
Non-PEO
NEOs in relation to Company net income. Our 2021 net income was negatively impacted by an impairment of $340 million related to net assets contributed to a joint venture in South America. Over the three-year period, however, we experienced a 19% increase in net income.
 
LOGO
     
Compensation Actually Paid vs. Company Selected Measure [Text Block]
Compensation Actually Paid and Company Adjusted EBITDA.
The chart below illustrates for the Covered Years the Compensation Actually Paid to our PEO and
Non-PEO
NEOs in relation to our Adjusted EBITDA. During the three-year period, we increased Adjusted EBITDA by approximately 10%.
 
LOGO
     
Total Shareholder Return Vs Peer Group [Text Block]
Compensation Actually Paid, Company Total Shareholder Return and Peer Group Total Shareholder Return.
The chart below illustrates for the Covered Years the Compensation Actually Paid to our PEO and
Non-PEO
NEOs in relation to our TSR and our Peer Group TSR. In 2020, Compensation Actually Paid was lower than Summary Compensation Table pay for both our PEO and
Non-PEO
NEOs, which aligned with the decrease in our TSR. Our TSR increased 15% from 2019 to 2022, while our Peer Group experienced a 33% increase in TSR over the same time period. We have outperformed our Peer Group during the last two Covered Years.
 
LOGO
 
     
Tabular List [Table Text Block]
Most Important Financial Performance Measures
We set forth below the four performance measures that represented the most important measures used to link Compensation Actually Paid to our PEO and
Non-PEO
NEOs (as calculated in accordance with Item 402(v) of Regulation
S-K)
to Company performan
ce fo
r 2022. The measures in this table are not ranked.
 
     
   
Adjusted EBITDA
   
     
   
Adjusted ROIC
   
     
   
Relative Total Shareholder Return versus Peer Group
   
     
   
Net Sales Growth
   
     
Total Shareholder Return Amount $ 115.44 110.5 87.45  
Peer Group Total Shareholder Return Amount 133.24 122.95 106.15  
Net Income (Loss) $ 492,000,000 $ 117,000,000 $ 348,000,000  
Company Selected Measure Amount 1,002,000,000 896,000,000 869,000,000  
PEO Name James Zallie      
Increased In TSR       15.00%
Increased In Peer Group       33.00%
Impairment Impact Of Net Income   $ (340,000,000)    
Increase In Net Income       19.00%
Increase In Company Selected Measure       10.00%
Measure [Axis]: 1        
Pay vs Performance Disclosure [Table]        
Measure Name Adjusted EBITDA      
Non-GAAP Measure Description [Text Block] We define Adjusted EBITDA, which is a
non-GAAP
financial measure, as income before income taxes, as further adjusted for the following items: depreciation and amortization; financing costs; other
non-operating
(income); restructuring/impairment charges; acquisition/integration costs; and other matters primarily consisting of charges related to a U.S.-based work stoppage.
     
Measure [Axis]: 2        
Pay vs Performance Disclosure [Table]        
Measure Name Adjusted ROIC      
Measure [Axis]: 3        
Pay vs Performance Disclosure [Table]        
Measure Name Relative Total Shareholder Return versus Peer Group      
Measure [Axis]: 4        
Pay vs Performance Disclosure [Table]        
Measure Name Net Sales Growth      
PEO [Member] | Change in the Actuarial Present Values reported under the Change in Pension Value and Nonqualified Deferred Compensation Earnings Column of the SCT [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount $ 0 (329,290) $ (540,730)  
PEO [Member] | Amounts Reported under the Stock Awards Column in the SCT [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (4,756,723) (5,402,825) (4,834,371)  
PEO [Member] | Amounts Reported under the Option Awards Column in the SCT [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (1,562,393) (1,622,964) (1,475,313)  
PEO [Member] | Service Cost for Pension Plans [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 147,024 159,382 120,986  
PEO [Member] | Other Cost for Pension Plans [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0 169,908 419,744  
PEO [Member] | Fair value of equity compensation granted in current year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 9,980,318 10,371,863 4,836,982  
PEO [Member] | Fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 1,207,751 1,558,116 (1,614,038)  
PEO [Member] | Fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (12,054) (871,597) (170,261)  
PEO [Member] | Fair value of forfeited awards determined at end of prior year for awards made in prior fiscal years that were forfeited during current fiscal year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0 0 (94)  
PEO [Member] | Total Adjustments [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 5,003,923 4,032,593 (3,257,095)  
Non-PEO NEO [Member] | Change in the Actuarial Present Values reported under the Change in Pension Value and Nonqualified Deferred Compensation Earnings Column of the SCT [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (7,414) (11,548) (12,350)  
Non-PEO NEO [Member] | Amounts Reported under the Stock Awards Column in the SCT [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (762,884) (1,090,714) (731,309)  
Non-PEO NEO [Member] | Amounts Reported under the Option Awards Column in the SCT [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (229,671) (229,691) (223,170)  
Non-PEO NEO [Member] | Service Cost for Pension Plans [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 16,689 34,313 25,905  
Non-PEO NEO [Member] | Other Cost for Pension Plans [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0 11,713 11,747  
Non-PEO NEO [Member] | Fair value of equity compensation granted in current year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 1,533,228 1,632,198 731,700  
Non-PEO NEO [Member] | Fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 127,162 142,575 (226,028)  
Non-PEO NEO [Member] | Fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (32,353) (46,623) (26,332)  
Non-PEO NEO [Member] | Fair value of forfeited awards determined at end of prior year for awards made in prior fiscal years that were forfeited during current fiscal year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0 (233,665) (24)  
Non-PEO NEO [Member] | Total Adjustments [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount $ 644,759 $ 208,559 $ (449,861)