XML 43 R31.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Equity (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Stockholders' Equity Note [Abstract] |
Schedule of stock based compensation expense | Share-based compensation expense for the periods presented is as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Stock options: |  |  |  |
Pre-tax compensation expense |  | $ | 2 |  |  | $ | 1 |
Income tax benefit |  | — |  |  | — |
Stock option expense, net of income taxes |  | 2 |  |  | 1 |
Restricted stock units (“RSUs”): |  |  |  |
Pre-tax compensation expense |  | 7 |  |  | 4 |
Income tax benefit |  | (1) |  |  | (1) |
RSU expenses, net of income taxes |  | 6 |  |  | 3 |
Performance shares and other share-based awards: |  |  |  |
Pre-tax compensation expense |  | 4 |  |  | 4 |
Income tax benefit |  | — |  |  | — |
Performance shares and other share-based compensation expense, net of income taxes |  | 4 |  |  | 4 |
Total share-based compensation: |  |  |  |
Pre-tax compensation expense |  | 13 |  |  | 9 |
Income tax benefit |  | (1) |  |  | (1) |
Total share-based compensation expense, net of income taxes |  | $ | 12 |  |  | $ | 8 |
Schedule of valuation assumptions for stock options | We estimated the fair value of each option grant by using the Black-Scholes option-pricing model with the following assumptions:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Expected life (in years) |  | 5.5 |  | 5.5
Risk-free interest rate |  | 4.2% |  | 4.0%
Expected volatility |  | 28.1% |  | 28.3%
Expected dividend yield |  | 2.9% |  | 2.9%
Schedule of stock option transactions | Stock option activity for the first quarter of 2024 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, 2023 |  | 1,953 |  | $ | 96.61 |  |  | 4.97 |  | $ | 29 |
Granted |  | 178 |  | 108.38 |  |  |  |  |
Exercised |  | (165) |  | 79.87 |  |  |  |  |
Cancelled |  | (21) |  | 103.69 |  |  |  |  |
Outstanding as of March 31, 2024 |  | 1,945 |  | $ | 99.03 |  |  | 5.44 |  | $ | 38 |
Exercisable as of March 31, 2024 |  | 1,573 |  | $ | 98.53 |  |  | 4.56 |  | $ | 32 |
Schedule of additional information pertaining to stock option activity | Additional information pertaining to stock option activity is as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Weighted average grant date fair value of stock options granted (per share) |  | $ | 26.33 |  |  | $ | 23.80 |
Total intrinsic value of stock options exercised |  | 5 |  |  | 6 |
Schedule of restricted unit activity | The following table summarizes RSU activity in 2024:
|  | Number of Restricted Shares (in thousands) |  | Weighted Average Fair Value per Share
Non-vested as of December 31, 2023 |  | 552 |  | $ | 92.05 |
Granted |  | 191 |  | 107.65 |
Vested |  | (161) |  | 87.15 |
Cancelled |  | (18) |  | 92.77 |
Non-vested as of March 31, 2024 |  | 564 |  | $ | 98.84 |
Summary of net changes in accumulated other comprehensive loss | The following is a summary of accumulated other comprehensive (loss) for the first quarter of 2024 and 2023:
|  | Cumulative Translation Adjustment |  | Hedging Activities |  | Pension and Postretirement Adjustment |  | AOCL
Balance as of December 31, 2023 |  | $ | (961) |  |  | $ | (48) |  |  | $ | (47) |  |  | $ | (1,056) |
Other comprehensive (loss) before reclassification adjustments |  | — |  |  | (41) |  |  | — |  |  | (41) |
Loss reclassified from AOCL |  | — |  |  | 33 |  |  | 1 |  |  | 34 |
Tax benefit |  | — |  |  | 1 |  |  | — |  |  | 1 |
Net other comprehensive (loss) income |  | — |  |  | (7) |  |  | 1 |  |  | (6) |
Balance as of March 31, 2024 |  | $ | (961) |  |  | $ | (55) |  |  | $ | (46) |  |  | $ | (1,062) |
|  | Cumulative Translation Adjustment |  | Hedging Activities |  | Pension and Postretirement Adjustment |  | AOCL
Balance as of December 31, 2022 |  | $ | (1,008) |  |  | $ | 6 |  |  | $ | (46) |  |  | $ | (1,048) |
Other comprehensive gain (loss) before reclassification adjustments |  | 6 |  |  | (58) |  |  | — |  |  | (52) |
(Gain) reclassified from AOCL |  | — |  |  | (18) |  |  | — |  |  | (18) |
Tax benefit |  | — |  |  | 20 |  |  | — |  |  | 20 |
Net other comprehensive income (loss) |  | 6 |  |  | (56) |  |  | — |  |  | (50) |
Balance as of March 31, 2023 |  | $ | (1,002) |  |  | $ | (50) |  |  | $ | (46) |  |  | $ | (1,098) |
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, 2024 |  | Three Months Ended March 31, 2023
|  | Net Income Available to Ingredion |  | Weighted Average Shares |  | Per Share Amount |  | Net Income Available to Ingredion |  | Weighted Average Shares |  | Per Share Amount
Basic EPS |  | $ | 216 |  |  | 65.7 |  | $ | 3.29 |  |  | $ | 191 |  |  | 66.1 |  | $ | 2.89 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |  |
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards |  |  |  | 1.1 |  |  |  |  |  | 1.0 |  |
Diluted EPS |  | $ | 216 |  |  | 66.8 |  | $ | 3.23 |  |  | $ | 191 |  |  | 67.1 |  | $ | 2.85 |

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (d)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration