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Equity (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Stock options: |  |  |  |  |  |  |  |
Pre-tax compensation expense |  | $ | 1 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 2 |
Income tax benefit |  | — |  |  | — |  |  | — |  |  | — |
Stock option expense, net of income taxes |  | 1 |  |  | 1 |  |  | 3 |  |  | 2 |
Restricted stock units (“RSUs”): |  |  |  |  |  |  |  |
Pre-tax compensation expense |  | 4 |  |  | 3 |  |  | 11 |  |  | 7 |
Income tax benefit |  | — |  |  | — |  |  | (1) |  |  | (1) |
RSUs, net of income taxes |  | 4 |  |  | 3 |  |  | 10 |  |  | 6 |
Performance shares and other share-based awards: |  |  |  |  |  |  |  |
Pre-tax compensation expense |  | 4 |  |  | 1 |  |  | 8 |  |  | 5 |
Income tax benefit |  | — |  |  | — |  |  | — |  |  | — |
Performance shares and other share-based compensation expense, net of income taxes |  | 4 |  |  | 1 |  |  | 8 |  |  | 5 |
Total share-based compensation: |  |  |  |  |  |  |  |
Pre-tax compensation expense |  | 9 |  |  | 5 |  |  | 22 |  |  | 14 |
Income tax benefit |  | — |  |  | — |  |  | (1) |  |  | (1) |
Total share-based compensation expense, net of income taxes |  | $ | 9 |  |  | $ | 5 |  |  | $ | 21 |  |  | $ | 13 |
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:
|  | Six Months Ended June 30,
|  | 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 year-to-date 2024 is as follows:
|  | Number of Options (in thousands) |  | Weighted Average Exercise Price per Share |  | Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2023 |  | 1,953 |  | $ | 96.61 |  |  | 5.0 |  | $ | 29 |
Granted |  | 178 |  | 108.38 |  |  |  |  |
Exercised |  | (297) |  | 82.24 |  |  |  |  |
Cancelled |  | (44) |  | 101.82 |  |  |  |  |
Outstanding as of June 30, 2024 |  | 1,790 |  | $ | 100.03 |  |  | 5.4 |  | $ | 30 |
Exercisable as of June 30, 2024 |  | 1,441 |  | $ | 99.75 |  |  | 4.5 |  | $ | 25 |
Schedule of additional information pertaining to stock option activity | Additional information pertaining to stock option activity is as follows:
|  | Three Months Ended June 30, | Six Months Ended June 30,
|  | 2024 |  | 2023 | 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 |  | 4 |  |  | 4 |  | 9 |  |  | 10 |
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 |  | 205 |  | 107.63 |
Vested |  | (167) |  | 87.33 |
Cancelled |  | (45) |  | 95.97 |
Non-vested as of June 30, 2024 |  | 545 |  | $ | 99.24 |
Summary of net changes in accumulated other comprehensive loss | The following is a summary of accumulated other comprehensive loss for year-to-date 2024 and 2023:
|  | Cumulative Translation Adjustment |  | Hedging Activities |  | Pension and Other Post-employment Benefits |  | AOCL
Balance as of December 31, 2023 |  | $ | (961) |  |  | $ | (48) |  |  | $ | (47) |  |  | $ | (1,056) |
Other comprehensive (loss) income before reclassification adjustments |  | (60) |  |  | (69) |  |  | 2 |  |  | (127) |
Loss reclassified from AOCL |  | — |  |  | 64 |  |  | — |  |  | 64 |
Tax benefit |  | — |  |  | 1 |  |  | — |  |  | 1 |
Net other comprehensive (loss) income |  | (60) |  |  | (4) |  |  | 2 |  |  | (62) |
Balance as of June 30, 2024 |  | $ | (1,021) |  |  | $ | (52) |  |  | $ | (45) |  |  | $ | (1,118) |
|  | Cumulative Translation Adjustment |  | Hedging Activities |  | Pension and Other Post-employment Benefits |  | AOCL
Balance as of December 31, 2022 |  | $ | (1,008) |  |  | $ | 6 |  |  | $ | (46) |  |  | $ | (1,048) |
Other comprehensive income (loss) before reclassification adjustments |  | 15 |  |  | (117) |  |  | (2) |  |  | (104) |
Loss reclassified from AOCL |  | — |  |  | 2 |  |  | — |  |  | 2 |
Tax benefit |  | — |  |  | 30 |  |  | 1 |  |  | 31 |
Net other comprehensive income (loss) |  | 15 |  |  | (85) |  |  | (1) |  |  | (71) |
Balance as of June 30, 2023 |  | $ | (993) |  |  | $ | (79) |  |  | $ | (47) |  |  | $ | (1,119) |
Schedule of Stockholders Equity | The following Condensed Consolidated Statements of Equity and Redeemable Equity provide the dividends per share for common stock for the periods indicated:
|  | Total Equity |  | Share-based Payments Subject to Redemption |  | Redeemable Non- Controlling Interests
|  | Preferred Stock |  | Common Stock |  | Additional Paid-In Capital |  | Treasury Stock |  | Accumulated Other Comprehensive Loss |  | Retained Earnings |  | Non- Redeemable Non- Controlling Interests |  |
Balance as of December 31, 2023 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,146 |  |  | $ | (1,207) |  |  | $ | (1,056) |  |  | $ | 4,654 |  |  | $ | 14 |  |  | $ | 55 |  |  | $ | 43 |
Net income attributable to Ingredion |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 216 |  |  | — |  |  | — |  |  | — |
Net income attributable to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |
Dividends declared, common stock ($0.78/share) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (52) |  |  | — |  |  | — |  |  | — |
Repurchases of common stock, net |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Share-based compensation, net of issuance |  | — |  |  | — |  |  | — |  |  | 29 |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  | — |
Other comprehensive (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  | — |  | — |  | — |  |  | — |  |  | (1) |
Balance as of March 31, 2024 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,146 |  |  | $ | (1,179) |  |  | $ | (1,062) |  |  | $ | 4,818 |  |  | $ | 16 |  |  | $ | 43 |  |  | $ | 42 |
Net income attributable to Ingredion |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 148 |  |  | — |  |  | — |  | — |  | — |
Net income (loss) attributable to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | (1) |
Dividends declared, common stock ($0.78/share) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (52) |  |  | — |  |  | — |  |  | — |
Dividends declared, non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |
Repurchases of common stock, net |  | — |  |  | — |  |  | — |  |  | (65) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Share-based compensation, net of issuance |  | — |  |  | — |  |  | 1 |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |
Fair market value adjustment to non-controlling interests |  | — |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |
Purchases of non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (40) |
Other comprehensive (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | (56) |  |  | — |  |  | — |  |  | — |  |  | — |
Balance as of June 30, 2024 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,141 |  |  | $ | (1,233) |  |  | $ | (1,118) |  |  | $ | 4,914 |  |  | $ | 17 |  |  | $ | 50 |  |  | $ | 7 |
|  | Total Equity |  | Share-based Payments Subject to Redemption |  | Redeemable Non- Controlling Interests
|  | Preferred Stock |  | Common Stock |  | Additional Paid-In Capital |  | Treasury Stock |  | Accumulated Other Comprehensive Loss |  | Retained Earnings |  | Non- Redeemable Non- Controlling Interests |  |
Balance as of December 31, 2022 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,132 |  |  | $ | (1,148) |  |  | $ | (1,048) |  |  | $ | 4,210 |  |  | $ | 16 |  |  | $ | 48 |  |  | $ | 51 |
Net income attributable to Ingredion |  | — |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | 191 |  |  | — |  |  | — |  |  | — |
Net income attributable to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |
Dividends declared, common stock ($0.71/share) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (47) |  |  | — |  |  | — |  |  | — |
Share-based compensation, net of issuance |  | — |  |  | — |  |  | 1 |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | (10) |  |  | — |
Other comprehensive (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | (50) |  |  | — |  |  | (6) |  |  | — |  |  | — |
Balance as of March 31, 2023 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,133 |  |  | $ | (1,127) |  |  | $ | (1,098) |  |  | $ | 4,354 |  |  | $ | 13 |  |  | $ | 38 |  |  | $ | 51 |
Net income attributable to Ingredion |  | — |  |  | — |  |  | — |  |  | — |  | — |  | — |  |  | 163 |  |  | — |  |  | — |  |  | — |
Net income attributable to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Dividends declared, common stock ($0.71/share) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (48) |  |  | — |  |  | — |  |  | — |
Dividends declared, non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |
Share-based compensation, net of issuance |  | — |  |  | — |  |  | 2 |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |
Fair market value adjustment to non-controlling interests |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7) |
Other comprehensive (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | (21) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Balance as of June 30, 2023 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,142 |  |  | $ | (1,116) |  |  | $ | (1,119) |  |  | $ | 4,469 |  |  | $ | 12 |  |  | $ | 43 |  |  | $ | 43 |
Schedule of basic and diluted earnings per common share | The following tables provide the computation of basic and diluted earnings per common share (“EPS”) for the periods presented:
|  | Three Months Ended June 30, 2024 |  | Three Months Ended June 30, 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 |  | $ | 148 |  |  | 65.7 |  | $ | 2.25 |  |  | $ | 163 |  |  | 66.3 |  | $ | 2.46 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |  |
Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive RSUs and other awards |  |  |  | 1.1 |  |  |  |  |  | 1.0 |  |
Diluted EPS |  | $ | 148 |  |  | 66.8 |  | $ | 2.22 |  |  | $ | 163 |  |  | 67.3 |  | $ | 2.42 |
|  | Six Months Ended June 30, 2024 |  | Six Months Ended June 30, 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 |  | $ | 364 |  |  | 65.7 |  | $ | 5.54 |  |  | $ | 354 |  |  | 66.2 |  | $ | 5.35 |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |  |  |
Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive RSUs and other awards |  |  |  | 1.0 |  |  |  |  |  | 1.0 |  |
Diluted EPS |  | $ | 364 |  |  | 66.7 |  | $ | 5.46 |  |  | $ | 354 |  |  | 67.2 |  | $ | 5.27 |

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