XML 42 R30.htm IDEA: XBRL DOCUMENT v3.24.2.u1

Equity (Tables)

6 Months Ended

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

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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-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

- Definition

Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

+ Details

Name:	us-gaap_ScheduleOfStockholdersEquityTableTextBlock
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