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Equity (Tables)

9 Months Ended

Sep. 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 September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
Stock options:
Pre-tax compensation expense						$	1					$	1					$	4					$	3
Income tax benefit						—						—						—						—
Stock option expense, net of income taxes						1						1						4						3
Restricted stock units (“RSUs”):
Pre-tax compensation expense						4						4						15						11
Income tax benefit						(1)						—						(2)						(1)
RSUs, net of income taxes						3						4						13						10
Performance shares and other share-based awards:
Pre-tax compensation expense						3						4						11						9
Income tax benefit						—						(1)						—						(1)
Performance shares and other share-based compensation expense, net of income taxes						3						3						11						8
Total share-based compensation:
Pre-tax compensation expense						8						9						30						23
Income tax benefit						(1)						(1)						(2)						(2)
Total share-based compensation expense, net of income taxes						$	7					$	8					$	28					$	21

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:

						Nine Months Ended September 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						(390)						85.17
Cancelled						(44)						101.45
Outstanding as of September 30, 2024						1,697						$	100.35					5.3						$	63
Exercisable as of September 30, 2024						1,347						$	100.13					4.5						$	50

Schedule of additional information pertaining to stock option activity

Additional information pertaining to stock option activity is as follows:

						Three Months Ended September 30,									Nine Months Ended September 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						3						1			13						11

Schedule of restricted unit activity

The following table summarizes RSU activity year-to-date 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						210						108.81
Vested						(174)						87.46
Cancelled						(45)						95.74
Non-vested as of September 30, 2024						543						$	99.43

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 income (loss) before reclassification adjustments						32						(62)						1						(29)
Loss reclassified from AOCL						—						92						1						93
Tax (provision)						—						(8)						—						(8)
Net other comprehensive income						32						22						2						56
Balance as of September 30, 2024						$	(929)					$	(26)					$	(45)					$	(1,000)

						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 (loss) before reclassification adjustments						(30)						(123)						(2)						(155)
Loss reclassified from AOCL						—						36						1						37
Tax benefit						—						21						1						22
Net other comprehensive (loss)						(30)						(66)						—						(96)
Balance as of September 30, 2023						$	(1,038)					$	(60)					$	(46)					$	(1,144)

Schedule of Stockholders Equity

The following Condensed Consolidated Statements of Equity and Redeemable Equity present information about 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
Net income attributable to Ingredion						—						—						—						—						—						188						—						—						—
Net income (loss) attributable to non-controlling interests						—						—						—						—						—						—						2						—						(1)
Dividends declared, common stock ($0.80/share)						—						—						—						—						—						(53)						—						—						—
Dividends declared, non-controlling interests						—						—						—						—						—						—						(1)						—						—
Repurchases of common stock, net						—						—						—						(21)						—						—						—						—						—
Share-based compensation, net of issuance						—						—						4						9						—						—						—						4						—
Other comprehensive income						—						—						—						—						118						—						1						—						1
Balance as of September 30, 2024						$	—					$	1					$	1,145					$	(1,245)					$	(1,000)					$	5,049					$	19					$	54					$	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
Net income attributable to Ingredion						—						—						—						—						—						158						—						—						—
Net income attributable to non-controlling interests						—						—						—						—						—						—						2						—						—
Dividends declared, common stock ($0.78/share)						—						—						—						—						—						(52)						—						—						—
Dividends declared, non-controlling interests						—						—						—						—						—						—						(1)						—						—
Repurchases of common stock						—						—						—						(101)						—						—						—						—						—
Share-based compensation, net of issuance						—						—						1						6						—						—						—						6						—
Purchases of non-controlling interests						—						—						—						—						—						—						—						—						(2)
Other comprehensive (loss)						—						—						—						—						(25)						—						—						—						—
Balance as of September 30, 2023						$	—					$	1					$	1,143					$	(1,211)					$	(1,144)					$	4,575					$	13					$	49					$	41

Schedule of basic and diluted earnings per common share

The following tables present information about the computation of basic and diluted earnings per common share (“EPS”) for the periods presented:

						Three Months Ended September 30, 2024																		Three Months Ended September 30, 2023
						Net Income Attributable to Ingredion						Weighted Average Shares						Per Share Amount						Net Income Attributable to Ingredion						Weighted Average Shares						Per Share Amount
Basic EPS						$	188					65.3						$	2.88					$	158					66.0						$	2.39
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive RSUs and other awards												1.2																		1.0
Diluted EPS						$	188					66.5						$	2.83					$	158					67.0						$	2.36

						Nine Months Ended September 30, 2024																		Nine Months Ended September 30, 2023
						Net Income Attributable to Ingredion						Weighted Average Shares						Per Share Amount						Net Income Attributable to Ingredion						Weighted Average Shares						Per Share Amount
Basic EPS						$	552					65.6						$	8.41					$	512					66.1						$	7.75
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						$	552					66.6						$	8.29					$	512					67.1						$	7.63

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

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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.

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