Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity

Schedule of stock based compensation expense

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2022		2021		2022		2021
Stock options:
Pre-tax compensation expense	$	1	$	1	$	2	$	2
Income tax benefit		—		—		—		—
Stock option expense, net of income taxes		1		1		2		2
Restricted stock units ("RSUs"):
Pre-tax compensation expense		3		3		6		6
Income tax benefit		(1)		(1)		(1)		(1)
RSUs, net of income taxes		2		2		5		5
Performance shares and other share-based awards:
Pre-tax compensation expense		4		2		7		3
Income tax benefit		—		—		(1)		—
Performance shares and other share-based compensation expense, net of income taxes		4		2		6		3
Total share-based compensation:
Pre-tax compensation expense		8		6		15		11
Income tax benefit		(1)		(1)		(2)		(1)
Total share-based compensation expense, net of income taxes	$	7	$	5	$	13	$	10

Schedule of valuation assumptions for stock options

	Six Months Ended June 30,
	2022		2021
Expected life (in years)	5.5		5.5
Risk-free interest rate	2.0	%	0.6	%
Expected volatility	23.8	%	23.2	%
Expected dividend yield	2.9	%	2.9	%

Schedule of stock option transactions

	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, 2021	2,154	$	90.39	5.26	$	26
Granted	281		88.66
Exercised	(45)		59.12
Cancelled	(23)		104.71
Outstanding as of June 30, 2022	2,367	$	90.65	5.42	$	13
Exercisable as of June 30, 2022	1,795	$	91.48	4.29	$	12

Schedule of additional information pertaining to stock option activity

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(dollars in millions, except per share)	2022		2021		2022		2021
Weighted average grant date fair value of stock options granted (per share)	$	—	$	—	$	15.04	$	12.31
Total intrinsic value of stock options exercised	$	1	$	1	$	2	$	6

Schedule of restricted unit activity

(RSUs in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested as of December 31, 2021	486	$	88.34
Granted	203		88.86
Vested	(126)		91.28
Cancelled	(34)		86.85
Non-vested as of June 30, 2022	529	$	87.94

Summary of net changes in accumulated other comprehensive loss

(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2021	$	(903)	$	48	$	(42)	$	(897)
Other comprehensive (loss) gain before reclassification adjustments		(81)		179		—		98
(Gain) reclassified from accumulated OCL		—		(128)		—		(128)
Tax (provision)		—		(13)		—		(13)
Net other comprehensive (loss) income		(81)		38		—		(43)
Balance, June 30, 2022	$	(984)	$	86	$	(42)	$	(940)

(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2020	$	(1,114)	$	42	$	(61)	$	(1,133)
Other comprehensive (loss) gain before reclassification adjustments		(22)		176		—		154
(Gain) reclassified from accumulated OCL		—		(110)		—		(110)
Tax (provision)		—		(17)		—		(17)
Net other comprehensive (loss) income		(22)		49		—		27
Balance, June 30, 2021	$	(1,136)	$	91	$	(61)	$	(1,106)

Schedule of stockholders equity and redeemable equity

	Total Equity
													Non-
									Accumulated				Redeemable		Share-based		Redeemable
					Additional				Other				Non-		Payments		Non-
	Preferred		Common		Paid-In		Treasury		Comprehensive		Retained		Controlling		Subject to		Controlling
(in millions)	Stock		Stock		Capital		Stock		Loss		Earnings		Interests		Redemption		Interests
Balance, December 31, 2021	$	—	$	1	$	1,158	$	(1,061)	$	(897)	$	3,899	$	18	$	36	$	71
Net income attributable to Ingredion												130
Net income attributable to non-controlling interests														3
Dividends declared, common stock ($0.65/share)												(43)
Repurchases of common stock								(39)
Share-based compensation, net of issuance						2		9								(5)
Other comprehensive income (loss)										134				(2)
Balance, March 31, 2022	$	—	$	1	$	1,160	$	(1,091)	$	(763)	$	3,986	$	19	$	31	$	71
Net income attributable to Ingredion												142
Net income attributable to non-controlling interests														2				1
Dividends declared, common stock ($0.65/share)												(43)
Dividends declared, non-controlling interests														(4)
Repurchases of common stock								(44)
Share-based compensation, net of issuance						2		2								6
Fair market value adjustment to non-controlling interests						(29)												29
Non-controlling interest purchases																		(27)
Other comprehensive (loss)										(177)				(2)				(4)
Balance, June 30, 2022	$	—	$	1	$	1,133	$	(1,133)	$	(940)	$	4,085	$	15	$	37	$	70

	Total Equity
													Non-
									Accumulated				Redeemable		Share-based		Redeemable
					Additional				Other				Non-		Payments		Non-
	Preferred		Common		Paid-In		Treasury		Comprehensive		Retained		Controlling		Subject to		Controlling
(in millions)	Stock		Stock		Capital		Stock		Loss		Earnings		Interests		Redemption		Interests
Balance, December 31, 2020	$	—	$	1	$	1,150	$	(1,024)	$	(1,133)	$	3,957	$	21	$	30	$	70
Net (loss) attributable to Ingredion												(246)
Net income (loss) attributable to non-controlling interests														4				(1)
Dividends declared, common stock ($0.64/share)												(44)
Repurchases of common stock								(14)
Share-based compensation, net of issuance						5		16								(9)
Other comprehensive (loss) income										(31)				1				1
Balance, March 31, 2021	$	—	$	1	$	1,155	$	(1,022)	$	(1,164)	$	3,667	$	26	$	21	$	70
Net income attributable to Ingredion												178
Net income attributable to non-controlling interests														3
Dividends declared, common stock ($0.64/share)												(43)
Dividends declared, non-controlling interests														(7)
Repurchases of common stock								(10)
Share-based compensation, net of issuance						(1)		3								7
Other comprehensive income										58
Balance, June 30, 2021	$	—	$	1	$	1,154	$	(1,029)	$	(1,106)	$	3,802	$	22	$	28	$	70

Schedule of basic and diluted earnings per common share

	Three Months Ended June 30, 2022					Three Months Ended June 30, 2021
(in millions, except per share amounts)	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	142	66.4	$	2.14	$	178	67.2	$	2.65
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.7					0.7
Diluted EPS	$	142	67.1	$	2.12	$	178	67.9	$	2.62

	Six Months Ended June 30, 2022					Six Months Ended June 30, 2021
(in millions, except per share amounts)	Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	272	66.6	$	4.08	$	(68)	67.3	$	(1.01)
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.7					—
Diluted EPS	$	272	67.3	$	4.04	$	(68)	67.3	$	(1.01)