SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size 11/07/23 Ingredion Inc. 10-Q 9/30/23 76:8.3M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.33M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 24K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 24K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 21K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 21K 11: R1 Cover HTML 72K 12: R2 Condensed Consolidated Statements of Income HTML 107K 13: R3 Condensed Consolidated Statements of Comprehensive HTML 61K Income (Loss) 14: R4 Condensed Consolidated Statements of Comprehensive HTML 30K Income (Loss) (Parenthetical) 15: R5 Condensed Consolidated Balance Sheets HTML 135K 16: R6 Condensed Consolidated Balance Sheets HTML 41K (Parenthetical) 17: R7 Condensed Consolidated Statements of Equity and HTML 133K Redeemable Equity 18: R8 Condensed Consolidated Statements of Cash Flows HTML 99K 19: R9 Interim Financial Statements HTML 24K 20: R10 Summary of Significant Accounting Standards and HTML 36K Policies 21: R11 Acquisitions HTML 25K 22: R12 Intangible Assets HTML 45K 23: R13 Investments HTML 31K 24: R14 Derivative Instruments and Hedging Activities HTML 119K 25: R15 Fair Value Measurements HTML 46K 26: R16 Financing Arrangements HTML 43K 27: R17 Commitments and Contingencies HTML 24K 28: R18 Pension and Other Postretirement Benefits HTML 72K 29: R19 Equity HTML 300K 30: R20 Information by Segment and Geographic Region HTML 76K 31: R21 Supplementary Information HTML 39K 32: R22 Pay vs Performance Disclosure HTML 33K 33: R23 Insider Trading Arrangements HTML 26K 34: R24 Summary of Significant Accounting Standards and HTML 26K Policies (Policies) 35: R25 Intangible Assets (Tables) HTML 50K 36: R26 Investments (Tables) HTML 29K 37: R27 Derivative Instruments and Hedging Activities HTML 114K (Tables) 38: R28 Fair Value Measurements (Tables) HTML 43K 39: R29 Financing Arrangements (Tables) HTML 37K 40: R30 Pension and Other Postretirement Benefits (Tables) HTML 72K 41: R31 Equity (Tables) HTML 306K 42: R32 Information by Segment and Geographic Region HTML 72K (Tables) 43: R33 Supplementary Information (Tables) HTML 39K 44: R34 Acquisitions (Details) HTML 54K 45: R35 Intangible Assets - Schedule of Goodwill (Details) HTML 55K 46: R36 Intangible Assets - Summary of Indefinite-Lived HTML 24K Intangible Assets (Details) 47: R37 Investments (Details) HTML 32K 48: R38 Derivative Instruments and Hedging Activities - HTML 40K Commodity Price Hedging (Details) 49: R39 Derivative Instruments and Hedging Activities - HTML 33K Foreign Currency Hedging (Details) 50: R40 Derivative Instruments and Hedging Activities - HTML 36K Cash Flow Hedges in AOCI (Details) 51: R41 Derivative Instruments and Hedging Activities - HTML 24K Gain (Losses) Recognized in Income (Details) 52: R42 Derivative Instruments and Hedging Activities - HTML 89K Balance Sheet Location (Details) 53: R43 Derivative Instruments and Hedging Activities - HTML 39K Cash Flow Hedges (Details) 54: R44 Fair Value Measurements (Details) HTML 54K 55: R45 Financing Arrangements - Carrying Value (Details) HTML 57K 56: R46 Financing Arrangements - Commercial Paper HTML 43K (Details) 57: R47 Commitments and Contingencies (Details) HTML 30K 58: R48 Pension and Other Postretirement Benefits HTML 56K (Details) 59: R49 Equity - Treasury Stock (Details) HTML 32K 60: R50 Equity - Share-based Payments (Details) HTML 38K 61: R51 Equity - Stock Options (Details) HTML 105K 62: R52 Equity - Restricted Stock Units (Details) HTML 64K 63: R53 Equity - Performance Shares (Details) HTML 69K 64: R54 Equity - AOCL (Details) HTML 51K 65: R55 Equity - Changes in Total Equity (Details) HTML 104K 66: R56 Equity - EPS (Details) HTML 59K 67: R57 Information by Segment and Geographic Region - Net HTML 54K Sales and Operating Income (Details) 68: R58 Information by Segment and Geographic Region - HTML 38K Assets (Details) 69: R59 Supplementary Information - Accounts Receivable, HTML 29K Net (Details) 70: R60 Supplementary Information - Inventories (Details) HTML 29K 71: R61 Supplementary Information - Supply Chain Finance HTML 22K Program (Details) 74: XML IDEA XML File -- Filing Summary XML 133K 72: XML XBRL Instance -- ingr-20230930_htm XML 2.38M 73: EXCEL IDEA Workbook of Financial Report Info XLSX 130K 7: EX-101.CAL XBRL Calculations -- ingr-20230930_cal XML 168K 8: EX-101.DEF XBRL Definitions -- ingr-20230930_def XML 583K 9: EX-101.LAB XBRL Labels -- ingr-20230930_lab XML 1.68M 10: EX-101.PRE XBRL Presentations -- ingr-20230930_pre XML 1.00M 6: EX-101.SCH XBRL Schema -- ingr-20230930 XSD 137K 75: JSON XBRL Instance as JSON Data -- MetaLinks 499± 724K 76: ZIP XBRL Zipped Folder -- 0001046257-23-000070-xbrl Zip 306K
ingr-20230930 |
i x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | |||||
(State or other jurisdiction of incorporation or organization) | |||||
i 22-3514823 | |||||
(I.R.S. Employer Identification No.) | |||||
i 5 Westbrook Corporate Center i Westchester, i Illinois | i 60154 | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
i Common Stock, par value $0.01 per share | i INGR | i New York Stock Exchange |
i Large accelerated filer | x | Accelerated filer | o | ||||||||
Non-accelerated filer | o | Smaller reporting company | i o | ||||||||
Emerging growth company | i o |
Class | Outstanding
at November 3, 2023 | |||||||
Common Stock, $0.01 par value | i 65,192,468 shares | |||||||
Page | ||||||||
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net sales | $ | i 2,033 | $ | i 2,023 | $ | i 6,239 | $ | i 5,959 | ||||||||||||||||||
Cost of sales | i 1,612 | i 1,649 | i 4,890 | i 4,816 | ||||||||||||||||||||||
Gross profit | i 421 | i 374 | i 1,349 | i 1,143 | ||||||||||||||||||||||
Operating expenses | i 203 | i 180 | i 578 | i 528 | ||||||||||||||||||||||
Other operating (income) expense | ( i 5) | i 10 | i 6 | i 4 | ||||||||||||||||||||||
Restructuring/impairment charges | i 10 | i 2 | i 10 | i 6 | ||||||||||||||||||||||
Operating income | i 213 | i 182 | i 755 | i 605 | ||||||||||||||||||||||
Financing costs | i 26 | i 24 | i 88 | i 65 | ||||||||||||||||||||||
Other non-operating expense (income) | i 2 | ( i 3) | i 4 | ( i 4) | ||||||||||||||||||||||
Income before income taxes | i 185 | i 161 | i 663 | i 544 | ||||||||||||||||||||||
Provision for income taxes | i 25 | i 52 | i 145 | i 157 | ||||||||||||||||||||||
Net income | i 160 | i 109 | i 518 | i 387 | ||||||||||||||||||||||
Less: Net income attributable to non-controlling interests | i 2 | i 3 | i 6 | i 9 | ||||||||||||||||||||||
Net income attributable to Ingredion | $ | i 158 | $ | i 106 | $ | i 512 | $ | i 378 | ||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||
Basic | i 66.0 | i 65.8 | i 66.1 | i 66.4 | ||||||||||||||||||||||
Diluted | i 67.0 | i 66.6 | i 67.1 | i 67.1 | ||||||||||||||||||||||
Earnings per common share of Ingredion: | ||||||||||||||||||||||||||
Basic | $ | i 2.39 | $ | i 1.61 | $ | i 7.75 | $ | i 5.69 | ||||||||||||||||||
Diluted | $ | i 2.36 | $ | i 1.59 | $ | i 7.63 | $ | i 5.63 |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income | $ | i 160 | $ | i 109 | $ | i 518 | $ | i 387 | ||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||
(Losses) gains on cash flow hedges, net of income tax effect of $ i 1, $ i 19,
$ i 32 and $ i 66, respectively | ( i 5) | i 56 | ( i 91) | i 188 | ||||||||||||||||||||||
Losses
(gains) on cash flow hedges reclassified to earnings, net of income tax effect of $ i 10, $ i 18, $ i 11
and $ i 52, respectively | i 24 | ( i 55) | i 25 | ( i 149) | ||||||||||||||||||||||
(Losses)
on pension and other postretirement obligations, net of income tax effect of $ i —, $ i —,
$ i 1, and $ i —,
respectively | i — | i — | ( i 1) | i — | ||||||||||||||||||||||
Losses
related to pension and other postretirement obligations reclassified to earnings, net of income tax effect of $ i i i i — / / / | i 1 | i 1 | i 1 | i 1 | ||||||||||||||||||||||
Currency translation adjustment | ( i 45) | ( i 114) | ( i 30) | ( i 195) | ||||||||||||||||||||||
Comprehensive income (loss) | i 135 | ( i 3) | i 422 | i 232 | ||||||||||||||||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests | i 2 | ( i 2) | ( i 2) | ( i 4) | ||||||||||||||||||||||
Comprehensive income (loss) attributable to Ingredion | $ | i 133 | $ | ( i 1) | $ | i 424 | $ | i 236 |
(in millions, except share and per share amounts) | September 30, 2023 | December 31, 2022 | ||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | i 335 | $ | i 236 | ||||||||||
Short-term investments | i 6 | i 3 | ||||||||||||
Accounts receivable, net | i 1,380 | i 1,411 | ||||||||||||
Inventories | i 1,502 | i 1,597 | ||||||||||||
Prepaid expenses | i 66 | i 62 | ||||||||||||
Total current assets | i 3,289 | i 3,309 | ||||||||||||
Property,
plant and equipment, net of accumulated depreciation of $ i 3,455 and $ i 3,326,
respectively | i 2,401 | i 2,407 | ||||||||||||
Intangible
assets, net of accumulated amortization of $ i 291 and $ i 275, respectively | i 1,296 | i 1,301 | ||||||||||||
Other assets | i 563 | i 544 | ||||||||||||
Total assets | $ | i 7,549 | $ | i 7,561 | ||||||||||
Liabilities and equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Short-term borrowings | $ | i 466 | $ | i 543 | ||||||||||
Accounts payable and accrued liabilities | i 1,202 | i 1,339 | ||||||||||||
Total current liabilities | i 1,668 | i 1,882 | ||||||||||||
Long-term debt | i 1,940 | i 1,940 | ||||||||||||
Other non-current liabilities | i 474 | i 477 | ||||||||||||
Total liabilities | i 4,082 | i 4,299 | ||||||||||||
Share-based payments subject to redemption | i 49 | i 48 | ||||||||||||
Redeemable non-controlling interests | i 41 | i 51 | ||||||||||||
Ingredion stockholders’ equity: | ||||||||||||||
Preferred stock — authorized i i 25,000,000 /
shares — $ i i 0.01 / par value, i i none /
issued | i — | i — | ||||||||||||
Common
stock — authorized i i 200,000,000 / shares — $ i i 0.01 /
par value, i i 77,810,875 / issued at September 30, 2023 and December 31,
2022 | i 1 | i 1 | ||||||||||||
Additional paid-in capital | i 1,143 | i 1,132 | ||||||||||||
Less:
Treasury stock (common stock: i 12,623,174 and i 12,116,920 shares at September 30, 2023 and December 31, 2022, respectively) at cost | ( i 1,211) | ( i 1,148) | ||||||||||||
Accumulated other comprehensive loss | ( i 1,144) | ( i 1,048) | ||||||||||||
Retained earnings | i 4,575 | i 4,210 | ||||||||||||
Total Ingredion stockholders’ equity | i 3,364 | i 3,147 | ||||||||||||
Non-redeemable non-controlling interests | i 13 | i 16 | ||||||||||||
Total equity | i 3,377 | i 3,163 | ||||||||||||
Total liabilities and equity | $ | i 7,549 | $ | i 7,561 |
Total Equity | Share-based Payments Subject to Redemption | Redeemable Non- Controlling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Non- Redeemable Non- Controlling Interests | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | — | $ | i 1 | $ | i 1,132 | $ | ( i 1,148) | $ | ( i 1,048) | $ | i 4,210 | $ | i 16 | $ | i 48 | $ | i 51 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Ingredion | i 512 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | i 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | ( i 147) | ( i 2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | ( i 101) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of issuance | i 4 | i 38 | i 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair market value adjustment to non-controlling interests | i 7 | ( i 7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest purchases | ( i 2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | ( i 96) | ( i 7) | ( i 1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | — | $ | i 1 | $ | i 1,143 | $ | ( i 1,211) | $ | ( i 1,144) | $ | i 4,575 | $ | i 13 | $ | i 49 | $ | i 41 |
Total Equity | Share-based Payments Subject to Redemption | Redeemable Non- Controlling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Non- Redeemable Non- Controlling Interests | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | — | $ | i 1 | $ | i 1,158 | $ | ( i 1,061) | $ | ( i 897) | $ | i 3,899 | $ | i 18 | $ | i 36 | $ | i 71 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Ingredion | i 378 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | i 7 | i 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | ( i 134) | ( i 4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock, net | ( i 112) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of issuance | i 4 | i 14 | i 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair market value adjustment to non-controlling interests | ( i 29) | i 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest purchases | ( i 40) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | ( i 155) | ( i 7) | ( i 6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | — | $ | i 1 | $ | i 1,133 | $ | ( i 1,159) | $ | ( i 1,052) | $ | i 4,143 | $ | i 14 | $ | i 43 | $ | i 56 |
Nine
Months Ended September 30, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Cash provided by operating activities | ||||||||||||||
Net income | $ | i 518 | $ | i 387 | ||||||||||
Non-cash charges to net income: | ||||||||||||||
Depreciation and amortization | i 165 | i 160 | ||||||||||||
Mechanical stores expense | i 48 | i 42 | ||||||||||||
Deferred income taxes | ( i 7) | ( i 3) | ||||||||||||
Other non-cash charges | i 52 | i 41 | ||||||||||||
Changes in working capital: | ||||||||||||||
Accounts receivable and prepaid expenses | ( i 6) | ( i 276) | ||||||||||||
Inventories | i 61 | ( i 401) | ||||||||||||
Accounts payable and accrued liabilities | ( i 173) | i 99 | ||||||||||||
Margin accounts | i 2 | ( i 11) | ||||||||||||
Other | ( i 13) | i 42 | ||||||||||||
Cash provided by operating activities | i 647 | i 80 | ||||||||||||
Cash used for investing activities | ||||||||||||||
Capital expenditures and mechanical stores purchases | ( i 233) | ( i 203) | ||||||||||||
Proceeds from disposal of manufacturing facilities and properties | i 2 | i 7 | ||||||||||||
Payments
for acquisitions, net of cash acquired | i — | ( i 7) | ||||||||||||
Other | ( i 11) | i 1 | ||||||||||||
Cash used for investing activities | ( i 242) | ( i 202) | ||||||||||||
Cash (used for) provided by financing activities | ||||||||||||||
Proceeds from borrowings | i 636 | i 376 | ||||||||||||
Payments on debt | ( i 652) | ( i 342) | ||||||||||||
Commercial paper borrowings, net | ( i 57) | i 372 | ||||||||||||
Repurchases of common stock, net | ( i 101) | ( i 112) | ||||||||||||
Issuances of common stock for share-based compensation, net | i 18 | i 1 | ||||||||||||
Purchases of non-controlling interests | ( i 2) | ( i 40) | ||||||||||||
Dividends paid, including to non-controlling interests | ( i 143) | ( i 133) | ||||||||||||
Cash (used for) provided by financing activities | ( i 301) | i 122 | ||||||||||||
Effects of foreign exchange rate changes on cash | ( i 5) | ( i 34) | ||||||||||||
Increase (decrease) in cash and cash equivalents | i 99 | ( i 34) | ||||||||||||
Cash and cash equivalents, beginning of period | i 236 | i 328 | ||||||||||||
Cash and cash equivalents, end of period | $ | i 335 | $ | i 294 |
(in millions) | North America | South America | Asia-Pacific | EMEA | Total | |||||||||||||||||||||||||||
Goodwill before impairment charges | $ | i 623 | $ | i 49 | $ | i 311 | $ | i 72 | $ | i 1,055 | ||||||||||||||||||||||
Accumulated impairment charges | ( i 1) | ( i 33) | ( i 121) | i — | ( i 155) | |||||||||||||||||||||||||||
Balance
at December 31, 2022 | i 622 | i 16 | i 190 | i 72 | i 900 | |||||||||||||||||||||||||||
Acquisition | i — | i — | i 19 | i — | i 19 | |||||||||||||||||||||||||||
Currency
translation | i — | i 1 | ( i 11) | ( i 1) | ( i 11) | |||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | i 622 | $ | i 17 | $ | i 198 | $ | i 71 | $ | i 908 |
(in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||
Trademarks/tradenames | $ | i 143 | $ | i 143 |
(in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||
Equity investments | $ | i 27 | $ | i 23 | ||||||||||
Equity method investments | i 101 | i 113 | ||||||||||||
Marketable securities | i 4 | i 3 | ||||||||||||
Total investments | $ | i 132 | $ | i 139 |
Derivatives in Cash Flow Hedging Relationships | Gains (Losses) included in AOCL as of | |||||||||||||
(in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||
Commodity contracts, net of income tax effect of $ i 19
and $ i 3, respectively | $ | ( i 56) | $ | i 8 | ||||||||||
Foreign
currency contracts, net of income tax effect of $ i 1 and $ i —,
respectively | ( i 1) | i 1 | ||||||||||||
Interest
rate contracts, net of income tax effect of $ i i 1 / | ( i 3) | ( i 3) | ||||||||||||
Total | $ | ( i 60) | $ | i 6 |
Fair Value of Hedging Instruments as of September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Designated Hedging Instruments (in millions) | Non-Designated Hedging Instruments (in millions) | |||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Commodity Contracts | Foreign Currency Contracts | Total | Commodity Contracts | Foreign Currency Contracts | Total | ||||||||||||||||||||||||||||||||
Accounts receivable, net | $ | i 5 | $ | i 14 | $ | i 19 | $ | i 1 | $ | i 8 | $ | i 9 | ||||||||||||||||||||||||||
Other assets | i 1 | i 11 | i 12 | i — | i — | i — | ||||||||||||||||||||||||||||||||
Assets | i 6 | i 25 | i 31 | i 1 | i 8 | i 9 | ||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | i 56 | i 19 | i 75 | i 2 | i 7 | i 9 | ||||||||||||||||||||||||||||||||
Non-current liabilities | i 2 | i 4 | i 6 | i — | i 1 | i 1 | ||||||||||||||||||||||||||||||||
Liabilities | i 58 | i 23 | i 81 | i 2 | i 8 | i 10 | ||||||||||||||||||||||||||||||||
Net Assets/(Liabilities) | $ | ( i 52) | $ | i 2 | $ | ( i 50) | $ | ( i 1) | $ | i — | $ | ( i 1) |
Fair Value of Hedging Instruments as of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Designated Hedging Instruments (in millions) | Non-Designated Hedging Instruments (in millions) | |||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Commodity Contracts | Foreign Currency Contracts | Total | Commodity Contracts | Foreign Currency Contracts | Total | ||||||||||||||||||||||||||||||||
Accounts receivable, net | $ | i 28 | $ | i 20 | $ | i 48 | $ | i — | $ | i 5 | $ | i 5 | ||||||||||||||||||||||||||
Other assets | i 1 | i 6 | i 7 | i — | i — | i — | ||||||||||||||||||||||||||||||||
Assets | i 29 | i 26 | i 55 | i — | i 5 | i 5 | ||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | i 22 | i 23 | i 45 | i 1 | i 6 | i 7 | ||||||||||||||||||||||||||||||||
Non-current liabilities | i 3 | i 9 | i 12 | i — | i — | i — | ||||||||||||||||||||||||||||||||
Liabilities | i 25 | i 32 | i 57 | i 1 | i 6 | i 7 | ||||||||||||||||||||||||||||||||
Net Assets/(Liabilities) | $ | i 4 | $ | ( i 6) | $ | ( i 2) | $ | ( i 1) | $ | ( i 1) | $ | ( i 2) |
Derivatives in Cash Flow | Gains (Losses) Recognized in AOCL on Derivatives | Gains (Losses) Reclassified from AOCL into Income | ||||||||||||||||||||||||||||||
Hedging Relationships | Three Months Ended September 30, | Income Statement | Three Months Ended September 30, | |||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Location | 2023 | 2022 | |||||||||||||||||||||||||||
Commodity contracts | $ | ( i 10) | $ | i 72 | Cost of sales | $ | ( i 37) | $ | i 72 | |||||||||||||||||||||||
Foreign currency contracts | i 4 | i 3 | Net sales/Cost of sales | i 3 | i 1 | |||||||||||||||||||||||||||
Total | $ | ( i 6) | $ | i 75 | $ | ( i 34) | $ | i 73 |
Derivatives in Cash Flow | Gains (Losses) Recognized in AOCL on Derivatives | Gains (Losses) Reclassified from AOCL into Income | ||||||||||||||||||||||||||||||
Hedging Relationships | Nine Months Ended September 30, | Income Statement | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Location | 2023 | 2022 | |||||||||||||||||||||||||||
Commodity contracts | $ | ( i 132) | $ | i 240 | Cost of sales | $ | ( i 46) | $ | i 197 | |||||||||||||||||||||||
Foreign currency contracts | i 9 | i 14 | Net sales/Cost of sales | i 10 | i 4 | |||||||||||||||||||||||||||
Total | $ | ( i 123) | $ | i 254 | $ | ( i 36) | $ | i 201 |
As of September 30, 2023 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
Marketable securities | $ | i 4 | $ | i 4 | $ | i — | $ | i — | $ | i 3 | $ | i 3 | $ | i — | $ | i — | ||||||||||||||||||||||||||||||||||
Derivative assets | i 40 | i 39 | i 1 | i — | i 60 | i 49 | i 11 | i — | ||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | i 91 | i 67 | i 24 | i — | i 64 | i 51 | i 13 | i — | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | i 1,679 | i — | i 1,679 | i — | i 1,733 | i — | i 1,733 | i — |
(in millions) | As of September 30, 2023 | As of December 31, 2022 | ||||||||||||
i i 2.900 / %
senior notes due June 1, 2030 | $ | i 596 | $ | i 595 | ||||||||||
i i 3.200 / %
senior notes due October 1, 2026 | i 499 | i 498 | ||||||||||||
i i 3.900 / %
senior notes due June 1, 2050 | i 391 | i 390 | ||||||||||||
i i 6.625 / %
senior notes due April 15, 2037 | i 253 | i 253 | ||||||||||||
Term loan credit agreement due December 16, 2024 | i 200 | i 200 | ||||||||||||
Revolving credit agreement | i — | i — | ||||||||||||
Other long-term borrowings | i 1 | i 4 | ||||||||||||
Total long-term debt | i 1,940 | i 1,940 | ||||||||||||
Commercial paper | i 333 | i 390 | ||||||||||||
Other short-term borrowings | i 133 | i 153 | ||||||||||||
Total short-term borrowings | i 466 | i 543 | ||||||||||||
Total debt | $ | i 2,406 | $ | i 2,483 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | i 1 | $ | i 1 | $ | i 1 | $ | i 1 | $ | i 2 | $ | i 3 | $ | i 3 | $ | i 3 | ||||||||||||||||||||||||||||||||||
Interest cost | i 3 | i 2 | i 3 | i 2 | i 11 | i 6 | i 8 | i 7 | ||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( i 4) | ( i 5) | ( i 3) | ( i 2) | ( i 12) | ( i 13) | ( i 7) | ( i 6) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service credit | ( i 1) | i — | i — | i — | ( i 1) | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | i 1 | i — | i 1 | i — | i 1 | i — | i 1 | i — | ||||||||||||||||||||||||||||||||||||||||||
Net
periodic (benefit) cost (a) | $ | i — | $ | ( i 2) | $ | i 2 | $ | i 1 | $ | i 1 | $ | ( i 4) | $ | i 5 | $ | i 4 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Service cost | $ | i — | $ | i — | $ | i — | $ | i — | ||||||||||||||||||
Interest cost | i 1 | i 1 | i 3 | i 2 | ||||||||||||||||||||||
Amortization of prior service cost | i — | i — | i — | i 1 | ||||||||||||||||||||||
Net
periodic cost (a) | $ | i 1 | $ | i 1 | $ | i 3 | $ | i 3 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Stock options: | ||||||||||||||||||||||||||
Pre-tax compensation expense | $ | i 1 | $ | i 1 | $ | i 3 | $ | i 3 | ||||||||||||||||||
Income tax benefit | i — | i — | i — | i — | ||||||||||||||||||||||
Stock option expense, net of income taxes | i 1 | i 1 | i 3 | i 3 | ||||||||||||||||||||||
Restricted stock units (“RSUs”): | ||||||||||||||||||||||||||
Pre-tax compensation expense | i 4 | i 4 | i 11 | i 10 | ||||||||||||||||||||||
Income tax benefit | i — | i — | ( i 1) | ( i 1) | ||||||||||||||||||||||
RSUs, net of income taxes | i 4 | i 4 | i 10 | i 9 | ||||||||||||||||||||||
Performance shares and other share-based awards: | ||||||||||||||||||||||||||
Pre-tax compensation expense | i 4 | i 2 | i 9 | i 9 | ||||||||||||||||||||||
Income tax benefit | ( i 1) | i — | ( i 1) | ( i 1) | ||||||||||||||||||||||
Performance shares and other share-based compensation expense, net of income taxes | i 3 | i 2 | i 8 | i 8 | ||||||||||||||||||||||
Total share-based compensation: | ||||||||||||||||||||||||||
Pre-tax compensation expense | i 9 | i 7 | i 23 | i 22 | ||||||||||||||||||||||
Income tax benefit | ( i 1) | i — | ( i 2) | ( i 2) | ||||||||||||||||||||||
Total share-based compensation expense, net of income taxes | $ | i 8 | $ | i 7 | $ | i 21 | $ | i 20 |
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Expected life (in years) | i 5.5 | i 5.5 | ||||||||||||
Risk-free interest rate | i 4.0% | i 2.0% | ||||||||||||
Expected volatility | i 28.3% | i 23.8% | ||||||||||||
Expected dividend yield | i 2.9% | i 2.9% |
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, 2022 | i 2,222 | $ | i 92.32 | i 5.16 | $ | i 24 | ||||||||||||||||||||
Granted | i 197 | i 98.69 | ||||||||||||||||||||||||
Exercised | ( i 345) | i 72.76 | ||||||||||||||||||||||||
Cancelled | ( i 62) | i 105.47 | ||||||||||||||||||||||||
Outstanding as of September 30, 2023 | i 2,012 | $ | i 95.89 | i 5.17 | $ | i 15 | ||||||||||||||||||||
Exercisable as of September 30, 2023 | i 1,565 | $ | i 96.88 | i 4.20 | $ | i 12 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(dollars in millions, except per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Weighted average grant date fair value of stock options granted (per share) | $ | i — | $ | i — | $ | i 23.80 | $ | i 15.04 | |||||||||||||||
Total intrinsic value of stock options exercised | i 1 | i 1 | i 11 | i 2 |
(shares in thousands) | Number of Restricted Shares | Weighted Average Fair Value per Share | ||||||||||||
Non-vested at December 31, 2022 | i 517 | $ | i 88.04 | |||||||||||
Granted | i 217 | i 98.29 | ||||||||||||
Vested | ( i 145) | i 88.13 | ||||||||||||
Cancelled | ( i 33) | i 91.18 | ||||||||||||
Non-vested at September 30, 2023 | i 556 | $ | i 91.94 |
(in millions) | Cumulative Translation Adjustment | Hedging Activities | Pension and Postretirement Adjustment | AOCL | ||||||||||||||||||||||
Balance, December 31, 2022 | $ | ( i 1,008) | $ | i 6 | $ | ( i 46) | $ | ( i 1,048) | ||||||||||||||||||
Other comprehensive (loss) before reclassification adjustments | ( i 30) | ( i 123) | ( i 2) | ( i 155) | ||||||||||||||||||||||
Loss reclassified from accumulated OCL | i — | i 36 | i 1 | i 37 | ||||||||||||||||||||||
Tax benefit | i — | i 21 | i 1 | i 22 | ||||||||||||||||||||||
Net other comprehensive (loss) | ( i 30) | ( i 66) | i — | ( i 96) | ||||||||||||||||||||||
Balance, September 30, 2023 | $ | ( i 1,038) | $ | ( i 60) | $ | ( i 46) | $ | ( i 1,144) |
(in millions) | Cumulative Translation Adjustment | Hedging Activities | Pension and Postretirement Adjustment | AOCL | ||||||||||||||||||||||
Balance, December 31, 2021 | $ | ( i 903) | $ | i 48 | $ | ( i 42) | $ | ( i 897) | ||||||||||||||||||
Other comprehensive (loss) gain before reclassification adjustments | ( i 195) | i 254 | i — | i 59 | ||||||||||||||||||||||
(Gain) loss reclassified from accumulated OCL | i — | ( i 201) | i 1 | ( i 200) | ||||||||||||||||||||||
Tax (provision) | i — | ( i 14) | i — | ( i 14) | ||||||||||||||||||||||
Net other comprehensive (loss) income | ( i 195) | i 39 | i 1 | ( i 155) | ||||||||||||||||||||||
Balance, September 30, 2022 | $ | ( i 1,098) | $ | i 87 | $ | ( i 41) | $ | ( i 1,052) |
Total Equity | Share-based Payments Subject to Redemption | Redeemable Non- Controlling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Non- Redeemable Non- Controlling Interests | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | — | $ | i 1 | $ | i 1,132 | $ | ( i 1,148) | $ | ( i 1,048) | $ | i 4,210 | $ | i 16 | $ | i 48 | $ | i 51 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Ingredion | i 191 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | i 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends
declared, common stock ($ i 0.71/share) | ( i 47) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of issuance | i 1 | i 21 | ( i 10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | ( i 50) | ( i 6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | — | $ | i 1 | $ | i 1,133 | $ | ( i 1,127) | $ | ( i 1,098) | $ | i 4,354 | $ | i 13 | $ | i 38 | $ | i 51 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Ingredion | i 163 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | i 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends
declared, common stock ($ i 0.71/share) | ( i 48) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared, non-controlling interests | ( i 1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of issuance | i 2 | i 11 | i 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair market value adjustment to non-controlling interests | i 7 | ( i 7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | ( i 21) | ( i 1) | ( i 1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | — | $ | i 1 | $ | i 1,142 | $ | ( i 1,116) | $ | ( i 1,119) | $ | i 4,469 | $ | i 12 | $ | i 43 | $ | i 43 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Ingredion | i 158 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | i 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends
declared, common stock ($ i 0.78/share) | ( i 52) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared, non-controlling interests | ( i 1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | ( i 101) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of issuance | i 1 | i 6 | i 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest purchases | ( i 2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | ( i 25) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | — | $ | i 1 | $ | i 1,143 | $ | ( i 1,211) | $ | ( i 1,144) | $ | i 4,575 | $ | i 13 | $ | i 49 | $ | i 41 |
Total Equity | Share-based Payments Subject to Redemption | Redeemable Non- Controlling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Non- Redeemable Non- Controlling Interests | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | — | $ | i 1 | $ | i 1,158 | $ | ( i 1,061) | $ | ( i 897) | $ | i 3,899 | $ | i 18 | $ | i 36 | $ | i 71 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Ingredion | i 130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | i 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends
declared, common stock ($ i 0.65/share) | ( i 43) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | ( i 39) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of issuance | i 2 | i 9 | ( i 5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | i 134 | ( i 2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | — | $ | i 1 | $ | i 1,160 | $ | ( i 1,091) | $ | ( i 763) | $ | i 3,986 | $ | i 19 | $ | i 31 | $ | i 71 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Ingredion | i 142 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | i 2 | i 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends
declared, common stock ($ i 0.65/share) | ( i 43) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared, non-controlling interests | ( i 4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | ( i 44) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of issuance | i 2 | i 2 | i 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair market value adjustment to non-controlling interests | ( i 29) | i 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest purchases | ( i 27) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | ( i 177) | ( i 2) | ( i 4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | — | $ | i 1 | $ | i 1,133 | $ | ( i 1,133) | $ | ( i 940) | $ | i 4,085 | $ | i 15 | $ | i 37 | $ | i 70 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Ingredion | i 106 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | i 2 | i 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends
declared, common stock ($ i 0.71/share) | ( i 48) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | ( i 29) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net of issuance | i | i 3 | i 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest purchases | ( i 13) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | ( i 112) | ( i 3) | ( i 2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | — | $ | i 1 | $ | i 1,133 | $ | ( i 1,159) | $ | ( i 1,052) | $ | i 4,143 | $ | i 14 | $ | i 43 | $ | i 56 |
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||
(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 | $ | i 158 | i 66.0 | $ | i 2.39 | $ | i 106 | i 65.8 | $ | i 1.61 | ||||||||||||||||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||||||||||||||||||||||||
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards | i 1.0 | i 0.8 | ||||||||||||||||||||||||||||||||||||
Diluted EPS | $ | i 158 | i 67.0 | $ | i 2.36 | $ | i 106 | i 66.6 | $ | i 1.59 |
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||
(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 | $ | i 512 | i 66.1 | $ | i 7.75 | $ | i 378 | i 66.4 | $ | i 5.69 | ||||||||||||||||||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||||||||||||||||||||||||
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards | i 1.0 | i 0.7 | ||||||||||||||||||||||||||||||||||||
Diluted EPS | $ | i 512 | i 67.1 | $ | i 7.63 | $ | i 378 | i 67.1 | $ | i 5.63 |
Three
Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net sales to unaffiliated customers: | ||||||||||||||||||||||||||
North America | $ | i 1,300 | $ | i 1,262 | $ | i 3,998 | $ | i 3,720 | ||||||||||||||||||
South America | i 269 | i 293 | i 795 | i 835 | ||||||||||||||||||||||
Asia-Pacific | i 272 | i 278 | i 816 | i 825 | ||||||||||||||||||||||
EMEA | i 192 | i 190 | i 630 | i 579 | ||||||||||||||||||||||
Total net sales | $ | i 2,033 | $ | i 2,023 | $ | i 6,239 | $ | i 5,959 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Operating income: | ||||||||||||||||||||||||||
North America | $ | i 171 | $ | i 126 | $ | i 575 | $ | i 443 | ||||||||||||||||||
South America | i 32 | i 48 | i 96 | i 125 | ||||||||||||||||||||||
Asia-Pacific | i 33 | i 27 | i 88 | i 70 | ||||||||||||||||||||||
EMEA | i 32 | i 30 | i 131 | i 90 | ||||||||||||||||||||||
Corporate | ( i 49) | ( i 40) | ( i 124) | ( i 109) | ||||||||||||||||||||||
Subtotal | i 219 | i 191 | i 766 | i 619 | ||||||||||||||||||||||
Acquisition/integration costs | i — | i — | i — | ( i 1) | ||||||||||||||||||||||
Restructuring/impairment charges | ( i 10) | i — | ( i 10) | ( i 4) | ||||||||||||||||||||||
Other matters | i 4 | ( i 9) | ( i 1) | ( i 9) | ||||||||||||||||||||||
Total operating income | $ | i 213 | $ | i 182 | $ | i 755 | $ | i 605 |
(in millions) | As of September 30, 2023 | As of December 31, 2022 | ||||||||||||
Assets: | ||||||||||||||
North America (a) | $ | i 4,537 | $ | i 4,499 | ||||||||||
South America | i 926 | i 949 | ||||||||||||
Asia-Pacific | i 1,418 | i 1,467 | ||||||||||||
EMEA | i 668 | i 646 | ||||||||||||
Total assets | $ | i 7,549 | $ | i 7,561 |
(in millions) | As of September 30, 2023 | As of December 31, 2022 | ||||||||||||
Accounts receivable — trade | $ | i 1,241 | $ | i 1,200 | ||||||||||
Accounts receivable — other | i 156 | i 228 | ||||||||||||
Allowance for credit losses | ( i 17) | ( i 17) | ||||||||||||
Total accounts receivable, net | $ | i 1,380 | $ | i 1,411 |
(in millions) | As of September 30, 2023 | As of December 31, 2022 | ||||||||||||
Finished and in process | $ | i 945 | $ | i 962 | ||||||||||
Raw materials | i 466 | i 539 | ||||||||||||
Manufacturing supplies | i 91 | i 96 | ||||||||||||
Total inventories | $ | i 1,502 | $ | i 1,597 |
(shares in thousands) | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet be Purchased Under the Plans or Programs at End of Period (in thousands) | ||||||||||||||||||||||
July 1 – July 31, 2023 | — | — | — | 6,000 shares | ||||||||||||||||||||||
August 1 – August 31, 2023 | 673 | 100.00 | 673 | 5,327 shares | ||||||||||||||||||||||
September 1 – September 30, 2023 | 327 | 100.29 | 327 | 5,000 shares | ||||||||||||||||||||||
Total | 1,000 | 100.09 | 1,000 |
Exhibit No. | Description | ||||
31.1† | |||||
31.2† | |||||
32.1†† | |||||
32.2†† | |||||
101.INS† | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | ||||
101.SCH† | Inline XBRL Taxonomy Extension Schema Document. | ||||
101.CAL† | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF† | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB† | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE† | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
104† | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document, which is contained in Exhibit 101). |
† | Filed with this report. | ||||
†† | Furnished with this report. | ||||
INGREDION INCORPORATED | ||||||||
Date: November 7, 2023 | By: | /s/ James D. Gray | ||||||
James D. Gray | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
Date: November 7, 2023 | By: | /s/ Davida M. Gable | ||||||
Davida M. Gable | ||||||||
Vice President, Global Controller and Global Shared Services |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
4/15/37 | ||||
6/1/30 | ||||
10/1/26 | ||||
12/31/25 | ||||
1/1/25 | ||||
12/31/24 | ||||
12/16/24 | ||||
12/15/23 | ||||
Filed on: | 11/7/23 | 8-K | ||
11/3/23 | ||||
10/30/23 | ||||
10/24/23 | ||||
10/2/23 | ||||
For Period end: | 9/30/23 | |||
8/31/23 | 4 | |||
8/7/23 | ||||
7/31/23 | 4 | |||
7/1/23 | ||||
6/30/23 | 10-Q, 4, 4/A | |||
3/31/23 | 10-Q, 4, 8-K | |||
2/8/23 | 8-K | |||
12/31/22 | 10-K, 11-K, ARS | |||
12/15/22 | 4 | |||
12/1/22 | 4 | |||
9/30/22 | 10-Q, 4 | |||
9/26/22 | 8-K | |||
8/1/22 | ||||
6/30/22 | 10-Q, 4 | |||
3/31/22 | 10-Q, 4 | |||
12/31/21 | 10-K, 11-K | |||
2/12/21 | 4, 8-K | |||
3/12/20 | ||||
List all Filings |