Equity (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of reconciliation of common stock share activity

Set forth below is a reconciliation of common stock share activity for 2022, 2021 and 2020:

(Shares of common stock, in thousands)	Issued	Held in Treasury	Outstanding
Balance at December 31, 2019	77,811	10,993	66,818
Issuance of restricted stock units as compensation	—	(69)	69
Performance shares and other share-based awards	—	(5)	5
Stock options exercised	—	(124)	124
Purchase/acquisition of treasury stock	—	—	—
Balance at December 31, 2020	77,811	10,795	67,016
Issuance of restricted stock units as compensation	—	(69)	69
Performance shares and other share-based awards	—	(6)	6
Stock options exercised	—	(331)	331
Purchase/acquisition of treasury stock	—	765	(765)
Balance at December 31, 2021	77,811	11,154	66,657
Issuance of restricted stock units as compensation	—	(95)	95
Performance shares and other share-based awards	—	(43)	43
Stock options exercised	—	(182)	182
Purchase/acquisition of treasury stock	—	1,283	(1,283)
Balance at December 31, 2022	77,811	12,117	65,694

Schedule of stock based compensation expense

The following table summarizes the components of our share-based compensation expense for 2022, 2021 and 2020:

(in millions)	2022		2021		2020
Stock options:
Pre-tax compensation expense	$	4	$	3	$	4
Income tax benefit	—		—		—
Stock option expense, net of income taxes	4		3		4
Restricted stock units ("RSUs"):
Pre-tax compensation expense	13		12		12
Income tax benefit	(1)		(1)		(1)
RSUs, net of income taxes	12		11		11
Performance shares and other share-based awards:
Pre-tax compensation expense	12		8		7
Income tax benefit	(1)		(1)		(1)
Performance shares and other share-based compensation expense, net of income taxes	11		7		6
Total share-based compensation:
Pre-tax compensation expense	29		23		23
Income tax benefit	(2)		(2)		(2)
Total share-based compensation expense, net of income taxes	$	27	$	21	$	21

Schedule of valuation assumptions for stock options

The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:

	For the Year Ended December 31,
	2022		2021		2020
Expected life (in years)	5.5		5.5		5.5
Risk-free interest rate	2.0	%	0.6	%	1.4	%
Expected volatility	23.8	%	23.2	%	19.8	%
Expected dividend yield	2.9	%	2.9	%	2.9	%

Schedule of stock option transactions

A summary of stock option transactions in 2022 is as follows:

	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	(182)	61.90
Cancelled	(31)	103.55
Outstanding as of December 31, 2022	2,222	$	92.32	5.16	$	24
Exercisable as of December 31, 2022	1,651	$	93.79	4.03	$	18

Schedule of additional information pertaining to stock option activity

Additional information pertaining to stock option activity is as follows:

	Year Ended December 31,
(dollars in millions, except per share)	2022		2021		2020
Weighted average grant date fair value of stock options granted (per share)	$	15.04	$	12.31	$	11.48
Total intrinsic value of stock options exercised	6		10		5

Schedule of restricted unit activity

The following table summarizes RSU activity in 2022:

(shares in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested at December 31, 2021	486	$	88.34
Granted	213	88.80
Vested	(132)	90.74
Cancelled	(50)	87.14
Non-vested at December 31, 2022	517	$	88.04

Summary of net changes in accumulated other comprehensive loss

A summary of accumulated other comprehensive income (loss) for 2022, 2021 and 2020, is presented below:

(in millions)	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2019	$	(1,089)	$	(9)	$	(60)	$	(1,158)
Other comprehensive (loss) income before reclassification adjustments	(25)		5		(2)		(22)
Loss reclassified from accumulated other comprehensive loss	—		65		—		65
Tax (provision) benefit	—		(19)		1		(18)
Net other comprehensive (loss) income	(25)		51		(1)		25
Balance, December 31, 2020	(1,114)		42		(61)		(1,133)
Other comprehensive (loss) income before reclassification adjustments	(100)		218		28		146
Loss (gain) reclassified from accumulated other comprehensive loss	311		(209)		—		102
Tax (provision)	—		(3)		(9)		(12)
Net other comprehensive income	211		6		19		236
Balance, December 31, 2021	(903)		48		(42)		(897)
Other comprehensive (loss) gain before reclassification adjustments	(105)		210		(5)		100
(Gain) loss reclassified from accumulated other comprehensive loss	—		(268)		—		(268)
Tax benefit	—		16		1		17
Net other comprehensive income	(105)		(42)		(4)		(151)
Balance, December 31, 2022	$	(1,008)	$	6	$	(46)	$	(1,048)

Schedule of basic and diluted earnings per common share

The following table provides the computation of basic and diluted earnings per common share (“EPS”) for the periods presented.

	2022					2021					2020
(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		Net Income Available to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	492	66.2	$	7.43	$	117	67.1	$	1.74	$	348	67.2	$	5.18
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			0.8					0.7					0.4
Diluted EPS	$	492	67.0	$	7.34	$	117	67.8	$	1.73	$	348	67.6	$	5.15