Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of reconciliation of common stock share activity

Common stock share activity for 2023, 2022 and 2021 is as follows:

(Shares of common stock, in thousands)	Issued	Held in Treasury	Outstanding
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
Issuance of restricted stock units as compensation	—	(108)	108
Performance shares and other share-based awards	—	(51)	51
Stock options exercised	—	(386)	386
Purchase/acquisition of treasury stock	—	1,000	(1,000)
Balance at December 31, 2023	77,811	12,572	65,239

Schedule of stock based compensation expense

Share-based compensation expense for 2023, 2022 and 2021 is as follows:

	2023		2022		2021
Stock options:
Pre-tax compensation expense	$	4	$	4	$	3
Income tax benefit	—		—		—
Stock option expense, net of income taxes	4		4		3
Restricted stock units (“RSUs”):
Pre-tax compensation expense	15		13		12
Income tax benefit	(2)		(1)		(1)
RSUs, net of income taxes	13		12		11
Performance shares and other share-based awards:
Pre-tax compensation expense	14		12		8
Income tax benefit	(1)		(1)		(1)
Performance shares and other share-based compensation expense, net of income taxes	13		11		7
Total share-based compensation:
Pre-tax compensation expense	33		29		23
Income tax benefit	(3)		(2)		(2)
Total share-based compensation expense, net of income taxes	$	30	$	27	$	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,
	2023		2022		2021
Expected life (in years)	5.5		5.5		5.5
Risk-free interest rate	4.0	%	2.0	%	0.6	%
Expected volatility	28.3	%	23.8	%	23.2	%
Expected dividend yield	2.9	%	2.9	%	2.9	%

Schedule of stock option transactions

Stock option activity in 2023 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, 2022	2,222	$	92.32	5.16	$	24
Granted	197	98.69
Exercised	(386)	71.76
Cancelled	(80)	102.66
Outstanding as of December 31, 2023	1,953	$	96.61	4.97	$	29
Exercisable as of December 31, 2023	1,523	$	97.80	4.03	$	22

Schedule of additional information pertaining to stock option activity

Additional information pertaining to stock option activity is as follows:

	Year Ended December 31,
	2023		2022		2021
Weighted average grant date fair value of stock options granted (per share)	$	23.80	$	15.04	$	12.31
Total intrinsic value of stock options exercised	13		6		10

Schedule of restricted unit activity

RSU activity in 2023 is as follows:

(shares in thousands)	Number of Restricted Shares	Weighted Average Fair Value per Share
Non-vested at December 31, 2022	517	$	88.04
Granted	222	98.15
Vested	(154)	87.91
Cancelled	(33)	91.30
Non-vested at December 31, 2023	552	$	92.05

Summary of net changes in accumulated other comprehensive loss

A summary of Accumulated other comprehensive loss for 2023, 2022 and 2021 is presented below:

	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance, December 31, 2020	$	(1,114)	$	42	$	(61)	$	(1,133)
Other comprehensive (loss) income before reclassification adjustments	(100)		218		28		146
Loss (income) 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) income before reclassification adjustments	(105)		210		(5)		100
(Income) reclassified from accumulated other comprehensive loss	—		(268)		—		(268)
Tax benefit	—		16		1		17
Net other comprehensive (loss)	(105)		(42)		(4)		(151)
Balance, December 31, 2022	(1,008)		6		(46)		(1,048)
Other comprehensive income (loss) before reclassification adjustments	47		(151)		(2)		(106)
Loss reclassified from accumulated other comprehensive loss	—		78		1		79
Tax benefit	—		19		—		19
Net other comprehensive income (loss)	47		(54)		(1)		(8)
Balance, December 31, 2023	$	(961)	$	(48)	$	(47)	$	(1,056)

Schedule of basic and diluted earnings per common share

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

	2023					2022					2021
	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	$	643	66.0	$	9.74	$	492	66.2	$	7.43	$	117	67.1	$	1.74
Effect of Dilutive Securities:
Incremental shares from assumed exercise of dilutive stock options and vesting of dilutive RSUs and other awards			1.0					0.8					0.7
Diluted EPS	$	643	67.0	$	9.60	$	492	67.0	$	7.34	$	117	67.8	$	1.73