10-Q Filing

INGREDION INC CIK: 1046257 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001558370-20-005442`
Period End Date	20200331
Filing Date	20200506
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	ingr-20200506x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 35 Cash Flow Statement 51 Stockholders Equity 6 Comprehensive Income 16

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Property, plant and equipment, Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$3.06B	USD	Point-in-time
Property, plant and equipment, Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.98B	USD	Point-in-time
Other intangible assets - accumulated amortization (in dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$197.00M	USD	Point-in-time
Other intangible assets - accumulated amortization (in dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$202.00M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$278.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$264.00M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Short-term investments	`OtherShortTermInvestments`	$2.00M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Short-term investments	`OtherShortTermInvestments`	$4.00M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$996.00M	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$977.00M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Inventories	`InventoryNet`	$861.00M	USD	Point-in-time
Inventories	`InventoryNet`	$857.00M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$55.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$54.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	77.81M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	77.81M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.19B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.16B	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	10.99M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $2,979 and $3,056, respectively	`PropertyPlantAndEquipmentNet`	$2.21B	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	10.77M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $2,979 and $3,056, respectively	`PropertyPlantAndEquipmentNet`	$2.31B	USD	Point-in-time
Goodwill	`Goodwill`	$787.00M	USD	Point-in-time
Goodwill	`Goodwill`	$801.00M	USD	Point-in-time
Other intangible assets, net of accumulated amortization of $202 and $197, respectively	`IntangibleAssetsNetExcludingGoodwill`	$427.00M	USD	Point-in-time
Other intangible assets, net of accumulated amortization of $202 and $197, respectively	`IntangibleAssetsNetExcludingGoodwill`	$437.00M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$151.00M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$147.00M	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$16.00M	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$13.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$179.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$172.00M	USD	Point-in-time
Total assets	`Assets`	$6.04B	USD	Point-in-time
Total assets	`Assets`	$5.95B	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$77.00M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$82.00M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$860.00M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$885.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$967.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$937.00M	USD	Point-in-time
Non-current liabilities	`OtherLiabilitiesNoncurrent`	$220.00M	USD	Point-in-time
Non-current liabilities	`OtherLiabilitiesNoncurrent`	$205.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.77B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.87B	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$115.00M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$120.00M	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$174.00M	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$195.00M	USD	Point-in-time
Share-based payments subject to redemption	`TemporaryEquityCarryingAmountAttributableToParent`	$23.00M	USD	Point-in-time
Share-based payments subject to redemption	`TemporaryEquityCarryingAmountAttributableToParent`	$37.00M	USD	Point-in-time
Share-based payments subject to redemption	`TemporaryEquityCarryingAmountAttributableToParent`	$31.00M	USD	Point-in-time
Share-based payments subject to redemption	`TemporaryEquityCarryingAmountAttributableToParent`	$21.00M	USD	Point-in-time
Preferred stock - authorized 25,000,000 shares - $0.01 par value, none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock - authorized 25,000,000 shares - $0.01 par value, none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock - authorized 200,000,000 shares - $0.01 par value, 77,810,875 issued at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock - authorized 200,000,000 shares - $0.01 par value, 77,810,875 issued at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.14B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.14B	USD	Point-in-time
Less: Treasury stock (common stock: 10,772,260 and 10,993,388 shares at March 31, 2020 and December 31, 2019, respectively) at cost	`TreasuryStockCommonValue`	$1.04B	USD	Point-in-time
Less: Treasury stock (common stock: 10,772,260 and 10,993,388 shares at March 31, 2020 and December 31, 2019, respectively) at cost	`TreasuryStockCommonValue`	$1.03B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.32B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.16B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.78B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.81B	USD	Point-in-time
Total Ingredion stockholders' equity	`StockholdersEquity`	$2.61B	USD	Point-in-time
Total Ingredion stockholders' equity	`StockholdersEquity`	$2.72B	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$21.00M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$21.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.63B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.74B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$5.95B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$6.04B	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.54B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.54B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.22B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.22B	USD	1 Quarter
Gross profit	`GrossProfit`	$316.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$323.00M	USD	1 Quarter
Operating expenses	`OperatingExpensesExcludingRestructuringCharges`	$150.00M	USD	1 Quarter
Operating expenses	`OperatingExpensesExcludingRestructuringCharges`	$154.00M	USD	1 Quarter
Other income, net	`OtherOperatingIncomeExpenseNet`	$-1.00M	USD	1 Quarter
Other income, net	`OtherOperatingIncomeExpenseNet`	$-2.00M	USD	1 Quarter
Restructuring/impairment charges	`RestructuringSettlementAndImpairmentProvisions`	$14.00M	USD	1 Quarter
Restructuring/impairment charges	`RestructuringSettlementAndImpairmentProvisions`	$4.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$161.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$153.00M	USD	1 Quarter
Financing costs, net	`FinancingCostsNet`	$22.00M	USD	1 Quarter
Financing costs, net	`FinancingCostsNet`	$18.00M	USD	1 Quarter
Other, non-operating expense (income), net	`OtherNonoperatingIncomeExpense`	$1.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$136.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$139.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$58.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$37.00M	USD	1 Quarter
Net income	`ProfitLoss`	$102.00M	USD	1 Quarter
Net income	`ProfitLoss`	$78.00M	USD	1 Quarter
Less: Net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$3.00M	USD	1 Quarter
Less: Net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$2.00M	USD	1 Quarter
Net income attributable to Ingredion	`NetIncomeLoss`	$75.00M	USD	1 Quarter
Net income attributable to Ingredion	`NetIncomeLoss`	$100.00M	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	67.10M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	66.80M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	67.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	67.80M	shares	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.12	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.50	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.48	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.11	USD	1 Quarter

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Cash acquired from acquisition	`CashAcquiredFromAcquisition`	$4.00M	USD	1 Quarter
Net income	`ProfitLoss`	$102.00M	USD	1 Quarter
Net income	`ProfitLoss`	$78.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$51.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$54.00M	USD	1 Quarter
Mechanical stores expense	`MechanicalStoresExpense`	$13.00M	USD	1 Quarter
Mechanical stores expense	`MechanicalStoresExpense`	$13.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$5.00M	USD	1 Quarter
Other	`OtherNonCashChargesCreditsToNetIncome`	$13.00M	USD	1 Quarter
Other	`OtherNonCashChargesCreditsToNetIncome`	$18.00M	USD	1 Quarter
Accounts receivable and prepaid expenses	`IncreaseDecreaseInAccountsReceivableAndPrepaidExpense`	$69.00M	USD	1 Quarter
Accounts receivable and prepaid expenses	`IncreaseDecreaseInAccountsReceivableAndPrepaidExpense`	$70.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$34.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$33.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-67.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$17.00M	USD	1 Quarter
Margin accounts	`IncreaseDecreaseInMarginDepositsOutstanding`	$-1.00M	USD	1 Quarter
Margin accounts	`IncreaseDecreaseInMarginDepositsOutstanding`	$20.00M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$-1.00M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$12.00M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$18.00M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$65.00M	USD	1 Quarter
Capital expenditures and mechanical stores purchases	`PaymentsForProceedsFromProductiveAssets`	$98.00M	USD	1 Quarter
Capital expenditures and mechanical stores purchases	`PaymentsForProceedsFromProductiveAssets`	$80.00M	USD	1 Quarter
Payments for acquisitions, net of cash acquired of $ - and $4, respectively	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$41.00M	USD	1 Quarter
Short-term investments	`PaymentsForProceedsFromShortTermInvestments`	$-3.00M	USD	1 Quarter
Short-term investments	`PaymentsForProceedsFromShortTermInvestments`	$-2.00M	USD	1 Quarter
Cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-118.00M	USD	1 Quarter
Cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-96.00M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromBorrowings`	$225.00M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromBorrowings`	$405.00M	USD	1 Quarter
Payments on debt	`PaymentsOnDebt`	$217.00M	USD	1 Quarter
Payments on debt	`PaymentsOnDebt`	$303.00M	USD	1 Quarter
Repurchases of common stock, net	`ProceedsFromRepurchaseOfEquity`	$63.00M	USD	1 Quarter
Issuances of common stock for share-based compensation, net of settlements	`ProceedsFromPaymentsOfIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansNetOfSettlements`	$-1.00M	USD	1 Quarter
Issuances of common stock for share-based compensation, net of settlements	`ProceedsFromPaymentsOfIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansNetOfSettlements`	$2.00M	USD	1 Quarter
Dividends paid, including to non-controlling interests	`PaymentsOfDividends`	$42.00M	USD	1 Quarter
Dividends paid, including to non-controlling interests	`PaymentsOfDividends`	$42.00M	USD	1 Quarter
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$28.00M	USD	1 Quarter
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$62.00M	USD	1 Quarter
Effects of foreign exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-17.00M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-72.00M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$14.00M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$255.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$327.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$278.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$264.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$255.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$327.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$278.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$264.00M	USD	Point-in-time

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.63B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.74B	USD	Point-in-time
Net income	`ProfitLoss`	$102.00M	USD	1 Quarter
Net income	`ProfitLoss`	$78.00M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.63B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.74B	USD	Point-in-time

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
(Losses) on cash-flow hedges, income tax benefit	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax`	$-3.00M	USD	1 Quarter
Net income	`ProfitLoss`	$102.00M	USD	1 Quarter
(Losses) on cash-flow hedges, income tax benefit	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax`	$-12.00M	USD	1 Quarter
Net income	`ProfitLoss`	$78.00M	USD	1 Quarter
Losses on cash-flow hedges reclassified to earnings, income tax benefit (expense)	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax`	$-2.00M	USD	1 Quarter
(Losses) on cash flow hedges, net of income tax effect of $12 and $3, respectively	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax`	$-9.00M	USD	1 Quarter
(Losses) on cash flow hedges, net of income tax effect of $12 and $3, respectively	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax`	$-34.00M	USD	1 Quarter
Losses on cash flow hedges reclassified to earnings, net of income tax effect of $2 and $ - , respectively	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax`	$-4.00M	USD	1 Quarter
Losses on cash flow hedges reclassified to earnings, net of income tax effect of $2 and $ - , respectively	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax`	$-2.00M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-134.00M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.00M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-86.00M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$96.00M	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$2.00M	USD	1 Quarter
Comprehensive (loss) income attributable to Ingredion	`ComprehensiveIncomeNetOfTax`	$-86.00M	USD	1 Quarter
Comprehensive (loss) income attributable to Ingredion	`ComprehensiveIncomeNetOfTax`	$94.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.