Ingredion Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Ingredion Inc. has filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

Ingredion Inc (INGR) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Ingredion Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located in Westchester, IL. Ingredion Inc. was formerly known as Corn Products International Inc. The company's fiscal year ends on December 31st.

Why It Matters

For investors and stakeholders tracking Ingredion Inc, this filing contains several important signals. This filing provides investors with the latest financial results and operational updates for Ingredion Inc. for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: — Ingredion Inc shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand Ingredion's revenue drivers and profitability trends for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-09 — Filing Date (Filed as of date)

Key Players & Entities

• Ingredion Inc. (company) — Filer name
• Westchester, IL (location) — Business address
• Corn Products International Inc. (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-09 (date) — Filing date

FAQ

Industry Context

Ingredion Inc. operates in the grain mill products industry, processing grains into value-added ingredients for food, beverage, and industrial applications.

Regulatory Implications

The filing is a standard 10-Q, which is a quarterly report required by the SEC for public companies to provide updates on their financial condition.

What Investors Should Do

1. Analyze the consolidated balance sheets for March 31, 2024, and December 31, 2023.
2. Review the consolidated statements of operations for the three months ended March 31, 2024, and 2023.
3. Examine the consolidated statements of cash flows for the three months ended March 31, 2024, and 2023.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the initial quarterly financial update compared to the previous year's first quarter.

Key Financial Figures

• $0.01 — ch registered Common Stock , par value $0.01 per share INGR New York Stock Exchang

Filing Documents

• ingr-20240331.htm (10-Q) — 944KB
• ingr-20240331xex311.htm (EX-31.1) — 10KB
• ingr-20240331xex312.htm (EX-31.2) — 10KB
• ingr-20240331xex321.htm (EX-32.1) — 4KB
• ingr-20240331xex322.htm (EX-32.2) — 4KB
• ingr-20240331_g1.gif (GRAPHIC) — 21KB
• 0001046257-24-000018.txt (&nbsp;) — 6757KB
• ingr-20240331.xsd (EX-101.SCH) — 45KB
• ingr-20240331_cal.xml (EX-101.CAL) — 68KB
• ingr-20240331_def.xml (EX-101.DEF) — 249KB
• ingr-20240331_lab.xml (EX-101.LAB) — 630KB
• ingr-20240331_pre.xml (EX-101.PRE) — 449KB
• ingr-20240331_htm.xml (XML) — 1037KB

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 3 Condensed Consolidated Statements of Income 3 Condensed Consolidated Statements of Comprehensive Income 4 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Equity and Redeemable Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to the Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 26 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 26 Item 5. Other Information 26 Item 6. Exhibits 27

Signatures

Signatures 28 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Ingredion Incorporated Condensed Consolidated Statements of Income (Unaudited) (dollars and shares in millions, except per share amounts) Three Months Ended March 31, 2024 2023 Net sales $ 1,882 $ 2,137 Cost of sales 1,465 1,650 Gross profit 417 487 Operating expenses 189 187 Other operating expense 12 9 Restructuring/impairment charges 3 — Operating income 213 291 Financing costs 19 32 Net gain on sale of business ( 82 ) — Income before income taxes 276 259 Provision for income taxes 58 65 Net income 218 194 Less: Net income attributable to non-controlling interests 2 3 Net income attributable to Ingredion $ 216 $ 191 Earnings per common share attributable to Ingredion common shareholders: Weighted average common shares outstanding: Basic 65.7 66.1 Diluted 66.8 67.1 Earnings per common share of Ingredion: Basic $ 3.29 $ 2.89 Diluted $ 3.23 $ 2.85 See the Notes to the Condensed Consolidated Financial Statements. 3 Table of Contents Ingredion Incorporated Condensed Consolidated Statements of Comprehensive Income (Unaudited) (in millions) Three Months Ended March 31, 2024 2023 Net income $ 218 $ 194 Other comprehensive income: (Losses) on cash flow hedges, net of income tax effect of $ 10 and $ 16 ( 31 ) ( 42 ) Losses (gains) on cash flow hedges reclassified to earnings, net of income tax effect of $ 9 and $ 4 24 ( 14 ) Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect of $ 0 1 — Currency translation adjustment — 6 Comprehensive income 212 144 Less: Comprehensive income (loss) attributable to non-controlling interests 1 ( 3 ) Comprehensive income attributable to Ingredion $ 211 $ 147 See the Notes to the Condensed Consolidated Financial Statements. 4 Table of Contents Ingredion Incorporated Condensed Consolidated Balance Sheets (dollars and shares in millions, except per share amounts)