Ingredion Inc. Files 10-Q for Q3 2024

TL;DR

**INGREDION FILES Q3 10-Q - FINANCIALS OUT NOW**

AI Summary

Ingredion Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial data and operational details for this period are presented, reflecting the company's performance and financial position.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Ingredion Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-08 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-07-01 — Q3 Start Date (Beginning of the third fiscal quarter.)
• 2023-09-30 — Prior Year Q3 End Date (End of the third fiscal quarter for the previous year, for comparative analysis.)
• 2023-12-31 — Prior Year End Date (End of the fiscal year for the previous year.)

Key Players & Entities

• Ingredion Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241108 (date) — Filing date
• WESTCHESTER, IL (location) — Company headquarters

FAQ

Key Financial Figures

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

Filing Documents

• ingr-20240930.htm (10-Q) — 1473KB
• ingr-20240930xex103.htm (EX-10.3) — 16KB
• ingr-20240930xex311.htm (EX-31.1) — 10KB
• ingr-20240930xex312.htm (EX-31.2) — 10KB
• ingr-20240930xex321.htm (EX-32.1) — 4KB
• ingr-20240930xex322.htm (EX-32.2) — 4KB
• ingr-20240930_g1.gif (GRAPHIC) — 21KB
• 0001046257-24-000056.txt ( ) — 8902KB
• ingr-20240930.xsd (EX-101.SCH) — 45KB
• ingr-20240930_cal.xml (EX-101.CAL) — 73KB
• ingr-20240930_def.xml (EX-101.DEF) — 274KB
• ingr-20240930_lab.xml (EX-101.LAB) — 676KB
• ingr-20240930_pre.xml (EX-101.PRE) — 490KB
• ingr-20240930_htm.xml (XML) — 1678KB

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 3 Condensed Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 5 Condensed Consolidated Statements of Equity and Redeemable Equity (Unaudited) for the nine months ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 5. Other Information 31 Item 6. Exhibits 32

Signatures

Signatures 34 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 1,870 $ 2,033 $ 5,630 $ 6,239 Cost of sales 1,391 1,612 4,288 4,890 Gross profit 479 421 1,342 1,349 Operating expenses 198 203 578 578 Other operating expense (income), net 1 ( 5 ) 5 6 Restructuring/impairment charges 12 10 38 10 Operating income 268 213 721 755 Financing costs 1 26 30 88 Net gain on sale of business ( 8 ) — ( 90 ) — Other non-operating expense 2 2 2 4 Income before income taxes 273 185 779 663 Provision for income taxes 84 25 222 145 Net income 189 160 557 518 Less: Net income attributable to non-controlling interests 1 2 5 6 Net income attributable to Ingredion $ 188 $ 158 $ 552 $ 512 Earnings per common share attributable to Ingredion common shareholders: Weighted average common shares outstanding: Basic 65.3 66.0 65.6 66.1 Diluted 66.5 67.0 66.6 67.1 Earnings per common share of Ingredion: Basic $ 2.88 $ 2.39 $ 8.41 $ 7.75 Diluted $ 2.83 $ 2.36 $ 8.29 $ 7.63 See the Notes to the Condensed Consolidated Financial Statements. 3 Table of Contents Ingredion Incorporated Condensed Consolidated Statements of Comprehensive Income (Unaudited) (dollars in millions) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 189 $ 160 $ 557 $ 518 Other comprehensive income: Gains (losses) on cash flow hedges, net of income tax effect of $ 1 , $ 1 , $ 17 and $ 32 6 ( 5 ) ( 45 ) ( 91 ) Losses on cash flow hedges reclassified to earnings, net of income tax effect of $ 8 , $ 10 , $ 25 and $ 11 20 24 67 25 (Losses) gains on pension and other postretirement obligations, net of income tax effect of $ — , $ — , $ — and $ 1 ( 1 ) — 1 ( 1 ) Losses related to pension and other postretirement o