444110e640c35262f13173f969100d765c286f310691db47a8d8e7694ce15dc8

5fee341f58c9d0c1684249549730762681fa86e3e0902fcf75f910b602472e3f

7fe0f2094e105ef7322e20cc3d58d482043e24a7842ccf1707ed7063af1047be

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

863d703c3fc969476599e1c0c848807b6805b42e529d249b752ff4044b6bdb69

1947dd1702402f18ac6696e58e6c487c6d81e82f855cffb6f5f03efe8746962b

Net income (USD, millions)

Depreciation and amortization (USD, millions)

Mechanical stores expense (USD, millions)

Net gain on sale of business (USD, millions)

Other non-cash charges (USD, millions)

Other changes in working capital (USD, millions)

Cash provided by operating activities (USD, millions)

Capital expenditures and mechanical stores purchases (USD, millions)

Proceeds from sale of business (USD, millions)

Other investing activities (USD, millions)

Cash provided by (used for) investing activities (USD, millions)

Proceeds from borrowings (USD, millions)

Payments on debt (USD, millions)

Commercial paper borrowings, net (USD, millions)

Repurchases of common stock, net (USD, millions)

Issuances of common stock for share-based compensation, net (USD, millions)

Dividends paid, including to non-controlling interests (USD, millions)

Cash (used for) financing activities (USD, millions)

Effects of foreign exchange rate changes on cash and cash equivalents (USD, millions)

Impairment on disposition of assets (USD, millions)

Accounts receivable and prepaid expenses (USD, millions)

Inventories (USD, millions)

Accounts payable and accrued liabilities (USD, millions)

Margin accounts (USD, millions)

Cash and cash equivalents, beginning of period (USD, millions)

Cash and cash equivalents, end of period (USD, millions)

e3bc80ab0121d7fc439a3935ce447ff66b827d1d19d51eb7182480011b67fa98

af36d5898df2d918960894eda4a5dd61c46fe77da1a25a11cef73e7088bbaba6

Net Sales (USD, millions)

Cost of Sales (USD, millions)

Gross Profit (USD, millions)

Operating Expenses (USD, millions)

Other Operating Expense (Income), Net (USD, millions)

Restructuring/Impairment Charges (USD, millions)

Operating Income (USD, millions)

Financing Costs (USD, millions)

Net Gain on Sale of Business (USD, millions)

Income before Income Taxes (USD, millions)

Provision for Income Taxes (USD, millions)

Net Income (USD, millions)

Net Income Attributable to Non-Controlling Interests (USD, millions)

Net Income Attributable to Ingredion (USD, millions)

99c3d3197198ecc210b5e6a114214e6735589d6180b8655b903f7ecf6373a332

The sharp increase in **cash and cash equivalents in Q3 2024** was driven by several factors. **Strong operating performance** resulted in approximately **$1 billion in cash from operations** over the first nine months of 2024.  **[0001046257-24-000050_ingr-20240930xexx99.htm:8]** **[INGR_3405750_5]**  Additionally, the company generated a significant cash inflow by receiving **$255 million from the sale of its South Korea business**.  **[0001046257-24-000050_ingr-20240930xexx99.htm:8]**  Furthermore, **lower capital expenditures**—with year-to-date spending at **$170 million** compared to **$233 million** previously—helped conserve cash.  **[0001046257-24-000050_ingr-20240930xexx99.htm:8]**  Finally, a **reduction in total debt** from **$2.2 billion to $1.8 billion** likely improved cash retention by lowering interest payments.  **[0001046257-24-000050_ingr-20240930xexx99.htm:1]** **[0001046257-24-000056_ingr-20240930.htm:27]** 

What drove the sharp increase in Cash and cash equivalents in Q3 2024?

The dramatic drop in short-term borrowings in Q1 2024 was primarily due to a **net reduction of $312 million in commercial paper borrowings** compared to Q4 2023, along with added liquidity from the **sale of its South Korea business for $247 million**. This combination of reduced reliance on short-term debt and additional liquidity drove the significant decrease in overall borrowings.  **[0001046257-24-000018_ingr-20240331.htm:10]** **[0001046257-24-000018_ingr-20240331.htm:2]** **[0001046257-24-000018_ingr-20240331.htm:22]** **[0001046257-24-000018_ingr-20240331.htm:21]** 

Why did Short-term borrowings drop so dramatically in Q1 2024?

The documents explain that the elevated level in Q4 2023 was primarily due to a one‐time reclassification of assets related to Ingredion’s South Korea business, where various assets were reclassified as held for sale in connection with that divestiture.  **[0001046257-24-000005_ingr-20231231.htm:83]**  Although the documents do not provide a detailed explanation for the lower figure observed in Q1 2024, it can be inferred that without a similar reclassification event, the balance returned to a lower level. In other words, the significant decrease after Q4 2023 appears to be the result of Q4’s non-recurring reclassification adjustment not continuing into Q1 2024.  **[0001046257-24-000005_ingr-20231231.htm:83]** **[0001046257-24-000018_ingr-20240331.htm:2]** **[0001046257-24-000005_ingr-20231231.htm:65]** 

What explains the significant decrease in Prepaid expenses and assets held for sale after Q4 2023?

In Q1 2024, **Ingredion's** total liabilities declined significantly, primarily due to reductions in key liability items. **Short-term borrowings** decreased from **$448 million** to **$141 million**, **accounts payable** fell from **$778 million** to **$659 million**, and **accrued liabilities and liabilities held for sale** dropped from **$546 million** to **$483 million**. These decreases were the main factors behind the overall reduction in total liabilities.  **[0001046257-24-000018_ingr-20240331.htm:2]** 

What factors contributed to the large decline in Total liabilities in Q1 2024?

596a9a35f5cfbfa24eadeb454566a2b05cc541d883c45dc6623797c626275a64

In Q2 2024, **restructuring and impairment charges** for Ingredion reached **$23 million** primarily because of a **$18 million other-than-temporary impairment** on an equity method investment, along with additional costs related to restructuring activities and the resegmentation of the business.  **[0001046257-24-000046_ingr-20240630.htm:21]** **[0001046257-24-000046_ingr-20240630.htm:23]** **[0001046257-24-000042_ingr-20240630xexx99.htm:9]** 

Why were the Restructuring/Impairment Charges so high in Q2 2024?

Ingredion's financing costs dropped significantly in Q3 2024 primarily due to **three factors**. The company reduced its outstanding debt levels, which lowered its interest expenses; it also benefited from **$10 million** in favorable foreign exchange impacts; and it shifted its cash management strategy by improving working capital management, generating cash to pay down short-term lines of credit instead of incurring higher interest rates on commercial paper.  **[0001046257-24-000050_ingr-20240930xexx99.htm:1]** **[0001046257-24-000056_ingr-20240930.htm:23]** **[INGR_3405750_16]** **[INGR_3405750_5]** 

What caused Financing Costs to drop so low in Q3 2024?

The **Provision for Income Taxes** increased in Q2 2024 primarily due to the **depreciation of the Mexican Peso** against the U.S. dollar and an **impairment charge of $18 million** on an equity method investment. These factors led to unfavorable tax impacts and a higher effective income tax rate of **34.8%**, compared to **25.1%** in Q2 2023.  **[0001046257-24-000046_ingr-20240630.htm:21]** 

Why did the Provision for Income Taxes increase in Q2 2024?

The available documents do not indicate that net income dropped in Q4 2023. In fact, they explain that net income actually **increased by 16%** compared to Q4 2022, driven by factors such as **gross profit growth**, **operating income improvements**, **tax benefits**, and **favorable foreign exchange impacts**.  **[INGR_3371971_4]** **[0001628280-24-003422_ingr-20231231xexx99.htm:8]** **[0001046257-24-000005_ingr-20231231.htm:42]** 

What led to the drop in Net Income in Q4 2023?

The Other Operating Expense (Income) appears as **(14.00) million USD**, indicating **income rather than an expense** in Q4 2023. This negative value is primarily due to **income from the company's Argentina joint venture** during the quarter, which significantly shifted the results compared to the previous year—when Q4 2022 recorded a **$9 million expense largely attributed to charges from a U.S.-based work stoppage**.  **[0001628280-24-003422_ingr-20231231xexx99.htm:8]** **[0001046257-24-000005_ingr-20231231.htm:43]** 

Why is the Other Operating Expense (Income) so negative in Q4 2023?

816b60f6a05188d2910b93b81386e68e70b8c2cc4a46c5d29cc4a1c025110be3

Ingredion Inc (INGR)

Financials