Company Announcements

17%的净销售增长抵消了通胀压力，实现了强劲的同比业绩

• 2022年第一季度报告和调整后每股收益^*分别为1.92美元和1.95美元，而2021年第一季度报告和调整后每股收益分别为3.66美元和1.85美元
• 公司维持全年调整后每股收益6.85美元至7.45美元的预期，这反映实际税率高于预期的影响

伊利诺伊州威彻斯特, May 07, 2022 (GLOBE NEWSWIRE) -- 面向食品和饮料生产业的全球领先原料解决方案提供商宜瑞安（Ingredion Incorporated，（纽约证券交易所股票代码：INGR）今日公布了2022年第一季度业绩。业绩数据依据2022年和2021年美国公认会计原则（GAAP）列报，含公司报告的非GAAP财务指标之外的项目。

宜瑞安总裁兼首席执行官Jim Zallie表示：“宜瑞安克服了通胀的不利因素，并在2022年有强劲的开局。 在需求高于预期和强劲价格组合的推动下，我们实现了17%的净销售增长。在通胀严重的环境中，我们实现了显著、有利的价格组合，大大抵消了投入成本的增加，并实现了6%的营业收入增长。本季度，尽管全球物流持续受限，但我们在提高供应链弹性方面也取得了进展，这使我们能够更好地满足客户不断变化的各项需求。”

“我们在继续推进我们的驱动增长路线图，在对增稠原料的强劲需求推动下，我们的特色原料净销售额在本季度增长20%。此外，本季度植物性蛋白质净销售额增长了250%以上，因为我们的质量和产量都得到改善，我们两处制造设施的产量加速增长。谱赛科（PureCircle）在本季度再次实现两位数的净销售额增长，反映出对天然高强度甜味料的强劲需求，”Zallie表示。

“2022年开局之际出现了新的挑战，我们的团队在应对乌克兰冲突带来的混乱、其对全球玉米供应的影响以及最近中国疫情的重新爆发等事件方面继续表现出非凡的敏捷性。我为我们的员工感到无比自豪，因为他们每天都以所有者的心态去适应和参与，为我们的利益相关者创造价值。我们期待着有意义增长的一年，因为我们利用技术和大自然的精华，为众多客户和消费者提供一系列不断扩大的创新原料解决方案。”

^{*调整后摊薄每股收益（“调整后每股收益”）、调整后营业收入、调整后实际所得税率和调整后摊薄加权平均流通在外普通股均为非GAAP财务指标。请参阅本新闻稿中随附的简明合并财务报表后题为“非GAAP信息”的补充财务信息第II节，以便根据最具直接可比性的美国公认会计原则指标调整这些非GAAP指标。}

摊薄每股收益（EPS）

	1Q21		1Q22
Reported EPS	$(3.66)		$1.92
Restructuring/Impairment Costs	$0.12		$0.03
Acquisition/Integration Costs	$0.01		$0.01
Impairment***	$5.35		-
Tax Items	$0.05		$(0.01)
Diluted share impact	$(0.02)		-
Adjusted EPS**	$1.85		$1.95

预计会影响变化的因素

	1Q22 vs 1Q21
Total items affecting EPS**	$0.10
Total operating items	$0.12
Margin	0.19
Volume	(0.03)
Foreign exchange	(0.04)
Other income	-
Total non-operating items	$(0.02)
Other non-operating income	-
Financing costs	(0.04)
Non-controlling interests	-
Shares outstanding	0.01
Tax rate	0.01

^{**因四舍五入，总额可能与各项相加略有出入
***2021年第一季度的减值反映了2021年报告的3.6亿美元净资产减值费用，这与公司的阿根廷业务向Arcor合资企业提供资产相关。2021年最终减值费用报告为3.4亿美元。}

财务亮点

• 截至2022年3月31日，总债务及现金（含短期投资）分别为23亿美元和3.29亿美元，截至2021年12月31日的数据分别为20亿美元和3.32亿美元。
• 第一季度净融资成本为2400万美元，较上年同期高出500万美元，原因是与特定国家净营运资金余额相关的交易性外汇亏损增加。
• 第一季度的报告和调整后实际税率分别为28.9%和28.9%，相比之下，上年同期的数字分别为29.3%和29.5%。报告实际税率增加的主要原因是与2021年报告的阿根廷Arcor合资企业有关的减值费用的上年度影响。调整后实际税率下降的主要原因是有利的外汇影响，其中部分被新的美国税收法规所抵消，从而降低了公司申报某些外国税收抵免美国税收的能力。
• 第一季度资本支出为8500万美元，较上年同期增长2000万美元。

业务回顾

整个宜瑞安

$ in millions	2021 Net Sales	FX Impact	Volume	Price mix	2022 Net Sales	% change	% change excl. FX
First Quarter	1,614	(24)	19	283	1,892	17%	19%

报告营业收入

$ in millions	2021	FX Impact	Business Drivers	Acquisition / Integration	Restructuring / Impairment	Other	2022	% change	% change excl. FX
First Quarter	(170)	(4)	16	0	8	360	210	224%	226%

调整后营业收入

$ in millions	2021	FX Impact	Business Drivers	2022	% change	% change excl. FX
First Quarter	201	(4)	16	213	6%	8%

净销售额

• 第一季度的净销售额高于去年同期。增长的原因在于强劲的价格组合，包括玉米成本上涨的传导效应。剔除汇率影响后，该季度的净销售额上升了19%。
  
  

营业收入

• 本季度报告和调整后营业收入分别为2.10亿美元和2.13亿美元，较上年同期分别增长224%和6%。报告营业收入增长的主要原因是与阿根廷Arcor合资企业上年同期报告的相关销售减值费用。调整后营业收入增加的主要原因在于北美的有利价格组合。剔除汇率影响后，报告和调整后营业收入分别比去年同期上升226%和8%。
• 第一季度报告营业收入比调整后营业收入低300万美元，主要原因是本期的重组成本。

北美洲
净销售额

$ in millions	2021 Net Sales	FX Impact	Volume	Price mix	2022 Net Sales	% change	% change excl. FX
First Quarter	945	0	41	188	1,174	24%	24%

部门营业收入

$ in millions	2021	FX Impact	Business Drivers	2022	% change	% change excl. FX
First Quarter	134	0	22	156	16%	16%

• 第一季度营业收入为1.56亿美元，相比去年同期增加2200万美元。增加的原因是本期强劲的价格组合超过了通货膨胀投入成本抵销。
  
  

南美洲
净销售额

$ in millions	2021 Net Sales	FX Impact	Volume	Excluding Arcor JV Volume	Price mix	2022 Net Sales	% change	% change excl. FX
First Quarter	273	0	(7)	(66)	52	252	-8%	-8%

部门营业收入

$ in millions	2021	FX Impact	Business Drivers	2022	% change	% change excl. FX
First Quarter	40	1	(3)	38	-5%	-8%

• 第一季度营业收入为3800万美元，相比去年同期下降200万美元。下降的主要原因是受到公司的阿根廷业务为Arcor合资企业提供资产的影响，其中部分被强劲的价格组合抵消。剔除外汇影响后，部门营业收入下降8%。
  
  

亚太区
净销售额

$ in millions	2021 Net Sales	FX Impact	Volume	Price mix	2022 Net Sales	% change	% change excl. FX
First Quarter	235	(12)	33	16	272	16%	21%

部门营业收入

$ in millions	2021	FX Impact	Business Drivers	2022	% change	% change excl. FX
First Quarter	25	(2)	(1)	22	-12%	-4%

• 第一季度营业收入为2200万美元，相比去年同期下降300万美元，主要原因是韩国玉米成本上涨超过了本期价格组合抵销。剔除外汇影响后，部门营业收入下降4%。
  
  

欧洲、中东和非洲（EMEA）
净销售额

$ in millions	2021 Net Sales	FX Impact	Volume	Price mix	2022 Net Sales	% change	% change excl. FX
First Quarter	161	(12)	18	27	194	20%	28%

部门营业收入

$ in millions	2021	FX Impact	Business Drivers	2022	% change	% change excl. FX
First Quarter	31	(3)	3	31	0%	10%

• 第一季度营业收入为3100万美元，与上年同期相比持平。欧洲有利的价格组合被巴基斯坦的投入成本上涨和不利的外汇影响抵消。剔除外汇影响后，部门营业收入增长10%。
  
  

股息和股票回购
2022年3月，公司公布季度股息为每股0.65美元，共计4300万美元。本季度内，公司回购了3900万美元的流通在外普通股。宜瑞安将通过现金分红和股票回购向股东返还价值作为其资本分配战略的一部分 ，从而为整体的股东利益返还提供支持。

2022年第二季度展望和全年前景
公司预计，与2021年第二季度相比，2022年第二季度净销售额将实现低两位数增长，营业收入增长将相对持平。

公司预计2022年全年报告每股收益介于6.80美元至7.40美元之间，并保持预期调整后每股收益介于6.85美元至7.45美元之间，2021年调整后每股收益为6.67美元。这一预计值排除了与收购相关的整合与重组成本以及任何潜在减值成本。

与去年相比，2022年全年展望估计如下：受有利价格组合大大抵销玉米投入成本上涨的推动，北美洲营业收入预计将实现低至中两位数增长；在有利定价的推动下，南美洲营业收入预计将实现低个位数增长；受乌克兰冲突导致韩国玉米价格上涨的推动，亚太区营业收入预计与上年同期持平，抵消谱赛科（PureCircle）的增长；在有利价格组合的推动下，欧洲、中东和非洲地区的营业收入预计将实现低个位数增长。公司成本预计持平。

公司预计全年调整后营业收入将实现低两位数增长。

公司预计，2022年全年报告实际税率为27.0%至30.5%，调整后实际税率为28.0%至29.5%。报告和调整后全年实际税率的增加受有利外汇影响的推动，其中部分被新的美国税收法规所抵消，这些法规降低了公司申报某些外国税收抵免美国税收的能力。

2022年全年经营现金流量预计介于5.80亿美元到6.60亿美元之间。全年资本支出预计介于3亿美元至3.35亿美元之间。

电话会议和网络直播详情
宜瑞安将于2022年5月5日（周四）美国中部时间上午10:00召开电话会议， 会议由总裁兼首席执行官Jim Zallie以及执行副总裁兼首席财务官James Gray主持。电话会议将进行实时网络直播，可通过以下网站访问https://ir.ingredionincorporated.com/events-and-presentations。会议演示稿可从公司网站获取，并于会议开始前几小时提供下载。网络直播将通过https://ir.ingredionincorporated.com/financial-information/quarterly-results网站提供限时重放。

关于公司
宜瑞安（Ingredion Incorporated，纽约证券交易所股票代码: INGR）总部位于芝加哥郊区，是全球领先的原料解决方案提供商，为全球120多个国家和地区的众多客户提供服务。公司将谷物、水果、蔬菜和其他植物材料转化为食品、饮料、动物饲料、酿造和工业市场使用的增值原料解决方案，2021年净销售额近70亿美元。凭借遍布世界各地宜瑞安Idea Labs^®创新中心和约1.2万名员工，公司与客户共同确立并实现其目标：融合人、自然和科技的巨大潜力，创建更美好的生活。如需了解更多信息和最新的公司新闻，请访问ingredion.com。

前瞻性陈述

本新闻稿含有《1933年证券法案》第27A节及其修订案以及《1934年证券交易法案》第21E节及其修订案中定义的前瞻性陈述。公司拟将这些前瞻性陈述纳入该等陈述的安全港条款。

除其他事项之外，前瞻性陈述包括如下陈述：公司对2022年第二季度净销售额和营业收入的预期；2022年全年报告和调整后营业收入的预期；部门营业收入、报告和调整后每股收益、报告和调整后实际税率、营运现金流量和资本支出的预期；以及与公司前景、未来营运或未来财务状况、净销售额、营业收入、数量、企业成本、税率、资本支出、现金流、费用或其他财务项目有关的任何其他陈述，包括管理层基于任何上述内容的计划或战略和目标，以及基于任何上述内容的任何假设、期望或信念。

这些陈述有时可以通过以下前瞻性词语的使用加以辨别，如“可能”、“将要”、“应该”、“预期”、“假设”、“相信”、“计划”、“预估”、“估计”、“期望”、“打算”、“继续”、“估算”、“预测”、“展望”、“推进”、“机会”、“潜力”、“暂定”或其他类似表达或负面表达。本新闻稿中历史事实之外的所有陈述均为“前瞻性陈述”。

这些陈述均基于当前情况或预期作出，但存在某些固有的风险和不确定性，其中很多难以预测并且超出我们的控制范围。尽管我们相信这些前瞻性陈述所反映的预期均基于合理假设，但投资者须注意：我们无法保证这些预期将成为现实。

由于各类风险和不确定性的影响，实际结果和发展可能与这些陈述中明示或暗示的预期显著不同，其中包括：新冠疫情对我们的产品需求和财务结果的影响；与高果糖玉米糖浆和我们其他产品相关的消费偏好的改变；全球经济状况以及在我们购买原材料或产销产品的各地理区域和国家及地区影响到客户和消费者的总体政治、经济、商业和市场状况的影响，特别包括南美洲的经济、货币和政治状况及欧洲的经济和政治状况，以及这些因素可能对我们产品销售量和定价、我们向客户收取应收账款能力的影响；我们所服务并且作为我们销售额重要来源的主要行业未来购买我们的产品，包括但不限于限制、食品、饮料、动物饲料和酿造行业；对通过基因修饰和生物技术所开发产品之接受度的不确定性；我们开发或获得新产品和服务的速度和质量足以获得市场认可的能力；玉米加工行业和相关行业日益增长的竞争和/或消费者压力，包括在我们主要产品和副产品（尤其是玉米油）的市场和价格方面；原材料的供应情况，包括马铃薯淀粉、木薯淀粉、阿拉伯树胶和我们某些产品所需的特殊玉米品种，以及我们向客户转嫁玉米或其他原材料成本上涨的能力；能源成本及供应情况，包括巴基斯坦能源问题；我们消化成本、完成预算和实现预期协调的能力，包括我们能够按预算按时、按照货运和运输成本完成计划维护和投资项目的能力；气候变化的影响以及应对气候变化的法律、监管和市场措施；我们以有利条件成功识别和完成收购或战略联盟的能力，以及我们成功整合被收购业务或实施和维持战略联盟并在上述所有方面实现预期协同效应的能力；我们的制造设施出现运营困难；金融和资本市场行为，包括外汇波动、利率和汇率波动以及市场波动和对冲此类波动的相关风险；我们吸引、培养、激励并与我们的员工保持良好关系的能力；自然灾害、战争、威胁或恐怖主义行为、疫情（如新冠肺炎）的爆发或持续或其他我们无法控制的重大事件的发生对我们业务的影响；减值费用对我们商誉或长期资产的影响；政府政策、法律或法规以及合法合规成本的变化，包括我们税率或承担额外所得税责任的环境法规的变化；利率上升可能导致我们的借贷成本增加；我们以合理利率筹集资金的能力以及影响我们为未来增长和扩张获得足够资金的其他因素；与信息技术系统、流程和站点有关的安全漏洞；股市波动和其他可能对我们股价产生不利影响的因素；影响我们继续执行股息政策的风险；以及我们对财务报告保持有效内部控制的能力。

我们的前瞻性陈述仅针对截至声明日期的情况，我们无任何义务在声明日期之后因为任何新的信息或未来事件或发展而更新任何前瞻性陈述以反映事件或情况。如果我们确实更新或更正了其中一项或多项陈述，投资者和其他人不应该就此推断我们将进行其他更新或更正。有关这些和其他风险的进一步描述，请参见向美国证券交易委员会提交的截至2021年12月31日的年度报告（表格10-K）以及后续报告（表格10-Q和8-K）中收录的“风险因素”和其他信息。

联系方式：
投资者：Jason Payant，708-551-2584
媒体：Becca Hary，708-551-2602

Ingredion Incorporated ("Ingredion")
Condensed Consolidated Statements of Income (Loss)
(Unaudited)
(in millions, except per share amounts)			Three Months Ended March 31,									Change %
					2022				2021
Net sales			$		1,892		$		1,614			17	%
Cost of sales					1,513				1,263
Gross profit					379				351			8	%
Operating expenses					169				153			10	%
Other operating (income)					(2	)			(2	)
Restructuring/impairment charges					2				370
Operating income (loss)					210				(170	)		224	%
Financing costs					24				19
Other non-operating income					(1	)			(1	)
Income (loss) before income taxes					187				(188	)		199	%
Provision for income taxes					54				55
Net income (loss)					133				(243	)		155	%
Less: Net income attributable to non-controlling interests					3				3
Net income (loss) attributable to Ingredion			$		130		$		(246	)		153	%
Earnings per common share attributable to Ingredion
common shareholders:
Weighted average common shares outstanding:
Basic					66.9				67.3
Diluted					67.6				67.3
Earnings (loss) per common share of Ingredion:
Basic			$	1.94				($3.66		)		153	%
Diluted			$	1.92				($3.66		)		152	%

 

Ingredion Incorporated ("Ingredion")
Condensed Consolidated Balance Sheets
		(in millions, except share and per share amounts)	March 31, 2022				December 31, 2021
			(Unaudited)
Assets
	Current assets
		Cash and cash equivalents	$	324			$	328
		Short-term investments		5				4
		Accounts receivable – net		1,431				1,130
		Inventories		1,306				1,172
		Prepaid expenses		63				63
	Total current assets			3,129				2,697
		Property, plant and equipment – net		2,446				2,423
		Intangible assets – net		1,339				1,348
		Other assets		521				531
Total assets			$	7,435			$	6,999
Liabilities and equity
	Current liabilities
		Short-term borrowings	$	514			$	308
		Accounts payable and accrued liabilities		1,207				1,204
	Total current liabilities			1,721				1,512
		Long-term debt		1,739				1,738
		Other non-current liabilities		561				524
	Total liabilities			4,021				3,774
		Share-based payments subject to redemption		31				36
		Redeemable non-controlling interests		71				71
	Equity
	Ingredion stockholders' equity:
		Preferred stock – authorized 25,000,000 shares – $0.01 par value, none issued		-				-
		Common stock – authorized 200,000,000 shares – $0.01 par value, 77,810,875
		shares issued at March 31, 2022 and December 31, 2021		1				1
		Additional paid-in capital		1,160				1,158
		Less: Treasury stock (common stock; 11,464,034 and 11,154,203 shares at
		March 31, 2022 and December 31, 2021, respectively) at cost		(1,091	)			(1,061	)
		Accumulated other comprehensive loss		(763	)			(897	)
		Retained earnings		3,986				3,899
	Total Ingredion stockholders' equity			3,293				3,100
	Non-redeemable non-controlling interests			19				18
	Total equity			3,312				3,118
Total liabilities and equity			$	7,435			$	6,999

 

Ingredion Incorporated ("Ingredion")
Condensed Consolidated Statements of Cash Flows
(Unaudited)
				For the Three Months Ended March 31,
	(in millions)				2022				2021
	Cash (used for) provided by operating activities:
		Net income (loss)		$	133			$	(243	)
		Adjustments to reconcile net income (loss) to
		net cash (used for) provided by operating activities:
		Depreciation and amortization			53				52
		Mechanical stores expense			13				14
		Deferred income taxes			3				(4	)
		Impairment charge for assets held for sale			-				360
		Margin accounts			28				(16	)
		Changes in other trade working capital			(290	)			(130	)
		Other			8				(11	)
		Cash (used for) provided by operating activities			(52	)			22
	Cash used for investing activities:
		Capital expenditures and mechanical stores purchases			(85	)			(65	)
		Proceeds from disposal of manufacturing facilities and properties			5				2
		Other			4				(1	)
		Cash used for investing activities			(76	)			(64	)
	Cash provided by (used for) financing activities:
		Proceeds from borrowings, net			24				10
		Commercial paper borrowings, net			178				-
		Repurchases of common stock, net			(39	)			(14	)
		(Settlements) issuances of common stock for share-based compensation, net			(1	)			7
		Dividends paid, including to non-controlling interests			(43	)			(43	)
		Cash provided by (used for) financing activities			119				(40	)
		Effect of foreign exchange rate changes on cash			5				(7	)
		Decrease in cash and cash equivalents			(4	)			(89	)
		Cash and cash equivalents, beginning of period			328				665
		Cash and cash equivalents, end of period		$	324			$	576

 

Ingredion Incorporated ("Ingredion")
Supplemental Financial Information
(Unaudited)
I. Geographic Information of Net Sales and Operating Income
(in millions, except for percentages)		Three Months Ended March 31,											Change
			2022				2021			Change			Excl. FX
Net Sales
North America		$	1,174			$	945			24	%		24	%
South America			252				273			(8	%)		(8	%)
Asia-Pacific			272				235			16	%		21	%
EMEA			194				161			20	%		28	%
Total Net Sales		$	1,892			$	1,614			17	%		19	%
Operating Income
North America		$	156			$	134			16	%		16	%
South America			38				40			(5	%)		(8	%)
Asia-Pacific			22				25			(12	%)		(4	%)
EMEA			31				31			0	%		10	%
Corporate			(34	)			(29	)		(17	%)		(17	%)
Sub-total			213				201			6	%		8	%
Acquisition/integration costs			(1	)			(1	)
Restructuring/impairment charges			(2	)			(10	)
Impairment charge for assets held for sale			-				(360	)
Total Operating Income		$	210			$	(170	)		224	%		226	%

 

II. Non-GAAP Information
To supplement the consolidated financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), we use non-GAAP historical financial measures, which exclude certain GAAP items such as acquisition and integration costs, restructuring and impairment costs, Mexico tax provision (benefit), and certain other special items. We generally use the term “adjusted” when referring to these non-GAAP amounts.
Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of our operating results and trends for the periods presented. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to similarly titled measures presented by other companies. A reconciliation of each non-GAAP financial measure to the most comparable GAAP measure is provided in the tables below.
Ingredion Incorporated ("Ingredion")
Reconciliation of GAAP Net Income (Loss) attributable to Ingredion and Diluted Earnings Per Share ("EPS") to
Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS
(Unaudited)
	Three Months Ended							Three Months Ended
	March 31, 2022							March 31, 2021
	(in millions)			Diluted EPS				(in millions)			Diluted EPS
Net income (loss) attributable to Ingredion	$	130		$	1.92			$	(246	)	$	(3.66	)
Add back:
Acquisition/integration costs, net of $ - million income tax benefit for the three months ended March 31, 2022 and 2021 (i)		1			0.01				1			0.01
Restructuring/impairment charges, net of income tax benefit of $ - million and $2 million for the three months ended March 31, 2022 and 2021, respectively (ii)		2			0.03				8			0.12
Impairment on assets held for sale, net of $ - million of income tax benefit for the three months ended March 31, 2021 (iii)		-			-				360			5.35
Tax (benefit) provision - Mexico (iv)		(1	)		(0.01	)			3			0.05
Diluted share impact (v)		-			-				-			(0.02	)
Non-GAAP adjusted net income attributable to Ingredion	$	132		$	1.95			$	126		$	1.85
Net income, EPS and tax rates may not foot or recalculate due to rounding.
Notes
(i) During the first quarter of 2022, the Company recorded pre-tax acquisition and integration charges of $1 million for our acquisition and integration of KaTech, as well as our investment in the Arcor joint venture. During the first quarter of 2021, the Company recorded pre-tax acquisition and integration charges of $1 million for our acquisition of PureCircle Limited.
(ii) During the first quarter of 2022, the Company recorded $2 million of remaining pre-tax restructuring-related charges for the Cost Smart program. During the first quarter of 2021, the Company recorded $10 million of pre-tax restructuring/impairment charges, consisting of $5 million of employee-related and other costs, including professional services, associated with our Cost Smart SG&A program, $3 million of restructuring-related charges as part of our Cost Smart Cost of sales program, primarily in North America, and $2 million of employee-related and other costs related to the Arcor joint venture.
(iii) During the first quarter of 2021, the Company recorded a $360 million held for sale impairment charge related to entering the Arcor joint venture. The impairment charge primarily reflected a $49 million write-down of contributed net assets to the agreed upon fair value and a $311 million valuation allowance for the cumulative foreign translation losses related to the net assets to be contributed.
(iv) The Company recorded a tax benefit of $1 million for the first quarter of 2022, and a tax provision of $3 million for the first quarter of 2021, as a result of the movement of the Mexican peso against the U.S. dollar and its impact to the remeasurement of the Company's Mexico financial statements during the periods.
(v) When GAAP net income is negative and Non-GAAP Adjusted net income is positive, adjusted diluted weighted average common shares outstanding will include any options, restricted share units, or performance share units that would be otherwise dilutive. During the first quarter of 2021, the incremental dilutive share impact of these instruments was 0.6 million shares of common stock equivalents.
Ingredion Incorporated ("Ingredion")
Reconciliation of GAAP Operating Income (Loss) to Non-GAAP Adjusted Operating Income
(Unaudited)
	Three Months Ended
	March 31,
(in millions, pre-tax)		2022			2021
Operating income (loss)	$	210		$	(170	)
Add back:
Acquisition/integration costs (i)		1			1
Restructuring/impairment charges (ii)		2			10
Impairment on assets held for sale (iii)		-			360
Non-GAAP adjusted operating income	$	213		$	201
For notes (i) through (iii), see notes (i) through (iii) included in the Reconciliation of GAAP Net Income (Loss) attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.

 

II. Non-GAAP Information (continued)
Ingredion Incorporated ("Ingredion")
Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate
(Unaudited)
		Three Months Ended March 31, 2022
		Income before				Provision for				Effective Income
(in millions)		Income Taxes (a)				Income Taxes (b)				Tax Rate (b / a)
As Reported		$	187			$	54			28.9	%
Add back:
Acquisition/integration costs (i)			1				-
Restructuring/impairment charges (ii)			2				-
Tax item - Mexico (vi)			-				1
Adjusted Non-GAAP		$	190			$	55			28.9	%
		Three Months Ended March 31, 2021
		Income (Loss) before				Provision for				Effective Income
(in millions)		Income Taxes (a)				Income Taxes (b)				Tax Rate (b / a)
As Reported		$	(188	)		$	55			(29.3	%)
Add back:
Acquisition/integration costs (i)			1				-
Restructuring/impairment charges (ii)			10				2
Impairment on assets held for sale (iii)			360				-
Tax item - Mexico (iv)			-				(3	)
Adjusted Non-GAAP		$	183			$	54			29.5	%
For notes (i) through (iv), see notes (i) through (iv) included in the Reconciliation of GAAP Net Income (Loss) attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.

 

II. Non-GAAP Information (continued)
Ingredion Incorporated ("Ingredion")
Reconciliation of Anticipated GAAP Diluted Earnings per Share ("GAAP EPS")
to Anticipated Adjusted Diluted Earnings per Share ("Adjusted EPS")
(Unaudited)
		Anticipated EPS Range
		for Full Year 2022
		Low End					High End
GAAP EPS		$	6.80				$	7.40
Add:
Acquisition/integration costs (i)			0.02					0.02
Restructuring/impairment charges (ii)			0.04					0.04
Tax benefit- Mexico (iii)			(0.01	)				(0.01	)
Adjusted EPS		$	6.85				$	7.45
Above is a reconciliation of our anticipated full year 2022 diluted EPS to our anticipated full year 2022 adjusted diluted EPS. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts include, but are not limited to, adjustments to GAAP EPS for acquisition and integration costs, impairment and restructuring costs, and certain other special items. We generally exclude these adjustments from our adjusted EPS guidance. For these reasons, we are more confident in our ability to predict adjusted EPS than we are in our ability to predict GAAP EPS.
These adjustments to GAAP EPS for 2022 include the following:
(i) Pre-tax acquisition and integration charges for our acquisition and integration of KaTech, as well as our investment in the Arcor joint venture.
(ii) Remaining pre-tax restructuring-related charges for the Cost Smart programs.
(iii) Tax benefit as a result of the movement of the Mexican peso against the U.S. dollar and its impact to the remeasurement of the Company's Mexico financial statements during the periods.

 

II. Non-GAAP Information (continued)
Ingredion Incorporated ("Ingredion")
Reconciliation of Reported U.S. GAAP Effective Tax Rate ("GAAP ETR")
to Anticipated Adjusted Effective Tax Rate ("Adjusted ETR")
(Unaudited)
		Anticipated Effective Tax Rate Range
		for Full Year 2022
		Low End				High End
GAAP ETR		27.0		%		30.5		%
Add:
Acquisition/integration costs (i)		-		%		-		%
Restructuring/impairment charges (ii)		0.1		%		0.1		%
Tax item - Mexico (iv)		-		%		-		%
Impact of adjustment on Effective Tax Rate and other tax matters (vi)		0.9		%		(1.1	)	%
Adjusted ETR		28.0		%		29.5		%
Above is a reconciliation of our anticipated full year 2022 GAAP ETR to our anticipated full year 2022 adjusted ETR. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts include, but are not limited to, adjustments to GAAP ETR for acquisition and integration costs, impairment and restructuring costs, and certain other special items. We generally exclude these adjustments from our adjusted ETR guidance. For these reasons, we are more confident in our ability to predict adjusted ETR than we are in our ability to predict GAAP ETR.
For items (i) through (iv), see footnotes included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.
(vi) Indirect impact of tax rate after items (i) through (iv) and other tax matters.