2020 Form 10-K Financial Statement

#000155837021001632 Filed on February 24, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019 Q3
Revenue $5.987B $1.549B $1.574B
YoY Change -3.58% 0.78% 0.7%
Cost Of Revenue $4.715B $1.575B $1.230B
YoY Change -3.72% 29.42% 0.08%
Gross Profit $1.272B $323.0M $344.0M
YoY Change -3.05% 0.94% 2.99%
Gross Profit Margin 21.25% 20.85% 21.86%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $43.00M
YoY Change -2.27%
% of Gross Profit 3.38%
Depreciation & Amortization $213.0M $62.00M $55.00M
YoY Change -3.18% 5.08% -32.1%
% of Gross Profit 16.75% 19.2% 15.99%
Operating Expenses $43.00M $137.0M $151.0M
YoY Change -2.27% -4.2% 4.14%
Operating Profit $582.0M $186.0M $165.0M
YoY Change -12.35% 5.08% 6.45%
Interest Expense -$76.00M -$19.00M -$24.00M
YoY Change -6.17% -9.52% 0.0%
% of Operating Profit -13.06% -10.22% -14.55%
Other Income/Expense, Net $5.000M $0.00 -$1.000M
YoY Change -600.0% -100.0% -200.0%
Pretax Income $506.0M $151.0M $140.0M
YoY Change -13.06% 9.42% 6.06%
Income Tax $152.0M $38.00M $38.00M
% Of Pretax Income 30.04% 25.17% 27.14%
Net Earnings $348.0M $109.0M $99.00M
YoY Change -15.74% 15.96% 4.21%
Net Earnings / Revenue 5.81% 7.04% 6.29%
Basic Earnings Per Share $5.18 $1.63 $1.48
Diluted Earnings Per Share $5.15 $1.61 $1.47
COMMON SHARES
Basic Shares Outstanding 67.20M 66.76M 66.90M
Diluted Shares Outstanding 67.60M 67.40M

Balance Sheet

Concept 2020 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $665.0M $268.0M $446.0M
YoY Change 148.13% -19.76% 2.06%
Cash & Equivalents $665.0M $264.0M $443.0M
Short-Term Investments $4.000M $3.000M
Other Short-Term Assets $54.00M $66.00M $50.00M
YoY Change -18.18% 29.41% 4.17%
Inventory $917.0M $861.0M $879.0M
Prepaid Expenses $54.00M $36.00M
Receivables $1.011B $965.0M $967.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.647B $2.160B $2.342B
YoY Change 22.55% 1.03% 6.94%
LONG-TERM ASSETS
Property, Plant & Equipment $2.628B $2.306B $2.226B
YoY Change 6.96% 4.91% 3.73%
Goodwill $801.0M $795.0M
YoY Change 1.26%
Intangibles $437.0M $442.0M
YoY Change -5.0%
Long-Term Investments
YoY Change
Other Assets $237.0M $172.0M $147.0M
YoY Change 28.11% 31.3% -5.16%
Total Long-Term Assets $4.211B $3.880B $3.753B
YoY Change 8.53% 8.08% 5.39%
TOTAL ASSETS
Total Short-Term Assets $2.647B $2.160B $2.342B
Total Long-Term Assets $4.211B $3.880B $3.753B
Total Assets $6.858B $6.040B $6.095B
YoY Change 13.54% 5.45% 5.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $599.0M $504.0M $856.0M
YoY Change 23.0% 11.5% 15.68%
Accrued Expenses $340.0M $381.0M
YoY Change 5.26% 17.23%
Deferred Revenue
YoY Change
Short-Term Debt $438.0M $82.00M $81.00M
YoY Change 434.15% -51.48% -27.03%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.458B $967.0M $957.0M
YoY Change 50.78% 2.22% 9.37%
LONG-TERM LIABILITIES
Long-Term Debt $1.748B $1.766B $2.001B
YoY Change -1.02% -8.54% 28.35%
Other Long-Term Liabilities $393.0M $220.0M $210.0M
YoY Change 5.93% 1.38% -20.75%
Total Long-Term Liabilities $2.141B $1.986B $2.211B
YoY Change 0.19% -7.54% 21.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.458B $967.0M $957.0M
Total Long-Term Liabilities $2.141B $1.986B $2.211B
Total Liabilities $3.907B $3.268B $3.168B
YoY Change 17.68% 5.62% 8.64%
SHAREHOLDERS EQUITY
Retained Earnings $3.780B $3.713B
YoY Change 6.9%
Common Stock $1.138B $1.138B
YoY Change 3.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.951B $2.720B $2.593B
YoY Change
Total Liabilities & Shareholders Equity $6.858B $6.040B $6.095B
YoY Change 13.54% 5.45% 5.98%

Cashflow Statement

Concept 2020 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $348.0M $109.0M $99.00M
YoY Change -15.74% 15.96% 4.21%
Depreciation, Depletion And Amortization $213.0M $62.00M $55.00M
YoY Change -3.18% 5.08% -32.1%
Cash From Operating Activities $829.0M $190.0M $237.0M
YoY Change 21.91% 53.23% 4.41%
INVESTING ACTIVITIES
Capital Expenditures $340.0M -$97.00M -$75.00M
YoY Change 3.66% -16.38% 1.35%
Acquisitions $236.0M
YoY Change 461.9%
Other Investing Activities $2.000M $1.000M $2.000M
YoY Change -66.67% -106.67% -300.0%
Cash From Investing Activities -$571.0M -$96.00M -$73.00M
YoY Change 52.67% -26.72% -2.67%
FINANCING ACTIVITIES
Cash Dividend Paid $178.0M
YoY Change 2.3%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 143.0M -278.0M -11.00M
YoY Change -139.29% 202.17% -84.93%
NET CHANGE
Cash From Operating Activities 829.0M 190.0M 237.0M
Cash From Investing Activities -571.0M -96.00M -73.00M
Cash From Financing Activities 143.0M -278.0M -11.00M
Net Change In Cash 401.0M -184.0M 153.0M
YoY Change -736.51% 85.86% 93.67%
FREE CASH FLOW
Cash From Operating Activities $829.0M $190.0M $237.0M
Capital Expenditures $340.0M -$97.00M -$75.00M
Free Cash Flow $489.0M $287.0M $312.0M
YoY Change 38.92% 19.58% 3.65%

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<p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">NOTE 1 – Description of the Business</b></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Ingredion Incorporated (individually and together with its consolidated subsidiaries, “the Company”) was founded in 1906 and became an independent and public company as of December 31, 1997. The Company primarily manufactures and sells sweeteners, starches, nutrition ingredients, and biomaterial solutions derived from the wet milling and processing of corn and other starch-based materials to a wide range of industries, both domestically and internationally. </p>
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