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Supplementary Information | 12 Months Ended
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Dec. 31, 2021
Supplementary Information |
Supplementary Information | NOTE 15 – Supplementary Information ​ Accounts Receivable, Net ​ Accounts receivable, net as of December 31, 2021 and 2020, consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions) |  | 2021 |  | 2020 |
Accounts receivable — trade | ​ | $ | 950 | ​ | $ | 855 | ​
Accounts receivable — other | ​ | ​ | 193 | ​ | ​ | 170 | ​
Allowance for credit losses | ​ | ​ | (13) | ​ | ​ | (14) | ​
Total accounts receivable | ​ | $ | 1,130 | ​ | $ | 1,011 | ​
​ No customer accounted for 10 percent or more of Accounts receivable, net as of December 31, 2021 or 2020 and write-offs of accounts receivable were immaterial in 2021 and 2020. There were no significant contract assets associated with customers as of December 31, 2021 or 2020. ​ Inventories ​ Inventories as of December 31, 2021 and 2020, consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions) |  | 2021 |  | 2020
Finished and in process | ​ | $ | 688 | ​ | $ | 584
Raw materials | ​ |  | 380 | ​ |  | 236
Manufacturing supplies | ​ |  | 104 | ​ |  | 97
Total inventories | ​ | $ | 1,172 | ​ | $ | 917
​ PP&E ​ PP&E as of December 31, 2021 and 2020, consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions) |  | 2021 |  | 2020
Land |  | $ | 206 |  | $ | 207
Buildings |  | ​ | 812 |  | ​ | 802
Machinery and equipment |  | ​ | 4,637 |  | ​ | 4,621
Property, plant and equipment, at cost |  | ​ | 5,655 |  | ​ | 5,630
Accumulated depreciation |  | ​ | (3,232) |  | ​ | (3,175)
Property, plant and equipment, net |  | $ | 2,423 |  | $ | 2,455
​ Ingredion capitalized to PP&E interest of $4 million, $7 million and $5 million for 2021, 2020 and 2019, respectively. Ingredion recognized depreciation expense of $194 million, $183 million and $191 million in 2021, 2020 and 2019, respectively. ​ Accrued Liabilities ​ Accrued liabilities as of December 31, 2021 and 2020, consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions) |  | 2021 |  | 2020
Compensation-related costs | ​ | $ | 105 | ​ | $ | 96
Current lease liabilities | ​ | ​ | 47 | ​ | ​ | 46
Dividends payable | ​ | ​ | 44 | ​ | ​ | 43
Taxes payable other than income taxes | ​ | ​ | 44 | ​ | ​ | 44
Other accrued liabilities | ​ |  | 190 | ​ |  | 192
Total accrued liabilities | ​ | $ | 430 | ​ | $ | 421
​ There were no significant contract liabilities associated with our customers as of December 31, 2021 and 2020. Liabilities for volume discounts and incentives were also not significant as of December 31, 2021 and 2020. ​ Other Non-Current Liabilities ​ Other non-current liabilities as of December 31, 2021 and 2020, consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions) |  | 2021 |  | 2020 | ​
Deferred tax liabilities | ​ | $ | 165 | ​ | $ | 217 | ​
Non-current operating lease liabilities | ​ | ​ | 154 | ​ | ​ | 136 | ​
Pension and postretirement liabilities | ​ | ​ | 123 | ​ | ​ | 139 | ​
Other | ​ | ​ | 82 | ​ | ​ | 88 | ​
Total other non-current liabilities | ​ | $ | 524 | ​ | $ | 580 | ​
​ Supplemental Income Statements Information ​ Research and Development (“R&D”) expense was approximately $43 million in 2021 and 2020 and $44 million in 2019. Our R&D expense represents investments in new product development and innovation. R&D expense is recorded within Operating expenses in the Consolidated Statements of Income. ​ Supplemental Cash Flow Information ​ The following represents additional cash flow information for the indicated years: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions) |  | 2021 |  | 2020 |  | 2019 |
Interest paid | ​ | $ | 72 | ​ | $ | 78 | ​ | $ | 80 | ​
Income taxes paid | ​ | ​ | 168 | ​ | ​ | 120 | ​ | ​ | 145 | ​
​ Quarterly Financial Data (Unaudited) ​ Earnings per share for each quarter and the year are calculated individually and may not sum to the total for the respective year. Summarized quarterly financial data is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions, except per share amounts) |  | 1st QTR (b) |  | 2nd QTR (c) |  | 3rd QTR (d) |  | 4th QTR (e) |
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales | ​ | $ | 1,614 | ​ | $ | 1,762 | ​ | $ | 1,763 | ​ | $ | 1,755 | ​
Gross profit | ​ | ​ | 351 | ​ | ​ | 367 | ​ | ​ | 323 | ​ | ​ | 290 | ​
Net income attributable to Ingredion | ​ | ​ | (246) | ​ | ​ | 178 | ​ | ​ | 118 | ​ | ​ | 67 | ​
Basic earnings per common share of Ingredion | ​ | ​ | (3.66) | ​ | ​ | 2.65 | ​ | ​ | 1.76 | ​ | ​ | 1.00 | ​
Diluted earnings per common share of Ingredion | ​ | ​ | (3.66) | ​ | ​ | 2.62 | ​ | ​ | 1.75 | ​ | ​ | 0.99 | ​
Per share dividends declared | ​ | $ | 0.64 | ​ | $ | 0.64 | ​ | $ | 0.65 | ​ | $ | 0.65 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions, except per share amounts) |  | 1st QTR (e) |  | 2nd QTR (f) |  | 3rd QTR (g) |  | 4th QTR (h) |
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales | ​ | $ | 1,543 | ​ | $ | 1,349 | ​ | $ | 1,502 | ​ | $ | 1,593 | ​
Gross profit | ​ | ​ | 323 | ​ | ​ | 271 | ​ | ​ | 326 | ​ | ​ | 352 | ​
Net income attributable to Ingredion | ​ | ​ | 75 | ​ | ​ | 66 | ​ | ​ | 92 | ​ | ​ | 115 | ​
Basic earnings per common share of Ingredion | ​ | ​ | 1.12 | ​ | ​ | 0.98 | ​ | ​ | 1.37 | ​ | ​ | 1.71 | ​
Diluted earnings per common share of Ingredion | ​ | ​ | 1.11 | ​ | ​ | 0.98 | ​ | ​ | 1.36 | ​ | ​ | 1.70 | ​
Per share dividends declared | ​ | $ | 0.63 | ​ | $ | 0.63 | ​ | $ | 0.64 | ​ | $ | 0.64 | ​
| (a) | All items in the footnotes below are presented after-tax unless otherwise noted.
| (b) | In the first quarter of 2021, Ingredion recorded $360 million in held for sale impairment charges related to the Arcor joint venture with no income tax benefit, $8 million in net restructuring costs, $3 million in charges for tax matters and $1 million in acquisition/integration costs.
| (c) | In the second quarter of 2021, Ingredion recorded $32 million in income for tax matters, $10 million in other matters income, $4 million in acquisition/integration costs, $3 million in equity method acquisition benefits and $2 million in net restructuring costs.
| (d) | In the third quarter of 2021, Ingredion recorded a $20 million favorable adjustment to the impairment charges related to the Arcor joint venture with no income tax expense, $7 million in net restructuring costs, $4 million in acquisition/integration costs and $4 million in charges for tax matters.
| (e) | In the fourth quarter of 2021, Ingredion recorded $19 million in net restructuring and impairment costs, $12 million in benefits for other matters, $5 million in benefits for fair value adjustments to equity investments, $4 million in charges for tax matters and $1 million in net acquisition/integration costs.
| (f) | In the first quarter of 2020, Ingredion recorded $11 million in net restructuring costs.
| (g) | In the second quarter of 2020, Ingredion recorded $8 million in net restructuring costs and $2 million in acquisition/integration costs.
| (h) | In the third quarter of 2020, Ingredion recorded $15 million in net restructuring costs, $6 million in charges for other tax matters, $4 million in acquisition/integration costs, $4 million in charges for early extinguishment of debt, $3 million in charges for fair value markup of acquired inventory and $2 million in North America storm damage costs.
| (i) | In the fourth quarter of 2020, Ingredion recorded $40 million in net restructuring and impairment costs, $27 million in income for other matters, $4 million in acquisition/integration costs, $3 million in income for other tax matters, $1 million in charges for fair value markup of acquired inventory and $1 million in North America storm damage costs.

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