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.

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.

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.

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.

The following represents additional cash flow information for the indicated years:

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:

(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.