Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 236	$ 328
Short-term investments	3	4
Accounts receivable, net	1,411	1,130
Inventories	1,597	1,172
Prepaid expenses	62	63
Total current assets	3,309	2,697
Property, plant and equipment, net of accumulated depreciation of $3,326 and $3,232, respectively	2,407	2,423
Intangible assets	1,301	1,348
Other assets	544	531
Total assets	7,561	6,999
Current liabilities:
Short-term borrowings	543	308
Accounts payable	873	774
Accrued liabilities	466	430
Total current liabilities	1,882	1,512
Long-term debt	1,940	1,738
Other non-current liabilities	477	524
Total liabilities	4,299	3,774
Share-based payments subject to redemption	48	36
Redeemable non-controlling interests	51	71
Ingredion stockholders’ equity:
Preferred stock — authorized 25,000,000 shares — $0.01 par value, none issued	0	0
Common stock — authorized 200,000,000 shares — $0.01 par value, 77,810,875 issued at December 31, 2022 and December 31, 2021	1	1
Additional paid-in capital	1,132	1,158
Less: Treasury stock (common stock: 12,116,920 and 11,154,203 shares at December 31, 2022 and December 31, 2021, respectively) at cost	(1,148)	(1,061)
Accumulated other comprehensive loss	(1,048)	(897)
Retained earnings	4,210	3,899
Total Ingredion stockholders’ equity	3,147	3,100
Non-redeemable non-controlling interests	16	18
Total equity	3,163	3,118
Total liabilities and equity	$ 7,561	$ 6,999

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).