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Supplementary Information | 12 Months Ended
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Dec. 31, 2024
Supplementary Information |
Supplementary Information | Supplementary Information Accounts Receivable, Net Accounts receivable, net as of December 31, 2024 and 2023 were as follows:
|  | As of December 31,
|  | 2024 |  | 2023
Accounts receivable - trade |  | $ | 939 |  |  | $ | 1,145 |
Accounts receivable - other |  | 167 |  |  | 154 |
Allowance for credit losses |  | (13) |  |  | (20) |
Total accounts receivable, net |  | $ | 1,093 |  |  | $ | 1,279 |
Write-offs of accounts receivable were insignificant in 2024 and 2023. There were no significant contract assets associated with customers as of December 31, 2024 and 2023. Inventories Inventories as of December 31, 2024 and 2023 were as follows:
|  | As of December 31,
|  | 2024 |  | 2023
Finished and in process |  | $ | 762 |  |  | $ | 926 |
Raw materials |  | 346 |  |  | 434 |
Manufacturing supplies |  | 79 |  |  | 90 |
Total inventories |  | $ | 1,187 |  |  | $ | 1,450 |
PP&E, Net PP&E, net as of December 31, 2024 and 2023 was as follows:
|  | As of December 31,
|  | 2024 |  | 2023
Land |  | $ | 173 |  |  | $ | 178 |
Buildings |  | 824 |  |  | 853 |
Machinery and equipment |  | 4,743 |  |  | 4,767 |
Property, plant and equipment, at cost |  | 5,740 |  |  | 5,798 |
Accumulated depreciation |  | (3,476) |  |  | (3,428) |
Total property, plant and equipment, net |  | $ | 2,264 |  |  | $ | 2,370 |
We recorded capitalized interest to PP&E of $4 million in 2024, $3 million in 2023, and $4 million in 2022. We recognized depreciation expense of $188 million in 2024, $193 million in 2023, and $189 million in 2022. Investments Investments as of December 31, 2024 and 2023 were as follows:
|  | As of December 31,
|  | 2024 |  | 2023
Equity investments |  | $ | 31 |  |  | $ | 27 |
Equity method investments |  | 95 |  |  | 112 |
Marketable securities |  | 5 |  |  | 4 |
Total investments |  | $ | 131 |  |  | $ | 143 |
Our investments classified as equity investments do not have readily determinable fair values. Our equity method investments, which require us to use the equity method of accounting, included a 49% joint venture equity ownership in Ingrear Holding S.A (the “Argentina joint venture”) at December 31, 2024. We also recognized an other-than-temporary impairment on our investment the Amyris joint venture during the years ended December 31, 2024 and 2023. During 2024, we received antitrust clearance to finalize the Argentina joint venture investment, subject to fulfillment of certain conditions to promote arms-length competition in the Argentina corn wet milling market, which must be completed over a five-year period through September 2029. Supply Chain Finance Programs Under supply chain finance programs administered by third-party banks, our suppliers have the opportunity to sell receivables due from us to participating financing institutions and receive earlier payment at a discount. Our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether such supplier sells its receivable to a financial institution. The payment terms we negotiate with a supplier are independent of whether such supplier participates in a supply chain finance program, and participation in any such program by a supplier has no effect on our income or cash flows. As of December 31, 2024 and 2023, participating financial institutions held $135 million and $153 million of our liabilities recorded in Accounts payable and Accrued liabilities and liabilities held for sale on our Consolidated Balance Sheets. As of December 31, 2024, supply chain finance programs existed for operations in Brazil, Mexico, certain PureCircle entities, Colombia, Peru, Thailand, and China. The rollforward of our outstanding obligations confirmed as valid under our supply chain finance programs as of December 31, 2024 were follows:
| As of December 31, 2024
Outstanding at the beginning of the year | $ | 153 |
Invoices added during the year | 480 |
Invoices paid during the year | (473) |
Cumulative translation adjustment | (25) |
Outstanding as of December 31, 2024 | $ | 135 |
Accrued Liabilities and Liabilities Held for Sale Accrued liabilities and liabilities held for sale as of December 31, 2024 and 2023 were as follows:
|  | 2024 |  | 2023
Compensation-related costs |  | $ | 121 |  |  | $ | 121 |
Taxes payable and income taxes payable |  | 156 |  |  | 97 |
Current lease liabilities |  | 59 |  |  | 56 |
Dividends payable |  | 52 |  |  | 51 |
Liabilities held for sale |  | 3 |  |  | 51 |
Other accrued liabilities |  | 242 |  |  | 170 |
Total accrued liabilities and liabilities held for sale |  | $ | 633 |  |  | $ | 546 |
There were no significant contract liabilities associated with our customers as of December 31, 2024 and 2023. Liabilities for volume discounts and incentives were also not significant as of December 31, 2024 and 2023. Other Non-Current Liabilities Other non-current liabilities as of December 31, 2024 and 2023 were as follows:
|  | 2024 |  | 2023
Non-current operating lease liabilities |  | $ | 145 |  |  | $ | 157 |
Deferred tax liabilities |  | 136 |  |  | 116 |
Pension and postretirement liabilities |  | 100 |  |  | 90 |
Other |  | 105 |  |  | 117 |
Total other non-current liabilities |  | $ | 486 |  |  | $ | 480 |
Supplemental Statements of Income Information Research and development (“R&D”) expense was $67 million in 2024, $63 million in 2023, and $52 million in 2022. Our R&D expense, which we record in Operating expenses in the Consolidated Statements of Income, represents investments in new product development and innovation. Supplemental Cash Flow Information The following represents additional cash flow information:
|  | 2024 |  | 2023 |  | 2022
Interest paid |  | $ | 48 |  |  | $ | 96 |  |  | $ | 82 |
Income taxes paid |  | 169 |  |  | 157 |  |  | 187 |
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 was as follows:
|  | 1 st QTR |  | 2 nd QTR |  | 3 rd QTR |  | 4 th QTR
2024 |  |  |  |  |  |  |  |
Net sales |  | $ | 1,882 |  |  | $ | 1,878 |  |  | $ | 1,870 |  |  | $ | 1,800 |
Gross profit |  | 417 |  |  | 446 |  |  | 479 |  |  | 449 |
Net income attributable to Ingredion |  | 216 |  |  | 148 |  |  | 188 |  |  | 95 |
Basic earnings per common share of Ingredion |  | 3.29 |  |  | 2.25 |  |  | 2.88 |  |  | 1.46 |
Diluted earnings per common share of Ingredion |  | 3.23 |  |  | 2.22 |  |  | 2.83 |  |  | 1.43 |
Per share dividends declared |  | 0.78 |  |  | 0.78 |  |  | 0.80 |  |  | 0.80 |
|  | 1 st QTR |  | 2 nd QTR |  | 3 rd QTR |  | 4 th QTR
2023 |  |  |  |  |  |  |  |
Net sales |  | $ | 2,137 |  |  | $ | 2,069 |  |  | $ | 2,033 |  |  | $ | 1,921 |
Gross profit |  | 487 |  |  | 441 |  |  | 421 |  |  | 400 |
Net income attributable to Ingredion |  | 191 |  |  | 163 |  |  | 158 |  |  | 131 |
Basic earnings per common share of Ingredion |  | 2.89 |  |  | 2.46 |  |  | 2.39 |  |  | 2.00 |
Diluted earnings per common share of Ingredion |  | 2.85 |  |  | 2.42 |  |  | 2.36 |  |  | 1.97 |
Per share dividends declared |  | 0.71 |  |  | 0.71 |  |  | 0.78 |  |  | 0.78 |

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