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Supplementary Information
 12 Months Ended
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,
20242023
Accounts receivable - trade$939 $1,145 
Accounts receivable - other167 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,
20242023
Finished and in process$762 $926 
Raw materials346 434 
Manufacturing supplies79 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,
20242023
Land$173 $178 
Buildings824 853 
Machinery and equipment4,743 4,767 
Property, plant and equipment, at cost5,740 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,
20242023
Equity investments$31 $27 
Equity method investments95 112 
Marketable securities5 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 year480 
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:
20242023
Compensation-related costs$121 $121 
Taxes payable and income taxes payable156 97 
Current lease liabilities59 56 
Dividends payable52 51 
Liabilities held for sale3 51 
Other accrued liabilities242 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:
20242023
Non-current operating lease liabilities$145 $157 
Deferred tax liabilities136 116 
Pension and postretirement liabilities100 90 
Other105 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:
202420232022
Interest paid$48 $96 $82 
Income taxes paid169 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:
1st QTR
2nd QTR
3rd QTR
4th QTR
2024
Net sales$1,882 $1,878 $1,870 $1,800 
Gross profit417 446 479 449 
Net income attributable to Ingredion216 148 188 95 
Basic earnings per common share of Ingredion3.29 2.25 2.88 1.46 
Diluted earnings per common share of Ingredion3.23 2.22 2.83 1.43 
Per share dividends declared0.78 0.78 0.80 0.80 
1st QTR
2nd QTR
3rd QTR
4th QTR
2023
Net sales$2,137 $2,069 $2,033 $1,921 
Gross profit487 441 421 400 
Net income attributable to Ingredion 191 163 158 131 
Basic earnings per common share of Ingredion2.89 2.46 2.39 2.00 
Diluted earnings per common share of Ingredion 2.85 2.42 2.36 1.97 
Per share dividends declared0.71 0.71 0.78 0.78