Supplementary Information

3 Months Ended

Mar. 31, 2025

Accounts receivable, net

Accounts receivable, net was as follows:


	As of March 31, 2025		As of December 31, 2024
Accounts receivable - trade	$	1,120	$	939
Accounts receivable - other	177		167
Allowance for credit losses	(13)		(13)
Total accounts receivable, net	$	1,284	$	1,093

There were no significant contract assets or contract liabilities associated with our customers as of March 31, 2025 or December 31, 2024. Liabilities for volume discounts and incentives were also not significant as of March 31, 2025 or December 31, 2024.

Inventories

Inventories were as follows:


	As of March 31, 2025		As of December 31, 2024
Finished and in process	$	762	$	762
Raw materials	331		346
Manufacturing supplies	79		79
Total inventories	$	1,172	$	1,187

Investments

Investments were as follows:


	As of March 31, 2025		As of December 31, 2024
Equity method investments	$	105	$	95
Equity investments	26		31
Marketable securities	5		5
Total investments	$	136	$	131

Our equity method investments, which require us to use the equity method of accounting, included our 49% joint venture equity ownership in Ingrear Holding S.A., our Argentina joint venture, for the periods ended March 31, 2025 and December 31, 2024. Our investments classified as equity investments do not have readily determinable fair values. During the first quarter of 2025, we recognized other-than-temporary impairment charges of $5 million on certain equity investments.

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 March 31, 2025 and December 31, 2024, participating financial institutions held $148 million and $135 million of our liabilities recorded in Accounts payable and Accrued liabilities and liabilities held for sale in our Condensed Consolidated Balance Sheets. As of March 31, 2025, supply chain finance programs existed for operations in the U.S., 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 were as follows:


	As of March 31, 2025
Outstanding as of December 31, 2024	$	135
Invoices added during the year	122
Invoices paid during the year	(117)
Cumulative translation adjustment	8
Outstanding as of March 31, 2025	$	148