
	2023		2022
Accounts receivable — trade	$	1,145	$	1,200
Accounts receivable — other	154		228
Allowance for credit losses	(20)		(17)
Total accounts receivable, net	$	1,279	$	1,411

Write-offs of accounts receivable were immaterial in 2023 and 2022. There were no significant contract assets associated with customers as of December 31, 2023 or 2022.


	2023		2022
Finished and in process	$	926	$	962
Raw materials	434		539
Manufacturing supplies	90		96
Total inventories	$	1,450	$	1,597


	2023		2022
Land	$	178	$	199
Buildings	853		854
Machinery and equipment	4,767		4,680
Property, plant and equipment, at cost	5,798		5,733
Accumulated depreciation	(3,428)		(3,326)
Property, plant and equipment, net	$	2,370	$	2,407

We recorded capitalized interest to PP&E of $3 million in 2023, $4 million in 2022, and $4 million in 2021. We recognized depreciation expense of $193 million in 2023, $189 million in 2022, and $194 million in 2021.

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, 2023 and 2022, participating financial institutions held $153 million and $175 million, respectively, of our liabilities recorded in Accounts payable on our Consolidated Balance Sheets. As of December 31, 2023, supply chain finance programs existed for operations in Brazil, China, Thailand, Mexico, Colombia and Peru.


	2023		2022
Compensation-related costs	$	121	$	112
Current lease liabilities	56		48
Dividends payable	51		47
Taxes payable other than income taxes	46		45
Liabilities held for sale	51		—
Other accrued liabilities	221		214
Total accrued liabilities and liabilities held for sale	$	546	$	466

There were no significant contract liabilities associated with our customers as of December 31, 2023 and 2022. Liabilities for volume discounts and incentives were also not significant as of December 31, 2023 and 2022.


	2023		2022
Non-current operating lease liabilities	$	157	$	146
Pension and postretirement liabilities	117		101
Deferred tax liabilities	116		145
Other	90		85
Total other non-current liabilities	$	480	$	477

Research and development (“R&D”) expense was approximately $63 million, $52 million and $43 million in 2023, 2022 and 2021, respectively. Our R&D expense, which we record in Operating expenses in the Consolidated Statements of Income, represents investments in new product development and innovation.

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
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


	1st QTR		2nd QTR		3rd QTR		4th QTR
2022
Net sales	$	1,892	$	2,044	$	2,023	$	1,987
Gross profit	379		390		374		351
Net income attributable to Ingredion	130		142		106		114
Basic earnings per common share of Ingredion	1.94		2.14		1.61		1.73
Diluted earnings per common share of Ingredion	1.92		2.12		1.59		1.71
Per share dividends declared	$	0.65	$	0.65	$	0.71	$	0.71