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Supplementary Financial Statement Information (Note)
 12 Months Ended
Dec. 31, 2021
Disclosure Text Block Supplement [Abstract]  
Supplementary Financial Statement Information

TEMPORARY INVESTMENTS 

Temporary investments with an original maturity of three months or less and money market funds with greater than three month maturities but with the right to redeem without notices are treated as cash equivalents and are stated at cost. Temporary investments totaled $1.1 billion and $294 million at December 31, 2021 and 2020, respectively.
ACCOUNTS AND NOTES RECEIVABLE

Accounts and notes receivable, net, by classification were: 
In millions at December 3120212020
Accounts and notes receivable:
Trade$3,027 $2,365 
Other205 267 
Total$3,232 $2,632 

The allowance for expected credit losses was $34 million and $44 million at December 31, 2021 and 2020, respectively. Based on the Company's accounting estimates and the facts and circumstances available as of the reporting date, we believe our allowance for expected credit losses is adequate.

INVENTORIES 

In millions at December 3120212020
Raw materials$245 $211 
Finished pulp and packaging products1,014 876 
Operating supplies486 501 
Other69 38 
Inventories$1,814 $1,626 

The last-in, first-out inventory method is used to value most of International Paper’s U.S. inventories. Approximately 80% of total raw materials and finished products inventories were valued using this method. The last-in, first-out inventory reserve was $195 million and $183 million at December 31, 2021 and 2020, respectively.

CURRENT INVESTMENTS

As a result of the spin-off of Sylvamo Corporation, the Company retained 19.9% of the shares of Sylvamo. The intent is to monetize its investment and to provide additional proceeds to the Company. The Company is accounting for its ownership interest in Sylvamo at fair value as an investment in equity securities. As of December 31, 2021 the investment was valued at $245 million and is recorded in Current investments on the accompanying balance sheet.

PLANTS, PROPERTIES AND EQUIPMENT 
In millions at December 3120212020
Pulp and packaging facilities$27,025 $26,706 
Other properties and equipment972 1,047 
Gross cost27,997 27,753 
Less: Accumulated depreciation17,556 16,808 
Plants, properties and equipment, net$10,441 $10,945 
 
Non-cash additions to plants, property and equipment included within accounts payable were $106 million,
$41 million and $164 million at December 31, 2021, 2020 and 2019, respectively.  

Amounts invested in capital projects in the accompanying condensed consolidated statement of cash flows are presented net of insurance recoveries of $17 million and $42 million received during the years ended December 31, 2021 and 2020, respectively. There were no insurance recoveries received during the year ended December 31, 2019.

Annual straight-line depreciable lives generally are, for buildings - 20 to 40 years, and for machinery and equipment - 3 to 20 years. Depreciation expense was $1.1 billion for each of the years ended December 31, 2021 and 2020 and $1.0 billion for the year ended December 31, 2019. Cost of products sold excludes depreciation and amortization expense.

INTEREST

Interest payments of $473 million, $682 million and $748 million were made during the years ended December 31, 2021, 2020 and 2019, respectively.

Amounts related to interest were as follows: 
In millions202120202019
Interest expense$430 $597 $701 
Interest income 93 151 202 
Capitalized interest costs12 31 28 
ASSET RETIREMENT OBLIGATIONS

At December 31, 2021 and 2020, we had recorded liabilities of $107 million and $94 million, respectively, related to asset retirement obligations.