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ACQUISITIONS AND DIVESTITURES | 6 Months Ended
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Jul. 01, 2022
Business Combination and Asset Acquisition [Abstract] |
ACQUISITIONS AND DIVESTITURES | ACQUISITIONS AND DIVESTITURES Acquisitions Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $6 million and $11 million during the six months ended July 1, 2022 and July 2, 2021, respectively. Divestitures Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the six months ended July 1, 2022 and July 2, 2021 totaled $218 million and $1,765 million, respectively. In 2022, we sold our ownership interest in one of our equity method investments for cash proceeds of $123 million. We recognized a net gain of $13 million as a result of the sale. In 2021, we sold our ownership interest in Coca-Cola Amatil Limited (“CCA”), an equity method investee, to Coca-Cola Europacific Partners plc (“CCEP”), also an equity method investee. We received cash proceeds of $1,738 million and recognized a net gain of $695 million as a result of the sale and the related reversal of cumulative translation adjustments. These gains were recorded in the line item other income (loss) — net in our consolidated statements of income. Assets and Liabilities Held for Sale The Company had certain bottling operations in Asia Pacific that met the criteria to be classified as held for sale. As a result, we were required to record their assets and liabilities at the lower of carrying value or fair value less any costs to sell. As the fair value less any costs to sell exceeded the carrying value, the related assets and liabilities were recorded at their carrying value. These assets and liabilities were included in the Bottling Investments operating segment. The Company expects these bottling operations to be refranchised during the second half of 2022. The following table presents information related to the major classes of assets and liabilities that were classified as held for sale and were included in the line items prepaid expenses and other current assets and accounts payable and accrued expenses, respectively, in our consolidated balance sheets (in millions):
| July 1, 2022 | December 31, 2021
Cash, cash equivalents and short-term investments | $ | 208 |  | $ | 228 |
Trade accounts receivable, less allowances | 14 |  | 21 |
Inventories | 51 |  | 55 |
Prepaid expenses and other current assets | 43 |  | 36 |
Other noncurrent assets | 36 |  | 9 |
Deferred income tax assets | 6 |  | 6 |
Property, plant and equipment — net | 287 |  | 282 |
Goodwill | 36 |  | 37 |
Assets held for sale | $ | 681 |  | $ | 674 |
Accounts payable and accrued expenses | $ | 145 |  | $ | 139 |
Accrued income taxes | 3 |  | 4 |
Other noncurrent liabilities | 10 |  | 9 |
Deferred income tax liabilities | 5 |  | 5 |
Liabilities held for sale | $ | 163 |  | $ | 157 |

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- References No definition available. + Details
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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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