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ACQUISITIONS AND DIVESTITURES | 6 Months Ended
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Jun. 30, 2023
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 $43 million and $6 million during the six months ended June 30, 2023 and July 1, 2022, respectively. Divestitures Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the six months ended June 30, 2023 and July 1, 2022 totaled $320 million and $218 million, respectively, which primarily related to sales of our ownership interests in certain equity method investees. Assets and Liabilities Held for Sale As of June 30, 2023, the Company’s bottling operations in Bangladesh met the criteria to be classified as held for sale. As of December 31, 2022, the Company’s bottling operations in Vietnam met the criteria to be classified as held for sale. As a result, we were required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell. As the fair values less any costs to sell exceeded the carrying values, the related assets and liabilities were recorded at their carrying values. These assets and liabilities were included in the Bottling Investments operating segment. In December 2022, the Company received cash proceeds of $823 million in advance of refranchising its bottling operations in Vietnam. This advance was included in the line item accounts payable and accrued expenses in our consolidated balance sheet as of December 31, 2022. The Company refranchised its bottling operations in Vietnam in January 2023 and recognized a net gain of $439 million as a result of the sale, which was recorded in the line item other income (loss) — net in our consolidated statement of income during the six months ended June 30, 2023. 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):
| June 30, 2023 | December 31, 2022
Cash, cash equivalents and short-term investments | $ | 2 |  | $ | 229 |
Trade accounts receivable, less allowances | 3 |  | 12 |
Inventories | 28 |  | 50 |
Prepaid expenses and other current assets | 20 |  | 43 |
Other noncurrent assets | 2 |  | 29 |
Deferred income tax assets | — |  | 8 |
Property, plant and equipment — net | 88 |  | 197 |
Goodwill | — |  | 34 |
Assets held for sale | $ | 143 |  | $ | 602 |
Accounts payable and accrued expenses | $ | 35 |  | $ | 154 |
Loans and notes payable | 44 |  | — |
Accrued income taxes | 10 |  | 3 |
Other noncurrent liabilities | — |  | 3 |
Liabilities held for sale | $ | 89 |  | $ | 160 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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