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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Assets and liabilities measured at fair value on a recurring basis | The following tables summarize those assets and liabilities measured at fair value on a recurring basis (in millions):
| December 31, 2023 |
| Level 1 | Level 2 | Level 3 |  | Other 3 | Netting Adjustment | 4 | Fair Value Measurements |
Assets: |  |  |  |  |  |  |  |  |
Equity securities with readily determinable values 1 | $ | 1,727 |  | $ | 188 |  | $ | 6 |  |  | $ | 85 |  | $ | — |  |  | $ | 2,006 |  |
Debt securities 1 | — |  | 1,172 |  | 3 |  |  | — |  | — |  |  | 1,175 |  |
Derivatives 2 | — |  | 275 |  | — |  |  | — |  | (222) |  | 6 | 53 |  | 8
Total assets | $ | 1,727 |  | $ | 1,635 |  | $ | 9 |  |  | $ | 85 |  | $ | (222) |  |  | $ | 3,234 |  |
Liabilities: |  |  |  |  |  |  |  |  |
Contingent consideration liability | $ | — |  | $ | — |  | $ | 3,017 |  | 5 | $ | — |  | $ | — |  |  | $ | 3,017 |  |
Derivatives 2 | 3 |  | 1,445 |  | — |  |  | — |  | (1,256) |  | 7 | 192 |  | 8
Total liabilities | $ | 3 |  | $ | 1,445 |  | $ | 3,017 |  |  | $ | — |  | $ | (1,256) |  |  | $ | 3,209 |  |
1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 5 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 5. 5 Represents the fair value of the remaining milestone payment related to our acquisition of fairlife, LLC (“fairlife”) in 2020, which is contingent on fairlife achieving certain financial targets through 2024 and, if achieved, is payable in 2025. This milestone payment is based on agreed-upon formulas related to fairlife’s operating results, the resulting value of which is not subject to a ceiling. The fair value was determined using a Monte Carlo valuation model. We are required to remeasure this liability to fair value quarterly, with any changes in the fair value recorded in income until the final milestone payment is made. The Company made a milestone payment of $275 million during 2023. 6 The Company is obligated to return $4 million in cash collateral it has netted against its derivative position. 7 The Company has the right to reclaim $1,039 million in cash collateral it has netted against its derivative position. 8 The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $53 million in the line item other noncurrent assets and $192 million in the line item other noncurrent liabilities. Refer to Note 5 for additional information related to the composition of our derivatives portfolio.
| December 31, 2022 |
| Level 1 | Level 2 | Level 3 |  | Other 3 | Netting Adjustment | 4 | Fair Value Measurements |
Assets: |  |  |  |  |  |  |  |  |
Equity securities with readily determinable values 1 | $ | 1,801 |  | $ | 169 |  | $ | 15 |  |  | $ | 85 |  | $ | — |  |  | $ | 2,070 |  |
Debt securities 1 | — |  | 975 |  | 8 |  |  | — |  | — |  |  | 983 |  |
Derivatives 2 | 2 |  | 239 |  | — |  |  | — |  | (227) |  | 6 | 14 |  | 8
Total assets | $ | 1,803 |  | $ | 1,383 |  | $ | 23 |  |  | $ | 85 |  | $ | (227) |  |  | $ | 3,067 |  |
Liabilities: |  |  |  |  |  |  |  |  |
Contingent consideration liability | $ | — |  | $ | — |  | $ | 1,590 |  | 5 | $ | — |  | $ | — |  |  | $ | 1,590 |  |
Derivatives 2 | 4 |  | 1,962 |  | — |  |  | — |  | (1,678) |  | 7 | 288 |  | 8
Total liabilities | $ | 4 |  | $ | 1,962 |  | $ | 1,590 |  |  | $ | — |  | $ | (1,678) |  |  | $ | 1,878 |  |
1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 5 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 5. 5 Represents the fair value of future milestone payments related to our acquisition of fairlife, which are contingent on fairlife achieving certain financial targets through 2024 and, if achieved, are payable in 2023 and 2025. These milestone payments are based on agreed-upon formulas related to fairlife’s operating results, the resulting values of which are not subject to a ceiling. The fair value was determined using a Monte Carlo valuation model. We are required to remeasure this liability to fair value quarterly, with any changes in the fair value recorded in income until the final milestone payment is made. 6 The Company was not obligated to return any cash collateral it had netted against its derivative position. 7 The Company had the right to reclaim $1,447 million in cash collateral it had netted against its derivative position. 8 The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $14 million in the line item other noncurrent assets and $288 million in the line item other noncurrent liabilities. Refer to Note 5 for additional information related to the composition of our derivatives portfolio.
Gains and losses on assets measured at fair value on a nonrecurring basis | The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the following table (in millions):
| Gains (Losses) |
Year Ended December 31, | 2023 |  | 2022 |
Impairment of property, plant and equipment | $ | (46) |  | 1 | $ | — |  |
Other-than-temporary impairment charges | (39) |  | 2 | (96) |  | 3
Impairment of intangible assets | — |  |  | (57) |  | 4
Valuation of shares in equity method investee | — |  |  | (24) |  | 5
Total | $ | (85) |  |  | $ | (177) |  |
1 The Company recorded an asset impairment charge of $25 million during the year ended December 31, 2023 related to the discontinuation of certain manufacturing operations in Asia Pacific. Additionally, the Company recorded an asset impairment charge of $21 million during the year ended December 31, 2023 related to the restructuring of our manufacturing operations in the United States. These charges, which were calculated based on Level 3 inputs, were primarily driven by management’s best estimate of the potential proceeds from the disposal of the related assets. 2 The Company recorded an other-than-temporary impairment charge of $39 million during the year ended December 31, 2023 related to an equity method investee in Latin America. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. 3 The Company recorded an other-than-temporary impairment charge of $96 million during the year ended December 31, 2022 related to an equity method investee in Russia. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. 4 During the year ended December 31, 2022, the Company recorded an impairment charge of $57 million related to a trademark in Asia Pacific, which was primarily driven by a change in brand strategy resulting in revised projections of future operating results for the trademark. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. 5 During the year ended December 31, 2022, we recognized a net loss of $24 million on assets measured at fair value on a nonrecurring basis. The net loss was recorded as a result of an equity method investee issuing additional shares of its stock. Accordingly, the Company is required to treat this type of transaction as if the Company had sold a proportionate share of its investment. This net loss was determined using Level 2 inputs and primarily resulted from the recognition of cumulative translation losses.
Summary of the levels within the fair value hierarchy of pension plan assets | The following table summarizes the levels within the fair value hierarchy for our pension plan assets (in millions):
| December 31, 2023 |  | December 31, 2022
| Level 1 | Level 2 |  | Level 3 |  | Other | 1 | Total |  | Level 1 | Level 2 |  | Level 3 |  | Other | 1 | Total
Cash and cash equivalents | $ | 163 |  | $ | 212 |  |  | $ | — |  |  | $ | — |  |  | $ | 375 |  |  | $ | 146 |  | $ | 489 |  |  | $ | — |  |  | $ | — |  |  | $ | 635 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S.-based companies | 1,148 |  | — |  |  | 30 |  |  | — |  |  | 1,178 |  |  | 1,157 |  | 7 |  |  | 24 |  |  | — |  |  | 1,188 |
International-based companies | 904 |  | 15 |  |  | 2 |  |  | — |  |  | 921 |  |  | 920 |  | 16 |  |  | 3 |  |  | — |  |  | 939 |
Fixed-income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government bonds | 107 |  | 1,279 |  |  | — |  |  | — |  |  | 1,386 |  |  | 91 |  | 1,147 |  |  | — |  |  | — |  |  | 1,238 |
Corporate bonds and debt securities | — |  | 552 |  |  | 27 |  |  | — |  |  | 579 |  |  | — |  | 469 |  |  | 30 |  |  | — |  |  | 499 |
Mutual, pooled and commingled funds | 12 |  | 257 |  |  | — |  |  | 509 |  | 4 | 778 |  |  | 35 |  | 202 |  |  | — |  |  | 530 |  | 4 | 767 |
Hedge funds/limited partnerships | — |  | — |  |  | — |  |  | 1,057 |  | 5 | 1,057 |  |  | — |  | — |  |  | — |  |  | 936 |  | 5 | 936 |
Real estate | — |  | — |  |  | — |  |  | 376 |  | 6 | 376 |  |  | — |  | — |  |  | — |  |  | 424 |  | 6 | 424 |
Derivative financial instruments | — |  | 33 |  | 2 | — |  |  | — |  |  | 33 |  |  | — |  | (14) |  | 2 | — |  |  | — |  |  | (14) |
Other | — |  | — |  |  | 323 |  | 3 | 254 |  | 7 | 577 |  |  | — |  | — |  |  | 300 |  | 3 | 246 |  | 7 | 546 |
Total | $ | 2,334 |  | $ | 2,348 |  |  | $ | 382 |  |  | $ | 2,196 |  |  | $ | 7,260 |  |  | $ | 2,349 |  | $ | 2,316 |  |  | $ | 357 |  |  | $ | 2,136 |  |  | $ | 7,158 |
1 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 14. 2 This class of assets includes investments in interest rate contracts, credit contracts and foreign exchange contracts. 3 Includes purchased annuity insurance contracts. 4 This class of assets includes actively managed emerging markets equity funds and a collective trust fund for qualified plans, invested primarily in equity securities of companies in developing and emerging markets. There are no liquidity restrictions on these investments. 5 This class of assets includes hedge funds that can be subject to redemption restrictions, ranging from monthly to semiannually, with a redemption notice period of up to one year and/or initial lock-up periods of up to three years, and private equity funds that are primarily closed-end funds in which the Company’s investments are generally not eligible for redemption. Distributions from these private equity funds will be received as the underlying assets are liquidated or distributed. 6 This class of assets includes funds invested in real estate, including a privately held real estate investment trust, a real estate commingled pension trust fund, infrastructure limited partnerships and commingled investment funds. These funds seek current income and capital appreciation and can be subject to redemption restrictions, ranging from quarterly to semiannually, with a redemption notice period of up to 90 days. 7 Primarily includes segregated portfolios of private investment funds that are invested in a portfolio of insurance-linked securities. These assets can be subject to a semiannual redemption, with a redemption notice period of 90 days, subject to certain gate restrictions.
Reconciliation of the beginning and ending balance of Level 3 assets for U.S. and non-U.S. pension plans | The following table provides a reconciliation of the beginning and ending balance of Level 3 assets for our U.S. and non-U.S. pension plans (in millions):
| Equity Securities | Fixed-Income Securities |  | Other 1 | Total
2022 |  |  |  |  |
Balance at beginning of year | $ | 27 |  | $ | 29 |  |  | $ | 283 |  | $ | 339 |
Actual return on plan assets | (12) |  | 1 |  |  | 5 |  | (6) |
Purchases, sales and settlements — net | (1) |  | 4 |  |  | — |  | 3 |
Transfers into (out of) Level 3 — net | 13 |  | (4) |  |  | — |  | 9 |
Other | — |  | — |  |  | 27 |  | 27 |
Net foreign currency translation adjustments | — |  | — |  |  | (15) |  | (15) |
Balance at end of year | $ | 27 |  | $ | 30 |  |  | $ | 300 |  | $ | 357 |
2023 |  |  |  |  |
Balance at beginning of year | $ | 27 |  | $ | 30 |  |  | $ | 300 |  | $ | 357 |
Actual return on plan assets | 1 |  | (2) |  |  | 8 |  | 7 |
Purchases, sales and settlements — net | — |  | (1) |  |  | 7 |  | 6 |
Transfers into (out of) Level 3 — net | 4 |  | — |  |  | — |  | 4 |
Net foreign currency translation adjustments | — |  | — |  |  | 8 |  | 8 |
Balance at end of year | $ | 32 |  | $ | 27 |  |  | $ | 323 |  | $ | 382 |
1 Includes purchased annuity insurance contracts.
Summary of the fair value of postretirement benefit plan assets | The following table summarizes the levels within the fair value hierarchy for our other postretirement benefit plan assets (in millions):
| December 31, 2023 |  | December 31, 2022
| Level 1 | Level 2 |  | Other 1 | Total |  | Level 1 | Level 2 |  | Other 1 | Total
Cash and cash equivalents | $ | 6 |  | $ | 4 |  |  | $ | — |  | $ | 10 |  |  | $ | 35 |  | $ | 8 |  |  | $ | — |  | $ | 43 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
U.S.-based companies | 73 |  | — |  |  | — |  | 73 |  |  | 133 |  | — |  |  | — |  | 133 |
International-based companies | 4 |  | — |  |  | — |  | 4 |  |  | 4 |  | — |  |  | — |  | 4 |
Fixed-income securities: |  |  |  |  |  |  |  |  |  |  |
Government bonds | — |  | 14 |  |  | — |  | 14 |  |  | — |  | 12 |  |  | — |  | 12 |
Corporate bonds and debt securities | — |  | 7 |  |  | — |  | 7 |  |  | — |  | 71 |  |  | — |  | 71 |
Mutual, pooled and commingled funds | — |  | 37 |  |  | 2 |  | 39 |  |  | — |  | 83 |  |  | 3 |  | 86 |
Hedge funds/limited partnerships | — |  | — |  |  | 18 |  | 18 |  |  | — |  | — |  |  | 14 |  | 14 |
Real estate | — |  | — |  |  | 6 |  | 6 |  |  | — |  | — |  |  | 6 |  | 6 |
Other | — |  | — |  |  | 5 |  | 5 |  |  | — |  | — |  |  | 4 |  | 4 |
Total | $ | 83 |  | $ | 62 |  |  | $ | 31 |  | $ | 176 |  |  | $ | 172 |  | $ | 174 |  |  | $ | 27 |  | $ | 373 |
1Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 14

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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