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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 27, 2025
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value on a recurring basis
The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions):
June 27, 2025Level 1Level 2Level 3
Other3
Netting
Adjustment
4
Fair Value
Measurements
Assets:     
Equity securities with readily determinable values1
$1,959 $158 $30 $124 $— $2,271 
Debt securities1
— 1,972 — 

— — 1,972 
Derivatives2
— 320 — — (307)
5
13 
7
Total assets$1,959 $2,450 $30 $124 $(307)$4,256 
Liabilities:     
Derivatives2
$7 $1,383 $— $— $(1,006)
6
$384 
7
Total liabilities$7 $1,383 $— $— $(1,006)$384 
1Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities.
2Refer to Note 6 for additional information related to the composition of our derivatives portfolio.
3Certain 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.
4Amounts 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 6.
5The Company is obligated to return $14 million in cash collateral it has netted against its derivative position.
6The Company has the right to reclaim $712 million in cash collateral it has netted against its derivative position.
7The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $13 million in the line item other noncurrent assets and $384 million in the line item other noncurrent liabilities. Refer to Note 6 for additional information related to the composition of our derivatives portfolio.
December 31, 2024Level 1Level 2Level 3
Other3
Netting
Adjustment
4
Fair Value
Measurements
Assets: 
 
   
Equity securities with readily determinable values1
$1,790 $137 $13 $94 $— $2,034 
Debt securities1
— 1,676 — — — 1,676 
Derivatives2
2 587 — — (370)
6
219 
8
Total assets$1,792 $2,400 $13 $94 $(370)$3,929 
Liabilities:     
Contingent consideration liability$— $— $6,126 
5
$— $— $6,126 
Derivatives2
— 1,119 — — (1,097)
7
22 
8
Total liabilities$— $1,119 $6,126 $— $(1,097)$6,148 
1Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities.
2Refer to Note 6 for additional information related to the composition of our derivatives portfolio.
3Certain 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.
4Amounts 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 6.
5Represents the fair value of the remaining milestone payment related to our acquisition of fairlife, which is contingent on fairlife achieving certain financial targets through 2024 and 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 discounted cash flow analyses. 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.
6The Company was obligated to return $12 million in cash collateral it had netted against its derivative position.
7The Company had the right to reclaim $735 million in cash collateral it had netted against its derivative position.
8The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $102 million in the line item prepaid expenses and other current assets, $117 million in the line item other noncurrent assets and $22 million in the line item other noncurrent liabilities. Refer to Note 6 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)  
 
Three Months EndedSix Months Ended
 
June 27,
2025		 June 28,
2024		June 27,
2025		 June 28,
2024
 
Other-than-temporary impairment charges$(40)
1
$(34)
1
$(65)
1,4
$(34)
1
Impairment of intangible assets(31)
2
— (31)
2
(760)
5
Assets held for sale(28)
3
— (28)
3
— 
Total$(99) $(34) $(124)$(794)
1During the three and six months ended June 27, 2025 and June 28, 2024, the Company recorded other-than-temporary impairment charges of $40 million and $34 million, respectively, related to an equity method investee in Latin America. These impairment charges were derived using Level 3 inputs and were primarily driven by revised projections of future operating results. These charges were recorded in the line item other income (loss) — net in our consolidated statements of income.
2During the three and six months ended June 27, 2025, the Company recorded an asset impairment charge of $31 million related to a trademark in Latin America. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results and changes in macroeconomic conditions. This charge was recorded in the line item other operating charges in our consolidated statements of income. The remaining carrying value of the trademark is $55 million.
3The Company is required to record assets and liabilities that are held for sale at the lower of carrying value or fair value less any costs to sell based on the agreed-upon sale price. During the three and six months ended June 27, 2025, the Company recorded a charge of $28 million in the line item other income (loss) — net in our consolidated statements of income. This charge was due to the write-down of assets held for sale related to the refranchising of certain bottling operations in Ghana. This charge, which was calculated based on Level 3 inputs, primarily impacted the line item property, plant and equipment in our consolidated balance sheet.
4During the six months ended June 27, 2025, the Company recorded an other-than-temporary impairment charge of $25 million related to a joint venture in Latin America. This impairment charge was derived using Level 3 inputs and was due to the joint venture’s restructuring and planned liquidation. This charge was recorded in the line item other income (loss) — net in our consolidated statement of income.
5During the six months ended June 28, 2024, the Company recorded an asset impairment charge of $760 million related to our BodyArmor trademark in North America, which was primarily driven by revised projections of future operating results and higher discount rates resulting from changes in macroeconomic conditions since the acquisition date. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. This charge was recorded in the line item other operating charges in our consolidated statement of income. The remaining carrying value of the trademark is $3,400 million.