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Financial Instruments - Fair Value of Contingent Consideration Liability (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Aug. 01, 2022
Dec. 31, 2021
Derivative [Line Items]      
Contingent consideration, fair value $ 613   $ 159
Quoted Prices in Active Markets for Identical Assets (Level 1)      
Derivative [Line Items]      
Contingent consideration, fair value 0   0
Significant Other Observable Inputs (Level 2)      
Derivative [Line Items]      
Contingent consideration, fair value 0   0
Fair Value, Inputs, Level 3 [Member]      
Derivative [Line Items]      
Contingent consideration, fair value 613   159
Clif Bar      
Derivative [Line Items]      
Contingent consideration, fair value [1] 455    
Contingent consideration, liability, noncurrent   $ 440  
Clif Bar | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Derivative [Line Items]      
Contingent consideration, fair value [1] 0    
Clif Bar | Significant Other Observable Inputs (Level 2)      
Derivative [Line Items]      
Contingent consideration, fair value [1] 0    
Clif Bar | Fair Value, Inputs, Level 3 [Member]      
Derivative [Line Items]      
Contingent consideration, fair value [1] 455    
Other      
Derivative [Line Items]      
Contingent consideration, fair value [2] 158   159
Contingent consideration, current liability 101    
Contingent consideration, liability, noncurrent 57   159
Other | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Derivative [Line Items]      
Contingent consideration, fair value [2] 0   0
Other | Significant Other Observable Inputs (Level 2)      
Derivative [Line Items]      
Contingent consideration, fair value [2] 0   0
Other | Fair Value, Inputs, Level 3 [Member]      
Derivative [Line Items]      
Contingent consideration, fair value [2] $ 158   $ 159
[1] In connection with the Clif Bar acquisition, we entered into a contingent consideration arrangement that may require us to pay additional consideration to the sellers for achieving certain net revenue, gross profit and EBITDA targets in 2025 and 2026 that exceed our base financial projections for the business implied in the upfront purchase price. The estimated fair value of the contingent consideration obligation at the acquisition date was determined using a Monte Carlo simulation and recorded in other liabilities. Significant assumptions used in assessing the fair value of the liability include financial projections for net revenue, gross profit, and EBITDA, as well as discount and volatility rates. Fair value adjustments are primarily recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings. Refer to Note 2, Acquisitions and Divestitures for additional information.
[2] The other contingent consideration liabilities are recorded at fair value, with $101 million classified as other current liabilities at September 30, 2022 and $57 million and $159 million classified as long term liabilities at September 30, 2022 and December 31, 2021. The fair value of this contingent consideration was determined using a Monte Carlo valuation model based on Level 3 inputs, including management's latest estimate of forecasted future results. Other key assumptions included discount rate and volatility. Fair value adjustments are recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings. Refer to Note 2, Acquisitions and Divestitures for additional information.