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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Effects of Derivative Instruments

After-tax gains/(losses) recognized in other comprehensive earnings/(losses) were:

			For the Years Ended December 31,
			2022						2021						2020
			(in millions)
Currency exchange contracts – forecasted transactions			$	8					$	—					$	(2)
Interest rate contracts			145						168						(107)
Total			$	153					$	168					$	(109)

Pre-tax gains/(losses) recorded in net earnings for economic hedges were:

			For the Years Ended December 31,																		Recognized in Earnings
			2022						2021						2020
			(in millions)
Currency exchange contracts:
Intercompany loans and       forecasted interest payments			$	(14)					$	57					$	(70)					Interest and other expense, net
Forecasted transactions			117						80						41						Cost of sales
Forecasted transactions			17						(1)						(4)						Interest and other expense, net
Forecasted transactions			(1)						—						(1)						Selling, general and administrative expenses
Commodity contracts			157						385						4						Cost of sales
Equity method investment contracts			—						2						—						Gain on equity method investment contracts
Total			$	276					$	523					$	(30)

Schedule of Contingent Consideration

The following is a summary of our contingent consideration liability activity:

			For the Years Ended December 31,
			2022						2021						2020
			(in millions)
Liability at the beginning of the period			$	159					$	55					$	14
Contingent consideration arising from acquisitions			440						145						17
Changes in fair value			44						(41)						24
Currency			(1)						—						—
Liability at the end of the period			$	642					$	159					$	55

Contingent consideration was recorded at fair value in the condensed consolidated balance sheets as follows:

			As of December 31, 2022
			Total Fair Value of Liability						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in millions)
Clif Bar (1)			$	452					$	—					$	—					$	452
Other (2)			190						—						—						190
Total contingent consideration			$	642					$	—					$	—					$	642

			As of December 31, 2021
			Total Fair Value of Liability						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in millions)
Other (2)			$	159					$	—					$	—					$	159
Total contingent consideration			$	159					$	—					$	—					$	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 other contingent consideration liabilities are recorded at fair value with $452 million classified as long term liabilities at December 31, 2022. 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 $102 million classified as other current liabilities at December 31, 2022 and $88 million and $159 million classified as long term liabilities at December 31, 2022 and December 31, 2021. The estimated 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.

Cash Flow Hedges

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Cash Flow Hedges Effect on Accumulated Other Comprehensive Earnings/(Losses), Net of Taxes

Cash flow hedge activity, net of taxes, within accumulated other comprehensive earnings/(losses) included:

			For the Years Ended December 31,
			2022						2021						2020
			(in millions)
Accumulated (loss)/gain at beginning of period			$	(148)					$	(161)					$	(213)
Transfer of realized (gains)/losses in fair value to earnings			(39)						(155)						161
Unrealized gain/(loss) in fair value			153						168						(109)
Accumulated (loss)/gain at end of period			$	(34)					$	(148)					$	(161)

Schedule of Effects of Derivative Instruments

After-tax gains/(losses) reclassified from accumulated other comprehensive earnings/(losses) into net earnings were:

			For the Years Ended December 31,
			2022						2021						2020
			(in millions)
Currency exchange contracts - forecasted transactions			$	(8)					$	—					$	—
Interest rate contracts			$	47					$	155					$	(161)
Total			$	39					$	155					$	(161)

Net Investment Hedging

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Hedges of Net Investments in International Operations

As of December 31, 2022, the aggregate notional value of these NIH derivative contracts was $7.3 billion and their impact on other comprehensive earnings and net earnings during the years presented below were as follows:

			For the Years Ended December 31,
			2022						2021						2020
			(in millions)
After-tax gain/(loss) on NIH contracts(1)			$	396					$	63					$	(221)

(1)Amounts recorded for unsettled and settled NIH derivative contracts are recorded in the cumulative translation adjustment within other comprehensive earnings. The cash flows from the settled contracts are reported within other investing activities in the consolidated statement of cash flows.

			For the Years Ended December 31,
			2022						2021						2020
			(in millions)
Amounts excluded from the assessment of    hedge effectiveness(1)			$	116					$	75					$	117

(1)We elected to record changes in the fair value of amounts excluded from the assessment of effectiveness in net earnings within interest and other expense, net.

After-tax gains/(losses) related to hedges of net investments in international operations in the form of euro, British pound sterling, Swiss franc and Canadian dollar-denominated debt were recorded within the cumulative translation adjustment section of other comprehensive income and were:

			For the Years Ended December 31,
			2022						2021						2020
			(in millions)
Euro notes			$	162					$	211					$	(251)
British pound sterling notes			45						3						(8)
Swiss franc notes			13						29						(82)
Canadian notes			25						(3)						(7)

Derivatives

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Fair Value of Derivative Instruments

Derivative instruments were recorded at fair value in the consolidated balance sheets as follows:

			As of December 31,
			2022												2021
			Asset Derivatives						Liability Derivatives						Asset Derivatives						Liability Derivatives
			(in millions)
Derivatives designated as accounting hedges:
Interest rate contracts			$	132					$	35					$	27					$	17
Net investment hedge derivative contracts (1)			265						241						117						45
			$	397					$	276					$	144					$	62
Derivatives not designated as    accounting hedges:
Currency exchange contracts			$	185					$	103					$	156					$	40
Commodity contracts			200						247						387						137
Interest rate contracts			8						—						—						—
Equity method investment contracts (2)			—						3						—						3
			$	393					$	353					$	543					$	180
Total fair value			$	790					$	629					$	687					$	242

(1)Net investment hedge contracts consist of cross-currency interest rate swaps and forward contracts. We also designate some of our non-U.S. dollar denominated debt to hedge a portion of our net investments in our non-U.S. operations. This debt is not reflected in the table above, but is included in long-term debt discussed in Note 9, Debt and Borrowing Arrangements. Both net investment hedge derivative contracts and non-U.S. dollar denominated debt acting as net investment hedges are also disclosed in the Derivative Volume table and the Hedges of Net Investments in International Operations section appearing later in this footnote.

(2)Equity method investment contracts consist of the bifurcated embedded derivative option that was a component of the September 20, 2021 €300 million exchangeable bonds issuance. Refer to Note 9, Debt and Borrowing Arrangements.

Schedule of Derivative instruments Fair Value and Measurement Inputs

The fair values (asset/(liability)) of our derivative instruments were determined using:

			As of December 31, 2022
			Total Fair Value of Net Asset/(Liability)						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in millions)
Currency exchange contracts			$	82					$	—					$	82					$	—
Commodity contracts			(47)						(35)						(12)						—
Interest rate contracts			105						—						105						—
Net investment hedge contracts			24						—						24						—
Equity method investment contracts			(3)						—						(3)						—
Total derivatives			$	161					$	(35)					$	196					$	—

			As of December 31, 2021
			Total Fair Value of Net Asset/(Liability)						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in millions)
Currency exchange contracts			$	116					$	—					$	116					$	—
Commodity contracts			251						161						90						—
Interest rate contracts			10						—						10						—
Net investment hedge contracts			71						—						71						—
Equity method investment contracts			(3)						—						(3)						—
Total derivatives			$	445					$	161					$	284					$	—

Schedule of Notional Values of Derivative Instruments

The gross notional values of our derivative instruments were:

			Notional Amount
			As of December 31,
			2022						2021
			(in millions)
Currency exchange contracts:
Intercompany loans and forecasted interest payments			$	2,085					$	1,891
Forecasted transactions			5,470						4,831
Commodity contracts			12,131						9,694
Interest rate contracts			4,147						1,850
Net investment hedges:
Net investment hedge derivative contracts			7,319						3,915
Non-U.S. dollar debt designated as net investment hedges
Euro notes			3,410						3,622
British pound sterling notes			—						356
Swiss franc notes			638						811
Canadian dollar notes			443						475

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