Investments	3 Months Ended
Investments	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments	Note 6. Investments Marketable Securities On March 2, 2023, we sold approximately 30 million shares of Keurig Dr Pepper Inc. (Nasdaq: "KDP"), which reduced our ownership interest by 2.1%, from 5.3% to 3.2% of the total outstanding shares. We received approximately $1.0 billion in proceeds and recorded a pre-tax gain of $493 million (or $366 million after tax) on this sale during the first quarter of 2023. This reduction in ownership, to below 5% of the outstanding shares of KDP, resulted in a change of accounting for our KDP investment, from equity method investment accounting to accounting for equity interests with readily determinable fair values ("marketable securities") as we no longer have significant influence over KDP. These marketable securities are measured at fair value based on quoted prices in active markets for identical assets (Level 1). On March 2, 2023, the date we changed from equity method accounting to marketable securities accounting for this investment, we recorded unrealized gains for marketable securities of $755 million (or $562 million after tax). We recorded an additional unrealized gain of $32 million (or $24 million after tax) during the first quarter, for a total unrealized gain of $787 million (or $586 million after tax) during the first quarter of 2023. We reported marketable securities of $1.6 billion as of March 31, 2023 in other current assets in the Company's Condensed Consolidated Balance Sheet. Equity Method Investments Our equity method investments include, but are not limited to, our ownership interests in JDE Peet's (Euronext Amsterdam: "JDEP"), Dong Suh Foods Corporation and Dong Suh Oil & Fats Co. Ltd. Our ownership interests may change over time due to investee stock-based compensation arrangements, share issuances or other equity-related transactions. As of March 31, 2023, we owned 19.7%, 50.0% and 49.0%, respectively, of these companies' outstanding shares. We continue to have board representation with two directors on the JDEP's Board of Directors and have retained certain additional governance rights. As we continue to have significant influence, we continue to account for our investment in JDEP under the equity method. Our investments accounted for under the equity method of accounting totaled $3.4 billion as of March 31, 2023 and $4.9 billion as of December 31, 2022. The investment balance as of December 31, 2022 is inclusive of our investment in KDP. We recorded equity earnings of $35 million and cash dividends of $102 million in the first quarter of 2023 and equity earnings of $117 million and cash dividends of $107 million in the first quarter of 2022. Based on the quoted closing prices as of March 31, 2023, the fair value of our publicly-traded investment in JDEP was $2.8 billion, and there was no other than temporary impairment identified. In 2021, we issued €300 million exchangeable bonds, which are redeemable at maturity in September 2024 at their principal amount in cash or, at our option, through the delivery of an equivalent number of JDE Peet’s ordinary shares based on an initial exchange price of €35.40 and, as the case may be, an additional amount in cash. If all bonds were redeemed in exchange for JDE Peet's shares, this would represent approximately 8.5 million shares or approximately 9% of our equity interest in JDE Peet's as of March 31, 2023. Refer to Note 9, Financial Instruments, for further details on this transaction. On March 30, 2023, we issued options to sell shares of JDEP in tranches equivalent to approximately 7.7 million shares. These options are exercisable at their maturities which are between July 3, 2023 and September 29, 2023, with strike prices ranging from €26.10 to €28.71 per share. In addition, on April 3, 2023, we sold approximately 7.7 million shares of JDEP and received cash proceeds of €199 million. This reduced our ownership interest by 1.6%, from 19.7% to 18.1% of the total outstanding shares. If all options issued on March 30, 2023 are exercised, our ownership interest will be reduced by an additional 1.6%. As we continue to have significant influence, we will continue to account for our investment in JDEP under the equity method.