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Financial Instruments - Fair Value of Contingent Consideration Liability (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Aug. 01, 2022
--- | --- | --- | ---
Derivative [Line Items] |  |  |  |
Total contingent consideration |  | $ 680 | $ 642 |
Contingent consideration, current liabilities |  | 132 | 102 |
Contingent consideration, long term liabilities |  | 88 | 88 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  |  |
Derivative [Line Items] |  |  |  |
Total contingent consideration |  | 0 | 0 |
Significant Other Observable Inputs (Level 2) |  |  |  |
Derivative [Line Items] |  |  |  |
Total contingent consideration |  | 0 | 0 |
Significant Unobservable Inputs (Level 3) |  |  |  |
Derivative [Line Items] |  |  |  |
Total contingent consideration |  | 680 | 642 |
Clif Bar |  |  |  |
Derivative [Line Items] |  |  |  |
Total contingent consideration | [1] | 548 | 452 |
Contingent consideration, long term liabilities |  |  |  | $ 440
Clif Bar | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  |  |
Derivative [Line Items] |  |  |  |
Total contingent consideration | [1] | 0 | 0 |
Clif Bar | Significant Other Observable Inputs (Level 2) |  |  |  |
Derivative [Line Items] |  |  |  |
Total contingent consideration | [1] | 0 | 0 |
Clif Bar | Significant Unobservable Inputs (Level 3) |  |  |  |
Derivative [Line Items] |  |  |  |
Total contingent consideration | [1] | 548 | 452 |
Other |  |  |  |
Derivative [Line Items] |  |  |  |
Total contingent consideration | [2] | 132 | 190 |
Other | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  |  |
Derivative [Line Items] |  |  |  |
Total contingent consideration | [2] | 0 | 0 |
Other | Significant Other Observable Inputs (Level 2) |  |  |  |
Derivative [Line Items] |  |  |  |
Total contingent consideration | [2] | 0 | 0 |
Other | Significant Unobservable Inputs (Level 3) |  |  |  |
Derivative [Line Items] |  |  |  |
Total contingent consideration | [2] | $ 132 | $ 190 |
[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 $548 million and $452 million classified as long-term liabilities at December 31, 2023 and December 31, 2022, respectively. 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 $132 million and $102 million classified as other current liabilities at December 31, 2023 and December 31, 2022, respectively, and $88 million classified as long-term liabilities at December 31, 2022. 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.

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