During the first quarter of 2023, our ownership in Keurig Dr Pepper Inc. (Nasdaq: "KDP") fell to below 5% of the outstanding shares, resulting 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 retained significant influence. Marketable securities are measured at fair value based on quoted prices in active markets for identical assets (Level 1).

Subsequently in 2023, we sold the remainder of our shares of KDP and exited our investment in the company. In total during 2023, we sold approximately 76 million shares and received proceeds of $2.4 billion. Prior to the change of accounting for our KDP investment, we recorded a pre-tax gain on equity method transactions of $493 million ($368 million after-tax) during 2023.

In 2021, we sold approximately 43 million shares of KDP, which reduced our ownership interest by 3.0 percentage points to 5.3% of the total outstanding shares. We received $1.5 billion of proceeds and recorded a pre-tax gain on equity method transactions of $768 million (or $581 million after-tax) during 2021.


	Year Ended December 31, 2023
	(in millions)
Gain on marketable securities sold during the period	$	593
Dividend income and other	13
Total gain on marketable securities	$	606

In the table above, gain on marketable securities sold during the period reflects the difference between the sale proceeds and the carrying value of the equity securities at the date of the change of accounting for our investment in KDP.

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 December 31, 2023, we owned 17.7%, 50.0% and 49.0%, respectively, of these companies' outstanding shares.

Our investments accounted for under the equity method of accounting totaled $3.2 billion as of December 31, 2023 and $4.9 billion as of December 31, 2022. The investment balance as of December 31, 2022 is inclusive of our prior investment in KDP. We recorded equity earnings and cash dividends of $160 million and $137 million in 2023, equity earnings and cash dividends of $385 million and $184 million in 2022 and equity earnings and cash dividends of $393 million and $172 million in 2021.

Based on the quoted closing price as of December 31, 2023, the fair value of our publicly-traded investment in JDEP was $2.3 billion, and there was no other than temporary impairment identified.

In 2023, we sold approximately 9.9 million shares of JDEP, which reduced our ownership interest by 2.0 percentage points, from 19.7% to 17.7%. We received cash proceeds of €255 million ($279 million) and recorded a loss of €21 million ($23 million). We continue to have board representation with two directors on 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.

In 2022, we sold approximately 18.6 million of our JDEP shares back to JDEP, which reduced our ownership interest by approximately 3.0 percentage points. We received cash proceeds of €500 million ($529 million) and recorded a loss of €8 million ($8 million) on this sale during 2022.

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 JDEP's shares, this would represent approximately 8.5 million shares or approximately 10% of our equity interest in JDEP as of December 31, 2023. Refer to Note 10, Financial Instruments, for further details on this transaction.


	As of December 31,
	2023		2022
	(in millions)
Current assets	$	4,084	$	8,740
Noncurrent assets	23,962		71,375
Total assets	28,046		80,115
Current liabilities	4,963		12,711
Noncurrent liabilities	7,512		26,671
Total liabilities	12,475		39,382
Equity attributable to shareowners of investees	15,496		40,596
Equity attributable to noncontrolling interests	75		137
Total net equity of investees	$	15,571	$	40,733
Mondelēz International ownership interests	18-50%		5-50%
Equity method investments (1)	$	3,242	$	4,879


	For the Years Ended December 31,
	2023 (2)		2022		2021
	(in millions)
Net revenues	$	14,487	$	23,518	$	22,149
Gross profit	5,650		10,738		10,804
Income from continuing operations	926		2,984		2,614
Net income	926		2,984		2,614
Net income attributable to investees	$	938	$	2,990	$	2,618
Mondelēz International ownership interests	5-50%		5-50%		8-50%


Equity method investment net earnings	$	160	$	385	$	393

(1)Includes a basis difference of approximately $373 million as of December 31, 2023 and $419 million as of December 31, 2022 between the U.S. GAAP accounting basis for our equity method investments and the U.S. GAAP accounting basis of our investees’ equity.

(2)The 2023 summarized earnings information is inclusive of KDP only for the period in which we accounted for this investment under the equity method.