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Equity Method Investments
3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Equity Method Investments
Note 6. Equity Method Investments

Our current equity method investments primarily relate to our ownership interests in Dong Suh Foods Corporation and Dong Suh Oil & Fats Co. Ltd. As of March 31, 2025, we owned 50.0% and 49.0%, respectively, of these companies' outstanding shares. Our ownership interests may change over time due to investee stock-based compensation arrangements, share issuances or other equity-related transactions.

Our investments accounted for under the equity method of accounting totaled $610 million as of March 31, 2025 and $635 million as of December 31, 2024. We recorded equity earnings of $16 million and received cash dividends of $44 million in the three months ended March 31, 2025. We recorded equity earnings of $31 million and received cash dividends of $81 million in the three months ended March 31, 2024, which included our prior investment in JDE Peet’s N.V. (“JDEP”). During the fourth quarter of 2024, we sold our remaining 85.9 million shares in JDEP to JAB Holding Company and fully exited the investment.

During the three months ended March 31, 2024, we determined there was an other-than-temporary impairment of our investment in JDEP based on the period for which the quoted market price fair value had been less than the carrying value of the investment and the uncertainty surrounding JDEP's stock price recovering to the carrying value. As a result, the investment was written down to its estimated fair value based on the closing price of the underlying equity security of €19.46 per share on March 28, 2024, resulting in an impairment charge of €612 million ($665 million). This charge was included within Loss on equity method investment transactions in the condensed consolidated statement of earnings.