XML 48 R33.htm IDEA: XBRL DOCUMENT v3.25.1

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments

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

			As of March 31, 2025												As of December 31, 2024
			Asset Derivatives						Liability Derivatives						Asset Derivatives						Liability Derivatives
			(in millions)
Derivatives designated as accounting hedges:
Interest rate contracts (1)			$	63					$	60					$	84					$	35
Net investment hedge derivative contracts (2)			244						201						305						50
			$	307					$	261					$	389					$	85
Derivatives not designated as    accounting hedges:
Currency exchange contracts			$	176					$	146					$	302					$	118
Commodity contracts			911						752						2,205						1,522
Interest rate contracts			3						—						3						—
			$	1,090					$	898					$	2,510					$	1,640
Total fair value			$	1,397					$	1,159					$	2,899					$	1,725

(1)Interest rate contracts designated as cash flow hedging instruments.

(2)Net investment hedge derivative contracts consist of cross-currency interest rate swaps, forward contracts and options. 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 7, 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.

Fair Value of Offsetting Assets

We recorded the fair value of our derivative instruments in the condensed consolidated balance sheets as follows:

			As of March 31, 2025						As of December 31, 2024
			(in millions)
Other current assets			$	1,164					$	2,545
Other assets			233						354
Other current liabilities			1,000						1,641
Other liabilities			159						84

Fair Value of Offsetting Liabilities

We recorded the fair value of our derivative instruments in the condensed consolidated balance sheets as follows:

			As of March 31, 2025						As of December 31, 2024
			(in millions)
Other current assets			$	1,164					$	2,545
Other assets			233						354
Other current liabilities			1,000						1,641
Other liabilities			159						84

Summary of Derivative Instrument Fair Value Measurement Inputs

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

			As of March 31, 2025
			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			$	30					$	—					$	30					$	—
Commodity contracts			159						106						53						—
Interest rate contracts			6						—						6						—
Net investment hedge contracts			43						—						43						—
Total derivatives			$	238					$	106					$	132					$	—

			As of December 31, 2024
			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			$	184					$	—					$	184					$	—
Commodity contracts			683						(111)						794						—
Interest rate contracts			52						—						52						—
Net investment hedge contracts			255						—						255						—
Total derivatives			$	1,174					$	(111)					$	1,285					$	—

Schedule of Notional Values of Derivative Instruments

The gross notional values of our hedging instruments were:

			Notional Amount
			As of March 31, 2025						As of December 31, 2024
			(in millions)
Currency exchange contracts			$	16,284					$	13,538
Commodity contracts			17,142						16,210
Interest rate contracts			4,536						5,336
Net investment hedges:
Net investment hedge derivative contracts			9,421						8,647
Non-U.S. dollar debt designated as net investment hedges:
Euro notes			3,446						3,298
Swiss franc notes			226						220
Canadian dollar notes			452						869

Schedule of Net Investment Hedges

Net investment hedge derivative contract impacts on other comprehensive earnings and net earnings were:

			For the Three Months Ended March 31,
			2025						2024
			(in millions)
(Loss)/gain on NIH contracts (1)			$	(201)					$	220
Amounts excluded from the assessment of hedge effectiveness (2)			57						41

(1)Amounts recorded for unsettled and settled NIH derivative contracts are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses).

(2)We assess the effectiveness of NIH relationships based on spot rates and amortize the initial value attributable to the excluded component to earnings over the life of the hedging instrument within interest and other expense, net.

ains/(losses) related to non-U.S. dollar debt designated as hedges of net investments in international operations, which are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses), were:

			For the Three Months Ended March 31,
			2025						2024
			(in millions)
Euro notes			$	(147)					$	79
Swiss franc notes			(6)						26
Canadian notes			—						10

Summary of Economic Hedges

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

			For the Three Months Ended March 31,
			2025						2024
			(in millions)
Currency exchange contracts:
Cost of sales			$	(131)					$	25
Selling, general and administrative expenses			—						7
Interest and other expense, net			90						56
Commodity contracts - Cost of sales			(409)						1,184
Total			$	(450)					$	1,272

Schedule of Contingent Consideration

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

			For the Three Months Ended March 31,
			2025						2024
			(in millions)
Liability at beginning of period			$	179					$	680
Changes in fair value			(12)						23
Liability at end of period			$	167					$	703

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

			As of March 31, 2025
			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)			$	99					$	—					$	—					$	99
Other (2)			68						—						—						68
Total contingent consideration			$	167					$	—					$	—					$	167

			As of December 31, 2024
			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)			$	124					$	—					$	—					$	124
Other (2)			55						—						—						55
Total contingent consideration			$	179					$	—					$	—					$	179

(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 possible payments range from zero to a maximum total of $2.4 billion, with higher payouts requiring the achievement of targets that generate rates of returns in excess of the base financial projections. The contingent consideration liabilities are recorded at fair value and primarily recorded in other liabilities as of March 31, 2025 and December 31, 2024. The estimated fair value of the contingent consideration obligation is determined using a Monte Carlo simulation. 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.

(2)The other contingent consideration liabilities are recorded at fair value and recorded in other liabilities as of March 31, 2025 and December 31, 2024. Fair value adjustments were recorded in selling, general and administrative expenses in the condensed consolidated statement of earnings.

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-4

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

+ Details

Name:	us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-4

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

+ Details

Name:	us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in net investment hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

+ Details

Name:	us-gaap_ScheduleOfNetInvestmentHedgesInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

+ Details

Name:	us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration