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Equity Method Investments
9 Months Ended
Sep. 30, 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 September 30, 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 totaled $669 million as of September 30, 2025 and $635 million as of December 31, 2024. We recorded equity earnings of $19 million and received cash dividends of $1 million in the three months ended September 30, 2025 and recorded equity earnings of $54 million and received cash dividends of $33 million in the three months ended September 30, 2024. We recorded equity earnings of $54 million and received cash dividends of $45 million in the nine months ended September 30, 2025 and recorded equity earnings of $133 million and received cash dividends of $115 million in the nine months ended September 30, 2024. The activity during 2024 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 ("JAB") and fully exited the investment.

On August 24, 2025, Keurig Dr Pepper Inc. (“KDP”) and JDEP entered into a definitive agreement under which KDP will acquire JDEP. As a result of that definitive agreement, we became entitled to a cash payment of €145 million ($169 million) from JAB that we received in the third quarter of 2025. The related gain is reported within Gain/(loss) on equity method investment transactions in the condensed consolidated statements of earnings.

During the three months ended March 31, 2024, we recorded an impairment charge of €612 million ($665 million) related to our JDEP investment. This charge was included within Gain/(loss) on equity method investment transactions in the condensed consolidated statements of earnings.