REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of variable consideration provisions

The following tables present the activity and ending balances of the Company’s variable consideration provisions for the six months ended June 30, 2025 and 2024.


	Six Months Ended June 30, 2025
(in millions)	Discounts and Allowances		Returns		Rebates		Chargebacks		Distribution Fees		Total
Reserve balances, January 1, 2025	$	170	$	372	$	1,421	$	189	$	85	$	2,237
Current period provisions	348		68		2,072		887		160		3,535
Payments and credits	(356)		(74)		(2,087)		(912)		(160)		(3,589)
Reserve balances, June 30, 2025	$	162	$	366	$	1,406	$	164	$	85	$	2,183

Included in Rebates in the table above are cooperative advertising credits due to customers of approximately $44 million and $36 million as of June 30, 2025 and January 1, 2025, respectively, which are reflected as a reduction of Trade receivables, net in the Condensed Consolidated Balance Sheets. Included as a reduction of current period provisions for Distribution Fees in the table above are price appreciation credits of approximately $2 million for the six months ended June 30, 2025.


	Six Months Ended June 30, 2024
(in millions)	Discounts and Allowances		Returns		Rebates		Chargebacks		Distribution Fees		Total
Reserve balances, January 1, 2024	$	191	$	380	$	1,108	$	216	$	44	$	1,939
Current period provisions	325		89		1,802		1,002		147		3,365
Payments and credits	(339)		(79)		(1,607)		(1,039)		(108)		(3,172)
Reserve balances, June 30, 2024	$	177	$	390	$	1,303	$	179	$	83	$	2,132

Schedule of activity in allowance for credit losses

The activity in the allowance for credit losses for trade receivables for the six months ended June 30, 2025 and 2024 is as follows:


(in millions)	2025		2024
Balance, beginning of period	$	30	$	34
Provision for expected credit losses	3		3
Write-offs charged against the allowance	(6)		(1)

Foreign exchange and other	1		(2)
Balance, end of period	$	28	$	34