ACQUISITIONS AND DIVESTITURES
|3 Months Ended|
Apr. 01, 2022
|Business Combination and Asset Acquisition [Abstract]|
|ACQUISITIONS AND DIVESTITURES||ACQUISITIONS AND DIVESTITURES
Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $5 million and $4 million during the three months ended April 1, 2022 and April 2, 2021, respectively.
Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the three months ended April 1, 2022 and April 2, 2021 totaled $218 million and $2 million, respectively. In 2022, we sold our ownership interest in one of our equity method investments for cash proceeds of $123 million. We recognized a net gain of $13 million as a result of the sale, which was recorded in the line item other income (loss) — net in our consolidated statement of income.
Assets and Liabilities Held for Sale
The Company had certain bottling operations in Asia Pacific that met the criteria to be classified as held for sale. As a result, we were required to record their assets and liabilities at the lower of carrying value or fair value less any costs to sell. As the fair value less any costs to sell exceeded the carrying value, the related assets and liabilities were recorded at their carrying value. These assets and liabilities were included in the Bottling Investments operating segment. The Company expects these bottling operations to be refranchised during the second half of 2022.
The following table presents information related to the major classes of assets and liabilities that were classified as held for sale and were included in the line items prepaid expenses and other current assets and accounts payable and accrued expenses, respectively, in our consolidated balance sheets (in millions):
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef