Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS AND DIVESTITURES

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ACQUISITIONS AND DIVESTITURES
6 Months Ended
Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS AND DIVESTITURES ACQUISITIONS AND DIVESTITURES
Acquisitions
Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $43 million and $6 million during the six months ended June 30, 2023 and July 1, 2022, respectively.
Divestitures
Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the six months ended June 30, 2023 and July 1, 2022 totaled $320 million and $218 million, respectively, which primarily related to sales of our ownership interests in certain equity method investees.
Assets and Liabilities Held for Sale
As of June 30, 2023, the Company’s bottling operations in Bangladesh met the criteria to be classified as held for sale. As of December 31, 2022, the Company’s bottling operations in Vietnam met the criteria to be classified as held for sale. As a result, we were required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell. As the fair values less any costs to sell exceeded the carrying values, the related assets and liabilities were recorded at their carrying values. These assets and liabilities were included in the Bottling Investments operating segment.
In December 2022, the Company received cash proceeds of $823 million in advance of refranchising its bottling operations in Vietnam. This advance was included in the line item accounts payable and accrued expenses in our consolidated balance sheet as of December 31, 2022. The Company refranchised its bottling operations in Vietnam in January 2023 and recognized a net gain of $439 million as a result of the sale, which was recorded in the line item other income (loss) — net in our consolidated statement of income during the six months ended June 30, 2023.
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):
June 30,
2023
December 31, 2022
Cash, cash equivalents and short-term investments $ 2  $ 229 
Trade accounts receivable, less allowances 3  12 
Inventories 28  50 
Prepaid expenses and other current assets 20  43 
Other noncurrent assets 2  29 
Deferred income tax assets  
Property, plant and equipment — net 88  197 
Goodwill   34 
  Assets held for sale $ 143  $ 602 
Accounts payable and accrued expenses $ 35  $ 154 
Loans and notes payable 44   
Accrued income taxes 10 
Other noncurrent liabilities  
  Liabilities held for sale $ 89  $ 160