Other Financial Information (Tables)

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents reported with the unaudited Condensed Consolidated Balance Sheets to the total of the same amounts shown in the unaudited Condensed Consolidated Statements of Cash Flows:



(in millions)	September 30, 2020		December 31, 2019
Cash and cash equivalents	$	191	$	75
Restricted cash and restricted cash equivalents⁽¹⁾	27		26
Non-current restricted cash and restricted cash equivalents included in Other non-current assets	—		10
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the unaudited Condensed Consolidated Statement of Cash Flows	$	218	$	111

(1)

Restricted cash and cash equivalents primarily represent amounts held in escrow in connection with the acquisitions of Core Nutrition LLC, Bai Brands LLC and Big Red Group Holdings, LLC, which have a corresponding holdback liability recorded in other current liabilities, as shown below.

Schedule of other assets and other liabilities

The tables below provide selected financial information from the unaudited Condensed Consolidated Balance Sheets:



	September 30,			December 31,
(in millions)	2020			2019
Inventories:
Raw materials	$	275		$	215
WIP	7			8
Finished goods	569			447
Total	851			670
Allowance for excess and obsolete inventories	(27		)	(16		)
Total Inventories	$	824		$	654
Prepaid expenses and other current assets:
Other receivables	$	60		$	65
Customer incentive programs	64			12
Derivative instruments	17			31
Prepaid marketing	16			17
Spare parts	52			49
Assets held for sale⁽¹⁾	3			165
Income tax receivable	7			4
Other	104			60
Total prepaid expenses and other current assets	$	323		$	403
Other non-current assets:
Customer incentive programs	$	71		$	33
Marketable securities - trading⁽²⁾	37			40
Operating lease right-of-use assets	659			497
Derivative instruments	10			19
Equity securities without readily determinable fair values	1			1
Non-current restricted cash and restricted cash equivalents	—			10
Related party notes receivable⁽³⁾	—			50
Other	111			98
Total other non-current assets	$	889		$	748


(1)	The decrease in assets held for sale was due to the assets included in sale-leaseback transactions that closed during the period. Refer to Note 8 for additional information about the transactions. The remaining amounts were comprised of property, plant and equipment expected to be sold within the next twelve months.


(2)	Fair values of marketable securities are determined using quoted market prices from daily exchange traded markets, based on the closing price as of the balance sheet date, and are classified as Level 1. The fair value of marketable securities was $37 million and $40 million as of September 30, 2020 and December 31, 2019, respectively.


(3)	Refer to Note 4 for additional information.



	September 30,		December 31,
(in millions)	2020		2019
Accrued expenses:
Customer rebates & incentives	$	341	$	362
Accrued compensation	160		183
Insurance reserve	46		39
Accrued interest	187		54
Accrued professional fees	16		31
Other accrued expenses	317		270
Total accrued expenses	$	1,067	$	939
Other current liabilities:
Dividends payable	$	211	$	212
Income taxes payable	22		75
Operating lease liability	73		69
Finance lease liability	40		41
Derivative instruments	25		12
Holdback liabilities	25		25
Other	7		11
Total other current liabilities	$	403	$	445
Other non-current liabilities:
Pension and post-retirement liability	$	29	$	29
Insurance reserves	71		66
Operating lease liability	592		427
Finance lease liability	259		269
Derivative instruments	14		4
Deferred compensation liability	37		40
Other	101		95
Total other non-current liabilities	$	1,103	$	930