REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Summary of variable consideration provisions

The following tables present the activity and ending balances of the Company’s variable consideration provisions for the three months ended March 31, 2021 and 2020.

	Three Months Ended March 31, 2021
(in millions)	Discounts and Allowances		Returns		Rebates		Chargebacks		Distribution Fees		Total
Reserve balances, January 1, 2021	$	190	$	575	$	779	$	184	$	85	$	1,813
Current period provisions	147		34		602		462		55		1,300
Payments and credits	(160)		(56)		(457)		(483)		(66)		(1,222)
Reserve balances, March 31, 2021	$	177	$	553	$	924	$	163	$	74	$	1,891

Included in Rebates in the table above are cooperative advertising credits due to customers of approximately $34 million and $32 million as of March 31, 2021 and January 1, 2021, respectively, which are reflected as a reduction of Trade receivables, net in the Consolidated Balance Sheets. Included as a reduction of Distribution Fees in the table above are price appreciation credits of approximately $1 million during the three months ended March 31, 2021.

	Three Months Ended March 31, 2020
(in millions)	Discounts and Allowances		Returns		Rebates		Chargebacks		Distribution Fees		Total
Reserve balances, January 1, 2020	$	182	$	691	$	927	$	168	$	82	$	2,050
Current period provisions	156		42		602		484		53		1,337
Payments and credits	(167)		(75)		(588)		(501)		(61)		(1,392)
Reserve balances, March 31, 2020	$	171	$	658	$	941	$	151	$	74	$	1,995

Summary of activity in allowance for credit losses

The activity in the allowance for credit losses for trade receivables for the three months ended March 31, 2021 and 2020 is as follows.

(in millions)	2021		2020
Balance, Beginning of period	$	39	$	48
Retrospective effect of application of new accounting standard	—		1
Provision	(2)		2
Write-offs	(1)		—
Foreign exchange and other	1		(3)
Balance, end of period	$	37	$	48