REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021.

	Three Months Ended March 31, 2022
(in millions)	Discounts and Allowances		Returns		Rebates		Chargebacks		Distribution Fees		Total
Reserve balances, January 1, 2022	$	222	$	482	$	944	$	170	$	45	$	1,863
Current period provisions	134		19		581		471		51		1,256
Payments and credits	(162)		(54)		(599)		(359)		(53)		(1,227)
Reserve balances, March 31, 2022	$	194	$	447	$	926	$	282	$	43	$	1,892

Included in Rebates in the table above are cooperative advertising credits due to customers of approximately $37 million and $36 million as of March 31, 2022 and January 1, 2022, respectively, which are reflected as a reduction of Trade receivables, net in the Consolidated Balance Sheets. There were no price appreciation credits during the three months ended March 31, 2022.

	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

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, 2022 and 2021 is as follows.

(in millions)	2022		2021
Balance, beginning of period	$	35	$	39
Provision	—		(2)
Write-offs	—		(1)
Recoveries	3		—
Foreign exchange and other	—		1
Balance, end of period	$	38	$	37