REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020 and 2019.

	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

Included in Rebates in the table above are cooperative advertising credits due to customers of approximately $32 million and $29 million as of March 31, 2020 and January 1, 2020, 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 $4 million as of March 31, 2020.

	Three Months Ended March 31, 2019
(in millions)	Discounts and Allowances			Returns			Rebates			Chargebacks			Distribution Fees			Total
Reserve balances, January 1, 2019	$	175		$	813		$	1,024		$	209		$	163		$	2,384
Acquisition of Synergy	—			3			12			—			1			16
Current period provisions	204			33			533			443			48			1,261
Payments and credits	(210		)	(55		)	(568		)	(497		)	(85		)	(1,415		)
Reserve balances, March 31, 2019	$	169		$	794		$	1,001		$	155		$	127		$	2,246

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, 2020 is as follows. Write-offs charged against the allowance for credit losses and recoveries of amounts previously written off were not material.

(in millions)
Balance, January 1, 2020	$	48
Retrospective effect of application of new accounting standard	1
Provision	2
Foreign exchange and other	(3		)
Balance, March 31, 2020	$	48