XML 34 R22.htm IDEA: XBRL DOCUMENT
v3.22.2

OPERATING SEGMENTS | 6 Months Ended
--- | ---
Jul. 01, 2022
Segment Reporting [Abstract] |
OPERATING SEGMENTS | OPERATING SEGMENTS Information about our Company’s operations by operating segment and Corporate is as follows (in millions):
| Europe, Middle East & Africa |  | Latin America | North America | Asia Pacific |  | Global Ventures |  | Bottling Investments |  | Corporate | Eliminations | Consolidated
As of and for the Three Months Ended July 1, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 2,018 |  |  | $ | 1,140 |  | $ | 4,029 |  | $ | 1,343 |  |  | $ | 695 |  |  | $ | 2,077 |  |  | $ | 23 |  | $ | — |  | $ | 11,325 |
Intersegment | 166 |  |  | — |  | 1 |  | 223 |  |  | — |  |  | 2 |  |  | — |  | (392) |  | — |
Total net operating revenues | 2,184 |  |  | 1,140 |  | 4,030 |  | 1,566 |  |  | 695 |  |  | 2,079 |  |  | 23 |  | (392) |  | 11,325 |
Operating income (loss) | 1,291 |  |  | 674 |  | 840 |  | 753 |  |  | 44 |  |  | 113 |  |  | (1,374) |  | — |  | 2,341 |
Income (loss) before income taxes | 1,225 |  |  | 680 |  | 848 |  | 757 |  |  | 48 |  |  | 453 |  |  | (1,727) |  | — |  | 2,284 |
Identifiable operating assets | 7,721 |  | 2 | 2,054 |  | 26,372 |  | 2,628 |  | 3 | 7,210 |  |  | 9,881 |  | 2,3 | 18,928 |  | — |  | 74,794 |
Investments 1 | 439 |  |  | 605 |  | 19 |  | 222 |  |  | — |  |  | 12,569 |  |  | 4,521 |  | — |  | 18,375 |
As of and for the Three Months Ended July 2, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 1,874 |  |  | $ | 1,067 |  | $ | 3,379 |  | $ | 1,350 |  |  | $ | 707 |  |  | $ | 1,735 |  |  | $ | 17 |  | $ | — |  | $ | 10,129 |
Intersegment | 143 |  |  | — |  | 2 |  | 153 |  |  | — |  |  | 3 |  |  | — |  | (301) |  | — |
Total net operating revenues | 2,017 |  |  | 1,067 |  | 3,381 |  | 1,503 |  |  | 707 |  |  | 1,738 |  |  | 17 |  | (301) |  | 10,129 |
Operating income (loss) | 1,142 |  |  | 678 |  | 950 |  | 766 |  |  | 75 |  |  | 92 |  |  | (687) |  | — |  | 3,016 |
Income (loss) before income taxes | 1,169 |  |  | 681 |  | 959 |  | 779 |  |  | 78 |  |  | 422 |  |  | (470) |  | — |  | 3,618 |
Identifiable operating assets | 8,574 |  | 2 | 1,748 |  | 19,646 |  | 2,252 |  | 3 | 7,854 |  |  | 10,375 |  | 2,3 | 20,329 |  | — |  | 70,778 |
Investments 1 | 478 |  |  | 630 |  | 346 |  | 231 |  |  | 3 |  |  | 13,382 |  |  | 4,346 |  | — |  | 19,416 |
As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Identifiable operating assets | $ | 7,908 |  | 2 | $ | 1,720 |  | $ | 25,730 |  | $ | 2,355 |  | 3 | $ | 7,949 |  |  | $ | 10,312 |  | 2,3 | $ | 19,964 |  | $ | — |  | $ | 75,938 |
Investments 1 | 436 |  |  | 594 |  | 21 |  | 230 |  |  | — |  |  | 12,669 |  |  | 4,466 |  | — |  | 18,416 |
1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in South Africa represented 17 percent, 16 percent and 16 percent of consolidated property, plant and equipment — net as of July 1, 2022, July 2, 2021 and December 31, 2021, respectively. 3 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of July 1, 2022, July 2, 2021 and December 31, 2021. During the three months ended July 1, 2022, the results of our operating segments and Corporate were impacted by the following items: •Operating income (loss) and income (loss) before income taxes were reduced by $917 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition in 2020. Refer to Note 15. •Operating income (loss) and income (loss) before income taxes were reduced by $19 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 12. •Operating income (loss) and income (loss) before income taxes were increased by $2 million for North America and were reduced by $15 million for Corporate related to our acquisition of BodyArmor in 2021. Refer to Note 11. •Operating income (loss) and income (loss) before income taxes were reduced by $11 million for North America related to the restructuring of our manufacturing operations in the United States. •Income (loss) before income taxes was reduced by $267 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. •Income (loss) before income taxes was reduced by $96 million for Europe, Middle East and Africa due to an other-than-temporary impairment charge related to an equity method investee in Russia. Refer to Note 15. •Income (loss) before income taxes was reduced by $35 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. During the three months ended July 2, 2021, the results of our operating segments and Corporate were impacted by the following items: •Operating income (loss) and income (loss) before income taxes were reduced by $247 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 15. •Operating income (loss) and income (loss) before income taxes were reduced by $11 million for Europe, Middle East and Africa and $1 million for North America, and operating income (loss) and income (loss) before income taxes were reduced by $17 million and $46 million, respectively, for Corporate due to the Company’s strategic realignment initiatives. •Operating income (loss) and income (loss) before income taxes were reduced by $22 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 12. •Operating income (loss) and income (loss) before income taxes were reduced by $16 million for North America related to the restructuring of our manufacturing operations in the United States. •Operating income (loss) and income (loss) before income taxes were reduced by $4 million for Corporate related to tax litigation expense. Refer to Note 8. •Income (loss) before income taxes was increased by $695 million for Corporate related to the sale of our ownership interest in CCA, an equity method investee. Refer to Note 2. •Income (loss) before income taxes was increased by $203 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. •Income (loss) before income taxes was reduced by $592 million for Corporate related to charges associated with the extinguishment of long-term debt. •Income (loss) before income taxes was reduced by $60 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
| Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Bottling Investments | Corporate | Eliminations | Consolidated
Six Months Ended July 1, 2022 |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |
Third party | $ | 3,679 |  | $ | 2,354 |  | $ | 7,618 |  | $ | 2,574 |  | $ | 1,424 |  | $ | 4,119 |  | $ | 48 |  | $ | — |  | $ | 21,816 |
Intersegment | 338 |  | — |  | 2 |  | 403 |  | — |  | 4 |  | — |  | (747) |  | — |
Total net operating revenues | 4,017 |  | 2,354 |  | 7,620 |  | 2,977 |  | 1,424 |  | 4,123 |  | 48 |  | (747) |  | 21,816 |
Operating income (loss) | 2,298 |  | 1,434 |  | 1,896 |  | 1,417 |  | 95 |  | 306 |  | (1,700) |  | — |  | 5,746 |
Income (loss) before income taxes | 2,248 |  | 1,437 |  | 1,912 |  | 1,427 |  | 104 |  | 846 |  | (2,232) |  | — |  | 5,742 |
Six Months Ended July 2, 2021 |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |
Third party | $ | 3,336 |  | $ | 1,976 |  | $ | 6,315 |  | $ | 2,582 |  | $ | 1,277 |  | $ | 3,629 |  | $ | 34 |  | $ | — |  | $ | 19,149 |
Intersegment | 304 |  | — |  | 3 |  | 323 |  | — |  | 5 |  | — |  | (635) |  | — |
Total net operating revenues | 3,640 |  | 1,976 |  | 6,318 |  | 2,905 |  | 1,277 |  | 3,634 |  | 34 |  | (635) |  | 19,149 |
Operating income (loss) | 1,962 |  | 1,230 |  | 1,742 |  | 1,452 |  | 101 |  | 233 |  | (982) |  | — |  | 5,738 |
Income (loss) before income taxes | 1,999 |  | 1,236 |  | 1,775 |  | 1,474 |  | 105 |  | 739 |  | (947) |  | — |  | 6,381 |
During the six months ended July 1, 2022, the results of our operating segments and Corporate were impacted by the following items: •Operating income (loss) and income (loss) before income taxes were reduced by $939 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 15. •Operating income (loss) and income (loss) before income taxes were reduced by $29 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 12. •Operating income (loss) and income (loss) before income taxes were reduced by $22 million and $23 million, respectively, for North America related to the restructuring of our manufacturing operations in the United States. •Operating income (loss) and income (loss) before income taxes were increased by $21 million for North America and were reduced by $29 million for Corporate related to our acquisition of BodyArmor in 2021. Refer to Note 11. •Income (loss) before income taxes was reduced by $371 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. •Income (loss) before income taxes was reduced by $96 million for Europe, Middle East and Africa due to an other-than-temporary impairment charge related to an equity method investee in Russia. Refer to Note 15. •Income (loss) before income taxes was reduced by $30 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. •Income (loss) before income taxes was reduced by $24 million for Corporate due to one of our equity method investees issuing additional shares of its stock. Refer to Note 15. During the six months ended July 2, 2021, the results of our operating segments and Corporate were impacted by the following items: •Operating income (loss) and income (loss) before income taxes were reduced by $251 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 15. •Operating income (loss) and income (loss) before income taxes were reduced by $61 million for Europe, Middle East and Africa, $11 million for Latin America, $13 million for North America and $13 million for Asia Pacific, and operating income (loss) and income (loss) before income taxes were reduced by $24 million and $107 million, respectively, for Corporate due to the Company’s strategic realignment initiatives. •Operating income (loss) and income (loss) before income taxes were reduced by $40 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 12. •Operating income (loss) and income (loss) before income taxes were reduced by $35 million for North America related to the restructuring of our manufacturing operations in the United States. •Operating income (loss) and income (loss) before income taxes were reduced by $13 million for Corporate related to tax litigation expense. Refer to Note 8. •Income (loss) before income taxes was increased by $695 million for Corporate related to the sale of our ownership interest in CCA, an equity method investee. Refer to Note 2. •Income (loss) before income taxes was increased by $336 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. •Income (loss) before income taxes was reduced by $650 million for Corporate related to charges associated with the extinguishment of long-term debt. •Income (loss) before income taxes was reduced by $55 million for Bottling Investments and increased by $32 million for Corporate due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration