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OPERATING SEGMENTS
 9 Months Ended
Sep. 30, 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		CorporateEliminationsConsolidated
As of and for the Three Months Ended September 30, 2022        
Net operating revenues:        
Third party$1,844 $1,267 $4,197 $1,263 $679 $1,784 $29 $— $11,063 
Intersegment143 — 4 164 — 2 — (313)— 
Total net operating revenues1,987 1,267 4,201 1,427 679 1,786 29 (313)11,063 
Operating income (loss)1,046 712 1,082 589 67 46 (454)— 3,088 
Income (loss) before income taxes1,078 715 1,090 598 69 466 (572)— 3,444 
Identifiable operating assets7,153 
2
2,072 25,989 2,347 
3
6,741 9,384 
2,3
20,480 — 74,166 
Investments1
433 607 19 215 — 12,479 4,552 — 18,305 
As of and for the Three Months
Ended October 1, 2021		        
Net operating revenues:        
Third party$1,758 $1,137 $3,478 $1,229 $753 $1,663 $24 $— $10,042 
Intersegment157 — 1 145 — 2 1 (306)— 
Total net operating revenues1,915 1,137 3,479 1,374 753 1,665 25 (306)10,042 
Operating income (loss)1,028 712 868 594 114 81 (499)— 2,898 
Income (loss) before income taxes1,050 716 630 604 116 462 (494)— 3,084 
Identifiable operating assets8,213 
2
1,839 19,118 2,254 
3
7,784 10,213 
2,3
22,004 — 71,425 
Investments1
482 606 331 238 2 13,137 4,385 — 19,181 
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 
Investments1
436 594 21 230 — 12,669 4,466 — 18,416 
1Principally equity method investments and other investments in bottling companies.
2Property, plant and equipment — net in South Africa represented 16 percent of consolidated property, plant and equipment — net as of September 30, 2022, October 1, 2021 and December 31, 2021.
3Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of September 30, 2022, October 1, 2021 and December 31, 2021.
During the three months ended September 30, 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 $57 million for Asia Pacific due to the impairment of a trademark. Refer to Note 15.
•Operating income (loss) and income (loss) before income taxes were reduced by $32 million for Corporate due 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 $27 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 $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 $8 million for North America due to the restructuring of our manufacturing operations in the United States.
•Income (loss) before income taxes was reduced by $78 million for Corporate due 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 $14 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 October 1, 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 $31 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 $12 million for Corporate due 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 $7 million and $273 million, respectively, for North America due to the restructuring of our manufacturing operations in the United States. Refer to Note 15.
•Operating income (loss) and income (loss) before income taxes were reduced by $2 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 $1 million and $22 million, respectively, for Corporate due to the Company’s strategic realignment initiatives.
•Income (loss) before income taxes was increased by $63 million for Corporate due to the sale of a portion of our ownership interest in one of our equity method investments. Refer to Note 2.
•Income (loss) before income taxes was increased by $18 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		CorporateEliminationsConsolidated
Nine Months Ended September 30, 2022        
Net operating revenues:        
Third party$5,523 $3,621 $11,815 $3,837 $2,103 $5,903 $77 $— $32,879 
Intersegment481 — 6 567 — 6 — (1,060)— 
Total net operating revenues6,004 3,621 11,821 4,404 2,103 5,909 77 (1,060)32,879 
Operating income (loss)3,344 2,146 2,978 2,006 162 352 (2,154)— 8,834 
Income (loss) before income taxes3,326 2,152 3,002 2,025 173 1,312 (2,804)— 9,186 
Nine Months Ended October 1, 2021        
Net operating revenues:        
Third party$5,094 $3,113 $9,793 $3,811 $2,030 $5,292 $58 $— $29,191 
Intersegment461 — 4 468 — 7 1 (941)— 
Total net operating revenues5,555 3,113 9,797 4,279 2,030 5,299 59 (941)29,191 
Operating income (loss)2,990 1,942 2,610 2,046 215 314 (1,481)— 8,636 
Income (loss) before income taxes3,049 1,952 2,405 2,078 221 1,201 (1,441)— 9,465 
During the nine months ended September 30, 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 $971 million for Corporate due 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 $57 million for Asia Pacific due to the impairment of a trademark. Refer to Note 15.
•Operating income (loss) and income (loss) before income taxes were reduced by $56 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 $30 million and $31 million, respectively, for North America due 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 $44 million for Corporate related to our acquisition of BodyArmor in 2021. Refer to Note 11.
•Income (loss) before income taxes was reduced by $449 million for Corporate due 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 $44 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 nine months ended October 1, 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 $263 million for Corporate due 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 $71 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 $63 million for Europe, Middle East and Africa, $11 million for Latin America, $14 million for North America and $13 million for Asia Pacific, and operating income (loss) and income (loss) before income taxes were reduced by $25 million and $129 million, respectively, for Corporate due to the Company’s strategic realignment initiatives.
•Operating income (loss) and income (loss) before income taxes were reduced by $42 million and $308 million, respectively, for North America due to the restructuring of our manufacturing operations in the United States. Refer to Note 15.
•Operating income (loss) and income (loss) before income taxes were reduced by $14 million for Corporate due to tax litigation expense. Refer to Note 8.
•Income (loss) before income taxes was increased by $695 million for Corporate due 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 $341 million for Corporate due 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 increased by $63 million for Corporate due to the sale of a portion of our ownership interest in one of our equity method investments. Refer to Note 2.
•Income (loss) before income taxes was reduced by $650 million for Corporate due to charges associated with the extinguishment of long-term debt.
•Income (loss) before income taxes was reduced by $37 million for Bottling Investments and was 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.