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OPERATING SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Schedule of total net operating revenues related to concentrate and finished products operation | The following table sets forth the percentage of total net operating revenues attributable to concentrate operations and finished product operations:
Year Ended December 31, | 2022 | 2021 | 2020
Concentrate operations | 56 | % | 56 | % | 56 | %
Finished product operations | 44 |  | 44 |  | 44 |
Total | 100 | % | 100 | % | 100 | %
Schedule of net revenue and property plant and equipment by Geography | The following table provides information related to our net operating revenues (in millions):
Year Ended December 31, | 2022 | 2021 | 2020
United States | $ | 15,413 |  | $ | 13,010 |  | $ | 11,281 |
International | 27,591 |  | 25,645 |  | 21,733 |
Net operating revenues | $ | 43,004 |  | $ | 38,655 |  | $ | 33,014 |
The following table provides information related to our property, plant and equipment — net (in millions):
Year Ended December 31, | 2022 | 2021 | 2020
United States | $ | 3,494 |  | $ | 3,420 |  | $ | 3,988 |
International | 6,347 |  | 6,500 |  | 6,789 |
Property, plant and equipment — net | $ | 9,841 |  | $ | 9,920 |  | $ | 10,777 |
Schedule of Segment Reporting Information, by Segment | 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 Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 6,896 |  |  | $ | 4,910 |  |  | $ | 15,667 |  |  | $ | 4,711 |  |  | $ | 2,843 |  |  | $ | 7,883 |  |  | $ | 94 |  |  | $ | — |  |  | $ | 43,004 |
Intersegment | 627 |  |  | — |  |  | 7 |  |  | 734 |  |  | — |  |  | 8 |  |  | — |  |  | (1,376) |  |  | — |
Total net operating revenues | 7,523 |  |  | 4,910 |  |  | 15,674 |  |  | 5,445 |  |  | 2,843 |  |  | 7,891 |  |  | 94 |  |  | (1,376) |  |  | 43,004 |
Operating income (loss) | 3,958 |  |  | 2,870 |  |  | 3,742 |  |  | 2,303 |  |  | 185 |  |  | 487 |  |  | (2,636) |  |  | — |  |  | 10,909 |
Interest income | — |  |  | — |  |  | 29 |  |  | — |  |  | 9 |  |  | — |  |  | 411 |  |  | — |  |  | 449 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 882 |  |  | — |  |  | 882 |
Depreciation and amortization | 63 |  |  | 39 |  |  | 330 |  |  | 58 |  |  | 140 |  |  | 435 |  |  | 195 |  |  | — |  |  | 1,260 |
Equity income (loss) — net | 43 |  |  | 7 |  |  | (1) |  |  | 9 |  |  | — |  |  | 1,184 |  |  | 230 |  |  | — |  |  | 1,472 |
Income (loss) before income taxes | 3,952 |  |  | 2,879 |  |  | 3,768 |  |  | 2,320 |  |  | 196 |  |  | 1,743 |  |  | (3,172) |  |  | — |  |  | 11,686 |
Identifiable operating assets | 7,088 |  |  | 2,067 |  |  | 25,760 |  |  | 2,368 |  | 2 | 7,325 |  |  | 10,232 |  | 2 | 19,158 |  |  | — |  |  | 73,998 |
Investments 1 | 410 |  |  | 629 |  |  | 15 |  |  | 219 |  |  | — |  |  | 12,892 |  |  | 4,600 |  |  | — |  |  | 18,765 |
Capital expenditures | 50 |  |  | 4 |  |  | 280 |  |  | 22 |  |  | 179 |  |  | 697 |  |  | 252 |  |  | — |  |  | 1,484 |
As of and for the Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 6,564 |  |  | $ | 4,143 |  |  | $ | 13,184 |  |  | $ | 4,682 |  |  | $ | 2,805 |  |  | $ | 7,194 |  |  | $ | 83 |  |  | $ | — |  |  | $ | 38,655 |
Intersegment | 629 |  |  | — |  |  | 6 |  |  | 609 |  |  | — |  |  | 9 |  |  | 2 |  |  | (1,255) |  |  | — |
Total net operating revenues | 7,193 |  |  | 4,143 |  |  | 13,190 |  |  | 5,291 |  |  | 2,805 |  |  | 7,203 |  |  | 85 |  |  | (1,255) |  |  | 38,655 |
Operating income (loss) | 3,735 |  |  | 2,534 |  |  | 3,331 |  |  | 2,325 |  |  | 293 |  |  | 473 |  |  | (2,383) |  |  | — |  |  | 10,308 |
Interest income | — |  |  | — |  |  | 40 |  |  | — |  |  | 10 |  |  | — |  |  | 226 |  |  | — |  |  | 276 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,597 |  |  | — |  |  | 1,597 |
Depreciation and amortization | 76 |  |  | 39 |  |  | 388 |  |  | 49 |  |  | 135 |  |  | 529 |  |  | 236 |  |  | — |  |  | 1,452 |
Equity income (loss) — net | 33 |  |  | 9 |  |  | 22 |  |  | 8 |  |  | (6) |  |  | 1,071 |  |  | 301 |  |  | — |  |  | 1,438 |
Income (loss) before income taxes | 3,821 |  |  | 2,542 |  |  | 3,140 |  |  | 2,350 |  |  | 310 |  |  | 1,596 |  |  | (1,334) |  |  | — |  |  | 12,425 |
Identifiable operating assets | 7,908 |  |  | 1,720 |  |  | 25,730 |  |  | 2,355 |  | 2 | 7,949 |  |  | 10,312 |  | 2 | 19,964 |  |  | — |  |  | 75,938 |
Investments 1 | 436 |  |  | 594 |  |  | 21 |  |  | 230 |  |  | — |  |  | 12,669 |  |  | 4,466 |  |  | — |  |  | 18,416 |
Capital expenditures | 35 |  |  | 2 |  |  | 228 |  |  | 65 |  |  | 285 |  |  | 560 |  |  | 192 |  |  | — |  |  | 1,367 |
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 5,534 |  |  | $ | 3,499 |  |  | $ | 11,473 |  |  | $ | 4,213 |  |  | $ | 1,991 |  |  | $ | 6,258 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 33,014 |
Intersegment | 523 |  |  | — |  |  | 4 |  |  | 509 |  |  | — |  |  | 7 |  |  | — |  |  | (1,043) |  |  | — |
Total net operating revenues | 6,057 |  |  | 3,499 |  |  | 11,477 |  |  | 4,722 |  |  | 1,991 |  |  | 6,265 |  |  | 46 |  |  | (1,043) |  |  | 33,014 |
Operating income (loss) | 3,313 |  |  | 2,116 |  |  | 2,471 |  |  | 2,133 |  |  | (123) |  |  | 308 |  |  | (1,221) |  |  | — |  |  | 8,997 |
Interest income | — |  |  | — |  |  | 64 |  |  | — |  |  | 11 |  |  | — |  |  | 295 |  |  | — |  |  | 370 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,437 |  |  | — |  |  | 1,437 |
Depreciation and amortization | 86 |  |  | 45 |  |  | 439 |  |  | 47 |  |  | 122 |  |  | 551 |  |  | 246 |  |  | — |  |  | 1,536 |
Equity income (loss) — net | 31 |  |  | (72) |  |  | — |  |  | 8 |  |  | (9) |  |  | 779 |  |  | 241 |  |  | — |  |  | 978 |
Income (loss) before income taxes | 3,379 |  |  | 2,001 |  |  | 2,500 |  |  | 2,158 |  |  | (120) |  |  | 898 |  |  | (1,067) |  |  | — |  |  | 9,749 |
Capital expenditures | 27 |  |  | 6 |  |  | 182 |  |  | 20 |  |  | 261 |  |  | 474 |  |  | 207 |  |  | — |  |  | 1,177 |
1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of December 31, 2022 and 2021.

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