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OPERATING SEGMENTS | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 1,831 |  | $ | 1,386 |  | $ | 3,902 |  | $ | 1,185 |  |  | $ | 707 |  |  | $ | 1,944 |  |  | $ | 25 |  | $ | — |  | $ | 10,980 |
Intersegment | 193 |  | — |  | 2 |  | 186 |  |  | — |  |  | 2 |  |  | — |  | (383) |  | — |
Total net operating revenues | 2,024 |  | 1,386 |  | 3,904 |  | 1,371 |  |  | 707 |  |  | 1,946 |  |  | 25 |  | (383) |  | 10,980 |
Operating income (loss) | 1,135 |  | 853 |  | 1,033 |  | 563 |  |  | 51 |  |  | 139 |  |  | (407) |  | — |  | 3,367 |
Income (loss) before income taxes | 1,142 |  | 855 |  | 1,041 |  | 423 |  |  | 57 |  |  | 504 |  |  | 31 |  | — |  | 4,053 |
Identifiable operating assets | 7,682 |  | 2,315 |  | 26,692 |  | 2,668 |  | 2 | 7,388 |  |  | 9,653 |  | 2 | 21,925 |  | — |  | 78,323 |
Investments 1 | 401 |  | 681 |  | 15 |  | 77 |  |  | — |  |  | 13,200 |  |  | 4,707 |  | — |  | 19,081 |
As of and for the Three Months Ended April 1, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 1,661 |  | $ | 1,214 |  | $ | 3,589 |  | $ | 1,231 |  |  | $ | 729 |  |  | $ | 2,042 |  |  | $ | 25 |  | $ | — |  | $ | 10,491 |
Intersegment | 172 |  | — |  | 1 |  | 180 |  |  | — |  |  | 2 |  |  | — |  | (355) |  | — |
Total net operating revenues | 1,833 |  | 1,214 |  | 3,590 |  | 1,411 |  |  | 729 |  |  | 2,044 |  |  | 25 |  | (355) |  | 10,491 |
Operating income (loss) | 1,007 |  | 760 |  | 1,056 |  | 664 |  |  | 51 |  |  | 193 |  |  | (326) |  | — |  | 3,405 |
Income (loss) before income taxes | 1,023 |  | 757 |  | 1,064 |  | 670 |  |  | 56 |  |  | 393 |  |  | (505) |  | — |  | 3,458 |
Identifiable operating assets | 8,092 |  | 1,988 |  | 26,395 |  | 2,574 |  | 2 | 7,755 |  |  | 10,710 |  | 2 | 17,564 |  | — |  | 75,078 |
Investments 1 | 415 |  | 633 |  | 19 |  | 232 |  |  | — |  |  | 13,193 |  |  | 4,494 |  | — |  | 18,986 |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 March 31, 2023, April 1, 2022 and December 31, 2022. During the three months ended March 31, 2023, 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 $62 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 16. •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 13. •Operating income (loss) and income (loss) before income taxes were reduced by $18 million for North America due to the restructuring of our North America operating unit. Refer to Note 13. •Operating income (loss) and income (loss) before income taxes were reduced by $6 million 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 reduced by $4 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12. •Income (loss) before income taxes was increased by $439 million for Corporate due to the refranchising of our bottling operations in Vietnam. Refer to Note 2. •Income (loss) before income taxes was increased by $113 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 $140 million for Asia Pacific and was increased by $58 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 April 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 increased by $19 million for North America and were reduced by $14 million for Corporate related to our acquisition of BodyArmor. Refer to Note 12. •Operating income (loss) and income (loss) before income taxes were reduced by $22 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 16. •Operating income (loss) and income (loss) before income taxes were reduced by $11 million and $12 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 reduced by $10 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 13. •Income (loss) before income taxes was increased by $5 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 $104 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 $24 million for Corporate due to one of our equity method investees issuing additional shares of its stock. Refer to Note 16.

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- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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