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OPERATING SEGMENTS (Tables) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2023 | Jun. 30, 2023
Segment Reporting [Abstract] |  |
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 Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 2,043 |  | $ | 1,378 |  | $ | 4,365 |  | $ | 1,349 |  |  | $ | 765 |  |  | $ | 2,042 |  |  | $ | 30 |  | $ | — |  | $ | 11,972 |
Intersegment | 145 |  | — |  | 2 |  | 218 |  |  | — |  |  | — |  |  | — |  | (365) |  | — |
Total net operating revenues | 2,188 |  | 1,378 |  | 4,367 |  | 1,567 |  |  | 765 |  |  | 2,042 |  |  | 30 |  | (365) |  | 11,972 |
Operating income (loss) | 1,133 |  | 797 |  | 1,216 |  | 673 |  |  | 78 |  |  | 122 |  |  | (1,618) |  | — |  | 2,401 |
Income (loss) before income taxes | 1,147 |  | 802 |  | 1,227 |  | 675 |  |  | 78 |  |  | 577 |  |  | (1,626) |  | — |  | 2,880 |
Identifiable operating assets | 7,729 |  | 2,474 |  | 26,109 |  | 2,453 |  | 2, 3 | 7,622 |  |  | 9,281 |  | 2, 3 | 23,368 |  | — |  | 79,036 |
Investments 1 | 394 |  | 728 |  | 15 |  | 76 |  |  | — |  |  | 13,406 |  |  | 4,801 |  | — |  | 19,420 |
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 |  | 2,054 |  | 26,372 |  | 2,628 |  | 2 | 7,210 |  |  | 9,881 |  | 2 | 18,928 |  | — |  | 74,794 |
Investments 1 | 439 |  | 605 |  | 19 |  | 222 |  |  | — |  |  | 12,569 |  |  | 4,521 |  | — |  | 18,375 |
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 June 30, 2023, July 1, 2022 and December 31, 2022. 3Property, plant and equipment — net in India represented 10 percent of consolidated property, plant and equipment — net as of June 30, 2023. |
| Europe, Middle East & Africa | Latin America | North America | Asia Pacific |  | Global Ventures |  | Bottling Investments |  | Corporate | Eliminations | Consolidated
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 3,874 |  | $ | 2,764 |  | $ | 8,267 |  | $ | 2,534 |  |  | $ | 1,472 |  |  | $ | 3,986 |  |  | $ | 55 |  | $ | — |  | $ | 22,952 |
Intersegment | 338 |  | — |  | 4 |  | 404 |  |  | — |  |  | 2 |  |  | — |  | (748) |  | — |
Total net operating revenues | 4,212 |  | 2,764 |  | 8,271 |  | 2,938 |  |  | 1,472 |  |  | 3,988 |  |  | 55 |  | (748) |  | 22,952 |
Operating income (loss) | 2,268 |  | 1,650 |  | 2,249 |  | 1,236 |  |  | 129 |  |  | 261 |  |  | (2,025) |  | — |  | 5,768 |
Income (loss) before income taxes | 2,289 |  | 1,657 |  | 2,268 |  | 1,098 |  |  | 135 |  |  | 1,081 |  |  | (1,595) |  | — |  | 6,933 |
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 |

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