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OPERATING SEGMENTS | 6 Months Ended
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Jun. 30, 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 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. 3 Property, plant and equipment — net in India represented 10 percent of consolidated property, plant and equipment — net as of June 30, 2023. During the three months ended June 30, 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 $1,262 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 $35 million for Asia Pacific due to the discontinuation of certain manufacturing operations. •Operating income (loss) and income (loss) before income taxes were reduced by $25 million for Corporate due to the Company’s productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $1 million for North America due to the refinement of previously established accruals related to the Company’s productivity and reinvestment program. Refer to Note 13. •Operating income (loss) and income (loss) before income taxes were reduced by $8 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 Corporate related to tax litigation expense. Refer to Note 9. •Operating income (loss) and income (loss) before income taxes were reduced by $5 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 $3 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12. •Income (loss) before income taxes was increased by $127 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 $2 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 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 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 $19 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 increased by $2 million for North America and were reduced by $15 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 $11 million for North America due to the restructuring of our manufacturing operations in the United States. •Income (loss) before income taxes was reduced by $267 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 16. •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.
| 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 |
During the six months ended June 30, 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 $1,324 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 $52 million for Corporate due to the Company’s productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $1 million for North America due to the refinement of previously established accruals related to the Company’s productivity and reinvestment program. Refer to Note 13. •Operating income (loss) and income (loss) before income taxes were reduced by $35 million for Asia Pacific due to the discontinuation of certain manufacturing operations. •Operating income (loss) and income (loss) before income taxes were reduced by $26 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 $11 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 $7 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12. •Operating income (loss) and income (loss) before income taxes were reduced by $6 million for Corporate related to tax litigation expense. Refer to Note 9. •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 $240 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 $56 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 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 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 $29 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 $22 million and $23 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 $29 million for Corporate related to our acquisition of BodyArmor. Refer to Note 12. •Income (loss) before income taxes was reduced by $371 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 16. •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 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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