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OPERATING SEGMENTS
 6 Months Ended
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		CorporateEliminationsConsolidated
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 
Intersegment145 — 2 218 — — — (365)— 
Total net operating revenues2,188 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 taxes1,147 802 1,227 675 78 577 (1,626)— 2,880 
Identifiable operating assets7,729 2,474 26,109 2,453 
2, 3
7,622 9,281 
2, 3
23,368 — 79,036 
Investments1
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 
Intersegment166 — 1 223 — 2 — (392)— 
Total net operating revenues2,184 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 taxes1,225 680 848 757 48 453 (1,727)— 2,284 
Identifiable operating assets7,721 2,054 26,372 2,628 
2
7,210 9,881 
2
18,928 — 74,794 
Investments1
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 
Investments1
410 629 15 219 — 12,892 4,600 — 18,765 
1Principally equity method investments and other investments in bottling companies.
2Property, 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.
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		CorporateEliminationsConsolidated
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 
Intersegment338 — 4 404 — 2 — (748)— 
Total net operating revenues4,212 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 taxes2,289 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 
Intersegment338 — 2 403 — 4 — (747)— 
Total net operating revenues4,017 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 taxes2,248 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.