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OPERATING SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
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, | 2023 | 2022 | 2021
Concentrate operations | 58 | % | 56 | % | 56 | %
Finished product operations | 42 |  | 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, | 2023 | 2022 | 2021
United States | $ | 16,550 |  | $ | 15,413 |  | $ | 13,010 |
International | 29,204 |  | 27,591 |  | 25,645 |
Net operating revenues | $ | 45,754 |  | $ | 43,004 |  | $ | 38,655 |
The following table provides information related to our property, plant and equipment — net (in millions):
Year Ended December 31, | 2023 | 2022 | 2021
United States | $ | 3,682 |  | $ | 3,494 |  | $ | 3,420 |
International | 5,554 |  | 6,347 |  | 6,500 |
Property, plant and equipment — net | $ | 9,236 |  | $ | 9,841 |  | $ | 9,920 |
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, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 7,392 |  |  | $ | 5,830 |  |  | $ | 16,766 |  |  | $ | 4,724 |  |  | $ | 3,064 |  |  | $ | 7,852 |  |  | $ | 126 |  |  | $ | — |  |  | $ | 45,754 |
Intersegment | 686 |  |  | — |  |  | 8 |  |  | 731 |  |  | — |  |  | 8 |  |  | — |  |  | (1,433) |  |  | — |
Total net operating revenues | 8,078 |  |  | 5,830 |  |  | 16,774 |  |  | 5,455 |  |  | 3,064 |  |  | 7,860 |  |  | 126 |  |  | (1,433) |  |  | 45,754 |
Operating income (loss) | 4,202 |  |  | 3,432 |  |  | 4,435 |  |  | 2,040 |  |  | 329 |  |  | 578 |  |  | (3,705) |  |  | — |  |  | 11,311 |
Interest income | — |  |  | — |  |  | 47 |  |  | — |  |  | 6 |  |  | — |  |  | 854 |  |  | — |  |  | 907 |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,527 |  |  | — |  |  | 1,527 |
Depreciation and amortization | 59 |  |  | 48 |  |  | 310 |  |  | 50 |  |  | 128 |  |  | 389 |  |  | 144 |  |  | — |  |  | 1,128 |
Equity income (loss) — net | 16 |  |  | 9 |  |  | — |  |  | (146) |  |  | — |  |  | 1,495 |  |  | 317 |  |  | — |  |  | 1,691 |
Income (loss) before income taxes | 4,255 |  |  | 3,404 |  |  | 4,450 |  |  | 1,905 |  |  | 338 |  |  | 2,119 |  |  | (3,519) |  |  | — |  |  | 12,952 |
Identifiable operating assets | 7,117 |  |  | 3,149 |  |  | 25,808 |  |  | 2,428 |  | 2 | 7,607 |  |  | 9,871 |  | 2 | 21,934 |  |  | — |  |  | 77,914 |
Investments 1 | 389 |  |  | 712 |  |  | 15 |  |  | 71 |  |  | — |  |  | 13,639 |  |  | 4,963 |  |  | — |  |  | 19,789 |
Capital expenditures | 43 |  |  | 1 |  |  | 412 |  |  | 23 |  |  | 192 |  |  | 843 |  |  | 338 |  |  | — |  |  | 1,852 |
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 |  | 3 | 7,325 |  |  | 10,232 |  | 3 | 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 |
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 |
Capital expenditures | 35 |  |  | 2 |  |  | 228 |  |  | 65 |  |  | 285 |  |  | 560 |  |  | 192 |  |  | — |  |  | 1,367 |
1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in India represented 12% of consolidated property, plant and equipment — net as of December 31, 2023. 3 Property, plant and equipment — net in the Philippines represented 10% of consolidated property, plant and equipment — net as of December 31, 2022. As of December 31, 2023, the Company’s bottling operations in the Philippines met the criteria to be classified as held for sale. Refer to Note 2.

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