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OPERATING SEGMENTS (Tables)

12 Months Ended

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
Investments1			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
Investments1			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

1Principally equity method investments and other investments in bottling companies.

2Property, plant and equipment — net in India represented 12% of consolidated property, plant and equipment — net as of December 31, 2023.

3Property, 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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