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OPERATING SEGMENTS
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
OPERATING SEGMENTS OPERATING SEGMENTS
Our organizational structure consists of the following operating segments: Europe, Middle East and Africa; Latin America; North America; Asia Pacific; Global Ventures; and Bottling Investments. Our operating structure also includes Corporate, which consists of two components: (1) a center focusing on strategic initiatives, policy, governance and scaling global initiatives, and (2) a platform services organization supporting operating units, global marketing category leadership teams and the center by providing efficient and scaled global services and capabilities, including, but not limited to, transactional work, data management, consumer analytics, digital commerce and social/digital hubs.
Segment Products and Services
The business of our Company is primarily nonalcoholic beverages. Our geographic operating segments (Europe, Middle East and Africa; Latin America; North America; and Asia Pacific) derive a majority of their revenues from the manufacture and sale of beverage concentrates and syrups and, in some cases, the sale of finished beverages. Our Global Ventures operating segment includes the results of our Costa, innocent and doğadan businesses as well as fees earned pursuant to distribution coordination agreements between the Company and Monster. Our Bottling Investments operating segment is composed of our consolidated bottling operations, regardless of the geographic location of the bottler. Our Bottling Investments operating segment also includes equity income from the majority of our equity method investees. Our consolidated bottling operations derive the
majority of their revenues from the manufacture and sale of finished beverages. Generally, finished product operations produce higher net operating revenues but lower gross profit margins than concentrate operations. Refer to Note 3.
The following table sets forth the percentage of total net operating revenues attributable to concentrate operations and finished product operations:
Year Ended December 31,202320222021
Concentrate operations58 %56 %56 %
Finished product operations42 44 44 
Total100 %100 %100 %
Method of Determining Segment Income or Loss
Management evaluates the performance of our operating segments separately to individually monitor the different factors affecting financial performance. Our Company manages income taxes and certain treasury-related items, such as interest income and interest expense, on a global basis within Corporate. We evaluate operating segment performance based primarily on net operating revenues and operating income (loss).
Geographic Data
The following table provides information related to our net operating revenues (in millions):
Year Ended December 31,202320222021
United States$16,550 $15,413 $13,010 
International29,204 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 31,202320222021
United States$3,682 $3,494 $3,420 
International5,554 6,347 6,500 
Property, plant and equipment — net$9,236 $9,841 $9,920 
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 PacificGlobal VenturesBottling
Investments		CorporateEliminationsConsolidated
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 
Intersegment686 — 8 731 — 8 — (1,433)— 
Total net operating revenues8,078 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 amortization59 48 310 50 128 389 144 — 1,128 
Equity income (loss) — net16 9 — (146)— 1,495 317 — 1,691 
Income (loss) before income taxes4,255 3,404 4,450 1,905 338 2,119 (3,519)— 12,952 
Identifiable operating assets7,117 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 expenditures43 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 
Intersegment627 — 7 734 — 8 — (1,376)— 
Total net operating revenues7,523 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 amortization63 39 330 58 140 435 195 — 1,260 
Equity income (loss) — net43 7 (1)9 — 1,184 230 — 1,472 
Income (loss) before income taxes3,952 2,879 3,768 2,320 196 1,743 (3,172)— 11,686 
Identifiable operating assets7,088 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 expenditures50 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 
Intersegment629 — 6 609 — 9 2 (1,255)— 
Total net operating revenues7,193 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 amortization76 39 388 49 135 529 236 — 1,452 
Equity income (loss) — net33 9 22 8 (6)1,071 301 — 1,438 
Income (loss) before income taxes3,821 2,542 3,140 2,350 310 1,596 (1,334)— 12,425 
Capital expenditures35 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.
During 2023, 2022 and 2021, our operating segments and Corporate were impacted by acquisition and divestiture activities. Refer to Note 2.
In 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 $1,702 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 17.
•Operating income (loss) and income (loss) before income taxes were reduced by $165 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 19.
•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 $27 million for North America due to the restructuring of our North America operating unit. Refer to Note 19.
•Operating income (loss) and income (loss) before income taxes for North America were reduced by $18 million and $50 million, respectively, due to the restructuring of our manufacturing operations in the United States.
•Operating income (loss) and income (loss) before income taxes were reduced by $15 million for Corporate related to our acquisition of BodyArmor. Refer to Note 18.
•Operating income (loss) and income (loss) before income taxes were reduced by $8 million for Corporate related to tax litigation expense. Refer to Note 12.
•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 $289 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 increased by $94 million for Corporate related to the sale of our ownership interests in our equity method investees in Indonesia and Pakistan. Refer to Note 2.
•Income (loss) before income taxes was reduced by $146 million for Asia Pacific, $7 million for Bottling Investments, $5 million for Latin America and $1 million for Corporate 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 $67 million for Corporate due to pension and other postretirement benefit plan settlement charges. Refer to Note 14.
•Income (loss) before income taxes was reduced by $39 million for Latin America due to an other-than-temporary impairment charge related to an equity method investee. Refer to Note 17.
In 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 increased by $7 million for Europe, Middle East and Africa and were reduced by $1 million for Corporate due to revisions of management’s estimates related to the Company’s strategic realignment initiatives. Refer to Note 19.
•Operating income (loss) and income (loss) before income taxes were reduced by $1,000 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 17.
•Operating income (loss) and income (loss) before income taxes were reduced by $85 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 19.
•Operating income (loss) and income (loss) before income taxes were reduced by $59 million for Corporate and were increased by $21 million for North America related to our acquisition of BodyArmor. Refer to Note 18.
•Operating income (loss) and income (loss) before income taxes were reduced by $57 million for Asia Pacific due to the impairment of a trademark. Refer to Note 17.
•Operating income (loss) and income (loss) before income taxes were reduced by $38 million for North America due to the restructuring of our North America operating unit. Refer to Note 19.
•Operating income (loss) and income (loss) before income taxes were reduced by $33 million and $34 million, respectively, for North America, and income (loss) before income taxes was reduced by $2 million for Corporate due to the restructuring of our manufacturing operations in the United States.
•Income (loss) before income taxes was increased by $153 million for Corporate due to the refranchising of our bottling operations in Cambodia. Refer to Note 2.
•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 17.
•Income (loss) before income taxes was reduced by $34 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 17.
In 2021, 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 $369 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition.
•Operating income (loss) and income (loss) before income taxes were reduced by $115 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 19.
•Operating income (loss) and income (loss) before income taxes were reduced by $98 million for Corporate and $21 million for North America related to various costs incurred in conjunction with our acquisition of BodyArmor. Refer to Note 18.
•Operating income (loss) and income (loss) before income taxes were reduced by $78 million for Europe, Middle East and Africa related to the impairment of a trademark.
•Operating income (loss) and income (loss) before income taxes were reduced by $63 million and $61 million, respectively, for Europe, Middle East and Africa; $46 million and $160 million, respectively, for Corporate; $12 million and $14 million, respectively, for Asia Pacific; and $11 million and $12 million, respectively, for Latin America due to the Company’s strategic realignment initiatives. In addition, operating income (loss) and income (loss) before income taxes were reduced by $14 million for North America, and income (loss) before income taxes was reduced by $2 million for Bottling Investments due to the Company’s strategic realignment initiatives. Refer to Note 19.
•Operating income (loss) and income (loss) before income taxes were reduced by $52 million and $316 million, respectively, for North America, and income (loss) before income taxes was reduced by $2 million for Corporate related to the restructuring of our manufacturing operations in the United States.
•Operating income (loss) and income (loss) before income taxes were reduced by $15 million for Corporate related to tax litigation expense. Refer to Note 12.
•Income (loss) before income taxes was increased by $834 million for Corporate in conjunction with our acquisition of BodyArmor, which resulted from the remeasurement of our previously held equity interest in BodyArmor to fair value. Refer to Note 2.
•Income (loss) before income taxes was increased by $695 million for Corporate related to the sale of our ownership interest in CCA, an equity method investee. Refer to Note 2.
•Income (loss) before income taxes was increased by $467 million for Corporate related 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 increased by $114 million for Corporate related to the sale of our ownership interest in an equity method investee and the sale of a portion of our ownership interest in another equity method investee.
•Income (loss) before income taxes was reduced by $650 million for Corporate related to charges associated with the extinguishment of long-term debt. Refer to Note 11.
•Income (loss) before income taxes was reduced by $45 million for Bottling Investments and was increased by $32 million for Corporate due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.