XML 35 R23.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

OPERATING SEGMENTS | 3 Months Ended
--- | ---
Mar. 29, 2024
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 March 29, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 1,776 |  | $ | 1,527 |  | $ | 4,172 |  | $ | 1,253 |  |  | $ | 730 |  |  | $ | 1,815 |  |  | $ | 27 |  | $ | — |  | $ | 11,300 |
Intersegment | 197 |  | — |  | 2 |  | 216 |  |  | — |  |  | 2 |  |  | — |  | (417) |  | — |
Total net operating revenues | 1,973 |  | 1,527 |  | 4,174 |  | 1,469 |  |  | 730 |  |  | 1,817 |  |  | 27 |  | (417) |  | 11,300 |
Operating income (loss) | 1,080 |  | 942 |  | 445 |  | 654 |  |  | 55 |  |  | 156 |  |  | (1,191) |  | — |  | 2,141 |
Income (loss) before income taxes | 1,089 |  | 947 |  | 455 |  | 658 |  |  | 56 |  |  | 424 |  |  | 243 |  | — |  | 3,872 |
Identifiable operating assets | 7,244 |  | 3,301 |  | 26,002 |  | 2,568 |  | 2 | 7,534 |  |  | 7,788 |  | 2 | 25,313 |  | — |  | 79,750 |
Investments 1 | 386 |  | 725 |  | 15 |  | 70 |  |  | — |  |  | 13,349 |  |  | 5,097 |  | — |  | 19,642 |
As of and for the Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 1,831 |  | $ | 1,386 |  | $ | 3,902 |  | $ | 1,185 |  |  | $ | 707 |  |  | $ | 1,944 |  |  | $ | 25 |  | $ | — |  | $ | 10,980 |
Intersegment | 193 |  | — |  | 2 |  | 186 |  |  | — |  |  | 2 |  |  | — |  | (383) |  | — |
Total net operating revenues | 2,024 |  | 1,386 |  | 3,904 |  | 1,371 |  |  | 707 |  |  | 1,946 |  |  | 25 |  | (383) |  | 10,980 |
Operating income (loss) | 1,135 |  | 853 |  | 1,033 |  | 563 |  |  | 51 |  |  | 139 |  |  | (407) |  | — |  | 3,367 |
Income (loss) before income taxes | 1,142 |  | 855 |  | 1,041 |  | 423 |  |  | 57 |  |  | 504 |  |  | 31 |  | — |  | 4,053 |
Identifiable operating assets | 7,682 |  | 2,315 |  | 26,692 |  | 2,668 |  | 3 | 7,388 |  |  | 9,653 |  | 3 | 21,925 |  | — |  | 78,323 |
Investments 1 | 401 |  | 681 |  | 15 |  | 77 |  |  | — |  |  | 13,200 |  |  | 4,707 |  | — |  | 19,081 |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
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 |
1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in India represented 13% and 12% of consolidated property, plant and equipment — net as of March 29, 2024 and December 31, 2023, respectively. 3 Property, plant and equipment — net in the Philippines represented 10% of consolidated property, plant and equipment — net as of March 31, 2023. 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 the three months ended March 29, 2024, 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 $765 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 $760 million for North America due to the impairment of our BodyArmor trademark. Refer to Note 16. •Operating income (loss) and income (loss) before income taxes were reduced by $36 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 $7 million for Corporate due to transaction costs related to the refranchising of our bottling operations in certain territories in India. Refer to Note 2. •Operating income (loss) and income (loss) before income taxes were reduced by $4 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12. •Income (loss) before income taxes was increased by $599 million for Corporate due to the refranchising of our bottling operations in the Philippines. Refer to Note 2. •Income (loss) before income taxes was increased by $516 million for Corporate related to the sale of our ownership interest in an equity method investee in Thailand. Refer to Note 2. •Income (loss) before income taxes was increased by $293 million for Corporate due to the refranchising of our bottling operations in certain territories in India. Refer to Note 2. •Income (loss) before income taxes was increased by $178 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 $23 million for Bottling Investments and $2 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 $7 million for Corporate related to post-closing adjustments for the refranchising of our bottling operations in Vietnam. Refer to Note 2. During the three months ended March 31, 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 $62 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 $27 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 $18 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 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 $4 million for Corporate due to charges related to our acquisition of BodyArmor. 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 $113 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 $58 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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration