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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		CorporateEliminationsConsolidated
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 
Intersegment197 — 2 216 — 2 — (417)— 
Total net operating revenues1,973 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 taxes1,089 947 455 658 56 424 243 — 3,872 
Identifiable operating assets7,244 3,301 26,002 2,568 
2
7,534 7,788 
2
25,313 — 79,750 
Investments1
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 
Intersegment193 — 2 186 — 2 — (383)— 
Total net operating revenues2,024 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 taxes1,142 855 1,041 423 57 504 31 — 4,053 
Identifiable operating assets7,682 2,315 26,692 2,668 
3
7,388 9,653 
3
21,925 — 78,323 
Investments1
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 
Investments1
389 712 15 71 — 13,639 4,963 — 19,789 
1Principally equity method investments and other investments in bottling companies.
2Property, 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.
3Property, 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.