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OPERATING SEGMENTS | 3 Months Ended
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Jun. 28, 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 June 28, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 2,184 |  | $ | 1,650 |  | $ | 4,808 |  | $ | 1,386 |  |  | $ | 768 |  |  | $ | 1,537 |  |  | $ | 30 |  | $ | — |  | $ | 12,363 |
Intersegment | 155 |  | — |  | 4 |  | 126 |  |  | — |  |  | 2 |  |  | — |  | (287) |  | — |
Total net operating revenues | 2,339 |  | 1,650 |  | 4,812 |  | 1,512 |  |  | 768 |  |  | 1,539 |  |  | 30 |  | (287) |  | 12,363 |
Operating income (loss) | 1,252 |  | 920 |  | 1,312 |  | 647 |  |  | 92 |  |  | 98 |  |  | (1,689) |  | — |  | 2,632 |
Income (loss) before income taxes | 1,267 |  | 887 |  | 1,324 |  | 648 |  |  | 94 |  |  | 548 |  |  | (1,740) |  | — |  | 3,028 |
Identifiable operating assets | 7,475 |  | 3,064 |  | 25,972 |  | 2,532 |  | 2 | 7,576 |  |  | 7,888 |  | 2 | 27,588 |  | — |  | 82,095 |
Investments 1 | 402 |  | 671 |  | 15 |  | 54 |  |  | — |  |  | 12,751 |  |  | 5,214 |  | — |  | 19,107 |
As of and for the Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 2,043 |  | $ | 1,378 |  | $ | 4,365 |  | $ | 1,349 |  |  | $ | 765 |  |  | $ | 2,042 |  |  | $ | 30 |  | $ | — |  | $ | 11,972 |
Intersegment | 145 |  | — |  | 2 |  | 218 |  |  | — |  |  | — |  |  | — |  | (365) |  | — |
Total net operating revenues | 2,188 |  | 1,378 |  | 4,367 |  | 1,567 |  |  | 765 |  |  | 2,042 |  |  | 30 |  | (365) |  | 11,972 |
Operating income (loss) | 1,133 |  | 797 |  | 1,216 |  | 673 |  |  | 78 |  |  | 122 |  |  | (1,618) |  | — |  | 2,401 |
Income (loss) before income taxes | 1,147 |  | 802 |  | 1,227 |  | 675 |  |  | 78 |  |  | 577 |  |  | (1,626) |  | — |  | 2,880 |
Identifiable operating assets | 7,729 |  | 2,474 |  | 26,109 |  | 2,453 |  | 2, 3 | 7,622 |  |  | 9,281 |  | 2, 3 | 23,368 |  | — |  | 79,036 |
Investments 1 | 394 |  | 728 |  | 15 |  | 76 |  |  | — |  |  | 13,406 |  |  | 4,801 |  | — |  | 19,420 |
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 14%, 10% and 12% of consolidated property, plant and equipment — net as of June 28, 2024, June 30, 2023 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 June 30, 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 June 28, 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 $1,337 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 $32 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 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 $3 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12. •Income (loss) before income taxes was increased by $50 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 $34 million for Latin America due to an other-than-temporary impairment charge related to an equity method investee. Refer to Note 16. •Income (loss) before income taxes was reduced by $21 million for Bottling Investments and $3 million for Latin America due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. During the three months ended June 30, 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 $1,262 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 $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 $25 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 13. •Operating income (loss) and income (loss) before income taxes were reduced by $8 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 Corporate related to tax litigation expense. Refer to Note 9. •Operating income (loss) and income (loss) before income taxes were reduced by $5 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 $3 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12. •Income (loss) before income taxes was increased by $127 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 $2 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.
| Europe, Middle East & Africa | Latin America | North America | Asia Pacific |  | Global Ventures |  | Bottling Investments |  | Corporate | Eliminations | Consolidated
Six Months Ended June 28, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 3,960 |  | $ | 3,177 |  | $ | 8,980 |  | $ | 2,639 |  |  | $ | 1,498 |  |  | $ | 3,352 |  |  | $ | 57 |  | $ | — |  | $ | 23,663 |
Intersegment | 352 |  | — |  | 6 |  | 342 |  |  | — |  |  | 4 |  |  | — |  | (704) |  | — |
Total net operating revenues | 4,312 |  | 3,177 |  | 8,986 |  | 2,981 |  |  | 1,498 |  |  | 3,356 |  |  | 57 |  | (704) |  | 23,663 |
Operating income (loss) | 2,332 |  | 1,862 |  | 1,757 |  | 1,301 |  |  | 147 |  |  | 254 |  |  | (2,880) |  | — |  | 4,773 |
Income (loss) before income taxes | 2,356 |  | 1,834 |  | 1,779 |  | 1,306 |  |  | 150 |  |  | 972 |  |  | (1,497) |  | — |  | 6,900 |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 3,874 |  | $ | 2,764 |  | $ | 8,267 |  | $ | 2,534 |  |  | $ | 1,472 |  |  | $ | 3,986 |  |  | $ | 55 |  | $ | — |  | $ | 22,952 |
Intersegment | 338 |  | — |  | 4 |  | 404 |  |  | — |  |  | 2 |  |  | — |  | (748) |  | — |
Total net operating revenues | 4,212 |  | 2,764 |  | 8,271 |  | 2,938 |  |  | 1,472 |  |  | 3,988 |  |  | 55 |  | (748) |  | 22,952 |
Operating income (loss) | 2,268 |  | 1,650 |  | 2,249 |  | 1,236 |  |  | 129 |  |  | 261 |  |  | (2,025) |  | — |  | 5,768 |
Income (loss) before income taxes | 2,289 |  | 1,657 |  | 2,268 |  | 1,098 |  |  | 135 |  |  | 1,081 |  |  | (1,595) |  | — |  | 6,933 |
During the six months ended June 28, 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 $2,102 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 $68 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 $10 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 $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 $7 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 $290 million for Corporate due to the refranchising of our bottling operations in certain territories in India, including the impact of post-closing adjustments. Refer to Note 2. •Income (loss) before income taxes was increased by $228 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 $44 million for Bottling Investments, $3 million for Latin America 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 $34 million for Latin America due to an other-than-temporary impairment charge related to an equity method investee. Refer to Note 16. •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 six months ended June 30, 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 $1,324 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 $52 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 13. •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 $26 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 $11 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 $7 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12. •Operating income (loss) and income (loss) before income taxes were reduced by $6 million for Corporate related to tax litigation expense. Refer to Note 9. •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 $240 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 $56 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.

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