XML 34 R23.htm IDEA: XBRL DOCUMENT v3.24.3
OPERATING SEGMENTS
 3 Months Ended
Sep. 27, 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 September 27, 2024        
Net operating revenues:        
Third party$1,847 $1,639 $4,983 $1,272 $781 $1,314 $18 $— $11,854 
Intersegment172 — 1 77 — 2 — (252)— 
Total net operating revenues2,019 1,639 4,984 1,349 781 1,316 18 (252)11,854 
Operating income (loss)977 933 1,405 459 77 43 (1,384)— 2,510 
Income (loss) before income taxes995 933 1,415 462 78 502 (1,005)— 3,380 
Identifiable operating assets7,378 2,535 25,601 2,664 
2
7,994 8,341 
2
32,716 — 87,229 
Investments1
398 687 15 57 — 12,688 5,192 — 19,037 
As of and for the Three Months Ended September 29, 2023        
Net operating revenues:        
Third party$2,009 $1,574 $4,461 $1,235 $779 $1,855 $40 $— $11,953 
Intersegment167 — 2 167 — 4 — (340)— 
Total net operating revenues2,176 1,574 4,463 1,402 779 1,859 40 (340)11,953 
Operating income (loss)1,136 985 1,276 491 81 132 (831)— 3,270 
Income (loss) before income taxes1,154 988 1,295 491 84 571 (1,046)— 3,537 
Identifiable operating assets7,142 3,124 25,591 2,324 
2
7,349 9,342 
2
23,346 — 78,218 
Investments1
372 709 15 71 — 13,310 4,883 — 19,360 
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 14%, 12% and 12% of consolidated property, plant and equipment — net as of September 27, 2024, September 29, 2023 and December 31, 2023, respectively.
During the three months ended September 27, 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 $919 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 $87 million for Latin America due to the impairment of a trademark. Refer to Note 16.
•Operating income (loss) and income (loss) before income taxes were reduced by $34 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 $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 $338 million for Corporate related to the sale of a portion of our interest in Coke Consolidated. Refer to Note 2.
•Income (loss) before income taxes was increased by $103 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 $4 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 decreased by $10 million and $4 million for Corporate due to post-closing adjustments related to the sale of our ownership interest in an equity method investee in Thailand and related to the refranchising of our bottling operations in the Philippines, respectively. Refer to Note 2.
During the three months ended September 29, 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 $296 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 $58 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 $4 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 reduced by $119 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 $6 million for Asia Pacific and $42 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		CorporateEliminationsConsolidated
Nine Months Ended September 27, 2024        
Net operating revenues:        
Third party$5,807 $4,816 $13,963 $3,911 $2,279 $4,666 $75 $— $35,517 
Intersegment524 — 7 419 — 6 — (956)— 
Total net operating revenues6,331 4,816 13,970 4,330 2,279 4,672 75 (956)35,517 
Operating income (loss)3,309 2,795 3,162 1,760 224 297 (4,264)— 7,283 
Income (loss) before income taxes3,351 2,767 3,194 1,768 228 1,474 (2,502)— 10,280 
Nine Months Ended September 29, 2023        
Net operating revenues:        
Third party$5,883 $4,338 $12,728 $3,769 $2,251 $5,841 $95 $— $34,905 
Intersegment505 — 6 571 — 6 — (1,088)— 
Total net operating revenues6,388 4,338 12,734 4,340 2,251 5,847 95 (1,088)34,905 
Operating income (loss)3,404 2,635 3,525 1,727 210 393 (2,856)— 9,038 
Income (loss) before income taxes3,443 2,645 3,563 1,589 219 1,652 (2,641)— 10,470 
During the nine months ended September 27, 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 $3,021 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 $102 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 $87 million for Latin America due to the impairment of a trademark. Refer to Note 16.
•Operating income (loss) and income (loss) before income taxes were reduced by $17 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 $11 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 $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.
•Income (loss) before income taxes was increased by $595 million for Corporate due to the refranchising of our bottling operations in the Philippines, including the impact of post-closing adjustments. Refer to Note 2.
•Income (loss) before income taxes was increased by $506 million for Corporate related to the sale of our ownership interest in an equity method investee in Thailand, including the impact of post-closing adjustments. Refer to Note 2.
•Income (loss) before income taxes was increased by $338 million for Corporate related to the sale of a portion of our interest in Coke Consolidated. Refer to Note 2.
•Income (loss) before income taxes was increased by $331 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 $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 reduced by $40 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 nine months ended September 29, 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 $1,620 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 $110 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 $15 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 $11 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 $7 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 $121 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 $146 million for Asia Pacific and was increased by $14 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.