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OPERATING SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Percentage of total net operating revenues attributable to concentrate operations and finished product operations | The following table sets forth the percentage of total net operating revenues attributable to concentrate operations and finished product operations:
Year Ended December 31, | 2024 | 2023 | 2022
Concentrate operations | 59 | % | 58 | % | 56 | %
Finished product operations | 41 |  | 42 |  | 44 |
Total | 100 | % | 100 | % | 100 | %
Schedule of net revenue and property plant and equipment by geography | The following table provides information related to our net operating revenues (in millions):
Year Ended December 31, | 2024 | 2023 | 2022
United States | $ | 18,362 |  | $ | 16,550 |  | $ | 15,413 |
International | 28,699 |  | 29,204 |  | 27,591 |
Net operating revenues | $ | 47,061 |  | $ | 45,754 |  | $ | 43,004 |
The following table provides information related to our property, plant and equipment — net (in millions):
December 31, | 2024 | 2023
United States | $ | 4,364 |  | $ | 3,682 |
International | 5,939 |  | 5,554 |
Property, plant and equipment — net 1 | $ | 10,303 |  | $ | 9,236 |
1 Property, plant and equipment — net in India represented 13% and 12% of consolidated property, plant and equipment — net as of December 31, 2024 and 2023, respectively.
Schedule of Segment Reporting Information, by Segment | 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
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 7,442 |  |  | $ | 6,459 |  |  | $ | 18,640 |  |  | $ | 5,079 |  |  | $ | 3,129 |  |  | $ | 6,215 |  |  | $ | 97 |  |  | $ | — |  |  | $ | 47,061 |
Intersegment | 680 |  |  | — |  |  | 9 |  |  | 467 |  |  | — |  |  | 8 |  |  | — |  |  | (1,164) |  |  | — |
Total net operating revenues | 8,122 |  |  | 6,459 |  |  | 18,649 |  |  | 5,546 |  |  | 3,129 |  |  | 6,223 |  |  | 97 |  |  | (1,164) |  |  | 47,061 |
Cost of goods sold | 1,763 |  |  | 1,099 |  |  | 9,595 |  |  | 1,665 |  |  | 1,368 |  |  | 4,251 |  |  | (253) |  |  | (1,164) |  |  | 18,324 |
Selling, general and administrative expenses | 2,234 |  |  | 1,454 |  |  | 3,958 |  |  | 1,733 |  |  | 1,402 |  |  | 1,476 |  |  | 2,325 |  |  | — |  |  | 14,582 |
Other operating charges | — |  |  | 126 |  |  | 760 |  |  | — |  |  | — |  |  | — |  |  | 3,277 |  |  | — |  |  | 4,163 |
Operating income (loss) | $ | 4,125 |  |  | $ | 3,780 |  |  | $ | 4,336 |  |  | $ | 2,148 |  |  | $ | 359 |  |  | $ | 496 |  |  | $ | (5,252) |  |  | $ | — |  |  | $ | 9,992 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 988 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,656 |
Equity income (loss) — net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,770 |
Other income (loss) — net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,992 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,086 |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | $ | 18 |  |  | $ | 1 |  |  | $ | 602 |  |  | $ | 18 |  |  | $ | 204 |  |  | $ | 734 |  |  | $ | 487 |  |  | $ | — |  |  | $ | 2,064 |
Depreciation and amortization | 57 |  |  | 29 |  |  | 325 |  |  | 45 |  |  | 124 |  |  | 319 |  |  | 176 |  |  | — |  |  | 1,075 |
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 |
Intersegment | 686 |  |  | — |  |  | 8 |  |  | 731 |  |  | — |  |  | 8 |  |  | — |  |  | (1,433) |  |  | — |
Total net operating revenues | 8,078 |  |  | 5,830 |  |  | 16,774 |  |  | 5,455 |  |  | 3,064 |  |  | 7,860 |  |  | 126 |  |  | (1,433) |  |  | 45,754 |
Cost of goods sold | 1,645 |  |  | 1,040 |  |  | 8,791 |  |  | 1,600 |  |  | 1,394 |  |  | 5,615 |  |  | (132) |  |  | (1,433) |  |  | 18,520 |
Selling, general and administrative expenses | 2,231 |  |  | 1,358 |  |  | 3,522 |  |  | 1,780 |  |  | 1,341 |  |  | 1,667 |  |  | 2,073 |  |  | — |  |  | 13,972 |
Other operating charges | — |  |  | — |  |  | 26 |  |  | 35 |  |  | — |  |  | — |  |  | 1,890 |  |  | — |  |  | 1,951 |
Operating income (loss) | $ | 4,202 |  |  | $ | 3,432 |  |  | $ | 4,435 |  |  | $ | 2,040 |  |  | $ | 329 |  |  | $ | 578 |  |  | $ | (3,705) |  |  | $ | — |  |  | $ | 11,311 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 907 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,527 |
Equity income (loss) — net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,691 |
Other income (loss) — net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 570
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,952 |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | $ | 43 |  |  | $ | 1 |  |  | $ | 412 |  |  | $ | 23 |  |  | $ | 192 |  |  | $ | 843 |  |  | $ | 338 |  |  | $ | — |  |  | $ | 1,852 |
Depreciation and amortization | 59 |  |  | 48 |  |  | 310 |  |  | 50 |  |  | 128 |  |  | 389 |  |  | 144 |  |  | — |  |  | 1,128 |
| Europe, Middle East & Africa |  | Latin America |  | North America |  | Asia Pacific |  | Global Ventures |  | Bottling Investments |  | Corporate |  | Eliminations |  | Consolidated
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 |
Intersegment | 627 |  |  | — |  |  | 7 |  |  | 734 |  |  | — |  |  | 8 |  |  | — |  |  | (1,376) |  |  | — |
Total net operating revenues | 7,523 |  |  | 4,910 |  |  | 15,674 |  |  | 5,445 |  |  | 2,843 |  |  | 7,891 |  |  | 94 |  |  | (1,376) |  |  | 43,004 |
Cost of goods sold | 1,502 |  |  | 872 |  |  | 8,697 |  |  | 1,406 |  |  | 1,334 |  |  | 5,664 |  |  | (99) |  |  | (1,376) |  |  | 18,000 |
Selling, general and administrative expenses | 2,070 |  |  | 1,168 |  |  | 3,216 |  |  | 1,679 |  |  | 1,324 |  |  | 1,740 |  |  | 1,683 |  |  | — |  |  | 12,880 |
Other operating charges | (7) |  |  | — |  |  | 19 |  |  | 57 |  |  | — |  |  | — |  |  | 1,146 |  |  | — |  |  | 1,215 |
Operating income (loss) | $ | 3,958 |  |  | $ | 2,870 |  |  | $ | 3,742 |  |  | $ | 2,303 |  |  | $ | 185 |  |  | $ | 487 |  |  | $ | (2,636) |  |  | $ | — |  |  | $ | 10,909 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 449 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 882 |
Equity income (loss) — net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,472 |
Other income (loss) — net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (262) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,686 |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | $ | 50 |  |  | $ | 4 |  |  | $ | 280 |  |  | $ | 22 |  |  | $ | 179 |  |  | $ | 697 |  |  | $ | 252 |  |  | $ | — |  |  | $ | 1,484 |
Depreciation and amortization | 63 |  |  | 39 |  |  | 330 |  |  | 58 |  |  | 140 |  |  | 435 |  |  | 195 |  |  | — |  |  | 1,260 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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