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OPERATING SEGMENTS | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
OPERATING SEGMENTS | OPERATING SEGMENTS Our organizational structure consists of the following operating segments: Europe, Middle East and Africa; Latin America; North America; Asia Pacific; Global Ventures; and Bottling Investments. Our operating structure also includes Corporate, which consists of two components: (1) a center focusing on strategic initiatives, policy, governance and scaling global initiatives, and (2) a platform services organization supporting operating units, global marketing category leadership teams and the center by providing efficient and scaled global services and capabilities, including, but not limited to, transactional work, data management, consumer analytics, digital commerce and social/digital hubs. Segment Products and Services The business of our Company is primarily nonalcoholic beverages. Our geographic operating segments (Europe, Middle East and Africa; Latin America; North America; and Asia Pacific) derive a majority of their revenues from the manufacture and sale of beverage concentrates and syrups and, in some cases, the sale of finished beverages. Our Global Ventures operating segment includes the results of our Costa, innocent and doğadan businesses as well as fees earned pursuant to distribution coordination agreements between the Company and Monster. Our Bottling Investments operating segment is composed of our consolidated bottling operations, regardless of the geographic location of the bottler. Our consolidated bottling operations derive the majority of their revenues from the manufacture and sale of finished beverages. Generally, finished product operations generate higher net operating revenues but lower gross profit margins than concentrate operations. Refer to Note 3. 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 | %
Chief Operating Decision Maker and Method of Determining Segment Income or Loss Our Company’s chief operating decision maker (“CODM”) is the Chairman of the Board of Directors and Chief Executive Officer. The CODM evaluates operating segment performance based primarily on net operating revenues and operating income (loss) to make strategic operating and resource allocation decisions for the Company. Segment operating income is calculated on a consistent basis as our consolidated operating income. The type of decisions made at this level include, but are not limited to, annual business plan targets and allocation of capital expenditures, which are aligned with our long-term growth objectives. Our Company manages income taxes and certain treasury-related items, such as interest income and interest expense, on a global basis within Corporate. Information about total assets by segment is not disclosed because such information is not regularly provided to, or used by, our CODM. Geographic Data 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. 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 |
During 2024, 2023 and 2022, our operating segments and Corporate were impacted by acquisition and divestiture activities. Refer to Note 2. In 2024, the results of our operating segments and Corporate were impacted by the following items: •Operating income (loss) was reduced by $3,109 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 17. •Operating income (loss) was reduced by $760 million for North America due to the impairment of our BodyArmor trademark. Refer to Note 18. •Operating income (loss) was reduced by $133 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 19. •Operating income (loss) was reduced by $126 million for Latin America due to the impairment of a trademark. Refer to Note 17. •Operating income (loss) was reduced by $19 million for North America due to the restructuring of our manufacturing operations in the United States. •Operating income (loss) was reduced by $15 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 18. •Operating income (loss) was reduced by $13 million for Corporate due to a payment under an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations. •Operating income (loss) was 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. In 2023, the results of our operating segments and Corporate were impacted by the following items: •Operating income (loss) was reduced by $1,702 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 17. •Operating income (loss) was reduced by $165 million for Corporate due to the Company’s productivity and reinvestment program. Operating income (loss) was 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 19. •Operating income (loss) was reduced by $35 million for Asia Pacific due to the discontinuation of certain manufacturing operations. •Operating income (loss) was reduced by $27 million for North America due to the restructuring of our North America operating unit. Refer to Note 19. •Operating income (loss) was reduced by $18 million for North America due to the restructuring of our manufacturing operations in the United States. •Operating income (loss) was reduced by $15 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 18. •Operating income (loss) was reduced by $8 million for Corporate related to tax litigation expense. Refer to Note 12. In 2022, the results of our operating segments and Corporate were impacted by the following items: •Operating income (loss) was increased by $7 million for Europe, Middle East and Africa and was reduced by $1 million for Corporate due to revisions of management’s estimates related to the Company’s strategic realignment initiatives. •Operating income (loss) was reduced by $1,000 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. •Operating income (loss) was reduced by $85 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 19. •Operating income (loss) was reduced by $59 million for Corporate and was increased by $21 million for North America related to our acquisition of BodyArmor. Refer to Note 18. •Operating income (loss) was reduced by $57 million for Asia Pacific due to the impairment of a trademark. •Operating income (loss) was reduced by $38 million for North America due to the restructuring of our North America operating unit. Refer to Note 19. •Operating income (loss) was reduced by $33 million for North America due to the restructuring of our manufacturing operations in the United States.

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