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OPERATING SEGMENTS
 3 Months Ended
Mar. 28, 2025
Segment Reporting [Abstract]  
OPERATING SEGMENTS OPERATING SEGMENTS
The Global Ventures operating segment was established primarily to oversee the Company’s ownership of Costa Limited (“Costa”), innocent and doğadan, as well as the fees earned pursuant to distribution coordination agreements between the Company and Monster Beverage Corporation (“Monster”). In November 2024, we announced plans to sunset our Global Ventures operating segment to streamline and simplify our operating structure. Effective January 1, 2025, the results of our Costa (excluding the ready-to-drink business), innocent and doğadan businesses are reported within the Company’s Europe, Middle East and Africa operating segment. Costa’s ready-to-drink business and the fees related to Monster are reported in the respective geographic operating segments. Our historical operating segment reporting disclosed below has been recast to reflect our current organizational structure.
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 Bottling
Investments		CorporateEliminationsConsolidated
Three Months Ended March 28, 2025        
Net operating revenues:        
Third party$2,481 $1,477 $4,359 $1,325 $1,461 $26 $— $11,129 
Intersegment176 — 2 96 2 — (276)— 
Total net operating revenues2,657 1,477 4,361 1,421 1,463 26 (276)11,129 
Cost of goods sold759 274 2,106 390 1,010 (100)(276)4,163 
Selling, general and administrative expenses833 299 914 407 334 447 — 3,234 
Other operating charges— — — — — 73 — 73 
Operating income (loss)$1,065 $904 $1,341 $624 $119 $(394)$— $3,659 
Interest income180 
Interest expense387 
Equity income (loss) — net351 
Other income (loss) — net254 
Income before income taxes$4,057 
Other segment information:
Capital expenditures$41 $— $115 $1 $105 $47 $— $309 
Depreciation and amortization44 7 81 12 76 47 — 267 
Three Months Ended March 29, 2024        
Net operating revenues:        
Third party$2,435 $1,530 $4,224 $1,265 $1,815 $31 $— $11,300 
Intersegment197 — 2 216 2 — (417)— 
Total net operating revenues2,632 1,530 4,226 1,481 1,817 31 (417)11,300 
Cost of goods sold733 249 2,110 399 1,265 (104)(417)4,235 
Selling, general and administrative expenses819 336 859 425 396 516 — 3,351 
Other operating charges— — 760 — — 813 — 1,573 
Operating income (loss)$1,080 $945 $497 $657 $156 $(1,194)$— $2,141 
Interest income246 
Interest expense382 
Equity income (loss) — net354 
Other income (loss) — net1,513 
Income before income taxes$3,872 
Other segment information:
Capital expenditures$38 $— $101 $4 $177 $50 $— $370 
Depreciation and amortization45 7 77 11 91 31 — 262 
Information about total assets by segment is not disclosed because such information is not regularly provided to, or used by, our Chief Operating Decision Maker.
During the three months ended March 28, 2025 and March 29, 2024, our operating segments and Corporate were impacted by acquisition and divestiture activities. Refer to Note 2. Additionally, during the three months ended March 28, 2025, the results of our operating segments and Corporate were impacted by the following items:
•Operating income (loss) was reduced by $47 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 $11 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 13.
•Operating income (loss) was reduced by $9 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 $3 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12.
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) was 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) was reduced by $760 million for North America due to the impairment of our BodyArmor trademark. Refer to Note 16.
•Operating income (loss) was reduced by $36 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 13.
•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.
•Operating income (loss) was reduced by $4 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12.