ACQUISITIONS AND DIVESTITURES

3 Months Ended

Mar. 28, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $42 million during the three months ended March 28, 2025, which included $30 million of investments in alternative energy limited partnerships. Refer to Note 15 for additional information on these investments. Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $8 million during the three months ended March 29, 2024.

Divestitures

Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the three months ended March 28, 2025 totaled $748 million, which primarily related to the sale of a portion of our ownership interest in Coca-Cola Europacific Partners plc, an equity method investee (“CCEP”), for which we received cash proceeds of $741 million and recognized a net gain of $331 million.

Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the three months ended March 29, 2024 totaled $2,893 million. The Company refranchised its bottling operations in certain territories in India in January and February 2024, for which we received net cash proceeds of $476 million and recognized a net gain of $293 million. The Company refranchised its bottling operations in Bangladesh to Coca-Cola İçecek A.Ş., an equity method investee, in February 2024, for which we received net cash proceeds of $27 million and a note receivable of $29 million and recognized a net loss of $18 million, primarily due to the related reversal of cumulative translation adjustments. During the three months ended March 28, 2025, the Company recognized an additional loss of $14 million related to post-closing adjustments and a corresponding reduction in the outstanding note receivable balance. Additionally, in February 2024, the Company refranchised its bottling operations in the Philippines to CCEP and a local business partner, for which we received net cash proceeds of $1,656 million and recognized a net gain of $599 million. We also sold our ownership interest in an equity method investee in Thailand, for which we received net cash proceeds of $728 million and recognized a net gain of $516 million.

These gains and losses were recorded in the line item other income (loss) — net in our consolidated statements of income.

Assets and Liabilities Held for Sale

As of March 28, 2025 and December 31, 2024, the Company’s bottling operations in certain territories in India met the criteria to be classified as held for sale. As a result, we were required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell. As the fair values less any costs to sell exceeded the carrying values, the related assets and liabilities were recorded at their carrying values. These assets and liabilities were included in the Bottling Investments operating segment.

The following table presents information related to the major classes of assets and liabilities that were classified as held for sale and were included in the line items prepaid expenses and other current assets and accounts payable and accrued expenses, respectively, in our consolidated balance sheet (in millions):


	March 28, 2025		December 31, 2024



Inventories	$	12	$	23




Property, plant and equipment — net	107		108


Assets held for sale	$	119	$	131
Accounts payable and accrued expenses	$	2	$	2



Other noncurrent liabilities	—		1

Liabilities held for sale	$	2	$	3