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OPERATING SEGMENTS (Tables) | 6 Months Ended
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Jun. 27, 2025
Segment Reporting [Abstract] |
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 | Bottling Investments | Corporate | Eliminations | Consolidated
Three Months Ended June 27, 2025 |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |
Third party | $ | 3,008 |  | $ | 1,587 |  | $ | 5,028 |  | $ | 1,464 |  | $ | 1,409 |  | $ | 39 |  | $ | — |  | $ | 12,535 |
Intersegment | 168 |  | — |  | 1 |  | 108 |  | 2 |  | — |  | (279) |  | — |
Total net operating revenues | 3,176 |  | 1,587 |  | 5,029 |  | 1,572 |  | 1,411 |  | 39 |  | (279) |  | 12,535 |
Cost of goods sold | 895 |  | 263 |  | 2,405 |  | 476 |  | 1,018 |  | (64) |  | (279) |  | 4,714 |
Selling, general and administrative expenses | 956 |  | 336 |  | 1,003 |  | 449 |  | 334 |  | 392 |  | — |  | 3,470 |
Other operating charges | — |  | 31 |  | — |  | — |  | — |  | 40 |  | — |  | 71 |
Operating income (loss) | $ | 1,325 |  | $ | 957 |  | $ | 1,621 |  | $ | 647 |  | $ | 59 |  | $ | (329) |  | $ | — |  | $ | 4,280 |
Interest income |  |  |  |  |  |  |  | 188 |
Interest expense |  |  |  |  |  |  |  | 445 |
Equity income (loss) — net |  |  |  |  |  |  |  | 561 |
Other income (loss) — net |  |  |  |  |  |  |  | 212 |
Income before income taxes |  |  |  |  |  |  |  | $ | 4,796 |
Other segment information: |  |  |  |  |  |  |  |
Capital expenditures | $ | 49 |  | $ | 1 |  | $ | 154 |  | $ | 4 |  | $ | 119 |  | $ | 115 |  | $ | — |  | $ | 442 |
Depreciation and amortization | 55 |  | 8 |  | 81 |  | 10 |  | 76 |  | 49 |  | — |  | 279 |
Three Months Ended June 28, 2024 |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |
Third party | $ | 2,873 |  | $ | 1,652 |  | $ | 4,870 |  | $ | 1,396 |  | $ | 1,537 |  | $ | 35 |  | $ | — |  | $ | 12,363 |
Intersegment | 155 |  | — |  | 4 |  | 126 |  | 2 |  | — |  | (287) |  | — |
Total net operating revenues | 3,028 |  | 1,652 |  | 4,874 |  | 1,522 |  | 1,539 |  | 35 |  | (287) |  | 12,363 |
Cost of goods sold | 816 |  | 317 |  | 2,515 |  | 436 |  | 1,096 |  | (81) |  | (287) |  | 4,812 |
Selling, general and administrative expenses | 930 |  | 414 |  | 983 |  | 440 |  | 345 |  | 437 |  | — |  | 3,549 |
Other operating charges | — |  | — |  | — |  | — |  | — |  | 1,370 |  | — |  | 1,370 |
Operating income (loss) | $ | 1,282 |  | $ | 921 |  | $ | 1,376 |  | $ | 646 |  | $ | 98 |  | $ | (1,691) |  | $ | — |  | $ | 2,632 |
Interest income |  |  |  |  |  |  |  | 275 |
Interest expense |  |  |  |  |  |  |  | 418 |
Equity income (loss) — net |  |  |  |  |  |  |  | 537 |
Other income (loss) — net |  |  |  |  |  |  |  | 2 |
Income before income taxes |  |  |  |  |  |  |  | $ | 3,028 |
Other segment information: |  |  |  |  |  |  |  |
Capital expenditures | $ | 64 |  | $ | 1 |  | $ | 116 |  | $ | 6 |  | $ | 151 |  | $ | 84 |  | $ | — |  | $ | 422 |
Depreciation and amortization | 45 |  | 7 |  | 82 |  | 10 |  | 78 |  | 47 |  | — |  | 269 |
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 and six months ended June 27, 2025 and June 28, 2024, our operating segments and Corporate were impacted by acquisition and divestiture activities. Refer to Note 2. Additionally, during the three months ended June 27, 2025, the results of our operating segments and Corporate were impacted by the following items: •Operating income (loss) was reduced by $31 million for Latin America due to the impairment of a trademark. Refer to Note 16. •Operating income (loss) was reduced by $28 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. During the three months ended June 28, 2024, the results of our operating segments and Corporate were impacted by the following items: •Operating income (loss) was reduced by $1,337 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 $32 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 North America due to the restructuring of our manufacturing operations in the United States. •Operating income (loss) was reduced by $3 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12.
| Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated
Six Months Ended June 27, 2025 |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |
Third party | $ | 5,489 |  | $ | 3,064 |  | $ | 9,387 |  | $ | 2,789 |  | $ | 2,870 |  | $ | 65 |  | $ | — |  | $ | 23,664 |
Intersegment | 344 |  | — |  | 3 |  | 204 |  | 4 |  | — |  | (555) |  | — |
Total net operating revenues | 5,833 |  | 3,064 |  | 9,390 |  | 2,993 |  | 2,874 |  | 65 |  | (555) |  | 23,664 |
Cost of goods sold | 1,654 |  | 537 |  | 4,511 |  | 866 |  | 2,028 |  | (164) |  | (555) |  | 8,877 |
Selling, general and administrative expenses | 1,789 |  | 635 |  | 1,917 |  | 856 |  | 668 |  | 839 |  | — |  | 6,704 |
Other operating charges | — |  | 31 |  | — |  | — |  | — |  | 113 |  | — |  | 144 |
Operating income (loss) | $ | 2,390 |  | $ | 1,861 |  | $ | 2,962 |  | $ | 1,271 |  | $ | 178 |  | $ | (723) |  | $ | — |  | $ | 7,939 |
Interest income |  |  |  |  |  |  |  | 368 |
Interest expense |  |  |  |  |  |  |  | 832 |
Equity income (loss) — net |  |  |  |  |  |  |  | 912 |
Other income (loss) — net |  |  |  |  |  |  |  | 466 |
Income before income taxes |  |  |  |  |  |  |  | $ | 8,853 |
Other segment information: |  |  |  |  |  |  |  |
Capital expenditures | $ | 90 |  | $ | 1 |  | $ | 269 |  | $ | 5 |  | $ | 224 |  | $ | 162 |  | $ | — |  | $ | 751 |
Depreciation and amortization | 99 |  | 15 |  | 162 |  | 22 |  | 152 |  | 96 |  | — |  | 546 |
Six Months Ended June 28, 2024 |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |
Third party | $ | 5,308 |  | $ | 3,182 |  | $ | 9,094 |  | $ | 2,661 |  | $ | 3,352 |  | $ | 66 |  | $ | — |  | $ | 23,663 |
Intersegment | 352 |  | — |  | 6 |  | 342 |  | 4 |  | — |  | (704) |  | — |
Total net operating revenues | 5,660 |  | 3,182 |  | 9,100 |  | 3,003 |  | 3,356 |  | 66 |  | (704) |  | 23,663 |
Cost of goods sold | 1,549 |  | 566 |  | 4,625 |  | 835 |  | 2,361 |  | (185) |  | (704) |  | 9,047 |
Selling, general and administrative expenses | 1,749 |  | 750 |  | 1,842 |  | 865 |  | 741 |  | 953 |  | — |  | 6,900 |
Other operating charges | — |  | — |  | 760 |  | — |  | — |  | 2,183 |  | — |  | 2,943 |
Operating income (loss) | $ | 2,362 |  | $ | 1,866 |  | $ | 1,873 |  | $ | 1,303 |  | $ | 254 |  | $ | (2,885) |  | $ | — |  | $ | 4,773 |
Interest income |  |  |  |  |  |  |  | 521 |
Interest expense |  |  |  |  |  |  |  | 800 |
Equity income (loss) — net |  |  |  |  |  |  |  | 891 |
Other income (loss) — net |  |  |  |  |  |  |  | 1,515 |
Income before income taxes |  |  |  |  |  |  |  | $ | 6,900 |
Other segment information: |  |  |  |  |  |  |  |
Capital expenditures | $ | 102 |  | $ | 1 |  | $ | 217 |  | $ | 10 |  | $ | 328 |  | $ | 134 |  | $ | — |  | $ | 792 |
Depreciation and amortization | 90 |  | 14 |  | 159 |  | 21 |  | 169 |  | 78 |  | — |  | 531 |
During the six months ended June 27, 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 $39 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 13. •Operating income (loss) was reduced by $31 million for Latin America due to the impairment of a trademark. Refer to Note 16. •Operating income (loss) was reduced by $8 million for Corporate due to 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 charges related to our acquisition of BodyArmor. Refer to Note 12. •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. During the six months ended June 28, 2024, the results of our operating segments and Corporate were impacted by the following items: •Operating income (loss) was reduced by $2,102 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 $68 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 13. •Operating income (loss) was reduced by $10 million for North America due to the restructuring of our manufacturing operations in the United States. •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 $7 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12.

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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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