XML 41 R28.htm IDEA: XBRL DOCUMENT
v3.25.2

OPERATING SEGMENTS | 12 Months Ended
--- | ---
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; 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 Europe, Middle East and Africa operating segment also includes the results of the Costa business (excluding the ready-to-drink business), regardless of the location of the retail stores. The results of Costa’s ready-to-drink business and the fees related to Monster are reported within the applicable geographic operating segments. 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 |  | Bottling Investments |  | Corporate |  | Eliminations |  | Consolidated
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 10,278 |  |  | $ | 6,471 |  |  | $ | 18,860 |  |  | $ | 5,127 |  |  | $ | 6,215 |  |  | $ | 110 |  |  | $ | — |  |  | $ | 47,061 |
Intersegment | 680 |  |  | — |  |  | 9 |  |  | 467 |  |  | 8 |  |  | — |  |  | (1,164) |  |  | — |
Total net operating revenues | 10,958 |  |  | 6,471 |  |  | 18,869 |  |  | 5,594 |  |  | 6,223 |  |  | 110 |  |  | (1,164) |  |  | 47,061 |
Cost of goods sold | 3,083 |  |  | 1,099 |  |  | 9,595 |  |  | 1,689 |  |  | 4,251 |  |  | (229) |  |  | (1,164) |  |  | 18,324 |
Selling, general and administrative expenses | 3,620 |  |  | 1,454 |  |  | 3,958 |  |  | 1,749 |  |  | 1,476 |  |  | 2,325 |  |  | — |  |  | 14,582 |
Other operating charges | — |  |  | 126 |  |  | 760 |  |  | — |  |  | — |  |  | 3,277 |  |  | — |  |  | 4,163 |
Operating income (loss) | $ | 4,255 |  |  | $ | 3,792 |  |  | $ | 4,556 |  |  | $ | 2,156 |  |  | $ | 496 |  |  | $ | (5,263) |  |  | $ | — |  |  | $ | 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 | $ | 222 |  |  | $ | 1 |  |  | $ | 602 |  |  | $ | 18 |  |  | $ | 734 |  |  | $ | 487 |  |  | $ | — |  |  | $ | 2,064 |
Depreciation and amortization | 181 |  |  | 29 |  |  | 325 |  |  | 45 |  |  | 319 |  |  | 176 |  |  | — |  |  | 1,075 |
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 10,152 |  |  | $ | 5,834 |  |  | $ | 16,965 |  |  | $ | 4,811 |  |  | $ | 7,852 |  |  | $ | 140 |  |  | $ | — |  |  | $ | 45,754 |
Intersegment | 686 |  |  | — |  |  | 8 |  |  | 731 |  |  | 8 |  |  | — |  |  | (1,433) |  |  | — |
Total net operating revenues | 10,838 |  |  | 5,834 |  |  | 16,973 |  |  | 5,542 |  |  | 7,860 |  |  | 140 |  |  | (1,433) |  |  | 45,754 |
Cost of goods sold | 2,970 |  |  | 1,040 |  |  | 8,791 |  |  | 1,644 |  |  | 5,615 |  |  | (107) |  |  | (1,433) |  |  | 18,520 |
Selling, general and administrative expenses | 3,545 |  |  | 1,358 |  |  | 3,522 |  |  | 1,806 |  |  | 1,667 |  |  | 2,074 |  |  | — |  |  | 13,972 |
Other operating charges | — |  |  | — |  |  | 26 |  |  | 35 |  |  | — |  |  | 1,890 |  |  | — |  |  | 1,951 |
Operating income (loss) | $ | 4,323 |  |  | $ | 3,436 |  |  | $ | 4,634 |  |  | $ | 2,057 |  |  | $ | 578 |  |  | $ | (3,717) |  |  | $ | — |  |  | $ | 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 | $ | 235 |  |  | $ | 1 |  |  | $ | 412 |  |  | $ | 23 |  |  | $ | 843 |  |  | $ | 338 |  |  | $ | — |  |  | $ | 1,852 |
Depreciation and amortization | 187 |  |  | 48 |  |  | 310 |  |  | 50 |  |  | 389 |  |  | 144 |  |  | — |  |  | 1,128 |
| Europe, Middle East & Africa |  | Latin America |  | North America |  | Asia Pacific |  | Bottling Investments |  | Corporate |  | Eliminations |  | Consolidated
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net operating revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third party | $ | 9,453 |  |  | $ | 4,921 |  |  | $ | 15,855 |  |  | $ | 4,785 |  |  | $ | 7,883 |  |  | $ | 107 |  |  | $ | — |  |  | $ | 43,004 |
Intersegment | 627 |  |  | — |  |  | 7 |  |  | 734 |  |  | 8 |  |  | — |  |  | (1,376) |  |  | — |
Total net operating revenues | 10,080 |  |  | 4,921 |  |  | 15,862 |  |  | 5,519 |  |  | 7,891 |  |  | 107 |  |  | (1,376) |  |  | 43,004 |
Cost of goods sold | 2,778 |  |  | 872 |  |  | 8,697 |  |  | 1,440 |  |  | 5,664 |  |  | (75) |  |  | (1,376) |  |  | 18,000 |
Selling, general and administrative expenses | 3,369 |  |  | 1,168 |  |  | 3,216 |  |  | 1,704 |  |  | 1,740 |  |  | 1,683 |  |  | — |  |  | 12,880 |
Other operating charges | (7) |  |  | — |  |  | 19 |  |  | 57 |  |  | — |  |  | 1,146 |  |  | — |  |  | 1,215 |
Operating income (loss) | $ | 3,940 |  |  | $ | 2,881 |  |  | $ | 3,930 |  |  | $ | 2,318 |  |  | $ | 487 |  |  | $ | (2,647) |  |  | $ | — |  |  | $ | 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 | $ | 229 |  |  | $ | 4 |  |  | $ | 280 |  |  | $ | 22 |  |  | $ | 697 |  |  | $ | 252 |  |  | $ | — |  |  | $ | 1,484 |
Depreciation and amortization | 203 |  |  | 39 |  |  | 330 |  |  | 58 |  |  | 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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration