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OPERATING SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Percentage of total net operating revenues attributable to concentrate operations and finished product operations | 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 | %
Schedule of net revenue and property plant and equipment by geography | 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.
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
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 |

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