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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 31,202420232022
Concentrate operations59 %58 %56 %
Finished product operations41 42 44 
Total100 %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 31,202420232022
United States$18,362 $16,550 $15,413 
International28,699 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 31,20242023
United States$4,364 $3,682 
International5,939 5,554 
Property, plant and equipment — net1
$10,303 $9,236 
1Property, 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 PacificBottling
Investments		CorporateEliminationsConsolidated
Year Ended December 31, 2024
        
Net operating revenues:        
Third party$10,278 $6,471 $18,860 $5,127 

$6,215 $110 $— $47,061 
Intersegment680 — 9 467 8 — (1,164)— 
Total net operating revenues10,958 6,471 18,869 5,594 6,223 110 (1,164)47,061 
Cost of goods sold3,083 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 income988 
Interest expense1,656 
Equity income (loss) — net1,770 
Other income (loss) — net1,992 
Income before income taxes$13,086 
Other segment information:
Capital expenditures$222 $1 $602 $18 $734 $487 $— $2,064 
Depreciation and amortization181 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 
Intersegment686 — 8 731 8 — (1,433)— 
Total net operating revenues10,838 5,834 16,973 5,542 7,860 140 (1,433)45,754 
Cost of goods sold2,970 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 income907 
Interest expense1,527 
Equity income (loss) — net1,691 
Other income (loss) — net570 
Income before income taxes$12,952 
Other segment information:
Capital expenditures$235 $1 $412 $23 $843 $338 $— $1,852 
Depreciation and amortization187 48 310 50 389 144 — 1,128 
Europe,
Middle East & Africa		Latin
America		North
America		Asia PacificBottling
Investments		CorporateEliminationsConsolidated
Year Ended December 31, 2022  
Net operating revenues:  
Third party$9,453 $4,921 $15,855 $4,785 $7,883 $107 $— $43,004 
Intersegment627 — 7 734 8 — (1,376)— 
Total net operating revenues10,080 4,921 15,862 5,519 7,891 107 (1,376)43,004 
Cost of goods sold2,778 872 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 income449 
Interest expense882 
Equity income (loss) — net1,472 
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 amortization203 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.