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Operating Segments
 6 Months Ended
Jun. 26, 2020
Operating Segments [Abstract]  
Operating Segments OPERATING SEGMENTS
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 Global Ventures Bottling
Investments		CorporateEliminationsConsolidated
As of and for the Three Months Ended June 26, 2020        
Net operating revenues:        
Third party$1,135  $755  $2,647  $1,068  $295  $1,262  $(12) $—  $7,150  
Intersegment75  —  1  115  —  1  —  (192) —  
Total net operating revenues1,210  755  2,648  1,183  295  1,263  (12) (192) 7,150  
Operating income (loss)715  504  489  652  (102) 12  (289) —  1,981  
Income (loss) before income taxes736  444  483  661  (103) 166  (190) —  2,197  
Identifiable operating assets8,065  
1
1,643  20,320  2,131  
2
6,983  9,817  
1,2
26,795  —  75,754  
Investments3
534  573  356  226  5  13,199  4,042  —  18,935  
As of and for the Three Months Ended June 28, 2019        
Net operating revenues:        
Third party$1,804  $1,003  $3,158  $1,350  $635  $2,024  $23  $—  $9,997  
Intersegment126  —  4  190  —  2  —  (322) —  
Total net operating revenues1,930  1,003  3,162  1,540  635  2,026  23  (322) 9,997  
Operating income (loss)1,038  588  711  731  73  119  (272) —  2,988  
Income (loss) before income taxes1,062  540  729  738  75  393  (488) —  3,049  
Identifiable operating assets8,511  
1
2,008  18,512  2,266  7,236  10,727  
1
20,424  —  69,684  
Investments3
731  728  364  223  16  14,420  3,830  —  20,312  
As of December 31, 2019        
Identifiable operating assets$8,143  
1
$1,801  $17,687  $2,060  $7,265  $11,170  
1
$18,376  $—  $66,502  
Investments3
543  716  358  224  14  14,093  3,931  —  19,879  
1 Property, plant and equipment — net in South Africa represented 14 percent, 14 percent and 16 percent of consolidated property, plant and equipment — net as of June 26, 2020, June 28, 2019 and December 31, 2019, respectively.
2 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of June 26, 2020.
3 Principally equity method investments and other investments in bottling companies.
During the three months ended June 26, 2020, the results of our operating segments and Corporate were impacted by the following items:
•Operating income (loss) and income (loss) before income taxes were reduced by $55 million for North America related to the impairment of a trademark, which was primarily driven by the impact of the COVID-19 pandemic, revised projections of future operating results and a change in brand focus in the Company's portfolio.
•Operating income (loss) and income (loss) before income taxes were reduced by $39 million for North America for charges related to the cost of discontinuing the Odwalla juice business and $8 million related to the impairment of the Odwalla trademark.
•Operating income (loss) and income (loss) before income taxes were reduced by $25 million and $44 million, respectively, for North America related to the restructuring of our water manufacturing operations in the United States.
•Operating income (loss) and income (loss) before income taxes were reduced by $22 million for Corporate due to the Company's productivity and reinvestment program. Refer to Note 12.
•Operating income (loss) and income (loss) before income taxes were reduced by $18 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 2.
•Income (loss) before income taxes was increased by $247 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4.
•Income (loss) before income taxes was reduced by $28 million for Latin America, $1 million for North America and $34 million for Bottling Investments due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
•Income (loss) before income taxes was reduced by $38 million for Latin America due to an other-than-temporary impairment charge related to one of our equity method investees.
During the three months ended June 28, 2019, the results of our operating segments and Corporate were impacted by the following items:
•Operating income (loss) and income (loss) before income taxes were reduced by $29 million for Bottling Investments related to costs incurred to refranchise certain of our North America bottling operations. Refer to Note 11.
•Operating income (loss) and income (loss) before income taxes were reduced by $13 million for North America, $1 million for Bottling Investments and $41 million for Corporate due to the Company's productivity and reinvestment program. Refer to Note 12.
•Income (loss) before income taxes was reduced by $160 million for Corporate as a result of CCBA asset adjustments. Refer to Note 2.
•Income (loss) before income taxes was reduced by $49 million for Latin America due to an other-than-temporary impairment charge related to one of our equity method investees.
•Income (loss) before income taxes was reduced by $24 million for Bottling Investments and $2 million for Corporate due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
Europe, Middle East & Africa Latin
America		North
America		Asia Pacific Global Ventures Bottling
Investments		CorporateEliminationsConsolidated
Six Months Ended June 26, 2020        
Net operating revenues:        
Third party$2,708  $1,685  $5,496  $2,057  $868  $2,918  $19  $—  $15,751  
Intersegment227  —  2  254  —  3  —  (486) —  
Total net operating revenues2,935  1,685  5,498  2,311  868  2,921  19  (486) 15,751  
Operating income (loss)1,675  1,043  876  1,163  (83) 75  (388) —  4,361  
Income (loss) before income taxes1,707  979  885  1,174  (85) 364  183  —  5,207  
Six Months Ended June 28, 2019        
Net operating revenues:        
Third party$3,438  $1,899  $5,839  $2,410  $1,218  $3,832  $55  $—  $18,691  
Intersegment264  —  6  317  2  4  —  (593) —  
Total net operating revenues3,702  1,899  5,845  2,727  1,220  3,836  55  (593) 18,691  
Operating income (loss)2,016  1,084  1,297  1,273  139  219  (605) —  5,423  
Income (loss) before income taxes2,050  1,031  1,266  1,288  143  293  (797) —  5,274  
During the six months ended June 26, 2020, the results of our operating segments and Corporate were impacted by the following items:
•Operating income (loss) and income (loss) before income taxes were reduced by $160 million for North America related to the impairment of the Odwalla trademark and $39 million related to the cost of discontinuing the Odwalla juice business.
•Operating income (loss) and income (loss) before income taxes were reduced by $61 million for Corporate due to the Company's productivity and reinvestment program. Refer to Note 12.
•Operating income (loss) and income (loss) before income taxes were reduced by $55 million for North America related to the impairment of a trademark, which was primarily driven by the impact of the COVID-19 pandemic, revised projections of future operating results and a change in brand focus in the Company's portfolio.
•Operating income (loss) and income (loss) before income taxes were reduced by $25 million and $44 million,
respectively, for North America related to the restructuring of our water manufacturing operations in the United States.
•Operating income (loss) and income (loss) before income taxes were reduced by $29 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 2.
•Income (loss) before income taxes was increased by $902 million for Corporate in conjunction with our fairlife acquisition, which resulted from the remeasurement of our previously held equity interest in fairlife to fair value. Refer to Note 2.
•Income (loss) before income taxes was increased by $18 million for Corporate related to the sale of a portion of our ownership interest in one of our equity method investments.
•Income (loss) before income taxes was reduced by $144 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4.
•Income (loss) before income taxes was reduced by $28 million for Latin America, $1 million for North America and $72 million for Bottling Investments due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
•Income (loss) before income taxes was reduced by $38 million for Latin America due to an other-than-temporary impairment charge related to one of our equity method investees.
During the six months ended June 28, 2019, the results of our operating segments and Corporate were impacted by the following items:
•Operating income (loss) and income (loss) before income taxes were reduced by $1 million for Europe, Middle East and Africa, $30 million for North America, $3 million for Bottling Investments and $89 million for Corporate due to the Company's productivity and reinvestment program. Refer to Note 12.
•Operating income (loss) and income (loss) before income taxes were reduced by $46 million for Corporate related to transaction costs associated with the purchase of Costa, which we acquired in January 2019. Refer to Note 2.
•Operating income (loss) and income (loss) before income taxes were reduced by $40 million for Bottling Investments related to costs incurred to refranchise certain of our North America bottling operations. Refer to Note 11.
•Income (loss) before income taxes was increased by $39 million for Corporate related to the sale of a portion of our equity ownership interest in Andina.
•Income (loss) before income taxes was reduced by $286 million for Bottling Investments due to an other-than-temporary impairment charge related to CCBJHI, an equity method investee. Refer to Note 15.
•Income (loss) before income taxes was reduced by $160 million for Corporate as result of CCBA asset adjustments. Refer to Note 2.
•Income (loss) before income taxes was reduced by $121 million for Corporate resulting from a loss in conjunction with our acquisition of the remaining equity ownership interest in CHI. Refer to Note 2.
•Income (loss) before income taxes was reduced by $66 million for Bottling Investments and $2 million for Corporate due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
•Income (loss) before income taxes was reduced by $57 million for North America due to an other-than-temporary impairment charge related to one of our equity method investees.
•Income (loss) before income taxes was reduced by $49 million for Latin America due to an other-than-temporary impairment charge related to one of our equity method investees.