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OPERATING SEGMENTS
 3 Months Ended
Mar. 31, 2023
Segment Reporting [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 March 31, 2023        
Net operating revenues:        
Third party$1,831 $1,386 $3,902 $1,185 $707 $1,944 $25 $— $10,980 
Intersegment193 — 2 186 — 2 — (383)— 
Total net operating revenues2,024 1,386 3,904 1,371 707 1,946 25 (383)10,980 
Operating income (loss)1,135 853 1,033 563 51 139 (407)— 3,367 
Income (loss) before income taxes1,142 855 1,041 423 57 504 31 — 4,053 
Identifiable operating assets7,682 2,315 26,692 2,668 
2
7,388 9,653 
2
21,925 — 78,323 
Investments1
401 681 15 77 — 13,200 4,707 — 19,081 
As of and for the Three Months Ended April 1, 2022        
Net operating revenues:        
Third party$1,661 $1,214 $3,589 $1,231 $729 $2,042 $25 $— $10,491 
Intersegment172 — 1 180 — 2 — (355)— 
Total net operating revenues1,833 1,214 3,590 1,411 729 2,044 25 (355)10,491 
Operating income (loss)1,007 760 1,056 664 51 193 (326)— 3,405 
Income (loss) before income taxes1,023 757 1,064 670 56 393 (505)— 3,458 
Identifiable operating assets8,092 1,988 26,395 2,574 
2
7,755 10,710 
2
17,564 — 75,078 
Investments1
415 633 19 232 — 13,193 4,494 — 18,986 
As of December 31, 2022        
Identifiable operating assets$7,088 $2,067 $25,760 $2,368 
2
$7,325 $10,232 
2
$19,158 $— $73,998 
Investments1
410 629 15 219 — 12,892 4,600 — 18,765 
1Principally equity method investments and other investments in bottling companies.
2Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of March 31, 2023, April 1, 2022 and December 31, 2022.
During the three months ended March 31, 2023, 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 $62 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) and income (loss) before income taxes were reduced by $27 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 13.
•Operating income (loss) and income (loss) before income taxes were reduced by $18 million for North America due to the restructuring of our North America operating unit. Refer to Note 13.
•Operating income (loss) and income (loss) before income taxes were reduced by $6 million for North America due to the restructuring of our manufacturing operations in the United States.
•Operating income (loss) and income (loss) before income taxes were reduced by $4 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12.
•Income (loss) before income taxes was increased by $439 million for Corporate due to the refranchising of our bottling operations in Vietnam. Refer to Note 2.
•Income (loss) before income taxes was increased by $113 million for Corporate due 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 $140 million for Asia Pacific and was increased by $58 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.
During the three months ended April 1, 2022, the results of our operating segments and Corporate were impacted by the following items:
•Operating income (loss) and income (loss) before income taxes were increased by $19 million for North America and were reduced by $14 million for Corporate related to our acquisition of BodyArmor. Refer to Note 12.
•Operating income (loss) and income (loss) before income taxes were reduced by $22 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) and income (loss) before income taxes were reduced by $11 million and $12 million, respectively, for North America due to the restructuring of our manufacturing operations in the United States.
•Operating income (loss) and income (loss) before income taxes were reduced by $10 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 13.
•Income (loss) before income taxes was increased by $5 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 $104 million for Corporate due 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 $24 million for Corporate due to one of our equity method investees issuing additional shares of its stock. Refer to Note 16.