Analysis of Reportable Segments
Coca-Cola Co. operates in 6 segments: Europe, Middle East and Africa; Latin America; North America; Asia Pacific; Global Ventures; and Bottling Investments.
Segment Profit Margin
Coca-Cola Co., profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 52.67% | 52.53% | 53.12% | 55.79% | 47.62% |
| Latin America | 58.39% | 58.64% | 61.36% | 57.19% | 55.56% |
| North America | 26.53% | 24.04% | 23.81% | 21.78% | 21.75% |
| Asia Pacific | 34.92% | 42.61% | 44.42% | 45.70% | 43.36% |
| Global Ventures | 11.03% | 6.89% | 11.05% | -6.03% | 13.39% |
| Bottling Investments | 26.96% | 22.09% | 22.16% | 14.33% | 9.62% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Europe, Middle East and Africa | Europe, Middle East and Africa segment profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Latin America | Latin America segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| North America | North America segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Asia Pacific | Asia Pacific segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| Global Ventures | Global Ventures segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. | |
| Bottling Investments | Bottling Investments segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Profit Margin: Europe, Middle East and Africa
Coca-Cola Co.; Europe, Middle East and Africa; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 4,255) | 3,952) | 3,821) | 3,379) | 3,361) |
| Net operating revenues | 8,078) | 7,523) | 7,193) | 6,057) | 7,058) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 52.67% | 52.53% | 53.12% | 55.79% | 47.62% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net operating revenues
= 100 × 4,255 ÷ 8,078 = 52.67%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Europe, Middle East and Africa | Europe, Middle East and Africa segment profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Profit Margin: Latin America
Coca-Cola Co.; Latin America; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 3,404) | 2,879) | 2,542) | 2,001) | 2,288) |
| Net operating revenues | 5,830) | 4,910) | 4,143) | 3,499) | 4,118) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 58.39% | 58.64% | 61.36% | 57.19% | 55.56% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net operating revenues
= 100 × 3,404 ÷ 5,830 = 58.39%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Latin America | Latin America segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: North America
Coca-Cola Co.; North America; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 4,450) | 3,768) | 3,140) | 2,500) | 2,592) |
| Net operating revenues | 16,774) | 15,674) | 13,190) | 11,477) | 11,915) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 26.53% | 24.04% | 23.81% | 21.78% | 21.75% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net operating revenues
= 100 × 4,450 ÷ 16,774 = 26.53%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | North America | North America segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Asia Pacific
Coca-Cola Co.; Asia Pacific; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 1,905) | 2,320) | 2,350) | 2,158) | 2,310) |
| Net operating revenues | 5,455) | 5,445) | 5,291) | 4,722) | 5,327) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 34.92% | 42.61% | 44.42% | 45.70% | 43.36% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net operating revenues
= 100 × 1,905 ÷ 5,455 = 34.92%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Asia Pacific | Asia Pacific segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Global Ventures
Coca-Cola Co.; Global Ventures; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 338) | 196) | 310) | (120) | 343) |
| Net operating revenues | 3,064) | 2,843) | 2,805) | 1,991) | 2,562) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 11.03% | 6.89% | 11.05% | -6.03% | 13.39% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net operating revenues
= 100 × 338 ÷ 3,064 = 11.03%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Global Ventures | Global Ventures segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Profit Margin: Bottling Investments
Coca-Cola Co.; Bottling Investments; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 2,119) | 1,743) | 1,596) | 898) | 716) |
| Net operating revenues | 7,860) | 7,891) | 7,203) | 6,265) | 7,440) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 26.96% | 22.09% | 22.16% | 14.33% | 9.62% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net operating revenues
= 100 × 2,119 ÷ 7,860 = 26.96%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Bottling Investments | Bottling Investments segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Return on Assets (Segment ROA)
Coca-Cola Co., ROA by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 59.79% | 55.76% | 48.32% | 41.73% | 41.27% |
| Latin America | 108.10% | 139.28% | 147.79% | 125.30% | 127.04% |
| North America | 17.24% | 14.63% | 12.20% | 12.86% | 14.65% |
| Asia Pacific | 78.46% | 97.97% | 99.79% | 104.10% | 112.14% |
| Global Ventures | 4.44% | 2.68% | 3.90% | -1.58% | 4.72% |
| Bottling Investments | 21.47% | 17.03% | 15.48% | 8.54% | 6.41% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Europe, Middle East and Africa | Europe, Middle East and Africa segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
| Latin America | Latin America segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| North America | North America segment ROA improved from 2021 to 2022 and from 2022 to 2023. | |
| Asia Pacific | Asia Pacific segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| Global Ventures | Global Ventures segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. | |
| Bottling Investments | Bottling Investments segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: Europe, Middle East and Africa
Coca-Cola Co.; Europe, Middle East and Africa; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 4,255) | 3,952) | 3,821) | 3,379) | 3,361) |
| Identifiable operating assets | 7,117) | 7,088) | 7,908) | 8,098) | 8,143) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 59.79% | 55.76% | 48.32% | 41.73% | 41.27% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Identifiable operating assets
= 100 × 4,255 ÷ 7,117 = 59.79%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Europe, Middle East and Africa | Europe, Middle East and Africa segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: Latin America
Coca-Cola Co.; Latin America; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 3,404) | 2,879) | 2,542) | 2,001) | 2,288) |
| Identifiable operating assets | 3,149) | 2,067) | 1,720) | 1,597) | 1,801) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 108.10% | 139.28% | 147.79% | 125.30% | 127.04% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Identifiable operating assets
= 100 × 3,404 ÷ 3,149 = 108.10%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Latin America | Latin America segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: North America
Coca-Cola Co.; North America; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 4,450) | 3,768) | 3,140) | 2,500) | 2,592) |
| Identifiable operating assets | 25,808) | 25,760) | 25,730) | 19,444) | 17,687) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 17.24% | 14.63% | 12.20% | 12.86% | 14.65% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Identifiable operating assets
= 100 × 4,450 ÷ 25,808 = 17.24%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | North America | North America segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: Asia Pacific
Coca-Cola Co.; Asia Pacific; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 1,905) | 2,320) | 2,350) | 2,158) | 2,310) |
| Identifiable operating assets | 2,428) | 2,368) | 2,355) | 2,073) | 2,060) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 78.46% | 97.97% | 99.79% | 104.10% | 112.14% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Identifiable operating assets
= 100 × 1,905 ÷ 2,428 = 78.46%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Asia Pacific | Asia Pacific segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: Global Ventures
Coca-Cola Co.; Global Ventures; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 338) | 196) | 310) | (120) | 343) |
| Identifiable operating assets | 7,607) | 7,325) | 7,949) | 7,575) | 7,265) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 4.44% | 2.68% | 3.90% | -1.58% | 4.72% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Identifiable operating assets
= 100 × 338 ÷ 7,607 = 4.44%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Global Ventures | Global Ventures segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment ROA: Bottling Investments
Coca-Cola Co.; Bottling Investments; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 2,119) | 1,743) | 1,596) | 898) | 716) |
| Identifiable operating assets | 9,871) | 10,232) | 10,312) | 10,521) | 11,170) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 21.47% | 17.03% | 15.48% | 8.54% | 6.41% |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Identifiable operating assets
= 100 × 2,119 ÷ 9,871 = 21.47%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Bottling Investments | Bottling Investments segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover
Coca-Cola Co., asset turnover by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 1.14 | 1.06 | 0.91 | 0.75 | 0.87 |
| Latin America | 1.85 | 2.38 | 2.41 | 2.19 | 2.29 |
| North America | 0.65 | 0.61 | 0.51 | 0.59 | 0.67 |
| Asia Pacific | 2.25 | 2.30 | 2.25 | 2.28 | 2.59 |
| Global Ventures | 0.40 | 0.39 | 0.35 | 0.26 | 0.35 |
| Bottling Investments | 0.80 | 0.77 | 0.70 | 0.60 | 0.67 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Europe, Middle East and Africa | Europe, Middle East and Africa segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Latin America | Latin America segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| North America | North America segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Asia Pacific | Asia Pacific segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. | |
| Global Ventures | Global Ventures segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Bottling Investments | Bottling Investments segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: Europe, Middle East and Africa
Coca-Cola Co.; Europe, Middle East and Africa; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | 8,078) | 7,523) | 7,193) | 6,057) | 7,058) |
| Identifiable operating assets | 7,117) | 7,088) | 7,908) | 8,098) | 8,143) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.14 | 1.06 | 0.91 | 0.75 | 0.87 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Net operating revenues ÷ Identifiable operating assets
= 8,078 ÷ 7,117 = 1.14
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Europe, Middle East and Africa | Europe, Middle East and Africa segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: Latin America
Coca-Cola Co.; Latin America; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | 5,830) | 4,910) | 4,143) | 3,499) | 4,118) |
| Identifiable operating assets | 3,149) | 2,067) | 1,720) | 1,597) | 1,801) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.85 | 2.38 | 2.41 | 2.19 | 2.29 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Net operating revenues ÷ Identifiable operating assets
= 5,830 ÷ 3,149 = 1.85
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Latin America | Latin America segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: North America
Coca-Cola Co.; North America; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | 16,774) | 15,674) | 13,190) | 11,477) | 11,915) |
| Identifiable operating assets | 25,808) | 25,760) | 25,730) | 19,444) | 17,687) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.65 | 0.61 | 0.51 | 0.59 | 0.67 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Net operating revenues ÷ Identifiable operating assets
= 16,774 ÷ 25,808 = 0.65
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | North America | North America segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: Asia Pacific
Coca-Cola Co.; Asia Pacific; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | 5,455) | 5,445) | 5,291) | 4,722) | 5,327) |
| Identifiable operating assets | 2,428) | 2,368) | 2,355) | 2,073) | 2,060) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.25 | 2.30 | 2.25 | 2.28 | 2.59 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Net operating revenues ÷ Identifiable operating assets
= 5,455 ÷ 2,428 = 2.25
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Asia Pacific | Asia Pacific segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Asset Turnover: Global Ventures
Coca-Cola Co.; Global Ventures; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | 3,064) | 2,843) | 2,805) | 1,991) | 2,562) |
| Identifiable operating assets | 7,607) | 7,325) | 7,949) | 7,575) | 7,265) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.40 | 0.39 | 0.35 | 0.26 | 0.35 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Net operating revenues ÷ Identifiable operating assets
= 3,064 ÷ 7,607 = 0.40
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Global Ventures | Global Ventures segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: Bottling Investments
Coca-Cola Co.; Bottling Investments; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | 7,860) | 7,891) | 7,203) | 6,265) | 7,440) |
| Identifiable operating assets | 9,871) | 10,232) | 10,312) | 10,521) | 11,170) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.80 | 0.77 | 0.70 | 0.60 | 0.67 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment asset turnover = Net operating revenues ÷ Identifiable operating assets
= 7,860 ÷ 9,871 = 0.80
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Bottling Investments | Bottling Investments segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation
Coca-Cola Co., capital expenditures to depreciation by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 0.73 | 0.79 | 0.46 | 0.31 | 1.26 |
| Latin America | 0.02 | 0.10 | 0.05 | 0.13 | 4.00 |
| North America | 1.33 | 0.85 | 0.59 | 0.41 | 0.89 |
| Asia Pacific | 0.46 | 0.38 | 1.33 | 0.43 | 1.52 |
| Global Ventures | 1.50 | 1.28 | 2.11 | 2.14 | 1.79 |
| Bottling Investments | 2.17 | 1.60 | 1.06 | 0.86 | 1.87 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Europe, Middle East and Africa | Europe, Middle East and Africa segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Latin America | Latin America segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. | |
| North America | North America segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Asia Pacific | Asia Pacific segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. | |
| Global Ventures | Global Ventures segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. | |
| Bottling Investments | Bottling Investments segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Europe, Middle East and Africa
Coca-Cola Co.; Europe, Middle East and Africa; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 43) | 50) | 35) | 27) | 108) |
| Depreciation and amortization | 59) | 63) | 76) | 86) | 86) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.73 | 0.79 | 0.46 | 0.31 | 1.26 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 43 ÷ 59 = 0.73
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Europe, Middle East and Africa | Europe, Middle East and Africa segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Latin America
Coca-Cola Co.; Latin America; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 1) | 4) | 2) | 6) | 140) |
| Depreciation and amortization | 48) | 39) | 39) | 45) | 35) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.02 | 0.10 | 0.05 | 0.13 | 4.00 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 1 ÷ 48 = 0.02
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Latin America | Latin America segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: North America
Coca-Cola Co.; North America; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 412) | 280) | 228) | 182) | 392) |
| Depreciation and amortization | 310) | 330) | 388) | 439) | 439) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.33 | 0.85 | 0.59 | 0.41 | 0.89 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 412 ÷ 310 = 1.33
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | North America | North America segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Asia Pacific
Coca-Cola Co.; Asia Pacific; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 23) | 22) | 65) | 20) | 47) |
| Depreciation and amortization | 50) | 58) | 49) | 47) | 31) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.46 | 0.38 | 1.33 | 0.43 | 1.52 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 23 ÷ 50 = 0.46
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Asia Pacific | Asia Pacific segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Global Ventures
Coca-Cola Co.; Global Ventures; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 192) | 179) | 285) | 261) | 209) |
| Depreciation and amortization | 128) | 140) | 135) | 122) | 117) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.50 | 1.28 | 2.11 | 2.14 | 1.79 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 192 ÷ 128 = 1.50
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Global Ventures | Global Ventures segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Bottling Investments
Coca-Cola Co.; Bottling Investments; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 843) | 697) | 560) | 474) | 836) |
| Depreciation and amortization | 389) | 435) | 529) | 551) | 446) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 2.17 | 1.60 | 1.06 | 0.86 | 1.87 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 843 ÷ 389 = 2.17
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Bottling Investments | Bottling Investments segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Net operating revenues
Coca-Cola Co., net operating revenues by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 8,078) | 7,523) | 7,193) | 6,057) | 7,058) |
| Latin America | 5,830) | 4,910) | 4,143) | 3,499) | 4,118) |
| North America | 16,774) | 15,674) | 13,190) | 11,477) | 11,915) |
| Asia Pacific | 5,455) | 5,445) | 5,291) | 4,722) | 5,327) |
| Global Ventures | 3,064) | 2,843) | 2,805) | 1,991) | 2,562) |
| Bottling Investments | 7,860) | 7,891) | 7,203) | 6,265) | 7,440) |
| Corporate | 126) | 94) | 85) | 46) | 94) |
| Eliminations | (1,433) | (1,376) | (1,255) | (1,043) | (1,248) |
| Consolidated | 45,754) | 43,004) | 38,655) | 33,014) | 37,266) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Depreciation and amortization
Coca-Cola Co., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 59) | 63) | 76) | 86) | 86) |
| Latin America | 48) | 39) | 39) | 45) | 35) |
| North America | 310) | 330) | 388) | 439) | 439) |
| Asia Pacific | 50) | 58) | 49) | 47) | 31) |
| Global Ventures | 128) | 140) | 135) | 122) | 117) |
| Bottling Investments | 389) | 435) | 529) | 551) | 446) |
| Corporate | 144) | 195) | 236) | 246) | 211) |
| Consolidated | 1,128) | 1,260) | 1,452) | 1,536) | 1,365) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Income (loss) from continuing operations before income taxes
Coca-Cola Co., income (loss) from continuing operations before income taxes by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 4,255) | 3,952) | 3,821) | 3,379) | 3,361) |
| Latin America | 3,404) | 2,879) | 2,542) | 2,001) | 2,288) |
| North America | 4,450) | 3,768) | 3,140) | 2,500) | 2,592) |
| Asia Pacific | 1,905) | 2,320) | 2,350) | 2,158) | 2,310) |
| Global Ventures | 338) | 196) | 310) | (120) | 343) |
| Bottling Investments | 2,119) | 1,743) | 1,596) | 898) | 716) |
| Corporate | (3,519) | (3,172) | (1,334) | (1,067) | (824) |
| Consolidated | 12,952) | 11,686) | 12,425) | 9,749) | 10,786) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Identifiable operating assets
Coca-Cola Co., identifiable operating assets by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 7,117) | 7,088) | 7,908) | 8,098) | 8,143) |
| Latin America | 3,149) | 2,067) | 1,720) | 1,597) | 1,801) |
| North America | 25,808) | 25,760) | 25,730) | 19,444) | 17,687) |
| Asia Pacific | 2,428) | 2,368) | 2,355) | 2,073) | 2,060) |
| Global Ventures | 7,607) | 7,325) | 7,949) | 7,575) | 7,265) |
| Bottling Investments | 9,871) | 10,232) | 10,312) | 10,521) | 11,170) |
| Corporate | 21,934) | 19,158) | 19,964) | 17,903) | 18,376) |
| Consolidated | 77,914) | 73,998) | 75,938) | 67,211) | 66,502) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Capital expenditures
Coca-Cola Co., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 43) | 50) | 35) | 27) | 108) |
| Latin America | 1) | 4) | 2) | 6) | 140) |
| North America | 412) | 280) | 228) | 182) | 392) |
| Asia Pacific | 23) | 22) | 65) | 20) | 47) |
| Global Ventures | 192) | 179) | 285) | 261) | 209) |
| Bottling Investments | 843) | 697) | 560) | 474) | 836) |
| Corporate | 338) | 252) | 192) | 207) | 322) |
| Consolidated | 1,852) | 1,484) | 1,367) | 1,177) | 2,054) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).