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OPERATING SEGMENTS
 3 Months Ended
Apr. 01, 2022
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 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 
2
1,988 26,395 2,574 
3
7,755 10,710 
2,3
17,564 — 75,078 
Investments1
415 633 19 232 — 13,193 4,494 — 18,986 
As of and for the Three Months Ended April 2, 2021        
Net operating revenues:        
Third party$1,462 $909 $2,936 $1,232 $570 $1,894 $17 $— $9,020 
Intersegment161 — 1 170 — 2 — (334)— 
Total net operating revenues1,623 909 2,937 1,402 570 1,896 17 (334)9,020 
Operating income (loss)820 552 792 686 26 141 (295)— 2,722 
Income (loss) before income taxes830 555 816 695 27 317 (477)— 2,763 
Identifiable operating assets8,335 
2
1,650 19,792 2,332 
3
7,843 10,426 
2,3
19,843 — 70,221 
Investments1
466 595 343 249 4 13,833 4,282 — 19,772 
As of December 31, 2021        
Identifiable operating assets$7,908 
2
$1,720 $25,730 $2,355 
3
$7,949 $10,312 
2,3
$19,964 $— $75,938 
Investments1
436 594 21 230 — 12,669 4,466 — 18,416 
1Principally equity method investments and other investments in bottling companies.
2Property, plant and equipment — net in South Africa represented 17 percent, 15 percent and 16 percent of consolidated property, plant and equipment — net as of April 1, 2022, April 2, 2021 and December 31, 2021, respectively.
3Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of April 1, 2022, April 2, 2021 and December 31, 2021.
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 in 2021. Refer to Note 11.
•Operating income (loss) and income (loss) before income taxes were reduced by $22 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition in 2020. Refer to Note 15.
•Operating income (loss) and income (loss) before income taxes were reduced by $11 million and $12 million, respectively, for North America related 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 12.
•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 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 $24 million for Corporate due to one of our equity method investees issuing additional shares of its stock. Refer to Note 15.
During the three months ended April 2, 2021, 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 $50 million for Europe, Middle East and Africa, $11 million for Latin America, $12 million for North America and $13 million for Asia Pacific, and operating income (loss) and income (loss) before income taxes were reduced by $7 million and $61 million, respectively, for Corporate due to the Company’s strategic realignment initiatives.
•Operating income (loss) and income (loss) before income taxes were reduced by $19 million for North America related to the restructuring of our manufacturing operations in the United States.
•Operating income (loss) and income (loss) before income taxes were reduced by $18 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 $9 million for Corporate related to tax litigation expense. Refer to Note 8.
•Operating income (loss) and income (loss) before income taxes were reduced by $4 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 15.
•Income (loss) before income taxes was increased by $133 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 increased by $5 million for Bottling Investments and $32 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 $58 million for Corporate related to charges associated with the extinguishment of long-term debt.