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ACQUISITIONS AND DIVESTITURES
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS AND DIVESTITURES ACQUISITIONS AND DIVESTITURES
Acquisitions
Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $461 million, $315 million and $62 million during 2025, 2024 and 2023, respectively. The activity during 2025 included additional investments of $120 million in an equity method investee in Japan. The activity during 2025 and 2024 included $306 million and $226 million, respectively, of investments in alternative energy limited partnerships. Refer to Note 15 for additional information on these investments.
Divestitures
During 2025, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $3,567 million. In March 2025, the Company sold a portion of our ownership interest in CCEP, an equity method investee, for which we received cash proceeds of $741 million and recognized a gain of $331 million. In May 2025, the Company refranchised our bottling operations in certain territories in India that were held for sale as of December 31, 2024, for which we received cash proceeds of $218 million and recognized a gain of $102 million. In October 2025, we sold our finished product operations in Nigeria, which were classified as held for sale, for which we received cash proceeds of $106 million. In November 2025, we sold our ownership interest in Coke Consolidated, an equity method investee, to Coke Consolidated, for which we received cash proceeds of $2,392 million and recognized a gain of $1,952 million. In December 2025, we received cash proceeds of $84 million from the substantial liquidation of a joint venture in China, resulting in a gain of $31 million.
During 2024, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $3,485 million. The Company refranchised our bottling operations in certain territories in India in January and February 2024, for which we received cash proceeds of $474 million and recognized a gain of $290 million. In February 2024, the Company refranchised our bottling operations in the Philippines to CCEP and a local business partner, for which we received cash proceeds of $1,652 million and recognized a gain of $595 million. We also sold our ownership interest in an equity method investee in Thailand, for which we received cash proceeds of $718 million and recognized a gain of $506 million. Additionally, the Company refranchised our bottling operations in Bangladesh to Coca-Cola İçecek A.Ş., an equity method investee, for which we received cash proceeds of $27 million and a note receivable of $29 million and recognized a loss of $18 million, primarily due to the related reclassification of net foreign currency translation adjustments to income. During 2025, the Company recognized an additional loss of $14 million related to post-closing adjustments and a corresponding reduction in the outstanding note receivable balance. In July 2024, we sold a portion of our ownership interest in Coke Consolidated to Coke Consolidated, for which we received cash proceeds of $554 million and recognized a gain of $338 million. In December 2024, we refranchised our bottling operations in additional territories in India, for which we received cash proceeds of $17 million and recognized a gain of $13 million.
During 2023, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $430 million, which primarily related to the sale of our ownership interest in an equity method investee in Indonesia to CCEP, for which we received cash proceeds of $302 million and recognized a gain of $12 million. Also included was the sale of our ownership interest in an equity method investee in Pakistan, for which we received cash proceeds of $100 million and a note receivable of $200 million. We recognized a gain of $82 million as a result of the sale.
In December 2022, the Company received cash proceeds of $823 million in advance of refranchising its bottling operations in Vietnam, which were refranchised in January 2023 and for which we recognized a gain of $439 million.
All of the gains and losses discussed above were recorded in the line item other income (loss) — net in our consolidated statements of income.
Assets and Liabilities Held for Sale
In August 2025, the Company’s finished product operations in Nigeria, which were included in the EMEA operating segment, met the criteria to be classified as held for sale. As a result, we were required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell based on the estimated proceeds. As there were significant negative net foreign currency translation adjustments that would be reclassified to income upon sale, the carrying amount of the assets held for sale (including the net foreign currency translation adjustments) exceeded the estimated proceeds, which required us to record an impairment loss in excess of the carrying amount of the assets held for sale (excluding the net foreign currency translation adjustments). As a result, the Company recorded a charge of $393 million, which consisted of a $235 million charge to write off the carrying amount of the assets held for sale (excluding the net foreign currency translation adjustments) and a $158 million charge to accrue the remaining difference between the carrying amount (including the net foreign currency translation adjustments) and the estimated proceeds. These charges were recorded in the line item other income (loss) — net in our consolidated statement of income. The sale of these operations was completed in October 2025.
In October 2025, the Company entered into a definitive agreement to sell a portion of our interest in our bottling operations in Africa to CCHBC, an equity method investee. Closing is subject to various regulatory approvals and is expected by the end of 2026, upon which we will deconsolidate these bottling operations. We have also agreed to a separate option arrangement for CCHBC to acquire the Company’s remaining 25% ownership interest within a six-year period from closing. As these operations met the criteria to be classified as held for sale, we were required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell based on the estimated proceeds. Due to the negative net foreign currency translation adjustments that will be reclassified to income upon sale, we were required to reduce the carrying amount of the assets held for sale, which resulted in an impairment charge of $1,274 million, which was recorded in the line item other income (loss) — net in our consolidated statement of income.
As of December 31, 2024, the Company’s bottling operations in certain territories in India met the criteria to be classified as held for sale. As the fair values less any costs to sell exceeded the carrying values, the related assets and liabilities were recorded at their carrying values.
The following table presents information related to the major classes of assets and liabilities that were classified as held for sale in our consolidated balance sheets (in millions):
December 31,20252024
Cash, cash equivalents and short-term investments$178 $— 
Trade accounts receivable, less allowances389 — 
Inventories466 23 
Prepaid expenses and other current assets147 — 
Equity method investments
5 — 
Deferred income tax assets46 — 
Property, plant and equipment — net1,964 108 
Trademarks with indefinite lives2 — 
Goodwill3,350 — 
Other noncurrent assets60 — 
Allowance for reduction of assets held for sale(1,265)— 
  Assets held for sale$5,342 $131 
Accounts payable and accrued expenses$816 $2 
Loans and notes payable
187 — 
Current maturities of long-term debt398 — 
Accrued income taxes5 — 
Long-term debt850 — 
Other noncurrent liabilities154 1 
Deferred income tax liabilities160 — 
  Liabilities held for sale$2,570 $3