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, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 53.12% | 55.79% | 47.62% | 44.22% | 50.26% |
| Latin America | 61.36% | 57.19% | 55.56% | 55.98% | 54.88% |
| North America | 23.81% | 21.78% | 21.75% | 21.19% | 21.69% |
| Asia Pacific | 44.42% | 45.70% | 43.36% | 44.35% | 42.10% |
| Global Ventures | 11.05% | -6.03% | 13.39% | — | — |
| Bottling Investments | 22.16% | 14.33% | 9.62% | -16.23% | -22.11% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Europe, Middle East and Africa | Europe, Middle East and Africa segment profit margin ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |
| Latin America | Latin America segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. | |
| North America | North America segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. | |
| Asia Pacific | Asia Pacific segment profit margin ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level. | |
| Global Ventures | Global Ventures segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. | |
| Bottling Investments | Bottling Investments segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Profit Margin: Europe, Middle East and Africa
Coca-Cola Co.; Europe, Middle East and Africa; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 3,821) | 3,379) | 3,361) | 3,406) | 3,706) |
| Net operating revenues | 7,193) | 6,057) | 7,058) | 7,702) | 7,374) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 53.12% | 55.79% | 47.62% | 44.22% | 50.26% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net operating revenues
= 100 × 3,821 ÷ 7,193 = 53.12%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Europe, Middle East and Africa | Europe, Middle East and Africa segment profit margin ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |
Segment Profit Margin: Latin America
Coca-Cola Co.; Latin America; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 2,542) | 2,001) | 2,288) | 2,247) | 2,211) |
| Net operating revenues | 4,143) | 3,499) | 4,118) | 4,014) | 4,029) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 61.36% | 57.19% | 55.56% | 55.98% | 54.88% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net operating revenues
= 100 × 2,542 ÷ 4,143 = 61.36%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Latin America | Latin America segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Profit Margin: North America
Coca-Cola Co.; North America; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 3,140) | 2,500) | 2,592) | 2,494) | 2,307) |
| Net operating revenues | 13,190) | 11,477) | 11,915) | 11,768) | 10,637) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 23.81% | 21.78% | 21.75% | 21.19% | 21.69% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net operating revenues
= 100 × 3,140 ÷ 13,190 = 23.81%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | North America | North America segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Profit Margin: Asia Pacific
Coca-Cola Co.; Asia Pacific; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 2,350) | 2,158) | 2,310) | 2,305) | 2,179) |
| Net operating revenues | 5,291) | 4,722) | 5,327) | 5,197) | 5,176) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 44.42% | 45.70% | 43.36% | 44.35% | 42.10% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net operating revenues
= 100 × 2,350 ÷ 5,291 = 44.42%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Asia Pacific | Asia Pacific segment profit margin ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level. |
Segment Profit Margin: Global Ventures
Coca-Cola Co.; Global Ventures; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 310) | (120) | 343) | —) | —) |
| Net operating revenues | 2,805) | 1,991) | 2,562) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 11.05% | -6.03% | 13.39% | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net operating revenues
= 100 × 310 ÷ 2,805 = 11.05%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Global Ventures | Global Ventures segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment Profit Margin: Bottling Investments
Coca-Cola Co.; Bottling Investments; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 1,596) | 898) | 716) | (612) | (2,345) |
| Net operating revenues | 7,203) | 6,265) | 7,440) | 3,771) | 10,605) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 22.16% | 14.33% | 9.62% | -16.23% | -22.11% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment profit margin = 100 × Income (loss) from continuing operations before income taxes ÷ Net operating revenues
= 100 × 1,596 ÷ 7,203 = 22.16%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Bottling Investments | Bottling Investments segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Return on Assets (Segment ROA)
Coca-Cola Co., ROA by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 48.32% | 41.73% | 41.27% | 42.65% | 67.69% |
| Latin America | 147.79% | 125.30% | 127.04% | 131.02% | 116.61% |
| North America | 12.20% | 12.86% | 14.65% | 13.92% | 13.09% |
| Asia Pacific | 99.79% | 104.10% | 112.14% | 115.31% | 105.16% |
| Global Ventures | 3.90% | -1.58% | 4.72% | — | — |
| Bottling Investments | 15.48% | 8.54% | 6.41% | -14.80% | -52.19% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Europe, Middle East and Africa | Europe, Middle East and Africa segment ROA improved from 2019 to 2020 and from 2020 to 2021. |
| Latin America | Latin America segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. | |
| North America | North America segment ROA deteriorated from 2019 to 2020 and from 2020 to 2021. | |
| Asia Pacific | Asia Pacific segment ROA deteriorated from 2019 to 2020 and from 2020 to 2021. | |
| Global Ventures | Global Ventures segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. | |
| Bottling Investments | Bottling Investments segment ROA improved from 2019 to 2020 and from 2020 to 2021. |
Segment ROA: Europe, Middle East and Africa
Coca-Cola Co.; Europe, Middle East and Africa; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 3,821) | 3,379) | 3,361) | 3,406) | 3,706) |
| Identifiable operating assets | 7,908) | 8,098) | 8,143) | 7,985) | 5,475) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 48.32% | 41.73% | 41.27% | 42.65% | 67.69% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Identifiable operating assets
= 100 × 3,821 ÷ 7,908 = 48.32%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Europe, Middle East and Africa | Europe, Middle East and Africa segment ROA improved from 2019 to 2020 and from 2020 to 2021. |
Segment ROA: Latin America
Coca-Cola Co.; Latin America; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 2,542) | 2,001) | 2,288) | 2,247) | 2,211) |
| Identifiable operating assets | 1,720) | 1,597) | 1,801) | 1,715) | 1,896) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 147.79% | 125.30% | 127.04% | 131.02% | 116.61% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Identifiable operating assets
= 100 × 2,542 ÷ 1,720 = 147.79%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Latin America | Latin America segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Segment ROA: North America
Coca-Cola Co.; North America; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 3,140) | 2,500) | 2,592) | 2,494) | 2,307) |
| Identifiable operating assets | 25,730) | 19,444) | 17,687) | 17,913) | 17,619) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 12.20% | 12.86% | 14.65% | 13.92% | 13.09% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Identifiable operating assets
= 100 × 3,140 ÷ 25,730 = 12.20%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | North America | North America segment ROA deteriorated from 2019 to 2020 and from 2020 to 2021. |
Segment ROA: Asia Pacific
Coca-Cola Co.; Asia Pacific; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 2,350) | 2,158) | 2,310) | 2,305) | 2,179) |
| Identifiable operating assets | 2,355) | 2,073) | 2,060) | 1,999) | 2,072) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 99.79% | 104.10% | 112.14% | 115.31% | 105.16% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Identifiable operating assets
= 100 × 2,350 ÷ 2,355 = 99.79%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Asia Pacific | Asia Pacific segment ROA deteriorated from 2019 to 2020 and from 2020 to 2021. |
Segment ROA: Global Ventures
Coca-Cola Co.; Global Ventures; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 310) | (120) | 343) | —) | —) |
| Identifiable operating assets | 7,949) | 7,575) | 7,265) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 3.90% | -1.58% | 4.72% | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Identifiable operating assets
= 100 × 310 ÷ 7,949 = 3.90%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Global Ventures | Global Ventures segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment ROA: Bottling Investments
Coca-Cola Co.; Bottling Investments; segment ROA calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from continuing operations before income taxes | 1,596) | 898) | 716) | (612) | (2,345) |
| Identifiable operating assets | 10,312) | 10,521) | 11,170) | 4,135) | 4,493) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 15.48% | 8.54% | 6.41% | -14.80% | -52.19% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment ROA = 100 × Income (loss) from continuing operations before income taxes ÷ Identifiable operating assets
= 100 × 1,596 ÷ 10,312 = 15.48%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Bottling Investments | Bottling Investments segment ROA improved from 2019 to 2020 and from 2020 to 2021. |
Segment Asset Turnover
Coca-Cola Co., asset turnover by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 0.91 | 0.75 | 0.87 | 0.96 | 1.35 |
| Latin America | 2.41 | 2.19 | 2.29 | 2.34 | 2.13 |
| North America | 0.51 | 0.59 | 0.67 | 0.66 | 0.60 |
| Asia Pacific | 2.25 | 2.28 | 2.59 | 2.60 | 2.50 |
| Global Ventures | 0.35 | 0.26 | 0.35 | — | — |
| Bottling Investments | 0.70 | 0.60 | 0.67 | 0.91 | 2.36 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Europe, Middle East and Africa | Europe, Middle East and Africa segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
| Latin America | Latin America segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. | |
| North America | North America segment asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021. | |
| Asia Pacific | Asia Pacific segment asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021. | |
| Global Ventures | Global Ventures segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. | |
| Bottling Investments | Bottling Investments segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Segment Asset Turnover: Europe, Middle East and Africa
Coca-Cola Co.; Europe, Middle East and Africa; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | 7,193) | 6,057) | 7,058) | 7,702) | 7,374) |
| Identifiable operating assets | 7,908) | 8,098) | 8,143) | 7,985) | 5,475) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.91 | 0.75 | 0.87 | 0.96 | 1.35 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment asset turnover = Net operating revenues ÷ Identifiable operating assets
= 7,193 ÷ 7,908 = 0.91
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Europe, Middle East and Africa | Europe, Middle East and Africa segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Segment Asset Turnover: Latin America
Coca-Cola Co.; Latin America; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | 4,143) | 3,499) | 4,118) | 4,014) | 4,029) |
| Identifiable operating assets | 1,720) | 1,597) | 1,801) | 1,715) | 1,896) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.41 | 2.19 | 2.29 | 2.34 | 2.13 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment asset turnover = Net operating revenues ÷ Identifiable operating assets
= 4,143 ÷ 1,720 = 2.41
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Latin America | Latin America segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Segment Asset Turnover: North America
Coca-Cola Co.; North America; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | 13,190) | 11,477) | 11,915) | 11,768) | 10,637) |
| Identifiable operating assets | 25,730) | 19,444) | 17,687) | 17,913) | 17,619) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.51 | 0.59 | 0.67 | 0.66 | 0.60 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment asset turnover = Net operating revenues ÷ Identifiable operating assets
= 13,190 ÷ 25,730 = 0.51
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | North America | North America segment asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Segment Asset Turnover: Asia Pacific
Coca-Cola Co.; Asia Pacific; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | 5,291) | 4,722) | 5,327) | 5,197) | 5,176) |
| Identifiable operating assets | 2,355) | 2,073) | 2,060) | 1,999) | 2,072) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.25 | 2.28 | 2.59 | 2.60 | 2.50 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment asset turnover = Net operating revenues ÷ Identifiable operating assets
= 5,291 ÷ 2,355 = 2.25
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Asia Pacific | Asia Pacific segment asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Segment Asset Turnover: Global Ventures
Coca-Cola Co.; Global Ventures; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | 2,805) | 1,991) | 2,562) | —) | —) |
| Identifiable operating assets | 7,949) | 7,575) | 7,265) | —) | —) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.35 | 0.26 | 0.35 | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment asset turnover = Net operating revenues ÷ Identifiable operating assets
= 2,805 ÷ 7,949 = 0.35
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Global Ventures | Global Ventures segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Segment Asset Turnover: Bottling Investments
Coca-Cola Co.; Bottling Investments; segment asset turnover calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net operating revenues | 7,203) | 6,265) | 7,440) | 3,771) | 10,605) |
| Identifiable operating assets | 10,312) | 10,521) | 11,170) | 4,135) | 4,493) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.70 | 0.60 | 0.67 | 0.91 | 2.36 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment asset turnover = Net operating revenues ÷ Identifiable operating assets
= 7,203 ÷ 10,312 = 0.70
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Bottling Investments | Bottling Investments segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Segment Capital Expenditures to Depreciation
Coca-Cola Co., capital expenditures to depreciation by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 0.46 | 0.31 | 1.26 | 0.91 | 0.89 |
| Latin America | 0.05 | 0.13 | 4.00 | 3.00 | 1.49 |
| North America | 0.59 | 0.41 | 0.89 | 1.02 | 1.32 |
| Asia Pacific | 1.33 | 0.43 | 1.52 | 0.53 | 0.77 |
| Global Ventures | 2.11 | 2.14 | 1.79 | — | — |
| Bottling Investments | 1.06 | 0.86 | 1.87 | 1.32 | 1.46 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| 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 deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| Latin America | Latin America segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 and from 2020 to 2021. | |
| North America | North America segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. | |
| Asia Pacific | Asia Pacific segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. | |
| Global Ventures | Global Ventures segment capital expenditures to depreciation ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. | |
| Bottling Investments | Bottling Investments segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
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, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 35) | 27) | 108) | 77) | 81) |
| Depreciation and amortization | 76) | 86) | 86) | 85) | 91) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.46 | 0.31 | 1.26 | 0.91 | 0.89 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 35 ÷ 76 = 0.46
| 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 deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment Capital Expenditures to Depreciation: Latin America
Coca-Cola Co.; Latin America; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 2) | 6) | 140) | 90) | 55) |
| Depreciation and amortization | 39) | 45) | 35) | 30) | 37) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.05 | 0.13 | 4.00 | 3.00 | 1.49 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 2 ÷ 39 = 0.05
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Latin America | Latin America segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Segment Capital Expenditures to Depreciation: North America
Coca-Cola Co.; North America; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 228) | 182) | 392) | 429) | 541) |
| Depreciation and amortization | 388) | 439) | 439) | 422) | 411) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.59 | 0.41 | 0.89 | 1.02 | 1.32 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 228 ÷ 388 = 0.59
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | North America | North America segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Segment Capital Expenditures to Depreciation: Asia Pacific
Coca-Cola Co.; Asia Pacific; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 65) | 20) | 47) | 31) | 50) |
| Depreciation and amortization | 49) | 47) | 31) | 58) | 65) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.33 | 0.43 | 1.52 | 0.53 | 0.77 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 65 ÷ 49 = 1.33
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Asia Pacific | Asia Pacific segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Segment Capital Expenditures to Depreciation: Global Ventures
Coca-Cola Co.; Global Ventures; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 285) | 261) | 209) | —) | —) |
| Depreciation and amortization | 135) | 122) | 117) | —) | —) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 2.11 | 2.14 | 1.79 | — | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 285 ÷ 135 = 2.11
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Global Ventures | Global Ventures segment capital expenditures to depreciation ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |
Segment Capital Expenditures to Depreciation: Bottling Investments
Coca-Cola Co.; Bottling Investments; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 560) | 474) | 836) | 316) | 662) |
| Depreciation and amortization | 529) | 551) | 446) | 239) | 454) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.06 | 0.86 | 1.87 | 1.32 | 1.46 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 560 ÷ 529 = 1.06
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Bottling Investments | Bottling Investments segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Net operating revenues
Coca-Cola Co., net operating revenues by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 7,193) | 6,057) | 7,058) | 7,702) | 7,374) |
| Latin America | 4,143) | 3,499) | 4,118) | 4,014) | 4,029) |
| North America | 13,190) | 11,477) | 11,915) | 11,768) | 10,637) |
| Asia Pacific | 5,291) | 4,722) | 5,327) | 5,197) | 5,176) |
| Global Ventures | 2,805) | 1,991) | 2,562) | —) | —) |
| Bottling Investments | 7,203) | 6,265) | 7,440) | 3,771) | 10,605) |
| Corporate | 85) | 46) | 94) | 105) | 138) |
| Eliminations | (1,255) | (1,043) | (1,248) | (701) | (2,549) |
| Consolidated | 38,655) | 33,014) | 37,266) | 31,856) | 35,410) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
Depreciation and amortization
Coca-Cola Co., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 76) | 86) | 86) | 85) | 91) |
| Latin America | 39) | 45) | 35) | 30) | 37) |
| North America | 388) | 439) | 439) | 422) | 411) |
| Asia Pacific | 49) | 47) | 31) | 58) | 65) |
| Global Ventures | 135) | 122) | 117) | —) | —) |
| Bottling Investments | 529) | 551) | 446) | 239) | 454) |
| Corporate | 236) | 246) | 211) | 252) | 202) |
| Consolidated | 1,452) | 1,536) | 1,365) | 1,086) | 1,260) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
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, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 3,821) | 3,379) | 3,361) | 3,406) | 3,706) |
| Latin America | 2,542) | 2,001) | 2,288) | 2,247) | 2,211) |
| North America | 3,140) | 2,500) | 2,592) | 2,494) | 2,307) |
| Asia Pacific | 2,350) | 2,158) | 2,310) | 2,305) | 2,179) |
| Global Ventures | 310) | (120) | 343) | —) | —) |
| Bottling Investments | 1,596) | 898) | 716) | (612) | (2,345) |
| Corporate | (1,334) | (1,067) | (824) | (1,490) | (1,316) |
| Consolidated | 12,425) | 9,749) | 10,786) | 8,350) | 6,742) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
Identifiable operating assets
Coca-Cola Co., identifiable operating assets by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 7,908) | 8,098) | 8,143) | 7,985) | 5,475) |
| Latin America | 1,720) | 1,597) | 1,801) | 1,715) | 1,896) |
| North America | 25,730) | 19,444) | 17,687) | 17,913) | 17,619) |
| Asia Pacific | 2,355) | 2,073) | 2,060) | 1,999) | 2,072) |
| Global Ventures | 7,949) | 7,575) | 7,265) | —) | —) |
| Bottling Investments | 10,312) | 10,521) | 11,170) | 4,135) | 4,493) |
| Corporate | 19,964) | 17,903) | 18,376) | 22,649) | 27,060) |
| Consolidated | 75,938) | 67,211) | 66,502) | 56,396) | 58,615) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
Capital expenditures
Coca-Cola Co., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Europe, Middle East and Africa | 35) | 27) | 108) | 77) | 81) |
| Latin America | 2) | 6) | 140) | 90) | 55) |
| North America | 228) | 182) | 392) | 429) | 541) |
| Asia Pacific | 65) | 20) | 47) | 31) | 50) |
| Global Ventures | 285) | 261) | 209) | —) | —) |
| Bottling Investments | 560) | 474) | 836) | 316) | 662) |
| Corporate | 192) | 207) | 322) | 404) | 286) |
| Consolidated | 1,367) | 1,177) | 2,054) | 1,347) | 1,675) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).