Stock Analysis on Net

Coca-Cola Co. (NYSE:KO)

Analysis of Reportable Segments

Microsoft Excel

Segment Profit Margin

Coca-Cola Co., profit margin by reportable segment

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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).