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, 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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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).