The Coca-Cola Company Quarterly report pursuant to Section 13 or 15(d)

Operating Segments

3 Months Ended

Mar. 30, 2018

OPERATING SEGMENTS

Information about our Company's continuing operations by operating segment is as follows (in millions):



	Europe, Middle East & Africa		Latin America		North America		Asia Pacific		Bottling Investments			Corporate			Eliminations			Consolidated
As of and for the three months ended March 30, 2018
Net operating revenues:
Third party	$	1,692	$	979	$	2,625	$	1,112	$	1,051		$	18		$	—		$	7,477
Intersegment	149		19		55		106		—			—			(180		)	149		¹
Total net operating revenues	1,841		998		2,680		1,218		1,051			18			(180		)	7,626
Operating income (loss)	914		572		531		565		(461		)	(310		)	—			1,811
Income (loss) from continuing operations before income taxes	927		566		531		574		(388		)	(377		)	—			1,833
Identifiable operating assets	9,089		1,990		18,093		2,324		4,342			27,761			—			63,599		²
Noncurrent investments	1,239		889		119		185		16,506			3,579			—			22,517
As of and for the three months ended March 31, 2017
Net operating revenues:³
Third party	$	1,632	$	913	$	1,653	$	1,078	$	3,813		$	29		$	—		$	9,118
Intersegment	—		13		764		130		23			—			(930		)	—
Total net operating revenues	1,632		926		2,417		1,208		3,836			29			(930		)	9,118
Operating income (loss)^3,4	860		505		574		541		(89		)	(428		)	—			1,963
Income (loss) from continuing operations before income taxes³	885		507		477		549		(546		)	(365		)	—			1,507
Identifiable operating assets	5,044		1,959		17,040		2,157		15,165			31,853			—			73,218
Noncurrent investments	1,345		874		106		166		12,056			3,436			—			17,983
As of December 31, 2017
Identifiable operating assets	$	5,475	$	1,896	$	17,619	$	2,072	$	4,493		$	27,060		$	—		$	58,615	⁵
Noncurrent investments	1,238		891		112		177		15,998			3,536			—			21,952

¹ Intersegment revenues do not eliminate on a consolidated basis in the table above due to intercompany sales to our discontinued

operations.

² Identifiable operating assets excludes $7,166 million of assets held for sale — discontinued operations.

³ Amounts have been adjusted to reflect the reclassification of certain revenue streams from the Bottling Investments operating segment to

the North America operating segment effective January 1, 2018.

⁴ Amounts have been adjusted to reflect the adoption of ASU 2017-07. Refer to Note 1.

⁵ Identifiable operating assets excludes $7,329 million of assets held for sale — discontinued operations.

During the three months ended March 30, 2018, the results of our operating segments were impacted by the following items:


•	Operating income (loss) and income (loss) from continuing operations before income taxes were reduced by $2 million for Europe, Middle East and Africa, $2 million for Latin America, $52 million for North America, $6 million for Bottling Investments and $33 million for Corporate due to the Company's productivity and reinvestment program. Refer to Note 12.


•	Operating income (loss) and income (loss) from continuing operations before income taxes were reduced by $390 million for Bottling Investments due to asset impairment charges. Refer to Note 11 and Note 15.


•	Operating income (loss) and income (loss) from continuing operations before income taxes were reduced by $45 million for Bottling Investments due to costs incurred to refranchise certain of our bottling operations. Refer to Note 11.


•	Income (loss) from continuing operations before income taxes was reduced by $68 million for Bottling Investments and increased by $17 million for Corporate due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. Refer to Note 11.


•	Income (loss) from continuing operations before income taxes was reduced by $85 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4 and Note 11.


•	Income (loss) from continuing operations before income taxes was reduced by $33 million for Bottling Investments primarily due to the reversal of the cumulative translation adjustments resulting from the substantial liquidation of the Company's former Russian juice operations. Refer to Note 11.


•	Income (loss) from continuing operations before income taxes was reduced by $19 million for North America primarily related to payments made to convert the bottling agreements for certain North America bottling partners' territories to a single form of CBA with additional requirements. Refer to Note 2.

During the three months ended March 31, 2017, the results of our operating segments were impacted by the following items:


•	Operating income (loss) and income (loss) from continuing operations before income taxes were reduced by $2 million for Europe, Middle East and Africa, $35 million for North America, $1 million for Asia Pacific, $14 million for Bottling Investments and $87 million for Corporate due to the Company's productivity and reinvestment program. Refer to Note 12.


•	Operating income (loss) was reduced by $39 million and income (loss) from continuing operations before income taxes was reduced by $57 million for Bottling Investments due to costs incurred to refranchise certain of our bottling operations. Refer to Note 2 and Note 11.


•	Operating income (loss) and income (loss) from continuing operations before income taxes were reduced by $84 million for Bottling Investments and $20 million for Corporate due to impairment charges recorded on certain of the Company's intangible assets. Refer to Note 1 and Note 11.


•	Income (loss) from continuing operations before income taxes was reduced by $4 million for Europe, Middle East and Africa, $53 million for Bottling Investments and $1 million for Corporate due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. Refer to Note 11.


•	Income (loss) from continuing operations before income taxes was reduced by $106 million for North America primarily related to payments made to convert the bottling agreements for certain North America bottling partners' territories to a single form of CBA with additional requirements. Refer to Note 2.


•	Income (loss) from continuing operations before income taxes was reduced by $497 million for Bottling Investments due to the refranchising of certain bottling territories in North America. Refer to Note 2 and Note 11.