| Operating Segments |
OPERATING SEGMENTS
Information about our Company's operations by operating segment and Corporate is as follows (in millions):
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Europe, Middle East & Africa |
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Latin
America |
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North
America |
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Asia Pacific |
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Global Ventures |
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Bottling
Investments |
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Corporate |
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Eliminations |
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Consolidated |
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As of and for the Three Months Ended March 27, 2020 |
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Net operating revenues: |
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Third party |
$ |
1,573 |
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$ |
930 |
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$ |
2,849 |
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$ |
989 |
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$ |
573 |
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$ |
1,656 |
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$ |
31 |
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$ |
— |
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$ |
8,601 |
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Intersegment |
152 |
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— |
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1 |
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139 |
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— |
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2 |
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— |
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(294 |
) |
— |
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Total net operating revenues |
1,725 |
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930 |
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2,850 |
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1,128 |
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573 |
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1,658 |
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31 |
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(294 |
) |
8,601 |
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Operating income (loss) |
960 |
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539 |
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387 |
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511 |
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19 |
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63 |
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(99 |
) |
— |
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2,380 |
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Income (loss) before income taxes |
971 |
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535 |
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402 |
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513 |
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18 |
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198 |
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373 |
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— |
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3,010 |
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Identifiable operating assets |
8,172 |
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1 |
1,853 |
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20,600 |
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2,312 |
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7,378 |
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10,184 |
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1 |
24,842 |
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— |
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75,341 |
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Investments2
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498 |
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661 |
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357 |
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225 |
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11 |
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12,968 |
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3,952 |
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— |
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18,672 |
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As of and for the Three Months Ended March 29, 2019 |
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Net operating revenues: |
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Third party |
$ |
1,634 |
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$ |
896 |
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$ |
2,681 |
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$ |
1,060 |
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$ |
583 |
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$ |
1,808 |
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$ |
32 |
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$ |
— |
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$ |
8,694 |
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Intersegment |
138 |
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— |
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2 |
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127 |
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2 |
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2 |
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— |
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(271 |
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— |
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Total net operating revenues |
1,772 |
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|
896 |
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2,683 |
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1,187 |
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585 |
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1,810 |
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32 |
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(271 |
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8,694 |
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Operating income (loss) |
978 |
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496 |
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586 |
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542 |
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66 |
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100 |
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(333 |
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— |
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2,435 |
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Income (loss) before income taxes |
988 |
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491 |
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537 |
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550 |
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68 |
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(100 |
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(309 |
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— |
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2,225 |
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Identifiable operating assets |
8,379 |
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1 |
1,838 |
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18,316 |
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2,088 |
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7,350 |
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10,867 |
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1 |
19,305 |
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— |
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68,143 |
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Investments2
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719 |
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786 |
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343 |
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223 |
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— |
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14,360 |
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3,773 |
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— |
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20,204 |
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As of December 31, 2019 |
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Identifiable operating assets |
$ |
8,143 |
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1 |
$ |
1,801 |
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$ |
17,687 |
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$ |
2,060 |
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$ |
7,265 |
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$ |
11,170 |
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1 |
$ |
18,376 |
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$ |
— |
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$ |
66,502 |
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Investments2
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543 |
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716 |
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358 |
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224 |
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14 |
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14,093 |
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3,931 |
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— |
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19,879 |
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1 Property, plant and equipment — net in South Africa represented 14 percent, 14 percent and 16 percent of consolidated property, plant and equipment — net as of March 27, 2020, March 29, 2019 and December 31, 2019, respectively.
2 Principally equity method investments and other investments in bottling companies.
During the three months ended March 27, 2020, the results of our operating segments and Corporate were impacted by the following items:
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Operating income (loss) and income (loss) before income taxes were reduced by $152 million for North America due to an impairment charge related to a trademark, which was primarily driven by revised projections of future operating results due to reduced availability at retail customer outlets and a change in brand focus in the Company's portfolio. Refer to Note 15.
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Operating income (loss) and income (loss) before income taxes were reduced by $39 million for Corporate due to the Company's productivity and reinvestment program. Refer to Note 12.
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Operating income (loss) and income (loss) before income taxes were reduced by $11 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of the remaining interest in fairlife. Refer to Note 2.
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Income (loss) before income taxes was increased by $902 million for Corporate in conjunction with our acquisition of the remaining interest in fairlife, which resulted from the remeasurement of our previously held equity interest in fairlife to fair value. Refer to Note 2.
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Income (loss) before income taxes was increased by $18 million for Corporate related to the sale of a portion of our ownership interest in one of our equity method investments.
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Income (loss) before income taxes was reduced by $392 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.
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Income (loss) before income taxes was reduced by $38 million for Bottling Investments due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
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During the three months ended March 29, 2019, the results of our operating segments and Corporate were impacted by the following items:
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Operating income (loss) and income (loss) before income taxes were reduced by $1 million for Europe, Middle East and Africa, $17 million for North America, $2 million for Bottling Investments and $48 million for Corporate due to the Company's productivity and reinvestment program. Refer to Note 12.
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Operating income (loss) and income (loss) before income taxes were reduced by $46 million for Corporate related to transaction costs associated with the purchase of Costa, which we acquired in January 2019. Refer to Note 2.
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Operating income (loss) and income (loss) before income taxes were reduced by $11 million for Bottling Investments related to costs incurred to refranchise certain of our North America bottling operations. Refer to Note 11.
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Income (loss) before income taxes was increased by $149 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.
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Income (loss) before income taxes was increased by $39 million for Corporate related to the sale of a portion of our equity ownership interest in Andina. Refer to Note 2.
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Income (loss) before income taxes was reduced by $286 million for Bottling Investments due to an other-than-temporary impairment charge related to CCBJHI, an equity method investee. Refer to Note 15.
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Income (loss) before income taxes was reduced by $121 million for Corporate resulting from a loss in conjunction with our acquisition of the remaining interest in CHI. Refer to Note 2 and Note 15.
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Income (loss) before income taxes was reduced by $57 million for North America due to an other-than-temporary impairment charge related to one of our equity method investees. Refer to Note 15.
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Income (loss) before income taxes was reduced by $42 million for Bottling Investments due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
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