Annual report pursuant to Section 13 and 15(d)

EQUITY METHOD INVESTMENTS (Tables)

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EQUITY METHOD INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Summary of financial information for equity method investees
A summary of financial information for our equity method investees in the aggregate is as follows (in millions):
Year Ended December 31,1
2021 2020 2019
Net operating revenues $ 79,934  $ 69,384  $ 75,980 
Cost of goods sold 47,847  41,139  44,881 
Gross profit $ 32,087  $ 28,245  $ 31,099 
Operating income $ 9,089  $ 7,056  $ 7,748 
Consolidated net income $ 6,050  $ 4,176  $ 4,597 
Less: Net income attributable to noncontrolling interests 91  54  63 
Net income attributable to common shareowners $ 5,959  $ 4,122  $ 4,534 
Company equity income (loss) — net $ 1,438  $ 978  $ 1,049 
1 The financial information represents the results of the equity method investees during the Company’s period of ownership.
December 31, 2021 2020
Current assets $ 30,992  $ 29,431 
Noncurrent assets 72,064  67,900 
Total assets $ 103,056  $ 97,331 
Current liabilities $ 21,362  $ 20,033 
Noncurrent liabilities 37,353  33,613 
Total liabilities $ 58,715  $ 53,646 
Equity attributable to shareowners of investees $ 43,422  $ 42,622 
Equity attributable to noncontrolling interests 919  1,063 
Total equity $ 44,341  $ 43,685 
Company equity method investments $ 17,598  $ 19,273 
Equity Method Investments Fair Value and Carrying Value
The following table presents the difference between calculated fair value, based on quoted closing prices of publicly traded shares, and our Company’s carrying value in investments in publicly traded companies accounted for under the equity method (in millions):
December 31, 2021 Fair Value Carrying Value Difference
Monster Beverage Corporation $ 9,808  $ 4,323  $ 5,485 
Coca-Cola Europacific Partners plc 4,919  3,578  1,341 
Coca-Cola FEMSA, S.A.B. de C.V. 3,182  1,568  1,614 
Coca-Cola HBC AG 2,705  1,115  1,590 
Coca-Cola Consolidated, Inc. 1,537  224  1,313 
Coca-Cola Bottlers Japan Holdings Inc.1
387  474  (87)
Coca-Cola İçecek A.Ş. 340  123  217 
Embotelladora Andina S.A. 130  98  32 
Total $ 23,008  $ 11,503  $ 11,505 
1The carrying value of our investment in CCBJHI exceeded its fair value as of December 31, 2021 by $87 million. Based on the length of time and the extent to which the fair value has been less than our carrying value and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value, management determined that the decline in fair value was temporary in nature. Therefore, we did not record an impairment charge related to the investment.