Annual report pursuant to Section 13 and 15(d)

EQUITY METHOD INVESTMENTS (Tables)

v3.22.4
EQUITY METHOD INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
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
2022 2021 2020
Net operating revenues $ 85,116  $ 79,934  $ 69,384 
Cost of goods sold 52,051  47,847  41,139 
Gross profit $ 33,065  $ 32,087  $ 28,245 
Operating income $ 9,719  $ 9,089  $ 7,056 
Consolidated net income $ 6,373  $ 6,050  $ 4,176 
Less: Net income attributable to noncontrolling interests 102  91  54 
Net income attributable to common shareowners $ 6,271  $ 5,959  $ 4,122 
Company equity income (loss) — net $ 1,472  $ 1,438  $ 978 
1 The financial information represents the results of the equity method investees during the Company’s period of ownership.
December 31, 2022 2021
Current assets $ 32,722  $ 30,992 
Noncurrent assets 70,523  72,064 
Total assets $ 103,245  $ 103,056 
Current liabilities $ 23,580  $ 21,362 
Noncurrent liabilities 34,740  37,353 
Total liabilities $ 58,320  $ 58,715 
Equity attributable to shareowners of investees $ 43,917  $ 43,422 
Equity attributable to noncontrolling interests 1,008  919 
Total equity $ 44,925  $ 44,341 
Company equity method investments $ 18,264  $ 17,598 
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, 2022 Fair Value Carrying Value Difference
Monster Beverage Corporation $ 10,368  $ 4,514  $ 5,854 
Coca-Cola Europacific Partners plc 4,865  3,643  1,222 
Coca-Cola FEMSA, S.A.B. de C.V. 3,952  1,729  2,223 
Coca-Cola HBC AG 1,868  1,119  749 
Coca-Cola Consolidated, Inc. 1,272  339  933 
Coca-Cola Bottlers Japan Holdings Inc.1
369  398  (29)
Coca-Cola İçecek A.Ş. 559  207  352 
Embotelladora Andina S.A. 134  97  37 
Total $ 23,387  $ 12,046  $ 11,341 
1The carrying value of our investment in CCBJHI exceeded its fair value as of December 31, 2022 by $29 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.