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, 2023
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
2023 2022 2021
Net operating revenues $ 93,862  $ 85,116  $ 79,934 
Cost of goods sold 55,780  52,051  47,847 
Gross profit $ 38,082  $ 33,065  $ 32,087 
Operating income $ 11,868  $ 9,719  $ 9,089 
Consolidated net income $ 7,657  $ 6,373  $ 6,050 
Less: Net income attributable to noncontrolling interests 75  102  91 
Net income attributable to common shareowners $ 7,582  $ 6,271  $ 5,959 
Company equity income (loss) — net $ 1,691  $ 1,472  $ 1,438 
1 The financial information represents the results of the equity method investees during the Company’s period of ownership.
December 31, 2023 2022
Current assets $ 35,087  $ 32,722 
Noncurrent assets 74,464  70,523 
Total assets $ 109,551  $ 103,245 
Current liabilities $ 26,929  $ 23,580 
Noncurrent liabilities 33,989  34,740 
Total liabilities $ 60,918  $ 58,320 
Equity attributable to shareowners of investees $ 47,473  $ 43,917 
Equity attributable to noncontrolling interests 1,160  1,008 
Total equity $ 48,633  $ 44,925 
Company equity method investments $ 19,671  $ 18,264 
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, 2023 Fair Value Carrying Value Difference
Monster Beverage Corporation $ 11,766  $ 4,837  $ 6,929 
Coca-Cola Europacific Partners plc 5,870  3,858  2,012 
Coca-Cola FEMSA, S.A.B. de C.V. 5,549  2,092  3,457 
Coca-Cola HBC AG 2,296  1,252  1,044 
Coca-Cola Consolidated, Inc. 2,304  473  1,831 
Coca-Cola Bottlers Japan Holdings Inc. 484  367  117 
Coca-Cola İçecek A.Ş. 911  228  683 
Embotelladora Andina S.A. 137  90  47 
Total $ 29,317  $ 13,197  $ 16,120