The Coca-Cola Company is organized geographically and defines reportable operating segments as regions of the world. The following information was extracted from Note 19 Operating Segments in the Coca-Cola Company 2017 Annual Report: Page 406 Third party Information about our Company's continuing operations by operating segment as of and for the years ended December 31, 2017, 2016, and 2015, is as follows (in millions): Europe, Middle Latin North Asia Bottling East & Africa America America Pacific Investments Corporate Eliminations Consolidated 2017 Net operating revenues: $7,332 $3,956 $8,651 $4,767 $10,524 $ 138 $ $35,368 Intersegment 42 73 1.986 409 81 (2,549) 42 Total net operating revenues 7,374 4,029 10.637 5.176 10,605 138 (2,549) 35.410 Operating income (loss) 3,646 2,214 2,578 2,163 (1.117) (1,983) 7,501 Interest income 44 633 677 Interest expense 841 841 Depreciation and amortization 91 37 411 65 454 202 1,260 Equity income (loss)-net 48 (3) (3) 11 878 140 1,071 Income (loss) from continuing operations before income taxes 3,706 2,211 2,307 2,179 (2,345) (1,316) 6,742 Identifiable operating assets 5,475 1,896 17,619 2.072 4,493 27,060 58,615 Investments 1,238 891 112 177 15,998 3,536 21,952 Capital expenditures 81 55 541 50 662 286 1,675 2016 Net operating revenues: $7,014 $3,746 $6,437 $4,788 $ 19.751 $ 127 $ $41,863 Intersegment 264 73 3,773 506 134 5 (4,755) Total net operating revenues 7,278 3,819 10,210 5,294 19,885 132 (4,755) 41,863 Operating income (loss) 3,676 1,951 2,582 2.224 (137) (1,670) 8,626 Interest income 27 615 642 Interest expense 733 733 Depreciation and amortization 93 35 426 80 1,013 140 1,787 Third party 62 18 (17) 9 648 115 - 835 3,749 4,067 1,302 62 (454) 29,606 1,966 1,785 804 45 2,560 16,566 109 438 2,338 2,024 164 107 (1,923) 15,973 11,456 III 8.136 70,021 17,249 2,262 3,414 1,329 281 $ 156 $ $44,294 Equity income (loss-net Income (loss) from continuing operations before income taxes Identifiable operating assets Investments Capital expenditures 2015 Net operating revenues: Third party Intersegment Total net operating revenues Operating income (loss) Interest income Interest expense Depreciation and amortization Equity income (loss)-net Income (loss) from continuing operations before income taxes Identifiable operating assets Investments Capital expenditures $6,966 621 7,587 3,875 $3,999 75 4,074 2,169 $5,581 4,259 9,840 2,366 9 $4,707 545 5,252 2.189 $22.885 178 23.063 124 (5,688) (5,688) 10 166 (1,995) 604 856 157 40 44,294 8,728 613 856 1,970 85 1.211 103 39 41 (7) 373 (18) 9 426 489 3,923 4,156 1,138 54 2,164 1.627 657 70 2,356 16,396 107 377 2,207 1,639 158 81 (427) 22,688 8,084 1,699 (618) 27,702 5,644 272 9,605 74,208 15.788 2,553 Required 1. Calculate the following measures for each of Coca-Cola's operating segments (excluding Bottling Investments and Corporate): Page 407 Percentage of total net operating revenues, 2016 and 2017. Percentage change in total net operating revenues, 2015 to 2016 and 2016 to 2017. Operating income as a percentage of total net operating revenues (profit margin), 2013 and 2014. 2. Determine whether you believe Coca-Cola should attempt expand its operations in a particular region of the world to increase net operating revenues and operating income. 3. List any additional information you would like to have to conduct your analysis. Page 408