I didn’t know Coke has more than 500 brands and I certainly didn’t know Coke has the world’s largest beverage distribution system, which I think is one aspect of the business that is vastly underappreciated. According to the 10K, Coke actually has two operations with different economic characteristics: "Coca Cola markets, manufactures and sells: beverage concentrates, sometimes referred to as "beverage bases," and syrups, including fountain syrups (we refer to this part of our business as our "concentrate business" or "concentrate operations"); and In our concentrate operations, we typically generate net operating revenues by selling concentrates and syrups to authorized bottling and canning operations (to which we typically refer as our "bottlers" or our "bottling partners").
Our bottling partners either combine the concentrates with sweeteners (depending on the product), still water and/or sparkling water, or combine the syrups with sparkling water to produce finished beverages.
Here is how Coca Cola(NYSE: KO) describes its products on its most recent 10K.
"The Coca-Cola Company is the world’s largest beverage company.
CCR is included in our North America operating segment.