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OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
AOCI attributable to the shareowners of The Coca-Cola Company | AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions):
December 31, | 2022 | 2021
Net foreign currency translation adjustments | $ | (13,609) |  | $ | (12,595) |
Accumulated net gains (losses) on derivatives | 24 |  | 20 |
Unrealized net gains (losses) on available-for-sale debt securities | (25) |  | (62) |
Adjustments to pension and other postretirement benefit liabilities | (1,285) |  | (1,693) |
Accumulated other comprehensive income (loss) | $ | (14,895) |  | $ | (14,330) |
Comprehensive Income (Loss) Apportioned between Shareowners of the The Coca-Cola Company and Noncontrolling Interests | The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions):
| Year Ended December 31, 2022
| Shareowners of The Coca-Cola Company | Noncontrolling Interests | Total
Consolidated net income | $ | 9,542 |  | $ | 29 |  | $ | 9,571 |
Other comprehensive income: |  |  |
Net foreign currency translation adjustments | (1,014) |  | (118) |  | (1,132) |
Net gains (losses) on derivatives 1 | 4 |  | — |  | 4 |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | 37 |  | — |  | 37 |
Net change in pension and other postretirement benefit liabilities 3 | 408 |  | — |  | 408 |
Total comprehensive income | $ | 8,977 |  | $ | (89) |  | $ | 8,888 |
1 Refer to Note 5 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. 3 Refer to Note 13 for additional information related to the Company’s pension and other postretirement benefit liabilities.
OCI attributable to shareowners of The Coca-Cola Company | The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions):
| Before-Tax Amount | Income Tax | After-Tax Amount
2022 |  |  |
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the year | $ | (125) |  | $ | (226) |  | $ | (351) |
Reclassification adjustments recognized in net income | 200 |  | — |  | 200 |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | (1,419) |  | — |  | (1,419) |
Gains (losses) on net investment hedges arising during the year 1 | 741 |  | (185) |  | 556 |
Net foreign currency translation adjustments | $ | (603) |  | $ | (411) |  | $ | (1,014) |
Derivatives: |  |  |
Gains (losses) arising during the year | $ | 165 |  | $ | (40) |  | $ | 125 |
Reclassification adjustments recognized in net income | (161) |  | 40 |  | (121) |
Net gains (losses) on derivatives 1 | $ | 4 |  | $ | — |  | $ | 4 |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the year | $ | (69) |  | $ | 4 |  | $ | (65) |
Reclassification adjustments recognized in net income | 131 |  | (29) |  | 102 |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | $ | 62 |  | $ | (25) |  | $ | 37 |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the year | $ | 420 |  | $ | (90) |  | $ | 330 |
Reclassification adjustments recognized in net income | 104 |  | (26) |  | 78 |
Net change in pension and other postretirement benefit liabilities 3 | $ | 524 |  | $ | (116) |  | $ | 408 |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | (13) |  | $ | (552) |  | $ | (565) |
2021 |  |  |
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the year | $ | 263 |  | $ | 19 |  | $ | 282 |
Reclassification adjustments recognized in net income | 257 |  | — |  | 257 |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | (1,798) |  | — |  | (1,798) |
Gains (losses) on net investment hedges arising during the year 1 | 918 |  | (230) |  | 688 |
Reclassification adjustments for net investment hedges recognized in net income | 4 |  | — |  | 4 |
Net foreign currency translation adjustments | $ | (356) |  | $ | (211) |  | $ | (567) |
Derivatives: |  |  |
Gains (losses) arising during the year | $ | 160 |  | $ | (41) |  | $ | 119 |
Reclassification adjustments recognized in net income | 124 |  | (29) |  | 95 |
Net gains (losses) on derivatives 1 | $ | 284 |  | $ | (70) |  | $ | 214 |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the year | $ | (141) |  | $ | 48 |  | $ | (93) |
Reclassification adjustments recognized in net income | 4 |  | (1) |  | 3 |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | $ | (137) |  | $ | 47 |  | $ | (90) |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the year | $ | 653 |  | $ | (138) |  | $ | 515 |
Reclassification adjustments recognized in net income | 265 |  | (66) |  | 199 |
Net change in pension and other postretirement benefit liabilities 3 | $ | 918 |  | $ | (204) |  | $ | 714 |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | 709 |  | $ | (438) |  | $ | 271 |
| Before-Tax Amount | Income Tax | After-Tax Amount
2020 |  |  |
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the year | $ | (2,223) |  | $ | 150 |  | $ | (2,073) |
Reclassification adjustments recognized in net income | 3 |  | — |  | 3 |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | 2,133 |  | — |  | 2,133 |
Gains (losses) on net investment hedges arising during the year 1 | (1,094) |  | 273 |  | (821) |
Net foreign currency translation adjustments | $ | (1,181) |  | $ | 423 |  | $ | (758) |
Derivatives: |  |  |
Gains (losses) arising during the year | $ | (54) |  | $ | 13 |  | $ | (41) |
Reclassification adjustments recognized in net income | 74 |  | (18) |  | 56 |
Net gains (losses) on derivatives 1 | $ | 20 |  | $ | (5) |  | $ | 15 |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the year | $ | (64) |  | $ | 22 |  | $ | (42) |
Reclassification adjustments recognized in net income | (7) |  | 2 |  | (5) |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | $ | (71) |  | $ | 24 |  | $ | (47) |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the year | $ | (560) |  | $ | 138 |  | $ | (422) |
Reclassification adjustments recognized in net income | 206 |  | (51) |  | 155 |
Net change in pension and other postretirement benefit liabilities 3 | $ | (354) |  | $ | 87 |  | $ | (267) |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | (1,586) |  | $ | 529 |  | $ | (1,057) |
1 Refer to Note 5 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. 3 Refer to Note 13 for additional information related to the Company’s pension and other postretirement benefit liabilities.
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the amounts and line items in our consolidated statement of income where adjustments reclassified from AOCI into income were recorded during the year ended December 31, 2022 (in millions):
Description of AOCI Component | Financial Statement Line Item | Amount Reclassified from AOCI into Income
Foreign currency translation adjustments: |  |
Divestitures, deconsolidations and other 1 | Other income (loss) — net | $ | 200 |
| Income before income taxes | 200 |
| Income taxes | — |
| Consolidated net income | $ | 200 |
Derivatives: |  |
Foreign currency contracts | Net operating revenues | $ | (218) |
Foreign currency and commodity contracts | Cost of goods sold | (26) |
Foreign currency contracts | Other income (loss) — net | 79 |
Foreign currency contracts | Interest expense | 4 |
| Income before income taxes | (161) |
| Income taxes | 40 |
| Consolidated net income | $ | (121) |
Available-for-sale debt securities: |  |
Sale of debt securities | Other income (loss) — net | $ | 131 |
| Income before income taxes | 131 |
| Income taxes | (29) |
| Consolidated net income | $ | 102 |
Pension and other postretirement benefit liabilities: |  |
Settlement charges (credits) | Other income (loss) — net | $ | (1) |
Curtailment charges (credits) | Other income (loss) — net | (1) |
Recognized net actuarial loss | Other income (loss) — net | 109 |
Recognized prior service cost (credit) | Other income (loss) — net | (3) |
| Income before income taxes | 104 |
| Income taxes | (26) |
| Consolidated net income | $ | 78 |
1 Refer to Note 2.

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