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OTHER COMPREHENSIVE INCOME | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
OTHER COMPREHENSIVE INCOME | OTHER COMPREHENSIVE INCOME AOCI attributable to shareowners of The Coca-Cola Company is separately presented in our consolidated balance sheet as a component of The Coca-Cola Company’s shareowners’ equity, which also includes our proportionate share of equity method investees’ AOCI. OCI attributable to noncontrolling interests is allocated to, and included in, our consolidated balance sheet as part of the line item equity attributable to noncontrolling interests. AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions):
| March 31, 2023 | December 31, 2022
Net foreign currency translation adjustments | $ | (12,985) |  | $ | (13,609) |
Accumulated net gains (losses) on derivatives | (46) |  | 24 |
Unrealized net gains (losses) on available-for-sale debt securities | (17) |  | (25) |
Adjustments to pension and other postretirement benefit liabilities | (1,274) |  | (1,285) |
Accumulated other comprehensive income (loss) | $ | (14,322) |  | $ | (14,895) |
The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions):
| Three Months Ended March 31, 2023
| Shareowners of The Coca-Cola Company | Noncontrolling Interests | Total
Consolidated net income | $ | 3,107 |  | $ | 6 |  | $ | 3,113 |
Other comprehensive income: |  |  |
Net foreign currency translation adjustments | 624 |  | (75) |  | 549 |
Net gains (losses) on derivatives 1 | (70) |  | — |  | (70) |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | 8 |  | — |  | 8 |
Net change in pension and other postretirement benefit liabilities | 11 |  | — |  | 11 |
Total comprehensive income (loss) | $ | 3,680 |  | $ | (69) |  | $ | 3,611 |
1 Refer to Note 6 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. The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions):
Three Months Ended March 31, 2023 | Before-Tax Amount | Income Tax | After-Tax Amount
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the period | $ | 437 |  | $ | (91) |  | $ | 346 |
Reclassification adjustments recognized in net income | 101 |  | — |  | 101 |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | 292 |  | — |  | 292 |
Gains (losses) on net investment hedges arising during the period 1 | (154) |  | 39 |  | (115) |
Net foreign currency translation adjustments | $ | 676 |  | $ | (52) |  | $ | 624 |
Derivatives: |  |  |
Gains (losses) arising during the period | $ | (76) |  | $ | 7 |  | $ | (69) |
Reclassification adjustments recognized in net income | (1) |  | — |  | (1) |
Net gains (losses) on derivatives 1 | $ | (77) |  | $ | 7 |  | $ | (70) |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the period | $ | 9 |  | $ | (3) |  | $ | 6 |
Reclassification adjustments recognized in net income | 3 |  | (1) |  | 2 |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | $ | 12 |  | $ | (4) |  | $ | 8 |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the period | $ | (5) |  | $ | (2) |  | $ | (7) |
Reclassification adjustments recognized in net income | 22 |  | (4) |  | 18 |
Net change in pension and other postretirement benefit liabilities | $ | 17 |  | $ | (6) |  | $ | 11 |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | 628 |  | $ | (55) |  | $ | 573 |
1 Refer to Note 6 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.
Three Months Ended April 1, 2022 | Before-Tax Amount | Income Tax | After-Tax Amount
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the period | $ | 1,324 |  | $ | (240) |  | $ | 1,084 |
Reclassification adjustments recognized in net income | 200 |  | — |  | 200 |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | (670) |  | — |  | (670) |
Gains (losses) on net investment hedges arising during the period 1 | 349 |  | (87) |  | 262 |
Net foreign currency translation adjustments | $ | 1,203 |  | $ | (327) |  | $ | 876 |
Derivatives: |  |  |
Gains (losses) arising during the period | $ | 83 |  | $ | (21) |  | $ | 62 |
Reclassification adjustments recognized in net income | 3 |  | (1) |  | 2 |
Net gains (losses) on derivatives 1 | $ | 86 |  | $ | (22) |  | $ | 64 |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the period | $ | (46) |  | $ | 8 |  | $ | (38) |
Reclassification adjustments recognized in net income | 4 |  | (1) |  | 3 |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | $ | (42) |  | $ | 7 |  | $ | (35) |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the period | $ | 68 |  | $ | (4) |  | $ | 64 |
Reclassification adjustments recognized in net income | 28 |  | (7) |  | 21 |
Net change in pension and other postretirement benefit liabilities | $ | 96 |  | $ | (11) |  | $ | 85 |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | 1,343 |  | $ | (353) |  | $ | 990 |
1 Refer to Note 6 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. The following table presents the amounts and line items in our consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions):
|  |  | Amount Reclassified from AOCI into Income
Description of AOCI Component | Financial Statement Line Item |  | Three Months Ended March 31, 2023
Foreign currency translation adjustments: |  |  |
Divestitures, deconsolidations and other 1 | Other income (loss) — net |  | $ | 101 |
| Income before income taxes |  | 101 |
| Income taxes |  | — |
| Consolidated net income |  | $ | 101 |
Derivatives: |  |  |
Foreign currency contracts | Net operating revenues |  | $ | (1) |
Foreign currency contracts and commodity contracts | Cost of goods sold |  | (1) |
Foreign currency contracts | Interest expense |  | 1 |
| Income before income taxes |  | (1) |
| Income taxes |  | — |
| Consolidated net income |  | $ | (1) |
Available-for-sale debt securities: |  |  |
Sale of debt securities | Other income (loss) — net |  | $ | 3 |
| Income before income taxes |  | 3 |
| Income taxes |  | (1) |
| Consolidated net income |  | $ | 2 |
Pension and other postretirement benefit liabilities: |  |  |
Recognized net actuarial loss | Other income (loss) — net |  | $ | 23 |
Recognized prior service cost (credit) | Other income (loss) — net |  | (1) |
| Income before income taxes |  | 22 |
| Income taxes |  | (4) |
| Consolidated net income |  | $ | 18 |
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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI https://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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