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OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended
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Mar. 31, 2023
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):
| 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) |
Comprehensive Income (Loss), Apportioned between Shareowners of 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):
| 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.
OCI attributable to the 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):
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.
Reclassification out of Accumulated Other Comprehensive Income | 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 |
1

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