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OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended
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Dec. 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):
December 31, | 2023 | 2022
Net foreign currency translation adjustments | $ | (12,726) |  | $ | (13,609) |
Accumulated net gains (losses) on derivatives | (154) |  | 24 |
Unrealized net gains (losses) on available-for-sale debt securities | (1) |  | (25) |
Adjustments to pension and other postretirement benefit liabilities | (1,394) |  | (1,285) |
Accumulated other comprehensive income (loss) | $ | (14,275) |  | $ | (14,895) |
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, 2023
| Shareowners of The Coca-Cola Company | Noncontrolling Interests | Total
Consolidated net income | $ | 10,714 |  | $ | (11) |  | $ | 10,703 |
Other comprehensive income: |  |  |
Net foreign currency translation adjustments | 883 |  | (147) |  | 736 |
Net gains (losses) on derivatives 1 | (178) |  | — |  | (178) |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | 24 |  | — |  | 24 |
Net change in pension and other postretirement benefit liabilities 3 | (109) |  | — |  | (109) |
Total comprehensive income | $ | 11,334 |  | $ | (158) |  | $ | 11,176 |
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 14 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
2023 |  |  |
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the year | $ | 366 |  | $ | (131) |  | $ | 235 |
Reclassification adjustments recognized in net income | 223 |  | — |  | 223 |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | 712 |  | — |  | 712 |
Gains (losses) on net investment hedges arising during the year 1 | (382) |  | 95 |  | (287) |
Net foreign currency translation adjustments | $ | 919 |  | $ | (36) |  | $ | 883 |
Derivatives: |  |  |
Gains (losses) arising during the year | $ | (194) |  | $ | 23 |  | $ | (171) |
Reclassification adjustments recognized in net income | (10) |  | 3 |  | (7) |
Net gains (losses) on derivatives 1 | $ | (204) |  | $ | 26 |  | $ | (178) |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the year | $ | 28 |  | $ | (10) |  | $ | 18 |
Reclassification adjustments recognized in net income | 7 |  | (1) |  | 6 |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | $ | 35 |  | $ | (11) |  | $ | 24 |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the year | $ | (314) |  | $ | 80 |  | $ | (234) |
Reclassification adjustments recognized in net income | 157 |  | (32) |  | 125 |
Net change in pension and other postretirement benefit liabilities 3 | $ | (157) |  | $ | 48 |  | $ | (109) |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | 593 |  | $ | 27 |  | $ | 620 |
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) |
| Before-Tax Amount | Income Tax | After-Tax Amount
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 |
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 14 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 reclassifications from AOCI into income recorded during the year ended December 31, 2023 (in millions):
Description of AOCI Component | Financial Statement Line Item Impacted | Amount Reclassified from AOCI
Foreign currency translation adjustments: |  |
Divestitures, deconsolidations and other 1 | Other income (loss) — net | $ | 223 |
| Income before income taxes | 223 |
| Income taxes | — |
| Consolidated net income | $ | 223 |
Derivatives: |  |
Foreign currency contracts | Net operating revenues | $ | 3 |
Foreign currency contracts | Other income (loss) — net | (17) |
Foreign currency contracts | Interest expense | 4 |
| Income before income taxes | (10) |
| Income taxes | 3 |
| Consolidated net income | $ | (7) |
Available-for-sale debt securities: |  |
Sale of debt securities | Other income (loss) — net | $ | 7 |
| Income before income taxes | 7 |
| Income taxes | (1) |
| Consolidated net income | $ | 6 |
Pension and other postretirement benefit liabilities: |  |
Divestitures, deconsolidations and other 2 | Other income (loss) — net | $ | 1 |
Settlement charges (credits) | Other income (loss) — net | 67 |
Recognized net actuarial loss (gain) | Other income (loss) — net | 91 |
Recognized prior service cost (credit) | Other income (loss) — net | (2) |
| Income before income taxes | 157 |
| Income taxes | (32) |
| Consolidated net income | $ | 125 |
1 Related to the refranchising of our bottling operations in Vietnam and the sale of our ownership interest in our equity method investees in Pakistan and Indonesia. Refer to Note 2. 2

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