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OTHER COMPREHENSIVE INCOME

12 Months Ended

Dec. 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):

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)

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 derivatives1			(178)			—			(178)
Net change in unrealized gains (losses) on available-for-sale debt    securities2			24			—			24
Net change in pension and other postretirement benefit liabilities3			(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.

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 year1			(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 derivatives1			$	(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 securities2			$	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 liabilities3			$	(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 year1			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 derivatives1			$	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 securities2			$	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 liabilities3			$	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 year1			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 derivatives1			$	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 securities2			$	(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 liabilities3			$	918		$	(204)		$	714
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola    Company			$	709		$	(438)		$	271

1Refer to Note 5 for additional information related to the net gains or losses on derivative instruments.

2Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.

3Refer to Note 14 for additional information related to the Company’s pension and other postretirement benefit liabilities.

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 other1			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 other2			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

X

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//220/tableOfContent

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