OTHER COMPREHENSIVE INCOME

3 Months Ended

Mar. 29, 2024

AOCI attributable to shareowners of The Coca-Cola Company is separately presented in our consolidated balance sheet as a component of 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 29, 2024		December 31, 2023
Net foreign currency translation adjustments	$	(13,005)	$	(12,726)
Accumulated net gains (losses) on derivatives	(105)		(154)
Unrealized net gains (losses) on available-for-sale debt securities	4		(1)
Adjustments to pension and other postretirement benefit liabilities	(1,398)		(1,394)
Accumulated other comprehensive income (loss)	$	(14,504)	$	(14,275)

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 29, 2024
	Shareowners of The Coca-Cola Company		Noncontrolling Interests		Total
Consolidated net income	$	3,177	$	8	$	3,185
Other comprehensive income:
Net foreign currency translation adjustments	(279)		(24)		(303)
Net gains (losses) on derivatives1	49		—		49
Net change in unrealized gains (losses) on available-for-sale debt securities2	5		—		5
Net change in pension and other postretirement benefit liabilities	(4)		—		(4)

Total comprehensive income (loss)	$	2,948	$	(16)	$	2,932

1Refer to Note 6 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.

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 29, 2024	Before-Tax Amount		Income Tax		After-Tax Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	(34)	$	(35)	$	(69)
Reclassification adjustments recognized in net income	103		—		103
Gains (losses) on intra-entity transactions that are of a long-term investment nature	(518)		—		(518)
Gains (losses) on net investment hedges arising during the period1	274		(69)		205

Net foreign currency translation adjustments	$	(175)	$	(104)	$	(279)
Derivatives:
Gains (losses) arising during the period	$	27	$	(11)	$	16
Reclassification adjustments recognized in net income	44		(11)		33
Net gains (losses) on derivatives1	$	71	$	(22)	$	49
Available-for-sale debt securities:

Reclassification adjustments recognized in net income	$	6	$	(1)	$	5
Net change in unrealized gains (losses) on available-for-sale debt securities2	$	6	$	(1)	$	5
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the period	$	(13)	$	(8)	$	(21)
Reclassification adjustments recognized in net income	22		(5)		17
Net change in pension and other postretirement benefit liabilities	$	9	$	(13)	$	(4)
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company	$	(89)	$	(140)	$	(229)

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 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 period1	(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 derivatives1	$	(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 securities2	$	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

1Refer to Note 6 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.

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 29, 2024
Foreign currency translation adjustments:
Divestitures, deconsolidations and other1	Other income (loss) — net	$	103

	Income before income taxes	103
	Income taxes	—
	Consolidated net income	$	103
Derivatives:
Foreign currency contracts	Net operating revenues	$	17
Foreign currency contracts and commodity contracts	Cost of goods sold	(2)
Foreign currency contracts	Interest expense	1

Foreign currency contracts	Other income (loss) — net	28
	Income before income taxes	44
	Income taxes	(11)
	Consolidated net income	$	33
Available-for-sale debt securities:

Sale of debt securities	Other income (loss) — net	$	6
	Income before income taxes	6
	Income taxes	(1)
	Consolidated net income	$	5
Pension and other postretirement benefit liabilities:
Divestitures, deconsolidations and other2	Other income (loss) — net	$	(2)



Recognized net actuarial loss (gain)	Other income (loss) — net	25
Recognized prior service cost (credit)	Other income (loss) — net	(1)

	Income before income taxes	22
	Income taxes	(5)
	Consolidated net income	$	17

1Related to the refranchising of our bottling operations in the Philippines and Bangladesh and the sale of our ownership interest in an equity method investee in Thailand. Refer to Note 2.

2Related to the refranchising of our bottling operations in the Philippines and Bangladesh. Refer to Note 2.