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OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended
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Jun. 28, 2024
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):
| June 28, 2024 | December 31, 2023
Net foreign currency translation adjustments | $ | (14,077) |  | $ | (12,726) |
Accumulated net gains (losses) on derivatives | 13 |  | (154) |
Unrealized net gains (losses) on available-for-sale debt securities | (23) |  | (1) |
Adjustments to pension and other postretirement benefit liabilities | (1,371) |  | (1,394) |
Accumulated other comprehensive income (loss) | $ | (15,458) |  | $ | (14,275) |
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):
| Six Months Ended June 28, 2024
| Shareowners of The Coca-Cola Company | Noncontrolling Interests | Total
Consolidated net income | $ | 5,588 |  | $ | (2) |  | $ | 5,586 |
Other comprehensive income: |  |  |
Net foreign currency translation adjustments | (1,351) |  | 34 |  | (1,317) |
Net gains (losses) on derivatives 1 | 167 |  | — |  | 167 |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | (22) |  | — |  | (22) |
Net change in pension and other postretirement benefit liabilities | 23 |  | — |  | 23 |
Total comprehensive income (loss) | $ | 4,405 |  | $ | 32 |  | $ | 4,437 |
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 June 28, 2024 | Before-Tax Amount | Income Tax | After-Tax Amount
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the period | $ | (1,109) |  | $ | 127 |  | $ | (982) |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | (170) |  | — |  | (170) |
Gains (losses) on net investment hedges arising during the period 1 | 107 |  | (27) |  | 80 |
Net foreign currency translation adjustments | $ | (1,172) |  | $ | 100 |  | $ | (1,072) |
Derivatives: |  |  |
Gains (losses) arising during the period | $ | 156 |  | $ | (35) |  | $ | 121 |
Reclassification adjustments recognized in net income | (4) |  | 1 |  | (3) |
Net gains (losses) on derivatives 1 | $ | 152 |  | $ | (34) |  | $ | 118 |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the period | $ | (38) |  | $ | 13 |  | $ | (25) |
Reclassification adjustments recognized in net income | (2) |  | — |  | (2) |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | $ | (40) |  | $ | 13 |  | $ | (27) |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the period | $ | 4 |  | $ | 6 |  | $ | 10 |
Reclassification adjustments recognized in net income | 23 |  | (6) |  | 17 |
Net change in pension and other postretirement benefit liabilities | $ | 27 |  | $ | — |  | $ | 27 |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | (1,033) |  | $ | 79 |  | $ | (954) |
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.
Six Months Ended June 28, 2024 | Before-Tax Amount | Income Tax | After-Tax Amount
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the period | $ | (1,143) |  | $ | 92 |  | $ | (1,051) |
Reclassification adjustments recognized in net income | 103 |  | — |  | 103 |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | (688) |  | — |  | (688) |
Gains (losses) on net investment hedges arising during the period 1 | 381 |  | (96) |  | 285 |
Net foreign currency translation adjustments | $ | (1,347) |  | $ | (4) |  | $ | (1,351) |
Derivatives: |  |  |
Gains (losses) arising during the period | $ | 183 |  | $ | (46) |  | $ | 137 |
Reclassification adjustments recognized in net income | 40 |  | (10) |  | 30 |
Net gains (losses) on derivatives 1 | $ | 223 |  | $ | (56) |  | $ | 167 |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the period | $ | (38) |  | $ | 13 |  | $ | (25) |
Reclassification adjustments recognized in net income | 4 |  | (1) |  | 3 |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | $ | (34) |  | $ | 12 |  | $ | (22) |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the period | $ | (9) |  | $ | (2) |  | $ | (11) |
Reclassification adjustments recognized in net income | 45 |  | (11) |  | 34 |
Net change in pension and other postretirement benefit liabilities | $ | 36 |  | $ | (13) |  | $ | 23 |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | (1,122) |  | $ | (61) |  | $ | (1,183) |
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 June 30, 2023 | Before-Tax Amount | Income Tax | After-Tax Amount
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the period | $ | 300 |  | $ | (63) |  | $ | 237 |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | 151 |  | — |  | 151 |
Gains (losses) on net investment hedges arising during the period 1 | (81) |  | 20 |  | (61) |
Net foreign currency translation adjustments | $ | 370 |  | $ | (43) |  | $ | 327 |
Derivatives: |  |  |
Gains (losses) arising during the period | $ | (31) |  | $ | 3 |  | $ | (28) |
Reclassification adjustments recognized in net income | 4 |  | (1) |  | 3 |
Net gains (losses) on derivatives 1 | $ | (27) |  | $ | 2 |  | $ | (25) |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the period | $ | 4 |  | $ | (3) |  | $ | 1 |
Reclassification adjustments recognized in net income | (1) |  | 1 |  | — |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | $ | 3 |  | $ | (2) |  | $ | 1 |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the period | $ | (11) |  | $ | (4) |  | $ | (15) |
Reclassification adjustments recognized in net income | 22 |  | (5) |  | 17 |
Net change in pension and other postretirement benefit liabilities | $ | 11 |  | $ | (9) |  | $ | 2 |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | 357 |  | $ | (52) |  | $ | 305 |
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.
Six Months Ended June 30, 2023 | Before-Tax Amount | Income Tax | After-Tax Amount
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the period | $ | 737 |  | $ | (154) |  | $ | 583 |
Reclassification adjustments recognized in net income | 101 |  | — |  | 101 |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | 443 |  | — |  | 443 |
Gains (losses) on net investment hedges arising during the period 1 | (235) |  | 59 |  | (176) |
Net foreign currency translation adjustments | $ | 1,046 |  | $ | (95) |  | $ | 951 |
Derivatives: |  |  |
Gains (losses) arising during the period | $ | (107) |  | $ | 10 |  | $ | (97) |
Reclassification adjustments recognized in net income | 3 |  | (1) |  | 2 |
Net gains (losses) on derivatives 1 | $ | (104) |  | $ | 9 |  | $ | (95) |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the period | $ | 13 |  | $ | (6) |  | $ | 7 |
Reclassification adjustments recognized in net income | 2 |  | — |  | 2 |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | $ | 15 |  | $ | (6) |  | $ | 9 |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the period | $ | (16) |  | $ | (6) |  | $ | (22) |
Reclassification adjustments recognized in net income | 44 |  | (9) |  | 35 |
Net change in pension and other postretirement benefit liabilities | $ | 28 |  | $ | (15) |  | $ | 13 |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | 985 |  | $ | (107) |  | $ | 878 |
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 June 28, 2024 |  | Six Months Ended June 28, 2024
Foreign currency translation adjustments: |  |  |  |
Divestitures, deconsolidations and other 1 | Other income (loss) — net | $ | — |  |  | $ | 103 |
| Income before income taxes | — |  |  | 103 |
| Income taxes | — |  |  | — |
| Consolidated net income | $ | — |  |  | $ | 103 |
Derivatives: |  |  |  |
Foreign currency contracts | Net operating revenues | $ | 1 |  |  | $ | 18 |
Foreign currency contracts and commodity contracts | Cost of goods sold | (4) |  |  | (6) |
Foreign currency contracts | Interest expense | 1 |  |  | 2 |
Foreign currency contracts | Other income (loss) — net | (2) |  |  | 26 |
| Income before income taxes | (4) |  |  | 40 |
| Income taxes | 1 |  |  | (10) |
| Consolidated net income | $ | (3) |  |  | $ | 30 |
Available-for-sale debt securities: |  |  |  |
Sale of debt securities | Other income (loss) — net | $ | (2) |  |  | $ | 4 |
| Income before income taxes | (2) |  |  | 4 |
| Income taxes | — |  |  | (1) |
| Consolidated net income | $ | (2) |  |  | $ | 3 |
Pension and other postretirement benefit liabilities: |  |  |  |
Divestitures, deconsolidations and other 2 | Other income (loss) — net | $ | (1) |  |  | $ | (3) |
Recognized net actuarial loss (gain) | Other income (loss) — net | 24 |  |  | 49 |
Recognized prior service cost (credit) | Other income (loss) — net | — |  |  | (1) |
| Income before income taxes | 23 |  |  | 45 |
| Income taxes | (6) |  |  | (11) |
| Consolidated net income | $ | 17 |  |  | $ | 34 |
1 Related 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. 2 Primarily related to the refranchising of our bottling operations in the Philippines and Bangladesh. Refer to Note 2.

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