XML 43 R32.htm IDEA: XBRL DOCUMENT
v3.24.3

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
--- | ---
Sep. 27, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair value of derivative instruments designated and qualified as part of hedging relationship | The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions):
|  | Fair Value 1,2
Derivatives Designated as Hedging Instruments | Balance Sheet Location 1 | September 27, 2024 | December 31, 2023
Assets: |  |  |
Foreign currency contracts | Prepaid expenses and other current assets | $ | 113 |  | $ | 109 |
Foreign currency contracts | Other noncurrent assets | 10 |  | 13 |
Interest rate contracts | Other noncurrent assets | 70 |  | 50 |
Total assets |  | $ | 193 |  | $ | 172 |
Liabilities: |  |  |
Foreign currency contracts | Accounts payable and accrued expenses | $ | 87 |  | $ | 111 |
Foreign currency contracts | Other noncurrent liabilities | 48 |  | 40 |
Commodity contracts | Accounts payable and accrued expenses | — |  | 3 |
Interest rate contracts | Accounts payable and accrued expenses | — |  | 5 |
Interest rate contracts | Other noncurrent liabilities | 854 |  | 1,113 |
Total liabilities |  | $ | 989 |  | $ | 1,272 |
1 All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value.
Derivatives Not Designated as Hedging Instruments | The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions):
|  | Fair Value 1,2
Derivatives Not Designated as Hedging Instruments | Balance Sheet Location 1 | September 27, 2024 | December 31, 2023
Assets: |  |  |
Foreign currency contracts | Prepaid expenses and other current assets | $ | 46 |  | $ | 91 |
Foreign currency contracts | Other noncurrent assets | 2 |  | 3 |
Commodity contracts | Prepaid expenses and other current assets | 10 |  | 5 |
Other derivative instruments | Prepaid expenses and other current assets | 12 |  | 4 |
Total assets |  | $ | 70 |  | $ | 103 |
Liabilities: |  |  |
Foreign currency contracts | Accounts payable and accrued expenses | $ | 133 |  | $ | 106 |
Foreign currency contracts | Other noncurrent liabilities | 14 |  | 3 |
Commodity contracts | Accounts payable and accrued expenses | 55 |  | 62 |
Commodity contracts | Other noncurrent liabilities | 5 |  | 1 |
Other derivative instruments | Accounts payable and accrued expenses | — |  | 4 |
Total liabilities |  | $ | 207 |  | $ | 176 |
1 All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (OCI) | The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions):
| Gain (Loss) Recognized in OCI | Location of Gain (Loss) Recognized in Income | Gain (Loss) Reclassified from AOCI into Income
Three Months Ended September 27, 2024 |  |  |
Foreign currency contracts | $ | (150) |  | Net operating revenues | $ | 48 |
Foreign currency contracts | (15) |  | Cost of goods sold | 4 |
Foreign currency contracts | — |  | Interest expense | (1) |
Foreign currency contracts | 10 |  | Other income (loss) — net | 22 |
Commodity contracts | 1 |  | Cost of goods sold | — |
Interest rate contracts | (55) |  | Interest expense | (1) |
Total | $ | (209) |  |  | $ | 72 |
Three Months Ended September 29, 2023 |  |  |
Foreign currency contracts | $ | 90 |  | Net operating revenues | $ | (2) |
Foreign currency contracts | 8 |  | Cost of goods sold | — |
Foreign currency contracts | — |  | Interest expense | (1) |
Foreign currency contracts | (12) |  | Other income (loss) — net | (29) |
Commodity contracts | (5) |  | Cost of goods sold | (4) |
Total | $ | 81 |  |  | $ | (36) |
| Gain (Loss) Recognized in OCI | Location of Gain (Loss) Recognized in Income | Gain (Loss) Reclassified from AOCI into Income
Nine Months Ended September 27, 2024 |  |  |
Foreign currency contracts | $ | 58 |  | Net operating revenues | $ | 30 |
Foreign currency contracts | 5 |  | Cost of goods sold | 13 |
Foreign currency contracts | — |  | Interest expense | (3) |
Foreign currency contracts | (14) |  | Other income (loss) — net | (4) |
Commodity contracts | (1) |  | Cost of goods sold | (3) |
Interest rate contracts | (53) |  | Interest expense | (1) |
Total | $ | (5) |  |  | $ | 32 |
Nine Months Ended September 29, 2023 |  |  |
Foreign currency contracts | $ | 32 |  | Net operating revenues | $ | (8) |
Foreign currency contracts | 25 |  | Cost of goods sold | 8 |
Foreign currency contracts | — |  | Interest expense | (3) |
Foreign currency contracts | (3) |  | Other income (loss) — net | (26) |
Commodity contracts | (16) |  | Cost of goods sold | (10) |
Total | $ | 38 |  |  | $ | (39) |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions):
Hedging Instruments and Hedged Items | Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income
Three Months Ended
September 27, 2024 | September 29, 2023
Interest rate contracts | Interest expense | $ | 447 |  | $ | (103) |
Fixed-rate debt | Interest expense | (449) |  | 109 |
Net impact of fair value hedging instruments |  | $ | (2) |  | $ | 6 |
Hedging Instruments and Hedged Items | Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income
Nine Months Ended
September 27, 2024 | September 29, 2023
Interest rate contracts | Interest expense | $ | 283 |  | $ | 3 |
Fixed-rate debt | Interest expense | (282) |  | 18 |
Net impact of fair value hedging instruments |  | $ | 1 |  | $ | 21 |
The following table summarizes the amounts recorded in our consolidated balance sheets related to hedged items in fair value hedging relationships (in millions):
|  |  | Cumulative Amount of Fair Value Hedging Adjustments 1
| Carrying Values of Hedged Items |  | Included in the Carrying Values of Hedged Items |  | Remaining for Which Hedge Accounting Has Been Discontinued
Balance Sheet Location of Hedged Items | September 27, 2024 | December 31, 2023 |  | September 27, 2024 | December 31, 2023 |  | September 27, 2024 | December 31, 2023
Current maturities of long-term debt | $ | — |  | $ | 552 |  |  | $ | — |  | $ | 1 |  |  | $ | — |  | $ | — |
Long-term debt | 12,548 |  | 12,186 |  |  | (853) |  | (1,135) |  |  | 138 |  | 162 |
1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rate fluctuations.
Notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges | The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions):
| Notional Values |  | Gain (Loss) Recognized in OCI
| as of |  | Three Months Ended |  | Nine Months Ended
| September 27, 2024 | December 31, 2023 |  | September 27, 2024 | September 29, 2023 |  | September 27, 2024 | September 29, 2023
Foreign currency contracts | $ | — |  | $ | 150 |  |  | $ | (8) |  | $ | 1 |  |  | $ | 16 |  | $ | — |
Foreign currency denominated debt | 14,255 |  | 12,437 |  |  | (567) |  | 383 |  |  | (210) |  | 149 |
Total | $ | 14,255 |  | $ | 12,587 |  |  | $ | (575) |  | $ | 384 |  |  | $ | (194) |  | $ | 149 |
Derivative Instruments, Not Designated as Hedging Instruments, Gain (Loss) in Earnings | The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions):
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income
Three Months Ended
September 27, 2024 | September 29, 2023
Foreign currency contracts | Net operating revenues | $ | (83) |  | $ | 40 |
Foreign currency contracts | Cost of goods sold | (33) |  | (1) |
Foreign currency contracts | Other income (loss) — net | (42) |  | (15) |
Commodity contracts | Cost of goods sold | (24) |  | 40 |
Other derivative instruments | Selling, general and administrative expenses | 15 |  | (10) |
Total |  | $ | (167) |  | $ | 54 |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income
Nine Months Ended
September 27, 2024 | September 29, 2023
Foreign currency contracts | Net operating revenues | $ | 36 |  | $ | 23 |
Foreign currency contracts | Cost of goods sold | (41) |  | 50 |
Foreign currency contracts | Other income (loss) — net | (100) |  | (15) |
Commodity contracts | Cost of goods sold | (92) |  | (90) |
Other derivative instruments | Selling, general and administrative expenses | 27 |  | (6) |
Total |  | $ | (170) |  | $ | (38) |

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings and recognized in other comprehensive income (OCI). + References No definition available. + Details
Name: | ko_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossAndOtherComprehensiveIncomeOCITableTextBlock
Namespace Prefix: | ko_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition This element represents a schedule of the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings. + References No definition available. + Details
Name: | ko_ScheduleOfDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossInStatementOfFinancialPerformanceTableTextBlock
Namespace Prefix: | ko_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in net investment hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CCC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC + Details
Name: | us-gaap_ScheduleOfNetInvestmentHedgesInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration