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 Value1,2
Derivatives Designated as Hedging Instruments			Balance Sheet Location1			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

1All 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.

2Refer 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 Value1,2
Derivatives Not Designated as Hedging Instruments			Balance Sheet Location1			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

1All 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.

2Refer 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 Adjustments1
			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

1Cumulative 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