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OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended
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Sep. 26, 2025
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):
| September 26, 2025 | December 31, 2024
Net foreign currency translation adjustments | $ | (13,329) |  | $ | (15,610) |
Accumulated net gains (losses) on derivatives | (333) |  | 116 |
Unrealized net gains (losses) on available-for-sale debt securities | (32) |  | (64) |
Adjustments to pension and other postretirement benefit liabilities | (1,258) |  | (1,285) |
Accumulated other comprehensive income (loss) | $ | (14,952) |  | $ | (16,843) |
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):
| Nine Months Ended September 26, 2025
| Shareowners of The Coca-Cola Company | Noncontrolling Interests | Total
Consolidated net income | $ | 10,836 |  | $ | (15) |  | $ | 10,821 |
Other comprehensive income: |  |  |
Net foreign currency translation adjustments 1 | 2,281 |  | (122) |  | 2,159 |
Net gains (losses) on derivatives 2 | (449) |  | — |  | (449) |
Net change in unrealized gains (losses) on available-for-sale debt securities 3 | 32 |  | — |  | 32 |
Net change in pension and other postretirement benefit liabilities | 27 |  | — |  | 27 |
Total comprehensive income (loss) | $ | 12,727 |  | $ | (137) |  | $ | 12,590 |
1 Includes reclassification of $226 million of foreign currency translation adjustments from shareowners of The Coca-Cola Company to noncontrolling interests related to our bottling operations in India. Refer to Note 11. 2 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 3 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 September 26, 2025 | Before-Tax Amount | Income Tax | After-Tax Amount
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the period | $ | 482 |  | $ | (96) |  | $ | 386 |
Reclassification adjustments recognized in net income | 38 |  | — |  | 38 |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | (39) |  | — |  | (39) |
Gains (losses) on net investment hedges arising during the period 1 | 35 |  | (8) |  | 27 |
Reclassification to noncontrolling interests 2 | 226 |  | — |  | 226 |
Net foreign currency translation adjustments | $ | 742 |  | $ | (104) |  | $ | 638 |
Derivatives: |  |  |
Gains (losses) arising during the period | $ | 80 |  | $ | (12) |  | $ | 68 |
Reclassification adjustments recognized in net income | 112 |  | (28) |  | 84 |
Net gains (losses) on derivatives 1 | $ | 192 |  | $ | (40) |  | $ | 152 |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the period | $ | 12 |  | $ | (4) |  | $ | 8 |
Reclassification adjustments recognized in net income | 1 |  | — |  | 1 |
Net change in unrealized gains (losses) on available-for-sale debt securities 3 | $ | 13 |  | $ | (4) |  | $ | 9 |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the period | $ | (10) |  | $ | (1) |  | $ | (11) |
Reclassification adjustments recognized in net income | 24 |  | (6) |  | 18 |
Net change in pension and other postretirement benefit liabilities | $ | 14 |  | $ | (7) |  | $ | 7 |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | 961 |  | $ | (155) |  | $ | 806 |
1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 11 for additional information related to the noncontrolling interest in our bottling operations in India. 3 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
Nine Months Ended September 26, 2025 | Before-Tax Amount | Income Tax | After-Tax Amount
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the period | $ | 585 |  | $ | (189) |  | $ | 396 |
Reclassification adjustments recognized in net income | 72 |  | (2) |  | 70 |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | 2,872 |  | — |  | 2,872 |
Gains (losses) on net investment hedges arising during the period 1 | (1,710) |  | 427 |  | (1,283) |
Reclassification to noncontrolling interests 2 | 226 |  | — |  | 226 |
Net foreign currency translation adjustments | $ | 2,045 |  | $ | 236 |  | $ | 2,281 |
Derivatives: |  |  |
Gains (losses) arising during the period | $ | (679) |  | $ | 175 |  | $ | (504) |
Reclassification adjustments recognized in net income | 73 |  | (18) |  | 55 |
Net gains (losses) on derivatives 1 | $ | (606) |  | $ | 157 |  | $ | (449) |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the period | $ | 44 |  | $ | (14) |  | $ | 30 |
Reclassification adjustments recognized in net income | 2 |  | — |  | 2 |
Net change in unrealized gains (losses) on available-for-sale debt securities 3 | $ | 46 |  | $ | (14) |  | $ | 32 |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the period | $ | (49) |  | $ | 13 |  | $ | (36) |
Reclassification adjustments recognized in net income | 83 |  | (20) |  | 63 |
Net change in pension and other postretirement benefit liabilities | $ | 34 |  | $ | (7) |  | $ | 27 |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | 1,519 |  | $ | 372 |  | $ | 1,891 |
1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 11 for additional information related to the noncontrolling interest in our bottling operations in India. 3 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
Three Months Ended September 27, 2024 | Before-Tax Amount | Income Tax | After-Tax Amount
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the period | $ | (469) |  | $ | 89 |  | $ | (380) |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | 959 |  | — |  | 959 |
Gains (losses) on net investment hedges arising during the period 1 | (575) |  | 143 |  | (432) |
Net foreign currency translation adjustments | $ | (85) |  | $ | 232 |  | $ | 147 |
Derivatives: |  |  |
Gains (losses) arising during the period | $ | (216) |  | $ | 52 |  | $ | (164) |
Reclassification adjustments recognized in net income | (72) |  | 18 |  | (54) |
Net gains (losses) on derivatives 1 | $ | (288) |  | $ | 70 |  | $ | (218) |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the period | $ | 11 |  | $ | (2) |  | $ | 9 |
Reclassification adjustments recognized in net income | (8) |  | 2 |  | (6) |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | $ | 3 |  | $ | — |  | $ | 3 |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the period | $ | (20) |  | $ | 5 |  | $ | (15) |
Reclassification adjustments recognized in net income | 6 |  | (1) |  | 5 |
Net change in pension and other postretirement benefit liabilities | $ | (14) |  | $ | 4 |  | $ | (10) |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | (384) |  | $ | 306 |  | $ | (78) |
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.
Nine Months Ended September 27, 2024 | Before-Tax Amount | Income Tax | After-Tax Amount
Foreign currency translation adjustments: |  |  |
Translation adjustments arising during the period | $ | (1,612) |  | $ | 181 |  | $ | (1,431) |
Reclassification adjustments recognized in net income | 103 |  | — |  | 103 |
Gains (losses) on intra-entity transactions that are of a long-term investment nature | 271 |  | — |  | 271 |
Gains (losses) on net investment hedges arising during the period 1 | (194) |  | 47 |  | (147) |
Net foreign currency translation adjustments | $ | (1,432) |  | $ | 228 |  | $ | (1,204) |
Derivatives: |  |  |
Gains (losses) arising during the period | $ | (33) |  | $ | 6 |  | $ | (27) |
Reclassification adjustments recognized in net income | (32) |  | 8 |  | (24) |
Net gains (losses) on derivatives 1 | $ | (65) |  | $ | 14 |  | $ | (51) |
Available-for-sale debt securities: |  |  |
Unrealized gains (losses) arising during the period | $ | (27) |  | $ | 11 |  | $ | (16) |
Reclassification adjustments recognized in net income | (4) |  | 1 |  | (3) |
Net change in unrealized gains (losses) on available-for-sale debt securities 2 | $ | (31) |  | $ | 12 |  | $ | (19) |
Pension and other postretirement benefit liabilities: |  |  |
Net pension and other postretirement benefit liabilities arising during the period | $ | (29) |  | $ | 3 |  | $ | (26) |
Reclassification adjustments recognized in net income | 51 |  | (12) |  | 39 |
Net change in pension and other postretirement benefit liabilities | $ | 22 |  | $ | (9) |  | $ | 13 |
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company | $ | (1,506) |  | $ | 245 |  | $ | (1,261) |
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 Impacted | Three Months Ended September 26, 2025 |  | Nine Months Ended September 26, 2025
Foreign currency translation adjustments: |  |  |  |
Divestitures 1,2 | Other income (loss) — net | $ | 38 |  |  | $ | 72 |
| Income before income taxes | 38 |  |  | 72 |
| Income taxes | — |  |  | (2) |
| Consolidated net income | $ | 38 |  |  | $ | 70 |
Derivatives: |  |  |  |
Foreign currency contracts | Net operating revenues | $ | 109 |  |  | $ | 137 |
Foreign currency and commodity contracts | Cost of goods sold | — |  |  | (2) |
Foreign currency and interest rate contracts | Interest expense | 2 |  |  | 5 |
Foreign currency contracts | Other income (loss) — net | 1 |  |  | (67) |
| Income before income taxes | 112 |  |  | 73 |
| Income taxes | (28) |  |  | (18) |
| Consolidated net income | $ | 84 |  |  | $ | 55 |
Available-for-sale debt securities: |  |  |  |
Sale of debt securities | Other income (loss) — net | $ | 1 |  |  | $ | 2 |
| Income before income taxes | 1 |  |  | 2 |
| Income taxes | — |  |  | — |
| Consolidated net income | $ | 1 |  |  | $ | 2 |
Pension and other postretirement benefit liabilities: |  |  |  |
Divestitures 1 | Other income (loss) — net | $ | — |  |  | $ | (2) |
Curtailment loss (gain) | Other income (loss) — net | — |  |  | 11 |
Amortization of net actuarial loss (gain) | Other income (loss) — net | 24 |  |  | 75 |
Amortization of prior service cost (credit) | Other income (loss) — net | — |  |  | (1) |
| Income before income taxes | 24 |  |  | 83 |
| Income taxes | (6) |  |  | (20) |
| Consolidated net income | $ | 18 |  |  | $ | 63 |
1 Related to the sale of a portion of our ownership interest in CCEP. Refer to Note 2. 2 Related to the refranchising of certain bottling operations in Ghana. Refer to Note 16.

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