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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 25, 2020
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                    to                                     
Commission File Number 001-02217
ko-20200925_g1.jpg
COCA COLA CO
(Exact name of Registrant as specified in its charter)
Delaware 58-0628465
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One Coca-Cola Plaza
AtlantaGeorgia30313
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (404) 676-2121
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.25 Par ValueKONew York Stock Exchange
Floating Rate Notes Due 2021KO21CNew York Stock Exchange
0.75% Notes Due 2023KO23BNew York Stock Exchange
0.500% Notes Due 2024KO24New York Stock Exchange
1.875% Notes Due 2026KO26New York Stock Exchange
0.750% Notes Due 2026KO26CNew York Stock Exchange
1.125% Notes Due 2027KO27New York Stock Exchange
0.125% Notes Due 2029KO29ANew York Stock Exchange
1.250% Notes Due 2031KO31New York Stock Exchange
0.375% Notes Due 2033KO33New York Stock Exchange
1.625% Notes Due 2035KO35New York Stock Exchange
1.100% Notes Due 2036KO36New York Stock Exchange
0.800% Notes Due 2040KO40BNew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes     No 



Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer 
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark if the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 
Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.
Class of Common Stock  Shares Outstanding as of October 19, 2020
$0.25 Par Value 4,297,434,612



THE COCA-COLA COMPANY AND SUBSIDIARIES
Table of Contents
  Page
 
Item 1.
    Three and Nine Months Ended September 25, 2020 and September 27, 2019
    Three and Nine Months Ended September 25, 2020 and September 27, 2019
    September 25, 2020 and December 31, 2019
    Nine Months Ended September 25, 2020 and September 27, 2019
Item 2.
Item 3.
Item 4.
 
Item 1.
Item 1A.
Item 2.
Item 6.



FORWARD-LOOKING STATEMENTS
This report contains information that may constitute "forward-looking statements." Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to volume growth, share of sales and earnings per share growth, and statements expressing general views about future operating results — are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in Part II, "Item 1A. Risk Factors" and elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2019, and those described from time to time in our future reports filed with the Securities and Exchange Commission.
1


Part I. Financial Information
Item 1.  Financial Statements (Unaudited)
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In millions except per share data)
Three Months EndedNine Months Ended
September 25,
2020
September 27,
2019
September 25,
2020
September 27,
2019
Net Operating Revenues$8,652 $9,507 $24,403 $28,198 
Cost of goods sold3,471 3,767 9,855 11,053 
Gross Profit5,181 5,740 14,548 17,145 
Selling, general and administrative expenses2,511 3,116 7,142 8,879 
Other operating charges372 125 747 344 
Operating Income2,298 2,499 6,659 7,922 
Interest income82 153 294 428 
Interest expense660 230 1,127 711 
Equity income (loss) — net431 346 774 808 
Other income (loss) — net30 324 788 (81)
Income Before Income Taxes2,181 3,092 7,388 8,366 
Income taxes 441 503 1,094 1,446 
Consolidated Net Income1,740 2,589 6,294 6,920 
Less: Net income (loss) attributable to noncontrolling interests3 (4)3 42 
Net Income Attributable to Shareowners of The Coca-Cola
Company
$1,737 $2,593 $6,291 $6,878 
Basic Net Income Per Share1
$0.40 $0.61 $1.47 $1.61 
Diluted Net Income Per Share1
$0.40 $0.60 $1.46 $1.60 
Average Shares Outstanding4,296 4,280 4,293 4,273 
Effect of dilutive securities25 41 28 38 
Average Shares Outstanding Assuming Dilution4,321 4,321 4,321 4,311 
1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.
Refer to Notes to Condensed Consolidated Financial Statements.


2


THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(In millions)
Three Months EndedNine Months Ended
September 25,
2020
September 27,
2019
September 25,
2020
September 27,
2019
Consolidated Net Income$1,740 $2,589 $6,294 $6,920 
Other Comprehensive Income:  
Net foreign currency translation adjustments1,052 (960)(2,283)(679)
Net gains (losses) on derivatives(13)46 (23)30 
 Net change in unrealized gains (losses) on available-for-sale debt
securities
(21)16 (40)46 
Net change in pension and other benefit liabilities(2)32 45 100 
Total Comprehensive Income2,756 1,723 3,993 6,417 
Less: Comprehensive income (loss) attributable to noncontrolling interests
5 (145)(396)(88)
Total Comprehensive Income Attributable to Shareowners
of The Coca-Cola Company
$2,751 $1,868 $4,389 $6,505 

Refer to Notes to Condensed Consolidated Financial Statements.



3


THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions except par value)
September 25,
2020
December 31,
2019
ASSETS
Current Assets 
Cash and cash equivalents$11,385 $6,480 
Short-term investments7,347 1,467 
Total Cash, Cash Equivalents and Short-Term Investments18,732 7,947 
Marketable securities2,396 3,228 
Trade accounts receivable, less allowances of $546 and $524, respectively
3,827 3,971 
Inventories3,264 3,379 
Prepaid expenses and other assets2,191 1,886 
Total Current Assets30,410 20,411 
Equity method investments18,875 19,025 
Other investments712 854 
Other assets6,161 6,075 
Deferred income tax assets2,439 2,412 
Property, plant and equipment, less accumulated depreciation of
    $8,877 and $8,083, respectively
10,667 10,838 
Trademarks with indefinite lives10,333 9,266 
Goodwill16,887 16,764 
Other intangible assets700 736 
Total Assets$97,184 $86,381 
LIABILITIES AND EQUITY
Current Liabilities  
Accounts payable and accrued expenses$12,750 $11,312 
Loans and notes payable5,857 10,994 
Current maturities of long-term debt7,508 4,253 
Accrued income taxes776 414 
Total Current Liabilities26,891 26,973 
Long-term debt39,502 27,516 
Other liabilities8,530 8,510 
Deferred income tax liabilities1,945 2,284 
The Coca-Cola Company Shareowners' Equity  
Common stock, $0.25 par value; authorized — 11,200 shares; issued — 7,040 shares
1,760 1,760 
Capital surplus17,463 17,154 
Reinvested earnings66,863 65,855 
Accumulated other comprehensive income (loss)(15,446)(13,544)
Treasury stock, at cost — 2,743 and 2,760 shares, respectively
(52,033)(52,244)
Equity Attributable to Shareowners of The Coca-Cola Company18,607 18,981 
Equity attributable to noncontrolling interests1,709 2,117 
Total Equity20,316 21,098 
Total Liabilities and Equity$97,184 $86,381 
Refer to Notes to Condensed Consolidated Financial Statements.
4


THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In millions)
 Nine Months Ended
 September 25,
2020
September 27,
2019
Operating Activities  
Consolidated net income$6,294 $6,920 
Depreciation and amortization1,106 965 
Stock-based compensation expense88 146 
Deferred income taxes10 (326)
Equity (income) loss — net of dividends(565)(336)
Foreign currency adjustments(145)79 
Significant (gains) losses — net(899)(389)
Other operating charges671 147 
Other items562 444 
Net change in operating assets and liabilities(902)121 
Net Cash Provided by Operating Activities6,220 7,771 
Investing Activities  
Purchases of investments(12,051)(4,113)
Proceeds from disposals of investments6,482 5,674 
Acquisitions of businesses, equity method investments and nonmarketable securities(989)(5,376)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities46 266 
Purchases of property, plant and equipment(759)(1,206)
Proceeds from disposals of property, plant and equipment156 944 
Other investing activities43 (90)
Net Cash Provided by (Used in) Investing Activities(7,072)(3,901)
Financing Activities 
Issuances of debt26,898 19,598 
Payments of debt(17,977)(21,716)
Issuances of stock514 923 
Purchases of stock for treasury(93)(690)
Dividends(3,522)(3,419)
Other financing activities153 (33)
Net Cash Provided by (Used in) Financing Activities5,973 (5,337)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
(36)(75)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
during the period
5,085 (1,542)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period6,737 9,318 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Period11,822 7,776 
Less: Restricted cash and restricted cash equivalents at end of period437 245 
Cash and Cash Equivalents at End of Period$11,385 $7,531 
Refer to Notes to Condensed Consolidated Financial Statements.

5



THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K of The Coca-Cola Company for the year ended December 31, 2019.
When used in these notes, the terms "The Coca-Cola Company," "Company," "we," "us" and "our" mean The Coca-Cola Company and all entities included in our condensed consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 25, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Sales of our nonalcoholic ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions.
Each of our interim reporting periods, other than the fourth interim reporting period, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The third quarter of 2020 and the third quarter of 2019 ended on September 25, 2020 and September 27, 2019, respectively. Our fourth interim reporting period and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls.
Advertising Costs
The Company's accounting policy related to advertising costs for annual reporting purposes is to expense production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred.
For interim reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple interim periods to each of our interim reporting periods. We use the proportion of each interim period's actual unit case volume to the estimated full year unit case volume as the basis for the allocation. This methodology results in our marketing expenditures being recognized at a standard rate per unit case. At the end of each interim reporting period, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple interim periods in order to evaluate if a change in estimate is necessary. The impact of any change in the full year estimate is recognized in the interim period in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy.
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents or restricted cash equivalents, as applicable. Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other assets in our consolidated balance sheet. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk.
6


The following tables provide a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in the condensed consolidated statements of cash flows (in millions):
September 25,
2020
December 31,
2019
Cash and cash equivalents$11,385 $6,480 
Cash and cash equivalents included in other assets1
437 257 
Cash, cash equivalents, restricted cash and restricted cash equivalents $11,822 $6,737 
1 Amounts represent cash and cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of
our European and Canadian pension plans. Refer to Note 4.
September 27,
2019
December 31,
2018
Cash and cash equivalents$7,531 $9,077 
Cash and cash equivalents included in other assets1
245 241 
Cash, cash equivalents, restricted cash and restricted cash equivalents$7,776 $9,318 
1 Amounts represent cash and cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4.
Recently Issued Accounting Guidance
In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating taxes during the quarters and the recognition of deferred tax liabilities for outside basis differences. This guidance also simplifies aspects of the accounting for franchise taxes and changes in tax laws or rates, as well as clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for the Company beginning January 1, 2021 and would require us to recognize a cumulative effect adjustment to the opening balance of reinvested earnings, if applicable. We are currently evaluating the impact that ASU 2019-12 may have on our consolidated financial statements.
NOTE 2: ACQUISITIONS AND DIVESTITURES
Acquisitions
During the nine months ended September 25, 2020, our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $989 million, which primarily related to the acquisition of the remaining equity ownership interest in fairlife, LLC ("fairlife").
During the nine months ended September 27, 2019, our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $5,376 million, which primarily related to the acquisition of Costa Limited ("Costa"), the remaining equity ownership interest in C.H.I. Limited ("CHI") and controlling interests in bottling operations in Zambia.
fairlife, LLC
In January 2020, the Company acquired the remaining 57.5 percent interest in, and now owns 100 percent of, fairlife. fairlife offers a broad portfolio of products in the value-added dairy category across North America. A significant portion of fairlife's revenues was already reflected in our consolidated financial statements, as we have operated as the sales and distribution organization for certain fairlife products. Upon consolidation, we recognized a gain of $902 million resulting from the remeasurement of our previously held equity interest in fairlife to fair value. The fair value of our previously held interest was determined using a discounted cash flow model based on Level 3 inputs. The gain was recorded in the line item other income (loss) — net in our condensed consolidated statement of income. We acquired the remaining interest in exchange for $979 million of cash, net of cash acquired, and effectively settled our $306 million note receivable from fairlife at the recorded amount. Under the terms of the agreement, we are subject to making future milestone payments which are contingent on fairlife achieving certain financial targets through 2024 and, if achieved, are payable in 2021, 2023 and 2025. These milestone payments are based on agreed-upon formulas related to fairlife's operating results, the resulting value of which is not subject to a ceiling. Under the applicable accounting guidance, we recorded a $270 million liability representing our best estimate of the fair value of this contingent consideration. The fair value of this contingent consideration was determined using a Monte Carlo valuation model based on Level 3 inputs. We will be required to remeasure this liability to fair value quarterly with any changes in the fair value recorded in income until the final milestone payments are made. During the three and nine months ended September 25, 2020, we recorded charges of $18 million and $47 million, respectively, related to this remeasurement in the line item other operating charges in our condensed consolidated statements of income. As of September 25, 2020, $1.3 billion of the purchase price was allocated to the fairlife trademark and $0.8 billion was preliminarily allocated to goodwill. The goodwill
7


recognized as part of this acquisition is primarily related to synergistic value created from the opportunity for additional expansion. It also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce. The goodwill is not tax deductible and has been preliminarily assigned to the North America operating segment. The preliminary allocation of the purchase price is subject to refinement when valuations are finalized. As of September 25, 2020, the valuations that have not been finalized primarily relate to other intangible assets as well as operating lease right-of-use assets and operating lease liabilities. The final purchase price allocation will be completed no later than the first quarter of 2021.
Costa Limited
In January 2019, the Company acquired Costa in exchange for $4.9 billion of cash, net of cash acquired. Costa is a coffee business with retail outlets in more than 30 countries, the Costa Express vending system and a state-of-the-art roastery. We believe this acquisition will allow us to increase our presence in the hot beverage market as Costa has a scalable platform across multiple formats and channels, including opportunities to introduce ready-to-drink products. Upon finalization of purchase accounting, $2.4 billion of the purchase price was allocated to the Costa trademark and $2.5 billion was allocated to goodwill. The goodwill recognized as part of this acquisition is primarily related to synergistic value created from the opportunity for additional expansion as well as our ability to market and distribute Costa in ready-to-drink form throughout our bottling system. It also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce. The goodwill is not tax deductible and has been assigned to the Global Ventures operating segment, except for $108 million, which has been assigned to the Europe, Middle East and Africa operating segment.
C.H.I. Limited
In January 2019, the Company acquired the remaining 60 percent interest in CHI, a Nigerian producer of value-added dairy and juice beverages and iced tea, in exchange for $260 million of cash, net of cash acquired, under the terms of the agreement for our original investment in CHI. Upon consolidation, we recognized a net charge of $121 million during the nine months ended September 27, 2019, which included the remeasurement of our previously held equity interest in CHI to fair value and the reversal of the related cumulative translation adjustments. The fair value of our previously held equity investment was determined using a discounted cash flow model based on Level 3 inputs. The net charge was recorded in the line item other income (loss) — net in our condensed consolidated statement of income.
Divestitures
During the nine months ended September 25, 2020, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $46 million, which primarily related to the sale of a portion of our ownership interest in one of our equity method investments. We recognized a net gain of $18 million as a result of the sale, which was recorded in the line item other income (loss) — net in our condensed consolidated statement of income.
During the nine months ended September 27, 2019, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $266 million, which primarily related to the sale of a portion of our equity method investment in Embotelladora Andina S.A. ("Andina"). We recognized a gain of $39 million as a result of the sale, which was recorded in the line item other income (loss) — net in our condensed consolidated statement of income. We continue to account for our remaining interest in Andina as an equity method investment as a result of our representation on Andina's Board of Directors and other governance rights.
North America Refranchising — United States
In conjunction with implementing a new beverage partnership model in North America, in 2018 the Company completed the refranchising of all of our bottling territories in the United States that were previously managed by Coca-Cola Refreshments
("CCR") to certain of our unconsolidated bottling partners. During the three and nine months ended September 27, 2019, we recognized net gains of $19 million and $15 million, respectively. These net gains were included in the line item other income (loss) — net in our condensed consolidated statements of income and were primarily related to post-closing adjustments as contemplated by the related agreements.
North America Refranchising — Canada
During the three and nine months ended September 27, 2019, we recognized a charge of $122 million related to post-closing adjustments related to the sale of our Canadian bottling operations as contemplated by the related agreements. This charge was included in the line item other income (loss) — net in our condensed consolidated statements of income.
Coca-Cola Beverages Africa Proprietary Limited
Due to the Company's original intent to refranchise Coca-Cola Beverages Africa Proprietary Limited ("CCBA"), CCBA was accounted for as held for sale and a discontinued operation from October 2017, when the Company became the controlling shareowner of CCBA, through the first quarter of 2019. While the Company had discussions with a number of potential partners throughout the period CCBA was held for sale, during the second quarter of 2019, the Company updated its plans for
8


CCBA and now intends to maintain its controlling stake in CCBA for the foreseeable future. As a result, CCBA no longer qualifies as held for sale or as a discontinued operation, and CCBA's financial results are now presented within the Company's continuing operations. The financial results for prior periods have also been retrospectively reclassified herein. As of the date we changed our plans, the Company was required to measure CCBA's property, plant and equipment and definite-lived intangible assets at the lower of their current fair values or their carrying amounts before they were classified as held for sale, adjusted for depreciation and amortization expense that would have been recognized had the business been classified as held and used during the period that CCBA was classified as held for sale. As a result, the Company reallocated the allowance for reduction of assets held for sale balance that was originally recorded during the third quarter of 2018 to reduce the carrying value of CCBA's property, plant and equipment by $225 million and CCBA's definite-lived intangible assets by $329 million based on the relative amount of depreciation and amortization that would have been recognized during the periods they were held for sale. We also recorded a $160 million adjustment to reduce the carrying value of CCBA's property, plant and equipment and definite-lived intangible assets by an additional $34 million and $126 million, respectively, during the nine months ended September 27, 2019. These additional adjustments were included in the line item other income (loss) — net in our condensed consolidated statement of income.
NOTE 3: REVENUE RECOGNITION
The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions):
United StatesInternationalTotal
Three Months Ended September 25, 2020
Concentrate operations$1,523 $3,556 $5,079 
Finished product operations1,503 2,070 3,573 
Total $3,026 $5,626 $8,652 
Three Months Ended September 27, 2019
Concentrate operations$1,414 $4,026 $5,440 
Finished product operations1,676 2,391 4,067 
Total $3,090 $6,417 $9,507 
United StatesInternationalTotal
Nine Months Ended September 25, 2020
Concentrate operations$4,117 $9,966 $14,083 
Finished product operations4,299 6,021 10,320 
Total $8,416 $15,987 $24,403 
Nine Months Ended September 27, 2019
Concentrate operations$4,014 $11,782 $15,796 
Finished product operations4,824 7,578 12,402 
Total $8,838 $19,360 $28,198 
Refer to Note 16 for additional revenue disclosures by operating segment and Corporate.
9


NOTE 4: INVESTMENTS
Equity Securities
The carrying values of our equity securities were included in the following line items in our condensed consolidated balance sheets (in millions):
Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value
September 25, 2020
Marketable securities$296 $ 
Other investments662 50 
Other assets1,097  
Total equity securities$2,055 $50 
December 31, 2019
Marketable securities$329 $ 
Other investments772 82 
Other assets1,118  
Total equity securities$2,219 $82 
The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions):
Three Months Ended
September 25,
2020
September 27,
2019
Net gains (losses) recognized during the period related to equity securities $17 $29 
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
  
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
$17 $29 
Nine Months Ended
September 25,
2020
September 27,
2019
Net gains (losses) recognized during the period related to equity securities $(137)$163 
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
(24)16 
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
$(113)$147 
Debt Securities
Our debt securities consisted of the following (in millions):
Gross UnrealizedEstimated Fair Value
CostGainsLosses
September 25, 2020
Trading securities
$34 $1 $ $35 
Available-for-sale securities
2,611 63 (16)2,658 
Total debt securities
$2,645 $64 $(16)$2,693 
December 31, 2019
Trading securities
$46 $1 $ $47 
Available-for-sale securities
3,172 113 (4)3,281 
Total debt securities
$3,218 $114 $(4)$3,328 
10


The carrying values of our debt securities were included in the following line items in our condensed consolidated balance sheets (in millions):
September 25, 2020December 31, 2019
Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities
Cash and cash equivalents
$ $305 $ $123 
Marketable securities
35 2,065 47 2,852 
Other assets
 288  306 
Total debt securities$35 $2,658 $47 $3,281 
The contractual maturities of these available-for-sale debt securities as of September 25, 2020 were as follows (in millions):
CostEstimated
Fair Value
Within 1 year$1,186 $1,212 
After 1 year through 5 years1,140 1,134 
After 5 years through 10 years89 102 
After 10 years196 210 
Total$2,611 $2,658 
The Company expects that actual maturities may differ from the contractual maturities above because borrowers have the right to call or prepay certain obligations.
The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions):
Three Months EndedNine Months Ended
September 25,
2020
September 27,
2019
September 25,
2020
September 27,
2019
Gross gains$2 $9 $19 $37 
Gross losses(3)(1)(11)(5)
Proceeds233 1,284 1,419 3,074 
Captive Insurance Companies
In accordance with local insurance regulations, our captive insurance companies are required to meet and maintain minimum solvency capital requirements. The Company elected to invest a majority of its solvency capital in a portfolio of marketable equity and debt securities. These securities are included in the disclosures above. The Company uses one of its consolidated captive insurance companies to reinsure group annuity insurance contracts that cover the pension obligations of certain of our European and Canadian pension plans. This captive's solvency capital funds included equity and debt securities of $1,227 million and $1,266 million as of September 25, 2020 and December 31, 2019, respectively, which are classified in the line item other assets in our condensed consolidated balance sheets because the assets are not available to satisfy our current obligations.
NOTE 5: INVENTORIES
Inventories consisted of the following (in millions):
September 25,
2020
December 31,
2019
Raw materials and packaging$2,069 $2,180 
Finished goods 802 851 
Other 393 348