Exhibit 99.1

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Coca-Cola Reports Strong Results in Second Quarter;
Updates Full Year Guidance

Global Unit Case Volume Grew 18%

Net Revenues Grew 42%;
Organic Revenues (Non-GAAP) Grew 37%

Operating Income Grew 52%;
Comparable Currency Neutral Operating Income (Non-GAAP) Grew 46%

Operating Margin Was 29.8% Versus 27.7% in the Prior Year;
Comparable Operating Margin (Non-GAAP) Was 31.7% Versus 30.0% in the Prior Year

EPS Grew 48% to $0.61; Comparable EPS (Non-GAAP) Grew 61% to $0.68


ATLANTA, July 21, 2021 – The Coca-Cola Company today reported strong second quarter 2021 results and year-to-date performance. “Our results in the second quarter show how our business is rebounding faster than the overall economic recovery, led by our accelerated transformation. As a result, we are encouraged and, despite the asynchronous nature of the recovery, we are raising our full year guidance,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “We are executing against our growth plans and our system is aligned. We are better equipped than ever to win in this growing, vibrant industry and to accelerate value creation for our stakeholders.”
Highlights
Quarterly Performance
Revenues: Net revenues grew 42% to $10.1 billion, and organic revenues (non-GAAP) grew 37%. Revenue performance included 26% growth in concentrate sales and 11% growth in price/mix. Revenue growth was driven by the ongoing recovery in markets where coronavirus-related uncertainty is abating, along with the benefit from cycling revenue declines from the impact of the coronavirus pandemic last year.
Margin: Operating margin, which included items impacting comparability, was 29.8% versus 27.7% in the prior year, while comparable operating margin (non-GAAP) was 31.7% versus 30.0% in the prior year. Operating margin expansion was primarily driven by favorable channel and package mix where coronavirus-related uncertainty is abating, partially offset by a significant increase in marketing expenses versus the prior year.
Earnings per share: EPS grew 48% to $0.61, and comparable EPS (non-GAAP) grew 61% to $0.68. Comparable EPS (non-GAAP) growth included the impact of a 5-point currency tailwind.
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Market share: The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages driven by a share gain in both at-home and away-from-home channels. The company’s value share in total NARTD beverages is now ahead of the 2019 level.
Cash flow: Year-to-date cash flow from operations was $5.5 billion, up $2.7 billion versus the prior year, driven by strong business performance, five additional days in the first quarter and working capital initiatives. Year-to-date free cash flow (non-GAAP) was $5.1 billion, up $2.8 billion versus the prior year, driven by cash flow from operations along with lower capital expenditures versus the prior year.
Company Updates
Business environment update: Global unit case volume benefited from the ongoing recovery in many markets, partially offset by the impact of a resurgence of the coronavirus in several markets. As a result, when compared to 2019 volume levels, second quarter volume growth was in line with the first quarter of 2021. The company saw away-from-home channels rebound as restrictions eased in certain markets, driving value across the enterprise and leading to second quarter revenues ahead of the 2019 level. While coronavirus-related uncertainty continues, the company remains agile in order to execute on its strategic priorities and build on the work that has been done in the past year to navigate an asynchronous recovery.
Continuing innovation through loved and scaled brands: The company, with its disciplined approach to scaling big bets, recently announced the launch of a new and improved Coca-Cola® Zero Sugar recipe in the United States that brings it closer to the great taste of original Coca-Cola. New packaging is simplified and celebrates the iconic Coca-Cola logo, beginning with the brand’s universally recognized red. The Coca-Cola logo in black Spencerian script signals the Zero Sugar variety. The new, global marketing approach for Coca-Cola Zero Sugar will be supported by scaled advertisements and a 360-degree marketing activation plan that invites consumers to try the product and find out if it’s the “Best Coke® Ever?” The new Coca-Cola Zero Sugar previously launched in five operating units across multiple countries, including Japan, Turkey, parts of Latin America and parts of Europe. Overall, Coca-Cola Zero Sugar grew 15% year-to-date, resulting in high single-digit growth versus 2019.
Transforming the digital ecosystem to create and capture value: The company is leveraging the strength of the Coca-Cola system to drive value for stakeholders. The Wabi™ ecosystem, which leverages the system’s unrivaled distribution network and connects businesses to businesses to consumers, continues to accelerate and is now present in 14 countries, with gross merchandising value growing significantly. The company’s footprint in e-commerce also continues to expand. The company’s direct-to-consumer Coke ON® app in Japan, which connects consumers to the system’s vending machines, reached more than 28 million downloads with significant gains in consumer awareness versus the prior year. In North America e-commerce retail, the company continues to be the market leader in the total NARTD category, growing retail value 54% year-to-date. In Europe, our e-commerce is growing retail value faster than 50% across key markets, resulting in a strong value share gain year-to-date.
Accelerating sustainable business practices: During the quarter, the company continued its sustainability journey, which included announcing its plans to use 100% recycled plastic (rPET) in all on-the-go bottles across its portfolio in Great Britain beginning in September, and announcing that by the end of summer all locally manufactured packages in Belgium and Luxembourg are expected to be 100% rPET. These initiatives will save approximately 43,000 tonnes of virgin plastic each year. The company also announced a partnership with The Ocean Cleanup to help stem the tide of marine waste by intercepting plastic debris in rivers around the world. The partnership brings together the company’s scale and global network with The Ocean Cleanup’s technology and data-driven solutions to address 15 rivers by the end of 2022. Finally, the company continued its multi-faceted approach to diversity, equity and inclusion by announcing plans to nearly double its spending with minority-owned media companies in North America over the next three years.
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Operating Review Three Months Ended July 2, 2021
Revenues and Volume
Percent Change
Concentrate Sales1
Price/MixCurrency ImpactAcquisitions, Divestitures and Structural Changes, NetReported Net Revenues
Organic Revenues2
Unit Case Volume
Consolidated261150423718
Europe, Middle East & Africa412060676121
Latin America29930413912
North America16121(1)282817
Asia Pacific15660272116
Global Ventures3
605723013911748
Bottling Investments25390382925
Operating Income and EPS
Percent ChangeReported Operating IncomeItems Impacting ComparabilityCurrency Impact
Comparable Currency Neutral2
Consolidated523346
Europe, Middle East & Africa60(2)656
Latin America352132
North America9447147
Asia Pacific171710
Global Ventures
4
Bottling Investments631360(91)362
Percent ChangeReported EPSItems Impacting ComparabilityCurrency Impact
Comparable Currency Neutral2
Consolidated EPS48(13)555

Note: Certain rows may not add due to rounding.
1 For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any.
2 Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.
3 Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and price/mix may fluctuate materially on a periodic basis. Therefore, the company places greater focus on revenue growth as the best indicator of underlying performance of the Global Ventures operating segment.
4 Reported operating income for Global Ventures for the three months ended July 2, 2021 was $75 million. Reported operating loss for Global Ventures for the three months ended June 26, 2020 was $102 million. Therefore, the percent change is not meaningful.

In addition to the data in the preceding tables, operating results included the following:        
Consolidated
Unit case volume grew 18% in the quarter, resulting in even performance on a two-year basis, driven by the ongoing recovery in markets where coronavirus-related uncertainty is abating along with the benefit from cycling the impact of the coronavirus pandemic last year. Both developed and developing and emerging markets led the recovery, and both grew double digits in the quarter. Markets such as China, Brazil and Nigeria grew volume ahead of 2019 levels while other markets, including India, continued to be under pressure versus 2019, driven by the continued impact of the coronavirus pandemic.
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Category performance was as follows:
Sparkling soft drinks grew 14%, led by strong growth in the United States, India and Brazil. Trademark Coca-Cola grew 12%, resulting in volume ahead of the 2019 level, led by Europe, Middle East & Africa and Latin America. Sparkling flavors grew 18%, led by solid growth in both Trademark Sprite and Trademark Fanta.
Nutrition, juice, dairy and plant-based beverages grew 25% due to solid performance by Minute Maid® and fairlife® in North America, Minute Maid Pulpy in China and Maaza® in India.
Hydration, sports, coffee and tea grew 25%. Hydration grew 21%, with double-digit growth across all geographic operating segments. Sports drinks grew 35%, resulting in volume ahead of the 2019 level, primarily driven by Powerade® in North America. Tea grew 18%, led by growth in the United States, Japan and Brazil. Coffee grew 78%, primarily driven by the reopening of Costa® retail stores in the United Kingdom as coronavirus-related uncertainty continued to abate.
Price/mix grew 11% for the quarter, primarily driven by favorable channel and package mix due to cycling the impact of the coronavirus pandemic last year, along with positive segment mix from Global Ventures and Bottling Investments. Concentrate sales were 9 points ahead of unit case volume in the quarter, primarily due to cycling the rationalization of stock levels in the prior year along with the timing of shipments in the current year. Year-to-date concentrate sales were 6 points ahead of unit case volume primarily due to five additional days in the first quarter, along with cycling the timing of shipments in the prior year.
Operating income grew 52%, which included items impacting comparability and a 5-point currency tailwind. Comparable currency neutral operating income (non-GAAP) grew 46%, driven by strong organic revenue (non-GAAP) growth across all operating segments, partially offset by a significant increase in marketing expenses versus the prior year.
Europe, Middle East & Africa
Unit case volume grew 21% in the quarter, driven by the ongoing recovery in markets where coronavirus-related uncertainty is abating, along with the benefit from cycling the impact of the coronavirus pandemic last year. Growth was led by Russia, Spain and Germany in Europe, Nigeria in Africa, and Turkey and Pakistan in Eurasia and Middle East.
Price/mix grew 20% for the quarter, driven by favorable channel and package mix due to cycling the impact of the coronavirus pandemic last year, along with the timing of deductions. For the quarter, concentrate sales were 20 points ahead of unit case volume due to cycling the rationalization of stock levels in the prior year, along with the timing of shipments in the current year. Year-to-date concentrate sales were 9 points ahead of unit case volume primarily due to five additional days in the first quarter, along with cycling the timing of shipments in the prior year.
Operating income grew 60%, which included items impacting comparability and a currency tailwind. Comparable currency neutral operating income (non-GAAP) grew 56%, primarily driven by strong organic revenue (non-GAAP) growth across all operating units, partially offset by a significant increase in marketing expenses versus the prior year.
The company gained value share in total NARTD beverages along with gaining or maintaining share across all categories.


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Latin America
Unit case volume grew 12% in the quarter, resulting in volume ahead of the 2019 level, primarily driven by the ongoing recovery in away-from-home channels and continued strength in at-home channels. Growth was led by Brazil and Mexico, driven by solid performance of sparkling soft drinks and the hydration category.
Price/mix grew 9%, driven by pricing initiatives along with favorable channel and package mix. For the quarter, concentrate sales were 17 points ahead of unit case volume due to cycling the rationalization of stock levels in the prior year, along with the timing of shipments in the current year. Year-to-date concentrate sales were 8 points ahead of unit case volume primarily due to five additional days in the first quarter, along with the timing of shipments in the current year.
Operating income grew 35%, which included items impacting comparability and a 1-point currency tailwind. Comparable currency neutral operating income (non-GAAP) grew 32%, driven by solid organic revenue (non-GAAP) growth, partially offset by a significant increase in marketing expenses versus the prior year.
The company lost value share in total NARTD beverages as share gains in Brazil and Argentina were more than offset by share losses in Mexico and Ecuador.
North America
Unit case volume grew 17% in the quarter. Growth was led by the recovery in the fountain business across all categories as coronavirus-related uncertainty continued to abate during the quarter. At-home channel strength continued during the quarter, and at-home channels continued to see volume ahead of 2019 levels.
Price/mix grew 12% for the quarter, primarily driven by the recovery in the fountain business and away-from-home channels, along with solid growth in premium offerings and juice and dairy finished-goods brands. Year-to-date concentrate sales were 3 points ahead of unit case volume, primarily due to five additional days in the first quarter.
Operating income grew 94%, which included tailwinds from items impacting comparability and currency. Comparable currency neutral operating income (non-GAAP) grew 47%, driven by strong organic revenue (non-GAAP) growth, partially offset by a significant increase in marketing expenses versus the prior year.
The company gained value share in total NARTD beverages led by a strong recovery in away-from-home channels along with continued strong performance in at-home channels.
Asia Pacific
Unit case volume grew 16% in the quarter, driven by growth across all operating units due to the ongoing recovery in markets where coronavirus-related uncertainty is abating, along with the benefit from cycling the impact of the coronavirus pandemic last year. Growth was led by sparkling flavors and the hydration category.
Price/mix grew 6%, driven by favorable channel and package mix due to cycling the impact of the coronavirus pandemic last year, along with the timing of deductions. Year-to-date concentrate sales were 5 points ahead of unit case volume, primarily due to five additional days in the first quarter.
Operating income grew 17%, which included a 7-point currency tailwind. Comparable currency neutral operating income (non-GAAP) grew 10%, driven by solid organic revenue (non-GAAP) growth, partially offset by a significant increase in marketing expenses versus the prior year.
The company gained value share in total NARTD beverages driven by share gains in Japan and Southeast Asia.

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Global Ventures
Net revenues grew 139% in the quarter, which included a 23-point currency tailwind. Organic revenues (non-GAAP) grew 117%. Revenue growth was primarily driven by the reopening of Costa retail stores in the United Kingdom as coronavirus-related uncertainty continued to abate.
Operating income growth and comparable currency neutral operating income (non-GAAP) growth were driven by strong organic revenue (non-GAAP) growth.
Bottling Investments
Unit case volume grew 25% in the quarter, primarily driven by solid growth in India and South Africa.
Price/mix grew 3%, driven by pricing and trade promotion optimization in most markets, along with a benefit from category and package mix.
Operating income growth of 631% included a tailwind from items impacting comparability and a headwind from currency. Comparable currency neutral operating income (non-GAAP) grew 362%, driven by solid organic revenue (non-GAAP) growth along with effective cost management.
Operating Review Six Months Ended July 2, 2021
Revenues and Volume
Percent Change
Concentrate Sales1
Price/MixCurrency ImpactAcquisitions, Divestitures and Structural Changes, NetReported Net Revenues
Organic Revenues2
Unit Case Volume
Consolidated1552022209
Europe, Middle East & Africa1833024219
Latin America147(5)017226
North America880(1)15155
Asia Pacific17260262013
Global Ventures3
279110473619
Bottling Investments18430242214
Operating Income and EPS
Percent ChangeReported Operating IncomeItems Impacting ComparabilityCurrency Impact
Comparable Currency Neutral2
Consolidated326124
Europe, Middle East & Africa17(4)318
Latin America180(5)23
North America9963135
Asia Pacific25(1)718
Global Ventures
4
Bottling Investments21094(33)149
Percent ChangeReported EPSItems Impacting ComparabilityCurrency Impact
Comparable Currency Neutral2
Consolidated EPS7(25)230

Note: Certain rows may not add due to rounding.
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1 For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any.
2 Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.
3 Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and price/mix may fluctuate materially on a periodic basis. Therefore, the company places greater focus on revenue growth as the best indicator of underlying performance of the Global Ventures operating segment.
4 Reported operating income for Global Ventures for the six months ended July 2, 2021 was $101 million. Reported operating loss for Global Ventures for the six months ended June 26, 2020 was $83 million. Therefore, the percent change is not meaningful.
Outlook
The 2021 outlook information provided below includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full year 2021 projected organic revenues (non-GAAP) to full year 2021 projected reported net revenues, full year 2021 projected comparable net revenues (non-GAAP) to full year 2021 projected reported net revenues, full year 2021 projected underlying effective tax rate (non-GAAP) to full year 2021 projected reported effective tax rate, or full year 2021 projected comparable EPS (non-GAAP) to full year 2021 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates; the exact timing and amount of acquisitions, divestitures and/or structural changes; and the exact timing and amount of items impacting comparability throughout 2021. The unavailable information could have a significant impact on the company’s full year 2021 reported financial results.
Full Year 2021
The company expects to deliver organic revenue (non-GAAP) growth of 12% to 14%. – Updated
For comparable net revenues (non-GAAP), the company expects a 1% to 2% currency tailwind based on the current rates and including the impact of hedged positions. – Unchanged
The company’s underlying effective tax rate (non-GAAP) is estimated to be 19.1%. This does not include the impact of the ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail. – Unchanged
Given the above considerations, the company expects to deliver comparable EPS (non-GAAP) growth of 13% to 15% versus $1.95 in 2020. – Updated
Comparable EPS (non-GAAP) percentage growth includes a 2% to 3% currency tailwind based on the current rates and including the impact of hedged positions. – Unchanged
The company expects to generate free cash flow (non-GAAP) of at least $9.0 billion through cash flow from operations of at least $10.5 billion less capital expenditures of approximately $1.5 billion. This does not include any potential payments related to the ongoing tax litigation with the U.S. Internal Revenue Service. – Updated
Third Quarter 2021 ConsiderationsNew
Comparable net revenues (non-GAAP) are expected to include an approximate 2% currency tailwind based on the current rates and including the impact of hedged positions.
Comparable EPS (non-GAAP) is expected to include an approximate 3% to 4% currency tailwind based on the current rates and including the impact of hedged positions.
Notes
All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period, unless otherwise noted.
All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales, unless otherwise noted. “Unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings),
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with the exception of unit case equivalents for Costa non-ready-to-drink beverage products which are primarily measured in number of transactions. “Unit case volume” means the number of unit cases (or unit case equivalents) of company beverages directly or indirectly sold by the company and its bottling partners to customers or consumers.
“Concentrate sales” represents the amount of concentrates, syrups, beverage bases, source waters and powders/minerals (in all instances expressed in equivalent unit cases) sold by, or used in finished beverages sold by, the company to its bottling partners or other customers. For Costa non-ready-to-drink beverage products, “concentrate sales” represents the amount of coffee beans (in all instances expressed in equivalent unit cases) sold by the company to customers or consumers. In the reconciliation of reported net revenues, “concentrate sales” represents the percent change in net revenues attributable to the increase (decrease) in concentrate sales volume for the geographic operating segments and the Global Ventures operating segment after considering the impact of structural changes, if any. For the Bottling Investments operating segment, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. The Bottling Investments operating segment reflects unit case volume growth for consolidated bottlers only.
“Price/mix” represents the change in net operating revenues caused by factors such as price changes, the mix of products and packages sold, and the mix of channels and geographic territories where the sales occurred.
First quarter 2021 financial results were impacted by five additional days as compared to first quarter 2020, and fourth quarter 2021 financial results will be impacted by six fewer days as compared to fourth quarter 2020. Unit case volume results for the quarters are not impacted by the variances in days due to the average daily sales computation referenced above.
Conference Call
The company is hosting a conference call with investors and analysts to discuss second quarter 2021 operating results today, July 21, 2021, at 8:30 a.m. ET. The company invites participants to listen to a live webcast of the conference call on the company’s website, http://www.coca-colacompany.com, in the “Investors” section. An audio replay in downloadable digital format and a transcript of the call will be available on the website within 24 hours following the call. Further, the “Investors” section of the website includes certain supplemental information and a reconciliation of non-GAAP financial measures to the company’s results as reported under GAAP, which may be used during the call when discussing financial results.
Contacts:            
Investors and Analysts: Tim Leveridge, koinvestorrelations@coca-cola.com    
Media: Scott Leith, sleith@coca-cola.com
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THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(UNAUDITED)
(In millions except per share data)
Three Months Ended
July 2,
2021
June 26,
2020
% Change
Net Operating Revenues$10,129 $7,150 42 
Cost of goods sold3,787 3,013 26 
Gross Profit6,342 4,137 53 
Selling, general and administrative expenses3,017 1,983 52 
Other operating charges309 173 79 
Operating Income3,016 1,981 52 
Interest income71 100 (29)
Interest expense780 274 184 
Equity income (loss) — net402 176 128 
Other income (loss) — net909 214 327 
Income Before Income Taxes3,618 2,197 65 
Income taxes 994 438 128 
Consolidated Net Income2,624 1,759 49 
Less: Net income (loss) attributable to noncontrolling interests(17)(20)14 
Net Income Attributable to Shareowners of The Coca-Cola Company$2,641 $1,779 48 
Basic Net Income Per Share1
$0.61 $0.41 48 
Diluted Net Income Per Share1
$0.61 $0.41 48 
Average Shares Outstanding4,313 4,295 
Effect of dilutive securities25 21 18 
Average Shares Outstanding Assuming Dilution4,338 4,316 
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.

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THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(UNAUDITED)
(In millions except per share data)
Six Months Ended
July 2,
2021
June 26,
2020
% Change
Net Operating Revenues$19,149 $15,751 22 
Cost of goods sold7,292 6,384 14 
Gross Profit11,857 9,367 27 
Selling, general and administrative expenses5,686 4,631 23 
Other operating charges433 375 15 
Operating Income5,738 4,361 32 
Interest income137 212 (36)
Interest expense1,222 467 162 
Equity income (loss) — net681 343 98 
Other income (loss) — net1,047 758 38 
Income Before Income Taxes6,381 5,207 23 
Income taxes 1,502 653 130 
Consolidated Net Income4,879 4,554 
Less: Net income (loss) attributable to noncontrolling interests(7)— — 
Net Income Attributable to Shareowners of The Coca-Cola Company$4,886 $4,554 
Basic Net Income Per Share1
$1.13 $1.06 
Diluted Net Income Per Share1
$1.13 $1.05 
Average Shares Outstanding4,310 4,292 
Effect of dilutive securities24 29 (16)
Average Shares Outstanding Assuming Dilution4,334 4,321 
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.






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THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(UNAUDITED)
(In millions except par value)
July 2,
2021
December 31,
2020
ASSETS
Current Assets
Cash and cash equivalents$9,188 $6,795 
Short-term investments2,079 1,771 
Total Cash, Cash Equivalents and Short-Term Investments11,267 8,566 
Marketable securities1,775 2,348 
Trade accounts receivable, less allowances of $527 and $526, respectively4,036 3,144 
Inventories3,281 3,266 
Prepaid expenses and other assets2,122 1,916 
Total Current Assets22,481 19,240 
Equity method investments18,471 19,273 
Other investments945 812 
Other assets6,553 6,184 
Deferred income tax assets2,291 2,460 
Property, plant and equipment — net10,547 10,777 
Trademarks with indefinite lives10,675 10,395 
Goodwill17,693 17,506 
Other intangible assets538 649 
Total Assets$90,194 $87,296 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses$12,124 $11,145 
Loans and notes payable1,867 2,183 
Current maturities of long-term debt337 485 
Accrued income taxes971 788 
Total Current Liabilities15,299 14,601 
Long-term debt39,804 40,125 
Other liabilities8,350 9,453 
Deferred income tax liabilities2,486 1,833 
The Coca-Cola Company Shareowners’ Equity
Common stock, $0.25 par value; authorized — 11,200 shares; issued — 7,040 shares1,760 1,760 
Capital surplus17,781 17,601 
Reinvested earnings67,838 66,555 
Accumulated other comprehensive income (loss)(13,299)(14,601)
Treasury stock, at cost — 2,725 and 2,738 shares, respectively(51,831)(52,016)
Equity Attributable to Shareowners of The Coca-Cola Company22,249 19,299 
Equity attributable to noncontrolling interests2,006 1,985 
Total Equity24,255 21,284 
Total Liabilities and Equity$90,194 $87,296 
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THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(UNAUDITED)
(In millions)
Six Months Ended
July 2,
2021
June 26,
2020
Operating Activities
Consolidated net income$4,879 $4,554 
Depreciation and amortization749 748 
Stock-based compensation expense148 36 
Deferred income taxes500 (39)
Equity (income) loss — net of dividends(333)(212)
Foreign currency adjustments(31)(67)
Significant (gains) losses — net(690)(901)
Other operating charges238 341 
Other items503 52 
Net change in operating assets and liabilities(438)(1,726)
Net Cash Provided by Operating Activities5,525 2,786 
Investing Activities  
Purchases of investments(3,431)(8,294)
Proceeds from disposals of investments3,811 2,649 
Acquisitions of businesses, equity method investments and nonmarketable securities(11)(984)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities
1,765 46 
Purchases of property, plant and equipment(450)(536)
Proceeds from disposals of property, plant and equipment28 112 
Other investing activities41 40 
Net Cash Provided by (Used in) Investing Activities1,753 (6,967)
Financing Activities 
Issuances of debt10,752 19,775 
Payments of debt(11,957)(10,304)
Issuances of stock342 444 
Purchases of stock for treasury(104)(93)
Dividends(3,623)(1,761)
Other financing activities(372)(16)
Net Cash Provided by (Used in) Financing Activities(4,962)8,045 
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted
   Cash Equivalents
82 (172)
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
2,398 3,692 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period7,110 6,737 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Period9,508 10,429 
Less: Restricted cash and restricted cash equivalents at end of period320 392 
Cash and Cash Equivalents at End of Period$9,188 $10,037 
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THE COCA-COLA COMPANY AND SUBSIDIARIES
Operating Segments and Corporate
(UNAUDITED)
(In millions)
Three Months Ended
Net Operating Revenues1
Operating Income (Loss)Income (Loss) Before Income Taxes
July 2,
2021
June 26,
2020
% Fav. / (Unfav.)July 2,
2021
June 26,
2020
% Fav. / (Unfav.)July 2,
2021
June 26,
2020
% Fav. / (Unfav.)
Europe, Middle East & Africa$2,017 $1,210 67 $1,142 $715 60 $1,169 $736 59 
Latin America1,067 755 41 678 504 35 681 444 53 
North America3,381 2,648 28 950 489 94 959 483 99 
Asia Pacific1,503 1,183 27 766 652 17 779 661 18 
Global Ventures707 295 139 75 (102)— 78 (103)— 
Bottling Investments1,738 1,263 38 92 12 631 422 166 154 
Corporate17 (12)— (687)(289)(137)(470)(190)(146)
Eliminations(301)(192)(57) — —  — — 
Consolidated$10,129 $7,150 42 $3,016 $1,981 52 $3,618 $2,197 65 
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 During the three months ended July 2, 2021, intersegment revenues were $143 million for Europe, Middle East & Africa, $2 million for North America, $153 million for Asia Pacific and $3 million for Bottling Investments. During the three months ended June 26, 2020, intersegment revenues were $75 million for Europe, Middle East & Africa, $1 million for North America, $115 million for Asia Pacific and $1 million for Bottling Investments.


13


\
THE COCA-COLA COMPANY AND SUBSIDIARIES
Operating Segments and Corporate
(UNAUDITED)
(In millions)
Six Months Ended
Net Operating Revenues1
Operating Income (Loss)Income (Loss) Before Income Taxes
July 2,
2021
June 26,
2020
% Fav. / (Unfav.)July 2,
2021
June 26,
2020
% Fav. / (Unfav.)July 2,
2021
June 26,
2020
% Fav. / (Unfav.)
Europe, Middle East & Africa$3,640 $2,935 24 $1,962 $1,675 17 $1,999 $1,707 17 
Latin America1,976 1,685 17 1,230 1,043 18 1,236 979 26 
North America6,318 5,498 15 1,742 876 99 1,775 885 100 
Asia Pacific2,905 2,311 26 1,452 1,163 25 1,474 1,174 26 
Global Ventures1,277 868 47 101 (83)— 105 (85)— 
Bottling Investments3,634 2,921 24 233 75 210 739 364 103 
Corporate34 19 80 (982)(388)(153)(947)183 — 
Eliminations(635)(486)(31) — —  — — 
Consolidated$19,149 $15,751 22 $5,738 $4,361 32 $6,381 $5,207 23 
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 During the six months ended July 2, 2021, intersegment revenues were $304 million for Europe, Middle East & Africa, $3 million for North America, $323 million for Asia Pacific and $5 million for Bottling Investments. During the six months ended June 26, 2020, intersegment revenues were $227 million for Europe, Middle East & Africa, $2 million for North America, $254 million for Asia Pacific and $3 million for Bottling Investments.















14




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
The company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or referred to herein as “reported”). To supplement our consolidated financial statements reported on a GAAP basis, we provide the following non-GAAP financial measures: “comparable net revenues,” “comparable currency neutral net revenues,” “organic revenues,” “comparable operating margin,” “underlying operating margin,” “comparable operating income,” “comparable currency neutral operating income,” “comparable EPS,” “comparable currency neutral EPS,” “underlying effective tax rate” and “free cash flow,” each of which is defined below. Management believes these non-GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends. Further, management believes these non-GAAP financial measures also enhance investors’ ability to compare period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company’s reported results prepared in accordance with GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of each of these non-GAAP financial measures to GAAP information are also included below. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the company’s performance. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.
DEFINITIONS
“Currency neutral operating results” are determined by dividing or multiplying, as appropriate, our current period actual U.S. dollar operating results, by the current period actual exchange rates (that include the impact of current period currency hedging activities), to derive our current period local currency operating results. We then multiply or divide, as appropriate, the derived current period local currency operating results by the foreign currency exchange rates (that also include the impact of the comparable prior period currency hedging activities) used to translate the company’s financial statements in the comparable prior year period to determine what the current period U.S. dollar operating results would have been if the foreign currency exchange rates had not changed from the comparable prior year period.
“Structural changes” generally refer to acquisitions and divestitures of bottling operations, including the impact of intercompany transactions between our operating segments.
“Comparable net revenues” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below). “Comparable currency neutral net revenues” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below) as well as the impact of changes in foreign currency exchange rates. Management believes the comparable net revenues (non-GAAP) growth measure and the comparable currency neutral net revenues (non-GAAP) growth measure provide investors with useful supplemental information to enhance their understanding of the company’s revenue performance and trends by improving their ability to compare our period-to-period results. “Organic revenues” is a non-GAAP financial measure that excludes or has otherwise been adjusted for the impact of acquisitions, divestitures and structural changes, as applicable, and the impact of changes in foreign currency exchange rates. Management believes the organic revenue (non-GAAP) growth measure provides users with useful supplemental information regarding the company’s ongoing revenue performance and trends by presenting revenue growth excluding the impact of foreign exchange as well as the impact of acquisitions, divestitures and structural changes. There were no adjustments related to acquisitions, divestitures and structural changes for the three and six months ended July 2, 2021. In 2020, the company discontinued our Odwalla juice business. The impact of discontinuing our Odwalla juice business has been included in acquisitions, divestitures and structural changes in our analysis of net operating revenues on a consolidated basis as well as for the North America operating segment.
“Comparable operating income” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below). “Comparable currency neutral operating income” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below) and the impact of changes in foreign currency exchange rates. “Comparable operating margin” is a
15




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below). “Underlying operating margin” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below), the impact of changes in foreign currency exchange rates, and the impact of acquisitions, divestitures and structural changes, as applicable. Management uses these non-GAAP financial measures to evaluate the company’s performance and make resource allocation decisions. Further, management believes the comparable operating income (non-GAAP) growth measure, comparable currency neutral operating income (non-GAAP) growth measure, comparable operating margin (non-GAAP) measure and underlying operating margin (non-GAAP) measure enhance its ability to communicate the underlying operating results and provide investors with useful supplemental information to enhance their understanding of the company’s underlying business performance and trends by improving their ability to compare our period-to-period financial results.
“Comparable EPS” and “comparable currency neutral EPS” are non-GAAP financial measures that exclude or have otherwise been adjusted for items impacting comparability (discussed further below). Comparable currency neutral EPS (non-GAAP) has also been adjusted for the impact of changes in foreign currency exchange rates. Management uses these non-GAAP financial measures to evaluate the company’s performance and make resource allocation decisions. Further, management believes the comparable EPS (non-GAAP) and comparable currency neutral EPS (non-GAAP) growth measures enhance its ability to communicate the underlying operating results and provide investors with useful supplemental information to enhance their understanding of the company’s underlying business performance and trends by improving their ability to compare our period-to-period financial results.
“Underlying effective tax rate” is a non-GAAP financial measure that represents the estimated annual effective income tax rate on income before income taxes, which excludes or has otherwise been adjusted for items impacting comparability (discussed further below).
“Free cash flow” is a non-GAAP financial measure that represents net cash provided by operating activities less purchases of property, plant and equipment. Management uses this non-GAAP financial measure to evaluate the company’s performance and make resource allocation decisions.
ITEMS IMPACTING COMPARABILITY
The following information is provided to give qualitative and quantitative information related to items impacting comparability. Items impacting comparability are not defined terms within GAAP. Therefore, our non-GAAP financial information may not be comparable to similarly titled measures reported by other companies. We determine which items to consider as “items impacting comparability” based on how management views our business; makes financial, operating, compensation and planning decisions; and evaluates the company’s ongoing performance. Items such as charges, gains and accounting changes which are viewed by management as impacting only the current period or the comparable period, but not both, or as pertaining to different and unrelated underlying activities or events across comparable periods, are generally considered “items impacting comparability.” Items impacting comparability include, but are not limited to, asset impairments, charges related to our strategic realignment initiatives, charges related to our productivity and reinvestment initiatives, and transaction gains/losses, in each case when exceeding a U.S. dollar threshold. Also included are our proportionate share of similar items incurred by our equity method investees, timing differences related to our economic (non-designated) hedging activities, and timing differences related to unrealized mark-to-market adjustments of equity securities and trading debt securities, regardless of size. In addition, we provide the impact that changes in foreign currency exchange rates had on our financial results (“currency neutral operating results” defined above).
16




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
Asset Impairments
During the three and six months ended June 26, 2020, the company recorded impairment charges of $8 million and $160 million, respectively, related to discontinuing our Odwalla juice business, and recorded an impairment charge of $55 million related to a trademark in North America, which was primarily driven by the impact of the COVID-19 pandemic, revised projections of future operating results and a change in brand focus in the company’s portfolio. The company also recorded an other-than-temporary impairment charge of $38 million related to one of our equity method investees in Latin America. This impairment charge was primarily driven by the impact of the COVID-19 pandemic and management’s view of the timing and extent of recovery. Additionally, the company recorded a charge of $13 million for the impairment of goodwill in our bottling operations in the Middle East, which was primarily driven by a change in sugar tax laws, and recorded impairment charges totaling $10 million related to several trademarks in Latin America, which were primarily driven by the impact of the COVID-19 pandemic and management’s view of the timing and extent of recovery.
During the six months ended June 26, 2020, the company recorded an impairment charge of $26 million associated with an investment in an equity security without a readily determinable fair value, which was primarily driven by revised projections of future operating results.
Strategic Realignment
In August 2020, the company announced strategic steps to transform our organizational structure in an effort to better enable us to capture growth in the fast-changing marketplace. The company is building a networked global organization comprised of operating units, category leads, platform services and the center. The operating units are highly interconnected with more consistency in the structure and a focus on eliminating duplication of resources and scaling new products more quickly. The global marketing category leadership teams primarily focus on innovation, marketing efficiency and effectiveness. The center provides strategy, governance and scale for global initiatives. The operating units, global marketing category leadership teams, and the center are supported by platform services, which focuses on providing efficient and scaled global services and capabilities including, but not limited to, governance, transactional work, data management, consumer analytics, digital commerce and social/digital hubs. During the three and six months ended July 2, 2021, the company recorded charges of $58 million and $205 million, respectively, which were primarily related to severance costs and pension settlement charges associated with our strategic realignment initiatives.
Productivity and Reinvestment
During the three and six months ended July 2, 2021, the company recorded charges of $22 million and $40 million, respectively. During the three and six months ended June 26, 2020, the company recorded charges of $22 million and $61 million, respectively. The costs incurred were primarily related to certain remaining initiatives designed to further simplify and standardize our organization, which we expect to be completed by the end of 2022.
Equity Investees
During the three and six months ended July 2, 2021, the company recorded net charges of $60 million and $23 million, respectively. During the three and six months ended June 26, 2020, the company recorded net charges of $63 million and $101 million, respectively. These amounts represent the company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
Transaction Gains/Losses
During the three and six months ended July 2, 2021, the company recorded a net gain, including transaction costs, of $694 million related to the sale of its ownership interest in Coca-Cola Amatil Limited, an equity method investee. Additionally, during the three and six months ended July 2, 2021, the company recorded charges of $247 million and $251 million, respectively, related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife, LLC (“fairlife”) acquisition.
During the three and six months ended June 26, 2020, the company recorded charges of $18 million and $29 million, respectively, related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Additionally, during the three and six months ended June 26, 2020, the company recognized a
17




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
$2 million gain related to the 2017 refranchising of our China bottling operations, resulting from post-closing adjustments as contemplated by the related agreements.
During the six months ended June 26, 2020, the company recognized a gain of $902 million in conjunction with our acquisition of the remaining ownership interest in fairlife, which resulted from the remeasurement of our previously held equity interest in fairlife to fair value. The company also recognized gains totaling $23 million related to the sale of a portion of our ownership interests in certain unconsolidated bottling operations.
Other Items
Economic (Non-Designated) Hedges
The company uses derivatives as economic hedges primarily to mitigate the foreign exchange risk for certain currencies, certain interest rate risk, and the price risk associated with the purchase of materials used in our manufacturing processes as well as the purchase of vehicle fuel. Although these derivatives were not designated and/or did not qualify for hedge accounting, they are effective economic hedges. The changes in fair values of these economic hedges are immediately recognized in earnings.
The company excludes the net impact of mark-to-market adjustments for outstanding hedges and realized gains/losses for settled hedges from our non-GAAP financial information until the period in which the underlying exposure being hedged impacts our condensed consolidated statement of income. Management believes this adjustment provides meaningful information related to the impact of our economic hedging activities. During the three and six months ended July 2, 2021, the net impact of the company’s adjustment related to our economic hedging activities resulted in decreases of $136 million and $15 million, respectively, to our non-GAAP income before income taxes.
During the three and six months ended June 26, 2020, the net impact of the company’s adjustment related to our economic hedging activities resulted in a decrease of $19 million and an increase of $32 million, respectively, to our non-GAAP income before income taxes.
Unrealized Gains and Losses on Equity and Trading Debt Securities
The company excludes the net impact of unrealized gains and losses resulting from mark-to-market adjustments on our equity and trading debt securities from our non-GAAP financial information until the period in which the underlying securities are sold and the associated gains or losses are realized. Management believes this adjustment provides meaningful information related to the impact of our investments in equity and trading debt securities. During the three and six months ended July 2, 2021, the net impact of the company’s adjustment related to unrealized gains and losses on our equity and trading debt securities resulted in decreases of $181 million and $306 million, respectively, to our non-GAAP income before income taxes.
During the three and six months ended June 26, 2020, the net impact of the company’s adjustment related to unrealized gains and losses on our equity and trading debt securities resulted in a decrease of $253 million and an increase of $118 million, respectively, to our non-GAAP income before income taxes.
Extinguishment of Long-Term Debt
During the three and six months ended July 2, 2021, the company recorded charges of $592 million and $650 million, respectively, related to the extinguishment of long-term debt.
Other
During the three and six months ended July 2, 2021, the company recorded net charges of $16 million and $35 million, respectively, related to restructuring our manufacturing operations in the United States. During the three and six months ended July 2, 2021, the company also recorded charges of $4 million and $13 million, respectively, related to tax litigation expense.
During the three and six months ended June 26, 2020, the company recorded charges of $44 million related to restructuring our manufacturing operations in the United States and charges of $39 million related to discontinuing our Odwalla juice business.
18




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
Certain Tax Matters
During the three and six months ended July 2, 2021, the company recorded $9 million and $30 million, respectively, of excess tax benefits associated with the company’s stock-based compensation arrangements. Additionally, the company recorded a tax benefit of $28 million related to the reversal of a valuation allowance on an equity method investment. During the three and six months ended July 2, 2021, the company recorded net tax expense of $183 million and $177 million, respectively, related to changes in tax laws in certain foreign jurisdictions. During the three and six months ended July 2, 2021, the company also recorded net tax expense of $24 million and $37 million, respectively, for changes to our uncertain tax positions, including interest and penalties, as well as for various discrete tax items and recorded tax expense of $13 million and $20 million, respectively, associated with return to provision adjustments.
During the three and six months ended June 26, 2020, the company recorded $1 million and $57 million, respectively, of excess tax benefits associated with the company’s stock-based compensation arrangements. During the three and six months ended June 26, 2020, the company also recorded $10 million and $58 million, respectively, of net tax benefits for changes to our uncertain tax positions, including interest and penalties, as well as for agreed-upon tax matters. During the six months ended June 26, 2020, the company recorded $38 million of net tax benefits related to changes in tax laws in certain foreign jurisdictions.
19


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions except per share data)
Three Months Ended July 2, 2021
Net operating revenuesCost of goods soldGross profitGross marginSelling, general and administrative expensesOther operating chargesOperating incomeOperating margin
Reported (GAAP)$10,129 $3,787 $6,342 62.6 %$3,017 $309 $3,016 29.8 %
Items Impacting Comparability:
Asset Impairments— — — — — — 
Strategic Realignment— — — — (29)29 
Productivity and Reinvestment— — — — (22)22 
Equity Investees— — — — — — 
Transaction Gains/Losses— — — (5)(247)252 
Other Items(4)117 (121)— (11)(110)
Certain Tax Matters— — — — — — 
Comparable (Non-GAAP)$10,125 $3,904 $6,221 61.4 %$3,012 $— $3,209 31.7 %
Three Months Ended June 26, 2020
Net operating revenuesCost of goods soldGross profitGross marginSelling, general and administrative expensesOther operating chargesOperating incomeOperating margin
Reported (GAAP)$7,150 $3,013 $4,137 57.9 %$1,983 $173 $1,981 27.7 %
Items Impacting Comparability:
Asset Impairments— — — — (86)86 
Strategic Realignment— — — — — — 
Productivity and Reinvestment— — — — (22)22 
Equity Investees— — — — — — 
Transaction Gains/Losses— — — — (18)18 
Other Items25 25 — — (47)47 
Certain Tax Matters— — — — — — 
Comparable (Non-GAAP)$7,175 $3,038 $4,137 57.7 %$1,983 $— $2,154 30.0 %
Net operating revenuesCost of goods soldGross profitSelling, general and administrative expensesOther operating chargesOperating income
% Change — Reported (GAAP)422653527952
% Currency Impact54575
% Change — Currency Neutral (Non-GAAP)3721484548
% Change — Comparable (Non-GAAP)4128505249
% Comparable Currency Impact (Non-GAAP)54573
% Change — Comparable Currency Neutral (Non-GAAP)3724464546
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

20


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions except per share data)
Three Months Ended July 2, 2021
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Effective tax rate
Net income3
Diluted net income per share
Reported (GAAP)$780 $402 $909 $3,618 $994 27.5 %$2,641 $0.61 
Items Impacting Comparability:
Asset Impairments— — — — — — — 
Strategic Realignment— — 29 58 12 46 0.01 
Productivity and Reinvestment— — — 22 16 — 
Equity Investees— 60 — 60 — 60 0.01 
Transaction Gains/Losses— — (699)(447)(156)(291)(0.07)
Other Items(586)— (181)295 16 279 0.06 
Certain Tax Matters— — — — (183)183 0.04 
Comparable (Non-GAAP)$194 $462 $58 $3,606 $689 19.1 %
2
$2,934 $0.68 
Three Months Ended June 26, 2020
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Effective tax rate
Net income3
Diluted net income per share
Reported (GAAP)$274 $176 $214 $2,197 $438 19.9 %$1,779 $0.41 
Items Impacting Comparability:
Asset Impairments— — 38 124 18 106 0.02 
Strategic Realignment— — — — — — — 
Productivity and Reinvestment— — — 22 17 — 
Equity Investees— 63 — 63 61 0.01 
Transaction Gains/Losses— — (2)16 12 — 
Other Items— — (236)(189)(42)(147)(0.03)
Certain Tax Matters— — — — 11 (11)— 
Comparable (Non-GAAP)$274 $239 $14 $2,233 $436 19.5 %$1,817 $0.42 
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Net income3
Diluted net income per share
% Change — Reported (GAAP)184128327651284848
% Change — Comparable (Non-GAAP)(29)9329361586161
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 The income tax adjustments are the calculated income tax benefits (charges) at the applicable tax rate for each of the items impacting comparability with the exception of certain tax matters previously discussed.
2 This does not include the impact of the ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail.
3 This represents net income attributable to shareowners of The Coca-Cola Company.
21


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions except per share data)
Six Months Ended July 2, 2021
Net operating revenuesCost of goods soldGross profitGross marginSelling, general and administrative expensesOther operating chargesOperating incomeOperating margin
Reported (GAAP)$19,149 $7,292 $11,857 61.9 %$5,686 $433 $5,738 30.0 %
Items Impacting Comparability:
Asset Impairments— — — — — — 
Strategic Realignment— — — — (122)122 
Productivity and Reinvestment— — — — (40)40 
Equity Investees— — — — — — 
Transaction Gains/Losses— — — (5)(251)256 
Other Items(5)168 (173)— (20)(153)
Certain Tax Matters— — — — — — 
Comparable (Non-GAAP)$19,144 $7,460 $11,684 61.0 %$5,681 $— $6,003 31.4 %
Six Months Ended June 26, 2020
Net operating revenuesCost of goods soldGross profitGross marginSelling, general and administrative expensesOther operating chargesOperating incomeOperating margin
Reported (GAAP)$15,751 $6,384 $9,367 59.5 %$4,631 $375 $4,361 27.7 %
Items Impacting Comparability:
Asset Impairments— — — — (238)238 
Strategic Realignment— — — — — — 
Productivity and Reinvestment— — — — (61)61 
Equity Investees— — — — — — 
Transaction Gains/Losses— — — — (29)29 
Other Items(3)(55)52 — (47)99 
Certain Tax Matters— — — — — — 
Comparable (Non-GAAP)$15,748 $6,329 $9,419 59.8 %$4,631 $— $4,788 30.4 %
Net operating revenuesCost of goods soldGross profitSelling, general and administrative expensesOther operating chargesOperating income
% Change — Reported (GAAP)221427231532
% Currency Impact22231
% Change — Currency Neutral (Non-GAAP)2012252031
% Change — Comparable (Non-GAAP)2218242325
% Comparable Currency Impact (Non-GAAP)22231
% Change — Comparable Currency Neutral (Non-GAAP)2016222024
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

22


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions except per share data)
Six Months Ended July 2, 2021
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Effective tax rate
Net income3
Diluted net income per share
Reported (GAAP)$1,222 $681 $1,047 $6,381 $1,502 23.5 %$4,886 $1.13 
Items Impacting Comparability:
Asset Impairments— — — — — — — 
Strategic Realignment— — 83 205 44 161 0.04 
Productivity and Reinvestment— — — 40 12 28 0.01 
Equity Investees— 23 — 23 (4)27 0.01 
Transaction Gains/Losses— — (699)(443)(155)(288)(0.07)
Other Items(833)— (303)377 35 342 0.08 
Certain Tax Matters— — — — (176)176 0.04 
Comparable (Non-GAAP)$389 $704 $128 $6,583 $1,258 19.1 %
2
$5,332 $1.23 
Six Months Ended June 26, 2020
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Effective tax rate
Net income3
Diluted net income per share
Reported (GAAP)$467 $343 $758 $5,207 $653 12.5 %$4,554 $1.05 
Items Impacting Comparability:
Asset Impairments— — 64 302 61 241 0.06 
Strategic Realignment— — — — — — — 
Productivity and Reinvestment— — — 61 14 47 0.01 
Equity Investees— 101 — 101 98 0.02 
Transaction Gains/Losses— — (927)(898)39 (937)(0.22)
Other Items— — 134 233 53 180 0.04 
Certain Tax Matters— — — — 153 (153)(0.04)
Comparable (Non-GAAP)$467 $444 $29 $5,006 $976 19.5 %$4,030 $0.93 
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Net income3
Diluted net income per share
% Change — Reported (GAAP)16298382313077
% Change — Comparable (Non-GAAP)(17)5833731293232
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 The income tax adjustments are the calculated income tax benefits (charges) at the applicable tax rate for each of the items impacting comparability with the exception of certain tax matters previously discussed.
2 This does not include the impact of the ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail.
3 This represents net income attributable to shareowners of The Coca-Cola Company.

23


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
Diluted Net Income Per Share:
Three Months Ended July 2, 2021
% Change — Reported (GAAP)48
% Currency Impact6
% Change — Currency Neutral (Non-GAAP)42
% Impact of Items Impacting Comparability (Non-GAAP)(13)
% Change — Comparable (Non-GAAP)61
% Comparable Currency Impact (Non-GAAP)5
% Change — Comparable Currency Neutral (Non-GAAP)55
Six Months Ended
July 2, 2021
% Change — Reported (GAAP)7
% Currency Impact1
% Change — Currency Neutral (Non-GAAP)6
% Impact of Items Impacting Comparability (Non-GAAP)(25)
% Change — Comparable (Non-GAAP)32
% Comparable Currency Impact (Non-GAAP)2
% Change — Comparable Currency Neutral (Non-GAAP)30
Note: Certain columns may not add due to rounding.


24


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)
Net Operating Revenues by Operating Segment and Corporate:
Three Months Ended July 2, 2021
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
Reported (GAAP)$2,017 $1,067 $3,381 $1,503 $707 $1,738 $17 $(301)$10,129 
Items Impacting Comparability:
Other Items— — (5)— — — — (4)
Comparable (Non-GAAP)$2,018 $1,067 $3,381 $1,498 $707 $1,738 $17 $(301)$10,125 
Three Months Ended June 26, 2020
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
Reported (GAAP)$1,210 $755 $2,648 $1,183 $295 $1,263 $(12)$(192)$7,150 
Items Impacting Comparability:
Other Items— — — — — 21 — 25 
Comparable (Non-GAAP)$1,210 $755 $2,652 $1,183 $295 $1,263 $$(192)$7,175 
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
% Change — Reported (GAAP)6741282713938(57)42
% Currency Impact63162395
% Change — Currency Neutral (Non-GAAP)613927211172937
% Acquisitions, Divestitures and Structural Changes00(1)0000
% Change — Organic Revenues (Non-GAAP)613928211172937
% Change — Comparable (Non-GAAP)67412727139389141
% Comparable Currency Impact (Non-GAAP)631623935
% Change — Comparable Currency Neutral (Non-GAAP)61392721117298737
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.








25


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)
Net Operating Revenues by Operating Segment and Corporate:
Six Months Ended July 2, 2021
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
Reported (GAAP)$3,640 $1,976 $6,318 $2,905 $1,277 $3,634 $34 $(635)$19,149 
Items Impacting Comparability:
Other Items— — (6)— — — — (5)
Comparable (Non-GAAP)$3,641 $1,976 $6,318 $2,899 $1,277 $3,634 $34 $(635)$19,144 
Six Months Ended June 26, 2020
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
Reported (GAAP)$2,935 $1,685 $5,498 $2,311 $868 $2,921 $19 $(486)$15,751 
Items Impacting Comparability:
Other Items— — — — — (7)— (3)
Comparable (Non-GAAP)$2,935 $1,685 $5,502 $2,311 $868 $2,921 $12 $(486)$15,748 
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
% Change — Reported (GAAP)24171526472480(31)22
% Currency Impact3(5)06113(36)2
% Change — Currency Neutral (Non-GAAP)21221520362211620
% Acquisitions, Divestitures and Structural Changes00(1)00000
% Change — Organic Revenues (Non-GAAP)21221520362211620
% Change — Comparable (Non-GAAP)24171525472418922
% Comparable Currency Impact (Non-GAAP)3(5)0611332
% Change — Comparable Currency Neutral (Non-GAAP)21221520362218620
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.



26


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)
Operating Income (Loss) by Operating Segment and Corporate:
Three Months Ended July 2, 2021
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
Reported (GAAP)$1,142 $678 $950 $766 $75 $92 $(687)$3,016 
Items Impacting Comparability:
Asset Impairments— — — — — — — — 
Strategic Realignment11 — — — — 17 29 
Productivity and Reinvestment— — — — — — 22 22 
Transaction Gains/Losses— — — — — — 252 252 
Other Items— (92)(5)(3)(15)(110)
Comparable (Non-GAAP)$1,154 $678 $859 $761 $72 $77 $(392)$3,209 
Three Months Ended June 26, 2020
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
Reported (GAAP)$715 $504 $489 $652 $(102)$12 $(289)$1,981 
Items Impacting Comparability:
Asset Impairments— 10 63 — — 13 — 86 
Strategic Realignment— — — — — — — — 
Productivity and Reinvestment— — — — — — 22 22 
Transaction Gains/Losses— — — — — — 18 18 
Other Items— — 32 — (5)19 47 
Comparable (Non-GAAP)$715 $514 $584 $652 $(101)$20 $(230)$2,154 
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
% Change — Reported (GAAP)60359417631(137)52
% Currency Impact5117(147)55
% Change — Currency Neutral (Non-GAAP)54349310778(142)48
% Impact of Items Impacting Comparability (Non-GAAP)(2)2471360(67)3
% Change — Comparable (Non-GAAP)62324817271(71)49
% Comparable Currency Impact (Non-GAAP)6117(91)(3)3
% Change — Comparable Currency Neutral (Non-GAAP)56324710362(68)46
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.


27


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)
Operating Income (Loss) by Operating Segment and Corporate:
Six Months Ended July 2, 2021
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
Reported (GAAP)$1,962 $1,230 $1,742 $1,452 $101 $233 $(982)$5,738 
Items Impacting Comparability:
Asset Impairments— — — — — — — — 
Strategic Realignment61 11 13 13 — — 24 122 
Productivity and Reinvestment— — — — — — 40 40 
Transaction Gains/Losses— — — — — — 256 256 
Other Items— (138)(6)— (23)13 (153)
Comparable (Non-GAAP)$2,024 $1,241 $1,617 $1,459 $101 $210 $(649)$6,003 
Six Months Ended June 26, 2020
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
Reported (GAAP)$1,675 $1,043 $876 $1,163 $(83)$75 $(388)$4,361 
Items Impacting Comparability:
Asset Impairments— 10 215 — — 13 — 238 
Strategic Realignment— — — — — — — — 
Productivity and Reinvestment— — — — — — 61 61 
Transaction Gains/Losses— — — — — — 29 29 
Other Items— — 100 — (11)99 
Comparable (Non-GAAP)$1,675 $1,053 $1,191 $1,163 $(82)$97 $(309)$4,788 
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
% Change — Reported (GAAP)17189925210(153)32
% Currency Impact2(5)18(42)(4)1
% Change — Currency Neutral (Non-GAAP)15239817252(149)31
% Impact of Items Impacting Comparability (Non-GAAP)(4)063(1)94(43)6
% Change — Comparable (Non-GAAP)21183625116(110)25
% Comparable Currency Impact (Non-GAAP)3(5)17(33)(2)1
% Change — Comparable Currency Neutral (Non-GAAP)18233518149(108)24
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

28


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions unless noted)
Operating Margin:
Three Months Ended July 2, 2021Three Months Ended June 26, 2020Basis Point Growth (Decline)
Reported Operating Margin (GAAP)29.78 %27.71 %207 
Items Impacting Comparability (Non-GAAP)(1.93)%(2.30)%
Comparable Operating Margin (Non-GAAP)31.71 %30.01 %170 
Comparable Currency Impact (Non-GAAP)(0.37)%0.00 %
Comparable Currency Neutral Operating Margin (Non-GAAP)32.08 %30.01 %207 
Impact of Acquisitions, Divestitures and Structural Changes on Comparable Currency Neutral Operating Margin (Non-GAAP)0.00 %(0.21)%
Underlying Operating Margin (Non-GAAP)32.08 %30.22 %186 
Six Months Ended July 2, 2021Six Months Ended June 26, 2020Basis Point Growth (Decline)
Reported Operating Margin (GAAP)29.97 %27.69 %228 
Items Impacting Comparability (Non-GAAP)(1.39)%(2.71)%
Comparable Operating Margin (Non-GAAP)31.36 %30.40 %96 
Comparable Currency Impact (Non-GAAP)(0.24)%0.00 %
Comparable Currency Neutral Operating Margin (Non-GAAP)31.60 %30.40 %120 
Impact of Acquisitions, Divestitures and Structural Changes on Comparable Currency Neutral Operating Margin (Non-GAAP)0.00 %(0.18)%
Underlying Operating Margin (Non-GAAP)31.60 %30.58 %102