Exhibit 99.1
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Coca-Cola Reports Continued Momentum and Strong Results in Third Quarter;
Raises Full-Year Guidance

Global Unit Case Volume Grew 6%

Net Revenues Grew 16%;
Organic Revenues (Non-GAAP) Grew 14%

Operating Income Grew 26%;
Comparable Currency Neutral Operating Income (Non-GAAP) Grew 11%

Operating Margin Was 28.9% Versus 26.6% in the Prior Year;
Comparable Operating Margin (Non-GAAP) Was 30.0% Versus 30.4% in the Prior Year

EPS Grew 41% to $0.57; Comparable EPS (Non-GAAP) Grew 18% to $0.65


ATLANTA, Oct. 27, 2021 – The Coca-Cola Company today reported strong third quarter 2021 results and year-to-date performance. “Our strategic transformation is enabling us to effectively navigate a dynamic environment and emerge stronger from the pandemic,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “We are updating our full-year guidance to reflect another quarter of momentum in the business. While the recovery continues to be asynchronous around the world, we are investing for growth to drive long-term value for the system. Our strong system alignment and networked organization are helping us unlock enormous potential in our brands and across our markets.”
Highlights
Quarterly Performance
Revenues: Net revenues grew 16% to $10.0 billion, resulting in net revenues ahead of 2019, and organic revenues (non-GAAP) grew 14%. Revenue performance included 8% growth in concentrate sales and 6% growth in price/mix. Revenue growth was broad-based with particular strength in markets where coronavirus-related uncertainty is abating.
Margin: Operating margin, which included items impacting comparability, was 28.9% versus 26.6% in the prior year, while comparable operating margin (non-GAAP) was 30.0% versus 30.4% in the prior year. Comparable operating margin (non-GAAP) compression was primarily driven by a significant increase in marketing investments versus the prior year, partially offset by strong revenue growth.
Earnings per share: EPS grew 41% to $0.57, and comparable EPS (non-GAAP) grew 18% to $0.65. Comparable EPS (non-GAAP) growth included the impact of a 3-point currency tailwind.
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Market share: The company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages, which included share gains in both at-home and away-from-home channels. The company’s value share in total NARTD beverages remains ahead of the 2019 level.
Cash flow: Year-to-date cash flow from operations was $9.2 billion, up $3.0 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 $8.5 billion, up $3.0 billion versus the prior year, driven by strong cash flow from operations.
Company Updates
Business environment: Global unit case volume continued to benefit from ongoing recovery in many markets. Third quarter volume was ahead of 2019, and there was sequential improvement in volume versus the second quarter on a two-year basis driven by improved performance in away-from-home channels along with continued strength in at-home channels. While recovery continues to look different across markets and the supply chain environment remains dynamic, the company is progressing on its strategic transformation and is leveraging the networked organization to drive growth for the system.
Engaging and attracting consumers through a new platform for Trademark Coca-Cola: The company has launched a new brand platform for Trademark Coca-Cola called “Real Magic,” the first in five years. The “Real Magic” brand philosophy is rooted in the insight that magic lives in unexpected moments of connection that elevate the everyday into the extraordinary. The platform includes a new design identity for the trademark, including a fresh expression called the Coca-Cola “Hug” logo. The company will engage consumers with experiences anchored in consumption occasions, such as meals and breaks, and aligned with consumer passion points like music, gaming and sports. The company launched the “Real Magic” platform with the “One Coke Away From Each Other” campaign, which runs through October and includes social, digital and out-of-home executions.
Commitment to a World Without Waste: In 2018, the company launched the World Without Waste strategy, renewing a focus on creating a circular economy for plastic packaging and eliminating waste in the environment. In line with this strategy, the company made important changes to its policies, goals and partnerships. The company remains committed to being part of the solution to the plastics pollution problem and has made progress, but there is still much more to do. In a recently released report on plastic pollution from As You Sow, the company scored the highest (out of 50 companies) for its efforts in reducing plastic pollution, including its strong commitment to recycling, transparency for its packaging use and support for producer responsibility initiatives. Earlier this month, the company revealed a breakthrough prototype bottle – its first to be made from 100% plant-based plastic (bPET), excluding cap and label, produced using technologies that are intended to be commercially scaled and that have a lower carbon footprint than virgin oil-based plastics. Additionally, the system continues to make key investments to ensure access to recycled-content packaging material. The company’s bottling partner in Indonesia and Dynapack Asia announced the construction of a PET recycling facility in West Java that will create a closed-loop plastic packaging supply chain.
Leveraging a streamlined portfolio to fuel the innovation pipeline: The company is building a strong innovation pipeline that leverages big bets as well as intelligent experimentation. The networked organization is lifting and shifting several local and regional brands to additional markets around the world, including Costa® ready-to-drink, in the key markets of Japan and China, and the dairy brand fairlife™ in China. The scaled launch of new and improved Coca-Cola® Zero Sugar has resulted in an increase in key consumer metrics and contributed approximately 25% of Trademark Coca-Cola’s growth in the third quarter. The company also continues to be
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consumer centric by using intelligent experimentation at the local market level, including the launch of Aquarius® with functional benefits and the extension of the Ayataka® tea brand with Ayataka Cafè in Japan.
Operating Review Three Months Ended October 1, 2021
Revenues and Volume
Percent Change
Concentrate Sales1
Price/MixCurrency ImpactAcquisitions, Divestitures and Structural Changes, NetReported Net Revenues
Organic Revenues2
Unit Case Volume
Consolidated862016146
Europe, Middle East & Africa850013138
Latin America11237041338
North America750013134
Asia Pacific5(3)20323
Global Ventures3
201980473915
Bottling Investments36401393
Operating Income and EPS
Percent ChangeReported Operating IncomeItems Impacting ComparabilityCurrency Impact
Comparable Currency Neutral2
Consolidated2612311
Europe, Middle East & Africa144010
Latin America4881030
North America196013
Asia Pacific552(2)
Global Ventures
4
Bottling Investments48(33)4141
Percent ChangeReported EPSItems Impacting ComparabilityCurrency Impact
Comparable Currency Neutral2
Consolidated EPS4124314

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 October 1, 2021 was $114 million. Reported operating loss for Global Ventures for the three months ended September 25, 2020 was $31 million. Therefore, the percent change is not meaningful.






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In addition to the data in the preceding tables, operating results included the following:        
Consolidated
Unit case volume grew 6% in the quarter, resulting in volume ahead of 2019, primarily led by developing and emerging markets. This was driven by ongoing recovery in markets where coronavirus-related uncertainty is abating, along with the benefit from cycling the impact of the pandemic last year. Growth in developing and emerging markets was led by India, Russia and Brazil, while growth in developed markets was led by the United States, Great Britain and Mexico.
Category performance was as follows:
Sparkling soft drinks grew 6%, resulting in volume ahead of 2019, driven by strong performance across all geographic operating segments. Trademark Coca-Cola grew 5%, resulting in volume ahead of 2019, led by Europe, Middle East & Africa and Latin America. Sparkling flavors grew 7%, resulting in even performance on a two-year basis, led by solid growth in both Trademark Sprite and Trademark Fanta.
Nutrition, juice, dairy and plant-based beverages grew 12%, a low single-digit acceleration versus 2019, due to solid performance by Minute Maid® Pulpy in China, Maaza® in India and Del Valle® in Mexico.
Hydration, sports, coffee and tea grew 6%. Hydration grew 5%, with growth across all geographic operating segments. Sports drinks grew 5%, resulting in volume ahead of 2019, primarily driven by the United States and Mexico. Tea grew 4%, led by growth in Hajime™ in Japan and Gold Peak® in the United States. Coffee grew 19%, primarily driven by the ongoing reopening of Costa® retail stores in the United Kingdom as coronavirus-related uncertainty continued to abate.
Price/mix grew 6% for the quarter, primarily driven by pricing actions in the marketplace along with favorable channel and package mix due to cycling the impact of the pandemic last year. Concentrate sales were 2 points ahead of unit case volume in the quarter, primarily attributable to bottler inventory build to manage through near-term supply disruption. Year-to-date concentrate sales were 5 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 26%, which included items impacting comparability and a 4-point currency tailwind. Comparable currency neutral operating income (non-GAAP) grew 11%, driven by strong organic revenue (non-GAAP) growth across all operating segments, partially offset by a significant increase in marketing investments versus the prior year.
Europe, Middle East & Africa
Unit case volume grew 8% in the quarter, a low single-digit acceleration versus 2019, driven by ongoing recovery in markets where coronavirus-related uncertainty is abating, along with the benefit from cycling the impact of the pandemic last year. Growth was led by Russia and Great Britain in Europe, Nigeria in Africa, and Turkey in Eurasia and Middle East.
Price/mix grew 5% for the quarter, driven by favorable channel and package mix due to cycling the impact of the pandemic last year, along with the timing of deductions. 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 14%, which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 10%, primarily driven by strong organic revenue (non-GAAP) growth across all operating units, partially offset by a significant increase in marketing investments versus the prior year.
The company gained value share in total NARTD beverages, which included share gains across most categories.
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Latin America
Unit case volume grew 8% in the quarter, resulting in volume ahead of 2019. On a two-year basis, away-from-home volume improved sequentially versus the second quarter, while at-home volume remained strong. Growth was led by Mexico, Brazil and Argentina, driven by solid performance of Trademark Coca-Cola and the hydration category.
Price/mix grew 23%, driven by pricing actions in the marketplace along with favorable channel and package mix. For the quarter, concentrate sales were 3 points ahead of unit case volume, primarily attributable to bottler inventory build to manage through near-term supply disruption. Year-to-date concentrate sales were 6 points ahead of unit case volume, primarily due to five additional days in the first quarter and the timing of shipments in the current year.
Operating income grew 48%, which included items impacting comparability and a 12-point currency tailwind. Comparable currency neutral operating income (non-GAAP) grew 30%, driven by strong organic revenue (non-GAAP) growth, partially offset by nearly doubling marketing investments 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 Bolivia.
North America
Unit case volume grew 4% in the quarter. Growth was driven by recovery in the fountain business as coronavirus-related uncertainty continued to abate. Sparkling flavors and juice led the growth during the quarter.
Price/mix grew 5% for the quarter, primarily driven by pricing actions in the marketplace, recovery in the fountain business and away-from-home channels, and solid growth in juice and dairy finished-goods brands. For the quarter, concentrate sales were 3 points ahead of unit case volume, primarily due to the timing of shipments in the current year. 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 19%, which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 13%, driven by strong organic revenue (non-GAAP) growth, partially offset by a significant increase in marketing investments versus the prior year.
The company gained value share in total NARTD beverages led by recovery in away-from-home channels along with strong performance in at-home channels for sparkling flavors, sports drinks and dairy.
Asia Pacific
Unit case volume grew 3% in the quarter, resulting in even performance on a two-year basis. Growth was driven by India and China, partially offset by pressure in Southeast Asia due to the impact of the pandemic. Growth was led by Trademark Coca-Cola and sparkling flavors.
Price/mix declined 3%, negatively impacted by 3 points of geographic mix due to growth in emerging and developing markets outpacing developed markets. For the quarter, concentrate sales were 2 points ahead of unit case volume, primarily attributable to bottler inventory build to manage through near-term supply disruption. Year-to-date concentrate sales were 4 points ahead of unit case volume, primarily due to five additional days in the first quarter and the timing of shipments in the current year.
Operating income grew 5%, which included a 2-point currency tailwind. Comparable currency neutral operating income (non-GAAP) declined 2%, driven by a significant increase in marketing investments versus the prior year, partially offset by solid organic revenue (non-GAAP) growth.
The company gained value share in total NARTD beverages driven by share gains in Japan and the Philippines.
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Global Ventures
Net revenues grew 47% in the quarter, which included an 8-point currency tailwind. Organic revenues (non-GAAP) grew 39%. Revenue growth was primarily driven by the ongoing 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 3% in the quarter. Strong growth in India and South Africa was partially offset by pressure in Southeast Asia due to the impact of the pandemic.
Price/mix grew 6%, driven by pricing and trade promotion optimization in most markets, along with a benefit from category and package mix.
Operating income growth of 48% included a headwind from items impacting comparability and a 32-point tailwind from currency. Comparable currency neutral operating income (non-GAAP) grew 41%, driven by solid organic revenue (non-GAAP) growth along with effective cost management.
Operating Review Nine Months Ended October 1, 2021
Revenues and Volume
Percent Change
Concentrate Sales1
Price/MixCurrency ImpactAcquisitions, Divestitures and Structural Changes, NetReported Net Revenues
Organic Revenues2
Unit Case Volume
Consolidated1352020188
Europe, Middle East & Africa1542020189
Latin America1312(1)025267
North America870014145
Asia Pacific1304017139
Global Ventures3
2413100473718
Bottling Investments13530211811
Operating Income and EPS
Percent ChangeReported Operating IncomeItems Impacting ComparabilityCurrency Impact
Comparable Currency Neutral2
Consolidated308220
Europe, Middle East & Africa16(1)215
Latin America272025
North America6336026
Asia Pacific182611
Global Ventures
4
Bottling Investments14237(10)115
Percent ChangeReported EPSItems Impacting ComparabilityCurrency Impact
Comparable Currency Neutral2
Consolidated EPS16(10)224

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 nine months ended October 1, 2021 was $215 million. Reported operating loss for Global Ventures for the nine months ended September 25, 2020 was $114 million. Therefore, the percent change is not meaningful.
Outlook
The 2021 and 2022 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, full year 2021 projected comparable EPS (non-GAAP) to full year 2021 projected reported EPS, full year 2022 projected comparable net revenues (non-GAAP) to full year 2022 projected reported net revenues, full year 2022 projected comparable cost of goods sold (non-GAAP) to full year 2022 projected reported cost of goods sold, or full year 2022 projected comparable EPS (non-GAAP) to full year 2022 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 throughout 2021 and 2022; the exact timing and amount of acquisitions, divestitures and/or structural changes throughout 2021 and 2022; the exact timing and amount of items impacting comparability throughout 2021 and 2022; and the actual impact of changes in commodity costs throughout 2022. The unavailable information could have a significant impact on the company’s full year 2021 and full year 2022 reported financial results.
Full Year 2021
The company expects to deliver organic revenue (non-GAAP) growth of 13% 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 18.6%. 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. – Updated
Given the above considerations, the company expects to deliver comparable EPS (non-GAAP) growth of 15% to 17% 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 approximately $10.5 billion through cash flow from operations of approximately $12.0 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
Fourth Quarter 2021 ConsiderationsNew
Comparable net revenues (non-GAAP) are expected to include an approximate even currency impact based on the current rates and including the impact of hedged positions.
Comparable EPS (non-GAAP) is expected to include an approximate 2% currency tailwind based on the current rates and including the impact of hedged positions.
The fourth quarter has six fewer days compared to fourth quarter 2020.


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Full Year 2022New
The company is providing the following considerations for 2022:
The company is confident in the underlying momentum in the business, supported by our transformation work, innovation agenda, and a more efficient and effective approach to marketing.
The company expects elevated commodity inflation, and comparable cost of goods sold (non-GAAP) is expected to include a mid single-digit percentage commodity headwind based on the current rates and including the impact of hedged positions.
Additionally, the company will continue to invest in the marketplace to support ongoing growth in organic revenues (non-GAAP).
The company is providing the initial currency outlook for full year 2022 as follows:
Comparable net revenues (non-GAAP) are expected to include an approximate 2% to 3% currency headwind based on the current rates and including the impact of hedged positions.
Comparable EPS (non-GAAP) is expected to include an approximate 2% to 3% currency headwind based on the current rates and including the impact of hedged positions.
The company will provide full year 2022 guidance when it reports fourth quarter earnings.
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), 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 (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.
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Conference Call
The company is hosting a conference call with investors and analysts to discuss third quarter 2021 operating results today, Oct. 27, 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
October 1,
2021
September 25,
2020
% Change
Net Operating Revenues$10,042 $8,652 16 
Cost of goods sold3,977 3,471 15 
Gross Profit6,065 5,181 17 
Selling, general and administrative expenses3,122 2,511 24 
Other operating charges45 372 (88)
Operating Income2,898 2,298 26 
Interest income68 82 (17)
Interest expense210 660 (68)
Equity income (loss) — net455 431 
Other income (loss) — net(127)30 — 
Income Before Income Taxes3,084 2,181 41 
Income taxes 609 441 38 
Consolidated Net Income2,475 1,740 42 
Less: Net income (loss) attributable to noncontrolling interests4 65 
Net Income Attributable to Shareowners of The Coca-Cola Company$2,471 $1,737 42 
Basic Net Income Per Share1
$0.57 $0.40 42 
Diluted Net Income Per Share1
$0.57 $0.40 41 
Average Shares Outstanding4,318 4,296 
Effect of dilutive securities26 25 
Average Shares Outstanding Assuming Dilution4,344 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 Statements of Income
(UNAUDITED)
(In millions except per share data)
Nine Months Ended
October 1,
2021
September 25,
2020
% Change
Net Operating Revenues$29,191 $24,403 20 
Cost of goods sold11,269 9,855 14 
Gross Profit17,922 14,548 23 
Selling, general and administrative expenses8,808 7,142 23 
Other operating charges478 747 (36)
Operating Income8,636 6,659 30 
Interest income205 294 (30)
Interest expense1,432 1,127 27 
Equity income (loss) — net1,136 774 47 
Other income (loss) — net920 788 17 
Income Before Income Taxes9,465 7,388 28 
Income taxes 2,111 1,094 93 
Consolidated Net Income7,354 6,294 17 
Less: Net income (loss) attributable to noncontrolling interests(3)— 
Net Income Attributable to Shareowners of The Coca-Cola Company$7,357 $6,291 17 
Basic Net Income Per Share1
$1.71 $1.47 16 
Diluted Net Income Per Share1
$1.70 $1.46 16 
Average Shares Outstanding4,313 4,293 
Effect of dilutive securities24 28 (10)
Average Shares Outstanding Assuming Dilution4,337 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)
October 1,
2021
December 31,
2020
ASSETS
Current Assets
Cash and cash equivalents$11,301 $6,795 
Short-term investments1,844 1,771 
Total Cash, Cash Equivalents and Short-Term Investments13,145 8,566 
Marketable securities1,724 2,348 
Trade accounts receivable, less allowances of $534 and $526, respectively3,889 3,144 
Inventories3,182 3,266 
Prepaid expenses and other assets2,300 1,916 
Total Current Assets24,240 19,240 
Equity method investments18,284 19,273 
Other investments897 812 
Other assets6,490 6,184 
Deferred income tax assets2,237 2,460 
Property, plant and equipment — net10,058 10,777 
Trademarks with indefinite lives10,449 10,395 
Goodwill17,455 17,506 
Other intangible assets496 649 
Total Assets$90,606 $87,296 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses$12,830 $11,145 
Loans and notes payable1,866 2,183 
Current maturities of long-term debt448 485 
Accrued income taxes846 788 
Total Current Liabilities15,990 14,601 
Long-term debt39,394 40,125 
Other liabilities8,401 9,453 
Deferred income tax liabilities2,688 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 surplus17,929 17,601 
Reinvested earnings68,494 66,555 
Accumulated other comprehensive income (loss)(14,250)(14,601)
Treasury stock, at cost — 2,721 and 2,738 shares, respectively(51,754)(52,016)
Equity Attributable to Shareowners of The Coca-Cola Company22,179 19,299 
Equity attributable to noncontrolling interests1,954 1,985 
Total Equity24,133 21,284 
Total Liabilities and Equity$90,606 $87,296 
12


THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(UNAUDITED)
(In millions)
Nine Months Ended
October 1,
2021
September 25,
2020
Operating Activities
Consolidated net income$7,354 $6,294 
Depreciation and amortization1,111 1,106 
Stock-based compensation expense236 88 
Deferred income taxes726 10 
Equity (income) loss — net of dividends(621)(565)
Foreign currency adjustments(5)(145)
Significant (gains) losses — net(498)(899)
Other operating charges243 671 
Other items517 562 
Net change in operating assets and liabilities168 (902)
Net Cash Provided by Operating Activities9,231 6,220 
Investing Activities  
Purchases of investments(4,732)(12,051)
Proceeds from disposals of investments5,294 6,482 
Acquisitions of businesses, equity method investments and nonmarketable securities(11)(989)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities
1,950 46 
Purchases of property, plant and equipment(728)(759)
Proceeds from disposals of property, plant and equipment65 156 
Other investing activities81 43 
Net Cash Provided by (Used in) Investing Activities1,919 (7,072)
Financing Activities 
Issuances of debt11,848 26,898 
Payments of debt(13,037)(17,977)
Issuances of stock493 514 
Purchases of stock for treasury(104)(93)
Dividends(5,437)(3,522)
Other financing activities(354)153 
Net Cash Provided by (Used in) Financing Activities(6,591)5,973 
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted
   Cash Equivalents
(56)(36)
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
4,503 5,085 
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 Period11,613 11,822 
Less: Restricted cash and restricted cash equivalents at end of period312 437 
Cash and Cash Equivalents at End of Period$11,301 $11,385 
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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
October 1,
2021
September 25,
2020
% Fav. / (Unfav.)October 1,
2021
September 25,
2020
% Fav. / (Unfav.)October 1,
2021
September 25,
2020
% Fav. / (Unfav.)
Europe, Middle East & Africa$1,915 $1,693 13 $1,028 $903 14 $1,050 $925 14 
Latin America1,137 809 41 712 483 48 716 476 50 
North America3,479 3,088 13 868 727 19 630 738 (15)
Asia Pacific1,374 1,334 594 564 604 575 
Global Ventures753 513 47 114 (31)— 116 (29)— 
Bottling Investments1,665 1,475 13 81 55 48 462 398 16 
Corporate25 294 (499)(403)(24)(494)(902)45 
Eliminations(306)(266)(15) — —  — — 
Consolidated$10,042 $8,652 16 $2,898 $2,298 26 $3,084 $2,181 41 
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 During the three months ended October 1, 2021, intersegment revenues were $157 million for Europe, Middle East & Africa, $1 million for North America, $145 million for Asia Pacific, $2 million for Bottling Investments and $1 million for Corporate. During the three months ended September 25, 2020, intersegment revenues were $137 million for Europe, Middle East & Africa, $1 million for North America, $127 million for Asia Pacific and $1 million for Bottling Investments.


14


THE COCA-COLA COMPANY AND SUBSIDIARIES
Operating Segments and Corporate
(UNAUDITED)
(In millions)
Nine Months Ended
Net Operating Revenues1
Operating Income (Loss)Income (Loss) Before Income Taxes
October 1,
2021
September 25,
2020
% Fav. / (Unfav.)October 1,
2021
September 25,
2020
% Fav. / (Unfav.)October 1,
2021
September 25,
2020
% Fav. / (Unfav.)
Europe, Middle East & Africa$5,555 $4,628 20 $2,990 $2,578 16 $3,049 $2,632 16 
Latin America3,113 2,494 25 1,942 1,526 27 1,952 1,455 34 
North America9,797 8,586 14 2,610 1,603 63 2,405 1,623 48 
Asia Pacific4,279 3,645 17 2,046 1,727 18 2,078 1,749 19 
Global Ventures2,030 1,381 47 215 (114)— 221 (114)— 
Bottling Investments5,299 4,396 21 314 130 142 1,201 762 58 
Corporate59 25 133 (1,481)(791)(87)(1,441)(719)(101)
Eliminations(941)(752)(25) — —  — — 
Consolidated$29,191 $24,403 20 $8,636 $6,659 30 $9,465 $7,388 28 
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 During the nine months ended October 1, 2021, intersegment revenues were $461 million for Europe, Middle East & Africa, $4 million for North America, $468 million for Asia Pacific, $7 million for Bottling Investments and $1 million for Corporate. During the nine months ended September 25, 2020, intersegment revenues were $364 million for Europe, Middle East & Africa, $3 million for North America, $381 million for Asia Pacific and $4 million for Bottling Investments.















15




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 cost of goods sold,” “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 nine months ended October 1, 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 cost of goods sold” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below). Management believes comparable cost of goods sold (non-GAAP) provides users with useful supplemental information regarding the company’s ongoing cost of goods sold by improving their ability to compare our period-to-period results.
16




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
“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 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).
17




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
Asset Impairments
During the nine months ended September 25, 2020, the company recorded impairment charges of $160 million related to discontinuing our Odwalla juice business, and recorded an impairment charge of $55 million related to a trademark in North America, which was 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 and an impairment charge of $26 million associated with an investment in an equity security without a readily determinable fair value. These impairment charges were primarily driven by revised projections of future operating results. The company also 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.
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 nine months ended October 1, 2021, the company recorded charges of $25 million and $230 million, respectively, which were primarily related to severance costs and pension settlement charges associated with our strategic realignment initiatives. During the three and nine months ended September 25, 2020, the company recorded charges of $343 million primarily related to severance costs associated with our strategic realignment initiatives.
Productivity and Reinvestment
During the three and nine months ended October 1, 2021, the company recorded charges of $31 million and $71 million, respectively. During the three and nine months ended September 25, 2020, the company recorded charges of $10 million and $71 million, respectively. The costs incurred were primarily related to certain remaining initiatives designed to further simplify and standardize our organization. We expect most of these initiatives to be completed by the end of 2022; however, certain initiatives may extend into 2023.
Equity Investees
During the three and nine months ended October 1, 2021, the company recorded a net gain of $18 million and a net charge of $5 million, respectively. During the three and nine months ended September 25, 2020, the company recorded net charges of $27 million and $128 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 nine months ended October 1, 2021, the company recorded charges of $12 million and $263 million, respectively, related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife, LLC (“fairlife”) acquisition. Additionally, during the three and nine months ended October 1, 2021, the company recognized gains totaling $76 million related to the sale of a portion of our ownership interests in certain unconsolidated bottling operations.
During the nine months ended October 1, 2021, the company recorded a net gain, including transaction costs, of $694 million related to the sale of our ownership interest in Coca-Cola Amatil Limited, an equity method investee.
18




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
During the three and nine months ended September 25, 2020, the company recorded charges of $18 million and $47 million, respectively, related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition.
During the nine months ended September 25, 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 and a gain of $2 million related to the 2017 refranchising of our China bottling operations, resulting from post-closing adjustments as contemplated by the related agreements.
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 nine months ended October 1, 2021, the net impact of the company’s adjustment related to our economic hedging activities resulted in increases of $63 million and $48 million, respectively, to our non-GAAP income before income taxes.
During the three and nine months ended September 25, 2020, the net impact of the company’s adjustment related to our economic hedging activities resulted in decreases of $50 million and $18 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 nine months ended October 1, 2021, the net impact of the company’s adjustment related to unrealized gains and losses on our equity and trading debt securities resulted in an increase of $29 million and a decrease of $277 million, respectively, to our non-GAAP income before income taxes.
During the three and nine months ended September 25, 2020, the net impact of the company’s adjustment related to unrealized gains and losses on our equity and trading debt securities resulted in increases of $7 million and $125 million, respectively, to our non-GAAP income before income taxes.
Extinguishment of Long-Term Debt
During the nine months ended October 1, 2021, the company recorded charges of $650 million related to the extinguishment of long-term debt.
During the three and nine months ended September 25, 2020, the company recorded charges of $405 million related to the extinguishment of long-term debt.
19




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
Other
During the three and nine months ended October 1, 2021, the company recorded net charges of $273 million and $308 million, respectively, related to restructuring our manufacturing operations in the United States. During the three and nine months ended October 1, 2021, the company also recorded charges of $1 million and $14 million, respectively, related to tax litigation expense.
During the three and nine months ended September 25, 2020, the company recorded charges of $25 million and $69 million, respectively, related to restructuring our manufacturing operations in the United States. During the three and nine months ended September 25, 2020, the company also recorded a net gain of $2 million and net charges of $37 million, respectively, related to discontinuing our Odwalla juice business.
Certain Tax Matters
During the three and nine months ended October 1, 2021, the company recorded $12 million and $42 million, respectively, of excess tax benefits associated with the company’s stock-based compensation arrangements. Additionally, during the three and nine months ended October 1, 2021, the company recorded net tax expense of $84 million and $121 million, respectively, for changes to our uncertain tax positions, including interest and penalties, as well as for various discrete tax items, including the tax impact of agreed-upon audit issues, and recorded tax expense of $3 million and $23 million, respectively, associated with return to provision adjustments.
During the nine months ended October 1, 2021, the company recorded a tax benefit of $28 million related to the reversal of a valuation allowance on an equity method investment. Additionally, during the nine months ended October 1, 2021, the company recorded net tax expense of $177 million related to changes in tax laws in certain foreign jurisdictions.
During the three and nine months ended September 25, 2020, the company recorded $4 million and $61 million, respectively, of excess tax benefits associated with the company’s stock-based compensation arrangements. During the three and nine months ended September 25, 2020, the company recorded net tax benefits of $44 million and $63 million, respectively, primarily associated with return to provision adjustments. During the three and nine months ended September 25, 2020, the company also recorded net tax expense of $9 million and a net tax benefit of $30 million, respectively, for changes to our uncertain tax positions, including interest and penalties, as well as for various discrete tax items. During the three and nine months ended September 25, 2020, the company recorded $54 million and $16 million, respectively, of net tax expense related to changes in tax laws in certain foreign jurisdictions.
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 October 1, 2021
Net operating revenuesCost of goods soldGross profitGross marginSelling, general and administrative expensesOther operating chargesOperating incomeOperating margin
Reported (GAAP)$10,042 $3,977 $6,065 60.4 %$3,122 $45 $2,898 28.9 %
Items Impacting Comparability:
Asset Impairments— — — — — — 
Strategic Realignment— — — — (4)
Productivity and Reinvestment— — — — (31)31 
Equity Investees— — — — — — 
Transaction Gains/Losses— — — — (12)12 
Other Items(69)71 — 69 
Certain Tax Matters— — — — — — 
Comparable (Non-GAAP)$10,044 $3,908 $6,136 61.1 %$3,122 $— $3,014 30.0 %
Three Months Ended September 25, 2020
Net operating revenuesCost of goods soldGross profitGross marginSelling, general and administrative expensesOther operating chargesOperating incomeOperating margin
Reported (GAAP)$8,652 $3,471 $5,181 59.9 %$2,511 $372 $2,298 26.6 %
Items Impacting Comparability:
Asset Impairments— — — — — — 
Strategic Realignment— — — — (332)332 
Productivity and Reinvestment— — — — (10)10 
Equity Investees— — — — — — 
Transaction Gains/Losses— — — — (18)18 
Other Items(4)37 (41)— (12)(29)
Certain Tax Matters— — — — — — 
Comparable (Non-GAAP)$8,648 $3,508 $5,140 59.4 %$2,511 $— $2,629 30.4 %
Net operating revenuesCost of goods soldGross profitSelling, general and administrative expensesOther operating chargesOperating income
% Change — Reported (GAAP)16151724(88)26
% Currency Impact21324
% Change — Currency Neutral (Non-GAAP)1414142222
% Change — Comparable (Non-GAAP)1611192415
% Comparable Currency Impact (Non-GAAP)21323
% Change — Comparable Currency Neutral (Non-GAAP)1411172211
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

21


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions except per share data)
Three Months Ended October 1, 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)$210 $455 $(127)$3,084 $609 19.7 %$2,471 $0.57 
Items Impacting Comparability:
Asset Impairments— — — — — — — 
Strategic Realignment— — 21 25 19 — 
Productivity and Reinvestment— — — 31 24 0.01 
Equity Investees— (18)— (18)(6)(12)— 
Transaction Gains/Losses— — (76)(64)(30)(34)(0.01)
Other Items— 303 366 92 274 0.06 
Certain Tax Matters— — — — (75)75 0.02 
Comparable (Non-GAAP)$216 $437 $121 $3,424 $603 17.6 %
2
$2,817 $0.65 
Three Months Ended September 25, 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)$660 $431 $30 $2,181 $441 20.2 %$1,737 $0.40 
Items Impacting Comparability:
Asset Impairments— — — — — — — 
Strategic Realignment— — 11 343 82 261 0.06 
Productivity and Reinvestment— — — 10 — 
Equity Investees— 27 — 27 26 0.01 
Transaction Gains/Losses— — — 18 13 — 
Other Items(405)— 385 62 323 0.07 
Certain Tax Matters— — — — (15)15 — 
Comparable (Non-GAAP)$255 $458 $50 $2,964 $578 19.5 %$2,383 $0.55 
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Net income3
Diluted net income per share
% Change — Reported (GAAP)(68)641384241
% Change — Comparable (Non-GAAP)(15)(4)1461651818
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.
22


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions except per share data)
Nine Months Ended October 1, 2021
Net operating revenuesCost of goods soldGross profitGross marginSelling, general and administrative expensesOther operating chargesOperating incomeOperating margin
Reported (GAAP)$29,191 $11,269 $17,922 61.4 %$8,808 $478 $8,636 29.6 %
Items Impacting Comparability:
Asset Impairments— — — — — — 
Strategic Realignment— — — — (126)126 
Productivity and Reinvestment— — — — (71)71 
Equity Investees— — — — — — 
Transaction Gains/Losses— — — (5)(263)268 
Other Items(3)99 (102)— (18)(84)
Certain Tax Matters— — — — — — 
Comparable (Non-GAAP)$29,188 $11,368 $17,820 61.1 %$8,803 $— $9,017 30.9 %
Nine Months Ended September 25, 2020
Net operating revenuesCost of goods soldGross profitGross marginSelling, general and administrative expensesOther operating chargesOperating incomeOperating margin
Reported (GAAP)$24,403 $9,855 $14,548 59.6 %$7,142 $747 $6,659 27.3 %
Items Impacting Comparability:
Asset Impairments— — — — (238)238 
Strategic Realignment— — — — (332)332 
Productivity and Reinvestment— — — — (71)71 
Equity Investees— — — — — — 
Transaction Gains/Losses— — — — (47)47 
Other Items(7)(18)11 — (59)70 
Certain Tax Matters— — — — — — 
Comparable (Non-GAAP)$24,396 $9,837 $14,559 59.7 %$7,142 $— $7,417 30.4 %
Net operating revenuesCost of goods soldGross profitSelling, general and administrative expensesOther operating chargesOperating income
% Change — Reported (GAAP)20142323(36)30
% Currency Impact22232
% Change — Currency Neutral (Non-GAAP)1813212128
% Change — Comparable (Non-GAAP)2016222322
% Comparable Currency Impact (Non-GAAP)22232
% Change — Comparable Currency Neutral (Non-GAAP)1814202120
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

23


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions except per share data)
Nine Months Ended October 1, 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)$1,432 $1,136 $920 $9,465 $2,111 22.3 %$7,357 $1.70 
Items Impacting Comparability:
Asset Impairments— — — — — — — 
Strategic Realignment— — 104 230 50 180 0.04 
Productivity and Reinvestment— — — 71 19 52 0.01 
Equity Investees— — (10)15 — 
Transaction Gains/Losses— — (775)(507)(185)(322)(0.07)
Other Items(827)— — 743 127 616 0.14 
Certain Tax Matters— — — — (251)251 0.06 
Comparable (Non-GAAP)$605 $1,141 $249 $10,007 $1,861 18.6 %
2
$8,149 $1.88 
Nine Months Ended September 25, 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)$1,127 $774 $788 $7,388 $1,094 14.8 %$6,291 $1.46 
Items Impacting Comparability:
Asset Impairments— — 64 302 61 241 0.06 
Strategic Realignment— — 11 343 82 261 0.06 
Productivity and Reinvestment— — — 71 16 55 0.01 
Equity Investees— 128 — 128 124 0.03 
Transaction Gains/Losses— — (927)(880)44 (924)(0.21)
Other Items(405)— 143 618 115 503 0.12 
Certain Tax Matters— — — — 138 (138)(0.03)
Comparable (Non-GAAP)$722 $902 $79 $7,970 $1,554 19.5 %$6,413 $1.48 
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Net income3
Diluted net income per share
% Change — Reported (GAAP)27471728931716
% Change — Comparable (Non-GAAP)(16)2721726202727
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.

24


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
Diluted Net Income Per Share:
Three Months Ended October 1, 2021
% Change — Reported (GAAP)41
% Currency Impact5
% Change — Currency Neutral (Non-GAAP)37
% Impact of Items Impacting Comparability (Non-GAAP)24
% Change — Comparable (Non-GAAP)18
% Comparable Currency Impact (Non-GAAP)3
% Change — Comparable Currency Neutral (Non-GAAP)14
Nine Months Ended October 1, 2021
% Change — Reported (GAAP)16
% Currency Impact2
% Change — Currency Neutral (Non-GAAP)15
% Impact of Items Impacting Comparability (Non-GAAP)(10)
% Change — Comparable (Non-GAAP)27
% Comparable Currency Impact (Non-GAAP)2
% Change — Comparable Currency Neutral (Non-GAAP)24
Note: Certain columns may not add due to rounding.


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:
Three Months Ended October 1, 2021
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
Reported (GAAP)$1,915 $1,137 $3,479 $1,374 $753 $1,665 $25 $(306)$10,042 
Items Impacting Comparability:
Other Items(1)(1)— — — — — 
Comparable (Non-GAAP)$1,914 $1,136 $3,479 $1,378 $753 $1,665 $25 $(306)$10,044 
Three Months Ended September 25, 2020
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
Reported (GAAP)$1,693 $809 $3,088 $1,334 $513 $1,475 $6 $(266)$8,652 
Items Impacting Comparability:
Other Items(5)(2)— — (2)— (4)
Comparable (Non-GAAP)$1,688 $813 $3,086 $1,335 $513 $1,475 $$(266)$8,648 
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
% Change — Reported (GAAP)13411334713294(15)16
% Currency Impact070284(17)2
% Change — Currency Neutral (Non-GAAP)133312239931114
% Acquisitions, Divestitures and Structural Changes00000000
% Change — Organic Revenues (Non-GAAP)133313239931114
% Change — Comparable (Non-GAAP)1340133471338316
% Comparable Currency Impact (Non-GAAP)06028412
% Change — Comparable Currency Neutral (Non-GAAP)133312239938214
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)
Net Operating Revenues by Operating Segment and Corporate:
Nine Months Ended October 1, 2021
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
Reported (GAAP)$5,555 $3,113 $9,797 $4,279 $2,030 $5,299 $59 $(941)$29,191 
Items Impacting Comparability:
Other Items— (1)— (2)— — — — (3)
Comparable (Non-GAAP)$5,555 $3,112 $9,797 $4,277 $2,030 $5,299 $59 $(941)$29,188 
Nine Months Ended September 25, 2020
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
Reported (GAAP)$4,628 $2,494 $8,586 $3,645 $1,381 $4,396 $25 $(752)$24,403 
Items Impacting Comparability:
Other Items(5)— — (9)— (7)
Comparable (Non-GAAP)$4,623 $2,498 $8,588 $3,646 $1,381 $4,396 $16 $(752)$24,396 
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
% Change — Reported (GAAP)202514174721133(25)20
% Currency Impact2(1)04103(31)2
% Change — Currency Neutral (Non-GAAP)18261413371816418
% Acquisitions, Divestitures and Structural Changes00000000
% Change — Organic Revenues (Non-GAAP)18261413371816418
% Change — Comparable (Non-GAAP)20251417472124720
% Comparable Currency Impact (Non-GAAP)2(1)0410332
% Change — Comparable Currency Neutral (Non-GAAP)18261413371824518
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:
Three Months Ended October 1, 2021
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
Reported (GAAP)$1,028 $712 $868 $594 $114 $81 $(499)$2,898 
Items Impacting Comparability:
Asset Impairments— — — — — — — — 
Strategic Realignment— — — — 
Productivity and Reinvestment— — — — — — 31 31 
Transaction Gains/Losses— — — — — — 12 12 
Other Items(1)(1)71 (4)(1)69 
Comparable (Non-GAAP)$1,029 $711 $940 $598 $110 $80 $(454)$3,014 
Three Months Ended September 25, 2020
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
Reported (GAAP)$903 $483 $727 $564 $(31)$55 $(403)$2,298 
Items Impacting Comparability:
Asset Impairments— — — — — — — — 
Strategic Realignment41 22 121 32 — — 116 332 
Productivity and Reinvestment(3)— — — — — 13 10 
Transaction Gains/Losses— — — — — — 18 18 
Other Items(5)(19)(11)(3)(29)
Comparable (Non-GAAP)$936 $509 $829 $597 $(27)$44 $(259)$2,629 
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
% Change — Reported (GAAP)144819548(24)26
% Currency Impact(1)12023214
% Change — Currency Neutral (Non-GAAP)153619416(26)22
% Impact of Items Impacting Comparability (Non-GAAP)4865(33)5312
% Change — Comparable (Non-GAAP)104013082(77)15
% Comparable Currency Impact (Non-GAAP)010024133
% Change — Comparable Currency Neutral (Non-GAAP)103013(2)41(79)11
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)
Operating Income (Loss) by Operating Segment and Corporate:
Nine Months Ended October 1, 2021
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
Reported (GAAP)$2,990 $1,942 $2,610 $2,046 $215 $314 $(1,481)$8,636 
Items Impacting Comparability:
Asset Impairments— — — — — — — — 
Strategic Realignment63 11 14 13 — — 25 126 
Productivity and Reinvestment— — — — — — 71 71 
Transaction Gains/Losses— — — — — — 268 268 
Other Items— (1)(67)(2)(4)(24)14 (84)
Comparable (Non-GAAP)$3,053 $1,952 $2,557 $2,057 $211 $290 $(1,103)$9,017 
Nine Months Ended September 25, 2020
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
Reported (GAAP)$2,578 $1,526 $1,603 $1,727 $(114)$130 $(791)$6,659 
Items Impacting Comparability:
Asset Impairments— 10 215 — — 13 — 238 
Strategic Realignment41 22 121 32 — — 116 332 
Productivity and Reinvestment(3)— — — — — 74 71 
Transaction Gains/Losses— — — — — — 47 47 
Other Items(5)81 (2)(14)70 
Comparable (Non-GAAP)$2,611 $1,562 $2,020 $1,760 $(109)$141 $(568)$7,417 
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
% Change — Reported (GAAP)16276318142(87)30
% Currency Impact1006(11)(1)2
% Change — Currency Neutral (Non-GAAP)15276213152(86)28
% Impact of Items Impacting Comparability (Non-GAAP)(1)23623778
% Change — Comparable (Non-GAAP)17252717105(95)22
% Comparable Currency Impact (Non-GAAP)2006(10)02
% Change — Comparable Currency Neutral (Non-GAAP)15252611115(95)20
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

29


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions unless noted)
Operating Margin:
Three Months Ended October 1, 2021Three Months Ended September 25, 2020Basis Point Growth (Decline)
Reported Operating Margin (GAAP)28.85 %26.56 %229 
Items Impacting Comparability (Non-GAAP)(1.15)%(3.85)%
Comparable Operating Margin (Non-GAAP)30.00 %30.41 %(41)
Comparable Currency Impact (Non-GAAP)0.40 %0.00 %
Comparable Currency Neutral Operating Margin (Non-GAAP)29.60 %30.41 %(81)
Impact of Acquisitions, Divestitures and Structural Changes on Comparable Currency Neutral Operating Margin (Non-GAAP)0.00 %(0.04)%
Underlying Operating Margin (Non-GAAP)29.60 %30.45 %(85)
Nine Months Ended October 1, 2021Nine Months Ended September 25, 2020Basis Point Growth (Decline)
Reported Operating Margin (GAAP)29.58 %27.29 %229 
Items Impacting Comparability (Non-GAAP)(1.31)%(3.11)%
Comparable Operating Margin (Non-GAAP)30.89 %