Quarterly report pursuant to Section 13 or 15(d)

Comprehensive Income (Tables)

v3.19.2
Comprehensive Income (Tables)
 6 Months Ended
Jun. 28, 2019
Comprehensive Income  
AOCI attributable to the shareowners of The Coca Cola Company
AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions):
 
June 28,
2019

 
December 31, 2018

Foreign currency translation adjustments1
$
(10,984
)
 
$
(11,045
)
Accumulated derivative net gains (losses)1, 2
(171
)
 
(126
)
Unrealized net gains (losses) on available-for-sale debt securities1
87

 
50

Adjustments to pension and other benefit liabilities1
(1,913
)
 
(1,693
)
Accumulated other comprehensive income (loss)
$
(12,981
)
 
$
(12,814
)

1 The change in the balance from December 31, 2018 includes a portion of a $513 million reclassification to reinvested earnings from AOCI
upon the adoption of ASU 2018-02. Refer to Note 1.
2 The change in the balance from December 31, 2018 includes a $6 million reclassification to reinvested earnings from AOCI upon the
adoption of ASU 2017-12. Refer to Note 1 and Note 6.
Comprehensive Income (Loss), Apportioned between Shareowners of the Coca-Cola Company and Noncontrolling Interests [Text Block]
The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions):
 
Six Months Ended June 28, 2019
 
Shareowners of
The Coca-Cola Company

Noncontrolling
Interests

Total

Consolidated net income
$
4,285

$
46

$
4,331

Other comprehensive income:
 
 
 
Net foreign currency translation adjustments
270

11

281

Net gains (losses) on derivatives1
(16
)
—

(16
)
Net change in unrealized gains (losses) on available-for-sale debt
   securities2
30

—

30

Net change in pension and other benefit liabilities3
68

—

68

Total comprehensive income
$
4,637

$
57

$
4,694

1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.
2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
3 Refer to Note 14 for additional information related to the Company's pension and other postretirement benefit liabilities.

OCI attributable to the shareowners of The Coca-Cola Company
The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees' OCI (in millions):
Three Months Ended June 28, 2019
Before-Tax Amount

 
Income Tax

 
After-Tax Amount

Foreign currency translation adjustments:
 
 
 
 
 
Translation adjustments arising during the period
$
(882
)
 
$
2

 
$
(880
)
Gains (losses) on intra-entity transactions that are of a long-term investment nature
323

 
—

 
323

Gains (losses) on net investment hedges arising during the period1
(156
)
 
29

 
(127
)
Net foreign currency translation adjustments
$
(715
)
 
$
31

 
$
(684
)
Derivatives:

 

 

Gains (losses) arising during the period
$
(81
)
 
$
19

 
$
(62
)
Reclassification adjustments recognized in net income
51

 
(13
)
 
38

Net gains (losses) on derivatives1
$
(30
)
 
$
6

 
$
(24
)
Available-for-sale debt securities:

 

 

Unrealized gains (losses) arising during the period
$
35

 
$
(3
)
 
$
32

Reclassification adjustments recognized in net income
(22
)
 
5

 
(17
)
Net change in unrealized gains (losses) on available-for-sale debt securities2
$
13

 
$
2

 
$
15

Pension and other benefit liabilities:

 

 

Net pension and other benefit liabilities arising during the period
$
8

 
$
1

 
$
9

Reclassification adjustments recognized in net income
37

 
(9
)
 
28

Net change in pension and other benefit liabilities3
$
45

 
$
(8
)
 
$
37

Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
   Company
$
(687
)
 
$
31

 
$
(656
)
1 
Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.
2 
Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
3 
Refer to Note 14 for additional information related to the Company's pension and other postretirement benefit liabilities.









Six Months Ended June 28, 2019
Before-Tax Amount

 
Income Tax

 
After-Tax Amount

Foreign currency translation adjustments:
 
 
 
 
 
Translation adjustments arising during the period
$
115

 
$
(71
)
 
$
44

Reclassification adjustments recognized in net income
192

 
—

 
192

Gains (losses) on intra-entity transactions that are of a long-term investment nature
36

 
—

 
36

Gains (losses) on net investment hedges arising during the period1
(3
)
 
1

 
(2
)
Net foreign currency translation adjustments
$
340

 
$
(70
)
 
$
270

Derivatives:
 
 
 
 
 
Gains (losses) arising during the period
$
(117
)
 
$
23

 
$
(94
)
Reclassification adjustments recognized in net income
104

 
(26
)
 
78

Net gains (losses) on derivatives1
$
(13
)
 
$
(3
)
 
$
(16
)
Available-for-sale debt securities:
 
 
 
 
 
Unrealized gains (losses) arising during the period
$
59

 
$
(10
)
 
$
49

Reclassification adjustments recognized in net income
(24
)
 
5

 
(19
)
Net change in unrealized gains (losses) on available-for-sale debt securities2
$
35

 
$
(5
)
 
$
30

Pension and other benefit liabilities:
 
 
 
 
 
Net pension and other benefit liabilities arising during the period
$
7

 
$
5

 
$
12

Reclassification adjustments recognized in net income
74

 
(18
)
 
56

Net change in pension and other benefit liabilities3
$
81

 
$
(13
)
 
$
68

Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
   Company
$
443

 
$
(91
)
 
$
352

1 
Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.
2 
Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
3 
Refer to Note 14 for additional information related to the Company's pension and other postretirement benefit liabilities.
Three Months Ended June 29, 2018
Before-Tax Amount

 
Income Tax

 
After-Tax Amount

Foreign currency translation adjustments:
 
 
 
 
 
Translation adjustments arising during the period
$
(1,152
)
 
$
(17
)
 
$
(1,169
)
Reclassification adjustments recognized in net income
42

 
—

 
42

Gains (losses) on intra-entity transactions that are of a long-term investment nature
(1,372
)
 
—

 
(1,372
)
Gains (losses) on net investment hedges arising during the period1
705

 
(202
)
 
503

Net foreign currency translation adjustments
$
(1,777
)

$
(219
)

$
(1,996
)
Derivatives:
 
 
 
 
 
Gains (losses) arising during the period
$
(1
)
 
$
24

 
$
23

Reclassification adjustments recognized in net income
60

 
(15
)
 
45

Net gains (losses) on derivatives1
$
59

 
$
9

 
$
68

Available-for-sale debt securities:
 
 
 
 
 
Unrealized gains (losses) arising during the period
$
(113
)
 
$
23

 
$
(90
)
Net change in unrealized gains (losses) on available-for-sale debt securities2
$
(113
)
 
$
23

 
$
(90
)
Pension and other benefit liabilities:
 
 
 
 
 
Net pension and other benefit liabilities arising during the period
$
261

 
$
(61
)
 
$
200

Reclassification adjustments recognized in net income
111

 
(29
)
 
82

Net change in pension and other benefit liabilities3
$
372

 
$
(90
)
 
$
282

Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
Company
$
(1,459
)

$
(277
)

$
(1,736
)
1 
Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.
2 
Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
3 
Refer to Note 14 for additional information related to the Company's pension and other postretirement benefit liabilities.

Six Months Ended June 29, 2018
Before-Tax Amount

 
Income Tax

 
After-Tax Amount

Foreign currency translation adjustments:
 
 
 
 
 
Translation adjustments arising during the period
$
(985
)
 
$
(85
)
 
$
(1,070
)
Reclassification adjustments recognized in net income
98

 
—

 
98

Gains (losses) on intra-entity transactions that are of a long-term investment nature
(576
)
 
—

 
(576
)
Gains (losses) on net investment hedges arising during the period1
294

 
(73
)
 
221

Net foreign currency translation adjustments
$
(1,169
)

$
(158
)

$
(1,327
)
Derivatives:
 
 
 
 
 
Gains (losses) arising during the period
$
65

 
$
(14
)
 
$
51

Reclassification adjustments recognized in net income
2

 
(1
)
 
1

Net gains (losses) on derivatives1
$
67

 
$
(15
)
 
$
52

Available-for-sale debt securities:
 
 
 
 
 
Unrealized gains (losses) arising during the period
$
(126
)
 
$
21

 
$
(105
)
Reclassification adjustments recognized in net income
5

 
(1
)
 
4

Net change in unrealized gains (losses) on available-for-sale debt securities2
$
(121
)
 
$
20

 
$
(101
)
Pension and other benefit liabilities:
 
 
 
 
 
Net pension and other benefit liabilities arising during the period
$
271

 
$
(62
)
 
$
209

Reclassification adjustments recognized in net income
144

 
(37
)
 
107

Net change in pension and other benefit liabilities3
$
415

 
$
(99
)
 
$
316

Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
Company
$
(808
)
 
$
(252
)
 
$
(1,060
)
1 
Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.
2 
Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
3 
Refer to Note 14 for additional information related to the Company's pension and other postretirement benefit liabilities.

Income statement location of adjustments reclassified from AOCI into income
The following table presents the amounts and line items in our condensed consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions):
 
 
Amount Reclassified from AOCI
into Income
 
Description of AOCI Component
Financial Statement Line Item
Three Months Ended June 28, 2019

 
Six Months Ended June 28, 2019

 
Foreign currency translation adjustments:
 
 
 
 
 
Divestitures, deconsolidations and other1
Other income (loss) — net
$
—

 
$
192

 
 
Income before income taxes
—

 
192

 
 
Consolidated net income
$
—

 
$
192

 
Derivatives:
 
 
 
 
 
Foreign currency contracts
Net operating revenues
$
(1
)
 
$
(7
)
 
Foreign currency contracts
Cost of goods sold
(3
)
 
(7
)
 
Foreign currency contracts
Other income (loss) — net
43

 
93

 
Divestitures, deconsolidations and other
Other income (loss) — net
—

 
1

 
Foreign currency and interest rate contracts
Interest expense
12

 
24

 
 
Income before income taxes
51

 
104

 
 
Income taxes
(13
)
 
(26
)
 
 
Consolidated net income
$
38

 
$
78

 
Available-for-sale debt securities:
 
 
 
 
 
Sale of debt securities
Other income (loss) — net
$
(22
)
 
$
(24
)
 
 
Income before income taxes
(22
)
 
(24
)
 
 
Income taxes
5

 
5

 
 
Consolidated net income
$
(17
)
 
$
(19
)
 
Pension and other benefit liabilities:
 
 
 
 
 
Recognized net actuarial loss
Other income (loss) — net
$
38

 
$
77

 
Recognized prior service cost (credit)
Other income (loss) — net
(1
)
 
(3
)
 
 
Income before income taxes
37

 
74

 
 
Income taxes
(9
)
 
(18
)
 
 
Consolidated net income
$
28

 
$
56

 
1 
Primarily related to our previously held equity ownership interest in CHI and the sale of a portion of our equity ownership interest in Andina. Refer to Note 2.