Quarterly report pursuant to Section 13 or 15(d)

Comprehensive Income (Tables)

v3.19.3
Comprehensive Income (Tables)
 9 Months Ended
Sep. 27, 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):
 
September 27,
2019

 
December 31, 2018

Foreign currency translation adjustments1
$
(11,803
)
 
$
(11,045
)
Accumulated derivative net gains (losses)1, 2
(125
)
 
(126
)
Unrealized net gains (losses) on available-for-sale debt securities1
103

 
50

Adjustments to pension and other benefit liabilities1
(1,881
)
 
(1,693
)
Accumulated other comprehensive income (loss)
$
(13,706
)
 
$
(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):
 
Nine Months Ended September 27, 2019
 
Shareowners of
The Coca-Cola Company

Noncontrolling
Interests

Total

Consolidated net income
$
6,878

$
42

$
6,920

Other comprehensive income:
 
 
 
Net foreign currency translation adjustments
(549
)
(130
)
(679
)
Net gains (losses) on derivatives1
30

—

30

Net change in unrealized gains (losses) on available-for-sale debt
   securities2
46

—

46

Net change in pension and other benefit liabilities
100

—

100

Total comprehensive income
$
6,505

$
(88
)
$
6,417

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.


OCI attributable to the shareowners of The Coca-Cola Company
The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees' OCI (in millions):
Three Months Ended September 27, 2019
Before-Tax Amount

 
Income Tax

 
After-Tax Amount

Foreign currency translation adjustments:
 
 
 
 
 
Translation adjustments arising during the period
$
(256
)
 
$
(6
)
 
$
(262
)
Gains (losses) on intra-entity transactions that are of a long-term investment nature
(924
)
 
—

 
(924
)
Gains (losses) on net investment hedges arising during the period1
489

 
(122
)
 
367

Net foreign currency translation adjustments
$
(691
)
 
$
(128
)
 
$
(819
)
Derivatives:

 

 

Gains (losses) arising during the period
$
(2
)
 
$
1

 
$
(1
)
Reclassification adjustments recognized in net income
62

 
(15
)
 
47

Net gains (losses) on derivatives1
$
60

 
$
(14
)
 
$
46

Available-for-sale debt securities:

 

 

Unrealized gains (losses) arising during the period
$
29

 
$
(7
)
 
$
22

Reclassification adjustments recognized in net income
(8
)
 
2

 
(6
)
Net change in unrealized gains (losses) on available-for-sale debt securities2
$
21

 
$
(5
)
 
$
16

Pension and other benefit liabilities:

 

 

Net pension and other benefit liabilities arising during the period
$
4

 
$
—

 
$
4

Reclassification adjustments recognized in net income
37

 
(9
)
 
28

Net change in pension and other benefit liabilities
$
41

 
$
(9
)
 
$
32

Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
   Company
$
(569
)
 
$
(156
)
 
$
(725
)
1 
Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.
2 
Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
Nine Months Ended September 27, 2019
Before-Tax Amount

 
Income Tax

 
After-Tax Amount

Foreign currency translation adjustments:
 
 
 
 
 
Translation adjustments arising during the period
$
(141
)
 
$
(77
)
 
$
(218
)
Reclassification adjustments recognized in net income
192

 
—

 
192

Gains (losses) on intra-entity transactions that are of a long-term investment nature
(888
)
 
—

 
(888
)
Gains (losses) on net investment hedges arising during the period1
486

 
(121
)
 
365

Net foreign currency translation adjustments
$
(351
)
 
$
(198
)
 
$
(549
)
Derivatives:
 
 
 
 
 
Gains (losses) arising during the period
$
(119
)
 
$
24

 
$
(95
)
Reclassification adjustments recognized in net income
166

 
(41
)
 
125

Net gains (losses) on derivatives1
$
47

 
$
(17
)
 
$
30

Available-for-sale debt securities:
 
 
 
 
 
Unrealized gains (losses) arising during the period
$
88

 
$
(17
)
 
$
71

Reclassification adjustments recognized in net income
(32
)
 
7

 
(25
)
Net change in unrealized gains (losses) on available-for-sale debt securities2
$
56

 
$
(10
)
 
$
46

Pension and other benefit liabilities:
 
 
 
 
 
Net pension and other benefit liabilities arising during the period
$
11

 
$
5

 
$
16

Reclassification adjustments recognized in net income
111

 
(27
)
 
84

Net change in pension and other benefit liabilities
$
122

 
$
(22
)
 
$
100

Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
   Company
$
(126
)
 
$
(247
)
 
$
(373
)
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.
Three Months Ended September 28, 2018
Before-Tax Amount

 
Income Tax

 
After-Tax Amount

Foreign currency translation adjustments:
 
 
 
 
 
Translation adjustments arising during the period
$
(446
)
 
$
19

 
$
(427
)
Reclassification adjustments recognized in net income
170

 
—

 
170

Gains (losses) on intra-entity transactions that are of a long-term investment nature
(119
)
 
—

 
(119
)
Gains (losses) on net investment hedges arising during the period1
59

 
(15
)
 
44

Net foreign currency translation adjustments
$
(336
)

$
4


$
(332
)
Derivatives:
 
 
 
 
 
Gains (losses) arising during the period
$
19

 
$
(7
)
 
$
12

Reclassification adjustments recognized in net income
(58
)
 
16

 
(42
)
Net gains (losses) on derivatives1
$
(39
)
 
$
9

 
$
(30
)
Available-for-sale debt securities:
 
 
 
 
 
Unrealized gains (losses) arising during the period
$
(13
)
 
$
24

 
$
11

Reclassification adjustments recognized in net income
(3
)
 
2

 
(1
)
Net change in unrealized gains (losses) on available-for-sale debt securities2
$
(16
)
 
$
26

 
$
10

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

 
$
—

 
$
7

Reclassification adjustments recognized in net income
65

 
(16
)
 
49

Net change in pension and other benefit liabilities
$
72

 
$
(16
)
 
$
56

Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
Company
$
(319
)

$
23


$
(296
)
1 
Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.
2 
Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
Nine Months Ended September 28, 2018
Before-Tax Amount

 
Income Tax

 
After-Tax Amount

Foreign currency translation adjustments:
 
 
 
 
 
Translation adjustments arising during the period
$
(1,431
)
 
$
(66
)
 
$
(1,497
)
Reclassification adjustments recognized in net income
268

 
—

 
268

Gains (losses) on intra-entity transactions that are of a long-term investment nature
(695
)
 
—

 
(695
)
Gains (losses) on net investment hedges arising during the period1
353

 
(88
)
 
265

Net foreign currency translation adjustments
$
(1,505
)

$
(154
)

$
(1,659
)
Derivatives:
 
 
 
 
 
Gains (losses) arising during the period
$
84

 
$
(21
)
 
$
63

Reclassification adjustments recognized in net income
(56
)
 
15

 
(41
)
Net gains (losses) on derivatives1
$
28

 
$
(6
)
 
$
22

Available-for-sale debt securities:
 
 
 
 
 
Unrealized gains (losses) arising during the period
$
(139
)
 
$
45

 
$
(94
)
Reclassification adjustments recognized in net income
2

 
1

 
3

Net change in unrealized gains (losses) on available-for-sale debt securities2
$
(137
)
 
$
46

 
$
(91
)
Pension and other benefit liabilities:
 
 
 
 
 
Net pension and other benefit liabilities arising during the period
$
278

 
$
(62
)
 
$
216

Reclassification adjustments recognized in net income
209

 
(53
)
 
156

Net change in pension and other benefit liabilities
$
487

 
$
(115
)
 
$
372

Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
Company
$
(1,127
)
 
$
(229
)
 
$
(1,356
)
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.


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 September 27, 2019

 
Nine Months Ended September 27, 2019

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

 
$
192

 
 
Income before income taxes
—

 
192

 
 
Income taxes
—

 
—

 
 
Consolidated net income
$
—

 
$
192

 
Derivatives:
 
 
 
 
 
Foreign currency contracts
Net operating revenues
$
5

 
$
(2
)
 
Foreign currency contracts
Cost of goods sold
(2
)
 
(9
)
 
Foreign currency contracts
Other income (loss) — net
46

 
139

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

 
1

 
Foreign currency and interest rate contracts
Interest expense
13

 
37

 
 
Income before income taxes
62

 
166

 
 
Income taxes
(15
)
 
(41
)
 
 
Consolidated net income
$
47

 
$
125

 
Available-for-sale debt securities:
 
 
 
 
 
Sale of debt securities
Other income (loss) — net
$
(8
)
 
$
(32
)
 
 
Income before income taxes
(8
)
 
(32
)
 
 
Income taxes
2

 
7

 
 
Consolidated net income
$
(6
)
 
$
(25
)
 
Pension and other benefit liabilities:
 
 
 
 
 
Recognized net actuarial loss
Other income (loss) — net
$
39

 
$
116

 
Recognized prior service cost (credit)
Other income (loss) — net
(2
)
 
(5
)
 
 
Income before income taxes
37

 
111

 
 
Income taxes
(9
)
 
(27
)
 
 
Consolidated net income
$
28

 
$
84

 
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.