Quarterly report pursuant to Section 13 or 15(d)

Comprehensive Income (Tables)

v3.20.1
Comprehensive Income (Tables)
 3 Months Ended
Mar. 27, 2020
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):
 
March 27,
2020

 
December 31, 2019

Foreign currency translation adjustments
$
(13,436
)
 
$
(11,270
)
Accumulated derivative net gains (losses)
(193
)
 
(209
)
Unrealized net gains (losses) on available-for-sale debt securities
67

 
75

Adjustments to pension and other benefit liabilities
(2,134
)
 
(2,140
)
Accumulated other comprehensive income (loss)
$
(15,696
)
 
$
(13,544
)

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):
 
Three Months Ended March 27, 2020
 
Shareowners of
The Coca-Cola Company

Noncontrolling
Interests

Total

Consolidated net income
$
2,775

$
20

$
2,795

Other comprehensive income:
 
 
 
Net foreign currency translation adjustments
(2,166
)
(455
)
(2,621
)
Net gains (losses) on derivatives1
16

—

16

Net change in unrealized gains (losses) on available-for-sale debt
   securities2
(8
)
—

(8
)
Net change in pension and other benefit liabilities
6

—

6

Total comprehensive income (loss)
$
623

$
(435
)
$
188

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 March 27, 2020
Before-Tax Amount

 
Income Tax

 
After-Tax Amount

Foreign currency translation adjustments:
 
 
 
 
 
Translation adjustments arising during the period
$
(2,281
)
 
$
212

 
$
(2,069
)
Reclassification adjustments recognized in net income
3

 
—

 
3

Gains (losses) on intra-entity transactions that are of a long-term investment nature
(157
)
 
—

 
(157
)
Gains (losses) on net investment hedges arising during the period1
76

 
(19
)
 
57

Net foreign currency translation adjustments
$
(2,359
)
 
$
193

 
$
(2,166
)
Derivatives:

 

 

Gains (losses) arising during the period
$
23

 
$
(8
)
 
$
15

Reclassification adjustments recognized in net income
1

 
—

 
1

Net gains (losses) on derivatives1
$
24

 
$
(8
)
 
$
16

Available-for-sale debt securities:

 

 

Unrealized gains (losses) arising during the period
$
(8
)
 
$
5

 
$
(3
)
Reclassification adjustments recognized in net income
(6
)
 
1

 
(5
)
Net change in unrealized gains (losses) on available-for-sale debt securities2
$
(14
)
 
$
6

 
$
(8
)
Pension and other benefit liabilities:

 

 

Net pension and other benefit liabilities arising during the period
$
(25
)
 
$
(1
)
 
$
(26
)
Reclassification adjustments recognized in net income
43

 
(11
)
 
32

Net change in pension and other benefit liabilities
$
18

 
$
(12
)
 
$
6

Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
   Company
$
(2,331
)
 
$
179

 
$
(2,152
)
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 March 29, 2019
Before-Tax Amount

 
Income Tax

 
After-Tax Amount

Foreign currency translation adjustments:
 
 
 
 
 
Translation adjustments arising during the period
$
997

 
$
(73
)
 
$
924

Reclassification adjustments recognized in net income
192

 
—

 
192

Gains (losses) on intra-entity transactions that are of a long-term investment nature
(287
)
 
—

 
(287
)
Gains (losses) on net investment hedges arising during the period1
153

 
(28
)
 
125

Net foreign currency translation adjustments
$
1,055

 
$
(101
)
 
$
954

Derivatives:
 
 
 
 
 
Gains (losses) arising during the period
$
(36
)
 
$
4

 
$
(32
)
Reclassification adjustments recognized in net income
53

 
(13
)
 
40

Net gains (losses) on derivatives1
$
17

 
$
(9
)
 
$
8

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

 
$
(7
)
 
$
17

Reclassification adjustments recognized in net income
(2
)
 
—

 
(2
)
Net change in unrealized gains (losses) on available-for-sale debt securities2
$
22

 
$
(7
)
 
$
15

Pension and other benefit liabilities:
 
 
 
 
 
Net pension and other benefit liabilities arising during the period
$
(1
)
 
$
4

 
$
3

Reclassification adjustments recognized in net income
37

 
(9
)
 
28

Net change in pension and other benefit liabilities
$
36

 
$
(5
)
 
$
31

Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
Company
$
1,130

 
$
(122
)
 
$
1,008

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 March 27, 2020
Foreign currency translation adjustments:
 
 
Divestitures, deconsolidations and other1
Other income (loss) — net
$
3

 
Income before income taxes
3

 
Income taxes
—

 
Consolidated net income
$
3

Derivatives:
 
 
Foreign currency contracts
Net operating revenues
$
4

Foreign currency contracts
Cost of goods sold
(1
)
Foreign currency contracts
Other income (loss) — net
(15
)
Foreign currency and interest rate contracts
Interest expense
13

 
Income before income taxes
1

 
Income taxes
—

 
Consolidated net income
$
1

Available-for-sale debt securities:
 
 
Sale of debt securities
Other income (loss) — net
$
(6
)
 
Income before income taxes
(6
)
 
Income taxes
1

 
Consolidated net income
$
(5
)
Pension and other benefit liabilities:
 
 
Recognized net actuarial loss
Other income (loss) — net
$
44

Recognized prior service cost (credit)
Other income (loss) — net
(1
)
 
Income before income taxes
43

 
Income taxes
(11
)
 
Consolidated net income
$
32

1 
Related to the sale of a portion of our ownership interest in one of our equity method investments. Refer to Note 2.