Annual report pursuant to Section 13 and 15(d)

OTHER COMPREHENSIVE INCOME

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OTHER COMPREHENSIVE INCOME
12 Months Ended
Dec. 31, 2020
OTHER COMPREHENSIVE INCOME [Abstract]  
OTHER COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME
AOCI attributable to shareowners of The Coca-Cola Company is separately presented in our consolidated balance sheet as a component of The Coca-Cola Company's shareowners' equity, which also includes our proportionate share of equity method investees' AOCI. OCI attributable to noncontrolling interests is allocated to, and included in, our consolidated balance sheet as part of the line item equity attributable to noncontrolling interests.
AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions):
December 31, 2020 2019
Net foreign currency translation adjustments $ (12,028) $ (11,270)
Accumulated net gains (losses) on derivatives (194) (209)
Unrealized net gains (losses) on available-for-sale debt securities 28  75 
Adjustments to pension and other postretirement benefit liabilities (2,407) (2,140)
Accumulated other comprehensive income (loss) $ (14,601) $ (13,544)
The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions):
Year Ended December 31, 2020
Shareowners of
The Coca-Cola Company
Noncontrolling
Interests
Total
Consolidated net income $ 7,747  $ 21  $ 7,768 
Other comprehensive income:
Net foreign currency translation adjustments (758) (153) (911)
Net gains (losses) on derivatives1
15  —  15 
Net change in unrealized gains (losses) on available-for-sale debt
   securities2
(47) —  (47)
Net change in pension and other postretirement benefit liabilities3
(267) —  (267)
Total comprehensive income $ 6,690  $ (132) $ 6,558 
1 Refer to Note 5 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 13 for additional information related to the Company's pension and other postretirement benefit liabilities.
OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees' OCI, for the years ended December 31, 2020, 2019 and 2018 was as follows (in millions):
Before-Tax Amount Income Tax After-Tax Amount
2020
Foreign currency translation adjustments:
Translation adjustments arising during the year $ (2,223) $ 150  $ (2,073)
Reclassification adjustments recognized in net income 3    3 
Gains (losses) on intra-entity transactions that are of a long-term investment nature 2,133    2,133 
Gains (losses) on net investment hedges arising during the year1
(1,094) 273  (821)
     Net foreign currency translation adjustments $ (1,181) $ 423  $ (758)
Derivatives:
Gains (losses) arising during the year $ (54) $ 13  $ (41)
Reclassification adjustments recognized in net income 74  (18) 56 
Net gains (losses) on derivatives1
$ 20  $ (5) $ 15 
Available-for-sale debt securities:
Unrealized gains (losses) arising during the year $ (64) $ 22  $ (42)
Reclassification adjustments recognized in net income (7) 2  (5)
Net change in unrealized gains (losses) on available-for-sale debt securities2
$ (71) $ 24  $ (47)
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the year $ (560) $ 138  $ (422)
Reclassification adjustments recognized in net income 206  (51) 155 
Net change in pension and other postretirement benefit liabilities3
$ (354) $ 87  $ (267)
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
Company
$ (1,586) $ 529  $ (1,057)
2019
Foreign currency translation adjustments:
Translation adjustments arising during the year $ 52  $ (54) $ (2)
Reclassification adjustments recognized in net income 192  —  192 
Gains (losses) on intra-entity transactions that are of a long-term investment nature (307) —  (307)
Gains (losses) on net investment hedges arising during the year1
195  (49) 146 
     Net foreign currency translation adjustments $ 132  $ (103) $ 29 
Derivatives:
Gains (losses) arising during the year $ (225) $ 49  $ (176)
Reclassification adjustments recognized in net income 163  (41) 122 
Net gains (losses) on derivatives1
$ (62) $ $ (54)
Available-for-sale debt securities:
Unrealized gains (losses) arising during the year $ 47  $ (4) $ 43 
Reclassification adjustments recognized in net income (31) (25)
Net change in unrealized gains (losses) on available-for-sale debt securities2
$ 16  $ $ 18 
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the year $ (379) $ 105  $ (274)
Reclassification adjustments recognized in net income 151  (36) 115 
Net change in pension and other postretirement benefit liabilities3
$ (228) $ 69  $ (159)
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
Company
$ (142) $ (24) $ (166)
Before-Tax Amount Income Tax After-Tax Amount
2018
Foreign currency translation adjustments:
Translation adjustments arising during the year $ (1,728) $ 59  $ (1,669)
Reclassification adjustments recognized in net income 398  —  398 
Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,296) —  (1,296)
Gains (losses) on net investment hedges arising during the year1
639  (160) 479 
     Net foreign currency translation adjustments $ (1,987) $ (101) $ (2,088)
Derivatives:
Gains (losses) arising during the year $ 59  $ (16) $ 43 
Reclassification adjustments recognized in net income (68) 18  (50)
Net gains (losses) on derivatives1
$ (9) $ $ (7)
Available-for-sale securities:
Unrealized gains (losses) arising during the year $ (50) $ 11  $ (39)
Reclassification adjustments recognized in net income — 
Net change in unrealized gains (losses) on available-for-sale securities2
$ (45) $ 11  $ (34)
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the year $ (299) $ 75  $ (224)
Reclassification adjustments recognized in net income 341  (88) 253 
Net change in pension and other postretirement benefit liabilities3
$ 42  $ (13) $ 29 
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
Company
$ (1,999) $ (101) $ (2,100)
1 Refer to Note 5 for additional information related to the net gains or losses on derivative instruments.
2Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale securities.
3 Refer to Note 13 for additional information related to the Company's pension and other postretirement benefit liabilities.
The following table presents the amounts and line items in our consolidated statement of income where adjustments reclassified from AOCI into income were recorded during the year ended December 31, 2020 (in millions):
Description of AOCI Component Financial Statement Line Item Amount Reclassified from AOCI into Income
Foreign currency translation adjustments:
Divestitures, deconsolidations and other1
Other income (loss) — net $
Income before income taxes
Income taxes — 
Consolidated net income $
Derivatives:
Foreign currency contracts Net operating revenues $ 73 
Foreign currency and commodity contracts Cost of goods sold (9)
Foreign currency contracts Other income (loss) — net (60)
Foreign currency and interest rate contracts Interest expense 70 
Income before income taxes 74 
Income taxes (18)
Consolidated net income $ 56 
Available-for-sale securities:
Sale of securities Other income (loss) — net $ (7)
Income before income taxes (7)
Income taxes
Consolidated net income $ (5)
Pension and other postretirement benefit liabilities:
Settlement charges2
Other income (loss) — net $ 23 
Curtailment charges2
Other income (loss) — net
Recognized net actuarial loss Other income (loss) — net 176 
Recognized prior service cost (credit) Other income (loss) — net — 
Income before income taxes 206 
Income taxes (51)
Consolidated net income $ 155 
 
1 Related to the sale of a portion of our ownership interest in one of our equity method investees. Refer to Note 2.
2 The settlement and curtailment charges were related to our strategic realignment initiatives. Refer to Note 13 and Note 18.