Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

v3.23.1
OTHER COMPREHENSIVE INCOME (Tables)
3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
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 31,
2023
December 31,
2022
Net foreign currency translation adjustments $ (12,985) $ (13,609)
Accumulated net gains (losses) on derivatives (46) 24 
Unrealized net gains (losses) on available-for-sale debt securities (17) (25)
Adjustments to pension and other postretirement benefit liabilities (1,274) (1,285)
Accumulated other comprehensive income (loss) $ (14,322) $ (14,895)
Comprehensive Income (Loss), Apportioned between Shareowners of the Coca-Cola Company and Noncontrolling Interests
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 31, 2023
Shareowners of
The Coca-Cola Company
Noncontrolling
Interests
Total
Consolidated net income $ 3,107  $ $ 3,113 
Other comprehensive income:
Net foreign currency translation adjustments 624  (75) 549 
Net gains (losses) on derivatives1
(70) —  (70)
Net change in unrealized gains (losses) on available-for-sale debt securities2
— 
Net change in pension and other postretirement benefit liabilities 11  —  11 
Total comprehensive income (loss) $ 3,680  $ (69) $ 3,611 
1Refer to Note 6 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 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 31, 2023 Before-Tax Amount Income Tax After-Tax Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period $ 437  $ (91) $ 346 
Reclassification adjustments recognized in net income 101  —  101 
Gains (losses) on intra-entity transactions that are of a long-term investment nature 292  —  292 
Gains (losses) on net investment hedges arising during the period1
(154) 39  (115)
Net foreign currency translation adjustments $ 676  $ (52) $ 624 
Derivatives:
Gains (losses) arising during the period $ (76) $ $ (69)
Reclassification adjustments recognized in net income (1) —  (1)
Net gains (losses) on derivatives1
$ (77) $ $ (70)
Available-for-sale debt securities:
Unrealized gains (losses) arising during the period $ $ (3) $
Reclassification adjustments recognized in net income (1)
Net change in unrealized gains (losses) on available-for-sale debt securities2
$ 12  $ (4) $
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the period $ (5) $ (2) $ (7)
Reclassification adjustments recognized in net income 22  (4) 18 
Net change in pension and other postretirement benefit liabilities $ 17  $ (6) $ 11 
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
   Company
$ 628  $ (55) $ 573 
1Refer to Note 6 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 debt securities.
Three Months Ended April 1, 2022 Before-Tax Amount Income Tax After-Tax Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period $ 1,324  $ (240) $ 1,084 
Reclassification adjustments recognized in net income 200  —  200 
Gains (losses) on intra-entity transactions that are of a long-term investment nature (670) —  (670)
Gains (losses) on net investment hedges arising during the period1
349  (87) 262 
Net foreign currency translation adjustments $ 1,203  $ (327) $ 876 
Derivatives:
Gains (losses) arising during the period $ 83  $ (21) $ 62 
Reclassification adjustments recognized in net income (1)
Net gains (losses) on derivatives1
$ 86  $ (22) $ 64 
Available-for-sale debt securities:
Unrealized gains (losses) arising during the period $ (46) $ $ (38)
Reclassification adjustments recognized in net income (1)
Net change in unrealized gains (losses) on available-for-sale debt securities2
$ (42) $ $ (35)
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the period $ 68  $ (4) $ 64 
Reclassification adjustments recognized in net income 28  (7) 21 
Net change in pension and other postretirement benefit liabilities $ 96  $ (11) $ 85 
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
   Company
$ 1,343  $ (353) $ 990 
1Refer to Note 6 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 debt securities.
Reclassification out of Accumulated Other Comprehensive Income
The following table presents the amounts and line items in our 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 31, 2023
Foreign currency translation adjustments:
Divestitures, deconsolidations and other1
Other income (loss) — net $ 101 
Income before income taxes 101 
Income taxes — 
Consolidated net income $ 101 
Derivatives:
Foreign currency contracts Net operating revenues $ (1)
Foreign currency contracts and commodity contracts Cost of goods sold (1)
Foreign currency contracts Interest expense
Income before income taxes (1)
Income taxes — 
Consolidated net income $ (1)
Available-for-sale debt securities:
Sale of debt securities Other income (loss) — net $
Income before income taxes
Income taxes (1)
Consolidated net income $
Pension and other postretirement benefit liabilities:
Recognized net actuarial loss Other income (loss) — net $ 23 
Recognized prior service cost (credit) Other income (loss) — net (1)
Income before income taxes 22 
Income taxes (4)
Consolidated net income $ 18 
1