Annual report pursuant to Section 13 and 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

v3.24.0.1
OTHER COMPREHENSIVE INCOME (Tables)
 12 Months Ended
Dec. 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):
December 31, 2023 2022
Net foreign currency translation adjustments $ (12,726) $ (13,609)
Accumulated net gains (losses) on derivatives (154) 24 
Unrealized net gains (losses) on available-for-sale debt securities (1) (25)
Adjustments to pension and other postretirement benefit liabilities (1,394) (1,285)
Accumulated other comprehensive income (loss) $ (14,275) $ (14,895)
Comprehensive Income (Loss) Apportioned between Shareowners of the 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):
Year Ended December 31, 2023
Shareowners of
The Coca-Cola Company		 Noncontrolling
Interests		 Total
Consolidated net income $ 10,714  $ (11) $ 10,703 
Other comprehensive income:
Net foreign currency translation adjustments 883  (147) 736 
Net gains (losses) on derivatives1
(178) —  (178)
Net change in unrealized gains (losses) on available-for-sale debt
   securities2
24  —  24 
Net change in pension and other postretirement benefit liabilities3
(109) —  (109)
Total comprehensive income $ 11,334  $ (158) $ 11,176 
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 14 for additional information related to the Company’s pension and other postretirement benefit liabilities.
OCI attributable to 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):
Before-Tax Amount Income Tax After-Tax Amount
2023
Foreign currency translation adjustments:
Translation adjustments arising during the year $ 366  $ (131) $ 235 
Reclassification adjustments recognized in net income 223  —  223 
Gains (losses) on intra-entity transactions that are of a long-term investment nature 712  —  712 
Gains (losses) on net investment hedges arising during the year1
(382) 95  (287)
Net foreign currency translation adjustments $ 919  $ (36) $ 883 
Derivatives:
Gains (losses) arising during the year $ (194) $ 23  $ (171)
Reclassification adjustments recognized in net income (10) 3  (7)
Net gains (losses) on derivatives1
$ (204) $ 26  $ (178)
Available-for-sale debt securities:
Unrealized gains (losses) arising during the year $ 28  $ (10) $ 18 
Reclassification adjustments recognized in net income 7  (1) 6 
Net change in unrealized gains (losses) on available-for-sale debt securities2
$ 35  $ (11) $ 24 
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the year $ (314) $ 80  $ (234)
Reclassification adjustments recognized in net income 157  (32) 125 
Net change in pension and other postretirement benefit liabilities3
$ (157) $ 48  $ (109)
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
   Company		 $ 593  $ 27  $ 620 
2022
Foreign currency translation adjustments:
Translation adjustments arising during the year $ (125) $ (226) $ (351)
Reclassification adjustments recognized in net income 200  —  200 
Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,419) —  (1,419)
Gains (losses) on net investment hedges arising during the year1
741  (185) 556 
Net foreign currency translation adjustments $ (603) $ (411) $ (1,014)
Derivatives:
Gains (losses) arising during the year $ 165  $ (40) $ 125 
Reclassification adjustments recognized in net income (161) 40  (121)
Net gains (losses) on derivatives1
$ 4  $ —  $ 4 
Available-for-sale debt securities:
Unrealized gains (losses) arising during the year $ (69) $ 4  $ (65)
Reclassification adjustments recognized in net income 131  (29) 102 
Net change in unrealized gains (losses) on available-for-sale debt securities2
$ 62  $ (25) $ 37 
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the year $ 420  $ (90) $ 330 
Reclassification adjustments recognized in net income 104  (26) 78 
Net change in pension and other postretirement benefit liabilities3
$ 524  $ (116) $ 408 
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
   Company		 $ (13) $ (552) $ (565)
Before-Tax Amount Income Tax After-Tax Amount
2021
Foreign currency translation adjustments:
Translation adjustments arising during the year $ 263  $ 19  $ 282 
Reclassification adjustments recognized in net income 257  —  257 
Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,798) —  (1,798)
Gains (losses) on net investment hedges arising during the year1
918  (230) 688 
Reclassification adjustments for net investment hedges recognized in net income 4  —  4 
Net foreign currency translation adjustments $ (356) $ (211) $ (567)
Derivatives:
Gains (losses) arising during the year $ 160  $ (41) $ 119 
Reclassification adjustments recognized in net income 124  (29) 95 
Net gains (losses) on derivatives1
$ 284  $ (70) $ 214 
Available-for-sale debt securities:
Unrealized gains (losses) arising during the year $ (141) $ 48  $ (93)
Reclassification adjustments recognized in net income 4  (1) 3 
Net change in unrealized gains (losses) on available-for-sale debt securities2
$ (137) $ 47  $ (90)
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the year $ 653  $ (138) $ 515 
Reclassification adjustments recognized in net income 265  (66) 199 
Net change in pension and other postretirement benefit liabilities3
$ 918  $ (204) $ 714 
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
   Company		 $ 709  $ (438) $ 271 
1Refer 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 debt securities.
3Refer to Note 14 for additional information related to the Company’s pension and other postretirement benefit liabilities.
Reclassification out of Accumulated Other Comprehensive Income
The following table presents the reclassifications from AOCI into income recorded during the year ended December 31, 2023 (in millions):
Description of AOCI Component Financial Statement Line Item Impacted Amount Reclassified from AOCI
Foreign currency translation adjustments:
Divestitures, deconsolidations and other1
Other income (loss) — net $ 223 
Income before income taxes 223 
Income taxes — 
Consolidated net income $ 223 
Derivatives:
Foreign currency contracts Net operating revenues $ 3 
Foreign currency contracts Other income (loss) — net (17)
Foreign currency contracts Interest expense 4 
Income before income taxes (10)
Income taxes 3 
Consolidated net income $ (7)
Available-for-sale debt securities:
Sale of debt securities Other income (loss) — net $ 7 
Income before income taxes 7 
Income taxes (1)
Consolidated net income $ 6 
Pension and other postretirement benefit liabilities:
Divestitures, deconsolidations and other2
Other income (loss) — net $ 1 
Settlement charges (credits) Other income (loss) — net 67 
Recognized net actuarial loss (gain) Other income (loss) — net 91 
Recognized prior service cost (credit) Other income (loss) — net (2)
Income before income taxes 157 
Income taxes (32)
Consolidated net income $ 125 
1 Related to the refranchising of our bottling operations in Vietnam and the sale of our ownership interest in our equity method investees in Pakistan and Indonesia. Refer to Note 2.
2