Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

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OTHER COMPREHENSIVE INCOME (Tables)
3 Months Ended
Mar. 29, 2024
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 29,
2024
December 31,
2023
Net foreign currency translation adjustments $ (13,005) $ (12,726)
Accumulated net gains (losses) on derivatives (105) (154)
Unrealized net gains (losses) on available-for-sale debt securities 4  (1)
Adjustments to pension and other postretirement benefit liabilities (1,398) (1,394)
Accumulated other comprehensive income (loss) $ (14,504) $ (14,275)
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 29, 2024
Shareowners of
The Coca-Cola Company
Noncontrolling
Interests
Total
Consolidated net income $ 3,177  $ $ 3,185 
Other comprehensive income:
Net foreign currency translation adjustments (279) (24) (303)
Net gains (losses) on derivatives1
49  —  49 
Net change in unrealized gains (losses) on available-for-sale debt securities2
— 
Net change in pension and other postretirement benefit liabilities (4) —  (4)
Total comprehensive income (loss) $ 2,948  $ (16) $ 2,932 
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 29, 2024 Before-Tax Amount Income Tax After-Tax Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period $ (34) $ (35) $ (69)
Reclassification adjustments recognized in net income 103  —  103 
Gains (losses) on intra-entity transactions that are of a long-term investment nature (518) —  (518)
Gains (losses) on net investment hedges arising during the period1
274  (69) 205 
Net foreign currency translation adjustments $ (175) $ (104) $ (279)
Derivatives:
Gains (losses) arising during the period $ 27  $ (11) $ 16 
Reclassification adjustments recognized in net income 44  (11) 33 
Net gains (losses) on derivatives1
$ 71  $ (22) $ 49 
Available-for-sale debt securities:
Reclassification adjustments recognized in net income $ $ (1) $
Net change in unrealized gains (losses) on available-for-sale debt securities2
$ $ (1) $
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the period $ (13) $ (8) $ (21)
Reclassification adjustments recognized in net income 22  (5) 17 
Net change in pension and other postretirement benefit liabilities $ $ (13) $ (4)
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
   Company
$ (89) $ (140) $ (229)
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 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.
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 29, 2024
Foreign currency translation adjustments:
Divestitures, deconsolidations and other1
Other income (loss) — net $ 103 
Income before income taxes 103 
Income taxes — 
Consolidated net income $ 103 
Derivatives:
Foreign currency contracts Net operating revenues $ 17 
Foreign currency contracts and commodity contracts Cost of goods sold (2)
Foreign currency contracts Interest expense
Foreign currency contracts Other income (loss) — net 28 
Income before income taxes 44 
Income taxes (11)
Consolidated net income $ 33 
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:
Divestitures, deconsolidations and other2
Other income (loss) — net $ (2)
Recognized net actuarial loss (gain) Other income (loss) — net 25 
Recognized prior service cost (credit) Other income (loss) — net (1)
Income before income taxes 22 
Income taxes (5)
Consolidated net income $ 17 
1Related to the refranchising of our bottling operations in the Philippines and Bangladesh and the sale of our ownership interest in an equity method investee in Thailand. Refer to Note 2.
2Related to the refranchising of our bottling operations in the Philippines and Bangladesh. Refer to Note 2.