The Coca-Cola Company Definitive proxy statements

Definitive proxy statements

Pay vs Performance Disclosure

Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table


					Average
					Summary		Average
					Compensation		Compensation
					Table Total		Actually Paid		Value of Initial Fixed $100
	Summary				for non-PEO		to non-PEO		Investment on
	Compensation		Compensation		Named		Named		Dec. 31, 2019 Based on				Net
	Table Total for		Actually Paid to		Executive		Executive		Total				Income		Organic
	PEO		PEO		Officers		Officers		Shareholder		Peer Group Total		($)		Revenue Growth
Year	($)		($)		($)		($)		Return		Shareholder Return		(millions)		(non-GAAP)
(a)	(b)		(c)		(d)		(e)		(f)		(g)		(h)		(i)
2023	$	24,742,908	$	19,275,773	$	7,310,582	$	7,294,876	$	121	$	126	$	10,703	11.5	%
2022		22,822,519		54,495,284		7,731,933		16,456,021		126		132		9,571	16.0	%
2021		24,883,878		60,511,538		8,668,505		15,571,959		114		123		9,804	15.5	%
2020		18,383,474		2,270,190		6,153,532		2,584,955		102		108		7,768	(9.0)	%

Names of PEO and Other NEOs (Column (b); Column (c); Column (d); Column (e))

2023: PEO: James Quincey; Other NEOs: John Murphy, Manuel Arroyo, Henrique Braun and Jennifer Mann

2022: PEO: James Quincey; Other NEOs: John Murphy, Manuel Arroyo, Alfredo Rivera and Brian J. Smith

2021: PEO: James Quincey; Other NEOs: John Murphy, Manuel Arroyo, Alfredo Rivera, Brian J. Smith and Bradley M. Gayton

2020: PEO: James Quincey; Other NEOs: John Murphy, Manuel Arroyo, Bradley M. Gayton and Brian J. Smith

Adjustments to Calculate Compensation Actually Paid to PEO (Column (c)) and Average Compensation Actually Paid to Other NEOs (Column (e))

The table below describes the adjustments, each of which is required by SEC rules, to calculate CAP Amounts from the SCT Total of our PEO (Column (b)) and our Other NEOs (Column (d)). The SCT Total and CAP Amounts do not reflect the actual amount of compensation earned by or paid to our executives during the applicable years, but rather are amounts determined in accordance with Item 402(v).


	2023				2022				2021				2020
Adjustments	PEO		Other NEOs^*		PEO		Other NEOs^*		PEO		Other NEOs^*		PEO		Other NEOs^*
SCT Total	$	24,742,908	$	7,310,582	$	22,822,519	$	7,731,933	$	24,883,878	$	8,668,505	$	18,383,474	$	6,153,532
Adjustments for defined benefit pension plans
(Deduct): Aggregate change in actuarial present value included in SCT Total for the covered fiscal year		(921,282)		(396,887)		(490,035)		(405,368)		(293,215)		(170,695)		(759,678)		(415,224)
Add: Service cost for the covered fiscal year		375,082		117,939		221,266		101,864		214,384		186,283		157,615		200,307
Add: Prior service cost for the covered fiscal year		0		0		0		0		0		0		0		0
Adjustments for stock awards and option awards^**
(Deduct): Aggregate value for stock awards and option awards included in SCT Total for the covered fiscal year		(15,516,570)		(3,663,637)		(14,133,339)		(4,064,153)		(16,472,735)		(3,982,125)		(14,591,093)		(4,358,086)
Add: Fair value at year end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year end		21,893,789		5,169,372		24,679,920		7,158,191		39,672,363		8,896,040		7,155,518		2,761,885

Add (Deduct): Year-over-year change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end		(7,851,512)		(1,141,326)		19,902,921		5,525,189		15,006,128		3,307,124		(10,157,329)		(2,119,809)
Add: Vesting date fair value of awards granted and vested during the covered fiscal year		0		0		0		0		0		0		0		0
Add (Deduct): Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year		(3,446,642)		(101,167)		1,492,032		408,365		(2,499,265)		(494,044)		2,081,683		362,350
(Deduct): Fair value at end of prior fiscal year of awards granted in any prior fiscal year that failed to meet the applicable vesting conditions during the covered fiscal year		0		0		0		0		0		(839,129)		0		0
Add: Dividends or other earnings paid on awards in the covered fiscal year prior to vesting if not otherwise included in the SCT Total for the covered fiscal year		0		0		0		0		0		0		0		0
CAP Amounts (as calculated)	$	19,275,773	$	7,294,876	$	54,495,284	$	16,456,021	$	60,511,538	$	15,571,959	$	2,270,190	$	2,584,955

*	Amounts presented are averages for the entire group of Other NEOs in each respective year.

To determine the value of stock options included in CAP, the lattice valuation model was used, which differs from the Black-Scholes valuation model that was used at grant date. The lattice valuation model was deemed most appropriate because it is better able to value stock options at varying levels of stock price relative to the option exercise price and is consistent with valuation methodologies permitted under GAAP.

Total Shareholder Return (Column (f); Column (g))

Total shareholder return assumes that dividends were reinvested on the day of issuance.

Peer Group Total Shareholder Return (Column (g))

The peer group used in this disclosure is the Dow Jones U.S. Food & Beverage Total Return Index, which is the same peer group used in Part II, Item 5 of our Form 10-K.

Net Income (Column (h))

Consolidated net income as reported in the Company’s Consolidated Statements of Income included in our Form 10-K.

Organic Revenue Growth (non-GAAP) (Column (i))

Organic revenue growth is referred to as “net operating revenue growth” in our Named Executive Officers’ incentive programs (see “Business Performance Factor” on page 60 in the Compensation Discussion and Analysis). Organic revenue growth is a non-GAAP financial measure that excludes or has otherwise been adjusted for the impact of acquisitions, divestitures and structural changes, as applicable, and the impact of changes in foreign currency exchange rates. Organic revenue growth was determined to be the most important financial performance measure linking CAP to Company performance for 2023 and therefore was selected as the 2023 “Company-Selected Measure” as defined in Item 402(v).

Company Selected Measure Name

Organic revenue growth

Named Executive Officers, Footnote

2023: PEO: James Quincey; Other NEOs: John Murphy, Manuel Arroyo, Henrique Braun and Jennifer Mann

2022: PEO: James Quincey; Other NEOs: John Murphy, Manuel Arroyo, Alfredo Rivera and Brian J. Smith

2021: PEO: James Quincey; Other NEOs: John Murphy, Manuel Arroyo, Alfredo Rivera, Brian J. Smith and Bradley M. Gayton

2020: PEO: James Quincey; Other NEOs: John Murphy, Manuel Arroyo, Bradley M. Gayton and Brian J. Smith

Peer Group Issuers, Footnote

The peer group used in this disclosure is the Dow Jones U.S. Food & Beverage Total Return Index, which is the same peer group used in Part II, Item 5 of our Form 10-K.

PEO Total Compensation Amount

$ 24,742,908

$ 22,822,519

$ 24,883,878

$ 18,383,474

PEO Actually Paid Compensation Amount

$ 19,275,773

54,495,284

60,511,538

2,270,190

Adjustment To PEO Compensation, Footnote


	2023				2022				2021				2020
Adjustments	PEO		Other NEOs^*		PEO		Other NEOs^*		PEO		Other NEOs^*		PEO		Other NEOs^*
SCT Total	$	24,742,908	$	7,310,582	$	22,822,519	$	7,731,933	$	24,883,878	$	8,668,505	$	18,383,474	$	6,153,532
Adjustments for defined benefit pension plans
(Deduct): Aggregate change in actuarial present value included in SCT Total for the covered fiscal year		(921,282)		(396,887)		(490,035)		(405,368)		(293,215)		(170,695)		(759,678)		(415,224)
Add: Service cost for the covered fiscal year		375,082		117,939		221,266		101,864		214,384		186,283		157,615		200,307
Add: Prior service cost for the covered fiscal year		0		0		0		0		0		0		0		0
Adjustments for stock awards and option awards^**
(Deduct): Aggregate value for stock awards and option awards included in SCT Total for the covered fiscal year		(15,516,570)		(3,663,637)		(14,133,339)		(4,064,153)		(16,472,735)		(3,982,125)		(14,591,093)		(4,358,086)
Add: Fair value at year end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year end		21,893,789		5,169,372		24,679,920		7,158,191		39,672,363		8,896,040		7,155,518		2,761,885

Add (Deduct): Year-over-year change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end		(7,851,512)		(1,141,326)		19,902,921		5,525,189		15,006,128		3,307,124		(10,157,329)		(2,119,809)
Add: Vesting date fair value of awards granted and vested during the covered fiscal year		0		0		0		0		0		0		0		0
Add (Deduct): Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year		(3,446,642)		(101,167)		1,492,032		408,365		(2,499,265)		(494,044)		2,081,683		362,350
(Deduct): Fair value at end of prior fiscal year of awards granted in any prior fiscal year that failed to meet the applicable vesting conditions during the covered fiscal year		0		0		0		0		0		(839,129)		0		0
Add: Dividends or other earnings paid on awards in the covered fiscal year prior to vesting if not otherwise included in the SCT Total for the covered fiscal year		0		0		0		0		0		0		0		0
CAP Amounts (as calculated)	$	19,275,773	$	7,294,876	$	54,495,284	$	16,456,021	$	60,511,538	$	15,571,959	$	2,270,190	$	2,584,955

*	Amounts presented are averages for the entire group of Other NEOs in each respective year.

Non-PEO NEO Average Total Compensation Amount

$ 7,310,582

7,731,933

8,668,505

6,153,532

Non-PEO NEO Average Compensation Actually Paid Amount

$ 7,294,876

16,456,021

15,571,959

2,584,955

Adjustment to Non-PEO NEO Compensation Footnote


	2023				2022				2021				2020
Adjustments	PEO		Other NEOs^*		PEO		Other NEOs^*		PEO		Other NEOs^*		PEO		Other NEOs^*
SCT Total	$	24,742,908	$	7,310,582	$	22,822,519	$	7,731,933	$	24,883,878	$	8,668,505	$	18,383,474	$	6,153,532
Adjustments for defined benefit pension plans
(Deduct): Aggregate change in actuarial present value included in SCT Total for the covered fiscal year		(921,282)		(396,887)		(490,035)		(405,368)		(293,215)		(170,695)		(759,678)		(415,224)
Add: Service cost for the covered fiscal year		375,082		117,939		221,266		101,864		214,384		186,283		157,615		200,307
Add: Prior service cost for the covered fiscal year		0		0		0		0		0		0		0		0
Adjustments for stock awards and option awards^**
(Deduct): Aggregate value for stock awards and option awards included in SCT Total for the covered fiscal year		(15,516,570)		(3,663,637)		(14,133,339)		(4,064,153)		(16,472,735)		(3,982,125)		(14,591,093)		(4,358,086)
Add: Fair value at year end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year end		21,893,789		5,169,372		24,679,920		7,158,191		39,672,363		8,896,040		7,155,518		2,761,885

Add (Deduct): Year-over-year change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end		(7,851,512)		(1,141,326)		19,902,921		5,525,189		15,006,128		3,307,124		(10,157,329)		(2,119,809)
Add: Vesting date fair value of awards granted and vested during the covered fiscal year		0		0		0		0		0		0		0		0
Add (Deduct): Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year		(3,446,642)		(101,167)		1,492,032		408,365		(2,499,265)		(494,044)		2,081,683		362,350
(Deduct): Fair value at end of prior fiscal year of awards granted in any prior fiscal year that failed to meet the applicable vesting conditions during the covered fiscal year		0		0		0		0		0		(839,129)		0		0
Add: Dividends or other earnings paid on awards in the covered fiscal year prior to vesting if not otherwise included in the SCT Total for the covered fiscal year		0		0		0		0		0		0		0		0
CAP Amounts (as calculated)	$	19,275,773	$	7,294,876	$	54,495,284	$	16,456,021	$	60,511,538	$	15,571,959	$	2,270,190	$	2,584,955

*	Amounts presented are averages for the entire group of Other NEOs in each respective year.

Equity Valuation Assumption Difference, Footnote

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

The following table lists the four financial performance measures that, in the Company’s assessment, represent the most important performance measures used to link CAP for our Named Executive Officers to Company performance for 2023.

Organic Revenue Growth (non-GAAP) (Company-Selected Measure)

Comparable Currency Neutral Operating Income Growth (non-GAAP)

Comparable Currency Neutral Earnings Per Share Growth (non-GAAP)

Cumulative Free Cash Flow (non-GAAP)

Total Shareholder Return Amount

$ 121

126

114

102

Peer Group Total Shareholder Return Amount

126

132

123

108

Net Income (Loss)

$ 10,703,000,000

$ 9,571,000,000

$ 9,804,000,000

$ 7,768,000,000

Company Selected Measure Amount

0.115

0.160

0.155

(0.090)

PEO Name

James Quincey

Additional 402(v) Disclosure

CAP, as calculated in accordance with Item 402(v), reflects, among others, adjustments to the fair value of equity awards during the years presented. Factors impacting the fair value of equity awards include the price of our Common Stock at year end, as well as the projected and actual achievement of performance goals. These adjustments contributed to the change in CAP reported year-over-year.

Measure:: 1

Pay vs Performance Disclosure

Name

Organic Revenue Growth

Non-GAAP Measure Description