The Coca-Cola Company (KO) 10-Q 27 Apr 21 2021 Q1 Quarterly report Financial data

Cover Memo Document

Cover Memo Document - shares	3 Months Ended
	Apr. 02, 2021	Apr. 23, 2021
Entity Information [Line Items]
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 2, 2021
Document Transition Report	false
Entity File Number	001-02217
Entity Registrant Name	COCA COLA CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-0628465
Entity Address, Address Line One	One Coca-Cola Plaza
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30313
City Area Code	404
Local Phone Number	676-2121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		4,311,680,667
Entity Central Index Key	0000021344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Shell Company	false
Common Stock, $0.25 Par Value [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.25 Par Value
Trading Symbol	KO
Security Exchange Name	NYSE
0.500% Notes Due 2024 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.500% Notes Due 2024
Trading Symbol	KO24
Security Exchange Name	NYSE
1.875% Notes Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes Due 2026
Trading Symbol	KO26
Security Exchange Name	NYSE
0.750% Notes Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.750% Notes Due 2026
Trading Symbol	KO26C
Security Exchange Name	NYSE
1.125% Notes Due 2027 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.125% Notes Due 2027
Trading Symbol	KO27
Security Exchange Name	NYSE
.125% Notes Due 2029 KO29A
Entity Information [Line Items]
Title of 12(b) Security	0.125% Notes Due 2029
Trading Symbol	KO29A
Security Exchange Name	NYSE
.125% Notes Due 2029 KO29B
Entity Information [Line Items]
Title of 12(b) Security	0.125% Notes Due 2029
Trading Symbol	KO29B
Security Exchange Name	NYSE
1.250% Notes Due 2031 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.250% Notes Due 2031
Trading Symbol	KO31
Security Exchange Name	NYSE
.375% Notes Due 2033
Entity Information [Line Items]
Title of 12(b) Security	0.375% Notes Due 2033
Trading Symbol	KO33
Security Exchange Name	NYSE
.500% Notes Due 2033
Entity Information [Line Items]
Title of 12(b) Security	0.500% Notes Due 2033
Trading Symbol	KO33A
Security Exchange Name	NYSE
1.625% Notes Due 2035 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.625% Notes Due 2035
Trading Symbol	KO35
Security Exchange Name	NYSE
1.100% Notes Due 2036 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.100% Notes Due 2036
Trading Symbol	KO36
Security Exchange Name	NYSE
.800% Notes Due 2040
Entity Information [Line Items]
Title of 12(b) Security	0.800% Notes Due 2040
Trading Symbol	KO40B
Security Exchange Name	NYSE
1.000% Notes Due 2041
Entity Information [Line Items]
Title of 12(b) Security	1.000% Notes Due 2041
Trading Symbol	KO41
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Revenues	$ 9,020	$ 8,601
Cost of Goods Sold	3,505	3,371
GROSS PROFIT	5,515	5,230
Selling, general and administrative expenses	2,669	2,648
Other operating charges	124	202
OPERATING INCOME	2,722	2,380
Interest income	66	112
Interest expense	442	193
Equity income (loss) - net	279	167
Other income (loss) — net	138	544
INCOME BEFORE INCOME TAXES	2,763	3,010
Income taxes	508	215
CONSOLIDATED NET INCOME	2,255	2,795
Net Income (Loss) Attributable to Noncontrolling Interest	10	20
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	$ 2,245	$ 2,775
BASIC NET INCOME PER SHARE (in dollars per share)	$ 0.52	$ 0.65
DILUTED NET INCOME PER SHARE (in dollars per share)	$ 0.52	$ 0.64
AVERAGE SHARES OUTSTANDING (in shares)	4,307,000,000	4,289,000,000
Effect of dilutive securities (in shares)	23,000,000	36,000,000
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION (in shares)	4,330,000,000	4,325,000,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
CONSOLIDATED NET INCOME	$ 2,255	$ 2,795
Other comprehensive income:
Net foreign currency translation adjustment	4	(2,621)
Net gain (loss) on derivatives	104	16
Net unrealized gain (loss) on available-for-sale securities	(60)	(8)
Net change in pension and other benefit liabilities	420	6
TOTAL COMPREHENSIVE INCOME (LOSS)	2,723	188
Less: Comprehensive income (loss) attributable to noncontrolling interests	10	(435)
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	$ 2,713	$ 623

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss, Current	$ 527	$ 526
Property, Plant, and Equipment, Owned, Accumulated Depreciation	$ 9,186	$ 8,923
Common Stock, Par or Stated Value Per Share	$ 0.25	$ 0.25
Common Stock, Shares Authorized	11,200	11,200
Common Stock, Shares, Issued	7,040	7,040
Treasury Stock, Shares	2,729	2,738
CURRENT ASSETS
Cash and cash equivalents	$ 8,484	$ 6,795
Short-term investments	1,871	1,771
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	10,355	8,566
Marketable Securities	2,234	2,348
Trade accounts receivable, less allowances of $527 and $526, respectively	3,762	3,144
Inventories	3,356	3,266
Prepaid expenses and other assets	2,225	1,916
TOTAL CURRENT ASSETS	21,932	19,240
EQUITY METHOD INVESTMENTS	18,966	19,273
OTHER INVESTMENTS	806	812
OTHER ASSETS	6,494	6,184
Deferred Income Tax Assets, Net	2,332	2,460
Property, plant and equipment, less accumulated depreciation of $9,186 and $8,923, respectively	10,673	10,777
TRADEMARKS WITH INDEFINITE LIVES	10,584	10,395
GOODWILL	17,618	17,506
OTHER INTANGIBLE ASSETS	588	649
TOTAL ASSETS	89,993	87,296
CURRENT LIABILITIES
Accounts payable and accrued expenses	10,929	11,145
Notes and Loans Payable	1,933	2,183
Current maturities of long-term debt	2,880	485
Accrued income taxes	744	788
TOTAL CURRENT LIABILITIES	16,486	14,601
LONG-TERM DEBT	40,170	40,125
OTHER LIABILITIES	8,558	9,453
Deferred Income Tax Liabilities, Net	2,447	1,833
THE COCA-COLA COMPANY SHAREOWNERS' EQUITY
Common stock, $0.25 par value; authorized — 11,200 shares; issued — 7,040 shares	1,760	1,760
Capital surplus	17,630	17,601
Reinvested earnings	67,009	66,555
Accumulated other comprehensive income (loss)	(14,133)	(14,601)
Treasury stock, at cost — 2,729 and 2,738 shares, respectively	(51,911)	(52,016)
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	20,355	19,299
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,977	1,985
TOTAL EQUITY	22,332	21,284
TOTAL LIABILITIES AND EQUITY	$ 89,993	$ 87,296

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
OPERATING ACTIVITIES
CONSOLIDATED NET INCOME	$ 2,255	$ 2,795
Depreciation and amortization	366	367
Stock-based compensation expense	58	(5)
Deferred income taxes	377	(122)
Equity (income) loss - net of dividends	(250)	(157)
Foreign currency adjustments	(20)	(59)
Significant (gains) losses on sales of assets - net	1	(919)
Other Operating Activities, Cash Flow Statement	69	190
Other items	157	235
Net change in operating assets and liabilities	(1,377)	(1,769)
Net Cash Provided by (Used in) Operating Activities	1,636	556
INVESTING ACTIVITIES
Purchases of investments	(1,466)	(1,455)
Proceeds from disposals of investments	1,375	1,603
Acquisitions of businesses, equity method investments and nonmarketable securities	(4)	(984)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities	2	36
Purchases of property, plant and equipment	(216)	(327)
Proceeds from disposals of property, plant and equipment	11	91
Other investing activities	17	(48)
Net Cash Provided by (Used in) Investing Activities	(281)	(1,084)
FINANCING ACTIVITIES
Issuances of debt	5,588	12,563
Payments of debt	(3,044)	(4,833)
Issuances of stock	183	413
Purchases of stock for treasury	(104)	(94)
Payments of Dividends	(1,810)	0
Other financing activities	(449)	(239)
Net Cash Provided by (Used in) Financing Activities	364	7,810
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(18)	(54)
CASH AND CASH EQUIVALENTS
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	1,701	7,228
Balance at beginning of period	7,110	6,737
Balance at end of period	8,811	13,965
Less: Restricted Cash and Restricted Cash Equivalents at end of period	327	404
Cash and cash equivalents	$ 8,484	$ 13,561

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Apr. 02, 2021
Summary of significant accounting policies
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K of The Coca-Cola Company for the year ended December 31, 2020. When used in these notes, the terms “The Coca-Cola Company,” “Company,” “we,” “us” and “our” mean The Coca-Cola Company and all entities included in our condensed consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended April 2, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Sales of our nonalcoholic ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions. Each of our interim reporting periods, other than the fourth interim reporting period, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The first quarter of 2021 and the first quarter of 2020 ended on April 2, 2021 and March 27, 2020, respectively. Our fourth interim reporting period and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls. Advertising Costs The Company’s accounting policy related to advertising costs for annual reporting purposes is to expense production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred. For interim reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple interim periods to each of our interim reporting periods. We use the proportion of each interim period’s actual unit case volume to the estimated full year unit case volume as the basis for the allocation. This methodology results in our marketing expenditures being recognized at a standard rate per unit case. At the end of each interim reporting period, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple interim periods in order to evaluate if a change in estimate is necessary. The impact of any change in the full year estimate is recognized in the interim period in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy. Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents or restricted cash equivalents, as applicable. Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other assets in our consolidated balance sheet. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk. The following tables provide a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in the condensed consolidated statements of cash flows (in millions): April 2, December 31, Cash and cash equivalents $ 8,484 $ 6,795 Restricted cash and restricted cash equivalents included in other assets 1 327 315 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 8,811 $ 7,110 1 Amounts represent restricted cash and restricted cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4. March 27, December 31, Cash and cash equivalents $ 13,561 $ 6,480 Restricted cash and restricted cash equivalents included in other assets 1 404 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 13,965 $ 6,737 1 Amounts represent restricted cash and restricted cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Apr. 02, 2021
Acquisition and Divestures [Abstract]
Acquisition and Divestitures [Text Block]	ACQUISITIONS AND DIVESTITURES Acquisitions Our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $4 million and $984 million during the three months ended April 2, 2021 and March 27, 2020, respectively. In 2020, we acquired the remaining ownership interest in fairlife, LLC (“fairlife”). fairlife, LLC In January 2020, the Company acquired the remaining 57.5 percent ownership interest in, and now owns 100 percent of, fairlife. fairlife offers a broad portfolio of products in the value-added dairy category across North America. Upon consolidation, we recognized a gain of $902 million resulting from the remeasurement of our previously held equity interest in fairlife to fair value. The fair value of our previously held equity interest was determined using a discounted cash flow model based on Level 3 inputs. The gain was recorded in the line item other income (loss) — net in our condensed consolidated statement of income. We acquired the remaining ownership interest in exchange for $979 million of cash, net of cash acquired, and effectively settled our $306 million note receivable from fairlife at the recorded amount. Under the terms of the agreement, we are subject to making future milestone payments which are contingent on fairlife achieving certain financial targets through 2024 and, if achieved, are payable in 2021, 2023 and 2025. These milestone payments are based on agreed-upon formulas related to fairlife’s operating results, the resulting values of which are not subject to a ceiling. Under the applicable accounting guidance, we recorded a $270 million liability representing our best estimate of the fair value of this contingent consideration as of the acquisition date. The fair value of this contingent consideration was determined using a Monte Carlo valuation model based on Level 3 inputs. We are required to remeasure this liability to fair value quarterly, with any changes in the fair value recorded in income until the final milestone payment is made. Upon finalization of purchase accounting, $1.3 billion of the purchase price was allocated to the fairlife trademark and $0.8 billion was allocated to goodwill. The goodwill recognized as part of this acquisition is primarily related to synergistic value created from the opportunity for additional expansion. It also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce. The goodwill is not tax deductible and has been assigned to the North America operating segment. During the three months ended April 2, 2021 and March 27, 2020, we recorded charges of $4 million and $11 million, respectively, related to the remeasurement of the contingent consideration liability to fair value in the line item other operating charges in our condensed consolidated statements of income. During the three months ended April 2, 2021, we made the first milestone payment of $100 million based on fairlife meeting its financial targets in 2020. Divestitures Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the three months ended April 2, 2021 and March 27, 2020 totaled $2 million and $36 million, respectively. In 2020, we sold a portion of our ownership interest in one of our equity method investments and recognized a net gain of $18 million, which was recorded in the line item other income (loss) — net in our condensed consolidated statement of income.

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition	3 Months Ended
	Apr. 02, 2021
Revenue Recognition [Abstract]
Revenue Recognition, Policy [Policy Text Block]	REVENUE RECOGNITION The following table presents net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended April 2, 2021 Concentrate operations $ 1,410 $ 3,572 $ 4,982 Finished product operations 1,483 2,555 4,038 Total $ 2,893 $ 6,127 $ 9,020 Three Months Ended March 27, 2020 Concentrate operations $ 1,324 $ 3,465 $ 4,789 Finished product operations 1,483 2,329 3,812 Total $ 2,807 $ 5,794 $ 8,601 Refer to Note 16 for disclosures of net operating revenues by operating segment and Corporate.

Investments

Investments	3 Months Ended
	Apr. 02, 2021
Investments [Abstracts]
Investments	INVESTMENTS Equity Securities The carrying values of our equity securities were included in the following line items in our condensed consolidated balance sheets (in millions): Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value April 2, 2021 Marketable securities $ 345 $ — Other investments 755 51 Other assets 1,441 — Total equity securities $ 2,541 $ 51 December 31, 2020 Marketable securities $ 330 $ — Other investments 762 50 Other assets 1,282 — Total equity securities $ 2,374 $ 50 The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions): Three Months Ended April 2, March 27, Net gains (losses) recognized during the period related to equity securities $ 155 $ (396) Less: Net gains (losses) recognized during the period related to equity securities sold 14 (16) Net unrealized gains (losses) recognized during the period related to equity securities $ 141 $ (380) Debt Securities Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Fair Value Cost Gains Losses April 2, 2021 Trading securities $ 37 $ 2 $ — $ 39 Available-for-sale securities 2,180 33 (85) 2,128 Total debt securities $ 2,217 $ 35 $ (85) $ 2,167 December 31, 2020 Trading securities $ 36 $ 2 $ — $ 38 Available-for-sale securities 2,227 51 (13) 2,265 Total debt securities $ 2,263 $ 53 $ (13) $ 2,303 The carrying values of our debt securities were included in the following line items in our condensed consolidated balance sheets (in millions): April 2, 2021 December 31, 2020 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Cash and cash equivalents $ — $ — $ — $ — Marketable securities 39 1,850 38 1,980 Other assets — 278 — 285 Total debt securities $ 39 $ 2,128 $ 38 $ 2,265 The contractual maturities of these available-for-sale debt securities as of April 2, 2021 were as follows (in millions): Cost Estimated Within 1 year $ 684 $ 691 After 1 year through 5 years 1,205 1,143 After 5 years through 10 years 92 101 After 10 years 199 193 Total $ 2,180 $ 2,128 The Company expects that actual maturities may differ from the contractual maturities above because borrowers have the right to call or prepay certain obligations. The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Three Months Ended April 2, March 27, Gross gains $ 1 $ 8 Gross losses (4) (2) Proceeds 158 906 Captive Insurance Companies In accordance with local insurance regulations, our captive insurance companies are required to meet and maintain minimum solvency capital requirements. The Company elected to invest a majority of its solvency capital in a portfolio of marketable equity and debt securities. These securities are included in the disclosures above. The Company uses one of its consolidated captive insurance companies to reinsure group annuity insurance contracts that cover the pension obligations of certain of our European and Canadian pension plans. This captive’s solvency capital funds included equity and debt securities of $1,534 million and $1,389 million as of April 2, 2021 and December 31, 2020, respectively, which are classified in the line item other assets in our condensed consolidated balance sheets because the assets are not available to satisfy our current obligations.

Inventories

Inventories	3 Months Ended
	Apr. 02, 2021
Inventories
Inventories	INVENTORIES Inventories consisted of the following (in millions): April 2, December 31, Raw materials and packaging $ 2,097 $ 2,106 Finished goods 877 791 Other 382 369 Total inventories $ 3,356 $ 3,266

Hedging Transactions and Deriva

Hedging Transactions and Derivative Financial Instruments	3 Months Ended
	Apr. 02, 2021
Hedging Transactions and Derivative Financial Instruments
Hedging Transactions and Derivative Financial Instruments	HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions): Fair Value 1,2 Derivatives Designated as Hedging Instruments Balance Sheet Location 1 April 2, December 31, 2020 Assets: Foreign currency contracts Prepaid expenses and other assets $ 47 $ 26 Foreign currency contracts Other assets 116 74 Commodity contracts Prepaid expenses and other assets — 2 Interest rate contracts Prepaid expenses and other assets 6 — Interest rate contracts Other assets 520 659 Total assets $ 689 $ 761 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 31 $ 29 Foreign currency contracts Other liabilities 1 — Interest rate contracts Accounts payable and accrued expenses — 5 Interest rate contracts Other liabilities 247 — Total liabilities $ 279 $ 34 1 All of the Company’s derivative instruments are carried at fair value in our condensed consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 15 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 15 for additional information related to the estimated fair value. The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions): Fair Value 1,2 Derivatives Not Designated as Hedging Instruments Balance Sheet Location 1 April 2, December 31, 2020 Assets: Foreign currency contracts Prepaid expenses and other assets $ 26 $ 28 Foreign currency contracts Other assets 3 1 Commodity contracts Prepaid expenses and other assets 140 76 Commodity contracts Other assets 13 9 Other derivative instruments Prepaid expenses and other assets 18 20 Other derivative instruments Other assets — 3 Total assets $ 200 $ 137 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 40 $ 41 Commodity contracts Accounts payable and accrued expenses 4 15 Commodity contracts Other liabilities 2 1 Total liabilities $ 46 $ 57 1 All of the Company’s derivative instruments are carried at fair value in our condensed consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 15 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 15 for additional information related to the estimated fair value. Credit Risk Associated with Derivatives We have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. We monitor counterparty exposures regularly and review any downgrade in credit rating immediately. If a downgrade in the credit rating of a counterparty were to occur, we have provisions requiring collateral for substantially all of our transactions. To mitigate presettlement risk, minimum credit standards become more stringent as the duration of the derivative financial instrument increases. In addition, the Company’s master netting agreements reduce credit risk by permitting the Company to net settle for transactions with the same counterparty. To minimize the concentration of credit risk, we enter into derivative transactions with a portfolio of financial institutions. Based on these factors, we consider the risk of counterparty default to be minimal. Cash Flow Hedging Strategy The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates, commodity prices or interest rates. The changes in the fair values of derivatives designated as cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into the line item in our consolidated statement of income in which the hedged items are recorded in the same period the hedged items affect earnings. The changes in the fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. The maximum length of time for which the Company hedges its exposure to the variability in future cash flows is typically four years. The Company maintains a foreign currency cash flow hedging program to reduce the risk that our eventual U.S. dollar net cash inflows from sales outside the United States and U.S. dollar net cash outflows from procurement activities will be adversely affected by fluctuations in foreign currency exchange rates. We enter into forward contracts and purchase foreign currency options and collars (principally euro, British pound sterling and Japanese yen) to hedge certain portions of forecasted cash flows denominated in foreign currencies. When the U.S. dollar strengthens against the foreign currencies, the decline in the present value of future foreign currency cash flows is partially offset by gains in the fair value of the derivative instruments. Conversely, when the U.S. dollar weakens, the increase in the present value of future foreign currency cash flows is partially offset by losses in the fair value of the derivative instruments. The total notional values of derivatives that were designated and qualify for the Company’s foreign currency cash flow hedging program were $9,327 million and $7,785 million as of April 2, 2021 and December 31, 2020, respectively. The Company uses cross-currency swaps to hedge the changes in cash flows of certain of its foreign currency denominated debt and other monetary assets or liabilities due to fluctuations in foreign currency exchange rates. For this hedging program, the Company records the changes in carrying values of these foreign currency denominated assets and liabilities due to changes in exchange rates into earnings each period. The changes in fair values of the cross-currency swap derivatives are recorded in AOCI with an immediate reclassification into earnings for the changes in fair values attributable to fluctuations in foreign currency exchange rates. The total notional values of derivatives that have been designated as cash flow hedges for the Company’s foreign currency denominated assets and liabilities were $2,700 million as of April 2, 2021 and December 31, 2020. The Company has entered into commodity futures contracts and other derivative instruments on various commodities to mitigate the price risk associated with forecasted purchases of materials used in our manufacturing process. These derivative instruments have been designated and qualify as part of the Company’s commodity cash flow hedging program. The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of certain commodities. The total notional values of derivatives that have been designated and qualify for this program were $18 million and $11 million as of April 2, 2021 and December 31, 2020, respectively. Our Company monitors our mix of short-term debt and long-term debt regularly. From time to time, we manage our risk to interest rate fluctuations through the use of derivative financial instruments. The Company has entered into interest rate swap agreements and has designated these instruments as part of the Company’s interest rate cash flow hedging program. The objective of this hedging program is to mitigate the risk of adverse changes in benchmark interest rates on the Company’s future interest payments. The total notional value of these interest rate swap agreements that were designated and qualified for the Company’s interest rate cash flow hedging program was $1,233 million as of December 31, 2020. As of April 2, 2021, we did not have any interest rate swaps designated as a cash flow hedge. The following table presents the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions): Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Three Months Ended April 2, 2021 Foreign currency contracts $ (23) Net operating revenues $ (23) Foreign currency contracts (5) Cost of goods sold (1) Foreign currency contracts — Interest expense (1) Foreign currency contracts 87 Other income (loss) — net 66 Interest rate contracts 121 Interest expense (5) Total $ 180 $ 36 Three Months Ended March 27, 2020 Foreign currency contracts $ 103 Net operating revenues $ (4) Foreign currency contracts 11 Cost of goods sold 1 Foreign currency contracts — Interest expense (2) Foreign currency contracts (90) Other income (loss) — net 15 Interest rate contracts 8 Interest expense (11) Total $ 32 $ (1) As of April 2, 2021, the Company estimates that it will reclassify into earnings during the next 12 months net losses of $60 million from the pretax amount recorded in AOCI as the anticipated cash flows occur. Fair Value Hedging Strategy The Company uses interest rate swap agreements designated as fair value hedges to minimize exposure to changes in the fair value of fixed-rate debt that result from fluctuations in benchmark interest rates. The Company also uses cross-currency interest rate swaps to hedge the changes in the fair values of foreign currency denominated debt relating to changes in foreign currency exchange rates and benchmark interest rates. The changes in the fair values of derivatives designated as fair value hedges and the offsetting changes in the fair values of the hedged items are recognized in earnings. As a result, any difference is reflected in earnings as ineffectiveness. When a derivative is no longer designated as a fair value hedge for any reason, including termination and maturity, the remaining unamortized difference between the carrying value of the hedged item at that time and the face value of the hedged item is amortized to earnings over the remaining life of the hedged item, or immediately if the hedged item has matured or been extinguished. The total notional values of derivatives related to fair value hedges of this type were $17,677 million and $10,215 million as of April 2, 2021 and December 31, 2020, respectively. The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended April 2, March 27, Interest rate contracts Interest expense $ (395) $ 112 Fixed-rate debt Interest expense 396 (103) Net impact to interest expense $ 1 $ 9 Net impact of fair value hedging instruments $ 1 $ 9 The following table summarizes the amounts recorded in the condensed consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Carrying Values of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Values of Hedged Items 1 Balance Sheet Location of Hedged Items April 2, December 31, April 2, December 31, Current maturities of long-term debt $ 1,245 $ — $ 6 $ — Long-term debt 16,638 11,129 462 646 1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rate fluctuations. Hedges of Net Investments in Foreign Operations Strategy The Company uses forward contracts and a portion of its foreign currency denominated debt, a non-derivative financial instrument, to protect the value of our net investments in a number of foreign operations. For derivative instruments that are designated and qualify as hedges of net investments in foreign operations, the changes in the fair values of the derivative instruments are recognized in net foreign currency translation adjustments, a component of AOCI, to offset the changes in the values of the net investments being hedged. For non-derivative financial instruments that are designated and qualify as hedges of net investments in foreign operations, the changes in the carrying values of the designated portion of the non-derivative financial instrument due to fluctuations in foreign currency exchange rates are recorded in net foreign currency translation adjustments. Any ineffective portions of net investment hedges are reclassified from AOCI into earnings during the period of change. The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions): Notional Values Gain (Loss) Recognized in OCI as of Three Months Ended April 2, December 31, 2020 April 2, March 27, Foreign currency contracts $ 1,049 $ 451 $ (8) $ (3) Foreign currency denominated debt 13,000 13,336 483 79 Total $ 14,049 $ 13,787 $ 475 $ 76 The Company did not reclassify any gains or losses related to net investment hedges from AOCI into earnings during the three months ended April 2, 2021 and March 27, 2020. In addition, the Company did not have any ineffectiveness related to net investment hedges during the three months ended April 2, 2021 and March 27, 2020. The cash inflows and outflows associated with the Company’s derivative contracts designated as net investment hedges are classified in the line item other investing activities in our condensed consolidated statement of cash flows. Economic (Non-Designated) Hedging Strategy In addition to derivative instruments that are designated and qualify for hedge accounting, the Company also uses certain derivatives as economic hedges of foreign currency, interest rate and commodity exposure. Although these derivatives were not designated and/or did not qualify for hedge accounting, they are effective economic hedges. The changes in the fair values of economic hedges are immediately recognized in earnings. The Company uses foreign currency economic hedges to offset the earnings impact that fluctuations in foreign currency exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. The changes in the fair values of economic hedges used to offset those monetary assets and liabilities are immediately recognized in earnings in the line item other income (loss) — net in our consolidated statement of income. In addition, we use foreign currency economic hedges to minimize the variability in cash flows associated with fluctuations in foreign currency exchange rates, including those related to certain acquisition and divestiture activities. The changes in the fair values of economic hedges used to offset the variability in U.S. dollar net cash flows are recognized in earnings in the line items net operating revenues, cost of goods sold or other income (loss) — net in our consolidated statement of income, as applicable. The total notional values of derivatives related to our foreign currency economic hedges were $6,370 million and $5,727 million as of April 2, 2021 and December 31, 2020, respectively. The Company uses interest rate contracts as economic hedges to minimize exposure to changes in the fair value of fixed-rate debt that result from fluctuations in benchmark interest rates. The total notional values of derivatives related to our economic hedges of this type were $200 million as of April 2, 2021 and December 31, 2020. The Company also uses certain derivatives as economic hedges to mitigate the price risk associated with the purchase of materials used in the manufacturing process and vehicle fuel. The changes in the fair values of these economic hedges are immediately recognized in earnings in the line items net operating revenues, cost of goods sold, or selling, general and administrative expenses in our consolidated statement of income, as applicable. The total notional values of derivatives related to our economic hedges of this type were $1,057 million and $715 million as of April 2, 2021 and December 31, 2020, respectively. The following table presents the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended April 2, March 27, Foreign currency contracts Net operating revenues $ (1) $ 24 Foreign currency contracts Cost of goods sold (8) 14 Foreign currency contracts Other income (loss) — net (28) (91) Interest rate contracts Interest expense (187) — Commodity contracts Cost of goods sold 82 (85) Other derivative instruments Selling, general and administrative expenses 8 (56) Other derivative instruments Other income (loss) — net (3) (57) Total $ (137) $ (251)

Debt and Borrowing Arrangements

Debt and Borrowing Arrangements	3 Months Ended
	Apr. 02, 2021
Debt and Borrowing Arrangements Disclosure [Abstract]
Debt Disclosure [Text Block]	DEBT AND BORROWING ARRANGEMENTS During the three months ended April 2, 2021, the Company issued U.S. dollar- and euro-denominated debt of $2,500 million and €2,000 million, respectively. The carrying value of this debt as of April 2, 2021 was $4,775 million. The general terms of the notes issued are as follows: • $750 million total principal amount of notes due March 5, 2028, at a fixed interest rate of 1.500 percent; • €700 million total principal amount of notes due March 9, 2029, at a fixed interest rate of 0.125 percent; • $750 million total principal amount of notes due March 5, 2031, at a fixed interest rate of 2.000 percent; • €650 million total principal amount of notes due March 9, 2033, at a fixed interest rate of 0.500 percent; • €650 million total principal amount of notes due March 9, 2041, at a fixed interest rate of 1.000 percent; and • $1,000 million total principal amount of notes due March 5, 2051, at a fixed interest rate of 3.000 percent. During the three months ended April 2, 2021, the Company retired upon maturity €371 million total principal amount of notes due March 8, 2021, at a variable interest rate equal to the three-month Euro Interbank Offered Rate (“EURIBOR”) plus 0.200 percent. During the three months ended April 2, 2021, the Company extinguished prior to maturity U.S. dollar- and euro-denominated debt of $751 million and €633 million, respectively, resulting in associated charges of $58 million recorded in the line item interest expense in our condensed consolidated statement of income. These charges included the difference between the reacquisition price and the net carrying value of the debt extinguished, including the impact of the related fair value hedging relationships. The general terms of the notes that were extinguished are as follows: • €633 million total principal amount of notes due March 9, 2023, at a fixed interest rate of 0.750 percent; • $358 million total principal amount of notes due April 1, 2023, at a fixed interest rate of 2.500 percent; and • $393 million total principal amount of notes due November 1, 2023, at a fixed interest rate of 3.200 percent.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 02, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Guarantees As of April 2, 2021, we were contingently liable for guarantees of indebtedness owed by third parties of $510 million, of which $110 million was related to variable interest entities. Our guarantees are primarily related to third-party customers, bottlers and vendors and have arisen through the normal course of business. These guarantees have various terms, and none of these guarantees is individually significant. These amounts represent the maximum potential future payments that we could be required to make under the guarantees; however, we do not consider it probable that we will be required to satisfy these guarantees. We believe our exposure to concentrations of credit risk is limited due to the diverse geographic areas covered by our operations. Legal Contingencies The Company is involved in various legal proceedings. We establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Management has also identified certain other legal matters where we believe an unfavorable outcome is reasonably possible and/or for which no estimate of possible losses can be made. Management believes that the total liabilities of the Company that may arise as a result of currently pending legal proceedings (excluding tax audit claims) will not have a material adverse effect on the Company taken as a whole. Tax Audits The Company is involved in various tax matters, with respect to some of which the outcome is uncertain. We establish reserves to remove some or all of the tax benefit of any of our tax positions at the time we determine that it becomes uncertain based upon one of the following conditions: (1) the tax position is not “more likely than not” to be sustained; (2) the tax position is “more likely than not” to be sustained but for a lesser amount; or (3) the tax position is “more likely than not” to be sustained but not in the financial period in which the tax position was originally taken. For purposes of evaluating whether or not a tax position is uncertain, (1) we presume the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information; (2) the technical merits of a tax position are derived from authorities, such as legislation and statutes, legislative intent, regulations, rulings and caselaw and their applicability to the facts and circumstances of the tax position; and (3) each tax position is evaluated without consideration of the possibility of offset or aggregation with other tax positions taken. A number of years may elapse before a particular uncertain tax position is audited and finally resolved. The number of years subject to tax audits or tax assessments varies depending on the tax jurisdiction. The tax benefit that has been previously reserved because of a failure to meet the “more likely than not” recognition threshold would be recognized in income tax expense in the first interim period when the uncertainty disappears under any one of the following conditions: (1) the tax position is “more likely than not” to be sustained; (2) the tax position, amount, and/or timing is ultimately settled through negotiation or litigation; or (3) the statute of limitations for the tax position has expired. Refer to Note 14. On September 17, 2015, the Company received a Statutory Notice of Deficiency (“Notice”) from the U.S. Internal Revenue Service (“IRS”) seeking approximately $3.3 billion of additional federal income tax for years 2007 through 2009. In the Notice, the IRS stated its intent to reallocate over $9 billion of income to the U.S. parent company from certain of its foreign affiliates that the U.S. parent company licensed to manufacture, distribute, sell, market and promote its products in certain non-U.S. markets. The Notice concerned the Company’s transfer pricing between its U.S. parent company and certain of its foreign affiliates. IRS rules governing transfer pricing require arm’s-length pricing of transactions between related parties such as the Company’s U.S. parent and its foreign affiliates. To resolve the same transfer pricing issue for the tax years 1987 through 1995, the Company and the IRS had agreed in 1996 on an arm’s-length methodology for determining the amount of U.S. taxable income that the U.S. parent company would report as compensation from its foreign licensees. The Company and the IRS memorialized this accord in a closing agreement resolving that dispute (“Closing Agreement”). The Closing Agreement provided that, absent a change in material facts or circumstances or relevant federal tax law, in calculating the Company’s income taxes going forward, the Company would not be assessed penalties by the IRS for using the agreed-upon tax calculation methodology that the Company and the IRS agreed would be used for the 1987 through 1995 tax years. The IRS audited and confirmed the Company’s compliance with the agreed-upon Closing Agreement methodology in five successive audit cycles for tax years 1996 through 2006. The September 17, 2015 Notice from the IRS retroactively rejected the previously agreed-upon methodology for the 2007 through 2009 tax years, in favor of an entirely different methodology, without prior notice to the Company. Using the new tax calculation methodology, the IRS reallocated over $9 billion of income to the U.S. parent company from its foreign licensees for tax years 2007 through 2009. Consistent with the Closing Agreement, the IRS did not assert penalties, and it has yet to do so. The IRS designated the Company’s matter for litigation on October 15, 2015. Litigation designation is an IRS determination that forecloses to a company any and all alternative means for resolution of a tax dispute. As a result of the IRS’ designation of the Company’s matter for litigation, the Company was forced to either accept the IRS’ newly imposed tax assessment and pay the full amount of the asserted tax or litigate the matter in the federal courts. The matter remains subject to the IRS’ litigation designation, preventing the Company from any attempt to settle or otherwise mutually resolve the matter with the IRS. The Company consequently initiated litigation by filing a petition in the U.S. Tax Court (“Tax Court”) in December 2015, challenging the tax adjustments enumerated in the Notice. Prior to trial, the IRS increased its transfer pricing adjustment by $385 million, resulting in an additional tax adjustment of $135 million. The Company obtained a summary judgment in its favor on a different matter related to Mexican foreign tax credits, which thereafter effectively reduced the IRS’ potential tax adjustment by approximately $138 million. The trial was held in the Tax Court from March through May 2018, and final post-trial briefs were filed and exchanged in April 2019. On November 18, 2020, the Tax Court issued an opinion (“Opinion”) in which it predominantly sided with the IRS but agreed with the Company that dividends previously paid by the foreign licensees to the U.S. parent company in reliance upon the Closing Agreement should continue to be allowed to offset royalties, including those that would become payable to the Company in accordance with the Opinion. The Tax Court reserved ruling on the effect of Brazilian legal restrictions on the payment of royalties by the Company’s licensee in Brazil until after the Tax Court issues its opinion in the separate case of 3M Co. & Subs. v. Commissioner, T.C. Docket No. 5816-13 (filed March 11, 2013). Once the Tax Court issues its opinion in 3M Co. & Subs. v. Commissioner, the Company expects the Tax Court thereafter to render another opinion, and ultimately a final decision, in the Company’s case. The Company believes that the IRS and the Tax Court misinterpreted and misapplied the applicable regulations in reallocating income earned by the Company’s foreign licensees to increase the Company’s U.S. tax. Moreover, the Company believes that the retroactive imposition of such tax liability using a calculation methodology different from that previously agreed upon by the IRS and the Company, and audited by the IRS for over a decade, is unconstitutional. The Company intends to assert its claims on appeal and vigorously defend its position. In determining the amount of tax reserve to be recorded as of December 31, 2020, the Company completed the required two-step evaluation process prescribed by Accounting Standards Codification (“ASC”) 740, Accounting for Income Taxes . In doing so, we consulted with outside advisors and we reviewed and considered relevant laws, rules, and regulations, including, though not limited to, the Opinion and relevant caselaw. We also considered our intention to vigorously defend our positions and assert our various well-founded legal claims via every available avenue of appeal. We concluded, based on the technical and legal merits of the Company’s tax positions, that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal. In addition, we considered a number of alternative transfer pricing methodologies, including the methodology asserted by the IRS and affirmed in the Opinion (“Tax Court Methodology”), that could be applied by the courts upon final resolution of the litigation. Based on the required probability analysis, we determined the methodologies we believe the federal courts could ultimately order to be used in calculating the Company’s tax. As a result of this analysis, we recorded a tax reserve of $438 million during the year ended December 31, 2020 related to the application of the resulting methodologies as well as the different tax treatment applicable to dividends originally paid to the U.S. parent company by its foreign licensees, in reliance upon the Closing Agreement, that would be recharacterized as royalties in accordance with the Opinion and the Company’s analysis. The Company’s conclusion that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal is unchanged as of April 2, 2021. However, we updated our calculation of the methodologies we believe the federal courts could ultimately order to be used in calculating the Company’s tax. As a result of the application of the required probability analysis to these updated calculations and the accrual of interest through the current reporting period, we updated our tax reserve as of April 2, 2021 to $390 million. While the Company strongly disagrees with the IRS’ positions and the portions of the Opinion affirming such positions, it is possible that some portion or all of the adjustment proposed by the IRS and sustained by the Tax Court could ultimately be upheld. In that event, the Company would likely be subject to significant additional liabilities for the years at issue, and potentially also for subsequent periods, which could have a material adverse impact on the Company’s financial position, results of operations and cash flows. The Company calculated the potential impact of applying the Tax Court Methodology to reallocate income from foreign licensees potentially covered within the scope of the Opinion, assuming such methodology were to be ultimately upheld by the courts, and the IRS were to decide to apply that methodology to subsequent years, with consent of the federal courts. This impact would include taxes and interest accrued through December 31, 2020 for the 2007 through 2009 litigated tax years and for subsequent tax years from 2010 to 2020. The calculations incorporated the estimated impact of correlative adjustments to the previously accrued transition tax payable under the 2017 Tax Cuts and Jobs Act. The Company currently estimates that the potential aggregate incremental tax and interest liability could be approximately $12 billion as of December 31, 2020. Additional income tax and interest would continue to accrue until the time any such potential liability, or portion thereof, were to be paid. The Company estimates the impact of the continued application of the Tax Court Methodology for the three months ended April 2, 2021 would increase the potential aggregate incremental tax and interest liability by approximately $250 million. Additionally, we currently project the continued application of the Tax Court Methodology in future years, assuming similar facts and circumstances as of December 31, 2020, would result in an incremental annual tax liability that would increase the Company’s effective tax rate by approximately 3.5 percent. The Company does not know when the Tax Court will issue its opinion regarding the effect of Brazilian legal restrictions on the payment of royalties by the Company’s licensee in Brazil for the 2007 through 2009 tax years. After the Tax Court issues its opinion on the Company’s Brazilian licensee, the Company and the IRS will be provided time to agree on the tax impact, if any, of both opinions, after which the Tax Court would render a final decision in the case. The Company will have 90 days thereafter to file a notice of appeal to the U.S. Court of Appeals for the Eleventh Circuit and pay the tax liability and interest related to the 2007 through 2009 tax period. The Company currently estimates that the payment to be made at that time related to the 2007 through 2009 tax period, which is included in the above estimate of the potential aggregate incremental tax and interest liability, would be approximately $4.7 billion (including interest accrued through April 2, 2021), plus any additional interest accrued through the time of payment. Some or all of this amount would be refunded if the Company were to prevail on appeal. Risk Management Programs The Company has numerous global insurance programs in place to help protect the Company from the risk of loss. In general, we are self-insured for large portions of many different types of claims; however, we do use commercial insurance above our self-insured retentions to reduce the Company’s risk of catastrophic loss. Our reserves for the Company’s self-insured losses are estimated using actuarial methods and assumptions of the insurance industry, adjusted for our specific expectations based on our claims history. Our self-insurance reserves totaled $253 million and $265 million as of April 2, 2021 and December 31, 2020, respectively.

Comprehensive Income

Comprehensive Income	3 Months Ended
	Apr. 02, 2021
Comprehensive Income
Comprehensive Income	OTHER COMPREHENSIVE INCOME AOCI attributable to shareowners of The Coca-Cola Company is separately presented in our condensed 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 condensed 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): April 2, December 31, 2020 Net foreign currency translation adjustments $ (12,024) $ (12,028) Accumulated net gains (losses) on derivatives (90) (194) Unrealized net gains (losses) on available-for-sale debt securities (32) 28 Adjustments to pension and other postretirement benefit liabilities (1,987) (2,407) Accumulated other comprehensive income (loss) $ (14,133) $ (14,601) 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 April 2, 2021 Shareowners of Noncontrolling Total Consolidated net income $ 2,245 $ 10 $ 2,255 Other comprehensive income: Net foreign currency translation adjustments 4 — 4 Net gains (losses) on derivatives 1 104 — 104 Net change in unrealized gains (losses) on available-for-sale debt securities 2 (60) — (60) Net change in pension and other postretirement benefit liabilities 420 — 420 Total comprehensive income (loss) $ 2,713 $ 10 $ 2,723 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. 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 April 2, 2021 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 624 $ (23) $ 601 Gains (losses) on intra-entity transactions that are of a long-term investment nature (954) — (954) Gains (losses) on net investment hedges arising during the period 1 475 (118) 357 Net foreign currency translation adjustments $ 145 $ (141) $ 4 Derivatives: Gains (losses) arising during the period $ 174 $ (43) $ 131 Reclassification adjustments recognized in net income (36) 9 (27) Net gains (losses) on derivatives 1 $ 138 $ (34) $ 104 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (92) $ 30 $ (62) Reclassification adjustments recognized in net income 3 (1) 2 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (89) $ 29 $ (60) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 453 $ (109) $ 344 Reclassification adjustments recognized in net income 101 (25) 76 Net change in pension and other postretirement benefit liabilities $ 554 $ (134) $ 420 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 748 $ (280) $ 468 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 27, 2020 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (2,281) $ 212 $ (2,069) Reclassification adjustments recognized in net income 3 — 3 Gains (losses) on intra-entity transactions that are of a long-term investment nature (157) — (157) Gains (losses) on net investment hedges arising during the period 1 76 (19) 57 Net foreign currency translation adjustments $ (2,359) $ 193 $ (2,166) Derivatives: Gains (losses) arising during the period $ 23 $ (8) $ 15 Reclassification adjustments recognized in net income 1 — 1 Net gains (losses) on derivatives 1 $ 24 $ (8) $ 16 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (8) $ 5 $ (3) Reclassification adjustments recognized in net income (6) 1 (5) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (14) $ 6 $ (8) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (25) $ (1) $ (26) Reclassification adjustments recognized in net income 43 (11) 32 Net change in pension and other postretirement benefit liabilities $ 18 $ (12) $ 6 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (2,331) $ 179 $ (2,152) 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. The following table presents the amounts and line items in our condensed consolidated statement 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 April 2, 2021 Derivatives: Foreign currency contracts Net operating revenues $ 23 Foreign currency contracts Cost of goods sold 1 Foreign currency contracts Other income (loss) — net (66) Foreign currency and interest rate contracts Interest expense 6 Income before income taxes (36) Income taxes 9 Consolidated net income $ (27) Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ 3 Income before income taxes 3 Income taxes (1) Consolidated net income $ 2 Pension and other postretirement benefit liabilities: Settlement charges 1 Other income (loss) — net $ 54 Recognized net actuarial loss Other income (loss) — net 48 Recognized prior service cost (credit) Other income (loss) — net (1) Income before income taxes 101 Income taxes (25) Consolidated net income $ 76 1 The settlement charges were related to the strategic realignment initiatives. Refer to Note 12.

Changes in Equity

Changes in Equity	3 Months Ended
	Apr. 02, 2021
Changes in Equity [Abstract]
Changes in Equity	CHANGES IN EQUITY The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to shareowners of The Coca-Cola Company and equity attributable to noncontrolling interests (in millions): Shareowners of The Coca-Cola Company Three Months Ended April 2, 2021 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non- December 31, 2020 4,302 $ 21,284 $ 66,555 $ (14,601) $ 1,760 $ 17,601 $ (52,016) $ 1,985 Adoption of accounting standards 1 — 19 19 — — — — — Comprehensive income (loss) — 2,723 2,245 468 — — — 10 Dividends paid/payable to — (1,810) (1,810) — — — — — Dividends paid to noncontrolling interests — (18) — — — — — (18) Impact related to stock-based 9 134 — — — 29 105 — April 2, 2021 4,311 $ 22,332 $ 67,009 $ (14,133) $ 1,760 $ 17,630 $ (51,911) $ 1,977 1 Represents the adoption of Accounting Standards Update 2019-12, Simplifying the Accounting for Income Taxes , effective January 1, 2021. Shareowners of The Coca-Cola Company Three Months Ended March 27, 2020 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non- December 31, 2019 4,280 $ 21,098 $ 65,855 $ (13,544) $ 1,760 $ 17,154 $ (52,244) $ 2,117 Comprehensive income (loss) — 188 2,775 (2,152) — — — (435) Dividends paid/payable to — (1,760) (1,760) — — — — — Dividends paid to noncontrolling — (6) — — — — — (6) Impact related to stock-based 14 314 — — — 158 156 — March 27, 2020 4,294 $ 19,834 $ 66,870 $ (15,696) $ 1,760 $ 17,312 $ (52,088) $ 1,676

Significant Operating and Nonop

Significant Operating and Nonoperating Items	3 Months Ended
	Apr. 02, 2021
Significant Operating and Nonoperating Items
Significant Operating and Nonoperating Items	SIGNIFICANT OPERATING AND NONOPERATING ITEMS Other Operating Charges During the three months ended April 2, 2021, the Company recorded other operating charges of $124 million. These charges primarily consisted of $93 million due to the Company’s strategic realignment initiatives and $18 million related to the Company’s productivity and reinvestment program. In addition, other operating charges included $4 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition and $9 million related to tax litigation expense. Refer to Note 2 for additional information on the fairlife acquisition. Refer to Note 8 for additional information related to the tax litigation. Refer to Note 12 for additional information on the Company’s strategic realignment initiatives and productivity and reinvestment program. Refer to Note 16 for the impact these charges had on our operating segments and Corporate. During the three months ended March 27, 2020, the Company recorded other operating charges of $202 million. These charges primarily consisted of an impairment charge of $152 million related to our Odwalla trademark, which was primarily driven by revised projections of future operating results due to reduced availability at retail customer outlets and a change in brand focus in the Company’s portfolio. In addition, other operating charges included $39 million related to the Company’s productivity and reinvestment program and $11 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 2 for additional information on the fairlife acquisition. Refer to Note 12 for additional information on the Company’s productivity and reinvestment program. Refer to Note 15 for additional information on the impairment charge. Refer to Note 16 for the impact these charges had on our operating segments and Corporate. Other Nonoperating Items Interest Expense During the three months ended April 2, 2021, the Company recorded charges of $58 million related to the extinguishment of long-term debt. Refer to Note 7. Equity Income (Loss) — Net During the three months ended April 2, 2021 and March 27, 2020, the Company recorded a net gain of $37 million and a net charge of $38 million, respectively. These amounts represent the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. Refer to Note 16 for the impact these items had on our operating segments and Corporate. Other Income (Loss) — Net During the three months ended April 2, 2021, the Company recognized a net gain of $133 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. The Company also recorded pension benefit plan settlement charges of $54 million related to its strategic realignment initiatives. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 12 for additional information on the Company’s strategic realignment initiatives. Refer to Note 16 for the impact these items had on our operating segments and Corporate. During the three months ended March 27, 2020, the Company recognized a gain of $902 million in conjunction with the fairlife acquisition and a gain of $18 million related to the sale of a portion of our ownership interest in one of our equity method investments. These gains were partially offset by a net loss of $392 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, and a loss of $57 million related to economic hedging activities. Refer to Note 2 for additional information on the fairlife acquisition. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 6 for additional information on our economic hedging activities. Refer to Note 16 for the impact that certain of these items had on our operating segments and Corporate.

Productivity, Integration and R

Productivity, Integration and Restructuring Initiatives	3 Months Ended
	Apr. 02, 2021
Productivity integration and restructuring initiatives
Productivity, Integration and Restructuring Initiatives[Text Block]	RESTRUCTURING Strategic Realignment In August 2020, the Company announced strategic steps to transform our organizational structure in an effort to better enable us to capture growth in the fast-changing marketplace. The Company is building a networked global organization designed to combine the power of scale with the deep knowledge required to win locally. We created new operating units effective January 1, 2021, which are focused on regional and local execution. The operating units, which sit under the four existing geographic operating segments, are highly interconnected, with more consistency in their structure and a focus on eliminating duplication of resources and scaling new products more quickly. The operating units work closely with five global marketing category leadership teams to rapidly scale ideas. The global marketing category leadership teams primarily focus on innovation, marketing efficiency and effectiveness. The organizational structure also includes our existing center that provides strategy, governance and scale for global initiatives. The operating units, global marketing category leadership teams and the center are supported by a platform services organization, which focuses on providing efficient and scaled global services and capabilities including, but not limited to, governance, transactional work, data management, consumer analytics, digital commerce and social/digital hubs. The Company has incurred total pretax expenses of $574 million related to these strategic realignment initiatives since they commenced. These expenses were recorded in the line items other operating charges and other income (loss) — net in our condensed consolidated statements of income. Refer to Note 16 for the impact these expenses had on our operating segments and Corporate. Outside services reported in the table below primarily relate to expenses in connection with legal and consulting activities. The Company currently expects the total cost of the strategic realignment initiatives will be up to $600 million. The new networked organization is established and functioning, and the platform services activities will be integrated, standardized and scaled over the course of 2021. The following table summarizes the balance of accrued expenses related to these strategic realignment initiatives and the changes in the accrued amounts as of and for the three months ended April 2, 2021 (in millions): Severance Pay Outside Services Other Total Accrued balance December 31, 2020 $ 181 $ 1 $ 3 $ 185 Costs incurred 141 6 — 147 Payments (122) (6) — (128) Noncash and exchange (57) 1 — — (57) Accrued balance April 2, 2021 $ 143 $ 1 $ 3 $ 147 1 Includes pension benefit plan settlement charges. Refer to Note 13. Productivity and Reinvestment Program In February 2012, the Company announced a productivity and reinvestment program designed to strengthen our brands and reinvest our resources to drive long-term profitable growth. The program was expanded multiple times since it commenced, with the last expansion occurring in April of 2017. We expect the remaining initiatives included in this program, which are primarily designed to further simplify and standardize our organization, to be completed by the end of 2022. The Company has incurred total pretax expenses of $3,947 million related to our productivity and reinvestment program since it commenced. These expenses were recorded in the line items other operating charges and other income (loss) — net in our condensed consolidated statements of income. Refer to Note 16 for the impact these charges had on our operating segments and Corporate. Outside services reported in the table below primarily relate to expenses in connection with legal, outplacement and consulting activities. Other direct costs reported in the table below include, among other items, internal and external costs associated with the development, communication, administration and implementation of these initiatives; accelerated depreciation on certain fixed assets; contract termination fees; and relocation costs. The following table summarizes the balance of accrued expenses related to our productivity and reinvestment program and the changes in the accrued amounts as of and for the three months ended April 2, 2021 (in millions): Severance Pay Outside Services Other Total Accrued balance December 31, 2020 $ 15 $ — $ 2 $ 17 Costs incurred — 17 1 18 Payments — (17) (6) (23) Noncash and exchange — — 5 5 Accrued balance April 2, 2021 $ 15 $ — $ 2 $ 17

Pension and Other Postretiremen

Pension and Other Postretirement Benefit Plans	3 Months Ended
	Apr. 02, 2021
Pension and Other Postretirement Benefit Plans
Pension and Other Postretirement Benefit Plans	PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS The total cost (income) for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Benefit Plans Other Postretirement Three Months Ended April 2, March 27, April 2, March 27, Service cost $ 24 $ 28 $ 2 $ 3 Interest cost 44 59 4 6 Expected return on plan assets 1 (151) (147) (4) (4) Amortization of prior service credit — — (1) (1) Amortization of net actuarial loss 47 43 1 1 Net periodic benefit cost (income) (36) (17) 2 5 Settlement charges 2 54 — — — Total cost (income) $ 18 $ (17) $ 2 $ 5 1 The weighted-average expected long-term rates of return on plan assets used in computing 2021 net periodic benefit cost (income) were 7.25 percent for pension benefit plans and 4.25 percent for other postretirement benefit plans. 2 The settlement charges were related to the strategic realignment initiatives. Refer to Note 12.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 02, 2021
Income taxes
Income Taxes	INCOME TAXES The Company recorded income taxes of $508 million (18.4 percent effective tax rate) and $215 million (7.2 percent effective tax rate) during the three months ended April 2, 2021 and March 27, 2020, respectively. The Company’s effective tax rates for the three months ended April 2, 2021 and March 27, 2020 vary from the statutory U.S. federal income tax rate of 21.0 percent primarily due to the tax impact of significant operating and nonoperating items, along with the tax benefits of having significant operations outside the United States and significant earnings generated in investments accounted for under the equity method, both of which are generally taxed at rates lower than the statutory U.S. rate. The Company’s effective tax rate for the three months ended March 27, 2020 included a tax benefit of $40 million associated with the gain recorded upon the acquisition of the remaining ownership interest in fairlife and also included the net tax benefit of various discrete tax items recorded during the quarter. Refer to Note 2 for additional information on the fairlife acquisition. On November 18, 2020, the Tax Court issued the Opinion regarding the Company’s 2015 litigation with the IRS involving transfer pricing tax adjustments in which the court predominantly sided with the IRS. The Company strongly disagrees with the Opinion and intends to vigorously defend its position. Refer to Note 8.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 02, 2021
Fair Value Measurements [Abstract]
Fair Value Disclosures [Text Block]	FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions): April 2, 2021 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 2,201 $ 218 $ 14 $ 108 $ — $ 2,541 Debt securities 1 — 2,129 38 — — 2,167 Derivatives 2 104 785 — — (615) 6 274 8 Total assets $ 2,305 $ 3,132 $ 52 $ 108 $ (615) $ 4,982 Liabilities: Contingent consideration liability $ — $ — $ 225 5 $ — $ — $ 225 Derivatives 2 3 322 — — (256) 7 69 8 Total liabilities $ 3 $ 322 $ 225 $ — $ (256) $ 294 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6. 5 Refer to Note 2 for additional information related to the contingent consideration liability resulting from the fairlife acquisition. 6 The Company is obligated to return $473 million in cash collateral it has netted against its derivative position. 7 The Company has the right to reclaim $177 million in cash collateral it has netted against its derivative position. 8 The Company’s derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $274 million in the line item other assets and $69 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio. December 31, 2020 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 2,049 $ 210 $ 12 $ 103 $ — $ 2,374 Debt securities 1 4 2,267 32 — — 2,303 Derivatives 2 63 835 — — (669) 6 229 8 Total assets $ 2,116 $ 3,312 $ 44 $ 103 $ (669) $ 4,906 Liabilities: Contingent consideration liability $ — $ — $ 321 5 $ — $ — $ 321 Derivatives 2 — 91 — — (81) 7 10 8 Total liabilities $ — $ 91 $ 321 $ — $ (81) $ 331 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6. 5 Refer to Note 2 for additional information related to the contingent consideration liability resulting from the fairlife acquisition. 6 The Company is obligated to return $546 million in cash collateral it has netted against its derivative position. 7 The Company does not have the right to reclaim any cash collateral it has netted against its derivative position. 8 The Company’s derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $229 million in the line item other assets, $9 million in the line item accounts payable and accrued expenses, and $1 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio. Gross realized and unrealized gains and losses on Level 3 assets and liabilities were not significant for the three months ended April 2, 2021 and March 27, 2020. The Company recognizes transfers between levels within the hierarchy as of the beginning of the reporting period. Gross transfers between levels within the hierarchy were not significant for the three months ended April 2, 2021 and March 27, 2020. Nonrecurring Fair Value Measurements The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the table below (in millions): Gains (Losses) Three Months Ended April 2, March 27, Impairment of intangible assets $ — $ (152) 1 Impairment of equity investment without a readily determinable fair value — (26) 2 Total $ — $ (178) 1 The Company recorded an impairment charge of $152 million related to its Odwalla trademark, which was primarily driven by revised projections of future operating results due to reduced availability at retail customer outlets and a change in brand focus in the Company’s portfolio. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. 2 The Company recorded an impairment charge of $26 million related to an investment in an equity security without a readily determinable fair value. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. Other Fair Value Disclosures The carrying values of cash and cash equivalents; short-term investments; trade accounts receivable; accounts payable and accrued expenses; and loans and notes payable approximate their fair values because of the short-term maturities of these financial instruments. The fair value of our long-term debt is estimated using Level 2 inputs based on quoted prices for those instruments. Where quoted prices are not available, the fair value is estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of the debt instruments. As of April 2, 2021, the carrying

Operating Segments

Operating Segments	3 Months Ended
	Apr. 02, 2021
Operating Segments [Abstract]
Operating Segments	OPERATING SEGMENTS Information about our Company’s operations by operating segment and Corporate is as follows (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Three Months Ended April 2, 2021 Net operating revenues: Third party $ 1,462 $ 909 $ 2,936 $ 1,232 $ 570 $ 1,894 $ 17 $ — $ 9,020 Intersegment 161 — 1 170 — 2 — (334) — Total net operating revenues 1,623 909 2,937 1,402 570 1,896 17 (334) 9,020 Operating income (loss) 820 552 792 686 26 141 (295) — 2,722 Income (loss) before income taxes 830 555 816 695 27 317 (477) — 2,763 Identifiable operating assets 8,335 2 1,650 19,792 2,332 3 7,843 10,426 2,3 19,843 — 70,221 Investments 1 466 595 343 249 4 13,833 4,282 — 19,772 As of and for the Three Months Ended March 27, 2020 Net operating revenues: Third party $ 1,573 $ 930 $ 2,849 $ 989 $ 573 $ 1,656 $ 31 $ — $ 8,601 Intersegment 152 — 1 139 — 2 — (294) — Total net operating revenues 1,725 930 2,850 1,128 573 1,658 31 (294) 8,601 Operating income (loss) 960 539 387 511 19 63 (99) — 2,380 Income (loss) before income taxes 971 535 402 513 18 198 373 — 3,010 Identifiable operating assets 8,172 2 1,853 20,600 2,312 7,378 10,184 2 24,842 — 75,341 Investments 1 498 661 357 225 11 12,968 3,952 — 18,672 As of December 31, 2020 Identifiable operating assets $ 8,098 2 $ 1,597 $ 19,444 $ 2,073 3 $ 7,575 $ 10,521 2,3 $ 17,903 $ — $ 67,211 Investments 1 517 603 345 240 4 14,183 4,193 — 20,085 1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in South Africa represented 15 percent, 14 percent and 15 percent of consolidated property, plant and equipment — net as of April 2, 2021, March 27, 2020 and December 31, 2020, respectively. 3 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of April 2, 2021 and December 31, 2020. During the three months ended April 2, 2021, the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $50 million for Europe, Middle East and Africa, $11 million for Latin America, $12 million for North America and $13 million for Asia Pacific, and operating income (loss) and income (loss) before income taxes were reduced by $7 million and $61 million, respectively, for Corporate due to the Company’s strategic realignment initiatives. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were reduced by $19 million for North America related to the restructuring of our manufacturing operations in the United States. • Operating income (loss) and income (loss) before income taxes were reduced by $18 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were reduced by $9 million for Corporate related to tax litigation expense. Refer to Note 8. • Operating income (loss) and income (loss) before income taxes were reduced by $4 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 2. • Income (loss) before income taxes was increased by $133 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. • Income (loss) before income taxes was increased by $5 million for Bottling Investments and $32 million for Corporate due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. • Income (loss) before income taxes was reduced by $58 million for Corporate related to charges associated with the extinguishment of long-term debt. Refer to Note 7. During the three months ended March 27, 2020, the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $152 million for North America related to the impairment of our Odwalla trademark. Refer to Note 15. • Operating income (loss) and income (loss) before income taxes were reduced by $39 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were reduced by $11 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 2. • Income (loss) before income taxes was increased by $902 million for Corporate in conjunction with the fairlife acquisition, which resulted from the remeasurement of our previously held equity interest in fairlife to fair value. Refer to Note 2. • Income (loss) before income taxes was increased by $18 million for Corporate related to the sale of a portion of our ownership interest in one of our equity method investments. • Income (loss) before income taxes was reduced by $392 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. • Income (loss) before income taxes was reduced by $38 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.

Subsequent Event

Subsequent Event	3 Months Ended
	Apr. 02, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Debt Extinguishment In April 2021, the Company extinguished a portion of its long-term debt prior to maturity. As of April 2, 2021, the extinguished notes had a carrying value of $2,542 million. The general terms of the notes that were extinguished are as follows: • €867 million total principal amount of notes due March 9, 2023, at a fixed interest rate of 0.750 percent; • $392 million total principal amount of notes due April 1, 2023, at a fixed interest rate of 2.500 percent; and • $1,107 million total principal amount of notes due November 1, 2023, at a fixed interest rate of 3.200 percent. The notes were redeemed at a redemption price of 100 percent of the principal amount of the applicable notes, plus accrued and unpaid interest and the applicable make-whole premiums. As a result of the extinguishment, the Company incurred charges of approximately $110 million. Sale of Ownership Interest in Coca-Cola Amatil Limited

Summary of Significant Accoun_2

Summary of Significant Accounting Policies Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 02, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K of The Coca-Cola Company for the year ended December 31, 2020. When used in these notes, the terms “The Coca-Cola Company,” “Company,” “we,” “us” and “our” mean The Coca-Cola Company and all entities included in our condensed consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended April 2, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Sales of our nonalcoholic ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions. Each of our interim reporting periods, other than the fourth interim reporting period, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The first quarter of 2021 and the first quarter of 2020 ended on April 2, 2021 and March 27, 2020, respectively. Our fourth interim reporting period and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls.
Advertising Cost [Policy Text Block]	Advertising Costs The Company’s accounting policy related to advertising costs for annual reporting purposes is to expense production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred. For interim reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple interim periods to each of our interim reporting periods. We use the proportion of each interim period’s actual unit case volume to the estimated full year unit case volume as the basis for the allocation. This methodology results in our marketing expenditures being recognized at a standard rate per unit case. At the end of each interim reporting period, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple interim periods in order to evaluate if a change in estimate is necessary. The impact of any change in the full year estimate is recognized in the interim period in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents or restricted cash equivalents, as applicable. Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other assets in our consolidated balance sheet. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk. The following tables provide a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in the condensed consolidated statements of cash flows (in millions): April 2, December 31, Cash and cash equivalents $ 8,484 $ 6,795 Restricted cash and restricted cash equivalents included in other assets 1 327 315 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 8,811 $ 7,110 1 Amounts represent restricted cash and restricted cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4. March 27, December 31, Cash and cash equivalents $ 13,561 $ 6,480 Restricted cash and restricted cash equivalents included in other assets 1 404 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 13,965 $ 6,737 1 Amounts represent restricted cash and restricted cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Apr. 02, 2021
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents [Table Text Block]	The following tables provide a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in the condensed consolidated statements of cash flows (in millions): April 2, December 31, Cash and cash equivalents $ 8,484 $ 6,795 Restricted cash and restricted cash equivalents included in other assets 1 327 315 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 8,811 $ 7,110 1 Amounts represent restricted cash and restricted cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4. March 27, December 31, Cash and cash equivalents $ 13,561 $ 6,480 Restricted cash and restricted cash equivalents included in other assets 1 404 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 13,965 $ 6,737

Revenue Recognition Revenue R_2

Revenue Recognition Revenue Recognition (Tables)	3 Months Ended
	Apr. 02, 2021
Revenue Recognition [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended April 2, 2021 Concentrate operations $ 1,410 $ 3,572 $ 4,982 Finished product operations 1,483 2,555 4,038 Total $ 2,893 $ 6,127 $ 9,020 Three Months Ended March 27, 2020 Concentrate operations $ 1,324 $ 3,465 $ 4,789 Finished product operations 1,483 2,329 3,812 Total $ 2,807 $ 5,794 $ 8,601

Investments (Tables)

Investments (Tables)	3 Months Ended
	Apr. 02, 2021
Investments [Abstracts]
Carrying value of equity securities by balance sheet location [Table Text Block]	The carrying values of our equity securities were included in the following line items in our condensed consolidated balance sheets (in millions): Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value April 2, 2021 Marketable securities $ 345 $ — Other investments 755 51 Other assets 1,441 — Total equity securities $ 2,541 $ 51 December 31, 2020 Marketable securities $ 330 $ — Other investments 762 50 Other assets 1,282 — Total equity securities $ 2,374 $ 50
Unrealized Gain (Loss) on Investments	The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions): Three Months Ended April 2, March 27, Net gains (losses) recognized during the period related to equity securities $ 155 $ (396) Less: Net gains (losses) recognized during the period related to equity securities sold 14 (16) Net unrealized gains (losses) recognized during the period related to equity securities $ 141 $ (380)
Schedule of debt securities [Table Text Block]	Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Fair Value Cost Gains Losses April 2, 2021 Trading securities $ 37 $ 2 $ — $ 39 Available-for-sale securities 2,180 33 (85) 2,128 Total debt securities $ 2,217 $ 35 $ (85) $ 2,167 December 31, 2020 Trading securities $ 36 $ 2 $ — $ 38 Available-for-sale securities 2,227 51 (13) 2,265 Total debt securities $ 2,263 $ 53 $ (13) $ 2,303
Fair value of debt securities by balance sheet location [Table Text Block]	The carrying values of our debt securities were included in the following line items in our condensed consolidated balance sheets (in millions): April 2, 2021 December 31, 2020 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Cash and cash equivalents $ — $ — $ — $ — Marketable securities 39 1,850 38 1,980 Other assets — 278 — 285 Total debt securities $ 39 $ 2,128 $ 38 $ 2,265
Contractual maturity amounts of the investment securities	The contractual maturities of these available-for-sale debt securities as of April 2, 2021 were as follows (in millions): Cost Estimated Within 1 year $ 684 $ 691 After 1 year through 5 years 1,205 1,143 After 5 years through 10 years 92 101 After 10 years 199 193 Total $ 2,180 $ 2,128
Realized Gain (Loss) on Investments [Table Text Block]	The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Three Months Ended April 2, March 27, Gross gains $ 1 $ 8 Gross losses (4) (2) Proceeds 158 906

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Apr. 02, 2021
Inventories
Inventories	Inventories consisted of the following (in millions): April 2, December 31, Raw materials and packaging $ 2,097 $ 2,106 Finished goods 877 791 Other 382 369 Total inventories $ 3,356 $ 3,266

Hedging Transactions and Deri_2

Hedging Transactions and Derivative Financial Instruments (Tables)	3 Months Ended
	Apr. 02, 2021
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative instruments, fair value, designated as hedging instruments	The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions): Fair Value 1,2 Derivatives Designated as Hedging Instruments Balance Sheet Location 1 April 2, December 31, 2020 Assets: Foreign currency contracts Prepaid expenses and other assets $ 47 $ 26 Foreign currency contracts Other assets 116 74 Commodity contracts Prepaid expenses and other assets — 2 Interest rate contracts Prepaid expenses and other assets 6 — Interest rate contracts Other assets 520 659 Total assets $ 689 $ 761 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 31 $ 29 Foreign currency contracts Other liabilities 1 — Interest rate contracts Accounts payable and accrued expenses — 5 Interest rate contracts Other liabilities 247 — Total liabilities $ 279 $ 34 1 All of the Company’s derivative instruments are carried at fair value in our condensed consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 15 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 15 for additional information related to the estimated fair value.
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]	The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions): Fair Value 1,2 Derivatives Not Designated as Hedging Instruments Balance Sheet Location 1 April 2, December 31, 2020 Assets: Foreign currency contracts Prepaid expenses and other assets $ 26 $ 28 Foreign currency contracts Other assets 3 1 Commodity contracts Prepaid expenses and other assets 140 76 Commodity contracts Other assets 13 9 Other derivative instruments Prepaid expenses and other assets 18 20 Other derivative instruments Other assets — 3 Total assets $ 200 $ 137 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 40 $ 41 Commodity contracts Accounts payable and accrued expenses 4 15 Commodity contracts Other liabilities 2 1 Total liabilities $ 46 $ 57 1 All of the Company’s derivative instruments are carried at fair value in our condensed consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 15 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 15 for additional information related to the estimated fair value.
Derivative instruments, designated as hedging instruments, gain (loss) in statement of financial performance	The following table presents the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions): Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Three Months Ended April 2, 2021 Foreign currency contracts $ (23) Net operating revenues $ (23) Foreign currency contracts (5) Cost of goods sold (1) Foreign currency contracts — Interest expense (1) Foreign currency contracts 87 Other income (loss) — net 66 Interest rate contracts 121 Interest expense (5) Total $ 180 $ 36 Three Months Ended March 27, 2020 Foreign currency contracts $ 103 Net operating revenues $ (4) Foreign currency contracts 11 Cost of goods sold 1 Foreign currency contracts — Interest expense (2) Foreign currency contracts (90) Other income (loss) — net 15 Interest rate contracts 8 Interest expense (11) Total $ 32 $ (1)
Derivative instruments, fair value hedges, gain (loss) recognized in income	The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended April 2, March 27, Interest rate contracts Interest expense $ (395) $ 112 Fixed-rate debt Interest expense 396 (103) Net impact to interest expense $ 1 $ 9 Net impact of fair value hedging instruments $ 1 $ 9
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following table summarizes the amounts recorded in the condensed consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Carrying Values of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Values of Hedged Items 1 Balance Sheet Location of Hedged Items April 2, December 31, April 2, December 31, Current maturities of long-term debt $ 1,245 $ — $ 6 $ — Long-term debt 16,638 11,129 462 646 1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rate fluctuations.
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions): Notional Values Gain (Loss) Recognized in OCI as of Three Months Ended April 2, December 31, 2020 April 2, March 27, Foreign currency contracts $ 1,049 $ 451 $ (8) $ (3) Foreign currency denominated debt 13,000 13,336 483 79 Total $ 14,049 $ 13,787 $ 475 $ 76
Schedule of Derivative Instruments Not Designated as Hedging Instruments Gain (Loss) in Statement of Financial Performance [Table Text Block]	The following table presents the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended April 2, March 27, Foreign currency contracts Net operating revenues $ (1) $ 24 Foreign currency contracts Cost of goods sold (8) 14 Foreign currency contracts Other income (loss) — net (28) (91) Interest rate contracts Interest expense (187) — Commodity contracts Cost of goods sold 82 (85) Other derivative instruments Selling, general and administrative expenses 8 (56) Other derivative instruments Other income (loss) — net (3) (57) Total $ (137) $ (251)

Comprehensive Income (Tables)

Comprehensive Income (Tables)	3 Months Ended
	Apr. 02, 2021
Comprehensive Income
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): April 2, December 31, 2020 Net foreign currency translation adjustments $ (12,024) $ (12,028) Accumulated net gains (losses) on derivatives (90) (194) Unrealized net gains (losses) on available-for-sale debt securities (32) 28 Adjustments to pension and other postretirement benefit liabilities (1,987) (2,407) Accumulated other comprehensive income (loss) $ (14,133) $ (14,601)
Comprehensive Income (Loss), Apportioned between Shareowners of the Coca-Cola Company and Noncontrolling Interests [Text Block]	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 April 2, 2021 Shareowners of Noncontrolling Total Consolidated net income $ 2,245 $ 10 $ 2,255 Other comprehensive income: Net foreign currency translation adjustments 4 — 4 Net gains (losses) on derivatives 1 104 — 104 Net change in unrealized gains (losses) on available-for-sale debt securities 2 (60) — (60) Net change in pension and other postretirement benefit liabilities 420 — 420 Total comprehensive income (loss) $ 2,713 $ 10 $ 2,723 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.
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 April 2, 2021 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 624 $ (23) $ 601 Gains (losses) on intra-entity transactions that are of a long-term investment nature (954) — (954) Gains (losses) on net investment hedges arising during the period 1 475 (118) 357 Net foreign currency translation adjustments $ 145 $ (141) $ 4 Derivatives: Gains (losses) arising during the period $ 174 $ (43) $ 131 Reclassification adjustments recognized in net income (36) 9 (27) Net gains (losses) on derivatives 1 $ 138 $ (34) $ 104 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (92) $ 30 $ (62) Reclassification adjustments recognized in net income 3 (1) 2 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (89) $ 29 $ (60) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 453 $ (109) $ 344 Reclassification adjustments recognized in net income 101 (25) 76 Net change in pension and other postretirement benefit liabilities $ 554 $ (134) $ 420 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 748 $ (280) $ 468 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 27, 2020 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (2,281) $ 212 $ (2,069) Reclassification adjustments recognized in net income 3 — 3 Gains (losses) on intra-entity transactions that are of a long-term investment nature (157) — (157) Gains (losses) on net investment hedges arising during the period 1 76 (19) 57 Net foreign currency translation adjustments $ (2,359) $ 193 $ (2,166) Derivatives: Gains (losses) arising during the period $ 23 $ (8) $ 15 Reclassification adjustments recognized in net income 1 — 1 Net gains (losses) on derivatives 1 $ 24 $ (8) $ 16 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (8) $ 5 $ (3) Reclassification adjustments recognized in net income (6) 1 (5) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (14) $ 6 $ (8) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (25) $ (1) $ (26) Reclassification adjustments recognized in net income 43 (11) 32 Net change in pension and other postretirement benefit liabilities $ 18 $ (12) $ 6 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (2,331) $ 179 $ (2,152) 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.
Income statement location of adjustments reclassified from AOCI into income	The following table presents the amounts and line items in our condensed consolidated statement 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 April 2, 2021 Derivatives: Foreign currency contracts Net operating revenues $ 23 Foreign currency contracts Cost of goods sold 1 Foreign currency contracts Other income (loss) — net (66) Foreign currency and interest rate contracts Interest expense 6 Income before income taxes (36) Income taxes 9 Consolidated net income $ (27) Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ 3 Income before income taxes 3 Income taxes (1) Consolidated net income $ 2 Pension and other postretirement benefit liabilities: Settlement charges 1 Other income (loss) — net $ 54 Recognized net actuarial loss Other income (loss) — net 48 Recognized prior service cost (credit) Other income (loss) — net (1) Income before income taxes 101 Income taxes (25) Consolidated net income $ 76 1 The settlement charges were related to the strategic realignment initiatives. Refer to Note 12.

Changes in Equity (Tables)

Changes in Equity (Tables)	3 Months Ended
	Apr. 02, 2021
Changes in Equity [Abstract]
Changes in Equity	The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to shareowners of The Coca-Cola Company and equity attributable to noncontrolling interests (in millions): Shareowners of The Coca-Cola Company Three Months Ended April 2, 2021 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non- December 31, 2020 4,302 $ 21,284 $ 66,555 $ (14,601) $ 1,760 $ 17,601 $ (52,016) $ 1,985 Adoption of accounting standards 1 — 19 19 — — — — — Comprehensive income (loss) — 2,723 2,245 468 — — — 10 Dividends paid/payable to — (1,810) (1,810) — — — — — Dividends paid to noncontrolling interests — (18) — — — — — (18) Impact related to stock-based 9 134 — — — 29 105 — April 2, 2021 4,311 $ 22,332 $ 67,009 $ (14,133) $ 1,760 $ 17,630 $ (51,911) $ 1,977 1 Represents the adoption of Accounting Standards Update 2019-12, Simplifying the Accounting for Income Taxes , effective January 1, 2021. Shareowners of The Coca-Cola Company Three Months Ended March 27, 2020 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non- December 31, 2019 4,280 $ 21,098 $ 65,855 $ (13,544) $ 1,760 $ 17,154 $ (52,244) $ 2,117 Comprehensive income (loss) — 188 2,775 (2,152) — — — (435) Dividends paid/payable to — (1,760) (1,760) — — — — — Dividends paid to noncontrolling — (6) — — — — — (6) Impact related to stock-based 14 314 — — — 158 156 — March 27, 2020 4,294 $ 19,834 $ 66,870 $ (15,696) $ 1,760 $ 17,312 $ (52,088) $ 1,676

Productivity, Integration and_2

Productivity, Integration and Restructuring Initiatives (Tables)	3 Months Ended
	Apr. 02, 2021
Productivity integration and restructuring initiatives
Productivity and Reinvestment [Table Text Block]	The following table summarizes the balance of accrued expenses related to our productivity and reinvestment program and the changes in the accrued amounts as of and for the three months ended April 2, 2021 (in millions): Severance Pay Outside Services Other Total Accrued balance December 31, 2020 $ 15 $ — $ 2 $ 17 Costs incurred — 17 1 18 Payments — (17) (6) (23) Noncash and exchange — — 5 5 Accrued balance April 2, 2021 $ 15 $ — $ 2 $ 17
Strategic Alignment Initiatives Costs	The following table summarizes the balance of accrued expenses related to these strategic realignment initiatives and the changes in the accrued amounts as of and for the three months ended April 2, 2021 (in millions): Severance Pay Outside Services Other Total Accrued balance December 31, 2020 $ 181 $ 1 $ 3 $ 185 Costs incurred 141 6 — 147 Payments (122) (6) — (128) Noncash and exchange (57) 1 — — (57) Accrued balance April 2, 2021 $ 143 $ 1 $ 3 $ 147 1 Includes pension benefit plan settlement charges. Refer to Note 13.

Pension and Other Postretirem_2

Pension and Other Postretirement Benefit Plans (Tables)	3 Months Ended
	Apr. 02, 2021
Pension and Other Postretirement Benefit Plans
Periodic benefit cost, pension and other postretirement benefit plans	total cost (income) for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Benefit Plans Other Postretirement Three Months Ended April 2, March 27, April 2, March 27, Service cost $ 24 $ 28 $ 2 $ 3 Interest cost 44 59 4 6 Expected return on plan assets 1 (151) (147) (4) (4) Amortization of prior service credit — — (1) (1) Amortization of net actuarial loss 47 43 1 1 Net periodic benefit cost (income) (36) (17) 2 5 Settlement charges 2 54 — — — Total cost (income) $ 18 $ (17) $ 2 $ 5 1 The weighted-average expected long-term rates of return on plan assets used in computing 2021 net periodic benefit cost (income) were 7.25 percent for pension benefit plans and 4.25 percent for other postretirement benefit plans. 2 The settlement charges were related to the strategic realignment initiatives. Refer to Note 12.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 02, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets and liabilities measured at fair value on a recurring basis	The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions): April 2, 2021 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 2,201 $ 218 $ 14 $ 108 $ — $ 2,541 Debt securities 1 — 2,129 38 — — 2,167 Derivatives 2 104 785 — — (615) 6 274 8 Total assets $ 2,305 $ 3,132 $ 52 $ 108 $ (615) $ 4,982 Liabilities: Contingent consideration liability $ — $ — $ 225 5 $ — $ — $ 225 Derivatives 2 3 322 — — (256) 7 69 8 Total liabilities $ 3 $ 322 $ 225 $ — $ (256) $ 294 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6. 5 Refer to Note 2 for additional information related to the contingent consideration liability resulting from the fairlife acquisition. 6 The Company is obligated to return $473 million in cash collateral it has netted against its derivative position. 7 The Company has the right to reclaim $177 million in cash collateral it has netted against its derivative position. 8 The Company’s derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $274 million in the line item other assets and $69 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio. December 31, 2020 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 2,049 $ 210 $ 12 $ 103 $ — $ 2,374 Debt securities 1 4 2,267 32 — — 2,303 Derivatives 2 63 835 — — (669) 6 229 8 Total assets $ 2,116 $ 3,312 $ 44 $ 103 $ (669) $ 4,906 Liabilities: Contingent consideration liability $ — $ — $ 321 5 $ — $ — $ 321 Derivatives 2 — 91 — — (81) 7 10 8 Total liabilities $ — $ 91 $ 321 $ — $ (81) $ 331 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6. 5 Refer to Note 2 for additional information related to the contingent consideration liability resulting from the fairlife acquisition. 6 The Company is obligated to return $546 million in cash collateral it has netted against its derivative position. 7 The Company does not have the right to reclaim any cash collateral it has netted against its derivative position. 8 The Company’s derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $229 million in the line item other assets, $9 million in the line item accounts payable and accrued expenses, and $1 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio.
Assets and liabilities measured at fair value on a Nonrecurring basis	The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the table below (in millions): Gains (Losses) Three Months Ended April 2, March 27, Impairment of intangible assets $ — $ (152) 1 Impairment of equity investment without a readily determinable fair value — (26) 2 Total $ — $ (178) 1 The Company recorded an impairment charge of $152 million related to its Odwalla trademark, which was primarily driven by revised projections of future operating results due to reduced availability at retail customer outlets and a change in brand focus in the Company’s portfolio. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. 2 The Company recorded an impairment charge of $26 million related to an investment in an equity security without a readily determinable fair value. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results.

Operating Segments (Tables)

Operating Segments (Tables)	3 Months Ended
	Apr. 02, 2021
Segment Reporting Information [Line Items]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information about our Company’s operations by operating segment and Corporate is as follows (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Three Months Ended April 2, 2021 Net operating revenues: Third party $ 1,462 $ 909 $ 2,936 $ 1,232 $ 570 $ 1,894 $ 17 $ — $ 9,020 Intersegment 161 — 1 170 — 2 — (334) — Total net operating revenues 1,623 909 2,937 1,402 570 1,896 17 (334) 9,020 Operating income (loss) 820 552 792 686 26 141 (295) — 2,722 Income (loss) before income taxes 830 555 816 695 27 317 (477) — 2,763 Identifiable operating assets 8,335 2 1,650 19,792 2,332 3 7,843 10,426 2,3 19,843 — 70,221 Investments 1 466 595 343 249 4 13,833 4,282 — 19,772 As of and for the Three Months Ended March 27, 2020 Net operating revenues: Third party $ 1,573 $ 930 $ 2,849 $ 989 $ 573 $ 1,656 $ 31 $ — $ 8,601 Intersegment 152 — 1 139 — 2 — (294) — Total net operating revenues 1,725 930 2,850 1,128 573 1,658 31 (294) 8,601 Operating income (loss) 960 539 387 511 19 63 (99) — 2,380 Income (loss) before income taxes 971 535 402 513 18 198 373 — 3,010 Identifiable operating assets 8,172 2 1,853 20,600 2,312 7,378 10,184 2 24,842 — 75,341 Investments 1 498 661 357 225 11 12,968 3,952 — 18,672 As of December 31, 2020 Identifiable operating assets $ 8,098 2 $ 1,597 $ 19,444 $ 2,073 3 $ 7,575 $ 10,521 2,3 $ 17,903 $ — $ 67,211 Investments 1 517 603 345 240 4 14,183 4,193 — 20,085 1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in South Africa represented 15 percent, 14 percent and 15 percent of consolidated property, plant and equipment — net as of April 2, 2021, March 27, 2020 and December 31, 2020, respectively. 3 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of April 2, 2021 and December 31, 2020.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Recently Issued Accounting Guidance (Details) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020	Mar. 27, 2020	Dec. 31, 2019
Impact of New Pronouncements
Cash and cash equivalents	$ 8,484	$ 6,795	$ 13,561	$ 6,480
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	8,811	7,110	13,965	6,737
Other Assets
Impact of New Pronouncements
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 327	$ 315	$ 404	$ 257

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Apr. 02, 2021	Mar. 27, 2020	Dec. 31, 2020
Acquisition and investment activities
Acquisitions of businesses, equity method investments and nonmarketable securities	$ 4	$ 984
Contingent Consideration Liability	225		$ 321
Proceeds from disposals of businesses, equity method investments and nonmarketable securities	2	36
Corporate
Acquisition and investment activities
Gain (Loss) on Sale of Equity Investments		18
fairlife [Member]
Acquisition and investment activities
Acquisitions of businesses, equity method investments and nonmarketable securities			$ 979
Business Acquisition, Percentage of Voting Interests Acquired			57.50%
Ownership Percentage by Parent			100.00%
Increase (Decrease) in Notes Receivables			$ (306)
Contingent Consideration Liability		270
Indefinite-lived Intangible Assets Acquired			1,300
Goodwill, Acquired During Period			$ 800
Payments for (Proceeds from) Previous Acquisition	100
fairlife [Member] | Corporate
Acquisition and investment activities
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		902
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 4	$ 11

Revenue Recognition Revenue R_3

Revenue Recognition Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 9,020	$ 8,601
Net operating revenues related to concentrate operations	4,982	4,789
Net operating revenues related to finished product operations	4,038	3,812
UNITED STATES
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	2,893	2,807
Net operating revenues related to concentrate operations	1,410	1,324
Net operating revenues related to finished product operations	1,483	1,483
International [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	6,127	5,794
Net operating revenues related to concentrate operations	3,572	3,465
Net operating revenues related to finished product operations	$ 2,555	$ 2,329

Investments (Details)

Investments (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Apr. 02, 2021	Mar. 27, 2020	Dec. 31, 2020
Equity securities, by type
Equity Securities, FV-NI	$ 2,541		$ 2,374
Equity Securities without Readily Determinable Fair Value, Amount	51		50
Equity Securities, FV-NI, Gain (Loss)	155	$ (396)
Equity Securities, FV-NI, Realized Gain (Loss)	14	(16)
Equity Securities, FV-NI, Unrealized Gain	141
Equity Securities, FV-NI, Unrealized Loss		380
Debt Securities, Trading, and Equity Securities, FV-NI			2,374
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	2,217		2,263
Debt securities, gross unrealized gain	35		53
Debt securities, gross unrealized loss	85		13
Debt Securities	2,167		2,303
Trading Securities [Member]
Equity securities, by type
Debt Securities	39		38
Debt Securities [Member]
Equity securities, by type
Trading Securities, Equity, Cost	37		36
Trading Securities, Unrealized Holding Gain	2		2
Trading Securities, Unrealized Holding Loss	0		0
Debt Securities, Trading, and Equity Securities, FV-NI	39		38
Available-for-sale Securities, Debt Securities	2,180		2,227
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	33		51
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(85)		(13)
Available-for-sale Securities Fair Value	2,128		2,265
Available-for-sale Securities, Gross Realized Gains	1	8
Available-for-sale Securities, Gross Realized Losses	4	2
Proceeds from Sale of Available-for-sale Securities	158	$ 906
Available-for-sale Securities [Member]
Equity securities, by type
Debt Securities	2,128		2,265
Marketable Securities [Member]
Equity securities, by type
Equity Securities, FV-NI	345		330
Equity Securities without Readily Determinable Fair Value, Amount	0		0
Marketable Securities [Member] | Trading Securities [Member]
Equity securities, by type
Debt Securities	39		38
Marketable Securities [Member] | Available-for-sale Securities [Member]
Equity securities, by type
Debt Securities	1,850		1,980
Other Investments [Member]
Equity securities, by type
Equity Securities, FV-NI	755		762
Equity Securities without Readily Determinable Fair Value, Amount	51		50
Other Assets
Equity securities, by type
Equity Securities, FV-NI	1,441		1,282
Equity Securities without Readily Determinable Fair Value, Amount	0		0
Other Assets | Trading Securities [Member]
Equity securities, by type
Debt Securities	0		0
Other Assets | Available-for-sale Securities [Member]
Equity securities, by type
Debt Securities	278		285
Cash and Cash Equivalents [Member] | Trading Securities [Member]
Equity securities, by type
Debt Securities	0		0
Cash and Cash Equivalents [Member] | Available-for-sale Securities [Member]
Equity securities, by type
Debt Securities	$ 0		$ 0

Investments (Details 2)

Investments (Details 2) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Debt securities, by type
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost	$ 684
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value	691
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Amortized Cost Basis	1,205
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value	1,143
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis	92
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value	101
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost	199
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value	193
Available-for-sale Securities, Amortized Cost Basis	2,180
Debt Securities	2,167	$ 2,303
Available-for-sale Securities [Member]
Debt securities, by type
Debt Securities	2,128	2,265
Solvency Funds of Insurance Captive	$ 1,534	$ 1,389

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Inventory balances
Raw materials and packaging	$ 2,097	$ 2,106
Finished goods	877	791
Other	382	369
Total inventories	$ 3,356	$ 3,266

Hedging Transactions and Deri_3

Hedging Transactions and Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020	Dec. 31, 2020
Fair Value, Derivatives Designated and Not Designated as Hedges
Maximum Length of Time Hedged in Cash Flow Hedge	4 years
Anticipated gains (losses) cash flows hedges, estimated reclassification to earnings during next twelve months	$ (60)
Net Investment Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	14,049		$ 13,787
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	475	$ 76
Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	180	32
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	36	(1)
Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	1	9
Long-term Debt, Current Maturities [Domain] | Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	1,245		0
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	6		0
Long-term Debt [Member] | Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	16,638		11,129
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	462		646
Foreign currency denominated debt | Net Investment Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	13,000		13,336
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	483	79
Foreign currency contracts | Net Investment Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	1,049		451
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(8)	(3)
Foreign currency contracts | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	9,327		7,785
Cross Currency Swap | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	2,700		2,700
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount			1,233
Interest Rate Swap [Member] | Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	17,677		10,215
Commodity Contract [Member] | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	18		11
Designated as Hedging Instrument [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	689		761
Derivative instruments, liabilities, fair value	279		34
Designated as Hedging Instrument [Member] | Foreign currency contracts | Prepaid expenses and other assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	47		26
Designated as Hedging Instrument [Member] | Foreign currency contracts | Other Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	116		74
Designated as Hedging Instrument [Member] | Foreign currency contracts | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	31		29
Designated as Hedging Instrument [Member] | Foreign currency contracts | Other Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	1		0
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	520		659
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	0		5
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	247		0
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Prepaid expenses and other assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	6		0
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Prepaid expenses and other assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	0		2
Not Designated as Hedging Instrument [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	200		137
Derivative instruments, liabilities, fair value	46		57
Derivative, Gain (Loss) on Derivative, Net	(137)	(251)
Not Designated as Hedging Instrument [Member] | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	6,370		5,727
Not Designated as Hedging Instrument [Member] | Foreign currency contracts | Prepaid expenses and other assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	26		28
Not Designated as Hedging Instrument [Member] | Foreign currency contracts | Other Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	3		1
Not Designated as Hedging Instrument [Member] | Foreign currency contracts | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	40		41
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	200		200
Not Designated as Hedging Instrument [Member] | Other derivative instruments | Prepaid expenses and other assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	18		20
Not Designated as Hedging Instrument [Member] | Other derivative instruments | Other Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	0		3
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	1,057		715
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Prepaid expenses and other assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	140		76
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	13		9
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	4		15
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	2		$ 1
Net operating revenues | Foreign currency contracts | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(23)	103
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(23)	(4)
Net operating revenues | Not Designated as Hedging Instrument [Member] | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(1)	24
Cost of goods sold | Foreign currency contracts | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(5)	11
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(1)	1
Cost of goods sold | Not Designated as Hedging Instrument [Member] | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(8)	14
Cost of goods sold | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	82	(85)
Interest Expense [Member] | Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	1	9
Interest Expense [Member] | Foreign currency contracts | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	0	0
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(1)	(2)
Interest Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	121	8
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(5)	(11)
Interest Expense [Member] | Interest Rate Contract [Member] | Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(395)	112
Interest Expense [Member] | Fixed-rate debt | Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	396	(103)
Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(187)	0
Other Income (loss) - net | Foreign currency contracts | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	87	(90)
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	66	15
Other Income (loss) - net | Not Designated as Hedging Instrument [Member] | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(28)	(91)
Other Income (loss) - net | Not Designated as Hedging Instrument [Member] | Other derivative instruments
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(3)	(57)
Selling, general and administrative expenses | Not Designated as Hedging Instrument [Member] | Other derivative instruments
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ 8	$ (56)

Hedging Transactions and Deri_4

Hedging Transactions and Derivative Financial Instruments (Details 2) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020	Dec. 31, 2020
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	$ (137)	$ (251)
Interest Rate Contract [Member]
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	200		$ 200
Interest Rate Contract [Member] | Interest Expense [Member]
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	(187)	0
Commodity contracts
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	1,057		$ 715
Commodity contracts | Cost of goods sold
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	82	(85)
Other derivative instruments | Selling, general and administrative expenses
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	$ 8	$ (56)

Debt and Borrowing Arrangemen_2

Debt and Borrowing Arrangements (Details) € in Millions, $ in Millions	3 Months Ended
	Apr. 02, 2021USD ($)	Apr. 02, 2021EUR (€)
Long-term debt
Issuance of long term debt	$ 2,500	€ 2,000
Carrying Value of Long-Term Debt	4,775
Extinguishment of Debt, Amount	751	633
Gain (Loss) on Extinguishment of Debt	(58)
Total principal notes due on March 25, 2025 [Domain]
Long-term debt
Issuance of long term debt	$ 750
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.50%
Total principal notes due on March 9, 2029
Long-term debt
Issuance of long term debt | €		700
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.125%
Total principal notes due on March 5, 2031
Long-term debt
Issuance of long term debt	$ 750
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.00%
Total principal notes due on March 9, 2033
Long-term debt
Issuance of long term debt | €		650
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.50%
Total principal notes due on March 9, 2041
Long-term debt
Issuance of long term debt | €		650
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.00%
Total principal notes due on March 5, 2051
Long-term debt
Issuance of long term debt	$ 1,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.00%
Total principal notes due on March 8, 2021 [Domain]
Long-term debt
Extinguishment of Debt, Amount | €		€ 371
Debt Instrument, Basis Spread on Variable Rate	0.20%	0.20%
Total principal notes due on March 9, 2023
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.75%
Extinguishment of Debt, Amount | €		€ 633
Total principal notes due on April 1, 2023
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.50%
Extinguishment of Debt, Amount	$ 358
Total principal notes due on November 1, 2023
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.20%
Extinguishment of Debt, Amount	$ 393

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Dec. 31, 2017	Dec. 31, 2020	Oct. 02, 2015
IRS Claim
IRS Claim			$ 12,000
Recorded Estimate of Tax Liability	$ 390		$ 438
Incremental tax and interest liability	250
Increase in Effective Tax Rate			3.50%
Potential Aggregate Tax Liability- Brazil	4,700
Tax Years 2007-2009 [Member]
IRS Claim
IRS Claim				$ 3,300
IRS Notice Income Reallocation				$ 9,000
Transfer Pricing Adjustment		$ 385
IRS Amended Claim		135
IRS Amended Claim Related to Mexico Licensee		$ 138
Guarantees of indebtedness owed by third parties
Guarantees
Guarantees of indebtedness owed by third parties	510
VIEs maximum exposures to loss	110
Risk Management Programs
Risk Management Programs
Self-insurance reserves	$ 253		$ 265

Comprehensive Income (Details)

Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020	Dec. 31, 2020	Dec. 31, 2019
Comprehensive Income Disclosure
Net Income (Loss) Attributable to Parent	$ 2,245	$ 2,775
Net Income (Loss) Attributable to Noncontrolling Interest	10	20
Consolidated net income	2,255	2,795
AOCI Attributable to the Shareowners of The Coca Cola Company
Accumulated other comprehensive income (loss)	(14,133)	(15,696)	$ (14,601)	$ (13,544)
Other comprehensive income:
Net foreign currency translation adjustment	4	(2,621)
Net gain (loss) on derivatives	104	16
Net unrealized gain (loss) on available-for-sale securities	(60)
Net change in pension and other benefit liabilities	420	6
TOTAL COMPREHENSIVE INCOME (LOSS)	2,723	188
Foreign currency translation adjustments:
Translation adjustment arising during the period	624	(2,281)
Reclassification adjustments recognized in net income		3
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	(954)	(157)
Gains (losses) on net investment hedges arising during the period	475	76
Derivatives:
Reclassification adjustments recognized in net income	(36)
Available-for-sale securities:
Reclassification adjustments recognized in net income	3
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	101
Foreign currency translation adjustments:
Translation adjustment arising during the period	(23)	212
Reclassification adjustments recognized in net income		0
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	0	0
Gains (losses) on net investment hedges arising during the period	(118)	(19)
Derivatives:
Reclassification adjustments recognized in net income	9
Available-for-sales securities:
Reclassification adjustments recognized in net income	(1)
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	(25)
Foreign currency translation adjustments:
Translation adjustment arising during the period	601	(2,069)
Reclassification adjustments recognized in net income		3
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	(954)	(157)
Gains (losses) on net investments hedges arising during the period	357	57
Derivatives:
Reclassification adjustments recognized in net income	(27)
Available-for-sale securities:
Net unrealized gain (loss) on available-for-sale securities	(60)	(8)
Reclassification adjustments recognized in net income	2
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	76
Other income (loss) - net
Pension and other benefit liabilities:
Recognized net actuarial loss	48
Recognized prior service cost (credit)	(1)
Foreign currency contracts | Net operating revenues
Derivatives:
Reclassification adjustments recognized in net income	23
Foreign currency contracts | Other income (loss) - net
Derivatives:
Reclassification adjustments recognized in net income	(66)
Foreign currency and commodities contracts [Member] | Cost of goods sold
Derivatives:
Reclassification adjustments recognized in net income	1
Foreign currency and interest rate contracts | Interest Expense [Member]
Derivatives:
Reclassification adjustments recognized in net income	6
Sale of securities | Other income (loss) - net
Available-for-sale securities:
Reclassification adjustments recognized in net income	3
Settlement charges (credits) | Other Operating Income (Expense) [Member]
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	54
Shareowners of The Coca-Cola Company
AOCI Attributable to the Shareowners of The Coca Cola Company
Foreign currency translation adjustments	(12,024)		(12,028)
Accumulated derivative net gains (losses)	(90)		(194)
Unrealized net gains (losses) on available-for-sale securities	(32)		28
Adjustments to pension and other benefits liabilities	(1,987)		(2,407)
Accumulated other comprehensive income (loss)	(14,133)		$ (14,601)
Other comprehensive income:
Net foreign currency translation adjustment	4
Net gain (loss) on derivatives	104
Net unrealized gain (loss) on available-for-sale securities	(60)
Net change in pension and other benefit liabilities	420
TOTAL COMPREHENSIVE INCOME (LOSS)	2,713
Foreign currency translation adjustments:
Net foreign currency translation adjustments	145	(2,359)
Derivatives:
Gains (Losses) on Derivatives Arising During Period	174	23
Reclassification adjustments recognized in net income	(36)	1
Net gain (loss) on derivatives	138	24
Available-for-sale securities:
Unrealized gains (losses) arising during the period	(92)	(8)
Reclassification adjustments recognized in net income	3	(6)
Net change in unrealized gain (loss) on available-for-sale securities	(89)	(14)
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	453	(25)
Reclassification adjustments recognized in net income	101	43
Net change in pension and other benefit liabilities	554	18
Other Comprehensive Income (Loss) attributable to The Coca-Cola Company	748	(2,331)
Foreign currency translation adjustments:
Net foreign currency translation adjustments	(141)	193
Derivatives:
Gains (losses) arising during the period	(43)	(8)
Reclassification adjustments recognized in net income	9	0
Net gain (loss) on derivatives	(34)	(8)
Available-for-sales securities:
Unrealized gains (losses) arising during the period	30	5
Reclassification adjustments recognized in net income	(1)	1
Net change in unrealized gain (loss) on available-for-sale securities	29	6
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	(109)	(1)
Reclassification adjustments recognized in net income	(25)	(11)
Net change in pension and other benefit liabilities	(134)	(12)
Other comprehensive income (loss) attributable to The Coca-Cola Company	(280)	179
Foreign currency translation adjustments:
Net foreign currency translation adjustments	4	(2,166)
Derivatives:
Gains (losses) arising during the period	131	15
Reclassification adjustments recognized in net income	(27)	1
Net gain (loss) on derivatives	104	16
Available-for-sale securities:
Net unrealized gain (loss) on available-for-sale securities	(62)	(3)
Reclassification adjustments recognized in net income	2	(5)
Net change in unrealized gain (loss) on available-for-sale securities	(60)	(8)
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	344	(26)
Reclassification adjustments recognized in net income	76	32
Net change in pension and other benefit liabilities	420	6
Other comprehensive income (loss) attributable to The Coca-Cola Company	468	(2,152)
Noncontrolling Interests
Other comprehensive income:
Net foreign currency translation adjustment	0
Net gain (loss) on derivatives	0
Net unrealized gain (loss) on available-for-sale securities	0
Net change in pension and other benefit liabilities	0
TOTAL COMPREHENSIVE INCOME (LOSS)	10	(435)
AOCI Attributable to Parent [Member]
Other comprehensive income:
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 468	$ (2,152)

Changes in Equity (Details)

Changes in Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020	Dec. 31, 2020	Dec. 31, 2019
Changes in Equity
Reinvested earnings	$ 67,009	$ 66,870	$ 66,555	$ 65,855
Accumulated other comprehensive income (loss)	$ (14,133)	$ (15,696)	$ (14,601)	$ (13,544)
Changes in Equity
Common Stock Dividends, Shares	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 21,284	$ 21,098
Comprehensive income (loss)	2,723	188
Dividends, Common Stock, Cash	(1,810)	(1,760)
Dividends Paid to Noncontrolling Interests	(18)	(6)
Impact related to stock compensation plans	134	314
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ 22,332	19,834
Cumulative Effect, Period of Adoption, Adjustment
Changes in Equity
Other Activities, shares issued	0
Reinvested Earnings
Changes in Equity
Comprehensive income (loss)	$ 2,245	2,775
Dividends, Common Stock, Cash	(1,810)	(1,760)
Dividends Paid to Noncontrolling Interests	0	0
Impact related to stock compensation plans	0	$ 0
Reinvested Earnings | Cumulative Effect, Period of Adoption, Adjustment
Changes in Equity
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity	$ 19
AOCI Attributable to Parent [Member]
Changes in Equity
Other Activities, shares issued	0	0
Comprehensive income (loss)	$ 468	$ (2,152)
Dividends, Common Stock, Cash	0	0
Dividends Paid to Noncontrolling Interests	0	0
Impact related to stock compensation plans	0	$ 0
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment
Changes in Equity
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity	$ 0
Common Stock [Member]
Changes in Equity
Common Stock, Shares, Outstanding	4,311	4,294	4,302	4,280
Impact related to stock compensation plans, shares	9	14
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 1,760	$ 1,760
Comprehensive income (loss)	0	0
Dividends, Common Stock, Cash	0	0
Dividends Paid to Noncontrolling Interests	0	0
Impact related to stock compensation plans	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	1,760	1,760
Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment
Changes in Equity
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity	0
Capital Surplus
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	17,601	17,154
Comprehensive income (loss)	0	0
Dividends, Common Stock, Cash	0	0
Dividends Paid to Noncontrolling Interests	0	0
Impact related to stock compensation plans	29	158
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	17,630	17,312
Capital Surplus | Cumulative Effect, Period of Adoption, Adjustment
Changes in Equity
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity	0
Treasury Stock
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	(52,016)	(52,244)
Comprehensive income (loss)	0	0
Dividends, Common Stock, Cash	0	0
Dividends Paid to Noncontrolling Interests	0	0
Impact related to stock compensation plans	105	156
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	(51,911)	$ (52,088)
Treasury Stock | Cumulative Effect, Period of Adoption, Adjustment
Changes in Equity
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity	$ 0
Noncontrolling Interests
Changes in Equity
Common Stock Dividends, Shares	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 1,985	$ 2,117
Comprehensive income (loss)	10	(435)
Dividends, Common Stock, Cash	0	0
Dividends Paid to Noncontrolling Interests	(18)	(6)
Impact related to stock compensation plans	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	1,977	$ 1,676
Noncontrolling Interests | Cumulative Effect, Period of Adoption, Adjustment
Changes in Equity
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity	$ 0

Significant Operating and Non_2

Significant Operating and Nonoperating Items (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Other Operating Charges
Other operating charges	$ 124	$ 202
Impairment of Intangible Assets (Excluding Goodwill)	0
Tax litigation expense	9
Gain (Loss) on Extinguishment of Debt	(58)
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	(37)
Not Designated as Hedging Instrument [Member]
Other Nonoperating Items
Derivative, Gain (Loss) on Derivative, Net	(137)	(251)
Not Designated as Hedging Instrument [Member] | Other Income (loss) - net | Other Contract [Member]
Other Nonoperating Items
Derivative, Gain (Loss) on Derivative, Net	(3)	(57)
Bottling investments [Member]
Other Operating Charges
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	(5)	38
Corporate
Other Operating Charges
Tax litigation expense	9
Gain (Loss) on Extinguishment of Debt	(58)
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	(32)
Other Nonoperating Items
Net realized and unrealized gains (losses) on equity securities and trading debt securities as well as realized gains (losses) on available-for-sale debt securities	133	(392)
Gain (Loss) on Sale of Equity Investments		18
Productivity and Reinvestment [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives	18	39
Productivity and Reinvestment [Member] | Corporate
Other Operating Charges
Productivity, integration and restructuring initiatives	18	39
Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives	147
Strategic Realignment | Other Operating Income (Expense) [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives	93
Strategic Realignment | Other Income (loss) - net
Other Operating Charges
Productivity, integration and restructuring initiatives	54
Strategic Realignment | North America Segment
Other Operating Charges
Productivity, integration and restructuring initiatives	12
fairlife [Member] | Corporate
Other Operating Charges
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 4	11
Other Nonoperating Items
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		902
Odwalla [Member] | North America Segment
Other Operating Charges
Impairment of Intangible Assets (Excluding Goodwill)		$ 152

Productivity, Integration and_3

Productivity, Integration and Restructuring Initiatives (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Productivity and Reinvestment [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, December 31, 2020	$ 17
Cost incurred	18	$ 39
Payments	(23)
Noncash and exchange	5
Accrued Balance, April 2, 2021	17
Restructuring and related costs incurred to date	3,947
Productivity and Reinvestment [Member] | Severance pay and benefits
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, December 31, 2020	15
Cost incurred	0
Payments	0
Noncash and exchange	0
Accrued Balance, April 2, 2021	15
Productivity and Reinvestment [Member] | Outside Services [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, December 31, 2020	0
Cost incurred	17
Payments	(17)
Noncash and exchange	0
Accrued Balance, April 2, 2021	0
Productivity and Reinvestment [Member] | Other direct costs [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, December 31, 2020	2
Cost incurred	1
Payments	(6)
Noncash and exchange	5
Accrued Balance, April 2, 2021	2
Strategic Realignment
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, December 31, 2020	185
Cost incurred	147
Payments	(128)
Noncash and exchange	(57)
Accrued Balance, April 2, 2021	147
Restructuring and related costs incurred to date	574
Strategic Realignment | Maximum [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Restructuring and Related Cost, Expected Cost	600
Strategic Realignment | Severance pay and benefits
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, December 31, 2020	181
Cost incurred	141
Payments	(122)
Noncash and exchange	(57)
Accrued Balance, April 2, 2021	143
Strategic Realignment | Outside Services [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, December 31, 2020	1
Cost incurred	6
Payments	(6)
Noncash and exchange	0
Accrued Balance, April 2, 2021	1
Strategic Realignment | Other direct costs [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, December 31, 2020	3
Cost incurred	0
Payments	0
Noncash and exchange	0
Accrued Balance, April 2, 2021	$ 3

Pension and Other Postretirem_3

Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Net periodic pension and other Postretirement benefit cost
Contributions to pension plan	$ 5	$ 7
Expected Future Employer Contributions, Next Fiscal Year	22
Pension Benefits
Net periodic pension and other Postretirement benefit cost
Service cost	24	28
Interest cost	44	59
Expected return on plan assets	(151)	(147)
Amortization of prior service cost (credit)	0	0
Amortization of net actuarial loss	47	43
Net periodic benefit cost (income)	(36)	(17)
Settlement charges	54	0
Total cost (income) recognized in condensed consolidated statements of income	$ 18	(17)
Weighted-Average Expected Long-term Rate of Return on Plan Assets	7.25%
Other Benefits
Net periodic pension and other Postretirement benefit cost
Service cost	$ 2	3
Interest cost	4	6
Expected return on plan assets	(4)	(4)
Amortization of prior service cost (credit)	(1)	(1)
Amortization of net actuarial loss	1	1
Net periodic benefit cost (income)	2	5
Settlement charges	0	0
Total cost (income) recognized in condensed consolidated statements of income	$ 2	$ 5
Weighted-Average Expected Long-term Rate of Return on Plan Assets	4.25%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Income Tax Contingency [Line Items]
Income taxes	$ 508	$ 215
Effective tax rate (as a percent)	18.40%	7.20%
U.S. statutory rate (as a percent)	21.00%	21.00%
fairlife [Member]
Tax expense (benefit) associated with significant operating and nonoperating items for the interim periods presented
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount		$ (40)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI		$ 2,374
Debt Securities	$ 2,167	2,303
Derivatives, assets	274	229
Total assets	4,982	4,906
Contingent Consideration Liability	225	321
Derivatives, liabilities	69	10
Total liabilities	294	331
Derivative, Collateral, Obligation to Return Cash	473	546
Derivative, Collateral, Right to Reclaim Cash	177
Equity Securities, FV-NI	2,541	2,374
Level 1
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI		2,049
Debt Securities	0	4
Derivatives, assets	104	63
Total assets	2,305	2,116
Contingent Consideration Liability	0	0
Derivatives, liabilities	3	0
Total liabilities	3	0
Equity Securities, FV-NI	2,201
Level 2
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI		210
Debt Securities	2,129	2,267
Derivatives, assets	785	835
Total assets	3,132	3,312
Contingent Consideration Liability	0	0
Derivatives, liabilities	322	91
Total liabilities	322	91
Equity Securities, FV-NI	218
Level 3
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI		12
Debt Securities	38	32
Derivatives, assets	0	0
Total assets	52	44
Contingent Consideration Liability	225	321
Derivatives, liabilities	0	0
Total liabilities	225	321
Equity Securities, FV-NI	14
Fair Value Measured at Net Asset Value Per Share
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI		103
Debt Securities	0	0
Derivatives, assets	0	0
Total assets	108	103
Contingent Consideration Liability	0	0
Derivatives, liabilities	0	0
Total liabilities	0	0
Equity Securities, FV-NI	108
Netting Adjustment
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI		0
Debt Securities	0	0
Derivatives, assets	(615)	(669)
Total assets	(615)	(669)
Contingent Consideration Liability	0	0
Derivatives, liabilities	(256)	(81)
Total liabilities	(256)	(81)
Equity Securities, FV-NI	0
Other Assets
Assets and liabilities measured at fair value on a recurring basis
Derivatives, assets	274	229
Equity Securities, FV-NI	1,441	1,282
Other Liabilities
Assets and liabilities measured at fair value on a recurring basis
Derivatives, liabilities	$ 69	1
Accounts payable and accrued expenses
Assets and liabilities measured at fair value on a recurring basis
Derivatives, liabilities		$ 9

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 2) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020	Dec. 31, 2020
Nonrecurring fair value measurements
Impairment of Intangible Assets (Excluding Goodwill)	$ 0
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	0	$ 26
Nonrecurring gain (Loss) fair value adjustment	0	(178)
Long-term debt, including the current portion, carrying amount	43,050		$ 40,610
Long-term debt, including the current portion, fair value	$ 44,335		$ 43,218
Odwalla [Member] | North America Segment
Nonrecurring fair value measurements
Impairment of Intangible Assets (Excluding Goodwill)		$ 152

Operating Segments (Details)

Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020	Dec. 31, 2020
Operations, Reportable Information, by Operating Segment
Property, Plant and Equipment, Net Percentage	15.00%	14.00%	15.00%
Net operating revenues:
Third Party	$ 9,020	$ 8,601
Intersegment	0	0
Revenues	9,020	8,601
Operating Income (Loss)	2,722	2,380
Income (loss) before income taxes	2,763	3,010
Identifiable operating assets	70,221	75,341	$ 67,211
Noncurrent investments	$ 19,772	18,672	$ 20,085
Property, Plant and Equipment, Net Percentage Philippines	10.00%		10.00%
Tax litigation expense	$ 9
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	(37)
Gain (Loss) on Extinguishment of Debt	(58)
Impairment of Intangible Assets (Excluding Goodwill)	0
Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	147
Productivity and Reinvestment [Member]
Net operating revenues:
Productivity, integration and restructuring initiatives	18	39
Europe, Middle East & Africa
Net operating revenues:
Third Party	1,462	1,573
Intersegment	161	152
Revenues	1,623	1,725
Operating Income (Loss)	820	960
Income (loss) before income taxes	830	971
Identifiable operating assets	8,335	8,172	$ 8,098
Noncurrent investments	466	498	517
Europe, Middle East & Africa | Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	50
Latin America Segment
Net operating revenues:
Third Party	909	930
Intersegment	0	0
Revenues	909	930
Operating Income (Loss)	552	539
Income (loss) before income taxes	555	535
Identifiable operating assets	1,650	1,853	1,597
Noncurrent investments	595	661	603
Latin America Segment | Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	11
North America Segment
Net operating revenues:
Third Party	2,936	2,849
Intersegment	1	1
Revenues	2,937	2,850
Operating Income (Loss)	792	387
Income (loss) before income taxes	816	402
Identifiable operating assets	19,792	20,600	19,444
Noncurrent investments	343	357	345
North America Segment | Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	12
North America Segment | Operating Income (Loss) [Member]
Net operating revenues:
Business Exit Costs	19
Pacific
Net operating revenues:
Third Party	1,232	989
Intersegment	170	139
Revenues	1,402	1,128
Operating Income (Loss)	686	511
Income (loss) before income taxes	695	513
Identifiable operating assets	2,332	2,312	2,073
Noncurrent investments	249	225	240
Pacific | Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	13
Global Ventures [Member]
Net operating revenues:
Third Party	570	573
Intersegment	0	0
Revenues	570	573
Operating Income (Loss)	26	19
Income (loss) before income taxes	27	18
Identifiable operating assets	7,843	7,378	7,575
Noncurrent investments	4	11	4
Bottling investments [Member]
Net operating revenues:
Third Party	1,894	1,656
Intersegment	2	2
Revenues	1,896	1,658
Operating Income (Loss)	141	63
Income (loss) before income taxes	317	198
Identifiable operating assets	10,426	10,184	10,521
Noncurrent investments	13,833	12,968	14,183
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	(5)	38
Corporate
Net operating revenues:
Third Party	17	31
Intersegment	0	0
Revenues	17	31
Operating Income (Loss)	(295)	(99)
Income (loss) before income taxes	(477)	373
Identifiable operating assets	19,843	24,842	17,903
Noncurrent investments	4,282	3,952	4,193
Tax litigation expense	9
Net realized and unrealized gains (losses) on equity securities and trading debt securities as well as realized gains (losses) on available-for-sale debt securities	133	(392)
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	(32)
Gain (Loss) on Extinguishment of Debt	(58)
Gain (Loss) on Sale of Equity Investments		18
Corporate | Productivity and Reinvestment [Member]
Net operating revenues:
Productivity, integration and restructuring initiatives	18	39
Corporate | Operating Income (Loss) [Member] | Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	7
Corporate | Nonoperating Income (Expense) [Member] | Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	61
Eliminations
Net operating revenues:
Third Party	0	0
Intersegment	(334)	(294)
Revenues	(334)	(294)
Operating Income (Loss)	0	0
Income (loss) before income taxes	0	0
Identifiable operating assets	0	0	0
Noncurrent investments	0	0	$ 0
fairlife [Member] | Corporate
Net operating revenues:
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 4	11
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		902
Odwalla [Member] | North America Segment
Net operating revenues:
Impairment of Intangible Assets (Excluding Goodwill)		$ 152

Subsequent Event Subsequent Eve

Subsequent Event Subsequent Event (Details) € in Millions, $ in Millions	3 Months Ended
	Jul. 02, 2021USD ($)	Jul. 02, 2021EUR (€)	Apr. 02, 2021USD ($)	Apr. 02, 2021EUR (€)
Subsequent Event [Line Items]
Carrying Value of Long-Term Debt			$ 4,775
Extinguishment of Debt, Amount			751	€ 633
Long-term Debt [Member]
Subsequent Event [Line Items]
Carrying Value of Long-Term Debt			$ 2,542
Total principal notes due on March 9, 2023
Subsequent Event [Line Items]
Extinguishment of Debt, Amount | €				€ 633
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			0.75%
Total principal notes due on April 1, 2023
Subsequent Event [Line Items]
Extinguishment of Debt, Amount			$ 358
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			2.50%
Total principal notes due on November 1, 2023
Subsequent Event [Line Items]
Extinguishment of Debt, Amount			$ 393
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			3.20%
Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of Stock, Percentage of Ownership before Transaction	31.00%	31.00%
Proceeds from Sale of Equity Method Investments	$ 1,700
Subsequent Event [Member] | Corporate
Subsequent Event [Line Items]
Charges related to the extinguishment of long-term debt	$ 110
Subsequent Event [Member] | Total principal notes due on March 9, 2023
Subsequent Event [Line Items]
Extinguishment of Debt, Amount | €		€ 867
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.75%	0.75%
Subsequent Event [Member] | Total principal notes due on April 1, 2023
Subsequent Event [Line Items]
Extinguishment of Debt, Amount	$ 392
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.50%	2.50%
Subsequent Event [Member] | Total principal notes due on November 1, 2023
Subsequent Event [Line Items]
Extinguishment of Debt, Amount	$ 1,107
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.20%	3.20%