The Coca-Cola Company (KO) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Cover Memo Document

Cover Memo Document - shares	9 Months Ended
	Oct. 01, 2021	Oct. 25, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 1, 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 Shell Company	false
Entity Common Stock, Shares Outstanding		4,319,420,236
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Entity Central Index Key	0000021344
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
.400% Notes Due 2030
Entity Information [Line Items]
Title of 12(b) Security	0.400% Notes Due 2030
Trading Symbol	KO30B
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
.950% Notes Due 2036
Entity Information [Line Items]
Title of 12(b) Security	0.950% Notes Due 2036
Trading Symbol	KO36A
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		9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Oct. 01, 2021	Sep. 25, 2020
Revenues	$ 10,042	$ 8,652	$ 29,191	$ 24,403
Cost of Goods Sold	3,977	3,471	11,269	9,855
GROSS PROFIT	6,065	5,181	17,922	14,548
Selling, general and administrative expenses	3,122	2,511	8,808	7,142
Other operating charges	45	372	478	747
OPERATING INCOME	2,898	2,298	8,636	6,659
Interest income	68	82	205	294
Interest expense	210	660	1,432	1,127
Equity income (loss) - net	455	431	1,136	774
Other income (loss) — net	(127)	30	920	788
INCOME BEFORE INCOME TAXES	3,084	2,181	9,465	7,388
Income taxes	609	441	2,111	1,094
CONSOLIDATED NET INCOME	2,475	1,740	7,354	6,294
Net Income (Loss) Attributable to Noncontrolling Interest	4	3	(3)	3
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	$ 2,471	$ 1,737	$ 7,357	$ 6,291
BASIC NET INCOME PER SHARE (in dollars per share)	$ 0.57	$ 0.40	$ 1.71	$ 1.47
DILUTED NET INCOME PER SHARE (in dollars per share)	$ 0.57	$ 0.40	$ 1.70	$ 1.46
AVERAGE SHARES OUTSTANDING - BASIC (in shares)	4,318,000,000	4,296,000,000	4,313,000,000	4,293,000,000
Effect of dilutive securities (in shares)	26,000,000	25,000,000	24,000,000	28,000,000
AVERAGE SHARES OUTSTANDING - DILUTED (in shares)	4,344,000,000	4,321,000,000	4,337,000,000	4,321,000,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Oct. 01, 2021	Sep. 25, 2020
CONSOLIDATED NET INCOME	$ 2,475	$ 1,740	$ 7,354	$ 6,294
Other comprehensive income:
Net foreign currency translation adjustments	(991)	1,052	(131)	(2,283)
Net gains (losses) on derivatives	28	(13)	184	(23)
Net change in unrealized gains (losses) on available-for-sale debt securities	(22)	(21)	(83)	(40)
Net change in pension and other postretirement benefit liabilities	(32)	(2)	368	45
TOTAL COMPREHENSIVE INCOME (LOSS)	1,458	2,756	7,692	3,993
Less: Comprehensive income (loss) attributable to noncontrolling interests	(62)	5	(16)	(396)
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	$ 1,520	$ 2,751	$ 7,708	$ 4,389

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 01, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 11,301	$ 6,795
Short-term investments	1,844	1,771
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	13,145	8,566
Marketable Securities	1,724	2,348
Trade accounts receivable, less allowances of $534 and $526, respectively	3,889	3,144
Inventories	3,182	3,266
Prepaid expenses and other assets	2,300	1,916
TOTAL CURRENT ASSETS	24,240	19,240
EQUITY METHOD INVESTMENTS	18,284	19,273
Other Investments	897	812
OTHER ASSETS	6,490	6,184
Deferred Income Tax Assets	2,237	2,460
Property, plant and equipment, less accumulated depreciation of $9,153 and $8,923, respectively	10,058	10,777
TRADEMARKS WITH INDEFINITE LIVES	10,449	10,395
GOODWILL	17,455	17,506
Other Intangible Assets	496	649
TOTAL ASSETS	90,606	87,296
CURRENT LIABILITIES
Accounts payable and accrued expenses	12,830	11,145
Loans and Notes Payable	1,866	2,183
Current maturities of long-term debt	448	485
Accrued income taxes	846	788
TOTAL CURRENT LIABILITIES	15,990	14,601
LONG-TERM DEBT	39,394	40,125
OTHER LIABILITIES	8,401	9,453
Deferred Income Tax Liabilities	2,688	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	17,929	17,601
Reinvested earnings	68,494	66,555
Accumulated other comprehensive income (loss)	(14,250)	(14,601)
Treasury stock, at cost — 2,721 and 2,738 shares, respectively	(51,754)	(52,016)
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	22,179	19,299
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,954	1,985
TOTAL EQUITY	24,133	21,284
TOTAL LIABILITIES AND EQUITY	$ 90,606	$ 87,296

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) shares in Millions, $ in Millions	Oct. 01, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 534	$ 526
Property, Plant, and Equipment, Owned, Accumulated Depreciation	$ 9,153	$ 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	2,721	2,738

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020
OPERATING ACTIVITIES
CONSOLIDATED NET INCOME	$ 7,354	$ 6,294
Depreciation and amortization	1,111	1,106
Stock-based compensation expense	236	88
Deferred income taxes	726	10
Equity (income) loss - net of dividends	(621)	(565)
Foreign currency adjustments	(5)	(145)
Significant (gains) losses - net	(498)	(899)
Other operating charges	243	671
Other items	517	562
Net change in operating assets and liabilities	168	(902)
Net Cash Provided by (Used in) Operating Activities	9,231	6,220
INVESTING ACTIVITIES
Purchases of investments	(4,732)	(12,051)
Proceeds from disposals of investments	5,294	6,482
Acquisitions of businesses, equity method investments and nonmarketable securities	(11)	(989)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities	1,950	46
Purchases of property, plant and equipment	(728)	(759)
Proceeds from disposals of property, plant and equipment	65	156
Other investing activities	81	43
Net Cash Provided by (Used in) Investing Activities	1,919	(7,072)
FINANCING ACTIVITIES
Issuances of debt	11,848	26,898
Payments of debt	(13,037)	(17,977)
Issuances of stock	493	514
Purchases of stock for treasury	(104)	(93)
Dividends	(5,437)	(3,522)
Other financing activities	(354)	153
Net Cash Provided by (Used in) Financing Activities	(6,591)	5,973
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS	(56)	(36)
CASH AND CASH EQUIVALENTS
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	4,503	5,085
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at beginning of period	7,110	6,737
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period	11,613	11,822
Less: Restricted Cash and Restricted Cash Equivalents at end of period		437
Cash and cash equivalents	$ 11,301	$ 11,385

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Oct. 01, 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 and nine months ended October 1, 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 quarterly reporting periods, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The third quarter of 2021 and the third quarter of 2020 ended on October 1, 2021 and September 25, 2020, respectively. Our fourth quarter 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 quarterly reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple quarters to each of those quarters. We use the proportion of each quarter’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 quarter, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple quarters 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 quarter 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 our condensed consolidated statements of cash flows (in millions): October 1, December 31, Cash and cash equivalents $ 11,301 $ 6,795 Restricted cash and restricted cash equivalents included in other assets 1 312 315 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 11,613 $ 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. September 25, December 31, Cash and cash equivalents $ 11,385 $ 6,480 Restricted cash and restricted cash equivalents included in other assets 1 437 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 11,822 $ 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	9 Months Ended
	Oct. 01, 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 $11 million and $989 million during the nine months ended October 1, 2021 and September 25, 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, including management’s latest estimates of future operating results. 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 and nine months ended October 1, 2021, we recorded charges of $12 million and $263 million, respectively. During the three and nine months ended September 25, 2020, we recorded charges of $18 million and $47 million, respectively. These charges related to the remeasurement of the contingent consideration liability to fair value and were recorded in the line item other operating charges in our condensed consolidated statements of income. During the nine months ended October 1, 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 nine months ended October 1, 2021 and September 25, 2020 totaled $1,950 million and $46 million, respectively. In 2021, we sold our ownership interest in Coca-Cola Amatil Limited (“CCA”), an equity method investee, to Coca-Cola Europacific Partners plc (“CCEP”), also an equity method investee. We received cash proceeds of $1,738 million and recognized a net gain of $695 million as a result of the sale and the related reversal of cumulative translation adjustments. In 2021 and 2020, we sold portions of our ownership interest in one of our equity method investments and received cash proceeds of $134 million and $34 million, respectively, resulting in gains of $63 million and $18 million, respectively. All of the gains were recorded in the line item other income (loss) — net in our condensed consolidated statements of income.

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition	9 Months Ended
	Oct. 01, 2021
Revenue Recognition [Abstract]
Revenue Recognition, Policy [Policy Text Block]	REVENUE RECOGNITION The following tables present 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 October 1, 2021 Concentrate operations $ 1,749 $ 4,122 $ 5,871 Finished product operations 1,669 2,502 4,171 Total $ 3,418 $ 6,624 $ 10,042 Three Months Ended September 25, 2020 Concentrate operations $ 1,523 $ 3,556 $ 5,079 Finished product operations 1,503 2,070 3,573 Total $ 3,026 $ 5,626 $ 8,652 United States International Total Nine Months Ended October 1, 2021 Concentrate operations $ 4,899 $ 11,948 $ 16,847 Finished product operations 4,744 7,600 12,344 Total $ 9,643 $ 19,548 $ 29,191 Nine Months Ended September 25, 2020 Concentrate operations $ 4,117 $ 9,966 $ 14,083 Finished product operations 4,299 6,021 10,320 Total $ 8,416 $ 15,987 $ 24,403 Refer to Note 16 for disclosures of net operating revenues by operating segment and Corporate.

Investments

Investments	9 Months Ended
	Oct. 01, 2021
Investments [Abstract]
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 October 1, 2021 Marketable securities $ 361 $ — Other investments 850 47 Other assets 1,490 — Total equity securities $ 2,701 $ 47 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 October 1, September 25, Net gains (losses) recognized during the period related to equity securities $ 4 $ 17 Less: Net gains (losses) recognized during the period related to equity securities sold during the period 5 — Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ (1) $ 17 Nine Months Ended October 1, September 25, Net gains (losses) recognized during the period related to equity securities $ 361 $ (137) Less: Net gains (losses) recognized during the period related to equity securities sold during the period 33 (24) Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 328 $ (113) Debt Securities Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Fair Value Cost Gains Losses October 1, 2021 Trading securities $ 38 $ 2 $ — $ 40 Available-for-sale securities 1,677 35 (123) 1,589 Total debt securities $ 1,715 $ 37 $ (123) $ 1,629 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): October 1, 2021 December 31, 2020 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Marketable securities $ 40 $ 1,323 $ 38 $ 1,980 Other assets — 266 — 285 Total debt securities $ 40 $ 1,589 $ 38 $ 2,265 The contractual maturities of these available-for-sale debt securities as of October 1, 2021 were as follows (in millions): Cost Estimated Within 1 year $ 26 $ 26 After 1 year through 5 years 1,381 1,279 After 5 years through 10 years 91 100 After 10 years 179 184 Total $ 1,677 $ 1,589 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 Nine Months Ended October 1, September 25, October 1, September 25, Gross gains $ 2 $ 2 $ 4 $ 19 Gross losses — (3) (8) (11) Proceeds 91 233 1,058 1,419 Captive Insurance Companies In accordance with local insurance regulations, our consolidated 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 our consolidated captive insurance companies to reinsure group annuity insurance contracts that cover the obligations of certain of our European and Canadian pension plans. This captive’s solvency capital funds included total equity and debt securities of $1,589 million and $1,389 million as of October 1, 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	9 Months Ended
	Oct. 01, 2021
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories consisted of the following (in millions): October 1, December 31, Raw materials and packaging $ 1,914 $ 2,106 Finished goods 925 791 Other 343 369 Total inventories $ 3,182 $ 3,266

Hedging Transactions and Deriva

Hedging Transactions and Derivative Financial Instruments	9 Months Ended
	Oct. 01, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 October 1, December 31, 2020 Assets: Foreign currency contracts Prepaid expenses and other assets $ 122 $ 26 Foreign currency contracts Other assets 41 74 Commodity contracts Prepaid expenses and other assets — 2 Interest rate contracts Prepaid expenses and other assets 2 — Interest rate contracts Other assets 346 659 Total assets $ 511 $ 761 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 19 $ 29 Foreign currency contracts Other liabilities 1 — Commodity contracts Accounts payable and accrued expenses 2 — Interest rate contracts Accounts payable and accrued expenses — 5 Total liabilities $ 22 $ 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 October 1, December 31, 2020 Assets: Foreign currency contracts Prepaid expenses and other assets $ 28 $ 28 Foreign currency contracts Other assets 2 1 Commodity contracts Prepaid expenses and other assets 115 76 Commodity contracts Other assets 48 9 Other derivative instruments Prepaid expenses and other assets 1 20 Other derivative instruments Other assets — 3 Total assets $ 194 $ 137 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 49 $ 41 Foreign currency contracts Other liabilities 6 — Commodity contracts Accounts payable and accrued expenses 2 15 Commodity contracts Other liabilities — 1 Other derivative instruments Accounts payable and accrued expenses 6 — Total liabilities $ 63 $ 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 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 qualified for the Company’s foreign currency cash flow hedging program were $8,105 million and $7,785 million as of October 1, 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 recognizes in earnings each period the changes in carrying values of these foreign currency denominated assets and liabilities due to changes in exchange rates. 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 were designated as cash flow hedges for the Company’s foreign currency denominated assets and liabilities were $2,700 million as of October 1, 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 were designated 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 were designated and qualified for this program were $34 million and $11 million as of October 1, 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 October 1, 2021, we did not have any interest rate swaps designated as a cash flow hedge. The following tables present 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 October 1, 2021 Foreign currency contracts $ 15 Net operating revenues $ (21) Foreign currency contracts 6 Cost of goods sold (6) Foreign currency contracts — Interest expense (1) Foreign currency contracts (43) Other income (loss) — net (35) Total $ (22) $ (63) Three Months Ended September 25, 2020 Foreign currency contracts $ (84) Net operating revenues $ (21) Foreign currency contracts (4) Cost of goods sold 2 Foreign currency contracts — Interest expense (6) Foreign currency contracts 122 Other income (loss) — net 100 Interest rate contracts 9 Interest expense (14) Commodity contracts (2) Cost of goods sold (1) Total $ 41 $ 60 Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Nine Months Ended October 1, 2021 Foreign currency contracts $ (1) Net operating revenues $ (71) Foreign currency contracts (5) Cost of goods sold (9) Foreign currency contracts — Interest expense (12) Foreign currency contracts 15 Other income (loss) — net 49 Interest rate contracts 110 Interest expense (90) Total $ 119 $ (133) Nine Months Ended September 25, 2020 Foreign currency contracts $ (61) Net operating revenues $ (22) Foreign currency contracts 6 Cost of goods sold 7 Foreign currency contracts — Interest expense (10) Foreign currency contracts 21 Other income (loss) — net 71 Interest rate contracts 21 Interest expense (35) Commodity contracts (2) Cost of goods sold (1) Total $ (15) $ 10 As of October 1, 2021, the Company estimates that it will reclassify into earnings during the next 12 months net gains of $7 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 that were designated and qualified as fair value hedges of this type were $8,192 million and $10,215 million as of October 1, 2021 and December 31, 2020, respectively. The following tables summarize 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 October 1, September 25, Interest rate contracts Interest expense $ (56) $ 94 Fixed-rate debt Interest expense 55 (97) Net impact to interest expense $ (1) $ (3) Foreign currency contracts Other income (loss) — net $ — $ 3 Available-for-sale securities Other income (loss) — net — (3) Net impact to other income (loss) — net $ — $ — Net impact of fair value hedging instruments $ (1) $ (3) Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Nine Months Ended October 1, September 25, Interest rate contracts Interest expense $ (236) $ 284 Fixed-rate debt Interest expense 237 (281) Net impact to interest expense $ 1 $ 3 Foreign currency contracts Other income (loss) — net $ — $ 3 Available-for-sale securities Other income (loss) — net — (3) Net impact to other income (loss) — net $ — $ — Net impact of fair value hedging instruments $ 1 $ 3 The following table summarizes the amounts recorded in our condensed consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Cumulative Amount of Fair Value Hedging Adjustments Carrying Values of Hedged Items Included in the Carrying Values of Hedged Items 1 Remaining for Which Hedge Accounting Has Been Discontinued Balance Sheet Location of Hedged Items October 1, December 31, October 1, December 31, October 1, December 31, Current maturities of long-term debt $ 200 $ — $ 2 $ — $ — $ — Long-term debt 8,557 11,129 348 646 236 — 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 financial instruments that are designated and qualify as hedges of net investments in foreign operations, the changes in the fair values of the derivative financial 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 portions of the non-derivative financial instruments 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 Nine Months Ended October 1, December 31, 2020 October 1, September 25, October 1, September 25, Foreign currency contracts $ — $ 451 $ 6 $ (23) $ (1) $ (4) Foreign currency denominated debt 13,066 13,336 304 (445) 673 (452) Total $ 13,066 $ 13,787 $ 310 $ (468) $ 672 $ (456) During the nine months ended October 1, 2021, the Company reclassified a loss of $4 million related to net investment hedges from AOCI into earnings. The Company did not reclassify any gains or losses related to net investment hedges from AOCI into earnings during the three months ended October 1, 2021 and the three and nine months ended September 25, 2020. In addition, the Company did not have any ineffectiveness related to net investment hedges during the three and nine months ended October 1, 2021 and September 25, 2020. The cash inflows and outflows associated with the Company’s derivative financial instruments designated as net investment hedges are classified in the line item other investing activities in our 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 immediately 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 $5,489 million and $5,727 million as of October 1, 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 October 1, 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 $1,024 million and $715 million as of October 1, 2021 and December 31, 2020, respectively. The following tables present 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 October 1, September 25, Foreign currency contracts Net operating revenues $ 2 $ 2 Foreign currency contracts Cost of goods sold (10) (17) Foreign currency contracts Other income (loss) — net (43) 53 Interest rate contracts Interest expense — 2 Commodity contracts Cost of goods sold (32) 34 Other derivative instruments Selling, general and administrative expenses (2) 20 Total $ (85) $ 94 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Nine Months Ended October 1, September 25, Foreign currency contracts Net operating revenues $ 2 $ 64 Foreign currency contracts Cost of goods sold (17) 10 Foreign currency contracts Other income (loss) — net (39) (33) Interest rate contracts Interest expense (187) 2 Commodity contracts Cost of goods sold 178 (33) Other derivative instruments Selling, general and administrative expenses 18 (12) Other derivative instruments Other income (loss) — net (3) (55) Total $ (48) $ (57)

Debt and Borrowing Arrangements

Debt and Borrowing Arrangements	9 Months Ended
	Oct. 01, 2021
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	DEBT AND BORROWING ARRANGEMENTS During the nine months ended October 1, 2021, the Company issued U.S. dollar- and euro-denominated debt of $5,950 million and €3,150 million, respectively. The carrying value of this debt as of October 1, 2021 was $9,478 million. The general terms of the notes issued are as follows (in millions, except fixed interest rate data): Total Principal Amount Fixed Interest Rate U.S. dollar notes due March 5, 2028 $ 750 1.500 % Euro notes due March 9, 2029 € 700 0.125 Euro notes due May 6, 2030 € 650 0.400 U.S. dollar notes due March 5, 2031 $ 750 2.000 U.S. dollar notes due January 5, 2032 $ 2,000 2.250 Euro notes due March 9, 2033 € 650 0.500 Euro notes due May 6, 2036 € 500 0.950 Euro notes due March 9, 2041 € 650 1.000 U.S. dollar notes due May 5, 2041 $ 750 2.875 U.S. dollar notes due March 5, 2051 $ 1,700 3.000 During the nine months ended October 1, 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 nine months ended October 1, 2021, the Company extinguished prior to maturity U.S. dollar- and euro-denominated debt of $6,500 million and €2,430 million, respectively, resulting in charges of $559 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. We also incurred charges of $91 million as a result of the reclassification of related cash flow hedging balances from AOCI into income. The general terms of the notes that were extinguished are as follows (in millions, except fixed interest rate data): Total Principal Amount Fixed Interest Rate Euro notes due March 9, 2023 € 1,500 0.750 % U.S. dollar notes due April 1, 2023 $ 750 2.500 U.S. dollar notes due November 1, 2023 $ 1,500 3.200 U.S. dollar notes due March 25, 2025 $ 1,000 2.950 U.S. dollar notes due October 27, 2025 $ 1,750 2.875 U.S. dollar notes due June 1, 2026 $ 500 2.550 U.S. dollar notes due September 1, 2026 $ 1,000 2.250 Euro notes due September 22, 2026 € 587 0.750 Euro notes due September 22, 2026 € 343 1.875

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 01, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Guarantees As of October 1, 2021, we were contingently liable for guarantees of indebtedness owed by third parties of $420 million, of which $115 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, management has concluded that the likelihood of any significant amounts being paid by our Company under these guarantees is not probable. 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 quarter in which 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 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 October 1, 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 October 1, 2021 to $400 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 tax years 2007 through 2009, and potentially also for subsequent years, 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 and nine months ended October 1, 2021 would increase the potential aggregate incremental tax and interest liability by approximately $250 million and $750 million, respectively. 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 $4.9 billion (including interest accrued through October 1, 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 $240 million and $265 million as of October 1, 2021 and December 31, 2020, respectively.

Comprehensive Income

Comprehensive Income	9 Months Ended
	Oct. 01, 2021
Comprehensive Income
Comprehensive Income	OTHER COMPREHENSIVE INCOME AOCI attributable to shareowners of The Coca-Cola Company is separately presented in our 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 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): October 1, December 31, 2020 Net foreign currency translation adjustments $ (12,147) $ (12,028) Accumulated net gains (losses) on derivatives (10) (194) Unrealized net gains (losses) on available-for-sale debt securities (55) 28 Adjustments to pension and other postretirement benefit liabilities (2,038) (2,407) Accumulated other comprehensive income (loss) $ (14,250) $ (14,601) The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Nine Months Ended October 1, 2021 Shareowners of Noncontrolling Total Consolidated net income $ 7,357 $ (3) $ 7,354 Other comprehensive income: Net foreign currency translation adjustments (119) (12) (131) Net gains (losses) on derivatives 1 184 — 184 Net change in unrealized gains (losses) on available-for-sale debt securities 2 (83) — (83) Net change in pension and other postretirement benefit liabilities 369 (1) 368 Total comprehensive income (loss) $ 7,708 $ (16) $ 7,692 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 October 1, 2021 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (636) $ 39 $ (597) Reclassification adjustments recognized in net income 13 — 13 Gains (losses) on intra-entity transactions that are of a long-term investment nature (575) — (575) Gains (losses) on net investment hedges arising during the period 1 310 (77) 233 Net foreign currency translation adjustments $ (888) $ (38) $ (926) Derivatives: Gains (losses) arising during the period $ (26) $ 7 $ (19) Reclassification adjustments recognized in net income 63 (16) 47 Net gains (losses) on derivatives 1 $ 37 $ (9) $ 28 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (28) $ 8 $ (20) Reclassification adjustments recognized in net income (2) — (2) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (30) $ 8 $ (22) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (102) $ 29 $ (73) Reclassification adjustments recognized in net income 56 (14) 42 Net change in pension and other postretirement benefit liabilities $ (46) $ 15 $ (31) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (927) $ (24) $ (951) 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. Nine Months Ended October 1, 2021 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 505 $ (8) $ 497 Reclassification adjustments recognized in net income 193 — 193 Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,317) — (1,317) Gains (losses) on net investment hedges arising during the period 1 672 (168) 504 Reclassification adjustments for net investment hedges recognized in net income 1 4 — 4 Net foreign currency translation adjustments $ 57 $ (176) $ (119) Derivatives: Gains (losses) arising during the period $ 108 $ (30) $ 78 Reclassification adjustments recognized in net income 139 (33) 106 Net gains (losses) on derivatives 1 $ 247 $ (63) $ 184 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (131) $ 45 $ (86) Reclassification adjustments recognized in net income 4 (1) 3 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (127) $ 44 $ (83) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 251 $ (46) $ 205 Reclassification adjustments recognized in net income 218 (54) 164 Net change in pension and other postretirement benefit liabilities $ 469 $ (100) $ 369 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 646 $ (295) $ 351 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 September 25, 2020 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 548 $ (30) $ 518 Reclassification adjustments recognized in net income — — — Gains (losses) on intra-entity transactions that are of a long-term investment nature 883 — 883 Gains (losses) on net investment hedges arising during the period 1 (468) 117 (351) Net foreign currency translation adjustments $ 963 $ 87 $ 1,050 Derivatives: Gains (losses) arising during the period $ 41 $ (9) $ 32 Reclassification adjustments recognized in net income (60) 15 (45) Net gains (losses) on derivatives 1 $ (19) $ 6 $ (13) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (32) $ 10 $ (22) Reclassification adjustments recognized in net income 1 — 1 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (31) $ 10 $ (21) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (44) $ 9 $ (35) Reclassification adjustments recognized in net income 44 (11) 33 Net change in pension and other postretirement benefit liabilities $ — $ (2) $ (2) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 913 $ 101 $ 1,014 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. Nine Months Ended September 25, 2020 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (2,627) $ 196 $ (2,431) Reclassification adjustments recognized in net income 3 — 3 Gains (losses) on intra-entity transactions that are of a long-term investment nature 886 — 886 Gains (losses) on net investment hedges arising during the period 1 (456) 114 (342) Net foreign currency translation adjustments $ (2,194) $ 310 $ (1,884) Derivatives: Gains (losses) arising during the period $ (24) $ 8 $ (16) Reclassification adjustments recognized in net income (10) 3 (7) Net gains (losses) on derivatives 1 $ (34) $ 11 $ (23) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (54) $ 20 $ (34) Reclassification adjustments recognized in net income (8) 2 (6) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (62) $ 22 $ (40) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (68) $ 15 $ (53) Reclassification adjustments recognized in net income 130 (32) 98 Net change in pension and other postretirement benefit liabilities $ 62 $ (17) $ 45 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (2,228) $ 326 $ (1,902) 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 statements of income where adjustments reclassified from AOCI into income were recorded (in millions): Amount Reclassified from AOCI Description of AOCI Component Financial Statement Line Item Three Months Ended October 1, 2021 Nine Months Ended October 1, 2021 Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ 13 $ 197 Income before income taxes 13 197 Income taxes — — Consolidated net income $ 13 $ 197 Derivatives: Foreign currency contracts Net operating revenues $ 21 $ 71 Foreign currency contracts Cost of goods sold 6 9 Foreign currency contracts Other income (loss) — net 35 (49) Divestitures, deconsolidations and other 1 Other income (loss) — net — 6 Foreign currency and interest rate contracts Interest expense 1 102 Income before income taxes 63 139 Income taxes (16) (33) Consolidated net income $ 47 $ 106 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ (2) $ 4 Income before income taxes (2) 4 Income taxes — (1) Consolidated net income $ (2) $ 3 Pension and other postretirement benefit liabilities: Settlement charges 2 Other income (loss) — net $ 21 $ 104 Recognized net actuarial loss Other income (loss) — net 34 115 Recognized prior service cost (credit) Other income (loss) — net (1) (2) Divestitures, deconsolidations and other 1 Other income (loss) — net 2 1 Income before income taxes 56 218 Income taxes (14) (54) Consolidated net income $ 42 $ 164 1 Refer to Note 2. 2 The settlement charges were related to our strategic realignment initiatives. Refer to Note 12.

Changes in Equity

Changes in Equity	9 Months Ended
	Oct. 01, 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 October 1, 2021 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests July 2, 2021 4,315 $ 24,255 $ 67,838 $ (13,299) $ 1,760 $ 17,781 $ (51,831) $ 2,006 Comprehensive income (loss) — 1,458 2,471 (951) — — — (62) Dividends paid/payable to — (1,815) (1,815) — — — — — Dividends paid to noncontrolling interests — (10) — — — — — (10) Contributions by noncontrolling — 20 — — — — — 20 Impact related to stock-based 4 225 — — — 148 77 — October 1, 2021 4,319 $ 24,133 $ 68,494 $ (14,250) $ 1,760 $ 17,929 $ (51,754) $ 1,954 Shareowners of The Coca-Cola Company Nine Months Ended October 1, 2021 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests 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) — 7,692 7,357 351 — — — (16) Dividends paid/payable to — (5,437) (5,437) — — — — — Dividends paid to noncontrolling interests — (35) — — — — — (35) Contributions by noncontrolling — 20 — — — — — 20 Impact related to stock-based 17 590 — — — 328 262 — October 1, 2021 4,319 $ 24,133 $ 68,494 $ (14,250) $ 1,760 $ 17,929 $ (51,754) $ 1,954 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 September 25, 2020 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests June 26, 2020 4,295 $ 19,189 $ 66,888 $ (16,460) $ 1,760 $ 17,367 $ (52,071) $ 1,705 Comprehensive income (loss) — 2,756 1,737 1,014 — — — 5 Dividends paid/payable to — (1,762) (1,762) — — — — — Dividends paid to noncontrolling — (1) — — — — — (1) Impact related to stock-based 2 134 — — — 96 38 — September 25, 2020 4,297 $ 20,316 $ 66,863 $ (15,446) $ 1,760 $ 17,463 $ (52,033) $ 1,709 Shareowners of The Coca-Cola Company Nine Months Ended September 25, 2020 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests December 31, 2019 4,280 $ 21,098 $ 65,855 $ (13,544) $ 1,760 $ 17,154 $ (52,244) $ 2,117 Comprehensive income (loss) — 3,993 6,291 (1,902) — — — (396) Dividends paid/payable to — (5,283) (5,283) — — — — — Dividends paid to noncontrolling — (12) — — — — — (12) Impact related to stock-based 17 520 — — — 309 211 — September 25, 2020 4,297 $ 20,316 $ 66,863 $ (15,446) $ 1,760 $ 17,463 $ (52,033) $ 1,709

Significant Operating and Nonop

Significant Operating and Nonoperating Items	9 Months Ended
	Oct. 01, 2021
Significant Operating and Nonoperating Items
Significant Operating and Nonoperating Items	SIGNIFICANT OPERATING AND NONOPERATING ITEMS Other Operating Charges During the three months ended October 1, 2021, the Company recorded other operating charges of $45 million. These charges included $31 million related to the Company’s productivity and reinvestment program, $12 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $4 million due to the Company’s strategic realignment initiatives and $1 million related to tax litigation expense. Other operating charges also included a net gain of $3 million related to the restructuring of our manufacturing operations in the United States. During the nine months ended October 1, 2021, the Company recorded other operating charges of $478 million. These charges primarily consisted of $263 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $126 million due to the Company’s strategic realignment initiatives and $71 million related to the Company’s productivity and reinvestment program. In addition, other operating charges included $14 million related to tax litigation expense and a net charge of $4 million related to the restructuring of our manufacturing operations in the United States. During the three months ended September 25, 2020, the Company recorded other operating charges of $372 million. These charges primarily consisted of $332 million due to the Company’s strategic realignment initiatives and $10 million related to the Company’s productivity and reinvestment program. In addition, other operating charges included $18 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition and $12 million related to the restructuring of our manufacturing operations in the United States. During the nine months ended September 25, 2020, the Company recorded other operating charges of $747 million. These charges primarily consisted of $332 million related to the Company’s strategic realignment initiatives and $71 million related to the Company’s productivity and reinvestment program. In addition, other operating charges included impairment charges of $160 million related to the Odwalla trademark and charges of $35 million related to discontinuing the Odwalla juice business. Other operating charges also included an impairment charge of $55 million related to a trademark in North America, which was driven by the impact of the COVID-19 pandemic, revised projections of future operating results and a change in brand focus in the Company’s portfolio. Other operating charges also included $47 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition and $24 million related to the restructuring of our manufacturing operations in the United States. 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 15 for additional information on the impairment charges. Refer to Note 16 for the impact these charges had on our operating segments and Corporate. Other Nonoperating Items Interest Expense During the nine months ended October 1, 2021, the Company recorded charges of $650 million related to the extinguishment of long-term debt. During the three and nine months ended September 25, 2020, the Company recorded charges of $405 million related to the extinguishment of long-term debt. Refer to Note 7. Equity Income (Loss) — Net During the three and nine months ended October 1, 2021, the Company recorded a net gain of $18 million and a net charge of $5 million, respectively. During the three and nine months ended September 25, 2020, the Company recorded net charges of $27 million and $128 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 October 1, 2021, the Company recorded charges of $266 million related to the restructuring of our manufacturing operations in the United States. Additionally, the Company recognized a gain of $63 million related to the sale of a portion of our ownership interest in one of our equity method investments. The Company also recorded pension benefit plan settlement charges of $21 million related to our strategic realignment initiatives. During the nine months ended October 1, 2021, the Company recognized a net gain of $695 million related to the sale of our ownership interest in CCA, an equity method investee, and a gain of $63 million related to the sale of a portion of our ownership interest in one of our equity method investments. Additionally, the Company recognized a net gain of $341 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 charges of $266 million related to the restructuring of our manufacturing operations in the United States and pension benefit plan settlement charges of $104 million related to our strategic realignment initiatives. During the three months ended September 25, 2020, the Company recognized a net gain of $13 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 other postretirement benefit plan curtailment charges of $11 million related to our strategic realignment initiatives. During the nine months ended September 25, 2020, the Company recognized a gain of $902 million in conjunction with the fairlife acquisition, which resulted from the remeasurement of our previously held equity interest in fairlife to fair value, 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 $55 million related to economic hedging activities, an other-than-temporary impairment charge of $38 million related to one of our equity method investees in Latin America, and an impairment charge of $26 million associated with an investment in an equity security without a readily determinable fair value. The impairment charges were primarily driven by revised projections of future operating results. The Company also recorded a charge of $21 million related to the restructuring of our manufacturing operations in the United States, other postretirement benefit plan curtailment charges of $11 million related to our strategic realignment initiatives, and a net loss of $127 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. Refer to Note 2 for additional information on the sale of our ownership interest in CCA and 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 12 for additional information on the Company’s strategic realignment initiatives. Refer to Note 15 for additional information on the impairment charges and the charges related to the restructuring of our manufacturing operations in the United States. 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	9 Months Ended
	Oct. 01, 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 $657 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 tables below primarily relate to expenses in connection with legal and consulting activities. The Company currently expects the total costs of the strategic realignment initiatives will be approximately $675 million, including pension benefit plan settlement charges. The following tables summarize the balance of accrued expenses related to these strategic realignment initiatives and the changes in the accrued amounts as of and for the three and nine months ended October 1, 2021 (in millions): Severance Pay Outside Services Other Total Accrued balance July 2, 2021 $ 29 $ 1 $ 4 $ 34 Costs incurred 25 1 (1) 25 Payments (11) (1) (1) (13) Noncash and exchange (20) 1 (1) — (21) Accrued balance October 1, 2021 $ 23 $ — $ 2 $ 25 1 Includes pension benefit plan settlement charges. Refer to Note 13. Severance Pay Outside Services Other Total Accrued balance December 31, 2020 $ 181 $ 1 $ 3 $ 185 Costs incurred 211 17 2 230 Payments (263) (15) (3) (281) Noncash and exchange (106) 1 (3) — (109) Accrued balance October 1, 2021 $ 23 $ — $ 2 $ 25 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, with the last expansion occurring in April 2017. While we expect most of 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, certain initiatives may extend into 2023. The Company has incurred total pretax expenses of $4,000 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 tables below primarily include costs associated with consulting activities. Other direct costs reported in the tables below primarily include internal and external costs associated with the implementation of these initiatives and accelerated depreciation on certain fixed assets. The following tables summarize 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 and nine months ended October 1, 2021 (in millions): Severance Pay Outside Services Other Total Accrued balance July 2, 2021 $ 16 $ — $ 3 $ 19 Costs incurred (1) 28 4 31 Payments (1) (28) — (29) Noncash and exchange (2) — (1) (3) Accrued balance October 1, 2021 $ 12 $ — $ 6 $ 18 Severance Pay Outside Services Other Total Accrued balance December 31, 2020 $ 15 $ — $ 2 $ 17 Costs incurred 1 57 13 71 Payments (2) (57) (13) (72) Noncash and exchange (2) — 4 2 Accrued balance October 1, 2021 $ 12 $ — $ 6 $ 18

Pension and Other Postretiremen

Pension and Other Postretirement Benefit Plans	9 Months Ended
	Oct. 01, 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 October 1, September 25, October 1, September 25, Service cost $ 25 $ 28 $ 2 $ 2 Interest cost 46 58 4 6 Expected return on plan assets 1 (152) (148) (4) (4) Amortization of prior service credit — — (1) (1) Amortization of net actuarial loss 34 43 — 2 Net periodic benefit cost (income) (47) (19) 1 5 Curtailment charges 2 — — — 11 Settlement charges 2 21 — — — Total cost (income) $ (26) $ (19) $ 1 $ 16 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 our strategic realignment initiatives. Refer to Note 12. Pension Benefit Plans Other Postretirement Nine Months Ended October 1, September 25, October 1, September 25, Service cost $ 74 $ 84 $ 7 $ 8 Interest cost 137 176 11 17 Expected return on plan assets 1 (454) (440) (13) (12) Amortization of prior service credit — — (2) (2) Amortization of net actuarial loss 114 128 1 4 Net periodic benefit cost (income) (129) (52) 4 15 Curtailment charges 2 — — — 11 Settlement charges 2 104 — — — Total cost (income) $ (25) $ (52) $ 4 $ 26 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 our strategic realignment initiatives. Refer to Note 12.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 01, 2021
Income taxes
Income Taxes	INCOME TAXES The Company recorded income taxes of $609 million (19.7 percent effective tax rate) and $441 million (20.2 percent effective tax rate) during the three months ended October 1, 2021 and September 25, 2020, respectively. The Company recorded income taxes of $2,111 million (22.3 percent effective tax rate) and $1,094 million (14.8 percent effective tax rate) during the nine months ended October 1, 2021 and September 25, 2020, respectively. The Company’s effective tax rates for the three and nine months ended October 1, 2021 and September 25, 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, as described in Note 11, 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 rates for the three and nine months ended October 1, 2021 included $75 million and $251 million, respectively, of net tax expense related to various discrete tax items, including changes in tax laws in certain foreign jurisdictions and the net tax impact of agreed-upon audit issues. The Company’s effective tax rates for the three and nine months ended September 25, 2020 included $15 million of net tax expense and $138 million of net tax benefits, respectively, associated with various discrete tax items, including return to provision adjustments, excess tax benefits associated with the Company’s stock-based compensation arrangements, the net tax impact of tax law changes in certain foreign jurisdictions, and net tax charges for changes to our uncertain tax positions, including interest and penalties. The Company’s effective tax rate for the nine months ended September 25, 2020 also included a tax benefit of $40 million associated with the gain recorded upon the acquisition of the remaining interest in fairlife. 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 Tax 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	9 Months Ended
	Oct. 01, 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): October 1, 2021 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 2,357 $ 221 $ 18 $ 105 $ — $ 2,701 Debt securities 1 — 1,595 34 — — 1,629 Derivatives 2 71 634 — — (447) 6 258 7 Total assets $ 2,428 $ 2,450 $ 52 $ 105 $ (447) $ 4,588 Liabilities: Contingent consideration liability $ — $ — $ 484 5 $ — $ — $ 484 Derivatives 2 4 81 — — (80) 5 7 Total liabilities $ 4 $ 81 $ 484 $ — $ (80) $ 489 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 derivatives 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 $354 million in cash collateral it has netted against its derivative positions. 7 The Company’s derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $258 million in the line item other assets and $5 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivatives 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 derivatives 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 positions. 7 The Company does not have the right to reclaim any cash collateral it has netted against its derivative positions. 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 derivatives portfolio. Gross realized and unrealized gains and losses on Level 3 assets and liabilities were not significant for the three and nine months ended October 1, 2021 and September 25, 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 and nine months ended October 1, 2021 and September 25, 2020. Nonrecurring Fair Value Measurements The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the following table (in millions): Gains (Losses) Three Months Ended Nine Months Ended October 1, September 25, October 1, September 25, Assets held for sale $ (266) 1 $ — $ (266) 1 $ — Impairment of intangible assets — — — (215) 2 Other-than-temporary impairment charges — — — (38) 3 Impairment of equity investment without a readily — — — (26) 4 Total $ (266) $ — $ (266) $ (279) 1 The Company is required to record assets and liabilities that are held for sale at the lower of carrying value or fair value less any costs to sell based on the agreed-upon sale price. The Company recorded charges of $266 million in the line item other income (loss) — net related to the restructuring of our manufacturing operations in the United States. These charges, which were calculated based on Level 3 inputs, primarily impacted the line item property, plant and equipment in our condensed consolidated balance sheet. 2 The Company recorded impairment charges of $160 million related to its Odwalla trademark, as the Company decided in June 2020 to discontinue its Odwalla juice business. The Company recorded an impairment charge of $55 million related to a trademark in North America, which was driven by the impact of the COVID-19 pandemic, revised projections of future operating results 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. 3 The Company recognized an other-than-temporary impairment charge of $38 million related to one of our equity method investees in Latin America, primarily driven by revised projections of future operating results. The fair value of this investment was derived using discounted cash flow analyses based on Level 3 inputs. 4 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 October 1, 2021, the carrying value and fair value of our long-term debt, including the current portion, were $39,842 million and $40,795 million, respectively. As of December 31, 2020, the carrying value and fair value of our long-term debt, including the current portion, were $40,610 million and $43,218 million, respectively.

Operating Segments

Operating Segments	9 Months Ended
	Oct. 01, 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 October 1, 2021 Net operating revenues: Third party $ 1,758 $ 1,137 $ 3,478 $ 1,229 $ 753 $ 1,663 $ 24 $ — $ 10,042 Intersegment 157 — 1 145 — 2 1 (306) — Total net operating revenues 1,915 1,137 3,479 1,374 753 1,665 25 (306) 10,042 Operating income (loss) 1,028 712 868 594 114 81 (499) — 2,898 Income (loss) before income taxes 1,050 716 630 604 116 462 (494) — 3,084 Identifiable operating assets 8,213 2 1,839 19,118 2,254 3 7,784 10,213 2,3 22,004 — 71,425 Investments 1 482 606 331 238 2 13,137 4,385 — 19,181 As of and for the Three Months Ended September 25, 2020 Net operating revenues: Third party $ 1,556 $ 809 $ 3,087 $ 1,207 $ 513 $ 1,474 $ 6 $ — $ 8,652 Intersegment 137 — 1 127 — 1 — (266) — Total net operating revenues 1,693 809 3,088 1,334 513 1,475 6 (266) 8,652 Operating income (loss) 903 483 727 564 (31) 55 (403) — 2,298 Income (loss) before income taxes 925 476 738 575 (29) 398 (902) — 2,181 Identifiable operating assets 8,283 2 1,647 19,983 2,143 3 7,453 9,851 2,3 28,237 — 77,597 Investments 1 544 577 356 236 6 13,765 4,103 — 19,587 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 16 percent, 14 percent and 15 percent of consolidated property, plant and equipment — net as of October 1, 2021, September 25, 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 October 1, 2021, September 25, 2020 and December 31, 2020. During the three months ended October 1, 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 $31 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 $12 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. • Operating income (loss) and income (loss) before income taxes were reduced by $7 million and $273 million, respectively, for North America related to the restructuring of our manufacturing operations in the United States. Refer to Note 15. • Operating income (loss) and income (loss) before income taxes were reduced by $2 million for Europe, Middle East and Africa and $1 million for North America, and operating income (loss) and income (loss) before income taxes were reduced by $1 million and $22 million, respectively, for Corporate due to the Company’s strategic realignment initiatives. Refer to Note 12. • Income (loss) before income taxes was increased by $63 million for Corporate related to the sale of a portion of our ownership interest in one of our equity method investments. Refer to Note 2. • Income (loss) before income taxes was increased by $18 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. During the three months ended September 25, 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 $41 million for Europe, Middle East and Africa, $22 million for Latin America, $121 million for North America and $32 million for Asia Pacific, and operating income (loss) and income (loss) before income taxes were reduced by $116 million and $127 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 $23 million and $25 million, respectively, 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 related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 2. • Operating income (loss) and income (loss) before income taxes were reduced by $13 million for Corporate due to the Company’s productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $3 million for Europe, Middle East and Africa due to the refinement of previously established accruals related to the Company’s productivity and reinvestment program. Refer to Note 12. • Income (loss) before income taxes was increased by $13 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 $405 million for Corporate related to charges associated with the extinguishment of long-term debt. • Income (loss) before income taxes was reduced by $27 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. Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated Nine Months Ended October 1, 2021 Net operating revenues: Third party $ 5,094 $ 3,113 $ 9,793 $ 3,811 $ 2,030 $ 5,292 $ 58 $ — $ 29,191 Intersegment 461 — 4 468 — 7 1 (941) — Total net operating revenues 5,555 3,113 9,797 4,279 2,030 5,299 59 (941) 29,191 Operating income (loss) 2,990 1,942 2,610 2,046 215 314 (1,481) — 8,636 Income (loss) before income taxes 3,049 1,952 2,405 2,078 221 1,201 (1,441) — 9,465 Nine Months Ended September 25, 2020 Net operating revenues: Third party $ 4,264 $ 2,494 $ 8,583 $ 3,264 $ 1,381 $ 4,392 $ 25 $ — $ 24,403 Intersegment 364 — 3 381 — 4 — (752) — Total net operating revenues 4,628 2,494 8,586 3,645 1,381 4,396 25 (752) 24,403 Operating income (loss) 2,578 1,526 1,603 1,727 (114) 130 (791) — 6,659 Income (loss) before income taxes 2,632 1,455 1,623 1,749 (114) 762 (719) — 7,388 During the nine months ended October 1, 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 $263 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. • Operating income (loss) and income (loss) before income taxes were reduced by $71 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 $63 million for Europe, Middle East and Africa, $11 million for Latin America, $14 million for North America and $13 million for Asia Pacific, and operating income (loss) and income (loss) before income taxes were reduced by $25 million and $129 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 $42 million and $308 million, respectively, for North America related to the restructuring of our manufacturing operations in the United States. Refer to Note 15. • Operating income (loss) and income (loss) before income taxes were reduced by $14 million for Corporate related to tax litigation expense. Refer to Note 8. • Income (loss) before income taxes was increased by $695 million for Corporate related to the sale of our ownership interest in CCA, an equity method investee. Refer to Note 2. • Income (loss) before income taxes was increased by $341 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 $63 million for Corporate related to the sale of a portion of our ownership interest in one of our equity method investments. Refer to Note 2. • Income (loss) before income taxes was reduced by $650 million for Corporate related to charges associated with the extinguishment of long-term debt. Refer to Note 7. • Income (loss) before income taxes was reduced by $37 million for Bottling Investments and was increased by $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. During the nine months ended September 25, 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 $160 million for North America related to the impairment of our Odwalla trademark and $37 million related to the cost of discontinuing the Odwalla juice business. • Operating income (loss) and income (loss) before income taxes were reduced by $41 million for Europe, Middle East and Africa, $22 million for Latin America, $121 million for North America and $32 million for Asia Pacific, and operating income (loss) and income (loss) before income taxes were reduced by $116 million and $127 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 $74 million for Corporate due to the Company’s productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $3 million for Europe, Middle East and Africa due to the refinement of previously established accruals related to the Company’s productivity and reinvestment program. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were reduced by $55 million for North America related to the impairment of a trademark, which was driven by the impact of the COVID-19 pandemic, revised projections of future operating results and a change in brand focus in the Company’s portfolio. • Operating income (loss) and income (loss) before income taxes were reduced by $48 million and $69 million, respectively, 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 $47 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 $405 million for Corporate related to charges associated with the extinguishment of long-term debt. • Income (loss) before income taxes was reduced by $127 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 $28 million for Latin America, $1 million for North America and $99 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. • Income (loss) before income taxes was reduced by $38 million for Latin America due to an other-than-temporary impairment charge related to one of our equity method investees. Refer to Note 15. • Income (loss) before income taxes was reduced by $26 million for Corporate due to an impairment charge associated with an investment in an equity security without a readily determinable fair value. Refer to Note 15.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies Significant Accounting Policies (Policies)	9 Months Ended
	Oct. 01, 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 and nine months ended October 1, 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 quarterly reporting periods, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The third quarter of 2021 and the third quarter of 2020 ended on October 1, 2021 and September 25, 2020, respectively. Our fourth quarter 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 quarterly reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple quarters to each of those quarters. We use the proportion of each quarter’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 quarter, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple quarters 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 quarter 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 our condensed consolidated statements of cash flows (in millions): October 1, December 31, Cash and cash equivalents $ 11,301 $ 6,795 Restricted cash and restricted cash equivalents included in other assets 1 312 315 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 11,613 $ 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. September 25, December 31, Cash and cash equivalents $ 11,385 $ 6,480 Restricted cash and restricted cash equivalents included in other assets 1 437 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 11,822 $ 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)	9 Months Ended
	Oct. 01, 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 our condensed consolidated statements of cash flows (in millions): October 1, December 31, Cash and cash equivalents $ 11,301 $ 6,795 Restricted cash and restricted cash equivalents included in other assets 1 312 315 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 11,613 $ 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. September 25, December 31, Cash and cash equivalents $ 11,385 $ 6,480 Restricted cash and restricted cash equivalents included in other assets 1 437 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 11,822 $ 6,737

Revenue Recognition Revenue R_2

Revenue Recognition Revenue Recognition (Tables)	9 Months Ended
	Oct. 01, 2021
Revenue Recognition [Abstract]
Disaggregation of Revenue [Table Text Block]	The following tables present 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 October 1, 2021 Concentrate operations $ 1,749 $ 4,122 $ 5,871 Finished product operations 1,669 2,502 4,171 Total $ 3,418 $ 6,624 $ 10,042 Three Months Ended September 25, 2020 Concentrate operations $ 1,523 $ 3,556 $ 5,079 Finished product operations 1,503 2,070 3,573 Total $ 3,026 $ 5,626 $ 8,652 United States International Total Nine Months Ended October 1, 2021 Concentrate operations $ 4,899 $ 11,948 $ 16,847 Finished product operations 4,744 7,600 12,344 Total $ 9,643 $ 19,548 $ 29,191 Nine Months Ended September 25, 2020 Concentrate operations $ 4,117 $ 9,966 $ 14,083 Finished product operations 4,299 6,021 10,320 Total $ 8,416 $ 15,987 $ 24,403

Investments (Tables)

Investments (Tables)	9 Months Ended
	Oct. 01, 2021
Investments [Abstract]
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 October 1, 2021 Marketable securities $ 361 $ — Other investments 850 47 Other assets 1,490 — Total equity securities $ 2,701 $ 47 December 31, 2020 Marketable securities $ 330 $ — Other investments 762 50 Other assets 1,282 — Total equity securities $ 2,374 $ 50
Net unrealized gains and losses related to equity securities still held at the end of the period	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 October 1, September 25, Net gains (losses) recognized during the period related to equity securities $ 4 $ 17 Less: Net gains (losses) recognized during the period related to equity securities sold during the period 5 — Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ (1) $ 17 Nine Months Ended October 1, September 25, Net gains (losses) recognized during the period related to equity securities $ 361 $ (137) Less: Net gains (losses) recognized during the period related to equity securities sold during the period 33 (24) Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 328 $ (113)
Schedule of available-for-sale and trading securities reconciliation	Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Fair Value Cost Gains Losses October 1, 2021 Trading securities $ 38 $ 2 $ — $ 40 Available-for-sale securities 1,677 35 (123) 1,589 Total debt securities $ 1,715 $ 37 $ (123) $ 1,629 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): October 1, 2021 December 31, 2020 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Marketable securities $ 40 $ 1,323 $ 38 $ 1,980 Other assets — 266 — 285 Total debt securities $ 40 $ 1,589 $ 38 $ 2,265
Contractual maturity amounts of the investment securities	The contractual maturities of these available-for-sale debt securities as of October 1, 2021 were as follows (in millions): Cost Estimated Within 1 year $ 26 $ 26 After 1 year through 5 years 1,381 1,279 After 5 years through 10 years 91 100 After 10 years 179 184 Total $ 1,677 $ 1,589
Schedule of Realized Gain (Loss)	The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Three Months Ended Nine Months Ended October 1, September 25, October 1, September 25, Gross gains $ 2 $ 2 $ 4 $ 19 Gross losses — (3) (8) (11) Proceeds 91 233 1,058 1,419

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Oct. 01, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following (in millions): October 1, December 31, Raw materials and packaging $ 1,914 $ 2,106 Finished goods 925 791 Other 343 369 Total inventories $ 3,182 $ 3,266

Hedging Transactions and Deri_2

Hedging Transactions and Derivative Financial Instruments (Tables)	9 Months Ended
	Oct. 01, 2021
Foreign Currency Fair Value Hedge Derivative [Line Items]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	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 October 1, December 31, 2020 Assets: Foreign currency contracts Prepaid expenses and other assets $ 122 $ 26 Foreign currency contracts Other assets 41 74 Commodity contracts Prepaid expenses and other assets — 2 Interest rate contracts Prepaid expenses and other assets 2 — Interest rate contracts Other assets 346 659 Total assets $ 511 $ 761 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 19 $ 29 Foreign currency contracts Other liabilities 1 — Commodity contracts Accounts payable and accrued expenses 2 — Interest rate contracts Accounts payable and accrued expenses — 5 Total liabilities $ 22 $ 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.
Derivatives Not Designated as Hedging Instruments	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 October 1, December 31, 2020 Assets: Foreign currency contracts Prepaid expenses and other assets $ 28 $ 28 Foreign currency contracts Other assets 2 1 Commodity contracts Prepaid expenses and other assets 115 76 Commodity contracts Other assets 48 9 Other derivative instruments Prepaid expenses and other assets 1 20 Other derivative instruments Other assets — 3 Total assets $ 194 $ 137 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 49 $ 41 Foreign currency contracts Other liabilities 6 — Commodity contracts Accounts payable and accrued expenses 2 15 Commodity contracts Other liabilities — 1 Other derivative instruments Accounts payable and accrued expenses 6 — Total liabilities $ 63 $ 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.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (OCI)	The following tables present 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 October 1, 2021 Foreign currency contracts $ 15 Net operating revenues $ (21) Foreign currency contracts 6 Cost of goods sold (6) Foreign currency contracts — Interest expense (1) Foreign currency contracts (43) Other income (loss) — net (35) Total $ (22) $ (63) Three Months Ended September 25, 2020 Foreign currency contracts $ (84) Net operating revenues $ (21) Foreign currency contracts (4) Cost of goods sold 2 Foreign currency contracts — Interest expense (6) Foreign currency contracts 122 Other income (loss) — net 100 Interest rate contracts 9 Interest expense (14) Commodity contracts (2) Cost of goods sold (1) Total $ 41 $ 60 Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Nine Months Ended October 1, 2021 Foreign currency contracts $ (1) Net operating revenues $ (71) Foreign currency contracts (5) Cost of goods sold (9) Foreign currency contracts — Interest expense (12) Foreign currency contracts 15 Other income (loss) — net 49 Interest rate contracts 110 Interest expense (90) Total $ 119 $ (133) Nine Months Ended September 25, 2020 Foreign currency contracts $ (61) Net operating revenues $ (22) Foreign currency contracts 6 Cost of goods sold 7 Foreign currency contracts — Interest expense (10) Foreign currency contracts 21 Other income (loss) — net 71 Interest rate contracts 21 Interest expense (35) Commodity contracts (2) Cost of goods sold (1) Total $ (15) $ 10
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following tables summarize 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 October 1, September 25, Interest rate contracts Interest expense $ (56) $ 94 Fixed-rate debt Interest expense 55 (97) Net impact to interest expense $ (1) $ (3) Foreign currency contracts Other income (loss) — net $ — $ 3 Available-for-sale securities Other income (loss) — net — (3) Net impact to other income (loss) — net $ — $ — Net impact of fair value hedging instruments $ (1) $ (3) Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Nine Months Ended October 1, September 25, Interest rate contracts Interest expense $ (236) $ 284 Fixed-rate debt Interest expense 237 (281) Net impact to interest expense $ 1 $ 3 Foreign currency contracts Other income (loss) — net $ — $ 3 Available-for-sale securities Other income (loss) — net — (3) Net impact to other income (loss) — net $ — $ — Net impact of fair value hedging instruments $ 1 $ 3 The following table summarizes the amounts recorded in our condensed consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Cumulative Amount of Fair Value Hedging Adjustments Carrying Values of Hedged Items Included in the Carrying Values of Hedged Items 1 Remaining for Which Hedge Accounting Has Been Discontinued Balance Sheet Location of Hedged Items October 1, December 31, October 1, December 31, October 1, December 31, Current maturities of long-term debt $ 200 $ — $ 2 $ — $ — $ — Long-term debt 8,557 11,129 348 646 236 — 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 Nine Months Ended October 1, December 31, 2020 October 1, September 25, October 1, September 25, Foreign currency contracts $ — $ 451 $ 6 $ (23) $ (1) $ (4) Foreign currency denominated debt 13,066 13,336 304 (445) 673 (452) Total $ 13,066 $ 13,787 $ 310 $ (468) $ 672 $ (456)
Schedule of Derivative Instruments Not Designated as Hedging Instruments Gain (Loss) in Statement of Financial Performance [Table Text Block]	The following tables present 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 October 1, September 25, Foreign currency contracts Net operating revenues $ 2 $ 2 Foreign currency contracts Cost of goods sold (10) (17) Foreign currency contracts Other income (loss) — net (43) 53 Interest rate contracts Interest expense — 2 Commodity contracts Cost of goods sold (32) 34 Other derivative instruments Selling, general and administrative expenses (2) 20 Total $ (85) $ 94 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Nine Months Ended October 1, September 25, Foreign currency contracts Net operating revenues $ 2 $ 64 Foreign currency contracts Cost of goods sold (17) 10 Foreign currency contracts Other income (loss) — net (39) (33) Interest rate contracts Interest expense (187) 2 Commodity contracts Cost of goods sold 178 (33) Other derivative instruments Selling, general and administrative expenses 18 (12) Other derivative instruments Other income (loss) — net (3) (55) Total $ (48) $ (57)

DEBT AND BORROWING ARRANGEMEN_2

DEBT AND BORROWING ARRANGEMENTS (Tables)	9 Months Ended
	Oct. 01, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The general terms of the notes issued are as follows (in millions, except fixed interest rate data): Total Principal Amount Fixed Interest Rate U.S. dollar notes due March 5, 2028 $ 750 1.500 % Euro notes due March 9, 2029 € 700 0.125 Euro notes due May 6, 2030 € 650 0.400 U.S. dollar notes due March 5, 2031 $ 750 2.000 U.S. dollar notes due January 5, 2032 $ 2,000 2.250 Euro notes due March 9, 2033 € 650 0.500 Euro notes due May 6, 2036 € 500 0.950 Euro notes due March 9, 2041 € 650 1.000 U.S. dollar notes due May 5, 2041 $ 750 2.875 U.S. dollar notes due March 5, 2051 $ 1,700 3.000
Schedule of Extinguishment of Debt	The general terms of the notes that were extinguished are as follows (in millions, except fixed interest rate data): Total Principal Amount Fixed Interest Rate Euro notes due March 9, 2023 € 1,500 0.750 % U.S. dollar notes due April 1, 2023 $ 750 2.500 U.S. dollar notes due November 1, 2023 $ 1,500 3.200 U.S. dollar notes due March 25, 2025 $ 1,000 2.950 U.S. dollar notes due October 27, 2025 $ 1,750 2.875 U.S. dollar notes due June 1, 2026 $ 500 2.550 U.S. dollar notes due September 1, 2026 $ 1,000 2.250 Euro notes due September 22, 2026 € 587 0.750 Euro notes due September 22, 2026 € 343 1.875

Comprehensive Income (Tables)

Comprehensive Income (Tables)	9 Months Ended
	Oct. 01, 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): October 1, December 31, 2020 Net foreign currency translation adjustments $ (12,147) $ (12,028) Accumulated net gains (losses) on derivatives (10) (194) Unrealized net gains (losses) on available-for-sale debt securities (55) 28 Adjustments to pension and other postretirement benefit liabilities (2,038) (2,407) Accumulated other comprehensive income (loss) $ (14,250) $ (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): Nine Months Ended October 1, 2021 Shareowners of Noncontrolling Total Consolidated net income $ 7,357 $ (3) $ 7,354 Other comprehensive income: Net foreign currency translation adjustments (119) (12) (131) Net gains (losses) on derivatives 1 184 — 184 Net change in unrealized gains (losses) on available-for-sale debt securities 2 (83) — (83) Net change in pension and other postretirement benefit liabilities 369 (1) 368 Total comprehensive income (loss) $ 7,708 $ (16) $ 7,692 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 October 1, 2021 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (636) $ 39 $ (597) Reclassification adjustments recognized in net income 13 — 13 Gains (losses) on intra-entity transactions that are of a long-term investment nature (575) — (575) Gains (losses) on net investment hedges arising during the period 1 310 (77) 233 Net foreign currency translation adjustments $ (888) $ (38) $ (926) Derivatives: Gains (losses) arising during the period $ (26) $ 7 $ (19) Reclassification adjustments recognized in net income 63 (16) 47 Net gains (losses) on derivatives 1 $ 37 $ (9) $ 28 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (28) $ 8 $ (20) Reclassification adjustments recognized in net income (2) — (2) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (30) $ 8 $ (22) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (102) $ 29 $ (73) Reclassification adjustments recognized in net income 56 (14) 42 Net change in pension and other postretirement benefit liabilities $ (46) $ 15 $ (31) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (927) $ (24) $ (951) 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. Nine Months Ended October 1, 2021 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 505 $ (8) $ 497 Reclassification adjustments recognized in net income 193 — 193 Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,317) — (1,317) Gains (losses) on net investment hedges arising during the period 1 672 (168) 504 Reclassification adjustments for net investment hedges recognized in net income 1 4 — 4 Net foreign currency translation adjustments $ 57 $ (176) $ (119) Derivatives: Gains (losses) arising during the period $ 108 $ (30) $ 78 Reclassification adjustments recognized in net income 139 (33) 106 Net gains (losses) on derivatives 1 $ 247 $ (63) $ 184 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (131) $ 45 $ (86) Reclassification adjustments recognized in net income 4 (1) 3 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (127) $ 44 $ (83) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 251 $ (46) $ 205 Reclassification adjustments recognized in net income 218 (54) 164 Net change in pension and other postretirement benefit liabilities $ 469 $ (100) $ 369 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 646 $ (295) $ 351 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 September 25, 2020 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 548 $ (30) $ 518 Reclassification adjustments recognized in net income — — — Gains (losses) on intra-entity transactions that are of a long-term investment nature 883 — 883 Gains (losses) on net investment hedges arising during the period 1 (468) 117 (351) Net foreign currency translation adjustments $ 963 $ 87 $ 1,050 Derivatives: Gains (losses) arising during the period $ 41 $ (9) $ 32 Reclassification adjustments recognized in net income (60) 15 (45) Net gains (losses) on derivatives 1 $ (19) $ 6 $ (13) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (32) $ 10 $ (22) Reclassification adjustments recognized in net income 1 — 1 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (31) $ 10 $ (21) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (44) $ 9 $ (35) Reclassification adjustments recognized in net income 44 (11) 33 Net change in pension and other postretirement benefit liabilities $ — $ (2) $ (2) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 913 $ 101 $ 1,014 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. Nine Months Ended September 25, 2020 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (2,627) $ 196 $ (2,431) Reclassification adjustments recognized in net income 3 — 3 Gains (losses) on intra-entity transactions that are of a long-term investment nature 886 — 886 Gains (losses) on net investment hedges arising during the period 1 (456) 114 (342) Net foreign currency translation adjustments $ (2,194) $ 310 $ (1,884) Derivatives: Gains (losses) arising during the period $ (24) $ 8 $ (16) Reclassification adjustments recognized in net income (10) 3 (7) Net gains (losses) on derivatives 1 $ (34) $ 11 $ (23) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (54) $ 20 $ (34) Reclassification adjustments recognized in net income (8) 2 (6) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (62) $ 22 $ (40) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (68) $ 15 $ (53) Reclassification adjustments recognized in net income 130 (32) 98 Net change in pension and other postretirement benefit liabilities $ 62 $ (17) $ 45 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (2,228) $ 326 $ (1,902) 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.
Reclassification out of Accumulated Other Comprehensive Income	The following table presents the amounts and line items in our condensed consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions): Amount Reclassified from AOCI Description of AOCI Component Financial Statement Line Item Three Months Ended October 1, 2021 Nine Months Ended October 1, 2021 Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ 13 $ 197 Income before income taxes 13 197 Income taxes — — Consolidated net income $ 13 $ 197 Derivatives: Foreign currency contracts Net operating revenues $ 21 $ 71 Foreign currency contracts Cost of goods sold 6 9 Foreign currency contracts Other income (loss) — net 35 (49) Divestitures, deconsolidations and other 1 Other income (loss) — net — 6 Foreign currency and interest rate contracts Interest expense 1 102 Income before income taxes 63 139 Income taxes (16) (33) Consolidated net income $ 47 $ 106 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ (2) $ 4 Income before income taxes (2) 4 Income taxes — (1) Consolidated net income $ (2) $ 3 Pension and other postretirement benefit liabilities: Settlement charges 2 Other income (loss) — net $ 21 $ 104 Recognized net actuarial loss Other income (loss) — net 34 115 Recognized prior service cost (credit) Other income (loss) — net (1) (2) Divestitures, deconsolidations and other 1 Other income (loss) — net 2 1 Income before income taxes 56 218 Income taxes (14) (54) Consolidated net income $ 42 $ 164 1 Refer to Note 2. 2 The settlement charges were related to our strategic realignment initiatives. Refer to Note 12.

Changes in Equity (Tables)

Changes in Equity (Tables)	9 Months Ended
	Oct. 01, 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 October 1, 2021 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests July 2, 2021 4,315 $ 24,255 $ 67,838 $ (13,299) $ 1,760 $ 17,781 $ (51,831) $ 2,006 Comprehensive income (loss) — 1,458 2,471 (951) — — — (62) Dividends paid/payable to — (1,815) (1,815) — — — — — Dividends paid to noncontrolling interests — (10) — — — — — (10) Contributions by noncontrolling — 20 — — — — — 20 Impact related to stock-based 4 225 — — — 148 77 — October 1, 2021 4,319 $ 24,133 $ 68,494 $ (14,250) $ 1,760 $ 17,929 $ (51,754) $ 1,954 Shareowners of The Coca-Cola Company Nine Months Ended October 1, 2021 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests 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) — 7,692 7,357 351 — — — (16) Dividends paid/payable to — (5,437) (5,437) — — — — — Dividends paid to noncontrolling interests — (35) — — — — — (35) Contributions by noncontrolling — 20 — — — — — 20 Impact related to stock-based 17 590 — — — 328 262 — October 1, 2021 4,319 $ 24,133 $ 68,494 $ (14,250) $ 1,760 $ 17,929 $ (51,754) $ 1,954 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 September 25, 2020 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests June 26, 2020 4,295 $ 19,189 $ 66,888 $ (16,460) $ 1,760 $ 17,367 $ (52,071) $ 1,705 Comprehensive income (loss) — 2,756 1,737 1,014 — — — 5 Dividends paid/payable to — (1,762) (1,762) — — — — — Dividends paid to noncontrolling — (1) — — — — — (1) Impact related to stock-based 2 134 — — — 96 38 — September 25, 2020 4,297 $ 20,316 $ 66,863 $ (15,446) $ 1,760 $ 17,463 $ (52,033) $ 1,709 Shareowners of The Coca-Cola Company Nine Months Ended September 25, 2020 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests December 31, 2019 4,280 $ 21,098 $ 65,855 $ (13,544) $ 1,760 $ 17,154 $ (52,244) $ 2,117 Comprehensive income (loss) — 3,993 6,291 (1,902) — — — (396) Dividends paid/payable to — (5,283) (5,283) — — — — — Dividends paid to noncontrolling — (12) — — — — — (12) Impact related to stock-based 17 520 — — — 309 211 — September 25, 2020 4,297 $ 20,316 $ 66,863 $ (15,446) $ 1,760 $ 17,463 $ (52,033) $ 1,709

Productivity, Integration and_2

Productivity, Integration and Restructuring Initiatives (Tables)	9 Months Ended
	Oct. 01, 2021
Productivity integration and restructuring initiatives
Strategic Alignment Initiatives Costs	The following tables summarize the balance of accrued expenses related to these strategic realignment initiatives and the changes in the accrued amounts as of and for the three and nine months ended October 1, 2021 (in millions): Severance Pay Outside Services Other Total Accrued balance July 2, 2021 $ 29 $ 1 $ 4 $ 34 Costs incurred 25 1 (1) 25 Payments (11) (1) (1) (13) Noncash and exchange (20) 1 (1) — (21) Accrued balance October 1, 2021 $ 23 $ — $ 2 $ 25 1 Includes pension benefit plan settlement charges. Refer to Note 13. Severance Pay Outside Services Other Total Accrued balance December 31, 2020 $ 181 $ 1 $ 3 $ 185 Costs incurred 211 17 2 230 Payments (263) (15) (3) (281) Noncash and exchange (106) 1 (3) — (109) Accrued balance October 1, 2021 $ 23 $ — $ 2 $ 25 1 Includes pension benefit plan settlement charges. Refer to Note 13.
Productivity and Reinvestment	The following tables summarize 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 and nine months ended October 1, 2021 (in millions): Severance Pay Outside Services Other Total Accrued balance July 2, 2021 $ 16 $ — $ 3 $ 19 Costs incurred (1) 28 4 31 Payments (1) (28) — (29) Noncash and exchange (2) — (1) (3) Accrued balance October 1, 2021 $ 12 $ — $ 6 $ 18 Severance Pay Outside Services Other Total Accrued balance December 31, 2020 $ 15 $ — $ 2 $ 17 Costs incurred 1 57 13 71 Payments (2) (57) (13) (72) Noncash and exchange (2) — 4 2 Accrued balance October 1, 2021 $ 12 $ — $ 6 $ 18

Pension and Other Postretirem_2

Pension and Other Postretirement Benefit Plans (Tables)	9 Months Ended
	Oct. 01, 2021
Pension and Other Postretirement Benefit Plans
Defined Contribution Plan Disclosures	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 October 1, September 25, October 1, September 25, Service cost $ 25 $ 28 $ 2 $ 2 Interest cost 46 58 4 6 Expected return on plan assets 1 (152) (148) (4) (4) Amortization of prior service credit — — (1) (1) Amortization of net actuarial loss 34 43 — 2 Net periodic benefit cost (income) (47) (19) 1 5 Curtailment charges 2 — — — 11 Settlement charges 2 21 — — — Total cost (income) $ (26) $ (19) $ 1 $ 16 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 our strategic realignment initiatives. Refer to Note 12. Pension Benefit Plans Other Postretirement Nine Months Ended October 1, September 25, October 1, September 25, Service cost $ 74 $ 84 $ 7 $ 8 Interest cost 137 176 11 17 Expected return on plan assets 1 (454) (440) (13) (12) Amortization of prior service credit — — (2) (2) Amortization of net actuarial loss 114 128 1 4 Net periodic benefit cost (income) (129) (52) 4 15 Curtailment charges 2 — — — 11 Settlement charges 2 104 — — — Total cost (income) $ (25) $ (52) $ 4 $ 26 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 our strategic realignment initiatives. Refer to Note 12.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 01, 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): October 1, 2021 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 2,357 $ 221 $ 18 $ 105 $ — $ 2,701 Debt securities 1 — 1,595 34 — — 1,629 Derivatives 2 71 634 — — (447) 6 258 7 Total assets $ 2,428 $ 2,450 $ 52 $ 105 $ (447) $ 4,588 Liabilities: Contingent consideration liability $ — $ — $ 484 5 $ — $ — $ 484 Derivatives 2 4 81 — — (80) 5 7 Total liabilities $ 4 $ 81 $ 484 $ — $ (80) $ 489 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 derivatives 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 $354 million in cash collateral it has netted against its derivative positions. 7 The Company’s derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $258 million in the line item other assets and $5 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivatives 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 derivatives 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 positions. 7 The Company does not have the right to reclaim any cash collateral it has netted against its derivative positions. 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 derivatives 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 following table (in millions): Gains (Losses) Three Months Ended Nine Months Ended October 1, September 25, October 1, September 25, Assets held for sale $ (266) 1 $ — $ (266) 1 $ — Impairment of intangible assets — — — (215) 2 Other-than-temporary impairment charges — — — (38) 3 Impairment of equity investment without a readily — — — (26) 4 Total $ (266) $ — $ (266) $ (279) 1 The Company is required to record assets and liabilities that are held for sale at the lower of carrying value or fair value less any costs to sell based on the agreed-upon sale price. The Company recorded charges of $266 million in the line item other income (loss) — net related to the restructuring of our manufacturing operations in the United States. These charges, which were calculated based on Level 3 inputs, primarily impacted the line item property, plant and equipment in our condensed consolidated balance sheet. 2 The Company recorded impairment charges of $160 million related to its Odwalla trademark, as the Company decided in June 2020 to discontinue its Odwalla juice business. The Company recorded an impairment charge of $55 million related to a trademark in North America, which was driven by the impact of the COVID-19 pandemic, revised projections of future operating results 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. 3 The Company recognized an other-than-temporary impairment charge of $38 million related to one of our equity method investees in Latin America, primarily driven by revised projections of future operating results. The fair value of this investment was derived using discounted cash flow analyses based on Level 3 inputs. 4 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	9 Months Ended
	Oct. 01, 2021	Oct. 01, 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 October 1, 2021 Net operating revenues: Third party $ 1,758 $ 1,137 $ 3,478 $ 1,229 $ 753 $ 1,663 $ 24 $ — $ 10,042 Intersegment 157 — 1 145 — 2 1 (306) — Total net operating revenues 1,915 1,137 3,479 1,374 753 1,665 25 (306) 10,042 Operating income (loss) 1,028 712 868 594 114 81 (499) — 2,898 Income (loss) before income taxes 1,050 716 630 604 116 462 (494) — 3,084 Identifiable operating assets 8,213 2 1,839 19,118 2,254 3 7,784 10,213 2,3 22,004 — 71,425 Investments 1 482 606 331 238 2 13,137 4,385 — 19,181 As of and for the Three Months Ended September 25, 2020 Net operating revenues: Third party $ 1,556 $ 809 $ 3,087 $ 1,207 $ 513 $ 1,474 $ 6 $ — $ 8,652 Intersegment 137 — 1 127 — 1 — (266) — Total net operating revenues 1,693 809 3,088 1,334 513 1,475 6 (266) 8,652 Operating income (loss) 903 483 727 564 (31) 55 (403) — 2,298 Income (loss) before income taxes 925 476 738 575 (29) 398 (902) — 2,181 Identifiable operating assets 8,283 2 1,647 19,983 2,143 3 7,453 9,851 2,3 28,237 — 77,597 Investments 1 544 577 356 236 6 13,765 4,103 — 19,587 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 16 percent, 14 percent and 15 percent of consolidated property, plant and equipment — net as of October 1, 2021, September 25, 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 October 1, 2021, September 25, 2020 and December 31, 2020.	Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated Nine Months Ended October 1, 2021 Net operating revenues: Third party $ 5,094 $ 3,113 $ 9,793 $ 3,811 $ 2,030 $ 5,292 $ 58 $ — $ 29,191 Intersegment 461 — 4 468 — 7 1 (941) — Total net operating revenues 5,555 3,113 9,797 4,279 2,030 5,299 59 (941) 29,191 Operating income (loss) 2,990 1,942 2,610 2,046 215 314 (1,481) — 8,636 Income (loss) before income taxes 3,049 1,952 2,405 2,078 221 1,201 (1,441) — 9,465 Nine Months Ended September 25, 2020 Net operating revenues: Third party $ 4,264 $ 2,494 $ 8,583 $ 3,264 $ 1,381 $ 4,392 $ 25 $ — $ 24,403 Intersegment 364 — 3 381 — 4 — (752) — Total net operating revenues 4,628 2,494 8,586 3,645 1,381 4,396 25 (752) 24,403 Operating income (loss) 2,578 1,526 1,603 1,727 (114) 130 (791) — 6,659 Income (loss) before income taxes 2,632 1,455 1,623 1,749 (114) 762 (719) — 7,388

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Oct. 01, 2021	Dec. 31, 2020	Sep. 25, 2020	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 11,301	$ 6,795	$ 11,385	$ 6,480
Less: Restricted Cash and Restricted Cash Equivalents at end of period			437
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	11,613	7,110	11,822	6,737
Other Assets
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Less: Restricted Cash and Restricted Cash Equivalents at end of period	$ 312	$ 315	$ 437	$ 257

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Oct. 01, 2021	Apr. 02, 2021	Sep. 25, 2020	Mar. 27, 2020	Oct. 01, 2021	Sep. 25, 2020	Dec. 31, 2020
Acquisition and investment activities
Acquisitions of businesses, equity method investments and nonmarketable securities					$ 11	$ 989
Contingent Consideration Liability	$ 484				484		$ 321
Proceeds from disposals of businesses, equity method investments and nonmarketable securities					1,950	46
Proceeds from Sale of Interest in Partnership Unit					134	34
fairlife [Member]
Acquisition and investment activities
Business Acquisition, Percentage of Voting Interests Acquired				57.50%
Corporate
Acquisition and investment activities
Equity Method Investment, Realized Gain (Loss) on Disposal	63				63	18
fairlife [Member]
Acquisition and investment activities
Acquisitions of businesses, equity method investments and nonmarketable securities				$ 979
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 Remeasurement Gain				$ 902
Contingent Consideration Liability	$ 12		$ 18		263	$ 47
CCA
Acquisition and investment activities
Proceeds from Sale of Interest in Partnership Unit					1,738
Gain (Loss) on Disposition of Business					$ 695

Revenue Recognition Revenue R_3

Revenue Recognition Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Oct. 01, 2021	Sep. 25, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 10,042	$ 8,652	$ 29,191	$ 24,403
Net operating revenues related to concentrate operations	5,871	5,079	16,847	14,083
Net operating revenues related to finished product operations	4,171	3,573	12,344	10,320
UNITED STATES
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	3,418	3,026	9,643	8,416
Net operating revenues related to concentrate operations	1,749	1,523	4,899	4,117
Net operating revenues related to finished product operations	1,669	1,503	4,744	4,299
International [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	6,624	5,626	19,548	15,987
Net operating revenues related to concentrate operations	4,122	3,556	11,948	9,966
Net operating revenues related to finished product operations	$ 2,502	$ 2,070	$ 7,600	$ 6,021

Investments (Details)

Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Oct. 01, 2021	Sep. 25, 2020	Dec. 31, 2020
Equity securities, by type
Equity Securities, FV-NI	$ 2,701		$ 2,701		$ 2,374
Equity Securities without Readily Determinable Fair Value, Amount	47		47		50
Equity Securities, FV-NI, Gain (Loss)	4	$ 17	361	$ (137)
Equity Securities, FV-NI, Realized Gain (Loss)	5	0	33	(24)
Equity Securities, FV-NI, Unrealized Gain (Loss)	(1)	17	328	(113)
Available-for-sale Securities, Debt Securities	1,677		1,677
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	1,715		1,715		2,263
Debt Securities, Unrealized Gain (Loss)			37		53
Debt securities, gross unrealized loss	123		123		13
Debt Securities	1,629		1,629		2,303
Equity Securities, FV-NI	2,701		2,701		2,374
Trading Securities [Member]
Equity securities, by type
Debt Securities	40		40		38
Debt Securities [Member]
Equity securities, by type
Trading Securities, Equity, Cost	38		38		36
Available-for-sale Securities, Debt Securities	1,677		1,677		2,227
Debt Securities, Trading, Unrealized Gain			2		2
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	35		35		51
Debt Securities, Trading, Unrealized Loss			0		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	123		123		13
Debt Securities, Trading	40		40		38
Debt Securities, Available-for-sale	1,589		1,589		2,265
Debt Securities, Available-for-sale, Realized Gain	2	2	4	19
Debt Securities, Available-for-sale, Realized Loss	0	3	8	11
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale	91	$ 233	1,058	$ 1,419
Available-for-sale Securities [Member]
Equity securities, by type
Debt Securities	1,589		1,589		2,265
Marketable Securities [Member]
Equity securities, by type
Equity Securities, FV-NI	361		361		330
Equity Securities without Readily Determinable Fair Value, Amount	0		0		0
Marketable Securities [Member] | Trading Securities [Member]
Equity securities, by type
Debt Securities	40		40		38
Marketable Securities [Member] | Available-for-sale Securities [Member]
Equity securities, by type
Debt Securities	1,323		1,323		1,980
Other Investments [Member]
Equity securities, by type
Equity Securities without Readily Determinable Fair Value, Amount	47		47		50
Equity Securities, FV-NI, Noncurrent	850		850		762
Other Assets
Equity securities, by type
Equity Securities without Readily Determinable Fair Value, Amount	0		0		0
Equity Securities, FV-NI, Noncurrent	1,490		1,490		1,282
Other Assets | Trading Securities [Member]
Equity securities, by type
Debt Securities	0		0		0
Other Assets | Available-for-sale Securities [Member]
Equity securities, by type
Debt Securities	$ 266		$ 266		$ 285

Investments (Details 2)

Investments (Details 2) - USD ($) $ in Millions	Oct. 01, 2021	Dec. 31, 2020
Debt securities, by type
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost	$ 26
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value	26
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Amortized Cost Basis	1,381
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value	1,279
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis	91
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value	100
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost	179
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value	184
Available-for-sale Securities [Member]
Debt securities, by type
Solvency Funds of Insurance Captive	$ 1,589	$ 1,389

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Oct. 01, 2021	Dec. 31, 2020
Inventory balances
Raw materials and packaging	$ 1,914	$ 2,106
Finished goods	925	791
Other	343	369
Total inventories	$ 3,182	$ 3,266

Hedging Transactions and Deri_3

Hedging Transactions and Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Oct. 01, 2021	Sep. 25, 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			$ 7
Reclassification adjustments recognized in net income	$ (13)	$ 0	(197)	$ (3)
Gains (Losses) on Net Investment Hedges, before Reclassification and Tax	310	(468)	672	(456)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(63)		(139)
Net Investment Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	13,066		13,066		$ 13,787
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(4)
Gains (Losses) on Net Investment Hedges, before Reclassification and Tax	310	(468)	672	(456)
Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(22)	41	119	(15)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(63)	60	(133)	10
Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(1)	(3)	1	3
Short-term Debt, Type [Domain] | Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	200		200		0
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	2		2		0
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	0		0		0
Long-term Debt [Member] | Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	8,557		8,557		11,129
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	348		348		646
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	236		236		0
Foreign currency denominated debt | Net Investment Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	13,066		13,066		13,336
Gains (Losses) on Net Investment Hedges, before Reclassification and Tax	304	(445)	673	(452)
Foreign currency contracts | Net Investment Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	0		0		451
Gains (Losses) on Net Investment Hedges, before Reclassification and Tax	6	(23)	(1)	(4)
Foreign currency contracts | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	8,105		8,105		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		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	8,192		8,192		10,215
Commodity Contract [Member] | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	34		34		11
Designated as Hedging Instrument [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	511		511		761
Derivative instruments, liabilities, fair value	22		22		34
Designated as Hedging Instrument [Member] | Foreign currency contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	122		122		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	41		41		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	19		19		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		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	346		346		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		0		5
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	2		2		0
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	0		0		2
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	2		2		0
Not Designated as Hedging Instrument [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	194		194		137
Derivative instruments, liabilities, fair value	63		63		57
Derivative, Gain (Loss) on Derivative, Net	(85)	94	(48)	(57)
Not Designated as Hedging Instrument [Member] | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	5,489		5,489		5,727
Not Designated as Hedging Instrument [Member] | Foreign currency contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	28		28		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	2		2		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	49		49		41
Not Designated as Hedging Instrument [Member] | Foreign currency contracts | Other Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	6		6		0
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	200		200		200
Not Designated as Hedging Instrument [Member] | Other derivative instruments | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	1		1		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		0		3
Not Designated as Hedging Instrument [Member] | Other derivative instruments | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	6		6		0
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	1,024		1,024		715
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	115		115		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	48		48		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	2		2		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	0		0		$ 1
Net operating revenues | Foreign currency contracts | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	15	(84)	(1)	(61)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(21)	(21)	(71)	(22)
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	2	2	2	64
Cost of goods sold | Foreign currency contracts | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	6	(4)	(5)	6
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(6)	2	(9)	7
Cost of goods sold | Commodity Contract [Member] | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax		(2)		(2)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax		(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	(10)	(17)	(17)	10
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	(32)	34	178	(33)
Interest Expense [Member] | Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(1)	(3)	1	3
Interest Expense [Member] | Foreign currency contracts | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	0	0	0	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(1)	(6)	(12)	(10)
Interest Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax		9	110	21
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax		(14)	(90)	(35)
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	(56)	94	(236)	284
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	55	(97)	237	(281)
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	0	2	(187)	2
Other Income (loss) - net | Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	0	0	0	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), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(43)	122	15	21
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(35)	100	49	71
Other Income (loss) - net | Foreign currency contracts | Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	0	3	0	3
Other Income (loss) - net | Available-for-sale Securities [Member] | Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	0	(3)	0	(3)
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	(43)	53	(39)	(33)
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)	(55)
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	$ (2)	$ 20	$ 18	$ (12)

Debt and Borrowing Arrangemen_3

Debt and Borrowing Arrangements (Details) € in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Oct. 01, 2021USD ($)	Oct. 01, 2021USD ($)	Oct. 01, 2021EUR (€)
Long-term debt
Issuance of long term debt		$ 5,950	€ 3,150
Carrying Value of Long-Term Debt	$ 9,478	9,478
Extinguishment of Debt, Amount		6,500	2,430
Gain (Loss) on Extinguishment of Debt		(559)
Reclassification of gain (loss) from AOCI for cash flow hedge related to debt extinguishment		(91)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	$ 47	106
Total principal notes due on March 5, 2028 [Domain]
Long-term debt
Issuance of long term debt		$ 750
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.50%	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%	0.125%
Total principal notes due on May 6, 2030 [Domain]
Long-term debt
Issuance of long term debt | €			650
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.40%	0.40%
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%	2.00%
Total principal notes due on January 5, 2032 [Domain]
Long-term debt
Issuance of long term debt		$ 2,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.25%	2.25%
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%	0.50%
Total principal notes due on May 6, 2036
Long-term debt
Issuance of long term debt | €			500
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.95%	0.95%
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%	1.00%
Total principal notes due on May 5, 2041
Long-term debt
Issuance of long term debt | €			750
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.875%	2.875%
Total principal notes due on March 5, 2051
Long-term debt
Issuance of long term debt | €			1,700
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.00%	3.00%
Total principal notes due on March 8, 2021
Long-term debt
Extinguishment of Debt, Amount | €			371
Debt Instrument, Basis Spread on Variable Rate	0.20%
Total principal notes due on March 9, 2023
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.75%	0.75%
Extinguishment of Debt, Amount | €			1,500
Total principal notes due on April 1, 2023
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.50%	2.50%
Extinguishment of Debt, Amount		$ 750
Total principal notes due on November 1, 2023
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.20%	3.20%
Extinguishment of Debt, Amount		$ 1,500
Total principal notes due on March 25, 2025
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.95%	2.95%
Extinguishment of Debt, Amount		$ 1,000
Total principal notes due on October 27, 2025
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.875%	2.875%
Extinguishment of Debt, Amount		$ 1,750
Total principal notes due on June 1, 2026
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.55%	2.55%
Extinguishment of Debt, Amount		$ 500
Total principal notes due on September 1, 2026
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.25%	2.25%
Extinguishment of Debt, Amount		$ 1,000
Total principal notes due on September 22, 2026
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.75%	0.75%
Extinguishment of Debt, Amount | €			587
Total principal notes due September 2026
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.875%	1.875%
Extinguishment of Debt, Amount | €			€ 343

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Mar. 30, 2018	Oct. 01, 2021	Dec. 31, 2020	Dec. 31, 2015
IRS Claim
IRS Claim				$ 12,000
Recorded Estimate of Tax Liability	$ 400		$ 400	438
Incremental tax and interest liability	$ 250		$ 750
Increase in Effective Tax Rate	3.50%		3.50%
Potential Aggregate Tax Liability- Brazil	$ 4,900		$ 4,900
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	420		420
VIEs maximum exposures to loss	115		115
Risk Management Programs
Risk Management Programs
Self-insurance reserves	$ 240		$ 240	$ 265

Comprehensive Income (Details)

Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Oct. 01, 2021	Sep. 25, 2020	Jul. 02, 2021	Dec. 31, 2020	Jun. 26, 2020	Dec. 31, 2019
Comprehensive Income Disclosure
Net Income (Loss) Attributable to Parent	$ 2,471	$ 1,737	$ 7,357	$ 6,291
Net Income (Loss) Attributable to Noncontrolling Interest	4	3	(3)	3
Consolidated net income	2,475	1,740	7,354	6,294
AOCI Attributable to the Shareowners of The Coca Cola Company
Accumulated other comprehensive income (loss)	(14,250)	(15,446)	(14,250)	(15,446)	$ (13,299)	$ (14,601)	$ (16,460)	$ (13,544)
Other comprehensive income:
Net foreign currency translation adjustments	(991)	1,052	(131)	(2,283)
Net gains (losses) on derivatives	28	(13)	184	(23)
Net change in unrealized gains (losses) on available-for-sale debt securities	(22)	(21)	(83)	(40)
Net change in pension and other postretirement benefit liabilities	(32)	(2)	368	45
TOTAL COMPREHENSIVE INCOME (LOSS)	1,458	2,756	7,692	3,993
Foreign currency translation adjustments:
Translation adjustment arising during the period	(636)	548	505	(2,627)
Reclassification adjustments recognized in net income	13	0	197	3
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	(575)	883	(1,317)	886
Gains (Losses) on Net Investment Hedges, before Reclassification and Tax	310	(468)	672	(456)
Derivatives:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	63		139
Available-for-sale securities:
Reclassification adjustments recognized in net income	(2)		4
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	56		218
Foreign currency translation adjustments:
Translation adjustment arising during the period	39	(30)	(8)	196
Reclassification adjustments recognized in net income	0	0	0	0
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	0	0	0	0
Gains (losses) on net investment hedges arising during the period	(77)	117	(168)	114
Derivatives:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	(16)		(33)
Available-for-sales securities:
Reclassification adjustments recognized in net income	0		(1)
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	(14)		(54)
Foreign currency translation adjustments:
Translation adjustment arising during the period	(597)	518	497	(2,431)
Reclassification adjustments recognized in net income	13	0	197	3
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	(575)	883	(1,317)	886
Gains (losses) on net investments hedges arising during the period	233	(351)	504	(342)
Derivatives:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	47		106
Available-for-sale securities:
Reclassification adjustments recognized in net income	(2)		3
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	42		164
Net Investment Hedging [Member]
Foreign currency translation adjustments:
Gains (Losses) on Net Investment Hedges, before Reclassification and Tax	310	(468)	672	(456)
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax			4
Foreign currency translation adjustments:
Reclassification from AOCI, Current Period, Tax			0
Foreign currency translation adjustments:
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			4
Other income (loss) - net
Pension and other benefit liabilities:
Recognized net actuarial loss	34		115
Recognized prior service cost (credit)	(1)		(2)
Divestitures, deconsolidations and other [Member] | Other income (loss) - net
Foreign currency translation adjustments:
Reclassification adjustments recognized in net income	13		197
Derivatives:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	0		6
Divestitures, deconsolidations and other [Member] | Other Operating Income (Expense) [Member]
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	2		1
Foreign currency contracts | Net operating revenues
Derivatives:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	21		71
Foreign currency contracts | Cost of goods sold
Derivatives:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	6		9
Foreign currency contracts | Other income (loss) - net
Derivatives:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	35		(49)
Foreign currency and interest rate contracts | Interest Expense [Member]
Derivatives:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	1		102
Sale of securities | Other income (loss) - net
Available-for-sale securities:
Reclassification adjustments recognized in net income	(2)		4
Settlement charges (credits) | Other Operating Income (Expense) [Member]
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	21		104
Shareowners of The Coca-Cola Company
AOCI Attributable to the Shareowners of The Coca Cola Company
Foreign currency translation adjustments	(12,147)		(12,147)			(12,028)
Accumulated net gains (losses) on derivatives	(10)		(10)			(194)
Unrealized net gains (losses) on available-for-sale securities	(55)		(55)			28
Adjustments to pension and other benefits liabilities	(2,038)		(2,038)			(2,407)
Accumulated other comprehensive income (loss)	(14,250)		(14,250)			$ (14,601)
Other comprehensive income:
Net gains (losses) on derivatives	28	(13)	184	(23)
Net change in unrealized gains (losses) on available-for-sale debt securities	(22)	(21)	(83)	(40)
TOTAL COMPREHENSIVE INCOME (LOSS)			7,708
Foreign currency translation adjustments:
Net foreign currency translation adjustments	(888)	963	57	(2,194)
Derivatives:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(26)	41	108	(24)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	63	(60)	139	(10)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	37	(19)	247	(34)
Available-for-sale securities:
Unrealized gains (losses) arising during the period	(28)	(32)	(131)	(54)
Reclassification adjustments recognized in net income	(2)	1	4	(8)
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, before Tax	(30)	(31)	(127)	(62)
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	(102)	(44)	251	(68)
Reclassification adjustments recognized in net income	56	44	218	130
Net change in pension and other benefit liabilities	(46)	0	469	62
Other Comprehensive Income (Loss) attributable to The Coca-Cola Company	(927)	913	646	(2,228)
Foreign currency translation adjustments:
Net foreign currency translation adjustments	(38)	87	(176)	310
Derivatives:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	7	(9)	(30)	8
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	(16)	15	(33)	3
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	(9)	6	(63)	11
Available-for-sales securities:
Unrealized gains (losses) arising during the period	8	10	45	20
Reclassification adjustments recognized in net income	0	0	(1)	2
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax	8	10	44	22
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	29	9	(46)	15
Reclassification adjustments recognized in net income	(14)	(11)	(54)	(32)
Net change in pension and other benefit liabilities	15	(2)	(100)	(17)
Other comprehensive income (loss) attributable to The Coca-Cola Company	(24)	101	(295)	326
Foreign currency translation adjustments:
Net foreign currency translation adjustments	(926)	1,050	(119)	(1,884)
Derivatives:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(19)	32	78	(16)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	47	(45)	106	(7)
Available-for-sale securities:
Net change in unrealized gains (losses) on available-for-sale debt securities	(20)	(22)	(86)	(34)
Reclassification adjustments recognized in net income	(2)	1	3	(6)
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	(73)	(35)	205	(53)
Reclassification adjustments recognized in net income	42	33	164	98
Net change in pension and other benefit liabilities	(31)	(2)	369	45
Other comprehensive income (loss) attributable to The Coca-Cola Company	(951)	1,014	351	(1,902)
Noncontrolling Interests
Other comprehensive income:
Net Foreign Currency Transaction and Translation Adjustments Attributable to Noncontrolling Interest			(12)
Net gains (losses) on derivatives			0
Net change in unrealized gains (losses) on available-for-sale debt securities			0
Net change in pension and other postretirement benefit liabilities attributable to noncontrolling interests			1
TOTAL COMPREHENSIVE INCOME (LOSS)	(62)	5	(16)	(396)
AOCI Attributable to Parent [Member]
Other comprehensive income:
TOTAL COMPREHENSIVE INCOME (LOSS)	(951)	$ 1,014	351	$ (1,902)
Accumulated Foreign Currency Adjustment Attributable to Parent
Foreign currency translation adjustments:
Reclassification adjustments recognized in net income	13		193
Foreign currency translation adjustments:
Reclassification adjustments recognized in net income	0		0
Foreign currency translation adjustments:
Reclassification adjustments recognized in net income	$ 13		$ 193

Changes in Equity (Details)

Changes in Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Oct. 01, 2021	Sep. 25, 2020	Jul. 02, 2021	Dec. 31, 2020	Jun. 26, 2020	Dec. 31, 2019
Changes in Equity
Reinvested earnings	$ 68,494	$ 66,863	$ 68,494	$ 66,863	$ 67,838	$ 66,555	$ 66,888	$ 65,855
Accumulated other comprehensive income (loss)	$ (14,250)	$ (15,446)	$ (14,250)	$ (15,446)	$ (13,299)	$ (14,601)	$ (16,460)	$ (13,544)
Changes in Equity
Common Stock Dividends, Shares	0	0	0	0
Other Activities, shares issued	0		0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 24,255	$ 19,189	$ 21,284	$ 21,098
Comprehensive income (loss)	1,458	2,756	7,692	3,993
Dividends, Common Stock, Cash	(1,815)	(1,762)	(5,437)	(5,283)
Dividends Paid to Noncontrolling Interests	(10)	(1)	(35)	(12)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	20		20
Impact related to stock compensation plans	225	134	590	520
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	24,133	20,316	$ 24,133	20,316
Cumulative Effect, Period of Adoption, Adjustment
Changes in Equity
Other Activities, shares issued			0
Reinvested Earnings
Changes in Equity
Comprehensive income (loss)	2,471	1,737	$ 7,357	6,291
Dividends, Common Stock, Cash	(1,815)	(1,762)	(5,437)	(5,283)
Dividends Paid to Noncontrolling Interests	0	0	0	0
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	0		0
Impact related to stock compensation plans	$ 0	$ 0	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	0	0
Comprehensive income (loss)	$ (951)	$ 1,014	$ 351	$ (1,902)
Dividends, Common Stock, Cash	0	0	0	0
Dividends Paid to Noncontrolling Interests	0	0	0	0
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	0		0
Impact related to stock compensation plans	$ 0	$ 0	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	4,319	4,297	4,319	4,297	4,315	4,302	4,295	4,280
Impact related to stock compensation plans, shares	4	2	17	17
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 1,760	$ 1,760	$ 1,760	$ 1,760
Comprehensive income (loss)	0	0	0	0
Dividends, Common Stock, Cash	0	0	0	0
Dividends Paid to Noncontrolling Interests	0	0	0	0
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	0		0
Impact related to stock compensation plans	0	0	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	1,760	1,760	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	17,781	17,367	17,601	17,154
Comprehensive income (loss)	0	0	0	0
Dividends, Common Stock, Cash	0	0	0	0
Dividends Paid to Noncontrolling Interests	0	0	0	0
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	0		0
Impact related to stock compensation plans	148	96	328	309
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	17,929	17,463	17,929	17,463
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	(51,831)	(52,071)	(52,016)	(52,244)
Comprehensive income (loss)	0	0	0	0
Dividends, Common Stock, Cash	0	0	0	0
Dividends Paid to Noncontrolling Interests	0	0	0	0
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	0		0
Impact related to stock compensation plans	77	38	262	211
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ (51,754)	$ (52,033)	(51,754)	$ (52,033)
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	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 2,006	$ 1,705	$ 1,985	$ 2,117
Comprehensive income (loss)	(62)	5	(16)	(396)
Dividends, Common Stock, Cash	0	0	0	0
Dividends Paid to Noncontrolling Interests	(10)	(1)	(35)	(12)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	20		20
Impact related to stock compensation plans	0	0	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ 1,954	$ 1,709	1,954	$ 1,709
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			9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Mar. 27, 2020	Oct. 01, 2021	Sep. 25, 2020
Other Operating Charges
Other operating charges	$ 45	$ 372		$ 478	$ 747
Impairment of Intangible Assets (Excluding Goodwill)	0			0	215
Tax litigation expense	1			14
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	(18)	27		5	128
Other Nonoperating Items
Business Exit Costs		0			0
Equity Method Investment, Other than Temporary Impairment	0	0		0	38
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	0	0		0	26
Charges related to debt extinguishment		405			405
Not Designated as Hedging Instrument [Member]
Other Nonoperating Items
Derivative, Gain (Loss) on Derivative, Net	(85)	94		(48)	(57)
Not Designated as Hedging Instrument [Member] | Other Income (loss) - net | Other Contract [Member]
Other Nonoperating Items
Derivative, Gain (Loss) on Derivative, Net				(3)	(55)
Bottling investments [Member]
Other Operating Charges
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	(18)	27		37	99
Corporate
Other Operating Charges
Tax litigation expense				14
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees				(32)
Other Nonoperating Items
Debt and Equity Securities, Gain (Loss)		13		341	(127)
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount					26
Equity Method Investment, Realized Gain (Loss) on Disposal	63			63	18
Charges related to debt extinguishment		405		650	405
North America Segment
Other Operating Charges
Impairment of Intangible Assets (Excluding Goodwill)		0
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees					1
Other Nonoperating Items
Asset Impairment Charges					55
Business Exit Costs	273	25		308	69
North America Segment | Other Operating Income (Expense) [Member]
Other Nonoperating Items
Business Exit Costs	(3)	12		4	24
North America Segment | Nonoperating Income (Expense) [Member]
Other Nonoperating Items
Business Exit Costs	266			266	21
Latin America Segment
Other Operating Charges
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees					28
Other Nonoperating Items
Equity Method Investment, Other than Temporary Impairment					38
Productivity and Reinvestment [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives	31	10		71	71
Productivity and Reinvestment [Member] | Corporate
Other Operating Charges
Productivity, integration and restructuring initiatives	31	13		71	74
Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives	25			230
Strategic Realignment | Other Operating Income (Expense) [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives	4	332		126	332
Strategic Realignment | Other Income (loss) - net
Other Operating Charges
Productivity, integration and restructuring initiatives	21	11		104	11
Strategic Realignment | Corporate
Other Operating Charges
Productivity, integration and restructuring initiatives	22	127		129	127
Strategic Realignment | North America Segment
Other Operating Charges
Productivity, integration and restructuring initiatives	1	121		14	121
Strategic Realignment | Latin America Segment
Other Operating Charges
Productivity, integration and restructuring initiatives		22		11	22
fairlife [Member] | Corporate
Other Operating Charges
Contingent Consideration Liability	$ 12	$ 18		263	47
Other Nonoperating Items
Business Combination Remeasurement Gain			$ 902
Odwalla [Member] | North America Segment
Other Operating Charges
Impairment of Intangible Assets (Excluding Goodwill)					160
Odwalla [Member] | North America Segment | Other Operating Income (Expense) [Member]
Other Nonoperating Items
Business Exit Costs					$ 35
CCA
Other Nonoperating Items
Gain (Loss) on Disposition of Business				$ 695

Productivity, Integration and_3

Productivity, Integration and Restructuring Initiatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Oct. 01, 2021	Sep. 25, 2020
Strategic Realignment
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Beginning Balance	$ 34		$ 185
Cost incurred	25		230
Payments	(13)		(281)
Noncash and exchange	(21)		(109)
Accrued Balance, July 2, 2021	25		25
Restructuring and related costs incurred to date	657		657
Strategic Realignment | Maximum [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Restructuring and Related Cost, Expected Cost	675		675
Strategic Realignment | Severance pay and benefits
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Beginning Balance	29		181
Cost incurred	25		211
Payments	(11)		(263)
Noncash and exchange	(20)		(106)
Accrued Balance, July 2, 2021	23		23
Strategic Realignment | Outside Services [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Beginning Balance	1		1
Cost incurred	1		17
Payments	(1)		(15)
Noncash and exchange	(1)		(3)
Accrued Balance, July 2, 2021	0		0
Strategic Realignment | Other direct costs [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Beginning Balance	4		3
Cost incurred	(1)		2
Payments	(1)		(3)
Noncash and exchange	0		0
Accrued Balance, July 2, 2021	2		2
Productivity and Reinvestment [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Beginning Balance	19		17
Cost incurred	31	$ 10	71	$ 71
Payments	(29)		(72)
Noncash and exchange	(3)		2
Accrued Balance, July 2, 2021	18		18
Restructuring and related costs incurred to date	4,000		4,000
Productivity and Reinvestment [Member] | Severance pay and benefits
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Beginning Balance	16		15
Cost incurred	(1)		1
Payments	(1)		(2)
Noncash and exchange	(2)		(2)
Accrued Balance, July 2, 2021	12		12
Productivity and Reinvestment [Member] | Outside Services [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Beginning Balance	0		0
Cost incurred	28		57
Payments	(28)		(57)
Noncash and exchange	0		0
Accrued Balance, July 2, 2021	0		0
Productivity and Reinvestment [Member] | Other direct costs [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Beginning Balance	3		2
Cost incurred	4		13
Payments	0		(13)
Noncash and exchange	(1)		4
Accrued Balance, July 2, 2021	$ 6		$ 6

Pension and Other Postretirem_3

Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Oct. 01, 2021	Sep. 25, 2020
Net periodic pension and other Postretirement benefit cost
Contributions to pension plan			$ 22	$ 25
Expected Future Employer Contributions, Next Fiscal Year	$ 9		9
Pension Benefits
Net periodic pension and other Postretirement benefit cost
Service cost	25	$ 28	74	84
Interest cost	46	58	137	176
Expected return on plan assets	(152)	(148)	(454)	(440)
Amortization of prior service cost (credit)	0	0	0	0
Amortization of net actuarial loss	34	43	114	128
Net periodic benefit cost (income)	(47)	(19)	(129)	(52)
Curtailment charges	0	0	0	0
Settlement charges	21	0	104	0
Total cost (income)	$ (26)	(19)	$ (25)	(52)
Weighted-Average Expected Long-term Rate of Return on Plan Assets	7.25%		7.25%
Other Benefits
Net periodic pension and other Postretirement benefit cost
Service cost	$ 2	2	$ 7	8
Interest cost	4	6	11	17
Expected return on plan assets	(4)	(4)	(13)	(12)
Amortization of prior service cost (credit)	(1)	(1)	(2)	(2)
Amortization of net actuarial loss	0	2	1	4
Net periodic benefit cost (income)	1	5	4	15
Curtailment charges	0	11	0	11
Settlement charges	0	0	0	0
Total cost (income)	$ 1	$ 16	$ 4	$ 26
Weighted-Average Expected Long-term Rate of Return on Plan Assets	4.25%		4.25%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Oct. 01, 2021	Sep. 25, 2020
Income Tax Contingency [Line Items]
Income taxes	$ 609	$ 441	$ 2,111	$ 1,094
Effective tax rate (as a percent)	19.70%	20.20%	22.30%	14.80%
U.S. statutory rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Tax expense (benefit) associated with significant operating and nonoperating items for the interim periods presented
Other Tax Expense (Benefit)	$ 75	$ 15	$ 251	$ (138)
fairlife [Member]
Income Tax Contingency [Line Items]
Income taxes				$ (40)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Oct. 01, 2021	Sep. 25, 2020	Dec. 31, 2020
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	$ 2,701		$ 2,701		$ 2,374
Debt Securities	1,629		1,629		2,303
Derivatives, assets	258		258		229
Total assets	4,588		4,588		4,906
Contingent Consideration Liability	484		484		321
Derivatives, liabilities	5		5		10
Total liabilities	489		489		331
Derivative, Collateral, Obligation to Return Cash	354		354		546
Equity Method Investment, Other than Temporary Impairment	0	$ 0	0	$ 38
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	0	0	0	26
Nonrecurring gain (Loss) fair value adjustment		0		(279)
Business Exit Costs		0		0
North America Segment
Assets and liabilities measured at fair value on a recurring basis
Business Exit Costs	273	$ 25	308	69
North America Segment | Nonoperating Income (Expense) [Member]
Assets and liabilities measured at fair value on a recurring basis
Nonrecurring gain (Loss) fair value adjustment	(266)		(266)
Business Exit Costs	266		266	$ 21
Netting Adjustment
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	0		0		0
Debt Securities	0		0		0
Derivatives, assets	(447)		(447)		(669)
Total assets	(447)		(447)		(669)
Contingent Consideration Liability	0		0		0
Derivatives, liabilities	(80)		(80)		(81)
Total liabilities	(80)		(80)		(81)
Level 1
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	2,357		2,357		2,049
Debt Securities	0		0		4
Derivatives, assets	71		71		63
Total assets	2,428		2,428		2,116
Contingent Consideration Liability	0		0		0
Derivatives, liabilities	4		4		0
Total liabilities	4		4		0
Level 2
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	221		221		210
Debt Securities	1,595		1,595		2,267
Derivatives, assets	634		634		835
Total assets	2,450		2,450		3,312
Contingent Consideration Liability	0		0		0
Derivatives, liabilities	81		81		91
Total liabilities	81		81		91
Level 3
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	18		18		12
Debt Securities	34		34		32
Derivatives, assets	0		0		0
Total assets	52		52		44
Contingent Consideration Liability	484		484		321
Derivatives, liabilities	0		0		0
Total liabilities	484		484		321
Fair Value Measured at Net Asset Value Per Share
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	105		105		103
Debt Securities	0		0		0
Derivatives, assets	0		0		0
Total assets	105		105		103
Contingent Consideration Liability	0		0		0
Derivatives, liabilities	0		0		0
Total liabilities	0		0		0
Other Assets
Assets and liabilities measured at fair value on a recurring basis
Derivatives, assets	258		258		229
Other Liabilities
Assets and liabilities measured at fair value on a recurring basis
Derivatives, liabilities	$ 5		$ 5		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		9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Oct. 01, 2021	Sep. 25, 2020	Dec. 31, 2020
Nonrecurring fair value measurements
Business Exit Costs		$ 0		$ 0
Impairment of Intangible Assets (Excluding Goodwill)	$ 0		$ 0	215
Equity Method Investment, Other than Temporary Impairment	0	0	0	38
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	0	0	0	26
Nonrecurring gain (Loss) fair value adjustment		0		(279)
Long-term debt, including the current portion, carrying amount	39,842		39,842		$ 40,610
Long-term debt, including the current portion, fair value	40,795		40,795		$ 43,218
North America Segment
Nonrecurring fair value measurements
Business Exit Costs	$ 273	25	$ 308	69
Impairment of Intangible Assets (Excluding Goodwill)		$ 0
Asset Impairment Charges				55
Latin America Segment
Nonrecurring fair value measurements
Equity Method Investment, Other than Temporary Impairment				38
Odwalla [Member] | North America Segment
Nonrecurring fair value measurements
Impairment of Intangible Assets (Excluding Goodwill)				$ 160

Operating Segments (Details)

Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Oct. 01, 2021	Sep. 25, 2020	Mar. 27, 2020	Oct. 01, 2021	Sep. 25, 2020	Dec. 31, 2020
Net operating revenues:
Third Party	$ 10,042	$ 8,652		$ 29,191	$ 24,403
Intersegment	0	0		0	0
Revenues	10,042	8,652		29,191	24,403
Operating Income (Loss)	2,898	2,298		8,636	6,659
Income (loss) before income taxes	3,084	2,181		9,465	7,388
Identifiable operating assets	71,425	77,597		71,425	77,597	$ 67,211
Noncurrent investments	$ 19,181	$ 19,587		$ 19,181	$ 19,587	$ 20,085
Property, Plant and Equipment, Net Percentage	16.00%	14.00%		16.00%	14.00%	15.00%
Property, Plant and Equipment, Net Percentage Philippines	10.00%	10.00%		10.00%	10.00%	10.00%
Business Exit Costs		$ 0			$ 0
Tax litigation expense	$ 1			$ 14
Charges related to debt extinguishment		405			405
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	(18)	27		5	128
Impairment of Intangible Assets (Excluding Goodwill)	0			0	215
Equity Method Investment, Other than Temporary Impairment	0	0		0	38
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	0	0		0	26
Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	25			230
Productivity and Reinvestment [Member]
Net operating revenues:
Productivity, integration and restructuring initiatives	31	10		71	71
Europe, Middle East & Africa
Net operating revenues:
Third Party	1,758	1,556		5,094	4,264
Intersegment	157	137		461	364
Revenues	1,915	1,693		5,555	4,628
Operating Income (Loss)	1,028	903		2,990	2,578
Income (loss) before income taxes	1,050	925		3,049	2,632
Identifiable operating assets	8,213	8,283		8,213	8,283	$ 8,098
Noncurrent investments	482	544		482	544	517
Europe, Middle East & Africa | Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	2	41		63	41
Europe, Middle East & Africa | Productivity and Reinvestment [Member]
Net operating revenues:
Restructuring Reserve, Accrual Adjustment		3			3
Latin America Segment
Net operating revenues:
Third Party	1,137	809		3,113	2,494
Intersegment	0	0		0	0
Revenues	1,137	809		3,113	2,494
Operating Income (Loss)	712	483		1,942	1,526
Income (loss) before income taxes	716	476		1,952	1,455
Identifiable operating assets	1,839	1,647		1,839	1,647	1,597
Noncurrent investments	606	577		606	577	603
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees					28
Equity Method Investment, Other than Temporary Impairment					38
Latin America Segment | Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives		22		11	22
North America Segment
Net operating revenues:
Third Party	3,478	3,087		9,793	8,583
Intersegment	1	1		4	3
Revenues	3,479	3,088		9,797	8,586
Operating Income (Loss)	868	727		2,610	1,603
Income (loss) before income taxes	630	738		2,405	1,623
Identifiable operating assets	19,118	19,983		19,118	19,983	19,444
Noncurrent investments	331	356		331	356	345
Business Exit Costs	273	25		308	69
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees					1
Asset Impairment Charges					55
Impairment of Intangible Assets (Excluding Goodwill)		0
North America Segment | Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	1	121		14	121
North America Segment | Operating Income (Loss) [Member]
Net operating revenues:
Business Exit Costs	7	23		42	48
North America Segment | Nonoperating Income (Expense) [Member]
Net operating revenues:
Business Exit Costs	266			266	21
Pacific
Net operating revenues:
Third Party	1,229	1,207		3,811	3,264
Intersegment	145	127		468	381
Revenues	1,374	1,334		4,279	3,645
Operating Income (Loss)	594	564		2,046	1,727
Income (loss) before income taxes	604	575		2,078	1,749
Identifiable operating assets	2,254	2,143		2,254	2,143	2,073
Noncurrent investments	238	236		238	236	240
Pacific | Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives		32		13	32
Global Ventures [Member]
Net operating revenues:
Third Party	753	513		2,030	1,381
Intersegment	0	0		0	0
Revenues	753	513		2,030	1,381
Operating Income (Loss)	114	(31)		215	(114)
Income (loss) before income taxes	116	(29)		221	(114)
Identifiable operating assets	7,784	7,453		7,784	7,453	7,575
Noncurrent investments	2	6		2	6	4
Bottling investments [Member]
Net operating revenues:
Third Party	1,663	1,474		5,292	4,392
Intersegment	2	1		7	4
Revenues	1,665	1,475		5,299	4,396
Operating Income (Loss)	81	55		314	130
Income (loss) before income taxes	462	398		1,201	762
Identifiable operating assets	10,213	9,851		10,213	9,851	10,521
Noncurrent investments	13,137	13,765		13,137	13,765	14,183
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	(18)	27		37	99
Corporate
Net operating revenues:
Third Party	24	6		58	25
Intersegment	1	0		1	0
Revenues	25	6		59	25
Operating Income (Loss)	(499)	(403)		(1,481)	(791)
Income (loss) before income taxes	(494)	(902)		(1,441)	(719)
Identifiable operating assets	22,004	28,237		22,004	28,237	17,903
Noncurrent investments	4,385	4,103		4,385	4,103	4,193
Tax litigation expense				14
Debt and Equity Securities, Gain (Loss)		13		341	(127)
Charges related to debt extinguishment		405		650	405
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees				(32)
Equity Method Investment, Realized Gain (Loss) on Disposal	63			63	18
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount					26
Corporate | Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	22	127		129	127
Corporate | Productivity and Reinvestment [Member]
Net operating revenues:
Productivity, integration and restructuring initiatives	31	13		71	74
Corporate | Operating Income (Loss) [Member] | Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	1	116		25	116
Eliminations
Net operating revenues:
Third Party	0	0		0	0
Intersegment	(306)	(266)		(941)	(752)
Revenues	(306)	(266)		(941)	(752)
Operating Income (Loss)	0	0		0	0
Income (loss) before income taxes	0	0		0	0
Identifiable operating assets	0	0		0	0	0
Noncurrent investments	0	0		0	0	$ 0
fairlife [Member] | Corporate
Net operating revenues:
Contingent Consideration Liability	$ 12	$ 18		263	47
Business Combination Remeasurement Gain			$ 902
Odwalla [Member] | North America Segment
Net operating revenues:
Impairment of Intangible Assets (Excluding Goodwill)					160
Odwalla [Member] | North America Segment | Operating Income (Loss) [Member]
Net operating revenues:
Business Exit Costs					$ 37
CCA
Net operating revenues:
Gain (Loss) on Disposition of Business				$ 695