The Coca-Cola Company (KO) 10-K 22 Feb 22 2021 FY Annual report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION Document - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jul. 02, 2021
Class of Stock [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 232,023,179,143
Entity Common Stock, Shares Outstanding		4,335,473,308
Entity Central Index Key	0000021344
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference	Portions of the Company’s Proxy Statement for the 2022 Annual Meeting of Shareowners are incorporated by reference in Part III.
Common Stock, $0.25 Par Value
Class of Stock [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
Class of Stock [Line Items]
Title of 12(b) Security	0.500% Notes Due 2024
Trading Symbol	KO24
Security Exchange Name	NYSE
1.875% Notes Due 2026
Class of Stock [Line Items]
Title of 12(b) Security	1.875% Notes Due 2026
Trading Symbol	KO26
Security Exchange Name	NYSE
0.750% Notes Due 2026
Class of Stock [Line Items]
Title of 12(b) Security	0.750% Notes Due 2026
Trading Symbol	KO26C
Security Exchange Name	NYSE
1.125% Notes Due 2027
Class of Stock [Line Items]
Title of 12(b) Security	1.125% Notes Due 2027
Trading Symbol	KO27
Security Exchange Name	NYSE
0.125% Notes Due 2029 KO29A
Class of Stock [Line Items]
Title of 12(b) Security	0.125% Notes Due 2029
Trading Symbol	KO29A
Security Exchange Name	NYSE
0.125% Notes Due 2029 KO29B
Class of Stock [Line Items]
Title of 12(b) Security	0.125% Notes Due 2029
Trading Symbol	KO29B
Security Exchange Name	NYSE
0.400% Notes Due 2030
Class of Stock [Line Items]
Title of 12(b) Security	0.400% Notes Due 2030
Trading Symbol	KO30B
Security Exchange Name	NYSE
1.250% Notes Due 2031
Class of Stock [Line Items]
Title of 12(b) Security	1.250% Notes Due 2031
Trading Symbol	KO31
Security Exchange Name	NYSE
0.375% Notes Due 2033
Class of Stock [Line Items]
Title of 12(b) Security	0.375% Notes Due 2033
Trading Symbol	KO33
Security Exchange Name	NYSE
0.500% Notes Due 2033
Class of Stock [Line Items]
Title of 12(b) Security	0.500% Notes Due 2033
Trading Symbol	KO33A
Security Exchange Name	NYSE
1.625% Notes Due 2035
Class of Stock [Line Items]
Title of 12(b) Security	1.625% Notes Due 2035
Trading Symbol	KO35
Security Exchange Name	NYSE
1.100% Notes Due 2036
Class of Stock [Line Items]
Title of 12(b) Security	1.100% Notes Due 2036
Trading Symbol	KO36
Security Exchange Name	NYSE
0.950% Notes Due 2036
Class of Stock [Line Items]
Title of 12(b) Security	0.950% Notes Due 2036
Trading Symbol	KO36A
Security Exchange Name	NYSE
0.800% Notes Due 2040
Class of Stock [Line Items]
Title of 12(b) Security	0.800% Notes Due 2040
Trading Symbol	KO40B
Security Exchange Name	NYSE
1.000% Notes Due 2041
Class of Stock [Line Items]
Title of 12(b) Security	1.000% Notes Due 2041
Trading Symbol	KO41
Security Exchange Name	NYSE

AUDIT INFORMATION

AUDIT INFORMATION	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Atlanta, Georgia
Auditor Firm ID	42

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Operating Revenues	$ 38,655	$ 33,014	$ 37,266
Cost of goods sold	15,357	13,433	14,619
Gross Profit	23,298	19,581	22,647
Selling, general and administrative expenses	12,144	9,731	12,103
Other operating charges	846	853	458
Operating Income	10,308	8,997	10,086
Interest income	276	370	563
Interest expense	1,597	1,437	946
Equity income (loss) — net	1,438	978	1,049
Other income (loss) — net	2,000	841	34
Income Before Income Taxes	12,425	9,749	10,786
Income taxes	2,621	1,981	1,801
Consolidated Net Income	9,804	7,768	8,985
Less: Net income (loss) attributable to noncontrolling interests	33	21	65
Net Income Attributable to Shareowners of The Coca-Cola Company	$ 9,771	$ 7,747	$ 8,920
Basic Net Income Per Share1	$ 2.26	$ 1.80	$ 2.09
Diluted Net Income Per Share1	$ 2.25	$ 1.79	$ 2.07
Average Shares Outstanding — Basic	4,315	4,295	4,276
Effect of dilutive securities	25	28	38
Average Shares Outstanding — Diluted	4,340	4,323	4,314

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Net Income	$ 9,804	$ 7,768	$ 8,985
Other comprehensive income
Net foreign currency translation adjustments	(699)	(911)	74
Net gains (losses) on derivatives	214	15	(54)
Net change in unrealized gains (losses) on available-for-sale debt securities	(90)	(47)	18
Net change in pension and other postretirement benefit liabilities	712	(267)	(159)
Total Comprehensive Income	9,941	6,558	8,864
Less: Comprehensive income (loss) attributable to noncontrolling interests	(101)	(132)	110
Total Comprehensive Income Attributable to Shareowners of The Coca-Cola Company	$ 10,042	$ 6,690	$ 8,754

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 9,684	$ 6,795
Short-term investments	1,242	1,771
Total Cash, Cash Equivalents and Short-Term Investments	10,926	8,566
Marketable securities	1,699	2,348
Trade accounts receivable, less allowances of $516 and $526, respectively	3,512	3,144
Inventories	3,414	3,266
Prepaid expenses and other current assets	2,994	1,916
Total Current Assets	22,545	19,240
Equity method investments	17,598	19,273
Other investments	818	812
Other noncurrent assets	6,731	6,184
Deferred income tax assets	2,129	2,460
Property, plant and equipment — net	9,920	10,777
Trademarks with indefinite lives	14,465	10,395
Goodwill	19,363	17,506
Other intangible assets	785	649
Total Assets	94,354	87,296
CURRENT LIABILITIES
Accounts payable and accrued expenses	14,619	11,145
Loans and notes payable	3,307	2,183
Current maturities of long-term debt	1,338	485
Accrued income taxes	686	788
Total Current Liabilities	19,950	14,601
Long-term debt	38,116	40,125
Other noncurrent liabilities	8,607	9,453
Deferred income tax liabilities	2,821	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	18,116	17,601
Reinvested earnings	69,094	66,555
Accumulated other comprehensive income (loss)	(14,330)	(14,601)
Treasury stock, at cost — 2,715 and 2,738 shares, respectively	(51,641)	(52,016)
Equity Attributable to Shareowners of The Coca-Cola Company	22,999	19,299
Equity attributable to noncontrolling interests	1,861	1,985
Total Equity	24,860	21,284
Total Liabilities and Equity	$ 94,354	$ 87,296

CONSOLIDATED BALANCE SHEETS BAL

CONSOLIDATED BALANCE SHEETS BALANCE SHEET PARENTHETICAL - USD ($) shares in Millions, $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 516	$ 526
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	2,715	2,738

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Consolidated Net Income	$ 9,804	$ 7,768	$ 8,985
Depreciation and amortization	1,452	1,536	1,365
Stock-based compensation expense	337	126	201
Deferred income taxes	894	(18)	(280)
Equity (income) loss — net of dividends	(615)	(511)	(421)
Foreign currency adjustments	86	(88)	91
Significant (gains) losses — net	(1,365)	(914)	(467)
Other operating charges	506	556	127
Other items	201	699	504
Net change in operating assets and liabilities	1,325	690	366
Net Cash Provided by Operating Activities	12,625	9,844	10,471
INVESTING ACTIVITIES
Purchases of investments	(6,030)	(13,583)	(4,704)
Proceeds from disposals of investments	7,059	13,835	6,973
Acquisitions of businesses, equity method investments and nonmarketable securities	(4,766)	(1,052)	(5,542)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities	2,180	189	429
Purchases of property, plant and equipment	(1,367)	(1,177)	(2,054)
Proceeds from disposals of property, plant and equipment	108	189	978
Other investing activities	51	122	(56)
Net Cash Provided by (Used in) Investing Activities	(2,765)	(1,477)	(3,976)
FINANCING ACTIVITIES
Issuances of debt	13,094	26,934	23,009
Payments of debt	(12,866)	(28,796)	(24,850)
Issuances of stock	702	647	1,012
Purchases of stock for treasury	(111)	(118)	(1,103)
Dividends	(7,252)	(7,047)	(6,845)
Other financing activities	(353)	310	(227)
Net Cash Provided by (Used in) Financing Activities	(6,786)	(8,070)	(9,004)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(159)	76	(72)
CASH AND CASH EQUIVALENTS
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the year	2,915	373	(2,581)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	7,110	6,737	9,318
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year	10,025	7,110	6,737
Restricted Cash and Restricted Cash Equivalents	341	315	257
Cash and cash equivalents	$ 9,684	$ 6,795	$ 6,480

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREOWNERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Total Equity Attributable To Shareowners Of The Coca-Cola Company	COMMON STOCK	CAPITAL SURPLUS	Reinvested Earnings	Reinvested EarningsCumulative Effect, Period of Adoption, Adjustment	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)Cumulative Effect, Period of Adoption, Adjustment	TREASURY STOCK	Equity Attributable To Noncontrolling Interests
Balance at beginning of year (in shares) at Dec. 31, 2018			4,268
Increase (Decrease) in Stockholders' Equity
Treasury stock issued to employees related to stock-based compensation plans			33
Purchases of stock for treasury			(21)
Balance at end of year (in shares) at Dec. 31, 2019			4,280
Balance at beginning of year at Dec. 31, 2018				$ 16,520	$ 63,234		$ (12,814)		$ (51,719)	$ 2,077
Increase (Decrease) in Stockholders' Equity
Stock issued to employees related to stock compensation plans				433					501
Stock-based compensation expense				201
Other activities				0
Net Income Attributable to Shareowners of The Coca-Cola Company	$ 8,920				8,920
Dividends (per share — $1.68, $1.64 and $1.60 in 2021, 2020 and 2019, respectively)					(6,845)
Net other comprehensive income (loss)		$ (166)					(166)
Purchases of treasury stock									(1,026)
Net income attributable to noncontrolling interests	65									65
Net foreign currency translation adjustments	74									45
Dividends paid to noncontrolling interests										(48)
Acquisition of interests held by noncontrolling owners										(84)
Contributions by noncontrolling interests										3
Net change in pension and other postretirement benefit liabilities										0
Business combinations										59
Balance at end of year at Dec. 31, 2019				17,154	65,855	$ 546	(13,544)	$ (564)	(52,244)	2,117
Common Stock			$ 1,760
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity Attributable to Parent		18,981
Treasury stock issued to employees related to stock-based compensation plans			22
Purchases of stock for treasury			0
Balance at end of year (in shares) at Dec. 31, 2020			4,302
Increase (Decrease) in Stockholders' Equity
Stock issued to employees related to stock compensation plans				307					228
Stock-based compensation expense				141
Other activities				(1)
Net Income Attributable to Shareowners of The Coca-Cola Company	7,747				7,747
Dividends (per share — $1.68, $1.64 and $1.60 in 2021, 2020 and 2019, respectively)					(7,047)
Net other comprehensive income (loss)		(1,057)					(1,057)
Purchases of treasury stock									0
Net income attributable to noncontrolling interests	21									21
Net foreign currency translation adjustments	(911)									(153)
Dividends paid to noncontrolling interests										(18)
Acquisition of interests held by noncontrolling owners										0
Contributions by noncontrolling interests										17
Net change in pension and other postretirement benefit liabilities										0
Business combinations										1
Balance at end of year at Dec. 31, 2020	21,284			17,601	66,555	0	(14,601)	0	(52,016)	1,985
Common Stock	1,760		$ 1,760
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity Attributable to Parent	19,299	19,299
Treasury stock issued to employees related to stock-based compensation plans			23
Purchases of stock for treasury			0
Balance at end of year (in shares) at Dec. 31, 2021			4,325
Increase (Decrease) in Stockholders' Equity
Stock issued to employees related to stock compensation plans				216					375
Stock-based compensation expense				299
Other activities				0
Net Income Attributable to Shareowners of The Coca-Cola Company	9,771				9,771
Dividends (per share — $1.68, $1.64 and $1.60 in 2021, 2020 and 2019, respectively)					(7,251)
Net other comprehensive income (loss)		271					271
Purchases of treasury stock									0
Net income attributable to noncontrolling interests	33									33
Net foreign currency translation adjustments	(699)									(132)
Dividends paid to noncontrolling interests										(43)
Acquisition of interests held by noncontrolling owners										0
Contributions by noncontrolling interests										20
Net change in pension and other postretirement benefit liabilities										(2)
Business combinations										0
Balance at end of year at Dec. 31, 2021	24,860			$ 18,116	$ 69,094	$ 19	$ (14,330)	$ 0	$ (51,641)	$ 1,861
Common Stock	1,760		$ 1,760
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity Attributable to Parent	$ 22,999	$ 22,999

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREOWNERS' EQUITY SHAREOWNERS' EQUITY PARENTHETICAL - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 1.68	$ 1.64	$ 1.60

BUSINESS AND SUMMARY OF SIGNIFI

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 consolidated financial statements. Description of Business The Coca-Cola Company is a total beverage company. We own or license and market numerous beverage brands, which we group into the following categories: Trademark Coca-Cola; sparkling flavors; hydration, sports, coffee and tea; nutrition, juice, dairy and plant-based beverages; and emerging beverages. We own and market five of the world’s top six nonalcoholic sparkling soft drink brands: Coca-Cola, Sprite, Fanta, Diet Coke and Coca-Cola Zero Sugar. Finished beverage products bearing our trademarks, sold in the United States since 1886, are now sold in more than 200 countries and territories. We make our branded beverage products available to consumers throughout the world through our network of independent bottling partners, distributors, wholesalers and retailers as well as the Company’s consolidated bottling and distribution operations. Beverages bearing trademarks owned by or licensed to us account for 2.1 billion of the approximately 63 billion servings of all beverages consumed worldwide every day. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements and accompanying notes. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result. Principles of Consolidation Our Company consolidates all entities that we control by ownership of a majority voting interest. Additionally, there are situations in which consolidation is required even though the usual condition of consolidation (ownership of a majority voting interest) does not apply. Generally, this occurs when an entity holds an interest in another business enterprise that was achieved through arrangements that do not involve voting interests, which results in a disproportionate relationship between such entity’s voting interests in, and its exposure to the economic risks and potential rewards of, the other business enterprise. This disproportionate relationship results in what is known as a variable interest, and the entity in which we have the variable interest is referred to as a “VIE.” An enterprise must consolidate a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Our Company holds interests in certain VIEs, primarily bottling operations, for which we were not determined to be the primary beneficiary. Our variable interests in these VIEs primarily relate to equity investments, profit guarantees or subordinated financial support. Refer to Note 11. Although these financial arrangements resulted in our holding variable interests in these entities, they did not empower us to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance. Our Company’s investments, plus any loans and guarantees, and other subordinated financial support related to these VIEs totaled $1,980 million and $2,567 million as of December 31, 2021 and 2020, respectively, representing our maximum exposures to loss. The Company’s investments, plus any loans and guarantees, related to these VIEs were not individually significant to the Company’s consolidated financial statements. In addition, our Company holds interests in certain VIEs, primarily bottling operations, for which we were determined to be the primary beneficiary. As a result, we have consolidated these entities. Our Company’s investments, plus any loans and guarantees, related to these VIEs totaled $103 million and $74 million as of December 31, 2021 and 2020, respectively, representing our maximum exposures to loss. The assets and liabilities of VIEs for which we are the primary beneficiary were not significant to the Company’s consolidated financial statements. Creditors of our VIEs do not have recourse against the general credit of the Company, regardless of whether they are accounted for as consolidated entities. We use the equity method to account for investments in companies if our investment provides us with the ability to exercise significant influence over operating and financial policies of the investee. Our consolidated net income includes our Company’s proportionate share of the net income or loss of these companies. Our judgment regarding the level of influence over each equity method investee includes considering key factors such as our ownership interest, representation on the board of directors, participation in policy-making decisions, other commercial arrangements and material intercompany transactions. We eliminate from our financial results all significant intercompany transactions, including the intercompany transactions with consolidated VIEs and the intercompany portion of transactions with equity method investees. Revenue Recognition Our Company recognizes revenue when performance obligations under the terms of the contracts with our customers are satisfied. Our performance obligation generally consists of the promise to sell concentrates, syrups or finished products to our bottling partners, wholesalers, distributors or retailers. Refer to Note 3. Advertising Costs Our Company expenses 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. Advertising costs included in the line item selling, general and administrative expenses in our consolidated statements of income were $4 billion, $3 billion and $4 billion in 2021, 2020 and 2019, respectively. As of December 31, 2021 and 2020, advertising and production costs of $57 million and $83 million, respectively, were primarily recorded in the line item prepaid expenses and other current assets in our consolidated balance sheets. Shipping and Handling Costs Shipping and handling costs related to the movement of goods from our manufacturing locations to our sales distribution centers are included in the line item cost of goods sold in our consolidated statement of income. Shipping and handling costs incurred to move goods from our manufacturing locations or sales distribution centers to our customers are also included in the line item cost of goods sold in our consolidated statement of income, except for costs incurred to distribute goods sold by our consolidated bottlers to our customers, which are included in the line item selling, general and administrative expenses in our consolidated statement of income. Our customers generally do not pay us separately for shipping and handling costs. We recognize the cost of shipping and handling activities that are performed after a customer obtains control of the goods as costs to fulfill our promise to provide goods to the customer. As a result of this election, the Company does not evaluate whether shipping and handling activities are services promised to customers. If revenue is recognized for the related goods before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued. Sales, Use, Value-Added and Excise Taxes The Company collects taxes imposed directly on its customers related to sales, use, value-added, excise and other similar taxes. The Company then remits such taxes on behalf of its customers to the applicable governmental authorities. We exclude from net operating revenues the tax amounts imposed on revenue-producing transactions that were collected from our customers to be remitted to governmental authorities. Accordingly, such tax amounts are recorded in the line item trade accounts receivable in our consolidated balance sheet when collection of taxes from the customer has not yet occurred and are recorded in the line item accounts payable and accrued expenses in our consolidated balance sheet until they are remitted to the applicable governmental authorities. Taxes imposed directly on the Company, whether based on receipts from sales, inventory procurement costs or manufacturing activities, are recorded in the line item cost of goods sold in our consolidated statement of income. Net Income Per Share Basic net income per share is computed by dividing net income attributable to shareowners of The Coca-Cola Company by the weighted-average number of common shares outstanding during the reporting period. Diluted net income per share is computed similarly to basic net income per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. Approximately 6 million stock options were excluded from the computation of diluted net income per share in both 2021 and 2020 because the stock options would have been antidilutive. The number of stock options excluded from the computation of diluted net income per share in 2019 was insignificant. 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 noncurrent assets on 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 table provides a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in our consolidated statements of cash flows (in millions): December 31, 2021 2020 2019 Cash and cash equivalents $ 9,684 $ 6,795 $ 6,480 Restricted cash and restricted cash equivalents included in other noncurrent assets 1,2 341 315 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 10,025 $ 7,110 $ 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. 2 As of December 31, 2021, restricted cash and restricted cash equivalents includes amounts related to assets held for sale. Refer to Note 2. Short-Term Investments We classify time deposits and other investments that have maturities of greater than three months but less than one year as short-term investments. Investments in Equity and Debt Securities We measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value with the change in fair value included in net income. We use quoted market prices to determine the fair value of equity securities with readily determinable fair values. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Management assesses each of these investments on an individual basis. Our investments in debt securities are carried at either amortized cost or fair value. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Refer to Note 4 for additional information on our policy for investments, which includes our assessment of impairments. Trade Accounts Receivable We record trade accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any expected loss on the trade accounts receivable balances and charged to the provision for doubtful accounts. We calculate this allowance based on available relevant information, in addition to historical loss information, the level of past-due accounts based on the contractual terms of the receivables, and our relationships with, and the economic status of, our bottling partners and customers. We believe our exposure to concentrations of credit risk is limited due to the diverse geographic areas covered by our operations. In the fourth quarter of 2020, the Company started a trade accounts receivable factoring program in certain countries. Under this program we can elect to sell trade accounts receivables to unaffiliated financial institutions at a discount. In these factoring arrangements, for ease of administration, the Company collects customer payments related to the factored receivables and remits those payments to the financial institutions. The Company sold $6,266 million and $185 million of trade accounts receivables under this program during the years ended December 31, 2021 and 2020, respectively, and the costs of factoring such receivables were not material. The Company accounts for this program as a sale, and accordingly, the trade receivables sold are excluded from trade accounts receivable on our consolidated balance sheet. The cash received from the financial institutions is classified within the operating activities section in our consolidated statement of cash flows. Inventories Inventories consist primarily of raw materials and packaging (which include ingredients and supplies) and finished goods (which include concentrates and syrups in our concentrate operations and finished beverages in our finished product operations). Inventories are valued at the lower of cost or net realizable value. We determine cost on the basis of the average cost or first-in, first-out methods. Inventories consisted of the following (in millions): December 31, 2021 2020 Raw materials and packaging $ 2,133 $ 2,106 Finished goods 982 791 Other 299 369 Total inventories $ 3,414 $ 3,266 Derivative Instruments When deemed appropriate, our Company uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments are foreign currency exchange rate risk, commodity price risk and interest rate risk. All derivatives are carried at fair value in our consolidated balance sheet in the following line items, as applicable: prepaid expenses and other current assets; other noncurrent assets; accounts payable and accrued expenses; and other noncurrent liabilities. The cash flow impact of the Company’s derivative instruments is primarily included in our consolidated statement of cash flows in net cash provided by operating activities. Refer to Note 5. Leases We determine if a contract contains a lease at its inception based on whether or not the Company has the right to control the asset during the contract period and other facts and circumstances. We are the lessee in a lease contract when we obtain the right to control the asset. Operating lease right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and are included in the line item other noncurrent assets on our consolidated balance sheet. Operating lease liabilities represent our obligation to make lease payments arising from the lease and are included in the line items accounts payable and accrued expenses and other noncurrent liabilities on our consolidated balance sheet. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on our consolidated balance sheet and are expensed on a straight-line basis over the lease term in our consolidated statement of income. When determining the lease term, we include renewal or termination options that we are reasonably certain to exercise. As most of our leases do not provide an implicit interest rate, we use our local incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. When our contracts contain lease and non-lease components, we account for both components as a single lease component. Refer to Note 9. We have various contracts for certain fountain equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material. Property, Plant and Equipment Property, plant and equipment are stated at cost. Repair and maintenance costs that do not improve service potential or extend economic life are expensed as incurred. Depreciation is recorded principally by the straight-line method over the estimated useful lives of our assets, which are reviewed periodically and generally have the following ranges: buildings and improvements: 40 years or less; and machinery and equipment: 20 years or less. Land is not depreciated, and construction in progress is not depreciated until ready for service. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term, including renewal options that we are reasonably certain to exercise, or the estimated useful life of the improvement. Depreciation is not recorded during the period in which a long-lived asset or disposal group is classified as held for sale, even if the asset or disposal group continues to generate revenue during the period. Depreciation expense, including the depreciation expense of assets under finance leases, totaled $1,262 million, $1,301 million and $1,208 million in 2021, 2020 and 2019, respectively. Amortization expense for leasehold improvements totaled $15 million, $18 million and $18 million in 2021, 2020 and 2019, respectively. The following table summarizes our property, plant and equipment (in millions): December 31, 2021 2020 Land $ 652 $ 676 Buildings and improvements 4,349 4,782 Machinery and equipment 13,861 14,242 Property, plant and equipment — cost 18,862 19,700 Less: Accumulated depreciation 8,942 8,923 Property, plant and equipment — net $ 9,920 $ 10,777 Certain events or changes in circumstances may indicate that the recoverability of the carrying amount of property, plant and equipment should be assessed, including, among others, a significant decrease in market value, a significant change in the business climate in a particular market, or a current period operating or cash flow loss combined with historical losses or projected future losses. When such events or changes in circumstances are present and a recoverability test is performed, we estimate the future cash flows expected to result from the use of the asset or asset group and its eventual disposition. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment charge. The impairment charge recognized is the amount by which the carrying amount of the asset or asset group exceeds the fair value. We use a variety of methodologies to determine the fair value of property, plant and equipment, including appraisals and discounted cash flow models. These appraisals and models include assumptions we believe are consistent with those a market participant would use. Goodwill, Trademarks and Other Intangible Assets We classify intangible assets into three categories: (1) intangible assets with definite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization and (3) goodwill. We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, the Company’s long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized, primarily on a straight-line basis, over their useful lives, generally less than 20 years. Refer to Note 7. When events or circumstances indicate that the carrying value of definite-lived intangible assets may not be recoverable, management performs a recoverability test of the carrying value by preparing estimates of sales volume and the resulting profit and cash flows expected to result from the use of the asset or asset group and its eventual disposition. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment charge. The impairment charge recognized is the amount by which the carrying amount of the asset or asset group exceeds the fair value. We use a variety of methodologies to determine the fair value of these assets, including discounted cash flow models, which include assumptions we believe are consistent with those a market participant would use. We test intangible assets determined to have indefinite useful lives, including trademarks, franchise rights and goodwill, for impairment annually, or more frequently if events or circumstances indicate that assets might be impaired. Our Company performs these annual impairment tests as of the first day of our third fiscal quarter. We use a variety of methodologies in conducting impairment tests of indefinite-lived intangible assets, including, but not limited to, discounted cash flow models, which include assumptions we believe are consistent with those a market participant would use. For indefinite-lived intangible assets, other than goodwill, if the carrying amount exceeds the fair value, an impairment charge is recognized in an amount equal to that excess. The Company has the option to perform a qualitative assessment of indefinite-lived intangible assets, other than goodwill, rather than completing the impairment test. The Company must assess whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount. If the Company concludes that this is the case, it must perform the impairment testing described above. Otherwise, the Company does not need to perform any further assessment. We perform impairment tests of goodwill at our reporting unit level, which is generally one level below our operating segments. Our operating segments are primarily based on geographic responsibility, which is consistent with the way management runs our business. Our geographic operating segments are generally subdivided into smaller geographic regions. These geographic regions are our reporting units. Our Global Ventures operating segment includes the results of our Costa Limited (“Costa”), innocent and doğadan businesses as well as fees earned pursuant to distribution coordination agreements between the Company and Monster Beverage Corporation (“Monster”), each of which is its own reporting unit. The Bottling Investments operating segment includes all of our consolidated bottling operations, regardless of geographic location. Generally, each consolidated bottling operation within our Bottling Investments operating segment is its own reporting unit. Goodwill is assigned to the reporting unit or units that benefit from the synergies arising from each business combination. In order to test for goodwill impairment, the Company compares the fair value of the reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is less than its carrying amount, goodwill is written down for the amount by which the carrying amount exceeds the fair value. However, the impairment charge recognized cannot exceed the carrying amount of goodwill. We typically use discounted cash flow models to determine the fair value of a reporting unit. The assumptions used in these models are consistent with those we believe a market participant would use. The Company has the option to perform a qualitative assessment of goodwill in order to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company concludes that this is the case, it must perform the impairment testing discussed above. Otherwise, the Company does not need to perform any further assessment. Impairment charges related to intangible assets, including goodwill, are generally recorded in the line item other operating charges or, to the extent they relate to equity method investees, in the line item equity income (loss) — net in our consolidated statement of income. Contingencies Our Company is involved in various legal proceedings and tax matters. Due to their nature, such legal proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions. Management assesses the probability of loss for such contingencies and accrues a liability and/or discloses the relevant circumstances, as appropriate. Refer to Note 11. Stock-Based Compensation Our Company grants long-term equity awards under its stock-based compensation plans to certain employees of the Company. These awards include stock options, performance share units, restricted stock and restricted stock units. The fair value of stock option grants is estimated on the grant date using a Black-Scholes-Merton option-pricing model. The Company recognizes compensation expense on a straight-line basis over the period the stock option award is earned by the employee, which is generally four years. The fair value of restricted stock, restricted stock units and certain performance share units is the closing market price per share of the Company’s stock on the grant date less the present value of the expected dividends not received during the vesting period. The Company included a relative total shareowner return (“TSR”) modifier for most performance share unit awards granted from 2014 through 2017 as well as for performance share unit awards granted to executives from 2018 through 2021. For these awards, the number of performance share units earned based on the certified achievement of the predefined performance criteria will be reduced or increased if the Company’s total shareowner return over the performance period relative to a predefined compensation comparator group of companies fell outside of a predefined range. The fair value of performance share units that include a TSR modifier is determined using a Monte Carlo valuation model. In the reporting period it becomes probable that the minimum performance threshold specified in the performance share unit award will be achieved, we recognize compensation expense for the proportionate share of the total fair value of the performance share units related to the vesting period that has already lapsed for the performance share units expected to vest. The remaining fair value of the performance share units expected to vest is expensed on a straight-line basis over the remainder of the vesting period. In the event the Company determines it is no longer probable that the minimum performance threshold specified in the award will be achieved, we reverse all of the previously recognized compensation expense in the reporting period such a determination is made. The Company has made a policy election to estimate the number of stock-based compensation awards that will ultimately vest to determine the amount of compensation expense recognized each reporting period. Forfeiture estimates are trued-up at the end of the vesting period in order to ensure that compensation expense is recognized only for those awards that ultimately vest. Refer to Note 12. Income Taxes Income tax expense includes U.S., state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the book basis and the tax basis of assets and liabilities. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. 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 or when a tax assessment is raised. The number of years subject to tax assessments varies depending on the tax jurisdiction. The tax benefit that has been previously reserved because of a failure to meet the “more likely than not” recognition threshold would be recognized in income tax expense in the first interim period when the uncertainty disappears under any one of the following conditions: (1) the tax position is “more likely than not” to be sustained, (2) the tax position, amount, and/or timing is ultimately settled through negotiation or litigation, or (3) the statute of limitations for the tax position has expired. Refer to Note 11 and Note 14. Translation and Remeasurement We translate the assets and liabilities of our foreign subsidiaries from their respective functional currencies to U.S. dollars at the appropriate spot rates as of the balance sheet date. Generally, our foreign subsidiaries use the local currency as their functional currency. Changes in the carrying values of these assets and liabilities attributable to fluctuations in spot rates are recognized in net foreign currency translation adjustments, a component of accumulated other comprehensive income (loss) (“AOCI”). Refer to Note 15. Accounts in our consolidated statement of income are translated using the monthly average exchange rates during the year. Monetary assets and liabilities denominated in a currency that is different from a reporting entity’s functional currency must first be remeasured from the applicable currency

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Acquisitions During 2021, our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $4,766 million, which primarily related to the acquisition of the remaining ownership interest in BA Sports Nutrition, LLC (“BodyArmor”). During 2020, our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $1,052 million, which primarily related to the acquisition of the remaining ownership interest in fairlife, LLC (“fairlife”). During 2019, our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $5,542 million, which primarily related to the acquisitions of Costa, the remaining ownership interest in C.H.I. Limited (“CHI”) and controlling interests in bottling operations in Zambia, Kenya and Eswatini. BA Sports Nutrition, LLC In November 2021, the Company acquired the remaining 85 percent ownership interest in, and now owns 100 percent of, BodyArmor, which offers a line of sports performance and hydration beverages in the United States. We acquired the remaining ownership interest in exchange for approximately $5,600 million of cash, of which $4,745 million was paid at close, net of cash acquired. The purchase price reflected the contractual discount included in the purchase option we obtained with our initial investment in 2018. The remaining $860 million of the purchase price was held back related to indemnification obligations, of which $540 million was included in the line item accounts payable and accrued expenses and $320 million was included in the line item other noncurrent liabilities in our consolidated balance sheet. Upon consolidation, we recognized a gain of $834 million resulting from the remeasurement of our previously held equity interest in BodyArmor 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 consolidated statement of income. As of December 31, 2021, $4.2 billion of the purchase price was preliminarily allocated to the BodyArmor trademark and $2.2 billion was preliminarily allocated to goodwill, of which $1.2 billion is tax deductible. The goodwill recognized as part of this acquisition is primarily related to the synergistic value created from leveraging the capabilities, assets and scale of the Company and the opportunity for international expansion. It also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce. Of the total amount preliminarily allocated to goodwill, $1.9 billion has been assigned to the North America operating segment and $0.3 billion has been assigned to our other geographic operating segments. The preliminary allocation of the purchase price is subject to refinement when valuations are finalized. As of December 31, 2021, the valuations that have not been finalized primarily relate to other intangible assets and operating lease ROU assets and operating lease liabilities. The final purchase price allocation will be completed no later than the fourth quarter of 2022. 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 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 years ended December 31, 2021 and 2020, we recorded charges of $369 million and $51 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 consolidated statements of income. During the year ended December 31, 2021, we made the first milestone payment of $100 million based on fairlife meeting its financial targets in 2020. Costa Limited In January 2019, the Company acquired Costa in exchange for $4.9 billion of cash, net of cash acquired. Costa is a coffee business with retail stores in more than 30 countries, the Costa Express vending system and a state-of-the-art roastery. We believe this acquisition will allow us to increase our presence in the hot beverage market, as Costa has a scalable platform across multiple formats and channels, including opportunities to introduce ready-to-drink products. Upon finalization of purchase accounting, $2.4 billion of the purchase price was allocated to the Costa trademark and $2.5 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 as well as our ability to market and distribute Costa in ready-to-drink form throughout our bottling system. 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 Global Ventures operating segment, except for $108 million which was assigned to the Europe, Middle East and Africa operating segment. C.H.I. Limited In January 2019, the Company acquired the remaining 60 percent ownership interest in CHI, a Nigerian producer of value-added dairy and juice beverages and iced tea, in exchange for $257 million of cash, net of cash acquired, under the terms of the agreement for our original investment in CHI. Upon consolidation, we recognized a net loss of $118 million, which included the remeasurement of our previously held equity interest in CHI to fair value and the reversal of the related cumulative translation adjustments. The fair value of our previously held equity investment was determined using a discounted cash flow model based on Level 3 inputs. The net loss was recorded in the line item other income (loss) — net in our consolidated statement of income. Divestitures During 2021, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $2,180 million, which primarily related to the sale of 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. Also included were the sale of our ownership interest in an equity method investee and the sale of a portion of our ownership interest in another equity method investee. We received cash proceeds of $293 million and recognized a net gain of $114 million as a result of these sales. During 2020, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $189 million, which primarily related to the sale of our ownership interest in Piedmont Coca-Cola Bottling Partnership to Coca-Cola Consolidated, Inc., an equity method investee. We received cash proceeds of $100 million and recognized a net loss of $2 million as a result of this sale. Also included were the sale of our ownership interest in an equity method investee and the sale of a portion of our ownership interest in another equity method investee. We received cash proceeds of $62 million and recognized a net gain of $35 million as a result of these sales. During 2019, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $429 million, which primarily related to the sale of a portion of our ownership interest in Embotelladora Andina S.A. (“Andina”) and the refranchising of certain of our bottling operations in India. As a result of these transactions, we recognized gains of $39 million and $73 million, respectively. We continue to account for our remaining ownership interest in Andina as an equity method investment as a result of our representation on Andina’s Board of Directors and other governance rights. Coca-Cola Beverages Africa Proprietary Limited Due to the Company’s original intent to refranchise Coca-Cola Beverages Africa Proprietary Limited (“CCBA”), it was accounted for as held for sale and as a discontinued operation from October 2017 through the first quarter of 2019. Additionally, CCBA’s property, plant and equipment was not depreciated and its definite-lived intangible assets were not amortized during this period. While the Company had discussions with a number of potential partners throughout the period CCBA was held for sale, during the second quarter of 2019 the Company updated its plans with the intent to maintain its controlling stake in CCBA, which resulted in CCBA no longer qualifying as held for sale or as a discontinued operation. As a result of this change, we recorded a $160 million adjustment to reduce the carrying value of CCBA’s property, plant and equipment and definite-lived intangible assets by an additional $34 million and $126 million, respectively, to reflect additional depreciation and amortization that would have been recognized during the period CCBA was held for sale. This adjustment was recorded in the line item other income (loss) — net in our consolidated statement of income. Assets and Liabilities Held for Sale As of December 31, 2021, the Company had certain bottling operations in Asia Pacific that met the criteria to be classified as held for sale. As a result, we were required to record their assets and liabilities at the lower of carrying value or fair value less any costs to sell. As the fair value less any costs to sell exceeded the carrying value, the related assets and liabilities were recorded at their carrying value. These assets and liabilities were included in the Bottling Investments operating segment. The Company expects these bottling operations to be refranchised during 2022. The following table presents information related to the major classes of assets and liabilities that were classified as held for sale and were included in the line items prepaid expenses and other current assets and accounts payable and accrued expenses, respectively, in our consolidated balance sheet (in millions): December 31, 2021 Cash, cash equivalents and short-term investments $ 228 Trade accounts receivable, less allowances 21 Inventories 55 Prepaid expenses and other current assets 36 Other noncurrent assets 9 Deferred income tax assets 6 Property, plant and equipment — net 282 Goodwill 37 Assets held for sale $ 674 Accounts payable and accrued expenses $ 139 Accrued income taxes 4 Other noncurrent liabilities 9 Deferred income tax liabilities 5 Liabilities held for sale $ 157

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION Our Company markets, manufactures and sells: • beverage concentrates, sometimes referred to as “beverage bases,” and syrups, including fountain syrups (we refer to this part of our business as our “concentrate operations”); and • finished sparkling soft drinks and other beverages (we refer to this part of our business as our “finished product operations”). Generally, finished product operations generate higher net operating revenues but lower gross profit margins than concentrate operations. Our concentrate operations typically generate net operating revenues by selling concentrates, syrups and certain finished beverages to authorized bottling operations (to which we typically refer as our “bottlers” or our “bottling partners”). Our bottling partners either combine concentrates with still or sparkling water and sweeteners (depending on the product), or combine syrups with still or sparkling water, to produce finished beverages. The finished beverages are packaged in authorized containers, such as cans and refillable and nonrefillable glass and plastic bottles, bearing our trademarks or trademarks licensed to us and are then sold to retailers directly or, in some cases, through wholesalers or other bottlers. In addition, outside the United States, our bottling partners are typically authorized to manufacture fountain syrups, using our concentrates, which they sell to fountain retailers for use in producing beverages for immediate consumption, or to authorized fountain wholesalers who in turn sell and distribute the fountain syrups to fountain retailers. Our concentrate operations are included in our geographic operating segments and our Global Ventures operating segment. Our finished product operations generate net operating revenues by selling sparkling soft drinks and a variety of other finished beverages to retailers, or to distributors and wholesalers who in turn sell the beverages to retailers. These operations consist primarily of our consolidated bottling and distribution operations, which are included in our Bottling Investments operating segment. In certain markets, the Company also operates non-bottling finished product operations in which we sell finished beverages to distributors and wholesalers that are generally not one of the Company’s bottling partners. These operations are generally included in one of our geographic operating segments or our Global Ventures operating segment. Additionally, we sell directly to consumers through retail stores operated by Costa. These sales are included in our Global Ventures operating segment. In the United States, we manufacture fountain syrups and sell them to fountain retailers, who use the fountain syrups to produce beverages for immediate consumption, or to authorized fountain wholesalers or bottling partners who in turn sell the fountain syrups to fountain retailers. These fountain syrup sales are included in our North America operating segment. Revenue is recognized when performance obligations under the terms of the contracts with our customers are satisfied. Our performance obligation generally consists of the promise to sell concentrates, syrups or finished products to our bottling partners, wholesalers, distributors or retailers. Control of the concentrates, syrups or finished products is transferred upon shipment to, or receipt at, our customers’ locations, as determined by the specific terms of the contract. Upon transfer of control to the customer, which completes our performance obligation, revenue is recognized. Our sales terms generally do not allow for a right of return except for matters related to any manufacturing defects on our part. After completion of our performance obligation, we have an unconditional right to consideration as outlined in the contract. Our receivables will generally be collected in less than six months, in accordance with the underlying payment terms. All of our performance obligations under the terms of contracts with our customers have an original duration of one year or less. Our customers and bottling partners may be entitled to cash discounts, funds for promotional and marketing activities, volume-based incentive programs, support for infrastructure programs and other similar programs. In most markets, in an effort to allow our Company and our bottling partners to grow together through shared value, aligned financial objectives and the flexibility necessary to meet consumers’ always changing needs and tastes, we have implemented an incidence-based concentrate pricing model. Under this model, the price we charge bottlers for concentrates they use to prepare and package finished products is impacted by a number of factors, including, but not limited to, the prices charged by the bottlers for such finished products, the channels in which they are sold, and package mix. The amounts associated with the arrangements described above represent variable consideration, an estimate of which is included in the transaction price as a component of net operating revenues in our consolidated statement of income upon completion of our performance obligations. The total revenue recorded, including any variable consideration, cannot exceed the amount for which it is probable that a significant reversal will not occur when uncertainties related to variability are resolved. As a result, we are recognizing revenue based on our faithful depiction of the consideration that we expect to receive. In making our estimates of variable consideration, we consider past results and make significant assumptions related to: (1) customer sales volumes; (2) customer ending inventories; (3) customer selling price per unit; (4) selling channels; and (5) discount rates, rebates and other pricing allowances, as applicable. In gathering data to estimate our variable consideration, we generally calculate our estimates using a portfolio approach at the country and product line level rather than at the individual contract level. The result of making these estimates will impact the line items trade accounts receivable and accounts payable and accrued expenses in our consolidated balance sheet. The actual amounts ultimately paid and/or received may be different from our estimates. The change in the amount of variable consideration recognized during the year ended December 31, 2021 related to performance obligations satisfied in prior periods was immaterial. The following table presents net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Year Ended December 31, 2021 Concentrate operations $ 6,551 $ 15,248 $ 21,799 Finished product operations 6,459 10,397 16,856 Total $ 13,010 $ 25,645 $ 38,655 Year Ended December 31, 2020 Concentrate operations $ 5,443 $ 13,139 $ 18,582 Finished product operations 5,838 8,594 14,432 Total $ 11,281 $ 21,733 $ 33,014 Year Ended December 31, 2019 Concentrate operations $ 5,252 $ 15,247 $ 20,499 Finished product operations 6,463 10,304 16,767 Total $ 11,715 $ 25,551 $ 37,266 Refer to Note 19 for additional revenue disclosures by operating segment and Corporate.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	INVESTMENTS We measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value with the change in fair value included in net income. We use quoted market prices to determine the fair values of equity securities with readily determinable fair values. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Management assesses each of these investments on an individual basis. Our investments in debt securities are carried at either amortized cost or fair value. The cost basis is determined by the specific identification method. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on trading debt securities as well as realized gains and losses on available-for-sale debt securities are included in net income. Unrealized gains and losses, net of tax, on available-for-sale debt securities are included in our consolidated balance sheet as a component of AOCI, except for the changes in fair values attributable to the currency risk being hedged, if applicable, which are included in net income. Refer to Note 5 for additional information related to the Company’s fair value hedges of available-for-sale debt securities. Equity securities with readily determinable fair values that are not accounted for under the equity method and debt securities classified as trading are not assessed for impairment, since they are carried at fair value with the change in fair value included in net income. Equity method investments, equity securities without readily determinable fair values and debt securities classified as available-for-sale or held-to-maturity are reviewed each reporting period to determine whether a significant event or change in circumstances has occurred that may have an adverse effect on the fair value of each investment. When such events or changes occur, we evaluate the fair value compared to our cost basis in the investment. We also perform this evaluation every reporting period for each investment for which our cost basis has exceeded the fair value. The fair values of most of our Company’s investments in publicly traded companies are often readily available based on quoted market prices. For investments in nonpublicly traded companies, management’s assessment of fair value is based on valuation methodologies including discounted cash flows, estimates of sales proceeds and appraisals, as appropriate. We consider the assumptions that we believe a market participant would use in evaluating estimated future cash flows when employing the discounted cash flow or estimates of sales proceeds valuation methodologies. The ability to accurately predict future cash flows, especially in emerging and developing markets, may impact the determination of fair value. In the event the fair value of an investment declines below our cost basis, management is required to determine if the decline in fair value is other than temporary. If management determines the decline is other than temporary, an impairment charge is recorded. Management’s assessment as to the nature of a decline in fair value is based on, among other things, the length of time and the extent to which the market value has been less than our cost basis; the financial condition and near-term prospects of the issuer; and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value. Equity Securities The carrying values of our equity securities were included in the following line items in our consolidated balance sheets (in millions): Fair Value with Changes Recognized in Income Measurement Alternative — December 31, 2021 Marketable securities $ 376 $ — Other investments 771 47 Other noncurrent assets 1,576 — Total equity securities $ 2,723 $ 47 December 31, 2020 Marketable securities $ 330 $ — Other investments 762 50 Other noncurrent assets 1,282 — Total equity securities $ 2,374 $ 50 The calculation of net unrealized gains and losses recognized during the year related to equity securities still held at the end of the year is as follows (in millions): Year Ended December 31, 2021 2020 Net gains (losses) recognized during the year related to equity securities $ 509 $ 146 Less: Net gains (losses) recognized during the year related to equity securities sold during the year 71 (22) Net unrealized gains (losses) recognized during the year related to equity securities still held at the end of the year $ 438 $ 168 Debt Securities Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Fair Value Cost Gains Losses December 31, 2021 Trading securities $ 39 $ 1 $ — $ 40 Available-for-sale securities 1,648 33 (132) 1,549 Total debt securities $ 1,687 $ 34 $ (132) $ 1,589 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 consolidated balance sheets (in millions): December 31, 2021 December 31, 2020 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Marketable securities $ 40 $ 1,283 $ 38 $ 1,980 Other noncurrent assets — 266 — 285 Total debt securities $ 40 $ 1,549 $ 38 $ 2,265 The contractual maturities of these available-for-sale debt securities as of December 31, 2021 were as follows (in millions): Cost Estimated Within 1 year $ 28 $ 28 After 1 year through 5 years 1,355 1,241 After 5 years through 10 years 88 98 After 10 years 177 182 Total $ 1,648 $ 1,549 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): Year Ended December 31, 2021 2020 2019 Gross gains $ 6 $ 20 $ 39 Gross losses (10) (13) (8) Proceeds 1,197 1,559 3,956 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 $1,670 million and $1,389 million as of December 31, 2021 and 2020, respectively, which were classified in the line item other noncurrent assets in our consolidated balance sheets because the assets are not available to satisfy our current obligations.

HEDGING TRANSACTIONS AND DERIVA

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS	HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as “market risks.” When deemed appropriate, our Company uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative and non-derivative financial instruments are foreign currency exchange rate risk, commodity price risk and interest rate risk. The Company uses various types of derivative instruments including, but not limited to, forward contracts, commodity futures contracts, option contracts, collars and swaps. Forward contracts and commodity futures contracts are agreements to buy or sell a quantity of a currency or commodity at a predetermined future date and at a predetermined rate or price. An option contract is an agreement that conveys the purchaser the right, but not the obligation, to buy or sell a quantity of a currency or commodity at a predetermined rate or price during a period or at a time in the future. A collar is a strategy that uses a combination of options to limit the range of possible positive or negative returns on an underlying asset or liability to a specific range, or to protect expected future cash flows. To do this, an investor simultaneously buys a put option and sells (writes) a call option, or alternatively buys a call option and sells (writes) a put option. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. We do not enter into derivative financial instruments for trading purposes. The Company may also designate certain non-derivative instruments, such as our foreign currency denominated third-party debt, in hedging relationships. All derivative instruments are carried at fair value in our consolidated balance sheet, primarily in the following line items, as applicable: prepaid expenses and other current assets; other noncurrent assets; accounts payable and accrued expenses; and other noncurrent liabilities. The carrying values of the derivatives reflect the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. These master netting agreements allow the Company to net settle positive and negative positions (assets and liabilities) arising from different transactions with the same counterparty. The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationships. Derivatives can be designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The changes in the fair values of derivatives that have been designated and qualify for fair value hedge accounting are recorded in the same line item in our consolidated statement of income as the changes in the fair values of the hedged items attributable to the risk being hedged. The changes in the fair values of derivatives that have been designated and qualify as cash flow hedges or hedges of net investments in foreign operations are recorded in 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. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures being hedged, fluctuations in the values of the derivative instruments are generally offset by changes in the fair values or cash flows of the underlying exposures being hedged. The changes in the fair values of derivatives that were not designated and/or did not qualify as hedging instruments are immediately recognized in earnings. For derivatives that will be accounted for as hedging instruments, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, the Company formally assesses, both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. The Company determines the fair values of its derivatives based on quoted market prices or pricing models using current market rates. Refer to Note 16. The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates, commodity rates or other financial indices. The Company does not view the fair values of its derivatives in isolation but rather in relation to the fair values or cash flows of the underlying hedged transactions or other exposures. Virtually all of our derivatives are straightforward over-the-counter instruments with liquid markets. We adopted ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities , effective January 1, 2019 using the modified retrospective method. For highly effective cash flow hedges, this ASU requires the entire change in fair value of the hedging instrument included in the assessment of hedge effectiveness to be recorded in other comprehensive income (“OCI”). No components of the Company’s hedging instruments were excluded from the assessment of hedge effectiveness. To reflect the adoption of the new hedging standard on our cash flow hedging relationships at January 1, 2019, we recorded a $6 million increase, net of taxes, to the opening balance of reinvested earnings and a corresponding decrease to AOCI. For fair value hedges of interest rate risk, this ASU allows entities to elect to use the benchmark interest rate component of the contractual coupon cash flows to calculate the change in fair value of the hedged item attributable to changes in the benchmark interest rate. As a result of applying the new hedging standard to our fair value hedges on January 1, 2019, we recorded a $24 million increase to our hedged long-term debt balances, with a corresponding decrease to the opening balance of reinvested earnings of $18 million, net of taxes. 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 December 31, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 151 $ 26 Foreign currency contracts Other noncurrent assets 27 74 Commodity contracts Prepaid expenses and other current assets — 2 Interest rate contracts Prepaid expenses and other current assets 1 — Interest rate contracts Other noncurrent assets 282 659 Total assets $ 461 $ 761 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 15 $ 29 Foreign currency contracts Other noncurrent liabilities 17 — Interest rate contracts Accounts payable and accrued expenses — 5 Interest rate contracts Other noncurrent liabilities 14 — Total liabilities $ 46 $ 34 1 All of the Company’s derivative instruments are carried at fair value in our 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 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 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 December 31, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 53 $ 28 Foreign currency contracts Other noncurrent assets — 1 Commodity contracts Prepaid expenses and other current assets 131 76 Commodity contracts Other noncurrent assets 3 9 Other derivative instruments Prepaid expenses and other current assets 9 20 Other derivative instruments Other noncurrent assets — 3 Total assets $ 196 $ 137 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 34 $ 41 Foreign currency contracts Other noncurrent liabilities 9 — Commodity contracts Accounts payable and accrued expenses 6 15 Commodity contracts Other noncurrent liabilities 1 1 Total liabilities $ 50 $ 57 1 All of the Company’s derivative instruments are carried at fair value in our 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 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 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 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 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 three 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 $7,399 million and $7,785 million as of December 31, 2021 and 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 changes 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 fluctuations 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 $1,994 million and $2,700 million as of December 31, 2021 and 2020, respectively. 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 $10 million and $11 million as of December 31, 2021 and 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 December 31, 2021, we did not have any interest rate swaps designated as a cash flow hedge. The following table presents the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on OCI, AOCI and earnings (in millions): Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) 2021 Foreign currency contracts $ 36 Net operating revenues $ (77) Foreign currency contracts (2) Cost of goods sold (10) Foreign currency contracts — Interest expense (13) Foreign currency contracts 19 Other income (loss) — net 74 Interest rate contracts 110 Interest expense (90) Commodity contracts (1) Cost of goods sold — Total $ 162 $ (116) 2020 Foreign currency contracts $ (93) Net operating revenues $ (73) Foreign currency contracts 4 Cost of goods sold 9 Foreign currency contracts — Interest expense (16) Foreign currency contracts 37 Other income (loss) — net 60 Interest rate contracts 15 Interest expense (54) Commodity contracts 2 Cost of goods sold — Total $ (35) $ (74) 2019 Foreign currency contracts $ (58) Net operating revenues $ (3) Foreign currency contracts 1 Cost of goods sold 11 Foreign currency contracts — Interest expense (9) Foreign currency contracts (97) Other income (loss) — net (119) Interest rate contracts (47) Interest expense (42) Commodity contracts 1 Cost of goods sold — Total $ (200) $ (162) As of December 31, 2021, the Company estimates that it will reclassify into earnings during the next 12 months net gains of $36 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 value of foreign currency denominated debt relating to fluctuations in foreign currency exchange rates and benchmark interest rates. The changes in fair values of derivatives designated as fair value hedges and the offsetting changes in 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 has been extinguished. The total notional values of derivatives that were designated and qualified as fair value hedges of this type were $12,113 million and $10,215 million as of December 31, 2021 and 2020, respectively. The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) 2021 Interest rate contracts Interest expense $ (67) Fixed-rate debt Interest expense 66 Net impact to interest expense $ (1) Net impact of fair value hedging instruments $ (1) 2020 Interest rate contracts Interest expense $ 275 Fixed-rate debt Interest expense (274) Net impact to interest expense $ 1 Foreign currency contracts Other income (loss) — net $ (4) Available-for-sale securities Other income (loss) — net 5 Net impact to other income (loss) — net $ 1 Net impact of fair value hedging instruments $ 2 2019 Interest rate contracts Interest expense $ 368 Fixed-rate debt Interest expense (369) Net impact to interest expense $ (1) Net impact of fair value hedging instruments $ (1) The following table summarizes the amounts recorded in our consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Cumulative Amount of Fair Value Hedging Adjustments 1 Carrying Values of Included in the Carrying Values of Hedged Items Remaining for Which Hedge Accounting Has Been Discontinued Balance Sheet Location of Hedged Items December 31, December 31, December 31, December 31, December 31, December 31, Current maturities of long-term debt $ 200 $ — $ 1 $ — $ — $ — Long-term debt 12,353 11,129 255 646 228 — 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 Amount Gain (Loss) Recognized in OCI as of December 31, Year Ended December 31, 2021 2020 2021 2020 2019 Foreign currency contracts $ 40 $ 451 $ (10) $ (5) $ 51 Foreign currency denominated debt 12,812 13,336 928 (1,089) 144 Total $ 12,852 $ 13,787 $ 918 $ (1,094) $ 195 The Company reclassified a loss of $4 million related to net investment hedges from AOCI into earnings during the year ended December 31, 2021. The Company did not reclassify any gains or losses related to net investment hedges from AOCI into earnings during the years ended December 31, 2020 and 2019. In addition, the Company did not have any ineffectiveness related to net investment hedges during the years ended December 31, 2021, 2020 and 2019. The cash inflows and outflows associated with the Company’s derivative contracts designated as net investment hedges are classified in the line item other investing activities in our 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 $4,258 million and $5,727 million as of December 31, 2021 and 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 value of derivatives related to our economic hedges of this type was $200 million as of both December 31, 2021 and 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 $908 million and $715 million as of December 31, 2021 and 2020, respectively. The following table presents the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Year Ended December 31, 2021 2020 2019 Foreign currency contracts Net operating revenues $ 6 $ 58 $ (4) Foreign currency contracts Cost of goods sold (10) 6 1 Foreign currency contracts Other income (loss) — net (84) (13) (66) Commodity contracts Cost of goods sold 171 54 (23) Interest rate contracts Interest expense (187) 6 — Other derivative instruments Selling, general and administrative expenses 34 21 47 Other derivative instruments Other income (loss) — net (3) (55) 48 Total $ (73) $ 77 $ 3

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS Our consolidated net income includes our Company’s proportionate share of the net income or loss of our equity method investees. When we record our proportionate share of net income, it increases equity income (loss) — net in our consolidated statement of income and our carrying value of that investment. Conversely, when we record our proportionate share of a net loss, it decreases equity income (loss) — net in our consolidated statement of income and our carrying value of that investment. The Company’s proportionate share of the net income or loss of our equity method investees includes significant operating and nonoperating items recorded by our equity method investees. These items can have a significant impact on the amount of equity income (loss) — net in our consolidated statement of income and our carrying value of those investments. Refer to Note 17 for additional information related to significant operating and nonoperating items recorded by our equity method investees. The carrying values of our equity method investments are also impacted by our proportionate share of items impacting the equity method investees’ AOCI. We eliminate from our financial results all significant intercompany transactions to the extent of our ownership interest, including the intercompany portion of transactions with equity method investees. The Company’s equity method investments include, but are not limited to, our ownership interests in CCEP, Monster, AC Bebidas, S. de R.L. de C.V., Coca-Cola FEMSA, S.A.B. de C.V., Coca-Cola HBC AG and Coca-Cola Bottlers Japan Holdings Inc. (“CCBJHI”). As of December 31, 2021, we owned approximately 19 percent, 19 percent, 20 percent, 28 percent, 21 percent and 19 percent, respectively, of these companies’ outstanding shares. As of December 31, 2021, our investments in our equity method investees in the aggregate exceeded our proportionate share of the net assets of these equity method investees by $7,298 million. This difference is not amortized. A summary of financial information for our equity method investees in the aggregate is as follows (in millions): Year Ended December 31, 1 2021 2020 2019 Net operating revenues $ 79,934 $ 69,384 $ 75,980 Cost of goods sold 47,847 41,139 44,881 Gross profit $ 32,087 $ 28,245 $ 31,099 Operating income $ 9,089 $ 7,056 $ 7,748 Consolidated net income $ 6,050 $ 4,176 $ 4,597 Less: Net income attributable to noncontrolling interests 91 54 63 Net income attributable to common shareowners $ 5,959 $ 4,122 $ 4,534 Company equity income (loss) — net $ 1,438 $ 978 $ 1,049 1 The financial information represents the results of the equity method investees during the Company’s period of ownership. December 31, 2021 2020 Current assets $ 30,992 $ 29,431 Noncurrent assets 72,064 67,900 Total assets $ 103,056 $ 97,331 Current liabilities $ 21,362 $ 20,033 Noncurrent liabilities 37,353 33,613 Total liabilities $ 58,715 $ 53,646 Equity attributable to shareowners of investees $ 43,422 $ 42,622 Equity attributable to noncontrolling interests 919 1,063 Total equity $ 44,341 $ 43,685 Company equity method investments $ 17,598 $ 19,273 Net sales to equity method investees, the majority of which are located outside the United States, were $14,471 million, $13,041 million and $14,832 million in 2021, 2020 and 2019, respectively. Total payments, primarily related to marketing, made to equity method investees were $516 million, $547 million and $897 million in 2021, 2020 and 2019, respectively. The increase in net sales to equity method investees in 2021 was primarily due to recovery from the COVID-19 pandemic. In addition, purchases of beverage products from equity method investees were $496 million, $452 million and $426 million in 2021, 2020 and 2019, respectively. The increase in purchases of beverage products in 2021 was primarily due to increased purchases of Monster products as a result of international expansion and category growth. The following table presents the difference between calculated fair value, based on quoted closing prices of publicly traded shares, and our Company’s carrying value in investments in publicly traded companies accounted for under the equity method (in millions): December 31, 2021 Fair Value Carrying Value Difference Monster Beverage Corporation $ 9,808 $ 4,323 $ 5,485 Coca-Cola Europacific Partners plc 4,919 3,578 1,341 Coca-Cola FEMSA, S.A.B. de C.V. 3,182 1,568 1,614 Coca-Cola HBC AG 2,705 1,115 1,590 Coca-Cola Consolidated, Inc. 1,537 224 1,313 Coca-Cola Bottlers Japan Holdings Inc. 1 387 474 (87) Coca-Cola İçecek A.Ş. 340 123 217 Embotelladora Andina S.A. 130 98 32 Total $ 23,008 $ 11,503 $ 11,505 1 The carrying value of our investment in CCBJHI exceeded its fair value as of December 31, 2021 by $87 million. Based on the length of time and the extent to which the fair value has been less than our carrying value and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value, management determined that the decline in fair value was temporary in nature. Therefore, we did not record an impairment charge related to the investment. Net Receivables and Dividends from Equity Method Investees Total net receivables due from equity method investees were $882 million and $1,025 million as of December 31, 2021 and 2020, respectively. The total amount of dividends received from equity method investees was $823 million, $467 million and $628 million for the years ended December 31, 2021, 2020 and 2019, respectively. The amount of consolidated reinvested earnings that represents undistributed earnings of investments accounted for under the equity method as of December 31, 2021 was $6,143 million.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS Indefinite-Lived Intangible Assets The following table presents the carrying values of indefinite-lived intangible assets included in our consolidated balance sheets (in millions): December 31, 2021 2020 Trademarks 1 $ 14,465 $ 10,395 Goodwill 19,363 17,506 Other 211 225 Indefinite-lived intangible assets $ 34,039 $ 28,126 1 For information related to the Company’s acquisitions, refer to Note 2. The following table provides information related to the carrying value of our goodwill by operating segment (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Total 2020 Balance at beginning of year $ 1,294 $ 170 $ 7,943 $ 170 $ 2,806 $ 4,381 $ 16,764 Effect of foreign currency translation 40 (6) — 7 84 (216) (91) Acquisitions 1 — — 775 — — — 775 Purchase accounting adjustments 1,2 (26) — 74 24 2 (2) 72 Impairments — — — — — (14) (14) Balance at end of year $ 1,308 $ 164 $ 8,792 $ 201 $ 2,892 $ 4,149 $ 17,506 2021 Balance at beginning of year $ 1,308 $ 164 $ 8,792 $ 201 $ 2,892 $ 4,149 $ 17,506 Effect of foreign currency translation (83) (8) — (6) 46 (285) (336) Acquisitions 1 55 44 1,886 227 45 — 2,257 Impairments — — — — — (7) (7) Divestitures, deconsolidations and other 3 — — (13) — (7) (37) (57) Balance at end of year $ 1,280 $ 200 $ 10,665 $ 422 $ 2,976 $ 3,820 $ 19,363 1 For information related to the Company’s acquisitions, refer to Note 2. 2 Includes the allocation of goodwill from the Europe, Middle East and Africa segment to other reporting units expected to benefit from the CHI acquisition as well as purchase accounting adjustments related to fairlife. Refer to Note 2. 3 The decrease in the Bottling Investments segment was a result of certain bottling operations in Asia Pacific being classified as held for sale. Refer to Note 2. Definite-Lived Intangible Assets The following table provides information related to definite-lived intangible assets (in millions): December 31, 2021 December 31, 2020 Gross Carrying Value Accumulated Amortization Net Gross Carrying Accumulated Amortization Net Customer relationships $ 336 1 $ (86) $ 250 $ 195 $ (61) $ 134 Trademarks 189 (87) 102 245 (77) 168 Other 273 2 (51) 222 332 (210) 122 Total $ 798 $ (224) $ 574 $ 772 $ (348) $ 424 1 Includes $150 million related to the BodyArmor acquisition. Refer to Note 2. 2 Includes $102 million for BodyArmor noncompete agreements. Refer to Note 2. Total amortization expense for intangible assets subject to amortization was $165 million, $203 million and $120 million in 2021, 2020 and 2019, respectively. The increase in amortization expense in 2020 was due to the recognition of a full year of intangible amortization related to CCBA versus seven months in 2019. Based on the carrying value of definite-lived intangible assets as of December 31, 2021, we estimate our amortization expense for the next five years will be as follows (in millions): Amortization 2022 $ 106 2023 81 2024 66 2025 59 2026 47

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2021
Accounts Payable and Accrued Liabilities [Abstract]
ACCOUNTS PAYABLES AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following (in millions): December 31, 2021 2020 Accounts payable $ 4,602 $ 3,517 Accrued marketing expenses 2,830 1,930 Variable consideration payable 1,118 1,137 Accrued compensation 1,051 609 Other accrued expenses 5,018 3,952 Accounts payable and accrued expenses $ 14,619 $ 11,145

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	LEASES We have operating leases primarily for real estate, aircraft, vehicles, and manufacturing and other equipment. Balance sheet information related to operating leases is as follows (in millions): December 31, 2021 2020 Operating lease ROU assets 1 $ 1,418 $ 1,548 Current portion of operating lease liabilities 2 $ 310 $ 322 Noncurrent portion of operating lease liabilities 3 1,161 1,300 Total operating lease liabilities $ 1,471 $ 1,622 1 Operating lease ROU assets are included in the line item other noncurrent assets in our consolidated balance sheets. 2 The current portion of operating lease liabilities is included in the line item accounts payable and accrued expenses in our consolidated balance sheets. 3 The noncurrent portion of operating lease liabilities is included in the line item other noncurrent liabilities in our consolidated balance sheets. We had operating lease costs of $342 million and $353 million for the years ended December 31, 2021 and 2020, respectively. During 2021 and 2020, cash paid for amounts included in the measurement of operating lease liabilities was $352 million and $365 million, respectively. Operating lease ROU assets obtained in exchange for operating lease obligations were $194 million and $528 million for the years ended December 31, 2021 and 2020, respectively. Information associated with the measurement of our operating lease obligations as of December 31, 2021 is as follows: Weighted-average remaining lease term 8 years Weighted-average discount rate 2.7 % Our leases have remaining lease terms of 1 year to 43 years, inclusive of renewal or termination options that we are reasonably certain to exercise. The following table summarizes the maturities of our operating lease liabilities as of December 31, 2021 (in millions): Maturities of Operating Lease Liabilities 2022 $ 324 2023 284 2024 231 2025 190 2026 142 Thereafter 476 Total operating lease payments 1,647 Less: Imputed interest 176 Total operating lease liabilities $ 1,471

DEBT AND BORROWING ARRANGEMENTS

DEBT AND BORROWING ARRANGEMENTS	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
DEBT AND BORROWING ARRANGEMENTS	DEBT AND BORROWING ARRANGEMENTS Short-Term Borrowings Loans and notes payable consist primarily of commercial paper issued in the United States. As of December 31, 2021 and 2020, we had $2,462 million and $1,329 million, respectively, in outstanding commercial paper borrowings. Our weighted-average interest rates for commercial paper outstanding were approximately 0.1 percent and 1.3 percent as of December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, the Company also had $845 million and $854 million, respectively, in lines of credit, short-term credit facilities and other short-term borrowings that were related to our international operations. In addition, we had $9,972 million in unused lines of credit and other short-term credit facilities as of December 31, 2021, of which $8,060 million was in corporate backup lines of credit for general purposes. These backup lines of credit expire at various times from 2022 through 2027. There were no borrowings under these corporate backup lines of credit during 2021. These credit facilities are subject to normal banking terms and conditions. Some of the financial arrangements require compensating balances, none of which is presently significant to our Company. Long-Term Debt During 2021, the Company issued fixed interest rate U.S. dollar- and euro-denominated notes of $5,950 million and €3,150 million, respectively, with maturity dates ranging from 2028 to 2051 and interest rates ranging from 0.125 percent to 3.000 percent. The carrying value of these notes as of December 31, 2021 was $9,410 million. During 2021, the Company retired upon maturity variable interest rate euro-denominated notes of €371 million with an interest rate equal to the three-month Euro Interbank Offered Rate (“EURIBOR”) plus 0.200 percent. During 2021, the Company also extinguished prior to maturity fixed interest rate U.S. dollar- and euro-denominated notes of $6,500 million and €2,430 million, respectively, with maturity dates ranging from 2023 to 2026 and interest rates ranging from 0.750 percent to 3.200 percent. These extinguishments resulted in associated charges of $559 million recorded in the line item interest expense in our consolidated statement of income. These charges included the difference between the reacquisition price and the net carrying value of the notes 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. During 2020, the Company issued fixed interest rate U.S. dollar- and euro-denominated notes of $15,600 million and €2,600 million, respectively, with maturity dates ranging from 2025 to 2060 and interest rates ranging from 0.125 percent to 4.200 percent. The carrying value of these notes as of December 31, 2020 was $17,616 million. During 2020, the Company retired upon maturity fixed interest rate Australian dollar- and U.S. dollar-denominated notes of AUD450 million and $3,750 million, respectively, with interest rates ranging from 1.875 percent to 3.150 percent. Additionally, the Company retired upon maturity U.S. dollar zero coupon notes of $171 million. During 2020, the Company also extinguished prior to maturity fixed interest rate U.S. dollar- and euro-denominated notes of $3,815 million and €2,300 million, respectively, with maturity dates ranging from 2021 to 2050 and interest rates ranging from 0.000 percent to 4.200 percent. Additionally, the Company extinguished prior to maturity variable interest rate euro-denominated notes of €379 million with a maturity date in 2021 and an interest rate equal to the three-month EURIBOR plus 0.200 percent. These extinguishments resulted in associated charges of $459 million recorded in the line item interest expense in our consolidated statement of income. These charges included the difference between the reacquisition price and the net carrying value of the notes extinguished, including the impact of the related fair value hedging relationships. We also incurred charges of $25 million as a result of the reclassification of related cash flow hedging balances from AOCI into income. During 2019, the Company issued fixed interest rate euro- and U.S. dollar-denominated notes of €2,750 million and $2,000 million, respectively, with maturity dates ranging from 2022 to 2031 and interest rates ranging from 0.125 percent to 2.125 percent. Additionally, the Company issued variable interest rate euro-denominated notes of €750 million maturing in 2021 with an interest rate equal to the three-month EURIBOR plus 0.200 percent. The carrying value of these notes as of December 31, 2019 was $5,891 million. During 2019, the Company retired upon maturity variable interest rate euro-denominated notes of €3,500 million with interest rates equal to the three-month EURIBOR plus 0.230 percent and the three-month EURIBOR plus 0.250 percent. Additionally, the Company retired upon maturity fixed interest rate U.S. dollar-denominated notes of $1,000 million with an interest rate of 1.375 percent. The Company’s long-term debt consisted of the following (in millions except average rate data): December 31, 2021 December 31, 2020 Amount Average Rate 1 Amount Average Rate 1 Fixed interest rate long-term debt: U.S. dollar notes due 2023-2093 $ 21,953 2.2 % $ 22,550 2.0 % U.S. dollar debentures due 2022-2098 1,316 5.2 1,342 5.1 Australian dollar notes due 2024 398 2.5 400 2.5 Euro notes due 2023-2041 13,249 0.4 13,369 0.3 Swiss franc notes due 2022-2028 1,234 2.3 1,236 2.7 Variable interest rate long-term debt: Euro notes due 2021 — — 452 0.0 Other, due through 2098 2 821 6.0 615 5.2 Fair value adjustments 3 483 N/A 646 N/A Total 4,5 39,454 1.7 % 40,610 1.6 % Less: Current portion 1,338 485 Long-term debt $ 38,116 $ 40,125 1 Rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effects of interest rate swap agreements, cross-currency swap agreements and fair value adjustments, if applicable. Refer to Note 5 for a more detailed discussion on interest rate management. 2 As of December 31, 2021, the amount shown includes $690 million of debt instruments and finance leases that are due through 2046. 3 Amounts represent the changes in fair values due to changes in benchmark interest rates. Refer to Note 5 for additional information about our fair value hedging strategy. 4 As of December 31, 2021 and 2020, the fair value of our long-term debt, including the current portion, was $40,311 million and $43,218 million, respectively. 5 The above notes and debentures include various restrictions, none of which is presently significant to our Company. Total interest paid was $738 million, $935 million and $921 million in 2021, 2020 and 2019, respectively. The following table summarizes the maturities of long-term debt for the five years succeeding December 31, 2021 (in millions): Maturities of 2022 $ 1,338 2023 177 2024 2,023 2025 18 2026 1,733

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Guarantees As of December 31, 2021, we were contingently liable for guarantees of indebtedness owed by third parties of $440 million, of which $93 million was related to VIEs. Refer to Note 1 for additional information related to the Company’s maximum exposure to loss due to our involvement with VIEs. 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. Indemnifications At the time we acquire or divest an ownership interest in an entity, we sometimes agree to indemnify the seller or buyer for specific contingent liabilities. Management believes that any liability to the Company that may arise as a result of any such indemnification agreements 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, but 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 December 31, 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 December 31, 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, 2021 for the 2007 through 2009 litigated tax years and for subsequent tax years from 2010 through 2021. 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 estimates that the potential aggregate incremental tax and interest liability could be approximately $13 billion as of December 31, 2021. Additional income tax and interest would continue to accrue until the time any such potential liability, or portion thereof, were to be paid. We currently project the continued application of the Tax Court Methodology in future years, assuming similar facts and circumstances as of December 31, 2021, 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 years. The Company currently estimates that the payment to be made at that time related to the 2007 through 2009 tax years, 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 December 31, 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 $229 million and $265 million as of December 31, 2021 and 2020, respectively.

STOCK COMPENSATION PLANS

STOCK COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION PLANS	STOCK-BASED COMPENSATION PLANS Our Company grants long-term equity awards under its stock-based compensation plans to certain employees of the Company. The Coca-Cola Company 2014 Equity Plan (“2014 Equity Plan”) was approved by shareowners in April 2014. Under the 2014 Equity Plan, a maximum of 500 million shares of our common stock was approved to be issued through the grant of equity awards. The 2014 Equity Plan allows for grants of stock options, performance share units, restricted stock, restricted stock units and other specified award types, including cash awards with performance-based vesting criteria. As of December 31, 2021, there were approximately 329 million shares available to be granted under the 2014 Equity Plan. In addition, there were approximately 3 million shares available for stock option and restricted stock award grants under plans approved by shareowners prior to 2014. From 2015 to 2017, certain employees who had previously been eligible for long-term equity awards received long-term performance-based cash awards. Employees who received these performance-based cash awards did not receive equity awards as part of the long-term incentive program. In 2017, the Company changed the long-term incentive program for employees previously eligible for the performance-based cash award. These employees no longer participate in the long-term incentive program and were granted a final restricted stock unit award that vests ratably over five years. Total stock-based compensation expense was $337 million, $141 million and $201 million in 2021, 2020 and 2019, respectively. In 2020, for certain employees who accepted voluntary separation from the Company as a result of our strategic realignment initiatives, the Company modified their outstanding equity awards granted prior to 2020 so that the employees retained all or some of their awards, whereas otherwise the awards would have been forfeited. The incremental stock-based compensation expense in 2020 arising from the modifications was $15 million, which was recorded in the line item other operating charges in our consolidated statement of income. Refer to Note 18 for additional information on the Company’s strategic realignment initiatives. The remainder of stock-based compensation expense in 2020 of $126 million and all stock-based compensation expense in 2021 and 2019 were recorded in the line item selling, general and administrative expenses in our consolidated statements of income. The total income tax benefit recognized in our consolidated statements of income related to total stock-based compensation expense was $60 million, $32 million and $43 million in 2021, 2020 and 2019, respectively. As of December 31, 2021, we had $335 million of total unrecognized compensation cost related to nonvested stock-based compensation awards granted under our plans, which we expect to recognize over a weighted-average period of 1.9 years as stock‑based compensation expense. This expected cost does not include the impact of any future stock-based compensation awards. Stock Option Awards Stock option awards are generally granted with an exercise price equal to the average of the high and low market prices per share of the Company’s stock on the date of grant. The fair value of each stock option award is estimated using a Black-Scholes-Merton option-pricing model and is expensed on a straight-line basis over the vesting period, which is generally four years. The weighted-average fair value of stock options granted during the years ended December 31, 2021, 2020 and 2019 and the weighted-average assumptions used in the Black-Scholes-Merton option-pricing model for such grants were as follows: Year Ended December 31, 2021 2020 2019 Fair value of stock options on grant date $ 5.08 $ 6.44 $ 4.94 Dividend yield 1 3.3 % 2.7 % 3.5 % Expected volatility 2 18.0 % 16.0 % 15.5 % Risk-free interest rate 3 0.9 % 1.4 % 2.6 % Expected term of stock options 4 6 years 6 years 6 years 1 The dividend yield is the calculated yield on the closing market price per share of the Company’s stock on the grant date. 2 The expected volatility is based on implied volatilities from traded options on the Company’s stock, historical volatility of the Company’s stock and other factors. 3 The risk-free interest rate for the period matching the expected term of the stock options is based on the U.S. Treasury yield curve in effect on the grant date. 4 The expected term of the stock options represents the period of time that options granted are expected to be outstanding and is derived by analyzing historical exercise behavior. Stock option awards generally expire 10 years after the date of grant. The shares of common stock to be issued and/or sold upon the exercise of stock options are made available from either authorized and unissued common stock or from treasury shares. Since 2007, the Company has issued common stock under its stock-based compensation plans from treasury shares. Stock option activity during the year ended December 31, 2021 was as follows: Shares Weighted-Average Weighted-Average Aggregate Outstanding on January 1, 2021 88 $ 40.55 Granted 7 50.59 Exercised (19) 36.32 Forfeited/expired (1) 54.18 Outstanding on December 31, 2021 75 $ 42.43 4.2 years $ 1,264 Expected to vest 74 $ 42.32 4.1 years $ 1,256 Exercisable on December 31, 2021 59 $ 40.08 3.1 years $ 1,138 The total intrinsic value of the stock options exercised was $358 million, $453 million and $609 million in 2021, 2020 and 2019, respectively. The total number of stock options exercised was approximately 19 million, 23 million and 34 million in 2021, 2020 and 2019, respectively. Performance-Based Share Unit Awards Performance share unit awards require achievement of certain performance criteria, which are predefined by the Talent and Compensation Committee of the Board of Directors at the time of grant. For performance share unit awards granted from 2015 through 2017, the performance criteria were economic profit and net operating revenues over a predefined performance period of three years. Economic profit is our net operating profit after tax less the cost of the capital used in our business. Economic profit and net operating revenues are adjusted for certain items, which are approved by the Audit Committee of the Company’s Board of Directors (“Audit Committee”). The purpose of these adjustments is to ensure a consistent year-to-year comparison of the specific performance criteria. These awards included a relative TSR modifier to determine the final number of performance share units earned. For these awards, the number of performance share units earned based on the certified achievement of the predefined performance criteria was reduced or increased if the Company’s total shareowner return over the performance period relative to a predefined compensation comparator group of companies fell outside of a predefined range. The fair value of these performance share units was determined using a Monte Carlo valuation model. The performance share unit awards granted from 2015 through 2017 were subject to a one-year holding period after the performance period before the shares were released. For performance share unit awards granted from 2018 through 2021, the performance criteria were equally weighted among net operating revenues, earnings per share and free cash flow over a predefined performance period of three years. For purposes of these performance criteria, earnings per share is diluted net income per share and free cash flow is net cash provided by operating activities less purchases of property, plant and equipment. Net operating revenues, earnings per share and free cash flow are adjusted for certain items, which are approved by the Audit Committee. The purpose of these adjustments is to ensure a consistent year-to-year comparison of the specific performance criteria. Performance share unit awards granted to executives include a relative TSR modifier to determine the final number of performance share units earned. The fair value of performance share units that include a TSR modifier is determined using a Monte Carlo valuation model. For these awards, the number of performance share units earned based on the certified achievement of the predefined performance criteria will be reduced or increased if the Company’s total shareowner return over the performance period relative to a predefined compensation comparator group of companies fell outside of a predefined range. The fair value of performance share units that do not include a TSR modifier is the closing market price per share of the Company’s stock on the grant date less the present value of the expected dividends not received during the performance period. The performance share unit awards will generally vest at the end of the respective performance period. During 2021, in addition to granting performance share unit awards with a three-year performance period, the Company granted emerging stronger performance share unit awards with a predefined performance period of two years. The award’s performance criterion is earnings per share, and the award includes a relative TSR modifier. Earnings per share for these purposes is diluted net income per share adjusted for certain items, which are approved by the Audit Committee. The purpose of these adjustments is to ensure a consistent year-to-year comparison of the performance criterion. The performance share unit awards will generally vest at the end of the two-year performance period. For performance share unit awards, in the event the certified results equal the predefined performance criteria, the number of performance share units earned will be equal to the target award. In the event the certified results exceed the predefined performance criteria, additional performance share units up to the maximum award will be earned. In the event the certified results fall below the predefined performance criteria but are at or above the minimum threshold, a reduced number of performance share units will be earned. If the certified results fall below the minimum threshold, no performance share units will be earned. Performance share unit awards do not entitle participants to vote or receive dividends until the performance share units are settled in stock. In the reporting period it becomes probable that the minimum performance threshold specified in the award will be achieved, we recognize compensation expense for the proportionate share of the total fair value of the performance share units related to the vesting period that has already lapsed for the performance share units expected to vest. The remaining fair value of the performance share units expected to vest is expensed on a straight-line basis over the remainder of the vesting period. In the event the Company determines it is no longer probable that the minimum performance threshold specified in the award will be achieved, we reverse all previously recognized compensation expense in the reporting period such a determination is made. Performance share units earned are generally settled in stock, except for certain circumstances such as death or disability, in which case beneficiaries or employees are provided cash payments. As of December 31, 2021, nonvested performance share units of approximately 1,587,000, 578,000 and 2,021,000 were outstanding for the 2020-2022, 2021-2022 and 2021-2023 performance periods, respectively, based on the target award amounts. The following table summarizes information about outstanding nonvested performance share units based on the target award levels: Performance Share Units Weighted-Average Nonvested on January 1, 2021 3,771 $ 48.29 Granted 2,728 47.04 Vested 1 (1,846) 40.29 Forfeited (467) 49.18 Nonvested on December 31, 2021 2 4,186 $ 50.90 1 Represents the target level of performance share units vested at December 31, 2021 for the 2019-2021 performance period. Upon certification in February 2022 of the financial results for the performance period, the final number of shares earned will be determined and released. 2 The outstanding nonvested performance share units as of December 31, 2021 at the threshold award and maximum award levels were approximately 1,725,000 and 9,759,000, respectively. The weighted-average grant date fair value of performance share unit awards granted in 2021, 2020 and 2019 was $47.04, $57.00 and $40.29, respectively. The following table summarizes information about vested performance share units based on the certified award level: 2017-2020 Award 2018-2020 Award Performance Share Units Weighted- Performance Share Units Weighted- Certified 3,728 $ 35.30 1,014 $ 41.02 Released during 2021 (3,720) 36.31 (1,008) 41.72 Forfeited during 2021 (8) 35.30 (6) 41.02 The total intrinsic value of performance share units that were released was $237 million, $191 million and $118 million in 2021, 2020 and 2019, respectively. Time-Based Restricted Stock and Restricted Stock Unit Awards Time-based restricted stock and restricted stock unit awards granted under the 2014 Equity Plan do not entitle recipients to vote or receive dividends during the vesting period and will be forfeited in the event of the recipient’s termination of employment, except for certain circumstances such as death or disability. The fair value of restricted stock and restricted stock units is the closing market price per share of the Company’s stock on the grant date less the present value of the expected dividends not received during the vesting period. The fair value of the restricted stock and restricted stock units expected to vest and be released is expensed on a straight-line basis over the vesting period. As of December 31, 2021, the Company had outstanding nonvested time-based restricted stock and restricted stock units totaling approximately 3,394,000. The following table summarizes information about outstanding nonvested time-based restricted stock and restricted stock units: Restricted Stock and Restricted Stock Units Weighted-Average Nonvested on January 1, 2021 4,162 $ 44.18 Granted 1,242 46.20 Vested and released (1,495) 41.91 Forfeited (515) 46.46 Nonvested on December 31, 2021 3,394 $ 46.56

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Our Company sponsors and/or contributes to pension and postretirement health care and life insurance benefit plans covering substantially all U.S. employees. We also sponsor nonqualified, unfunded defined benefit pension plans for certain employees. In addition, our Company and its subsidiaries have various pension plans and other forms of postretirement benefit arrangements outside the United States. We refer to the funded defined benefit pension plan in the United States that is not associated with collective bargaining agreements as the “primary U.S. plan.” As of December 31, 2021, the primary U.S. plan represented 61 percent and 57 percent of the Company’s consolidated projected benefit obligation and pension plan assets, respectively. Obligations and Funded Status The following table sets forth the changes in the benefit obligations and the fair value of plan assets for our pension and other postretirement benefit plans (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2021 2020 2021 2020 Benefit obligation at beginning of year 1 $ 9,414 $ 8,757 $ 769 $ 757 Service cost 97 112 9 11 Interest cost 183 235 15 21 Participant contributions 5 1 13 12 Foreign currency exchange rate changes (33) 67 (1) (1) Amendments — 3 (13) — Net actuarial loss (gain) 2 (226) 746 (28) 22 Benefits paid (375) (485) (67) (59) Settlements 3 (491) (81) — — Curtailments 3 — (15) (1) 6 Special termination benefits 3 2 — — Other 3 72 — — Benefit obligation at end of year 1 $ 8,580 $ 9,414 $ 696 $ 769 Fair value of plan assets at beginning of year $ 8,639 $ 8,080 $ 396 $ 339 Actual return on plan assets 1,003 830 15 51 Employer contributions 33 30 — — Participant contributions 6 1 8 7 Foreign currency exchange rate changes (42) 97 — — Benefits paid (315) (419) — (1) Settlements 3 (421) (53) — — Other 2 73 — — Fair value of plan assets at end of year $ 8,905 $ 8,639 $ 419 $ 396 Net asset (liability) recognized $ 325 $ (775) $ (277) $ (373) 1 For pension plans, the benefit obligation is the projected benefit obligation. For other postretirement benefit plans, the benefit obligation is the accumulated postretirement benefit obligation. The accumulated benefit obligation for our pension plans was $8,431 million and $9,263 million as of December 31, 2021 and 2020, respectively. 2 A change in the weighted-average discount rate was the primary driver of net actuarial loss (gain) during 2021 and 2020. For our primary U.S. pension plan, an increase in the discount rate resulted in an actuarial gain of $197 million during 2021, and a decrease in the discount rate resulted in an actuarial loss of $491 million during 2020. Other drivers of net actuarial loss (gain) included assumption updates, plan experience and our strategic realignment initiatives. Refer to Note 18. 3 Settlements and curtailments were primarily related to our strategic realignment initiatives. Refer to Note 18. Pension and other postretirement benefit plan amounts recognized in our consolidated balance sheets were as follows (in millions): Pension Plans Other Postretirement Benefit Plans December 31, 2021 2020 2021 2020 Other noncurrent assets $ 1,545 $ 1,151 $ — $ — Accounts payable and accrued expenses (70) (116) (18) (19) Other noncurrent liabilities (1,150) (1,810) (259) (354) Net asset (liability) recognized $ 325 $ (775) $ (277) $ (373) Certain of our pension plans have a projected benefit obligation in excess of the fair value of plan assets. For these plans, the projected benefit obligation and the fair value of plan assets were as follows (in millions): December 31, 2021 2020 Projected benefit obligation $ 6,862 $ 7,722 Fair value of plan assets 5,641 5,796 Certain of our pension plans have an accumulated benefit obligation in excess of the fair value of plan assets. For these plans, the accumulated benefit obligation and the fair value of plan assets were as follows (in millions): December 31, 2021 2020 Accumulated benefit obligation $ 6,689 $ 7,553 Fair value of plan assets 5,584 5,745 All of our other postretirement benefit plans have an accumulated postretirement benefit obligation in excess of the fair value of plan assets. Pension Plan Assets The following table presents total assets by asset class for our U.S. and non-U.S. pension plans (in millions): U.S. Pension Plans Non-U.S. Pension Plans December 31, 2021 2020 2021 2020 Cash and cash equivalents $ 272 $ 279 $ 233 $ 399 Equity securities: U.S.-based companies 1,463 1,382 968 757 International-based companies 876 988 830 738 Fixed-income securities: Government bonds 182 220 495 417 Corporate bonds and debt securities 899 926 124 116 Mutual, pooled and commingled funds 1 290 301 560 513 Hedge funds/limited partnerships 682 588 38 34 Real estate 381 326 8 6 Derivative financial instruments (1) (1) (8) (14) Other 339 364 274 300 Total pension plan assets 2 $ 5,383 $ 5,373 $ 3,522 $ 3,266 1 Mutual, pooled and commingled funds include investments in equity securities, fixed-income securities and combinations of both. There are a significant number of mutual, pooled and commingled funds from which investors can choose. The selection of the type of fund is dictated by the specific investment objectives and needs of a given plan. These objectives and needs vary greatly between plans. 2 Fair value disclosures related to our pension plan assets are included in Note 16. Fair value disclosures include, but are not limited to, the levels within the fair value hierarchy in which the fair value measurements in their entirety fall; a reconciliation of the beginning and ending balances of Level 3 assets; and information about the valuation techniques and inputs used to measure the fair value of our pension plan assets. Investment Strategy for U.S. Pension Plans The Company utilizes the s ervices of investment managers to actively manage the assets of our U.S. pension plans. We have established asset allocation targets and investment guidelines with each investment manager. Our asset allocation targets promote optimal expected return and volatility characteristics given the long-term time horizon for fulfilling the obligations of the plans. Selection of the targeted asset allocation for U.S. pension plan assets was based upon a review of the expected return and risk characteristics of each asset class, as well as the correlation of returns among asset classes. Our target allocation is a mix of 42 percent equity investments, 30 percent fixed-income investments and 28 percent alternative investments. We believe this target allocation will enable us to achieve the following long-term investment objectives: (1) optimize the long-term return on plan assets at an acceptable level of risk; (2) maintain a broad diversification across asset classes and among investment managers; and (3) maintain careful control of the risk level within each asset class. The guidelines that have been established with each investment manager provide parameters within which the investment managers agree to operate, including criteria that determine eligible and ineligible securities, diversification requirements and credit quality standards, where applicable. Investment managers agree to obtain written approval for deviations from stated investment style or guidelines. As of December 31, 2021, no investment manager was responsible for more than 8 percent of total U.S. pension plan assets. Our target allocation of 42 percent equity investments is composed of 60 percent global equities, 16 percent emerging market equities and 24 percent domestic small-cap and mid-cap equities. Optimal returns through our investments in global equities are achieved through security selection as well as country and sector diversification. Investments in our common stock accounted for approximately 5 percent of total global equities and approximately 3 percent of total U.S. pension plan assets. Our investments in global equities are intended to provide diversified exposure to both U.S. and non-U.S. equity markets. Our investments in both emerging market equities and domestic small-cap and mid-cap equities may experience large swings in their market value. Our investments in these asset classes are selected based on capital appreciation potential. Our target allocation of 30 percent fixed-income investments is composed of 33 percent long-duration bonds and 67 percent with multi-strategy alternative credit managers. Long-duration bonds are intended to provide a stable rate of return through investments in high-quality publicly traded debt securities. Our investments in long-duration bonds are diversified in order to mitigate duration and credit exposure. Multi-strategy alternative credit managers invest in a combination of high-yield bonds, bank loans, structured credit and emerging market debt. These investments are in lower-rated and non-rated debt securities, which generally produce higher returns compared to long-duration bonds and also help to diversify our overall fixed-income portfolio. Our target allocation for alternative investments is 28 percent. These alternative investments include hedge funds, reinsurance, private equity limited partnerships, leveraged buyout funds, international venture capital partnerships and real estate. The objective of investing in alternative investments is to provide a higher rate of return than that which is typically available from publicly traded equity securities. Alternative investments are inherently illiquid and require a long-term perspective in evaluating investment performance. Investment Strategy for Non-U.S. Pension Plans The long-term target allocation for 70 percent of our international subsidiaries’ pension plan assets, primarily certain of our European and Canadian plans, was 66 percent equity securities, 4 percent fixed-income securities and 30 percent other investments. The actual allocation for the remaining 30 percent of the Company’s international subsidiaries’ pension plan assets consisted of 44 percent mutual, pooled and commingled funds; 21 percent fixed-income securities; 1 percent equity securities and 34 percent other investments. The investment strategies for our international subsidiaries’ pension plans vary greatly, and in some instances are influenced by local law. None of our pension plans outside the United States is individually significant for separate disclosure. Other Postretirement Benefit Plan Assets Plan assets associated with other postretirement benefits primarily represent funding of one of the U.S. postretirement benefit plans through a Voluntary Employee Beneficiary Association (“VEBA”), a tax-qualified trust. The VEBA assets are primarily invested in liquid assets due to the level and timing of expected future benefit payments. The following table presents total assets by asset class for our other postretirement benefit plans (in millions): December 31, 2021 2020 Cash and cash equivalents $ 33 $ 30 Equity securities: U.S.-based companies 184 170 International-based companies 12 12 Fixed-income securities: Government bonds 3 3 Corporate bonds and debt securities 82 80 Mutual, pooled and commingled funds 87 86 Hedge funds/limited partnerships 9 7 Real estate 5 4 Other 4 4 Total other postretirement benefit plan assets 1 $ 419 $ 396 1 Fair value disclosures related to our other postretirement benefit plan assets are included in Note 16. Fair value disclosures include, but are not limited to, the levels within the fair value hierarchy in which the fair value measurements in their entirety fall and information about the valuation techniques and inputs used to measure the fair value of our other postretirement benefit plan assets. Components of Net Periodic Benefit Cost (Income) Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2021 2020 2019 2021 2020 2019 Service cost $ 97 $ 112 $ 104 $ 9 $ 11 $ 9 Interest cost 183 235 291 15 21 28 Expected return on plan assets 1 (606) (587) (552) (17) (16) (13) Amortization of prior service cost (credit) — 3 (4) (2) (3) (2) Amortization of net actuarial loss 2 146 171 151 4 5 2 Net periodic benefit cost (income) (180) (66) (10) 9 18 24 Settlement charges 3 117 23 6 — — — Curtailment charges (credits) (1) 1 — (1) 6 (2) Special termination benefits 3 2 1 — — — Other — (4) 1 — — — Total cost (income) $ (61) $ (44) $ (2) $ 8 $ 24 $ 22 1 The Company has elected to use the actual fair value of plan assets as the market-related value of assets in the determination of the expected return on plan assets. 2 Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10 percent of the greater of the benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the average future working lifetime of the plan participants. 3 Settlement charges were primarily related to our strategic realignment initiatives. Refer to Note 18. All of the amounts in the table above, other than service cost, were recorded in the line item other income (loss) — net in our consolidated statements of income. Impact on Accumulated Other Comprehensive Income The following table sets forth the pretax changes in AOCI for our pension and other postretirement benefit plans (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2021 2020 2021 2020 Balance in AOCI at beginning of year $ (3,012) $ (2,678) $ (47) $ (59) Recognized prior service cost (credit) 1 3 (2) (3) Recognized net actuarial loss 261 1 195 2 3 11 Prior service credit (cost) occurring during the year — (3) 13 — Net actuarial (loss) gain occurring during the year 623 (488) 3 27 7 Net foreign currency translation adjustments 2 (41) 2 (3) Balance in AOCI at end of year $ (2,125) $ (3,012) $ (4) $ (47) 1 Includes $117 million of recognized net actuarial loss due to the impact of settlements, which were primarily related to our strategic realignment initiatives. Refer to Note 18. 2 Includes $23 million of recognized net actuarial loss due to the impact of settlements, which were primarily related to our strategic realignment initiatives. Refer to Note 18. 3 Includes $15 million of net actuarial loss occurring during the year due to the impact of curtailments. The following table sets forth the pretax amounts in AOCI for our pension and other postretirement benefit plans (in millions): Pension Plans Other Postretirement Benefit Plans December 31, 2021 2020 2021 2020 Prior service credit (cost) $ (9) $ (10) $ 28 $ 17 Net actuarial loss (2,116) (3,002) (32) (64) Balance in AOCI at end of year $ (2,125) $ (3,012) $ (4) $ (47) Assumptions Certain weighted-average assumptions used in computing the benefit obligations for our pension and other postretirement benefit plans were as follows: Pension Plans Other Postretirement Benefit Plans December 31, 2021 2020 2021 2020 Discount rate 3.00 % 2.50 % 3.25 % 2.75 % Interest crediting rate 3.00 % 3.00 % N/A N/A Rate of increase in compensation levels 3.75 % 3.75 % N/A N/A Certain weighted-average assumptions used in computing net periodic benefit cost or income were as follows: Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2021 2020 2019 2021 2020 2019 Discount rate 2.50 % 3.25 % 4.00 % 2.75 % 3.50 % 4.25 % Interest crediting rate 3.00 % 3.50 % 3.75 % N/A N/A N/A Rate of increase in compensation levels 3.75 % 3.75 % 3.75 % N/A N/A N/A Expected long-term rate of return on plan assets 7.25 % 7.50 % 7.75 % 4.25 % 4.50 % 4.50 % The discount rate assumptions used to account for pension and other postretirement benefit plans reflect the rates at which the benefit obligations could be effectively settled. Rates for U.S. and certain non-U.S. plans at December 31, 2021 were determined using a cash flow matching technique whereby the rates of a yield curve, developed from high-quality debt securities, were applied to the benefit obligations to determine the appropriate discount rate. For other non-U.S. plans, we base the discount rate assumption on comparable indices within each of the countries. The Company measures the service cost and interest cost components of net periodic benefit cost or income for pension and other postretirement benefit plans by applying the specific spot rates along the yield curve to the plans’ projected cash flows. The rate of compensation increase assumption is determined by the Company based upon annual reviews. The current cash balance interest crediting rate for the primary U.S. pension plan is the yield on six-month U.S. Treasury bills on the last day of September of the previous plan year, plus 150 basis points. The Company assumes that the current cash balance interest crediting rate will grow linearly over 10 years to the ultimate interest crediting rate assumption. The expected long-term rate of return assumption for U.S. pension plan assets is based upon the target asset allocation and is determined using forward-looking assumptions in the context of historical returns and volatilities for each asset class, as well as correlations among asset classes. We evaluate the rate of return assumption on an annual basis. The expected long-term rate of return assumption used in computing 2021 net periodic benefit income for the U.S. pension plans was 7.25 percent. As of December 31, 2021, the 5-year, 10-year and 15-year annualized return on plan assets for the primary U.S. plan was 10.7 percent, 9.7 percent and 6.8 percent, respectively. The annualized return since inception was 10.6 percent. The weighted-average assumptions for health care cost trend rates were as follows: December 31, 2021 2020 Health care cost trend rate assumed for next year 6.75 % 6.75 % Rate to which the trend rate is assumed to decline (the ultimate trend rate) 5.25 % 5.25 % Year that the trend rate reaches the ultimate trend rate 2027 2025 We review external data and our own historical trends for health care costs to determine the health care cost trend rate assumptions. The Company’s U.S. postretirement benefit plans are primarily defined-dollar benefit plans that limit the effects of health care inflation because the plans have established dollar limits for determining our contributions. Cash Flows The expected benefit payments for our pension and other postretirement benefit plans for the 10 years succeeding December 31, 2021 are as follows (in millions): Year Ended December 31, 2022 2023 2024 2025 2026 2027-2031 Benefit payments for pension plans $ 486 $ 454 $ 464 $ 470 $ 471 $ 2,390 Benefit payments for other postretirement 59 56 53 51 48 211 Total $ 545 $ 510 $ 517 $ 521 $ 519 $ 2,601 The Company anticipates making contributions to our pension trusts in 2022 of $26 million, all of which will be allocated to our international plans. These contributions are generally made in accordance with local laws and tax regulations. Defined Contribution Plans Our Company sponsors qualified defined contribution plans covering substantially all U.S. employees. Under the largest U.S. defined contribution plan, we match participants’ contributions up to a maximum of 3.5 percent of compensation, subject to an IRS limit on compensation. The Company’s expense for the U.S. plans totaled $32 million, $43 million and $43 million in 2021, 2020 and 2019, respectively. We also sponsor defined contribution plans in certain locations outside the United States. The Company’s expense for these plans totaled $79 million, $63 million and $64 million in 2021, 2020 and 2019, respectively. Multi-Employer Retirement Plans The Company participates in various multi-employer retirement plans. Multi-employer retirement plans are designed to provide benefits to or on behalf of employees of multiple employers. These plans are typically established under collective bargaining agreements. Multi-employer retirement plans are generally governed by a board of trustees composed of representatives of both management and labor and are generally funded through employer contributions.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income before income taxes consisted of the following (in millions): Year Ended December 31, 2021 2020 2019 United States $ 3,538 $ 3,149 $ 3,249 International 8,887 6,600 7,537 Total $ 12,425 $ 9,749 $ 10,786 Income taxes consisted of the following (in millions): United States State and Local International Total 2021 Current $ 243 $ 106 $ 1,378 $ 1,727 Deferred 229 (10) 675 1 894 2020 Current $ 296 $ 396 $ 1,307 $ 1,999 Deferred (220) 21 181 (18) 2019 Current $ 508 $ 94 $ 1,479 $ 2,081 Deferred (65) 52 (267) (280) 1 Includes net tax expense of $195 million related to the changes in tax laws in certain foreign jurisdictions. We made income tax payments of $2,168 million, $1,268 million and $2,126 million in 2021, 2020 and 2019, respectively. Our effective tax rate reflects the tax benefits of having significant operations outside the United States, which are generally taxed at rates lower than the statutory U.S. rate. As a result of employment actions and capital investments made by the Company, certain tax jurisdictions provide income tax incentive grants, including Brazil, Costa Rica, Singapore and Eswatini. The terms of these grants expire from 2023 to 2036. We anticipate that we will be able to extend or renew the grants in these locations. Tax incentive grants favorably impacted our income tax expense by $381 million, $317 million and $335 million for the years ended December 31, 2021, 2020 and 2019, respectively. In addition, our effective tax rate reflects the benefits of having significant earnings generated in investments accounted for under the equity method. A reconciliation of the statutory U.S. federal tax rate and our effective tax rate is as follows: Year Ended December 31, 2021 2020 2019 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % State and local income taxes — net of federal benefit 1.1 1.1 0.9 Earnings in jurisdictions taxed at rates different from the statutory U.S. federal tax rate 2.3 1 0.9 3 1.1 6,7,8 Equity income or loss (2.0) (1.4) (1.6) Excess tax benefits on stock-based compensation (0.5) (0.8) (0.9) Other — net (0.8) 2 (0.5) 4,5 (3.8) 9 Effective tax rate 21.1 % 20.3 % 16.7 % 1 Includes net tax charges of $375 million (or a 3.0 percent impact on our effective tax rate) related to changes in tax laws in certain foreign jurisdictions, amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions, as well as other discrete items. 2 Includes a tax benefit of $14 million (or a 1.5 percent impact on our effective tax rate) associated with the $834 million gain recorded upon the acquisition of the remaining ownership interest in BodyArmor. Refer to Note 2. 3 Includes net tax charges of $110 million (or a 1.1 percent impact on our effective tax rate) related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions, as well as other agreed-upon audit issues. 4 Includes net tax expense of $431 million (or a 4.4 percent impact on our effective tax rate) primarily related to changes in judgment on specific tax positions due to the Opinion and amounts required to be recorded for changes to other uncertain tax positions, including interest and penalties. Also includes a tax benefit of $107 million (or a 1.1 percent impact on our effective tax rate) related to changes in our assessment of certain valuation allowances and a net tax benefit of $135 million (or a 1.4 percent impact on our effective tax rate) related to domestic return to provision adjustments and other tax items. 5 Includes a tax benefit of $40 million (or a 2.4 percent impact on our effective tax rate) associated with the $902 million gain recorded upon the acquisition of the remaining ownership interest in fairlife. Refer to Note 2. 6 Includes net tax charges of $199 million (or a 1.9 percent impact on our effective tax rate) related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions, as well as other agreed-upon audit issues. 7 Includes the impact of pretax charges of $710 million (or a 1.2 percent impact on our effective tax rate) related to the impairment of certain of our equity method investees. 8 Includes a tax benefit of $199 million (or a 1.5 percent impact on our effective tax rate) recorded as a result of CCBA no longer qualifying as a discontinued operation. Refer to Note 2. 9 Includes a net tax benefit of $184 million (or a 1.7 percent impact on our effective tax rate) related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, a tax benefit of $145 million (or a 1.4 percent impact on our effective tax rate) related to changes in our assessment of certain valuation allowances and a net tax benefit of $89 million (or a 0.8 percent impact on our effective tax rate) related to domestic return to provision adjustments as well as other agreed-upon audit issues. As of December 31, 2021, we have not recorded incremental income taxes for any additional outside basis differences of approximately $5.1 billion in our investments in foreign subsidiaries, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any additional outside basis differences in these entities is not practicable. The Global Intangible Low-Taxed Income (“GILTI”) provisions of the Tax Reform Act require the Company to include in its U.S. income tax return each foreign subsidiary’s earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. An accounting policy election is available to either account for the tax effects of GILTI in the period that is subject to such taxes or to provide deferred taxes for book and tax basis differences that upon reversal may be subject to such taxes. We have elected to account for the tax effects of these provisions in the period that is subject to such tax and the impact is reflected in our full year provision. The Company and its subsidiaries file income tax returns in all applicable jurisdictions, including the U.S. federal jurisdiction, U.S. state jurisdictions and foreign jurisdictions. U.S. tax authorities have completed their federal income tax examinations for all years prior to 2007. With respect to U.S. state jurisdictions and foreign jurisdictions, with limited exceptions, the Company and its subsidiaries are no longer subject to income tax audits for years prior to 2006. For U.S. federal and state tax purposes, the net operating losses and tax credit carryovers acquired in connection with our acquisition of Coca‑Cola Enterprises Inc.’s former North America business that were generated from the years of 1990 through 2010 are subject to adjustments until the year in which they are actually utilized is no longer subject to examination. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, including interest and penalties, have been provided for in accordance with the applicable accounting guidance. On November 18, 2020, the Tax Court issued the Opinion regarding the Company’s 2015 litigation with the IRS involving transfer pricing tax adjustments in which the court predominantly sided with the IRS. The Company disagrees with the Opinion and intends to vigorously defend its position. Refer to Note 11. As of December 31, 2021, the gross amount of unrecognized tax benefits was $906 million. If the Company were to prevail on all uncertain tax positions, the net effect would be a benefit of $600 million, exclusive of any benefits related to interest and penalties. The remaining $306 million primarily represents tax benefits that would be received in different tax jurisdictions in the event the Company did not prevail on all uncertain tax positions. A reconciliation of the changes in the gross amount of unrecognized tax benefits is as follows (in millions): Year Ended December 31, 2021 2020 2019 Balance of unrecognized tax benefits at beginning of year $ 915 $ 392 $ 336 Increase related to prior period tax positions 9 528 1 204 2 Decrease related to prior period tax positions (50) (1) — Increase related to current period tax positions 37 26 29 Decrease related to settlements with taxing authorities (4) (19) (174) 3 Effect of foreign currency translation (1) (11) (3) Balance of unrecognized tax benefits at end of year $ 906 $ 915 $ 392 1 The increase was primarily related to a change in judgment on certain tax positions due to the Opinion. Refer to Note 11. 2 The increase was primarily related to a change in judgment about the Company’s tax positions with several foreign jurisdictions. 3 The decrease was primarily related to a change in judgment about one of the Company’s tax positions that became certain as a result of settlement of a matter in the United States. The Company recognizes interest and penalties related to unrecognized tax benefits in the line item income taxes on our consolidated statement of income. The Company had $453 million, $391 million and $201 million in interest and penalties related to unrecognized tax benefits accrued as of December 31, 2021, 2020 and 2019, respectively. Of these amounts, expense of $62 million, $190 million and $11 million was recognized in 2021, 2020 and 2019, respectively. If the Company were to prevail on all uncertain tax positions, the reversal of this accrual would be a benefit to the Company’s effective tax rate. It is expected that the amount of unrecognized tax benefits will change in the next 12 months; however, we do not expect any changes will have a significant impact on our consolidated statement of income or consolidated balance sheet. These changes may be the result of settlements of ongoing audits, statute of limitations expiring or final settlements in transfer pricing matters that are the subject of litigation. Currently, an estimate of the range of the reasonably possible outcomes cannot be made. The tax effects of temporary differences and carryforwards that give rise to deferred tax assets and liabilities consisted of the following (in millions): December 31, 2021 2020 Deferred tax assets: Property, plant and equipment $ 36 $ 44 Trademarks and other intangible assets 1,910 2,214 Equity method investments (including net foreign currency translation adjustments) 595 580 Derivative financial instruments 215 523 Other liabilities 1,255 1,401 Benefit plans 670 893 Net operating/capital loss carryforwards 280 320 Other 377 391 Gross deferred tax assets 5,338 6,366 Valuation allowances (401) (406) Total deferred tax assets $ 4,937 $ 5,960 Deferred tax liabilities: Property, plant and equipment $ (721) $ (837) Trademarks and other intangible assets (1,783) (1,661) Equity method investments (including net foreign currency translation adjustments) (1,619) (1,533) Derivative financial instruments (500) (435) Other liabilities (315) (402) Benefit plans (527) (321) Other (164) (144) Total deferred tax liabilities $ (5,629) $ (5,333) Net deferred tax assets (liabilities) $ (692) $ 627 As of December 31, 2021 and 2020, we had net deferred tax assets of $0.7 billion and $1.4 billion, respectively, located in countries outside the United States. As of December 31, 2021, we had $2,313 million of loss carryforwards available to reduce future taxable income. Loss carryforwards of $849 million must be utilized within the next five years, and the remainder can be utilized over a period greater than five years. An analysis of our deferred tax asset valuation allowances is as follows (in millions): Year Ended December 31, 2021 2020 2019 Balance at beginning of year $ 406 $ 303 $ 419 Additions 25 240 148 Deductions (30) (137) (264) Balance at end of year $ 401 $ 406 $ 303 The Company’s deferred tax asset valuation allowances are primarily the result of uncertainties regarding the future realization of recorded tax benefits on tax loss carryforwards and foreign tax credit carryforwards from operations in various jurisdictions and basis differences in certain equity investments. Current evidence does not suggest we will realize sufficient taxable income of the appropriate character within the carryforward period to allow us to realize these deferred tax benefits. If we were to identify and implement tax planning strategies to recover these deferred tax assets or generate sufficient income of the appropriate character in these jurisdictions in the future, it could lead to the reversal of these valuation allowances and a reduction of income tax expense. The Company believes that it will generate sufficient future taxable income to realize the tax benefits related to the remaining net deferred tax assets in our consolidated balance sheet. In 2021, the Company recognized a net decrease of $5 million in its valuation allowances. The decrease was primarily due to net decreases in the deferred tax assets and related valuation allowances on certain equity investments and the changes in net operating losses in the normal course of business. In 2020, the Company recognized a net increase of $103 million in its valuation allowances. The increase was primarily due to net increases in the deferred tax assets and related valuation allowances on certain equity investments. The increase was also due to the increase of valuation allowances after considering significant negative evidence on the utilization of certain net operating losses and excess foreign tax credits. In 2019, the Company recognized a net decrease of $116 million in its valuation allowances. This decrease was primarily due to the reversal of a valuation allowance after considering significant positive evidence on the utilization of certain net operating losses. This decrease was also due to the reversal of a valuation allowance in our U.S. operations related to expenses that were previously determined to be nondeductible and the changes in net operating losses in the normal course of business. The decrease was partially offset by an increase in the valuation allowance due to increases in the deferred tax assets and related valuation allowances on certain equity method investments and an increase due to the acquisition of foreign operations.

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
OTHER 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): December 31, 2021 2020 Net foreign currency translation adjustments $ (12,595) $ (12,028) Accumulated net gains (losses) on derivatives 20 (194) Unrealized net gains (losses) on available-for-sale debt securities (62) 28 Adjustments to pension and other postretirement benefit liabilities (1,693) (2,407) Accumulated other comprehensive income (loss) $ (14,330) $ (14,601) The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Year Ended December 31, 2021 Shareowners of Noncontrolling Total Consolidated net income $ 9,771 $ 33 $ 9,804 Other comprehensive income: Net foreign currency translation adjustments (567) (132) (699) Net gains (losses) on derivatives 1 214 — 214 Net change in unrealized gains (losses) on available-for-sale debt securities 2 (90) — (90) Net change in pension and other postretirement benefit liabilities 3 714 (2) 712 Total comprehensive income $ 10,042 $ (101) $ 9,941 1 Refer to Note 5 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. 3 Refer to Note 13 for additional information related to the Company’s pension and other postretirement benefit liabilities. The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions): Before-Tax Amount Income Tax After-Tax Amount 2021 Foreign currency translation adjustments: Translation adjustments arising during the year $ 263 $ 19 $ 282 Reclassification adjustments recognized in net income 257 — 257 Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,798) — (1,798) Gains (losses) on net investment hedges arising during the year 1 918 (230) 688 Reclassification adjustments for net investment hedges recognized in net income 1 4 — 4 Net foreign currency translation adjustments $ (356) $ (211) $ (567) Derivatives: Gains (losses) arising during the year $ 160 $ (41) $ 119 Reclassification adjustments recognized in net income 124 (29) 95 Net gains (losses) on derivatives 1 $ 284 $ (70) $ 214 Available-for-sale debt securities: Unrealized gains (losses) arising during the year $ (141) $ 48 $ (93) Reclassification adjustments recognized in net income 4 (1) 3 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (137) $ 47 $ (90) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the year $ 653 $ (138) $ 515 Reclassification adjustments recognized in net income 265 (66) 199 Net change in pension and other postretirement benefit liabilities 3 $ 918 $ (204) $ 714 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 709 $ (438) $ 271 2020 Foreign currency translation adjustments: Translation adjustments arising during the year $ (2,223) $ 150 $ (2,073) Reclassification adjustments recognized in net income 3 — 3 Gains (losses) on intra-entity transactions that are of a long-term investment nature 2,133 — 2,133 Gains (losses) on net investment hedges arising during the year 1 (1,094) 273 (821) Net foreign currency translation adjustments $ (1,181) $ 423 $ (758) Derivatives: Gains (losses) arising during the year $ (54) $ 13 $ (41) Reclassification adjustments recognized in net income 74 (18) 56 Net gains (losses) on derivatives 1 $ 20 $ (5) $ 15 Available-for-sale debt securities: Unrealized gains (losses) arising during the year $ (64) $ 22 $ (42) Reclassification adjustments recognized in net income (7) 2 (5) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (71) $ 24 $ (47) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the year $ (560) $ 138 $ (422) Reclassification adjustments recognized in net income 206 (51) 155 Net change in pension and other postretirement benefit liabilities 3 $ (354) $ 87 $ (267) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,586) $ 529 $ (1,057) Before-Tax Amount Income Tax After-Tax Amount 2019 Foreign currency translation adjustments: Translation adjustments arising during the year $ 52 $ (54) $ (2) Reclassification adjustments recognized in net income 192 — 192 Gains (losses) on intra-entity transactions that are of a long-term investment nature (307) — (307) Gains (losses) on net investment hedges arising during the year 1 195 (49) 146 Net foreign currency translation adjustments $ 132 $ (103) $ 29 Derivatives: Gains (losses) arising during the year $ (225) $ 49 $ (176) Reclassification adjustments recognized in net income 163 (41) 122 Net gains (losses) on derivatives 1 $ (62) $ 8 $ (54) Available-for-sale debt securities: Unrealized gains (losses) arising during the year $ 47 $ (4) $ 43 Reclassification adjustments recognized in net income (31) 6 (25) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 16 $ 2 $ 18 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the year $ (379) $ 105 $ (274) Reclassification adjustments recognized in net income 151 (36) 115 Net change in pension and other postretirement benefit liabilities 3 $ (228) $ 69 $ (159) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (142) $ (24) $ (166) 1 Refer to Note 5 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. 3 Refer to Note 13 for additional information related to the Company’s pension and other postretirement benefit liabilities. The following table presents the amounts and line items in our consolidated statement of income where adjustments reclassified from AOCI into income were recorded during the year ended December 31, 2021 (in millions): Description of AOCI Component Financial Statement Line Item Amount Reclassified from AOCI into Income Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ 261 Income before income taxes 261 Income taxes — Consolidated net income $ 261 Derivatives: Foreign currency contracts Net operating revenues $ 77 Foreign currency and commodity contracts Cost of goods sold 10 Foreign currency contracts Other income (loss) — net (74) Divestitures, deconsolidations and other 1 Other income (loss) — net 8 Foreign currency and interest rate contracts Interest expense 103 Income before income taxes 124 Income taxes (29) Consolidated net income $ 95 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ 4 Income before income taxes 4 Income taxes (1) Consolidated net income $ 3 Pension and other postretirement benefit liabilities: Settlement charges 2 Other income (loss) — net $ 117 Curtailment charges (credits) 2 Other income (loss) — net (2) Recognized net actuarial loss Other income (loss) — net 150 Recognized prior service cost (credit) Other income (loss) — net (2) Divestitures, deconsolidations and other 1 Other income (loss) — net 2 Income before income taxes 265 Income taxes (66) Consolidated net income $ 199 1 Refer to Note 2. 2 The settlement charges and curtailment credits were related to our strategic realignment initiatives. Refer to Note 13 and Note 18.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS U.S. GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1. We value assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Recurring Fair Value Measurements In accordance with U.S. GAAP, certain assets and liabilities are required to be recorded at fair value on a recurring basis. For our Company, the only assets and liabilities that are adjusted to fair value on a recurring basis are investments in equity securities with readily determinable fair values, debt securities classified as trading or available-for-sale, derivative financial instruments and our contingent consideration liability. Additionally, the Company adjusts the carrying value of certain long-term debt as a result of the Company’s fair value hedging strategy. Investments in Debt and Equity Securities The fair values of our investments in debt and equity securities using quoted market prices from daily exchange traded markets are based on the closing price as of the balance sheet date and are classified as Level 1. The fair values of our investments in debt and equity securities classified as Level 2 are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. Inputs into these valuation techniques include actual trade data, benchmark yields, broker/dealer quotes and other similar data. These inputs are obtained from quoted market prices, independent pricing vendors or other sources. Derivative Financial Instruments The fair values of our futures contracts are primarily determined using quoted contract prices on futures exchange markets. The fair values of these instruments are based on the closing contract prices as of the balance sheet date and are classified as Level 1. The fair values of our derivative instruments other than futures are determined using standard valuation models. The significant inputs used in these models are readily available in public markets, or can be derived from observable market transactions, and therefore have been classified as Level 2. Inputs used in these standard valuation models for derivative instruments other than futures include the applicable exchange rates, forward rates, interest rates, discount rates and commodity prices. The standard valuation model for options also uses implied volatility as an additional input. The discount rates are based on the historical U.S. Deposit or U.S. Treasury rates, and the implied volatility specific to options is based on quoted rates from financial institutions. Included in the fair values of derivative instruments is an adjustment for nonperformance risk. The adjustment is based on current credit default swap (“CDS”) rates applied to each contract, by counterparty. We use our counterparty’s CDS rate when we are in an asset position and our own CDS rate when we are in a liability position. The adjustment for nonperformance risk did not have a significant impact on the estimated fair values of our derivative instruments. The following tables summarize those assets and liabilities measured at fair value on a recurring basis (in millions): December 31, 2021 Level 1 Level 2 Level 3 Other 3 Netting Adjustment 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 2,372 $ 230 $ 17 $ 104 $ — $ 2,723 Debt securities 1 — 1,556 33 — — 1,589 Derivatives 2 69 588 — — (459) 6 198 8 Total assets $ 2,441 $ 2,374 $ 50 $ 104 $ (459) $ 4,510 Liabilities: Contingent consideration liability $ — $ — $ 590 5 $ — $ — $ 590 Derivatives 2 — 96 — — (82) 7 14 8 Total liabilities $ — $ 96 $ 590 $ — $ (82) $ 604 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 5 for additional information related to the composition of our derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 5. 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 $331 million in cash collateral it has netted against its derivative position. 7 The Company does not have the right to reclaim any cash collateral it has netted against its derivative position. 8 The Company’s derivative financial instruments are recorded at fair value in our consolidated balance sheet as follows: $198 million in the line item other noncurrent assets and $14 million in the line item other noncurrent liabilities. Refer to Note 5 for additional information related to the composition of our derivative portfolio. December 31, 2020 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 2,049 $ 210 $ 12 $ 103 $ — $ 2,374 Debt securities 1 4 2,267 32 — — 2,303 Derivatives 2 63 835 — — (669) 6 229 8 Total assets $ 2,116 $ 3,312 $ 44 $ 103 $ (669) $ 4,906 Liabilities: Contingent consideration liability $ — $ — $ 321 5 $ — $ — $ 321 Derivatives 2 — 91 — — (81) 7 10 8 Total liabilities $ — $ 91 $ 321 $ — $ (81) $ 331 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 5 for additional information related to the composition of our derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 5. 5 Refer to Note 2 for additional information related to the contingent consideration liability resulting from the fairlife acquisition. 6 The Company is obligated to return $546 million in cash collateral it has netted against its derivative position. 7 The Company does not have the right to reclaim any cash collateral it has netted against its derivative position. 8 The Company’s derivative financial instruments are recorded at fair value in our consolidated balance sheet as follows: $229 million in the line item other noncurrent assets, $9 million in the line item accounts payable and accrued expenses and $1 million in the line item other noncurrent liabilities. Refer to Note 5 for additional information related to the composition of our derivative portfolio. Gross realized and unrealized gains and losses on Level 3 assets and liabilities were not significant for the years ended December 31, 2021 and 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 years ended December 31, 2021 and 2020. Nonrecurring Fair Value Measurements In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records assets and liabilities at fair value on a nonrecurring basis as required by U.S. GAAP. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges or as a result of observable changes in equity securities using the measurement alternative. The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the following table (in millions): Gains (Losses) Year Ended December 31, 2021 2020 Assets held for sale $ (266) 1 $ — Other-than-temporary impairment charges — (290) 3 Impairment of intangible assets (78) 2 (215) 4 Impairment of equity investment without a readily determinable fair value — (26) 5 Total $ (344) $ (531) 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 in our consolidated statement of income 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 consolidated balance sheet. 2 The Company recorded an impairment charge of $78 million related to a trademark in Europe, which was driven by a change in the long-term outlook on the licensing arrangement for a certain brand. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. 3 During the year ended December 31, 2020, the Company recorded an other-than-temporary impairment charge of $252 million related to CCBJHI, an equity method investee. Based on the length of time and the extent to which the market value of our investment in CCBJHI was less than our carrying value and the financial condition and near-term prospects of the issuer, management determined that the decline in fair value was other than temporary in nature. This impairment charge was determined using the quoted market price (a Level 1 measurement) of CCBJHI. The Company also recorded an other-than-temporary impairment charge of $38 million related to one of our equity method investees in Latin America. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. 4 The Company recorded impairment charges of $160 million related to its Odwalla trademark in North America, as the Company decided in June 2020 to discontinue its Odwalla juice business. The Company also 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. 5 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. Fair Value Measurements for Pension and Other Postretirement Benefit Plan Assets The fair value hierarchy discussed above is not only applicable to assets and liabilities that are included in our consolidated balance sheet but is also applied to certain other assets that indirectly impact our consolidated financial statements. For example, our Company sponsors and/or contributes to a number of pension and other postretirement benefit plans. Assets contributed by the Company become the property of the individual plans. Even though the Company no longer has control over these assets, we are indirectly impacted by subsequent fair value adjustments to these assets. The actual return on these assets impacts the Company’s future net periodic benefit cost or income as well as amounts recognized in our consolidated balance sheet. Refer to Note 13. The Company uses the fair value hierarchy to measure the fair value of assets held by our pension and other postretirement benefit plans. Pension Plan Assets The following table summarizes the levels within the fair value hierarchy for our pension plan assets (in millions): December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Other 1 Total Level 1 Level 2 Level 3 Other 1 Total Cash and cash equivalents $ 479 $ 26 $ — $ — $ 505 $ 558 $ 120 $ — $ — $ 678 Equity securities: U.S.-based companies 2,382 22 27 — 2,431 2,123 12 4 — 2,139 International-based companies 1,684 22 — — 1,706 1,694 32 — — 1,726 Fixed-income securities: Government bonds — 677 — — 677 — 637 — — 637 Corporate bonds and debt — 994 29 — 1,023 — 1,011 31 — 1,042 Mutual, pooled and commingled 36 283 — 531 4 850 44 268 — 502 4 814 Hedge funds/limited — — — 720 5 720 — — — 622 5 622 Real estate — — — 389 6 389 — — — 332 6 332 Derivative financial instruments — (9) 2 — — (9) — (15) 2 — — (15) Other — — 283 3 330 7 613 — — 302 3 362 7 664 Total $ 4,581 $ 2,015 $ 339 $ 1,970 $ 8,905 $ 4,419 $ 2,065 $ 337 $ 1,818 $ 8,639 1 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 13. 2 This class of assets includes investments in credit contracts. 3 Includes purchased annuity insurance contracts. 4 This class of assets includes actively managed emerging markets equity funds and a collective trust fund for qualified plans, invested primarily in equity securities of companies in developing and emerging markets. There are no liquidity restrictions on these investments. 5 This class of assets includes hedge funds that can be subject to redemption restrictions, ranging from monthly to semiannually, with a redemption notice period of up to one year and/or initial lock-up periods of up to three years, and private equity funds that are primarily closed-end funds in which the Company’s investments are generally not eligible for redemption. Distributions from these private equity funds will be received as the underlying assets are liquidated or distributed. 6 This class of assets includes funds invested in real estate, including a privately held real estate investment trust, a real estate commingled pension trust fund, infrastructure limited partnerships and commingled investment funds. These funds seek current income and capital appreciation and can be subject to redemption restrictions, ranging from quarterly to semiannually, with a redemption notice period of up to 90 days. 7 Primarily includes segregated portfolios of private investment funds that are invested in a portfolio of insurance-linked securities. These assets can be subject to a semiannual redemption, with a redemption notice period of 90 days, subject to certain gate restrictions. The following table provides a reconciliation of the beginning and ending balance of Level 3 assets for our U.S. and non-U.S. pension plans (in millions): Equity Fixed-Income Securities Other 1 Total 2020 Balance at beginning of year $ 21 $ 40 $ 273 $ 334 Actual return on plan assets — 1 6 7 Purchases, sales and settlements — net (18) (17) 4 (31) Transfers into Level 3 — net 1 7 — 8 Net foreign currency translation adjustments — — 19 19 Balance at end of year $ 4 $ 31 $ 302 $ 337 2021 Balance at beginning of year $ 4 $ 31 $ 302 $ 337 Actual return on plan assets 21 (3) (6) 12 Purchases, sales and settlements — net 2 7 (2) 7 Transfers into Level 3 — net — (6) — (6) Net foreign currency translation adjustments — — (11) (11) Balance at end of year $ 27 $ 29 $ 283 $ 339 1 Includes purchased annuity insurance contracts. Other Postretirement Benefit Plan Assets The following table summarizes the levels within the fair value hierarchy for our other postretirement benefit plan assets (in millions): December 31, 2021 December 31, 2020 Level 1 Level 2 Other 1 Total Level 1 Level 2 Other 1 Total Cash and cash equivalents $ 32 $ 1 $ — $ 33 $ 29 $ 1 $ — $ 30 Equity securities: U.S.-based companies 183 1 — 184 169 1 — 170 International-based companies 12 — — 12 12 — — 12 Fixed-income securities: Government bonds — 3 — 3 — 3 — 3 Corporate bonds and debt securities — 82 — 82 — 80 — 80 Mutual, pooled and commingled funds — 85 2 87 — 84 2 86 Hedge funds/limited partnerships — — 9 9 — — 7 7 Real estate — — 5 5 — — 4 4 Other — — 4 4 — — 4 4 Total $ 227 $ 172 $ 20 $ 419 $ 210 $ 169 $ 17 $ 396 1 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 13. 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 relatively short-term maturities of these financial instruments. As of December 31, 2021, the carrying value and fair value of our long-term debt, including the current portion, were $39,454 million and $40,311 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.

SIGNIFICANT OPERATING AND NONOP

SIGNIFICANT OPERATING AND NONOPERATING ITEMS	12 Months Ended
	Dec. 31, 2021
Other Income and Expenses [Abstract]
SIGNIFICANT OPERATING AND NONOPERATING ITEMS	SIGNIFICANT OPERATING AND NONOPERATING ITEMS Other Operating Charges In 2021, the Company recorded other operating charges of $846 million. These charges primarily consisted of $369 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $146 million related to the Company’s strategic realignment initiatives, $119 million related to the BodyArmor acquisition, which includes various transition and transaction costs, distributor termination fees, employee retention costs and the amortization of noncompete agreements, and $115 million related to the Company’s productivity and reinvestment program. In addition, other operating charges included an impairment charge of $78 million related to a trademark in Europe, charges of $15 million related to tax litigation and a net charge of $4 million related to the restructuring of our manufacturing operations in the United States. In 2020, the Company recorded other operating charges of $853 million. These charges primarily consisted of $413 million related to the Company’s strategic realignment initiatives and $99 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 net charges of $33 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. In addition, other operating charges included $51 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition and net charges of $16 million related to the restructuring of our manufacturing operations in the United States. In 2019, the Company recorded other operating charges of $458 million. These charges included $264 million related to the Company’s productivity and reinvestment program and $42 million related to the impairment of a trademark in Asia Pacific. In addition, other operating charges included $46 million of transaction costs associated with the purchase of Costa, which we acquired in January 2019, and $95 million for costs incurred to refranchise certain of our North America bottling operations. These costs included, among other items, internal and external costs for individuals directly working on the refranchising efforts, severance, and costs associated with the implementation of information technology systems to facilitate consistent data standards and availability throughout our bottling systems. Refer to Note 2 for additional information on the acquisitions of BodyArmor, fairlife and Costa. Refer to Note 11 for additional information related to the tax litigation. Refer to Note 16 for additional information on the impairment charges. Refer to Note 18 for additional information on the Company’s strategic realignment initiatives and productivity and reinvestment program. Refer to Note 19 for the impact these charges had on our operating segments and Corporate. Other Nonoperating Items Interest Expense During the years ended December 31, 2021 and 2020, the Company recorded charges of $650 million and $484 million, respectively, related to the extinguishment of long-term debt. Refer to Note 10. Equity Income (Loss) — Net The Company recorded net charges of $13 million, $216 million and $100 million in equity income (loss) — net during the years ended December 31, 2021, 2020 and 2019, 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 19 for the impact these charges had on our operating segments and Corporate. Other Income (Loss) — Net During 2021, the Company recognized a gain of $834 million in conjunction with the BodyArmor acquisition, a net gain of $695 million related to the sale of our ownership interest in CCA, an equity method investee, and a net gain of $114 million related to the sale of our ownership interest in an equity method investee and the sale of a portion of our ownership interest in another equity method investee. Additionally, the Company recognized a net gain of $467 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 plan settlement charges of $117 million related to our strategic realignment initiatives. During 2020, the Company recognized a gain of $902 million in conjunction with the fairlife acquisition, a net gain of $148 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, and a net gain of $35 million related to the sale of our ownership interest in an equity method investee and the sale of a portion of our ownership interest in another equity method investee . These gains were partially offset by an other-than-temporary impairment charge of $252 million related to CCBJHI, an equity method investee, an other-than-temporary impairment charge of $38 million related to one of our equity method investees in Latin America, an impairment charge of $26 million associated with an investment in an equity security without a readily determinable fair value and a net loss of $55 million related to economic hedging activities. The Company also recorded net charges of $25 million related to the restructuring of our manufacturing operations in the United States and pension and other postretirement benefit plan settlement and curtailment charges of $14 million related to the Company’s strategic realignment initiatives. During 2019, the Company recognized a gain of $739 million on the sale of a retail and office building in New York City. The Company also recognized a net gain of $250 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, a gain of $73 million related to the refranchising of certain bottling operations in India and a gain of $39 million related to the sale of a portion of our ownership interest in Andina. These gains were partially offset by other-than-temporary impairment charges of $406 million related to CCBJHI, an equity method investee, $255 million related to certain equity method investees in the Middle East, $57 million related to one of our equity method investees in North America and $49 million related to one of our equity method investees in Latin America. The Company also recorded an adjustment to reduce the carrying amount of CCBA’s fixed assets and definite-lived intangible assets by $160 million and recognized a $118 million net loss in conjunction with our acquisition of the remaining ownership interest in CHI. Additionally, the Company recorded net charges of $105 million primarily related to post-closing adjustments as contemplated by the related agreements associated with the refranchising of certain bottling territories in North America. Refer to Note 2 for additional information on the acquisitions of BodyArmor, fairlife and CHI, the sale of our ownership interest in CCA, the sale of a portion of our ownership interest in Andina, the refranchising activity in India, and the CCBA asset adjustment. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 5 for additional information on our economic hedging activities. Refer to Note 16 for additional information on the impairment charges and charges related to the restructuring of our manufacturing operations in the United States. Refer to Note 18 for additional information on the Company’s strategic realignment initiatives. Refer to Note 19 for the impact these items had on our operating segments and Corporate.

RESTRUCTURING

RESTRUCTURING	12 Months Ended
	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
RESTRUCTURING	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 has transformed into 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 while staying close to the consumer. The global marketing category leadership teams primarily focus on innovation as well as marketing efficiency and effectiveness. The organizational structure also includes a center and a platform services organization. Refer to Note 19 for additional information on our organizational structure. The Company has incurred total pretax expenses of $690 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 consolidated statements of income. Refer to Note 19 for the impact these expenses had on our operating segments and Corporate. Outside services reported in the table below primarily relate to expenses in connection with legal and consulting activities. These initiatives were substantially complete as of December 31, 2021. The following table summarizes the balance of accrued expenses related to these strategic realignment initiatives (in millions): Severance Pay Outside Services Other Total 2020 Costs incurred $ 386 $ 37 $ 4 $ 427 Payments (170) (36) (1) (207) Noncash and exchange (35) 1 — — (35) Accrued balance at end of year $ 181 $ 1 $ 3 $ 185 2021 Accrued balance at beginning of year $ 181 $ 1 $ 3 $ 185 Costs incurred 224 37 2 263 Payments (265) (35) (3) (303) Noncash and exchange (120) 1 (2) — (122) Accrued balance at end of year $ 20 $ 1 $ 2 $ 23 1 Includes stock-based compensation modifications, pension settlement charges, and other postretirement benefit plan curtailment charges. Refer to Note 12 and 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. This 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 2023, certain initiatives may extend into 2024. The Company has incurred total pretax expenses of $4,044 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 consolidated statements of income. Refer to Note 19 for the impact these charges had on our operating segments and Corporate. Outside services reported in the table below primarily include costs associated with outplacement and consulting activities. Other direct costs reported in the table below include, among other items, internal and external costs associated with the development, communication, administration and implementation of these initiatives; accelerated depreciation on certain fixed assets; contract termination fees; and relocation costs. The following table summarizes the balance of accrued expenses related to these productivity and reinvestment initiatives and the changes in the accrued amounts (in millions): Severance Pay Outside Services Other Total 2019 Accrued balance at beginning of year $ 76 $ 10 $ 4 $ 90 Costs incurred 36 87 141 264 Payments (57) (98) (119) (274) Noncash and exchange 3 2 (19) (14) Accrued balance at end of year $ 58 $ 1 $ 7 $ 66 2020 Accrued balance at beginning of year $ 58 $ 1 $ 7 $ 66 Costs incurred (12) 69 42 99 Payments (29) (70) (36) (135) Noncash and exchange (2) — (11) (13) Accrued balance at end of year $ 15 $ — $ 2 $ 17 2021 Accrued balance at beginning of year $ 15 $ — $ 2 $ 17 Costs incurred 4 97 14 115 Payments (6) (97) (14) (117) Noncash and exchange (1) — 3 2 Accrued balance at end of year $ 12 $ — $ 5 $ 17

OPERATING SEGMENTS

OPERATING SEGMENTS	12 Months Ended
	Dec. 31, 2021
Operations, Reportable Information, by Operating Segment
OPERATING SEGMENTS	OPERATING SEGMENTS Our organizational structure consists of the following operating segments: Europe, Middle East and Africa; Latin America; North America; Asia Pacific; Global Ventures; and Bottling Investments. Our operating structure also includes Corporate, which consists of two components: (1) a center focusing on strategic initiatives, policy, governance and scaling global initiatives; and (2) a platform services organization supporting operating units, global marketing category leadership teams and the center by providing efficient and scaled global services and capabilities including, but not limited to, transactional work, data management, consumer analytics, digital commerce and social/digital hubs. Segment Products and Services The business of our Company is primarily nonalcoholic beverages. Our geographic operating segments (Europe, Middle East and Africa; Latin America; North America; and Asia Pacific) derive a majority of their revenues from the manufacture and sale of beverage concentrates and syrups and, in some cases, the sale of finished beverages. Our Global Ventures operating segment includes the results of our Costa, innocent and doğadan businesses as well as fees earned pursuant to distribution coordination agreements between the Company and Monster. Our Bottling Investments operating segment is composed of our consolidated bottling operations, regardless of the geographic location of the bottler. Our Bottling Investments operating segment also includes equity income from the majority of our equity method investees. Our consolidated bottling operations derive the majority of their revenues from the manufacture and sale of finished beverages. Generally, finished product operations produce higher net operating revenues but lower gross profit margins than concentrate operations. Refer to Note 3. The following table sets forth the percentage of total net operating revenues attributable to concentrate operations and finished product operations: Year Ended December 31, 2021 2020 2019 Concentrate operations 56 % 56 % 55 % Finished product operations 44 44 45 Total 100 % 100 % 100 % Method of Determining Segment Income or Loss Management evaluates the performance of our operating segments separately to individually monitor the different factors affecting financial performance. Our Company manages income taxes and certain treasury-related items, such as interest income and interest expense, on a global basis within Corporate. We evaluate operating segment performance based primarily on net operating revenues and operating income (loss). Geographic Data The following table provides information related to our net operating revenues (in millions): Year Ended December 31, 2021 2020 2019 United States $ 13,010 $ 11,281 $ 11,715 International 25,645 21,733 25,551 Net operating revenues $ 38,655 $ 33,014 $ 37,266 The following table provides information related to our property, plant and equipment — net (in millions): Year Ended December 31, 2021 2020 2019 United States $ 3,420 $ 3,988 $ 4,062 International 6,500 6,789 6,776 Property, plant and equipment — net $ 9,920 $ 10,777 $ 10,838 Information about our Company’s operations by operating segment and Corporate is as follows (in millions): Europe, Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Year Ended December 31, 2021 Net operating revenues: Third party $ 6,564 $ 4,143 $ 13,184 $ 4,682 $ 2,805 $ 7,194 $ 83 $ — $ 38,655 Intersegment 629 — 6 609 — 9 2 (1,255) — Total net operating revenues 7,193 4,143 13,190 5,291 2,805 7,203 85 (1,255) 38,655 Operating income (loss) 3,735 2,534 3,331 2,325 293 473 (2,383) — 10,308 Interest income — — 40 — 10 — 226 — 276 Interest expense — — — — — — 1,597 — 1,597 Depreciation and amortization 76 39 388 49 135 529 236 — 1,452 Equity income (loss) — net 33 9 22 8 (6) 1,071 301 — 1,438 Income (loss) before income taxes 3,821 2,542 3,140 2,350 310 1,596 (1,334) — 12,425 Identifiable operating assets 7,908 2 1,720 25,730 2,355 3 7,949 10,312 2,3 19,964 — 75,938 Investments 1 436 594 21 230 — 12,669 4,466 — 18,416 Capital expenditures 35 2 228 65 285 560 192 — 1,367 As of and for the Year Ended December 31, 2020 Net operating revenues: Third party $ 5,534 $ 3,499 $ 11,473 $ 4,213 $ 1,991 $ 6,258 $ 46 $ — $ 33,014 Intersegment 523 — 4 509 — 7 — (1,043) — Total net operating revenues 6,057 3,499 11,477 4,722 1,991 6,265 46 (1,043) 33,014 Operating income (loss) 3,313 2,116 2,471 2,133 (123) 308 (1,221) — 8,997 Interest income — — 64 — 11 — 295 — 370 Interest expense — — — — — — 1,437 — 1,437 Depreciation and amortization 86 45 439 47 122 551 246 — 1,536 Equity income (loss) — net 31 (72) — 8 (9) 779 241 — 978 Income (loss) before income taxes 3,379 2,001 2,500 2,158 (120) 898 (1,067) — 9,749 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 Capital expenditures 27 6 182 20 261 474 207 — 1,177 Year Ended December 31, 2019 Net operating revenues: Third party $ 6,434 $ 4,118 $ 11,906 $ 4,723 $ 2,560 $ 7,431 $ 94 $ — $ 37,266 Intersegment 624 — 9 604 2 9 — (1,248) — Total net operating revenues 7,058 4,118 11,915 5,327 2,562 7,440 94 (1,248) 37,266 Operating income (loss) 3,551 2,375 2,594 2,282 334 358 (1,408) — 10,086 Interest income — — 65 — 12 — 486 — 563 Interest expense — — — — — — 946 — 946 Depreciation and amortization 86 35 439 31 117 446 211 — 1,365 Equity income (loss) — net 35 (32) (6) 11 (3) 836 208 — 1,049 Income (loss) before income taxes 3,361 2,288 2,592 2,310 343 716 (824) — 10,786 Capital expenditures 108 140 392 47 209 836 322 — 2,054 1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in South Africa represented 16 percent and 15 percent of consolidated property, plant and equipment — net as of December 31, 2021 and 2020, respectively. 3 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of December 31, 2021 and 2020. During 2021, 2020 and 2019, our operating segments and Corporate were impacted by acquisition and divestiture activities. Refer to Note 2. In 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 $369 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 $115 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 18. • Operating income (loss) and income (loss) before income taxes were reduced by $98 million for Corporate and $21 million for North America related to various costs incurred in conjunction with our acquisition of BodyArmor. Refer to Note 2 and Note 17. • Operating income (loss) and income (loss) before income taxes were reduced by $78 million for Europe, Middle East and Africa related to the impairment of a trademark. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $63 million and $61 million, respectively, for Europe, Middle East and Africa, $46 million and $160 million, respectively, for Corporate, $12 million and $14 million, respectively, for Asia Pacific, and $11 million and $12 million, respectively, for Latin America due to the Company’s strategic realignment initiatives. In addition, operating income (loss) and income (loss) before income taxes were both reduced by $14 million for North America and income (loss) before income taxes was reduced by $2 million for Bottling Investments due to the Company’s strategic realignment initiatives. Refer to Note 18. • Operating income (loss) and income (loss) before income taxes were reduced by $52 million and $316 million, respectively, for North America, and income (loss) before income taxes was reduced by $2 million for Corporate related to the restructuring of our manufacturing operations in the United States. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $15 million for Corporate related to tax litigation expense. Refer to Note 11. • Income (loss) before income taxes was increased by $834 million for Corporate in conjunction with our acquisition of BodyArmor, which resulted from the remeasurement of our previously held equity interest in BodyArmor to fair value. Refer to Note 2. • 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 $467 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 $114 million for Corporate related to the sale of our ownership interest in an equity method investee and the sale of a portion of our ownership interest in another equity method investee. 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 10. • Income (loss) before income taxes was reduced by $45 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. In 2020, the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes for North America were reduced by $160 million related to the impairment of the Odwalla trademark and $33 million related to the cost of discontinuing the Odwalla juice business. • Operating income (loss) and income (loss) before income taxes were reduced by $145 million and $153 million, respectively, for Corporate, $31 million and $30 million, respectively, for Asia Pacific, $21 million and $26 million, respectively, for Bottling Investments, and $19 million and $21 million, respectively, for Latin America due to the Company’s strategic realignment initiatives. Additionally, operating income (loss) and income (loss) before income taxes were reduced by $115 million for North America, $78 million for Europe, Middle East and Africa and $4 million for Global Ventures due to the Company’s strategic realignment initiatives. Refer to Note 18. • Operating income (loss) and income (loss) before income taxes were reduced by $104 million for Corporate due to the Company’s productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $5 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 18. • Operating income (loss) and income (loss) before income taxes were reduced by $59 million and $84 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 $55 million for North America related to the impairment of a trademark. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $51 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 our 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 $148 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 $35 million for Corporate related to the sale of our ownership interest in an equity method investee and the sale of a portion of our ownership interest in another equity method investee. Refer to Note 2. • Income (loss) before income taxes was reduced by $484 million for Corporate related to charges associated with the extinguishment of long-term debt. Refer to Note 10. • Income (loss) before income taxes was reduced by $252 million for Bottling Investments and $38 million for Latin America due to other-than-temporary impairment charges related to certain of our equity method investees. Refer to Note 16. • Income (loss) before income taxes was reduced by $145 million for Bottling Investments, $70 million for Latin America and $1 million for North America 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 $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 16. In 2019, 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 $2 million for Europe, Middle East and Africa, $1 million for Latin America, $62 million for North America, $5 million for Bottling Investments and $194 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 18. • Operating income (loss) and income (loss) before income taxes were reduced by $95 million for Bottling Investments due to costs incurred to refranchise certain of our North America bottling operations. • Operating income (loss) and income (loss) before income taxes were reduced by $46 million for Corporate related to transaction costs associated with the purchase of Costa, which we acquired in January 2019. Refer to Note 2. • Operating income (loss) and income (loss) before income taxes were reduced by $42 million for Asia Pacific due to an impairment charge related to a trademark. • Income (loss) before income taxes was increased by $739 million for Corporate as a result of the sale of a retail and office building in New York City. • Income (loss) before income taxes was increased by $250 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 $73 million for Bottling Investments due to the refranchising of certain bottling operations in India. Refer to Note 2. • Income (loss) before income taxes was increased by $39 million for Corporate related to the sale of a portion of our ownership interest in Andina. Refer to Note 2. • Income (loss) before income taxes was reduced by $406 million for Bottling Investments, $255 million for Europe, Middle East and Africa, $57 million for North America and $49 million for Latin America due to other-than-temporary impairment charges related to certain of our equity method investees. • Income (loss) before income taxes was reduced by $160 million for Corporate as a result of CCBA asset adjustments. Refer to Note 2. • Income (loss) before income taxes was reduced by $118 million for Corporate resulting from a net loss in conjunction with our acquisition of the remaining ownership interest in CHI. Refer to Note 2. • Income (loss) before income taxes was reduced by $105 million for Bottling Investments due to the refranchising of certain bottling territories in North America. • Income (loss) before income taxes was reduced by $98 million for Bottling Investments and $2 million for Corporate due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.

NET CHANGE IN OPERATING ASSETS

NET CHANGE IN OPERATING ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2021
Increase (Decrease) in Operating Capital [Abstract]
NET CHANGE IN OPERATING ASSETS AND LIABILITIES	NET CHANGE IN OPERATING ASSETS AND LIABILITIES Net cash provided by (used in) operating activities attributable to the net change in operating assets and liabilities was composed of the following (in millions): Year Ended December 31, 2021 2020 2019 (Increase) decrease in trade accounts receivable 1 $ (225) $ 882 $ (158) (Increase) decrease in inventories (135) 99 (183) (Increase) decrease in prepaid expenses and other current assets (241) 78 (87) Increase (decrease) in accounts payable and accrued expenses 2 2,843 (860) 1,318 Increase (decrease) in accrued income taxes 3 (566) (16) 96 Increase (decrease) in other noncurrent liabilities 4 (351) 507 (620) Net change in operating assets and liabilities $ 1,325 $ 690 $ 366 1 The increase in trade accounts receivable in 2021 was primarily due to improved business performance. The decrease in trade accounts receivable in 2020 was primarily due to the impact of the COVID-19 pandemic and the start of a trade accounts receivable factoring program. Refer to Note 1 for additional information on the factoring program. 2 The increase in accounts payable and accrued expenses in 2021 was primarily driven by an increase in trade accounts payable, higher marketing accruals, BodyArmor acquisition-related accruals and higher annual incentive accruals. The decrease in accounts payable and accrued expenses in 2020 was primarily driven by the impact of the COVID-19 pandemic and lower annual incentive accruals. Refer to Note 2 for information regarding the BodyArmor acquisition. 3 The decrease in accrued income taxes in 2021 was primarily driven by increased tax payments in 2021. Refer to Note 14.

BUSINESS AND SUMMARY OF SIGNI_2

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements and accompanying notes. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result.
Principles of Consolidation	Principles of Consolidation Our Company consolidates all entities that we control by ownership of a majority voting interest. Additionally, there are situations in which consolidation is required even though the usual condition of consolidation (ownership of a majority voting interest) does not apply. Generally, this occurs when an entity holds an interest in another business enterprise that was achieved through arrangements that do not involve voting interests, which results in a disproportionate relationship between such entity’s voting interests in, and its exposure to the economic risks and potential rewards of, the other business enterprise. This disproportionate relationship results in what is known as a variable interest, and the entity in which we have the variable interest is referred to as a “VIE.” An enterprise must consolidate a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Our Company holds interests in certain VIEs, primarily bottling operations, for which we were not determined to be the primary beneficiary. Our variable interests in these VIEs primarily relate to equity investments, profit guarantees or subordinated financial support. Refer to Note 11. Although these financial arrangements resulted in our holding variable interests in these entities, they did not empower us to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance. Our Company’s investments, plus any loans and guarantees, and other subordinated financial support related to these VIEs totaled $1,980 million and $2,567 million as of December 31, 2021 and 2020, respectively, representing our maximum exposures to loss. The Company’s investments, plus any loans and guarantees, related to these VIEs were not individually significant to the Company’s consolidated financial statements. In addition, our Company holds interests in certain VIEs, primarily bottling operations, for which we were determined to be the primary beneficiary. As a result, we have consolidated these entities. Our Company’s investments, plus any loans and guarantees, related to these VIEs totaled $103 million and $74 million as of December 31, 2021 and 2020, respectively, representing our maximum exposures to loss. The assets and liabilities of VIEs for which we are the primary beneficiary were not significant to the Company’s consolidated financial statements. Creditors of our VIEs do not have recourse against the general credit of the Company, regardless of whether they are accounted for as consolidated entities. We use the equity method to account for investments in companies if our investment provides us with the ability to exercise significant influence over operating and financial policies of the investee. Our consolidated net income includes our Company’s proportionate share of the net income or loss of these companies. Our judgment regarding the level of influence over each equity method investee includes considering key factors such as our ownership interest, representation on the board of directors, participation in policy-making decisions, other commercial arrangements and material intercompany transactions. We eliminate from our financial results all significant intercompany transactions, including the intercompany transactions with consolidated VIEs and the intercompany portion of transactions with equity method investees.
Revenue Recognition	Revenue Recognition Our Company recognizes revenue when performance obligations under the terms of the contracts with our customers are satisfied. Our performance obligation generally consists of the promise to sell concentrates, syrups or finished products to our bottling partners, wholesalers, distributors or retailers. Refer to Note 3.
Advertising Costs	Advertising Costs Our Company expenses 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. Advertising costs included in the line item selling, general and administrative expenses in our consolidated statements of income were $4 billion, $3 billion and $4 billion in 2021, 2020 and 2019, respectively. As of December 31, 2021 and 2020, advertising and production costs of $57 million and $83 million, respectively, were primarily recorded in the line item prepaid expenses and other current assets in our consolidated balance sheets.
Shipping and Handling Costs	Shipping and Handling CostsShipping and handling costs related to the movement of goods from our manufacturing locations to our sales distribution centers are included in the line item cost of goods sold in our consolidated statement of income. Shipping and handling costs incurred to move goods from our manufacturing locations or sales distribution centers to our customers are also included in the line item cost of goods sold in our consolidated statement of income, except for costs incurred to distribute goods sold by our consolidated bottlers to our customers, which are included in the line item selling, general and administrative expenses in our consolidated statement of income. Our customers generally do not pay us separately for shipping and handling costs. We recognize the cost of shipping and handling activities that are performed after a customer obtains control of the goods as costs to fulfill our promise to provide goods to the customer. As a result of this election, the Company does not evaluate whether shipping and handling activities are services promised to customers. If revenue is recognized for the related goods before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued.
Sales, Use, Value-Added and Excise Taxes	Sales, Use, Value-Added and Excise TaxesThe Company collects taxes imposed directly on its customers related to sales, use, value-added, excise and other similar taxes. The Company then remits such taxes on behalf of its customers to the applicable governmental authorities. We exclude from net operating revenues the tax amounts imposed on revenue-producing transactions that were collected from our customers to be remitted to governmental authorities. Accordingly, such tax amounts are recorded in the line item trade accounts receivable in our consolidated balance sheet when collection of taxes from the customer has not yet occurred and are recorded in the line item accounts payable and accrued expenses in our consolidated balance sheet until they are remitted to the applicable governmental authorities. Taxes imposed directly on the Company, whether based on receipts from sales, inventory procurement costs or manufacturing activities, are recorded in the line item cost of goods sold in our consolidated statement of income.
Net Income Per Share	Net Income Per ShareBasic net income per share is computed by dividing net income attributable to shareowners of The Coca-Cola Company by the weighted-average number of common shares outstanding during the reporting period. Diluted net income per share is computed similarly to basic net income per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. Approximately 6 million stock options were excluded from the computation of diluted net income per share in both 2021 and 2020 because the stock options would have been antidilutive. The number of stock options excluded from the computation of diluted net income per share in 2019 was insignificant.
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	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 noncurrent assets on 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 table provides a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in our consolidated statements of cash flows (in millions): December 31, 2021 2020 2019 Cash and cash equivalents $ 9,684 $ 6,795 $ 6,480 Restricted cash and restricted cash equivalents included in other noncurrent assets 1,2 341 315 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 10,025 $ 7,110 $ 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.
Short-Term Investments	Short-Term Investments We classify time deposits and other investments that have maturities of greater than three months but less than one year as short-term investments.
Investments in Equity and Debt Securities	Investments in Equity and Debt SecuritiesWe measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value with the change in fair value included in net income. We use quoted market prices to determine the fair value of equity securities with readily determinable fair values. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Management assesses each of these investments on an individual basis. Our investments in debt securities are carried at either amortized cost or fair value. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Refer to Note 4 for additional information on our policy for investments, which includes our assessment of impairments.
Trade Accounts Receivable	Trade Accounts Receivable We record trade accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any expected loss on the trade accounts receivable balances and charged to the provision for doubtful accounts. We calculate this allowance based on available relevant information, in addition to historical loss information, the level of past-due accounts based on the contractual terms of the receivables, and our relationships with, and the economic status of, our bottling partners and customers. We believe our exposure to concentrations of credit risk is limited due to the diverse geographic areas covered by our operations. In the fourth quarter of 2020, the Company started a trade accounts receivable factoring program in certain countries. Under this program we can elect to sell trade accounts receivables to unaffiliated financial institutions at a discount. In these factoring arrangements, for ease of administration, the Company collects customer payments related to the factored receivables and remits those payments to the financial institutions. The Company sold $6,266 million and $185 million of trade accounts receivables under this program during the years ended December 31, 2021 and 2020, respectively, and the costs of factoring such receivables were not material. The Company accounts for this program as a sale, and accordingly, the trade receivables sold are excluded from trade accounts receivable on our consolidated balance sheet. The cash received from the financial institutions is classified within the operating activities section in our consolidated statement of cash flows.
Inventories	Inventories Inventories consist primarily of raw materials and packaging (which include ingredients and supplies) and finished goods (which include concentrates and syrups in our concentrate operations and finished beverages in our finished product operations). Inventories are valued at the lower of cost or net realizable value. We determine cost on the basis of the average cost or first-in, first-out methods. Inventories consisted of the following (in millions): December 31, 2021 2020 Raw materials and packaging $ 2,133 $ 2,106 Finished goods 982 791 Other 299 369 Total inventories $ 3,414 $ 3,266
Derivative Instruments	Derivative Instruments When deemed appropriate, our Company uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments are foreign currency exchange rate risk, commodity price risk and interest rate risk. All derivatives are carried at fair value in our consolidated balance sheet in the following line items, as applicable: prepaid expenses and other current assets; other noncurrent assets; accounts payable and accrued expenses; and other noncurrent liabilities. The cash flow impact of the Company’s derivative instruments is primarily included in our consolidated statement of cash flows in net cash provided by operating activities. Refer to Note 5.
Leases	Leases We determine if a contract contains a lease at its inception based on whether or not the Company has the right to control the asset during the contract period and other facts and circumstances. We are the lessee in a lease contract when we obtain the right to control the asset. Operating lease right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and are included in the line item other noncurrent assets on our consolidated balance sheet. Operating lease liabilities represent our obligation to make lease payments arising from the lease and are included in the line items accounts payable and accrued expenses and other noncurrent liabilities on our consolidated balance sheet. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on our consolidated balance sheet and are expensed on a straight-line basis over the lease term in our consolidated statement of income. When determining the lease term, we include renewal or termination options that we are reasonably certain to exercise. As most of our leases do not provide an implicit interest rate, we use our local incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. When our contracts contain lease and non-lease components, we account for both components as a single lease component. Refer to Note 9.
Leases	We have various contracts for certain fountain equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost. Repair and maintenance costs that do not improve service potential or extend economic life are expensed as incurred. Depreciation is recorded principally by the straight-line method over the estimated useful lives of our assets, which are reviewed periodically and generally have the following ranges: buildings and improvements: 40 years or less; and machinery and equipment: 20 years or less. Land is not depreciated, and construction in progress is not depreciated until ready for service. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term, including renewal options that we are reasonably certain to exercise, or the estimated useful life of the improvement. Depreciation is not recorded during the period in which a long-lived asset or disposal group is classified as held for sale, even if the asset or disposal group continues to generate revenue during the period. Depreciation expense, including the depreciation expense of assets under finance leases, totaled $1,262 million, $1,301 million and $1,208 million in 2021, 2020 and 2019, respectively. Amortization expense for leasehold improvements totaled $15 million, $18 million and $18 million in 2021, 2020 and 2019, respectively. The following table summarizes our property, plant and equipment (in millions): December 31, 2021 2020 Land $ 652 $ 676 Buildings and improvements 4,349 4,782 Machinery and equipment 13,861 14,242 Property, plant and equipment — cost 18,862 19,700 Less: Accumulated depreciation 8,942 8,923 Property, plant and equipment — net $ 9,920 $ 10,777 Certain events or changes in circumstances may indicate that the recoverability of the carrying amount of property, plant and equipment should be assessed, including, among others, a significant decrease in market value, a significant change in the business climate in a particular market, or a current period operating or cash flow loss combined with historical losses or projected future losses. When such events or changes in circumstances are present and a recoverability test is performed, we estimate the future cash flows expected to result from the use of the asset or asset group and its eventual disposition. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment charge. The impairment charge recognized is the amount by which the carrying amount of the asset or asset group exceeds the fair value. We use a variety of methodologies to determine the fair value of property, plant and equipment, including appraisals and discounted cash flow models. These appraisals and models include assumptions we believe are consistent with those a market participant would use.
Goodwill, Trademarks and Other Intangible Assets	Goodwill, Trademarks and Other Intangible Assets We classify intangible assets into three categories: (1) intangible assets with definite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization and (3) goodwill. We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, the Company’s long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized, primarily on a straight-line basis, over their useful lives, generally less than 20 years. Refer to Note 7. When events or circumstances indicate that the carrying value of definite-lived intangible assets may not be recoverable, management performs a recoverability test of the carrying value by preparing estimates of sales volume and the resulting profit and cash flows expected to result from the use of the asset or asset group and its eventual disposition. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment charge. The impairment charge recognized is the amount by which the carrying amount of the asset or asset group exceeds the fair value. We use a variety of methodologies to determine the fair value of these assets, including discounted cash flow models, which include assumptions we believe are consistent with those a market participant would use. We test intangible assets determined to have indefinite useful lives, including trademarks, franchise rights and goodwill, for impairment annually, or more frequently if events or circumstances indicate that assets might be impaired. Our Company performs these annual impairment tests as of the first day of our third fiscal quarter. We use a variety of methodologies in conducting impairment tests of indefinite-lived intangible assets, including, but not limited to, discounted cash flow models, which include assumptions we believe are consistent with those a market participant would use. For indefinite-lived intangible assets, other than goodwill, if the carrying amount exceeds the fair value, an impairment charge is recognized in an amount equal to that excess. The Company has the option to perform a qualitative assessment of indefinite-lived intangible assets, other than goodwill, rather than completing the impairment test. The Company must assess whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount. If the Company concludes that this is the case, it must perform the impairment testing described above. Otherwise, the Company does not need to perform any further assessment. We perform impairment tests of goodwill at our reporting unit level, which is generally one level below our operating segments. Our operating segments are primarily based on geographic responsibility, which is consistent with the way management runs our business. Our geographic operating segments are generally subdivided into smaller geographic regions. These geographic regions are our reporting units. Our Global Ventures operating segment includes the results of our Costa Limited (“Costa”), innocent and doğadan businesses as well as fees earned pursuant to distribution coordination agreements between the Company and Monster Beverage Corporation (“Monster”), each of which is its own reporting unit. The Bottling Investments operating segment includes all of our consolidated bottling operations, regardless of geographic location. Generally, each consolidated bottling operation within our Bottling Investments operating segment is its own reporting unit. Goodwill is assigned to the reporting unit or units that benefit from the synergies arising from each business combination. In order to test for goodwill impairment, the Company compares the fair value of the reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is less than its carrying amount, goodwill is written down for the amount by which the carrying amount exceeds the fair value. However, the impairment charge recognized cannot exceed the carrying amount of goodwill. We typically use discounted cash flow models to determine the fair value of a reporting unit. The assumptions used in these models are consistent with those we believe a market participant would use. The Company has the option to perform a qualitative assessment of goodwill in order to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company concludes that this is the case, it must perform the impairment testing discussed above. Otherwise, the Company does not need to perform any further assessment. Impairment charges related to intangible assets, including goodwill, are generally recorded in the line item other operating charges or, to the extent they relate to equity method investees, in the line item equity income (loss) — net in our consolidated statement of income.
Contingencies	Contingencies Our Company is involved in various legal proceedings and tax matters. Due to their nature, such legal proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions. Management assesses the probability of loss for such contingencies and accrues a liability and/or discloses the relevant circumstances, as appropriate. Refer to Note 11.
Stock-Based Compensation	Stock-Based Compensation Our Company grants long-term equity awards under its stock-based compensation plans to certain employees of the Company. These awards include stock options, performance share units, restricted stock and restricted stock units. The fair value of stock option grants is estimated on the grant date using a Black-Scholes-Merton option-pricing model. The Company recognizes compensation expense on a straight-line basis over the period the stock option award is earned by the employee, which is generally four years. The fair value of restricted stock, restricted stock units and certain performance share units is the closing market price per share of the Company’s stock on the grant date less the present value of the expected dividends not received during the vesting period. The Company included a relative total shareowner return (“TSR”) modifier for most performance share unit awards granted from 2014 through 2017 as well as for performance share unit awards granted to executives from 2018 through 2021. For these awards, the number of performance share units earned based on the certified achievement of the predefined performance criteria will be reduced or increased if the Company’s total shareowner return over the performance period relative to a predefined compensation comparator group of companies fell outside of a predefined range. The fair value of performance share units that include a TSR modifier is determined using a Monte Carlo valuation model. In the reporting period it becomes probable that the minimum performance threshold specified in the performance share unit award will be achieved, we recognize compensation expense for the proportionate share of the total fair value of the performance share units related to the vesting period that has already lapsed for the performance share units expected to vest. The remaining fair value of the performance share units expected to vest is expensed on a straight-line basis over the remainder of the vesting period. In the event the Company determines it is no longer probable that the minimum performance threshold specified in the award will be achieved, we reverse all of the previously recognized compensation expense in the reporting period such a determination is made. The Company has made a policy election to estimate the number of stock-based compensation awards that will ultimately vest to determine the amount of compensation expense recognized each reporting period. Forfeiture estimates are trued-up at the end of the vesting period in order to ensure that compensation expense is recognized only for those awards that ultimately vest. Refer to Note 12.
Income Taxes	Income Taxes Income tax expense includes U.S., state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the book basis and the tax basis of assets and liabilities. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized.
Translation and Remeasurement	Translation and Remeasurement We translate the assets and liabilities of our foreign subsidiaries from their respective functional currencies to U.S. dollars at the appropriate spot rates as of the balance sheet date. Generally, our foreign subsidiaries use the local currency as their functional currency. Changes in the carrying values of these assets and liabilities attributable to fluctuations in spot rates are recognized in net foreign currency translation adjustments, a component of accumulated other comprehensive income (loss) (“AOCI”). Refer to Note 15. Accounts in our consolidated statement of income are translated using the monthly average exchange rates during the year. Monetary assets and liabilities denominated in a currency that is different from a reporting entity’s functional currency must first be remeasured from the applicable currency to the legal entity’s functional currency. The effect of this remeasurement process is recognized in the line item other income (loss) — net in our consolidated statement of income and is partially offset by the impact of our economic hedging program for certain exposures on our consolidated balance sheet. Refer to Note 5.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance In February 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

BUSINESS AND SUMMARY OF SIGNI_3

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Cash, Cash Equivalents and Investments	The following table provides a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in our consolidated statements of cash flows (in millions): December 31, 2021 2020 2019 Cash and cash equivalents $ 9,684 $ 6,795 $ 6,480 Restricted cash and restricted cash equivalents included in other noncurrent assets 1,2 341 315 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 10,025 $ 7,110 $ 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.
Inventories	Inventories consisted of the following (in millions): December 31, 2021 2020 Raw materials and packaging $ 2,133 $ 2,106 Finished goods 982 791 Other 299 369 Total inventories $ 3,414 $ 3,266
Property, Plant and Equipment	The following table summarizes our property, plant and equipment (in millions): December 31, 2021 2020 Land $ 652 $ 676 Buildings and improvements 4,349 4,782 Machinery and equipment 13,861 14,242 Property, plant and equipment — cost 18,862 19,700 Less: Accumulated depreciation 8,942 8,923 Property, plant and equipment — net $ 9,920 $ 10,777

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Assets and Liabilities Classified as Held For Sale	The following table presents information related to the major classes of assets and liabilities that were classified as held for sale and were included in the line items prepaid expenses and other current assets and accounts payable and accrued expenses, respectively, in our consolidated balance sheet (in millions): December 31, 2021 Cash, cash equivalents and short-term investments $ 228 Trade accounts receivable, less allowances 21 Inventories 55 Prepaid expenses and other current assets 36 Other noncurrent assets 9 Deferred income tax assets 6 Property, plant and equipment — net 282 Goodwill 37 Assets held for sale $ 674 Accounts payable and accrued expenses $ 139 Accrued income taxes 4 Other noncurrent liabilities 9 Deferred income tax liabilities 5 Liabilities held for sale $ 157

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Year Ended December 31, 2021 Concentrate operations $ 6,551 $ 15,248 $ 21,799 Finished product operations 6,459 10,397 16,856 Total $ 13,010 $ 25,645 $ 38,655 Year Ended December 31, 2020 Concentrate operations $ 5,443 $ 13,139 $ 18,582 Finished product operations 5,838 8,594 14,432 Total $ 11,281 $ 21,733 $ 33,014 Year Ended December 31, 2019 Concentrate operations $ 5,252 $ 15,247 $ 20,499 Finished product operations 6,463 10,304 16,767 Total $ 11,715 $ 25,551 $ 37,266

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Carrying value of equity securities by balance sheet location	The carrying values of our equity securities were included in the following line items in our consolidated balance sheets (in millions): Fair Value with Changes Recognized in Income Measurement Alternative — December 31, 2021 Marketable securities $ 376 $ — Other investments 771 47 Other noncurrent assets 1,576 — Total equity securities $ 2,723 $ 47 December 31, 2020 Marketable securities $ 330 $ — Other investments 762 50 Other noncurrent 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 year related to equity securities still held at the end of the year is as follows (in millions): Year Ended December 31, 2021 2020 Net gains (losses) recognized during the year related to equity securities $ 509 $ 146 Less: Net gains (losses) recognized during the year related to equity securities sold during the year 71 (22) Net unrealized gains (losses) recognized during the year related to equity securities still held at the end of the year $ 438 $ 168
Schedule of available-for-sale and trading securities	Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Fair Value Cost Gains Losses December 31, 2021 Trading securities $ 39 $ 1 $ — $ 40 Available-for-sale securities 1,648 33 (132) 1,549 Total debt securities $ 1,687 $ 34 $ (132) $ 1,589 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
Carrying values of debt securities by balance sheet location	The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions): December 31, 2021 December 31, 2020 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Marketable securities $ 40 $ 1,283 $ 38 $ 1,980 Other noncurrent assets — 266 — 285 Total debt securities $ 40 $ 1,549 $ 38 $ 2,265
Contractual maturities of available-for-sale debt securities	The contractual maturities of these available-for-sale debt securities as of December 31, 2021 were as follows (in millions): Cost Estimated Within 1 year $ 28 $ 28 After 1 year through 5 years 1,355 1,241 After 5 years through 10 years 88 98 After 10 years 177 182 Total $ 1,648 $ 1,549
Realized Gain (Loss) on Investments	The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Year Ended December 31, 2021 2020 2019 Gross gains $ 6 $ 20 $ 39 Gross losses (10) (13) (8) Proceeds 1,197 1,559 3,956

HEDGING TRANSACTIONS AND DERI_2

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair values of derivative instruments designated and qualified as part of hedging relationship	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 December 31, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 151 $ 26 Foreign currency contracts Other noncurrent assets 27 74 Commodity contracts Prepaid expenses and other current assets — 2 Interest rate contracts Prepaid expenses and other current assets 1 — Interest rate contracts Other noncurrent assets 282 659 Total assets $ 461 $ 761 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 15 $ 29 Foreign currency contracts Other noncurrent liabilities 17 — Interest rate contracts Accounts payable and accrued expenses — 5 Interest rate contracts Other noncurrent liabilities 14 — Total liabilities $ 46 $ 34 1 All of the Company’s derivative instruments are carried at fair value in our 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 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 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 December 31, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 53 $ 28 Foreign currency contracts Other noncurrent assets — 1 Commodity contracts Prepaid expenses and other current assets 131 76 Commodity contracts Other noncurrent assets 3 9 Other derivative instruments Prepaid expenses and other current assets 9 20 Other derivative instruments Other noncurrent assets — 3 Total assets $ 196 $ 137 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 34 $ 41 Foreign currency contracts Other noncurrent liabilities 9 — Commodity contracts Accounts payable and accrued expenses 6 15 Commodity contracts Other noncurrent liabilities 1 1 Total liabilities $ 50 $ 57 1 All of the Company’s derivative instruments are carried at fair value in our 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 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 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 table presents the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on OCI, AOCI and earnings (in millions): Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) 2021 Foreign currency contracts $ 36 Net operating revenues $ (77) Foreign currency contracts (2) Cost of goods sold (10) Foreign currency contracts — Interest expense (13) Foreign currency contracts 19 Other income (loss) — net 74 Interest rate contracts 110 Interest expense (90) Commodity contracts (1) Cost of goods sold — Total $ 162 $ (116) 2020 Foreign currency contracts $ (93) Net operating revenues $ (73) Foreign currency contracts 4 Cost of goods sold 9 Foreign currency contracts — Interest expense (16) Foreign currency contracts 37 Other income (loss) — net 60 Interest rate contracts 15 Interest expense (54) Commodity contracts 2 Cost of goods sold — Total $ (35) $ (74) 2019 Foreign currency contracts $ (58) Net operating revenues $ (3) Foreign currency contracts 1 Cost of goods sold 11 Foreign currency contracts — Interest expense (9) Foreign currency contracts (97) Other income (loss) — net (119) Interest rate contracts (47) Interest expense (42) Commodity contracts 1 Cost of goods sold — Total $ (200) $ (162)
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) 2021 Interest rate contracts Interest expense $ (67) Fixed-rate debt Interest expense 66 Net impact to interest expense $ (1) Net impact of fair value hedging instruments $ (1) 2020 Interest rate contracts Interest expense $ 275 Fixed-rate debt Interest expense (274) Net impact to interest expense $ 1 Foreign currency contracts Other income (loss) — net $ (4) Available-for-sale securities Other income (loss) — net 5 Net impact to other income (loss) — net $ 1 Net impact of fair value hedging instruments $ 2 2019 Interest rate contracts Interest expense $ 368 Fixed-rate debt Interest expense (369) Net impact to interest expense $ (1) Net impact of fair value hedging instruments $ (1) The following table summarizes the amounts recorded in our consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Cumulative Amount of Fair Value Hedging Adjustments 1 Carrying Values of Included in the Carrying Values of Hedged Items Remaining for Which Hedge Accounting Has Been Discontinued Balance Sheet Location of Hedged Items December 31, December 31, December 31, December 31, December 31, December 31, Current maturities of long-term debt $ 200 $ — $ 1 $ — $ — $ — Long-term debt 12,353 11,129 255 646 228 — 1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rate fluctuations.
Notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges	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 Amount Gain (Loss) Recognized in OCI as of December 31, Year Ended December 31, 2021 2020 2021 2020 2019 Foreign currency contracts $ 40 $ 451 $ (10) $ (5) $ 51 Foreign currency denominated debt 12,812 13,336 928 (1,089) 144 Total $ 12,852 $ 13,787 $ 918 $ (1,094) $ 195
Derivative instruments, not designated as hedging instruments, gain (loss) in earnings	The following table presents the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Year Ended December 31, 2021 2020 2019 Foreign currency contracts Net operating revenues $ 6 $ 58 $ (4) Foreign currency contracts Cost of goods sold (10) 6 1 Foreign currency contracts Other income (loss) — net (84) (13) (66) Commodity contracts Cost of goods sold 171 54 (23) Interest rate contracts Interest expense (187) 6 — Other derivative instruments Selling, general and administrative expenses 34 21 47 Other derivative instruments Other income (loss) — net (3) (55) 48 Total $ (73) $ 77 $ 3

EQUITY METHOD INVESTMENTS (Tabl

EQUITY METHOD INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summary of financial information for equity method investees	A summary of financial information for our equity method investees in the aggregate is as follows (in millions): Year Ended December 31, 1 2021 2020 2019 Net operating revenues $ 79,934 $ 69,384 $ 75,980 Cost of goods sold 47,847 41,139 44,881 Gross profit $ 32,087 $ 28,245 $ 31,099 Operating income $ 9,089 $ 7,056 $ 7,748 Consolidated net income $ 6,050 $ 4,176 $ 4,597 Less: Net income attributable to noncontrolling interests 91 54 63 Net income attributable to common shareowners $ 5,959 $ 4,122 $ 4,534 Company equity income (loss) — net $ 1,438 $ 978 $ 1,049 1 The financial information represents the results of the equity method investees during the Company’s period of ownership. December 31, 2021 2020 Current assets $ 30,992 $ 29,431 Noncurrent assets 72,064 67,900 Total assets $ 103,056 $ 97,331 Current liabilities $ 21,362 $ 20,033 Noncurrent liabilities 37,353 33,613 Total liabilities $ 58,715 $ 53,646 Equity attributable to shareowners of investees $ 43,422 $ 42,622 Equity attributable to noncontrolling interests 919 1,063 Total equity $ 44,341 $ 43,685 Company equity method investments $ 17,598 $ 19,273
Equity Method Investments Fair Value and Carrying Value	The following table presents the difference between calculated fair value, based on quoted closing prices of publicly traded shares, and our Company’s carrying value in investments in publicly traded companies accounted for under the equity method (in millions): December 31, 2021 Fair Value Carrying Value Difference Monster Beverage Corporation $ 9,808 $ 4,323 $ 5,485 Coca-Cola Europacific Partners plc 4,919 3,578 1,341 Coca-Cola FEMSA, S.A.B. de C.V. 3,182 1,568 1,614 Coca-Cola HBC AG 2,705 1,115 1,590 Coca-Cola Consolidated, Inc. 1,537 224 1,313 Coca-Cola Bottlers Japan Holdings Inc. 1 387 474 (87) Coca-Cola İçecek A.Ş. 340 123 217 Embotelladora Andina S.A. 130 98 32 Total $ 23,008 $ 11,503 $ 11,505 1 The carrying value of our investment in CCBJHI exceeded its fair value as of December 31, 2021 by $87 million. Based on the length of time and the extent to which the fair value has been less than our carrying value and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value, management determined that the decline in fair value was temporary in nature. Therefore, we did not record an impairment charge related to the investment.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Indefinite-lived intangible assets	The following table presents the carrying values of indefinite-lived intangible assets included in our consolidated balance sheets (in millions): December 31, 2021 2020 Trademarks 1 $ 14,465 $ 10,395 Goodwill 19,363 17,506 Other 211 225 Indefinite-lived intangible assets $ 34,039 $ 28,126 1 For information related to the Company’s acquisitions, refer to Note 2.
Carrying value of goodwill by operating segment	The following table provides information related to the carrying value of our goodwill by operating segment (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Total 2020 Balance at beginning of year $ 1,294 $ 170 $ 7,943 $ 170 $ 2,806 $ 4,381 $ 16,764 Effect of foreign currency translation 40 (6) — 7 84 (216) (91) Acquisitions 1 — — 775 — — — 775 Purchase accounting adjustments 1,2 (26) — 74 24 2 (2) 72 Impairments — — — — — (14) (14) Balance at end of year $ 1,308 $ 164 $ 8,792 $ 201 $ 2,892 $ 4,149 $ 17,506 2021 Balance at beginning of year $ 1,308 $ 164 $ 8,792 $ 201 $ 2,892 $ 4,149 $ 17,506 Effect of foreign currency translation (83) (8) — (6) 46 (285) (336) Acquisitions 1 55 44 1,886 227 45 — 2,257 Impairments — — — — — (7) (7) Divestitures, deconsolidations and other 3 — — (13) — (7) (37) (57) Balance at end of year $ 1,280 $ 200 $ 10,665 $ 422 $ 2,976 $ 3,820 $ 19,363 1 For information related to the Company’s acquisitions, refer to Note 2. 2 Includes the allocation of goodwill from the Europe, Middle East and Africa segment to other reporting units expected to benefit from the CHI acquisition as well as purchase accounting adjustments related to fairlife. Refer to Note 2. 3 The decrease in the Bottling Investments segment was a result of certain bottling operations in Asia Pacific being classified as held for sale. Refer to Note 2.
Definite-lived intangible assets	The following table provides information related to definite-lived intangible assets (in millions): December 31, 2021 December 31, 2020 Gross Carrying Value Accumulated Amortization Net Gross Carrying Accumulated Amortization Net Customer relationships $ 336 1 $ (86) $ 250 $ 195 $ (61) $ 134 Trademarks 189 (87) 102 245 (77) 168 Other 273 2 (51) 222 332 (210) 122 Total $ 798 $ (224) $ 574 $ 772 $ (348) $ 424 1 Includes $150 million related to the BodyArmor acquisition. Refer to Note 2. 2 Includes $102 million for BodyArmor noncompete agreements. Refer to Note 2.
Estimated amortization expense for the next five years	Based on the carrying value of definite-lived intangible assets as of December 31, 2021, we estimate our amortization expense for the next five years will be as follows (in millions): Amortization 2022 $ 106 2023 81 2024 66 2025 59 2026 47

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following (in millions): December 31, 2021 2020 Accounts payable $ 4,602 $ 3,517 Accrued marketing expenses 2,830 1,930 Variable consideration payable 1,118 1,137 Accrued compensation 1,051 609 Other accrued expenses 5,018 3,952 Accounts payable and accrued expenses $ 14,619 $ 11,145

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lessee Operating Lease Balance Sheet Information	Balance sheet information related to operating leases is as follows (in millions): December 31, 2021 2020 Operating lease ROU assets 1 $ 1,418 $ 1,548 Current portion of operating lease liabilities 2 $ 310 $ 322 Noncurrent portion of operating lease liabilities 3 1,161 1,300 Total operating lease liabilities $ 1,471 $ 1,622 1 Operating lease ROU assets are included in the line item other noncurrent assets in our consolidated balance sheets. 2 The current portion of operating lease liabilities is included in the line item accounts payable and accrued expenses in our consolidated balance sheets. 3 The noncurrent portion of operating lease liabilities is included in the line item other noncurrent liabilities in our consolidated balance sheets.
Lessee Operating Lease Weighted Average Remaining Lease Term and Discount Rate	Information associated with the measurement of our operating lease obligations as of December 31, 2021 is as follows: Weighted-average remaining lease term 8 years Weighted-average discount rate 2.7 %
Lessee, Operating Lease, Liability, Maturity	The following table summarizes the maturities of our operating lease liabilities as of December 31, 2021 (in millions): Maturities of Operating Lease Liabilities 2022 $ 324 2023 284 2024 231 2025 190 2026 142 Thereafter 476 Total operating lease payments 1,647 Less: Imputed interest 176 Total operating lease liabilities $ 1,471

DEBT AND BORROWING ARRANGEMEN_2

DEBT AND BORROWING ARRANGEMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Components of long-term debt	The Company’s long-term debt consisted of the following (in millions except average rate data): December 31, 2021 December 31, 2020 Amount Average Rate 1 Amount Average Rate 1 Fixed interest rate long-term debt: U.S. dollar notes due 2023-2093 $ 21,953 2.2 % $ 22,550 2.0 % U.S. dollar debentures due 2022-2098 1,316 5.2 1,342 5.1 Australian dollar notes due 2024 398 2.5 400 2.5 Euro notes due 2023-2041 13,249 0.4 13,369 0.3 Swiss franc notes due 2022-2028 1,234 2.3 1,236 2.7 Variable interest rate long-term debt: Euro notes due 2021 — — 452 0.0 Other, due through 2098 2 821 6.0 615 5.2 Fair value adjustments 3 483 N/A 646 N/A Total 4,5 39,454 1.7 % 40,610 1.6 % Less: Current portion 1,338 485 Long-term debt $ 38,116 $ 40,125 1 Rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effects of interest rate swap agreements, cross-currency swap agreements and fair value adjustments, if applicable. Refer to Note 5 for a more detailed discussion on interest rate management. 2 As of December 31, 2021, the amount shown includes $690 million of debt instruments and finance leases that are due through 2046. 3 Amounts represent the changes in fair values due to changes in benchmark interest rates. Refer to Note 5 for additional information about our fair value hedging strategy. 4 As of December 31, 2021 and 2020, the fair value of our long-term debt, including the current portion, was $40,311 million and $43,218 million, respectively. 5 The above notes and debentures include various restrictions, none of which is presently significant to our Company.
Schedule of Maturities of Long-term Debt	The following table summarizes the maturities of long-term debt for the five years succeeding December 31, 2021 (in millions): Maturities of 2022 $ 1,338 2023 177 2024 2,023 2025 18 2026 1,733

STOCK COMPENSATION PLANS (Table

STOCK COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Weighted-average fair value of options granted and the weighted-average assumptions used in the Black Scholes Merton option pricing model for such grants	The weighted-average fair value of stock options granted during the years ended December 31, 2021, 2020 and 2019 and the weighted-average assumptions used in the Black-Scholes-Merton option-pricing model for such grants were as follows: Year Ended December 31, 2021 2020 2019 Fair value of stock options on grant date $ 5.08 $ 6.44 $ 4.94 Dividend yield 1 3.3 % 2.7 % 3.5 % Expected volatility 2 18.0 % 16.0 % 15.5 % Risk-free interest rate 3 0.9 % 1.4 % 2.6 % Expected term of stock options 4 6 years 6 years 6 years 1 The dividend yield is the calculated yield on the closing market price per share of the Company’s stock on the grant date. 2 The expected volatility is based on implied volatilities from traded options on the Company’s stock, historical volatility of the Company’s stock and other factors. 3 The risk-free interest rate for the period matching the expected term of the stock options is based on the U.S. Treasury yield curve in effect on the grant date. 4 The expected term of the stock options represents the period of time that options granted are expected to be outstanding and is derived by analyzing historical exercise behavior.
Stock option activity	Stock option activity during the year ended December 31, 2021 was as follows: Shares Weighted-Average Weighted-Average Aggregate Outstanding on January 1, 2021 88 $ 40.55 Granted 7 50.59 Exercised (19) 36.32 Forfeited/expired (1) 54.18 Outstanding on December 31, 2021 75 $ 42.43 4.2 years $ 1,264 Expected to vest 74 $ 42.32 4.1 years $ 1,256 Exercisable on December 31, 2021 59 $ 40.08 3.1 years $ 1,138
Summary of information about outstanding nonvested performance share units based on target award levels	The following table summarizes information about outstanding nonvested performance share units based on the target award levels: Performance Share Units Weighted-Average Nonvested on January 1, 2021 3,771 $ 48.29 Granted 2,728 47.04 Vested 1 (1,846) 40.29 Forfeited (467) 49.18 Nonvested on December 31, 2021 2 4,186 $ 50.90 1 Represents the target level of performance share units vested at December 31, 2021 for the 2019-2021 performance period. Upon certification in February 2022 of the financial results for the performance period, the final number of shares earned will be determined and released. 2 The outstanding nonvested performance share units as of December 31, 2021 at the threshold award and maximum award levels were approximately 1,725,000 and 9,759,000, respectively.
Summary of information about vested performance share units based on the certified award level	The following table summarizes information about vested performance share units based on the certified award level: 2017-2020 Award 2018-2020 Award Performance Share Units Weighted- Performance Share Units Weighted- Certified 3,728 $ 35.30 1,014 $ 41.02 Released during 2021 (3,720) 36.31 (1,008) 41.72 Forfeited during 2021 (8) 35.30 (6) 41.02
Summary of information about outstanding nonvested time-based restricted stock and restricted stock units	The following table summarizes information about outstanding nonvested time-based restricted stock and restricted stock units: Restricted Stock and Restricted Stock Units Weighted-Average Nonvested on January 1, 2021 4,162 $ 44.18 Granted 1,242 46.20 Vested and released (1,495) 41.91 Forfeited (515) 46.46 Nonvested on December 31, 2021 3,394 $ 46.56

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Changes in benefit obligations and the fair value of plan assets for our pension and other postretirement benefit plans	The following table sets forth the changes in the benefit obligations and the fair value of plan assets for our pension and other postretirement benefit plans (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2021 2020 2021 2020 Benefit obligation at beginning of year 1 $ 9,414 $ 8,757 $ 769 $ 757 Service cost 97 112 9 11 Interest cost 183 235 15 21 Participant contributions 5 1 13 12 Foreign currency exchange rate changes (33) 67 (1) (1) Amendments — 3 (13) — Net actuarial loss (gain) 2 (226) 746 (28) 22 Benefits paid (375) (485) (67) (59) Settlements 3 (491) (81) — — Curtailments 3 — (15) (1) 6 Special termination benefits 3 2 — — Other 3 72 — — Benefit obligation at end of year 1 $ 8,580 $ 9,414 $ 696 $ 769 Fair value of plan assets at beginning of year $ 8,639 $ 8,080 $ 396 $ 339 Actual return on plan assets 1,003 830 15 51 Employer contributions 33 30 — — Participant contributions 6 1 8 7 Foreign currency exchange rate changes (42) 97 — — Benefits paid (315) (419) — (1) Settlements 3 (421) (53) — — Other 2 73 — — Fair value of plan assets at end of year $ 8,905 $ 8,639 $ 419 $ 396 Net asset (liability) recognized $ 325 $ (775) $ (277) $ (373) 1 For pension plans, the benefit obligation is the projected benefit obligation. For other postretirement benefit plans, the benefit obligation is the accumulated postretirement benefit obligation. The accumulated benefit obligation for our pension plans was $8,431 million and $9,263 million as of December 31, 2021 and 2020, respectively. 2 A change in the weighted-average discount rate was the primary driver of net actuarial loss (gain) during 2021 and 2020. For our primary U.S. pension plan, an increase in the discount rate resulted in an actuarial gain of $197 million during 2021, and a decrease in the discount rate resulted in an actuarial loss of $491 million during 2020. Other drivers of net actuarial loss (gain) included assumption updates, plan experience and our strategic realignment initiatives. Refer to Note 18.
Pension and other benefit amounts recognized in consolidated balance sheets	Pension and other postretirement benefit plan amounts recognized in our consolidated balance sheets were as follows (in millions): Pension Plans Other Postretirement Benefit Plans December 31, 2021 2020 2021 2020 Other noncurrent assets $ 1,545 $ 1,151 $ — $ — Accounts payable and accrued expenses (70) (116) (18) (19) Other noncurrent liabilities (1,150) (1,810) (259) (354) Net asset (liability) recognized $ 325 $ (775) $ (277) $ (373)
Schedule of pension plans with projected benefit obligation in excess of fair value of plan assets	Certain of our pension plans have a projected benefit obligation in excess of the fair value of plan assets. For these plans, the projected benefit obligation and the fair value of plan assets were as follows (in millions): December 31, 2021 2020 Projected benefit obligation $ 6,862 $ 7,722 Fair value of plan assets 5,641 5,796
Accumulated benefit obligations in excess of fair value of plan assets	Certain of our pension plans have an accumulated benefit obligation in excess of the fair value of plan assets. For these plans, the accumulated benefit obligation and the fair value of plan assets were as follows (in millions): December 31, 2021 2020 Accumulated benefit obligation $ 6,689 $ 7,553 Fair value of plan assets 5,584 5,745
Total pension assets for U.S. and non-U.S. plans	The following table presents total assets by asset class for our U.S. and non-U.S. pension plans (in millions): U.S. Pension Plans Non-U.S. Pension Plans December 31, 2021 2020 2021 2020 Cash and cash equivalents $ 272 $ 279 $ 233 $ 399 Equity securities: U.S.-based companies 1,463 1,382 968 757 International-based companies 876 988 830 738 Fixed-income securities: Government bonds 182 220 495 417 Corporate bonds and debt securities 899 926 124 116 Mutual, pooled and commingled funds 1 290 301 560 513 Hedge funds/limited partnerships 682 588 38 34 Real estate 381 326 8 6 Derivative financial instruments (1) (1) (8) (14) Other 339 364 274 300 Total pension plan assets 2 $ 5,383 $ 5,373 $ 3,522 $ 3,266 1 Mutual, pooled and commingled funds include investments in equity securities, fixed-income securities and combinations of both. There are a significant number of mutual, pooled and commingled funds from which investors can choose. The selection of the type of fund is dictated by the specific investment objectives and needs of a given plan. These objectives and needs vary greatly between plans. 2 Fair value disclosures related to our pension plan assets are included in Note 16. Fair value disclosures include, but are not limited to, the levels within the fair value hierarchy in which the fair value measurements in their entirety fall; a reconciliation of the beginning and ending balances of Level 3 assets; and information about the valuation techniques and inputs used to measure the fair value of our pension plan assets.
Other postretirement benefit plan assets	The following table presents total assets by asset class for our other postretirement benefit plans (in millions): December 31, 2021 2020 Cash and cash equivalents $ 33 $ 30 Equity securities: U.S.-based companies 184 170 International-based companies 12 12 Fixed-income securities: Government bonds 3 3 Corporate bonds and debt securities 82 80 Mutual, pooled and commingled funds 87 86 Hedge funds/limited partnerships 9 7 Real estate 5 4 Other 4 4 Total other postretirement benefit plan assets 1 $ 419 $ 396 1 Fair value disclosures related to our other postretirement benefit plan assets are included in Note 16. Fair value disclosures include, but are not limited to, the levels within the fair value hierarchy in which the fair value measurements in their entirety fall and information about the valuation techniques and inputs used to measure the fair value of our other postretirement benefit plan assets.
Net periodic benefit cost for pension and other postretirement benefit plans	Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2021 2020 2019 2021 2020 2019 Service cost $ 97 $ 112 $ 104 $ 9 $ 11 $ 9 Interest cost 183 235 291 15 21 28 Expected return on plan assets 1 (606) (587) (552) (17) (16) (13) Amortization of prior service cost (credit) — 3 (4) (2) (3) (2) Amortization of net actuarial loss 2 146 171 151 4 5 2 Net periodic benefit cost (income) (180) (66) (10) 9 18 24 Settlement charges 3 117 23 6 — — — Curtailment charges (credits) (1) 1 — (1) 6 (2) Special termination benefits 3 2 1 — — — Other — (4) 1 — — — Total cost (income) $ (61) $ (44) $ (2) $ 8 $ 24 $ 22 1 The Company has elected to use the actual fair value of plan assets as the market-related value of assets in the determination of the expected return on plan assets. 2 Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10 percent of the greater of the benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the average future working lifetime of the plan participants.
Changes and amounts in AOCI for pension and other postretirement benefit plans	The following table sets forth the pretax changes in AOCI for our pension and other postretirement benefit plans (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2021 2020 2021 2020 Balance in AOCI at beginning of year $ (3,012) $ (2,678) $ (47) $ (59) Recognized prior service cost (credit) 1 3 (2) (3) Recognized net actuarial loss 261 1 195 2 3 11 Prior service credit (cost) occurring during the year — (3) 13 — Net actuarial (loss) gain occurring during the year 623 (488) 3 27 7 Net foreign currency translation adjustments 2 (41) 2 (3) Balance in AOCI at end of year $ (2,125) $ (3,012) $ (4) $ (47) 1 Includes $117 million of recognized net actuarial loss due to the impact of settlements, which were primarily related to our strategic realignment initiatives. Refer to Note 18. 2 Includes $23 million of recognized net actuarial loss due to the impact of settlements, which were primarily related to our strategic realignment initiatives. Refer to Note 18. 3 Includes $15 million of net actuarial loss occurring during the year due to the impact of curtailments. The following table sets forth the pretax amounts in AOCI for our pension and other postretirement benefit plans (in millions): Pension Plans Other Postretirement Benefit Plans December 31, 2021 2020 2021 2020 Prior service credit (cost) $ (9) $ (10) $ 28 $ 17 Net actuarial loss (2,116) (3,002) (32) (64) Balance in AOCI at end of year $ (2,125) $ (3,012) $ (4) $ (47)
Certain weighted average assumptions used in computing the benefit obligations and net periodic benefit cost	Certain weighted-average assumptions used in computing the benefit obligations for our pension and other postretirement benefit plans were as follows: Pension Plans Other Postretirement Benefit Plans December 31, 2021 2020 2021 2020 Discount rate 3.00 % 2.50 % 3.25 % 2.75 % Interest crediting rate 3.00 % 3.00 % N/A N/A Rate of increase in compensation levels 3.75 % 3.75 % N/A N/A Certain weighted-average assumptions used in computing net periodic benefit cost or income were as follows: Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2021 2020 2019 2021 2020 2019 Discount rate 2.50 % 3.25 % 4.00 % 2.75 % 3.50 % 4.25 % Interest crediting rate 3.00 % 3.50 % 3.75 % N/A N/A N/A Rate of increase in compensation levels 3.75 % 3.75 % 3.75 % N/A N/A N/A Expected long-term rate of return on plan assets 7.25 % 7.50 % 7.75 % 4.25 % 4.50 % 4.50 %
Assumed health care cost trend rates	The weighted-average assumptions for health care cost trend rates were as follows: December 31, 2021 2020 Health care cost trend rate assumed for next year 6.75 % 6.75 % Rate to which the trend rate is assumed to decline (the ultimate trend rate) 5.25 % 5.25 % Year that the trend rate reaches the ultimate trend rate 2027 2025
Estimated future benefit payments for pension and other postretirement benefit plans	The expected benefit payments for our pension and other postretirement benefit plans for the 10 years succeeding December 31, 2021 are as follows (in millions): Year Ended December 31, 2022 2023 2024 2025 2026 2027-2031 Benefit payments for pension plans $ 486 $ 454 $ 464 $ 470 $ 471 $ 2,390 Benefit payments for other postretirement 59 56 53 51 48 211 Total $ 545 $ 510 $ 517 $ 521 $ 519 $ 2,601

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of income before income taxes	Income before income taxes consisted of the following (in millions): Year Ended December 31, 2021 2020 2019 United States $ 3,538 $ 3,149 $ 3,249 International 8,887 6,600 7,537 Total $ 12,425 $ 9,749 $ 10,786
Schedule of income tax expense (benefit)	Income taxes consisted of the following (in millions): United States State and Local International Total 2021 Current $ 243 $ 106 $ 1,378 $ 1,727 Deferred 229 (10) 675 1 894 2020 Current $ 296 $ 396 $ 1,307 $ 1,999 Deferred (220) 21 181 (18) 2019 Current $ 508 $ 94 $ 1,479 $ 2,081 Deferred (65) 52 (267) (280) 1 Includes net tax expense of $195 million related to the changes in tax laws in certain foreign jurisdictions.
Reconciliation of the statutory U.S. federal tax rate and effective tax rates	A reconciliation of the statutory U.S. federal tax rate and our effective tax rate is as follows: Year Ended December 31, 2021 2020 2019 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % State and local income taxes — net of federal benefit 1.1 1.1 0.9 Earnings in jurisdictions taxed at rates different from the statutory U.S. federal tax rate 2.3 1 0.9 3 1.1 6,7,8 Equity income or loss (2.0) (1.4) (1.6) Excess tax benefits on stock-based compensation (0.5) (0.8) (0.9) Other — net (0.8) 2 (0.5) 4,5 (3.8) 9 Effective tax rate 21.1 % 20.3 % 16.7 % 1 Includes net tax charges of $375 million (or a 3.0 percent impact on our effective tax rate) related to changes in tax laws in certain foreign jurisdictions, amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions, as well as other discrete items. 2 Includes a tax benefit of $14 million (or a 1.5 percent impact on our effective tax rate) associated with the $834 million gain recorded upon the acquisition of the remaining ownership interest in BodyArmor. Refer to Note 2. 3 Includes net tax charges of $110 million (or a 1.1 percent impact on our effective tax rate) related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions, as well as other agreed-upon audit issues. 4 Includes net tax expense of $431 million (or a 4.4 percent impact on our effective tax rate) primarily related to changes in judgment on specific tax positions due to the Opinion and amounts required to be recorded for changes to other uncertain tax positions, including interest and penalties. Also includes a tax benefit of $107 million (or a 1.1 percent impact on our effective tax rate) related to changes in our assessment of certain valuation allowances and a net tax benefit of $135 million (or a 1.4 percent impact on our effective tax rate) related to domestic return to provision adjustments and other tax items. 5 Includes a tax benefit of $40 million (or a 2.4 percent impact on our effective tax rate) associated with the $902 million gain recorded upon the acquisition of the remaining ownership interest in fairlife. Refer to Note 2. 6 Includes net tax charges of $199 million (or a 1.9 percent impact on our effective tax rate) related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions, as well as other agreed-upon audit issues. 7 Includes the impact of pretax charges of $710 million (or a 1.2 percent impact on our effective tax rate) related to the impairment of certain of our equity method investees. 8 Includes a tax benefit of $199 million (or a 1.5 percent impact on our effective tax rate) recorded as a result of CCBA no longer qualifying as a discontinued operation. Refer to Note 2. 9 Includes a net tax benefit of $184 million (or a 1.7 percent impact on our effective tax rate) related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, a tax benefit of $145 million (or a 1.4 percent impact on our effective tax rate) related to changes in our assessment of certain valuation allowances and a net tax benefit of $89 million (or a 0.8 percent impact on our effective tax rate) related to domestic return to provision adjustments as well as other agreed-upon audit issues.
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the changes in the gross amount of unrecognized tax benefits is as follows (in millions): Year Ended December 31, 2021 2020 2019 Balance of unrecognized tax benefits at beginning of year $ 915 $ 392 $ 336 Increase related to prior period tax positions 9 528 1 204 2 Decrease related to prior period tax positions (50) (1) — Increase related to current period tax positions 37 26 29 Decrease related to settlements with taxing authorities (4) (19) (174) 3 Effect of foreign currency translation (1) (11) (3) Balance of unrecognized tax benefits at end of year $ 906 $ 915 $ 392 1 The increase was primarily related to a change in judgment on certain tax positions due to the Opinion. Refer to Note 11. 2 The increase was primarily related to a change in judgment about the Company’s tax positions with several foreign jurisdictions.
Deferred tax assets and liabilities	The tax effects of temporary differences and carryforwards that give rise to deferred tax assets and liabilities consisted of the following (in millions): December 31, 2021 2020 Deferred tax assets: Property, plant and equipment $ 36 $ 44 Trademarks and other intangible assets 1,910 2,214 Equity method investments (including net foreign currency translation adjustments) 595 580 Derivative financial instruments 215 523 Other liabilities 1,255 1,401 Benefit plans 670 893 Net operating/capital loss carryforwards 280 320 Other 377 391 Gross deferred tax assets 5,338 6,366 Valuation allowances (401) (406) Total deferred tax assets $ 4,937 $ 5,960 Deferred tax liabilities: Property, plant and equipment $ (721) $ (837) Trademarks and other intangible assets (1,783) (1,661) Equity method investments (including net foreign currency translation adjustments) (1,619) (1,533) Derivative financial instruments (500) (435) Other liabilities (315) (402) Benefit plans (527) (321) Other (164) (144) Total deferred tax liabilities $ (5,629) $ (5,333) Net deferred tax assets (liabilities) $ (692) $ 627
Summary of Valuation Allowance	An analysis of our deferred tax asset valuation allowances is as follows (in millions): Year Ended December 31, 2021 2020 2019 Balance at beginning of year $ 406 $ 303 $ 419 Additions 25 240 148 Deductions (30) (137) (264) Balance at end of year $ 401 $ 406 $ 303

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
AOCI attributable to the shareowners of The Coca-Cola Company	AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions): December 31, 2021 2020 Net foreign currency translation adjustments $ (12,595) $ (12,028) Accumulated net gains (losses) on derivatives 20 (194) Unrealized net gains (losses) on available-for-sale debt securities (62) 28 Adjustments to pension and other postretirement benefit liabilities (1,693) (2,407) Accumulated other comprehensive income (loss) $ (14,330) $ (14,601)
Comprehensive Income (Loss) Apportioned between Shareowners of the The Coca-Cola Company and Noncontrolling Interests	The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Year Ended December 31, 2021 Shareowners of Noncontrolling Total Consolidated net income $ 9,771 $ 33 $ 9,804 Other comprehensive income: Net foreign currency translation adjustments (567) (132) (699) Net gains (losses) on derivatives 1 214 — 214 Net change in unrealized gains (losses) on available-for-sale debt securities 2 (90) — (90) Net change in pension and other postretirement benefit liabilities 3 714 (2) 712 Total comprehensive income $ 10,042 $ (101) $ 9,941 1 Refer to Note 5 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. 3 Refer to Note 13 for additional information related to the Company’s pension and other postretirement benefit liabilities.
OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees' OCI	The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions): Before-Tax Amount Income Tax After-Tax Amount 2021 Foreign currency translation adjustments: Translation adjustments arising during the year $ 263 $ 19 $ 282 Reclassification adjustments recognized in net income 257 — 257 Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,798) — (1,798) Gains (losses) on net investment hedges arising during the year 1 918 (230) 688 Reclassification adjustments for net investment hedges recognized in net income 1 4 — 4 Net foreign currency translation adjustments $ (356) $ (211) $ (567) Derivatives: Gains (losses) arising during the year $ 160 $ (41) $ 119 Reclassification adjustments recognized in net income 124 (29) 95 Net gains (losses) on derivatives 1 $ 284 $ (70) $ 214 Available-for-sale debt securities: Unrealized gains (losses) arising during the year $ (141) $ 48 $ (93) Reclassification adjustments recognized in net income 4 (1) 3 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (137) $ 47 $ (90) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the year $ 653 $ (138) $ 515 Reclassification adjustments recognized in net income 265 (66) 199 Net change in pension and other postretirement benefit liabilities 3 $ 918 $ (204) $ 714 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 709 $ (438) $ 271 2020 Foreign currency translation adjustments: Translation adjustments arising during the year $ (2,223) $ 150 $ (2,073) Reclassification adjustments recognized in net income 3 — 3 Gains (losses) on intra-entity transactions that are of a long-term investment nature 2,133 — 2,133 Gains (losses) on net investment hedges arising during the year 1 (1,094) 273 (821) Net foreign currency translation adjustments $ (1,181) $ 423 $ (758) Derivatives: Gains (losses) arising during the year $ (54) $ 13 $ (41) Reclassification adjustments recognized in net income 74 (18) 56 Net gains (losses) on derivatives 1 $ 20 $ (5) $ 15 Available-for-sale debt securities: Unrealized gains (losses) arising during the year $ (64) $ 22 $ (42) Reclassification adjustments recognized in net income (7) 2 (5) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (71) $ 24 $ (47) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the year $ (560) $ 138 $ (422) Reclassification adjustments recognized in net income 206 (51) 155 Net change in pension and other postretirement benefit liabilities 3 $ (354) $ 87 $ (267) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,586) $ 529 $ (1,057) Before-Tax Amount Income Tax After-Tax Amount 2019 Foreign currency translation adjustments: Translation adjustments arising during the year $ 52 $ (54) $ (2) Reclassification adjustments recognized in net income 192 — 192 Gains (losses) on intra-entity transactions that are of a long-term investment nature (307) — (307) Gains (losses) on net investment hedges arising during the year 1 195 (49) 146 Net foreign currency translation adjustments $ 132 $ (103) $ 29 Derivatives: Gains (losses) arising during the year $ (225) $ 49 $ (176) Reclassification adjustments recognized in net income 163 (41) 122 Net gains (losses) on derivatives 1 $ (62) $ 8 $ (54) Available-for-sale debt securities: Unrealized gains (losses) arising during the year $ 47 $ (4) $ 43 Reclassification adjustments recognized in net income (31) 6 (25) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 16 $ 2 $ 18 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the year $ (379) $ 105 $ (274) Reclassification adjustments recognized in net income 151 (36) 115 Net change in pension and other postretirement benefit liabilities 3 $ (228) $ 69 $ (159) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (142) $ (24) $ (166) 1 Refer to Note 5 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. 3 Refer to Note 13 for additional information related to the Company’s pension and other postretirement benefit liabilities.
Reclassification out of Accumulated Other Comprehensive Income	The following table presents the amounts and line items in our consolidated statement of income where adjustments reclassified from AOCI into income were recorded during the year ended December 31, 2021 (in millions): Description of AOCI Component Financial Statement Line Item Amount Reclassified from AOCI into Income Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ 261 Income before income taxes 261 Income taxes — Consolidated net income $ 261 Derivatives: Foreign currency contracts Net operating revenues $ 77 Foreign currency and commodity contracts Cost of goods sold 10 Foreign currency contracts Other income (loss) — net (74) Divestitures, deconsolidations and other 1 Other income (loss) — net 8 Foreign currency and interest rate contracts Interest expense 103 Income before income taxes 124 Income taxes (29) Consolidated net income $ 95 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ 4 Income before income taxes 4 Income taxes (1) Consolidated net income $ 3 Pension and other postretirement benefit liabilities: Settlement charges 2 Other income (loss) — net $ 117 Curtailment charges (credits) 2 Other income (loss) — net (2) Recognized net actuarial loss Other income (loss) — net 150 Recognized prior service cost (credit) Other income (loss) — net (2) Divestitures, deconsolidations and other 1 Other income (loss) — net 2 Income before income taxes 265 Income taxes (66) Consolidated net income $ 199 1 Refer to Note 2. 2 The settlement charges and curtailment credits were related to our strategic realignment initiatives. Refer to Note 13 and Note 18.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 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 those assets and liabilities measured at fair value on a recurring basis (in millions): December 31, 2021 Level 1 Level 2 Level 3 Other 3 Netting Adjustment 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 2,372 $ 230 $ 17 $ 104 $ — $ 2,723 Debt securities 1 — 1,556 33 — — 1,589 Derivatives 2 69 588 — — (459) 6 198 8 Total assets $ 2,441 $ 2,374 $ 50 $ 104 $ (459) $ 4,510 Liabilities: Contingent consideration liability $ — $ — $ 590 5 $ — $ — $ 590 Derivatives 2 — 96 — — (82) 7 14 8 Total liabilities $ — $ 96 $ 590 $ — $ (82) $ 604 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 5 for additional information related to the composition of our derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 5. 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 $331 million in cash collateral it has netted against its derivative position. 7 The Company does not have the right to reclaim any cash collateral it has netted against its derivative position. 8 The Company’s derivative financial instruments are recorded at fair value in our consolidated balance sheet as follows: $198 million in the line item other noncurrent assets and $14 million in the line item other noncurrent liabilities. Refer to Note 5 for additional information related to the composition of our derivative portfolio. December 31, 2020 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 2,049 $ 210 $ 12 $ 103 $ — $ 2,374 Debt securities 1 4 2,267 32 — — 2,303 Derivatives 2 63 835 — — (669) 6 229 8 Total assets $ 2,116 $ 3,312 $ 44 $ 103 $ (669) $ 4,906 Liabilities: Contingent consideration liability $ — $ — $ 321 5 $ — $ — $ 321 Derivatives 2 — 91 — — (81) 7 10 8 Total liabilities $ — $ 91 $ 321 $ — $ (81) $ 331 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 5 for additional information related to the composition of our derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 5. 5 Refer to Note 2 for additional information related to the contingent consideration liability resulting from the fairlife acquisition. 6 The Company is obligated to return $546 million in cash collateral it has netted against its derivative position. 7 The Company does not have the right to reclaim any cash collateral it has netted against its derivative position. 8 The Company’s derivative financial instruments are recorded at fair value in our consolidated balance sheet as follows: $229 million in the line item other noncurrent assets, $9 million in the line item accounts payable and accrued expenses and $1 million in the line item other noncurrent liabilities. Refer to Note 5 for additional information related to the composition of our derivative portfolio.
Gains and losses on assets 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) Year Ended December 31, 2021 2020 Assets held for sale $ (266) 1 $ — Other-than-temporary impairment charges — (290) 3 Impairment of intangible assets (78) 2 (215) 4 Impairment of equity investment without a readily determinable fair value — (26) 5 Total $ (344) $ (531) 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 in our consolidated statement of income 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 consolidated balance sheet. 2 The Company recorded an impairment charge of $78 million related to a trademark in Europe, which was driven by a change in the long-term outlook on the licensing arrangement for a certain brand. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. 3 During the year ended December 31, 2020, the Company recorded an other-than-temporary impairment charge of $252 million related to CCBJHI, an equity method investee. Based on the length of time and the extent to which the market value of our investment in CCBJHI was less than our carrying value and the financial condition and near-term prospects of the issuer, management determined that the decline in fair value was other than temporary in nature. This impairment charge was determined using the quoted market price (a Level 1 measurement) of CCBJHI. The Company also recorded an other-than-temporary impairment charge of $38 million related to one of our equity method investees in Latin America. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. 4 The Company recorded impairment charges of $160 million related to its Odwalla trademark in North America, as the Company decided in June 2020 to discontinue its Odwalla juice business. The Company also 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.
Summary of the levels within the fair value hierarchy of pension plan assets	The following table summarizes the levels within the fair value hierarchy for our pension plan assets (in millions): December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Other 1 Total Level 1 Level 2 Level 3 Other 1 Total Cash and cash equivalents $ 479 $ 26 $ — $ — $ 505 $ 558 $ 120 $ — $ — $ 678 Equity securities: U.S.-based companies 2,382 22 27 — 2,431 2,123 12 4 — 2,139 International-based companies 1,684 22 — — 1,706 1,694 32 — — 1,726 Fixed-income securities: Government bonds — 677 — — 677 — 637 — — 637 Corporate bonds and debt — 994 29 — 1,023 — 1,011 31 — 1,042 Mutual, pooled and commingled 36 283 — 531 4 850 44 268 — 502 4 814 Hedge funds/limited — — — 720 5 720 — — — 622 5 622 Real estate — — — 389 6 389 — — — 332 6 332 Derivative financial instruments — (9) 2 — — (9) — (15) 2 — — (15) Other — — 283 3 330 7 613 — — 302 3 362 7 664 Total $ 4,581 $ 2,015 $ 339 $ 1,970 $ 8,905 $ 4,419 $ 2,065 $ 337 $ 1,818 $ 8,639 1 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 13. 2 This class of assets includes investments in credit contracts. 3 Includes purchased annuity insurance contracts. 4 This class of assets includes actively managed emerging markets equity funds and a collective trust fund for qualified plans, invested primarily in equity securities of companies in developing and emerging markets. There are no liquidity restrictions on these investments. 5 This class of assets includes hedge funds that can be subject to redemption restrictions, ranging from monthly to semiannually, with a redemption notice period of up to one year and/or initial lock-up periods of up to three years, and private equity funds that are primarily closed-end funds in which the Company’s investments are generally not eligible for redemption. Distributions from these private equity funds will be received as the underlying assets are liquidated or distributed. 6 This class of assets includes funds invested in real estate, including a privately held real estate investment trust, a real estate commingled pension trust fund, infrastructure limited partnerships and commingled investment funds. These funds seek current income and capital appreciation and can be subject to redemption restrictions, ranging from quarterly to semiannually, with a redemption notice period of up to 90 days. 7 Primarily includes segregated portfolios of private investment funds that are invested in a portfolio of insurance-linked securities. These assets can be subject to a semiannual redemption, with a redemption notice period of 90 days, subject to certain gate restrictions.
Reconciliation of the beginning and ending balance of Level 3 assets for U.S. and non-U.S. pension plans	The following table provides a reconciliation of the beginning and ending balance of Level 3 assets for our U.S. and non-U.S. pension plans (in millions): Equity Fixed-Income Securities Other 1 Total 2020 Balance at beginning of year $ 21 $ 40 $ 273 $ 334 Actual return on plan assets — 1 6 7 Purchases, sales and settlements — net (18) (17) 4 (31) Transfers into Level 3 — net 1 7 — 8 Net foreign currency translation adjustments — — 19 19 Balance at end of year $ 4 $ 31 $ 302 $ 337 2021 Balance at beginning of year $ 4 $ 31 $ 302 $ 337 Actual return on plan assets 21 (3) (6) 12 Purchases, sales and settlements — net 2 7 (2) 7 Transfers into Level 3 — net — (6) — (6) Net foreign currency translation adjustments — — (11) (11) Balance at end of year $ 27 $ 29 $ 283 $ 339 1 Includes purchased annuity insurance contracts.
Summary of the fair value of postretirement benefit plan assets	The following table summarizes the levels within the fair value hierarchy for our other postretirement benefit plan assets (in millions): December 31, 2021 December 31, 2020 Level 1 Level 2 Other 1 Total Level 1 Level 2 Other 1 Total Cash and cash equivalents $ 32 $ 1 $ — $ 33 $ 29 $ 1 $ — $ 30 Equity securities: U.S.-based companies 183 1 — 184 169 1 — 170 International-based companies 12 — — 12 12 — — 12 Fixed-income securities: Government bonds — 3 — 3 — 3 — 3 Corporate bonds and debt securities — 82 — 82 — 80 — 80 Mutual, pooled and commingled funds — 85 2 87 — 84 2 86 Hedge funds/limited partnerships — — 9 9 — — 7 7 Real estate — — 5 5 — — 4 4 Other — — 4 4 — — 4 4 Total $ 227 $ 172 $ 20 $ 419 $ 210 $ 169 $ 17 $ 396

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	12 Months Ended
	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Strategic Realignment Initiatives Costs	The following table summarizes the balance of accrued expenses related to these strategic realignment initiatives (in millions): Severance Pay Outside Services Other Total 2020 Costs incurred $ 386 $ 37 $ 4 $ 427 Payments (170) (36) (1) (207) Noncash and exchange (35) 1 — — (35) Accrued balance at end of year $ 181 $ 1 $ 3 $ 185 2021 Accrued balance at beginning of year $ 181 $ 1 $ 3 $ 185 Costs incurred 224 37 2 263 Payments (265) (35) (3) (303) Noncash and exchange (120) 1 (2) — (122) Accrued balance at end of year $ 20 $ 1 $ 2 $ 23 1 Includes stock-based compensation modifications, pension settlement charges, and other postretirement benefit plan curtailment charges. Refer to Note 12 and Note 13.
Productivity and Reinvestment Initiatives Costs	The following table summarizes the balance of accrued expenses related to these productivity and reinvestment initiatives and the changes in the accrued amounts (in millions): Severance Pay Outside Services Other Total 2019 Accrued balance at beginning of year $ 76 $ 10 $ 4 $ 90 Costs incurred 36 87 141 264 Payments (57) (98) (119) (274) Noncash and exchange 3 2 (19) (14) Accrued balance at end of year $ 58 $ 1 $ 7 $ 66 2020 Accrued balance at beginning of year $ 58 $ 1 $ 7 $ 66 Costs incurred (12) 69 42 99 Payments (29) (70) (36) (135) Noncash and exchange (2) — (11) (13) Accrued balance at end of year $ 15 $ — $ 2 $ 17 2021 Accrued balance at beginning of year $ 15 $ — $ 2 $ 17 Costs incurred 4 97 14 115 Payments (6) (97) (14) (117) Noncash and exchange (1) — 3 2 Accrued balance at end of year $ 12 $ — $ 5 $ 17

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting Information [Line Items]
Schedule of total net operating revenues related to concentrate and finished products operation	The following table sets forth the percentage of total net operating revenues attributable to concentrate operations and finished product operations: Year Ended December 31, 2021 2020 2019 Concentrate operations 56 % 56 % 55 % Finished product operations 44 44 45 Total 100 % 100 % 100 %
Schedule of net revenue and property plant and equipment by Geography	The following table provides information related to our net operating revenues (in millions): Year Ended December 31, 2021 2020 2019 United States $ 13,010 $ 11,281 $ 11,715 International 25,645 21,733 25,551 Net operating revenues $ 38,655 $ 33,014 $ 37,266 The following table provides information related to our property, plant and equipment — net (in millions): Year Ended December 31, 2021 2020 2019 United States $ 3,420 $ 3,988 $ 4,062 International 6,500 6,789 6,776 Property, plant and equipment — net $ 9,920 $ 10,777 $ 10,838
Schedule of Segment Reporting Information, by Segment	Information about our Company’s operations by operating segment and Corporate is as follows (in millions): Europe, Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Year Ended December 31, 2021 Net operating revenues: Third party $ 6,564 $ 4,143 $ 13,184 $ 4,682 $ 2,805 $ 7,194 $ 83 $ — $ 38,655 Intersegment 629 — 6 609 — 9 2 (1,255) — Total net operating revenues 7,193 4,143 13,190 5,291 2,805 7,203 85 (1,255) 38,655 Operating income (loss) 3,735 2,534 3,331 2,325 293 473 (2,383) — 10,308 Interest income — — 40 — 10 — 226 — 276 Interest expense — — — — — — 1,597 — 1,597 Depreciation and amortization 76 39 388 49 135 529 236 — 1,452 Equity income (loss) — net 33 9 22 8 (6) 1,071 301 — 1,438 Income (loss) before income taxes 3,821 2,542 3,140 2,350 310 1,596 (1,334) — 12,425 Identifiable operating assets 7,908 2 1,720 25,730 2,355 3 7,949 10,312 2,3 19,964 — 75,938 Investments 1 436 594 21 230 — 12,669 4,466 — 18,416 Capital expenditures 35 2 228 65 285 560 192 — 1,367 As of and for the Year Ended December 31, 2020 Net operating revenues: Third party $ 5,534 $ 3,499 $ 11,473 $ 4,213 $ 1,991 $ 6,258 $ 46 $ — $ 33,014 Intersegment 523 — 4 509 — 7 — (1,043) — Total net operating revenues 6,057 3,499 11,477 4,722 1,991 6,265 46 (1,043) 33,014 Operating income (loss) 3,313 2,116 2,471 2,133 (123) 308 (1,221) — 8,997 Interest income — — 64 — 11 — 295 — 370 Interest expense — — — — — — 1,437 — 1,437 Depreciation and amortization 86 45 439 47 122 551 246 — 1,536 Equity income (loss) — net 31 (72) — 8 (9) 779 241 — 978 Income (loss) before income taxes 3,379 2,001 2,500 2,158 (120) 898 (1,067) — 9,749 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 Capital expenditures 27 6 182 20 261 474 207 — 1,177 Year Ended December 31, 2019 Net operating revenues: Third party $ 6,434 $ 4,118 $ 11,906 $ 4,723 $ 2,560 $ 7,431 $ 94 $ — $ 37,266 Intersegment 624 — 9 604 2 9 — (1,248) — Total net operating revenues 7,058 4,118 11,915 5,327 2,562 7,440 94 (1,248) 37,266 Operating income (loss) 3,551 2,375 2,594 2,282 334 358 (1,408) — 10,086 Interest income — — 65 — 12 — 486 — 563 Interest expense — — — — — — 946 — 946 Depreciation and amortization 86 35 439 31 117 446 211 — 1,365 Equity income (loss) — net 35 (32) (6) 11 (3) 836 208 — 1,049 Income (loss) before income taxes 3,361 2,288 2,592 2,310 343 716 (824) — 10,786 Capital expenditures 108 140 392 47 209 836 322 — 2,054 1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in South Africa represented 16 percent and 15 percent of consolidated property, plant and equipment — net as of December 31, 2021 and 2020, respectively. 3 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of December 31, 2021 and 2020.

NET CHANGE IN OPERATING ASSET_2

NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Increase (Decrease) in Operating Capital [Abstract]
Net change in operating assets and liabilities	Net cash provided by (used in) operating activities attributable to the net change in operating assets and liabilities was composed of the following (in millions): Year Ended December 31, 2021 2020 2019 (Increase) decrease in trade accounts receivable 1 $ (225) $ 882 $ (158) (Increase) decrease in inventories (135) 99 (183) (Increase) decrease in prepaid expenses and other current assets (241) 78 (87) Increase (decrease) in accounts payable and accrued expenses 2 2,843 (860) 1,318 Increase (decrease) in accrued income taxes 3 (566) (16) 96 Increase (decrease) in other noncurrent liabilities 4 (351) 507 (620) Net change in operating assets and liabilities $ 1,325 $ 690 $ 366 1 The increase in trade accounts receivable in 2021 was primarily due to improved business performance. The decrease in trade accounts receivable in 2020 was primarily due to the impact of the COVID-19 pandemic and the start of a trade accounts receivable factoring program. Refer to Note 1 for additional information on the factoring program. 2 The increase in accounts payable and accrued expenses in 2021 was primarily driven by an increase in trade accounts payable, higher marketing accruals, BodyArmor acquisition-related accruals and higher annual incentive accruals. The decrease in accounts payable and accrued expenses in 2020 was primarily driven by the impact of the COVID-19 pandemic and lower annual incentive accruals. Refer to Note 2 for information regarding the BodyArmor acquisition. 3 The decrease in accrued income taxes in 2021 was primarily driven by increased tax payments in 2021. Refer to Note 14.

BUSINESS AND SUMMARY OF SIGNI_4

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Property, Plant and Equipment
Raw materials and packaging	$ 2,133	$ 2,106
Finished goods	982	791
Other	299	369
Inventories	3,414	3,266
Depreciation expense	1,262	1,301	$ 1,208
Property, plant and equipment, gross	18,862	19,700
Property, Plant, and Equipment, Owned, Accumulated Depreciation	8,942	8,923
Property, Plant and Equipment, Net	$ 9,920	10,777	10,838
Accounting Policies [Line Items]
Number, of the top five brands in the world, of owned and marketed nonalcoholic sparkling beverage brands	5
Number of countries where finished beverage products bearing our trademarks are sold	200
Beverage servings consumed per day which bears trademarks owned by or licensed by the entity, number	2,100,000,000
Beverage servings consumed per day, number	63,000,000,000
Advertising costs included in selling, general and administrative expenses	$ 4,000	3,000	4,000
Advertising and production costs recorded in prepaid expenses and other assets	$ 57	$ 83
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares	6	6
Investments classified as cash equivalents, maximum maturity period (in months)	3
Cash and cash equivalents	$ 9,684	$ 6,795	6,480
Restricted Cash and Restricted Cash Equivalents	341	315	257
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 10,025	7,110	6,737		$ 9,318
Investments classified as short term investments maturity period, low end of the range (in months)	3
Investments classified as short term investments maturity period, high end of the range (in years)	1
Accounts Receivable, Sale	$ 6,266	185
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Total Equity	$ 24,860	21,284
Accounting Standards Update 2018-02 | Cumulative Effect, Period of Adoption, Adjustment
Accounting Policies [Line Items]
Total Equity				$ 558
Maximum
Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Other Noncurrent Assets
Accounting Policies [Line Items]
Restricted Cash and Restricted Cash Equivalents	$ 341	315	257
Land
Property, Plant and Equipment
Property, plant and equipment, gross	$ 652	676
Buildings and improvements
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life, Maximum	40 years
Property, plant and equipment, gross	$ 4,349	4,782
Machinery and Equipment
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life, Maximum	20 years
Property, plant and equipment, gross	$ 13,861	14,242
Leasehold Improvements
Property, Plant and Equipment
Amortization	15	18	$ 18
Primary beneficiary
Accounting Policies [Line Items]
VIEs maximum exposures to loss	103	74
Not primary beneficiary
Accounting Policies [Line Items]
VIEs maximum exposures to loss	$ 1,980	$ 2,567

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES (Details) - USD ($) $ in Millions	Nov. 01, 2021	Jan. 02, 2020	Jan. 30, 2019	Jan. 03, 2019	Dec. 31, 2020	Mar. 27, 2020	Jun. 28, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Acquisitions and Disposals [Line Items]
Acquisitions of businesses, equity method investments and nonmarketable securities								$ 4,766	$ 1,052	$ 5,542
Contingent Consideration Liability					$ 321			590	321
Goodwill, Acquired During Period								2,257	775
Proceeds from disposals of businesses, equity method investments and nonmarketable securities								2,180	189	429
Cash, cash equivalents and short-term investments held for sale								228
Trade Accounts Receivable, Net Held for Sale								21
Inventories Held for Sale								55
Prepaid and Other Noncurrent Assets Held for Sale								36
Other Noncurrent Assets Held for Sale								9
Deferred Income Tax Assets Held for Sale								6
Property, Plant and Equipment - Net Held for Sale								282
Goodwill Held for Sale								37
Assets Held for Sale								674
Accounts Payable and Accrued Liabilities Held for Sale								139
Accrued Income Taxes Held for Sale								4
Other Noncurrent Liabilities Held for Sale								9
Deferred Income Tax Liabilities Held for Sale								5
Liabilities Held for Sale								157
BodyArmor
Significant Acquisitions and Disposals [Line Items]
Acquisitions of businesses, equity method investments and nonmarketable securities	$ 4,745
Business Acquisition, Percentage of Voting Interests Acquired	85.00%
Ownership Percentage by Parent	100.00%
Purchase Price	$ 5,600
Purchase price held back related to indemnification obligations	860
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	834
Indefinite-lived Intangible Assets Acquired								4,200
Goodwill, Acquired During Period								2,200
Expected Tax Deductible Amount of Goodwill Allocation								1,200
BodyArmor | Accounts Payable
Significant Acquisitions and Disposals [Line Items]
Purchase price held back related to indemnification obligations	540
BodyArmor | Other Noncurrent Liabilities
Significant Acquisitions and Disposals [Line Items]
Purchase price held back related to indemnification obligations	$ 320
fairlife
Significant Acquisitions and Disposals [Line Items]
Acquisitions of businesses, equity method investments and nonmarketable securities		$ 979
Business Acquisition, Percentage of Voting Interests Acquired		57.50%
Ownership Percentage by Parent		100.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		$ 902							902
Increase (Decrease) in Notes Receivables		306
Contingent Consideration Liability		$ 270
Charges related to the remeasurement of contingent consideration liability								369	51
Payments for (Proceeds from) Previous Acquisition								100
Indefinite-lived Intangible Assets Acquired					1,300
Goodwill, Acquired During Period					$ 800
Costa
Significant Acquisitions and Disposals [Line Items]
Acquisitions of businesses, equity method investments and nonmarketable securities				$ 4,900
Indefinite-lived Intangible Assets Acquired						$ 2,400
Goodwill, Acquired During Period						2,500
CHI
Significant Acquisitions and Disposals [Line Items]
Acquisitions of businesses, equity method investments and nonmarketable securities			$ 257
Business Acquisition, Percentage of Voting Interests Acquired			60.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss			$ 118
Corporate
Significant Acquisitions and Disposals [Line Items]
Equity Method Investment, Realized Gain (Loss) on Disposal								114	35
Proceeds from Sale of Interest in Partnership Unit								293	62
Corporate | BodyArmor
Significant Acquisitions and Disposals [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain								834
Corporate | fairlife
Significant Acquisitions and Disposals [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain									902
Charges related to the remeasurement of contingent consideration liability								369	51
EMEA
Significant Acquisitions and Disposals [Line Items]
Goodwill, Acquired During Period								55	0
EMEA | Costa
Significant Acquisitions and Disposals [Line Items]
Goodwill, Translation and Purchase Accounting Adjustments						$ 108
North America
Significant Acquisitions and Disposals [Line Items]
Goodwill, Acquired During Period								1,886	775
North America | BodyArmor
Significant Acquisitions and Disposals [Line Items]
Goodwill, Acquired During Period								1,900
Other Segments | BodyArmor
Significant Acquisitions and Disposals [Line Items]
Goodwill, Acquired During Period								300
CCA
Significant Acquisitions and Disposals [Line Items]
Proceeds from Sale of Interest in Partnership Unit								1,738
Gain (Loss) on Disposition of Business								$ 695
Piedmont Coca-Cola Bottling Partnership
Significant Acquisitions and Disposals [Line Items]
Proceeds from Divestiture of Businesses									100
Equity Method Investment, Realized Gain (Loss) on Disposal									$ (2)
Andina | Corporate
Significant Acquisitions and Disposals [Line Items]
Equity Method Investment, Realized Gain (Loss) on Disposal										39
India Bottling Operations | Corporate
Significant Acquisitions and Disposals [Line Items]
Equity Method Investment, Realized Gain (Loss) on Disposal										73
CCBA
Significant Acquisitions and Disposals [Line Items]
Change to Plan of Sale Asset Adjustment							$ 160
CCBA | Corporate
Significant Acquisitions and Disposals [Line Items]
Change to Plan of Sale Asset Adjustment										$ 160
Property, Plant and Equipment | CCBA
Significant Acquisitions and Disposals [Line Items]
Change to Plan of Sale Asset Adjustment							34
Finite-Lived Intangible Assets | CCBA
Significant Acquisitions and Disposals [Line Items]
Change to Plan of Sale Asset Adjustment							$ 126

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net operating revenues related to concentrate operations	$ 21,799	$ 18,582	$ 20,499
Net operating revenues related to finished product operations	16,856	14,432	16,767
Revenues	38,655	33,014	37,266
United States
Disaggregation of Revenue [Line Items]
Net operating revenues related to concentrate operations	6,551	5,443	5,252
Net operating revenues related to finished product operations	6,459	5,838	6,463
Revenues	13,010	11,281	11,715
International
Disaggregation of Revenue [Line Items]
Net operating revenues related to concentrate operations	15,248	13,139	15,247
Net operating revenues related to finished product operations	10,397	8,594	10,304
Revenues	$ 25,645	$ 21,733	$ 25,551

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI	$ 2,723	$ 2,374
Equity Securities, FV-NI	2,723	2,374
Equity Securities without Readily Determinable Fair Value, Amount	47	50
Equity Securities, FV-NI, Gain (Loss)	509	146
Equity Securities, FV-NI, Realized Gain (Loss)	71	(22)
Equity Securities, FV-NI, Unrealized Gain	438	168
Debt Securities, Available-for-sale, Amortized Cost	1,648
Debt Securities	1,589	2,303
Debt Securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Trading, Amortized Cost	39	36
Debt Securities, Available-for-sale, Amortized Cost	1,648	2,227
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	1,687	2,263
Debt Securities, Trading, Unrealized Gain	1	2
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain	33	51
Debt Securities, Unrealized Gain (Loss)	34	53
Debt Securities, Trading, Unrealized Loss	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(132)	(13)
Debt securities, gross unrealized loss	(132)	(13)
Debt Securities, Trading	40	38
Debt Securities, Available-for-sale	1,549	2,265
Debt Securities	1,589	2,303
Debt Securities, Available-for-sale, Realized Gain	6	20	$ 39
Debt Securities, Available-for-sale, Realized Loss	10	13	8
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale	1,197	1,559	$ 3,956
Trading Securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities	40	38
Available-for-Sale Securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities	1,549	2,265
Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI	376	330
Equity Securities without Readily Determinable Fair Value, Amount	0	0
Marketable Securities | Trading Securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities	40	38
Marketable Securities | Available-for-Sale Securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities	1,283	1,980
Other Investments
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Noncurrent	771	762
Equity Securities without Readily Determinable Fair Value, Amount	47	50
Other Noncurrent Assets
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Noncurrent	1,576	1,282
Equity Securities without Readily Determinable Fair Value, Amount	0	0
Other Noncurrent Assets | Trading Securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities	0	0
Other Noncurrent Assets | Available-for-Sale Securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities	$ 266	$ 285

INVESTMENTS (Details 2)

INVESTMENTS (Details 2) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost	$ 28
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value	28
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost	1,355
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value	1,241
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost	88
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	98
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost	177
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value	182
Debt Securities, Available-for-sale, Amortized Cost	1,648
Debt Securities	1,589	$ 2,303
Available-for-Sale Securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities	1,549	2,265
Solvency Funds of Insurance Captive	$ 1,670	$ 1,389

HEDGING TRANSACTIONS AND DERI_3

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Fair Value, Derivatives Designated and Not Designated as Hedges
Total Equity	$ 24,860	$ 21,284
Long-term Debt	39,454	40,610
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	196	137
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	$ 50	57
Maximum length of time over which future cash flow exposures are hedged (in years)	3 years
Derivatives reclassification adjustments recognized in net income	$ 124	(25)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	36
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	(4)
Foreign currency contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	53	28
Foreign currency contracts | Other Noncurrent Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	0	1
Foreign currency contracts | Accounts Payable and Accrued Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	34	41
Foreign currency contracts | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	9	0
Commodity contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	131	76
Commodity contracts | Other Noncurrent Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	3	9
Commodity contracts | Accounts Payable and Accrued Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	6	15
Commodity contracts | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	1	1
Other Derivative Instruments | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	9	20
Other Derivative Instruments | Other Noncurrent Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	0	3
Cash Flow Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative gains (losses) recognized in OCI	162	(35)	$ (200)
Derivatives reclassification adjustments recognized in net income	(116)	(74)	(162)
Cash Flow Hedges | Currency Swap
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	1,994	2,700
Cash Flow Hedges | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	7,399	7,785
Cash Flow Hedges | Commodity contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	10	11
Cash Flow Hedges | Interest Rate Swap
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount		1,233
Cash Flow Hedges | Net operating revenues | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative gains (losses) recognized in OCI	36	(93)	(58)
Derivatives reclassification adjustments recognized in net income	(77)	(73)	(3)
Cash Flow Hedges | Cost of goods sold | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative gains (losses) recognized in OCI	(2)	4	1
Derivatives reclassification adjustments recognized in net income	(10)	9	11
Cash Flow Hedges | Cost of goods sold | Commodity contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative gains (losses) recognized in OCI	(1)	2	1
Derivatives reclassification adjustments recognized in net income	0	0	0
Cash Flow Hedges | Interest expense | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative gains (losses) recognized in OCI	0	0	0
Derivatives reclassification adjustments recognized in net income	(13)	(16)	(9)
Cash Flow Hedges | Interest expense | Interest rate contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative gains (losses) recognized in OCI	110	15	(47)
Derivatives reclassification adjustments recognized in net income	(90)	(54)	(42)
Cash Flow Hedges | Other income (loss) - net | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative gains (losses) recognized in OCI	19	37	(97)
Derivatives reclassification adjustments recognized in net income	74	60	(119)
Fair Value Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(1)	2	(1)
Fair Value Hedges | Short-term Debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	200	0
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	1	0
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	0	0
Fair Value Hedges | Long-term Debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	12,353	11,129
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	255	646
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	228	0
Fair Value Hedges | Interest Rate Swap
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	12,113	10,215
Fair Value Hedges | Interest expense
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(1)	1	(1)
Fair Value Hedges | Interest expense | Interest rate contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(67)	275	368
Fair Value Hedges | Interest expense | Fixed Rate Debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	66	(274)	(369)
Fair Value Hedges | Other income (loss) - net
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net		1
Fair Value Hedges | Other income (loss) - net | Available-for-Sale Securities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net		5
Fair Value Hedges | Other income (loss) - net | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net		(4)
Net Investment Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	12,852	13,787
Gains (losses) on net investment hedges arising during the year	918	(1,094)	195
Net Investment Hedges | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	40	451
Gains (losses) on net investment hedges arising during the year	(10)	(5)	51
Net Investment Hedges | Foreign currency denominated debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	12,812	13,336
Gains (losses) on net investment hedges arising during the year	928	(1,089)	144
Designated as Hedging Instrument
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivatives Designated as Hedging Instruments, Assets, at Fair Value	461	761
Derivatives Designated as Hedging Instruments, Liabilities, at Fair Value	46	34
Designated as Hedging Instrument | Foreign currency contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivatives Designated as Hedging Instruments, Assets, at Fair Value	151	26
Designated as Hedging Instrument | Foreign currency contracts | Other Noncurrent Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivatives Designated as Hedging Instruments, Assets, at Fair Value	27	74
Designated as Hedging Instrument | Foreign currency contracts | Accounts Payable and Accrued Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivatives Designated as Hedging Instruments, Liabilities, at Fair Value	15	29
Designated as Hedging Instrument | Foreign currency contracts | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivatives Designated as Hedging Instruments, Liabilities, at Fair Value	17	0
Designated as Hedging Instrument | Commodity contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivatives Designated as Hedging Instruments, Assets, at Fair Value	0	2
Designated as Hedging Instrument | Interest rate contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivatives Designated as Hedging Instruments, Assets, at Fair Value	1	0
Designated as Hedging Instrument | Interest rate contracts | Other Noncurrent Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivatives Designated as Hedging Instruments, Assets, at Fair Value	282	659
Designated as Hedging Instrument | Interest rate contracts | Accounts Payable and Accrued Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivatives Designated as Hedging Instruments, Liabilities, at Fair Value	0	5
Designated as Hedging Instrument | Interest rate contracts | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivatives Designated as Hedging Instruments, Liabilities, at Fair Value	14	0
Not Designated as Hedging Instrument
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(73)	77	3
Not Designated as Hedging Instrument | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	4,258	5,727
Not Designated as Hedging Instrument | Commodity contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	908	715
Not Designated as Hedging Instrument | Interest rate contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	200	200
Not Designated as Hedging Instrument | Net operating revenues | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	6	58	(4)
Not Designated as Hedging Instrument | Cost of goods sold | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(10)	6	1
Not Designated as Hedging Instrument | Cost of goods sold | Commodity contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	171	54	(23)
Not Designated as Hedging Instrument | Interest expense | Interest rate contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(187)	6	0
Not Designated as Hedging Instrument | Other income (loss) - net | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(84)	(13)	(66)
Not Designated as Hedging Instrument | Other income (loss) - net | Other Derivative Instruments
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(3)	(55)	48
Not Designated as Hedging Instrument | Selling, general and administrative expenses | Other Derivative Instruments
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ 34	$ 21	$ 47
Accounting Standards Update 2017-12 | Cumulative Effect, Period of Adoption, Adjustment | Reinvested Earnings
Fair Value, Derivatives Designated and Not Designated as Hedges
Total Equity				$ 6
Accounting Standards Update 2017-12 | Cumulative Effect, Period of Adoption, Adjustment | Fair Value Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Long-term Debt				24
Accounting Standards Update 2017-12 | Cumulative Effect, Period of Adoption, Adjustment | Fair Value Hedges | Reinvested Earnings
Fair Value, Derivatives Designated and Not Designated as Hedges
Total Equity				$ (18)

EQUITY METHOD INVESTMENTS (Deta

EQUITY METHOD INVESTMENTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity method investments, disclosures
Equity Method Investment, Quoted Market Value	$ 23,008
Investment in equity method investees in excess of the proportionate share of net assets	7,298
Summary of significant transactions with equity method investees
Total net receivables due from equity method investees	882	$ 1,025
Dividends received from equity method investees	823	467	$ 628
Retained Earnings, Undistributed Earnings from Equity Method Investees	6,143
Net Operating Revenues	38,655	33,014	37,266
Cost of goods sold	15,357	13,433	14,619
Gross Profit	23,298	19,581	22,647
Operating Income (Loss)	10,308	8,997	10,086
Consolidated Net Income	9,804	7,768	8,985
Less: Net income (loss) attributable to noncontrolling interests	33	21	65
Net Income (Loss) Attributable to Parent	9,771	7,747	8,920
Equity income (loss) — net	1,438	978	1,049
Assets, Current	22,545	19,240
Total Assets	94,354	87,296
Liabilities, Current	19,950	14,601
Stockholders' Equity Attributable to Parent	22,999	19,299
Equity attributable to noncontrolling interests	1,861	1,985
Total Equity	24,860	21,284
Equity Method Investments	17,598	19,273
Exchange Traded
Summary of significant transactions with equity method investees
Equity Method Investments	11,503
Equity Method Investment, Nonconsolidated Investee, Other
Summary of significant transactions with equity method investees
Net Operating Revenues	79,934	69,384	75,980
Cost of goods sold	47,847	41,139	44,881
Gross Profit	32,087	28,245	31,099
Operating Income (Loss)	9,089	7,056	7,748
Consolidated Net Income	6,050	4,176	4,597
Less: Net income (loss) attributable to noncontrolling interests	91	54	63
Net Income (Loss) Attributable to Parent	5,959	4,122	4,534
Equity income (loss) — net	1,438	978	1,049
Assets, Current	30,992	29,431
Assets, Noncurrent	72,064	67,900
Total Assets	103,056	97,331
Liabilities, Current	21,362	20,033
Liabilities, Noncurrent	37,353	33,613
Liabilities, Total	58,715	53,646
Stockholders' Equity Attributable to Parent	43,422	42,622
Equity attributable to noncontrolling interests	919	1,063
Total Equity	44,341	43,685
Equity Method Investments	17,598	19,273
Publicly traded companies
Equity method investments, disclosures
Investment in equity method investees in excess of the proportionate share of net assets	11,505
Mostly located outside of the USA
Summary of significant transactions with equity method investees
Net sales to equity method investees	14,471	13,041	14,832
Total payments, primarily marketing related, made to equity method investees	516	547	897
Purchases of beverage products from equity method investees	$ 496	$ 452	$ 426
CCEP
Equity method investments, disclosures
Ownership interest in Equity investee (as a percent)	19.00%
Equity Method Investment, Quoted Market Value	$ 4,919
Investment in equity method investees in excess of the proportionate share of net assets	1,341
Summary of significant transactions with equity method investees
Equity Method Investments	$ 3,578
Monster Beverage Corporation
Equity method investments, disclosures
Ownership interest in Equity investee (as a percent)	19.00%
Equity Method Investment, Quoted Market Value	$ 9,808
Investment in equity method investees in excess of the proportionate share of net assets	5,485
Summary of significant transactions with equity method investees
Equity Method Investments	$ 4,323
AC Bebidas
Equity method investments, disclosures
Ownership interest in Equity investee (as a percent)	20.00%
Coca-Cola FEMSA
Equity method investments, disclosures
Ownership interest in Equity investee (as a percent)	28.00%
Equity Method Investment, Quoted Market Value	$ 3,182
Investment in equity method investees in excess of the proportionate share of net assets	1,614
Summary of significant transactions with equity method investees
Equity Method Investments	$ 1,568
Coca-Cola Hellenic
Equity method investments, disclosures
Ownership interest in Equity investee (as a percent)	21.00%
Equity Method Investment, Quoted Market Value	$ 2,705
Investment in equity method investees in excess of the proportionate share of net assets	1,590
Summary of significant transactions with equity method investees
Equity Method Investments	$ 1,115
Coca-Cola Bottlers Japan
Equity method investments, disclosures
Ownership interest in Equity investee (as a percent)	19.00%
Equity Method Investment, Quoted Market Value	$ 387
Investment in equity method investees in excess of the proportionate share of net assets	(87)
Summary of significant transactions with equity method investees
Equity Method Investments	474
Coca-Cola Consolidated
Equity method investments, disclosures
Equity Method Investment, Quoted Market Value	1,537
Investment in equity method investees in excess of the proportionate share of net assets	1,313
Summary of significant transactions with equity method investees
Equity Method Investments	224
Coca-Cola Icecek
Equity method investments, disclosures
Equity Method Investment, Quoted Market Value	340
Investment in equity method investees in excess of the proportionate share of net assets	217
Summary of significant transactions with equity method investees
Equity Method Investments	123
Andina
Equity method investments, disclosures
Equity Method Investment, Quoted Market Value	130
Investment in equity method investees in excess of the proportionate share of net assets	32
Summary of significant transactions with equity method investees
Equity Method Investments	$ 98

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets
Trademarks with indefinite lives	$ 14,465	$ 10,395
Goodwill	19,363	17,506	$ 16,764
Other Indefinite-lived intangible assets	211	225
Indefinite-lived intangible assets	34,039	28,126
Goodwill by operating segment
Balance as of January 1	17,506	16,764
Effect of foreign currency translation	(336)	(91)
Goodwill, Acquired During Period	2,257	775
Adjustments related to the finalization of purchase accounting		72
Goodwill, Impairment Loss	(7)	(14)
Goodwill, Other Increase (Decrease)	(57)
Balance as of December 31	19,363	17,506	16,764
Definite-lived Intangible Assets
Gross carrying amount	798	772
Accumulated amortization	(224)	(348)
Net definite-lived intangible assets	574	424
Amortization Expense
2022	106
2023	81
2024	66
2025	59
2026	47
Total amortization expense for intangible assets subject to amortization	165	203	120
Trademarks
Definite-lived Intangible Assets
Gross carrying amount	189	245
Accumulated amortization	(87)	(77)
Net definite-lived intangible assets	102	168
Customer Relationships
Definite-lived Intangible Assets
Gross carrying amount	336	195
Accumulated amortization	(86)	(61)
Net definite-lived intangible assets	250	134
Customer Relationships | BodyArmor
Definite-lived Intangible Assets
Gross carrying amount	150
Other Intangible Assets
Definite-lived Intangible Assets
Gross carrying amount	273	332
Accumulated amortization	(51)	(210)
Net definite-lived intangible assets	222	122
Other Intangible Assets | BodyArmor
Definite-lived Intangible Assets
Gross carrying amount	102
EMEA
Indefinite-lived Intangible Assets
Goodwill	1,280	1,308	1,294
Goodwill by operating segment
Balance as of January 1	1,308	1,294
Effect of foreign currency translation	(83)	40
Goodwill, Acquired During Period	55	0
Adjustments related to the finalization of purchase accounting		(26)
Goodwill, Impairment Loss	0	0
Goodwill, Other Increase (Decrease)	0
Balance as of December 31	1,280	1,308	1,294
Latin America
Indefinite-lived Intangible Assets
Goodwill	200	164	170
Goodwill by operating segment
Balance as of January 1	164	170
Effect of foreign currency translation	(8)	(6)
Goodwill, Acquired During Period	44	0
Adjustments related to the finalization of purchase accounting		0
Goodwill, Impairment Loss	0	0
Goodwill, Other Increase (Decrease)	0
Balance as of December 31	200	164	170
North America
Indefinite-lived Intangible Assets
Goodwill	10,665	8,792	7,943
Goodwill by operating segment
Balance as of January 1	8,792	7,943
Effect of foreign currency translation	0	0
Goodwill, Acquired During Period	1,886	775
Adjustments related to the finalization of purchase accounting		74
Goodwill, Impairment Loss	0	0
Goodwill, Other Increase (Decrease)	(13)
Balance as of December 31	10,665	8,792	7,943
Asia Pacific
Indefinite-lived Intangible Assets
Goodwill	422	201	170
Goodwill by operating segment
Balance as of January 1	201	170
Effect of foreign currency translation	(6)	7
Goodwill, Acquired During Period	227	0
Adjustments related to the finalization of purchase accounting		24
Goodwill, Impairment Loss	0	0
Goodwill, Other Increase (Decrease)	0
Balance as of December 31	422	201	170
Global Ventures
Indefinite-lived Intangible Assets
Goodwill	2,976	2,892	2,806
Goodwill by operating segment
Balance as of January 1	2,892	2,806
Effect of foreign currency translation	46	84
Goodwill, Acquired During Period	45	0
Adjustments related to the finalization of purchase accounting		2
Goodwill, Impairment Loss	0	0
Goodwill, Other Increase (Decrease)	(7)
Balance as of December 31	2,976	2,892	2,806
Bottling Investments
Indefinite-lived Intangible Assets
Goodwill	3,820	4,149	4,381
Goodwill by operating segment
Balance as of January 1	4,149	4,381
Effect of foreign currency translation	(285)	(216)
Goodwill, Acquired During Period	0	0
Adjustments related to the finalization of purchase accounting		(2)
Goodwill, Impairment Loss	(7)	(14)
Goodwill, Other Increase (Decrease)	(37)
Balance as of December 31	$ 3,820	$ 4,149	$ 4,381

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	$ 4,602	$ 3,517
Accrued marketing expenses	2,830	1,930
Variable consideration payable	1,118	1,137
Accrued compensation	1,051	609
Other accrued expenses	5,018	3,952
Accounts payable and accrued expenses	$ 14,619	$ 11,145

LEASES (Details)

LEASES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	$ 1,418	$ 1,548
Operating Lease, Liability, Current	310	322
Operating Lease, Liability, Noncurrent	1,161	1,300
Operating Lease, Liability	$ 1,471	$ 1,622
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating Lease, Liability, Current, Statement of Financial Position	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Operating Lease, Liability, Noncurrent, Statement of Financial Position	Other noncurrent liabilities	Other noncurrent liabilities
Operating Lease, Cost	$ 342	$ 353
Operating Lease, Payments	352	365
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 194	$ 528
Operating Lease, Weighted Average Remaining Lease Term	8 years
Operating Lease, Weighted Average Discount Rate, Percent	2.70%
Lessee, Operating Lease, Liability, Payments, Due Year One	$ 324
Lessee, Operating Lease, Liability, Payments, Due Year Two	284
Lessee, Operating Lease, Liability, Payments, Due Year Three	231
Lessee, Operating Lease, Liability, Payments, Due Year Four	190
Lessee, Operating Lease, Liability, Payments, Due Year Five	142
Lessee, Operating Lease, Liability, Payments, Due after Year Five	476
Lessee, Operating Lease, Liability, Payments, Due	1,647
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	$ 176
Minimum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Remaining Lease Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Remaining Lease Term	43 years

DEBT AND BORROWING ARRANGEMEN_3

DEBT AND BORROWING ARRANGEMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Commercial paper borrowings outstanding	$ 2,462	$ 1,329
Other Short-term Borrowings	$ 845	$ 854
Weighted-average interest rates for commercial paper outstanding (as a percent)	0.10%	1.30%
Unused lines of Credit
Short-term Debt [Line Items]
Line of Credit Facility	$ 9,972
Lines of credit for general corporate purposes	$ 8,060

DEBT AND BORROWING ARRANGEMEN_4

DEBT AND BORROWING ARRANGEMENTS (Details 2) € in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020AUD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)
Long-term debt
Issuances of debt	$ 13,094		$ 26,934			$ 23,009
Carrying Value of Long-Term Debt						5,891
Gains (Losses) on Extinguishment of Debt	(559)		(459)
Gain (loss) from accumulated other comprehensive income (AOCI) for derivative instrument designated and qualifying as cash flow hedge related to the extinguishment of debt.	(91)
Long-term Debt	39,454		40,610
Increase (Decrease) in Carrying Value of Long-term Debt Interest Rate Fair Value Hedge Adjustment	483		646
Total interest paid	$ 738		$ 935			921
Long-term Debt, Weighted Average Interest Rate, at Point in Time	1.70%		1.60%
Current maturities of long-term debt	$ 1,338		$ 485
Long-term debt non current	38,116		40,125
Long-term Debt, Fair Value	40,311		43,218
Maturities of Long-Term Debt
2022	1,338
2023	177
2024	2,023
2025	18
2026	1,733
Fixed interest rate debt with maturity dates ranging from 2028 to 2051
Long-term debt
Issuances of debt	5,950	€ 3,150
Carrying Value of Long-Term Debt	9,410
Variable interest rate debt with maturity date in 2021
Long-term debt
Extinguishment of long-term debt | €		371
Fixed interest rate debt with maturity dates ranging from 2023 to 2026
Long-term debt
Extinguishment of long-term debt	$ 6,500	€ 2,430
Fixed interest rate debt with maturity dates ranging from 2025 to 2060
Long-term debt
Issuances of debt			15,600	€ 2,600
Carrying Value of Long-Term Debt			17,616
Fixed interest rate debt with a maturity date in 2020
Long-term debt
Extinguishment of long-term debt			3,750		$ 450
U.S. dollar zero coupon notes due in 2020
Long-term debt
Extinguishment of long-term debt			171
Fixed interest rate debt with maturity dates ranging from 2021 to 2050
Long-term debt
Extinguishment of long-term debt			$ 3,815	2,300
Euro notes due 2021
Long-term debt
Issuances of debt | €							€ 750
Extinguishment of long-term debt | €				€ 379
Fixed Interest Rate Debt with maturity dates ranging from 2022 to 2031
Long-term debt
Issuances of debt						$ 2,000	2,750
Variable interest rate debt with a maturity date in 2019
Long-term debt
Extinguishment of long-term debt | €							€ 3,500
Fixed interest rate debt with a maturity date in 2019
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate						1.375%
Extinguishment of long-term debt						$ 1,000
Euro Interbank Offered Rate | Variable interest rate debt with maturity date in 2021
Long-term debt
Basis spread on variable rate used (as a percent)	0.20%	0.20%
Euro Interbank Offered Rate | Euro notes due 2021
Long-term debt
Basis spread on variable rate used (as a percent)			0.20%	0.20%	0.20%	0.20%	0.20%
Minimum | Fixed interest rate debt with maturity dates ranging from 2028 to 2051
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.125%
Minimum | Fixed interest rate debt with maturity dates ranging from 2023 to 2026
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.75%
Minimum | Fixed interest rate debt with maturity dates ranging from 2025 to 2060
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			0.125%
Minimum | Fixed interest rate debt with a maturity date in 2020
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			1.875%
Minimum | Fixed interest rate debt with maturity dates ranging from 2021 to 2050
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			0.00%
Minimum | Fixed Interest Rate Debt with maturity dates ranging from 2022 to 2031
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate						0.125%
Minimum | Euro Interbank Offered Rate | Variable interest rate debt with a maturity date in 2019
Long-term debt
Basis spread on variable rate used (as a percent)						0.23%	0.23%
Maximum | Fixed interest rate debt with maturity dates ranging from 2028 to 2051
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.00%
Maximum | Fixed interest rate debt with maturity dates ranging from 2023 to 2026
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.20%
Maximum | Fixed interest rate debt with maturity dates ranging from 2025 to 2060
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			4.20%
Maximum | Fixed interest rate debt with a maturity date in 2020
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			3.15%
Maximum | Fixed interest rate debt with maturity dates ranging from 2021 to 2050
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			4.20%
Maximum | Fixed Interest Rate Debt with maturity dates ranging from 2022 to 2031
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate						2.125%
Maximum | Euro Interbank Offered Rate | Variable interest rate debt with a maturity date in 2019
Long-term debt
Basis spread on variable rate used (as a percent)						0.25%	0.25%
U.S. dollar notes due 2023-2093
Long-term debt
Long-term Debt	$ 21,953		$ 22,550
Long-term Debt, Weighted Average Interest Rate, at Point in Time	2.20%		2.00%
U.S. dollar debentures due 2022-2098
Long-term debt
Long-term Debt	$ 1,316		$ 1,342
Long-term Debt, Weighted Average Interest Rate, at Point in Time	5.20%		5.10%
Australian dollar notes due 2024
Long-term debt
Long-term Debt	$ 398		$ 400
Long-term Debt, Weighted Average Interest Rate, at Point in Time	2.50%		2.50%
Euro notes due 2023 - 2040
Long-term debt
Long-term Debt	$ 13,249		$ 13,369
Long-term Debt, Weighted Average Interest Rate, at Point in Time	0.40%		0.30%
Swiss franc notes due 2022 - 2028
Long-term debt
Long-term Debt	$ 1,234		$ 1,236
Long-term Debt, Weighted Average Interest Rate, at Point in Time	2.30%		2.70%
Euro notes due 2021
Long-term debt
Long-term Debt	$ 0		$ 452
Long-term Debt, Weighted Average Interest Rate, at Point in Time	0.00%		0.00%
Other, due through 2098
Long-term debt
Long-term Debt	$ 821		$ 615
Long-term Debt, Weighted Average Interest Rate, at Point in Time	6.00%		5.20%
Other, due through 2031
Long-term debt
Long-term Debt	$ 690

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2015
Legal Contingencies
IRS Claim		$ 13,000
Increase in Effective Tax Rate		3.50%
Estimated Tax Liability		$ 400	$ 438
Potential Aggregate Tax Liability- Brazil		4,900
Risk Management Programs
Self Insurance Reserve		229	$ 265
Guarantees of indebtedness owed by third parties
Guarantees
Guarantees of indebtedness owed by third parties		440
VIEs maximum exposures to loss		$ 93
Tax Years 2007-2009
Legal Contingencies
IRS Claim				$ 3,300
IRS Notice Income Reallocation				$ 9,000
Net Increase (Decrease) in Sales and Transfer Prices and Production Costs	$ 385
IRS Amended Claim	135
IRS Amended Claim Related to Mexico Licensee	$ 138

STOCK COMPENSATION PLANS (Detai

STOCK COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation awards
Vesting period of stock-based awards (in years)	4 years
Total stock-based compensation expense	$ 337	$ 141	$ 201
Share-based Payment Arrangement, Plan Modification, Incremental Cost		15
Total income tax benefit recognized in consolidated statements of income for share-based compensation arrangements	60	$ 32	$ 43
Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted	$ 335
Weighted-average period over which the total unrecognized compensation cost is expected to be recognized (in years)	1 year 10 months 24 days
Weighted-average assumptions used in the Black Scholes Merton option pricing model
Fair value of options at grant date (in dollars per share)	$ 5.08	$ 6.44	$ 4.94
Dividend yield (as a percent)	3.30%	2.70%	3.50%
Expected volatility (as a percent)	18.00%	16.00%	15.50%
Risk-free interest rate (as a percent)	0.90%	1.40%	2.60%
Expected term of the option (in years)	6 years	6 years	6 years
Share-based compensation disclosure
Granted (in shares)	7,000
Exercised (in shares)	(19,000)	(23,000)	(34,000)
Forfeited/expired (in shares)	(1,000)
Outstanding on December 31	75,000	88,000
Expected to vest	74,000
Exercisable on December 31, 2021	59,000
Granted, Weighted-Average Exercise Price (in dollars per share)	$ 50.59
Exercised, Weighted-Average Exercise Price (in dollars per share)	36.32
Forfeited/expired, Weighted-Average Exercise Price (in dollars per share)	54.18
Outstanding on December 31, Weighted-Average Exercise Price (in dollars per share)	42.43	$ 40.55
Expected to vest, Weighted-Average Exercise Price (in dollars per share)	42.32
Exercisable on December 31, weighted average exercise price (in dollars per share)	$ 40.08
Outstanding on December 31, Weighted-Average Remaining Contractual Life (in years)	4 years 2 months 12 days
Expected to Vest, Weighted Average Remaining Contractual Life (in years)	4 years 1 month 6 days
Exercisable on December 31, Weighted-Average Remaining Contractual Life (in years)	3 years 1 month 6 days
Outstanding on December 31, Aggregate Intrinsic Value (in dollars)	$ 1,264
Expected to vest, Aggregate Intrinsic Value (in dollars)	1,256
Exercisable on December 31, Aggregate Intrinsic Value (in dollars)	1,138
Total intrinsic value of options exercised	$ 358	$ 453	$ 609
Summary disclosures
Outstanding performance share units at the Threshold Award Level (in shares)	1,725
Outstanding performance share units at the Maximum Award Level (in shares)	9,759
Selling, General and Administrative Expenses
Stock-based compensation awards
Total stock-based compensation expense		$ 126
2014 Equity Plan
Stock-based compensation awards
Common stock was approved to be issued or transferred through the grant of stock options (in shares)	500,000
Number of Shares Available for Grant (in shares)	329,000
Options Plan Approved prior to 2014
Stock-based compensation awards
Number of Shares Available for Grant (in shares)	3,000
Stock options granted in December 2003 and thereafter
Stock-based compensation awards
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Performance Shares
Summary disclosures
Nonvested Stock Units	4,186	3,771
Weighted Average Grant Date Fair Value of Performance Share Units Nonvested	$ 50.90	$ 48.29
Granted	2,728
Weighted Average Grant Date Fair Value of Performance Share Units Granted	$ 47.04	$ 57	$ 40.29
Performance shares units vested	(1,846)
Weighted Average Grant Date Fair Value of Performance Share Units Vested	$ 40.29
Performance Share Units Forfeited	(467)
Weighted-Average Grant Date Fair Value of Performance Share Units Forfeited	$ 49.18
Total intrinsic value of performance share units that were released	$ 237	$ 191	$ 118
Performance Shares | Performance Period 2020 to 2022
Summary disclosures
Nonvested Stock Units	1,587
Performance Shares | Performance Period 2021 to 2022
Summary disclosures
Nonvested Stock Units	578
Performance Shares | Performance Period 2021 to 2023
Summary disclosures
Nonvested Stock Units	2,021
Performance Share Units 2017-2020 Award
Summary disclosures
Performance Share Units Forfeited	(8)
Weighted-Average Grant Date Fair Value of Performance Share Units Forfeited	$ 35.30
CertifiedShare-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Approved and Certified	3,728
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Approved and Certified, Weighted Average Grant Date Fair Value	$ 35.30
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Released in Period	(3,720)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Released in Period, Weighted Average Grant Date Fair Value	$ 36.31
Performance Share Units 2018-2020 Award
Summary disclosures
Performance Share Units Forfeited	(6)
Weighted-Average Grant Date Fair Value of Performance Share Units Forfeited	$ 41.02
CertifiedShare-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Approved and Certified	1,014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Approved and Certified, Weighted Average Grant Date Fair Value	$ 41.02
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Released in Period	(1,008)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Released in Period, Weighted Average Grant Date Fair Value	$ 41.72
Restricted Stock Units (RSUs)
Stock-based compensation awards
Vesting period of stock-based awards (in years)	5 years
Summary disclosures
Nonvested Stock Units	3,394	4,162
Weighted Average Grant Date Fair Value of Performance Share Units Nonvested	$ 46.56	$ 44.18
Granted	1,242
Weighted Average Grant Date Fair Value of Performance Share Units Granted	$ 46.20
Performance shares units vested	(1,495)
Weighted Average Grant Date Fair Value of Performance Share Units Vested	$ 41.91
Performance Share Units Forfeited	(515)
Weighted-Average Grant Date Fair Value of Performance Share Units Forfeited	$ 46.46

PENSION AND OTHER POSTRETIREM_3

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension benefits
Changes in benefit obligations
Benefit obligation at January 1	$ 9,414	$ 8,757
Service cost	97	112	$ 104
Interest cost	183	235	291
Participant Contributions	5	1
Foreign currency exchange rate changes	(33)	67
Amendments	0	3
Actuarial loss (gain)	(226)	746
Benefits Paid	(375)	(485)
Settlements	(491)	(81)
Curtailments	0	(15)
Special termination benefits	3	2	1
Other	3	72
Benefit obligation at December 31	8,580	9,414	8,757
Defined Benefit Plan, Accumulated Benefit Obligation	8,431	9,263
Fair value of plan assets
Fair value of plan assets at January 1	8,639	8,080
Actual return on plan assets	1,003	830
Employer contributions	33	30
Contributions by Plan Participant	6	1
Foreign currency exchange rate changes	(42)	97
Benefits Paid	(315)	(419)
Settlements	(421)	(53)
Other	2	73
Fair value of plan assets at December 31	8,905	8,639	8,080
Net liability recognized	325	(775)
Pension and other benefit amounts recognized in our consolidated balance sheets
Noncurrent asset	1,545	1,151
Current liability	(70)	(116)
Long-term liability	(1,150)	(1,810)
Net liability recognized	325	(775)
Accumulated benefit obligations in excess of the fair value of plan assets
Projected Benefit Obligation	6,862	7,722
Fair Value of Plan Assets	5,641	5,796
Accumulated Benefit Obligations	6,689	7,553
Fair value of plan assets	5,584	5,745
Pension benefits | Cash and cash equivalents
Fair value of plan assets
Fair value of plan assets at January 1	678
Fair value of plan assets at December 31	505	678
Pension benefits | Equity Securities, US based companies
Fair value of plan assets
Fair value of plan assets at January 1	2,139
Fair value of plan assets at December 31	2,431	2,139
Pension benefits | Equity Securities, International based companies
Fair value of plan assets
Fair value of plan assets at January 1	1,726
Fair value of plan assets at December 31	1,706	1,726
Pension benefits | Government bonds
Fair value of plan assets
Fair value of plan assets at January 1	637
Fair value of plan assets at December 31	677	637
Pension benefits | Corporate bonds and debt securities
Fair value of plan assets
Fair value of plan assets at January 1	1,042
Fair value of plan assets at December 31	1,023	1,042
Pension benefits | Mutual, pooled and commingled funds
Fair value of plan assets
Fair value of plan assets at January 1	814
Fair value of plan assets at December 31	850	814
Pension benefits | Hedge funds/limited partnerships
Fair value of plan assets
Fair value of plan assets at January 1	622
Fair value of plan assets at December 31	720	622
Pension benefits | Real estate
Fair value of plan assets
Fair value of plan assets at January 1	332
Fair value of plan assets at December 31	389	332
Pension benefits | Defined Benefit Plan, Derivative
Fair value of plan assets
Fair value of plan assets at January 1	(15)
Fair value of plan assets at December 31	(9)	(15)
Pension benefits | Other
Fair value of plan assets
Fair value of plan assets at January 1	664
Fair value of plan assets at December 31	613	664
Pension benefits | Change in Assumptions for Defined Benefit Plans
Changes in benefit obligations
Actuarial loss (gain)	197	491
Other benefits
Changes in benefit obligations
Benefit obligation at January 1	769	757
Service cost	9	11	9
Interest cost	15	21	28
Participant Contributions	13	12
Foreign currency exchange rate changes	(1)	(1)
Amendments	(13)	0
Actuarial loss (gain)	(28)	22
Benefits Paid	(67)	(59)
Settlements	0	0
Curtailments	(1)	6
Special termination benefits	0	0	0
Other	0	0
Benefit obligation at December 31	696	769	757
Fair value of plan assets
Fair value of plan assets at January 1	396	339
Actual return on plan assets	15	51
Employer contributions	0	0
Contributions by Plan Participant	8	7
Foreign currency exchange rate changes	0	0
Benefits Paid	0	(1)
Settlements	0	0
Other	0	0
Fair value of plan assets at December 31	419	396	$ 339
Net liability recognized	(277)	(373)
Pension and other benefit amounts recognized in our consolidated balance sheets
Noncurrent asset	0	0
Current liability	(18)	(19)
Long-term liability	(259)	(354)
Net liability recognized	(277)	(373)
Other benefits | Cash and cash equivalents
Fair value of plan assets
Fair value of plan assets at January 1	30
Fair value of plan assets at December 31	33	30
Other benefits | Equity Securities, US based companies
Fair value of plan assets
Fair value of plan assets at January 1	170
Fair value of plan assets at December 31	184	170
Other benefits | Equity Securities, International based companies
Fair value of plan assets
Fair value of plan assets at January 1	12
Fair value of plan assets at December 31	12	12
Other benefits | Government bonds
Fair value of plan assets
Fair value of plan assets at January 1	3
Fair value of plan assets at December 31	3	3
Other benefits | Corporate bonds and debt securities
Fair value of plan assets
Fair value of plan assets at January 1	80
Fair value of plan assets at December 31	82	80
Other benefits | Mutual, pooled and commingled funds
Fair value of plan assets
Fair value of plan assets at January 1	86
Fair value of plan assets at December 31	87	86
Other benefits | Hedge funds/limited partnerships
Fair value of plan assets
Fair value of plan assets at January 1	7
Fair value of plan assets at December 31	9	7
Other benefits | Real estate
Fair value of plan assets
Fair value of plan assets at January 1	4
Fair value of plan assets at December 31	5	4
Other benefits | Other
Fair value of plan assets
Fair value of plan assets at January 1	4
Fair value of plan assets at December 31	$ 4	4
Domestic Plan
Defined Benefit Plan Disclosure
Portion of projected pension benefit obligation represented by the defined benefit plan (as a percent)	61.00%
Defined Benefit Plan Portion of Projected Pension Plan Assets Percentage	57.00%
Fair value of plan assets
Fair value of plan assets at January 1	$ 5,373
Fair value of plan assets at December 31	5,383	5,373
Domestic Plan | Cash and cash equivalents
Fair value of plan assets
Fair value of plan assets at January 1	279
Fair value of plan assets at December 31	272	279
Domestic Plan | Equity Securities, US based companies
Fair value of plan assets
Fair value of plan assets at January 1	1,382
Fair value of plan assets at December 31	1,463	1,382
Domestic Plan | Equity Securities, International based companies
Fair value of plan assets
Fair value of plan assets at January 1	988
Fair value of plan assets at December 31	876	988
Domestic Plan | Government bonds
Fair value of plan assets
Fair value of plan assets at January 1	220
Fair value of plan assets at December 31	182	220
Domestic Plan | Corporate bonds and debt securities
Fair value of plan assets
Fair value of plan assets at January 1	926
Fair value of plan assets at December 31	899	926
Domestic Plan | Mutual, pooled and commingled funds
Fair value of plan assets
Fair value of plan assets at January 1	301
Fair value of plan assets at December 31	290	301
Domestic Plan | Hedge funds/limited partnerships
Fair value of plan assets
Fair value of plan assets at January 1	588
Fair value of plan assets at December 31	682	588
Domestic Plan | Real estate
Fair value of plan assets
Fair value of plan assets at January 1	326
Fair value of plan assets at December 31	381	326
Domestic Plan | Defined Benefit Plan, Derivative
Fair value of plan assets
Fair value of plan assets at January 1	(1)
Fair value of plan assets at December 31	(1)	(1)
Domestic Plan | Other
Fair value of plan assets
Fair value of plan assets at January 1	364
Fair value of plan assets at December 31	339	364
Foreign Plan
Fair value of plan assets
Fair value of plan assets at January 1	3,266
Fair value of plan assets at December 31	3,522	3,266
Foreign Plan | Cash and cash equivalents
Fair value of plan assets
Fair value of plan assets at January 1	399
Fair value of plan assets at December 31	233	399
Foreign Plan | Equity Securities, US based companies
Fair value of plan assets
Fair value of plan assets at January 1	757
Fair value of plan assets at December 31	968	757
Foreign Plan | Equity Securities, International based companies
Fair value of plan assets
Fair value of plan assets at January 1	738
Fair value of plan assets at December 31	830	738
Foreign Plan | Government bonds
Fair value of plan assets
Fair value of plan assets at January 1	417
Fair value of plan assets at December 31	495	417
Foreign Plan | Corporate bonds and debt securities
Fair value of plan assets
Fair value of plan assets at January 1	116
Fair value of plan assets at December 31	124	116
Foreign Plan | Mutual, pooled and commingled funds
Fair value of plan assets
Fair value of plan assets at January 1	513
Fair value of plan assets at December 31	560	513
Foreign Plan | Hedge funds/limited partnerships
Fair value of plan assets
Fair value of plan assets at January 1	34
Fair value of plan assets at December 31	38	34
Foreign Plan | Real estate
Fair value of plan assets
Fair value of plan assets at January 1	6
Fair value of plan assets at December 31	8	6
Foreign Plan | Defined Benefit Plan, Derivative
Fair value of plan assets
Fair value of plan assets at January 1	(14)
Fair value of plan assets at December 31	(8)	(14)
Foreign Plan | Other
Fair value of plan assets
Fair value of plan assets at January 1	300
Fair value of plan assets at December 31	$ 274	$ 300

PENSION AND OTHER POSTRETIREM_4

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details 2)	Dec. 31, 2021
Domestic Plan
Defined Benefit Plan Disclosure
Maximum portion of plan assets for which an investment manager is responsible (as a percent)	8.00%
Foreign Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	30.00%
Defined Benefit Plan, Plan Assets, Target Allocation Percentage, European	70.00%
Equity Securities, US based companies | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	42.00%
Equity Securities, International based companies | Foreign Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	1.00%
Defined Benefit Plan, Plan Assets, Target Allocation Percentage, European	66.00%
Mutual, pooled and commingled funds | Foreign Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	44.00%
Global equities | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	60.00%
Emerging market equities | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	16.00%
Domestic small- and mid-cap equities | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	24.00%
Long-duration bonds | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	33.00%
Multi-strategy alternative credit managers | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	67.00%
Fixed Income Funds | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	30.00%
Fixed Income Funds | Foreign Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	21.00%
Defined Benefit Plan, Plan Assets, Target Allocation Percentage, European	4.00%
Other | Foreign Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	34.00%
Defined Benefit Plan, Plan Assets, Target Allocation Percentage, European	30.00%
Defined Benefit Plan, Equity Securities, Common Stock
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	5.00%
Defined Benefit Plan, Equity Securities, Common Stock | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	3.00%
Alternative investments | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	28.00%

PENSION AND OTHER POSTRETIREM_5

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net periodic pension and other postretirement benefit cost
Corridor Approach for Amortizing Actuarial Gains and Losses	10.00%
Pension benefits
Net periodic pension and other postretirement benefit cost
Prior Service Credit (Cost), before Tax	$ (9)	$ (10)
Net actuarial loss	(2,116)	(3,002)
Service cost	97	112	$ 104
Interest cost	183	235	291
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(606)	(587)	(552)
Amortization of prior service cost (credit)	0	3	(4)
Defined Benefit Plan, Amortization of Gain (Loss)	146	171	151
Net periodic benefit cost	(180)	(66)	(10)
Settlement charge	117	23	6
Curtailment charges (credits)	(1)	1	0
Special termination benefits	3	2	1
Defined Benefit Plan, Other Cost (Credit)	0	(4)	1
Total cost recognized in the statement of income	(61)	(44)	(2)
Changes in AOCI for our benefit plans, pretax
Balance in AOCI at beginning of year	(3,012)	(2,678)
Recognized prior service cost (credit)	1	3
Recognized net actuarial loss (gain)	261	195
Prior service credit (cost) arising in the current year	0	(3)
Net actuarial (loss) gain arising in the current year	623	(488)
Net foreign currency translation adjustments	2	(41)
Balance in AOCI at end of year	$ (2,125)	$ (3,012)	$ (2,678)
Weighted average assumptions used in computing the benefit obligations
Discount rate (as a percent)	3.00%	2.50%
Interest Crediting Rate	3.00%	3.00%
Rate of increase in compensation levels (as a percent)	3.75%	3.75%
Weighted-average assumptions used in computing net periodic benefit cost
Discount rate (as a percent)	2.50%	3.25%	4.00%
Interest Crediting Rate	3.00%	3.50%	3.75%
Rate of increase in compensation levels (as a percent)	3.75%	3.75%	3.75%
Expected Long-term Rate of Return on Plan Assets	7.25%	7.50%	7.75%
Pension benefits | Impact of settlements
Changes in AOCI for our benefit plans, pretax
Recognized net actuarial loss (gain)	$ 117	$ 23
Pension benefits | Curtailment charges (credits)
Changes in AOCI for our benefit plans, pretax
Net actuarial (loss) gain arising in the current year		(15)
Other benefits
Net periodic pension and other postretirement benefit cost
Prior Service Credit (Cost), before Tax	28	17
Net actuarial loss	(32)	(64)
Service cost	9	11	$ 9
Interest cost	15	21	28
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(17)	(16)	(13)
Amortization of prior service cost (credit)	(2)	(3)	(2)
Defined Benefit Plan, Amortization of Gain (Loss)	4	5	2
Net periodic benefit cost	9	18	24
Settlement charge	0	0	0
Curtailment charges (credits)	(1)	6	(2)
Special termination benefits	0	0	0
Defined Benefit Plan, Other Cost (Credit)	0	0	0
Total cost recognized in the statement of income	8	24	22
Changes in AOCI for our benefit plans, pretax
Balance in AOCI at beginning of year	(47)	(59)
Recognized prior service cost (credit)	(2)	(3)
Recognized net actuarial loss (gain)	3	11
Prior service credit (cost) arising in the current year	13	0
Net actuarial (loss) gain arising in the current year	27	7
Net foreign currency translation adjustments	2	(3)
Balance in AOCI at end of year	$ (4)	$ (47)	$ (59)
Weighted average assumptions used in computing the benefit obligations
Discount rate (as a percent)	3.25%	2.75%
Weighted-average assumptions used in computing net periodic benefit cost
Discount rate (as a percent)	2.75%	3.50%	4.25%
Expected Long-term Rate of Return on Plan Assets	4.25%	4.50%	4.50%
Domestic Plan
Weighted-average assumptions used in computing net periodic benefit cost
Rate of increase in compensation levels (as a percent)	7.25%
The 5-year annualized return on plan assets (as a percent)	10.70%
The 10-year annualized return on plan assets (as a percent)	9.70%
The 15-year annualized return on plan assets (as a percent)	6.80%
Annualized return on plan assets since inception (as a percent)	10.60%

PENSION AND OTHER POSTRETIREM_6

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details 4) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure
Contributions expected to be made in next fiscal year	$ 26
Estimated future benefit payments for funded and unfunded plans
2022	545
2023	510
2024	517
2025	521
2026	519
2027-2031	2,601
Multiemployer Plan, Employer Contribution, Cost	$ 1	$ 2	$ 5
Assumed health care cost trend rates
Health care cost trend rate assumed for the next year (as a percent)	6.75%	6.75%
Rate at which the cost trend rate is assumed to decline, the ultimate trend rate (as a percent)	5.25%	5.25%
Year in which the rate reaches the ultimate trend rate	2027	2025
Pension benefits
Estimated future benefit payments for funded and unfunded plans
2022	$ 486
2023	454
2024	464
2025	470
2026	471
2027-2031	2,390
Other benefits
Estimated future benefit payments for funded and unfunded plans
2022	59
2023	56
2024	53
2025	51
2026	48
2027-2031	$ 211
Domestic Plan
Estimated future benefit payments for funded and unfunded plans
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	3.50%
Company costs associated with defined contribution plans	$ 32	$ 43	43
Foreign Plan
Estimated future benefit payments for funded and unfunded plans
Company costs associated with defined contribution plans	$ 79	$ 63	$ 64

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	Nov. 01, 2021	Jan. 02, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of income tax
Income before income taxes, United States			$ 3,538	$ 3,149	$ 3,249
Income before income taxes, International			8,887	6,600	7,537
Income Before Income Taxes			$ 12,425	$ 9,749	$ 10,786
Reconciliation of the statutory U.S. federal tax rate and effective tax rates
Statutory U.S. federal tax rate (as a percent)			21.00%	21.00%	21.00%
State and local income taxes - net of federal benefit (as a percent)			1.10%	1.10%	0.90%
Earnings in jurisdictions taxed at rates different from the statutory U.S. federal rate (as a percent)			2.30%	0.90%	1.10%
Equity income or loss (as a percent)			(2.00%)	(1.40%)	(1.60%)
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Percent			(0.50%)	(0.80%)	(0.90%)
Other - Net (as a percent)			(0.80%)	(0.50%)	(3.80%)
Effective Tax Rate (as a percent)			21.10%	20.30%	16.70%
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Amount			$ 375	$ 110	$ 199
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Percent			3.00%	1.10%	1.90%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount			$ (14)	$ 431	$ (184)
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Percent			(1.50%)	4.40%	(1.70%)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount				$ (107)	$ (145)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent				1.10%	1.40%
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount				$ (135)	$ (89)
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Percent				(1.40%)	(0.80%)
Equity Method Investment, Other than Temporary Impairment					$ 710
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent					1.20%
Income tax expense (benefit)
Current income tax expense (benefit), United States			$ 243	$ 296	$ 508
Deferred income tax expense (benefit), United States			229	(220)	(65)
Current income tax expense (benefit), State and Local			106	396	94
Deferred income tax expense (benefit), State and Local			(10)	21	52
Current income tax expense (benefit), International			1,378	1,307	1,479
Deferred income tax expense (benefit), International			675	181	(267)
Current income tax expense (benefit), total			1,727	1,999	2,081
Deferred income tax expense (benefit), total			894	(18)	(280)
Deferred Other Tax Expense (Benefit)			195
Income tax payments			2,168	1,268	2,126
Income Tax (Expense) Benefit, Continuing Operations, Government Grants			381	317	335
Undistributed Earnings of Foreign Subsidiaries			5,100
Gross balance of unrecognized tax benefit
Beginning balance of unrecognized tax benefits			915	392	336
Increase related to prior period tax positions			9	528	204
Decrease related to prior period tax positions			(50)	(1)	0
Increase related to current period tax positions			37	26	29
Decrease related to settlements with taxing authorities			(4)	(19)	(174)
Increase (decrease) due to effect of foreign currency exchange rate changes			(1)	(11)	(3)
Ending balance of unrecognized tax benefits			906	915	392
Alternative jurisdictional tax benefits if tax positions do not prevail			306
Impact of unrecognized tax benefits on effective tax rate if Company were to prevail on all uncertain tax positions			600
Unrecognized tax benefits, interest and penalties accrued			453	391	201
Unrecognized tax benefits, interest and penalties expense or (benefit)			62	190	11
BodyArmor
Reconciliation of the statutory U.S. federal tax rate and effective tax rates
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 834
fairlife
Reconciliation of the statutory U.S. federal tax rate and effective tax rates
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		$ 902		902
Corporate
Schedule of income tax
Income Before Income Taxes			(1,334)	(1,067)	(824)
Corporate | BodyArmor
Reconciliation of the statutory U.S. federal tax rate and effective tax rates
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain			$ 834
Corporate | fairlife
Reconciliation of the statutory U.S. federal tax rate and effective tax rates
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain				902
CCBA
Reconciliation of the statutory U.S. federal tax rate and effective tax rates
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount				$ (40)	$ (199)
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Percent				(2.40%)	(1.50%)

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Property, plant and equipment	$ 36	$ 44
Trademarks and other intangible assets	1,910	2,214
Equity method investments (including foreign currency translation adjustments)	595	580
Derivative financial instruments	215	523
Other liabilities	1,255	1,401
Benefit plans	670	893
Net operating/capital loss carryforwards	280	320
Other	377	391
Gross deferred tax assets	5,338	6,366
Valuation allowances	(401)	(406)
Total deferred tax assets	4,937	5,960
Deferred tax liabilities:
Property, Plant and Equipment	(721)	(837)
Trademarks and Other Intangible Assets	(1,783)	(1,661)
Equity Method Investments (including net foreign currency translation adjustments)	(1,619)	(1,533)
Derivative financial instruments	(500)	(435)
Other Liabilities	(315)	(402)
Benefit Plans	(527)	(321)
Other	(164)	(144)
Deferred Tax Liabilities, Gross	(5,629)	(5,333)
Deferred Tax Liabilities, Net	(692)
Deferred Tax Assets, Net		627
Net deferred tax assets or (liabilities) located in countries outside the United States	700	$ 1,400
Loss carryforwards	2,313
Loss carryforwards expiring within next five years	$ 849

INCOME TAXES (Details 3)

INCOME TAXES (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax asset valuation allowances
Balance at beginning of year	$ 406
Balance at end of year	401	$ 406
Net increase or (decrease) in valuation allowances	(5)	103	$ (116)
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset
Deferred tax asset valuation allowances
Balance at beginning of year	406	303	419
Additions	25	240	148
Deductions	(30)	(137)	(264)
Balance at end of year	$ 401	$ 406	$ 303

OTHER COMPREHENSIVE INCOME (Det

OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Comprehensive Income Disclosure
Net Income (Loss) Attributable to Parent	$ 9,771	$ 7,747	$ 8,920
Less: Net income (loss) attributable to noncontrolling interests	33	21	65
Consolidated Net Income	9,804	7,768	8,985
Net Foreign Currency Transaction and Translation Adjustments Attributable to Noncontrolling Interest	(132)
Net foreign currency translation adjustments	(699)	(911)	74
Net change in pension and other postretirement benefit liabilities	712	(267)	(159)
Total comprehensive income	9,941	6,558	8,864
AOCI attributable to the shareowners of The Coca-Cola Company
Accumulated other comprehensive income (loss)	(14,330)	(14,601)
Foreign currency translation adjustments:
Translation adjustment arising during the year	263	(2,223)	52
Reclassification adjustments recognized in net income	261
Gains (losses) on intra-entity transactions that are of a long-term investment nature	(1,798)	2,133	(307)
Derivatives:
Derivatives reclassification adjustments recognized in net income	124	(25)
Available-for-sale securities:
Reclassification adjustments recognized in net income	4
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	265
Foreign currency translation adjustments:
Translation adjustment arising during the year	19	150	(54)
Reclassification adjustments recognized in the period	0
Gains (losses) on intra-entity transactions that are of a long-term investment nature	0	0	0
Derivatives:
Derivatives reclassification adjustments recognized in net income	(29)
Availiable-for-sale securities:
Reclassification adjustments recognized in net income	(1)
Pension and other benefits liabilities:
Reclassification adjustments recognized in net income	(66)
Foreign currency translation adjustments:
Translation adjustment arising during the year	282	(2,073)	(2)
Reclassification adjustments recognized in net income	261
Gains (losses) on intra-entity transactions that are of a long-term investment nature	(1,798)	2,133	(307)
Net foreign currency translation adjustments	(567)
Derivatives:
Derivatives reclassification adjustments recognized in net income	95
Net gains (losses) on derivatives	214	15	(54)
Available-for-sale securities:
Reclassification adjustments recognized in net income	3
Net change in unrealized gains (losses) on available-for-sale debt securities	(90)	(47)	18
Pension and other benefits liabilities:
Reclassification adjustments recognized in net income	199
Total Equity Attributable To Shareowners Of The Coca-Cola Company
Comprehensive Income Disclosure
Total comprehensive income	10,042
AOCI attributable to the shareowners of The Coca-Cola Company
Foreign currency translation adjustments	(12,595)	(12,028)
Accumulated net gains (losses) on derivatives	20	(194)
Unrealized net gains (losses) on available-for-sale securities	(62)	28
Adjustments to pension and other benefit liabilities	(1,693)	(2,407)
Accumulated other comprehensive income (loss)	(14,330)	(14,601)
Foreign currency translation adjustments:
Gains (losses) on net investment hedges arising during the year	918	(1,094)	195
Net foreign currency translation adjustment	(356)	(1,181)	132
Derivatives:
Derivative gains (losses) recognized in OCI	160	(54)	(225)
Derivatives reclassification adjustments recognized in net income	124	74	163
Net gains (losses) on derivatives	284	20	(62)
Available-for-sale securities:
Unrealized gains (losses) arising during the year	(141)	(64)	47
Reclassification adjustments recognized in net income	4	(7)	(31)
Net change in unrealized gains (losses) on available-for-sale debt securities	(137)	(71)	16
Pension and other benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the year	653	(560)	(379)
Reclassification adjustments recognized in net income	265	206	151
Net change in pension and other benefits liabilities	918	(354)	(228)
Other comprehensive income (loss) attributable to The Coca-Cola Company	709	(1,586)	(142)
Foreign currency translation adjustments:
Gains (losses) on net investment hedges arising during the period	(230)	273	(49)
Net foreign currency translation adjustment	(211)	423	(103)
Derivatives:
Derivatives gains (losses) arising during the period	(41)	13	49
Derivatives reclassification adjustments recognized in net income	(29)	(18)	(41)
Net gains (losses) on derivatives	(70)	(5)	8
Availiable-for-sale securities:
Unrealized gains (losses) arising during the year	48	22	(4)
Reclassification adjustments recognized in net income	(1)	2	6
Net change in unrealized gains (losses) on available-for-sale debt securities	47	24	2
Pension and other benefits liabilities:
Net pension and other benefits arising during the year	(138)	138	105
Reclassification adjustments recognized in net income	(66)	(51)	(36)
Net change in pension and other benefit liabilities	(204)	87	69
Other comprehensive income (loss) attributable to The Coca-Cola Company	(438)	529	(24)
Foreign currency translation adjustments:
Gains (losses) on net investment hedges arising during the year	688	(821)	146
Net foreign currency translation adjustments	(567)	(758)	29
Derivatives:
Derivatives gains (losses) arising during the year	119	(41)	(176)
Derivatives reclassification adjustments recognized in net income	95	56	122
Net gains (losses) on derivatives	214	15	(54)
Available-for-sale securities:
Available-for-sale debt securities unrealized gains (losses) arising during the year	(93)	(42)	43
Reclassification adjustments recognized in net income	3	(5)	(25)
Net change in unrealized gains (losses) on available-for-sale debt securities	(90)	(47)	18
Pension and other benefits liabilities:
Net pension and other benefits arising during the year	515	(422)	(274)
Reclassification adjustments recognized in net income	199	155	115
Net change in pension and other postretirement benefit liabilities	714	(267)	(159)
Other comprehensive income (loss) attributable to The Coca-Cola Company	271	(1,057)	(166)
Noncontrolling Interest
Comprehensive Income Disclosure
Less: Net income (loss) attributable to noncontrolling interests	33	21	65
Net foreign currency translation adjustments	(132)	(153)	45
Net change in pension and other postretirement benefit liabilities	(2)	0	0
Total comprehensive income	(101)
Derivatives:
Net gains (losses) on derivatives	0
Available-for-sale securities:
Net change in unrealized gains (losses) on available-for-sale debt securities	0
Accumulated Foreign Currency Adjustment Attributable to Parent
Foreign currency translation adjustments:
Reclassification adjustments recognized in net income	257	3	192
Foreign currency translation adjustments:
Reclassification adjustments recognized in the period	0	0	0
Foreign currency translation adjustments:
Reclassification adjustments recognized in net income	257	3	192
Net operating revenues | Foreign currency contracts
Derivatives:
Derivatives reclassification adjustments recognized in net income	77
Cost of goods sold | Foreign currency and commodities contracts
Derivatives:
Derivatives reclassification adjustments recognized in net income	10
Other income (loss) - net | Divestitures, deconsolidations and other
Foreign currency translation adjustments:
Reclassification adjustments recognized in net income	261
Derivatives:
Derivatives reclassification adjustments recognized in net income	8
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	2
Other income (loss) - net | Foreign currency contracts
Derivatives:
Derivatives reclassification adjustments recognized in net income	(74)
Other income (loss) - net | Available-for-Sale Securities
Available-for-sale securities:
Reclassification adjustments recognized in net income	4
Other income (loss) - net | Settlement charges (credits)
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	117
Other income (loss) - net | Curtailment charges (credits)
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	(2)
Interest expense | Foreign Currency and Interest Rate Contracts
Derivatives:
Derivatives reclassification adjustments recognized in net income	103
Other Nonoperating Income (Expense)
Pension and other benefit liabilities:
Recognized net actuarial loss (gain)	150
Recognized prior service cost (credit)	(2)
Net Investment Hedges
Foreign currency translation adjustments:
Gains (losses) on net investment hedges arising during the year	918	$ (1,094)	$ 195
Reclassification adjustments for net investment hedges recognized in net income	4
Foreign currency translation adjustments:
Reclassification adjustments for net investment hedges recognized in net income	0
Foreign currency translation adjustments:
Reclassification adjustments for net investment hedges recognized in net income	$ 4

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	$ 2,723	$ 2,374
Debt Securities	1,589	2,303
Derivatives	198	229
Total assets	4,510	4,906
Contingent Consideration Liability	590	321
Derivatives	14	10
Total liabilities	604	331
Derivative Assets
Derivative, Collateral, Obligation to Return Cash	331	546
Level 1
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	2,372	2,049
Debt Securities	0	4
Derivatives	69	63
Total assets	2,441	2,116
Contingent Consideration Liability	0	0
Derivatives	0	0
Total liabilities	0	0
Level 2
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	230	210
Debt Securities	1,556	2,267
Derivatives	588	835
Total assets	2,374	3,312
Contingent Consideration Liability	0	0
Derivatives	96	91
Total liabilities	96	91
Level 3
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	17	12
Debt Securities	33	32
Derivatives	0	0
Total assets	50	44
Contingent Consideration Liability	590	321
Derivatives	0	0
Total liabilities	590	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	104	103
Debt Securities	0	0
Derivatives	0	0
Total assets	104	103
Contingent Consideration Liability	0	0
Derivatives	0	0
Total liabilities	0	0
Other Noncurrent Assets
Assets and liabilities measured at fair value on a recurring basis
Derivatives	198	229
Accounts Payable and Accrued Liabilities
Assets and liabilities measured at fair value on a recurring basis
Derivatives		9
Other Noncurrent Liabilities
Assets and liabilities measured at fair value on a recurring basis
Derivatives	14	1
Netting Adjustment
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	0	0
Debt Securities	0	0
Derivatives	(459)	(669)
Total assets	(459)	(669)
Contingent Consideration Liability	0	0
Derivatives	(82)	(81)
Total liabilities	$ (82)	$ (81)

FAIR VALUE MEASUREMENTS (Deta_2

FAIR VALUE MEASUREMENTS (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets measured at fair value on a nonrecurring basis
Business Exit Costs		$ 0
Asset Impairment Charges	$ 0	290
Nonrecurring gain (Loss) fair value adjustment	(344)	(531)
Equity Method Investment, Other than Temporary Impairment			$ 710
Corporate
Assets measured at fair value on a nonrecurring basis
Business Exit Costs	2
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	0	26
North America
Assets measured at fair value on a nonrecurring basis
Business Exit Costs	316	84
Impairment of Intangible Assets (Excluding Goodwill)		55
Equity Method Investment, Other than Temporary Impairment			57
North America | Nonoperating Income (Expense)
Assets measured at fair value on a nonrecurring basis
Business Exit Costs	266	25
Asia Pacific
Assets measured at fair value on a nonrecurring basis
Impairment of Intangible Assets (Excluding Goodwill)		215	42
Latin America
Assets measured at fair value on a nonrecurring basis
Equity Method Investment, Other than Temporary Impairment		38	49
EMEA
Assets measured at fair value on a nonrecurring basis
Asset Impairment Charges	78
Impairment of Intangible Assets (Excluding Goodwill)	$ 78
Equity Method Investment, Other than Temporary Impairment			255
Coca-Cola Bottlers Japan Holdings | Bottling Investments
Assets measured at fair value on a nonrecurring basis
Equity Method Investment, Other than Temporary Impairment		252	$ 406
Odwalla | North America
Assets measured at fair value on a nonrecurring basis
Impairment of Intangible Assets (Excluding Goodwill)		$ 160

FAIR VALUE MEASUREMENTS (Deta_3

FAIR VALUE MEASUREMENTS (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Plans, Defined Benefit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 8,905	$ 8,639	$ 8,080
Pension Plans, Defined Benefit | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	505	678
Pension Plans, Defined Benefit | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	2,431	2,139
Pension Plans, Defined Benefit | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	1,706	1,726
Pension Plans, Defined Benefit | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	677	637
Pension Plans, Defined Benefit | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	1,023	1,042
Pension Plans, Defined Benefit | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	850	814
Pension Plans, Defined Benefit | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	720	622
Pension Plans, Defined Benefit | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	389	332
Pension Plans, Defined Benefit | Defined Benefit Plan, Derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	(9)	(15)
Pension Plans, Defined Benefit | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	613	664
Other Postretirement Benefits Plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	419	396	339
Other Postretirement Benefits Plan | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	33	30
Other Postretirement Benefits Plan | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	184	170
Other Postretirement Benefits Plan | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	12	12
Other Postretirement Benefits Plan | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	3	3
Other Postretirement Benefits Plan | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	82	80
Other Postretirement Benefits Plan | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	87	86
Other Postretirement Benefits Plan | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	9	7
Other Postretirement Benefits Plan | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	5	4
Other Postretirement Benefits Plan | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	4	4
Level 1 | Pension Plans, Defined Benefit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	4,581	4,419
Level 1 | Pension Plans, Defined Benefit | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	479	558
Level 1 | Pension Plans, Defined Benefit | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	2,382	2,123
Level 1 | Pension Plans, Defined Benefit | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	1,684	1,694
Level 1 | Pension Plans, Defined Benefit | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 1 | Pension Plans, Defined Benefit | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 1 | Pension Plans, Defined Benefit | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	36	44
Level 1 | Pension Plans, Defined Benefit | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 1 | Pension Plans, Defined Benefit | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 1 | Pension Plans, Defined Benefit | Defined Benefit Plan, Derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 1 | Pension Plans, Defined Benefit | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 1 | Other Postretirement Benefits Plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	227	210
Level 1 | Other Postretirement Benefits Plan | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	32	29
Level 1 | Other Postretirement Benefits Plan | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	183	169
Level 1 | Other Postretirement Benefits Plan | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	12	12
Level 1 | Other Postretirement Benefits Plan | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 1 | Other Postretirement Benefits Plan | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 1 | Other Postretirement Benefits Plan | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 1 | Other Postretirement Benefits Plan | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 1 | Other Postretirement Benefits Plan | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 1 | Other Postretirement Benefits Plan | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 2 | Pension Plans, Defined Benefit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	2,015	2,065
Level 2 | Pension Plans, Defined Benefit | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	26	120
Level 2 | Pension Plans, Defined Benefit | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	22	12
Level 2 | Pension Plans, Defined Benefit | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	22	32
Level 2 | Pension Plans, Defined Benefit | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	677	637
Level 2 | Pension Plans, Defined Benefit | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	994	1,011
Level 2 | Pension Plans, Defined Benefit | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	283	268
Level 2 | Pension Plans, Defined Benefit | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 2 | Pension Plans, Defined Benefit | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 2 | Pension Plans, Defined Benefit | Defined Benefit Plan, Derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	(9)	(15)
Level 2 | Pension Plans, Defined Benefit | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 2 | Other Postretirement Benefits Plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	172	169
Level 2 | Other Postretirement Benefits Plan | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	1	1
Level 2 | Other Postretirement Benefits Plan | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	1	1
Level 2 | Other Postretirement Benefits Plan | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 2 | Other Postretirement Benefits Plan | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	3	3
Level 2 | Other Postretirement Benefits Plan | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	82	80
Level 2 | Other Postretirement Benefits Plan | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	85	84
Level 2 | Other Postretirement Benefits Plan | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 2 | Other Postretirement Benefits Plan | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 2 | Other Postretirement Benefits Plan | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 3 | Pension Plans, Defined Benefit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	339	337	334
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held	12	7
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement	7	(31)
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3	(6)	8
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Net Foreign Currency Translation Adjustments	(11)	19
Level 3 | Pension Plans, Defined Benefit | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 3 | Pension Plans, Defined Benefit | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	27	4	21
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held	21	0
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement	2	(18)
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3	0	1
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Net Foreign Currency Translation Adjustments	0	0
Level 3 | Pension Plans, Defined Benefit | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	27	4
Level 3 | Pension Plans, Defined Benefit | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 3 | Pension Plans, Defined Benefit | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 3 | Pension Plans, Defined Benefit | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	29	31
Level 3 | Pension Plans, Defined Benefit | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 3 | Pension Plans, Defined Benefit | Fixed Income Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	29	31	40
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held	(3)	1
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement	7	(17)
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3	(6)	7
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Net Foreign Currency Translation Adjustments	0	0
Level 3 | Pension Plans, Defined Benefit | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 3 | Pension Plans, Defined Benefit | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 3 | Pension Plans, Defined Benefit | Defined Benefit Plan, Derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Level 3 | Pension Plans, Defined Benefit | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	283	302	$ 273
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held	(6)	6
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement	(2)	4
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3	0	0
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Net Foreign Currency Translation Adjustments	(11)	19
Fair Value Measured at Net Asset Value Per Share | Pension Plans, Defined Benefit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	1,970	1,818
Fair Value Measured at Net Asset Value Per Share | Pension Plans, Defined Benefit | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value Measured at Net Asset Value Per Share | Pension Plans, Defined Benefit | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value Measured at Net Asset Value Per Share | Pension Plans, Defined Benefit | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value Measured at Net Asset Value Per Share | Pension Plans, Defined Benefit | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value Measured at Net Asset Value Per Share | Pension Plans, Defined Benefit | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value Measured at Net Asset Value Per Share | Pension Plans, Defined Benefit | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	531	502
Fair Value Measured at Net Asset Value Per Share | Pension Plans, Defined Benefit | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	720	622
Fair Value Measured at Net Asset Value Per Share | Pension Plans, Defined Benefit | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	389	332
Fair Value Measured at Net Asset Value Per Share | Pension Plans, Defined Benefit | Defined Benefit Plan, Derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value Measured at Net Asset Value Per Share | Pension Plans, Defined Benefit | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	330	362
Fair Value Measured at Net Asset Value Per Share | Other Postretirement Benefits Plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	20	17
Fair Value Measured at Net Asset Value Per Share | Other Postretirement Benefits Plan | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value Measured at Net Asset Value Per Share | Other Postretirement Benefits Plan | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value Measured at Net Asset Value Per Share | Other Postretirement Benefits Plan | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value Measured at Net Asset Value Per Share | Other Postretirement Benefits Plan | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value Measured at Net Asset Value Per Share | Other Postretirement Benefits Plan | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value Measured at Net Asset Value Per Share | Other Postretirement Benefits Plan | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	2	2
Fair Value Measured at Net Asset Value Per Share | Other Postretirement Benefits Plan | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	9	7
Fair Value Measured at Net Asset Value Per Share | Other Postretirement Benefits Plan | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	5	4
Fair Value Measured at Net Asset Value Per Share | Other Postretirement Benefits Plan | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 4	$ 4

FAIR VALUE MEASUREMENTS FAIR VA

FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Details 4) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other Fair Value Disclosures [Abstract]
Long-term Debt	$ 39,454	$ 40,610
Long-term Debt, Fair Value	$ 40,311	$ 43,218

SIGNIFICANT OPERATING AND NON_2

SIGNIFICANT OPERATING AND NONOPERATING ITEMS (Details) - USD ($) $ in Millions	Nov. 01, 2021	Jan. 02, 2020	Jun. 28, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Operating Charges
Other operating charges				$ 846	$ 853	$ 458
Business Exit Costs					0
Asset Impairment Charges				0	290
Equity Income (Loss) - Net
Our proportionate share of unusual or infrequent items recorded by our equity method investees				13	216	100
Other Income (Loss) - Net
Other Nonoperating Income (Expense)				2,000	841	34
Equity Method Investment, Other than Temporary Impairment						710
fairlife
Other Operating Charges
Charges related to the remeasurement of contingent consideration liability				369	51
Other Income (Loss) - Net
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		$ 902			902
BodyArmor
Other Operating Charges
Business Acquisition, Transaction Costs				119
Other Income (Loss) - Net
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 834
Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives				263	427
Productivity and Reinvestment
Other Operating Charges
Productivity, integration and restructuring initiatives				115	99	264
Not Designated as Hedging Instrument
Other Income (Loss) - Net
Derivative, Gain (Loss) on Derivative, Net				(73)	77	3
Corporate
Other Operating Charges
Productivity, integration and restructuring initiatives				115	104	194
Litigation Settlement, Expense				15
Business Exit Costs				2
Interest Expense [Abstract]
Charges related to debt extinguishment				650	484
Equity Income (Loss) - Net
Our proportionate share of unusual or infrequent items recorded by our equity method investees				(32)		2
Other Income (Loss) - Net
Equity Method Investment, Realized Gain (Loss) on Disposal				114	35
Debt and Equity Securities, Gain (Loss)				467	148	250
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount				0	26
Proceeds from Sale of Buildings						739
Corporate | fairlife
Other Operating Charges
Charges related to the remeasurement of contingent consideration liability				369	51
Other Income (Loss) - Net
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain					902
Corporate | BodyArmor
Other Operating Charges
Business Acquisition, Transaction Costs				98
Other Income (Loss) - Net
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain				834
Corporate | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives				160	153
Bottling Investments
Other Operating Charges
Productivity, integration and restructuring initiatives						5
Equity Income (Loss) - Net
Our proportionate share of unusual or infrequent items recorded by our equity method investees				45	145	98
Other Income (Loss) - Net
Gain (loss) on refranchised territories and/or bottler disposal						(105)
Bottling Investments | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives				2	26
North America
Other Operating Charges
Productivity, integration and restructuring initiatives						62
Business Exit Costs				316	84
Impairment of Intangible Assets (Excluding Goodwill)					55
Equity Income (Loss) - Net
Our proportionate share of unusual or infrequent items recorded by our equity method investees					1
Other Income (Loss) - Net
Equity Method Investment, Other than Temporary Impairment						57
North America | BodyArmor
Other Operating Charges
Business Acquisition, Transaction Costs				21
North America | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives				14	115
Asia Pacific
Other Operating Charges
Impairment of Intangible Assets (Excluding Goodwill)					215	42
Asia Pacific | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives				14	30
Latin America
Other Operating Charges
Productivity, integration and restructuring initiatives						1
Equity Income (Loss) - Net
Our proportionate share of unusual or infrequent items recorded by our equity method investees					70
Other Income (Loss) - Net
Equity Method Investment, Other than Temporary Impairment					38	49
Latin America | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives				12	21
EMEA
Other Operating Charges
Productivity, integration and restructuring initiatives						2
Impairment of Intangible Assets (Excluding Goodwill)				78
Asset Impairment Charges				78
Other Income (Loss) - Net
Equity Method Investment, Other than Temporary Impairment						255
EMEA | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives				61	78
CCBA
Other Income (Loss) - Net
Change to Plan of Sale Asset Adjustment			$ 160
CCBA | Corporate
Other Income (Loss) - Net
Change to Plan of Sale Asset Adjustment						160
Costa | Corporate
Other Operating Charges
Other General Expense						46
Andina | Corporate
Other Income (Loss) - Net
Equity Method Investment, Realized Gain (Loss) on Disposal						39
Odwalla | North America
Other Operating Charges
Impairment of Intangible Assets (Excluding Goodwill)					160
CCA
Other Income (Loss) - Net
Gain (Loss) on Disposition of Business				695
Coca-Cola Bottlers Japan Holdings | Bottling Investments
Other Income (Loss) - Net
Equity Method Investment, Other than Temporary Impairment					252	406
CHI | Corporate
Other Income (Loss) - Net
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss						118
India Bottling Operations | Bottling Investments
Other Income (Loss) - Net
Gain (loss) on refranchised territories and/or bottler disposal						73
North America Territory | Bottling Investments
Other Operating Charges
Other Restructuring Costs						95
Other income (loss) - net | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives				117	14
Other income (loss) - net | Other Derivative Instruments | Not Designated as Hedging Instrument
Other Income (Loss) - Net
Derivative, Gain (Loss) on Derivative, Net				(3)	(55)	$ 48
Operating Income (Loss) | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives				146	413
Operating Income (Loss) | Corporate | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives				46	145
Operating Income (Loss) | Bottling Investments | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives					21
Operating Income (Loss) | North America
Other Operating Charges
Business Exit Costs				52	59
Operating Income (Loss) | Asia Pacific | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives				12	31
Operating Income (Loss) | Latin America | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives				11	19
Operating Income (Loss) | EMEA | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives				63
Operating Income (Loss) | Odwalla | North America
Other Operating Charges
Business Exit Costs					33
Nonoperating Income (Expense) | North America
Other Operating Charges
Business Exit Costs				266	25
Other Operating Income (Expense) | North America
Other Operating Charges
Business Exit Costs				$ 4	$ 16

RESTRUCTURING (Details)

RESTRUCTURING (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Strategic Realignment
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	$ 690
Restructuring Reserve
Accrued balance as of January 1	185
Costs incurred	263	$ 427
Payments	(303)	(207)
Noncash and exchange	(122)	(35)
Accrued balance as of December 31	23	185
Productivity and Reinvestment
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	4,044
Restructuring Reserve
Accrued balance as of January 1	17	66	$ 90
Costs incurred	115	99	264
Payments	(117)	(135)	(274)
Noncash and exchange	2	(13)	(14)
Accrued balance as of December 31	17	17	66
Severance pay and benefits | Strategic Realignment
Restructuring Reserve
Accrued balance as of January 1	181
Costs incurred	224	386
Payments	(265)	(170)
Noncash and exchange	(120)	(35)
Accrued balance as of December 31	20	181
Severance pay and benefits | Productivity and Reinvestment
Restructuring Reserve
Accrued balance as of January 1	15	58	76
Costs incurred	4	(12)	36
Payments	(6)	(29)	(57)
Noncash and exchange	(1)	(2)	3
Accrued balance as of December 31	12	15	58
Outside Services | Strategic Realignment
Restructuring Reserve
Accrued balance as of January 1	1
Costs incurred	37	37
Payments	(35)	(36)
Noncash and exchange	(2)	0
Accrued balance as of December 31	1	1
Outside Services | Productivity and Reinvestment
Restructuring Reserve
Accrued balance as of January 1	0	1	10
Costs incurred	97	69	87
Payments	(97)	(70)	(98)
Noncash and exchange	0	0	2
Accrued balance as of December 31	0	0	1
Other direct costs | Strategic Realignment
Restructuring Reserve
Accrued balance as of January 1	3
Costs incurred	2	4
Payments	(3)	(1)
Noncash and exchange	0	0
Accrued balance as of December 31	2	3
Other direct costs | Productivity and Reinvestment
Restructuring Reserve
Accrued balance as of January 1	2	7	4
Costs incurred	14	42	141
Payments	(14)	(36)	(119)
Noncash and exchange	3	(11)	(19)
Accrued balance as of December 31	$ 5	$ 2	$ 7

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Concentrate operations	56.00%	56.00%	55.00%
Finished products operations	44.00%	44.00%	45.00%
Sales Revenue Net Percentage	100.00%	100.00%	100.00%
Net Operating Revenues	$ 38,655	$ 33,014	$ 37,266
Property, Plant and Equipment, Net	9,920	10,777	10,838
United States
Segment Reporting Information [Line Items]
Net Operating Revenues	13,010	11,281	11,715
Property, Plant and Equipment, Net	3,420	3,988	4,062
International
Segment Reporting Information [Line Items]
Net Operating Revenues	25,645	21,733	25,551
Property, Plant and Equipment, Net	$ 6,500	$ 6,789	$ 6,776

OPERATING SEGMENTS (Details 2)

OPERATING SEGMENTS (Details 2) - USD ($) $ in Millions	Nov. 01, 2021	Jan. 02, 2020	Jun. 28, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenue for Reportable Segments				$ 38,655	$ 33,014	$ 37,266
Intersegment Revenue				0	0	0
Net Operating Revenues				38,655	33,014	37,266
Operating Income (Loss)				10,308	8,997	10,086
Interest income				276	370	563
Interest expense				1,597	1,437	946
Depreciation and amortization				1,452	1,536	1,365
Equity income (loss) — net				1,438	978	1,049
Income (loss) before income taxes				12,425	9,749	10,786
Identifiable operating assets				75,938	67,211
Investments				18,416	20,085
Capital expenditures				$ 1,367	$ 1,177	2,054
Ratio of net property, plant and equipment in South Africa to total consolidated property, plant and equipment - net (as a percent)				16.00%	15.00%
Property, Plant and Equipment, Net Percentage Philippines				10.00%	10.00%
Business Exit Costs					$ 0
Our proportionate share of unusual or infrequent items recorded by our equity method investees				$ 13	216	100
Asset Impairment Charges				0	290
Equity Method Investment, Other than Temporary Impairment						710
fairlife
Segment Reporting Information [Line Items]
Charges related to the remeasurement of contingent consideration liability				369	51
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		$ 902			902
BodyArmor
Segment Reporting Information [Line Items]
Business Acquisition, Transaction Costs				119
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 834
Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				263	427
CCBA
Segment Reporting Information [Line Items]
Change to Plan of Sale Asset Adjustment			$ 160
CCA
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Business				695
EMEA
Segment Reporting Information [Line Items]
Revenue for Reportable Segments				6,564	5,534	6,434
Intersegment Revenue				629	523	624
Net Operating Revenues				7,193	6,057	7,058
Operating Income (Loss)				3,735	3,313	3,551
Interest income				0	0	0
Interest expense				0	0	0
Depreciation and amortization				76	86	86
Equity income (loss) — net				33	31	35
Income (loss) before income taxes				3,821	3,379	3,361
Identifiable operating assets				7,908	8,098
Investments				436	517
Capital expenditures				35	27	108
Productivity, integration and restructuring initiatives						2
Impairment of Intangible Assets (Excluding Goodwill)				78
Refinement of previously established accruals - credit					(5)
Asset Impairment Charges				78
Equity Method Investment, Other than Temporary Impairment						255
EMEA | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				61	78
Latin America
Segment Reporting Information [Line Items]
Revenue for Reportable Segments				4,143	3,499	4,118
Intersegment Revenue				0	0	0
Net Operating Revenues				4,143	3,499	4,118
Operating Income (Loss)				2,534	2,116	2,375
Interest income				0	0	0
Interest expense				0	0	0
Depreciation and amortization				39	45	35
Equity income (loss) — net				9	(72)	(32)
Income (loss) before income taxes				2,542	2,001	2,288
Identifiable operating assets				1,720	1,597
Investments				594	603
Capital expenditures				2	6	140
Productivity, integration and restructuring initiatives						1
Our proportionate share of unusual or infrequent items recorded by our equity method investees					70
Equity Method Investment, Other than Temporary Impairment					38	49
Latin America | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				12	21
North America
Segment Reporting Information [Line Items]
Revenue for Reportable Segments				13,184	11,473	11,906
Intersegment Revenue				6	4	9
Net Operating Revenues				13,190	11,477	11,915
Operating Income (Loss)				3,331	2,471	2,594
Interest income				40	64	65
Interest expense				0	0	0
Depreciation and amortization				388	439	439
Equity income (loss) — net				22	0	(6)
Income (loss) before income taxes				3,140	2,500	2,592
Identifiable operating assets				25,730	19,444
Investments				21	345
Capital expenditures				228	182	392
Productivity, integration and restructuring initiatives						62
Business Exit Costs				316	84
Our proportionate share of unusual or infrequent items recorded by our equity method investees					1
Impairment of Intangible Assets (Excluding Goodwill)					55
Equity Method Investment, Other than Temporary Impairment						57
North America | BodyArmor
Segment Reporting Information [Line Items]
Business Acquisition, Transaction Costs				21
North America | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				14	115
North America | Odwalla
Segment Reporting Information [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)					160
Asia Pacific
Segment Reporting Information [Line Items]
Revenue for Reportable Segments				4,682	4,213	4,723
Intersegment Revenue				609	509	604
Net Operating Revenues				5,291	4,722	5,327
Operating Income (Loss)				2,325	2,133	2,282
Interest income				0	0	0
Interest expense				0	0	0
Depreciation and amortization				49	47	31
Equity income (loss) — net				8	8	11
Income (loss) before income taxes				2,350	2,158	2,310
Identifiable operating assets				2,355	2,073
Investments				230	240
Capital expenditures				65	20	47
Impairment of Intangible Assets (Excluding Goodwill)					215	42
Asia Pacific | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				14	30
Global Ventures
Segment Reporting Information [Line Items]
Revenue for Reportable Segments				2,805	1,991	2,560
Intersegment Revenue				0	0	2
Net Operating Revenues				2,805	1,991	2,562
Operating Income (Loss)				293	(123)	334
Interest income				10	11	12
Interest expense				0	0	0
Depreciation and amortization				135	122	117
Equity income (loss) — net				(6)	(9)	(3)
Income (loss) before income taxes				310	(120)	343
Identifiable operating assets				7,949	7,575
Investments				0	4
Capital expenditures				285	261	209
Global Ventures | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives					4
Bottling Investments
Segment Reporting Information [Line Items]
Revenue for Reportable Segments				7,194	6,258	7,431
Intersegment Revenue				9	7	9
Net Operating Revenues				7,203	6,265	7,440
Operating Income (Loss)				473	308	358
Interest income				0	0	0
Interest expense				0	0	0
Depreciation and amortization				529	551	446
Equity income (loss) — net				1,071	779	836
Income (loss) before income taxes				1,596	898	716
Identifiable operating assets				10,312	10,521
Investments				12,669	14,183
Capital expenditures				560	474	836
Productivity, integration and restructuring initiatives						5
Our proportionate share of unusual or infrequent items recorded by our equity method investees				45	145	98
Gain (loss) on refranchised territories and/or bottler disposal						(105)
Bottling Investments | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				2	26
Bottling Investments | Coca-Cola Bottlers Japan Holdings
Segment Reporting Information [Line Items]
Equity Method Investment, Other than Temporary Impairment					252	406
Corporate
Segment Reporting Information [Line Items]
Revenue for Reportable Segments				83	46	94
Intersegment Revenue				2	0	0
Net Operating Revenues				85	46	94
Operating Income (Loss)				(2,383)	(1,221)	(1,408)
Interest income				226	295	486
Interest expense				1,597	1,437	946
Depreciation and amortization				236	246	211
Equity income (loss) — net				301	241	208
Income (loss) before income taxes				(1,334)	(1,067)	(824)
Identifiable operating assets				19,964	17,903
Investments				4,466	4,193
Capital expenditures				192	207	322
Productivity, integration and restructuring initiatives				115	104	194
Business Exit Costs				2
Litigation Settlement, Expense				15
Debt and Equity Securities, Gain (Loss)				467	148	250
Equity Method Investment, Realized Gain (Loss) on Disposal				114	35
Charges related to debt extinguishment				650	484
Our proportionate share of unusual or infrequent items recorded by our equity method investees				(32)		2
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount				0	26
Proceeds from Sale of Buildings						739
Corporate | fairlife
Segment Reporting Information [Line Items]
Charges related to the remeasurement of contingent consideration liability				369	51
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain					902
Corporate | BodyArmor
Segment Reporting Information [Line Items]
Business Acquisition, Transaction Costs				98
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain				834
Corporate | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				160	153
Corporate | Costa
Segment Reporting Information [Line Items]
Other General Expense						46
Corporate | Andina
Segment Reporting Information [Line Items]
Equity Method Investment, Realized Gain (Loss) on Disposal						39
Corporate | CHI
Segment Reporting Information [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss						118
Corporate | CCBA
Segment Reporting Information [Line Items]
Change to Plan of Sale Asset Adjustment						160
Eliminations
Segment Reporting Information [Line Items]
Revenue for Reportable Segments				0	0	0
Intersegment Revenue				(1,255)	(1,043)	(1,248)
Net Operating Revenues				(1,255)	(1,043)	(1,248)
Operating Income (Loss)				0	0	0
Interest income				0	0	0
Interest expense				0	0	0
Depreciation and amortization				0	0	0
Equity income (loss) — net				0	0	0
Income (loss) before income taxes				0	0	0
Identifiable operating assets				0	0
Investments				0	0
Capital expenditures				0	0	0
Operating Income (Loss) | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				146	413
Operating Income (Loss) | EMEA | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				63
Operating Income (Loss) | Latin America | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				11	19
Operating Income (Loss) | North America
Segment Reporting Information [Line Items]
Business Exit Costs				52	59
Operating Income (Loss) | North America | Odwalla
Segment Reporting Information [Line Items]
Business Exit Costs					33
Operating Income (Loss) | Asia Pacific | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				12	31
Operating Income (Loss) | Bottling Investments | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives					21
Operating Income (Loss) | Corporate | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				46	145
Nonoperating Income (Expense) | North America
Segment Reporting Information [Line Items]
Business Exit Costs				$ 266	$ 25
India Bottling Operations | Bottling Investments
Segment Reporting Information [Line Items]
Gain (loss) on refranchised territories and/or bottler disposal						73
North America Territory | Bottling Investments
Segment Reporting Information [Line Items]
Other Restructuring Costs						$ 95

NET CHANGE IN OPERATING ASSET_3

NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Operating Capital [Abstract]
(Increase) decrease in trade accounts receivable	$ (225)	$ 882	$ (158)
(Increase) decrease in inventories	(135)	99	(183)
(Increase) decrease in prepaid expenses and other assets	(241)	78	(87)
Increase (decrease) in accounts payable and accrued expenses	2,843	(860)	1,318
Increase (decrease) in accrued taxes	(566)	(16)	96
Increase (decrease) in other liabilities	(351)	507	(620)
Net change in operating assets and liabilities	$ 1,325	$ 690	$ 366