The Coca-Cola Company (KO) 10-Q 27 Jul 22 2022 Q2 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	6 Months Ended
	Jul. 01, 2022	Jul. 25, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2022
Document Transition Report	false
Entity File Number	001-02217
Entity Registrant Name	COCA COLA CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-0628465
Entity Address, Address Line One	One Coca-Cola Plaza
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30313
City Area Code	404
Local Phone Number	676-2121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,324,629,174
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Entity Central Index Key	0000021344
Common Stock, $0.25 Par Value [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.25 Par Value
Trading Symbol	KO
Security Exchange Name	NYSE
0.500% Notes Due 2024 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.500% Notes Due 2024
Trading Symbol	KO24
Security Exchange Name	NYSE
1.875% Notes Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes Due 2026
Trading Symbol	KO26
Security Exchange Name	NYSE
0.750% Notes Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.750% Notes Due 2026
Trading Symbol	KO26C
Security Exchange Name	NYSE
1.125% Notes Due 2027 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.125% Notes Due 2027
Trading Symbol	KO27
Security Exchange Name	NYSE
.125% Notes Due 2029 KO29A
Entity Information [Line Items]
Title of 12(b) Security	0.125% Notes Due 2029
Trading Symbol	KO29A
Security Exchange Name	NYSE
.125% Notes Due 2029 KO29B
Entity Information [Line Items]
Title of 12(b) Security	0.125% Notes Due 2029
Trading Symbol	KO29B
Security Exchange Name	NYSE
.400% Notes Due 2030
Entity Information [Line Items]
Title of 12(b) Security	0.400% Notes Due 2030
Trading Symbol	KO30B
Security Exchange Name	NYSE
1.250% Notes Due 2031 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.250% Notes Due 2031
Trading Symbol	KO31
Security Exchange Name	NYSE
.375% Notes Due 2033
Entity Information [Line Items]
Title of 12(b) Security	0.375% Notes Due 2033
Trading Symbol	KO33
Security Exchange Name	NYSE
.500% Notes Due 2033
Entity Information [Line Items]
Title of 12(b) Security	0.500% Notes Due 2033
Trading Symbol	KO33A
Security Exchange Name	NYSE
1.625% Notes Due 2035 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.625% Notes Due 2035
Trading Symbol	KO35
Security Exchange Name	NYSE
1.100% Notes Due 2036 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.100% Notes Due 2036
Trading Symbol	KO36
Security Exchange Name	NYSE
.950% Notes Due 2036
Entity Information [Line Items]
Title of 12(b) Security	0.950% Notes Due 2036
Trading Symbol	KO36A
Security Exchange Name	NYSE
.800% Notes Due 2040
Entity Information [Line Items]
Title of 12(b) Security	0.800% Notes Due 2040
Trading Symbol	KO40B
Security Exchange Name	NYSE
1.000% Notes Due 2041
Entity Information [Line Items]
Title of 12(b) Security	1.000% Notes Due 2041
Trading Symbol	KO41
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Net Operating Revenues	$ 11,325	$ 10,129	$ 21,816	$ 19,149
Cost of goods sold	4,830	3,787	8,921	7,292
Gross Profit	6,495	6,342	12,895	11,857
Selling, general and administrative expenses	3,203	3,017	6,170	5,686
Other operating charges	951	309	979	433
Operating Income	2,341	3,016	5,746	5,738
Interest income	100	71	178	137
Interest expense	198	780	380	1,222
Equity income (loss) — net	392	402	654	681
Other income (loss) — net	(351)	909	(456)	1,047
Income Before Income Taxes	2,284	3,618	5,742	6,381
Income taxes	384	994	1,049	1,502
Consolidated Net Income	1,900	2,624	4,693	4,879
Net Income (Loss) Attributable to Noncontrolling Interest	(5)	(17)	7	(7)
Net Income Attributable to Shareowners of The Coca-Cola Company	$ 1,905	$ 2,641	$ 4,686	$ 4,886
Basic Net Income Per Share1	$ 0.44	$ 0.61	$ 1.08	$ 1.13
Diluted Net Income Per Share1	$ 0.44	$ 0.61	$ 1.08	$ 1.13
Average Shares Outstanding — Basic	4,331,000,000	4,313,000,000	4,331,000,000	4,310,000,000
Effect of dilutive securities	22,000,000	25,000,000	24,000,000	24,000,000
Average Shares Outstanding — Diluted	4,353,000,000	4,338,000,000	4,355,000,000	4,334,000,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Consolidated Net Income	$ 1,900	$ 2,624	$ 4,693	$ 4,879
Other comprehensive income:
Net foreign currency translation adjustments	(1,910)	856	(901)	860
Net gains (losses) on derivatives	93	52	157	156
Net change in unrealized gains (losses) on available-for-sale debt securities	5	(1)	(30)	(61)
Net change in pension and other postretirement benefit liabilities	165	(20)	250	400
Total Comprehensive Income	253	3,511	4,169	6,234
Less: Comprehensive income (loss) attributable to noncontrolling interests	(191)	36	(46)	46
Total Comprehensive Income Attributable to Shareowners of The Coca-Cola Company	$ 444	$ 3,475	$ 4,215	$ 6,188

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 01, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 8,976	$ 9,684
Short-term investments	776	1,242
Total Cash, Cash Equivalents and Short-Term Investments	9,752	10,926
Marketable securities	1,867	1,699
Trade accounts receivable, less allowances of $510 and $516, respectively	4,494	3,512
Inventories	3,621	3,414
Prepaid expenses and other current assets	3,407	2,994
Total Current Assets	23,141	22,545
Equity method investments	17,720	17,598
Other investments	655	818
Other noncurrent assets	6,470	6,731
Deferred income tax assets	1,833	2,129
Property, plant and equipment, less accumulated depreciation of $9,099 and $8,942, respectively	9,462	9,920
Trademarks with indefinite lives	14,271	14,465
Goodwill	18,910	19,363
Other intangible assets	707	785
Total Assets	93,169	94,354
CURRENT LIABILITIES
Accounts payable and accrued expenses	14,213	14,619
Loans and notes payable	4,358	3,307
Current maturities of long-term debt	788	1,338
Accrued income taxes	1,172	686
Total Current Liabilities	20,531	19,950
Long-term debt	36,755	38,116
Other noncurrent liabilities	8,046	8,607
Deferred income tax liabilities	3,034	2,821
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	18,581	18,116
Reinvested earnings	69,970	69,094
Accumulated other comprehensive income (loss)	(14,801)	(14,330)
Treasury stock, at cost — 2,714 and 2,715 shares, respectively	(52,505)	(51,641)
Equity Attributable to Shareowners of The Coca-Cola Company	23,005	22,999
Equity attributable to noncontrolling interests	1,798	1,861
Total Equity	24,803	24,860
Total Liabilities and Equity	$ 93,169	$ 94,354

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) shares in Millions, $ in Millions	Jul. 01, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 510	$ 516
Property, Plant, and Equipment, Owned, Accumulated Depreciation	$ 9,099	$ 8,942
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	2,714	2,715

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021
OPERATING ACTIVITIES
Consolidated Net Income	$ 4,693	$ 4,879
Depreciation and amortization	646	749
Stock-based compensation expense	189	148
Deferred income taxes	(127)	500
Equity (income) loss — net of dividends	(359)	(333)
Foreign currency adjustments	138	(31)
Significant (gains) losses — net	25	(690)
Other operating charges	966	238
Other items	301	503
Net change in operating assets and liabilities	(1,926)	(438)
Net Cash Provided by Operating Activities	4,546	5,525
INVESTING ACTIVITIES
Purchases of investments	(2,040)	(3,431)
Proceeds from disposals of investments	2,272	3,811
Acquisitions of businesses, equity method investments and nonmarketable securities	(6)	(11)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities	218	1,765
Purchases of property, plant and equipment	(487)	(450)
Proceeds from disposals of property, plant and equipment	33	28
Other investing activities	(1,135)	41
Net Cash Provided by (Used in) Investing Activities	(1,145)	1,753
FINANCING ACTIVITIES
Issuances of debt	3,256	10,752
Payments of debt	(1,816)	(11,957)
Issuances of stock	652	342
Purchases of stock for treasury	(1,210)	(104)
Dividends	(3,810)	(3,623)
Other financing activities	(1,022)	(372)
Net Cash Provided by (Used in) Financing Activities	(3,950)	(4,962)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(161)	82
CASH AND CASH EQUIVALENTS
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	(710)	2,398
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	10,025	7,110
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Period	9,315	9,508
Restricted Cash and Cash Equivalents	339	320
Cash and cash equivalents	$ 8,976	$ 9,188

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jul. 01, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K of The Coca-Cola Company for the year ended December 31, 2021. 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. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended July 1, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Sales of our ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions. Each of our quarterly reporting periods, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The second quarter of 2022 and the second quarter of 2021 ended on July 1, 2022 and July 2, 2021, respectively. Our fourth quarter and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls. Advertising Costs The Company’s accounting policy related to advertising costs for annual reporting purposes is to expense production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred. For quarterly reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple quarters to each of those quarters. We use the proportion of each quarter’s actual unit case volume to the estimated full year unit case volume as the basis for the allocation. This methodology results in our marketing expenditures being recognized at a standard rate per unit case. At the end of each quarter, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple quarters in order to evaluate if a change in estimate is necessary. The impact of any change in the full year estimate is recognized in the quarter in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy. Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents or restricted cash equivalents, as applicable. Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other 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 tables provide 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): July 1, December 31, Cash and cash equivalents $ 8,976 $ 9,684 Restricted cash and restricted cash equivalents included in other noncurrent assets 1,2 339 341 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,315 $ 10,025 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 Restricted cash and restricted cash equivalents include amounts related to assets held for sale. Refer to Note 2. July 2, December 31, Cash and cash equivalents $ 9,188 $ 6,795 Restricted cash and restricted cash equivalents included in other noncurrent assets 1 320 315 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,508 $ 7,110 1 Amounts represent restricted cash and restricted cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
	Jul. 01, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Acquisitions Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $6 million and $11 million during the six months ended July 1, 2022 and July 2, 2021, respectively. Divestitures Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the six months ended July 1, 2022 and July 2, 2021 totaled $218 million and $1,765 million, respectively. In 2022, we sold our ownership interest in one of our equity method investments for cash proceeds of $123 million. We recognized a net gain of $13 million as a result of the sale. In 2021, we sold our ownership interest in Coca-Cola Amatil Limited (“CCA”), an equity method investee, to Assets and Liabilities Held for Sale 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 the second half of 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 sheets (in millions): July 1, December 31, 2021 Cash, cash equivalents and short-term investments $ 208 $ 228 Trade accounts receivable, less allowances 14 21 Inventories 51 55 Prepaid expenses and other current assets 43 36 Other noncurrent assets 36 9 Deferred income tax assets 6 6 Property, plant and equipment — net 287 282 Goodwill 36 37 Assets held for sale $ 681 $ 674 Accounts payable and accrued expenses $ 145 $ 139 Accrued income taxes 3 4 Other noncurrent liabilities 10 9 Deferred income tax liabilities 5 5 Liabilities held for sale $ 163 $ 157

NET OPERATING REVENUES

NET OPERATING REVENUES	6 Months Ended
	Jul. 01, 2022
Revenue Recognition [Abstract]
NET OPERATING REVENUES	NET OPERATING REVENUES The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended July 1, 2022 Concentrate operations $ 1,892 $ 4,473 $ 6,365 Finished product operations 2,065 2,895 4,960 Total $ 3,957 $ 7,368 $ 11,325 Three Months Ended July 2, 2021 Concentrate operations $ 1,740 $ 4,254 $ 5,994 Finished product operations 1,592 2,543 4,135 Total $ 3,332 $ 6,797 $ 10,129 United States International Total Six Months Ended July 1, 2022 Concentrate operations $ 3,533 $ 8,556 $ 12,089 Finished product operations 3,947 5,780 9,727 Total $ 7,480 $ 14,336 $ 21,816 Six Months Ended July 2, 2021 Concentrate operations $ 3,150 $ 7,826 $ 10,976 Finished product operations 3,075 5,098 8,173 Total $ 6,225 $ 12,924 $ 19,149 Refer to Note 16 for disclosures of net operating revenues by operating segment and Corporate.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jul. 01, 2022
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS 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 — No Readily Determinable Fair Value July 1, 2022 Marketable securities $ 310 $ — Other investments 614 41 Other noncurrent assets 1,282 — Total equity securities $ 2,206 $ 41 December 31, 2021 Marketable securities $ 376 $ — Other investments 771 47 Other noncurrent assets 1,576 — Total equity securities $ 2,723 $ 47 The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions): Three Months Ended July 1, July 2, Net gains (losses) recognized during the period related to equity securities $ (261) $ 202 Less: Net gains (losses) recognized during the period related to equity securities sold during the period (129) 5 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ (132) $ 197 Six Months Ended July 1, July 2, Net gains (losses) recognized during the period related to equity securities $ (361) $ 357 Less: Net gains (losses) recognized during the period related to equity securities sold during the period (254) 19 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ (107) $ 338 Debt Securities Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Cost Gains Losses July 1, 2022 Trading securities $ 42 $ — $ (4) $ 38 Available-for-sale securities 1,882 22 (158) 1,746 Total debt securities $ 1,924 $ 22 $ (162) $ 1,784 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 The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions): July 1, 2022 December 31, 2021 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Marketable securities $ 38 $ 1,519 $ 40 $ 1,283 Other noncurrent assets — 227 — 266 Total debt securities $ 38 $ 1,746 $ 40 $ 1,549 The contractual maturities of these available-for-sale debt securities as of July 1, 2022 were as follows (in millions): Cost Estimated Within 1 year $ 61 $ 60 After 1 year through 5 years 1,612 1,478 After 5 years through 10 years 37 49 After 10 years 172 159 Total $ 1,882 $ 1,746 The Company expects that actual maturities may differ from the contractual maturities above because borrowers have the right to call or prepay certain obligations. The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Gross gains $ 2 $ 1 $ 3 $ 2 Gross losses (3) (4) (8) (8) Proceeds 113 809 344 967 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 $1,362 million and $1,670 million as of July 1, 2022 and December 31, 2021, 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.

INVENTORIES

INVENTORIES	6 Months Ended
	Jul. 01, 2022
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following (in millions): July 1, December 31, Raw materials and packaging $ 2,086 $ 2,133 Finished goods 1,239 982 Other 296 299 Total inventories $ 3,621 $ 3,414

HEDGING TRANSACTIONS AND DERIVA

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jul. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS	HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions): Fair Value 1,2 Derivatives Designated as Hedging Instruments Balance Sheet Location 1 July 1, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 283 $ 151 Foreign currency contracts Other noncurrent assets 73 27 Interest rate contracts Prepaid expenses and other current assets — 1 Interest rate contracts Other noncurrent assets — 282 Total assets $ 356 $ 461 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 31 $ 15 Foreign currency contracts Other noncurrent liabilities 111 17 Interest rate contracts Other noncurrent liabilities 916 14 Total liabilities $ 1,058 $ 46 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 15 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 15 for additional information related to the estimated fair value. The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions): Fair Value 1,2 Derivatives Not Designated as Hedging Instruments Balance Sheet Location 1 July 1, December 31, 2021 Assets: Foreign currency contracts Prepaid expenses and other current assets $ 83 $ 53 Foreign currency contracts Other noncurrent assets 7 — Commodity contracts Prepaid expenses and other current assets 208 131 Commodity contracts Other noncurrent assets 6 3 Other derivative instruments Prepaid expenses and other current assets — 9 Total assets $ 304 $ 196 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 47 $ 34 Foreign currency contracts Other noncurrent liabilities 12 9 Commodity contracts Accounts payable and accrued expenses 69 6 Commodity contracts Other noncurrent liabilities 23 1 Other derivative instruments Accounts payable and accrued expenses 8 — Total liabilities $ 159 $ 50 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 15 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 15 for additional information related to the estimated fair value. Credit Risk Associated with Derivatives We have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. We monitor counterparty exposures regularly and review any downgrade in credit rating immediately. If a downgrade in the credit rating of a counterparty were to occur, we have provisions requiring collateral for substantially all of our transactions. To mitigate presettlement risk, minimum credit standards become more stringent as the duration of the derivative financial instrument increases. In addition, the Company’s master netting agreements reduce credit risk by permitting the Company to net settle for transactions with the same counterparty. To minimize the concentration of credit risk, we enter into derivative transactions with a portfolio of financial institutions. Based on these factors, we consider the risk of counterparty default to be minimal. Cash Flow Hedging Strategy The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates, commodity prices or interest rates. The changes in the fair values of derivatives designated as cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into the line item in our consolidated statement of income in which the hedged items are recorded in the same period the hedged items affect earnings. The changes in the fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. The maximum length of time for which the Company hedges its exposure to the variability in future cash flows is typically 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 $5,927 million and $7,399 million as of July 1, 2022 and December 31, 2021, 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 changes in exchange rates. The changes in fair values of the cross-currency swap derivatives are recorded in AOCI with an immediate reclassification into earnings for the changes in fair values attributable to fluctuations in foreign currency exchange rates. The total notional values of derivatives that were designated as cash flow hedges for the Company’s foreign currency denominated assets and liabilities were $1,524 million and $1,994 million as of July 1, 2022 and December 31, 2021, 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 $36 million and $10 million as of July 1, 2022 and December 31, 2021, respectively. Our Company monitors our mix of short-term debt and long-term debt regularly. We manage our risk to interest rate fluctuations through the use of derivative financial instruments. From time to time, the Company enters into interest rate swap agreements and designates 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. As of July 1, 2022 and December 31, 2021, we did not have any interest rate swaps designated as a cash flow hedge. The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions): Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Three Months Ended July 1, 2022 Foreign currency contracts $ 197 Net operating revenues $ 52 Foreign currency contracts 16 Cost of goods sold 2 Foreign currency contracts — Interest expense (1) Foreign currency contracts (114) Other income (loss) — net (89) Total $ 99 $ (36) Three Months Ended July 2, 2021 Foreign currency contracts $ 7 Net operating revenues $ (27) Foreign currency contracts (6) Cost of goods sold (2) Foreign currency contracts — Interest expense (10) Foreign currency contracts (29) Other income (loss) — net 18 Interest rate contracts (11) Interest expense (85) Total $ (39) $ (106) Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Six Months Ended July 1, 2022 Foreign currency contracts $ 278 Net operating revenues $ 60 Foreign currency contracts 22 Cost of goods sold 3 Foreign currency contracts — Interest expense (2) Foreign currency contracts (119) Other income (loss) — net (100) Total $ 181 $ (39) Six Months Ended July 2, 2021 Foreign currency contracts $ (16) Net operating revenues $ (50) Foreign currency contracts (11) Cost of goods sold (3) Foreign currency contracts — Interest expense (11) Foreign currency contracts 58 Other income (loss) — net 84 Interest rate contracts 110 Interest expense (90) Total $ 141 $ (70) As of July 1, 2022, the Company estimates that it will reclassify into earnings during the next 12 months net gains of $212 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 the fair values of derivatives designated as fair value hedges and the offsetting changes in the fair values of the hedged items are recognized in earnings. As a result, any difference is reflected in earnings as ineffectiveness. When a derivative is no longer designated as a fair value hedge for any reason, including termination and maturity, the remaining unamortized difference between the carrying value of the hedged item at that time and the face value of the hedged item is amortized to earnings over the remaining life of the hedged item, or immediately if the hedged item has matured or has been extinguished. The total notional values of derivatives that were designated and qualified as fair value hedges of this type were $13,205 million and $12,113 million as of July 1, 2022 and December 31, 2021, respectively. The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended July 1, July 2, Interest rate contracts Interest expense $ (474) $ 10 Fixed-rate debt Interest expense 457 (8) Net impact to interest expense $ (17) $ 2 Net impact of fair value hedging instruments $ (17) $ 2 Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Six Months Ended July 1, July 2, Interest rate contracts Interest expense $ (1,185) $ (180) Fixed-rate debt Interest expense 1,166 182 Net impact to interest expense $ (19) $ 2 Net impact of fair value hedging instruments $ (19) $ 2 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 July 1, December 31, July 1, December 31, July 1, December 31, Current maturities of long-term debt $ — $ 200 $ — $ 1 $ — $ — Long-term debt 12,453 12,353 (880) 255 212 228 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 Values Gain (Loss) Recognized in OCI as of Three Months Ended Six Months Ended July 1, December 31, July 1, July 2, July 1, July 2, Foreign currency contracts $ — $ 40 $ 5 $ 1 $ (1) $ (7) Foreign currency denominated debt 11,752 12,812 704 (114) 1,059 369 Total $ 11,752 $ 12,852 $ 709 $ (113) $ 1,058 $ 362 The Company did not reclassify any gains or losses related to net investment hedges from AOCI into earnings during the three and six months ended July 1, 2022. During the three and six months ended July 2, 2021, the Company reclassified a loss of $4 million related to net investment hedges from AOCI into earnings. In addition, the Company did not have any ineffectiveness related to net investment hedges during the three and six months ended July 1, 2022 and July 2, 2021. 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 $4,638 million and $4,258 million as of July 1, 2022 and December 31, 2021, 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 December 31, 2021. As of July 1, 2022, we did not have any interest rate contracts used as economic hedges. 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 $679 million and $908 million as of July 1, 2022 and December 31, 2021, respectively. The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended July 1, July 2, Foreign currency contracts Net operating revenues $ 22 $ 1 Foreign currency contracts Cost of goods sold 10 1 Foreign currency contracts Other income (loss) — net (4) 32 Commodity contracts Cost of goods sold (155) 128 Other derivative instruments Selling, general and administrative expenses (18) 12 Total $ (145) $ 174 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Six Months Ended July 1, July 2, Foreign currency contracts Net operating revenues $ 7 $ — Foreign currency contracts Cost of goods sold 23 (7) Foreign currency contracts Other income (loss) — net 38 4 Interest rate contracts Interest expense — (187) Commodity contracts Cost of goods sold 5 210 Other derivative instruments Selling, general and administrative expenses (21) 20 Other derivative instruments Other income (loss) — net — (3) Total $ 52 $ 37

DEBT AND BORROWING ARRANGEMENTS

DEBT AND BORROWING ARRANGEMENTS	6 Months Ended
	Jul. 01, 2022
Debt Disclosure [Abstract]
DEBT AND BORROWING ARRANGEMENTS	DEBT AND BORROWING ARRANGEMENTSDuring the six months ended July 1, 2022, the Company retired upon maturity fixed interest rate U.S. dollar-denominated debentures of $288 million with an interest rate of 8.500 percent.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jul. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Guarantees As of July 1, 2022, we were contingently liable for guarantees of indebtedness owed by third parties of $1,168 million, of which $80 million was related to variable interest entities. Our guarantees are primarily related to third-party customers, bottlers and vendors and have arisen through the normal course of business. These guarantees have various terms, and none of these guarantees is individually significant. These amounts represent the maximum potential future payments that we could be required to make under the guarantees. However, management has concluded that the likelihood of any significant amounts being paid by our Company under these guarantees is not probable. We believe our exposure to concentrations of credit risk is limited due to the diverse geographic areas covered by our operations. Legal Contingencies The Company is involved in various legal proceedings. We establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Management has also identified certain other legal matters where we believe an unfavorable outcome is reasonably possible and/or for which no estimate of possible losses can be made. Management believes that the total liabilities of the Company that may arise as a result of currently pending legal proceedings (excluding tax audit claims) will not have a material adverse effect on the Company taken as a whole. Tax Audits The Company is involved in various tax matters, with respect to some of which the outcome is uncertain. We establish reserves to remove some or all of the tax benefit of any of our tax positions at the time we determine that it becomes uncertain based upon one of the following conditions: (1) the tax position is not “more likely than not” to be sustained; (2) the tax position is “more likely than not” to be sustained but for a lesser amount; or (3) the tax position is “more likely than not” to be sustained but not in the financial period in which the tax position was originally taken. For purposes of evaluating whether or not a tax position is uncertain, (1) we presume the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information; (2) the technical merits of a tax position are derived from authorities, such as legislation and statutes, legislative intent, regulations, rulings and caselaw and their applicability to the facts and circumstances of the tax position; and (3) each tax position is evaluated without consideration of the possibility of offset or aggregation with other tax positions taken. A number of years may elapse before a particular uncertain tax position is audited and finally resolved. The number of years subject to tax audits or tax assessments varies depending on the tax jurisdiction. The tax benefit that has been previously reserved because of a failure to meet the “more likely than not” recognition threshold would be recognized in income tax expense in the quarter in which the uncertainty disappears under any one of the following conditions: (1) the tax position is “more likely than not” to be sustained; (2) the tax position, amount, and/or timing is ultimately settled through negotiation or litigation; or (3) the statute of limitations for the tax position has expired. Refer to Note 14. On September 17, 2015, the Company received a Statutory Notice of Deficiency (“Notice”) from the U.S. Internal Revenue Service (“IRS”) seeking approximately $3.3 billion of additional federal income tax for years 2007 through 2009. In the Notice, the IRS stated its intent to reallocate over $9 billion of income to the U.S. parent company from certain of its foreign affiliates that the U.S. parent company licensed to manufacture, distribute, sell, market and promote its products in certain non-U.S. markets. The Notice concerned the Company’s transfer pricing between its U.S. parent company and certain of its foreign affiliates. IRS rules governing transfer pricing require arm’s-length pricing of transactions between related parties such as the Company’s U.S. parent and its foreign affiliates. To resolve the same transfer pricing issue for the tax years 1987 through 1995, the Company and the IRS had agreed in 1996 on an arm’s-length methodology for determining the amount of U.S. taxable income that the U.S. parent company would report as compensation from its foreign licensees. The Company and the IRS memorialized this accord in a closing agreement resolving that dispute (“Closing Agreement”). The Closing Agreement provided that, absent a change in material facts or circumstances or relevant federal tax law, in calculating the Company’s income taxes going forward, the Company would not be assessed penalties by the IRS for using the agreed-upon tax calculation methodology that the Company and the IRS agreed would be used for the 1987 through 1995 tax years. The IRS audited and confirmed the Company’s compliance with the agreed-upon Closing Agreement methodology in five successive audit cycles for tax years 1996 through 2006. The September 17, 2015 Notice from the IRS retroactively rejected the previously agreed-upon methodology for the 2007 through 2009 tax years in favor of an entirely different methodology, without prior notice to the Company. Using the new tax calculation methodology, the IRS reallocated over $9 billion of income to the U.S. parent company from its foreign licensees for tax years 2007 through 2009. Consistent with the Closing Agreement, the IRS did not assert penalties, and it has yet to do so. The IRS designated the Company’s matter for litigation on October 15, 2015. Litigation designation is an IRS determination that forecloses to a company any and all alternative means for resolution of a tax dispute. As a result of the IRS’ designation of the Company’s matter for litigation, the Company was forced to either accept the IRS’ newly imposed tax assessment and pay the full amount of the asserted tax or litigate the matter in the federal courts. The matter remains subject to the IRS’ litigation designation, preventing the Company from any attempt to settle or otherwise mutually resolve the matter with the IRS. The Company consequently initiated litigation by filing a petition in the U.S. Tax Court (“Tax Court”) in December 2015, challenging the tax adjustments enumerated in the Notice. Prior to trial, the IRS increased its transfer pricing adjustment by $385 million, resulting in an additional tax adjustment of $135 million. The Company obtained a summary judgment in its favor on a different matter related to Mexican foreign tax credits, which thereafter effectively reduced the IRS’ potential tax adjustment by approximately $138 million. The trial was held in the Tax Court from March through May 2018, and final post-trial briefs were filed and exchanged in April 2019. On November 18, 2020, the Tax Court issued an opinion (“Opinion”) in which it predominantly sided with the IRS but agreed with the Company that dividends previously paid by the foreign licensees to the U.S. parent company in reliance upon the Closing Agreement should continue to be allowed to offset royalties, including those that would become payable to the Company in accordance with the Opinion. The Tax Court reserved ruling on the effect of Brazilian legal restrictions on the payment of royalties by the Company’s licensee in Brazil until after the Tax Court issues its opinion in the separate case of 3M Co. & Subs. v. Commissioner, T.C. Docket No. 5816-13 (filed March 11, 2013). Once the Tax Court issues its opinion in 3M Co. & Subs. v. Commissioner, the Company expects the Tax Court thereafter to render another opinion, and ultimately a final decision, in the Company’s case. The Company believes that the IRS and the Tax Court misinterpreted and misapplied the applicable regulations in reallocating income earned by the Company’s foreign licensees to increase the Company’s U.S. tax. Moreover, the Company believes that the retroactive imposition of such tax liability using a calculation methodology different from that previously agreed upon by the IRS and the Company, and audited by the IRS for over a decade, is unconstitutional. The Company intends to assert its claims on appeal and vigorously defend its position. In determining the amount of tax reserve to be recorded as of December 31, 2020, the Company completed the required two-step evaluation process prescribed by Accounting Standards Codification 740, Accounting for Income Taxes . In doing so, we consulted with outside advisors and we reviewed and considered relevant laws, rules, and regulations, including, 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 July 1, 2022. 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 July 1, 2022 to $414 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. The Company estimates the impact of the continued application of the Tax Court Methodology for the three and six months ended July 1, 2022 would increase the potential aggregate incremental tax and interest liability by approximately $250 million and $500 million, respectively. Additionally, we currently project the continued application of the Tax Court Methodology in future years, assuming similar facts and circumstances as of December 31, 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 $5.0 billion (including interest accrued through July 1, 2022), 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 as of both July 1, 2022 and December 31, 2021.

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jul. 01, 2022
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): July 1, December 31, Net foreign currency translation adjustments $ (13,443) $ (12,595) Accumulated net gains (losses) on derivatives 177 20 Unrealized net gains (losses) on available-for-sale debt securities (92) (62) Adjustments to pension and other postretirement benefit liabilities (1,443) (1,693) Accumulated other comprehensive income (loss) $ (14,801) $ (14,330) The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Six Months Ended July 1, 2022 Shareowners of Noncontrolling Total Consolidated net income $ 4,686 $ 7 $ 4,693 Other comprehensive income: Net foreign currency translation adjustments (848) (53) (901) Net gains (losses) on derivatives 1 157 — 157 Net change in unrealized gains (losses) on available-for-sale debt securities 2 (30) — (30) Net change in pension and other postretirement benefit liabilities 250 — 250 Total comprehensive income (loss) $ 4,215 $ (46) $ 4,169 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions): Three Months Ended July 1, 2022 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (950) $ 27 $ (923) Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,333) — (1,333) Gains (losses) on net investment hedges arising during the period 1 709 (177) 532 Net foreign currency translation adjustments $ (1,574) $ (150) $ (1,724) Derivatives: Gains (losses) arising during the period $ 97 $ (31) $ 66 Reclassification adjustments recognized in net income 36 (9) 27 Net gains (losses) on derivatives 1 $ 133 $ (40) $ 93 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 2 $ 2 $ 4 Reclassification adjustments recognized in net income 1 — 1 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 3 $ 2 $ 5 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 198 $ (54) $ 144 Reclassification adjustments recognized in net income 28 (7) 21 Net change in pension and other postretirement benefit liabilities $ 226 $ (61) $ 165 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,212) $ (249) $ (1,461) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Six Months Ended July 1, 2022 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 374 $ (213) $ 161 Reclassification adjustments recognized in net income 200 — 200 Gains (losses) on intra-entity transactions that are of a long-term investment nature (2,003) — (2,003) Gains (losses) on net investment hedges arising during the period 1 1,058 (264) 794 Net foreign currency translation adjustments $ (371) $ (477) $ (848) Derivatives: Gains (losses) arising during the period $ 180 $ (52) $ 128 Reclassification adjustments recognized in net income 39 (10) 29 Net gains (losses) on derivatives 1 $ 219 $ (62) $ 157 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (44) $ 10 $ (34) Reclassification adjustments recognized in net income 5 (1) 4 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (39) $ 9 $ (30) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 266 $ (58) $ 208 Reclassification adjustments recognized in net income 56 (14) 42 Net change in pension and other postretirement benefit liabilities $ 322 $ (72) $ 250 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 131 $ (602) $ (471) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Three Months Ended July 2, 2021 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 517 $ (24) $ 493 Reclassification adjustments recognized in net income 180 — 180 Gains (losses) on intra-entity transactions that are of a long-term investment nature 212 — 212 Gains (losses) on net investment hedges arising during the period 1 (113) 27 (86) Reclassification adjustments for net investment hedges recognized in net income 1 4 — 4 Net foreign currency translation adjustments $ 800 $ 3 $ 803 Derivatives: Gains (losses) arising during the period $ (40) $ 6 $ (34) Reclassification adjustments recognized in net income 112 (26) 86 Net gains (losses) on derivatives 1 $ 72 $ (20) $ 52 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (11) $ 7 $ (4) Reclassification adjustments recognized in net income 3 — 3 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (8) $ 7 $ (1) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (100) $ 34 $ (66) Reclassification adjustments recognized in net income 61 (15) 46 Net change in pension and other postretirement benefit liabilities $ (39) $ 19 $ (20) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 825 $ 9 $ 834 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Six Months Ended July 2, 2021 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 1,141 $ (47) $ 1,094 Reclassification adjustments recognized in net income 180 — 180 Gains (losses) on intra-entity transactions that are of a long-term investment nature (742) — (742) Gains (losses) on net investment hedges arising during the period 1 362 (91) 271 Reclassification adjustments for net investment hedges recognized in net income 1 4 — 4 Net foreign currency translation adjustments $ 945 $ (138) $ 807 Derivatives: Gains (losses) arising during the period $ 134 $ (37) $ 97 Reclassification adjustments recognized in net income 76 (17) 59 Net gains (losses) on derivatives 1 $ 210 $ (54) $ 156 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (103) $ 37 $ (66) Reclassification adjustments recognized in net income 6 (1) 5 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (97) $ 36 $ (61) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 353 $ (75) $ 278 Reclassification adjustments recognized in net income 162 (40) 122 Net change in pension and other postretirement benefit liabilities $ 515 $ (115) $ 400 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 1,573 $ (271) $ 1,302 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. The following table presents the amounts and line items in our consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions): Amount Reclassified from AOCI Description of AOCI Component Financial Statement Line Item Three Months Ended July 1, 2022 Six Months Ended July 1, 2022 Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ — $ 200 Income before income taxes — 200 Income taxes — — Consolidated net income $ — $ 200 Derivatives: Foreign currency contracts Net operating revenues $ (52) $ (60) Foreign currency contracts Cost of goods sold (2) (3) Foreign currency contracts Interest expense 1 2 Foreign currency contracts Other income (loss) — net 89 100 Income before income taxes 36 39 Income taxes (9) (10) Consolidated net income $ 27 $ 29 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ 1 $ 5 Income before income taxes 1 5 Income taxes — (1) Consolidated net income $ 1 $ 4 Pension and other postretirement benefit liabilities: Recognized net actuarial loss Other income (loss) — net $ 29 $ 58 Recognized prior service cost (credit) Other income (loss) — net (1) (2) Income before income taxes 28 56 Income taxes (7) (14) Consolidated net income $ 21 $ 42

CHANGES IN EQUITY

CHANGES IN EQUITY	6 Months Ended
	Jul. 01, 2022
Equity [Abstract]
CHANGES IN EQUITY	CHANGES IN EQUITY The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to shareowners of The Coca-Cola Company and equity attributable to noncontrolling interests (in millions): Shareowners of The Coca-Cola Company Three Months Ended July 1, 2022 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests April 1, 2022 4,331 $ 26,841 $ 69,969 $ (13,340) $ 1,760 $ 18,388 $ (51,932) $ 1,996 Comprehensive income (loss) — 253 1,905 (1,461) — — — (191) Dividends paid/payable to — (1,904) (1,904) — — — — — Dividends paid to noncontrolling interests — (7) — — — — — (7) Purchases of treasury stock (10) (677) — — — — (677) — Impact related to stock-based 5 297 — — — 193 104 — July 1, 2022 4,326 $ 24,803 $ 69,970 $ (14,801) $ 1,760 $ 18,581 $ (52,505) $ 1,798 Shareowners of The Coca-Cola Company Six Months Ended July 1, 2022 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests December 31, 2021 4,325 $ 24,860 $ 69,094 $ (14,330) $ 1,760 $ 18,116 $ (51,641) $ 1,861 Comprehensive income (loss) — 4,169 4,686 (471) — — — (46) Dividends paid/payable to — (3,810) (3,810) — — — — — Dividends paid to noncontrolling interests — (16) — — — — — (16) Purchases of treasury stock (18) (1,148) — — — — (1,148) — Impact related to stock-based 19 748 — — — 464 284 — Other activities — — — — — 1 — (1) July 1, 2022 4,326 $ 24,803 $ 69,970 $ (14,801) $ 1,760 $ 18,581 $ (52,505) $ 1,798 Shareowners of The Coca-Cola Company Three Months Ended July 2, 2021 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests April 2, 2021 4,311 $ 22,332 $ 67,009 $ (14,133) $ 1,760 $ 17,630 $ (51,911) $ 1,977 Comprehensive income (loss) — 3,511 2,641 834 — — — 36 Dividends paid/payable to — (1,812) (1,812) — — — — — Dividends paid to noncontrolling — (7) — — — — — (7) Impact related to stock-based 4 231 — — — 151 80 — July 2, 2021 4,315 $ 24,255 $ 67,838 $ (13,299) $ 1,760 $ 17,781 $ (51,831) $ 2,006 Shareowners of The Coca-Cola Company Six Months Ended July 2, 2021 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests December 31, 2020 4,302 $ 21,284 $ 66,555 $ (14,601) $ 1,760 $ 17,601 $ (52,016) $ 1,985 Adoption of accounting standards 1 — 19 19 — — — — — Comprehensive income (loss) — 6,234 4,886 1,302 — — — 46 Dividends paid/payable to — (3,622) (3,622) — — — — — Dividends paid to noncontrolling — (25) — — — — — (25) Impact related to stock-based 13 365 — — — 180 185 — July 2, 2021 4,315 $ 24,255 $ 67,838 $ (13,299) $ 1,760 $ 17,781 $ (51,831) $ 2,006 1 Represents the adoption of Accounting Standards Update 2019-12, Simplifying the Accounting for Income Taxes

SIGNIFICANT OPERATING AND NONOP

SIGNIFICANT OPERATING AND NONOPERATING ITEMS	6 Months Ended
	Jul. 01, 2022
Other Income and Expenses [Abstract]
SIGNIFICANT OPERATING AND NONOPERATING ITEMS	SIGNIFICANT OPERATING AND NONOPERATING ITEMS Other Operating Charges During the three months ended July 1, 2022, the Company recorded other operating charges of $951 million. These charges primarily consisted of $917 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife, LLC (“fairlife”) in 2020, $19 million related to the Company’s productivity and reinvestment program and $13 million related to the acquisition of BA Sports Nutrition, LLC (“BodyArmor”) in the prior year, which included various transition and transaction costs, employee retention costs and the amortization of noncompete agreements, net of the reimbursement of distributor termination fees recorded in the prior year. Additionally, the Company recorded charges of $1 million related to its strategic realignment initiatives primarily due to revisions to estimated costs accrued in the prior year and charges of $1 million related to the restructuring of our manufacturing operations in the United States. During the six months ended July 1, 2022, the Company recorded other operating charges of $979 million. These charges consisted of $939 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $29 million related to the Company’s productivity and reinvestment program, $8 million related to the BodyArmor acquisition in the prior year, which included various transition and transaction costs, employee retention costs and the amortization of noncompete agreements, net of the reimbursement of distributor termination fees recorded in the prior year, and $3 million related to the restructuring of our manufacturing operations in the United States. During the three months ended July 2, 2021, the Company recorded other operating charges of $309 million. These charges primarily consisted of $247 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $29 million related to the Company’s strategic realignment initiatives and $22 million related to the Company’s productivity and reinvestment program. In addition, other operating charges included $7 million related to the restructuring of our manufacturing operations in the United States and $4 million related to tax litigation expense. During the six months ended July 2, 2021, the Company recorded other operating charges of $433 million. These charges primarily consisted of $251 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $122 million related to the Company’s strategic realignment initiatives and $40 million related to the Company’s productivity and reinvestment program. In addition, other operating charges included $13 million related to tax litigation expense and $7 million related to the restructuring of our manufacturing operations in the United States. Refer to Note 8 for additional information related to the tax litigation. Refer to Note 12 for additional information on the Company’s productivity and reinvestment program. Refer to Note 15 for additional information on the fairlife acquisition. Refer to Note 16 for the impact these charges had on our operating segments and Corporate. Other Nonoperating Items Interest Expense During the three and six months ended July 2, 2021, the Company recorded charges of $592 million and $650 million, respectively, related to the extinguishment of long-term debt. Equity Income (Loss) — Net During the three and six months ended July 1, 2022, the Company recorded net charges of $35 million and $30 million, respectively. During the three and six months ended July 2, 2021, the Company recorded net charges of $60 million and $23 million, respectively. These amounts represent the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. Refer to Note 16 for the impact these items had on our operating segments and Corporate. Other Income (Loss) — Net During the three months ended July 1, 2022, the Company recorded a net loss of $267 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 recorded an other-than-temporary impairment charge of $96 million related to an equity method investee in Russia. During the six months ended July 1, 2022, the Company recorded a net loss of $371 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 recorded an other-than-temporary impairment charge of $96 million related to an equity method investee in Russia. The Company also recorded a net loss of $24 million as a result of one of our equity method investees issuing additional shares of its stock. During the three months ended July 2, 2021, the Company recognized a net gain of $695 million related to the sale of our ownership interest in CCA, an equity method investee. Additionally, the Company recognized a net gain of $203 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. The Company also recorded pension settlement charges of $29 million related to our strategic realignment initiatives. During the six months ended July 2, 2021, the Company recognized a net gain of $695 million related to the sale of our ownership interest in CCA, an equity method investee. Additionally, the Company recognized a net gain of $336 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. The Company also recorded pension settlement charges of $83 million related to our strategic realignment initiatives. Refer to Note 2 for additional information on the sale of our ownership interest in CCA. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 15 for additional information on the impairment charge and one of our equity method investees issuing additional shares of its stock. Refer to Note 16 for the impact these items had on our operating segments and Corporate.

RESTRUCTURING

RESTRUCTURING	6 Months Ended
	Jul. 01, 2022
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING In February 2012, the Company announced a productivity and reinvestment program designed to strengthen our brands and reinvest our resources to drive long-term profitable growth. The program was expanded multiple times, with the last expansion occurring in April 2017. While we expect most of the remaining initiatives included in this program, which are primarily designed to further simplify and standardize our organization, to be completed by the end of 2023, certain initiatives may extend into 2024. During the three and six months ended July 1, 2022, the Company incurred expenses of $19 million and $29 million, respectively, and during the three and six months ended July 2, 2021 incurred expenses of $22 million and $40 million, respectively, related to our productivity and reinvestment program. These expenses primarily included internal and external

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	6 Months Ended
	Jul. 01, 2022
Retirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	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 Three Months Ended July 1, July 2, July 1, July 2, Service cost $ 22 $ 25 $ 1 $ 3 Interest cost 51 47 5 3 Expected return on plan assets 1 (147) (151) (4) (5) Amortization of prior service credit — — (1) — Amortization of net actuarial loss 29 33 — — Net periodic benefit cost (income) (45) (46) 1 1 Settlement charges 2 — 29 — — Total cost (income) $ (45) $ (17) $ 1 $ 1 1 The weighted-average expected long-term rates of return on plan assets used in computing 2022 net periodic benefit cost (income) were 7.00 percent for pension plans and 4.00 percent for other postretirement benefit plans. 2 Settlement charges were primarily related to our strategic realignment initiatives. Pension Plans Other Postretirement Six Months Ended July 1, July 2, July 1, July 2, Service cost $ 44 $ 49 $ 3 $ 5 Interest cost 102 91 9 7 Expected return on plan assets 1 (296) (302) (8) (9) Amortization of prior service credit — — (2) (1) Amortization of net actuarial loss 58 80 — 1 Net periodic benefit cost (income) (92) (82) 2 3 Settlement charges 2 — 83 — — Total cost (income) $ (92) $ 1 $ 2 $ 3 1 The weighted-average expected long-term rates of return on plan assets used in computing 2022 net periodic benefit cost (income) were 7.00 percent for pension plans and 4.00 percent for other postretirement benefit plans. 2 Settlement charges were primarily related to our strategic realignment initiatives.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jul. 01, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded income taxes of $384 million (16.8 percent effective tax rate) and $994 million (27.5 percent effective tax rate) during the three months ended July 1, 2022 and July 2, 2021, respectively. The Company recorded income taxes of $1,049 million (18.3 percent effective tax rate) and $1,502 million (23.5 percent effective tax rate) during the six months ended July 1, 2022 and July 2, 2021, respectively. The Company’s effective tax rates for the three and six months ended July 1, 2022 and July 2, 2021 vary from the statutory U.S. federal income tax rate of 21.0 percent primarily due to the tax impact of significant operating and nonoperating items, as described in Note 11, along with the tax benefits of having significant earnings generated outside of the United States and significant earnings generated in investments accounted for under the equity method, both of which are generally taxed at rates lower than the statutory U.S. rate. The Company’s effective tax rates for the three and six months ended July 2, 2021 included $183 million and $176 million, respectively, of net tax expense related to various discrete tax items, primarily changes in tax laws in certain foreign jurisdictions. On November 18, 2020, the Tax Court issued the Opinion regarding the Company’s 2015 litigation with the IRS involving transfer pricing tax adjustments in which the court predominantly sided with the IRS. The Company strongly disagrees with the Opinion and intends to vigorously defend its position. Refer to Note 8.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jul. 01, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions): July 1, 2022 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,902 $ 195 $ 17 $ 92 $ — $ 2,206 Debt securities 1 — 1,775 9 — — 1,784 Derivatives 2 101 559 — — (495) 165 7 Total assets $ 2,003 $ 2,529 $ 26 $ 92 $ (495) $ 4,155 Liabilities: Contingent consideration liability $ — $ — $ 1,529 5 $ — $ — $ 1,529 Derivatives 2 27 1,190 — — (1,192) 6 25 7 Total liabilities $ 27 $ 1,190 $ 1,529 $ — $ (1,192) $ 1,554 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6. 5 Represents the fair value of future milestone payments related to our acquisition of fairlife in 2020, which are contingent on fairlife achieving certain financial targets through 2024 and, if achieved, are payable in 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. The fair value was determined using a Monte Carlo valuation model. 6 The Company has the right to reclaim $753 million in cash collateral it has netted against its derivative positions. 7 The Company’s derivative financial instruments are recorded at fair value in our consolidated balance sheet as follows: $79 million in the line item prepaid expenses and other current assets, $86 million in the line item other noncurrent assets and $25 million in the line item other noncurrent liabilities. Refer to Note 6 for additional information related to the composition of our derivatives portfolio. December 31, 2021 Level 1 Level 2 Level 3 Other 3 Netting 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 6 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6. 5 Represents the fair value of future milestone payments related to our acquisition of fairlife in 2020, which are contingent on fairlife achieving certain financial targets through 2024 and, if achieved, are payable in 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. The fair value was determined using a Monte Carlo valuation model. 6 The Company is obligated to return $331 million in cash collateral it has netted against its derivative positions. 7 The Company does not have the right to reclaim any cash collateral it has netted against its derivative positions. 8 The Company’s derivative financial instruments are recorded at fair value in our 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 6 for additional information related to the composition of our derivatives portfolio. Gross realized and unrealized gains and losses on Level 3 assets and liabilities were not significant for the three and six months ended July 1, 2022 and July 2, 2021. The Company recognizes transfers between l evels within the hierarchy as of the beginning of the reporting period. Gross transfers between levels within the hierarchy were not significant for the three and six months ended July 1, 2022 and July 2, 2021. Nonrecurring Fair Value Measurements During the three and six months ended July 1, 2022, the Company recorded an other-than-temporary impairment charge of $96 million related to an equity method investee in Russia. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. During the six months ended July 1, 2022, we recognized a net loss of $24 million on assets measured at fair value on a nonrecurring basis. The net loss was recorded as a result of an equity method investee issuing additional shares of its stock. Accordingly, the Company is required to treat this type of transaction as if the Company had sold a proportionate share of its investment. This net loss was determined using Level 2 inputs and primarily resulted from the recognition of cumulative translation losses. We did not recognize any gains or losses on assets measured at fair value on a nonrecurring basis during the three and six months ended July 2, 2021. 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. The fair value of our long-term debt is estimated using Level 2 inputs based on quoted prices for those instruments. Where quoted prices are not available, the fair value is estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of the debt instruments. As of July 1, 2022, the carrying value and fair value of our long-term debt, including the current portion, were $37,543 million and $33,657 million, respectively. 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.

OPERATING SEGMENTS

OPERATING SEGMENTS	6 Months Ended
	Jul. 01, 2022
Segment Reporting [Abstract]
OPERATING SEGMENTS	OPERATING SEGMENTS Information about our Company’s operations by operating segment and Corporate is as follows (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Three Months Ended July 1, 2022 Net operating revenues: Third party $ 2,018 $ 1,140 $ 4,029 $ 1,343 $ 695 $ 2,077 $ 23 $ — $ 11,325 Intersegment 166 — 1 223 — 2 — (392) — Total net operating revenues 2,184 1,140 4,030 1,566 695 2,079 23 (392) 11,325 Operating income (loss) 1,291 674 840 753 44 113 (1,374) — 2,341 Income (loss) before income taxes 1,225 680 848 757 48 453 (1,727) — 2,284 Identifiable operating assets 7,721 2 2,054 26,372 2,628 3 7,210 9,881 2,3 18,928 — 74,794 Investments 1 439 605 19 222 — 12,569 4,521 — 18,375 As of and for the Three Months Net operating revenues: Third party $ 1,874 $ 1,067 $ 3,379 $ 1,350 $ 707 $ 1,735 $ 17 $ — $ 10,129 Intersegment 143 — 2 153 — 3 — (301) — Total net operating revenues 2,017 1,067 3,381 1,503 707 1,738 17 (301) 10,129 Operating income (loss) 1,142 678 950 766 75 92 (687) — 3,016 Income (loss) before income taxes 1,169 681 959 779 78 422 (470) — 3,618 Identifiable operating assets 8,574 2 1,748 19,646 2,252 3 7,854 10,375 2,3 20,329 — 70,778 Investments 1 478 630 346 231 3 13,382 4,346 — 19,416 As of December 31, 2021 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 1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in South Africa represented 17 percent, 16 percent and 16 percent of consolidated property, plant and equipment — net as of July 1, 2022, July 2, 2021 and December 31, 2021, respectively. 3 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of July 1, 2022, July 2, 2021 and December 31, 2021. During the three months ended July 1, 2022, 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 $917 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition in 2020. Refer to Note 15. • Operating income (loss) and income (loss) before income taxes were reduced by $19 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were increased by $2 million for North America and were reduced by $15 million for Corporate related to our acquisition of BodyArmor in 2021. Refer to Note 11. • Operating income (loss) and income (loss) before income taxes were reduced by $11 million for North America related to the restructuring of our manufacturing operations in the United States. • Income (loss) before income taxes was reduced by $267 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. • Income (loss) before income taxes was reduced by $96 million for Europe, Middle East and Africa due to an other-than-temporary impairment charge related to an equity method investee in Russia. Refer to Note 15. • Income (loss) before income taxes was reduced by $35 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. During the three months ended July 2, 2021, the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $247 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 15. • Operating income (loss) and income (loss) before income taxes were reduced by $11 million for Europe, Middle East and Africa and $1 million for North America, and operating income (loss) and income (loss) before income taxes were reduced by $17 million and $46 million, respectively, for Corporate due to the Company’s strategic realignment initiatives. • Operating income (loss) and income (loss) before income taxes were reduced by $22 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were reduced by $16 million for North America related to the restructuring of our manufacturing operations in the United States. • Operating income (loss) and income (loss) before income taxes were reduced by $4 million for Corporate related to tax litigation expense. Refer to Note 8. • Income (loss) before income taxes was increased by $695 million for Corporate related to the sale of our ownership interest in CCA, an equity method investee. Refer to Note 2. • Income (loss) before income taxes was increased by $203 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. • Income (loss) before income taxes was reduced by $592 million for Corporate related to charges associated with the extinguishment of long-term debt. • Income (loss) before income taxes was reduced by $60 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated Six Months Ended July 1, 2022 Net operating revenues: Third party $ 3,679 $ 2,354 $ 7,618 $ 2,574 $ 1,424 $ 4,119 $ 48 $ — $ 21,816 Intersegment 338 — 2 403 — 4 — (747) — Total net operating revenues 4,017 2,354 7,620 2,977 1,424 4,123 48 (747) 21,816 Operating income (loss) 2,298 1,434 1,896 1,417 95 306 (1,700) — 5,746 Income (loss) before income taxes 2,248 1,437 1,912 1,427 104 846 (2,232) — 5,742 Six Months Ended July 2, 2021 Net operating revenues: Third party $ 3,336 $ 1,976 $ 6,315 $ 2,582 $ 1,277 $ 3,629 $ 34 $ — $ 19,149 Intersegment 304 — 3 323 — 5 — (635) — Total net operating revenues 3,640 1,976 6,318 2,905 1,277 3,634 34 (635) 19,149 Operating income (loss) 1,962 1,230 1,742 1,452 101 233 (982) — 5,738 Income (loss) before income taxes 1,999 1,236 1,775 1,474 105 739 (947) — 6,381 During the six months ended July 1, 2022, 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 $939 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 15. • Operating income (loss) and income (loss) before income taxes were reduced by $29 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were reduced by $22 million and $23 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 increased by $21 million for North America and were reduced by $29 million for Corporate related to our acquisition of BodyArmor in 2021. Refer to Note 11. • Income (loss) before income taxes was reduced by $371 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. • Income (loss) before income taxes was reduced by $96 million for Europe, Middle East and Africa due to an other-than-temporary impairment charge related to an equity method investee in Russia. Refer to Note 15. • Income (loss) before income taxes was reduced by $30 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. • Income (loss) before income taxes was reduced by $24 million for Corporate due to one of our equity method investees issuing additional shares of its stock. Refer to Note 15. During the six months ended July 2, 2021, the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $251 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 15. • Operating income (loss) and income (loss) before income taxes were reduced by $61 million for Europe, Middle East and Africa, $11 million for Latin America, $13 million for North America and $13 million for Asia Pacific, and operating income (loss) and income (loss) before income taxes were reduced by $24 million and $107 million, respectively, for Corporate due to the Company’s strategic realignment initiatives. • Operating income (loss) and income (loss) before income taxes were reduced by $40 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were reduced by $35 million for North America related to the restructuring of our manufacturing operations in the United States. • Operating income (loss) and income (loss) before income taxes were reduced by $13 million for Corporate related to tax litigation expense. Refer to Note 8. • Income (loss) before income taxes was increased by $695 million for Corporate related to the sale of our ownership interest in CCA, an equity method investee. Refer to Note 2. • Income (loss) before income taxes was increased by $336 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. • Income (loss) before income taxes was reduced by $650 million for Corporate related to charges associated with the extinguishment of long-term debt. • Income (loss) before income taxes was reduced by $55 million for Bottling Investments and 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jul. 01, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K of The Coca-Cola Company for the year ended December 31, 2021. 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. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended July 1, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Sales of our ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions. Each of our quarterly reporting periods, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The second quarter of 2022 and the second quarter of 2021 ended on July 1, 2022 and July 2, 2021, respectively. Our fourth quarter and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls.
Advertising Costs	Advertising Costs The Company’s accounting policy related to advertising costs for annual reporting purposes is to expense production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred. For quarterly reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple quarters to each of those quarters. We use the proportion of each quarter’s actual unit case volume to the estimated full year unit case volume as the basis for the allocation. This methodology results in our marketing expenditures being recognized at a standard rate per unit case. At the end of each quarter, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple quarters in order to evaluate if a change in estimate is necessary. The impact of any change in the full year estimate is recognized in the quarter in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy.
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	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 tables provide 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): July 1, December 31, Cash and cash equivalents $ 8,976 $ 9,684 Restricted cash and restricted cash equivalents included in other noncurrent assets 1,2 339 341 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,315 $ 10,025 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 Restricted cash and restricted cash equivalents include amounts related to assets held for sale. Refer to Note 2. July 2, December 31, Cash and cash equivalents $ 9,188 $ 6,795 Restricted cash and restricted cash equivalents included in other noncurrent assets 1 320 315 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,508 $ 7,110 1 Amounts represent restricted cash and restricted cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jul. 01, 2022
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	The following tables provide 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): July 1, December 31, Cash and cash equivalents $ 8,976 $ 9,684 Restricted cash and restricted cash equivalents included in other noncurrent assets 1,2 339 341 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,315 $ 10,025 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 Restricted cash and restricted cash equivalents include amounts related to assets held for sale. Refer to Note 2. July 2, December 31, Cash and cash equivalents $ 9,188 $ 6,795 Restricted cash and restricted cash equivalents included in other noncurrent assets 1 320 315 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,508 $ 7,110

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	6 Months Ended
	Jul. 01, 2022
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 sheets (in millions): July 1, December 31, 2021 Cash, cash equivalents and short-term investments $ 208 $ 228 Trade accounts receivable, less allowances 14 21 Inventories 51 55 Prepaid expenses and other current assets 43 36 Other noncurrent assets 36 9 Deferred income tax assets 6 6 Property, plant and equipment — net 287 282 Goodwill 36 37 Assets held for sale $ 681 $ 674 Accounts payable and accrued expenses $ 145 $ 139 Accrued income taxes 3 4 Other noncurrent liabilities 10 9 Deferred income tax liabilities 5 5 Liabilities held for sale $ 163 $ 157

NET OPERATING REVENUES (Tables)

NET OPERATING REVENUES (Tables)	6 Months Ended
	Jul. 01, 2022
Revenue Recognition [Abstract]
Disaggregation of Revenue	The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended July 1, 2022 Concentrate operations $ 1,892 $ 4,473 $ 6,365 Finished product operations 2,065 2,895 4,960 Total $ 3,957 $ 7,368 $ 11,325 Three Months Ended July 2, 2021 Concentrate operations $ 1,740 $ 4,254 $ 5,994 Finished product operations 1,592 2,543 4,135 Total $ 3,332 $ 6,797 $ 10,129 United States International Total Six Months Ended July 1, 2022 Concentrate operations $ 3,533 $ 8,556 $ 12,089 Finished product operations 3,947 5,780 9,727 Total $ 7,480 $ 14,336 $ 21,816 Six Months Ended July 2, 2021 Concentrate operations $ 3,150 $ 7,826 $ 10,976 Finished product operations 3,075 5,098 8,173 Total $ 6,225 $ 12,924 $ 19,149

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jul. 01, 2022
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 — No Readily Determinable Fair Value July 1, 2022 Marketable securities $ 310 $ — Other investments 614 41 Other noncurrent assets 1,282 — Total equity securities $ 2,206 $ 41 December 31, 2021 Marketable securities $ 376 $ — Other investments 771 47 Other noncurrent assets 1,576 — Total equity securities $ 2,723 $ 47
Net unrealized gains and losses related to equity securities still held at the end of the period	The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions): Three Months Ended July 1, July 2, Net gains (losses) recognized during the period related to equity securities $ (261) $ 202 Less: Net gains (losses) recognized during the period related to equity securities sold during the period (129) 5 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ (132) $ 197 Six Months Ended July 1, July 2, Net gains (losses) recognized during the period related to equity securities $ (361) $ 357 Less: Net gains (losses) recognized during the period related to equity securities sold during the period (254) 19 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ (107) $ 338
Schedule of available-for-sale and trading securities	Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Cost Gains Losses July 1, 2022 Trading securities $ 42 $ — $ (4) $ 38 Available-for-sale securities 1,882 22 (158) 1,746 Total debt securities $ 1,924 $ 22 $ (162) $ 1,784 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
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): July 1, 2022 December 31, 2021 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Marketable securities $ 38 $ 1,519 $ 40 $ 1,283 Other noncurrent assets — 227 — 266 Total debt securities $ 38 $ 1,746 $ 40 $ 1,549
Contractual maturities of available-for-sale debt securities	The contractual maturities of these available-for-sale debt securities as of July 1, 2022 were as follows (in millions): Cost Estimated Within 1 year $ 61 $ 60 After 1 year through 5 years 1,612 1,478 After 5 years through 10 years 37 49 After 10 years 172 159 Total $ 1,882 $ 1,746
Realized Gain (Loss) on Investments	The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Three Months Ended Six Months Ended July 1, July 2, July 1, July 2, Gross gains $ 2 $ 1 $ 3 $ 2 Gross losses (3) (4) (8) (8) Proceeds 113 809 344 967

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jul. 01, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following (in millions): July 1, December 31, Raw materials and packaging $ 2,086 $ 2,133 Finished goods 1,239 982 Other 296 299 Total inventories $ 3,621 $ 3,414

HEDGING TRANSACTIONS AND DERI_2

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jul. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value 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 July 1, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 283 $ 151 Foreign currency contracts Other noncurrent assets 73 27 Interest rate contracts Prepaid expenses and other current assets — 1 Interest rate contracts Other noncurrent assets — 282 Total assets $ 356 $ 461 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 31 $ 15 Foreign currency contracts Other noncurrent liabilities 111 17 Interest rate contracts Other noncurrent liabilities 916 14 Total liabilities $ 1,058 $ 46 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 15 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 15 for additional information related to the estimated fair value.
Derivatives Not Designated as Hedging Instruments	The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions): Fair Value 1,2 Derivatives Not Designated as Hedging Instruments Balance Sheet Location 1 July 1, December 31, 2021 Assets: Foreign currency contracts Prepaid expenses and other current assets $ 83 $ 53 Foreign currency contracts Other noncurrent assets 7 — Commodity contracts Prepaid expenses and other current assets 208 131 Commodity contracts Other noncurrent assets 6 3 Other derivative instruments Prepaid expenses and other current assets — 9 Total assets $ 304 $ 196 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 47 $ 34 Foreign currency contracts Other noncurrent liabilities 12 9 Commodity contracts Accounts payable and accrued expenses 69 6 Commodity contracts Other noncurrent liabilities 23 1 Other derivative instruments Accounts payable and accrued expenses 8 — Total liabilities $ 159 $ 50 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 15 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 15 for additional information related to the estimated fair value.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (OCI)	The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions): Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Three Months Ended July 1, 2022 Foreign currency contracts $ 197 Net operating revenues $ 52 Foreign currency contracts 16 Cost of goods sold 2 Foreign currency contracts — Interest expense (1) Foreign currency contracts (114) Other income (loss) — net (89) Total $ 99 $ (36) Three Months Ended July 2, 2021 Foreign currency contracts $ 7 Net operating revenues $ (27) Foreign currency contracts (6) Cost of goods sold (2) Foreign currency contracts — Interest expense (10) Foreign currency contracts (29) Other income (loss) — net 18 Interest rate contracts (11) Interest expense (85) Total $ (39) $ (106) Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Six Months Ended July 1, 2022 Foreign currency contracts $ 278 Net operating revenues $ 60 Foreign currency contracts 22 Cost of goods sold 3 Foreign currency contracts — Interest expense (2) Foreign currency contracts (119) Other income (loss) — net (100) Total $ 181 $ (39) Six Months Ended July 2, 2021 Foreign currency contracts $ (16) Net operating revenues $ (50) Foreign currency contracts (11) Cost of goods sold (3) Foreign currency contracts — Interest expense (11) Foreign currency contracts 58 Other income (loss) — net 84 Interest rate contracts 110 Interest expense (90) Total $ 141 $ (70)
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended July 1, July 2, Interest rate contracts Interest expense $ (474) $ 10 Fixed-rate debt Interest expense 457 (8) Net impact to interest expense $ (17) $ 2 Net impact of fair value hedging instruments $ (17) $ 2 Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Six Months Ended July 1, July 2, Interest rate contracts Interest expense $ (1,185) $ (180) Fixed-rate debt Interest expense 1,166 182 Net impact to interest expense $ (19) $ 2 Net impact of fair value hedging instruments $ (19) $ 2 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 July 1, December 31, July 1, December 31, July 1, December 31, Current maturities of long-term debt $ — $ 200 $ — $ 1 $ — $ — Long-term debt 12,453 12,353 (880) 255 212 228 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 Values Gain (Loss) Recognized in OCI as of Three Months Ended Six Months Ended July 1, December 31, July 1, July 2, July 1, July 2, Foreign currency contracts $ — $ 40 $ 5 $ 1 $ (1) $ (7) Foreign currency denominated debt 11,752 12,812 704 (114) 1,059 369 Total $ 11,752 $ 12,852 $ 709 $ (113) $ 1,058 $ 362
Derivative Instruments, Not Designated as Hedging Instruments, Gain (Loss) in Earnings	The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended July 1, July 2, Foreign currency contracts Net operating revenues $ 22 $ 1 Foreign currency contracts Cost of goods sold 10 1 Foreign currency contracts Other income (loss) — net (4) 32 Commodity contracts Cost of goods sold (155) 128 Other derivative instruments Selling, general and administrative expenses (18) 12 Total $ (145) $ 174 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Six Months Ended July 1, July 2, Foreign currency contracts Net operating revenues $ 7 $ — Foreign currency contracts Cost of goods sold 23 (7) Foreign currency contracts Other income (loss) — net 38 4 Interest rate contracts Interest expense — (187) Commodity contracts Cost of goods sold 5 210 Other derivative instruments Selling, general and administrative expenses (21) 20 Other derivative instruments Other income (loss) — net — (3) Total $ 52 $ 37

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jul. 01, 2022
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): July 1, December 31, Net foreign currency translation adjustments $ (13,443) $ (12,595) Accumulated net gains (losses) on derivatives 177 20 Unrealized net gains (losses) on available-for-sale debt securities (92) (62) Adjustments to pension and other postretirement benefit liabilities (1,443) (1,693) Accumulated other comprehensive income (loss) $ (14,801) $ (14,330)
Comprehensive Income (Loss), Apportioned between Shareowners of the Coca-Cola Company and Noncontrolling Interests	The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Six Months Ended July 1, 2022 Shareowners of Noncontrolling Total Consolidated net income $ 4,686 $ 7 $ 4,693 Other comprehensive income: Net foreign currency translation adjustments (848) (53) (901) Net gains (losses) on derivatives 1 157 — 157 Net change in unrealized gains (losses) on available-for-sale debt securities 2 (30) — (30) Net change in pension and other postretirement benefit liabilities 250 — 250 Total comprehensive income (loss) $ 4,215 $ (46) $ 4,169 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
OCI attributable to the shareowners of The Coca-Cola Company	The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions): Three Months Ended July 1, 2022 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (950) $ 27 $ (923) Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,333) — (1,333) Gains (losses) on net investment hedges arising during the period 1 709 (177) 532 Net foreign currency translation adjustments $ (1,574) $ (150) $ (1,724) Derivatives: Gains (losses) arising during the period $ 97 $ (31) $ 66 Reclassification adjustments recognized in net income 36 (9) 27 Net gains (losses) on derivatives 1 $ 133 $ (40) $ 93 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 2 $ 2 $ 4 Reclassification adjustments recognized in net income 1 — 1 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 3 $ 2 $ 5 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 198 $ (54) $ 144 Reclassification adjustments recognized in net income 28 (7) 21 Net change in pension and other postretirement benefit liabilities $ 226 $ (61) $ 165 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,212) $ (249) $ (1,461) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Six Months Ended July 1, 2022 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 374 $ (213) $ 161 Reclassification adjustments recognized in net income 200 — 200 Gains (losses) on intra-entity transactions that are of a long-term investment nature (2,003) — (2,003) Gains (losses) on net investment hedges arising during the period 1 1,058 (264) 794 Net foreign currency translation adjustments $ (371) $ (477) $ (848) Derivatives: Gains (losses) arising during the period $ 180 $ (52) $ 128 Reclassification adjustments recognized in net income 39 (10) 29 Net gains (losses) on derivatives 1 $ 219 $ (62) $ 157 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (44) $ 10 $ (34) Reclassification adjustments recognized in net income 5 (1) 4 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (39) $ 9 $ (30) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 266 $ (58) $ 208 Reclassification adjustments recognized in net income 56 (14) 42 Net change in pension and other postretirement benefit liabilities $ 322 $ (72) $ 250 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 131 $ (602) $ (471) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Three Months Ended July 2, 2021 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 517 $ (24) $ 493 Reclassification adjustments recognized in net income 180 — 180 Gains (losses) on intra-entity transactions that are of a long-term investment nature 212 — 212 Gains (losses) on net investment hedges arising during the period 1 (113) 27 (86) Reclassification adjustments for net investment hedges recognized in net income 1 4 — 4 Net foreign currency translation adjustments $ 800 $ 3 $ 803 Derivatives: Gains (losses) arising during the period $ (40) $ 6 $ (34) Reclassification adjustments recognized in net income 112 (26) 86 Net gains (losses) on derivatives 1 $ 72 $ (20) $ 52 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (11) $ 7 $ (4) Reclassification adjustments recognized in net income 3 — 3 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (8) $ 7 $ (1) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (100) $ 34 $ (66) Reclassification adjustments recognized in net income 61 (15) 46 Net change in pension and other postretirement benefit liabilities $ (39) $ 19 $ (20) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 825 $ 9 $ 834 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Six Months Ended July 2, 2021 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 1,141 $ (47) $ 1,094 Reclassification adjustments recognized in net income 180 — 180 Gains (losses) on intra-entity transactions that are of a long-term investment nature (742) — (742) Gains (losses) on net investment hedges arising during the period 1 362 (91) 271 Reclassification adjustments for net investment hedges recognized in net income 1 4 — 4 Net foreign currency translation adjustments $ 945 $ (138) $ 807 Derivatives: Gains (losses) arising during the period $ 134 $ (37) $ 97 Reclassification adjustments recognized in net income 76 (17) 59 Net gains (losses) on derivatives 1 $ 210 $ (54) $ 156 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (103) $ 37 $ (66) Reclassification adjustments recognized in net income 6 (1) 5 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (97) $ 36 $ (61) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 353 $ (75) $ 278 Reclassification adjustments recognized in net income 162 (40) 122 Net change in pension and other postretirement benefit liabilities $ 515 $ (115) $ 400 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 1,573 $ (271) $ 1,302 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
Reclassification out of Accumulated Other Comprehensive Income	The following table presents the amounts and line items in our consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions): Amount Reclassified from AOCI Description of AOCI Component Financial Statement Line Item Three Months Ended July 1, 2022 Six Months Ended July 1, 2022 Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ — $ 200 Income before income taxes — 200 Income taxes — — Consolidated net income $ — $ 200 Derivatives: Foreign currency contracts Net operating revenues $ (52) $ (60) Foreign currency contracts Cost of goods sold (2) (3) Foreign currency contracts Interest expense 1 2 Foreign currency contracts Other income (loss) — net 89 100 Income before income taxes 36 39 Income taxes (9) (10) Consolidated net income $ 27 $ 29 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ 1 $ 5 Income before income taxes 1 5 Income taxes — (1) Consolidated net income $ 1 $ 4 Pension and other postretirement benefit liabilities: Recognized net actuarial loss Other income (loss) — net $ 29 $ 58 Recognized prior service cost (credit) Other income (loss) — net (1) (2) Income before income taxes 28 56 Income taxes (7) (14) Consolidated net income $ 21 $ 42

CHANGES IN EQUITY (Tables)

CHANGES IN EQUITY (Tables)	6 Months Ended
	Jul. 01, 2022
Equity [Abstract]
Changes in Equity	The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to shareowners of The Coca-Cola Company and equity attributable to noncontrolling interests (in millions): Shareowners of The Coca-Cola Company Three Months Ended July 1, 2022 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests April 1, 2022 4,331 $ 26,841 $ 69,969 $ (13,340) $ 1,760 $ 18,388 $ (51,932) $ 1,996 Comprehensive income (loss) — 253 1,905 (1,461) — — — (191) Dividends paid/payable to — (1,904) (1,904) — — — — — Dividends paid to noncontrolling interests — (7) — — — — — (7) Purchases of treasury stock (10) (677) — — — — (677) — Impact related to stock-based 5 297 — — — 193 104 — July 1, 2022 4,326 $ 24,803 $ 69,970 $ (14,801) $ 1,760 $ 18,581 $ (52,505) $ 1,798 Shareowners of The Coca-Cola Company Six Months Ended July 1, 2022 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests December 31, 2021 4,325 $ 24,860 $ 69,094 $ (14,330) $ 1,760 $ 18,116 $ (51,641) $ 1,861 Comprehensive income (loss) — 4,169 4,686 (471) — — — (46) Dividends paid/payable to — (3,810) (3,810) — — — — — Dividends paid to noncontrolling interests — (16) — — — — — (16) Purchases of treasury stock (18) (1,148) — — — — (1,148) — Impact related to stock-based 19 748 — — — 464 284 — Other activities — — — — — 1 — (1) July 1, 2022 4,326 $ 24,803 $ 69,970 $ (14,801) $ 1,760 $ 18,581 $ (52,505) $ 1,798 Shareowners of The Coca-Cola Company Three Months Ended July 2, 2021 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests April 2, 2021 4,311 $ 22,332 $ 67,009 $ (14,133) $ 1,760 $ 17,630 $ (51,911) $ 1,977 Comprehensive income (loss) — 3,511 2,641 834 — — — 36 Dividends paid/payable to — (1,812) (1,812) — — — — — Dividends paid to noncontrolling — (7) — — — — — (7) Impact related to stock-based 4 231 — — — 151 80 — July 2, 2021 4,315 $ 24,255 $ 67,838 $ (13,299) $ 1,760 $ 17,781 $ (51,831) $ 2,006 Shareowners of The Coca-Cola Company Six Months Ended July 2, 2021 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests December 31, 2020 4,302 $ 21,284 $ 66,555 $ (14,601) $ 1,760 $ 17,601 $ (52,016) $ 1,985 Adoption of accounting standards 1 — 19 19 — — — — — Comprehensive income (loss) — 6,234 4,886 1,302 — — — 46 Dividends paid/payable to — (3,622) (3,622) — — — — — Dividends paid to noncontrolling — (25) — — — — — (25) Impact related to stock-based 13 365 — — — 180 185 — July 2, 2021 4,315 $ 24,255 $ 67,838 $ (13,299) $ 1,760 $ 17,781 $ (51,831) $ 2,006 1 Represents the adoption of Accounting Standards Update 2019-12, Simplifying the Accounting for Income Taxes

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
	Jul. 01, 2022
Retirement Benefits [Abstract]
Defined Contribution Plan Disclosures	Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Plans Other Postretirement Three Months Ended July 1, July 2, July 1, July 2, Service cost $ 22 $ 25 $ 1 $ 3 Interest cost 51 47 5 3 Expected return on plan assets 1 (147) (151) (4) (5) Amortization of prior service credit — — (1) — Amortization of net actuarial loss 29 33 — — Net periodic benefit cost (income) (45) (46) 1 1 Settlement charges 2 — 29 — — Total cost (income) $ (45) $ (17) $ 1 $ 1 1 The weighted-average expected long-term rates of return on plan assets used in computing 2022 net periodic benefit cost (income) were 7.00 percent for pension plans and 4.00 percent for other postretirement benefit plans. 2 Settlement charges were primarily related to our strategic realignment initiatives. Pension Plans Other Postretirement Six Months Ended July 1, July 2, July 1, July 2, Service cost $ 44 $ 49 $ 3 $ 5 Interest cost 102 91 9 7 Expected return on plan assets 1 (296) (302) (8) (9) Amortization of prior service credit — — (2) (1) Amortization of net actuarial loss 58 80 — 1 Net periodic benefit cost (income) (92) (82) 2 3 Settlement charges 2 — 83 — — Total cost (income) $ (92) $ 1 $ 2 $ 3 1 The weighted-average expected long-term rates of return on plan assets used in computing 2022 net periodic benefit cost (income) were 7.00 percent for pension plans and 4.00 percent for other postretirement benefit plans.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jul. 01, 2022
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis	The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions): July 1, 2022 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,902 $ 195 $ 17 $ 92 $ — $ 2,206 Debt securities 1 — 1,775 9 — — 1,784 Derivatives 2 101 559 — — (495) 165 7 Total assets $ 2,003 $ 2,529 $ 26 $ 92 $ (495) $ 4,155 Liabilities: Contingent consideration liability $ — $ — $ 1,529 5 $ — $ — $ 1,529 Derivatives 2 27 1,190 — — (1,192) 6 25 7 Total liabilities $ 27 $ 1,190 $ 1,529 $ — $ (1,192) $ 1,554 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6. 5 Represents the fair value of future milestone payments related to our acquisition of fairlife in 2020, which are contingent on fairlife achieving certain financial targets through 2024 and, if achieved, are payable in 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. The fair value was determined using a Monte Carlo valuation model. 6 The Company has the right to reclaim $753 million in cash collateral it has netted against its derivative positions. 7 The Company’s derivative financial instruments are recorded at fair value in our consolidated balance sheet as follows: $79 million in the line item prepaid expenses and other current assets, $86 million in the line item other noncurrent assets and $25 million in the line item other noncurrent liabilities. Refer to Note 6 for additional information related to the composition of our derivatives portfolio. December 31, 2021 Level 1 Level 2 Level 3 Other 3 Netting 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 6 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6. 5 Represents the fair value of future milestone payments related to our acquisition of fairlife in 2020, which are contingent on fairlife achieving certain financial targets through 2024 and, if achieved, are payable in 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. The fair value was determined using a Monte Carlo valuation model. 6 The Company is obligated to return $331 million in cash collateral it has netted against its derivative positions. 7 The Company does not have the right to reclaim any cash collateral it has netted against its derivative positions. 8 The Company’s derivative financial instruments are recorded at fair value in our 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 6 for additional information related to the composition of our derivatives portfolio.

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	3 Months Ended	6 Months Ended
	Jul. 01, 2022	Jul. 01, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information about our Company’s operations by operating segment and Corporate is as follows (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Three Months Ended July 1, 2022 Net operating revenues: Third party $ 2,018 $ 1,140 $ 4,029 $ 1,343 $ 695 $ 2,077 $ 23 $ — $ 11,325 Intersegment 166 — 1 223 — 2 — (392) — Total net operating revenues 2,184 1,140 4,030 1,566 695 2,079 23 (392) 11,325 Operating income (loss) 1,291 674 840 753 44 113 (1,374) — 2,341 Income (loss) before income taxes 1,225 680 848 757 48 453 (1,727) — 2,284 Identifiable operating assets 7,721 2 2,054 26,372 2,628 3 7,210 9,881 2,3 18,928 — 74,794 Investments 1 439 605 19 222 — 12,569 4,521 — 18,375 As of and for the Three Months Net operating revenues: Third party $ 1,874 $ 1,067 $ 3,379 $ 1,350 $ 707 $ 1,735 $ 17 $ — $ 10,129 Intersegment 143 — 2 153 — 3 — (301) — Total net operating revenues 2,017 1,067 3,381 1,503 707 1,738 17 (301) 10,129 Operating income (loss) 1,142 678 950 766 75 92 (687) — 3,016 Income (loss) before income taxes 1,169 681 959 779 78 422 (470) — 3,618 Identifiable operating assets 8,574 2 1,748 19,646 2,252 3 7,854 10,375 2,3 20,329 — 70,778 Investments 1 478 630 346 231 3 13,382 4,346 — 19,416 As of December 31, 2021 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 1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in South Africa represented 17 percent, 16 percent and 16 percent of consolidated property, plant and equipment — net as of July 1, 2022, July 2, 2021 and December 31, 2021, respectively. 3 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of July 1, 2022, July 2, 2021 and December 31, 2021.	Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated Six Months Ended July 1, 2022 Net operating revenues: Third party $ 3,679 $ 2,354 $ 7,618 $ 2,574 $ 1,424 $ 4,119 $ 48 $ — $ 21,816 Intersegment 338 — 2 403 — 4 — (747) — Total net operating revenues 4,017 2,354 7,620 2,977 1,424 4,123 48 (747) 21,816 Operating income (loss) 2,298 1,434 1,896 1,417 95 306 (1,700) — 5,746 Income (loss) before income taxes 2,248 1,437 1,912 1,427 104 846 (2,232) — 5,742 Six Months Ended July 2, 2021 Net operating revenues: Third party $ 3,336 $ 1,976 $ 6,315 $ 2,582 $ 1,277 $ 3,629 $ 34 $ — $ 19,149 Intersegment 304 — 3 323 — 5 — (635) — Total net operating revenues 3,640 1,976 6,318 2,905 1,277 3,634 34 (635) 19,149 Operating income (loss) 1,962 1,230 1,742 1,452 101 233 (982) — 5,738 Income (loss) before income taxes 1,999 1,236 1,775 1,474 105 739 (947) — 6,381

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Jul. 01, 2022	Dec. 31, 2021	Jul. 02, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 8,976	$ 9,684	$ 9,188	$ 6,795
Restricted Cash and Cash Equivalents	339		320
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	9,315	10,025	9,508	7,110
Other noncurrent assets
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Restricted Cash and Cash Equivalents	$ 339	$ 341	$ 320	$ 315

ACQUISTIONS AND DIVESTITURES -

ACQUISTIONS AND DIVESTITURES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Acquisition and investment activities
Acquisitions of businesses, equity method investments and nonmarketable securities		$ 6	$ 11
Proceeds from disposals of businesses, equity method investments and nonmarketable securities		218	1,765
Proceeds from Divestiture of Businesses		123
Equity Method Investment, Realized Gain (Loss) on Disposal		$ 13
CCA
Acquisition and investment activities
Proceeds from Divestiture of Businesses			1,738
Gain (Loss) on Disposition of Business	$ 695		$ 695

ACQUISTIONS AND DIVESTITURES _2

ACQUISTIONS AND DIVESTITURES - Held for Sale Assets and Liabilties (Details) - USD ($) $ in Millions	Jul. 01, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Cash, cash equivalents and short-term investments	$ 208	$ 228
Trade accounts receivable, less allowances	14	21
Inventories	51	55
Prepaid expenses and other current assets	43	36
Other noncurrent assets	36	9
Deferred income tax assets	6	6
Property, plant and equipment — net	287	282
Goodwill	36	37
Assets held for sale	681	674
Accounts payable and accrued expenses	145	139
Accrued income taxes	3	4
Other noncurrent liabilities	10	9
Deferred income tax liabilities	5	5
Liabilities held for sale	$ 163	$ 157

NET OPERATING REVENUES (Details

NET OPERATING REVENUES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Disaggregation of Revenues [Line Items]
Net Operating Revenues	$ 11,325	$ 10,129	$ 21,816	$ 19,149
Concentrate Revenue
Disaggregation of Revenues [Line Items]
Net Operating Revenues	6,365	5,994	12,089	10,976
Finished product operations
Disaggregation of Revenues [Line Items]
Net Operating Revenues	4,960	4,135	9,727	8,173
UNITED STATES
Disaggregation of Revenues [Line Items]
Net Operating Revenues	3,957	3,332	7,480	6,225
UNITED STATES | Concentrate Revenue
Disaggregation of Revenues [Line Items]
Net Operating Revenues	1,892	1,740	3,533	3,150
UNITED STATES | Finished product operations
Disaggregation of Revenues [Line Items]
Net Operating Revenues	2,065	1,592	3,947	3,075
International [Member]
Disaggregation of Revenues [Line Items]
Net Operating Revenues	7,368	6,797	14,336	12,924
International [Member] | Concentrate Revenue
Disaggregation of Revenues [Line Items]
Net Operating Revenues	4,473	4,254	8,556	7,826
International [Member] | Finished product operations
Disaggregation of Revenues [Line Items]
Net Operating Revenues	$ 2,895	$ 2,543	$ 5,780	$ 5,098

INVESTMENTS - Carrying Value of

INVESTMENTS - Carrying Value of Equity Securities (Details) - USD ($) $ in Millions	Jul. 01, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI	$ 2,206	$ 2,723
Equity Securities, FV-NI	2,206	2,723
Equity Securities without Readily Determinable Fair Value, Amount	41	47
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI	310	376
Equity Securities without Readily Determinable Fair Value, Amount	0	0
Other Investments
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Noncurrent	614	771
Equity Securities without Readily Determinable Fair Value, Amount	41	47
Other noncurrent assets
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Noncurrent	1,282	1,576
Equity Securities without Readily Determinable Fair Value, Amount	$ 0	$ 0

INVESTMENTS - Unrealized Gain (

INVESTMENTS - Unrealized Gain (Loss) Recognized Related to Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Investments, Debt and Equity Securities [Abstract]
Equity Securities, FV-NI, Gain (Loss)	$ (261)	$ 202	$ (361)	$ 357
Equity Securities, FV-NI, Realized Gain (Loss)	(129)	5	(254)	19
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ (132)	$ 197	$ (107)	$ 338

INVESTMENTS - Debt Securities (

INVESTMENTS - Debt Securities (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jul. 01, 2022	Dec. 31, 2021
Cost
Trading securities	$ 42	$ 39
Available-for-sale securities	1,882	1,648
Total debt securities	1,924	1,687
Gains
Trading securities	0	1
Available-for-sale securities	22	33
Total debt securities	22	34
Losses
Trading securities	(4)	0
Available-for-sale securities	(158)	(132)
Total debt securities	(162)	(132)
Estimated Fair Value
Trading securities	38	40
Available-for-sale securities	1,746	1,549
Total debt securities	$ 1,784	$ 1,589

INVESTMENTS - Balance Sheet Cla

INVESTMENTS - Balance Sheet Classification (Details) - USD ($) $ in Millions	Jul. 01, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	$ 1,784	$ 1,589
Trading Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	38	40
Available-for-Sale Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	1,746	1,549
Marketable securities | Trading Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	38	40
Marketable securities | Available-for-Sale Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	1,519	1,283
Other noncurrent assets | Trading Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	0	0
Other noncurrent assets | Available-for-Sale Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	$ 227	$ 266

INVESTMENTS - Contractual Matur

INVESTMENTS - Contractual Maturity of Available For Sale Debt Securities (Details) - USD ($) $ in Millions	Jul. 01, 2022	Dec. 31, 2021
Cost
Within 1 year	$ 61
After 1 year through 5 years	1,612
After 5 years through 10 years	37
After 10 years	172
Total	1,882	$ 1,648
Estimated Fair Value
Within 1 year	60
After 1 year through 5 years	1,478
After 5 years through 10 years	49
After 10 years	159
Total	$ 1,746	$ 1,549

INVESTMENTS - Sale and_or Matur

INVESTMENTS - Sale and/or Maturity of Available-for-Sale Securities (Details) - Debt Securities - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Debt Securities, Available-for-sale [Line Items]
Gross gains	$ 2	$ 1	$ 3	$ 2
Debt Securities, Available-for-sale, Realized Loss	(3)	(4)	(8)	(8)
Proceeds	$ 113	$ 809	$ 344	$ 967

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Jul. 01, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Solvency Funds of Insurance Captive	$ 1,362	$ 1,670

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jul. 01, 2022	Dec. 31, 2021
Inventory balances
Raw materials and packaging	$ 2,086	$ 2,133
Finished goods	1,239	982
Other	296	299
Total inventories	$ 3,621	$ 3,414

HEDGING TRANSACTIONS AND DERI_3

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivative Instruments Designated and Qualified as Hedging Relationships (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Jul. 01, 2022	Dec. 31, 2021
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	$ 356	$ 461
Derivative instruments, liabilities, fair value	1,058	46
Foreign currency contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	283	151
Foreign currency contracts | Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	73	27
Foreign currency contracts | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	31	15
Foreign currency contracts | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	111	17
Interest Rate Contract | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	0	1
Interest Rate Contract | Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	0	282
Interest Rate Contract | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	$ 916	$ 14

HEDGING TRANSACTIONS AND DERI_4

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Fair Values of Derivative Instruments Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Jul. 01, 2022	Dec. 31, 2021
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	$ 304	$ 196
Derivative instruments, liabilities, fair value	159	50
Foreign currency contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	83	53
Foreign currency contracts | Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	7	0
Foreign currency contracts | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	47	34
Foreign currency contracts | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	12	9
Commodity Contract | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	208	131
Commodity Contract | Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	6	3
Commodity Contract | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	69	6
Commodity Contract | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	23	1
Other derivative instruments | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	0	9
Other derivative instruments | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	$ 8	$ 0

HEDGING TRANSACTIONS AND DERI_5

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges Included in OCI, AOCI and Earnings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	$ 97	$ (40)	$ 180	$ 134
Reclassification adjustments recognized in net income, before tax	36	112	39	76
Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	99	(39)	181	141
Reclassification adjustments recognized in net income, before tax	(36)	(106)	(39)	(70)
Net operating revenues
Fair Value, Derivatives Designated and Not Designated as Hedges
Reclassification adjustments recognized in net income, before tax	(52)		(60)
Net operating revenues | Foreign currency contracts | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	197	7	278	(16)
Reclassification adjustments recognized in net income, before tax	52	(27)	60	(50)
Cost of goods sold
Fair Value, Derivatives Designated and Not Designated as Hedges
Reclassification adjustments recognized in net income, before tax	(2)		(3)
Cost of goods sold | Foreign currency contracts | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	16	(6)	22	(11)
Reclassification adjustments recognized in net income, before tax	2	(2)	3	(3)
Interest expense
Fair Value, Derivatives Designated and Not Designated as Hedges
Reclassification adjustments recognized in net income, before tax	89		2
Interest expense | Foreign currency contracts | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	0	0	0	0
Reclassification adjustments recognized in net income, before tax	(1)	(10)	(2)	(11)
Interest expense | Interest Rate Contract | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period		(11)		110
Reclassification adjustments recognized in net income, before tax		(85)		(90)
Other Income (loss) - net | Foreign currency contracts | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	(114)	(29)	(119)	58
Reclassification adjustments recognized in net income, before tax	$ (89)	$ 18	$ (100)	$ 84

HEDGING TRANSACTIONS AND DERI_6

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Amounts Related to Derivatives Designated as Fair Value Hedges (Details) - Fair Value Hedging - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021	Dec. 31, 2021
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (17)	$ 2	$ (19)	$ 2
Short-term Debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	0		0		$ 200
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	0		0		1
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	0		0		0
Long-term Debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	12,453		12,453		12,353
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	(880)		(880)		255
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	212		212		$ 228
Interest expense
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(17)	2	(19)	2
Interest expense | Interest Rate Contract
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(474)	10	(1,185)	(180)
Interest expense | Fixed-rate debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ 457	$ (8)	$ 1,166	$ 182

HEDGING TRANSACTIONS AND DERI_7

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Amounts Related to Derivatives Designated as Net Investment Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021	Dec. 31, 2021
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) on Net Investment Hedges, before Reclassification and Tax	$ 709	$ (113)	$ 1,058	$ 362
Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	11,752		11,752		$ 12,852
Gains (Losses) on Net Investment Hedges, before Reclassification and Tax	709	(113)	1,058	362
Foreign currency contracts | Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	0		0		40
Gains (Losses) on Net Investment Hedges, before Reclassification and Tax	5	1	(1)	(7)
Foreign currency denominated debt | Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	11,752		11,752		$ 12,812
Gains (Losses) on Net Investment Hedges, before Reclassification and Tax	$ 704	$ (114)	$ 1,059	$ 369

HEDGING TRANSACTIONS AND DERI_8

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Derivatives Not Designated as Hedging Instruments Impact on Earnings (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (145)	$ 174	$ 52	$ 37
Net operating revenues | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	22	1	7	0
Cost of goods sold | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	10	1	23	(7)
Cost of goods sold | Commodity Contract
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(155)	128	5	210
Interest expense | Interest Rate Contract
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net			0	(187)
Selling, general and administrative expenses | Other derivative instruments
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(18)	12	(21)	20
Other Income (loss) - net | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (4)	$ 32	38	4
Other Income (loss) - net | Other derivative instruments
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net			$ 0	$ (3)

HEDGING TRANSACTIONS AND DERI_9

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021	Dec. 31, 2021
Fair Value, Derivatives Designated and Not Designated as Hedges
Maximum Length of Time Hedged in Cash Flow Hedge			3 years
Anticipated gains (losses) cash flows hedges, estimated reclassification to earnings during next twelve months			$ 212
Reclassification adjustments recognized in net income	$ 0	$ (180)	(200)	$ (180)
Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	11,752		11,752		$ 12,852
Reclassification adjustments recognized in net income		$ 4		$ 4
Foreign currency contracts | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	5,927		5,927		7,399
Foreign currency contracts | Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	0		0		40
Cross Currency Swap | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	1,524		1,524		1,994
Commodity Contract | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	36		36		10
Interest Rate Swap | Fair Value Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	13,205		13,205		12,113
Not Designated as Hedging Instrument [Member] | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	4,638		4,638		4,258
Not Designated as Hedging Instrument [Member] | Interest Rate Contract
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount					200
Not Designated as Hedging Instrument [Member] | Commodity Contract
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	$ 679		$ 679		$ 908

DEBT AND BORROWING ARRANGEMEN_2

DEBT AND BORROWING ARRANGEMENTS (Details) - Fixed interest rate debt with a maturity date in 2022 $ in Millions	6 Months Ended
	Jul. 01, 2022 USD ($)
Long-term debt
Extinguishment of Debt, Amount	$ 288
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	8.50%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Mar. 30, 2018	Jul. 01, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2015
IRS Claim
IRS Claim				$ 13,000
Recorded Estimate of Tax Liability	$ 414		$ 414		$ 438
Incremental tax and interest liability	$ 250		$ 500
Increase in Effective Tax Rate	3.50%		3.50%
Potential Aggregate Tax Liability- Brazil	$ 5,000		$ 5,000
Tax Years 2007-2009 [Member]
IRS Claim
IRS Claim						$ 3,300
IRS Notice Income Reallocation						$ 9,000
Transfer Pricing Adjustment		$ 385
IRS Amended Claim		135
IRS Amended Claim Related to Mexico Licensee		$ 138
Guarantees of indebtedness owed by third parties
Guarantees
Guarantees of indebtedness owed by third parties	1,168		1,168
VIEs maximum exposures to loss	80		80
Risk Management Programs
Risk Management Programs
Self-insurance reserves	$ 229		$ 229	$ 229

OTHER COMPREHENSIVE INCOME - AO

OTHER COMPREHENSIVE INCOME - AOCI Attributable to Shareholders (Details) - USD ($) $ in Millions	Jul. 01, 2022	Dec. 31, 2021
AOCI Attributable to the Shareowners of The Coca Cola Company
Accumulated other comprehensive income (loss)	$ (14,801)	$ (14,330)
Shareowners of The Coca-Cola Company
AOCI Attributable to the Shareowners of The Coca Cola Company
Net foreign currency translation adjustments	(13,443)	(12,595)
Accumulated net gains (losses) on derivatives	177	20
Unrealized net gains (losses) on available-for-sale debt securities	(92)	(62)
Adjustments to pension and other postretirement benefit liabilities	1,443	1,693
Accumulated other comprehensive income (loss)	$ (14,801)	$ (14,330)

OTHER COMPREHENSIVE INCOME - To

OTHER COMPREHENSIVE INCOME - Total Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Other comprehensive income:
Net Income Attributable to Shareowners of The Coca-Cola Company	$ 1,905	$ 2,641	$ 4,686	$ 4,886
Net foreign currency translation adjustments	(1,724)	803	(848)	807
Net gains (losses) on derivatives	93	52	157	156
Net change in unrealized gains (losses) on available-for-sale debt securities	5	(1)	(30)	(61)
Net change in pension and other benefit liabilities	165	(20)	250	400
Total Comprehensive Income Attributable to Shareowners of The Coca-Cola Company	444	3,475	4,215	6,188
Net Income (Loss) Attributable to Noncontrolling Interest	(5)	(17)	7	(7)
Net foreign currency translation adjustments attributable to noncontrolling interests			(53)
Net gains (losses) on derivatives attributable to noncontrolling interests			0
Net changes in unrealized gains (losses) on available-for-sale debt securities attributable to noncontrolling interests			0
Net change in pension and other postretirement benefit liabilities attributable to noncontrolling interests			0
Less: Comprehensive income (loss) attributable to noncontrolling interests	(191)	36	(46)	46
Consolidated net income	1,900	2,624	4,693	4,879
Net foreign currency translation adjustments	(1,910)	856	(901)	860
Net gains (losses) on derivatives	93	52	157	156
Net change in unrealized gains (losses) on available-for-sale debt securities	5	(1)	(30)	(61)
Net change in pension and other postretirement benefit liabilities	165	(20)	250	400
Total Comprehensive Income	$ 253	$ 3,511	$ 4,169	$ 6,234

OTHER COMPREHENSIVE INCOME - OC

OTHER COMPREHENSIVE INCOME - OCI Attributable to Shareholders (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Foreign currency translation adjustments:
Translation adjustment arising during the period	$ (950)	$ 517	$ 374	$ 1,141
Reclassification adjustments recognized in net income	0	180	200	180
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	(1,333)	212	(2,003)	(742)
Gains (Losses) on Net Investment Hedges, before Reclassification and Tax	709	(113)	1,058	362
Reclassification adjustments for net investment hedges recognized in net income		4		4
Net foreign currency translation adjustments	(1,574)	800	(371)	945
Derivatives:
Gains (Losses) arising during the period	97	(40)	180	134
Reclassification adjustments recognized in net income, before tax	36	112	39	76
Net gains (losses) on derivatives	133	72	219	210
Available-for-sale securities:
Unrealized gains (losses) arising during the period	2	(11)	(44)	(103)
Reclassification adjustments recognized in net income	1	3	5	6
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, before Tax	3	(8)	(39)	(97)
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	198	(100)	266	353
Reclassification adjustments recognized in net income	28	61	56	162
Net change in pension and other benefit liabilities	226	(39)	322	515
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	(1,212)	825	131	1,573
Foreign currency translation adjustments:
Translation adjustment arising during the period	27	(24)	(213)	(47)
Reclassification adjustments recognized in net income	0	0	0	0
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	0	0	0	0
Gains (losses) on net investment hedges arising during the period	(177)	27	(264)	(91)
Reclassification adjustments for net investment hedges recognized in net income		0		0
Net foreign currency translation adjustments	(150)	3	(477)	(138)
Derivatives:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	(31)	6	(52)	(37)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	(9)	(26)	(10)	(17)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	(40)	(20)	(62)	(54)
Available-for-sales securities:
Unrealized gains (losses) arising during the period	2	7	10	37
Reclassification adjustments recognized in net income	0	0	(1)	(1)
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax	2	7	9	36
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	(54)	34	(58)	(75)
Reclassification adjustments recognized in net income	(7)	(15)	(14)	(40)
Net change in pension and other benefit liabilities	(61)	19	(72)	(115)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	(249)	9	(602)	(271)
Foreign currency translation adjustments:
Translation adjustment arising during the period	(923)	493	161	1,094
Reclassification adjustments recognized in net income	0	180	200	180
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	(1,333)	212	(2,003)	(742)
Gains (losses) on net investments hedges arising during the period	532	(86)	794	271
Reclassification adjustments for net investment hedges recognized in net income		4		4
Net foreign currency translation adjustments	(1,724)	803	(848)	807
Derivatives:
Gains (losses) arising during the period	66	(34)	128	97
Reclassification adjustments recognized in net income	27	86	29	59
Net gains (losses) on derivatives	93	52	157	156
Available-for-sale securities:
Unrealized gains (losses) arising during the period	4	(4)	(34)	(66)
Reclassification adjustments recognized in net income	1	3	4	5
Net change in unrealized gains (losses) on available-for-sale debt securities	5	(1)	(30)	(61)
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	144	(66)	208	278
Reclassification adjustments recognized in net income	21	46	42	122
Net change in pension and other benefit liabilities	165	(20)	250	400
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (1,461)	$ 834	$ (471)	$ 1,302

OTHER COMPREHENSIVE INCOME - Ad

OTHER COMPREHENSIVE INCOME - Adjustment Reclassified to Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	$ 0	$ 180	$ 200	$ 180
Reclassification adjustments recognized in net income, tax	0	0	0	0
Reclassification adjustments recognized in net income	0	180	200	180
Reclassification adjustments recognized in net income, before tax	36	112	39	76
Reclassification adjustments recognized in net income, tax	(9)	(26)	(10)	(17)
Reclassification adjustments recognized in net income	27	86	29	59
Reclassification adjustments recognized in net income, before tax	1	3	5	6
Reclassification adjustments recognized in net income, tax	0	0	(1)	(1)
Reclassification adjustments recognized in net income	1	3	4	5
Reclassification adjustments recognized in net income, before tax	28	61	56	162
Reclassification adjustments recognized in net income, tax	(7)	(15)	(14)	(40)
Reclassification adjustments recognized in net income	21	$ 46	42	$ 122
Other income (loss) — net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	0		200
Reclassification adjustments recognized in net income, before tax	1		100
Reclassification adjustments recognized in net income, before tax	1		5
Recognized net actuarial loss	29		58
Recognized prior service cost (credit)	(1)		(2)
Net operating revenues
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	(52)		(60)
Cost of goods sold
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	(2)		(3)
Interest expense
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	$ 89		$ 2

CHANGES IN EQUITY (Details)

CHANGES IN EQUITY (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021	Apr. 01, 2022	Dec. 31, 2021	Apr. 02, 2021	Dec. 31, 2020
Changes in Equity
Treasury Stock, Shares, Acquired	(10,000)		(18,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 26,841	$ 22,332	$ 24,860	$ 21,284
Comprehensive income (loss)	253	3,511	4,169	6,234
Dividends, Common Stock, Cash	(1,904)	(1,812)	(3,810)	(3,622)
Dividends Paid to Noncontrolling Interests	(7)	(7)	(16)	(25)
Treasury Stock, Value, Acquired, Cost Method	(677)		(1,148)
Impact related to stock compensation plans	297	231	748	365
Other Activities			0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	24,803	24,255	24,803	$ 24,255
Accounting Standards Update [Extensible Enumeration]				Accounting Standards Update 2019-12 [Member]
Cumulative Effect, Period of Adoption, Adjustment
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance				$ 19
Reinvested Earnings
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	69,969	67,009	69,094	66,555
Comprehensive income (loss)	1,905	2,641	4,686	4,886
Dividends, Common Stock, Cash	(1,904)	(1,812)	(3,810)	(3,622)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	69,970	67,838	69,970	67,838
Reinvested Earnings | Cumulative Effect, Period of Adoption, Adjustment
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance				19
AOCI Attributable to Parent
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	(13,340)	(14,133)	(14,330)	(14,601)
Comprehensive income (loss)	(1,461)	834	(471)	1,302
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ (14,801)	$ (13,299)	$ (14,801)	$ (13,299)
Common Stock
Changes in Equity
Common Stock, Shares, Outstanding	4,326,000	4,315,000	4,326,000	4,315,000	4,331,000	4,325,000	4,311,000	4,302,000
Impact related to stock compensation plans, shares	5,000	4,000	19,000	13,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 1,760	$ 1,760	$ 1,760	$ 1,760
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	1,760	1,760	1,760	1,760
Capital Surplus
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	18,388	17,630	18,116	17,601
Impact related to stock compensation plans	193	151	464	180
Other Activities			1
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	18,581	17,781	18,581	17,781
Treasury Stock
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	(51,932)	(51,911)	(51,641)	(52,016)
Treasury Stock, Value, Acquired, Cost Method	(677)		(1,148)
Impact related to stock compensation plans	104	80	284	185
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	(52,505)	(51,831)	(52,505)	(51,831)
Noncontrolling Interests
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	1,996	1,977	1,861	1,985
Comprehensive income (loss)	(191)	36	(46)	46
Dividends Paid to Noncontrolling Interests	(7)	(7)	(16)	(25)
Other Activities			(1)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ 1,798	$ 2,006	$ 1,798	$ 2,006

SIGNIFICANT OPERATING AND NON_2

SIGNIFICANT OPERATING AND NONOPERATING ITEMS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Other Operating Charges
Other operating charges	$ 951	$ 309	$ 979	$ 433
Tax litigation expense		4		13
Other Nonoperating Items
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	35	60	30	23
Equity Method Investment, Other than Temporary Impairment	96		96
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee			(24)
BodyArmor
Other Operating Charges
Gain (loss) related to BodyArmor transaction	(13)		(8)
Corporate
Other Operating Charges
Tax litigation expense		4		13
Other Nonoperating Items
Charges related to debt extinguishment		592		650
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees				(32)
Debt and Equity Securities, Gain (Loss)	(267)	203	(371)	336
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee			(24)
Corporate | BodyArmor
Other Operating Charges
Gain (loss) related to BodyArmor transaction	(15)		(29)
North America Segment
Other Operating Charges
Business Exit Costs			23
North America Segment | BodyArmor
Other Operating Charges
Gain (loss) related to BodyArmor transaction	2		21
North America Segment | Other Operating Income (Expense)
Other Operating Charges
Business Exit Costs	1	7	3	7
Productivity and Reinvestment
Other Operating Charges
Productivity, integration and restructuring initiatives	19	22	29	40
Productivity and Reinvestment | Corporate
Other Operating Charges
Productivity, integration and restructuring initiatives	19	22	29	40
Strategic Realignment | Other Operating Income (Expense)
Other Operating Charges
Productivity, integration and restructuring initiatives		29		122
Charges related to strategic realignment initiatives	1
Strategic Realignment | Other Income (loss) - net
Other Operating Charges
Productivity, integration and restructuring initiatives		29		83
Strategic Realignment | Corporate
Other Operating Charges
Productivity, integration and restructuring initiatives		46		107
Strategic Realignment | North America Segment
Other Operating Charges
Productivity, integration and restructuring initiatives		1		13
fairlife | Corporate
Other Operating Charges
Contingent Consideration Liability	$ 917	247	$ 939	251
CCA
Other Nonoperating Items
Gain (Loss) on Disposition of Business		$ 695		$ 695

RESTRUCTURING (Details)

RESTRUCTURING (Details) - Productivity and Reinvestment - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Productivity, Integration and Restructuring Initiatives Disclosures
Cost incurred	$ 19	$ 22	$ 29	$ 40
Restructuring and related costs incurred to date	$ 4,073		$ 4,073

PENSION AND OTHER POSTRETIREM_3

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Net periodic pension and other Postretirement benefit cost
Contributions to pension plan			$ 19	$ 18
Expected Future Employer Contributions, Next Fiscal Year	$ 7		7
Pension Benefits
Net periodic pension and other Postretirement benefit cost
Service cost	22	$ 25	44	49
Interest cost	51	47	102	91
Expected return on plan assets	(147)	(151)	(296)	(302)
Amortization of prior service cost (credit)	0	0	0	0
Amortization of net actuarial loss	29	33	58	80
Net periodic benefit cost (income)	(45)	(46)	(92)	(82)
Settlement charges	0	29	0	83
Total cost (income)	$ (45)	(17)	$ (92)	1
Weighted-Average Expected Long-term Rate of Return on Plan Assets	7%		7%
Other Benefits
Net periodic pension and other Postretirement benefit cost
Service cost	$ 1	3	$ 3	5
Interest cost	5	3	9	7
Expected return on plan assets	(4)	(5)	(8)	(9)
Amortization of prior service cost (credit)	(1)	0	(2)	(1)
Amortization of net actuarial loss	0	0	0	1
Net periodic benefit cost (income)	1	1	2	3
Settlement charges	0	0	0	0
Total cost (income)	$ 1	$ 1	$ 2	$ 3
Weighted-Average Expected Long-term Rate of Return on Plan Assets	4%		4%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Income Tax Contingency [Line Items]
Income taxes	$ 384	$ 994	$ 1,049	$ 1,502
Effective tax rate (as a percent)	16.80%	27.50%	18.30%	23.50%
U.S. statutory rate (as a percent)	21%	21%	21%	21%
Other Tax Expense (Benefit)		$ 183		$ 176

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jul. 01, 2022	Dec. 31, 2021
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	$ 2,206	$ 2,723
Total debt securities	1,784	1,589
Derivatives, assets	165	198
Total assets	4,155	4,510
Contingent Consideration Liability	1,529	590
Derivatives, liabilities	25	14
Total liabilities	1,554	604
Derivative, Collateral, Obligation to Return Cash		331
Derivative, Collateral, Right to Reclaim Cash	753
Netting Adjustment
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	0	0
Total debt securities	0	0
Derivatives, assets	(495)	(459)
Total assets	(495)	(459)
Contingent Consideration Liability	0	0
Derivatives, liabilities	(1,192)	(82)
Total liabilities	(1,192)	(82)
Level 1
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	1,902	2,372
Total debt securities	0	0
Derivatives, assets	101	69
Total assets	2,003	2,441
Contingent Consideration Liability	0	0
Derivatives, liabilities	27	0
Total liabilities	27	0
Level 2
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	195	230
Total debt securities	1,775	1,556
Derivatives, assets	559	588
Total assets	2,529	2,374
Contingent Consideration Liability	0	0
Derivatives, liabilities	1,190	96
Total liabilities	1,190	96
Level 3
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	17	17
Total debt securities	9	33
Derivatives, assets	0	0
Total assets	26	50
Contingent Consideration Liability	1,529	590
Derivatives, liabilities	0	0
Total liabilities	1,529	590
Fair Value Measured at Net Asset Value Per Share
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	92	104
Total debt securities	0	0
Derivatives, assets	0	0
Total assets	92	104
Contingent Consideration Liability	0	0
Derivatives, liabilities	0	0
Total liabilities	0	0
Prepaid Expenses and Other Current Assets
Assets and liabilities measured at fair value on a recurring basis
Derivatives, assets	79
Other noncurrent assets
Assets and liabilities measured at fair value on a recurring basis
Derivatives, assets	86	198
Other Noncurrent Liabilities
Assets and liabilities measured at fair value on a recurring basis
Derivatives, liabilities	$ 25	$ 14

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 01, 2022	Jul. 01, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Equity Method Investment, Other than Temporary Impairment	$ 96	$ 96
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee		(24)
Long-term debt, including the current portion, carrying amount	37,543	37,543	$ 39,454
Long-term debt, including the current portion, fair value	$ 33,657	$ 33,657	$ 40,311

OPERATING SEGMENTS - Informatio

OPERATING SEGMENTS - Information about Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021	Dec. 31, 2021
Net operating revenues:
Third Party	$ 11,325	$ 10,129	$ 21,816	$ 19,149
Intersegment	0	0	0	0
Net Operating Revenues	11,325	10,129	21,816	19,149
Operating Income (Loss)	2,341	3,016	5,746	5,738
Income (loss) before income taxes	2,284	3,618	5,742	6,381
Identifiable operating assets	74,794	70,778	74,794	70,778	$ 75,938
Noncurrent investments	$ 18,375	$ 19,416	$ 18,375	$ 19,416	$ 18,416
Property, Plant and Equipment, Net Percentage	17%	16%	17%	16%	16%
Property, Plant and Equipment, Net Percentage Philippines	10%	10%	10%	10%	10%
Europe, Middle East & Africa
Net operating revenues:
Third Party	$ 2,018	$ 1,874	$ 3,679	$ 3,336
Intersegment	166	143	338	304
Net Operating Revenues	2,184	2,017	4,017	3,640
Operating Income (Loss)	1,291	1,142	2,298	1,962
Income (loss) before income taxes	1,225	1,169	2,248	1,999
Identifiable operating assets	7,721	8,574	7,721	8,574	$ 7,908
Noncurrent investments	439	478	439	478	436
Latin America Segment
Net operating revenues:
Third Party	1,140	1,067	2,354	1,976
Intersegment	0	0	0	0
Net Operating Revenues	1,140	1,067	2,354	1,976
Operating Income (Loss)	674	678	1,434	1,230
Income (loss) before income taxes	680	681	1,437	1,236
Identifiable operating assets	2,054	1,748	2,054	1,748	1,720
Noncurrent investments	605	630	605	630	594
North America Segment
Net operating revenues:
Third Party	4,029	3,379	7,618	6,315
Intersegment	1	2	2	3
Net Operating Revenues	4,030	3,381	7,620	6,318
Operating Income (Loss)	840	950	1,896	1,742
Income (loss) before income taxes	848	959	1,912	1,775
Identifiable operating assets	26,372	19,646	26,372	19,646	25,730
Noncurrent investments	19	346	19	346	21
Asia Pacific
Net operating revenues:
Third Party	1,343	1,350	2,574	2,582
Intersegment	223	153	403	323
Net Operating Revenues	1,566	1,503	2,977	2,905
Operating Income (Loss)	753	766	1,417	1,452
Income (loss) before income taxes	757	779	1,427	1,474
Identifiable operating assets	2,628	2,252	2,628	2,252	2,355
Noncurrent investments	222	231	222	231	230
Global Ventures
Net operating revenues:
Third Party	695	707	1,424	1,277
Intersegment	0	0	0	0
Net Operating Revenues	695	707	1,424	1,277
Operating Income (Loss)	44	75	95	101
Income (loss) before income taxes	48	78	104	105
Identifiable operating assets	7,210	7,854	7,210	7,854	7,949
Noncurrent investments	0	3	0	3	0
Bottling investments
Net operating revenues:
Third Party	2,077	1,735	4,119	3,629
Intersegment	2	3	4	5
Net Operating Revenues	2,079	1,738	4,123	3,634
Operating Income (Loss)	113	92	306	233
Income (loss) before income taxes	453	422	846	739
Identifiable operating assets	9,881	10,375	9,881	10,375	10,312
Noncurrent investments	12,569	13,382	12,569	13,382	12,669
Corporate
Net operating revenues:
Third Party	23	17	48	34
Intersegment	0	0	0	0
Net Operating Revenues	23	17	48	34
Operating Income (Loss)	(1,374)	(687)	(1,700)	(982)
Income (loss) before income taxes	(1,727)	(470)	(2,232)	(947)
Identifiable operating assets	18,928	20,329	18,928	20,329	19,964
Noncurrent investments	4,521	4,346	4,521	4,346	4,466
Eliminations
Net operating revenues:
Third Party	0	0	0	0
Intersegment	(392)	(301)	(747)	(635)
Net Operating Revenues	(392)	(301)	(747)	(635)
Operating Income (Loss)	0	0	0	0
Income (loss) before income taxes	0	0	0	0
Identifiable operating assets	0	0	0	0	0
Noncurrent investments	$ 0	$ 0	$ 0	$ 0	$ 0

OPERATING SEGMENTS - Narrative

OPERATING SEGMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Segment Reporting Information [Line Items]
Equity Method Investment, Other than Temporary Impairment	$ 96		$ 96
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	35	$ 60	30	$ 23
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee			(24)
Tax litigation expense		4		13
Productivity and Reinvestment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives	19	22	29	40
CCA
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Business		695		695
BodyArmor
Segment Reporting Information [Line Items]
Gain (loss) related to BodyArmor transaction	(13)		(8)
Europe, Middle East & Africa
Segment Reporting Information [Line Items]
Equity Method Investment, Other than Temporary Impairment	96		96
Europe, Middle East & Africa | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		11		61
Latin America Segment | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				11
North America Segment
Segment Reporting Information [Line Items]
Business Exit Costs			23
North America Segment | Operating Income (Loss)
Segment Reporting Information [Line Items]
Business Exit Costs	11	16	22	35
North America Segment | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		1		13
North America Segment | BodyArmor
Segment Reporting Information [Line Items]
Gain (loss) related to BodyArmor transaction	2		21
Asia Pacific | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives				13
Bottling investments
Segment Reporting Information [Line Items]
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	35	60	30	55
Corporate
Segment Reporting Information [Line Items]
Debt and Equity Securities, Gain (Loss)	(267)	203	(371)	336
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees				(32)
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee			(24)
Tax litigation expense		4		13
Charges related to debt extinguishment		592		650
Corporate | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		46		107
Corporate | Strategic Realignment | Operating Income (Loss)
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		17		24
Corporate | Productivity and Reinvestment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives	19	22	29	40
Corporate | fairlife
Segment Reporting Information [Line Items]
Contingent Consideration Liability	917	$ 247	939	$ 251
Corporate | BodyArmor
Segment Reporting Information [Line Items]
Gain (loss) related to BodyArmor transaction	$ (15)		$ (29)