The Coca-Cola Company (KO) 10-K 21 Feb 23 2022 FY Annual report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION Document - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 17, 2023	Jul. 01, 2022
Class of Stock [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-02217
Entity Registrant Name	COCA COLA CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-0628465
Entity Address, Address Line One	One Coca-Cola Plaza
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30313
City Area Code	(404)
Local Phone Number	676-2121
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 276,302,826,050
Entity Common Stock, Shares Outstanding		4,326,691,783
Entity Central Index Key	0000021344
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference	Portions of the Company’s Proxy Statement for the 2023 Annual Meeting of Shareowners are incorporated by reference in Part III.
Common Stock, $0.25 Par Value
Class of Stock [Line Items]
Title of 12(b) Security	Common Stock, $0.25 Par Value
Trading Symbol	KO
Security Exchange Name	NYSE
0.500% Notes Due 2024
Class of Stock [Line Items]
Title of 12(b) Security	0.500% Notes Due 2024
Trading Symbol	KO24
Security Exchange Name	NYSE
1.875% Notes Due 2026
Class of Stock [Line Items]
Title of 12(b) Security	1.875% Notes Due 2026
Trading Symbol	KO26
Security Exchange Name	NYSE
0.750% Notes Due 2026
Class of Stock [Line Items]
Title of 12(b) Security	0.750% Notes Due 2026
Trading Symbol	KO26C
Security Exchange Name	NYSE
1.125% Notes Due 2027
Class of Stock [Line Items]
Title of 12(b) Security	1.125% Notes Due 2027
Trading Symbol	KO27
Security Exchange Name	NYSE
0.125% Notes Due 2029 KO29A
Class of Stock [Line Items]
Title of 12(b) Security	0.125% Notes Due 2029
Trading Symbol	KO29A
Security Exchange Name	NYSE
0.125% Notes Due 2029 KO29B
Class of Stock [Line Items]
Title of 12(b) Security	0.125% Notes Due 2029
Trading Symbol	KO29B
Security Exchange Name	NYSE
0.400% Notes Due 2030
Class of Stock [Line Items]
Title of 12(b) Security	0.400% Notes Due 2030
Trading Symbol	KO30B
Security Exchange Name	NYSE
1.250% Notes Due 2031
Class of Stock [Line Items]
Title of 12(b) Security	1.250% Notes Due 2031
Trading Symbol	KO31
Security Exchange Name	NYSE
0.375% Notes Due 2033
Class of Stock [Line Items]
Title of 12(b) Security	0.375% Notes Due 2033
Trading Symbol	KO33
Security Exchange Name	NYSE
0.500% Notes Due 2033
Class of Stock [Line Items]
Title of 12(b) Security	0.500% Notes Due 2033
Trading Symbol	KO33A
Security Exchange Name	NYSE
1.625% Notes Due 2035
Class of Stock [Line Items]
Title of 12(b) Security	1.625% Notes Due 2035
Trading Symbol	KO35
Security Exchange Name	NYSE
1.100% Notes Due 2036
Class of Stock [Line Items]
Title of 12(b) Security	1.100% Notes Due 2036
Trading Symbol	KO36
Security Exchange Name	NYSE
0.950% Notes Due 2036
Class of Stock [Line Items]
Title of 12(b) Security	0.950% Notes Due 2036
Trading Symbol	KO36A
Security Exchange Name	NYSE
0.800% Notes Due 2040
Class of Stock [Line Items]
Title of 12(b) Security	0.800% Notes Due 2040
Trading Symbol	KO40B
Security Exchange Name	NYSE
1.000% Notes Due 2041
Class of Stock [Line Items]
Title of 12(b) Security	1.000% Notes Due 2041
Trading Symbol	KO41
Security Exchange Name	NYSE

AUDIT INFORMATION

AUDIT INFORMATION	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Atlanta, Georgia
Auditor Firm ID	42

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Operating Revenues	$ 43,004	$ 38,655	$ 33,014
Cost of goods sold	18,000	15,357	13,433
Gross Profit	25,004	23,298	19,581
Selling, general and administrative expenses	12,880	12,144	9,731
Other operating charges	1,215	846	853
Operating Income	10,909	10,308	8,997
Interest income	449	276	370
Interest expense	882	1,597	1,437
Equity income (loss) — net	1,472	1,438	978
Other income (loss) — net	(262)	2,000	841
Income Before Income Taxes	11,686	12,425	9,749
Income taxes	2,115	2,621	1,981
Consolidated Net Income	9,571	9,804	7,768
Net Income (Loss) Attributable to Noncontrolling Interest	29	33	21
Net Income Attributable to Shareowners of The Coca-Cola Company	$ 9,542	$ 9,771	$ 7,747
Basic Net Income Per Share1	$ 2.20	$ 2.26	$ 1.80
Diluted Net Income Per Share1	$ 2.19	$ 2.25	$ 1.79
Average Shares Outstanding — Basic	4,328	4,315	4,295
Effect of dilutive securities	22	25	28
Average Shares Outstanding — Diluted	4,350	4,340	4,323

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Net Income	$ 9,571	$ 9,804	$ 7,768
Other comprehensive income
Net foreign currency translation adjustments	(1,132)	(699)	(911)
Net gains (losses) on derivatives	4	214	15
Net change in unrealized gains (losses) on available-for-sale debt securities	37	(90)	(47)
Net change in pension and other postretirement benefit liabilities	408	712	(267)
Total Comprehensive Income	8,888	9,941	6,558
Less: Comprehensive income (loss) attributable to noncontrolling interests	(89)	(101)	(132)
Total Comprehensive Income Attributable to Shareowners of The Coca-Cola Company	$ 8,977	$ 10,042	$ 6,690

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 9,519	$ 9,684
Short-term investments	1,043	1,242
Total Cash, Cash Equivalents and Short-Term Investments	10,562	10,926
Marketable securities	1,069	1,699
Trade accounts receivable, less allowances of $516 and $516, respectively	3,487	3,512
Inventories	4,233	3,414
Prepaid expenses and other current assets	3,240	2,994
Total Current Assets	22,591	22,545
Equity method investments	18,264	17,598
Other investments	501	818
Other noncurrent assets	6,189	6,731
Deferred income tax assets	1,746	2,129
Property, plant and equipment — net	9,841	9,920
Trademarks with indefinite lives	14,214	14,465
Goodwill	18,782	19,363
Other intangible assets	635	785
Total Assets	92,763	94,354
CURRENT LIABILITIES
Accounts payable and accrued expenses	15,749	14,619
Loans and notes payable	2,373	3,307
Current maturities of long-term debt	399	1,338
Accrued income taxes	1,203	686
Total Current Liabilities	19,724	19,950
Long-term debt	36,377	38,116
Other noncurrent liabilities	7,922	8,607
Deferred income tax liabilities	2,914	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	18,822	18,116
Reinvested earnings	71,019	69,094
Accumulated other comprehensive income (loss)	(14,895)	(14,330)
Treasury stock, at cost — 2,712 and 2,715 shares, respectively	(52,601)	(51,641)
Equity Attributable to Shareowners of The Coca-Cola Company	24,105	22,999
Equity attributable to noncontrolling interests	1,721	1,861
Total Equity	25,826	24,860
Total Liabilities and Equity	$ 92,763	$ 94,354

CONSOLIDATED BALANCE SHEETS BAL

CONSOLIDATED BALANCE SHEETS BALANCE SHEET PARENTHETICAL - USD ($) shares in Millions, $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 516	$ 516
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	2,712	2,715

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
Consolidated Net Income	$ 9,571	$ 9,804	$ 7,768
Depreciation and amortization	1,260	1,452	1,536
Stock-based compensation expense	356	337	126
Deferred income taxes	(122)	894	(18)
Equity (income) loss — net of dividends	(838)	(615)	(511)
Foreign currency adjustments	203	86	(88)
Significant (gains) losses — net	(129)	(1,365)	(914)
Other operating charges	1,086	506	556
Other items	236	201	699
Net change in operating assets and liabilities	(605)	1,325	690
Net Cash Provided by Operating Activities	11,018	12,625	9,844
INVESTING ACTIVITIES
Purchases of investments	(3,751)	(6,030)	(13,583)
Proceeds from disposals of investments	4,771	7,059	13,835
Acquisitions of businesses, equity method investments and nonmarketable securities	(73)	(4,766)	(1,052)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities	458	2,180	189
Purchases of property, plant and equipment	(1,484)	(1,367)	(1,177)
Proceeds from disposals of property, plant and equipment	75	108	189
Collateral (paid) received associated with hedging activities — net	(1,465)	0	0
Other investing activities	706	51	122
Net Cash Provided by (Used in) Investing Activities	(763)	(2,765)	(1,477)
FINANCING ACTIVITIES
Issuances of debt	3,972	13,094	26,934
Payments of debt	(4,930)	(12,866)	(28,796)
Issuances of stock	837	702	647
Purchases of stock for treasury	(1,418)	(111)	(118)
Dividends	(7,616)	(7,252)	(7,047)
Other financing activities	(1,095)	(353)	310
Net Cash Provided by (Used in) Financing Activities	(10,250)	(6,786)	(8,070)
CASH AND CASH EQUIVALENTS
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	(205)	(159)	76
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the year	(200)	2,915	373
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	10,025	7,110	6,737
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year	9,825	10,025	7,110
Restricted Cash and Restricted Cash Equivalents	306	341	315
Cash and cash equivalents	$ 9,519	$ 9,684	$ 6,795

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREOWNERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Total Equity Attributable To Shareowners Of The Coca-Cola Company	COMMON STOCK	CAPITAL SURPLUS	Reinvested Earnings	Reinvested Earnings Cumulative Effect, Period of Adoption, Adjustment	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	TREASURY STOCK	Equity Attributable To Noncontrolling Interests
Balance at beginning of year (in shares) at Dec. 31, 2019			4,280
Increase (Decrease) in Stockholders' Equity
Treasury stock issued to employees related to stock-based compensation plans			22
Purchases of stock for treasury			0
Balance at end of year (in shares) at Dec. 31, 2020			4,302
Balance at beginning of year at Dec. 31, 2019				$ 17,154	$ 65,855		$ (13,544)	$ (52,244)	$ 2,117
Increase (Decrease) in Stockholders' Equity
Stock issued to employees related to stock compensation plans				307				228
Stock-based compensation expense				141
Other activities				(1)
Net Income Attributable to Shareowners of The Coca-Cola Company	$ 7,747				7,747
Dividends (per share — $1.76, $1.68 and $1.64 in 2022, 2021 and 2020, respectively)					(7,047)
Net other comprehensive income (loss)							(1,057)
Purchases of treasury stock								0
Net income attributable to noncontrolling interests	21								21
Net foreign currency translation adjustments	(911)								(153)
Dividends paid to noncontrolling interests									(18)
Contributions by noncontrolling interests									17
Balance at end of year at Dec. 31, 2020				17,601	66,555	$ 0	(14,601)	(52,016)	1,985
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Other									1
Common Stock			$ 1,760
Stockholders' Equity Attributable to Parent		$ 19,299
Treasury stock issued to employees related to stock-based compensation plans			23
Purchases of stock for treasury			0
Balance at end of year (in shares) at Dec. 31, 2021			4,325
Increase (Decrease) in Stockholders' Equity
Stock issued to employees related to stock compensation plans				216				375
Stock-based compensation expense				299
Other activities				0
Net Income Attributable to Shareowners of The Coca-Cola Company	9,771				9,771
Dividends (per share — $1.76, $1.68 and $1.64 in 2022, 2021 and 2020, respectively)					(7,251)
Net other comprehensive income (loss)							271
Purchases of treasury stock								0
Net income attributable to noncontrolling interests	33								33
Net foreign currency translation adjustments	(699)								(132)
Dividends paid to noncontrolling interests									(43)
Contributions by noncontrolling interests									20
Balance at end of year at Dec. 31, 2021	24,860			18,116	69,094	19	(14,330)	(51,641)	1,861
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Other									(2)
Common Stock	1,760		$ 1,760
Stockholders' Equity Attributable to Parent	22,999	22,999
Treasury stock issued to employees related to stock-based compensation plans			24
Purchases of stock for treasury			(21)
Balance at end of year (in shares) at Dec. 31, 2022			4,328
Increase (Decrease) in Stockholders' Equity
Stock issued to employees related to stock compensation plans				373				376
Stock-based compensation expense				332
Other activities				1
Net Income Attributable to Shareowners of The Coca-Cola Company	9,542				9,542
Dividends (per share — $1.76, $1.68 and $1.64 in 2022, 2021 and 2020, respectively)					(7,617)
Net other comprehensive income (loss)							(565)
Purchases of treasury stock								(1,336)
Net income attributable to noncontrolling interests	29								29
Net foreign currency translation adjustments	(1,132)								(118)
Dividends paid to noncontrolling interests									(51)
Contributions by noncontrolling interests									0
Net change in pension and other postretirement benefit liabilities	0
Balance at end of year at Dec. 31, 2022	25,826			$ 18,822	$ 71,019	$ 0	$ (14,895)	$ (52,601)	1,721
Increase (Decrease) in Stockholders' Equity
Stockholders' Equity, Other									$ 0
Common Stock	1,760		$ 1,760
Stockholders' Equity Attributable to Parent	$ 24,105	$ 24,105

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREOWNERS' EQUITY SHAREOWNERS' EQUITY PARENTHETICAL - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 1.76	$ 1.68	$ 1.64

BUSINESS AND SUMMARY OF SIGNIFI

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES When used in these notes, the terms “The Coca-Cola Company,” “Company,” “we,” “us” and “our” mean The Coca-Cola Company and all entities included in our consolidated financial statements. Description of Business The Coca-Cola Company is a total beverage company. We own or license and market numerous beverage brands, which we group into the following categories: Trademark Coca-Cola; sparkling flavors; water, sports, coffee and tea; juice, value-added dairy and plant-based beverages; and emerging beverages. We own and market five of the world’s top six nonalcoholic sparkling soft drink brands: Coca-Cola, Sprite, Fanta, Coca-Cola Zero Sugar and Diet Coke/Coca-Cola Light. Finished beverage products bearing our trademarks, sold in the United States since 1886, are now sold in more than 200 countries and territories. We make our branded beverage products available to consumers throughout the world through our network of independent bottling partners, distributors, wholesalers and retailers as well as the Company’s consolidated bottling and distribution operations. Beverages bearing trademarks owned by or licensed to us account for 2.2 billion of the estimated 64 billion servings of all beverages consumed worldwide every day. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements and accompanying notes. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result. Principles of Consolidation Our Company consolidates all entities that we control by ownership of a majority voting interest. Additionally, there are situations in which consolidation is required even though the usual condition of consolidation (i.e., ownership of a majority voting interest) does not apply. Generally, this occurs when an entity holds an interest in another business enterprise that was achieved through arrangements that do not involve voting interests, which results in a disproportionate relationship between such entity’s voting interests in, and its exposure to the economic risks and potential rewards of, the other business enterprise. This disproportionate relationship results in what is known as a variable interest, and the entity in which we have the variable interest is referred to as a “VIE.” An enterprise must consolidate a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Our Company holds interests in certain VIEs, primarily bottling operations, for which we were not determined to be the primary beneficiary. Our variable interests in these VIEs primarily relate to equity investments, profit guarantees or subordinated financial support. Refer to Note 11. Although these financial arrangements resulted in our holding variable interests in these entities, they did not empower us to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance. Our Company’s investments, plus any loans and guarantees, and other subordinated financial support related to these VIEs totaled $1,626 million and $1,980 million as of December 31, 2022 and 2021, respectively, representing our maximum exposures to loss. The Company’s investments, plus any loans and guarantees, related to these VIEs were not individually significant to the Company’s consolidated financial statements. In addition, our Company holds interests in certain VIEs, primarily bottling operations, for which we were determined to be the primary beneficiary. As a result, we have consolidated these entities. Our Company’s investments, plus any loans and guarantees, related to these VIEs totaled $109 million and $103 million as of December 31, 2022 and 2021, respectively, representing our maximum exposures to loss. The assets and liabilities of VIEs for which we are the primary beneficiary were not significant to the Company’s consolidated financial statements. Creditors of our VIEs do not have recourse against the general credit of the Company, regardless of whether they are accounted for as consolidated entities. We use the equity method to account for investments in companies if our investment provides us with the ability to exercise significant influence over operating and financial policies of the investee. Our consolidated net income includes our Company’s proportionate share of the net income or loss of these companies. Our judgment regarding the level of influence over each equity method investee includes considering key factors, such as our ownership interest, representation on the board of directors, participation in policy-making decisions, other commercial arrangements and material intercompany transactions. We eliminate from our financial results all significant intercompany transactions, including the intercompany transactions with consolidated VIEs and the intercompany portion of transactions with equity method investees. Revenue Recognition Our Company recognizes revenue when performance obligations under the terms of the contracts with our customers are satisfied. Our performance obligation generally consists of the promise to sell concentrates, syrups or finished products to our bottling partners, wholesalers, distributors or retailers. Refer to Note 3. Advertising Costs Our Company expenses production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred. Advertising costs included in the line item selling, general and administrative expenses in our consolidated statements of income were $4 billion, $4 billion and $3 billion in 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, advertising and production costs of $35 million and $57 million, respectively, were primarily recorded in the line item prepaid expenses and other current assets in our consolidated balance sheets. Shipping and Handling Costs Shipping and handling costs related to the movement of goods from our manufacturing locations to our sales distribution centers are included in the line item cost of goods sold in our consolidated statement of income. Shipping and handling costs incurred to move goods from our manufacturing locations or sales distribution centers to our customers are also included in the line item cost of goods sold in our consolidated statement of income, except for costs incurred to distribute goods sold by our consolidated bottlers to our customers, which are included in the line item selling, general and administrative expenses in our consolidated statement of income. Our customers generally do not pay us separately for shipping and handling costs. We recognize the cost of shipping and handling activities that are performed after a customer obtains control of the goods as costs to fulfill our promise to provide goods to the customer. As a result of this election, the Company does not evaluate whether shipping and handling activities are services promised to customers. If revenue is recognized for the related goods before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued. Sales, Use, Value-Added and Excise Taxes The Company collects taxes imposed directly on its customers related to sales, use, value-added, excise and other similar taxes. The Company then remits such taxes on behalf of its customers to the applicable governmental authorities. We exclude from net operating revenues the tax amounts imposed on revenue-producing transactions that were collected from our customers to be remitted to governmental authorities. Accordingly, such tax amounts are recorded in the line item trade accounts receivable in our consolidated balance sheet when collection of taxes from the customer has not yet occurred and are recorded in the line item accounts payable and accrued expenses in our consolidated balance sheet until they are remitted to the applicable governmental authorities. Taxes imposed directly on the Company, whether based on receipts from sales, inventory procurement costs or manufacturing activities, are recorded in the line item cost of goods sold in our consolidated statement of income. Net Income Per Share Basic net income per share is computed by dividing net income attributable to shareowners of The Coca-Cola Company by the weighted-average number of common shares outstanding during the reporting period. Diluted net income per share is computed similarly to basic net income per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. We excluded 8 million, 6 million and 6 million stock options from the computation of diluted net income per share in 2022, 2021 and 2020, respectively, because the stock options would have been antidilutive. 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 in our consolidated balance sheet. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk. The following table provides a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in our consolidated statements of cash flows (in millions): December 31, 2022 2021 2020 Cash and cash equivalents $ 9,519 $ 9,684 $ 6,795 Restricted cash and restricted cash equivalents 1,2 306 341 315 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,825 $ 10,025 $ 7,110 1 Amounts include cash and cash equivalents in our solvency capital portfolio, which are included in the line item other noncurrent assets in our consolidated balance sheets. Refer to Note 4. 2 Amounts as of December 31, 2022 and 2021 include cash and cash equivalents related to assets held for sale, which are included in the line item prepaid expenses and other current assets in our consolidated balance sheets. Refer to Note 2. Short-Term Investments We classify time deposits and other investments that have maturities of greater than three months but less than one year as short-term investments. Investments in Equity and Debt Securities We measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value with the change in fair value included in net income. We use quoted market prices to determine the fair value of equity securities with readily determinable fair values. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Management assesses each of these investments on an individual basis. Our investments in debt securities are carried at either amortized cost or fair value. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Refer to Note 4 for additional information on our policy for investments, which includes our assessment of impairments. Trade Accounts Receivable We record trade accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any expected loss on the trade accounts receivable balances and charged to the provision for doubtful accounts. We calculate this allowance based on available relevant information, in addition to historical loss information, the level of past-due accounts based on the contractual terms of the receivables, and our relationships with, and the economic status of, our bottling partners and customers. We believe our exposure to concentrations of credit risk is limited due to the diverse geographic areas covered by our operations. The Company has a trade accounts receivable factoring program in certain countries. Under this program, we can elect to sell trade accounts receivables to unaffiliated financial institutions at a discount. In these factoring arrangements, for ease of administration, the Company collects customer payments related to the factored receivables and remits those payments to the financial institutions. The Company sold $10,709 million and $6,266 million of trade accounts receivables under this program during the years ended December 31, 2022 and 2021, respectively. The costs of factoring such receivables were $27 million and $5 million for the years ended December 31, 2022 and 2021, respectively. The Company accounts for this program as a sale, and accordingly, the trade receivables sold are excluded from the line item trade accounts receivable in our consolidated balance sheet. The cash received from the financial institutions is classified within the operating activities section in our consolidated statement of cash flows. Inventories Inventories consist primarily of raw materials and packaging (which include ingredients and supplies) and finished goods (which include concentrates and syrups in our concentrate operations and finished beverages in our finished product operations). Inventories are valued at the lower of cost or net realizable value. We determine cost on the basis of the average cost or first-in, first-out methods. Inventories consisted of the following (in millions): December 31, 2022 2021 Raw materials and packaging $ 2,627 $ 2,133 Finished goods 1,247 982 Other 359 299 Total inventories $ 4,233 $ 3,414 Derivative Instruments When deemed appropriate, our Company uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments are foreign currency exchange rate risk, commodity price risk and interest rate risk. All derivatives are carried at fair value in our consolidated balance sheet in the following line items, as applicable: prepaid expenses and other current assets; other noncurrent assets; accounts payable and accrued expenses; and other noncurrent liabilities. The cash flow impact of the Company’s derivative instruments is primarily included in our consolidated statement of cash flows in net cash provided by operating activities. Refer to Note 5. Leases We determine if a contract contains a lease at its inception based on whether or not the Company has the right to control the asset during the contract period and other facts and circumstances. We are the lessee in a lease contract when we obtain the right to control the asset. Operating lease right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and are included in the line item other noncurrent assets in our consolidated balance sheet. Operating lease liabilities represent our obligation to make lease payments arising from the lease and are included in the line items accounts payable and accrued expenses and other noncurrent liabilities in our consolidated balance sheet. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. When determining the lease term, we include renewal or termination options that we are reasonably certain to exercise. Leases with a lease term of 12 months or less at inception are not recorded in our consolidated balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term in our consolidated statement of income. As most of our leases do not provide an implicit interest rate, we use our local incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. When our contracts contain lease and non-lease components, we account for both components as a single lease component. Refer to Note 9. We have various contracts for certain fountain equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material. Property, Plant and Equipment Property, plant and equipment are stated at cost. Repair and maintenance costs that do not improve service potential or extend economic life are expensed as incurred. Depreciation is recorded principally by the straight-line method over the estimated useful lives of our assets, which are reviewed periodically and generally have the following ranges: buildings and improvements: 40 years or less; and machinery and equipment: 20 years or less. Land is not depreciated, and construction in progress is not depreciated until ready for service. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term, including renewal options that we are reasonably certain to exercise, or the estimated useful life of the improvement. Depreciation is not recorded during the period in which a long-lived asset or disposal group is classified as held for sale, even if the asset or disposal group continues to generate revenue during the period. Depreciation expense, including the depreciation expense of assets under finance leases, totaled $1,125 million, $1,262 million and $1,301 million in 2022, 2021 and 2020, respectively. Amortization expense for leasehold improvements totaled $13 million, $15 million and $18 million in 2022, 2021 and 2020, respectively. The following table summarizes our property, plant and equipment (in millions): December 31, 2022 2021 Land $ 611 $ 652 Buildings and improvements 4,434 4,349 Machinery and equipment 14,030 13,861 Property, plant and equipment — cost 19,075 18,862 Less: Accumulated depreciation 9,234 8,942 Property, plant and equipment — net $ 9,841 $ 9,920 Certain events or changes in circumstances may indicate that the recoverability of the carrying amount of property, plant and equipment should be assessed, including, among others, a significant decrease in market value, a significant change in the business climate in a particular market, or a current period operating or cash flow loss combined with historical losses or projected future losses. When such events or changes in circumstances are present and a recoverability test is performed, we estimate the future cash flows expected to result from the use of the asset or asset group and its eventual disposition. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment charge. The impairment charge recognized is the amount by which the carrying amount of the asset or asset group exceeds the fair value. We use a variety of methodologies to determine the fair value of property, plant and equipment, including appraisals and discounted cash flow models. These appraisals and models include assumptions we believe are consistent with those a market participant would use. Goodwill, Trademarks and Other Intangible Assets We classify intangible assets into three categories: (1) intangible assets with definite lives subject to amortization; (2) intangible assets with indefinite lives not subject to amortization; and (3) goodwill. We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, the Company’s long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized, primarily on a straight-line basis, over their useful lives, which is less than 20 years. Refer to Note 7. When events or circumstances indicate that the carrying value of definite-lived intangible assets may not be recoverable, management performs a recoverability test of the carrying value by preparing estimates of sales volume and the resulting profit and cash flows expected to result from the use of the asset or asset group and its eventual disposition. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment charge. The impairment charge recognized is the amount by which the carrying amount of the asset or asset group exceeds the fair value. We use a variety of methodologies to determine the fair value of these assets, including discounted cash flow models, which include assumptions we believe are consistent with those a market participant would use. We test intangible assets determined to have indefinite useful lives, including trademarks, franchise rights and goodwill, for impairment annually, or more frequently if events or circumstances indicate that assets might be impaired. Our Company performs these annual impairment tests as of the first day of our third fiscal quarter. We use a variety of methodologies in conducting impairment tests of indefinite-lived intangible assets, including, but not limited to, discounted cash flow models, which include assumptions we believe are consistent with those a market participant would use. For indefinite-lived intangible assets, other than goodwill, if the carrying amount exceeds the fair value, an impairment charge is recognized in an amount equal to that excess. The Company has the option to perform a qualitative assessment of indefinite-lived intangible assets, other than goodwill, rather than completing the impairment test. The Company must assess whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount. If the Company concludes that this is the case, it must perform the impairment testing described above. Otherwise, the Company does not need to perform any further assessment. We perform impairment tests of goodwill at our reporting unit level, which is generally one level below our operating segments. Our operating segments are primarily based on geographic responsibility, which is consistent with the way management runs our business. Our geographic operating segments are generally subdivided into smaller geographic regions. These geographic regions are our reporting units. Our Global Ventures operating segment includes the results of our Costa Limited (“Costa”), innocent and doğadan businesses, as well as fees earned pursuant to distribution coordination agreements between the Company and Monster Beverage Corporation (“Monster”), each of which is its own reporting unit. The Bottling Investments operating segment includes all of our consolidated bottling operations, regardless of geographic location. Generally, each consolidated bottling operation within our Bottling Investments operating segment is its own reporting unit. Goodwill is assigned to the reporting unit or units that benefit from the synergies arising from each business combination. In order to test for goodwill impairment, the Company compares the fair value of the reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is less than its carrying amount, goodwill is written down for the amount by which the carrying amount exceeds the fair value. However, the impairment charge recognized cannot exceed the carrying amount of goodwill. We typically use discounted cash flow models to determine the fair value of a reporting unit. The assumptions used in these models are consistent with those we believe a market participant would use. The Company has the option to perform a qualitative assessment of goodwill in order to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company concludes that this is the case, it must perform the impairment testing discussed above. Otherwise, the Company does not need to perform any further assessment. Impairment charges related to intangible assets, including goodwill, are generally recorded in the line item other operating charges or, to the extent they relate to equity method investees, in the line item equity income (loss) — net in our consolidated statement of income. Contingencies Our Company is involved in various legal proceedings and tax matters. Due to their nature, such legal proceedings and tax matters involve inherent uncertainties, including, but not limited to, court rulings, negotiations between affected parties and governmental actions. Management assesses the probability of loss for such contingencies and accrues a liability and/or discloses the relevant circumstances, as appropriate. Refer to Note 11. Stock-Based Compensation Our Company grants long-term equity awards under its stock-based compensation plans to certain employees of the Company. These awards include stock options, performance share units, restricted stock and restricted stock units. The fair value of stock option awards is estimated using a Black-Scholes-Merton option-pricing model. The Company recognizes compensation expense on a straight-line basis over the vesting period, which is generally four years. The fair value of restricted stock, restricted stock units and certain performance share units is the closing market price per share of the Company’s stock on the grant date less the present value of the expected dividends not received during the vesting period. The Company included a relative total shareowner return (“TSR”) modifier for most performance share unit awards granted from 2014 through 2017 as well as for performance share unit awards granted to executives from 2018 through 2022. For these awards, the number of performance share units earned based on the certified achievement of the predefined performance criteria will be reduced or increased if the Company’s total shareowner return over the performance period relative to a predefined compensation comparator group of companies falls outside of a predefined range. The fair value of performance share units that include a TSR modifier is determined using a Monte Carlo valuation model. In the reporting period it becomes probable that the minimum performance threshold specified in the performance share unit award will be achieved, we recognize compensation expense for the proportionate share of the total fair value of the performance share units related to the vesting period that has already lapsed for the performance share units expected to vest. The remaining fair value of the performance share units expected to vest is expensed on a straight-line basis over the remainder of the vesting period. In the event the Company determines it is no longer probable that the minimum performance threshold specified in the award will be achieved, we reverse all of the previously recognized compensation expense in the reporting period such a determination is made. The Company has made a policy election to estimate the number of stock-based compensation awards that will ultimately vest to determine the amount of compensation expense recognized each reporting period. Forfeiture estimates are trued-up at the end of the vesting period in order to ensure that compensation expense is recognized only for those awards that ultimately vest. Refer to Note 12. Income Taxes Income tax expense includes U.S., state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the book basis and the tax basis of assets and liabilities. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The Company is involved in various tax matters, with respect to some of which the outcome is uncertain. We establish reserves to remove some or all of the tax benefit of any of our tax positions at the time we determine that it becomes uncertain based upon one of the following conditions: (1) the tax position is not “more likely than not” to be sustained; (2) the tax position is “more likely than not” to be sustained, but for a lesser amount; or (3) the tax position is “more likely than not” to be sustained, but not in the financial period in which the tax position was originally taken. For purposes of evaluating whether or not a tax position is uncertain, (1) we presume the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information; (2) the technical merits of a tax position are derived from authorities such as legislation and statutes, legislative intent, regulations, rulings and caselaw and their applicability to the facts and circumstances of the tax position; and (3) each tax position is evaluated without consideration of the possibility of offset or aggregation with other tax positions taken. A number of years may elapse before a particular uncertain tax position is audited and finally resolved or when a tax assessment is raised. The number of years subject to tax assessments varies depending on the tax jurisdiction. The tax benefit that has been previously reserved because of a failure to meet the “more likely than not” recognition threshold would be recognized in income tax expense in the first interim period when the uncertainty disappears under any one of the following conditions: (1) the tax position is “more likely than not” to be sustained; (2) the tax position, amount and/or timing is ultimately settled through negotiation or litigation; or (3) the statute of limitations for the tax position has expired. Refer to Note 11 and Note 14. Translation and Remeasurement We translate the assets and liabilities of our foreign subsidiaries from their respective functional currencies to U.S. dollars at the appropriate spot rates as of the balance sheet date. Generally, our foreign subsidiaries use the local currency as their functional currency. Changes in the carrying values of these assets and liabilities attributable to fluctuations in spot rates are recognized in net foreign currency translation adjustments, a component of accumulated other comprehensive income (loss) (“AOCI”). Refer to Note 15. Accounts in our consolidated statement of income are translated using the monthly average exchange rates during the year. Monetary assets and liabilities denominated in a currency that is different from a reporting entity’s functional currency must be remeasured from the applicable currency to the reporting entity’s fu

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Acquisitions During 2022, our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $73 million. During 2021, our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $4,766 million, which primarily related to the acquisition of the remaining ownership interest in BA Sports Nutrition, LLC (“BodyArmor”). During 2020, our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $1,052 million, which primarily related to the acquisition of the remaining ownership interest in fairlife, LLC (“fairlife”). BA Sports Nutrition, LLC In November 2021, the Company acquired the remaining 85 percent ownership interest in, and now owns 100 percent of, BodyArmor, which offers a line of sports performance and hydration beverages in the United States. We acquired the remaining ownership interest in exchange for approximately $5,600 million of cash, of which $4,745 million was paid at close, net of cash acquired. The purchase price reflected the contractual discount included in the purchase option we obtained with our initial investment in 2018. The remaining $860 million of the purchase price was held back related to indemnification obligations, of which $540 million was included in the line item accounts payable and accrued expenses and $320 million was included in the line item other noncurrent liabilities in our consolidated balance sheet as of December 31, 2021. As of December 31, 2022, $549 million of the $860 million had been paid and $311 million remained in the line item accounts payable and accrued expenses in our consolidated balance sheet. Upon consolidation, we recognized a gain of $834 million resulting from the remeasurement of our previously held equity interest in BodyArmor to fair value. The fair value of our previously held equity interest was determined using a discounted cash flow model based on Level 3 inputs, as defined in Note 16. The gain was recorded in the line item other income (loss) — net in our consolidated statement of income. Upon finalization of purchase accounting, $4.2 billion of the purchase price was allocated to the BodyArmor trademark and $2.2 billion was allocated to goodwill, of which $1.2 billion is tax deductible. The goodwill recognized as part of this acquisition is primarily related to the synergistic value created from leveraging the capabilities, assets and scale of the Company and the opportunity for international expansion. It also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce. Of the total amount allocated to goodwill, $1.9 billion has been assigned to the North America operating segment and $0.3 billion has been assigned to our other geographic operating segments. fairlife, LLC In January 2020, the Company acquired the remaining 57.5 percent ownership interest in, and now owns 100 percent of, fairlife. fairlife offers a broad portfolio of products in the value-added dairy category across North America. Upon consolidation, we recognized a gain of $902 million resulting from the remeasurement of our previously held equity interest in fairlife to fair value. The fair value of our previously held equity interest was determined using a discounted cash flow model based on Level 3 inputs, as defined in Note 16. The gain was recorded in the line item other income (loss) — net in our consolidated statement of income. We acquired the remaining ownership interest in exchange for $979 million of cash, net of cash acquired, and effectively settled our $306 million note receivable from fairlife at the recorded amount. Under the terms of the agreement, we are subject to making future milestone payments which are contingent on fairlife achieving certain financial targets through 2024 and, if achieved, are payable in 2021, 2023 and 2025. These milestone payments are based on agreed-upon formulas related to fairlife’s operating results, the resulting values of which are not subject to a ceiling. Under the applicable accounting guidance, we recorded a $270 million liability representing our best estimate of the fair value of this contingent consideration as of the acquisition date. The fair value of this contingent consideration was determined using a Monte Carlo valuation model based on Level 3 inputs, including management’s latest estimates of future operating results. We are required to remeasure this liability to fair value quarterly, with any changes in the fair value recorded in income until the final milestone payment is made. Upon finalization of purchase accounting, $1.3 billion of the purchase price was allocated to the fairlife trademark and $0.8 billion was allocated to goodwill. The goodwill recognized as part of this acquisition is primarily related to synergistic value created from the opportunity for additional expansion. It also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce. The goodwill is not tax deductible and has been assigned to the North America operating segment. During the years ended December 31, 2022, 2021 and 2020, we recorded charges of $1,000 million, $369 million and $51 million, respectively. These charges related to the remeasurement of the contingent consideration liability to fair value and were recorded in the line item other operating charges in our consolidated statements of income. During the year ended December 31, 2021, we made the first milestone payment of $100 million based on fairlife meeting its financial targets in 2020. Divestitures During 2022, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $458 million, which primarily related to the refranchising of our bottling operations in Cambodia. We received net cash proceeds of $228 million and recognized a net gain of $153 million as a result of the refranchising. Also included was the sale of our ownership interest in one of our equity method investees, for which we received cash proceeds of $123 million and recognized a net gain of $13 million. During 2021, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $2,180 million, which primarily related to the sale of our ownership interest in Coca-Cola Amatil Limited (“CCA”), an equity method investee, to Coca-Cola Europacific Partners plc (“CCEP”), also an equity method investee. We received cash proceeds of $1,738 million and recognized a net gain of $695 million as a result of the sale and the related reversal of cumulative translation adjustments. Also included were the sale of our ownership interest in an equity method investee and the sale of a portion of our ownership interest in another equity method investee. We received cash proceeds of $293 million and recognized a net gain of $114 million as a result of these sales. During 2020, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $189 million, which primarily related to the sale of our ownership interest in Piedmont Coca-Cola Bottling Partnership to Coca-Cola Consolidated, Inc., an equity method investee. We received cash proceeds of $100 million and recognized a net loss of $2 million as a result of this sale. Also included were the sale of our ownership interest in an equity method investee and the sale of a portion of our ownership interest in another equity method investee. We received cash proceeds of $62 million and recognized a net gain of $35 million as a result of these sales. All of the gains and losses discussed above were recorded in the line item other income (loss) — net in our consolidated statements of income. Assets and Liabilities Held for Sale As of December 31, 2021, the Company’s bottling operations in Vietnam and Cambodia 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 refranchised its bottling operations in Cambodia in November 2022. In December 2022, the Company received cash proceeds of $823 million in advance of refranchising its bottling operations in Vietnam. This advance was included in the line item accounts payable and accrued expenses in our consolidated balance sheet as of December 31, 2022, and was included in the line item other investing activities in our consolidated statement of cash flows for the year ended December 31, 2022. The Company refranchised its bottling operations in Vietnam in January 2023. 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): December 31, 2022 2021 Cash, cash equivalents and short-term investments $ 229 $ 228 Trade accounts receivable, less allowances 12 21 Inventories 50 55 Prepaid expenses and other current assets 43 36 Other noncurrent assets 29 9 Deferred income tax assets 8 6 Property, plant and equipment — net 197 282 Goodwill 34 37 Assets held for sale $ 602 $ 674 Accounts payable and accrued expenses $ 154 $ 139 Accrued income taxes 3 4 Other noncurrent liabilities 3 9 Deferred income tax liabilities — 5 Liabilities held for sale $ 160 $ 157

NET OPERATING REVENUES

NET OPERATING REVENUES	12 Months Ended
	Dec. 31, 2022
Revenue Recognition [Abstract]
Revenue Recognition	NET OPERATING REVENUES Our Company markets, manufactures and sells: • beverage concentrates, sometimes referred to as “beverage bases,” and syrups, including fountain syrups (we refer to this part of our business as our “concentrate operations”); and • finished sparkling soft drinks and other beverages (we refer to this part of our business as our “finished product operations”). Generally, finished product operations generate higher net operating revenues but lower gross profit margins than concentrate operations. Our concentrate operations typically generate net operating revenues by selling concentrates, syrups and certain finished beverages to authorized bottling operations (to which we typically refer as our “bottlers” or our “bottling partners”). Our bottling partners either combine concentrates with still or sparkling water and sweeteners (depending on the product), or combine syrups with still or sparkling water, to produce finished beverages. The finished beverages are packaged in authorized containers, such as cans and refillable and nonrefillable glass and plastic bottles, bearing our trademarks or trademarks licensed to us and are then sold to retailers directly or, in some cases, through wholesalers or other bottlers. In addition, outside the United States, our bottling partners are typically authorized to manufacture fountain syrups, using our concentrates, which they sell to fountain retailers for use in producing beverages for immediate consumption, or to authorized fountain wholesalers who in turn sell and distribute the fountain syrups to fountain retailers. Our concentrate operations are included in our geographic operating segments and our Global Ventures operating segment. Our finished product operations generate net operating revenues by selling sparkling soft drinks and a variety of other finished beverages to retailers, or to distributors and wholesalers who in turn sell the beverages to retailers. These operations consist primarily of our consolidated bottling and distribution operations, which are included in our Bottling Investments operating segment. In certain markets, the Company also operates non-bottling finished product operations in which we sell finished beverages to distributors and wholesalers that are generally not one of the Company’s bottling partners. These operations are generally included in one of our geographic operating segments or our Global Ventures operating segment. Additionally, we sell directly to consumers through retail stores operated by Costa. These sales are included in our Global Ventures operating segment. In the United States, we manufacture fountain syrups and sell them to fountain retailers, who use the fountain syrups to produce beverages for immediate consumption, or to authorized fountain wholesalers or bottling partners who in turn sell the fountain syrups to fountain retailers. These fountain syrup sales are included in our North America operating segment. Revenue is recognized when performance obligations under the terms of the contracts with our customers are satisfied. Our performance obligation generally consists of the promise to sell concentrates, syrups or finished products to our bottling partners, wholesalers, distributors or retailers. Control of the concentrates, syrups or finished products is transferred upon shipment to, or receipt at, our customers’ locations, as determined by the specific terms of the contract. Upon transfer of control to the customer, which completes our performance obligation, revenue is recognized. Our sales terms generally do not allow for a right of return except for matters related to any manufacturing defects on our part. After completion of our performance obligation, we have an unconditional right to consideration as outlined in the contract. Our receivables will generally be collected in less than six months, in accordance with the underlying payment terms. All of our performance obligations under the terms of contracts with our customers have an original duration of one year or less. Our customers and bottling partners may be entitled to cash discounts, funds for promotional and marketing activities, volume-based incentive programs, support for infrastructure programs and other similar programs. In most markets, in an effort to allow our Company and our bottling partners to grow together through shared value, aligned financial objectives and the flexibility necessary to meet consumers’ always changing needs and tastes, we have implemented an incidence-based concentrate pricing model. Under this model, the price we charge bottlers for concentrates they use to prepare and package finished products is impacted by a number of factors, including, but not limited to, the prices charged by the bottlers for such finished products, the channels in which they are sold, and package mix. The amounts associated with the arrangements described above represent variable consideration, an estimate of which is included in the transaction price as a component of net operating revenues in our consolidated statement of income upon completion of our performance obligations. The total revenue recorded, including any variable consideration, cannot exceed the amount for which it is probable that a significant reversal will not occur when uncertainties related to variability are resolved. As a result, we are recognizing revenue based on our faithful depiction of the consideration that we expect to receive. In making our estimates of variable consideration, we consider past results and make significant assumptions related to: (1) customer sales volumes; (2) customer ending inventories; (3) customer selling price per unit; (4) selling channels; and (5) discount rates, rebates and other pricing allowances, as applicable. In gathering data to estimate our variable consideration, we generally calculate our estimates using a portfolio approach at the country and product line level rather than at the individual contract level. The result of making these estimates will impact the line items trade accounts receivable or accounts payable and accrued expenses in our consolidated balance sheet, as applicable. The actual amounts ultimately paid and/or received may be different from our estimates. The change in the amount of variable consideration recognized during the year ended December 31, 2022 related to performance obligations satisfied in prior periods was immaterial. The following table presents net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Year Ended December 31, 2022 Concentrate operations $ 7,702 $ 16,369 $ 24,071 Finished product operations 7,711 11,222 18,933 Total $ 15,413 $ 27,591 $ 43,004 Year Ended December 31, 2021 Concentrate operations $ 6,551 $ 15,248 $ 21,799 Finished product operations 6,459 10,397 16,856 Total $ 13,010 $ 25,645 $ 38,655 Year Ended December 31, 2020 Concentrate operations $ 5,443 $ 13,139 $ 18,582 Finished product operations 5,838 8,594 14,432 Total $ 11,281 $ 21,733 $ 33,014 Refer to Note 19 for additional revenue disclosures by operating segment and Corporate.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS We measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value with the change in fair value included in net income. We use quoted market prices to determine the fair values of equity securities with readily determinable fair values. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Management assesses each of these investments on an individual basis. Our investments in debt securities are carried at either amortized cost or fair value. The cost basis is determined by the specific identification method. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on trading debt securities as well as realized gains and losses on available-for-sale debt securities are included in net income. Unrealized gains and losses, net of tax, on available-for-sale debt securities are included in our consolidated balance sheet as a component of AOCI, except for the changes in fair values attributable to the currency risk being hedged, if applicable, which are included in net income. Refer to Note 5 for additional information related to the Company’s fair value hedges of available-for-sale debt securities. Equity securities with readily determinable fair values that are not accounted for under the equity method and debt securities classified as trading are not assessed for impairment, since they are carried at fair value with the change in fair value included in net income. Equity method investments, equity securities without readily determinable fair values and debt securities classified as available-for-sale or held-to-maturity are reviewed each reporting period to determine whether a significant event or change in circumstances has occurred that may have an adverse effect on the fair value of each investment. When such events or changes occur, we evaluate the fair value compared to our cost basis in the investment. We also perform this evaluation every reporting period for each investment for which our cost basis has exceeded the fair value. The fair values of most of our Company’s investments in publicly traded companies are often readily available based on quoted market prices. For investments in nonpublicly traded companies, management’s assessment of fair value is based on various valuation methodologies, including discounted cash flows, estimates of sales proceeds, and appraisals, as appropriate. We consider the assumptions that we believe a market participant would use in evaluating estimated future cash flows when employing the discounted cash flow or estimates of sales proceeds valuation methodologies. The ability to accurately predict future cash flows, especially in emerging and developing markets, may impact the determination of fair value. In the event the fair value of an investment declines below our cost basis, management is required to determine if the decline in fair value is other than temporary. If management determines the decline is other than temporary, an impairment charge is recorded. Management’s assessment as to the nature of a decline in fair value is based on, among other things, the length of time and the extent to which the market value has been less than our cost basis; the financial condition and near-term prospects of the issuer; and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value. Equity Securities The carrying values of our equity securities were included in the following line items in our consolidated balance sheets (in millions): Fair Value with Changes Recognized in Income Measurement Alternative — December 31, 2022 Marketable securities $ 308 $ — Other investments 459 42 Other noncurrent assets 1,303 — Total equity securities $ 2,070 $ 42 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 year related to equity securities still held at the end of the year is as follows (in millions): Year Ended December 31, 2022 2021 Net gains (losses) recognized during the year related to equity securities $ (236) $ 509 Less: Net gains (losses) recognized during the year related to equity securities sold during the year 7 71 Net unrealized gains (losses) recognized during the year related to equity securities still held at $ (243) $ 438 Debt Securities Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Fair Value Cost Gains Losses December 31, 2022 Trading securities $ 43 $ — $ (4) $ 39 Available-for-sale securities 979 26 (61) 944 Total debt securities $ 1,022 $ 26 $ (65) $ 983 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): December 31, 2022 December 31, 2021 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Marketable securities $ 39 $ 722 $ 40 $ 1,283 Other noncurrent assets — 222 — 266 Total debt securities $ 39 $ 944 $ 40 $ 1,549 The contractual maturities of these available-for-sale debt securities as of December 31, 2022 were as follows (in millions): Cost Estimated Within 1 year $ 146 $ 145 After 1 year through 5 years 621 598 After 5 years through 10 years 38 49 After 10 years 174 152 Total $ 979 $ 944 The Company expects that actual maturities may differ from the contractual maturities above because borrowers have the right to call or prepay certain obligations. The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Year Ended December 31, 2022 2021 2020 Gross gains $ 5 $ 6 $ 20 Gross losses (136) (10) (13) Proceeds 1,498 1,197 1,559 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 $1,378 million and $1,670 million as of December 31, 2022 and 2021, respectively, which were classified in the line item other noncurrent assets in our consolidated balance sheets because the assets were not available to satisfy our current obligations.

HEDGING TRANSACTIONS AND DERIVA

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS	HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as “market risks.” When deemed appropriate, our Company uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative and non-derivative financial instruments are foreign currency exchange rate risk, commodity price risk and interest rate risk. The Company uses various types of derivative instruments, including, but not limited to, forward contracts, commodity futures contracts, option contracts, collars and swaps. Forward contracts and commodity futures contracts are agreements to buy or sell a quantity of a currency or commodity at a predetermined future date and at a predetermined rate or price. An option contract is an agreement that conveys the purchaser the right, but not the obligation, to buy or sell a quantity of a currency or commodity at a predetermined rate or price during a period or at a time in the future. A collar is a strategy that uses a combination of options to limit the range of possible positive or negative returns on an underlying asset or liability to a specific range, or to protect expected future cash flows. To do this, an investor simultaneously buys a put option and sells (writes) a call option, or alternatively buys a call option and sells (writes) a put option. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. We do not enter into derivative financial instruments for trading purposes. The Company may also designate certain non-derivative instruments, such as our foreign currency denominated third-party debt, in hedging relationships. All derivative instruments are carried at fair value in our consolidated balance sheet, primarily in the following line items, as applicable: prepaid expenses and other current assets; other noncurrent assets; accounts payable and accrued expenses; and other noncurrent liabilities. The carrying values of the derivatives reflect the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. These master netting agreements allow the Company to net settle positive and negative positions (assets and liabilities) arising from different transactions with the same counterparty. The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationships. Derivatives can be designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The changes in the fair values of derivatives that have been designated and qualify for fair value hedge accounting are recorded in the same line item in our consolidated statement of income as the changes in the fair values of the hedged items attributable to the risk being hedged. The changes in the fair values of derivatives that have been designated and qualify as cash flow hedges or hedges of net investments in foreign operations are recorded in AOCI and are reclassified into the line item in our consolidated statement of income in which the hedged items are recorded in the same period the hedged items affect earnings. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures being hedged, fluctuations in the values of the derivative instruments are generally offset by changes in the fair values or cash flows of the underlying exposures being hedged. The changes in the fair values of derivatives that were not designated and/or did not qualify as hedging instruments are immediately recognized in earnings. For derivatives that will be accounted for as hedging instruments, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, the Company formally assesses, both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. The Company determines the fair values of its derivatives based on quoted market prices or pricing models using current market rates. Refer to Note 16. The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates, commodity rates or other financial indices. The Company does not view the fair values of its derivatives in isolation but rather in relation to the fair values or cash flows of the underlying hedged transactions or other exposures. Virtually all of our derivatives are straightforward over-the-counter instruments with liquid markets. The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions): Fair Value 1,2 Derivatives Designated as Hedging Instruments Balance Sheet Location 1 December 31, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 126 $ 151 Foreign currency contracts Other noncurrent assets 13 27 Interest rate contracts Prepaid expenses and other current assets — 1 Interest rate contracts Other noncurrent assets — 282 Total assets $ 139 $ 461 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 54 $ 15 Foreign currency contracts Other noncurrent liabilities 108 17 Commodity contracts Accounts payable and accrued expenses 2 — Interest rate contracts Other noncurrent liabilities 1,676 14 Total liabilities $ 1,840 $ 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 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value. The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions): Fair Value 1,2 Derivatives Not Designated as Hedging Instruments Balance Sheet Location 1 December 31, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 46 $ 53 Foreign currency contracts Other noncurrent assets 22 — Commodity contracts Prepaid expenses and other current assets 34 131 Commodity contracts Other noncurrent assets — 3 Other derivative instruments Prepaid expenses and other current assets — 9 Total assets $ 102 $ 196 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 87 $ 34 Foreign currency contracts Other noncurrent liabilities 1 9 Commodity contracts Accounts payable and accrued expenses 35 6 Commodity contracts Other noncurrent liabilities — 1 Other derivative instruments Accounts payable and accrued expenses 3 — Total liabilities $ 126 $ 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 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value. Credit Risk Associated with Derivatives We have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. We monitor counterparty exposures regularly and review any downgrade in credit rating immediately. If a downgrade in the credit rating of a counterparty were to occur, we have provisions requiring collateral for substantially all of our transactions. To mitigate presettlement risk, minimum credit standards become more stringent as the duration of the derivative financial instrument increases. In addition, the Company’s master netting agreements reduce credit risk by permitting the Company to net settle for transactions with the same counterparty. To minimize the concentration of credit risk, we enter into derivative transactions with a portfolio of financial institutions. Furthermore, for certain derivative financial instruments, the Company has agreements with counterparties that require collateral to be exchanged based on changes in the fair value of the instruments. The Company classifies collateral payments and receipts as investing cash flows when the collateral account is in an asset position and as financing cash flows when the collateral account is in a liability position. As a result of these factors, we consider the risk of counterparty default to be minimal. Cash Flow Hedging Strategy The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates, commodity prices or interest rates. The changes in the fair values of derivatives designated as cash flow hedges are recorded in AOCI and are reclassified into the line item in our consolidated statement of income in which the hedged items are recorded in the same period the hedged items affect earnings. The changes in fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. The maximum length of time for which the Company hedges its exposure to the variability in future cash flows is typically three years. The Company maintains a foreign currency cash flow hedging program to reduce the risk that our U.S. dollar net cash inflows from sales outside the United States and U.S. dollar net cash outflows from procurement activities will be adversely affected by fluctuations in foreign currency exchange rates. We enter into forward contracts and purchase foreign currency options and collars (principally euro, British pound sterling and Japanese yen) to hedge certain portions of forecasted cash flows denominated in foreign currencies. When the U.S. dollar strengthens against the foreign currencies, the decline in the present value of future foreign currency cash flows is partially offset by gains in the fair value of the derivative instruments. Conversely, when the U.S. dollar weakens, the increase in the present value of future foreign currency cash flows is partially offset by losses in the fair value of the derivative instruments. The total notional values of derivatives that were designated and qualified for the Company’s foreign currency cash flow hedging program were $5,510 million and $7,399 million as of December 31, 2022 and 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 fluctuations in exchange rates. The changes in fair values of the cross-currency swap derivatives are recorded in AOCI with an immediate reclassification into earnings for the changes in fair values attributable to fluctuations in foreign currency exchange rates. The total notional values of derivatives that were designated as cash flow hedges for the Company’s foreign currency denominated assets and liabilities were $958 million and $1,994 million as of December 31, 2022 and 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 $35 million and $10 million as of December 31, 2022 and 2021, respectively. Our Company monitors our mix of short-term debt and long-term debt regularly. From time to time, we manage our risk to interest rate fluctuations through the use of derivative financial instruments. The Company has entered into interest rate swap agreements and has designated these instruments as part of the Company’s interest rate cash flow hedging program. The objective of this hedging program is to mitigate the risk of adverse changes in benchmark interest rates on the Company’s future interest payments. There were no interest rate swap agreements that were designated and qualified for the Company’s interest rate cash flow hedging program as of December 31, 2022 and 2021. The following table presents the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions): Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) 2022 Foreign currency contracts $ 205 Net operating revenues $ 218 Foreign currency contracts 17 Cost of goods sold 28 Foreign currency contracts — Interest expense (4) Foreign currency contracts (91) Other income (loss) — net (79) Commodity contracts (4) Cost of goods sold (2) Total $ 127 $ 161 2021 Foreign currency contracts $ 36 Net operating revenues $ (77) Foreign currency contracts (2) Cost of goods sold (10) Foreign currency contracts — Interest expense (13) Foreign currency contracts 19 Other income (loss) — net 74 Interest rate contracts 110 Interest expense (90) Commodity contracts (1) Cost of goods sold — Total $ 162 $ (116) 2020 Foreign currency contracts $ (93) Net operating revenues $ (73) Foreign currency contracts 4 Cost of goods sold 9 Foreign currency contracts — Interest expense (16) Foreign currency contracts 37 Other income (loss) — net 60 Interest rate contracts 15 Interest expense (54) Commodity contracts 2 Cost of goods sold — Total $ (35) $ (74) As of December 31, 2022, the Company estimates that it will reclassify into earnings during the next 12 months net gains of $56 million from the pretax amount recorded in AOCI as the anticipated cash flows occur. Fair Value Hedging Strategy The Company uses interest rate swap agreements designated as fair value hedges to minimize exposure to changes in the fair value of fixed-rate debt that result from fluctuations in benchmark interest rates. The Company also uses cross-currency interest rate swaps to hedge the changes in the fair value of foreign currency denominated debt relating to fluctuations in foreign currency exchange rates and benchmark interest rates. The changes in fair values of derivatives designated as fair value hedges and the offsetting changes in fair values of the hedged items are recognized in earnings. As a result, any difference is reflected in earnings as ineffectiveness. When a derivative is no longer designated as a fair value hedge for any reason, including termination and maturity, the remaining unamortized difference between the carrying value of the hedged item at that time and the face value of the hedged item is amortized to earnings over the remaining life of the hedged item, or immediately if the hedged item has matured or has been extinguished. The total notional values of derivatives that were designated and qualified as fair value hedges of this type were $13,425 million and $12,113 million as of December 31, 2022 and 2021, respectively. The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) 2022 Interest rate contracts Interest expense $ (1,944) Fixed-rate debt Interest expense 1,927 Net impact of fair value hedging instruments $ (17) 2021 Interest rate contracts Interest expense $ (67) Fixed-rate debt Interest expense 66 Net impact of fair value hedging instruments $ (1) 2020 Interest rate contracts Interest expense $ 275 Fixed-rate debt Interest expense (274) Net impact to interest expense $ 1 Foreign currency contracts Other income (loss) — net $ (4) Available-for-sale securities Other income (loss) — net 5 Net impact to other income (loss) — net $ 1 Net impact of fair value hedging instruments $ 2 The following table summarizes the amounts recorded in our consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Cumulative Amount of Fair Value Hedging Adjustments 1 Carrying Values of Included in the Carrying Values of Hedged Items Remaining for Which Hedge Accounting Has Been Discontinued Balance Sheet Location of Hedged Items December 31, December 31, December 31, December 31, December 31, December 31, Current maturities of long-term debt $ — $ 200 $ — $ 1 $ — $ — Long-term debt 11,900 12,353 (1,664) 255 195 228 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 December 31, Year Ended December 31, 2022 2021 2022 2021 2020 Foreign currency contracts $ — $ 40 $ (10) $ (10) $ (5) Foreign currency denominated debt 12,061 12,812 751 928 (1,089) Total $ 12,061 $ 12,852 $ 741 $ 918 $ (1,094) The Company reclassified a loss of $4 million related to net investment hedges from AOCI into earnings during the year ended December 31, 2021. The Company did not reclassify any gains or losses related to net investment hedges from AOCI into earnings during the years ended December 31, 2022 and 2020. In addition, the Company did not have any ineffectiveness related to net investment hedges during the years ended December 31, 2022, 2021 and 2020. The cash inflows and outflows associated with the Company’s derivative contracts designated as net investment hedges are classified in the line item other investing activities in our consolidated statement of cash flows. Economic (Non-Designated) Hedging Strategy In addition to derivative instruments that were designated and qualified 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 $4,902 million and $4,258 million as of December 31, 2022 and 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. There were no interest rate contracts used as economic hedges as of December 31, 2022. 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 $336 million and $908 million as of December 31, 2022 and 2021, respectively. The following table presents the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Year Ended December 31, 2022 2021 2020 Foreign currency contracts Net operating revenues $ (55) $ 6 $ 58 Foreign currency contracts Cost of goods sold 46 (10) 6 Foreign currency contracts Other income (loss) — net 57 (84) (13) Commodity contracts Cost of goods sold (40) 171 54 Interest rate contracts Interest expense — (187) 6 Other derivative instruments Selling, general and administrative expenses (21) 34 21 Other derivative instruments Other income (loss) — net — (3) (55) Total $ (13) $ (73) $ 77

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS Our consolidated net income includes our Company’s proportionate share of the net income or loss of our equity method investees. When we record our proportionate share of net income, it increases equity income (loss) — net in our consolidated statement of income and our carrying value of that investment. Conversely, when we record our proportionate share of a net loss, it decreases equity income (loss) — net in our consolidated statement of income and our carrying value of that investment. The Company’s proportionate share of the net income or loss of our equity method investees includes significant operating and nonoperating items recorded by our equity method investees. These items can have a significant impact on the amount of equity income (loss) — net in our consolidated statement of income and our carrying value of those investments. Refer to Note 17 for additional information related to significant operating and nonoperating items recorded by our equity method investees. The carrying values of our equity method investments are also impacted by our proportionate share of items impacting the equity method investees’ AOCI. We eliminate from our financial results all significant intercompany transactions to the extent of our ownership interest, including the intercompany portion of transactions with equity method investees. The Company’s equity method investments include, but are not limited to, our ownership interests in CCEP; Monster; AC Bebidas, S. de R.L. de C.V.; Coca-Cola FEMSA, S.A.B. de C.V.; Coca-Cola HBC AG; and Coca-Cola Bottlers Japan Holdings Inc. (“CCBJHI”). As of December 31, 2022, we owned 19 percent, 20 percent, 20 percent, 28 percent, 21 percent and 19 percent, respectively, of these companies’ outstanding shares. As of December 31, 2022, our investments in our equity method investees in the aggregate exceeded our proportionate share of the net assets of these equity method investees by $7,822 million. This difference is not amortized. A summary of financial information for our equity method investees in the aggregate is as follows (in millions): Year Ended December 31, 1 2022 2021 2020 Net operating revenues $ 85,116 $ 79,934 $ 69,384 Cost of goods sold 52,051 47,847 41,139 Gross profit $ 33,065 $ 32,087 $ 28,245 Operating income $ 9,719 $ 9,089 $ 7,056 Consolidated net income $ 6,373 $ 6,050 $ 4,176 Less: Net income attributable to noncontrolling interests 102 91 54 Net income attributable to common shareowners $ 6,271 $ 5,959 $ 4,122 Company equity income (loss) — net $ 1,472 $ 1,438 $ 978 1 The financial information represents the results of the equity method investees during the Company’s period of ownership. December 31, 2022 2021 Current assets $ 32,722 $ 30,992 Noncurrent assets 70,523 72,064 Total assets $ 103,245 $ 103,056 Current liabilities $ 23,580 $ 21,362 Noncurrent liabilities 34,740 37,353 Total liabilities $ 58,320 $ 58,715 Equity attributable to shareowners of investees $ 43,917 $ 43,422 Equity attributable to noncontrolling interests 1,008 919 Total equity $ 44,925 $ 44,341 Company equity method investments $ 18,264 $ 17,598 Net sales to equity method investees, the majority of which are located outside the United States, were $16,084 million, $14,471 million and $13,041 million in 2022, 2021 and 2020, respectively. Total payments, primarily related to marketing, made to equity method investees were $396 million, $516 million and $547 million in 2022, 2021 and 2020, respectively. The increase in net sales to equity method investees in 2022 was primarily due to the continued recovery from the COVID-19 pandemic. In addition, purchases of beverage products from equity method investees were $505 million, $496 million and $452 million in 2022, 2021 and 2020, respectively. The following table presents the difference between calculated fair value, based on quoted closing prices of publicly traded shares, and our Company’s carrying value in investments in publicly traded companies accounted for under the equity method (in millions): December 31, 2022 Fair Value Carrying Value Difference Monster Beverage Corporation $ 10,368 $ 4,514 $ 5,854 Coca-Cola Europacific Partners plc 4,865 3,643 1,222 Coca-Cola FEMSA, S.A.B. de C.V. 3,952 1,729 2,223 Coca-Cola HBC AG 1,868 1,119 749 Coca-Cola Consolidated, Inc. 1,272 339 933 Coca-Cola Bottlers Japan Holdings Inc. 1 369 398 (29) Coca-Cola İçecek A.Ş. 559 207 352 Embotelladora Andina S.A. 134 97 37 Total $ 23,387 $ 12,046 $ 11,341 1 The carrying value of our investment in CCBJHI exceeded its fair value as of December 31, 2022 by $29 million. Based on the length of time and the extent to which the fair value has been less than our carrying value and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value, management determined that the decline in fair value was temporary in nature. Therefore, we did not record an impairment charge related to the investment. Net Receivables and Dividends from Equity Method Investees Total net receivables due from equity method investees were $1,191 million and $882 million as of December 31, 2022 and 2021, respectively. The total amount of dividends received from equity method investees was $634 million, $823 million and $467 million for the years ended December 31, 2022, 2021 and 2020, respectively. The amount of consolidated reinvested earnings that represents undistributed earnings of investments accounted for under the equity method as of December 31, 2022 was $7,030 million.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS Indefinite-Lived Intangible Assets The following table presents the carrying values of indefinite-lived intangible assets included in our consolidated balance sheets (in millions): December 31, 2022 2021 Trademarks $ 14,214 $ 14,465 Goodwill 18,782 19,363 Other 175 211 Indefinite-lived intangible assets $ 33,171 $ 34,039 The following table provides information related to the carrying value of our goodwill by operating segment (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Total 2021 Balance at beginning of year $ 1,308 $ 164 $ 8,792 $ 201 $ 2,892 $ 4,149 $ 17,506 Effect of foreign currency translation (83) (8) — (6) 46 (285) (336) Acquisitions 1 55 44 1,886 227 45 — 2,257 Impairments — — — — — (7) (7) Divestitures, deconsolidations and other 2 — — (13) — (7) (37) (57) Balance at end of year $ 1,280 $ 200 $ 10,665 $ 422 $ 2,976 $ 3,820 $ 19,363 2022 Balance at beginning of year $ 1,280 $ 200 $ 10,665 $ 422 $ 2,976 $ 3,820 $ 19,363 Effect of foreign currency translation (83) 3 — (12) (272) (239) (603) Acquisitions — — — — — 4 4 Purchase accounting adjustments — — 12 2 9 — 23 Divestitures, deconsolidations — — — — (5) — (5) Balance at end of year $ 1,197 $ 203 $ 10,677 $ 412 $ 2,708 $ 3,585 $ 18,782 1 For information related to the Company’s acquisitions, refer to Note 2. 2 The decrease in the Bottling Investments operating segment was a result of the Company’s bottling operations in Vietnam and Cambodia being classified as held for sale. Refer to Note 2. Definite-Lived Intangible Assets The following table provides information related to definite-lived intangible assets (in millions): December 31, 2022 December 31, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Gross Carrying Accumulated Amortization Net Carrying Customer relationships $ 354 $ (109) $ 245 $ 336 $ (86) $ 250 Trademarks 147 (84) 63 189 (87) 102 Other 206 (54) 152 273 (51) 222 Total $ 707 $ (247) $ 460 $ 798 $ (224) $ 574 Total amortization expense for intangible assets subject to amortization was $120 million, $165 million and $203 million in 2022, 2021 and 2020, respectively. Based on the carrying value of definite-lived intangible assets as of December 31, 2022, we estimate our amortization expense for the next five years will be as follows (in millions): Amortization 2023 $ 89 2024 65 2025 57 2026 45 2027 44

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2022
Accounts Payable and Accrued Liabilities [Abstract]
ACCOUNTS PAYABLES AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following (in millions): December 31, 2022 2021 Accounts payable $ 5,307 $ 4,602 Accrued marketing expenses 2,778 2,830 Accrued compensation 1,087 1,051 Variable consideration payable 934 1,118 Other accrued expenses 1 5,643 5,018 Accounts payable and accrued expenses $ 15,749 $ 14,619

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	LEASES We have operating leases primarily for real estate, manufacturing and other equipment, aircraft, and vehicles. Balance sheet information related to operating leases is as follows (in millions): December 31, 2022 2021 Operating lease ROU assets 1 $ 1,406 $ 1,418 Current portion of operating lease liabilities 2 $ 341 $ 310 Noncurrent portion of operating lease liabilities 3 1,113 1,161 Total operating lease liabilities $ 1,454 $ 1,471 1 Operating lease ROU assets are included in the line item other noncurrent assets in our consolidated balance sheets. 2 The current portion of operating lease liabilities is included in the line item accounts payable and accrued expenses in our consolidated balance sheets. 3 The noncurrent portion of operating lease liabilities is included in the line item other noncurrent liabilities in our consolidated balance sheets. We had operating lease costs of $397 million and $342 million for the years ended December 31, 2022 and 2021, respectively. During 2022 and 2021, cash paid for amounts included in the measurement of operating lease liabilities was $400 million and $352 million, respectively. Operating lease ROU assets obtained in exchange for operating lease obligations were $337 million and $194 million for the years ended December 31, 2022 and 2021, respectively. Information associated with the measurement of our operating lease obligations as of December 31, 2022 is as follows: Weighted-average remaining lease term 8 years Weighted-average discount rate 2.9 % Our leases have remaining lease terms of 1 year to 42 years, inclusive of renewal or termination options that we are reasonably certain to exercise. The following table summarizes the maturities of our operating lease liabilities as of December 31, 2022 (in millions): Maturities of Operating Lease Liabilities 2023 $ 372 2024 300 2025 230 2026 171 2027 116 Thereafter 425 Total operating lease payments 1,614 Less: Imputed interest 160 Total operating lease liabilities $ 1,454

DEBT AND BORROWING ARRANGEMENTS

DEBT AND BORROWING ARRANGEMENTS	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT AND BORROWING ARRANGEMENTS	DEBT AND BORROWING ARRANGEMENTS Short-Term Borrowings Loans and notes payable consist primarily of commercial paper issued in the United States. As of December 31, 2022 and 2021, we had $2,146 million and $2,462 million, respectively, in outstanding commercial paper borrowings. Our weighted-average interest rates for commercial paper outstanding were 4.2 percent and 0.1 percent as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, the Company also had $227 million and $845 million, respectively, in lines of credit, short-term credit facilities and other short-term borrowings that were related to our international operations. In addition, we had $5,712 million in unused lines of credit and other short-term credit facilities as of December 31, 2022, of which $4,375 million was in corporate backup lines of credit for general purposes. These backup lines of credit expire at various times from 2023 through 2028. There were no borrowings under these corporate backup lines of credit during 2022. These credit facilities are subject to normal banking terms and conditions. Some of the financial arrangements require compensating balances, none of which was significant to our Company. Long-Term Debt During 2022, the Company retired upon maturity fixed interest rate Swiss franc notes and U.S. dollar debentures of SFr550 million and $410 million, respectively, with interest rates ranging from 0.260 percent to 8.500 percent. During 2022, our bottling operations in Africa refinanced a portion of its short-term borrowings and issued new long-term debt. This resulted in borrowings of $1,368 million at a weighted-average interest rate of 5.210 percent as of December 31, 2022. During 2021, the Company issued fixed interest rate U.S. dollar notes and euro notes of $5,950 million and €3,150 million, respectively, with maturity dates ranging from 2028 to 2051 and interest rates ranging from 0.125 percent to 3.000 percent. The carrying value of these notes as of December 31, 2021 was $9,410 million. During 2021, the Company retired upon maturity variable interest rate euro notes of €371 million with an interest rate equal to the three-month Euro Interbank Offered Rate (“EURIBOR”) plus 0.200 percent. During 2021, the Company also extinguished prior to maturity fixed interest rate U.S. dollar notes and euro notes of $6,500 million and €2,430 million, respectively, with maturity dates ranging from 2023 to 2026 and interest rates ranging from 0.750 percent to 3.200 percent. These extinguishments resulted in associated charges of $559 million recorded in the line item interest expense in our consolidated statement of income. These charges included the difference between the reacquisition price and the net carrying value of the notes extinguished, including the impact of the related fair value hedging relationships. We also incurred charges of $91 million as a result of the reclassification of related cash flow hedging balances from AOCI into income. During 2020, the Company issued fixed interest rate U.S. dollar notes and euro notes of $15,600 million and €2,600 million, respectively, with maturity dates ranging from 2025 to 2060 and interest rates ranging from 0.125 percent to 4.200 percent. The carrying value of these notes as of December 31, 2020 was $17,616 million. During 2020, the Company retired upon maturity fixed interest rate Australian dollar notes and U.S. dollar notes of AUD450 million and $3,750 million, respectively, with interest rates ranging from 1.875 percent to 3.150 percent. Additionally, the Company retired upon maturity U.S. dollar zero coupon notes of $171 million. During 2020, the Company also extinguished prior to maturity fixed interest rate U.S. dollar notes and euro notes of $3,815 million and €2,300 million, respectively, with maturity dates ranging from 2021 to 2050 and interest rates ranging from 0.000 percent to 4.200 percent. Additionally, the Company extinguished prior to maturity variable interest rate euro notes of €379 million with a maturity date in 2021 and an interest rate equal to the three-month EURIBOR plus 0.200 percent. These extinguishments resulted in associated charges of $459 million recorded in the line item interest expense in our consolidated statement of income. These charges included the difference between the reacquisition price and the net carrying value of the notes extinguished, including the impact of the related fair value hedging relationships. We also incurred charges of $25 million as a result of the reclassification of related cash flow hedging balances from AOCI into income. The Company’s long-term debt consisted of the following (in millions except average rate data): December 31, 2022 December 31, 2021 Amount Average Rate 1 Amount Average Rate 1 Fixed interest rate long-term debt: U.S. dollar notes due 2024-2093 $ 21,966 2.5 % $ 21,953 2.2 % U.S. dollar debentures due 2023-2098 891 4.7 1,316 5.2 Australian dollar notes due 2024 374 2.7 398 2.5 Euro notes due 2024-2041 12,485 0.7 13,249 0.4 Swiss franc notes due 2022-2028 623 3.2 1,234 2.3 Other, due through 2098 2,3 1,906 6.7 821 6.0 Fair value adjustments 4 (1,469) N/A 483 N/A Total 5,6 36,776 2.3 % 39,454 1.7 % Less: Current portion 399 1,338 Long-term debt $ 36,377 $ 38,116 1 Rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effects of interest rate swap agreements, cross-currency swap agreements and fair value adjustments, if applicable. Refer to Note 5 for a more detailed discussion on interest rate management. 2 As of December 31, 2022, the amount shown includes $1,789 million of debt instruments and finance leases that are due through 2046. 3 As of December 31, 2022 and 2021, the amounts shown include $1,368 million and $407 million, respectively, which relate to our bottling operations in Africa. 4 Amounts represent the changes in fair values due to changes in benchmark interest rates. Refer to Note 5 for additional information about our fair value hedging strategy. 5 As of December 31, 2022 and 2021, the fair value of our long-term debt, including the current portion, was $32,698 million and $40,311 million, respectively. 6 The above notes and debentures include various restrictions, none of which was significant to our Company. Total interest paid was $848 million, $738 million and $935 million in 2022, 2021 and 2020, respectively. The following table summarizes the maturities of long-term debt for the five years succeeding December 31, 2022 (in millions): Maturities of 2023 $ 399 2024 1,967 2025 1,123 2026 1,558 2027 4,494

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Guarantees As of December 31, 2022, we were contingently liable for guarantees of indebtedness owed by third parties of $1,017 million, of which $133 million was related to VIEs. Refer to Note 1 for additional information related to the Company’s maximum exposure to loss due to our involvement with VIEs. Our guarantees are primarily related to third-party customers, bottlers and vendors and arose 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. Concentrations of Credit Risk We believe our exposure to concentrations of credit risk is limited due to the diverse geographic areas covered by our operations. Legal Contingencies The Company is involved in various legal proceedings. We establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Management has also identified certain other legal matters where we believe an unfavorable outcome is reasonably possible and/or for which no estimate of possible losses can be made. Management believes that the total liabilities of the Company that may arise as a result of currently pending legal proceedings (excluding tax audit claims) will not have a material adverse effect on the Company taken as a whole. Indemnifications At the time we acquire or divest an ownership interest in an entity, we sometimes agree to indemnify the seller or buyer for specific contingent liabilities. Management believes that any liability to the Company that may arise as a result of any such indemnification agreements will not have a material adverse effect on the Company taken as a whole. Tax Audits The Company is involved in various tax matters, with respect to some of which the outcome is uncertain. These uncertain tax matters may result in the assessment of additional taxes. 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 $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). The Tax Court issued its opinion in 3M Co.’s case (“3M Co. opinion”) on February 9, 2023. Once the Tax Court completes its analysis of the application of the 3M Co. opinion to the Company’s case, the Company expects the Tax Court to render another opinion, and ultimately a final decision, in the Company’s case. The Company believes that the IRS and the Tax Court misinterpreted and misapplied the applicable regulations in reallocating income earned by the Company’s foreign licensees to increase the Company’s U.S. tax. Moreover, the Company believes that the retroactive imposition of such tax liability using a calculation methodology different from that previously agreed upon by the IRS and the Company, and audited by the IRS for over a decade, is unconstitutional. The Company intends to assert its claims on appeal and vigorously defend its position. In determining the amount of tax reserve to be recorded as of December 31, 2020, the Company completed the required two-step evaluation process prescribed by Accounting Standards Codification 740, Accounting for Income Taxes . In doing so, we consulted with outside advisors, and we reviewed and considered relevant laws, rules, and regulations, including, but not limited to, the Opinion and relevant caselaw. We also considered our intention to vigorously defend our positions and assert our various well-founded legal claims via every available avenue of appeal. We concluded, based on the technical and legal merits of the Company’s tax positions, that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal. In addition, we considered a number of alternative transfer pricing methodologies, including the methodology asserted by the IRS and affirmed in the Opinion (“Tax Court Methodology”), that could be applied by the courts upon final resolution of the litigation. Based on the required probability analysis, we determined the methodologies we believe the federal courts could ultimately order to be used in calculating the Company’s tax. As a result of this analysis, we recorded a tax reserve of $438 million during the year ended December 31, 2020 related to the application of the resulting methodologies as well as the different tax treatment applicable to dividends originally paid to the U.S. parent company by its foreign licensees, in reliance upon the Closing Agreement, that would be recharacterized as royalties in accordance with the Opinion and the Company’s analysis. The Company’s conclusion that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal is unchanged as of December 31, 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 December 31, 2022 to $423 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, 2022 for the 2007 through 2009 litigated tax years and for subsequent tax years from 2010 through 2022. The calculations incorporated the estimated impact of correlative adjustments to the previously accrued transition tax payable under the 2017 Tax Cuts and Jobs Act (“Tax Reform Act”). The Company estimates that the potential aggregate incremental tax and interest liability could be approximately $14 billion as of December 31, 2022. Additional income tax and interest would continue to accrue until the time any such potential liability, or portion thereof, were to be paid. We currently project the continued application of the Tax Court Methodology in future years, assuming similar facts and circumstances as of December 31, 2022, 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 $5.2 billion (including interest accrued through December 31, 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 $199 million and $229 million as of December 31, 2022 and 2021, respectively.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION PLANS	STOCK-BASED COMPENSATION PLANS Our Company grants long-term equity awards under its stock-based compensation plans to certain employees of the Company. The Coca-Cola Company 2014 Equity Plan (“2014 Equity Plan”) was approved by shareowners in April 2014. Under the 2014 Equity Plan, a maximum of 500 million shares of our common stock was approved to be issued through the grant of equity awards. The 2014 Equity Plan allows for grants of stock options, performance share units, restricted stock, restricted stock units and other specified award types, including cash awards with performance-based vesting criteria. As of December 31, 2022, there were 308 million shares available to be granted under the 2014 Equity Plan. In addition, there were 3 million shares available for stock option and restricted stock award grants under plans approved by shareowners prior to 2014. From 2015 to 2017, certain employees who had previously been eligible for long-term equity awards received long-term performance-based cash awards. Employees who received these performance-based cash awards did not receive equity awards as part of the long-term incentive program. In 2017, the Company changed the long-term incentive program for employees previously eligible for the performance-based cash award. These employees no longer participate in the long-term incentive program and were granted a final restricted stock unit award that vests ratably over five years. Total stock-based compensation expense was $361 million, $337 million and $141 million in 2022, 2021 and 2020, respectively. In 2022, for certain employees who accepted voluntary separation from the Company as a result of the restructuring of our North America operating unit, the Company provided cash payments designed to offset the loss of certain equity awards and serve as a cash supplement to employees upon the exercise of certain stock options. In 2020, for certain employees who accepted voluntary separation from the Company as a result of our strategic realignment initiatives, the Company modified their outstanding equity awards so that the employees retained all or some of their awards, whereas otherwise the awards would have been forfeited. The incremental stock-based compensation expense in 2022 arising from the cash payments was $5 million, and the incremental stock-based compensation expense in 2020 arising from the modification of awards was $15 million. These amounts were recorded in the line item other operating charges in our consolidated statements of income. Refer to Note 18 for additional information on the Company’s restructuring and strategic realignment initiatives. The remainder of stock-based compensation expense in 2022 and 2020 of $356 million and $126 million, respectively, and all stock-based compensation expense in 2021 were recorded in the line item selling, general and administrative expenses in our consolidated statements of income. The total income tax benefit recognized in our consolidated statements of income related to total stock-based compensation expense was $55 million, $60 million and $32 million in 2022, 2021 and 2020, respectively. As of December 31, 2022, we had $325 million of total unrecognized compensation cost related to nonvested stock-based compensation awards granted under our plans, which we expect to recognize over a weighted-average period of 1.9 years as stock‑based compensation expense. This expected cost does not include the impact of any future stock-based compensation awards. Stock Option Awards Stock option awards are generally granted with an exercise price equal to the average of the high and low market prices per share of the Company’s stock on the grant date. The fair value of each stock option award is estimated using a Black-Scholes-Merton option-pricing model and is expensed on a straight-line basis over the vesting period, which is generally four years. The weighted-average fair value of stock options granted during the years ended December 31, 2022, 2021 and 2020 and the weighted-average assumptions used in the Black-Scholes-Merton option-pricing model for such grants were as follows: Year Ended December 31, 2022 2021 2020 Fair value of stock options on grant date $ 8.23 $ 5.08 $ 6.44 Dividend yield 1 2.8 % 3.3 % 2.7 % Expected volatility 2 18.0 % 18.0 % 16.0 % Risk-free interest rate 3 1.9 % 0.9 % 1.4 % Expected term of stock options 4 6 years 6 years 6 years 1 The dividend yield is the calculated yield on the closing market price per share of the Company’s stock on the grant date. 2 The expected volatility is based on implied volatilities from traded options on the Company’s stock, historical volatility of the Company’s stock and other factors. 3 The risk-free interest rate for the period matching the expected term of the stock options is based on the U.S. Treasury yield curve in effect on the grant date. 4 The expected term of the stock options represents the period of time that stock options are expected to be outstanding and is derived by analyzing historical exercise behavior. Stock option awards generally expire 10 years after the grant date. The shares of common stock to be issued and/or sold upon the exercise of stock options are made available from either authorized and unissued common stock or from treasury shares. Since 2007, the Company has issued common stock under its stock-based compensation plans from treasury shares. Stock option activity during the year ended December 31, 2022 was as follows: Shares Weighted-Average Weighted-Average Aggregate Outstanding on January 1, 2022 75 $ 42.43 Granted 7 61.35 Exercised (22) 38.75 Forfeited/expired (1) 52.96 Outstanding on December 31, 2022 59 $ 45.93 3.6 years $ 1,035 Expected to vest 58 $ 45.88 4.6 years $ 1,030 Exercisable on December 31, 2022 43 $ 42.20 3.3 years $ 916 The total intrinsic value of the stock options exercised was $534 million, $358 million and $453 million in 2022, 2021 and 2020, respectively. The total number of stock options exercised was 22 million, 19 million and 23 million in 2022, 2021 and 2020, respectively. Performance-Based Share Unit Awards Performance share unit awards require achievement of certain performance criteria, which are predefined by the Talent and Compensation Committee of our Board of Directors at the time of grant. For performance share unit awards granted from 2015 through 2017, the performance criteria were economic profit and net operating revenues over a predefined performance period of three years. Economic profit is our net operating profit after tax less the cost of the capital used in our business. Economic profit and net operating revenues were adjusted for certain items, which were approved by the Audit Committee of our Board of Directors. The purpose of these adjustments was to ensure a consistent year-to-year comparison of the specific performance criteria. Most of these awards included a relative TSR modifier to determine the final number of performance share units earned. For these awards, the number of performance share units earned based on the certified achievement of the predefined performance criteria was reduced or increased if the Company’s total shareowner return over the performance period relative to a predefined compensation comparator group of companies fell outside of a predefined range. The fair value of these performance share units was determined using a Monte Carlo valuation model. The performance share unit awards granted from 2015 through 2017 were subject to a one-year holding period after the performance period before the shares were released. For performance share unit awards granted from 2018 through 2022, the performance criteria were equally weighted among net operating revenues, earnings per share and free cash flow over a predefined performance period of three years. For performance share unit awards granted to executives in 2022, the performance criteria were weighted 30 percent for net operating revenues, 30 percent for earnings per share, 30 percent for free cash flow and 10 percent for environmental sustainability. For purposes of these performance criteria, earnings per share is diluted net income per share; free cash flow is net cash provided by operating activities less purchases of property, plant and equipment; and environmental sustainability is comprised of predefined goals related to the Company’s packaging and water security strategies. These performance criteria are adjusted for certain items, if applicable, which are subject to Audit Committee approval. The purpose of these adjustments is to ensure a consistent year-to-year comparison of the specific performance criteria. Performance share unit awards granted to executives include a relative TSR modifier to determine the final number of performance share units earned. The fair value of performance share units that include a TSR modifier is determined using a Monte Carlo valuation model. For these awards, the number of performance share units earned based on the certified achievement of the predefined performance criteria will be reduced or increased if the Company’s total shareowner return over the performance period relative to a predefined compensation comparator group of companies falls outside of a predefined range. The fair value of performance share units that do not include a TSR modifier is the closing market price per share of the Company’s stock on the grant date less the present value of the expected dividends not received during the performance period. The performance share unit awards will generally vest at the end of the respective performance period. During 2021, in addition to granting performance share unit awards with a three-year performance period, the Company granted emerging stronger performance share unit awards with a predefined performance period of two years. The award’s performance criterion was earnings per share, and the award included a relative TSR modifier. Earnings per share for these purposes was diluted net income per share adjusted for certain items, which were approved by the Audit Committee. The purpose of these adjustments was to ensure a consistent year-to-year comparison of the performance criterion. These performance share unit awards generally vested at the end of the two-year performance period. For performance share unit awards, in the event the certified results equal the predefined performance criteria, the number of performance share units earned will be equal to the target award. In the event the certified results exceed the predefined performance criteria, additional performance share units up to the maximum award will be earned. In the event the certified results fall below the predefined performance criteria but are at or above the minimum threshold, a reduced number of performance share units will be earned. If the certified results fall below the minimum threshold, no performance share units will be earned. Performance share unit awards do not entitle participants to vote or receive dividends until the performance share units are settled in stock. In the reporting period it becomes probable that the minimum performance threshold specified in the performance share unit award will be achieved, we recognize compensation expense for the proportionate share of the total fair value of the performance share units related to the vesting period that has already lapsed for the performance share units expected to vest. The remaining fair value of the performance share units expected to vest is expensed on a straight-line basis over the remainder of the vesting period. In the event the Company determines it is no longer probable that the minimum performance threshold specified in the award will be achieved, we reverse all previously recognized compensation expense in the reporting period such a determination is made. Performance share units earned are generally settled in stock, except for certain circumstances such as death or disability, in which case beneficiaries or employees are provided cash payments. As of December 31, 2022, nonvested performance share units of approximately 1,949,000 and 1,757,000 were outstanding for the 2021-2023 and 2022-2024 performance periods, respectively, based on the target award amounts. The following table summarizes information about outstanding nonvested performance share units based on the target award levels: Performance Share Units Weighted-Average Nonvested on January 1, 2022 4,186 $ 50.90 Granted 1,829 59.61 Vested 1 (2,088) 54.71 Forfeited (221) 52.76 Nonvested on December 31, 2022 2 3,706 $ 52.94 1 Represents the target level of performance share units vested as of December 31, 2022 for the 2020-2022 and 2021-2022 performance periods. Upon certification in February 2023 of the financial results for the performance periods, the final number of shares earned will be determined and released. 2 The outstanding nonvested performance share units as of December 31, 2022 at the threshold award and maximum award levels were approximately 1,563,000 and 8,486,000, respectively. The weighted-average grant date fair value of performance share unit awards granted in 2022, 2021 and 2020 was $59.61, $47.04 and $57.00, respectively. The following table summarizes information about vested performance share units based on the certified award level: 2019-2021 Award Performance Share Units Weighted- Certified 2,057 $ 40.29 Released during 2022 (2,051) 40.57 Forfeited during 2022 (6) 40.29 The total intrinsic value of performance share units that were released was $125 million, $237 million and $191 million in 2022, 2021 and 2020, respectively. Time-Based Restricted Stock and Restricted Stock Unit Awards Time-based restricted stock and restricted stock unit awards granted under the 2014 Equity Plan do not entitle recipients to vote or receive dividends during the vesting period and will be forfeited in the event of the recipient’s termination of employment, except for certain circumstances such as death or disability. The fair value of restricted stock and restricted stock units is the closing market price per share of the Company’s stock on the grant date less the present value of the expected dividends not received during the vesting period. The fair value of the restricted stock and restricted stock units expected to vest and be released is expensed on a straight-line basis over the vesting period. The following table summarizes information about outstanding nonvested time-based restricted stock and restricted stock units: Restricted Stock and Restricted Stock Units Weighted-Average Nonvested on January 1, 2022 3,394 $ 46.56 Granted 1,190 56.94 Vested and released (1,361) 41.83 Forfeited (193) 49.77 Nonvested on December 31, 2022 3,030 $ 52.35

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Our Company sponsors a qualified pension plan covering substantially all U.S. employees as well as unfunded nonqualified pension plans covering certain U.S. employees. Our Company also sponsors postretirement health care and life insurance benefit plans covering certain U.S. employees. In addition, our Company and its subsidiaries have various pension plans and other forms of postretirement benefit arrangements outside the United States. As of December 31, 2022, the U.S. qualified pension plan represented 64 percent and 61 percent of the Company’s consolidated projected benefit obligation and pension plan assets, respectively. Obligations and Funded Status The following table sets forth the changes in the benefit obligations and the fair value of plan assets for our pension and other postretirement benefit plans (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2022 2021 2022 2021 Benefit obligation at beginning of year 1 $ 8,580 $ 9,414 $ 696 $ 769 Service cost 93 97 7 9 Interest cost 232 183 17 15 Participant contributions 5 5 11 13 Foreign currency exchange rate changes (152) (33) (4) (1) Amendments 9 — — (13) Net actuarial gain 2 (1,891) (226) (175) (28) Benefits paid (500) (375) (57) (67) Divestitures (2) — — — Settlements (26) (491) 3 — — Curtailments (1) — — (1) Special termination benefits 1 3 — — Other 28 3 — — Benefit obligation at end of year 1 $ 6,376 $ 8,580 $ 495 $ 696 Fair value of plan assets at beginning of year $ 8,905 $ 8,639 $ 419 $ 396 Actual return on plan assets (1,101) 1,003 (55) 15 Employer contributions 33 33 — — Participant contributions 5 6 9 8 Foreign currency exchange rate changes (258) (42) — — Benefits paid (427) (315) — — Settlements (26) (421) 3 — — Other 27 2 — — Fair value of plan assets at end of year $ 7,158 $ 8,905 $ 373 $ 419 Net asset (liability) recognized $ 782 $ 325 $ (122) $ (277) 1 For pension plans, the benefit obligation is the projected benefit obligation. For other postretirement benefit plans, the benefit obligation is the accumulated postretirement benefit obligation. The accumulated benefit obligation for our pension plans was $6,307 million and $8,431 million as of December 31, 2022 and 2021, respectively. 2 An increase in the weighted-average discount rate assumption was the primary driver of net actuarial gain during 2022 and 2021. For our U.S. qualified pension plan, an increase in the discount rate resulted in an actuarial gain of $1,231 million during 2022, and an increase in the discount rate resulted in an actuarial gain of $197 million during 2021. Additional drivers of net actuarial gain included other assumption updates and plan experience. 3 Settlements were primarily related to our strategic realignment initiatives. Refer to Note 18. Pension and other postretirement benefit plan amounts recognized in our consolidated balance sheets were as follows (in millions): Pension Plans Other Postretirement Benefit Plans December 31, 2022 2021 2022 2021 Other noncurrent assets $ 1,558 $ 1,545 $ 44 $ — Accounts payable and accrued expenses (70) (70) (17) (18) Other noncurrent liabilities (706) (1,150) (149) (259) Net asset (liability) recognized $ 782 $ 325 $ (122) $ (277) Certain of our pension plans have a projected benefit obligation in excess of the fair value of plan assets. For these plans, the projected benefit obligation and the fair value of plan assets were as follows (in millions): December 31, 2022 2021 Projected benefit obligation $ 972 $ 6,862 Fair value of plan assets 197 5,641 Certain of our pension plans have an accumulated benefit obligation in excess of the fair value of plan assets. For these plans, the accumulated benefit obligation and the fair value of plan assets were as follows (in millions): December 31, 2022 2021 Accumulated benefit obligation $ 880 $ 6,689 Fair value of plan assets 138 5,584 Certain of our other postretirement benefit plans have an accumulated postretirement benefit obligation in excess of the fair value of plan assets. For these plans, the accumulated postretirement benefit obligation and the fair value of plan assets were as follows (in millions): December 31, 2022 2021 Accumulated postretirement benefit obligation $ 166 $ 696 Fair value of plan assets — 419 Pension Plan Assets The following table presents total assets by asset class for our U.S. and non-U.S. pension plans (in millions): U.S. Pension Plans Non-U.S. Pension Plans December 31, 2022 2021 2022 2021 Cash and cash equivalents $ 473 $ 272 $ 162 $ 233 Equity securities: U.S.-based companies 509 1,463 679 968 International-based companies 285 876 654 830 Fixed-income securities: Government bonds 793 182 445 495 Corporate bonds and debt securities 384 899 115 124 Mutual, pooled and commingled funds 1 304 290 463 560 Hedge funds/limited partnerships 915 682 21 38 Real estate 417 381 7 8 Derivative financial instruments — (1) (14) (8) Other 256 339 290 274 Total pension plan assets 2 $ 4,336 $ 5,383 $ 2,822 $ 3,522 1 Mutual, pooled and commingled funds include investments in equity securities, fixed-income securities and combinations of both. There are a significant number of mutual, pooled and commingled funds from which investors can choose. The selection of the type of fund is dictated by the specific investment objectives and needs of a given plan. These objectives and needs vary greatly between plans. 2 Fair value disclosures related to our pension plan assets are included in Note 16. Fair value disclosures include, but are not limited to, the levels within the fair value hierarchy in which the fair value measurements in their entirety fall; a reconciliation of the beginning and ending balances of Level 3 assets; and information about the valuation techniques and inputs used to measure the fair value of our pension plan assets. Investment Strategy for U.S. Pension Plan The Company utilizes the s ervices of investment managers to actively manage the assets of our U.S. qualified pension plan. We have established asset allocation targets and investment guidelines with each investment manager. Our asset allocation targets promote optimal expected return and volatility characteristics given the long-term time horizon for fulfilling the obligations of the plan. Selection of the targeted asset allocation for U.S. pension plan assets is based upon a review of the expected return and risk characteristics of each asset class, as well as the correlation of returns among asset classes. Our target allocation is a mix of 18 percent equity securities, 47 percent fixed-income securities and 35 percent alternative investments. We believe this target allocation will enable us to achieve the following long-term investment objectives: (1) optimize the long-term return on plan assets at an acceptable level of risk; (2) maintain a broad diversification across asset classes and among investment managers; and (3) maintain careful control of the risk level within each asset class. The investment guidelines that have been established with each investment manager provide parameters within which the investment managers agree to operate, including criteria that determine eligible and ineligible securities, diversification requirements and credit quality standards, where applicable. Investment managers agree to obtain written approval for deviations from stated investment style or guidelines. As of December 31, 2022, no investment manager was responsible for more than 24 percent of total U.S. pension plan assets. Our target allocation of 18 percent equity securities is composed of 81 percent global equities, 11 percent emerging market equities and 8 percent domestic small-cap and mid-cap equities. Optimal returns through our investments in global equities are achieved through security selection as well as country and sector diversification. As of December 31, 2022, investments in our common stock accounted for 9 percent of total global equities and 5 percent of total U.S. pension plan assets. Our investments in global equities are intended to provide diversified exposure to both U.S. and non-U.S. equity markets. Our investments in both emerging market equities and domestic small-cap and mid-cap equities may experience large swings in their market value. Our investments in these asset classes are selected based on capital appreciation potential. Our target allocation of 47 percent fixed-income securities is composed of 62 percent long-duration bonds and 38 percent with multi-strategy alternative credit managers. Long-duration bonds are intended to provide a stable rate of return through investments in high-quality publicly traded debt securities. Our investments in long-duration bonds are diversified in order to mitigate duration and credit exposure. Multi-strategy alternative credit managers invest in a combination of high-yield bonds, bank loans, structured credit and emerging market debt. These investments are in lower-rated and non-rated debt securities, which generally produce higher returns compared to long-duration bonds and also help diversify our overall fixed-income portfolio. Our target allocation for alternative investments is 35 percent. These alternative investments include hedge funds, reinsurance, private equity limited partnerships, leveraged buyout funds, international venture capital partnerships and real estate. The objective of investing in alternative investments is to provide a higher rate of return than that which is typically available from publicly traded equity securities. Alternative investments are inherently illiquid and require a long-term perspective in evaluating investment performance. Investment Strategy for Non-U.S. Pension Plans The long-term target allocation for 66 percent of our international subsidiaries’ pension plan assets, primarily certain of our European and Canadian plans, is 66 percent equity securities, 16 percent fixed-income securities and 18 percent other investments. The actual allocation for the remaining 34 percent of the Company’s international subsidiaries’ pension plan assets consisted of 39 percent mutual, pooled and commingled funds; 23 percent fixed-income securities; 2 percent equity securities; and 36 percent other investments as of December 31, 2022. The investment strategies for our international subsidiaries’ pension plans vary greatly, and in some instances are influenced by local law. None of our pension plans outside the United States is individually significant for separate disclosure. Other Postretirement Benefit Plan Assets Plan assets associated with other postretirement benefits primarily represent funding of one of the U.S. postretirement health care benefit plans through a Voluntary Employee Beneficiary Association (“VEBA”), a tax-qualified trust. The VEBA assets are primarily invested in liquid assets due to the level and timing of expected future benefit payments. The following table presents total assets by asset class for our other postretirement benefit plans (in millions): December 31, 2022 2021 Cash and cash equivalents $ 43 $ 33 Equity securities: U.S.-based companies 133 184 International-based companies 4 12 Fixed-income securities: Government bonds 12 3 Corporate bonds and debt securities 71 82 Mutual, pooled and commingled funds 86 87 Hedge funds/limited partnerships 14 9 Real estate 6 5 Other 4 4 Total other postretirement benefit plan assets 1 $ 373 $ 419 1 Fair value disclosures related to our other postretirement benefit plan assets are included in Note 16. Fair value disclosures include, but are not limited to, the levels within the fair value hierarchy in which the fair value measurements in their entirety fall and information about the valuation techniques and inputs used to measure the fair value of our other postretirement benefit plan assets. Components of Net Periodic Benefit Cost (Income) Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2022 2021 2020 2022 2021 2020 Service cost $ 93 $ 97 $ 112 $ 7 $ 9 $ 11 Interest cost 232 183 235 17 15 21 Expected return on plan assets 1 (558) (606) (587) (16) (17) (16) Amortization of prior service cost (credit) — — 3 (3) (2) (3) Amortization of net actuarial loss 2 109 146 171 — 4 5 Net periodic benefit cost (income) (124) (180) (66) 5 9 18 Settlement charges (credits) (1) 117 3 23 — — — Curtailment charges (credits) (1) (1) 1 — (1) 6 Special termination benefits 1 3 2 — — — Other 1 — (4) — — — Total cost (income) $ (124) $ (61) $ (44) $ 5 $ 8 $ 24 1 The Company has elected to use the actual fair value of plan assets as the market-related value of plan assets in the determination of the expected return on plan assets. 2 Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10 percent of the greater of the benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the average future working lifetime of the plan participants. 3 Settlement charges were primarily related to our strategic realignment initiatives. Refer to Note 18. All of the amounts in the table above, other than service cost, were recorded in the line item other income (loss) — net in our consolidated statements of income. Impact on Accumulated Other Comprehensive Income The following table sets forth the pretax changes in AOCI for our pension and other postretirement benefit plans (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2022 2021 2022 2021 Balance in AOCI at beginning of year $ (2,125) $ (3,012) $ (4) $ (47) Recognized prior service cost (credit) — 1 (3) (2) Recognized net actuarial loss 107 261 1 — 3 Prior service credit (cost) occurring during the year (9) — — 13 Net actuarial gain occurring during the year 232 623 104 27 Net foreign currency translation adjustments 40 2 (2) 2 Balance in AOCI at end of year $ (1,755) $ (2,125) $ 95 $ (4) 1 Includes $117 million of recognized net actuarial loss due to the impact of settlements, which were primarily related to our strategic realignment initiatives. Refer to Note 18. The following table sets forth the pretax amounts in AOCI for our pension and other postretirement benefit plans (in millions): Pension Plans Other Postretirement Benefit Plans December 31, 2022 2021 2022 2021 Prior service credit (cost) $ (17) $ (9) $ 24 $ 28 Net actuarial gain (loss) (1,738) (2,116) 71 (32) Balance in AOCI at end of year $ (1,755) $ (2,125) $ 95 $ (4) Assumptions Certain weighted-average assumptions used in computing the benefit obligations for our pension and other postretirement benefit plans were as follows: Pension Plans Other Postretirement Benefit Plans December 31, 2022 2021 2022 2021 Discount rate 5.50 % 3.00 % 6.00 % 3.25 % Interest crediting rate 4.00 % 3.00 % N/A N/A Rate of increase in compensation levels 3.75 % 3.75 % N/A N/A Certain weighted-average assumptions used in computing net periodic benefit cost or income were as follows: Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2022 2021 2020 2022 2021 2020 Discount rate 3.00 % 2.50 % 3.25 % 3.25 % 2.75 % 3.50 % Interest crediting rate 3.00 % 3.00 % 3.50 % N/A N/A N/A Rate of increase in compensation levels 3.75 % 3.75 % 3.75 % N/A N/A N/A Expected long-term rate of return on plan assets 7.00 % 7.25 % 7.50 % 4.00 % 4.25 % 4.50 % The discount rate assumption used to account for pension and other postretirement benefit plans reflects the rate at which the benefit obligations could be effectively settled. The discount rate for U.S. and certain non-U.S. plans is determined using a matching technique whereby the rates of a yield curve, developed from high-quality debt securities, are applied to projected benefit cash flows to determine the appropriate effective discount rate. For other non-U.S. plans, we base the discount rate assumption on comparable indices within each of the countries. The Company measures the service cost and interest cost components of net periodic benefit cost or income for pension and other postretirement benefit plans by applying the specific spot rates along the yield curve to the plans’ projected benefit cash flows. The rate of compensation increase assumption is determined by the Company based upon annual reviews. The cash balance interest crediting rate for the U.S. qualified pension plan is based on the yield on six-month U.S. Treasury bills on the last day of September of the previous plan year, plus 150 basis points, with a minimum interest crediting rate of 3.80 percent for all active employees and certain former employees. The Company assumes that the ultimate interest crediting rate is 140 basis points lower than the plan’s year-end discount rate and that the current interest crediting rate will converge with the ultimate interest crediting rate after a period of 10 years. The expected long-term rate of return assumption for U.S. pension plan assets is based upon the target asset allocation and is determined using forward-looking assumptions in the context of historical returns and volatilities for each asset class, as well as correlations among asset classes. We evaluate the expected long-term rate of return assumption on an annual basis. The expected long-term rate of return assumption used in computing 2022 net periodic benefit income for the U.S. pension plans was 6.75 percent. As of December 31, 2022, the 5-year, 10-year and 15-year annualized return for the U.S. pension plan assets was 4.8 percent, 6.8 percent and 5.2 percent, respectively. The annualized return since inception was 10.0 percent. The weighted-average assumptions for health care cost trend rates were as follows: December 31, 2022 2021 Health care cost trend rate assumed for next year 8.25 % 6.75 % Rate to which the trend rate is assumed to decline (the ultimate trend rate) 5.50 % 5.25 % Year that the trend rate reaches the ultimate trend rate 2030 2027 We review external data and our own historical trends for health care costs to determine the health care cost trend rate assumptions. The Company’s U.S. postretirement health care benefits are primarily provided through plans with either a capped Company cost or a defined-dollar benefit. This limits the effects of health care inflation on the Company. Cash Flows The expected benefit payments for our pension and other postretirement benefit plans for the 10 years succeeding December 31, 2022 are as follows (in millions): Year Ended December 31, 2023 2024 2025 2026 2027 2028-2032 Benefit payments for pension plans $ 583 $ 531 $ 545 $ 520 $ 495 $ 2,457 Benefit payments for other postretirement 53 51 48 46 43 190 Total $ 636 $ 582 $ 593 $ 566 $ 538 $ 2,647 The Company anticipates making contributions of approximately $42 million to our pension trusts in 2023, all of which will be allocated to our international plans. These contributions are made in accordance with local laws and tax regulations. Defined Contribution Plans Our Company sponsors qualified defined contribution plans covering substantially all U.S. employees. Under the largest U.S. defined contribution plan, we match participants’ contributions up to a maximum of 3.0 percent to 3.5 percent of compensation, subject to an IRS limit on compensation. The Company’s expense for the U.S. plans totaled $45 million, $32 million and $43 million in 2022, 2021 and 2020, respectively. We also sponsor defined contribution plans in certain locations outside the United States. The Company’s expense for these plans totaled $79 million in both 2022 and 2021 and $63 million in 2020. Multi-Employer Retirement Plans The Company participates in various multi-employer retirement plans, which are designed to provide benefits to, or on behalf of, employees of multiple employers. These plans are typically established under collective bargaining agreements. Multi-employer retirement plans are generally governed by a board of trustees composed of representatives of both management and labor and are generally funded through employer contributions.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income before income taxes consisted of the following (in millions): Year Ended December 31, 2022 2021 2020 United States $ 3,452 $ 3,538 $ 3,149 International 8,234 8,887 6,600 Total $ 11,686 $ 12,425 $ 9,749 Income taxes consisted of the following (in millions): United States State and Local International Total 2022 Current $ 468 $ 118 $ 1,651 $ 2,237 Deferred (121) (4) 3 (122) 2021 Current $ 243 $ 106 $ 1,378 $ 1,727 Deferred 229 (10) 675 1 894 2020 Current $ 296 $ 396 $ 1,307 $ 1,999 Deferred (220) 21 181 (18) 1 Includes net tax expense of $195 million related to changes in tax laws in certain foreign jurisdictions. We made income tax payments of $2,403 million, $2,168 million and $1,268 million in 2022, 2021 and 2020, respectively. Our effective tax rate reflects the tax benefits of having significant operations outside the United States, which are generally taxed at rates lower than the statutory U.S. federal tax rate. As a result of employment actions and capital investments made by the Company, certain tax jurisdictions provide income tax incentive grants, including Brazil, Costa Rica, Singapore and Eswatini. The terms of these grants expire from 2025 to 2036. We anticipate that we will be able to extend or renew the grants in these locations. Tax incentive grants favorably impacted our income tax expense by $406 million, $381 million and $317 million for the years ended December 31, 2022, 2021 and 2020, respectively. In addition, our effective tax rate reflects the benefits of having significant earnings generated in investments accounted for under the equity method. A reconciliation of the statutory U.S. federal tax rate and our effective tax rate is as follows: Year Ended December 31, 2022 2021 2020 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % State and local income taxes — net of federal benefit 1.4 1.1 1.1 Earnings in jurisdictions taxed at rates different from the statutory U.S. (0.6) 2.3 1 0.9 3 Equity income or loss (2.7) (2.0) (1.4) Excess tax benefits on stock-based compensation (0.7) (0.5) (0.8) Other — net (0.3) (0.8) 2 (0.5) 4,5 Effective tax rate 18.1 % 21.1 % 20.3 % 1 Includes net tax charges of $375 million (or a 3.0 percent impact on our effective tax rate) related to changes in tax laws in certain foreign jurisdictions, amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions, as well as other discrete items. 2 Includes a tax benefit of $14 million (or a 1.5 percent impact on our effective tax rate) associated with the $834 million gain recorded upon the acquisition of the remaining ownership interest in BodyArmor. Refer to Note 2. 3 Includes net tax charges of $110 million (or a 1.1 percent impact on our effective tax rate) related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions, as well as other agreed-upon audit issues. 4 Includes net tax expense of $431 million (or a 4.4 percent impact on our effective tax rate) primarily related to changes in judgment on specific tax positions due to the Opinion and amounts required to be recorded for changes to other uncertain tax positions, including interest and penalties. Also includes a tax benefit of $107 million (or a 1.1 percent impact on our effective tax rate) related to changes in our assessment of certain valuation allowances and a net tax benefit of $135 million (or a 1.4 percent impact on our effective tax rate) related to domestic return to provision adjustments and other tax items. 5 Includes a tax benefit of $40 million (or a 2.4 percent impact on our effective tax rate) associated with the $902 million gain recorded upon the acquisition of the remaining ownership interest in fairlife. Refer to Note 2. As of December 31, 2022, we have not recorded incremental income taxes for additional outside basis differences of $6.8 billion in our investments in foreign subsidiaries, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any additional outside basis differences in these entities is not practicable. The Global Intangible Low-Taxed Income (“GILTI”) provisions of the Tax Reform Act require the Company to include in its U.S. income tax return each foreign subsidiary’s earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. An accounting policy election is available to either account for the tax effects of GILTI in the period that is subject to such taxes or to provide deferred taxes for book and tax basis differences that upon reversal may be subject to such taxes. We have elected to account for the tax effects of these provisions in the period that is subject to such tax and the impact is reflected in our full year provision. The Company and its subsidiaries file income tax returns in all applicable jurisdictions, including the U.S. federal jurisdiction, U.S. state jurisdictions and foreign jurisdictions. U.S. tax authorities have completed their federal income tax examinations for all years prior to 2007. With respect to U.S. state jurisdictions and foreign jurisdictions, with limited exceptions, the Company and its subsidiaries are no longer subject to income tax audits for years prior to 2007. For U.S. federal and state tax purposes, the net operating losses and tax credit carryovers that were acquired in connection with our acquisition of Coca‑Cola Enterprises Inc.’s former North America business and that were generated from 1990 through 2010 are subject to adjustments until the year in which they are utilized is no longer subject to examination. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, including interest and penalties, have been provided for in accordance with the applicable accounting guidance. On November 18, 2020, the Tax Court issued the Opinion regarding the Company’s 2015 litigation with the IRS involving transfer pricing tax adjustments in which the court predominantly sided with the IRS. The Company disagrees with the Opinion and intends to vigorously defend its position. Refer to Note 11. As of December 31, 2022, the gross amount of unrecognized tax benefits was $926 million. If the Company were to prevail on all uncertain tax positions, the net effect would be a benefit of $617 million, exclusive of any benefits related to interest and penalties. The remaining $309 million primarily represents tax benefits that would be received in different tax jurisdictions in the event the Company did not prevail on all uncertain tax positions. A reconciliation of the changes in the gross amount of unrecognized tax benefits is as follows (in millions): Year Ended December 31, 2022 2021 2020 Balance of unrecognized tax benefits at beginning of year $ 906 $ 915 $ 392 Increase related to prior period tax positions 6 9 528 1 Decrease related to prior period tax positions — (50) (1) Increase related to current period tax positions 38 37 26 Decrease related to settlements with taxing authorities (2) (4) (19) Effect of foreign currency translation (22) (1) (11) Balance of unrecognized tax benefits at end of year $ 926 $ 906 $ 915 1 The increase was primarily related to a change in judgment on certain tax positions due to the Opinion. Refer to Note 11. The Company recognizes interest and penalties related to unrecognized tax benefits in the line item income taxes in our consolidated statement of income. The Company had $496 million, $453 million and $391 million in interest and penalties related to unrecognized tax benefits accrued as of December 31, 2022, 2021 and 2020, respectively. Of these amounts, expense of $43 million, $62 million and $190 million was recognized in 2022, 2021 and 2020, respectively. If the Company were to prevail on all uncertain tax positions, the reversal of this accrual would be a benefit to the Company’s effective tax rate. It is expected that the amount of unrecognized tax benefits will change in the next 12 months; however, we do not expect any changes will have a significant impact on our consolidated statement of income or consolidated balance sheet. These changes may be the result of settlements of ongoing audits, statute of limitations expiring or final settlements in transfer pricing matters that are the subject of litigation. Currently, an estimate of the range of the reasonably possible outcomes cannot be made. The tax effects of temporary differences and carryforwards that give rise to deferred tax assets and liabilities consisted of the following (in millions): December 31, 2022 2021 Deferred tax assets: Property, plant and equipment $ 40 $ 36 Trademarks and other intangible assets 1,617 1,910 Equity method investments (including net foreign currency translation adjustments) 366 595 Derivative financial instruments 207 215 Other liabilities 1,503 1,255 Benefit plans 522 670 Net operating loss carryforwards 248 280 Other 530 377 Gross deferred tax assets 5,033 5,338 Valuation allowances (424) (401) Total deferred tax assets $ 4,609 $ 4,937 Deferred tax liabilities: Property, plant and equipment $ (741) $ (721) Trademarks and other intangible assets (1,843) (1,783) Equity method investments (including net foreign currency translation adjustments) (1,632) (1,619) Derivative financial instruments (488) (500) Other liabilities (372) (315) Benefit plans (490) (527) Other (211) (164) Total deferred tax liabilities $ (5,777) $ (5,629) Net deferred tax assets (liabilities) $ (1,168) $ (692) As of December 31, 2022 and 2021, we had net deferred tax assets of $398 million and $657 million, respectively, located in countries outside the United States. As of December 31, 2022, we had $1,605 million of loss carryforwards available to reduce future taxable income. Loss carryforwards of $322 million must be utilized within the next five years, and the remainder can be utilized over a period greater than five years. An analysis of our deferred tax asset valuation allowances is as follows (in millions): Year Ended December 31, 2022 2021 2020 Balance at beginning of year $ 401 $ 406 $ 303 Additions 47 25 240 Deductions (24) (30) (137) Balance at end of year $ 424 $ 401 $ 406 The Company’s deferred tax asset valuation allowances are primarily the result of uncertainties regarding the future realization of recorded tax benefits on tax loss carryforwards and foreign tax credit carryforwards from operations in various jurisdictions and basis differences in certain equity investments. Current evidence does not suggest that we will realize sufficient taxable income of the appropriate character within the carryforward period to allow us to realize these deferred tax benefits. If we were to identify and implement tax planning strategies to recover these deferred tax assets or generate sufficient income of the appropriate character in these jurisdictions in the future, it could lead to the reversal of these valuation allowances and a reduction of income tax expense. The Company believes that it will generate sufficient future taxable income to realize the tax benefits related to the remaining net deferred tax assets in our consolidated balance sheet. In 2022, the Company recognized a net increase of $23 million in its valuation allowances. The increase was primarily due to significant negative evidence on the utilization of excess foreign tax credits generated in the current year. The increase was also due to net increases in the deferred tax assets and related valuation allowances on certain equity investments and the changes in net operating losses in the normal course of business.

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 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): December 31, 2022 2021 Net foreign currency translation adjustments $ (13,609) $ (12,595) Accumulated net gains (losses) on derivatives 24 20 Unrealized net gains (losses) on available-for-sale debt securities (25) (62) Adjustments to pension and other postretirement benefit liabilities (1,285) (1,693) Accumulated other comprehensive income (loss) $ (14,895) $ (14,330) The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Year Ended December 31, 2022 Shareowners of Noncontrolling Total Consolidated net income $ 9,542 $ 29 $ 9,571 Other comprehensive income: Net foreign currency translation adjustments (1,014) (118) (1,132) Net gains (losses) on derivatives 1 4 — 4 Net change in unrealized gains (losses) on available-for-sale debt securities 2 37 — 37 Net change in pension and other postretirement benefit liabilities 3 408 — 408 Total comprehensive income $ 8,977 $ (89) $ 8,888 1 Refer to Note 5 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. 3 Refer to Note 13 for additional information related to the Company’s pension and other postretirement benefit liabilities. The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions): Before-Tax Amount Income Tax After-Tax Amount 2022 Foreign currency translation adjustments: Translation adjustments arising during the year $ (125) $ (226) $ (351) Reclassification adjustments recognized in net income 200 — 200 Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,419) — (1,419) Gains (losses) on net investment hedges arising during the year 1 741 (185) 556 Net foreign currency translation adjustments $ (603) $ (411) $ (1,014) Derivatives: Gains (losses) arising during the year $ 165 $ (40) $ 125 Reclassification adjustments recognized in net income (161) 40 (121) Net gains (losses) on derivatives 1 $ 4 $ — $ 4 Available-for-sale debt securities: Unrealized gains (losses) arising during the year $ (69) $ 4 $ (65) Reclassification adjustments recognized in net income 131 (29) 102 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 62 $ (25) $ 37 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the year $ 420 $ (90) $ 330 Reclassification adjustments recognized in net income 104 (26) 78 Net change in pension and other postretirement benefit liabilities 3 $ 524 $ (116) $ 408 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (13) $ (552) $ (565) 2021 Foreign currency translation adjustments: Translation adjustments arising during the year $ 263 $ 19 $ 282 Reclassification adjustments recognized in net income 257 — 257 Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,798) — (1,798) Gains (losses) on net investment hedges arising during the year 1 918 (230) 688 Reclassification adjustments for net investment hedges recognized in net income 4 — 4 Net foreign currency translation adjustments $ (356) $ (211) $ (567) Derivatives: Gains (losses) arising during the year $ 160 $ (41) $ 119 Reclassification adjustments recognized in net income 124 (29) 95 Net gains (losses) on derivatives 1 $ 284 $ (70) $ 214 Available-for-sale debt securities: Unrealized gains (losses) arising during the year $ (141) $ 48 $ (93) Reclassification adjustments recognized in net income 4 (1) 3 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (137) $ 47 $ (90) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the year $ 653 $ (138) $ 515 Reclassification adjustments recognized in net income 265 (66) 199 Net change in pension and other postretirement benefit liabilities 3 $ 918 $ (204) $ 714 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 709 $ (438) $ 271 Before-Tax Amount Income Tax After-Tax Amount 2020 Foreign currency translation adjustments: Translation adjustments arising during the year $ (2,223) $ 150 $ (2,073) Reclassification adjustments recognized in net income 3 — 3 Gains (losses) on intra-entity transactions that are of a long-term investment nature 2,133 — 2,133 Gains (losses) on net investment hedges arising during the year 1 (1,094) 273 (821) Net foreign currency translation adjustments $ (1,181) $ 423 $ (758) Derivatives: Gains (losses) arising during the year $ (54) $ 13 $ (41) Reclassification adjustments recognized in net income 74 (18) 56 Net gains (losses) on derivatives 1 $ 20 $ (5) $ 15 Available-for-sale debt securities: Unrealized gains (losses) arising during the year $ (64) $ 22 $ (42) Reclassification adjustments recognized in net income (7) 2 (5) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (71) $ 24 $ (47) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the year $ (560) $ 138 $ (422) Reclassification adjustments recognized in net income 206 (51) 155 Net change in pension and other postretirement benefit liabilities 3 $ (354) $ 87 $ (267) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,586) $ 529 $ (1,057) 1 Refer to Note 5 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. 3 Refer to Note 13 for additional information related to the Company’s pension and other postretirement benefit liabilities. The following table presents the amounts and line items in our consolidated statement of income where adjustments reclassified from AOCI into income were recorded during the year ended December 31, 2022 (in millions): Description of AOCI Component Financial Statement Line Item Amount Reclassified from AOCI into Income Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ 200 Income before income taxes 200 Income taxes — Consolidated net income $ 200 Derivatives: Foreign currency contracts Net operating revenues $ (218) Foreign currency and commodity contracts Cost of goods sold (26) Foreign currency contracts Other income (loss) — net 79 Foreign currency contracts Interest expense 4 Income before income taxes (161) Income taxes 40 Consolidated net income $ (121) Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ 131 Income before income taxes 131 Income taxes (29) Consolidated net income $ 102 Pension and other postretirement benefit liabilities: Settlement charges (credits) Other income (loss) — net $ (1) Curtailment charges (credits) Other income (loss) — net (1) Recognized net actuarial loss Other income (loss) — net 109 Recognized prior service cost (credit) Other income (loss) — net (3) Income before income taxes 104 Income taxes (26) Consolidated net income $ 78 1 Refer to Note 2.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS U.S. GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1. We value assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Recurring Fair Value Measurements In accordance with U.S. GAAP, certain assets and liabilities are required to be recorded at fair value on a recurring basis. For our Company, the only assets and liabilities that are adjusted to fair value on a recurring basis are investments in equity securities with readily determinable fair values, debt securities classified as trading or available-for-sale, derivative financial instruments and our contingent consideration liability. Additionally, the Company adjusts the carrying value of certain long-term debt as a result of the Company’s fair value hedging strategy. Investments in Debt and Equity Securities The fair values of our investments in debt and equity securities using quoted market prices from daily exchange traded markets are based on the closing price as of the balance sheet date and are classified as Level 1. The fair values of our investments in debt and equity securities classified as Level 2 are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. Inputs into these valuation techniques include actual trade data, benchmark yields, broker/dealer quotes and other similar data. These inputs are obtained from quoted market prices, independent pricing vendors or other sources. Derivative Financial Instruments The fair values of our futures contracts are primarily determined using quoted contract prices on futures exchange markets. The fair values of these instruments are based on the closing contract prices as of the balance sheet date and are classified as Level 1. The fair values of our derivative instruments other than futures are determined using standard valuation models. The significant inputs used in these models are readily available in public markets, or can be derived from observable market transactions, and therefore have been classified as Level 2. Inputs used in these standard valuation models for derivative instruments other than futures include the applicable exchange rates, forward rates, interest rates, discount rates and commodity prices. The standard valuation model for options also uses implied volatility as an additional input. The discount rates are based on the historical U.S. Deposit or U.S. Treasury rates, and the implied volatility specific to options is based on quoted rates from financial institutions. Included in the fair values of derivative instruments is an adjustment for nonperformance risk. The adjustment is based on current credit default swap (“CDS”) rates applied to each contract, by counterparty. We use our counterparty’s CDS rate when we are in an asset position and our own CDS rate when we are in a liability position. The adjustment for nonperformance risk did not have a significant impact on the estimated fair values of our derivative instruments. The following tables summarize those assets and liabilities measured at fair value on a recurring basis (in millions): December 31, 2022 Level 1 Level 2 Level 3 Other 3 Netting Adjustment 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,801 $ 169 $ 15 $ 85 $ — $ 2,070 Debt securities 1 — 975 8 — — 983 Derivatives 2 2 239 — — (227) 6 14 8 Total assets $ 1,803 $ 1,383 $ 23 $ 85 $ (227) $ 3,067 Liabilities: Contingent consideration liability $ — $ — $ 1,590 5 $ — $ — $ 1,590 Derivatives 2 4 1,962 — — (1,678) 7 288 8 Total liabilities $ 4 $ 1,962 $ 1,590 $ — $ (1,678) $ 1,878 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 5 for additional information related to the composition of our 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 were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 5. 5 Refer to Note 2 for additional information related to the contingent consideration liability resulting from the fairlife acquisition. 6 The Company is not obligated to return any cash collateral it has netted against its derivative position. 7 The Company has the right to reclaim $1,447 million in cash collateral it has netted against its derivative position. 8 The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $14 million in the line item other noncurrent assets other noncurrent liabilities 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 5 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 were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 5. 5 Refer to Note 2 for additional information related to the contingent consideration liability resulting from the fairlife acquisition. 6 The Company was obligated to return $331 million in cash collateral it had netted against its derivative position. 7 The Company did not have the right to reclaim any cash collateral it had netted against its derivative position. 8 The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $198 million in the line item other noncurrent assets other noncurrent liabilities Gross realized and unrealized gains and losses on Level 3 assets and liabilities, excluding the contingent consideration liability, were not significant for the years ended December 31, 2022 and 2021. The Company recognizes transfers between levels within the hierarchy as of the beginning of the reporting period. Gross transfers between levels within the hierarchy were not significant for the years ended December 31, 2022 and 2021. Nonrecurring Fair Value Measurements In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records assets and liabilities at fair value on a nonrecurring basis as required by U.S. GAAP. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges or as a result of observable changes in equity securities using the measurement alternative. The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the following table (in millions): Gains (Losses) Year Ended December 31, 2022 2021 Assets held for sale $ — $ (266) 4 Other-than-temporary impairment charges (96) 1 — Impairment of intangible assets (57) 2 (78) 5 Valuation of shares in equity method investee (24) 3 — Total $ (177) $ (344) 1 The Company recorded an other-than-temporary impairment charge of $96 million during the year ended December 31, 2022 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. 2 During the year ended December 31, 2022, the Company recorded an impairment charge of $57 million related to a trademark in Asia Pacific, which was primarily driven by a change in brand strategy resulting in revised projections of future operating results for the trademark. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. 3 During the year ended December 31, 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. 4 The Company is required to record assets and liabilities that are held for sale at the lower of carrying value or fair value less any costs to sell based on the agreed-upon sale price. The Company recorded charges of $266 million in the line item other income (loss) — net in our consolidated statement of income related to the restructuring of our manufacturing operations in the United States. These charges, which were calculated based on Level 3 inputs, primarily impacted the line item property, plant and equipment in our consolidated balance sheet. 5 The Company recorded an impairment charge of $78 million related to a trademark in Europe, which was driven by a change in the long-term outlook on the licensing arrangement for a certain brand. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. Fair Value Measurements for Pension and Other Postretirement Benefit Plan Assets The fair value hierarchy discussed above is not only applicable to assets and liabilities that are included in our consolidated balance sheet but is also applied to certain other assets that impact our consolidated financial statements. For example, our Company sponsors a number of pension and other postretirement benefit plans. Assets contributed to these plans by the Company become the property of the individual plans. Even though the Company no longer has control over these assets, our consolidated financial statements are impacted by subsequent fair value adjustments to these assets. The actual return on these assets impacts the Company’s future net periodic benefit cost or income as well as amounts recognized in our consolidated balance sheet. Refer to Note 13. The Company uses the fair value hierarchy to measure the fair value of assets held by our pension and other postretirement benefit plans. Pension Plan Assets The following table summarizes the levels within the fair value hierarchy for our pension plan assets (in millions): December 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Other 1 Total Level 1 Level 2 Level 3 Other 1 Total Cash and cash equivalents $ 146 $ 489 $ — $ — $ 635 $ 479 $ 26 $ — $ — $ 505 Equity securities: U.S.-based companies 1,157 7 24 — 1,188 2,382 22 27 — 2,431 International-based companies 920 16 3 — 939 1,684 22 — — 1,706 Fixed-income securities: Government bonds 91 1,147 — — 1,238 — 677 — — 677 Corporate bonds and debt — 469 30 — 499 — 994 29 — 1,023 Mutual, pooled and commingled 35 202 — 530 4 767 36 283 — 531 4 850 Hedge funds/limited — — — 936 5 936 — — — 720 5 720 Real estate — — — 424 6 424 — — — 389 6 389 Derivative financial instruments — (14) 2 — — (14) — (9) 2 — — (9) Other — — 300 3 246 7 546 — — 283 3 330 7 613 Total $ 2,349 $ 2,316 $ 357 $ 2,136 $ 7,158 $ 4,581 $ 2,015 $ 339 $ 1,970 $ 8,905 1 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 13. 2 This class of assets includes investments in interest rate contracts, credit contracts and foreign exchange contracts. 3 Includes purchased annuity insurance contracts. 4 This class of assets includes actively managed emerging markets equity funds and a collective trust fund for qualified plans, invested primarily in equity securities of companies in developing and emerging markets. There are no liquidity restrictions on these investments. 5 This class of assets includes hedge funds that can be subject to redemption restrictions, ranging from monthly to semiannually, with a redemption notice period of up to one year and/or initial lock-up periods of up to three years, and private equity funds that are primarily closed-end funds in which the Company’s investments are generally not eligible for redemption. Distributions from these private equity funds will be received as the underlying assets are liquidated or distributed. 6 This class of assets includes funds invested in real estate, including a privately held real estate investment trust, a real estate commingled pension trust fund, infrastructure limited partnerships and commingled investment funds. These funds seek current income and capital appreciation and can be subject to redemption restrictions, ranging from quarterly to semiannually, with a redemption notice period of up to 90 days. 7 Primarily includes segregated portfolios of private investment funds that are invested in a portfolio of insurance-linked securities. These assets can be subject to a semiannual redemption, with a redemption notice period of 90 days, subject to certain gate restrictions. The following table provides a reconciliation of the beginning and ending balance of Level 3 assets for our U.S. and non-U.S. pension plans (in millions): Equity Fixed-Income Securities Other 1 Total 2021 Balance at beginning of year $ 4 $ 31 $ 302 $ 337 Actual return on plan assets 21 (3) (6) 12 Purchases, sales and settlements — net 2 7 (2) 7 Transfers into Level 3 — net — (6) — (6) Net foreign currency translation adjustments — — (11) (11) Balance at end of year $ 27 $ 29 $ 283 $ 339 2022 Balance at beginning of year $ 27 $ 29 $ 283 $ 339 Actual return on plan assets (12) 1 5 (6) Purchases, sales and settlements — net (1) 4 — 3 Transfers into Level 3 — net 13 (4) — 9 Other — — 27 27 Net foreign currency translation adjustments — — (15) (15) Balance at end of year $ 27 $ 30 $ 300 $ 357 1 Includes purchased annuity insurance contracts. Other Postretirement Benefit Plan Assets The following table summarizes the levels within the fair value hierarchy for our other postretirement benefit plan assets (in millions): December 31, 2022 December 31, 2021 Level 1 Level 2 Other 1 Total Level 1 Level 2 Other 1 Total Cash and cash equivalents $ 35 $ 8 $ — $ 43 $ 32 $ 1 $ — $ 33 Equity securities: U.S.-based companies 133 — — 133 183 1 — 184 International-based companies 4 — — 4 12 — — 12 Fixed-income securities: Government bonds — 12 — 12 — 3 — 3 Corporate bonds and debt securities — 71 — 71 — 82 — 82 Mutual, pooled and commingled funds — 83 3 86 — 85 2 87 Hedge funds/limited partnerships — — 14 14 — — 9 9 Real estate — — 6 6 — — 5 5 Other — — 4 4 — — 4 4 Total $ 172 $ 174 $ 27 $ 373 $ 227 $ 172 $ 20 $ 419 1 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 13. Other Fair Value Disclosures The carrying values of cash and cash equivalents; short-term investments; trade accounts receivable; accounts payable and accrued expenses; and loans and notes payable approximate their fair values because of the relatively short-term maturities of these financial instruments. As of December 31, 2022, the carrying value and fair value of our long-term debt, including the current portion, were $36,776 million and $32,698 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.

SIGNIFICANT OPERATING AND NONOP

SIGNIFICANT OPERATING AND NONOPERATING ITEMS	12 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
SIGNIFICANT OPERATING AND NONOPERATING ITEMS	SIGNIFICANT OPERATING AND NONOPERATING ITEMS Other Operating Charges In 2022, the Company recorded other operating charges of $1,215 million. These charges primarily consisted of $1,000 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $85 million related to the Company’s productivity and reinvestment program and $57 million related to the impairment of a trademark in Asia Pacific. In addition, other operating charges included $38 million related to the restructuring of our North America operating unit and $38 million related to the BodyArmor acquisition in 2021, 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 2021. These charges were partially offset by a net gain of $6 million due to revisions of management’s estimates related to the Company’s strategic realignment initiatives. In 2021, the Company recorded other operating charges of $846 million. These charges primarily consisted of $369 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $146 million related to the Company’s strategic realignment initiatives, $119 million related to the BodyArmor acquisition, which included various transition and transaction costs, distributor termination fees, employee retention costs and the amortization of noncompete agreements, and $115 million related to the Company’s productivity and reinvestment program. In addition, other operating charges included an impairment charge of $78 million related to a trademark in Europe, charges of $15 million related to tax litigation and a net charge of $4 million related to the restructuring of our manufacturing operations in the United States. In 2020, the Company recorded other operating charges of $853 million. These charges primarily consisted of $413 million related to the Company’s strategic realignment initiatives and $99 million related to the Company’s productivity and reinvestment program. In addition, other operating charges included impairment charges of $160 million related to the Odwalla trademark and net charges of $33 million related to discontinuing the Odwalla juice business. Other operating charges also included an impairment charge of $55 million related to a trademark in North America. In addition, other operating charges included $51 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition and net charges of $16 million related to the restructuring of our manufacturing operations in the United States. Refer to Note 2 for additional information on the acquisitions of BodyArmor and fairlife. Refer to Note 11 for additional information related to the tax litigation. Refer to Note 16 for additional information on the impairment charges. Refer to Note 18 for additional information on the Company’s restructuring initiatives. Refer to Note 19 for the impact these charges had on our operating segments and Corporate. Other Nonoperating Items Interest Expense During the years ended December 31, 2021 and 2020, the Company recorded charges of $650 million and $484 million, respectively, related to the extinguishment of long-term debt. These charges impacted Corporate. Refer to Note 10. Equity Income (Loss) — Net The Company recorded net charges of $34 million, $13 million and $216 million in equity income (loss) — net during the years ended December 31, 2022, 2021 and 2020, respectively. These amounts represent the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. Refer to Note 19 for the impact these charges had on our operating segments and Corporate. Other Income (Loss) — Net During 2022, the Company recorded a net gain of $153 million related to the refranchising of our bottling operations in Cambodia. The Company also 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, an other-than-temporary impairment charge of $96 million related to an equity method investee in Russia, and a net loss of $24 million as a result of one of our equity method investees issuing additional shares of its stock. During 2021, the Company recognized a gain of $834 million in conjunction with the BodyArmor acquisition; a net gain of $695 million related to the sale of our ownership interest in CCA, an equity method investee; and a net gain of $114 million related to the sale of our ownership interest in an equity method investee and the sale of a portion of our ownership interest in another equity method investee. Additionally, the Company recognized a net gain of $467 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. The Company also recorded charges of $266 million related to the restructuring of our manufacturing operations in the United States and pension plan settlement charges of $117 million related to our strategic realignment initiatives. During 2020, the Company recognized a gain of $902 million in conjunction with the fairlife acquisition, a net gain of $148 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, and a net gain of $35 million related to the sale of our ownership interest in an equity method investee and the sale of a portion of our ownership interest in another equity method investee . These gains were partially offset by an other-than-temporary impairment charge of $252 million related to CCBJHI, an equity method investee, an other-than-temporary impairment charge of $38 million related to one of our equity method investees in Latin America, an impairment charge of $26 million associated with an investment in an equity security without a readily determinable fair value and a net loss of $55 million related to economic hedging activities. The Company also recorded net charges of $25 million related to the restructuring of our manufacturing operations in the United States and pension and other postretirement benefit plan settlement and curtailment charges of $14 million related to our strategic realignment initiatives. Refer to Note 2 for additional information on the acquisitions of BodyArmor and fairlife as well as the sale of our ownership interest in CCA and the refranchising of our bottling operations in Cambodia. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 5 for additional information on our economic hedging activities. Refer to Note 16 for additional information on the impairment charges, one of our equity method investees issuing additional shares of its stock, and the charges related to the restructuring of our manufacturing operations in the United States. Refer to Note 18 for additional information on the Company’s strategic realignment initiatives. Refer to Note 19 for the impact these items had on our operating segments and Corporate.

RESTRUCTURING

RESTRUCTURING	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING Strategic Realignment In August 2020, the Company announced strategic steps to transform our organizational structure in an effort to better enable us to capture growth in the fast-changing marketplace. The Company has transformed into a networked global organization designed to combine the power of scale with the deep knowledge required to win locally. We created new operating units effective January 1, 2021, which are focused on regional and local execution. The operating units sit under our four geographic operating segments and are highly interconnected, with the goal of eliminating duplication of resources and scaling new products more quickly. The operating units work closely with five global marketing category leadership teams to rapidly scale ideas while staying close to the consumer. The global marketing category leadership teams primarily focus on innovation as well as marketing efficiency and effectiveness. The organizational structure also includes a center and a platform services organization. Refer to Note 19 for additional information on our organizational structure. The Company has incurred total pretax expenses of $684 million related to these strategic realignment initiatives since they commenced. These expenses were recorded in the line items other operating charges and other income (loss) — net in our consolidated statements of income. Refer to Note 19 for the impact these expenses had on our operating segments and Corporate. Outside services reported in the table below primarily relate to expenses in connection with legal and consulting activities. The strategic realignment initiatives were substantially complete as of December 31, 2021. The following table summarizes the balance of accrued expenses related to these strategic realignment initiatives (in millions): Severance Pay Outside Services Other Total 2020 Costs incurred $ 386 $ 37 $ 4 $ 427 Payments (170) (36) (1) (207) Noncash and exchange (35) 1 — — (35) Accrued balance at end of year $ 181 $ 1 $ 3 $ 185 2021 Accrued balance at beginning of year $ 181 $ 1 $ 3 $ 185 Costs incurred 224 37 2 263 Payments (265) (35) (3) (303) Noncash and exchange (120) 2 (2) — (122) Accrued balance at end of year $ 20 $ 1 $ 2 $ 23 2022 Accrued balance at beginning of year $ 20 $ 1 $ 2 $ 23 Costs incurred (4) — (2) (6) Payments (15) — — (15) Noncash and exchange 1 — — 1 Accrued balance at end of year $ 2 $ 1 $ — $ 3 1 Includes stock-based compensation modifications and other postretirement benefit plan curtailment charges. Refer to Note 12 and Note 13. 2 Includes pension settlement charges. Refer to Note 13. North America Operating Unit Restructuring In November 2022, the Company announced a restructuring program for our North America operating unit designed to better align its operating structure with its customers and bottlers. The evolved operating structure will bring together all bottler-related components (franchise leadership, commercial leadership, digital, governance and technical innovation) and will help streamline how we work. The Company incurred total pretax expenses of $38 million related to this restructuring program during the year ended December 31, 2022. These expenses were recorded in the line item other operating charges in our consolidated statement of income. Refer to Note 19 for the impact these charges had on our operating segments and Corporate. Productivity and Reinvestment Program In February 2012, the Company announced a productivity and reinvestment program designed to strengthen our brands and reinvest our resources to drive long-term profitable growth. This program was expanded multiple times, with the last expansion occurring in April 2017. While we expect most of the remaining initiatives included in this program, which are primarily designed to further simplify and standardize our organization, to be completed by the end of 2023, certain initiatives may extend into 2024. The Company has incurred total pretax expenses of $4,129 million related to our productivity and reinvestment program since it commenced. These expenses were recorded in the line items other operating charges and other income (loss) — net in our consolidated statements of income. Refer to Note 19 for the impact these charges had on our operating segments and Corporate. Outside services reported in the table below primarily include costs associated with outplacement and consulting activities. Other direct costs reported in the table below include, among other items, internal and external costs associated with the development, communication, administration and implementation of these initiatives; accelerated depreciation on certain fixed assets; contract termination fees; and relocation costs. The following table summarizes the balance of accrued expenses related to these productivity and reinvestment initiatives and the changes in the accrued amounts (in millions): Severance Pay Outside Services Other Total 2020 Accrued balance at beginning of year $ 58 $ 1 $ 7 $ 66 Costs incurred (12) 69 42 99 Payments (29) (70) (36) (135) Noncash and exchange (2) — (11) (13) Accrued balance at end of year $ 15 $ — $ 2 $ 17 2021 Accrued balance at beginning of year $ 15 $ — $ 2 $ 17 Costs incurred 4 97 14 115 Payments (6) (97) (14) (117) Noncash and exchange (1) — 3 2 Accrued balance at end of year $ 12 $ — $ 5 $ 17 2022 Accrued balance at beginning of year $ 12 $ — $ 5 $ 17 Costs incurred (4) 81 8 85 Payments (2) (81) (11) (94) Noncash and exchange (2) — — (2) Accrued balance at end of year $ 4 $ — $ 2 $ 6

OPERATING SEGMENTS

OPERATING SEGMENTS	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
OPERATING SEGMENTS	OPERATING SEGMENTS Our organizational structure consists of the following operating segments: Europe, Middle East and Africa; Latin America; North America; Asia Pacific; Global Ventures; and Bottling Investments. Our operating structure also includes Corporate, which consists of two components: (1) a center focusing on strategic initiatives, policy, governance and scaling global initiatives, and (2) a platform services organization supporting operating units, global marketing category leadership teams and the center by providing efficient and scaled global services and capabilities, including, but not limited to, transactional work, data management, consumer analytics, digital commerce and social/digital hubs. Segment Products and Services The business of our Company is primarily nonalcoholic beverages. Our geographic operating segments (Europe, Middle East and Africa; Latin America; North America; and Asia Pacific) derive a majority of their revenues from the manufacture and sale of beverage concentrates and syrups and, in some cases, the sale of finished beverages. Our Global Ventures operating segment includes the results of our Costa, innocent and doğadan businesses as well as fees earned pursuant to distribution coordination agreements between the Company and Monster. Our Bottling Investments operating segment is composed of our consolidated bottling operations, regardless of the geographic location of the bottler. Our Bottling Investments operating segment also includes equity income from the majority of our equity method investees. Our consolidated bottling operations derive the majority of their revenues from the manufacture and sale of finished beverages. Generally, finished product operations produce higher net operating revenues but lower gross profit margins than concentrate operations. Refer to Note 3. The following table sets forth the percentage of total net operating revenues attributable to concentrate operations and finished product operations: Year Ended December 31, 2022 2021 2020 Concentrate operations 56 % 56 % 56 % Finished product operations 44 44 44 Total 100 % 100 % 100 % Method of Determining Segment Income or Loss Management evaluates the performance of our operating segments separately to individually monitor the different factors affecting financial performance. Our Company manages income taxes and certain treasury-related items, such as interest income and interest expense, on a global basis within Corporate. We evaluate operating segment performance based primarily on net operating revenues and operating income (loss). Geographic Data The following table provides information related to our net operating revenues (in millions): Year Ended December 31, 2022 2021 2020 United States $ 15,413 $ 13,010 $ 11,281 International 27,591 25,645 21,733 Net operating revenues $ 43,004 $ 38,655 $ 33,014 The following table provides information related to our property, plant and equipment — net (in millions): Year Ended December 31, 2022 2021 2020 United States $ 3,494 $ 3,420 $ 3,988 International 6,347 6,500 6,789 Property, plant and equipment — net $ 9,841 $ 9,920 $ 10,777 Information about our Company’s operations by operating segment and Corporate is as follows (in millions): Europe, Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Year Ended December 31, 2022 Net operating revenues: Third party $ 6,896 $ 4,910 $ 15,667 $ 4,711 $ 2,843 $ 7,883 $ 94 $ — $ 43,004 Intersegment 627 — 7 734 — 8 — (1,376) — Total net operating revenues 7,523 4,910 15,674 5,445 2,843 7,891 94 (1,376) 43,004 Operating income (loss) 3,958 2,870 3,742 2,303 185 487 (2,636) — 10,909 Interest income — — 29 — 9 — 411 — 449 Interest expense — — — — — — 882 — 882 Depreciation and amortization 63 39 330 58 140 435 195 — 1,260 Equity income (loss) — net 43 7 (1) 9 — 1,184 230 — 1,472 Income (loss) before income taxes 3,952 2,879 3,768 2,320 196 1,743 (3,172) — 11,686 Identifiable operating assets 7,088 2,067 25,760 2,368 2 7,325 10,232 2 19,158 — 73,998 Investments 1 410 629 15 219 — 12,892 4,600 — 18,765 Capital expenditures 50 4 280 22 179 697 252 — 1,484 As of and for the Year Ended December 31, 2021 Net operating revenues: Third party $ 6,564 $ 4,143 $ 13,184 $ 4,682 $ 2,805 $ 7,194 $ 83 $ — $ 38,655 Intersegment 629 — 6 609 — 9 2 (1,255) — Total net operating revenues 7,193 4,143 13,190 5,291 2,805 7,203 85 (1,255) 38,655 Operating income (loss) 3,735 2,534 3,331 2,325 293 473 (2,383) — 10,308 Interest income — — 40 — 10 — 226 — 276 Interest expense — — — — — — 1,597 — 1,597 Depreciation and amortization 76 39 388 49 135 529 236 — 1,452 Equity income (loss) — net 33 9 22 8 (6) 1,071 301 — 1,438 Income (loss) before income taxes 3,821 2,542 3,140 2,350 310 1,596 (1,334) — 12,425 Identifiable operating assets 7,908 1,720 25,730 2,355 2 7,949 10,312 2 19,964 — 75,938 Investments 1 436 594 21 230 — 12,669 4,466 — 18,416 Capital expenditures 35 2 228 65 285 560 192 — 1,367 Year Ended December 31, 2020 Net operating revenues: Third party $ 5,534 $ 3,499 $ 11,473 $ 4,213 $ 1,991 $ 6,258 $ 46 $ — $ 33,014 Intersegment 523 — 4 509 — 7 — (1,043) — Total net operating revenues 6,057 3,499 11,477 4,722 1,991 6,265 46 (1,043) 33,014 Operating income (loss) 3,313 2,116 2,471 2,133 (123) 308 (1,221) — 8,997 Interest income — — 64 — 11 — 295 — 370 Interest expense — — — — — — 1,437 — 1,437 Depreciation and amortization 86 45 439 47 122 551 246 — 1,536 Equity income (loss) — net 31 (72) — 8 (9) 779 241 — 978 Income (loss) before income taxes 3,379 2,001 2,500 2,158 (120) 898 (1,067) — 9,749 Capital expenditures 27 6 182 20 261 474 207 — 1,177 1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of December 31, 2022 and 2021. During 2022, 2021 and 2020, our operating segments and Corporate were impacted by acquisition and divestiture activities. Refer to Note 2. In 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 increased by $7 million for Europe, Middle East and Africa and were reduced by $1 million for Corporate due to revisions of management’s estimates related to the Company’s strategic realignment initiatives. Refer to Note 18. • Operating income (loss) and income (loss) before income taxes were reduced by $1,000 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 2. • Operating income (loss) and income (loss) before income taxes were reduced by $85 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 18. • Operating income (loss) and income (loss) before income taxes were reduced by $59 million for Corporate and were increased by $21 million for North America related to our acquisition of BodyArmor in 2021. Refer to Note 17. • Operating income (loss) and income (loss) before income taxes were reduced by $57 million for Asia Pacific due to the impairment of a trademark. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $38 million for North America due to the restructuring of our North America operating unit. Refer to Note 18. • Operating income (loss) and income (loss) before income taxes were reduced by $33 million and $34 million, respectively, for North America, and income (loss) before income taxes was reduced by $2 million for Corporate due to the restructuring of our manufacturing operations in the United States. • Income (loss) before income taxes was increased by $153 million for Corporate due to the refranchising of our bottling operations in Cambodia. Refer to Note 2. • Income (loss) before income taxes was reduced by $371 million for Corporate due 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 16. • Income (loss) before income taxes was reduced by $34 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 16. In 2021, the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $369 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 2. • Operating income (loss) and income (loss) before income taxes were reduced by $115 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 18. • Operating income (loss) and income (loss) before income taxes were reduced by $98 million for Corporate and $21 million for North America related to various costs incurred in conjunction with our acquisition of BodyArmor. Refer to Note 17. • Operating income (loss) and income (loss) before income taxes were reduced by $78 million for Europe, Middle East and Africa related to the impairment of a trademark. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $63 million and $61 million, respectively, for Europe, Middle East and Africa; $46 million and $160 million, respectively, for Corporate; $12 million and $14 million, respectively, for Asia Pacific; and $11 million and $12 million, respectively, for Latin America due to the Company’s strategic realignment initiatives. In addition, operating income (loss) and income (loss) before income taxes were reduced by $14 million for North America, and income (loss) before income taxes was reduced by $2 million for Bottling Investments due to the Company’s strategic realignment initiatives. Refer to Note 18. • Operating income (loss) and income (loss) before income taxes were reduced by $52 million and $316 million, respectively, for North America, and income (loss) before income taxes was reduced by $2 million for Corporate related to the restructuring of our manufacturing operations in the United States. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $15 million for Corporate related to tax litigation expense. Refer to Note 11. • Income (loss) before income taxes was increased by $834 million for Corporate in conjunction with our acquisition of BodyArmor, which resulted from the remeasurement of our previously held equity interest in BodyArmor to fair value. Refer to Note 2. • Income (loss) before income taxes was increased by $695 million for Corporate related to the sale of our ownership interest in CCA, an equity method investee. Refer to Note 2. • Income (loss) before income taxes was increased by $467 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. • Income (loss) before income taxes was increased by $114 million for Corporate related to the sale of our ownership interest in an equity method investee and the sale of a portion of our ownership interest in another equity method investee. • Income (loss) before income taxes was reduced by $650 million for Corporate related to charges associated with the extinguishment of long-term debt. Refer to Note 10. • Income (loss) before income taxes was reduced by $45 million for Bottling Investments and was increased by $32 million for Corporate due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. In 2020, the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes for North America were reduced by $160 million related to the impairment of the Odwalla trademark and $33 million related to the cost of discontinuing the Odwalla juice business. • Operating income (loss) and income (loss) before income taxes were reduced by $145 million and $153 million, respectively, for Corporate; $31 million and $30 million, respectively, for Asia Pacific; $21 million and $26 million, respectively, for Bottling Investments; and $19 million and $21 million, respectively, for Latin America due to the Company’s strategic realignment initiatives. Additionally, operating income (loss) and income (loss) before income taxes were reduced by $115 million for North America; $78 million for Europe, Middle East and Africa; and $4 million for Global Ventures due to the Company’s strategic realignment initiatives. Refer to Note 18. • Operating income (loss) and income (loss) before income taxes were reduced by $104 million for Corporate due to the Company’s productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $5 million for Europe, Middle East and Africa due to the refinement of previously established accruals related to the Company’s productivity and reinvestment program. Refer to Note 18. • Operating income (loss) and income (loss) before income taxes were reduced by $59 million and $84 million, respectively, for North America related to the restructuring of our manufacturing operations in the United States. • Operating income (loss) and income (loss) before income taxes were reduced by $55 million for North America related to the impairment of a trademark. • Operating income (loss) and income (loss) before income taxes were reduced by $51 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 2. • Income (loss) before income taxes was increased by $902 million for Corporate in conjunction with our fairlife acquisition, which resulted from the remeasurement of our previously held equity interest in fairlife to fair value. Refer to Note 2. • Income (loss) before income taxes was increased by $148 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. • Income (loss) before income taxes was increased by $35 million for Corporate related to the sale of our ownership interest in an equity method investee and the sale of a portion of our ownership interest in another equity method investee. Refer to Note 2. • Income (loss) before income taxes was reduced by $484 million for Corporate related to charges associated with the extinguishment of long-term debt. Refer to Note 10. • Income (loss) before income taxes was reduced by $252 million for Bottling Investments and $38 million for Latin America due to other-than-temporary impairment charges related to certain of our equity method investees. • Income (loss) before income taxes was reduced by $145 million for Bottling Investments, $70 million for Latin America and $1 million for North America due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. • Income (loss) before income taxes was reduced by $26 million for Corporate due to an impairment charge associated with an investment in an equity security without a readily determinable fair value.

NET CHANGE IN OPERATING ASSETS

NET CHANGE IN OPERATING ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2022
Increase (Decrease) in Operating Capital [Abstract]
NET CHANGE IN OPERATING ASSETS AND LIABILITIES	NET CHANGE IN OPERATING ASSETS AND LIABILITIES Net cash provided by (used in) operating activities attributable to the net change in operating assets and liabilities was composed of the following (in millions): Year Ended December 31, 2022 2021 2020 (Increase) decrease in trade accounts receivable 1 $ (69) $ (225) $ 882 (Increase) decrease in inventories 2 (960) (135) 99 (Increase) decrease in prepaid expenses and other current assets 225 (241) 78 Increase (decrease) in accounts payable and accrued expenses 3 759 2,843 (860) Increase (decrease) in accrued income taxes (360) (566) (16) Increase (decrease) in other noncurrent liabilities 4 (200) (351) 507 Net change in operating assets and liabilities $ (605) $ 1,325 $ 690 1 The increase in trade accounts receivable in 2021 was primarily due to improved business performance. The decrease in trade accounts receivable in 2020 was primarily due to the impact of the COVID-19 pandemic and the start of our trade accounts receivable factoring program. Refer to Note 1 for additional information on our factoring program. 2 The increase in inventories in 2022 was primarily due to improved business performance, higher costs and the buildup of inventory to manage potential supply chain disruptions. 3 The increase in accounts payable and accrued expenses in 2021 was primarily due to an increase in trade accounts payable, higher marketing accruals, BodyArmor acquisition-related accruals and higher annual incentive accruals. The decrease in accounts payable and accrued expenses in 2020 was primarily due to the impact of the COVID-19 pandemic and lower annual incentive accruals. Refer to Note 2 for additional information regarding the BodyArmor acquisition. 4 The increase in other noncurrent liabilities in 2020 was primarily due to the increase in income tax reserves related to the litigation with the IRS. Refer to Note 11.

BUSINESS AND SUMMARY OF SIGNI_2

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements and accompanying notes. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result.
Principles of Consolidation	Principles of Consolidation Our Company consolidates all entities that we control by ownership of a majority voting interest. Additionally, there are situations in which consolidation is required even though the usual condition of consolidation (i.e., ownership of a majority voting interest) does not apply. Generally, this occurs when an entity holds an interest in another business enterprise that was achieved through arrangements that do not involve voting interests, which results in a disproportionate relationship between such entity’s voting interests in, and its exposure to the economic risks and potential rewards of, the other business enterprise. This disproportionate relationship results in what is known as a variable interest, and the entity in which we have the variable interest is referred to as a “VIE.” An enterprise must consolidate a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Our Company holds interests in certain VIEs, primarily bottling operations, for which we were not determined to be the primary beneficiary. Our variable interests in these VIEs primarily relate to equity investments, profit guarantees or subordinated financial support. Refer to Note 11. Although these financial arrangements resulted in our holding variable interests in these entities, they did not empower us to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance. Our Company’s investments, plus any loans and guarantees, and other subordinated financial support related to these VIEs totaled $1,626 million and $1,980 million as of December 31, 2022 and 2021, respectively, representing our maximum exposures to loss. The Company’s investments, plus any loans and guarantees, related to these VIEs were not individually significant to the Company’s consolidated financial statements. In addition, our Company holds interests in certain VIEs, primarily bottling operations, for which we were determined to be the primary beneficiary. As a result, we have consolidated these entities. Our Company’s investments, plus any loans and guarantees, related to these VIEs totaled $109 million and $103 million as of December 31, 2022 and 2021, respectively, representing our maximum exposures to loss. The assets and liabilities of VIEs for which we are the primary beneficiary were not significant to the Company’s consolidated financial statements. Creditors of our VIEs do not have recourse against the general credit of the Company, regardless of whether they are accounted for as consolidated entities. We use the equity method to account for investments in companies if our investment provides us with the ability to exercise significant influence over operating and financial policies of the investee. Our consolidated net income includes our Company’s proportionate share of the net income or loss of these companies. Our judgment regarding the level of influence over each equity method investee includes considering key factors, such as our ownership interest, representation on the board of directors, participation in policy-making decisions, other commercial arrangements and material intercompany transactions. We eliminate from our financial results all significant intercompany transactions, including the intercompany transactions with consolidated VIEs and the intercompany portion of transactions with equity method investees.
Revenue Recognition	Revenue Recognition Our Company recognizes revenue when performance obligations under the terms of the contracts with our customers are satisfied. Our performance obligation generally consists of the promise to sell concentrates, syrups or finished products to our bottling partners, wholesalers, distributors or retailers. Refer to Note 3.
Advertising Costs	Advertising Costs Our Company expenses production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred. Advertising costs included in the line item selling, general and administrative expenses in our consolidated statements of income were $4 billion, $4 billion and $3 billion in 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, advertising and production costs of $35 million and $57 million, respectively, were primarily recorded in the line item prepaid expenses and other current assets in our consolidated balance sheets.
Shipping and Handling Costs	Shipping and Handling CostsShipping and handling costs related to the movement of goods from our manufacturing locations to our sales distribution centers are included in the line item cost of goods sold in our consolidated statement of income. Shipping and handling costs incurred to move goods from our manufacturing locations or sales distribution centers to our customers are also included in the line item cost of goods sold in our consolidated statement of income, except for costs incurred to distribute goods sold by our consolidated bottlers to our customers, which are included in the line item selling, general and administrative expenses in our consolidated statement of income. Our customers generally do not pay us separately for shipping and handling costs. We recognize the cost of shipping and handling activities that are performed after a customer obtains control of the goods as costs to fulfill our promise to provide goods to the customer. As a result of this election, the Company does not evaluate whether shipping and handling activities are services promised to customers. If revenue is recognized for the related goods before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued.
Sales, Use, Value-Added and Excise Taxes	Sales, Use, Value-Added and Excise TaxesThe Company collects taxes imposed directly on its customers related to sales, use, value-added, excise and other similar taxes. The Company then remits such taxes on behalf of its customers to the applicable governmental authorities. We exclude from net operating revenues the tax amounts imposed on revenue-producing transactions that were collected from our customers to be remitted to governmental authorities. Accordingly, such tax amounts are recorded in the line item trade accounts receivable in our consolidated balance sheet when collection of taxes from the customer has not yet occurred and are recorded in the line item accounts payable and accrued expenses in our consolidated balance sheet until they are remitted to the applicable governmental authorities. Taxes imposed directly on the Company, whether based on receipts from sales, inventory procurement costs or manufacturing activities, are recorded in the line item cost of goods sold in our consolidated statement of income.
Net Income Per Share	Net Income Per ShareBasic net income per share is computed by dividing net income attributable to shareowners of The Coca-Cola Company by the weighted-average number of common shares outstanding during the reporting period. Diluted net income per share is computed similarly to basic net income per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. We excluded 8 million, 6 million and 6 million stock options from the computation of diluted net income per share in 2022, 2021 and 2020, respectively, because the stock options would have been antidilutive.
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 in our consolidated balance sheet. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk. The following table provides a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in our consolidated statements of cash flows (in millions): December 31, 2022 2021 2020 Cash and cash equivalents $ 9,519 $ 9,684 $ 6,795 Restricted cash and restricted cash equivalents 1,2 306 341 315 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,825 $ 10,025 $ 7,110 1 Amounts include cash and cash equivalents in our solvency capital portfolio, which are included in the line item other noncurrent assets in our consolidated balance sheets. Refer to Note 4.
Short-Term Investments	Short-Term Investments We classify time deposits and other investments that have maturities of greater than three months but less than one year as short-term investments.
Investments in Equity and Debt Securities	Investments in Equity and Debt SecuritiesWe measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value with the change in fair value included in net income. We use quoted market prices to determine the fair value of equity securities with readily determinable fair values. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Management assesses each of these investments on an individual basis. Our investments in debt securities are carried at either amortized cost or fair value. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Refer to Note 4 for additional information on our policy for investments, which includes our assessment of impairments.
Trade Accounts Receivable	Trade Accounts Receivable We record trade accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any expected loss on the trade accounts receivable balances and charged to the provision for doubtful accounts. We calculate this allowance based on available relevant information, in addition to historical loss information, the level of past-due accounts based on the contractual terms of the receivables, and our relationships with, and the economic status of, our bottling partners and customers. We believe our exposure to concentrations of credit risk is limited due to the diverse geographic areas covered by our operations. The Company has a trade accounts receivable factoring program in certain countries. Under this program, we can elect to sell trade accounts receivables to unaffiliated financial institutions at a discount. In these factoring arrangements, for ease of administration, the Company collects customer payments related to the factored receivables and remits those payments to the financial institutions. The Company sold $10,709 million and $6,266 million of trade accounts receivables under this program during the years ended December 31, 2022 and 2021, respectively. The costs of factoring such receivables were $27 million and $5 million for the years ended December 31, 2022 and 2021, respectively. The Company accounts for this program as a sale, and accordingly, the trade receivables sold are excluded from the line item trade accounts receivable in our consolidated balance sheet. The cash received from the financial institutions is classified within the operating activities section in our consolidated statement of cash flows.
Inventories	Inventories Inventories consist primarily of raw materials and packaging (which include ingredients and supplies) and finished goods (which include concentrates and syrups in our concentrate operations and finished beverages in our finished product operations). Inventories are valued at the lower of cost or net realizable value. We determine cost on the basis of the average cost or first-in, first-out methods. Inventories consisted of the following (in millions): December 31, 2022 2021 Raw materials and packaging $ 2,627 $ 2,133 Finished goods 1,247 982 Other 359 299 Total inventories $ 4,233 $ 3,414
Derivative Instruments	Derivative Instruments When deemed appropriate, our Company uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments are foreign currency exchange rate risk, commodity price risk and interest rate risk. All derivatives are carried at fair value in our consolidated balance sheet in the following line items, as applicable: prepaid expenses and other current assets; other noncurrent assets; accounts payable and accrued expenses; and other noncurrent liabilities. The cash flow impact of the Company’s derivative instruments is primarily included in our consolidated statement of cash flows in net cash provided by operating activities. Refer to Note 5.
Leases	Leases We determine if a contract contains a lease at its inception based on whether or not the Company has the right to control the asset during the contract period and other facts and circumstances. We are the lessee in a lease contract when we obtain the right to control the asset. Operating lease right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and are included in the line item other noncurrent assets in our consolidated balance sheet. Operating lease liabilities represent our obligation to make lease payments arising from the lease and are included in the line items accounts payable and accrued expenses and other noncurrent liabilities in our consolidated balance sheet. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. When determining the lease term, we include renewal or termination options that we are reasonably certain to exercise. Leases with a lease term of 12 months or less at inception are not recorded in our consolidated balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term in our consolidated statement of income. As most of our leases do not provide an implicit interest rate, we use our local incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. When our contracts contain lease and non-lease components, we account for both components as a single lease component. Refer to Note 9.
Leases	We have various contracts for certain fountain equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost. Repair and maintenance costs that do not improve service potential or extend economic life are expensed as incurred. Depreciation is recorded principally by the straight-line method over the estimated useful lives of our assets, which are reviewed periodically and generally have the following ranges: buildings and improvements: 40 years or less; and machinery and equipment: 20 years or less. Land is not depreciated, and construction in progress is not depreciated until ready for service. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term, including renewal options that we are reasonably certain to exercise, or the estimated useful life of the improvement. Depreciation is not recorded during the period in which a long-lived asset or disposal group is classified as held for sale, even if the asset or disposal group continues to generate revenue during the period. Depreciation expense, including the depreciation expense of assets under finance leases, totaled $1,125 million, $1,262 million and $1,301 million in 2022, 2021 and 2020, respectively. Amortization expense for leasehold improvements totaled $13 million, $15 million and $18 million in 2022, 2021 and 2020, respectively. The following table summarizes our property, plant and equipment (in millions): December 31, 2022 2021 Land $ 611 $ 652 Buildings and improvements 4,434 4,349 Machinery and equipment 14,030 13,861 Property, plant and equipment — cost 19,075 18,862 Less: Accumulated depreciation 9,234 8,942 Property, plant and equipment — net $ 9,841 $ 9,920 Certain events or changes in circumstances may indicate that the recoverability of the carrying amount of property, plant and equipment should be assessed, including, among others, a significant decrease in market value, a significant change in the business climate in a particular market, or a current period operating or cash flow loss combined with historical losses or projected future losses. When such events or changes in circumstances are present and a recoverability test is performed, we estimate the future cash flows expected to result from the use of the asset or asset group and its eventual disposition. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment charge. The impairment charge recognized is the amount by which the carrying amount of the asset or asset group exceeds the fair value. We use a variety of methodologies to determine the fair value of property, plant and equipment, including appraisals and discounted cash flow models. These appraisals and models include assumptions we believe are consistent with those a market participant would use.
Goodwill, Trademarks and Other Intangible Assets	Goodwill, Trademarks and Other Intangible Assets We classify intangible assets into three categories: (1) intangible assets with definite lives subject to amortization; (2) intangible assets with indefinite lives not subject to amortization; and (3) goodwill. We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, the Company’s long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized, primarily on a straight-line basis, over their useful lives, which is less than 20 years. Refer to Note 7. When events or circumstances indicate that the carrying value of definite-lived intangible assets may not be recoverable, management performs a recoverability test of the carrying value by preparing estimates of sales volume and the resulting profit and cash flows expected to result from the use of the asset or asset group and its eventual disposition. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment charge. The impairment charge recognized is the amount by which the carrying amount of the asset or asset group exceeds the fair value. We use a variety of methodologies to determine the fair value of these assets, including discounted cash flow models, which include assumptions we believe are consistent with those a market participant would use. We test intangible assets determined to have indefinite useful lives, including trademarks, franchise rights and goodwill, for impairment annually, or more frequently if events or circumstances indicate that assets might be impaired. Our Company performs these annual impairment tests as of the first day of our third fiscal quarter. We use a variety of methodologies in conducting impairment tests of indefinite-lived intangible assets, including, but not limited to, discounted cash flow models, which include assumptions we believe are consistent with those a market participant would use. For indefinite-lived intangible assets, other than goodwill, if the carrying amount exceeds the fair value, an impairment charge is recognized in an amount equal to that excess. The Company has the option to perform a qualitative assessment of indefinite-lived intangible assets, other than goodwill, rather than completing the impairment test. The Company must assess whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount. If the Company concludes that this is the case, it must perform the impairment testing described above. Otherwise, the Company does not need to perform any further assessment. We perform impairment tests of goodwill at our reporting unit level, which is generally one level below our operating segments. Our operating segments are primarily based on geographic responsibility, which is consistent with the way management runs our business. Our geographic operating segments are generally subdivided into smaller geographic regions. These geographic regions are our reporting units. Our Global Ventures operating segment includes the results of our Costa Limited (“Costa”), innocent and doğadan businesses, as well as fees earned pursuant to distribution coordination agreements between the Company and Monster Beverage Corporation (“Monster”), each of which is its own reporting unit. The Bottling Investments operating segment includes all of our consolidated bottling operations, regardless of geographic location. Generally, each consolidated bottling operation within our Bottling Investments operating segment is its own reporting unit. Goodwill is assigned to the reporting unit or units that benefit from the synergies arising from each business combination. In order to test for goodwill impairment, the Company compares the fair value of the reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is less than its carrying amount, goodwill is written down for the amount by which the carrying amount exceeds the fair value. However, the impairment charge recognized cannot exceed the carrying amount of goodwill. We typically use discounted cash flow models to determine the fair value of a reporting unit. The assumptions used in these models are consistent with those we believe a market participant would use. The Company has the option to perform a qualitative assessment of goodwill in order to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company concludes that this is the case, it must perform the impairment testing discussed above. Otherwise, the Company does not need to perform any further assessment. Impairment charges related to intangible assets, including goodwill, are generally recorded in the line item other operating charges or, to the extent they relate to equity method investees, in the line item equity income (loss) — net in our consolidated statement of income.
Contingencies	Contingencies Our Company is involved in various legal proceedings and tax matters. Due to their nature, such legal proceedings and tax matters involve inherent uncertainties, including, but not limited to, court rulings, negotiations between affected parties and governmental actions. Management assesses the probability of loss for such contingencies and accrues a liability and/or discloses the relevant circumstances, as appropriate. Refer to Note 11.
Stock-Based Compensation	Stock-Based Compensation Our Company grants long-term equity awards under its stock-based compensation plans to certain employees of the Company. These awards include stock options, performance share units, restricted stock and restricted stock units. The fair value of stock option awards is estimated using a Black-Scholes-Merton option-pricing model. The Company recognizes compensation expense on a straight-line basis over the vesting period, which is generally four years. The fair value of restricted stock, restricted stock units and certain performance share units is the closing market price per share of the Company’s stock on the grant date less the present value of the expected dividends not received during the vesting period. The Company included a relative total shareowner return (“TSR”) modifier for most performance share unit awards granted from 2014 through 2017 as well as for performance share unit awards granted to executives from 2018 through 2022. For these awards, the number of performance share units earned based on the certified achievement of the predefined performance criteria will be reduced or increased if the Company’s total shareowner return over the performance period relative to a predefined compensation comparator group of companies falls outside of a predefined range. The fair value of performance share units that include a TSR modifier is determined using a Monte Carlo valuation model. In the reporting period it becomes probable that the minimum performance threshold specified in the performance share unit award will be achieved, we recognize compensation expense for the proportionate share of the total fair value of the performance share units related to the vesting period that has already lapsed for the performance share units expected to vest. The remaining fair value of the performance share units expected to vest is expensed on a straight-line basis over the remainder of the vesting period. In the event the Company determines it is no longer probable that the minimum performance threshold specified in the award will be achieved, we reverse all of the previously recognized compensation expense in the reporting period such a determination is made. The Company has made a policy election to estimate the number of stock-based compensation awards that will ultimately vest to determine the amount of compensation expense recognized each reporting period. Forfeiture estimates are trued-up at the end of the vesting period in order to ensure that compensation expense is recognized only for those awards that ultimately vest. Refer to Note 12.
Income Taxes	Income Taxes Income tax expense includes U.S., state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the book basis and the tax basis of assets and liabilities. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. 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
Translation and Remeasurement	Translation and Remeasurement We translate the assets and liabilities of our foreign subsidiaries from their respective functional currencies to U.S. dollars at the appropriate spot rates as of the balance sheet date. Generally, our foreign subsidiaries use the local currency as their functional currency. Changes in the carrying values of these assets and liabilities attributable to fluctuations in spot rates are recognized in net foreign currency translation adjustments, a component of accumulated other comprehensive income (loss) (“AOCI”). Refer to Note 15. Accounts in our consolidated statement of income are translated using the monthly average exchange rates during the year. Monetary assets and liabilities denominated in a currency that is different from a reporting entity’s functional currency must be remeasured from the applicable currency to the reporting entity’s functional currency. The effects of the remeasurement of these assets and liabilities are recognized in the line item other income (loss) — net in our consolidated statement of income and are partially offset by the impact of our economic hedging program for certain exposures on our consolidated balance sheet. Refer to Note 5.

BUSINESS AND SUMMARY OF SIGNI_3

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Cash, Cash Equivalents and Investments	The following table provides a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in our consolidated statements of cash flows (in millions): December 31, 2022 2021 2020 Cash and cash equivalents $ 9,519 $ 9,684 $ 6,795 Restricted cash and restricted cash equivalents 1,2 306 341 315 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,825 $ 10,025 $ 7,110 1 Amounts include cash and cash equivalents in our solvency capital portfolio, which are included in the line item other noncurrent assets in our consolidated balance sheets. Refer to Note 4.
Inventories	Inventories consisted of the following (in millions): December 31, 2022 2021 Raw materials and packaging $ 2,627 $ 2,133 Finished goods 1,247 982 Other 359 299 Total inventories $ 4,233 $ 3,414
Property, Plant and Equipment	The following table summarizes our property, plant and equipment (in millions): December 31, 2022 2021 Land $ 611 $ 652 Buildings and improvements 4,434 4,349 Machinery and equipment 14,030 13,861 Property, plant and equipment — cost 19,075 18,862 Less: Accumulated depreciation 9,234 8,942 Property, plant and equipment — net $ 9,841 $ 9,920

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2022 2021 Cash, cash equivalents and short-term investments $ 229 $ 228 Trade accounts receivable, less allowances 12 21 Inventories 50 55 Prepaid expenses and other current assets 43 36 Other noncurrent assets 29 9 Deferred income tax assets 8 6 Property, plant and equipment — net 197 282 Goodwill 34 37 Assets held for sale $ 602 $ 674 Accounts payable and accrued expenses $ 154 $ 139 Accrued income taxes 3 4 Other noncurrent liabilities 3 9 Deferred income tax liabilities — 5 Liabilities held for sale $ 160 $ 157

NET OPERATING REVENUES (Tables)

NET OPERATING REVENUES (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue Recognition [Abstract]
Disaggregation of Revenue	The following table presents net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Year Ended December 31, 2022 Concentrate operations $ 7,702 $ 16,369 $ 24,071 Finished product operations 7,711 11,222 18,933 Total $ 15,413 $ 27,591 $ 43,004 Year Ended December 31, 2021 Concentrate operations $ 6,551 $ 15,248 $ 21,799 Finished product operations 6,459 10,397 16,856 Total $ 13,010 $ 25,645 $ 38,655 Year Ended December 31, 2020 Concentrate operations $ 5,443 $ 13,139 $ 18,582 Finished product operations 5,838 8,594 14,432 Total $ 11,281 $ 21,733 $ 33,014

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 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 — December 31, 2022 Marketable securities $ 308 $ — Other investments 459 42 Other noncurrent assets 1,303 — Total equity securities $ 2,070 $ 42 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 year related to equity securities still held at the end of the year is as follows (in millions): Year Ended December 31, 2022 2021 Net gains (losses) recognized during the year related to equity securities $ (236) $ 509 Less: Net gains (losses) recognized during the year related to equity securities sold during the year 7 71 Net unrealized gains (losses) recognized during the year related to equity securities still held at $ (243) $ 438
Schedule of available-for-sale and trading securities	Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Fair Value Cost Gains Losses December 31, 2022 Trading securities $ 43 $ — $ (4) $ 39 Available-for-sale securities 979 26 (61) 944 Total debt securities $ 1,022 $ 26 $ (65) $ 983 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): December 31, 2022 December 31, 2021 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Marketable securities $ 39 $ 722 $ 40 $ 1,283 Other noncurrent assets — 222 — 266 Total debt securities $ 39 $ 944 $ 40 $ 1,549
Contractual maturities of available-for-sale debt securities	The contractual maturities of these available-for-sale debt securities as of December 31, 2022 were as follows (in millions): Cost Estimated Within 1 year $ 146 $ 145 After 1 year through 5 years 621 598 After 5 years through 10 years 38 49 After 10 years 174 152 Total $ 979 $ 944
Realized Gain (Loss) on Investments	The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Year Ended December 31, 2022 2021 2020 Gross gains $ 5 $ 6 $ 20 Gross losses (136) (10) (13) Proceeds 1,498 1,197 1,559

HEDGING TRANSACTIONS AND DERI_2

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair values of derivative instruments designated and qualified as part of hedging relationship	The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions): Fair Value 1,2 Derivatives Designated as Hedging Instruments Balance Sheet Location 1 December 31, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 126 $ 151 Foreign currency contracts Other noncurrent assets 13 27 Interest rate contracts Prepaid expenses and other current assets — 1 Interest rate contracts Other noncurrent assets — 282 Total assets $ 139 $ 461 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 54 $ 15 Foreign currency contracts Other noncurrent liabilities 108 17 Commodity contracts Accounts payable and accrued expenses 2 — Interest rate contracts Other noncurrent liabilities 1,676 14 Total liabilities $ 1,840 $ 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 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value.
Derivatives Not Designated as Hedging Instruments	The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions): Fair Value 1,2 Derivatives Not Designated as Hedging Instruments Balance Sheet Location 1 December 31, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 46 $ 53 Foreign currency contracts Other noncurrent assets 22 — Commodity contracts Prepaid expenses and other current assets 34 131 Commodity contracts Other noncurrent assets — 3 Other derivative instruments Prepaid expenses and other current assets — 9 Total assets $ 102 $ 196 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 87 $ 34 Foreign currency contracts Other noncurrent liabilities 1 9 Commodity contracts Accounts payable and accrued expenses 35 6 Commodity contracts Other noncurrent liabilities — 1 Other derivative instruments Accounts payable and accrued expenses 3 — Total liabilities $ 126 $ 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 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (OCI)	The following table presents the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions): Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) 2022 Foreign currency contracts $ 205 Net operating revenues $ 218 Foreign currency contracts 17 Cost of goods sold 28 Foreign currency contracts — Interest expense (4) Foreign currency contracts (91) Other income (loss) — net (79) Commodity contracts (4) Cost of goods sold (2) Total $ 127 $ 161 2021 Foreign currency contracts $ 36 Net operating revenues $ (77) Foreign currency contracts (2) Cost of goods sold (10) Foreign currency contracts — Interest expense (13) Foreign currency contracts 19 Other income (loss) — net 74 Interest rate contracts 110 Interest expense (90) Commodity contracts (1) Cost of goods sold — Total $ 162 $ (116) 2020 Foreign currency contracts $ (93) Net operating revenues $ (73) Foreign currency contracts 4 Cost of goods sold 9 Foreign currency contracts — Interest expense (16) Foreign currency contracts 37 Other income (loss) — net 60 Interest rate contracts 15 Interest expense (54) Commodity contracts 2 Cost of goods sold — Total $ (35) $ (74)
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) 2022 Interest rate contracts Interest expense $ (1,944) Fixed-rate debt Interest expense 1,927 Net impact of fair value hedging instruments $ (17) 2021 Interest rate contracts Interest expense $ (67) Fixed-rate debt Interest expense 66 Net impact of fair value hedging instruments $ (1) 2020 Interest rate contracts Interest expense $ 275 Fixed-rate debt Interest expense (274) Net impact to interest expense $ 1 Foreign currency contracts Other income (loss) — net $ (4) Available-for-sale securities Other income (loss) — net 5 Net impact to other income (loss) — net $ 1 Net impact of fair value hedging instruments $ 2 The following table summarizes the amounts recorded in our consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Cumulative Amount of Fair Value Hedging Adjustments 1 Carrying Values of Included in the Carrying Values of Hedged Items Remaining for Which Hedge Accounting Has Been Discontinued Balance Sheet Location of Hedged Items December 31, December 31, December 31, December 31, December 31, December 31, Current maturities of long-term debt $ — $ 200 $ — $ 1 $ — $ — Long-term debt 11,900 12,353 (1,664) 255 195 228 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 December 31, Year Ended December 31, 2022 2021 2022 2021 2020 Foreign currency contracts $ — $ 40 $ (10) $ (10) $ (5) Foreign currency denominated debt 12,061 12,812 751 928 (1,089) Total $ 12,061 $ 12,852 $ 741 $ 918 $ (1,094)
Derivative instruments, not designated as hedging instruments, gain (loss) in earnings	The following table presents the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Year Ended December 31, 2022 2021 2020 Foreign currency contracts Net operating revenues $ (55) $ 6 $ 58 Foreign currency contracts Cost of goods sold 46 (10) 6 Foreign currency contracts Other income (loss) — net 57 (84) (13) Commodity contracts Cost of goods sold (40) 171 54 Interest rate contracts Interest expense — (187) 6 Other derivative instruments Selling, general and administrative expenses (21) 34 21 Other derivative instruments Other income (loss) — net — (3) (55) Total $ (13) $ (73) $ 77

EQUITY METHOD INVESTMENTS (Tabl

EQUITY METHOD INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Summary of financial information for equity method investees	A summary of financial information for our equity method investees in the aggregate is as follows (in millions): Year Ended December 31, 1 2022 2021 2020 Net operating revenues $ 85,116 $ 79,934 $ 69,384 Cost of goods sold 52,051 47,847 41,139 Gross profit $ 33,065 $ 32,087 $ 28,245 Operating income $ 9,719 $ 9,089 $ 7,056 Consolidated net income $ 6,373 $ 6,050 $ 4,176 Less: Net income attributable to noncontrolling interests 102 91 54 Net income attributable to common shareowners $ 6,271 $ 5,959 $ 4,122 Company equity income (loss) — net $ 1,472 $ 1,438 $ 978 1 The financial information represents the results of the equity method investees during the Company’s period of ownership. December 31, 2022 2021 Current assets $ 32,722 $ 30,992 Noncurrent assets 70,523 72,064 Total assets $ 103,245 $ 103,056 Current liabilities $ 23,580 $ 21,362 Noncurrent liabilities 34,740 37,353 Total liabilities $ 58,320 $ 58,715 Equity attributable to shareowners of investees $ 43,917 $ 43,422 Equity attributable to noncontrolling interests 1,008 919 Total equity $ 44,925 $ 44,341 Company equity method investments $ 18,264 $ 17,598
Equity Method Investments Fair Value and Carrying Value	The following table presents the difference between calculated fair value, based on quoted closing prices of publicly traded shares, and our Company’s carrying value in investments in publicly traded companies accounted for under the equity method (in millions): December 31, 2022 Fair Value Carrying Value Difference Monster Beverage Corporation $ 10,368 $ 4,514 $ 5,854 Coca-Cola Europacific Partners plc 4,865 3,643 1,222 Coca-Cola FEMSA, S.A.B. de C.V. 3,952 1,729 2,223 Coca-Cola HBC AG 1,868 1,119 749 Coca-Cola Consolidated, Inc. 1,272 339 933 Coca-Cola Bottlers Japan Holdings Inc. 1 369 398 (29) Coca-Cola İçecek A.Ş. 559 207 352 Embotelladora Andina S.A. 134 97 37 Total $ 23,387 $ 12,046 $ 11,341 1 The carrying value of our investment in CCBJHI exceeded its fair value as of December 31, 2022 by $29 million. Based on the length of time and the extent to which the fair value has been less than our carrying value and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value, management determined that the decline in fair value was temporary in nature. Therefore, we did not record an impairment charge related to the investment.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Indefinite-lived intangible assets	The following table presents the carrying values of indefinite-lived intangible assets included in our consolidated balance sheets (in millions): December 31, 2022 2021 Trademarks $ 14,214 $ 14,465 Goodwill 18,782 19,363 Other 175 211 Indefinite-lived intangible assets $ 33,171 $ 34,039
Carrying value of goodwill by operating segment	The following table provides information related to the carrying value of our goodwill by operating segment (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Total 2021 Balance at beginning of year $ 1,308 $ 164 $ 8,792 $ 201 $ 2,892 $ 4,149 $ 17,506 Effect of foreign currency translation (83) (8) — (6) 46 (285) (336) Acquisitions 1 55 44 1,886 227 45 — 2,257 Impairments — — — — — (7) (7) Divestitures, deconsolidations and other 2 — — (13) — (7) (37) (57) Balance at end of year $ 1,280 $ 200 $ 10,665 $ 422 $ 2,976 $ 3,820 $ 19,363 2022 Balance at beginning of year $ 1,280 $ 200 $ 10,665 $ 422 $ 2,976 $ 3,820 $ 19,363 Effect of foreign currency translation (83) 3 — (12) (272) (239) (603) Acquisitions — — — — — 4 4 Purchase accounting adjustments — — 12 2 9 — 23 Divestitures, deconsolidations — — — — (5) — (5) Balance at end of year $ 1,197 $ 203 $ 10,677 $ 412 $ 2,708 $ 3,585 $ 18,782 1 For information related to the Company’s acquisitions, refer to Note 2. 2 The decrease in the Bottling Investments operating segment was a result of the Company’s bottling operations in Vietnam and Cambodia being classified as held for sale. Refer to Note 2.
Definite-lived intangible assets	The following table provides information related to definite-lived intangible assets (in millions): December 31, 2022 December 31, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Gross Carrying Accumulated Amortization Net Carrying Customer relationships $ 354 $ (109) $ 245 $ 336 $ (86) $ 250 Trademarks 147 (84) 63 189 (87) 102 Other 206 (54) 152 273 (51) 222 Total $ 707 $ (247) $ 460 $ 798 $ (224) $ 574
Estimated amortization expense for the next five years	Based on the carrying value of definite-lived intangible assets as of December 31, 2022, we estimate our amortization expense for the next five years will be as follows (in millions): Amortization 2023 $ 89 2024 65 2025 57 2026 45 2027 44

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following (in millions): December 31, 2022 2021 Accounts payable $ 5,307 $ 4,602 Accrued marketing expenses 2,778 2,830 Accrued compensation 1,087 1,051 Variable consideration payable 934 1,118 Other accrued expenses 1 5,643 5,018 Accounts payable and accrued expenses $ 15,749 $ 14,619

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Lessee Operating Lease Balance Sheet Information	Balance sheet information related to operating leases is as follows (in millions): December 31, 2022 2021 Operating lease ROU assets 1 $ 1,406 $ 1,418 Current portion of operating lease liabilities 2 $ 341 $ 310 Noncurrent portion of operating lease liabilities 3 1,113 1,161 Total operating lease liabilities $ 1,454 $ 1,471 1 Operating lease ROU assets are included in the line item other noncurrent assets in our consolidated balance sheets. 2 The current portion of operating lease liabilities is included in the line item accounts payable and accrued expenses in our consolidated balance sheets. 3 The noncurrent portion of operating lease liabilities is included in the line item other noncurrent liabilities in our consolidated balance sheets.
Lessee Operating Lease Weighted Average Remaining Lease Term and Discount Rate	Information associated with the measurement of our operating lease obligations as of December 31, 2022 is as follows: Weighted-average remaining lease term 8 years Weighted-average discount rate 2.9 %
Lessee, Operating Lease, Liability, Maturity	The following table summarizes the maturities of our operating lease liabilities as of December 31, 2022 (in millions): Maturities of Operating Lease Liabilities 2023 $ 372 2024 300 2025 230 2026 171 2027 116 Thereafter 425 Total operating lease payments 1,614 Less: Imputed interest 160 Total operating lease liabilities $ 1,454

DEBT AND BORROWING ARRANGEMEN_2

DEBT AND BORROWING ARRANGEMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Components of long-term debt	The Company’s long-term debt consisted of the following (in millions except average rate data): December 31, 2022 December 31, 2021 Amount Average Rate 1 Amount Average Rate 1 Fixed interest rate long-term debt: U.S. dollar notes due 2024-2093 $ 21,966 2.5 % $ 21,953 2.2 % U.S. dollar debentures due 2023-2098 891 4.7 1,316 5.2 Australian dollar notes due 2024 374 2.7 398 2.5 Euro notes due 2024-2041 12,485 0.7 13,249 0.4 Swiss franc notes due 2022-2028 623 3.2 1,234 2.3 Other, due through 2098 2,3 1,906 6.7 821 6.0 Fair value adjustments 4 (1,469) N/A 483 N/A Total 5,6 36,776 2.3 % 39,454 1.7 % Less: Current portion 399 1,338 Long-term debt $ 36,377 $ 38,116 1 Rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effects of interest rate swap agreements, cross-currency swap agreements and fair value adjustments, if applicable. Refer to Note 5 for a more detailed discussion on interest rate management. 2 As of December 31, 2022, the amount shown includes $1,789 million of debt instruments and finance leases that are due through 2046. 3 As of December 31, 2022 and 2021, the amounts shown include $1,368 million and $407 million, respectively, which relate to our bottling operations in Africa. 4 Amounts represent the changes in fair values due to changes in benchmark interest rates. Refer to Note 5 for additional information about our fair value hedging strategy. 5 As of December 31, 2022 and 2021, the fair value of our long-term debt, including the current portion, was $32,698 million and $40,311 million, respectively. 6 The above notes and debentures include various restrictions, none of which was significant to our Company.
Schedule of Maturities of Long-term Debt	The following table summarizes the maturities of long-term debt for the five years succeeding December 31, 2022 (in millions): Maturities of 2023 $ 399 2024 1,967 2025 1,123 2026 1,558 2027 4,494

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Weighted-average fair value of options granted and the weighted-average assumptions used in the Black Scholes Merton option pricing model for such grants	The weighted-average fair value of stock options granted during the years ended December 31, 2022, 2021 and 2020 and the weighted-average assumptions used in the Black-Scholes-Merton option-pricing model for such grants were as follows: Year Ended December 31, 2022 2021 2020 Fair value of stock options on grant date $ 8.23 $ 5.08 $ 6.44 Dividend yield 1 2.8 % 3.3 % 2.7 % Expected volatility 2 18.0 % 18.0 % 16.0 % Risk-free interest rate 3 1.9 % 0.9 % 1.4 % Expected term of stock options 4 6 years 6 years 6 years 1 The dividend yield is the calculated yield on the closing market price per share of the Company’s stock on the grant date. 2 The expected volatility is based on implied volatilities from traded options on the Company’s stock, historical volatility of the Company’s stock and other factors. 3 The risk-free interest rate for the period matching the expected term of the stock options is based on the U.S. Treasury yield curve in effect on the grant date. 4 The expected term of the stock options represents the period of time that stock options are expected to be outstanding and is derived by analyzing historical exercise behavior.
Stock option activity	Stock option activity during the year ended December 31, 2022 was as follows: Shares Weighted-Average Weighted-Average Aggregate Outstanding on January 1, 2022 75 $ 42.43 Granted 7 61.35 Exercised (22) 38.75 Forfeited/expired (1) 52.96 Outstanding on December 31, 2022 59 $ 45.93 3.6 years $ 1,035 Expected to vest 58 $ 45.88 4.6 years $ 1,030 Exercisable on December 31, 2022 43 $ 42.20 3.3 years $ 916
Summary of information about outstanding nonvested performance share units based on target award levels	The following table summarizes information about outstanding nonvested performance share units based on the target award levels: Performance Share Units Weighted-Average Nonvested on January 1, 2022 4,186 $ 50.90 Granted 1,829 59.61 Vested 1 (2,088) 54.71 Forfeited (221) 52.76 Nonvested on December 31, 2022 2 3,706 $ 52.94 1 Represents the target level of performance share units vested as of December 31, 2022 for the 2020-2022 and 2021-2022 performance periods. Upon certification in February 2023 of the financial results for the performance periods, the final number of shares earned will be determined and released. 2 The outstanding nonvested performance share units as of December 31, 2022 at the threshold award and maximum award levels were approximately 1,563,000 and 8,486,000, respectively.
Summary of information about vested performance share units based on the certified award level	The following table summarizes information about vested performance share units based on the certified award level: 2019-2021 Award Performance Share Units Weighted- Certified 2,057 $ 40.29 Released during 2022 (2,051) 40.57 Forfeited during 2022 (6) 40.29
Summary of information about outstanding nonvested time-based restricted stock and restricted stock units	The following table summarizes information about outstanding nonvested time-based restricted stock and restricted stock units: Restricted Stock and Restricted Stock Units Weighted-Average Nonvested on January 1, 2022 3,394 $ 46.56 Granted 1,190 56.94 Vested and released (1,361) 41.83 Forfeited (193) 49.77 Nonvested on December 31, 2022 3,030 $ 52.35

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Changes in benefit obligations and the fair value of plan assets for our pension and other postretirement benefit plans	The following table sets forth the changes in the benefit obligations and the fair value of plan assets for our pension and other postretirement benefit plans (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2022 2021 2022 2021 Benefit obligation at beginning of year 1 $ 8,580 $ 9,414 $ 696 $ 769 Service cost 93 97 7 9 Interest cost 232 183 17 15 Participant contributions 5 5 11 13 Foreign currency exchange rate changes (152) (33) (4) (1) Amendments 9 — — (13) Net actuarial gain 2 (1,891) (226) (175) (28) Benefits paid (500) (375) (57) (67) Divestitures (2) — — — Settlements (26) (491) 3 — — Curtailments (1) — — (1) Special termination benefits 1 3 — — Other 28 3 — — Benefit obligation at end of year 1 $ 6,376 $ 8,580 $ 495 $ 696 Fair value of plan assets at beginning of year $ 8,905 $ 8,639 $ 419 $ 396 Actual return on plan assets (1,101) 1,003 (55) 15 Employer contributions 33 33 — — Participant contributions 5 6 9 8 Foreign currency exchange rate changes (258) (42) — — Benefits paid (427) (315) — — Settlements (26) (421) 3 — — Other 27 2 — — Fair value of plan assets at end of year $ 7,158 $ 8,905 $ 373 $ 419 Net asset (liability) recognized $ 782 $ 325 $ (122) $ (277) 1 For pension plans, the benefit obligation is the projected benefit obligation. For other postretirement benefit plans, the benefit obligation is the accumulated postretirement benefit obligation. The accumulated benefit obligation for our pension plans was $6,307 million and $8,431 million as of December 31, 2022 and 2021, respectively. 2 An increase in the weighted-average discount rate assumption was the primary driver of net actuarial gain during 2022 and 2021. For our U.S. qualified pension plan, an increase in the discount rate resulted in an actuarial gain of $1,231 million during 2022, and an increase in the discount rate resulted in an actuarial gain of $197 million during 2021. Additional drivers of net actuarial gain included other assumption updates and plan experience.
Pension and other benefit amounts recognized in consolidated balance sheets	Pension and other postretirement benefit plan amounts recognized in our consolidated balance sheets were as follows (in millions): Pension Plans Other Postretirement Benefit Plans December 31, 2022 2021 2022 2021 Other noncurrent assets $ 1,558 $ 1,545 $ 44 $ — Accounts payable and accrued expenses (70) (70) (17) (18) Other noncurrent liabilities (706) (1,150) (149) (259) Net asset (liability) recognized $ 782 $ 325 $ (122) $ (277)
Schedule of pension plans with projected benefit obligation in excess of fair value of plan assets	Certain of our pension plans have a projected benefit obligation in excess of the fair value of plan assets. For these plans, the projected benefit obligation and the fair value of plan assets were as follows (in millions): December 31, 2022 2021 Projected benefit obligation $ 972 $ 6,862 Fair value of plan assets 197 5,641
Accumulated benefit obligations in excess of fair value of plan assets	Certain of our pension plans have an accumulated benefit obligation in excess of the fair value of plan assets. For these plans, the accumulated benefit obligation and the fair value of plan assets were as follows (in millions): December 31, 2022 2021 Accumulated benefit obligation $ 880 $ 6,689 Fair value of plan assets 138 5,584 Certain of our other postretirement benefit plans have an accumulated postretirement benefit obligation in excess of the fair value of plan assets. For these plans, the accumulated postretirement benefit obligation and the fair value of plan assets were as follows (in millions): December 31, 2022 2021 Accumulated postretirement benefit obligation $ 166 $ 696 Fair value of plan assets — 419
Total pension assets for U.S. and non-U.S. plans	The following table presents total assets by asset class for our U.S. and non-U.S. pension plans (in millions): U.S. Pension Plans Non-U.S. Pension Plans December 31, 2022 2021 2022 2021 Cash and cash equivalents $ 473 $ 272 $ 162 $ 233 Equity securities: U.S.-based companies 509 1,463 679 968 International-based companies 285 876 654 830 Fixed-income securities: Government bonds 793 182 445 495 Corporate bonds and debt securities 384 899 115 124 Mutual, pooled and commingled funds 1 304 290 463 560 Hedge funds/limited partnerships 915 682 21 38 Real estate 417 381 7 8 Derivative financial instruments — (1) (14) (8) Other 256 339 290 274 Total pension plan assets 2 $ 4,336 $ 5,383 $ 2,822 $ 3,522 1 Mutual, pooled and commingled funds include investments in equity securities, fixed-income securities and combinations of both. There are a significant number of mutual, pooled and commingled funds from which investors can choose. The selection of the type of fund is dictated by the specific investment objectives and needs of a given plan. These objectives and needs vary greatly between plans. 2 Fair value disclosures related to our pension plan assets are included in Note 16. Fair value disclosures include, but are not limited to, the levels within the fair value hierarchy in which the fair value measurements in their entirety fall; a reconciliation of the beginning and ending balances of Level 3 assets; and information about the valuation techniques and inputs used to measure the fair value of our pension plan assets.
Other postretirement benefit plan assets	The following table presents total assets by asset class for our other postretirement benefit plans (in millions): December 31, 2022 2021 Cash and cash equivalents $ 43 $ 33 Equity securities: U.S.-based companies 133 184 International-based companies 4 12 Fixed-income securities: Government bonds 12 3 Corporate bonds and debt securities 71 82 Mutual, pooled and commingled funds 86 87 Hedge funds/limited partnerships 14 9 Real estate 6 5 Other 4 4 Total other postretirement benefit plan assets 1 $ 373 $ 419 1 Fair value disclosures related to our other postretirement benefit plan assets are included in Note 16. Fair value disclosures include, but are not limited to, the levels within the fair value hierarchy in which the fair value measurements in their entirety fall and information about the valuation techniques and inputs used to measure the fair value of our other postretirement benefit plan assets.
Net periodic benefit cost for pension and other postretirement benefit plans	Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2022 2021 2020 2022 2021 2020 Service cost $ 93 $ 97 $ 112 $ 7 $ 9 $ 11 Interest cost 232 183 235 17 15 21 Expected return on plan assets 1 (558) (606) (587) (16) (17) (16) Amortization of prior service cost (credit) — — 3 (3) (2) (3) Amortization of net actuarial loss 2 109 146 171 — 4 5 Net periodic benefit cost (income) (124) (180) (66) 5 9 18 Settlement charges (credits) (1) 117 3 23 — — — Curtailment charges (credits) (1) (1) 1 — (1) 6 Special termination benefits 1 3 2 — — — Other 1 — (4) — — — Total cost (income) $ (124) $ (61) $ (44) $ 5 $ 8 $ 24 1 The Company has elected to use the actual fair value of plan assets as the market-related value of plan assets in the determination of the expected return on plan assets. 2 Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10 percent of the greater of the benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the average future working lifetime of the plan participants.
Changes and amounts in AOCI for pension and other postretirement benefit plans	The following table sets forth the pretax changes in AOCI for our pension and other postretirement benefit plans (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2022 2021 2022 2021 Balance in AOCI at beginning of year $ (2,125) $ (3,012) $ (4) $ (47) Recognized prior service cost (credit) — 1 (3) (2) Recognized net actuarial loss 107 261 1 — 3 Prior service credit (cost) occurring during the year (9) — — 13 Net actuarial gain occurring during the year 232 623 104 27 Net foreign currency translation adjustments 40 2 (2) 2 Balance in AOCI at end of year $ (1,755) $ (2,125) $ 95 $ (4) 1 Includes $117 million of recognized net actuarial loss due to the impact of settlements, which were primarily related to our strategic realignment initiatives. Refer to Note 18. The following table sets forth the pretax amounts in AOCI for our pension and other postretirement benefit plans (in millions): Pension Plans Other Postretirement Benefit Plans December 31, 2022 2021 2022 2021 Prior service credit (cost) $ (17) $ (9) $ 24 $ 28 Net actuarial gain (loss) (1,738) (2,116) 71 (32) Balance in AOCI at end of year $ (1,755) $ (2,125) $ 95 $ (4)
Certain weighted average assumptions used in computing the benefit obligations and net periodic benefit cost	Certain weighted-average assumptions used in computing the benefit obligations for our pension and other postretirement benefit plans were as follows: Pension Plans Other Postretirement Benefit Plans December 31, 2022 2021 2022 2021 Discount rate 5.50 % 3.00 % 6.00 % 3.25 % Interest crediting rate 4.00 % 3.00 % N/A N/A Rate of increase in compensation levels 3.75 % 3.75 % N/A N/A Certain weighted-average assumptions used in computing net periodic benefit cost or income were as follows: Pension Plans Other Postretirement Benefit Plans Year Ended December 31, 2022 2021 2020 2022 2021 2020 Discount rate 3.00 % 2.50 % 3.25 % 3.25 % 2.75 % 3.50 % Interest crediting rate 3.00 % 3.00 % 3.50 % N/A N/A N/A Rate of increase in compensation levels 3.75 % 3.75 % 3.75 % N/A N/A N/A Expected long-term rate of return on plan assets 7.00 % 7.25 % 7.50 % 4.00 % 4.25 % 4.50 %
Assumed health care cost trend rates	The weighted-average assumptions for health care cost trend rates were as follows: December 31, 2022 2021 Health care cost trend rate assumed for next year 8.25 % 6.75 % Rate to which the trend rate is assumed to decline (the ultimate trend rate) 5.50 % 5.25 % Year that the trend rate reaches the ultimate trend rate 2030 2027
Estimated future benefit payments for pension and other postretirement benefit plans	The expected benefit payments for our pension and other postretirement benefit plans for the 10 years succeeding December 31, 2022 are as follows (in millions): Year Ended December 31, 2023 2024 2025 2026 2027 2028-2032 Benefit payments for pension plans $ 583 $ 531 $ 545 $ 520 $ 495 $ 2,457 Benefit payments for other postretirement 53 51 48 46 43 190 Total $ 636 $ 582 $ 593 $ 566 $ 538 $ 2,647

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of income before income taxes	Income before income taxes consisted of the following (in millions): Year Ended December 31, 2022 2021 2020 United States $ 3,452 $ 3,538 $ 3,149 International 8,234 8,887 6,600 Total $ 11,686 $ 12,425 $ 9,749
Schedule of income tax expense (benefit)	Income taxes consisted of the following (in millions): United States State and Local International Total 2022 Current $ 468 $ 118 $ 1,651 $ 2,237 Deferred (121) (4) 3 (122) 2021 Current $ 243 $ 106 $ 1,378 $ 1,727 Deferred 229 (10) 675 1 894 2020 Current $ 296 $ 396 $ 1,307 $ 1,999 Deferred (220) 21 181 (18) 1 Includes net tax expense of $195 million related to changes in tax laws in certain foreign jurisdictions.
Reconciliation of the statutory U.S. federal tax rate and effective tax rates	A reconciliation of the statutory U.S. federal tax rate and our effective tax rate is as follows: Year Ended December 31, 2022 2021 2020 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % State and local income taxes — net of federal benefit 1.4 1.1 1.1 Earnings in jurisdictions taxed at rates different from the statutory U.S. (0.6) 2.3 1 0.9 3 Equity income or loss (2.7) (2.0) (1.4) Excess tax benefits on stock-based compensation (0.7) (0.5) (0.8) Other — net (0.3) (0.8) 2 (0.5) 4,5 Effective tax rate 18.1 % 21.1 % 20.3 % 1 Includes net tax charges of $375 million (or a 3.0 percent impact on our effective tax rate) related to changes in tax laws in certain foreign jurisdictions, amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions, as well as other discrete items. 2 Includes a tax benefit of $14 million (or a 1.5 percent impact on our effective tax rate) associated with the $834 million gain recorded upon the acquisition of the remaining ownership interest in BodyArmor. Refer to Note 2. 3 Includes net tax charges of $110 million (or a 1.1 percent impact on our effective tax rate) related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions, as well as other agreed-upon audit issues. 4 Includes net tax expense of $431 million (or a 4.4 percent impact on our effective tax rate) primarily related to changes in judgment on specific tax positions due to the Opinion and amounts required to be recorded for changes to other uncertain tax positions, including interest and penalties. Also includes a tax benefit of $107 million (or a 1.1 percent impact on our effective tax rate) related to changes in our assessment of certain valuation allowances and a net tax benefit of $135 million (or a 1.4 percent impact on our effective tax rate) related to domestic return to provision adjustments and other tax items. 5 Includes a tax benefit of $40 million (or a 2.4 percent impact on our effective tax rate) associated with the $902 million gain recorded upon the acquisition of the remaining ownership interest in fairlife. Refer to Note 2.
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the changes in the gross amount of unrecognized tax benefits is as follows (in millions): Year Ended December 31, 2022 2021 2020 Balance of unrecognized tax benefits at beginning of year $ 906 $ 915 $ 392 Increase related to prior period tax positions 6 9 528 1 Decrease related to prior period tax positions — (50) (1) Increase related to current period tax positions 38 37 26 Decrease related to settlements with taxing authorities (2) (4) (19) Effect of foreign currency translation (22) (1) (11) Balance of unrecognized tax benefits at end of year $ 926 $ 906 $ 915
Deferred tax assets and liabilities	The tax effects of temporary differences and carryforwards that give rise to deferred tax assets and liabilities consisted of the following (in millions): December 31, 2022 2021 Deferred tax assets: Property, plant and equipment $ 40 $ 36 Trademarks and other intangible assets 1,617 1,910 Equity method investments (including net foreign currency translation adjustments) 366 595 Derivative financial instruments 207 215 Other liabilities 1,503 1,255 Benefit plans 522 670 Net operating loss carryforwards 248 280 Other 530 377 Gross deferred tax assets 5,033 5,338 Valuation allowances (424) (401) Total deferred tax assets $ 4,609 $ 4,937 Deferred tax liabilities: Property, plant and equipment $ (741) $ (721) Trademarks and other intangible assets (1,843) (1,783) Equity method investments (including net foreign currency translation adjustments) (1,632) (1,619) Derivative financial instruments (488) (500) Other liabilities (372) (315) Benefit plans (490) (527) Other (211) (164) Total deferred tax liabilities $ (5,777) $ (5,629) Net deferred tax assets (liabilities) $ (1,168) $ (692)
Summary of Valuation Allowance	An analysis of our deferred tax asset valuation allowances is as follows (in millions): Year Ended December 31, 2022 2021 2020 Balance at beginning of year $ 401 $ 406 $ 303 Additions 47 25 240 Deductions (24) (30) (137) Balance at end of year $ 424 $ 401 $ 406

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2022 2021 Net foreign currency translation adjustments $ (13,609) $ (12,595) Accumulated net gains (losses) on derivatives 24 20 Unrealized net gains (losses) on available-for-sale debt securities (25) (62) Adjustments to pension and other postretirement benefit liabilities (1,285) (1,693) Accumulated other comprehensive income (loss) $ (14,895) $ (14,330)
Comprehensive Income (Loss) Apportioned between Shareowners of the The Coca-Cola Company and Noncontrolling Interests	The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Year Ended December 31, 2022 Shareowners of Noncontrolling Total Consolidated net income $ 9,542 $ 29 $ 9,571 Other comprehensive income: Net foreign currency translation adjustments (1,014) (118) (1,132) Net gains (losses) on derivatives 1 4 — 4 Net change in unrealized gains (losses) on available-for-sale debt securities 2 37 — 37 Net change in pension and other postretirement benefit liabilities 3 408 — 408 Total comprehensive income $ 8,977 $ (89) $ 8,888 1 Refer to Note 5 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. 3 Refer to Note 13 for additional information related to the Company’s pension and other postretirement benefit liabilities.
OCI attributable to shareowners of The Coca-Cola Company	The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions): Before-Tax Amount Income Tax After-Tax Amount 2022 Foreign currency translation adjustments: Translation adjustments arising during the year $ (125) $ (226) $ (351) Reclassification adjustments recognized in net income 200 — 200 Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,419) — (1,419) Gains (losses) on net investment hedges arising during the year 1 741 (185) 556 Net foreign currency translation adjustments $ (603) $ (411) $ (1,014) Derivatives: Gains (losses) arising during the year $ 165 $ (40) $ 125 Reclassification adjustments recognized in net income (161) 40 (121) Net gains (losses) on derivatives 1 $ 4 $ — $ 4 Available-for-sale debt securities: Unrealized gains (losses) arising during the year $ (69) $ 4 $ (65) Reclassification adjustments recognized in net income 131 (29) 102 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 62 $ (25) $ 37 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the year $ 420 $ (90) $ 330 Reclassification adjustments recognized in net income 104 (26) 78 Net change in pension and other postretirement benefit liabilities 3 $ 524 $ (116) $ 408 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (13) $ (552) $ (565) 2021 Foreign currency translation adjustments: Translation adjustments arising during the year $ 263 $ 19 $ 282 Reclassification adjustments recognized in net income 257 — 257 Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,798) — (1,798) Gains (losses) on net investment hedges arising during the year 1 918 (230) 688 Reclassification adjustments for net investment hedges recognized in net income 4 — 4 Net foreign currency translation adjustments $ (356) $ (211) $ (567) Derivatives: Gains (losses) arising during the year $ 160 $ (41) $ 119 Reclassification adjustments recognized in net income 124 (29) 95 Net gains (losses) on derivatives 1 $ 284 $ (70) $ 214 Available-for-sale debt securities: Unrealized gains (losses) arising during the year $ (141) $ 48 $ (93) Reclassification adjustments recognized in net income 4 (1) 3 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (137) $ 47 $ (90) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the year $ 653 $ (138) $ 515 Reclassification adjustments recognized in net income 265 (66) 199 Net change in pension and other postretirement benefit liabilities 3 $ 918 $ (204) $ 714 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 709 $ (438) $ 271 Before-Tax Amount Income Tax After-Tax Amount 2020 Foreign currency translation adjustments: Translation adjustments arising during the year $ (2,223) $ 150 $ (2,073) Reclassification adjustments recognized in net income 3 — 3 Gains (losses) on intra-entity transactions that are of a long-term investment nature 2,133 — 2,133 Gains (losses) on net investment hedges arising during the year 1 (1,094) 273 (821) Net foreign currency translation adjustments $ (1,181) $ 423 $ (758) Derivatives: Gains (losses) arising during the year $ (54) $ 13 $ (41) Reclassification adjustments recognized in net income 74 (18) 56 Net gains (losses) on derivatives 1 $ 20 $ (5) $ 15 Available-for-sale debt securities: Unrealized gains (losses) arising during the year $ (64) $ 22 $ (42) Reclassification adjustments recognized in net income (7) 2 (5) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (71) $ 24 $ (47) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the year $ (560) $ 138 $ (422) Reclassification adjustments recognized in net income 206 (51) 155 Net change in pension and other postretirement benefit liabilities 3 $ (354) $ 87 $ (267) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,586) $ 529 $ (1,057) 1 Refer to Note 5 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. 3 Refer to Note 13 for additional information related to the Company’s pension and other postretirement benefit liabilities.
Reclassification out of Accumulated Other Comprehensive Income	The following table presents the amounts and line items in our consolidated statement of income where adjustments reclassified from AOCI into income were recorded during the year ended December 31, 2022 (in millions): Description of AOCI Component Financial Statement Line Item Amount Reclassified from AOCI into Income Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ 200 Income before income taxes 200 Income taxes — Consolidated net income $ 200 Derivatives: Foreign currency contracts Net operating revenues $ (218) Foreign currency and commodity contracts Cost of goods sold (26) Foreign currency contracts Other income (loss) — net 79 Foreign currency contracts Interest expense 4 Income before income taxes (161) Income taxes 40 Consolidated net income $ (121) Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ 131 Income before income taxes 131 Income taxes (29) Consolidated net income $ 102 Pension and other postretirement benefit liabilities: Settlement charges (credits) Other income (loss) — net $ (1) Curtailment charges (credits) Other income (loss) — net (1) Recognized net actuarial loss Other income (loss) — net 109 Recognized prior service cost (credit) Other income (loss) — net (3) Income before income taxes 104 Income taxes (26) Consolidated net income $ 78 1 Refer to Note 2.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis	The following tables summarize those assets and liabilities measured at fair value on a recurring basis (in millions): December 31, 2022 Level 1 Level 2 Level 3 Other 3 Netting Adjustment 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,801 $ 169 $ 15 $ 85 $ — $ 2,070 Debt securities 1 — 975 8 — — 983 Derivatives 2 2 239 — — (227) 6 14 8 Total assets $ 1,803 $ 1,383 $ 23 $ 85 $ (227) $ 3,067 Liabilities: Contingent consideration liability $ — $ — $ 1,590 5 $ — $ — $ 1,590 Derivatives 2 4 1,962 — — (1,678) 7 288 8 Total liabilities $ 4 $ 1,962 $ 1,590 $ — $ (1,678) $ 1,878 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 5 for additional information related to the composition of our 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 were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 5. 5 Refer to Note 2 for additional information related to the contingent consideration liability resulting from the fairlife acquisition. 6 The Company is not obligated to return any cash collateral it has netted against its derivative position. 7 The Company has the right to reclaim $1,447 million in cash collateral it has netted against its derivative position. 8 The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $14 million in the line item other noncurrent assets other noncurrent liabilities 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 5 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 were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 5. 5 Refer to Note 2 for additional information related to the contingent consideration liability resulting from the fairlife acquisition. 6 The Company was obligated to return $331 million in cash collateral it had netted against its derivative position. 7 The Company did not have the right to reclaim any cash collateral it had netted against its derivative position. 8 The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $198 million in the line item other noncurrent assets other noncurrent liabilities
Gains and losses on assets measured at fair value on a nonrecurring basis	The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the following table (in millions): Gains (Losses) Year Ended December 31, 2022 2021 Assets held for sale $ — $ (266) 4 Other-than-temporary impairment charges (96) 1 — Impairment of intangible assets (57) 2 (78) 5 Valuation of shares in equity method investee (24) 3 — Total $ (177) $ (344) 1 The Company recorded an other-than-temporary impairment charge of $96 million during the year ended December 31, 2022 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. 2 During the year ended December 31, 2022, the Company recorded an impairment charge of $57 million related to a trademark in Asia Pacific, which was primarily driven by a change in brand strategy resulting in revised projections of future operating results for the trademark. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. 3 During the year ended December 31, 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. 4 The Company is required to record assets and liabilities that are held for sale at the lower of carrying value or fair value less any costs to sell based on the agreed-upon sale price. The Company recorded charges of $266 million in the line item other income (loss) — net in our consolidated statement of income related to the restructuring of our manufacturing operations in the United States. These charges, which were calculated based on Level 3 inputs, primarily impacted the line item property, plant and equipment in our consolidated balance sheet. 5 The Company recorded an impairment charge of $78 million related to a trademark in Europe, which was driven by a change in the long-term outlook on the licensing arrangement for a certain brand. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs.
Summary of the levels within the fair value hierarchy of pension plan assets	The following table summarizes the levels within the fair value hierarchy for our pension plan assets (in millions): December 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Other 1 Total Level 1 Level 2 Level 3 Other 1 Total Cash and cash equivalents $ 146 $ 489 $ — $ — $ 635 $ 479 $ 26 $ — $ — $ 505 Equity securities: U.S.-based companies 1,157 7 24 — 1,188 2,382 22 27 — 2,431 International-based companies 920 16 3 — 939 1,684 22 — — 1,706 Fixed-income securities: Government bonds 91 1,147 — — 1,238 — 677 — — 677 Corporate bonds and debt — 469 30 — 499 — 994 29 — 1,023 Mutual, pooled and commingled 35 202 — 530 4 767 36 283 — 531 4 850 Hedge funds/limited — — — 936 5 936 — — — 720 5 720 Real estate — — — 424 6 424 — — — 389 6 389 Derivative financial instruments — (14) 2 — — (14) — (9) 2 — — (9) Other — — 300 3 246 7 546 — — 283 3 330 7 613 Total $ 2,349 $ 2,316 $ 357 $ 2,136 $ 7,158 $ 4,581 $ 2,015 $ 339 $ 1,970 $ 8,905 1 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 13. 2 This class of assets includes investments in interest rate contracts, credit contracts and foreign exchange contracts. 3 Includes purchased annuity insurance contracts. 4 This class of assets includes actively managed emerging markets equity funds and a collective trust fund for qualified plans, invested primarily in equity securities of companies in developing and emerging markets. There are no liquidity restrictions on these investments. 5 This class of assets includes hedge funds that can be subject to redemption restrictions, ranging from monthly to semiannually, with a redemption notice period of up to one year and/or initial lock-up periods of up to three years, and private equity funds that are primarily closed-end funds in which the Company’s investments are generally not eligible for redemption. Distributions from these private equity funds will be received as the underlying assets are liquidated or distributed. 6 This class of assets includes funds invested in real estate, including a privately held real estate investment trust, a real estate commingled pension trust fund, infrastructure limited partnerships and commingled investment funds. These funds seek current income and capital appreciation and can be subject to redemption restrictions, ranging from quarterly to semiannually, with a redemption notice period of up to 90 days. 7 Primarily includes segregated portfolios of private investment funds that are invested in a portfolio of insurance-linked securities. These assets can be subject to a semiannual redemption, with a redemption notice period of 90 days, subject to certain gate restrictions.
Reconciliation of the beginning and ending balance of Level 3 assets for U.S. and non-U.S. pension plans	The following table provides a reconciliation of the beginning and ending balance of Level 3 assets for our U.S. and non-U.S. pension plans (in millions): Equity Fixed-Income Securities Other 1 Total 2021 Balance at beginning of year $ 4 $ 31 $ 302 $ 337 Actual return on plan assets 21 (3) (6) 12 Purchases, sales and settlements — net 2 7 (2) 7 Transfers into Level 3 — net — (6) — (6) Net foreign currency translation adjustments — — (11) (11) Balance at end of year $ 27 $ 29 $ 283 $ 339 2022 Balance at beginning of year $ 27 $ 29 $ 283 $ 339 Actual return on plan assets (12) 1 5 (6) Purchases, sales and settlements — net (1) 4 — 3 Transfers into Level 3 — net 13 (4) — 9 Other — — 27 27 Net foreign currency translation adjustments — — (15) (15) Balance at end of year $ 27 $ 30 $ 300 $ 357 1 Includes purchased annuity insurance contracts.
Summary of the fair value of postretirement benefit plan assets	The following table summarizes the levels within the fair value hierarchy for our other postretirement benefit plan assets (in millions): December 31, 2022 December 31, 2021 Level 1 Level 2 Other 1 Total Level 1 Level 2 Other 1 Total Cash and cash equivalents $ 35 $ 8 $ — $ 43 $ 32 $ 1 $ — $ 33 Equity securities: U.S.-based companies 133 — — 133 183 1 — 184 International-based companies 4 — — 4 12 — — 12 Fixed-income securities: Government bonds — 12 — 12 — 3 — 3 Corporate bonds and debt securities — 71 — 71 — 82 — 82 Mutual, pooled and commingled funds — 83 3 86 — 85 2 87 Hedge funds/limited partnerships — — 14 14 — — 9 9 Real estate — — 6 6 — — 5 5 Other — — 4 4 — — 4 4 Total $ 172 $ 174 $ 27 $ 373 $ 227 $ 172 $ 20 $ 419

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Strategic Realignment Initiatives Costs	The following table summarizes the balance of accrued expenses related to these strategic realignment initiatives (in millions): Severance Pay Outside Services Other Total 2020 Costs incurred $ 386 $ 37 $ 4 $ 427 Payments (170) (36) (1) (207) Noncash and exchange (35) 1 — — (35) Accrued balance at end of year $ 181 $ 1 $ 3 $ 185 2021 Accrued balance at beginning of year $ 181 $ 1 $ 3 $ 185 Costs incurred 224 37 2 263 Payments (265) (35) (3) (303) Noncash and exchange (120) 2 (2) — (122) Accrued balance at end of year $ 20 $ 1 $ 2 $ 23 2022 Accrued balance at beginning of year $ 20 $ 1 $ 2 $ 23 Costs incurred (4) — (2) (6) Payments (15) — — (15) Noncash and exchange 1 — — 1 Accrued balance at end of year $ 2 $ 1 $ — $ 3 1 Includes stock-based compensation modifications and other postretirement benefit plan curtailment charges. Refer to Note 12 and Note 13. 2 Includes pension settlement charges. Refer to Note 13.
Productivity and Reinvestment Initiatives Costs	The following table summarizes the balance of accrued expenses related to these productivity and reinvestment initiatives and the changes in the accrued amounts (in millions): Severance Pay Outside Services Other Total 2020 Accrued balance at beginning of year $ 58 $ 1 $ 7 $ 66 Costs incurred (12) 69 42 99 Payments (29) (70) (36) (135) Noncash and exchange (2) — (11) (13) Accrued balance at end of year $ 15 $ — $ 2 $ 17 2021 Accrued balance at beginning of year $ 15 $ — $ 2 $ 17 Costs incurred 4 97 14 115 Payments (6) (97) (14) (117) Noncash and exchange (1) — 3 2 Accrued balance at end of year $ 12 $ — $ 5 $ 17 2022 Accrued balance at beginning of year $ 12 $ — $ 5 $ 17 Costs incurred (4) 81 8 85 Payments (2) (81) (11) (94) Noncash and exchange (2) — — (2) Accrued balance at end of year $ 4 $ — $ 2 $ 6

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of total net operating revenues related to concentrate and finished products operation	The following table sets forth the percentage of total net operating revenues attributable to concentrate operations and finished product operations: Year Ended December 31, 2022 2021 2020 Concentrate operations 56 % 56 % 56 % Finished product operations 44 44 44 Total 100 % 100 % 100 %
Schedule of net revenue and property plant and equipment by Geography	The following table provides information related to our net operating revenues (in millions): Year Ended December 31, 2022 2021 2020 United States $ 15,413 $ 13,010 $ 11,281 International 27,591 25,645 21,733 Net operating revenues $ 43,004 $ 38,655 $ 33,014 The following table provides information related to our property, plant and equipment — net (in millions): Year Ended December 31, 2022 2021 2020 United States $ 3,494 $ 3,420 $ 3,988 International 6,347 6,500 6,789 Property, plant and equipment — net $ 9,841 $ 9,920 $ 10,777
Schedule of Segment Reporting Information, by Segment	Information about our Company’s operations by operating segment and Corporate is as follows (in millions): Europe, Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Year Ended December 31, 2022 Net operating revenues: Third party $ 6,896 $ 4,910 $ 15,667 $ 4,711 $ 2,843 $ 7,883 $ 94 $ — $ 43,004 Intersegment 627 — 7 734 — 8 — (1,376) — Total net operating revenues 7,523 4,910 15,674 5,445 2,843 7,891 94 (1,376) 43,004 Operating income (loss) 3,958 2,870 3,742 2,303 185 487 (2,636) — 10,909 Interest income — — 29 — 9 — 411 — 449 Interest expense — — — — — — 882 — 882 Depreciation and amortization 63 39 330 58 140 435 195 — 1,260 Equity income (loss) — net 43 7 (1) 9 — 1,184 230 — 1,472 Income (loss) before income taxes 3,952 2,879 3,768 2,320 196 1,743 (3,172) — 11,686 Identifiable operating assets 7,088 2,067 25,760 2,368 2 7,325 10,232 2 19,158 — 73,998 Investments 1 410 629 15 219 — 12,892 4,600 — 18,765 Capital expenditures 50 4 280 22 179 697 252 — 1,484 As of and for the Year Ended December 31, 2021 Net operating revenues: Third party $ 6,564 $ 4,143 $ 13,184 $ 4,682 $ 2,805 $ 7,194 $ 83 $ — $ 38,655 Intersegment 629 — 6 609 — 9 2 (1,255) — Total net operating revenues 7,193 4,143 13,190 5,291 2,805 7,203 85 (1,255) 38,655 Operating income (loss) 3,735 2,534 3,331 2,325 293 473 (2,383) — 10,308 Interest income — — 40 — 10 — 226 — 276 Interest expense — — — — — — 1,597 — 1,597 Depreciation and amortization 76 39 388 49 135 529 236 — 1,452 Equity income (loss) — net 33 9 22 8 (6) 1,071 301 — 1,438 Income (loss) before income taxes 3,821 2,542 3,140 2,350 310 1,596 (1,334) — 12,425 Identifiable operating assets 7,908 1,720 25,730 2,355 2 7,949 10,312 2 19,964 — 75,938 Investments 1 436 594 21 230 — 12,669 4,466 — 18,416 Capital expenditures 35 2 228 65 285 560 192 — 1,367 Year Ended December 31, 2020 Net operating revenues: Third party $ 5,534 $ 3,499 $ 11,473 $ 4,213 $ 1,991 $ 6,258 $ 46 $ — $ 33,014 Intersegment 523 — 4 509 — 7 — (1,043) — Total net operating revenues 6,057 3,499 11,477 4,722 1,991 6,265 46 (1,043) 33,014 Operating income (loss) 3,313 2,116 2,471 2,133 (123) 308 (1,221) — 8,997 Interest income — — 64 — 11 — 295 — 370 Interest expense — — — — — — 1,437 — 1,437 Depreciation and amortization 86 45 439 47 122 551 246 — 1,536 Equity income (loss) — net 31 (72) — 8 (9) 779 241 — 978 Income (loss) before income taxes 3,379 2,001 2,500 2,158 (120) 898 (1,067) — 9,749 Capital expenditures 27 6 182 20 261 474 207 — 1,177 1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of December 31, 2022 and 2021.

NET CHANGE IN OPERATING ASSET_2

NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Increase (Decrease) in Operating Capital [Abstract]
Net change in operating assets and liabilities	Net cash provided by (used in) operating activities attributable to the net change in operating assets and liabilities was composed of the following (in millions): Year Ended December 31, 2022 2021 2020 (Increase) decrease in trade accounts receivable 1 $ (69) $ (225) $ 882 (Increase) decrease in inventories 2 (960) (135) 99 (Increase) decrease in prepaid expenses and other current assets 225 (241) 78 Increase (decrease) in accounts payable and accrued expenses 3 759 2,843 (860) Increase (decrease) in accrued income taxes (360) (566) (16) Increase (decrease) in other noncurrent liabilities 4 (200) (351) 507 Net change in operating assets and liabilities $ (605) $ 1,325 $ 690 1 The increase in trade accounts receivable in 2021 was primarily due to improved business performance. The decrease in trade accounts receivable in 2020 was primarily due to the impact of the COVID-19 pandemic and the start of our trade accounts receivable factoring program. Refer to Note 1 for additional information on our factoring program. 2 The increase in inventories in 2022 was primarily due to improved business performance, higher costs and the buildup of inventory to manage potential supply chain disruptions. 3 The increase in accounts payable and accrued expenses in 2021 was primarily due to an increase in trade accounts payable, higher marketing accruals, BodyArmor acquisition-related accruals and higher annual incentive accruals. The decrease in accounts payable and accrued expenses in 2020 was primarily due to the impact of the COVID-19 pandemic and lower annual incentive accruals. Refer to Note 2 for additional information regarding the BodyArmor acquisition. 4 The increase in other noncurrent liabilities in 2020 was primarily due to the increase in income tax reserves related to the litigation with the IRS. Refer to Note 11.

BUSINESS AND SUMMARY OF SIGNI_4

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Line Items]
Cash and cash equivalents	$ 9,519	$ 9,684	$ 6,795
Restricted Cash and Cash Equivalents, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent	Other Assets, Noncurrent
Restricted Cash and Restricted Cash Equivalents	$ 306	$ 341	$ 315
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 9,825	$ 10,025	$ 7,110	$ 6,737

BUSINESS AND SUMMARY OF SIGNI_5

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - INVENTORIES (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Line Items]
Raw materials and packaging	$ 2,627	$ 2,133
Finished goods	1,247	982
Other	359	299
Total inventories	$ 4,233	$ 3,414

BUSINESS AND SUMMARY OF SIGNI_6

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PROPERTY, PLANT, EQUIPMENT (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment
Property, plant and equipment - cost	$ 19,075	$ 18,862
Accumulated depreciation	9,234	8,942
Property, plant and equipment-net	9,841	9,920	$ 10,777
Land
Property, Plant and Equipment
Property, plant and equipment - cost	611	652
Buildings and improvements
Property, Plant and Equipment
Property, plant and equipment - cost	4,434	4,349
Machinery and Equipment
Property, Plant and Equipment
Property, plant and equipment - cost	$ 14,030	$ 13,861

BUSINESS AND SUMMARY OF SIGNI_7

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NARRATIVE (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Accounting Policies [Line Items]
Number, of the top five brands in the world, of owned and marketed nonalcoholic sparkling beverage brands	5
Number of countries where finished beverage products bearing our trademarks are sold	200
Beverage servings consumed per day which bears trademarks owned by or licensed by the entity, number	2,200,000,000
Beverage servings consumed per day, number	64,000,000,000
Advertising costs included in selling, general and administrative expenses	$ 4,000	$ 4,000	$ 3,000
Advertising and production costs recorded in prepaid expenses and other assets	$ 35	$ 57
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares	8	6	6
Investments classified as cash equivalents, maximum maturity period (in months)	3
Investments classified as short term investments maturity period, low end of the range (in months)	3
Investments classified as short term investments maturity period, high end of the range (in years)	1
Accounts Receivable, Sale	$ 10,709	$ 6,266
Gain (Loss) on Sale of Accounts Receivable	27	5
Depreciation expense	$ 1,125	1,262	$ 1,301
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Buildings and improvements
Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life, Maximum	40 years
Machinery and Equipment
Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life, Maximum	20 years
Leasehold Improvements
Accounting Policies [Line Items]
Amortization	$ 13	15	$ 18
Maximum
Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Primary beneficiary
Accounting Policies [Line Items]
VIEs maximum exposures to loss	$ 109	103
Not primary beneficiary
Accounting Policies [Line Items]
VIEs maximum exposures to loss	$ 1,626	$ 1,980

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - NARRATIVE (Details) - USD ($) $ in Millions			12 Months Ended
	Nov. 01, 2021	Jan. 02, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Acquisitions and Disposals [Line Items]
Acquisitions of businesses, equity method investments and nonmarketable securities			$ 73	$ 4,766	$ 1,052
Contingent Consideration Liability			1,590	590
Goodwill, Acquired During Period			4	2,257
Proceeds from disposals of businesses, equity method investments and nonmarketable securities			458	2,180	189
Proceeds from Sale of Interest in Partnership Unit				293	62
Proceeds from Divestiture of Businesses			123
Equity Method Investment, Realized Gain (Loss) on Disposal			13	114	35
BodyArmor
Significant Acquisitions and Disposals [Line Items]
Acquisitions of businesses, equity method investments and nonmarketable securities	$ 4,745
Business Acquisition, Percentage of Voting Interests Acquired	85%
Ownership Percentage by Parent	100%
Purchase Price	$ 5,600
Purchase price held back related to indemnification obligations	$ 860
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain				834
Indefinite-lived Intangible Assets Acquired			4,200
Goodwill, Acquired During Period			2,200
Expected Tax Deductible Amount of Goodwill Allocation			1,200
Payments to Acquire Businesses, Gross			549
BodyArmor | Accounts Payable
Significant Acquisitions and Disposals [Line Items]
Purchase price held back related to indemnification obligations				540
BodyArmor | Other Noncurrent Liabilities
Significant Acquisitions and Disposals [Line Items]
Purchase price held back related to indemnification obligations				320
BodyArmor | Accounts Payable and Accrued Liabilities
Significant Acquisitions and Disposals [Line Items]
Purchase price held back related to indemnification obligations			311
fairlife
Significant Acquisitions and Disposals [Line Items]
Acquisitions of businesses, equity method investments and nonmarketable securities		$ 979
Business Acquisition, Percentage of Voting Interests Acquired		57.50%
Ownership Percentage by Parent		100%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain					902
Increase (Decrease) in Notes Receivables		$ (306)
Contingent Consideration Liability		$ 270
Indefinite-lived Intangible Assets Acquired					1,300
Goodwill, Acquired During Period					800
Charges related to the remeasurement of contingent consideration liability			1,000	369	51
Payments for (Proceeds from) Previous Acquisition				100
Corporate
Significant Acquisitions and Disposals [Line Items]
Equity Method Investment, Realized Gain (Loss) on Disposal				114	35
Corporate | BodyArmor
Significant Acquisitions and Disposals [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain				834
Corporate | fairlife
Significant Acquisitions and Disposals [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain					902
Charges related to the remeasurement of contingent consideration liability			1,000	369	51
North America
Significant Acquisitions and Disposals [Line Items]
Goodwill, Acquired During Period			0	1,886
North America | BodyArmor
Significant Acquisitions and Disposals [Line Items]
Goodwill, Acquired During Period			1,900
Other Segments | BodyArmor
Significant Acquisitions and Disposals [Line Items]
Goodwill, Acquired During Period			300
CCA
Significant Acquisitions and Disposals [Line Items]
Proceeds from Sale of Interest in Partnership Unit				1,738
Gain (Loss) on Disposition of Business				695
CCA | Corporate
Significant Acquisitions and Disposals [Line Items]
Gain (Loss) on Disposition of Business				$ 695
Piedmont Coca-Cola Bottling Partnership
Significant Acquisitions and Disposals [Line Items]
Proceeds from Divestiture of Businesses					100
Equity Method Investment, Realized Gain (Loss) on Disposal					$ (2)
Cambodia Bottling Operations
Significant Acquisitions and Disposals [Line Items]
Gain (Loss) on Disposition of Business			153
Proceeds from Divestiture of Businesses			228
Cambodia Bottling Operations | Corporate
Significant Acquisitions and Disposals [Line Items]
Gain (Loss) on Disposition of Business			153
Vietnam Bottling Operations
Significant Acquisitions and Disposals [Line Items]
Proceeds from Divestiture of Businesses			$ 823

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - HELD FOR SALE ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Cash, cash equivalents and short-term investments held for sale	$ 229	$ 228
Trade accounts receivable, less allowances	12	21
Inventories	50	55
Prepaid expenses and other current assets	43	36
Other Noncurrent Assets	29	9
Deferred Income Tax Assets	8	6
Property, Plant and Equipment - Net	197	282
Goodwill	34	37
Assets Held for Sale	602	674
Accounts payable and accrued expenses	154	139
Accrued Income Taxes	3	4
Other Noncurrent Liabilities	3	9
Deferred Income Tax Liabilities	0	5
Liabilities Held for Sale	$ 160	$ 157

NET OPERATING REVENUES (Details

NET OPERATING REVENUES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net operating revenues related to concentrate operations	$ 24,071	$ 21,799	$ 18,582
Net operating revenues related to finished product operations	18,933	16,856	14,432
Revenues	43,004	38,655	33,014
United States
Disaggregation of Revenue [Line Items]
Net operating revenues related to concentrate operations	7,702	6,551	5,443
Net operating revenues related to finished product operations	7,711	6,459	5,838
Revenues	15,413	13,010	11,281
International
Disaggregation of Revenue [Line Items]
Net operating revenues related to concentrate operations	16,369	15,248	13,139
Net operating revenues related to finished product operations	11,222	10,397	8,594
Revenues	$ 27,591	$ 25,645	$ 21,733

INVESTMENTS - Carrying Value of

INVESTMENTS - Carrying Value of Equity Securities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI	$ 2,070	$ 2,723
Equity Securities, FV-NI	2,070	2,723
Equity Securities without Readily Determinable Fair Value, Amount	42	47
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI	308	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	459	771
Equity Securities without Readily Determinable Fair Value, Amount	42	47
Other noncurrent assets
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Noncurrent	1,303	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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Equity Securities, FV-NI, Gain (Loss)	$ (236)	$ 509
Equity Securities, FV-NI, Realized Gain (Loss)	7	71
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ (243)	$ 438

INVESTMENTS - Debt Securities (

INVESTMENTS - Debt Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cost
Available-for-sale securities	$ 979
Estimated Fair Value
Available-for-sale securities	944
Debt Securities	983	$ 1,589
Debt Securities
Cost
Trading securities	43	39
Available-for-sale securities	979	1,648
Total debt securities	1,022	1,687
Gains
Trading securities	0	1
Available-for-sale securities	26	33
Total debt securities	26	34
Losses
Trading securities	(4)	0
Available-for-sale securities	(61)	(132)
Total debt securities	(65)	(132)
Estimated Fair Value
Trading securities	39	40
Available-for-sale securities	944	1,549
Debt Securities	$ 983	$ 1,589

INVESTMENTS - Balance Sheet Cla

INVESTMENTS - Balance Sheet Classification (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Total debt securities	$ 983	$ 1,589
Trading Securities
Debt Securities, Available-for-sale [Line Items]
Total debt securities	39	40
Available-for-Sale Securities
Debt Securities, Available-for-sale [Line Items]
Total debt securities	944	1,549
Marketable securities | Trading Securities
Debt Securities, Available-for-sale [Line Items]
Total debt securities	39	40
Marketable securities | Available-for-Sale Securities
Debt Securities, Available-for-sale [Line Items]
Total debt securities	722	1,283
Other noncurrent assets | Trading Securities
Debt Securities, Available-for-sale [Line Items]
Total debt securities	0	0
Other noncurrent assets | Available-for-Sale Securities
Debt Securities, Available-for-sale [Line Items]
Total debt securities	$ 222	$ 266

INVESTMENTS - Contractual Matur

INVESTMENTS - Contractual Maturity of Available for Sale Debt Securities (Details) $ in Millions	Dec. 31, 2022 USD ($)
Cost
Within 1 year	$ 146
After 1 year through 5 years	621
After 5 years through 10 years	38
After 10 years	174
Available-for-sale securities	979
Estimated Fair Value
Within 1 year	145
After 1 year through 5 years	598
After 5 years through 10 years	49
After 10 years	152
Available-for-sale securities	$ 944

INVESTMENTS - Sale and_or Matur

INVESTMENTS - Sale and/or Maturity of Available-for-Sale Securities (Details) - Debt Securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Gross gains	$ 5	$ 6	$ 20
Debt Securities, Available-for-sale, Realized Loss	(136)	(10)	(13)
Proceeds	$ 1,498	$ 1,197	$ 1,559

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - Available-for-Sale Securities - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Solvency Funds of Insurance Captive	$ 1,378	$ 1,670
Debt and Equity Securities, FV-NI [Line Items]
Solvency Funds of Insurance Captive	$ 1,378	$ 1,670

HEDGING TRANSACTIONS AND DERI_3

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivative Instruments Designed and Qualified as Hedging Relationships (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Assets, Fair Value	$ 139	$ 461
Derivative Instruments, Liabilities, Fair Value	1,840	46
Foreign currency contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Assets, Fair Value	126	151
Foreign currency contracts | Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Assets, Fair Value	13	27
Foreign currency contracts | Accounts Payable and Accrued Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Liabilities, Fair Value	54	15
Foreign currency contracts | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Liabilities, Fair Value	108	17
Commodity contracts | Accounts Payable and Accrued Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Liabilities, Fair Value	2	0
Interest rate contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Assets, Fair Value	0	1
Interest rate contracts | Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Assets, Fair Value	0	282
Interest rate contracts | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Liabilities, Fair Value	$ 1,676	$ 14

HEDGING TRANSACTIONS AND DERI_4

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivative Instruments Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Assets, Fair Value	$ 102	$ 196
Derivative Instruments, Liabilities, Fair Value	126	50
Foreign currency contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Assets, Fair Value	46	53
Foreign currency contracts | Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Assets, Fair Value	22	0
Foreign currency contracts | Accounts Payable and Accrued Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Liabilities, Fair Value	87	34
Foreign currency contracts | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Liabilities, Fair Value	1	9
Commodity contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Assets, Fair Value	34	131
Commodity contracts | Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Assets, Fair Value	0	3
Commodity contracts | Accounts Payable and Accrued Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Liabilities, Fair Value	35	6
Commodity contracts | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Liabilities, Fair Value	0	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 Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Instruments, Liabilities, Fair Value	$ 3	$ 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (losses) arising during the year	$ 165	$ 160	$ (54)
Reclassification adjustments recognized in net income	(161)	124	74
Cash Flow Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (losses) arising during the year	127	162	(35)
Reclassification adjustments recognized in net income	161	(116)	(74)
Net operating revenues
Fair Value, Derivatives Designated and Not Designated as Hedges
Reclassification adjustments recognized in net income	(218)
Net operating revenues | Foreign currency contracts | Cash Flow Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (losses) arising during the year	205	36	(93)
Reclassification adjustments recognized in net income	218	(77)	(73)
Cost of goods sold
Fair Value, Derivatives Designated and Not Designated as Hedges
Reclassification adjustments recognized in net income	(26)
Cost of goods sold | Foreign currency contracts | Cash Flow Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (losses) arising during the year	17	(2)	4
Reclassification adjustments recognized in net income	28	(10)	9
Cost of goods sold | Commodity contracts | Cash Flow Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (losses) arising during the year	(4)	(1)	2
Reclassification adjustments recognized in net income	(2)	0	0
Interest expense
Fair Value, Derivatives Designated and Not Designated as Hedges
Reclassification adjustments recognized in net income	4
Interest expense | Foreign currency contracts | Cash Flow Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (losses) arising during the year	0	0	0
Reclassification adjustments recognized in net income	(4)	(13)	(16)
Interest expense | Interest rate contracts | Cash Flow Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (losses) arising during the year		110	15
Reclassification adjustments recognized in net income		(90)	(54)
Other income (loss) - net
Fair Value, Derivatives Designated and Not Designated as Hedges
Reclassification adjustments recognized in net income	79
Other income (loss) - net | Foreign currency contracts | Cash Flow Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (losses) arising during the year	(91)	19	37
Reclassification adjustments recognized in net income	$ (79)	$ 74	$ 60

HEDGING TRANSACTIONS AND DERI_6

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Amounts Related to Derivatives Designated as Fair Value Hedges (Details) - Fair Value Hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (17)	$ (1)	$ 2
Interest expense
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net			1
Other income (loss) - net
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net			1
Short-term Debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	0	200
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	0	1
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	0	0
Long-term Debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	11,900	12,353
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	(1,664)	255
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	195	228
Interest rate contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (1,944)	$ (67)	$ 275
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense	Interest expense	Interest expense
Fixed Rate Debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ 1,927	$ 66	$ (274)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense	Interest expense	Interest expense
Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net			$ (4)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Other income (loss) — net
Available-for-Sale Securities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net			$ 5
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Other income (loss) — net

HEDGING TRANSACTIONS AND DERI_7

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Amounts Related to Derivatives Designated as Net Investment Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (losses) on net investment hedges arising during the year	$ 741	$ 918	$ (1,094)
Net Investment Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	12,061	12,852
Gains (losses) on net investment hedges arising during the year	741	918	(1,094)
Foreign currency contracts | Net Investment Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	0	40
Gains (losses) on net investment hedges arising during the year	(10)	(10)	(5)
Foreign currency denominated debt | Net Investment Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	12,061	12,812
Gains (losses) on net investment hedges arising during the year	$ 751	$ 928	$ (1,089)

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 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (13)	$ (73)	$ 77
Foreign currency contracts | Net operating revenues
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(55)	6	58
Foreign currency contracts | Cost of goods sold
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	46	(10)	6
Foreign currency contracts | Other income (loss) - net
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	57	(84)	(13)
Commodity contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (40)	$ 171	$ 54
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of goods sold	Cost of goods sold	Cost of goods sold
Interest rate contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ (187)	$ 6
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense	Interest expense	Interest expense
Other derivative instruments | Selling, general and administrative expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (21)	$ 34	$ 21
Other derivative instruments | Other income (loss) - net
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ (3)	$ (55)

HEDGING TRANSACTIONS AND DERI_9

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Derivatives Designated and Not Designated as Hedges
Total Equity	$ 25,826	$ 24,860
Long-term Debt	$ 36,776	39,454
Maximum length of time over which future cash flow exposures are hedged (in years)	3 years
Anticipated gains (losses cash flow hedges, estimated reclassification to earnings during next twelve months	$ 56
Reclassification adjustments recognized in net income	(200)	(257)	$ (3)
Net Investment Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	12,061	12,852
Reclassification adjustments recognized in net income		(4)
Currency Swap | Cash Flow Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	958	1,994
Foreign currency contracts | Cash Flow Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	5,510	7,399
Foreign currency contracts | Net Investment Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	0	40
Commodity contracts | Cash Flow Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	35	10
Interest Rate Swap | Fair Value Hedges
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	13,425	12,113
Not Designated as Hedging Instrument | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	4,902	4,258
Not Designated as Hedging Instrument | Interest rate contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount		200
Not Designated as Hedging Instrument | Commodity contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	$ 336	$ 908

EQUITY METHOD INVESTMENTS - Sum

EQUITY METHOD INVESTMENTS - Summary of financial information for equity method investees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity method investments, disclosures
Net Operating Revenues	$ 43,004	$ 38,655	$ 33,014
Cost of goods sold	18,000	15,357	13,433
Gross Profit	25,004	23,298	19,581
Operating Income (Loss)	10,909	10,308	8,997
Consolidated Net Income	9,571	9,804	7,768
Net Income (Loss) Attributable to Noncontrolling Interest	29	33	21
Net Income Attributable to Shareowners of The Coca-Cola Company	9,542	9,771	7,747
Equity income (loss) — net	1,472	1,438	978
Assets, Current	22,591	22,545
Total Assets	92,763	94,354
Liabilities, Current	19,724	19,950
Stockholders' Equity Attributable to Parent	24,105	22,999
Equity attributable to noncontrolling interests	1,721	1,861
Total Equity	25,826	24,860
Equity Method Investments	18,264	17,598
Equity Method Investment, Nonconsolidated Investee, Other
Equity method investments, disclosures
Net Operating Revenues	85,116	79,934	69,384
Cost of goods sold	52,051	47,847	41,139
Gross Profit	33,065	32,087	28,245
Operating Income (Loss)	9,719	9,089	7,056
Consolidated Net Income	6,373	6,050	4,176
Net Income (Loss) Attributable to Noncontrolling Interest	102	91	54
Net Income Attributable to Shareowners of The Coca-Cola Company	6,271	5,959	$ 4,122
Assets, Current	32,722	30,992
Assets, Noncurrent	70,523	72,064
Total Assets	103,245	103,056
Liabilities, Current	23,580	21,362
Liabilities, Noncurrent	34,740	37,353
Liabilities, Total	58,320	58,715
Stockholders' Equity Attributable to Parent	43,917	43,422
Equity attributable to noncontrolling interests	1,008	919
Total Equity	$ 44,925	$ 44,341

EQUITY METHOD INVESTMENTS - Equ

EQUITY METHOD INVESTMENTS - Equity Method Investments Fair Value and Carrying Value (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Equity method investments, disclosures
Equity Method Investments	$ 18,264	$ 17,598
Investment in equity method investees in excess of the proportionate share of net assets	7,822
Exchange Traded
Equity method investments, disclosures
Equity Method Investment, Fair Value	23,387
Equity Method Investments	12,046
Investment in equity method investees in excess of the proportionate share of net assets	11,341
Monster Beverage Corporation | Exchange Traded
Equity method investments, disclosures
Equity Method Investment, Fair Value	10,368
Equity Method Investments	4,514
Investment in equity method investees in excess of the proportionate share of net assets	5,854
CCEP | Exchange Traded
Equity method investments, disclosures
Equity Method Investment, Fair Value	4,865
Equity Method Investments	3,643
Investment in equity method investees in excess of the proportionate share of net assets	1,222
Coca-Cola FEMSA | Exchange Traded
Equity method investments, disclosures
Equity Method Investment, Fair Value	3,952
Equity Method Investments	1,729
Investment in equity method investees in excess of the proportionate share of net assets	2,223
Coca-Cola Hellenic | Exchange Traded
Equity method investments, disclosures
Equity Method Investment, Fair Value	1,868
Equity Method Investments	1,119
Investment in equity method investees in excess of the proportionate share of net assets	749
Coca-Cola Consolidated | Exchange Traded
Equity method investments, disclosures
Equity Method Investment, Fair Value	1,272
Equity Method Investments	339
Investment in equity method investees in excess of the proportionate share of net assets	933
Coca-Cola Bottlers Japan | Exchange Traded
Equity method investments, disclosures
Equity Method Investment, Fair Value	369
Equity Method Investments	398
Investment in equity method investees in excess of the proportionate share of net assets	(29)
Coca-Cola Icecek | Exchange Traded
Equity method investments, disclosures
Equity Method Investment, Fair Value	559
Equity Method Investments	207
Investment in equity method investees in excess of the proportionate share of net assets	352
Andina | Exchange Traded
Equity method investments, disclosures
Equity Method Investment, Fair Value	134
Equity Method Investments	97
Investment in equity method investees in excess of the proportionate share of net assets	$ 37

EQUITY METHOD INVESTMENTS - Nar

EQUITY METHOD INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity method investments, disclosures
Investment in equity method investees in excess of the proportionate share of net assets	$ 7,822
Net sales to equity method investees	16,084	$ 14,471	$ 13,041
Total payments, primarily marketing related, made to equity method investees	396	516	547
Purchases of beverage products from equity method investees	505	496	452
Total net receivables due from equity method investees	1,191	882
Dividends received from equity method investees	634	$ 823	$ 467
Retained Earnings, Undistributed Earnings from Equity Method Investees	$ 7,030
CCEP
Equity method investments, disclosures
Ownership interest in Equity investee (as a percent)	19%
Monster Beverage Corporation
Equity method investments, disclosures
Ownership interest in Equity investee (as a percent)	20%
AC Bebidas
Equity method investments, disclosures
Ownership interest in Equity investee (as a percent)	20%
Coca-Cola FEMSA
Equity method investments, disclosures
Ownership interest in Equity investee (as a percent)	28%
Coca-Cola Hellenic
Equity method investments, disclosures
Ownership interest in Equity investee (as a percent)	21%
Coca-Cola Bottlers Japan
Equity method investments, disclosures
Ownership interest in Equity investee (as a percent)	19%

INTANGIBLE ASSETS - Indefinite-

INTANGIBLE ASSETS - Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets
Trademarks with indefinite lives	$ 14,214	$ 14,465
Goodwill	18,782	19,363	$ 17,506
Other Indefinite-lived intangible assets	175	211
Indefinite-lived intangible assets	$ 33,171	$ 34,039

INTANGIBLE ASSETS - Carrying Va

INTANGIBLE ASSETS - Carrying Value of Goodwill by Operating Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill by operating segment
Balance as of January 1	$ 19,363	$ 17,506
Effect of foreign currency translation	(603)	(336)
Acquisitions	4	2,257
Purchase accounting adjustments	23
Impairments		(7)
Divestitures, deconsolidations and other	(5)	(57)
Balance as of December 31	18,782	19,363
EMEA
Goodwill by operating segment
Balance as of January 1	1,280	1,308
Effect of foreign currency translation	(83)	(83)
Acquisitions	0	55
Purchase accounting adjustments	0
Impairments		0
Divestitures, deconsolidations and other	0	0
Balance as of December 31	1,197	1,280
Latin America
Goodwill by operating segment
Balance as of January 1	200	164
Effect of foreign currency translation	3	(8)
Acquisitions	0	44
Purchase accounting adjustments	0
Impairments		0
Divestitures, deconsolidations and other	0	0
Balance as of December 31	203	200
North America
Goodwill by operating segment
Balance as of January 1	10,665	8,792
Effect of foreign currency translation	0	0
Acquisitions	0	1,886
Purchase accounting adjustments	12
Impairments		0
Divestitures, deconsolidations and other	0	(13)
Balance as of December 31	10,677	10,665
Asia Pacific
Goodwill by operating segment
Balance as of January 1	422	201
Effect of foreign currency translation	(12)	(6)
Acquisitions	0	227
Purchase accounting adjustments	2
Impairments		0
Divestitures, deconsolidations and other	0	0
Balance as of December 31	412	422
Global Ventures
Goodwill by operating segment
Balance as of January 1	2,976	2,892
Effect of foreign currency translation	(272)	46
Acquisitions	0	45
Purchase accounting adjustments	9
Impairments		0
Divestitures, deconsolidations and other	(5)	(7)
Balance as of December 31	2,708	2,976
Bottling Investments
Goodwill by operating segment
Balance as of January 1	3,820	4,149
Effect of foreign currency translation	(239)	(285)
Acquisitions	4	0
Purchase accounting adjustments	0
Impairments		(7)
Divestitures, deconsolidations and other	0	(37)
Balance as of December 31	$ 3,585	$ 3,820

INTANGIBLE ASSETS - Definite Li

INTANGIBLE ASSETS - Definite Lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Definite-lived Intangible Assets
Gross carrying amount	$ 707	$ 798
Accumulated amortization	(247)	(224)
Net definite-lived intangible assets	460	574
Customer Relationships
Definite-lived Intangible Assets
Gross carrying amount	354	336
Accumulated amortization	(109)	(86)
Net definite-lived intangible assets	245	250
Trademarks
Definite-lived Intangible Assets
Gross carrying amount	147	189
Accumulated amortization	(84)	(87)
Net definite-lived intangible assets	63	102
Other Intangible Assets
Definite-lived Intangible Assets
Gross carrying amount	206	273
Accumulated amortization	(54)	(51)
Net definite-lived intangible assets	$ 152	$ 222

INTANGIBLE ASSETS - Estimated A

INTANGIBLE ASSETS - Estimated Amortization Expense for the Next Five Years (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amortization Expense
2023	$ 89
2024	65
2025	57
2026	45
2027	44
Total amortization expense for intangible assets subject to amortization	$ 120	$ 165	$ 203

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	$ 5,307	$ 4,602
Accrued marketing expenses	2,778	2,830
Accrued compensation	1,087	1,051
Variable consideration payable	934	1,118
Other accrued expenses1	5,643	5,018
Accounts payable and accrued expenses	15,749	$ 14,619
Proceeds from Divestiture of Businesses	$ 123

LEASES - Lessee Operating Lease

LEASES - Lessee Operating Lease Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	$ 1,406	$ 1,418
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating Lease, Liability, Current	$ 341	$ 310
Operating Lease, Liability, Current, Statement of Financial Position	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Operating Lease, Liability, Noncurrent	$ 1,113	$ 1,161
Operating Lease, Liability, Noncurrent, Statement of Financial Position	Other noncurrent liabilities	Other noncurrent liabilities
Operating Lease, Liability	$ 1,454	$ 1,471

LEASES - Lessee Operating Lea_2

LEASES - Lessee Operating Lease Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	8 years
Weighted-average discount rate	2.90%

LEASES - Lessee Operating Lea_3

LEASES - Lessee Operating Lease Liability Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
2023	$ 372
2024	300
2025	230
2026	171
2027	116
Thereafter	425
Total operating lease payments	1,614
Less: Imputed interest	160
Operating Lease, Liability	$ 1,454	$ 1,471

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	$ 397	$ 342
Operating Lease, Payments	400	352
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 337	$ 194
Minimum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Remaining Lease Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Remaining Lease Term	42 years

DEBT AND BORROWING ARRANGEMEN_3

DEBT AND BORROWING ARRANGEMENTS - Components of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Long-term debt
Long-term Debt	$ 36,776	$ 39,454
Fair Value Adjustments	$ (1,469)	$ 483
Average Rate	2.30%	1.70%
Current maturities of long-term debt	$ 399	$ 1,338
Long-term debt non current	36,377	38,116
Long-term Debt, Fair Value	32,698	40,311
U.S. dollar notes due 2024-2093
Long-term debt
Long-term Debt	$ 21,966	$ 21,953
Average Rate	2.50%	2.20%
U.S. dollar debentures due 2023-2098
Long-term debt
Long-term Debt	$ 891	$ 1,316
Average Rate	4.70%	5.20%
Australian dollar notes due 2024
Long-term debt
Long-term Debt	$ 374	$ 398
Average Rate	2.70%	2.50%
Euro notes due 2024-2041
Long-term debt
Long-term Debt	$ 12,485	$ 13,249
Average Rate	0.70%	0.40%
Swiss franc notes due 2022-2028
Long-term debt
Long-term Debt	$ 623	$ 1,234
Average Rate	3.20%	2.30%
Other, due through 2098
Long-term debt
Long-term Debt	$ 1,906	$ 821
Average Rate	6.70%	6%
Other, due through 2098 | Bottling operations in Africa
Long-term debt
Long-term Debt	$ 1,368	$ 407
Other, due through 2046
Long-term debt
Long-term Debt	$ 1,789

DEBT AND BORROWING ARRANGEMEN_4

DEBT AND BORROWING ARRANGEMENTS - Schedule of Maturities of Long-Term Debt (Details ) $ in Millions	Dec. 31, 2022 USD ($)
Maturities of Long-Term Debt
2023	$ 399
2024	1,967
2025	1,123
2026	1,558
2027	$ 4,494

DEBT AND BORROWING ARRANGEMEN_5

DEBT AND BORROWING ARRANGEMENTS - Short-Term Borrowings Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Commercial paper borrowings outstanding	$ 2,146	$ 2,462
Weighted-average interest rates for commercial paper outstanding (as a percent)	4.20%	0.10%
Other Short-term Borrowings	$ 227	$ 845
Unused lines of Credit
Short-term Debt [Line Items]
Line of Credit Facility	5,712
Lines of credit for general corporate purposes	$ 4,375

DEBT AND BORROWING ARRANGEMEN_6

DEBT AND BORROWING ARRANGEMENTS - Long-Term Debt Narrative (Details) € in Millions, SFr in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CHF (SFr)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 AUD ($)
Long-term debt
Long-term Debt	$ 36,776		$ 39,454
Issuances of debt	3,972		13,094		$ 26,934
Gains (Losses) on Extinguishment of Debt			(559)		(459)
Reclassification of gain (loss) from AOCI for cash flow hedge related to debt extinguishment			(91)		(25)
Total interest paid	848		738		935
Other, due through 2098
Long-term debt
Long-term Debt	1,906		821
Other, due through 2098 | Bottling operations in Africa
Long-term debt
Long-term Debt	1,368		407
Fixed interest rate debt with a maturity date in 2022
Long-term debt
Extinguishment of long-term debt	$ 410	SFr 550
Fixed interest rate debt with maturity dates ranging from 2028 to 2051
Long-term debt
Issuances of debt			5,950	€ 3,150
Carrying Value of Long-Term Debt			9,410
Variable interest rate debt with maturity date in 2021
Long-term debt
Extinguishment of long-term debt | €				371
Fixed interest rate debt with maturity dates ranging from 2023 to 2026
Long-term debt
Extinguishment of long-term debt			$ 6,500	€ 2,430
Fixed interest rate debt with maturity dates ranging from 2025 to 2060
Long-term debt
Issuances of debt					15,600	€ 2,600
Carrying Value of Long-Term Debt					17,616
Fixed interest rate debt with a maturity date in 2020
Long-term debt
Extinguishment of long-term debt					3,750		$ 450
U.S. dollar zero coupon notes due in 2020
Long-term debt
Extinguishment of long-term debt					171
Fixed interest rate debt with maturity dates ranging from 2021 to 2050
Long-term debt
Extinguishment of long-term debt					$ 3,815	2,300
Euro notes due 2021
Long-term debt
Extinguishment of long-term debt | €						€ 379
Euro Interbank Offered Rate | Variable interest rate debt with maturity date in 2021
Long-term debt
Basis spread on variable rate used (as a percent)			0.20%	0.20%
Euro Interbank Offered Rate | Euro notes due 2021
Long-term debt
Basis spread on variable rate used (as a percent)					0.20%	0.20%	0.20%
Minimum | Fixed interest rate debt with a maturity date in 2022
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.26%
Minimum | Fixed interest rate debt with maturity dates ranging from 2028 to 2051
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			0.125%
Minimum | Fixed interest rate debt with maturity dates ranging from 2023 to 2026
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			0.75%
Minimum | Fixed interest rate debt with maturity dates ranging from 2025 to 2060
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate					0.125%
Minimum | Fixed interest rate debt with a maturity date in 2020
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate					1.875%
Minimum | Fixed interest rate debt with maturity dates ranging from 2021 to 2050
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate					0%
Maximum | Fixed interest rate debt with a maturity date in 2022
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	8.50%
Maximum | Fixed interest rate debt with maturity dates ranging from 2028 to 2051
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			3%
Maximum | Fixed interest rate debt with maturity dates ranging from 2023 to 2026
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			3.20%
Maximum | Fixed interest rate debt with maturity dates ranging from 2025 to 2060
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate					4.20%
Maximum | Fixed interest rate debt with a maturity date in 2020
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate					3.15%
Maximum | Fixed interest rate debt with maturity dates ranging from 2021 to 2050
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate					4.20%
Weighted Average
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	5.21%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2015
Legal Contingencies
IRS Claim		$ 14,000
Increase in Effective Tax Rate		3.50%
Estimated Tax Liability		$ 423		$ 438
Potential Aggregate Tax Liability- Brazil		5,200
Risk Management Programs
Self Insurance Reserve		199	$ 229
Guarantees of indebtedness owed by third parties
Guarantees
Guarantees of indebtedness owed by third parties		1,017
VIEs maximum exposures to loss		$ 133
Tax Years 2007-2009
Legal Contingencies
IRS Claim					$ 3,300
IRS Notice Income Reallocation					$ 9,000
Net Increase (Decrease) in Sales and Transfer Prices and Production Costs	$ 385
IRS Amended Claim	135
IRS Amended Claim Related to Mexico Licensee	$ 138

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS - Weighted-average fair value of options granted and the weighted-average assumptions used in the Black Scholes Merton option pricing model for such grants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-average assumptions used in the Black Scholes Merton option pricing model
Fair value of options at grant date (in dollars per share)	$ 8.23	$ 5.08	$ 6.44
Dividend yield (as a percent)	2.80%	3.30%	2.70%
Expected volatility (as a percent)	18%	18%	16%
Risk-free interest rate (as a percent)	1.90%	0.90%	1.40%
Expected term of the option (in years)	6 years	6 years	6 years

STOCK-BASED COMPENSATION PLAN_3

STOCK-BASED COMPENSATION PLANS - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation disclosure
Granted (in shares)	7
Exercised (in shares)	(22)	(19)	(23)
Forfeited/expired (in shares)	(1)
Outstanding on December 31	59	75
Expected to vest	58
Exercisable on December 31, 2022	43
Granted, Weighted-Average Exercise Price (in dollars per share)	$ 61.35
Exercised, Weighted-Average Exercise Price (in dollars per share)	38.75
Forfeited/expired, Weighted-Average Exercise Price (in dollars per share)	52.96
Outstanding on December 31, Weighted-Average Exercise Price (in dollars per share)	45.93	$ 42.43
Expected to vest, Weighted-Average Exercise Price (in dollars per share)	45.88
Exercisable on December 31, weighted average exercise price (in dollars per share)	$ 42.20
Outstanding on December 31, Weighted-Average Remaining Contractual Life (in years)	3 years 7 months 6 days
Expected to Vest, Weighted Average Remaining Contractual Life (in years)	4 years 7 months 6 days
Exercisable on December 31, Weighted-Average Remaining Contractual Life (in years)	3 years 3 months 18 days
Outstanding on December 31, Aggregate Intrinsic Value (in dollars)	$ 1,035
Expected to vest, Aggregate Intrinsic Value (in dollars)	1,030
Exercisable on December 31, Aggregate Intrinsic Value (in dollars)	$ 916

STOCK-BASED COMPENSATION PLAN_4

STOCK-BASED COMPENSATION PLANS - Summary of information about outstanding nonvested performance share units based on target award levels (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary disclosures
Outstanding performance share units at the Threshold Award Level (in shares)	1,563
Outstanding performance share units at the Maximum Award Level (in shares)	8,486
Performance Shares
Summary disclosures
Nonvested Stock Units	3,706	4,186
Weighted Average Grant Date Fair Value	$ 52.94	$ 50.90
Granted	1,829
Weighted Average Grant Date Fair Value	$ 59.61	$ 47.04	$ 57
Vested	(2,088)
Weighted Average Grant Date Fair Value	$ 54.71
Forfeited	(221)
Weighted Average Grant Date Fair Value	$ 52.76

STOCK-BASED COMPENSATION PLAN_5

STOCK-BASED COMPENSATION PLANS - Summary of information about vested performance share units based on the certified award level (Details) - Performance Share Units 2019-2021 Award shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Stock-based compensation awards
Certified | shares	2,057
Weighted Average Grant Date Fair Value | $ / shares	$ 40.29
Released during 2022 | shares	(2,051)
Weighted Average Grant Date Fair Value | $ / shares	$ 40.57
Forfeited during 2022 | shares	(6)
Weighted-Average Grant Date Fair Value | $ / shares	$ 40.29

STOCK-BASED COMPENSATION PLAN_6

STOCK-BASED COMPENSATION PLANS - Summary of information about outstanding nonvested time-based restricted stock and restricted stock units (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Summary disclosures
Nonvested Stock Units	3,030	3,394
Weighted Average Grant Date Fair Value	$ 52.35	$ 46.56
Granted	1,190
Weighted Average Grant Date Fair Value	$ 56.94
Vested and released	(1,361)
Weighted Average Grant Date Fair Value	$ 41.83
Forfeited	(193)
Weighted-Average Grant Date Fair Value	$ 49.77

STOCK-BASED COMPENSATION PLAN_7

STOCK-BASED COMPENSATION PLANS - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation awards
Vesting period of stock-based awards (in years)	4 years
Total stock-based compensation expense	$ 361	$ 337	$ 141
Share-based Payment Arrangement, Plan Modification, Incremental Cost	5		15
Total income tax benefit recognized in consolidated statements of income for share-based compensation arrangements	55	60	32
Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted	$ 325
Weighted-average period over which the total unrecognized compensation cost is expected to be recognized (in years)	1 year 10 months 24 days
Total intrinsic value of options exercised	$ 534	$ 358	$ 453
Exercised (in shares)	(22,000)	(19,000)	(23,000)
Selling, General and Administrative Expenses
Stock-based compensation awards
Total stock-based compensation expense	$ 356		$ 126
2014 Equity Plan
Stock-based compensation awards
Common stock was approved to be issued or transferred through the grant of stock options (in shares)	500,000
Number of Shares Available for Grant (in shares)	308,000
Options Plan Approved prior to 2014
Stock-based compensation awards
Number of Shares Available for Grant (in shares)	3,000
Stock options granted in December 2003 and thereafter
Stock-based compensation awards
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Performance Shares
Stock-based compensation awards
Nonvested Stock Units	3,706	4,186
Weighted Average Grant Date Fair Value	$ 59.61	$ 47.04	$ 57
Total intrinsic value of performance share units that were released	$ 125	$ 237	$ 191
Performance Shares | Performance Period 2021 to 2023
Stock-based compensation awards
Nonvested Stock Units	1,949
Performance Shares | Performance Period 2022 to 2024
Stock-based compensation awards
Nonvested Stock Units	1,757
Restricted Stock Units (RSUs)
Stock-based compensation awards
Vesting period of stock-based awards (in years)	5 years
Nonvested Stock Units	3,030	3,394
Weighted Average Grant Date Fair Value	$ 56.94

PENSION AND OTHER POSTRETIREM_3

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Changes in benefit obligations and the fair value of plan assets for our pension and other postretirement benefit plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension benefits
Changes in benefit obligations
Benefit obligation at January 1	$ 8,580	$ 9,414
Service cost	93	97	$ 112
Interest cost	232	183	235
Participant Contributions	5	5
Foreign currency exchange rate changes	(152)	(33)
Amendments	9	0
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	1,891	226
Benefits Paid	(500)	(375)
Defined Benefit Plan, Benefit Obligation, Divestiture	(2)	0
Settlements	(26)	(491)
Curtailments	(1)	0
Special termination benefits	1	3	2
Other	28	3
Benefit obligation at December 31	6,376	8,580	9,414
Defined Benefit Plan, Accumulated Benefit Obligation	6,307	8,431
Fair value of plan assets
Fair value of plan assets at January 1	8,905	8,639
Actual return on plan assets	(1,101)	1,003
Employer contributions	33	33
Contributions by Plan Participant	5	6
Foreign currency exchange rate changes	(258)	(42)
Benefits Paid	(427)	(315)
Settlements	(26)	(421)
Other	27	2
Fair value of plan assets at December 31	7,158	8,905	8,639
Net liability recognized	782	325
Pension benefits | Change in Assumptions for Defined Benefit Plans
Changes in benefit obligations
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	(1,231)	(197)
Other benefits
Changes in benefit obligations
Benefit obligation at January 1	696	769
Service cost	7	9	11
Interest cost	17	15	21
Participant Contributions	11	13
Foreign currency exchange rate changes	(4)	(1)
Amendments	0	(13)
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	175	28
Benefits Paid	(57)	(67)
Defined Benefit Plan, Benefit Obligation, Divestiture	0	0
Settlements	0	0
Curtailments	0	(1)
Special termination benefits	0	0	0
Other	0	0
Benefit obligation at December 31	495	696	769
Fair value of plan assets
Fair value of plan assets at January 1	419	396
Actual return on plan assets	(55)	15
Employer contributions	0	0
Contributions by Plan Participant	9	8
Foreign currency exchange rate changes	0	0
Benefits Paid	0	0
Settlements	0	0
Other	0	0
Fair value of plan assets at December 31	373	419	$ 396
Net liability recognized	$ (122)	$ (277)

PENSION AND OTHER POSTRETIREM_4

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Pension and other benefit amounts recognized in consolidated balance sheets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Pension benefits
Pension and other benefit amounts recognized in our consolidated balance sheets
Noncurrent asset	$ 1,558	$ 1,545
Current liability	(70)	(70)
Long-term liability	(706)	(1,150)
Net liability recognized	782	325
Other benefits
Pension and other benefit amounts recognized in our consolidated balance sheets
Noncurrent asset	44	0
Current liability	(17)	(18)
Long-term liability	(149)	(259)
Net liability recognized	$ (122)	$ (277)

PENSION AND OTHER POSTRETIREM_5

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Schedule of pension plans with projected benefit obligation in excess of fair value of plan assets (Details) - Pension benefits - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accumulated benefit obligations in excess of the fair value of plan assets
Projected Benefit Obligation	$ 972	$ 6,862
Fair Value of Plan Assets	$ 197	$ 5,641

PENSION AND OTHER POSTRETIREM_6

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Accumulated benefit obligations in excess of fair value of plan assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Pension benefits
Accumulated benefit obligations in excess of the fair value of plan assets
Accumulated Benefit Obligations	$ 880	$ 6,689
Fair value of plan assets	138	5,584
Other benefits
Accumulated benefit obligations in excess of the fair value of plan assets
Accumulated Benefit Obligations	166	696
Fair value of plan assets	$ 0	$ 419

PENSION AND OTHER POSTRETIREM_7

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Total pension assets for U.S. and non-U.S. plans (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	$ 4,336	$ 5,383
Domestic Plan | Cash and cash equivalents
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	473	272
Domestic Plan | Equity Securities, US based companies
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	509	1,463
Domestic Plan | Equity Securities, International based companies
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	285	876
Domestic Plan | Government bonds
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	793	182
Domestic Plan | Corporate bonds and debt securities
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	384	899
Domestic Plan | Mutual, pooled and commingled funds
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	304	290
Domestic Plan | Hedge funds/limited partnerships
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	915	682
Domestic Plan | Real estate
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	417	381
Domestic Plan | Derivative financial instruments
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	0	(1)
Domestic Plan | Other
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	256	339
Foreign Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	2,822	3,522
Foreign Plan | Cash and cash equivalents
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	162	233
Foreign Plan | Equity Securities, US based companies
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	679	968
Foreign Plan | Equity Securities, International based companies
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	654	830
Foreign Plan | Government bonds
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	445	495
Foreign Plan | Corporate bonds and debt securities
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	115	124
Foreign Plan | Mutual, pooled and commingled funds
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	463	560
Foreign Plan | Hedge funds/limited partnerships
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	21	38
Foreign Plan | Real estate
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	7	8
Foreign Plan | Derivative financial instruments
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	(14)	(8)
Foreign Plan | Other
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	$ 290	$ 274

PENSION AND OTHER POSTRETIREM_8

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Other postretirement benefit plan assets (Details) - Other benefits - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	$ 373	$ 419	$ 396
Cash and cash equivalents
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	43	33
Equity Securities, US based companies
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	133	184
Equity Securities, International based companies
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	4	12
Government bonds
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	12	3
Corporate bonds and debt securities
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	71	82
Mutual, pooled and commingled funds
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	86	87
Hedge funds/limited partnerships
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	14	9
Real estate
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	6	5
Other
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets	$ 4	$ 4

PENSION AND OTHER POSTRETIREM_9

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Net periodic benefit cost for pension and other postretirement benefit plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net periodic pension and other postretirement benefit cost
Corridor Approach for Amortizing Actuarial Gains and Losses	10%
Pension benefits
Net periodic pension and other postretirement benefit cost
Service cost	$ 93	$ 97	$ 112
Interest cost	232	183	235
Expected Return on Plan Assets	(558)	(606)	(587)
Amortization of prior service cost (credit)	0	0	3
Amortization of net actuarial loss	109	146	171
Net periodic benefit cost (income)	(124)	(180)	(66)
Settlement charge (credits)	(1)	117	23
Curtailment charges (credits)	(1)	(1)	1
Special termination benefits	1	3	2
Other	1	0	(4)
Total cost (income) recognized in the statement of income	(124)	(61)	(44)
Other benefits
Net periodic pension and other postretirement benefit cost
Service cost	7	9	11
Interest cost	17	15	21
Expected Return on Plan Assets	(16)	(17)	(16)
Amortization of prior service cost (credit)	(3)	(2)	(3)
Amortization of net actuarial loss	0	4	5
Net periodic benefit cost (income)	5	9	18
Settlement charge (credits)	0	0	0
Curtailment charges (credits)	0	(1)	6
Special termination benefits	0	0	0
Other	0	0	0
Total cost (income) recognized in the statement of income	$ 5	$ 8	$ 24

PENSION AND OTHER POSTRETIRE_10

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Changes and amounts in AOCI for pension and other postretirement benefit plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension benefits
Net periodic pension and other postretirement benefit cost
Prior Service Credit (Cost)	$ (17)	$ (9)
Net actuarial gain (loss)	(1,738)	(2,116)
Changes in AOCI for our benefit plans, pretax
Beginning balance in AOCI	(2,125)	(3,012)
Recognized prior service cost (credit)	0	1
Recognized net actuarial loss (gain)	107	261
Prior service credit (cost) arising in the current year	(9)	0
Net actuarial (loss) gain arising in the current year	232	623
Net foreign currency translation adjustments	40	2
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax	(1,755)	(2,125)
Pension benefits | Impact of settlements
Changes in AOCI for our benefit plans, pretax
Recognized net actuarial loss (gain)		117
Other benefits
Net periodic pension and other postretirement benefit cost
Prior Service Credit (Cost)	24	28
Net actuarial gain (loss)	71	(32)
Changes in AOCI for our benefit plans, pretax
Beginning balance in AOCI	(4)	(47)
Recognized prior service cost (credit)	(3)	(2)
Recognized net actuarial loss (gain)	0	3
Prior service credit (cost) arising in the current year	0	13
Net actuarial (loss) gain arising in the current year	104	27
Net foreign currency translation adjustments	(2)	2
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax	$ 95	$ (4)

PENSION AND OTHER POSTRETIRE_11

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Certain weighted average assumptions used in computing the benefit obligations and net periodic benefit cost (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension benefits
Weighted average assumptions used in computing the benefit obligations
Discount rate (as a percent)	5.50%	3%
Interest Crediting Rate	4%	3%
Rate of increase in compensation levels (as a percent)	3.75%	3.75%
Weighted-average assumptions used in computing net periodic benefit cost
Discount rate (as a percent)	3%	2.50%	3.25%
Interest Crediting Rate	3%	3%	3.50%
Rate of increase in compensation levels (as a percent)	3.75%	3.75%	3.75%
Expected Long-term Rate of Return on Plan Assets	7%	7.25%	7.50%
Other benefits
Weighted average assumptions used in computing the benefit obligations
Discount rate (as a percent)	6%	3.25%
Weighted-average assumptions used in computing net periodic benefit cost
Discount rate (as a percent)	3.25%	2.75%	3.50%
Expected Long-term Rate of Return on Plan Assets	4%	4.25%	4.50%

PENSION AND OTHER POSTRETIRE_12

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Assumed health care cost trend rates (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Assumed health care cost trend rates
Health care cost trend rate assumed for the next year (as a percent)	8.25%	6.75%
Rate at which the cost trend rate is assumed to decline, the ultimate trend rate (as a percent)	5.50%	5.25%
Year in which the rate reaches the ultimate trend rate	2030	2027

PENSION AND OTHER POSTRETIRE_13

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Estimated future benefit payments for pension and other postretirement benefit plans (Details) $ in Millions	Dec. 31, 2022 USD ($)
Estimated future benefit payments for funded and unfunded plans
2023	$ 636
2024	582
2025	593
2026	566
2027	538
2028-2032	2,647
Pension benefits
Estimated future benefit payments for funded and unfunded plans
2023	583
2024	531
2025	545
2026	520
2027	495
2028-2032	2,457
Other benefits
Estimated future benefit payments for funded and unfunded plans
2023	53
2024	51
2025	48
2026	46
2027	43
2028-2032	$ 190

PENSION AND OTHER POSTRETIRE_14

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) yr	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Defined Benefit Plan Disclosure
Minimum Interest Crediting Rate	3.80%
Period of time current interest crediting rate will converge with ultimate interest crediting rate | yr	10
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 42
Multiemployer Plan, Employer Contribution, Cost	$ 1	$ 1	$ 2
Domestic Plan
Defined Benefit Plan Disclosure
Defined benefit plan portion of projected pension benefit obligation percentage	64%
Defined Benefit Plan Portion of Projected Pension Plan Assets Percentage	61%
Maximum portion of plan assets for which an investment manager is responsible (as a percent)	24%
Rate of increase in compensation levels (as a percent)	6.75%
The 5-year annualized return on plan assets (as a percent)	4.80%
The 10-year annualized return on plan assets (as a percent)	6.80%
The 15-year annualized return on plan assets (as a percent)	5.20%
Annualized return on plan assets since inception (as a percent)	10%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	3%
Company costs associated with defined contribution plans	$ 45	32	43
Domestic Plan | Maximum
Defined Benefit Plan Disclosure
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	3.50%
Foreign Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	34%
Defined Benefit Plan, Plan Assets, Target Allocation Percentage, European	66%
Company costs associated with defined contribution plans	$ 79	$ 79	$ 63
Equity Securities, US based companies | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	18%
Equity Securities, International based companies | Foreign Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	2%
Defined Benefit Plan, Plan Assets, Target Allocation Percentage, European	66%
Mutual, pooled and commingled funds | Foreign Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	39%
Global equities | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	81%
Emerging market equities | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	11%
Domestic small- and mid-cap equities | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	8%
Long-duration bonds | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	62%
Multi-strategy alternative credit managers | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	38%
Fixed Income Funds | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	47%
Fixed Income Funds | Foreign Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	23%
Defined Benefit Plan, Plan Assets, Target Allocation Percentage, European	16%
Other | Foreign Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	36%
Defined Benefit Plan, Plan Assets, Target Allocation Percentage, European	18%
Defined Benefit Plan, Equity Securities, Common Stock
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	9%
Defined Benefit Plan, Equity Securities, Common Stock | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	5%
Alternative investments | Domestic Plan
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	35%

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of income tax
Income before income taxes, United States	$ 3,452	$ 3,538	$ 3,149
Income before income taxes, International	8,234	8,887	6,600
Income Before Income Taxes	$ 11,686	$ 12,425	$ 9,749

INCOME TAXES - Schedule of In_2

INCOME TAXES - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax expense (benefit)
Current income tax expense (benefit), United States	$ 468	$ 243	$ 296
Deferred income tax expense (benefit), United States	(121)	229	(220)
Current income tax expense (benefit), State and Local	118	106	396
Deferred income tax expense (benefit), State and Local	(4)	(10)	21
Current income tax expense (benefit), International	1,651	1,378	1,307
Deferred income tax expense (benefit), International	3	675	181
Current income tax expense (benefit), total	2,237	1,727	1,999
Deferred income tax expense (benefit), total	$ (122)	894	$ (18)
Deferred Other Tax Expense (Benefit)		$ 195

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of the Statutory U.S. Federal Tax Rate and Effective Tax Rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the statutory U.S. federal tax rate and effective tax rates
Statutory U.S. federal tax rate (as a percent)	21%	21%	21%
State and local income taxes - net of federal benefit (as a percent)	1.40%	1.10%	1.10%
Earnings in jurisdictions taxed at rates different from the statutory U.S. federal rate (as a percent)	(0.60%)	2.30%	0.90%
Equity income or loss (as a percent)	(2.70%)	(2.00%)	(1.40%)
Excess tax benefits on stock-based compensation (as a percent)	(0.70%)	(0.50%)	(0.80%)
Other - Net (as a percent)	(0.30%)	(0.80%)	(0.50%)
Effective Tax Rate (as a percent)	18.10%	21.10%	20.30%
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Amount		$ 375	$ 110
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Percent		3%	1.10%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount		$ (14)	$ 431
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Percent		1.50%	(4.40%)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount			$ (107)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent			(1.10%)
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount			$ (135)
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Percent			(1.40%)
BodyArmor
Reconciliation of the statutory U.S. federal tax rate and effective tax rates
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		$ 834
fairlife
Reconciliation of the statutory U.S. federal tax rate and effective tax rates
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount			$ (40)
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Percent			2.40%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain			$ 902

INCOME TAXES - Schedule of Unre

INCOME TAXES - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gross balance of unrecognized tax benefit
Beginning balance of unrecognized tax benefits	$ 906	$ 915	$ 392
Increase related to prior period tax positions	6	9	528
Decrease related to prior period tax positions	0	(50)	(1)
Increase related to current period tax positions	38	37	26
Decrease related to settlements with taxing authorities	(2)	(4)	(19)
Effect of foreign currency translation	(22)	(1)	(11)
Ending balance of unrecognized tax benefits	$ 926	$ 906	$ 915

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Property, plant and equipment	$ 40	$ 36
Trademarks and other intangible assets	1,617	1,910
Equity method investments (including foreign currency translation adjustments)	366	595
Derivative financial instruments	207	215
Other liabilities	1,503	1,255
Benefit plans	522	670
Net operating/capital loss carryforwards	248	280
Other	530	377
Gross deferred tax assets	5,033	5,338
Valuation allowances	(424)	(401)
Total deferred tax assets	4,609	4,937
Deferred tax liabilities:
Property, Plant and Equipment	(741)	(721)
Trademarks and Other Intangible Assets	(1,843)	(1,783)
Equity Method Investments (including net foreign currency translation adjustments)	(1,632)	(1,619)
Derivative financial instruments	(488)	(500)
Other Liabilities	(372)	(315)
Benefit Plans	(490)	(527)
Other	(211)	(164)
Total Deferred Tax Liabilities	(5,777)	(5,629)
Net Deferred Tax Assets (Liabilities)	$ (1,168)	$ (692)

INCOME TAXES - Summary of Valua

INCOME TAXES - Summary of Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax asset valuation allowances
Balance at beginning of year	$ 401
Balance at end of year	424	$ 401
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset
Deferred tax asset valuation allowances
Balance at beginning of year	401	406	$ 303
Additions	47	25	240
Deductions	(24)	(30)	(137)
Balance at end of year	$ 424	$ 401	$ 406

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of income tax
Income tax payments	$ 2,403	$ 2,168	$ 1,268
Tax Incentive Grants	406	381	317
Undistributed Earnings of Foreign Subsidiaries	6,800
Unrecognized Tax Benefits	926	906	915	$ 392
Impact of unrecognized tax benefits on effective tax rate if Company were to prevail on all uncertain tax positions	617
Alternative jurisdictional tax benefits if tax positions do not prevail	309
Interest and penalties accrued	496	453	391
Interest and penalties expense or (benefit)	43	62	190
Net deferred tax assets or (liabilities) located in countries outside the United States	398	657
Loss carryforwards	1,605
Loss carryforwards expiring within next five years	322
Net increase or (decrease) in valuation allowances	$ 23	$ (5)	$ 103

OTHER COMPREHENSIVE INCOME - AO

OTHER COMPREHENSIVE INCOME - AOCI Attributable to Shareholders (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
AOCI attributable to the shareowners of The Coca-Cola Company
Accumulated other comprehensive income (loss)	$ (14,895)	$ (14,330)
Total Equity Attributable To Shareowners Of The Coca-Cola Company
AOCI attributable to the shareowners of The Coca-Cola Company
Net foreign currency translation adjustments	(13,609)	(12,595)
Accumulated net gains (losses) on derivatives	24	20
Unrealized net gains (losses) on available-for-sale debt securities	(25)	(62)
Adjustments to pension and other postretirement benefit liabilities	(1,285)	(1,693)
Accumulated other comprehensive income (loss)	$ (14,895)	$ (14,330)

OTHER COMPREHENSIVE INCOME - To

OTHER COMPREHENSIVE INCOME - Total Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other comprehensive income
Net Income Attributable to Shareowners of The Coca-Cola Company	$ 9,542	$ 9,771	$ 7,747
Net foreign currency transaction adjustments	(1,014)	(567)	(758)
Net gains (losses) on derivatives	4	214	15
Net change in unrealized gains (losses) on available-for-sale debt securities	37	(90)	(47)
Net change in pension and other postretirement benefit liabilities	408	714	(267)
Total Comprehensive Income Attributable to Shareowners of The Coca-Cola Company	8,977	10,042	6,690
Net Income (Loss) Attributable to Noncontrolling Interest	29	33	21
Net Foreign Currency Transaction and Translation Adjustments Attributable to Noncontrolling Interest	(118)
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	(89)	(101)	(132)
Consolidated Net Income	9,571	9,804	7,768
Net foreign currency translation adjustments	(1,132)	(699)	(911)
Net gains (losses) on derivatives	4	214	15
Net change in unrealized gains (losses) on available-for-sale debt securities	37	(90)	(47)
Net change in pension and other postretirement benefit liabilities	408	712	(267)
Total Comprehensive Income	$ 8,888	$ 9,941	$ 6,558

OTHER COMPREHENSIVE INCOME - OC

OTHER COMPREHENSIVE INCOME - OCI Attributable to Shareholders (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Foreign currency translation adjustments:
Translation adjustments arising during the year	$ (125)	$ 263	$ (2,223)
Reclassification adjustments recognized in net income	200	257	3
Gains (losses) on intra-entity transactions that are of a long-term investment nature	(1,419)	(1,798)	2,133
Gains (losses) on net investment hedges arising during the year	741	918	(1,094)
Reclassification adjustments for net investment hedges recognized in net income		4
Net foreign currency translation adjustments	(603)	(356)	(1,181)
Derivatives:
Gains (losses) arising during the year	165	160	(54)
Reclassification adjustments recognized in net income	(161)	124	74
Net gains (losses) on derivatives	4	284	20
Available-for-sale securities:
Unrealized gains (losses) arising during the year	(69)	(141)	(64)
Reclassification adjustments recognized in net income	131	4	(7)
Net change in unrealized gains (losses) on available-for-sale debt securities	62	(137)	(71)
Pension and other benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the year	420	653	(560)
Reclassification adjustments recognized in net income	104	265	206
Net change in pension and other benefits liabilities	524	918	(354)
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent, Total	(13)	709	(1,586)
Foreign currency translation adjustments:
Translation adjustment arising during the year	(226)	19	150
Reclassification adjustments recognized in the period	0	0	0
Gains (losses) on intra-entity transactions that are of a long-term investment nature	0	0	0
Gains (losses) on net investment hedges arising during the period	(185)	(230)	273
Reclassification adjustments for net investment hedges recognized in net income		0
Net foreign currency translation adjustment	(411)	(211)	423
Derivatives:
Gains (losses) arising during the period	(40)	(41)	13
Derivatives reclassification adjustments recognized in net income	40	(29)	(18)
Net gains (losses) on derivatives	0	(70)	(5)
Availiable-for-sale securities:
Unrealized gains (losses) arising during the year	4	48	22
Reclassification adjustments recognized in net income	(29)	(1)	2
Net change in unrealized gains (losses) on available-for-sale debt securities	(25)	47	24
Pension and other benefits liabilities:
Net pension and other benefits arising during the year	(90)	(138)	138
Reclassification adjustments recognized in net income	(26)	(66)	(51)
Net change in pension and other benefit liabilities	(116)	(204)	87
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	(552)	(438)	529
Foreign currency translation adjustments:
Translation adjustment arising during the year	(351)	282	(2,073)
Reclassification adjustments recognized in net income	200	257	3
Gains (losses) on intra-entity transactions that are of a long-term investment nature	(1,419)	(1,798)	2,133
Gains (losses) on net investment hedges arising during the year	556	688	(821)
Reclassification adjustments for net investment hedges recognized in net income		4
Net foreign currency transaction adjustments	(1,014)	(567)	(758)
Derivatives:
Gains (losses) arising during the period	125	119	(41)
Reclassification adjustments recognized in net income	(121)	95	56
Net gains (losses) on derivatives	4	214	15
Available-for-sale securities:
Unrealized gains (losses) arising during the period	(65)	(93)	(42)
Reclassification adjustments recognized in net income	102	3	(5)
Net change in unrealized gains (losses) on available-for-sale debt securities	37	(90)	(47)
Pension and other benefits liabilities:
Net pension and other benefits arising during the period	330	515	(422)
Reclassification adjustments recognized in net income	78	199	155
Net change in pension and other postretirement benefit liabilities	408	714	(267)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (565)	$ 271	$ (1,057)

OTHER COMPREHENSIVE INCOME - Ad

OTHER COMPREHENSIVE INCOME - Adjustment Reclassified to Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	$ 200	$ 257	$ 3
Reclassification adjustments recognized in the period, tax	0	0	0
Reclassification adjustments recognized in net income	200	257	3
Reclassification adjustments recognized in net income, before tax	(161)	124	74
Derivatives reclassification adjustments recognized in net income, tax	40	(29)	(18)
Reclassification adjustments recognized in net income	(121)	95	56
Reclassification adjustments recognized in net income, before tax	131	4	(7)
Reclassification adjustments recognized in net income, tax	(29)	(1)	2
Reclassification adjustments recognized in net income	102	3	(5)
Reclassification adjustments recognized in net income	104	265	206
Reclassification adjustments recognized in net income, tax	(26)	(66)	(51)
Reclassification adjustments recognized in net income	78	$ 199	$ 155
Other income (loss) — net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	200
Reclassification adjustments recognized in net income, before tax	79
Reclassification adjustments recognized in net income, before tax	131
Recognized net actuarial loss (gain)	109
Recognized prior service cost (credit)	(3)
Other income (loss) — net | Settlement charges (credits)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income	(1)
Other income (loss) — net | Curtailment charges (credits)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income	(1)
Net operating revenues
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	(218)
Cost of goods sold
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	(26)
Interest expense
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	$ 4

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	$ 2,070	$ 2,723
Total debt securities	983	1,589
Derivatives	14	198
Total assets	3,067	4,510
Contingent Consideration Liability	1,590	590
Derivatives	288	14
Total liabilities	$ 1,878	604
Derivative, Collateral, Obligation to Return Cash		$ 331
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	$ 1,447
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	(227)	(459)
Total assets	(227)	(459)
Contingent Consideration Liability	0	0
Derivatives	(1,678)	(82)
Total liabilities	(1,678)	(82)
Level 1
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	1,801	2,372
Total debt securities	0	0
Derivatives	2	69
Total assets	1,803	2,441
Contingent Consideration Liability	0	0
Derivatives	4	0
Total liabilities	4	0
Level 2
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	169	230
Total debt securities	975	1,556
Derivatives	239	588
Total assets	1,383	2,374
Contingent Consideration Liability	0	0
Derivatives	1,962	96
Total liabilities	1,962	96
Level 3
Assets and liabilities measured at fair value on a recurring basis
Equity Securities, FV-NI	15	17
Total debt securities	8	33
Derivatives	0	0
Total assets	23	50
Contingent Consideration Liability	1,590	590
Derivatives	0	0
Total liabilities	1,590	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	85	104
Total debt securities	0	0
Derivatives	0	0
Total assets	85	104
Contingent Consideration Liability	0	0
Derivatives	0	0
Total liabilities	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Ass_2

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets measured at fair value on a nonrecurring basis
Business Exit Costs	$ 0	$ 266
Equity Method Investment, Other than Temporary Impairment	96	0	$ 38
Impairment of Intangible Assets (Excluding Goodwill)	57	78	$ 55
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee	(24)	0
Nonrecurring gain (Loss) fair value adjustment	$ 177	$ 344

FAIR VALUE MEASUREMENTS - Level

FAIR VALUE MEASUREMENTS - Levels Within the Fair Value Hierarchy for Pension Plan Assets (Details) - Pension Plans, Defined Benefit - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	$ 7,158	$ 8,905	$ 8,639
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	635	505
Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	1,188	2,431
Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	939	1,706
Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	1,238	677
Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	499	1,023
Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	767	850
Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	936	720
Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	424	389
Derivative financial instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	(14)	(9)
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	546	613
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	2,349	4,581
Level 1 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	146	479
Level 1 | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	1,157	2,382
Level 1 | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	920	1,684
Level 1 | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	91	0
Level 1 | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 1 | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	35	36
Level 1 | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 1 | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 1 | Derivative financial instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 1 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	2,316	2,015
Level 2 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	489	26
Level 2 | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	7	22
Level 2 | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	16	22
Level 2 | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	1,147	677
Level 2 | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	469	994
Level 2 | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	202	283
Level 2 | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 2 | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 2 | Derivative financial instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	(14)	(9)
Level 2 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	357	339	$ 337
Level 3 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 3 | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	24	27
Level 3 | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	3	0
Level 3 | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 3 | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	30	29
Level 3 | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 3 | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 3 | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 3 | Derivative financial instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 3 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	300	283
Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	2,136	1,970
Fair Value Measured at Net Asset Value Per Share | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Fair Value Measured at Net Asset Value Per Share | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Fair Value Measured at Net Asset Value Per Share | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Fair Value Measured at Net Asset Value Per Share | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Fair Value Measured at Net Asset Value Per Share | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Fair Value Measured at Net Asset Value Per Share | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	530	531
Fair Value Measured at Net Asset Value Per Share | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	936	720
Fair Value Measured at Net Asset Value Per Share | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	424	389
Fair Value Measured at Net Asset Value Per Share | Derivative financial instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Fair Value Measured at Net Asset Value Per Share | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	$ 246	$ 330

FAIR VALUE MEASUREMENTS - Recon

FAIR VALUE MEASUREMENTS - Reconciliation of Beginning and Ending Balance of Level 3 Assets for US and Non-US Pension Plans (Details) - Pension Plans, Defined Benefit - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	$ 7,158	$ 8,905	$ 8,639
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	546	613
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Actual return on plan assets	(6)	12
Purchases, sales and settlements — net	3	7
Transfers into Level 3 — net	9	(6)
Other	27
Net foreign currency translation adjustments	(15)	(11)
Defined Benefit Plan, Plan Assets	357	339	337
Level 3 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	27	27	4
Actual return on plan assets	(12)	21
Purchases, sales and settlements — net	(1)	2
Transfers into Level 3 — net	13	0
Other	0
Net foreign currency translation adjustments	0	0
Level 3 | Fixed Income Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	30	29	31
Actual return on plan assets	1	(3)
Purchases, sales and settlements — net	4	7
Transfers into Level 3 — net	(4)	(6)
Other	0
Net foreign currency translation adjustments	0	0
Level 3 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	300	283	$ 302
Actual return on plan assets	5	(6)
Purchases, sales and settlements — net	0	(2)
Transfers into Level 3 — net	0	0
Other	27
Net foreign currency translation adjustments	(15)	(11)
Defined Benefit Plan, Plan Assets	$ 300	$ 283

FAIR VALUE MEASUREMENTS - Lev_2

FAIR VALUE MEASUREMENTS - Levels Within the Fair Value Hierarchy for Postretirement Benefit Plan Assets (Details) - Other Postretirement Benefits Plan - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	$ 373	$ 419	$ 396
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	43	33
Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	133	184
Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	4	12
Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	12	3
Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	71	82
Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	86	87
Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	14	9
Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	6	5
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	4	4
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	172	227
Level 1 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	35	32
Level 1 | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	133	183
Level 1 | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	4	12
Level 1 | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 1 | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 1 | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 1 | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 1 | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 1 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	174	172
Level 2 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	8	1
Level 2 | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	1
Level 2 | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 2 | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	12	3
Level 2 | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	71	82
Level 2 | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	83	85
Level 2 | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 2 | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Level 2 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	27	20
Fair Value Measured at Net Asset Value Per Share | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Fair Value Measured at Net Asset Value Per Share | Equity Securities, US based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Fair Value Measured at Net Asset Value Per Share | Equity Securities, International based companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Fair Value Measured at Net Asset Value Per Share | Government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Fair Value Measured at Net Asset Value Per Share | Corporate bonds and debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	0	0
Fair Value Measured at Net Asset Value Per Share | Mutual, pooled and commingled funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	3	2
Fair Value Measured at Net Asset Value Per Share | Hedge funds/limited partnerships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	14	9
Fair Value Measured at Net Asset Value Per Share | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	6	5
Fair Value Measured at Net Asset Value Per Share | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets	$ 4	$ 4

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other Fair Value Disclosures [Abstract]
Long-term Debt	$ 36,776	$ 39,454
Long-term Debt, Fair Value	$ 32,698	$ 40,311

SIGNIFICANT OPERATING AND NON_2

SIGNIFICANT OPERATING AND NONOPERATING ITEMS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Operating Charges
Other operating charges	$ 1,215	$ 846	$ 853
Productivity, integration and restructuring initiatives	38
Asset Impairment Charges	57	78
Litigation Settlement, Expense		15
Business Exit Costs	0	266
Impairment of Intangible Assets (Excluding Goodwill)	57	78	55
Interest Expense [Abstract]
Charges related to debt extinguishment		650	484
Equity Income (Loss) - Net
Our proportionate share of unusual or infrequent items recorded by our equity method investees	34	13	216
Other Income (Loss) - Net
Equity Method Investment, Realized Gain (Loss) on Disposal	13	114	35
Debt and Equity Securities, Gain (Loss)	(371)	467	148
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee	(24)	0
Equity Method Investment, Other than Temporary Impairment	96	0	38
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount			26
fairlife
Other Operating Charges
Charges related to the remeasurement of contingent consideration liability	1,000	369	51
Other Income (Loss) - Net
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain			902
BodyArmor
Other Operating Charges
Business Combination, Separately Recognized Transactions, Net Gains and Losses	(38)
Business Acquisition, Transaction Costs		119
Other Income (Loss) - Net
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		834
Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives		263	427
Refinement of previously established accruals	(6)
Productivity and Reinvestment
Other Operating Charges
Productivity, integration and restructuring initiatives	85	115	99
Not Designated as Hedging Instrument
Other Income (Loss) - Net
Derivative, Gain (Loss) on Derivative, Net	(13)	(73)	77
Odwalla
Other Operating Charges
Impairment of Intangible Assets (Excluding Goodwill)			160
CCA
Other Income (Loss) - Net
Gain (Loss) on Disposition of Business		695
Coca-Cola Bottlers Japan Holdings
Other Income (Loss) - Net
Equity Method Investment, Other than Temporary Impairment			252
Cambodia Bottling Operations
Other Income (Loss) - Net
Gain (Loss) on Disposition of Business	153
Other Operating Income (Expense)
Other Operating Charges
Business Exit Costs		4	16
Other Operating Income (Expense) | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives		146	413
Other Operating Income (Expense) | Odwalla
Other Operating Charges
Business Exit Costs			33
Other income (loss) - net | Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives		117	14
Other income (loss) - net | Other derivative instruments | Not Designated as Hedging Instrument
Other Income (Loss) - Net
Derivative, Gain (Loss) on Derivative, Net	$ 0	(3)	(55)
Nonoperating Income (Expense)
Other Operating Charges
Business Exit Costs		$ 266	$ 25

RESTRUCTURING - Strategic Reali

RESTRUCTURING - Strategic Realignment Initiatives Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve
Costs incurred	$ 38
Strategic Realignment
Restructuring Reserve
Accrued balance as of January 1	23	$ 185
Costs incurred		263	$ 427
Refinement of previously established accruals	(6)
Payments	(15)	(303)	(207)
Noncash and exchange	1	(122)	(35)
Accrued balance as of December 31	3	23	185
Severance pay and benefits | Strategic Realignment
Restructuring Reserve
Accrued balance as of January 1	20	181
Costs incurred		224	386
Refinement of previously established accruals	(4)
Payments	(15)	(265)	(170)
Noncash and exchange	1	(120)	(35)
Accrued balance as of December 31	2	20	181
Outside Services | Strategic Realignment
Restructuring Reserve
Accrued balance as of January 1	1	1
Costs incurred	0	37	37
Payments	0	(35)	(36)
Noncash and exchange	0	(2)	0
Accrued balance as of December 31	1	1	1
Other direct costs | Strategic Realignment
Restructuring Reserve
Accrued balance as of January 1	2	3
Costs incurred		2	4
Refinement of previously established accruals	(2)
Payments	0	(3)	(1)
Noncash and exchange	0	0	0
Accrued balance as of December 31	$ 0	$ 2	$ 3

RESTRUCTURING - Productivity an

RESTRUCTURING - Productivity and Reinvestment Initiatives Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve
Costs incurred	$ 38
Productivity and Reinvestment
Restructuring Reserve
Accrued balance as of January 1	17	$ 17	$ 66
Costs incurred	85	115	99
Payments	(94)	(117)	(135)
Noncash and exchange	(2)	2	(13)
Accrued balance as of December 31	6	17	17
Severance pay and benefits | Productivity and Reinvestment
Restructuring Reserve
Accrued balance as of January 1	12	15	58
Costs incurred		4
Refinement of previously established accruals	(4)		(12)
Payments	(2)	(6)	(29)
Noncash and exchange	(2)	(1)	(2)
Accrued balance as of December 31	4	12	15
Outside Services | Productivity and Reinvestment
Restructuring Reserve
Accrued balance as of January 1	0	0	1
Costs incurred	81	97	69
Payments	(81)	(97)	(70)
Noncash and exchange	0	0	0
Accrued balance as of December 31	0	0	0
Other direct costs | Productivity and Reinvestment
Restructuring Reserve
Accrued balance as of January 1	5	2	7
Costs incurred	8	14	42
Payments	(11)	(14)	(36)
Noncash and exchange	0	3	(11)
Accrued balance as of December 31	$ 2	$ 5	$ 2

RESTRUCTURING - Narrative (Deta

RESTRUCTURING - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Strategic Realignment
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	$ 684
Productivity and Reinvestment
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	$ 4,129

OPERATING SEGMENTS - Total Net

OPERATING SEGMENTS - Total Net Operating Revenues Related to Concentrate and Finished Products Operation (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Concentrate operations	56%	56%	56%
Finished products operations	44%	44%	44%
Sales Revenue Net Percentage	100%	100%	100%

OPERATING SEGMENTS - Net Revenu

OPERATING SEGMENTS - Net Revenue and PPE by Geography (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net Operating Revenues	$ 43,004	$ 38,655	$ 33,014
Property, Plant and Equipment, Net	9,841	9,920	10,777
United States
Segment Reporting Information [Line Items]
Net Operating Revenues	15,413	13,010	11,281
Property, Plant and Equipment, Net	3,494	3,420	3,988
International
Segment Reporting Information [Line Items]
Net Operating Revenues	27,591	25,645	21,733
Property, Plant and Equipment, Net	$ 6,347	$ 6,500	$ 6,789

OPERATING SEGMENTS - Informatio

OPERATING SEGMENTS - Information about Operating Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue for Reportable Segments	$ 43,004	$ 38,655	$ 33,014
Intersegment Revenue	0	0	0
Net Operating Revenues	43,004	38,655	33,014
Operating Income (Loss)	10,909	10,308	8,997
Interest income	449	276	370
Interest expense	882	1,597	1,437
Depreciation and amortization	1,260	1,452	1,536
Equity income (loss) — net	1,472	1,438	978
Income (loss) before income taxes	11,686	12,425	9,749
Identifiable operating assets	73,998	75,938
Investments	18,765	18,416
Capital expenditures	$ 1,484	$ 1,367	1,177
Property, Plant and Equipment, Net Percentage Philippines	10%	10%
EMEA
Segment Reporting Information [Line Items]
Revenue for Reportable Segments	$ 6,896	$ 6,564	5,534
Intersegment Revenue	627	629	523
Net Operating Revenues	7,523	7,193	6,057
Operating Income (Loss)	3,958	3,735	3,313
Interest income	0	0	0
Interest expense	0	0	0
Depreciation and amortization	63	76	86
Equity income (loss) — net	43	33	31
Income (loss) before income taxes	3,952	3,821	3,379
Identifiable operating assets	7,088	7,908
Investments	410	436
Capital expenditures	50	35	27
Latin America
Segment Reporting Information [Line Items]
Revenue for Reportable Segments	4,910	4,143	3,499
Intersegment Revenue	0	0	0
Net Operating Revenues	4,910	4,143	3,499
Operating Income (Loss)	2,870	2,534	2,116
Interest income	0	0	0
Interest expense	0	0	0
Depreciation and amortization	39	39	45
Equity income (loss) — net	7	9	(72)
Income (loss) before income taxes	2,879	2,542	2,001
Identifiable operating assets	2,067	1,720
Investments	629	594
Capital expenditures	4	2	6
North America
Segment Reporting Information [Line Items]
Revenue for Reportable Segments	15,667	13,184	11,473
Intersegment Revenue	7	6	4
Net Operating Revenues	15,674	13,190	11,477
Operating Income (Loss)	3,742	3,331	2,471
Interest income	29	40	64
Interest expense	0	0	0
Depreciation and amortization	330	388	439
Equity income (loss) — net	(1)	22	0
Income (loss) before income taxes	3,768	3,140	2,500
Identifiable operating assets	25,760	25,730
Investments	15	21
Capital expenditures	280	228	182
Asia Pacific
Segment Reporting Information [Line Items]
Revenue for Reportable Segments	4,711	4,682	4,213
Intersegment Revenue	734	609	509
Net Operating Revenues	5,445	5,291	4,722
Operating Income (Loss)	2,303	2,325	2,133
Interest income	0	0	0
Interest expense	0	0	0
Depreciation and amortization	58	49	47
Equity income (loss) — net	9	8	8
Income (loss) before income taxes	2,320	2,350	2,158
Identifiable operating assets	2,368	2,355
Investments	219	230
Capital expenditures	22	65	20
Global Ventures
Segment Reporting Information [Line Items]
Revenue for Reportable Segments	2,843	2,805	1,991
Intersegment Revenue	0	0	0
Net Operating Revenues	2,843	2,805	1,991
Operating Income (Loss)	185	293	(123)
Interest income	9	10	11
Interest expense	0	0	0
Depreciation and amortization	140	135	122
Equity income (loss) — net	0	(6)	(9)
Income (loss) before income taxes	196	310	(120)
Identifiable operating assets	7,325	7,949
Investments	0	0
Capital expenditures	179	285	261
Bottling Investments
Segment Reporting Information [Line Items]
Revenue for Reportable Segments	7,883	7,194	6,258
Intersegment Revenue	8	9	7
Net Operating Revenues	7,891	7,203	6,265
Operating Income (Loss)	487	473	308
Interest income	0	0	0
Interest expense	0	0	0
Depreciation and amortization	435	529	551
Equity income (loss) — net	1,184	1,071	779
Income (loss) before income taxes	1,743	1,596	898
Identifiable operating assets	10,232	10,312
Investments	12,892	12,669
Capital expenditures	697	560	474
Corporate
Segment Reporting Information [Line Items]
Revenue for Reportable Segments	94	83	46
Intersegment Revenue	0	2	0
Net Operating Revenues	94	85	46
Operating Income (Loss)	(2,636)	(2,383)	(1,221)
Interest income	411	226	295
Interest expense	882	1,597	1,437
Depreciation and amortization	195	236	246
Equity income (loss) — net	230	301	241
Income (loss) before income taxes	(3,172)	(1,334)	(1,067)
Identifiable operating assets	19,158	19,964
Investments	4,600	4,466
Capital expenditures	252	192	207
Eliminations
Segment Reporting Information [Line Items]
Revenue for Reportable Segments	0	0	0
Intersegment Revenue	(1,376)	(1,255)	(1,043)
Net Operating Revenues	(1,376)	(1,255)	(1,043)
Operating Income (Loss)	0	0	0
Interest income	0	0	0
Interest expense	0	0	0
Depreciation and amortization	0	0	0
Equity income (loss) — net	0	0	0
Income (loss) before income taxes	0	0	0
Identifiable operating assets	0	0
Investments	0	0
Capital expenditures	$ 0	$ 0	$ 0

OPERATING SEGMENTS - Narrative

OPERATING SEGMENTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives	$ 38
Asset Impairment Charges	57	$ 78
Business Exit Costs	0	266
Litigation Settlement, Expense		15
Debt and Equity Securities, Gain (Loss)	(371)	467	$ 148
Equity Method Investment, Realized Gain (Loss) on Disposal	13	114	35
Charges related to debt extinguishment		650	484
Our proportionate share of unusual or infrequent items recorded by our equity method investees	34	13	216
Impairment of Intangible Assets (Excluding Goodwill)	57	78	55
Equity Method Investment, Other than Temporary Impairment	96	0	38
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount			26
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee	(24)	0
fairlife
Segment Reporting Information [Line Items]
Charges related to the remeasurement of contingent consideration liability	1,000	369	51
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain			902
BodyArmor
Segment Reporting Information [Line Items]
Business Acquisition, Transaction Costs		119
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		834
Business Combination, Separately Recognized Transactions, Net Gains and Losses	(38)
Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		263	427
Refinement of previously established accruals	(6)
Productivity and Reinvestment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives	85	115	99
Odwalla
Segment Reporting Information [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)			160
CCA
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Business		695
Coca-Cola Bottlers Japan Holdings
Segment Reporting Information [Line Items]
Equity Method Investment, Other than Temporary Impairment			252
Cambodia Bottling Operations
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Business	153
EMEA
Segment Reporting Information [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)		78
Equity Method Investment, Other than Temporary Impairment	96
EMEA | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		61	78
Refinement of previously established accruals	(7)
EMEA | Productivity and Reinvestment
Segment Reporting Information [Line Items]
Refinement of previously established accruals			(5)
Latin America
Segment Reporting Information [Line Items]
Our proportionate share of unusual or infrequent items recorded by our equity method investees			70
Equity Method Investment, Other than Temporary Impairment			38
Latin America | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		12	21
North America
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives	38
Business Exit Costs	34	316	84
Our proportionate share of unusual or infrequent items recorded by our equity method investees			1
Impairment of Intangible Assets (Excluding Goodwill)			55
North America | BodyArmor
Segment Reporting Information [Line Items]
Business Acquisition, Transaction Costs		21
Business Combination, Separately Recognized Transactions, Net Gains and Losses	21
North America | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		14	115
North America | Odwalla
Segment Reporting Information [Line Items]
Business Exit Costs			33
Impairment of Intangible Assets (Excluding Goodwill)			160
Asia Pacific
Segment Reporting Information [Line Items]
Asset Impairment Charges	57
Asia Pacific | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		14	30
Global Ventures | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives			4
Bottling Investments
Segment Reporting Information [Line Items]
Our proportionate share of unusual or infrequent items recorded by our equity method investees	34	45	145
Equity Method Investment, Other than Temporary Impairment			252
Bottling Investments | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		2	26
Corporate
Segment Reporting Information [Line Items]
Business Exit Costs	2	2
Litigation Settlement, Expense		15
Debt and Equity Securities, Gain (Loss)	(371)	467	148
Equity Method Investment, Realized Gain (Loss) on Disposal		114	35
Charges related to debt extinguishment		650	484
Our proportionate share of unusual or infrequent items recorded by our equity method investees		32
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount			26
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee	(24)
Corporate | fairlife
Segment Reporting Information [Line Items]
Charges related to the remeasurement of contingent consideration liability	1,000	369	51
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain			902
Corporate | BodyArmor
Segment Reporting Information [Line Items]
Business Acquisition, Transaction Costs		98
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		834
Business Combination, Separately Recognized Transactions, Net Gains and Losses	(59)
Corporate | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		160	153
Refinement of previously established accruals	1
Corporate | Productivity and Reinvestment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives	85	115	104
Corporate | CCA
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Business		695
Corporate | Cambodia Bottling Operations
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Business	153
Operating Income (Loss) | EMEA | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		63
Operating Income (Loss) | Latin America | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		11	19
Operating Income (Loss) | North America
Segment Reporting Information [Line Items]
Business Exit Costs	$ 33	52	59
Operating Income (Loss) | Asia Pacific | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		12	31
Operating Income (Loss) | Bottling Investments | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives			21
Operating Income (Loss) | Corporate | Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		$ 46	$ 145

NET CHANGE IN OPERATING ASSET_3

NET CHANGE IN OPERATING ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Operating Capital [Abstract]
(Increase) decrease in trade accounts receivable	$ (69)	$ (225)	$ 882
(Increase) decrease in inventories	(960)	(135)	99
(Increase) decrease in prepaid expenses and other current assets	225	(241)	78
Increase (decrease) in accounts payable and accrued expenses	759	2,843	(860)
Increase (decrease) in accrued income taxes	(360)	(566)	(16)
Increase (decrease) in other noncurrent liabilities	(200)	(351)	507
Net change in operating assets and liabilities	$ (605)	$ 1,325	$ 690