The Coca-Cola Company (KO) 10-Q 29 Jul 24 2024 Q2 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	6 Months Ended
	Jun. 28, 2024	Jul. 25, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2024
Document Transition Report	false
Entity File Number	001-02217
Entity Registrant Name	COCA COLA CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-0628465
Entity Address, Address Line One	One Coca-Cola Plaza
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30313
City Area Code	404
Local Phone Number	676-2121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,309,868,150
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Entity Central Index Key	0000021344
Common Stock, $0.25 Par Value [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.25 Par Value
Trading Symbol	KO
Security Exchange Name	NYSE
1.875% Notes Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes Due 2026
Trading Symbol	KO26
Security Exchange Name	NYSE
0.750% Notes Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.750% Notes Due 2026
Trading Symbol	KO26C
Security Exchange Name	NYSE
1.125% Notes Due 2027 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.125% Notes Due 2027
Trading Symbol	KO27
Security Exchange Name	NYSE
.125% Notes Due 2029 KO29A
Entity Information [Line Items]
Title of 12(b) Security	0.125% Notes Due 2029
Trading Symbol	KO29A
Security Exchange Name	NYSE
.125% Notes Due 2029 KO29B
Entity Information [Line Items]
Title of 12(b) Security	0.125% Notes Due 2029
Trading Symbol	KO29B
Security Exchange Name	NYSE
.400% Notes Due 2030
Entity Information [Line Items]
Title of 12(b) Security	0.400% Notes Due 2030
Trading Symbol	KO30B
Security Exchange Name	NYSE
1.250% Notes Due 2031 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.250% Notes Due 2031
Trading Symbol	KO31
Security Exchange Name	NYSE
3.125% Notes Due 2032
Entity Information [Line Items]
Title of 12(b) Security	3.125% Notes Due 2032
Trading Symbol	KO32
Security Exchange Name	NYSE
.375% Notes Due 2033
Entity Information [Line Items]
Title of 12(b) Security	0.375% Notes Due 2033
Trading Symbol	KO33
Security Exchange Name	NYSE
.500% Notes Due 2033
Entity Information [Line Items]
Title of 12(b) Security	0.500% Notes Due 2033
Trading Symbol	KO33A
Security Exchange Name	NYSE
1.625% Notes Due 2035 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.625% Notes Due 2035
Trading Symbol	KO35
Security Exchange Name	NYSE
1.100% Notes Due 2036 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.100% Notes Due 2036
Trading Symbol	KO36
Security Exchange Name	NYSE
.950% Notes Due 2036
Entity Information [Line Items]
Title of 12(b) Security	0.950% Notes Due 2036
Trading Symbol	KO36A
Security Exchange Name	NYSE
.800% Notes Due 2040
Entity Information [Line Items]
Title of 12(b) Security	0.800% Notes Due 2040
Trading Symbol	KO40B
Security Exchange Name	NYSE
1.000% Notes Due 2041
Entity Information [Line Items]
Title of 12(b) Security	1.000% Notes Due 2041
Trading Symbol	KO41
Security Exchange Name	NYSE
3.500% Notes Due 2044
Entity Information [Line Items]
Title of 12(b) Security	3.500% Notes Due 2044
Trading Symbol	KO44
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Net Operating Revenues	$ 12,363	$ 11,972	$ 23,663	$ 22,952
Cost of goods sold	4,812	4,912	9,047	9,229
Gross Profit	7,551	7,060	14,616	13,723
Selling, general and administrative expenses	3,549	3,321	6,900	6,506
Other operating charges	1,370	1,338	2,943	1,449
Operating Income	2,632	2,401	4,773	5,768
Interest income	275	224	521	392
Interest expense	418	374	800	746
Equity income (loss) — net	537	538	891	813
Other income (loss) — net	2	91	1,515	706
Income Before Income Taxes	3,028	2,880	6,900	6,933
Income taxes	627	359	1,314	1,299
Consolidated Net Income	2,401	2,521	5,586	5,634
Net Income (Loss) Attributable to Noncontrolling Interest	(10)	(26)	(2)	(20)
Net Income Attributable to Shareowners of The Coca-Cola Company	$ 2,411	$ 2,547	$ 5,588	$ 5,654
Basic Net Income Per Share1	$ 0.56	$ 0.59	$ 1.30	$ 1.31
Diluted Net Income Per Share1	$ 0.56	$ 0.59	$ 1.29	$ 1.30
Average Shares Outstanding — Basic	4,309,000,000	4,325,000,000	4,309,000,000	4,325,000,000
Effect of dilutive securities	10,000,000	16,000,000	12,000,000	18,000,000
Average Shares Outstanding — Diluted	4,319,000,000	4,341,000,000	4,321,000,000	4,343,000,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Consolidated Net Income	$ 2,401	$ 2,521	$ 5,586	$ 5,634
Other comprehensive income:
Net foreign currency translation adjustments	(1,014)	252	(1,317)	801
Net gains (losses) on derivatives	118	(25)	167	(95)
Net change in unrealized gains (losses) on available-for-sale debt securities	(27)	1	(22)	9
Net change in pension and other postretirement benefit liabilities	27	2	23	13
Total Comprehensive Income	1,505	2,751	4,437	6,362
Less: Comprehensive income (loss) attributable to noncontrolling interests	48	(101)	32	(170)
Total Comprehensive Income Attributable to Shareowners of The Coca-Cola Company	$ 1,457	$ 2,852	$ 4,405	$ 6,532

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 13,708	$ 9,366
Short-term investments	3,691	2,997
Total Cash, Cash Equivalents and Short-Term Investments	17,399	12,363
Marketable securities	1,594	1,300
Trade accounts receivable, less allowances of $502 and $502, respectively	4,545	3,410
Inventories	4,763	4,424
Prepaid expenses and other current assets	3,298	5,235
Total Current Assets	31,599	26,732
Equity method investments	18,940	19,671
Other investments	167	118
Other noncurrent assets	7,274	7,162
Deferred income tax assets	1,409	1,561
Property, plant and equipment, less accumulated depreciation of $9,492 and $9,233, respectively	9,508	9,236
Trademarks with indefinite lives	13,510	14,349
Goodwill	18,324	18,358
Other intangible assets	471	516
Total Assets	101,202	97,703
CURRENT LIABILITIES
Accounts payable and accrued expenses	21,909	15,485
Loans and notes payable	3,793	4,557
Current maturities of long-term debt	1,939	1,960
Accrued income taxes	1,622	1,569
Total Current Liabilities	29,263	23,571
Long-term debt	38,085	35,547
Other noncurrent liabilities	4,077	8,466
Deferred income tax liabilities	2,366	2,639
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	19,468	19,209
Reinvested earnings	75,189	73,782
Accumulated other comprehensive income (loss)	(15,458)	(14,275)
Treasury stock, at cost — 2,731 and 2,732 shares, respectively	(55,106)	(54,535)
Equity Attributable to Shareowners of The Coca-Cola Company	25,853	25,941
Equity attributable to noncontrolling interests	1,558	1,539
Total Equity	27,411	27,480
Total Liabilities and Equity	$ 101,202	$ 97,703

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) shares in Millions, $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 502	$ 502
Property, Plant, and Equipment, Owned, Accumulated Depreciation	$ 9,492	$ 9,233
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, Common, Shares	2,731	2,732

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
OPERATING ACTIVITIES
Consolidated Net Income	$ 5,586	$ 5,634
Depreciation and amortization	531	567
Stock-based compensation expense	140	120
Deferred income taxes	(202)	(211)
Equity (income) loss — net of dividends	(274)	(467)
Foreign currency adjustments	(87)	34
Significant (gains) losses — net	(1,398)	(442)
Other operating charges	2,867	1,375
Other items	(66)	(225)
Net change in operating assets and liabilities	(2,984)	(1,756)
Net Cash Provided by Operating Activities	4,113	4,629
INVESTING ACTIVITIES
Purchases of investments	(3,827)	(2,103)
Proceeds from disposals of investments	2,662	1,608
Acquisitions of businesses, equity method investments and nonmarketable securities	(25)	(43)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities	2,907	320
Purchases of property, plant and equipment	(792)	(615)
Proceeds from disposals of property, plant and equipment	21	38
Collateral (paid) received associated with hedging activities — net	(76)	(15)
Other investing activities	127	44
Net Cash Provided by (Used in) Investing Activities	997	(766)
FINANCING ACTIVITIES
Issuances of loans, notes payable and long-term debt	6,832	4,638
Payments of loans, notes payable and long-term debt	4,734	2,366
Issuances of stock	437	359
Purchases of stock for treasury	(874)	(1,084)
Dividends	(2,184)	(2,089)
Other financing activities	(9)	(456)
Net Cash Provided by (Used in) Financing Activities	(532)	(998)
CASH AND CASH EQUIVALENTS
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(357)	162
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	4,221	3,027
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	9,692	9,825
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Period	13,913	12,852
Restricted Cash and Cash Equivalents	205	288
Cash and cash equivalents	$ 13,708	$ 12,564

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K of The Coca-Cola Company for the year ended December 31, 2023. When used in these notes, the terms “The Coca-Cola Company,” “Company,” “we,” “us” and “our” mean The Coca-Cola Company and all entities included in our consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 28, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Sales of our ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions. Each of our quarterly reporting periods, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The second quarter of 2024 and the second quarter of 2023 ended on June 28, 2024 and June 30, 2023, respectively. Our fourth quarter and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls. Advertising Costs The Company’s accounting policy related to advertising costs for annual reporting purposes is to expense production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred. For quarterly reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple quarters to each of those quarters. We use the proportion of each quarter’s actual unit case volume to the estimated full year unit case volume as the basis for the allocation. This methodology results in our marketing expenditures being recognized at a standard rate per unit case. At the end of each quarter, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple quarters in order to evaluate if a change in estimate is necessary. The impact of any change in the full year estimate is recognized in the quarter in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy. Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents or restricted cash equivalents, as applicable. Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other noncurrent assets in our consolidated balance sheet, and when applicable, cash and cash equivalents related to assets held for sale are included in the line item prepaid expenses and other current 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. Refer to Note 2 for additional information on our assets held for sale and Note 4 for additional information on our captive insurance companies. The following tables provide a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in our consolidated statements of cash flows (in millions): June 28, December 31, Cash and cash equivalents $ 13,708 $ 9,366 Restricted cash and restricted cash equivalents 205 326 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 13,913 $ 9,692 June 30, December 31, Cash and cash equivalents $ 12,564 $ 9,519 Restricted cash and restricted cash equivalents 288 306 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 12,852 $ 9,825 Recently Issued Accounting Guidance In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The expanded annual disclosures are effective for the year ending December 31, 2024, and the expanded interim disclosures are effective in 2025 and will be applied retrospectively to all prior periods presented. The Company is currently evaluating the impact that ASU 2023-07 will have on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires, among other things, additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The expanded annual disclosures are effective for the year ending December 31, 2025. The Company is currently evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and whether we will apply the standard prospectively or retrospectively.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
	Jun. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Acquisitions Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $25 million and $43 million during the six months ended June 28, 2024 and June 30, 2023, respectively. Divestitures Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the six months ended June 28, 2024 totaled $2,907 million, which primarily related to the refranchising of the Company’s bottling operations that were classified as held for sale as of December 31, 2023. Also included was the sale of our ownership interest in an equity method investee in Thailand for which we received cash proceeds of $728 million and recognized a net gain of $516 million, which was recorded in the line item other income (loss) — net in our consolidated statement of income. Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the six months ended June 30, 2023 totaled $320 million, which primarily related to the sale of our ownership interest in an equity method investee in Indonesia to Coca-Cola Europacific Partners plc (“CCEP”), an equity method investee, for which we received cash proceeds of $302 million and recognized a net gain of $12 million. The Company also refranchised its bottling operations in Vietnam in January 2023 and recognized a net gain of $439 million as a result of the sale. The Company received the related cash proceeds of $823 million in December 2022. These gains were recorded in the line item other income (loss) — net in our consolidated statement of income. Assets and Liabilities Held for Sale As of December 31, 2023, the Company’s bottling operations in the Philippines, Bangladesh and certain territories in India met the criteria to be classified as held for sale. As a result, we were required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell. As the fair values less any costs to sell exceeded the carrying values, the related assets and liabilities were recorded at their carrying values. These assets and liabilities were included in the Bottling Investments operating segment. The Company refranchised its bottling operations in certain territories in India in January and February of 2024, for which we received net cash proceeds of $476 million and recognized a net gain of $290 million, including the impact of post-closing adjustments. The Company refranchised its bottling operations in Bangladesh to Coca-Cola İçecek A.Ş. (“CCI”), an equity method investee, in February 2024, for which we received net cash proceeds of $27 million and a note receivable of $29 million and recognized a net loss of $18 million, primarily due to the related reversal of cumulative translation adjustments. Additionally, in February 2024, the Company refranchised its bottling operations in the Philippines to CCEP and a local business partner, for which we received net cash proceeds of $1,656 million and recognized a net gain of $599 million. These gains and losses were recorded in the line item other income (loss) — net in our consolidated statement of income. The following table presents information related to the major classes of assets and liabilities that were classified as held for sale and were included in the line items prepaid expenses and other current assets and accounts payable and accrued expenses, respectively, in our consolidated balance sheet (in millions): December 31, 2023 Cash, cash equivalents and short-term investments $ 37 Marketable securities 8 Trade accounts receivable, less allowances 95 Inventories 299 Prepaid expenses and other current assets 60 Equity method investments 4 Other noncurrent assets 51 Deferred income tax assets 28 Property, plant and equipment — net 1,267 Goodwill 231 Other intangible assets 14 Assets held for sale $ 2,094 Accounts payable and accrued expenses $ 464 Loans and notes payable 63 Accrued income taxes 24 Long-term debt 2 Other noncurrent liabilities 108 Deferred income tax liabilities 58 Liabilities held for sale $ 719

NET OPERATING REVENUES

NET OPERATING REVENUES	6 Months Ended
	Jun. 28, 2024
Revenue Recognition [Abstract]
NET OPERATING REVENUES	NET OPERATING REVENUES The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended June 28, 2024 Concentrate operations $ 2,278 $ 5,216 $ 7,494 Finished product operations 2,462 2,407 4,869 Total $ 4,740 $ 7,623 $ 12,363 Three Months Ended June 30, 2023 Concentrate operations $ 2,347 $ 4,703 $ 7,050 Finished product operations 1,955 2,967 4,922 Total $ 4,302 $ 7,670 $ 11,972 United States International Total Six Months Ended June 28, 2024 Concentrate operations $ 4,403 $ 9,746 $ 14,149 Finished product operations 4,455 5,059 9,514 Total $ 8,858 $ 14,805 $ 23,663 Six Months Ended June 30, 2023 Concentrate operations $ 4,336 $ 9,047 $ 13,383 Finished product operations 3,815 5,754 9,569 Total $ 8,151 $ 14,801 $ 22,952 Refer to Note 17 for disclosures of net operating revenues by operating segment and Corporate.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 28, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Equity Securities The carrying values of our equity securities were included in the following line items in our consolidated balance sheets (in millions): Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value June 28, 2024 Marketable securities $ 381 $ — Other investments 125 42 Other noncurrent assets 1,628 — Total equity securities $ 2,134 $ 42 December 31, 2023 Marketable securities $ 345 $ — Other investments 76 42 Other noncurrent assets 1,585 — Total equity securities $ 2,006 $ 42 The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions): Three Months Ended June 28, June 30, Net gains (losses) recognized during the period related to equity securities $ 52 $ 130 Less: Net gains (losses) recognized during the period related to equity securities sold during the period 4 22 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 48 $ 108 Six Months Ended June 28, June 30, Net gains (losses) recognized during the period related to equity securities $ 235 $ 255 Less: Net gains (losses) recognized during the period related to equity securities sold during the period 21 33 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 214 $ 222 Debt Securities Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Cost Gains Losses June 28, 2024 Trading securities $ 44 $ 1 $ (1) $ 44 Available-for-sale securities 1,575 22 (58) 1,539 Total debt securities $ 1,619 $ 23 $ (59) $ 1,583 December 31, 2023 Trading securities $ 43 $ — $ (2) $ 41 Available-for-sale securities 1,136 26 (28) 1,134 Total debt securities $ 1,179 $ 26 $ (30) $ 1,175 The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions): June 28, 2024 December 31, 2023 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Marketable securities $ 44 $ 1,169 $ 41 $ 914 Other noncurrent assets — 370 — 220 Total debt securities $ 44 $ 1,539 $ 41 $ 1,134 The contractual maturities of these available-for-sale debt securities as of June 28, 2024 were as follows (in millions): Cost Estimated Within 1 year $ 187 $ 187 After 1 year through 5 years 1,156 1,125 After 5 years through 10 years 46 56 After 10 years 186 171 Total $ 1,575 $ 1,539 The Company expects that actual maturities may differ from the contractual maturities above because borrowers have the right to call or prepay certain obligations. The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Gross gains $ 4 $ 2 $ 5 $ 2 Gross losses (2) (1) (9) (4) Proceeds 57 40 440 108 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 $1,877 million and $1,643 million as of June 28, 2024 and December 31, 2023, 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.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 28, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following (in millions): June 28, December 31, Raw materials and packaging $ 2,801 $ 2,618 Finished goods 1,615 1,449 Other 347 357 Total inventories $ 4,763 $ 4,424

HEDGING TRANSACTIONS AND DERIVA

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS	HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions): Fair Value 1,2 Derivatives Designated as Hedging Instruments Balance Sheet Location 1 June 28, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 232 $ 109 Foreign currency contracts Other noncurrent assets 38 13 Interest rate contracts Prepaid expenses and other current assets 7 — Interest rate contracts Other noncurrent assets 14 50 Total assets $ 291 $ 172 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 20 $ 111 Foreign currency contracts Other noncurrent liabilities 46 40 Commodity contracts Accounts payable and accrued expenses 2 3 Interest rate contracts Accounts payable and accrued expenses 1 5 Interest rate contracts Other noncurrent liabilities 1,245 1,113 Total liabilities $ 1,314 $ 1,272 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 June 28, December 31, 2023 Assets: Foreign currency contracts Prepaid expenses and other current assets $ 125 $ 91 Foreign currency contracts Other noncurrent assets 1 3 Commodity contracts Prepaid expenses and other current assets 6 5 Commodity contracts Other noncurrent assets 1 — Other derivative instruments Prepaid expenses and other current assets 1 4 Total assets $ 134 $ 103 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 43 $ 106 Foreign currency contracts Other noncurrent liabilities 12 3 Commodity contracts Accounts payable and accrued expenses 63 62 Commodity contracts Other noncurrent liabilities 4 1 Other derivative instruments Accounts payable and accrued expenses — 4 Total liabilities $ 122 $ 176 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 pre-settlement 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 accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into the line item in our consolidated statement of income in which the hedged items are recorded in the same period the hedged items affect earnings. The changes in the fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. The maximum length of time for which the Company hedges its exposure to the variability in future cash flows is typically three years. The Company maintains a foreign currency cash flow hedging program to reduce the risk that our U.S. dollar net cash inflows from sales outside the United States and U.S. dollar net cash outflows from procurement activities will be adversely affected by fluctuations in foreign currency exchange rates. We enter into forward contracts and purchase foreign currency options and collars (principally euro, British pound 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 $9,199 million and $9,408 million as of June 28, 2024 and December 31, 2023, respectively. The Company uses cross-currency swaps to hedge the changes in cash flows of certain of its foreign currency denominated debt and other monetary assets or liabilities due to fluctuations in foreign currency exchange rates. For this hedging program, the Company recognizes in earnings each period the changes in carrying values of these foreign currency denominated assets and liabilities due to 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 $557 million and $958 million as of June 28, 2024 and December 31, 2023, 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 $28 million and $54 million as of June 28, 2024 and December 31, 2023, respectively. Our Company monitors our mix of short-term debt and long-term debt regularly. We manage our risk related to interest rate fluctuations through the use of derivative financial instruments. From time to time, the Company has entered into interest rate swap agreements and has designated these instruments as part of the Company’s interest rate cash flow hedging program. The objective of this hedging program is to mitigate the risk of adverse changes in benchmark interest rates on the Company’s future interest payments. The total notional values of derivatives that were designated and qualified for this program were $1,250 million and $750 million as of June 28, 2024 and December 31, 2023, respectively. The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions): Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Three Months Ended June 28, 2024 Foreign currency contracts $ 160 Net operating revenues $ (1) Foreign currency contracts 9 Cost of goods sold 6 Foreign currency contracts — Interest expense (1) Foreign currency contracts (9) Other income (loss) — net 2 Commodity contracts (3) Cost of goods sold (2) Interest rate contracts 1 Interest expense — Total $ 158 $ 4 Three Months Ended June 30, 2023 Foreign currency contracts $ (22) Net operating revenues $ (7) Foreign currency contracts 13 Cost of goods sold 4 Foreign currency contracts — Interest expense (1) Foreign currency contracts 22 Other income (loss) — net 3 Commodity contracts (9) Cost of goods sold (3) Total $ 4 $ (4) Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Six Months Ended June 28, 2024 Foreign currency contracts $ 208 Net operating revenues $ (18) Foreign currency contracts 20 Cost of goods sold 9 Foreign currency contracts — Interest expense (2) Foreign currency contracts (24) Other income (loss) — net (26) Commodity contracts (2) Cost of goods sold (3) Interest rate contracts 2 Interest expense — Total $ 204 $ (40) Six Months Ended June 30, 2023 Foreign currency contracts $ (58) Net operating revenues $ (6) Foreign currency contracts 17 Cost of goods sold 8 Foreign currency contracts — Interest expense (2) Foreign currency contracts 9 Other income (loss) — net 3 Commodity contracts (11) Cost of goods sold (6) Total $ (43) $ (3) As of June 28, 2024, the Company estimates that it will reclassify into earnings during the next 12 months net gains of $132 million from the pretax amount recorded in AOCI as the anticipated cash flows occur. Fair Value Hedging Strategy The Company uses interest rate swap agreements designated as fair value hedges to minimize exposure to changes in the fair value of fixed-rate debt that result from fluctuations in benchmark interest rates. The Company also uses cross-currency interest rate swaps to hedge the changes in the fair value of foreign currency denominated debt relating to fluctuations in foreign currency exchange rates and benchmark interest rates. The changes in the fair values of derivatives designated as fair value hedges and the offsetting changes in the fair values of the hedged items are recognized in earnings. As a result, any difference is reflected in earnings as ineffectiveness. When a derivative is no longer designated as a fair value hedge for any reason, including termination and maturity, the remaining unamortized difference between the carrying value of the hedged item at that time and the face value of the hedged item is amortized to earnings over the remaining life of the hedged item, or immediately if the hedged item has matured or has been extinguished. The total notional values of derivatives that were designated and qualified as fair value hedges of this type were $12,898 million and $13,693 million as of June 28, 2024 and December 31, 2023, respectively. The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended June 28, June 30, Interest rate contracts Interest expense $ (19) $ (102) Fixed-rate debt Interest expense 20 131 Net impact of fair value hedging instruments $ 1 $ 29 Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Six Months Ended June 28, June 30, Interest rate contracts Interest expense $ (164) $ 106 Fixed-rate debt Interest expense 167 (91) Net impact of fair value hedging instruments $ 3 $ 15 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 June 28, December 31, June 28, December 31, June 28, December 31, Current maturities of long-term debt $ — $ 552 $ — $ 1 $ — $ — Long-term debt 11,767 12,186 (1,258) (1,135) 146 162 1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rate fluctuations. In June 2023, the Company amended the terms of its interest rate swap agreements to implement a forward-looking interest rate based on the Secured Overnight Financing Rate in place of the London Interbank Offered Rate. Since the interest rate swap agreements were affected by reference rate reform, the Company applied the expedients and exceptions provided to preserve the past presentation of its derivatives without de-designating the existing hedging relationships. All amendments to interest rate swap agreements were executed with the existing counterparties and did not change the notional amounts, maturity dates or other critical terms of the hedging relationships. Hedges of Net Investments in Foreign Operations Strategy The Company uses forward contracts and a portion of its foreign currency denominated debt, a non-derivative financial instrument, to protect the value of our net investments in a number of foreign operations. For derivative financial instruments that are designated and qualify as hedges of net investments in foreign operations, the changes in the fair values of the derivative financial instruments are recognized in net foreign currency translation adjustments, a component of AOCI, to offset the changes in the values of the net investments being hedged. For non-derivative financial instruments that are designated and qualify as hedges of net investments in foreign operations, the changes in the carrying values of the designated portions of the non-derivative financial instruments due to fluctuations in foreign currency exchange rates are recorded in net foreign currency translation adjustments. Any ineffective portions of net investment hedges are reclassified from AOCI into earnings during the period of change. The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions): Notional Values Gain (Loss) Recognized in OCI as of Three Months Ended Six Months Ended June 28, December 31, June 28, June 30, June 28, June 30, Foreign currency contracts $ 360 $ 150 $ 22 $ (1) $ 24 $ (1) Foreign currency denominated debt 12,609 12,437 85 (80) 357 (234) Total $ 12,969 $ 12,587 $ 107 $ (81) $ 381 $ (235) The Company reclassified a gain of $3 million related to net investment hedges from AOCI into earnings during the six months ended June 28, 2024. The Company did not reclassify any gains or losses during the three months ended June 28, 2024 nor the three and six months ended June 30, 2023. In addition, the Company did not have any ineffectiveness related to net investment hedges during the three and six months ended June 28, 2024 and June 30, 2023. 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 have been designated and qualify for hedge accounting, the Company also uses certain derivatives as economic hedges of foreign currency, interest rate and commodity exposure. Although these derivatives were not designated and/or did not qualify for hedge accounting, they are effective economic hedges. The changes in the fair values of economic hedges are immediately recognized in earnings. The Company uses foreign currency economic hedges to offset the earnings impact that fluctuations in foreign currency exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. The changes in the fair values of economic hedges used to offset those monetary assets and liabilities are immediately recognized in earnings in the line item other income (loss) — net in our consolidated statement of income. In addition, we use foreign currency economic hedges to minimize the variability in cash flows associated with fluctuations in foreign currency exchange rates, including those related to certain acquisition and divestiture activities. The changes in the fair values of economic hedges used to offset the variability in U.S. dollar net cash flows are immediately recognized in earnings in the line items net operating revenues, cost of goods sold or other income (loss) — net in our consolidated statement of income, as applicable. The total notional values of derivatives related to our foreign currency economic hedges were $7,570 million and $6,989 million as of June 28, 2024 and December 31, 2023, 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. As of June 28, 2024 and December 31, 2023, we did not have any interest rate contracts used as economic hedges. The Company also uses certain derivatives as economic hedges to mitigate the price risk associated with the purchase of materials used in the manufacturing process and vehicle fuel. The changes in the fair values of these economic hedges are immediately recognized in earnings in the line items net operating revenues, cost of goods sold, or selling, general and administrative expenses in our consolidated statement of income, as applicable. The total notional values of derivatives related to our economic hedges of this type were $303 million and $325 million as of June 28, 2024 and December 31, 2023, respectively. The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended June 28, June 30, Foreign currency contracts Net operating revenues $ 58 $ (10) Foreign currency contracts Cost of goods sold (22) 23 Foreign currency contracts Other income (loss) — net (96) 11 Commodity contracts Cost of goods sold (49) (84) Other derivative instruments Selling, general and administrative expenses 6 1 Total $ (103) $ (59) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Six Months Ended June 28, June 30, Foreign currency contracts Net operating revenues $ 119 $ (17) Foreign currency contracts Cost of goods sold (8) 51 Foreign currency contracts Other income (loss) — net (58) — Commodity contracts Cost of goods sold (68) (130) Other derivative instruments Selling, general and administrative expenses 12 4 Total $ (3) $ (92)

SUPPLY CHAIN FINANCE PROGRAM

SUPPLY CHAIN FINANCE PROGRAM	6 Months Ended
	Jun. 28, 2024
Text Block [Abstract]
SUPPLY CHAIN FINANCE PROGRAM	SUPPLY CHAIN FINANCE PROGRAM Our current payment terms with the majority of our suppliers are 120 days. Two global financial institutions offer a voluntary supply chain finance (“SCF”) program, which enables our suppliers, at their sole discretion, to sell their receivables from the Company to these financial institutions on a non-recourse basis at a rate that leverages our credit rating and thus may be more beneficial to them. The SCF program is available to suppliers of goods and services included in cost of goods sold and selling, general and administrative expenses in our consolidated statement of income. The Company and our suppliers agree on contractual terms for the goods and services we procure, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SCF program. The suppliers sell goods or services, as applicable, to the Company and issue the associated invoices to the Company based on the agreed-upon contractual terms. Then, if they are participating in the SCF program, our suppliers sell their invoices to the financial institutions. Our suppliers’ voluntary participation in the SCF program has no bearing on our payment terms. No guarantees are provided by the Company or any of our subsidiaries under the SCF program. We have no economic interest in a supplier’s decision to participate in the SCF program, and we have no direct financial relationship with the financial institutions, as it relates to the SCF program. Accordingly, amounts due to our suppliers that elected to participate in the SCF program are included in the line item accounts payable and accrued expenses

DEBT AND BORROWING ARRANGEMENTS

DEBT AND BORROWING ARRANGEMENTS	6 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
DEBT AND BORROWING ARRANGEMENTS	DEBT AND BORROWING ARRANGEMENTS Loans and notes payable consist primarily of commercial paper issued in the United States. As of June 28, 2024 and December 31, 2023, we had $3,502 million and $4,209 million, respectively, in outstanding commercial paper borrowings. During 2024, the Company issued fixed interest rate U.S. dollar- and euro-denominated debt of $3,000 million and €1,000 million, respectively, with maturity dates ranging from 2032 to 2064 and interest rates ranging from 3.125% to 5.400%. The carrying value of this debt as of June 28, 2024 was $4,017 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Guarantees As of June 28, 2024, we were contingently liable for guarantees of indebtedness owed by third parties of $811 million, of which $84 million was related to variable interest entities. Our guarantees are primarily related to third-party customers, bottlers and vendors and have arisen through the normal course of business. These guarantees have various terms, and none of these guarantees is individually significant. These amounts represent the maximum potential future payments that we could be required to make under the guarantees. However, management has concluded that the likelihood of any significant amounts being paid by our Company under these guarantees is not probable. 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. 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. On September 17, 2015, the Company received a Statutory Notice of Deficiency (“Notice”) from the United States 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. 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. On November 8, 2023, the Tax Court issued a supplemental opinion (together with the original Tax Court opinion, “Opinions”), siding with the IRS in concluding both that certain U.S. tax regulations (known as the blocked-income regulations) that address the effect of certain Brazilian legal restrictions on royalty payments by the Company’s licensee in Brazil apply to the Company’s operations and that the Tax Court opinion in 3M Co. & Subs. v. Commissioner (February 9, 2023) controlled as to the validity of those regulations. 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 addition, for its litigation with the IRS and for purposes of its appeal of the Tax Court decision, the Company is currently evaluating the implications of several significant administrative law cases recently decided by the U.S. Supreme Court, most notably Loper Bright v. Raimondo , which overruled Chevron U.S.A., Inc. v. NRDC (“ Chevron ”). Since 1984, Chevron had required that courts defer to agency interpretations of statutes and agency action. In Ohio v. EPA and Garland v. Cargill , two of the recent decisions, the U.S. Supreme Court demonstrated how courts are to rule on agency interpretations and actions without the deference previously required by Chevron. 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 Opinions 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 Opinions (“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 Opinions 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 June 28, 2024. 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 June 28, 2024 to $456 million. While the Company strongly disagrees with the IRS’ positions and the portions of the Opinions 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 Opinions, 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, 2023 for the 2007 through 2009 litigated tax years and for subsequent tax years from 2010 through 2023. The calculations incorporated the estimated impact of correlative adjustments to the previously accrued transition tax payable under the 2017 Tax Cuts and Jobs Act. The Company estimates that the potential aggregate incremental tax and interest liability could be approximately $16 billion as of December 31, 2023. Additional income tax and interest would continue to accrue until the time any such potential liability, or portion thereof, were to be paid. The Company estimates the impact of the continued application of the Tax Court Methodology for the three and six months ended June 28, 2024 would increase the potential aggregate incremental tax and interest liability by approximately $500 million and $1.0 billion, respectively. We currently project the continued application of the Tax Court Methodology in future years, assuming similar facts and circumstances as of December 31, 2023, would result in an incremental annual tax liability that would increase the Company’s effective tax rate by approximately 3.5%. The Company and the IRS are now in the process of agreeing on the tax impacts of the Opinions. Subsequent to the completion of this process, the Tax Court will render a 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. The IRS will then seek to collect any additional tax related to the 2007 through 2009 tax years reflected in the Tax Court decision (and interest thereon). The Company expects to pay such amounts at some point between the issuance of the Tax Court decision and the date the amounts are due pursuant to the notice of collection from the IRS. 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 $6.0 billion (including interest accrued through June 28, 2024), plus any additional interest accrued through the time of payment. Some or all of this amount, plus accrued interest, 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 $175 million and $197 million as of June 28, 2024 and December 31, 2023, respectively.

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 28, 2024
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 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): June 28, December 31, Net foreign currency translation adjustments $ (14,077) $ (12,726) Accumulated net gains (losses) on derivatives 13 (154) Unrealized net gains (losses) on available-for-sale debt securities (23) (1) Adjustments to pension and other postretirement benefit liabilities (1,371) (1,394) Accumulated other comprehensive income (loss) $ (15,458) $ (14,275) The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Six Months Ended June 28, 2024 Shareowners of Noncontrolling Total Consolidated net income $ 5,588 $ (2) $ 5,586 Other comprehensive income: Net foreign currency translation adjustments (1,351) 34 (1,317) Net gains (losses) on derivatives 1 167 — 167 Net change in unrealized gains (losses) on available-for-sale debt securities 2 (22) — (22) Net change in pension and other postretirement benefit liabilities 23 — 23 Total comprehensive income (loss) $ 4,405 $ 32 $ 4,437 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions): Three Months Ended June 28, 2024 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (1,109) $ 127 $ (982) Gains (losses) on intra-entity transactions that are of a long-term investment nature (170) — (170) Gains (losses) on net investment hedges arising during the period 1 107 (27) 80 Net foreign currency translation adjustments $ (1,172) $ 100 $ (1,072) Derivatives: Gains (losses) arising during the period $ 156 $ (35) $ 121 Reclassification adjustments recognized in net income (4) 1 (3) Net gains (losses) on derivatives 1 $ 152 $ (34) $ 118 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (38) $ 13 $ (25) Reclassification adjustments recognized in net income (2) — (2) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (40) $ 13 $ (27) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 4 $ 6 $ 10 Reclassification adjustments recognized in net income 23 (6) 17 Net change in pension and other postretirement benefit liabilities $ 27 $ — $ 27 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,033) $ 79 $ (954) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Six Months Ended June 28, 2024 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (1,143) $ 92 $ (1,051) Reclassification adjustments recognized in net income 103 — 103 Gains (losses) on intra-entity transactions that are of a long-term investment nature (688) — (688) Gains (losses) on net investment hedges arising during the period 1 381 (96) 285 Net foreign currency translation adjustments $ (1,347) $ (4) $ (1,351) Derivatives: Gains (losses) arising during the period $ 183 $ (46) $ 137 Reclassification adjustments recognized in net income 40 (10) 30 Net gains (losses) on derivatives 1 $ 223 $ (56) $ 167 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (38) $ 13 $ (25) Reclassification adjustments recognized in net income 4 (1) 3 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (34) $ 12 $ (22) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (9) $ (2) $ (11) Reclassification adjustments recognized in net income 45 (11) 34 Net change in pension and other postretirement benefit liabilities $ 36 $ (13) $ 23 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,122) $ (61) $ (1,183) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Three Months Ended June 30, 2023 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 300 $ (63) $ 237 Gains (losses) on intra-entity transactions that are of a long-term investment nature 151 — 151 Gains (losses) on net investment hedges arising during the period 1 (81) 20 (61) Net foreign currency translation adjustments $ 370 $ (43) $ 327 Derivatives: Gains (losses) arising during the period $ (31) $ 3 $ (28) Reclassification adjustments recognized in net income 4 (1) 3 Net gains (losses) on derivatives 1 $ (27) $ 2 $ (25) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 4 $ (3) $ 1 Reclassification adjustments recognized in net income (1) 1 — Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 3 $ (2) $ 1 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (11) $ (4) $ (15) Reclassification adjustments recognized in net income 22 (5) 17 Net change in pension and other postretirement benefit liabilities $ 11 $ (9) $ 2 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 357 $ (52) $ 305 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Six Months Ended June 30, 2023 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 737 $ (154) $ 583 Reclassification adjustments recognized in net income 101 — 101 Gains (losses) on intra-entity transactions that are of a long-term investment nature 443 — 443 Gains (losses) on net investment hedges arising during the period 1 (235) 59 (176) Net foreign currency translation adjustments $ 1,046 $ (95) $ 951 Derivatives: Gains (losses) arising during the period $ (107) $ 10 $ (97) Reclassification adjustments recognized in net income 3 (1) 2 Net gains (losses) on derivatives 1 $ (104) $ 9 $ (95) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 13 $ (6) $ 7 Reclassification adjustments recognized in net income 2 — 2 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 15 $ (6) $ 9 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (16) $ (6) $ (22) Reclassification adjustments recognized in net income 44 (9) 35 Net change in pension and other postretirement benefit liabilities $ 28 $ (15) $ 13 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 985 $ (107) $ 878 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. The following table presents the amounts and line items in our consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions): Amount Reclassified from AOCI Description of AOCI Component Financial Statement Line Item Three Months Ended June 28, 2024 Six Months Ended June 28, 2024 Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ — $ 103 Income before income taxes — 103 Income taxes — — Consolidated net income $ — $ 103 Derivatives: Foreign currency contracts Net operating revenues $ 1 $ 18 Foreign currency contracts and commodity contracts Cost of goods sold (4) (6) Foreign currency contracts Interest expense 1 2 Foreign currency contracts Other income (loss) — net (2) 26 Income before income taxes (4) 40 Income taxes 1 (10) Consolidated net income $ (3) $ 30 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ (2) $ 4 Income before income taxes (2) 4 Income taxes — (1) Consolidated net income $ (2) $ 3 Pension and other postretirement benefit liabilities: Divestitures, deconsolidations and other 2 Other income (loss) — net $ (1) $ (3) Recognized net actuarial loss (gain) Other income (loss) — net 24 49 Recognized prior service cost (credit) Other income (loss) — net — (1) Income before income taxes 23 45 Income taxes (6) (11) Consolidated net income $ 17 $ 34 1 Related to the refranchising of our bottling operations in the Philippines and Bangladesh and the sale of our ownership interest in an equity method investee in Thailand. Refer to Note 2. 2 Primarily related to the refranchising of our bottling operations in the Philippines and Bangladesh. Refer to Note 2.

CHANGES IN EQUITY

CHANGES IN EQUITY	6 Months Ended
	Jun. 28, 2024
Equity [Abstract]
CHANGES IN EQUITY	CHANGES IN EQUITY The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to shareowners of The Coca-Cola Company and equity attributable to noncontrolling interests (in millions): Shareowners of The Coca-Cola Company Three Months Ended June 28, 2024 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests March 29, 2024 4,308 $ 27,946 $ 74,868 $ (14,504) $ 1,760 $ 19,321 $ (55,016) $ 1,517 Comprehensive income (loss) — 1,505 2,411 (954) — — — 48 Dividends paid/payable to shareowners of The Coca-Cola Company ($0.485 per share) — (2,090) (2,090) — — — — — Dividends paid to noncontrolling interests — (7) — — — — — (7) Purchases of treasury stock (3) (156) — — — — (156) — Impact related to stock-based 4 213 — — — 147 66 — June 28, 2024 4,309 $ 27,411 $ 75,189 $ (15,458) $ 1,760 $ 19,468 $ (55,106) $ 1,558 Shareowners of The Coca-Cola Company Six Months Ended June 28, 2024 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests December 31, 2023 4,308 $ 27,480 $ 73,782 $ (14,275) $ 1,760 $ 19,209 $ (54,535) $ 1,539 Comprehensive income (loss) — 4,437 5,588 (1,183) — — — 32 Dividends paid/payable to shareowners of The Coca-Cola Company ($0.97 per share) — (4,181) (4,181) — — — — — Dividends paid to noncontrolling interests — (9) — — — — — (9) Divestitures, deconsolidations and — (4) — — — — — (4) Purchases of treasury stock (13) (777) — — — — (777) — Impact related to stock-based 14 465 — — — 259 206 — June 28, 2024 4,309 $ 27,411 $ 75,189 $ (15,458) $ 1,760 $ 19,468 $ (55,106) $ 1,558 Shareowners of The Coca-Cola Company Three Months Ended June 30, 2023 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests March 31, 2023 4,325 $ 26,868 $ 72,137 $ (14,322) $ 1,760 $ 18,889 $ (53,247) $ 1,651 Comprehensive income (loss) — 2,751 2,547 305 — — — (101) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.46 per share) — (1,989) (1,989) — — — — — Dividends paid to noncontrolling — (9) — — — — — (9) Acquisition of interests held by — (22) — — — (20) — (2) Purchases of treasury stock (4) (230) — — — — (230) — Impact related to stock-based 3 183 — — — 124 59 — June 30, 2023 4,324 $ 27,552 $ 72,695 $ (14,017) $ 1,760 $ 18,993 $ (53,418) $ 1,539 Shareowners of The Coca-Cola Company Six Months Ended June 30, 2023 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests December 31, 2022 4,328 $ 25,826 $ 71,019 $ (14,895) $ 1,760 $ 18,822 $ (52,601) $ 1,721 Comprehensive income (loss) — 6,362 5,654 878 — — — (170) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.92 per share) — (3,978) (3,978) — — — — — Dividends paid to noncontrolling — (13) — — — — — (13) Acquisition of interests held by noncontrolling owners — (22) — — — (20) — (2) Purchases of treasury stock (16) (979) — — — — (979) — Impact related to stock-based 12 356 — — — 194 162 — Other activities — — — — — (3) — 3 June 30, 2023 4,324 $ 27,552 $ 72,695 $ (14,017) $ 1,760 $ 18,993 $ (53,418) $ 1,539

SIGNIFICANT OPERATING AND NONOP

SIGNIFICANT OPERATING AND NONOPERATING ITEMS	6 Months Ended
	Jun. 28, 2024
Other Income and Expenses [Abstract]
SIGNIFICANT OPERATING AND NONOPERATING ITEMS	SIGNIFICANT OPERATING AND NONOPERATING ITEMS Other Operating Charges During the three months ended June 28, 2024, the Company recorded other operating charges of $1,370 million. These charges primarily consisted of $1,337 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife, LLC (“fairlife”) in 2020, $32 million related to the Company’s productivity and reinvestment program and $3 million for the amortization of noncompete agreements related to the BA Sports Nutrition, LLC (“BodyArmor”) acquisition in 2021. These charges were partially offset by a net benefit of $2 million related to a revision of management’s estimates for tax litigation expense. During the six months ended June 28, 2024, the Company recorded other operating charges of $2,943 million. These charges primarily consisted of $2,102 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife, $760 million related to the impairment of our BodyArmor trademark and $68 million related to the Company’s productivity and reinvestment program. In addition, other operating charges included $7 million of transaction costs related to the refranchising of our bottling operations in certain territories in India and $7 million for the amortization of noncompete agreements related to the BodyArmor acquisition. These charges were partially offset by a net benefit of $1 million related to a revision of management’s estimates for tax litigation expense. During the three months ended June 30, 2023, the Company recorded other operating charges of $1,338 million. These charges primarily consisted of $1,262 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $35 million related to the discontinuation of certain manufacturing operations in Asia Pacific and $24 million related to the Company’s productivity and reinvestment program. In addition, other operating charges included $8 million related to the restructuring of our North America operating unit, $6 million related to tax litigation expense and $3 million for the amortization of noncompete agreements related to the BodyArmor acquisition. During the six months ended June 30, 2023, the Company recorded other operating charges of $1,449 million. These charges primarily consisted of $1,324 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $51 million related to the Company’s productivity and reinvestment program and $35 million related to the discontinuation of certain manufacturing operations in Asia Pacific. In addition, other operating charges included $26 million related to the restructuring of our North America operating unit, $7 million for the amortization of noncompete agreements related to the BodyArmor acquisition and $6 million related to tax litigation expense. Refer to Note 2 for additional information on the refranchising of our bottling operations in certain territories in India. Refer to Note 9 for additional information on the tax litigation. Refer to Note 13 for additional information on the Company’s restructuring initiatives. Refer to Note 16 for additional information on the fairlife acquisition and the BodyArmor impairment. Refer to Note 17 for the impact these charges had on our operating segments and Corporate. Other Nonoperating Items Equity Income (Loss) — Net During the three and six months ended June 28, 2024, the Company recorded net charges of $24 million and $49 million, respectively. During the three and six months ended June 30, 2023, the Company recorded net charges of $2 million and $84 million, respectively. These amounts represent the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. Refer to Note 17 for the impact these items had on our operating segments and Corporate. Other Income (Loss) — Net During the three months ended June 28, 2024, the Company recognized a net gain of $50 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 an other-than-temporary impairment charge of $34 million related to an equity method investee in Latin America. During the six months ended June 28, 2024, the Company recognized net gains of $599 million and $290 million related to the refranchising of our bottling operations in the Philippines and certain territories in India, respectively. The Company also recognized a net gain of $516 million related to the sale of our ownership interest in an equity method investee in Thailand. Additionally, the Company recognized a net gain of $228 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. These gains were partially offset by an other-than-temporary impairment charge of $34 million related to an equity method investee in Latin America and a loss of $7 million related to post-closing adjustments for the refranchising of our bottling operations in Vietnam in 2023. During the three months ended June 30, 2023, the Company recognized a net gain of $127 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. During the six months ended June 30, 2023, the Company recognized a net gain of $439 million related to the refranchising of our bottling operations in Vietnam. Additionally, the Company recognized a net gain of $240 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 2 for additional information on the refranchising of our bottling operations as well as the sale of our ownership interest in an equity method investee in Thailand. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 16 for additional information on the other-than-temporary impairment charge. Refer to Note 17 for the impact these items had on our operating segments and Corporate.

RESTRUCTURING

RESTRUCTURING	6 Months Ended
	Jun. 28, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING Productivity and Reinvestment Program In February 2012, the Company announced a productivity and reinvestment program designed to strengthen our brands and reinvest our resources to drive long-term profitable growth. The program was expanded multiple times, with the last expansion occurring in April 2017. The remaining initiatives included in this program, which are primarily designed to further simplify and standardize our organization, will be completed in 2024. During the three and six months ended June 28, 2024, the Company incurred expenses of $32 million and $68 million, respectively, and during the three and six months ended June 30, 2023 incurred expenses of $24 million and $51 million, respectively, related to our productivity and reinvestment program. These expenses primarily included internal and external costs associated with the implementation of the program’s initiatives and were recorded in the line item other operating charges in our consolidated statements of income. Refer to Note 17 for the impact these expenses had on our operating segments and Corporate. The Company has incurred total pretax expenses of $4,361 million related to this program since it commenced. 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 brought together all bottler-related components (franchise leadership, commercial leadership, digital, governance and technical innovation) and helped streamline how we work. During the three and six months ended June 30, 2023, the Company incurred expenses of $8 million and $26 million, respectively, related to this program. These expenses primarily included severance costs and were recorded in the line item other operating charges in our consolidated statements of income. The Company has incurred total pretax expenses of $65 million related to this program since it commenced. This restructuring program was complete as of December 31, 2023.

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	6 Months Ended
	Jun. 28, 2024
Retirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Plans Other Postretirement Three Months Ended June 28, June 30, June 28, June 30, Service cost $ 26 $ 23 $ 1 $ 1 Interest cost 77 81 5 7 Expected return on plan assets 1 (117) (119) (2) (3) Amortization of prior service cost (credit) 1 1 (1) (1) Amortization of net actuarial loss (gain) 25 24 (1) (2) Net periodic benefit cost (income) $ 12 $ 10 $ 2 $ 2 1 The weighted-average expected long-term rates of return on plan assets used in computing 2024 net periodic benefit cost (income) were 7.00% for pension plans and 4.50% for other postretirement benefit plans. Pension Plans Other Postretirement Six Months Ended June 28, June 30, June 28, June 30, Service cost $ 53 $ 47 $ 2 $ 2 Interest cost 154 162 9 14 Expected return on plan assets 1 (235) (238) (4) (7) Amortization of prior service cost (credit) 1 1 (2) (2) Amortization of net actuarial loss (gain) 51 48 (2) (3) Net periodic benefit cost (income) $ 24 $ 20 $ 3 $ 4 1 The weighted-average expected long-term rates of return on plan assets used in computing 2024 net periodic benefit cost (income) were 7.00% for pension plans and 4.50% for other postretirement benefit plans.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 28, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded income taxes of $627 million (20.7% effective tax rate) and $359 million (12.5% effective tax rate) during the three months ended June 28, 2024 and June 30, 2023, respectively. The Company recorded income taxes of $1,314 million (19.0% effective tax rate) and $1,299 million (18.7% effective tax rate) during the six months ended June 28, 2024 and June 30, 2023, respectively. The Company’s effective tax rates for the three and six months ended June 28, 2024 and June 30, 2023 vary from the statutory U.S. federal tax rate of 21.0% primarily due to the tax impact of significant operating and nonoperating items, as described in Note 12, along with the tax benefits of having significant earnings generated outside of the United States and significant earnings generated in investments accounted for under the equity method, both of which are generally taxed at rates lower than the statutory U.S. federal tax rate. The Company’s effective tax rates for the three and six months ended June 28, 2024 included $119 million and $60 million, respectively, of net tax expense related to various discrete tax items, including the resolution of certain foreign tax matters. The Company’s effective tax rates for the three and six months ended June 30, 2023 included $120 million and $125 million, respectively, of net tax benefits related to various discrete tax items, including a change in tax law in a certain foreign jurisdiction. 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 it predominantly sided with the IRS. On November 8, 2023, the Tax Court issued a supplemental opinion, siding with the IRS in concluding both that the blocked-income regulations apply to the Company’s operations and that the Tax Court opinion in 3M Co. & Subs. v. Commissioner (February 9, 2023) controlled as to the validity of those regulations. The Company strongly disagrees with the Opinions and intends to vigorously defend its position. Refer to Note 9.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 28, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions): June 28, 2024 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,890 $ 150 $ 6 $ 88 $ — $ 2,134 Debt securities 1 — 1,583 — — — 1,583 Derivatives 2 — 425 — — (317) 6 108 8 Total assets $ 1,890 $ 2,158 $ 6 $ 88 $ (317) $ 3,825 Liabilities: Contingent consideration liability $ — $ — $ 5,119 5 $ — $ — $ 5,119 Derivatives 2 2 1,434 — — (1,377) 7 59 8 Total liabilities $ 2 $ 1,434 $ 5,119 $ — $ (1,377) $ 5,178 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There 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 6. 5 Represents the fair value of the remaining milestone payment related to our acquisition of fairlife in 2020, which is contingent on fairlife achieving certain financial targets through 2024 and, if achieved, is payable in 2025. This milestone payment is based on agreed-upon formulas related to fairlife’s operating results, the resulting value of which is not subject to a ceiling. The fair value was determined using discounted cash flow analyses. 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. 6 The Company is obligated to return $4 million in cash collateral it has netted against its derivative position. 7 The Company has the right to reclaim $1,065 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: $54 million in the line item prepaid expenses and other current assets, $54 million in the line item other noncurrent assets, and $59 million in the line item other noncurrent liabilities December 31, 2023 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,727 $ 188 $ 6 $ 85 $ — $ 2,006 Debt securities 1 — 1,172 3 — — 1,175 Derivatives 2 — 275 — — (222) 6 53 8 Total assets $ 1,727 $ 1,635 $ 9 $ 85 $ (222) $ 3,234 Liabilities: Contingent consideration liability $ — $ — $ 3,017 5 $ — $ — $ 3,017 Derivatives 2 3 1,445 — — (1,256) 7 192 8 Total liabilities $ 3 $ 1,445 $ 3,017 $ — $ (1,256) $ 3,209 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There 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 6. 5 Represents the fair value of the remaining milestone payment related to our acquisition of fairlife in 2020, which is contingent on fairlife achieving certain financial targets through 2024 and, if achieved, is payable in 2025. This milestone payment is based on agreed-upon formulas related to fairlife’s operating results, the resulting value of which is not subject to a ceiling. The fair value was determined using a Monte Carlo valuation model. 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. The Company made a milestone payment of $275 million during 2023. 6 The Company was obligated to return $4 million in cash collateral it had netted against its derivative position. 7 The Company had the right to reclaim $1,039 million in 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: $53 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 three and six months ended June 28, 2024 and June 30, 2023. The Company recognizes transfers between levels within the hierarchy as of the beginning of the reporting period. Gross transfers between levels within the hierarchy were not significant for the three and six months ended June 28, 2024 and June 30, 2023. Nonrecurring Fair Value Measurements During the three and six months ended June 28, 2024, the Company recorded an other-than-temporary impairment charge of $34 million related to an equity method investee in Latin America. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. During the six months ended June 28, 2024, the Company recorded an asset impairment charge of $760 million related to our BodyArmor trademark in North America, which was primarily driven by revised projections of future operating results and higher discount rates resulting from changes in macroeconomic conditions since the acquisition date. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. This charge was recorded in the line item other operating charges in our consolidated statement of income. The remaining carrying value of the trademark is $3,400 million. During the three and six months ended June 30, 2023, the Company recorded an asset impairment charge of $25 million related to the discontinuation of certain manufacturing operations in Asia Pacific. This impairment charge was derived using Level 3 inputs and was primarily driven by management’s best estimate of the potential proceeds from the disposal of the related assets. Other Fair Value Disclosures The carrying values of cash and cash equivalents, short-term investments, trade accounts receivable, accounts payable and accrued expenses, and loans and notes payable approximate their fair values because of the relatively short-term maturities of these financial instruments. The fair value of our long-term debt is estimated using Level 2 inputs based on quoted prices for those instruments. Where quoted prices are not available, the fair value is estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of the debt instruments. As of June 28, 2024, the carrying value and fair value of our long-term debt, including the current portion, were $40,024 million and $35,137 million, respectively. As of December 31, 2023, the carrying value and fair value of our long-term debt, including the current portion, were $37,507 million and $33,445 million, respectively.

OPERATING SEGMENTS

OPERATING SEGMENTS	3 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
OPERATING SEGMENTS	OPERATING SEGMENTS Information about our Company’s operations by operating segment and Corporate is as follows (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Three Months Ended June 28, 2024 Net operating revenues: Third party $ 2,184 $ 1,650 $ 4,808 $ 1,386 $ 768 $ 1,537 $ 30 $ — $ 12,363 Intersegment 155 — 4 126 — 2 — (287) — Total net operating revenues 2,339 1,650 4,812 1,512 768 1,539 30 (287) 12,363 Operating income (loss) 1,252 920 1,312 647 92 98 (1,689) — 2,632 Income (loss) before income taxes 1,267 887 1,324 648 94 548 (1,740) — 3,028 Identifiable operating assets 7,475 3,064 25,972 2,532 2 7,576 7,888 2 27,588 — 82,095 Investments 1 402 671 15 54 — 12,751 5,214 — 19,107 As of and for the Three Months Net operating revenues: Third party $ 2,043 $ 1,378 $ 4,365 $ 1,349 $ 765 $ 2,042 $ 30 $ — $ 11,972 Intersegment 145 — 2 218 — — — (365) — Total net operating revenues 2,188 1,378 4,367 1,567 765 2,042 30 (365) 11,972 Operating income (loss) 1,133 797 1,216 673 78 122 (1,618) — 2,401 Income (loss) before income taxes 1,147 802 1,227 675 78 577 (1,626) — 2,880 Identifiable operating assets 7,729 2,474 26,109 2,453 2, 3 7,622 9,281 2, 3 23,368 — 79,036 Investments 1 394 728 15 76 — 13,406 4,801 — 19,420 As of December 31, 2023 Identifiable operating assets $ 7,117 $ 3,149 $ 25,808 $ 2,428 2 $ 7,607 $ 9,871 2 $ 21,934 $ — $ 77,914 Investments 1 389 712 15 71 — 13,639 4,963 — 19,789 1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in India represented 14%, 10% and 12% of consolidated property, plant and equipment — net as of June 28, 2024, June 30, 2023 and December 31, 2023, respectively. 3 Property, plant and equipment — net in the Philippines represented 10% of consolidated property, plant and equipment — net as of June 30, 2023. As of December 31, 2023, the Company’s bottling operations in the Philippines met the criteria to be classified as held for sale. Refer to Note 2. During the three months ended June 28, 2024, 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 $1,337 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $32 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 13. • Operating income (loss) and income (loss) before income taxes were reduced by $7 million for North America due to the restructuring of our manufacturing operations in the United States. • Operating income (loss) and income (loss) before income taxes were reduced by $3 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12. • Income (loss) before income taxes was increased by $50 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 $34 million for Latin America due to an other-than-temporary impairment charge related to an equity method investee. Refer to Note 16. • Income (loss) before income taxes was reduced by $21 million for Bottling Investments and $3 million for Latin America due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. During the three months ended June 30, 2023, 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 $1,262 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $35 million for Asia Pacific due to the discontinuation of certain manufacturing operations. • Operating income (loss) and income (loss) before income taxes were reduced by $25 million for Corporate due to the Company’s productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $1 million for North America due to the refinement of previously established accruals related to the Company’s productivity and reinvestment program. Refer to Note 13. • Operating income (loss) and income (loss) before income taxes were reduced by $8 million for North America due to the restructuring of our North America operating unit. Refer to Note 13. • Operating income (loss) and income (loss) before income taxes were reduced by $6 million for Corporate related to tax litigation expense. Refer to Note 9. • Operating income (loss) and income (loss) before income taxes were reduced by $5 million for North America due to the restructuring of our manufacturing operations in the United States. • Operating income (loss) and income (loss) before income taxes were reduced by $3 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12. • Income (loss) before income taxes was increased by $127 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 $2 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated Six Months Ended June 28, 2024 Net operating revenues: Third party $ 3,960 $ 3,177 $ 8,980 $ 2,639 $ 1,498 $ 3,352 $ 57 $ — $ 23,663 Intersegment 352 — 6 342 — 4 — (704) — Total net operating revenues 4,312 3,177 8,986 2,981 1,498 3,356 57 (704) 23,663 Operating income (loss) 2,332 1,862 1,757 1,301 147 254 (2,880) — 4,773 Income (loss) before income taxes 2,356 1,834 1,779 1,306 150 972 (1,497) — 6,900 Six Months Ended June 30, 2023 Net operating revenues: Third party $ 3,874 $ 2,764 $ 8,267 $ 2,534 $ 1,472 $ 3,986 $ 55 $ — $ 22,952 Intersegment 338 — 4 404 — 2 — (748) — Total net operating revenues 4,212 2,764 8,271 2,938 1,472 3,988 55 (748) 22,952 Operating income (loss) 2,268 1,650 2,249 1,236 129 261 (2,025) — 5,768 Income (loss) before income taxes 2,289 1,657 2,268 1,098 135 1,081 (1,595) — 6,933 During the six months ended June 28, 2024, the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $2,102 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $760 million for North America due to the impairment of our BodyArmor trademark. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $68 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 13. • Operating income (loss) and income (loss) before income taxes were reduced by $10 million for North America due to the restructuring of our manufacturing operations in the United States. • Operating income (loss) and income (loss) before income taxes were reduced by $7 million for Corporate due to transaction costs related to the refranchising of our bottling operations in certain territories in India. Refer to Note 2. • Operating income (loss) and income (loss) before income taxes were reduced by $7 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12. • Income (loss) before income taxes was increased by $599 million for Corporate due to the refranchising of our bottling operations in the Philippines. Refer to Note 2. • Income (loss) before income taxes was increased by $516 million for Corporate related to the sale of our ownership interest in an equity method investee in Thailand. Refer to Note 2. • Income (loss) before income taxes was increased by $290 million for Corporate due to the refranchising of our bottling operations in certain territories in India, including the impact of post-closing adjustments. Refer to Note 2. • Income (loss) before income taxes was increased by $228 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 $44 million for Bottling Investments, $3 million for Latin America and $2 million for Corporate due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. • Income (loss) before income taxes was reduced by $34 million for Latin America due to an other-than-temporary impairment charge related to an equity method investee. Refer to Note 16. • Income (loss) before income taxes was reduced by $7 million for Corporate related to post-closing adjustments for the refranchising of our bottling operations in Vietnam. Refer to Note 2. During the six months ended June 30, 2023, 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 $1,324 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $52 million for Corporate due to the Company’s productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $1 million for North America due to the refinement of previously established accruals related to the Company’s productivity and reinvestment program. Refer to Note 13. • Operating income (loss) and income (loss) before income taxes were reduced by $35 million for Asia Pacific due to the discontinuation of certain manufacturing operations. • Operating income (loss) and income (loss) before income taxes were reduced by $26 million for North America due to the restructuring of our North America operating unit. Refer to Note 13. • Operating income (loss) and income (loss) before income taxes were reduced by $11 million for North America due to the restructuring of our manufacturing operations in the United States. • Operating income (loss) and income (loss) before income taxes were reduced by $7 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were reduced by $6 million for Corporate related to tax litigation expense. Refer to Note 9. • Income (loss) before income taxes was increased by $439 million for Corporate due to the refranchising of our bottling operations in Vietnam. Refer to Note 2. • Income (loss) before income taxes was increased by $240 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 $140 million for Asia Pacific and was increased by $56 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 2,411	$ 2,547	$ 5,588	$ 5,654

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 28, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the fiscal quarter ended June 28, 2024, none of our Directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K, except as follows: Jennifer K. Mann, Executive Vice President and President, North America operating unit, adopted a Rule 10b5-1 trading arrangement on May 22, 2024 for the potential exercise of vested stock options and the associated sale of up to 129,268 shares of common stock of the Company, subject to certain conditions. The arrangement’s expiration date is May 31, 2025. This trading plan was adopted during an open trading window.
Name	Jennifer K. Mann
Title	Executive Vice President and President, North America operating unit
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	May 22, 2024
Non-Rule 10b5-1 Arrangement Terminated	false
Aggregate Available	129,268

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K of The Coca-Cola Company for the year ended December 31, 2023. When used in these notes, the terms “The Coca-Cola Company,” “Company,” “we,” “us” and “our” mean The Coca-Cola Company and all entities included in our consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 28, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Sales of our ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions. Each of our quarterly reporting periods, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The second quarter of 2024 and the second quarter of 2023 ended on June 28, 2024 and June 30, 2023, respectively. Our fourth quarter and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls.
Advertising Costs	Advertising Costs The Company’s accounting policy related to advertising costs for annual reporting purposes is to expense production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred. For quarterly reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple quarters to each of those quarters. We use the proportion of each quarter’s actual unit case volume to the estimated full year unit case volume as the basis for the allocation. This methodology results in our marketing expenditures being recognized at a standard rate per unit case. At the end of each quarter, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple quarters in order to evaluate if a change in estimate is necessary. The impact of any change in the full year estimate is recognized in the quarter in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy.
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents or restricted cash equivalents, as applicable. Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other noncurrent assets in our consolidated balance sheet, and when applicable, cash and cash equivalents related to assets held for sale are included in the line item prepaid expenses and other current 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. Refer to Note 2 for additional information on our assets held for sale and Note 4 for additional information on our captive insurance companies. The following tables provide a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in our consolidated statements of cash flows (in millions): June 28, December 31, Cash and cash equivalents $ 13,708 $ 9,366 Restricted cash and restricted cash equivalents 205 326 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 13,913 $ 9,692 June 30, December 31, Cash and cash equivalents $ 12,564 $ 9,519 Restricted cash and restricted cash equivalents 288 306 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 12,852 $ 9,825
Recently Issued Accounting Guidance	Recently Issued Accounting Guidance In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The expanded annual disclosures are effective for the year ending December 31, 2024, and the expanded interim disclosures are effective in 2025 and will be applied retrospectively to all prior periods presented. The Company is currently evaluating the impact that ASU 2023-07 will have on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires, among other things, additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The expanded annual disclosures are effective for the year ending December 31, 2025. The Company is currently evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and whether we will apply the standard prospectively or retrospectively.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	The following tables provide a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in our consolidated statements of cash flows (in millions): June 28, December 31, Cash and cash equivalents $ 13,708 $ 9,366 Restricted cash and restricted cash equivalents 205 326 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 13,913 $ 9,692 June 30, December 31, Cash and cash equivalents $ 12,564 $ 9,519 Restricted cash and restricted cash equivalents 288 306 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 12,852 $ 9,825

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	6 Months Ended
	Jun. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Assets and Liabilities Classified as Held for Sale	The following table presents information related to the major classes of assets and liabilities that were classified as held for sale and were included in the line items prepaid expenses and other current assets and accounts payable and accrued expenses, respectively, in our consolidated balance sheet (in millions): December 31, 2023 Cash, cash equivalents and short-term investments $ 37 Marketable securities 8 Trade accounts receivable, less allowances 95 Inventories 299 Prepaid expenses and other current assets 60 Equity method investments 4 Other noncurrent assets 51 Deferred income tax assets 28 Property, plant and equipment — net 1,267 Goodwill 231 Other intangible assets 14 Assets held for sale $ 2,094 Accounts payable and accrued expenses $ 464 Loans and notes payable 63 Accrued income taxes 24 Long-term debt 2 Other noncurrent liabilities 108 Deferred income tax liabilities 58 Liabilities held for sale $ 719

NET OPERATING REVENUES (Tables)

NET OPERATING REVENUES (Tables)	6 Months Ended
	Jun. 28, 2024
Revenue Recognition [Abstract]
Disaggregation of Revenue	The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended June 28, 2024 Concentrate operations $ 2,278 $ 5,216 $ 7,494 Finished product operations 2,462 2,407 4,869 Total $ 4,740 $ 7,623 $ 12,363 Three Months Ended June 30, 2023 Concentrate operations $ 2,347 $ 4,703 $ 7,050 Finished product operations 1,955 2,967 4,922 Total $ 4,302 $ 7,670 $ 11,972 United States International Total Six Months Ended June 28, 2024 Concentrate operations $ 4,403 $ 9,746 $ 14,149 Finished product operations 4,455 5,059 9,514 Total $ 8,858 $ 14,805 $ 23,663 Six Months Ended June 30, 2023 Concentrate operations $ 4,336 $ 9,047 $ 13,383 Finished product operations 3,815 5,754 9,569 Total $ 8,151 $ 14,801 $ 22,952

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 28, 2024
Investments, Debt and Equity Securities [Abstract]
Carrying value of equity securities by balance sheet location	The carrying values of our equity securities were included in the following line items in our consolidated balance sheets (in millions): Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value June 28, 2024 Marketable securities $ 381 $ — Other investments 125 42 Other noncurrent assets 1,628 — Total equity securities $ 2,134 $ 42 December 31, 2023 Marketable securities $ 345 $ — Other investments 76 42 Other noncurrent assets 1,585 — Total equity securities $ 2,006 $ 42
Unrealized Gain (Loss) on Investments	The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions): Three Months Ended June 28, June 30, Net gains (losses) recognized during the period related to equity securities $ 52 $ 130 Less: Net gains (losses) recognized during the period related to equity securities sold during the period 4 22 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 48 $ 108 Six Months Ended June 28, June 30, Net gains (losses) recognized during the period related to equity securities $ 235 $ 255 Less: Net gains (losses) recognized during the period related to equity securities sold during the period 21 33 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 214 $ 222
Schedule of available-for-sale and trading securities	Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Cost Gains Losses June 28, 2024 Trading securities $ 44 $ 1 $ (1) $ 44 Available-for-sale securities 1,575 22 (58) 1,539 Total debt securities $ 1,619 $ 23 $ (59) $ 1,583 December 31, 2023 Trading securities $ 43 $ — $ (2) $ 41 Available-for-sale securities 1,136 26 (28) 1,134 Total debt securities $ 1,179 $ 26 $ (30) $ 1,175
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): June 28, 2024 December 31, 2023 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Marketable securities $ 44 $ 1,169 $ 41 $ 914 Other noncurrent assets — 370 — 220 Total debt securities $ 44 $ 1,539 $ 41 $ 1,134
Contractual maturities of available-for-sale debt securities	The contractual maturities of these available-for-sale debt securities as of June 28, 2024 were as follows (in millions): Cost Estimated Within 1 year $ 187 $ 187 After 1 year through 5 years 1,156 1,125 After 5 years through 10 years 46 56 After 10 years 186 171 Total $ 1,575 $ 1,539
Realized Gain (Loss) on Investments	The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Three Months Ended Six Months Ended June 28, June 30, June 28, June 30, Gross gains $ 4 $ 2 $ 5 $ 2 Gross losses (2) (1) (9) (4) Proceeds 57 40 440 108

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 28, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following (in millions): June 28, December 31, Raw materials and packaging $ 2,801 $ 2,618 Finished goods 1,615 1,449 Other 347 357 Total inventories $ 4,763 $ 4,424

HEDGING TRANSACTIONS AND DERI_2

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments designated and qualified as part of hedging relationship	The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions): Fair Value 1,2 Derivatives Designated as Hedging Instruments Balance Sheet Location 1 June 28, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 232 $ 109 Foreign currency contracts Other noncurrent assets 38 13 Interest rate contracts Prepaid expenses and other current assets 7 — Interest rate contracts Other noncurrent assets 14 50 Total assets $ 291 $ 172 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 20 $ 111 Foreign currency contracts Other noncurrent liabilities 46 40 Commodity contracts Accounts payable and accrued expenses 2 3 Interest rate contracts Accounts payable and accrued expenses 1 5 Interest rate contracts Other noncurrent liabilities 1,245 1,113 Total liabilities $ 1,314 $ 1,272 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 June 28, December 31, 2023 Assets: Foreign currency contracts Prepaid expenses and other current assets $ 125 $ 91 Foreign currency contracts Other noncurrent assets 1 3 Commodity contracts Prepaid expenses and other current assets 6 5 Commodity contracts Other noncurrent assets 1 — Other derivative instruments Prepaid expenses and other current assets 1 4 Total assets $ 134 $ 103 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 43 $ 106 Foreign currency contracts Other noncurrent liabilities 12 3 Commodity contracts Accounts payable and accrued expenses 63 62 Commodity contracts Other noncurrent liabilities 4 1 Other derivative instruments Accounts payable and accrued expenses — 4 Total liabilities $ 122 $ 176 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 tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions): Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Three Months Ended June 28, 2024 Foreign currency contracts $ 160 Net operating revenues $ (1) Foreign currency contracts 9 Cost of goods sold 6 Foreign currency contracts — Interest expense (1) Foreign currency contracts (9) Other income (loss) — net 2 Commodity contracts (3) Cost of goods sold (2) Interest rate contracts 1 Interest expense — Total $ 158 $ 4 Three Months Ended June 30, 2023 Foreign currency contracts $ (22) Net operating revenues $ (7) Foreign currency contracts 13 Cost of goods sold 4 Foreign currency contracts — Interest expense (1) Foreign currency contracts 22 Other income (loss) — net 3 Commodity contracts (9) Cost of goods sold (3) Total $ 4 $ (4) Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Six Months Ended June 28, 2024 Foreign currency contracts $ 208 Net operating revenues $ (18) Foreign currency contracts 20 Cost of goods sold 9 Foreign currency contracts — Interest expense (2) Foreign currency contracts (24) Other income (loss) — net (26) Commodity contracts (2) Cost of goods sold (3) Interest rate contracts 2 Interest expense — Total $ 204 $ (40) Six Months Ended June 30, 2023 Foreign currency contracts $ (58) Net operating revenues $ (6) Foreign currency contracts 17 Cost of goods sold 8 Foreign currency contracts — Interest expense (2) Foreign currency contracts 9 Other income (loss) — net 3 Commodity contracts (11) Cost of goods sold (6) Total $ (43) $ (3)
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended June 28, June 30, Interest rate contracts Interest expense $ (19) $ (102) Fixed-rate debt Interest expense 20 131 Net impact of fair value hedging instruments $ 1 $ 29 Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Six Months Ended June 28, June 30, Interest rate contracts Interest expense $ (164) $ 106 Fixed-rate debt Interest expense 167 (91) Net impact of fair value hedging instruments $ 3 $ 15 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 June 28, December 31, June 28, December 31, June 28, December 31, Current maturities of long-term debt $ — $ 552 $ — $ 1 $ — $ — Long-term debt 11,767 12,186 (1,258) (1,135) 146 162 1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rate fluctuations.
Notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges	The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions): Notional Values Gain (Loss) Recognized in OCI as of Three Months Ended Six Months Ended June 28, December 31, June 28, June 30, June 28, June 30, Foreign currency contracts $ 360 $ 150 $ 22 $ (1) $ 24 $ (1) Foreign currency denominated debt 12,609 12,437 85 (80) 357 (234) Total $ 12,969 $ 12,587 $ 107 $ (81) $ 381 $ (235)
Derivative Instruments, Not Designated as Hedging Instruments, Gain (Loss) in Earnings	The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended June 28, June 30, Foreign currency contracts Net operating revenues $ 58 $ (10) Foreign currency contracts Cost of goods sold (22) 23 Foreign currency contracts Other income (loss) — net (96) 11 Commodity contracts Cost of goods sold (49) (84) Other derivative instruments Selling, general and administrative expenses 6 1 Total $ (103) $ (59) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Six Months Ended June 28, June 30, Foreign currency contracts Net operating revenues $ 119 $ (17) Foreign currency contracts Cost of goods sold (8) 51 Foreign currency contracts Other income (loss) — net (58) — Commodity contracts Cost of goods sold (68) (130) Other derivative instruments Selling, general and administrative expenses 12 4 Total $ (3) $ (92)

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 28, 2024
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): June 28, December 31, Net foreign currency translation adjustments $ (14,077) $ (12,726) Accumulated net gains (losses) on derivatives 13 (154) Unrealized net gains (losses) on available-for-sale debt securities (23) (1) Adjustments to pension and other postretirement benefit liabilities (1,371) (1,394) Accumulated other comprehensive income (loss) $ (15,458) $ (14,275)
Comprehensive Income (Loss) Apportioned between Shareowners of the Coca-Cola Company and Noncontrolling Interests	The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Six Months Ended June 28, 2024 Shareowners of Noncontrolling Total Consolidated net income $ 5,588 $ (2) $ 5,586 Other comprehensive income: Net foreign currency translation adjustments (1,351) 34 (1,317) Net gains (losses) on derivatives 1 167 — 167 Net change in unrealized gains (losses) on available-for-sale debt securities 2 (22) — (22) Net change in pension and other postretirement benefit liabilities 23 — 23 Total comprehensive income (loss) $ 4,405 $ 32 $ 4,437 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
OCI attributable to the shareowners of The Coca-Cola Company	The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions): Three Months Ended June 28, 2024 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (1,109) $ 127 $ (982) Gains (losses) on intra-entity transactions that are of a long-term investment nature (170) — (170) Gains (losses) on net investment hedges arising during the period 1 107 (27) 80 Net foreign currency translation adjustments $ (1,172) $ 100 $ (1,072) Derivatives: Gains (losses) arising during the period $ 156 $ (35) $ 121 Reclassification adjustments recognized in net income (4) 1 (3) Net gains (losses) on derivatives 1 $ 152 $ (34) $ 118 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (38) $ 13 $ (25) Reclassification adjustments recognized in net income (2) — (2) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (40) $ 13 $ (27) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 4 $ 6 $ 10 Reclassification adjustments recognized in net income 23 (6) 17 Net change in pension and other postretirement benefit liabilities $ 27 $ — $ 27 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,033) $ 79 $ (954) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Six Months Ended June 28, 2024 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (1,143) $ 92 $ (1,051) Reclassification adjustments recognized in net income 103 — 103 Gains (losses) on intra-entity transactions that are of a long-term investment nature (688) — (688) Gains (losses) on net investment hedges arising during the period 1 381 (96) 285 Net foreign currency translation adjustments $ (1,347) $ (4) $ (1,351) Derivatives: Gains (losses) arising during the period $ 183 $ (46) $ 137 Reclassification adjustments recognized in net income 40 (10) 30 Net gains (losses) on derivatives 1 $ 223 $ (56) $ 167 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (38) $ 13 $ (25) Reclassification adjustments recognized in net income 4 (1) 3 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (34) $ 12 $ (22) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (9) $ (2) $ (11) Reclassification adjustments recognized in net income 45 (11) 34 Net change in pension and other postretirement benefit liabilities $ 36 $ (13) $ 23 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,122) $ (61) $ (1,183) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Three Months Ended June 30, 2023 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 300 $ (63) $ 237 Gains (losses) on intra-entity transactions that are of a long-term investment nature 151 — 151 Gains (losses) on net investment hedges arising during the period 1 (81) 20 (61) Net foreign currency translation adjustments $ 370 $ (43) $ 327 Derivatives: Gains (losses) arising during the period $ (31) $ 3 $ (28) Reclassification adjustments recognized in net income 4 (1) 3 Net gains (losses) on derivatives 1 $ (27) $ 2 $ (25) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 4 $ (3) $ 1 Reclassification adjustments recognized in net income (1) 1 — Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 3 $ (2) $ 1 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (11) $ (4) $ (15) Reclassification adjustments recognized in net income 22 (5) 17 Net change in pension and other postretirement benefit liabilities $ 11 $ (9) $ 2 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 357 $ (52) $ 305 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Six Months Ended June 30, 2023 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 737 $ (154) $ 583 Reclassification adjustments recognized in net income 101 — 101 Gains (losses) on intra-entity transactions that are of a long-term investment nature 443 — 443 Gains (losses) on net investment hedges arising during the period 1 (235) 59 (176) Net foreign currency translation adjustments $ 1,046 $ (95) $ 951 Derivatives: Gains (losses) arising during the period $ (107) $ 10 $ (97) Reclassification adjustments recognized in net income 3 (1) 2 Net gains (losses) on derivatives 1 $ (104) $ 9 $ (95) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 13 $ (6) $ 7 Reclassification adjustments recognized in net income 2 — 2 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 15 $ (6) $ 9 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (16) $ (6) $ (22) Reclassification adjustments recognized in net income 44 (9) 35 Net change in pension and other postretirement benefit liabilities $ 28 $ (15) $ 13 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 985 $ (107) $ 878 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
Reclassification out of Accumulated Other Comprehensive Income	The following table presents the amounts and line items in our consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions): Amount Reclassified from AOCI Description of AOCI Component Financial Statement Line Item Three Months Ended June 28, 2024 Six Months Ended June 28, 2024 Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ — $ 103 Income before income taxes — 103 Income taxes — — Consolidated net income $ — $ 103 Derivatives: Foreign currency contracts Net operating revenues $ 1 $ 18 Foreign currency contracts and commodity contracts Cost of goods sold (4) (6) Foreign currency contracts Interest expense 1 2 Foreign currency contracts Other income (loss) — net (2) 26 Income before income taxes (4) 40 Income taxes 1 (10) Consolidated net income $ (3) $ 30 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ (2) $ 4 Income before income taxes (2) 4 Income taxes — (1) Consolidated net income $ (2) $ 3 Pension and other postretirement benefit liabilities: Divestitures, deconsolidations and other 2 Other income (loss) — net $ (1) $ (3) Recognized net actuarial loss (gain) Other income (loss) — net 24 49 Recognized prior service cost (credit) Other income (loss) — net — (1) Income before income taxes 23 45 Income taxes (6) (11) Consolidated net income $ 17 $ 34 1 Related to the refranchising of our bottling operations in the Philippines and Bangladesh and the sale of our ownership interest in an equity method investee in Thailand. Refer to Note 2. 2 Primarily related to the refranchising of our bottling operations in the Philippines and Bangladesh. Refer to Note 2.

CHANGES IN EQUITY (Tables)

CHANGES IN EQUITY (Tables)	6 Months Ended
	Jun. 28, 2024
Equity [Abstract]
Changes in Equity	The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to shareowners of The Coca-Cola Company and equity attributable to noncontrolling interests (in millions): Shareowners of The Coca-Cola Company Three Months Ended June 28, 2024 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests March 29, 2024 4,308 $ 27,946 $ 74,868 $ (14,504) $ 1,760 $ 19,321 $ (55,016) $ 1,517 Comprehensive income (loss) — 1,505 2,411 (954) — — — 48 Dividends paid/payable to shareowners of The Coca-Cola Company ($0.485 per share) — (2,090) (2,090) — — — — — Dividends paid to noncontrolling interests — (7) — — — — — (7) Purchases of treasury stock (3) (156) — — — — (156) — Impact related to stock-based 4 213 — — — 147 66 — June 28, 2024 4,309 $ 27,411 $ 75,189 $ (15,458) $ 1,760 $ 19,468 $ (55,106) $ 1,558 Shareowners of The Coca-Cola Company Six Months Ended June 28, 2024 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests December 31, 2023 4,308 $ 27,480 $ 73,782 $ (14,275) $ 1,760 $ 19,209 $ (54,535) $ 1,539 Comprehensive income (loss) — 4,437 5,588 (1,183) — — — 32 Dividends paid/payable to shareowners of The Coca-Cola Company ($0.97 per share) — (4,181) (4,181) — — — — — Dividends paid to noncontrolling interests — (9) — — — — — (9) Divestitures, deconsolidations and — (4) — — — — — (4) Purchases of treasury stock (13) (777) — — — — (777) — Impact related to stock-based 14 465 — — — 259 206 — June 28, 2024 4,309 $ 27,411 $ 75,189 $ (15,458) $ 1,760 $ 19,468 $ (55,106) $ 1,558 Shareowners of The Coca-Cola Company Three Months Ended June 30, 2023 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests March 31, 2023 4,325 $ 26,868 $ 72,137 $ (14,322) $ 1,760 $ 18,889 $ (53,247) $ 1,651 Comprehensive income (loss) — 2,751 2,547 305 — — — (101) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.46 per share) — (1,989) (1,989) — — — — — Dividends paid to noncontrolling — (9) — — — — — (9) Acquisition of interests held by — (22) — — — (20) — (2) Purchases of treasury stock (4) (230) — — — — (230) — Impact related to stock-based 3 183 — — — 124 59 — June 30, 2023 4,324 $ 27,552 $ 72,695 $ (14,017) $ 1,760 $ 18,993 $ (53,418) $ 1,539

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 28, 2024
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Plans Other Postretirement Three Months Ended June 28, June 30, June 28, June 30, Service cost $ 26 $ 23 $ 1 $ 1 Interest cost 77 81 5 7 Expected return on plan assets 1 (117) (119) (2) (3) Amortization of prior service cost (credit) 1 1 (1) (1) Amortization of net actuarial loss (gain) 25 24 (1) (2) Net periodic benefit cost (income) $ 12 $ 10 $ 2 $ 2 1 The weighted-average expected long-term rates of return on plan assets used in computing 2024 net periodic benefit cost (income) were 7.00% for pension plans and 4.50% for other postretirement benefit plans. Pension Plans Other Postretirement Six Months Ended June 28, June 30, June 28, June 30, Service cost $ 53 $ 47 $ 2 $ 2 Interest cost 154 162 9 14 Expected return on plan assets 1 (235) (238) (4) (7) Amortization of prior service cost (credit) 1 1 (2) (2) Amortization of net actuarial loss (gain) 51 48 (2) (3) Net periodic benefit cost (income) $ 24 $ 20 $ 3 $ 4 1 The weighted-average expected long-term rates of return on plan assets used in computing 2024 net periodic benefit cost (income) were 7.00% for pension plans and 4.50% for other postretirement benefit plans.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 28, 2024
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis	The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions): June 28, 2024 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,890 $ 150 $ 6 $ 88 $ — $ 2,134 Debt securities 1 — 1,583 — — — 1,583 Derivatives 2 — 425 — — (317) 6 108 8 Total assets $ 1,890 $ 2,158 $ 6 $ 88 $ (317) $ 3,825 Liabilities: Contingent consideration liability $ — $ — $ 5,119 5 $ — $ — $ 5,119 Derivatives 2 2 1,434 — — (1,377) 7 59 8 Total liabilities $ 2 $ 1,434 $ 5,119 $ — $ (1,377) $ 5,178 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There 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 6. 5 Represents the fair value of the remaining milestone payment related to our acquisition of fairlife in 2020, which is contingent on fairlife achieving certain financial targets through 2024 and, if achieved, is payable in 2025. This milestone payment is based on agreed-upon formulas related to fairlife’s operating results, the resulting value of which is not subject to a ceiling. The fair value was determined using discounted cash flow analyses. 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. 6 The Company is obligated to return $4 million in cash collateral it has netted against its derivative position. 7 The Company has the right to reclaim $1,065 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: $54 million in the line item prepaid expenses and other current assets, $54 million in the line item other noncurrent assets, and $59 million in the line item other noncurrent liabilities December 31, 2023 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,727 $ 188 $ 6 $ 85 $ — $ 2,006 Debt securities 1 — 1,172 3 — — 1,175 Derivatives 2 — 275 — — (222) 6 53 8 Total assets $ 1,727 $ 1,635 $ 9 $ 85 $ (222) $ 3,234 Liabilities: Contingent consideration liability $ — $ — $ 3,017 5 $ — $ — $ 3,017 Derivatives 2 3 1,445 — — (1,256) 7 192 8 Total liabilities $ 3 $ 1,445 $ 3,017 $ — $ (1,256) $ 3,209 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There 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 6. 5 Represents the fair value of the remaining milestone payment related to our acquisition of fairlife in 2020, which is contingent on fairlife achieving certain financial targets through 2024 and, if achieved, is payable in 2025. This milestone payment is based on agreed-upon formulas related to fairlife’s operating results, the resulting value of which is not subject to a ceiling. The fair value was determined using a Monte Carlo valuation model. 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. The Company made a milestone payment of $275 million during 2023. 6 The Company was obligated to return $4 million in cash collateral it had netted against its derivative position. 7 The Company had the right to reclaim $1,039 million in 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: $53 million in the line item other noncurrent assets other noncurrent liabilities.

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	3 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information about our Company’s operations by operating segment and Corporate is as follows (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Three Months Ended June 28, 2024 Net operating revenues: Third party $ 2,184 $ 1,650 $ 4,808 $ 1,386 $ 768 $ 1,537 $ 30 $ — $ 12,363 Intersegment 155 — 4 126 — 2 — (287) — Total net operating revenues 2,339 1,650 4,812 1,512 768 1,539 30 (287) 12,363 Operating income (loss) 1,252 920 1,312 647 92 98 (1,689) — 2,632 Income (loss) before income taxes 1,267 887 1,324 648 94 548 (1,740) — 3,028 Identifiable operating assets 7,475 3,064 25,972 2,532 2 7,576 7,888 2 27,588 — 82,095 Investments 1 402 671 15 54 — 12,751 5,214 — 19,107 As of and for the Three Months Net operating revenues: Third party $ 2,043 $ 1,378 $ 4,365 $ 1,349 $ 765 $ 2,042 $ 30 $ — $ 11,972 Intersegment 145 — 2 218 — — — (365) — Total net operating revenues 2,188 1,378 4,367 1,567 765 2,042 30 (365) 11,972 Operating income (loss) 1,133 797 1,216 673 78 122 (1,618) — 2,401 Income (loss) before income taxes 1,147 802 1,227 675 78 577 (1,626) — 2,880 Identifiable operating assets 7,729 2,474 26,109 2,453 2, 3 7,622 9,281 2, 3 23,368 — 79,036 Investments 1 394 728 15 76 — 13,406 4,801 — 19,420 As of December 31, 2023 Identifiable operating assets $ 7,117 $ 3,149 $ 25,808 $ 2,428 2 $ 7,607 $ 9,871 2 $ 21,934 $ — $ 77,914 Investments 1 389 712 15 71 — 13,639 4,963 — 19,789 1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in India represented 14%, 10% and 12% of consolidated property, plant and equipment — net as of June 28, 2024, June 30, 2023 and December 31, 2023, respectively. 3 Property, plant and equipment — net in the Philippines represented 10% of consolidated property, plant and equipment — net as of June 30, 2023. As of December 31, 2023, the Company’s bottling operations in the Philippines met the criteria to be classified as held for sale. Refer to Note 2.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 13,708	$ 9,366	$ 12,564	$ 9,519
Restricted Cash and Cash Equivalents, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets, Prepaid expenses and other current assets	Other noncurrent assets, Prepaid expenses and other current assets	Other noncurrent assets, Prepaid expenses and other current assets	Other noncurrent assets, Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents	$ 205	$ 326	$ 288	$ 306
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 13,913	$ 9,692	$ 12,852	$ 9,825

ACQUISTIONS AND DIVESTITURES -

ACQUISTIONS AND DIVESTITURES - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Dec. 31, 2022	Jun. 28, 2024	Jun. 30, 2023
Acquisition and investment activities
Acquisitions of businesses, equity method investments and nonmarketable securities		$ 25	$ 43
Proceeds from disposals of businesses, equity method investments and nonmarketable securities		2,907	320
Vietnam Bottling Operations
Acquisition and investment activities
Proceeds from Divestiture of Businesses	$ 823
Gain (Loss) on Disposition of Business		(7)	439
Equity method investee in Indonesia
Acquisition and investment activities
Proceeds from Divestiture of Businesses and Interests in Affiliates			302
Equity Method Investment, Realized Gain (Loss) on Disposal			$ 12
Equity method investee in Thailand
Acquisition and investment activities
Proceeds from Divestiture of Businesses and Interests in Affiliates		728
Equity Method Investment, Realized Gain (Loss) on Disposal		516
Certain bottling operations in India
Acquisition and investment activities
Proceeds from Divestiture of Businesses		476
Gain (Loss) on Disposition of Business		290
Bangladesh Bottling Operations
Acquisition and investment activities
Proceeds from Divestiture of Businesses		27
Gain (Loss) on Disposition of Business		(18)
Receivable with Imputed Interest, Face Amount		29
Philippines Bottling Operations
Acquisition and investment activities
Proceeds from Divestiture of Businesses		1,656
Gain (Loss) on Disposition of Business		$ 599

ACQUISTIONS AND DIVESTITURES _2

ACQUISTIONS AND DIVESTITURES - Held for Sale Assets and Liabilties (Details) $ in Millions	Dec. 31, 2023 USD ($)
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Cash, cash equivalents and short-term investments	$ 37
Marketable securities	8
Trade accounts receivable, less allowances	95
Inventories	299
Prepaid expenses and other current assets	60
Equity method investments	4
Other noncurrent assets	51
Deferred income tax assets	28
Property, plant and equipment — net	1,267
Goodwill	231
Other intangible assets	14
Assets held for sale	2,094
Accounts payable and accrued expenses	464
Loans and notes payable	63
Accrued income taxes	24
Long-term debt	2
Other noncurrent liabilities	108
Deferred income tax liabilities	58
Liabilities held for sale	$ 719

NET OPERATING REVENUES (Details

NET OPERATING REVENUES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue [Table]
Net Operating Revenues	$ 12,363	$ 11,972	$ 23,663	$ 22,952
Concentrate Revenue
Disaggregation of Revenue [Table]
Net Operating Revenues	7,494	7,050	14,149	13,383
Finished product operations
Disaggregation of Revenue [Table]
Net Operating Revenues	4,869	4,922	9,514	9,569
UNITED STATES
Disaggregation of Revenue [Table]
Net Operating Revenues	4,740	4,302	8,858	8,151
UNITED STATES | Concentrate Revenue
Disaggregation of Revenue [Table]
Net Operating Revenues	2,278	2,347	4,403	4,336
UNITED STATES | Finished product operations
Disaggregation of Revenue [Table]
Net Operating Revenues	2,462	1,955	4,455	3,815
International [Member]
Disaggregation of Revenue [Table]
Net Operating Revenues	7,623	7,670	14,805	14,801
International [Member] | Concentrate Revenue
Disaggregation of Revenue [Table]
Net Operating Revenues	5,216	4,703	9,746	9,047
International [Member] | Finished product operations
Disaggregation of Revenue [Table]
Net Operating Revenues	$ 2,407	$ 2,967	$ 5,059	$ 5,754

INVESTMENTS - Carrying Value of

INVESTMENTS - Carrying Value of Equity Securities (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI	$ 2,134	$ 2,006
Equity Securities without Readily Determinable Fair Value, Amount	42	42
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Equity securities with readily determinable values	381	345
Equity Securities without Readily Determinable Fair Value, Amount	0	0
Other Investments
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Noncurrent	125	76
Equity Securities without Readily Determinable Fair Value, Amount	42	42
Other noncurrent assets
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Noncurrent	1,628	1,585
Equity Securities without Readily Determinable Fair Value, Amount	$ 0	$ 0

INVESTMENTS - Unrealized Gain (

INVESTMENTS - Unrealized Gain (Loss) Recognized Related to Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized during the period related to equity securities	$ 52	$ 130	$ 235	$ 255
Less: Net gains (losses) recognized during the period related to equity securities sold during the period	4	22	21	33
Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period	$ 48	$ 108	$ 214	$ 222

INVESTMENTS - Debt Securities (

INVESTMENTS - Debt Securities (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 28, 2024	Dec. 31, 2023
Cost
Trading securities	$ 44	$ 43
Available-for-sale securities	1,575	1,136
Total debt securities	1,619	1,179
Gains
Trading securities	1	0
Available-for-sale securities	22	26
Total debt securities	23	26
Losses
Trading securities	(1)	(2)
Available-for-sale securities	(58)	(28)
Total debt securities	(59)	(30)
Estimated Fair Value
Trading securities	44	41
Available-for-sale securities	1,539	1,134
Total debt securities	$ 1,583	$ 1,175

INVESTMENTS - Balance Sheet Cla

INVESTMENTS - Balance Sheet Classification (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	$ 1,583	$ 1,175
Trading Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	44	41
Available-for-Sale Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	1,539	1,134
Marketable securities | Trading Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	44	41
Marketable securities | Available-for-Sale Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	1,169	914
Other noncurrent assets | Trading Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	0	0
Other noncurrent assets | Available-for-Sale Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	$ 370	$ 220

INVESTMENTS - Contractual Matur

INVESTMENTS - Contractual Maturity of Available For Sale Debt Securities (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Cost
Within 1 year	$ 187
After 1 year through 5 years	1,156
After 5 years through 10 years	46
After 10 years	186
Total	1,575	$ 1,136
Estimated Fair Value
Within 1 year	187
After 1 year through 5 years	1,125
After 5 years through 10 years	56
After 10 years	171
Total	$ 1,539	$ 1,134

INVESTMENTS - Sale and_or Matur

INVESTMENTS - Sale and/or Maturity of Available-for-Sale Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Gross gains	$ 4	$ 2	$ 5	$ 2
Gross losses	(2)	(1)	(9)	(4)
Proceeds	$ 57	$ 40	$ 440	$ 108

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Solvency Funds of Insurance Captive	$ 1,877	$ 1,643

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Inventory balances
Raw materials and packaging	$ 2,801	$ 2,618
Finished goods	1,615	1,449
Other	347	357
Total inventories	$ 4,763	$ 4,424

HEDGING TRANSACTIONS AND DERI_3

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivative Instruments Designated and Qualified as Hedging Relationships (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Asset, Fair Value, Gross Asset	$ 291	$ 172
Derivative Liability, Fair Value, Gross Liability	1,314	1,272
Foreign currency contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Asset, Fair Value, Gross Asset	232	109
Foreign currency contracts | Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Asset, Fair Value, Gross Asset	38	13
Foreign currency contracts | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Liability, Fair Value, Gross Liability	20	111
Foreign currency contracts | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Liability, Fair Value, Gross Liability	46	40
Commodity Contract | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Liability, Fair Value, Gross Liability	2	3
Interest Rate Contract | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Asset, Fair Value, Gross Asset	7	0
Interest Rate Contract | Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Asset, Fair Value, Gross Asset	14	50
Interest Rate Contract | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Liability, Fair Value, Gross Liability	1	5
Interest Rate Contract | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Liability, Fair Value, Gross Liability	$ 1,245	$ 1,113

HEDGING TRANSACTIONS AND DERI_4

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Fair Values of Derivative Instruments Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Asset, Fair Value, Gross Asset	$ 134	$ 103
Derivative Liability, Fair Value, Gross Liability	122	176
Foreign currency contracts | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Asset, Fair Value, Gross Asset	125	91
Foreign currency contracts | Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Asset, Fair Value, Gross Asset	1	3
Foreign currency contracts | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Liability, Fair Value, Gross Liability	43	106
Foreign currency contracts | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Liability, Fair Value, Gross Liability	12	3
Commodity Contract | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Asset, Fair Value, Gross Asset	6	5
Commodity Contract | Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Asset, Fair Value, Gross Asset	1	0
Commodity Contract | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Liability, Fair Value, Gross Liability	63	62
Commodity Contract | Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Liability, Fair Value, Gross Liability	4	1
Other derivative instruments | Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Asset, Fair Value, Gross Asset	1	4
Other derivative instruments | Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative Liability, Fair Value, Gross Liability	$ 0	$ 4

HEDGING TRANSACTIONS AND DERI_5

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges Included in OCI, AOCI and Earnings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	$ 156	$ (31)	$ 183	$ (107)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	4	(4)	(40)	(3)
Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	158	4	204	(43)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	4	(4)	(40)	(3)
Net operating revenues
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(1)		(18)
Net operating revenues | Foreign currency contracts | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	160	(22)	208	(58)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(1)	(7)	(18)	(6)
Cost of goods sold
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	4		6
Cost of goods sold | Foreign currency contracts | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	9	13	20	17
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	6	4	9	8
Cost of goods sold | Commodity Contract | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	(3)	(9)	(2)	(11)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(2)	(3)	(3)	(6)
Interest expense
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(1)		(2)
Interest expense | Foreign currency contracts | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	0	0	0	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(1)	(1)	(2)	(2)
Interest expense | Interest Rate Contract | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	1		2
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	0		0
Other Income (loss) - net | Foreign currency contracts | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	(9)	22	(24)	9
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	$ 2	$ 3	$ (26)	$ 3

HEDGING TRANSACTIONS AND DERI_6

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Amounts Related to Derivatives Designated as Fair Value Hedges (Details) - Fair Value Hedging - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ 1	$ 29	$ 3	$ 15
Short-term Debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	0		0		$ 552
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	0		0		1
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	0		0		0
Long-term Debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	11,767		11,767		12,186
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	(1,258)		(1,258)		(1,135)
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	146		146		$ 162
Interest Rate Contract
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (19)	$ (102)	$ (164)	$ 106
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense	Interest expense	Interest expense	Interest expense
Fixed-rate debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ 20	$ 131	$ 167	$ (91)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense	Interest expense	Interest expense	Interest expense

HEDGING TRANSACTIONS AND DERI_7

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Amounts Related to Derivatives Designated as Net Investment Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (losses) on net investment hedges arising during the period	$ 107	$ (81)	$ 381	$ (235)
Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	12,969		12,969		$ 12,587
Gains (losses) on net investment hedges arising during the period	107	(81)	381	(235)
Foreign currency contracts | Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	360		360		150
Gains (losses) on net investment hedges arising during the period	22	(1)	24	(1)
Foreign currency denominated debt | Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	12,609		12,609		$ 12,437
Gains (losses) on net investment hedges arising during the period	$ 85	$ (80)	$ 357	$ (234)

HEDGING TRANSACTIONS AND DERI_8

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Derivatives Not Designated as Hedging Instruments Impact on Earnings (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (103)	$ (59)	$ (3)	$ (92)
Foreign currency contracts | Net operating revenues
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	58	(10)	119	(17)
Foreign currency contracts | Cost of goods sold
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(22)	23	(8)	51
Foreign currency contracts | Other Income (loss) - net
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(96)	11	(58)	0
Commodity Contract
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (49)	$ (84)	$ (68)	$ (130)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of goods sold	Cost of goods sold	Cost of goods sold	Cost of goods sold
Other derivative instruments
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ 6	$ 1	$ 12	$ 4
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses

HEDGING TRANSACTIONS AND DERI_9

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 28, 2024	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Derivatives Designated and Not Designated as Hedges
Maximum Length of Time Hedged in Cash Flow Hedge		3 years
Anticipated gains (losses) cash flows hedges, estimated reclassification to earnings during next twelve months		$ 132
Reclassification adjustments recognized in net income	$ 0	(103)	$ (101)
Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	12,969	12,969		$ 12,587
Reclassification adjustments recognized in net income		3
Foreign currency contracts | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	9,199	9,199		9,408
Foreign currency contracts | Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	360	360		150
Cross Currency Swap | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	557	557		958
Commodity Contract | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	28	28		54
Interest Rate Contract | Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	1,250	1,250		750
Interest Rate Swap | Fair Value Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	12,898	12,898		13,693
Not Designated as Hedging Instrument [Member] | Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	7,570	7,570		6,989
Not Designated as Hedging Instrument [Member] | Commodity Contract
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	$ 303	$ 303		$ 325

SUPPLY CHAIN FINANCE PROGRAM (D

SUPPLY CHAIN FINANCE PROGRAM (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Text Block [Abstract]
Supplier Finance Program, Obligation	$ 1,352	$ 1,421
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued expenses	Accounts payable and accrued expenses

DEBT AND BORROWING ARRANGEMEN_2

DEBT AND BORROWING ARRANGEMENTS (Details) € in Millions, $ in Millions	Jun. 28, 2024 USD ($)	Jun. 28, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Long-term debt
Commercial Paper	$ 3,502		$ 4,209
Fixed interest rate debt with maturity dates ranging from 2032 to 2064
Long-term debt
Debt Instrument, Face Amount	3,000	€ 1,000
Long-term debt, including the current portion, carrying amount	$ 4,017
Fixed interest rate debt with maturity dates ranging from 2032 to 2064 | Minimum [Member]
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.125%	3.125%
Fixed interest rate debt with maturity dates ranging from 2032 to 2064 | Maximum [Member]
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	5.40%	5.40%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Mar. 30, 2018	Jun. 28, 2024	Dec. 31, 2023	Dec. 31, 2020	Dec. 31, 2015
Guarantees
Guarantees of indebtedness owed by third parties	$ 811		$ 811
IRS Claim
Recorded Estimate of Tax Liability	456		456		$ 438
IRS Claim Potential Impact				$ 16,000
Incremental tax and interest liability	$ 500		$ 1,000
Increase in Effective Tax Rate	3.50%		3.50%
Potential Aggregate Tax Liability- Brazil	$ 6,000		$ 6,000
Risk Management Programs
Self Insurance Reserve	175		175	$ 197
Variable Interest Entity, Not Primary Beneficiary
Guarantees
Guarantees of indebtedness owed by third parties	$ 84		$ 84
Tax Years 2007-2009 [Member]
IRS Claim
IRS Claim						$ 3,300
IRS Notice Income Reallocation						$ 9,000
Transfer Pricing Adjustment		$ 385
IRS Amended Claim		135
IRS Amended Claim Related to Mexico Licensee		$ 138

OTHER COMPREHENSIVE INCOME - AO

OTHER COMPREHENSIVE INCOME - AOCI Attributable to Shareholders (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
AOCI Attributable to the Shareowners of The Coca Cola Company
Accumulated other comprehensive income (loss)	$ (15,458)	$ (14,275)
Shareowners of The Coca-Cola Company
AOCI Attributable to the Shareowners of The Coca Cola Company
Net foreign currency translation adjustments	(14,077)	(12,726)
Accumulated net gains (losses) on derivatives	13	(154)
Unrealized net gains (losses) on available-for-sale debt securities	(23)	(1)
Adjustments to pension and other benefits liabilities	(1,371)	(1,394)
Accumulated other comprehensive income (loss)	$ (15,458)	$ (14,275)

OTHER COMPREHENSIVE INCOME - To

OTHER COMPREHENSIVE INCOME - Total Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Other comprehensive income:
Net Income Attributable to Shareowners of The Coca-Cola Company	$ 2,411	$ 2,547	$ 5,588	$ 5,654
Net foreign currency translation adjustments	(1,072)	327	(1,351)	951
Net gains (losses) on derivatives	118	(25)	167	(95)
Net change in unrealized gains (losses) on available-for-sale debt securities	(27)	1	(22)	9
Net change in pension and other postretirement benefit liabilities	27	2	23	13
Total Comprehensive Income Attributable to Shareowners of The Coca-Cola Company	1,457	2,852	4,405	6,532
Net Income (Loss) Attributable to Noncontrolling Interest	(10)	(26)	(2)	(20)
Net foreign currency translation adjustments attributable to noncontrolling interests			34
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	48	(101)	32	(170)
Consolidated net income	2,401	2,521	5,586	5,634
Net foreign currency translation adjustments	(1,014)	252	(1,317)	801
Net gains (losses) on derivatives	118	(25)	167	(95)
Net change in unrealized gains (losses) on available-for-sale debt securities	(27)	1	(22)	9
Net change in pension and other postretirement benefit liabilities	27	2	23	13
Total Comprehensive Income	$ 1,505	$ 2,751	$ 4,437	$ 6,362

OTHER COMPREHENSIVE INCOME - OC

OTHER COMPREHENSIVE INCOME - OCI Attributable to Shareholders (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Foreign currency translation adjustments:
Translation adjustment arising during the period	$ (1,109)	$ 300	$ (1,143)	$ 737
Reclassification adjustments recognized in net income	0		103	101
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	(170)	151	(688)	443
Gains (losses) on net investment hedges arising during the period	107	(81)	381	(235)
Net foreign currency translation adjustments	(1,172)	370	(1,347)	1,046
Derivatives:
Gains (Losses) arising during the period	156	(31)	183	(107)
Reclassification adjustments recognized in net income	(4)	4	40	3
Net gains (losses) on derivatives	152	(27)	223	(104)
Available-for-sale securities:
Unrealized gains (losses) arising during the period	(38)	4	(38)	13
Reclassification adjustments recognized in net income	(2)	(1)	4	2
Net change in unrealized gains (losses) on available-for-sale debt securities	(40)	3	(34)	15
Pension and other benefit liabilities:
Net pension and other postretirement benefits arising during the period	4	(11)	(9)	(16)
Reclassification adjustments recognized in net income	23	22	45	44
Net change in pension and other postretirement benefit liabilities	27	11	36	28
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company	(1,033)	357	(1,122)	985
Foreign currency translation adjustments:
Translation adjustment arising during the period	127	(63)	92	(154)
Reclassification adjustments recognized in net income	0		0	0
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	0	0	0	0
Gains (losses) on net investment hedges arising during the period	(27)	20	(96)	59
Net foreign currency translation adjustments	100	(43)	(4)	(95)
Derivatives:
Gains (losses) arising during the period	(35)	3	(46)	10
Reclassification adjustments recognized in net income	1	(1)	(10)	(1)
Net gains (losses) on derivatives	(34)	2	(56)	9
Available-for-sales securities:
Unrealized gains (losses) arising during the period	13	(3)	13	(6)
Reclassification adjustments recognized in net income	0	1	(1)	0
Net change in unrealized gains (losses) on available-for-sale debt securities	13	(2)	12	(6)
Pension and other benefit liabilities:
Net pension and other postretirement benefits arising during the period	6	(4)	(2)	(6)
Reclassification adjustments recognized in net income	(6)	(5)	(11)	(9)
Net change in pension and other postretirement benefit liabilities	0	(9)	(13)	(15)
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company	79	(52)	(61)	(107)
Foreign currency translation adjustments:
Translation adjustment arising during the period	(982)	237	(1,051)	583
Reclassification adjustments recognized in net income	0		103	101
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	(170)	151	(688)	443
Gains (losses) on net investments hedges arising during the period	80	(61)	285	(176)
Net foreign currency translation adjustments	(1,072)	327	(1,351)	951
Derivatives:
Gains (losses) arising during the period	121	(28)	137	(97)
Reclassification adjustments recognized in net income	(3)	3	30	2
Net gains (losses) on derivatives	118	(25)	167	(95)
Available-for-sale securities:
Unrealized gains (losses) arising during the period	(25)	1	(25)	7
Reclassification adjustments recognized in net income	(2)	0	3	2
Net change in unrealized gains (losses) on available-for-sale debt securities	(27)	1	(22)	9
Pension and other benefit liabilities:
Net pension and other postretirement benefits arising during the period	10	(15)	(11)	(22)
Reclassification adjustments recognized in net income	17	17	34	35
Net change in pension and other postretirement benefit liabilities	27	2	23	13
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company	$ (954)	$ 305	$ (1,183)	$ 878

OTHER COMPREHENSIVE INCOME - Ad

OTHER COMPREHENSIVE INCOME - Adjustment Reclassified to Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	$ 0		$ 103	$ 101
Reclassification adjustments recognized in net income, tax	0		0	0
Reclassification adjustments recognized in net income	0		103	101
Reclassification adjustments recognized in net income, before tax	(4)	$ 4	40	3
Reclassification adjustments recognized in net income, tax	1	(1)	(10)	(1)
Reclassification adjustments recognized in net income	(3)	3	30	2
Reclassification adjustments recognized in net income, before tax	(2)	(1)	4	2
Reclassification adjustments recognized in net income, tax	0	1	(1)	0
Reclassification adjustments recognized in net income	(2)	0	3	2
Reclassification adjustments recognized in net income, before tax	23	22	45	44
Reclassification adjustments recognized in net income, tax	(6)	(5)	(11)	(9)
Reclassification adjustments recognized in net income	17	$ 17	34	$ 35
Net operating revenues
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	1		18
Cost of goods sold
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	(4)		(6)
Interest expense
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	1		2
Other income (loss) — net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	0		103
Reclassification adjustments recognized in net income, before tax	(2)		26
Reclassification adjustments recognized in net income, before tax	(2)		4
Recognized net actuarial loss	24		49
Recognized prior service cost (credit)	0		(1)
Other Income (loss) - net | Divestitures, deconsolidations and other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	$ (1)		$ (3)

CHANGES IN EQUITY (Details)

CHANGES IN EQUITY (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Mar. 29, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Changes in Equity
Treasury Stock, Shares, Acquired	(3,000)	(4,000)	(13,000)	(16,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 27,946	$ 26,868	$ 27,480	$ 25,826
Stockholders' Equity Attributable to Parent	25,853		25,853			$ 25,941
Equity attributable to noncontrolling interests	1,558		1,558			1,539
Comprehensive income (loss)	1,505	2,751	4,437	6,362
Net Income (Loss) Attributable to Parent	2,411	2,547	5,588	5,654
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(954)	305	(1,183)	878
Less: Comprehensive income (loss) attributable to noncontrolling interests	$ 48	$ (101)	$ 32	$ (170)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.485	$ 0.46	$ 0.97	$ 0.92
Dividends paid/payable to shareowners of The Coca-Cola Company	$ (2,090)	$ (1,989)	$ (4,181)	$ (3,978)
Dividends Paid to Noncontrolling Interests	(7)	(9)	(9)	(13)
Divestitures, deconsolidations and other			(4)
Acquisition of interests held by noncontrolling interests		(22)		(22)
Purchases of treasury stock	(156)	(230)	(777)	(979)
Impact related to stock compensation plans	213	183	465	356
Other Activities				0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	27,411	27,552	27,411	27,552
Reinvested Earnings
Changes in Equity
Stockholders' Equity Attributable to Parent	75,189	72,695	75,189	72,695	$ 74,868	73,782	$ 72,137	$ 71,019
Net Income (Loss) Attributable to Parent	2,411	2,547	5,588	5,654
Dividends paid/payable to shareowners of The Coca-Cola Company	(2,090)	(1,989)	(4,181)	(3,978)
AOCI Attributable to Parent
Changes in Equity
Stockholders' Equity Attributable to Parent	(15,458)	(14,017)	(15,458)	(14,017)	$ (14,504)	$ (14,275)	$ (14,322)	$ (14,895)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (954)	$ 305	$ (1,183)	$ 878
Common Stock
Changes in Equity
Common Stock, Shares, Outstanding	4,309,000	4,324,000	4,309,000	4,324,000	4,308,000	4,308,000	4,325,000	4,328,000
Impact related to stock compensation plans, shares	4,000	3,000	14,000	12,000
Stockholders' Equity Attributable to Parent	$ 1,760	$ 1,760	$ 1,760	$ 1,760	$ 1,760	$ 1,760	$ 1,760	$ 1,760
Capital Surplus
Changes in Equity
Stockholders' Equity Attributable to Parent	19,468	18,993	19,468	18,993	19,321	19,209	18,889	18,822
Acquisition of interests held by noncontrolling interests		(20)		(20)
Impact related to stock compensation plans	147	124	259	194
Other Activities				(3)
Treasury Stock, Common
Changes in Equity
Stockholders' Equity Attributable to Parent	(55,106)	(53,418)	(55,106)	(53,418)	(55,016)	(54,535)	(53,247)	(52,601)
Purchases of treasury stock	(156)	(230)	(777)	(979)
Impact related to stock compensation plans	66	59	206	162
Noncontrolling Interests
Changes in Equity
Equity attributable to noncontrolling interests	1,558	1,539	1,558	1,539	$ 1,517	$ 1,539	$ 1,651	$ 1,721
Less: Comprehensive income (loss) attributable to noncontrolling interests	48	(101)	32	(170)
Dividends Paid to Noncontrolling Interests	$ (7)	(9)	(9)	(13)
Divestitures, deconsolidations and other			$ (4)
Acquisition of interests held by noncontrolling interests		$ (2)		(2)
Other Activities				$ 3

SIGNIFICANT OPERATING AND NON_2

SIGNIFICANT OPERATING AND NONOPERATING ITEMS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Other Operating Charges
Other operating charges	$ 1,370	$ 1,338	$ 2,943	$ 1,449
Tax litigation expense	(2)	6	(1)	6
Other Nonoperating Items
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	24	2	49	84
Debt and Equity Securities, Gain (Loss)			228
Equity Method Investment, Other than Temporary Impairment	34		34
BodyArmor
Other Operating Charges
Gain (loss) related to BodyArmor transaction	(3)	(3)	(7)	(7)
Corporate
Other Operating Charges
Tax litigation expense		6		6
Other Nonoperating Items
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees			2
Debt and Equity Securities, Gain (Loss)	50	127	228	240
Corporate | BodyArmor
Other Operating Charges
Gain (loss) related to BodyArmor transaction	(3)	(3)	(7)	(7)
Latin America
Other Nonoperating Items
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	3		3
Equity Method Investment, Other than Temporary Impairment	34		34
Asia Pacific
Other Operating Charges
Business Exit Costs		35		35
Other Nonoperating Items
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees				140
Productivity and Reinvestment
Other Operating Charges
Productivity, integration and restructuring initiatives	32	24	68	51
Productivity and Reinvestment | Corporate
Other Operating Charges
Productivity, integration and restructuring initiatives	32	25	68	52
North America OU Restructuring
Other Operating Charges
Productivity, integration and restructuring initiatives		8		26
fairlife
Other Operating Charges
Contingent Consideration Liability	1,337	1,262	2,102	1,324
fairlife | Corporate
Other Operating Charges
Contingent Consideration Liability	$ 1,337	$ 1,262	2,102	1,324
Vietnam Bottling Operations
Other Nonoperating Items
Gain (Loss) on Disposition of Business			(7)	439
Vietnam Bottling Operations | Corporate
Other Nonoperating Items
Gain (Loss) on Disposition of Business			(7)	$ 439
Certain bottling operations in India
Other Operating Charges
Other operating charges			7
Other Nonoperating Items
Gain (Loss) on Disposition of Business			290
Certain bottling operations in India | Corporate
Other Operating Charges
Other operating charges			7
Other Nonoperating Items
Gain (Loss) on Disposition of Business			290
BodyArmor
Other Operating Charges
Impairment of Intangible Assets (Excluding Goodwill)			760
Equity method investee in Thailand
Other Nonoperating Items
Equity Method Investment, Realized Gain (Loss) on Disposal			516
Equity method investee in Thailand | Corporate
Other Nonoperating Items
Equity Method Investment, Realized Gain (Loss) on Disposal			516
Philippines Bottling Operations
Other Nonoperating Items
Gain (Loss) on Disposition of Business			599
Philippines Bottling Operations | Corporate
Other Nonoperating Items
Gain (Loss) on Disposition of Business			$ 599

RESTRUCTURING (Details)

RESTRUCTURING (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023
Productivity and Reinvestment
Productivity, Integration and Restructuring Initiatives Disclosures
Cost incurred	$ 32	$ 24	$ 68	$ 51
Restructuring and related costs incurred to date	$ 4,361		$ 4,361
North America OU Restructuring
Productivity, Integration and Restructuring Initiatives Disclosures
Cost incurred		$ 8		$ 26
Restructuring and related costs incurred to date					$ 65

PENSION AND OTHER POSTRETIREM_3

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Net periodic pension and other Postretirement benefit cost
Contributions to pension plan			$ 16	$ 23
Increase (Decrease) for Assets Transferred to (from) Plan			(44)
Expected Future Employer Contributions, Remainder of Fiscal Year	$ 19		19
Pension Benefits
Net periodic pension and other Postretirement benefit cost
Service cost	26	$ 23	53	47
Interest cost	77	81	154	162
Expected return on plan assets	(117)	(119)	(235)	(238)
Amortization of prior service cost (credit)	1	1	1	1
Amortization of net actuarial loss	25	24	51	48
Total cost (income) recognized in condensed consolidated statements of income	$ 12	10	$ 24	20
Weighted-Average Expected Long-term Rate of Return on Plan Assets	7%		7%
Other Benefits
Net periodic pension and other Postretirement benefit cost
Service cost	$ 1	1	$ 2	2
Interest cost	5	7	9	14
Expected return on plan assets	(2)	(3)	(4)	(7)
Amortization of prior service cost (credit)	(1)	(1)	(2)	(2)
Amortization of net actuarial loss	(1)	(2)	(2)	(3)
Total cost (income) recognized in condensed consolidated statements of income	$ 2	$ 2	$ 3	$ 4
Weighted-Average Expected Long-term Rate of Return on Plan Assets	4.50%		4.50%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Tax Contingency [Line Items]
Income taxes	$ 627	$ 359	$ 1,314	$ 1,299
Effective tax rate (as a percent)	20.70%	12.50%	19%	18.70%
U.S. statutory rate (as a percent)	21%	21%	21%	21%
Other Tax Expense (Benefit)	$ 119	$ (120)	$ 60	$ (125)

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Jun. 28, 2024
Assets and liabilities measured at fair value on a recurring basis
Equity securities with readily determinable values	$ 2,006	$ 2,134
Total debt securities	1,175	1,583
Derivative Asset, Fair Value	53	108
Total assets	3,234	3,825
Contingent Consideration Liability	3,017	5,119
Derivative Liability, Fair Value	192	59
Total liabilities	3,209	5,178
Derivative Asset, Collateral, Obligation to Return Cash	4	4
Derivative Liability, Collateral, Right to Reclaim Cash	$ 1,039	$ 1,065
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
fairlife
Assets and liabilities measured at fair value on a recurring basis
Payments for (Proceeds from) Previous Acquisition	$ 275
Netting Adjustment
Assets and liabilities measured at fair value on a recurring basis
Equity securities with readily determinable values	0	$ 0
Total debt securities	0	0
Derivative Asset, Liability Offset	(222)	(317)
Contingent Consideration Liability	0	0
Derivative Liability, Asset Offset	(1,256)	(1,377)
Level 1
Assets and liabilities measured at fair value on a recurring basis
Equity securities with readily determinable values	1,727	1,890
Total debt securities	0	0
Derivative Asset, Fair Value, Gross Asset	0	0
Total assets	1,727	1,890
Contingent Consideration Liability	0	0
Derivative Liability, Fair Value, Gross Liability	3	2
Total liabilities	3	2
Level 2
Assets and liabilities measured at fair value on a recurring basis
Equity securities with readily determinable values	188	150
Total debt securities	1,172	1,583
Derivative Asset, Fair Value, Gross Asset	275	425
Total assets	1,635	2,158
Contingent Consideration Liability	0	0
Derivative Liability, Fair Value, Gross Liability	1,445	1,434
Total liabilities	1,445	1,434
Level 3
Assets and liabilities measured at fair value on a recurring basis
Equity securities with readily determinable values	6	6
Total debt securities	3	0
Derivative Asset, Fair Value, Gross Asset	0	0
Total assets	9	6
Contingent Consideration Liability	3,017	5,119
Derivative Liability, Fair Value, Gross Liability	0	0
Total liabilities	3,017	5,119
Fair Value Measured at Net Asset Value Per Share
Assets and liabilities measured at fair value on a recurring basis
Equity securities with readily determinable values	85	88
Total debt securities	0	0
Derivative Asset, Fair Value, Gross Asset	0	0
Total assets	85	88
Contingent Consideration Liability	0	0
Derivative Liability, Fair Value, Gross Liability	0	0
Total liabilities	$ 0	0
Prepaid Expenses and Other Current Assets
Assets and liabilities measured at fair value on a recurring basis
Derivative Asset, Fair Value		54
Other noncurrent assets
Assets and liabilities measured at fair value on a recurring basis
Derivative Asset, Fair Value		$ 54

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Impairment Charges		$ 25		$ 25
Trademarks with indefinite lives	$ 13,510		$ 13,510		$ 14,349
Long-term debt, including current portion, carrying value	40,024		40,024		37,507
Long-term debt, including the current portion, fair value	35,137		35,137		$ 33,445
Equity Method Investment, Other than Temporary Impairment	34		34
BodyArmor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trademarks with indefinite lives	$ 3,400		3,400
Impairment of Intangible Assets (Excluding Goodwill)			$ 760

OPERATING SEGMENTS - Informatio

OPERATING SEGMENTS - Information about Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023
Net operating revenues:
Third Party	$ 12,363	$ 11,972	$ 23,663	$ 22,952
Intersegment	0	0	0	0
Net Operating Revenues	12,363	11,972	23,663	22,952
Operating Income (Loss)	2,632	2,401	4,773	5,768
Income (loss) before income taxes	3,028	2,880	6,900	6,933
Identifiable operating assets	82,095	79,036	82,095	79,036	$ 77,914
Noncurrent investments	$ 19,107	$ 19,420	$ 19,107	$ 19,420	$ 19,789
INDIA
Net operating revenues:
Property, Plant and Equipment, Net Percentage	14%	10%	14%	10%	12%
PHILIPPINES
Net operating revenues:
Property, Plant and Equipment, Net Percentage		10%		10%
Europe, Middle East & Africa
Net operating revenues:
Third Party	$ 2,184	$ 2,043	$ 3,960	$ 3,874
Intersegment	155	145	352	338
Net Operating Revenues	2,339	2,188	4,312	4,212
Operating Income (Loss)	1,252	1,133	2,332	2,268
Income (loss) before income taxes	1,267	1,147	2,356	2,289
Identifiable operating assets	7,475	7,729	7,475	7,729	$ 7,117
Noncurrent investments	402	394	402	394	389
Latin America
Net operating revenues:
Third Party	1,650	1,378	3,177	2,764
Intersegment	0	0	0	0
Net Operating Revenues	1,650	1,378	3,177	2,764
Operating Income (Loss)	920	797	1,862	1,650
Income (loss) before income taxes	887	802	1,834	1,657
Identifiable operating assets	3,064	2,474	3,064	2,474	3,149
Noncurrent investments	671	728	671	728	712
North America
Net operating revenues:
Third Party	4,808	4,365	8,980	8,267
Intersegment	4	2	6	4
Net Operating Revenues	4,812	4,367	8,986	8,271
Operating Income (Loss)	1,312	1,216	1,757	2,249
Income (loss) before income taxes	1,324	1,227	1,779	2,268
Identifiable operating assets	25,972	26,109	25,972	26,109	25,808
Noncurrent investments	15	15	15	15	15
Asia Pacific
Net operating revenues:
Third Party	1,386	1,349	2,639	2,534
Intersegment	126	218	342	404
Net Operating Revenues	1,512	1,567	2,981	2,938
Operating Income (Loss)	647	673	1,301	1,236
Income (loss) before income taxes	648	675	1,306	1,098
Identifiable operating assets	2,532	2,453	2,532	2,453	2,428
Noncurrent investments	54	76	54	76	71
Global Ventures
Net operating revenues:
Third Party	768	765	1,498	1,472
Intersegment	0	0	0	0
Net Operating Revenues	768	765	1,498	1,472
Operating Income (Loss)	92	78	147	129
Income (loss) before income taxes	94	78	150	135
Identifiable operating assets	7,576	7,622	7,576	7,622	7,607
Noncurrent investments	0	0	0	0	0
Bottling investments
Net operating revenues:
Third Party	1,537	2,042	3,352	3,986
Intersegment	2	0	4	2
Net Operating Revenues	1,539	2,042	3,356	3,988
Operating Income (Loss)	98	122	254	261
Income (loss) before income taxes	548	577	972	1,081
Identifiable operating assets	7,888	9,281	7,888	9,281	9,871
Noncurrent investments	12,751	13,406	12,751	13,406	13,639
Corporate
Net operating revenues:
Third Party	30	30	57	55
Intersegment	0	0	0	0
Net Operating Revenues	30	30	57	55
Operating Income (Loss)	(1,689)	(1,618)	(2,880)	(2,025)
Income (loss) before income taxes	(1,740)	(1,626)	(1,497)	(1,595)
Identifiable operating assets	27,588	23,368	27,588	23,368	21,934
Noncurrent investments	5,214	4,801	5,214	4,801	4,963
Eliminations
Net operating revenues:
Third Party	0	0	0	0
Intersegment	(287)	(365)	(704)	(748)
Net Operating Revenues	(287)	(365)	(704)	(748)
Operating Income (Loss)	0	0	0	0
Income (loss) before income taxes	0	0	0	0
Identifiable operating assets	0	0	0	0	0
Noncurrent investments	$ 0	$ 0	$ 0	$ 0	$ 0

OPERATING SEGMENTS - Narrative

OPERATING SEGMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Other operating charges	$ 1,370	$ 1,338	$ 2,943	$ 1,449
Debt and Equity Securities, Gain (Loss)			228
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	24	2	49	84
Equity Method Investment, Other than Temporary Impairment	34		34
Tax litigation expense	(2)	6	(1)	6
Productivity and Reinvestment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives	32	24	68	51
North America OU Restructuring
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		8		26
fairlife
Segment Reporting Information [Line Items]
Contingent Consideration Liability	1,337	1,262	2,102	1,324
BodyArmor
Segment Reporting Information [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)			760
Certain bottling operations in India
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Business			290
Other operating charges			7
Philippines Bottling Operations
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Business			599
Equity method investee in Thailand
Segment Reporting Information [Line Items]
Equity Method Investment, Realized Gain (Loss) on Disposal			516
Vietnam Bottling Operations
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Business			(7)	439
BodyArmor
Segment Reporting Information [Line Items]
Gain (loss) related to BodyArmor transaction	(3)	(3)	(7)	(7)
North America
Segment Reporting Information [Line Items]
Business Exit Costs	7	5	10	11
North America | Productivity and Reinvestment
Segment Reporting Information [Line Items]
Refinement of previously established accruals		(1)		(1)
North America | North America OU Restructuring
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		8		26
North America | BodyArmor
Segment Reporting Information [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)			760
Asia Pacific
Segment Reporting Information [Line Items]
Business Exit Costs		35		35
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees				140
Bottling investments
Segment Reporting Information [Line Items]
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	21	2	44	(56)
Corporate
Segment Reporting Information [Line Items]
Debt and Equity Securities, Gain (Loss)	50	127	228	240
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees			2
Tax litigation expense		6		6
Corporate | Productivity and Reinvestment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives	32	25	68	52
Corporate | fairlife
Segment Reporting Information [Line Items]
Contingent Consideration Liability	1,337	1,262	2,102	1,324
Corporate | Certain bottling operations in India
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Business			290
Other operating charges			7
Corporate | Philippines Bottling Operations
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Business			599
Corporate | Equity method investee in Thailand
Segment Reporting Information [Line Items]
Equity Method Investment, Realized Gain (Loss) on Disposal			516
Corporate | Vietnam Bottling Operations
Segment Reporting Information [Line Items]
Gain (Loss) on Disposition of Business			(7)	439
Corporate | BodyArmor
Segment Reporting Information [Line Items]
Gain (loss) related to BodyArmor transaction	(3)	$ (3)	(7)	$ (7)
Latin America
Segment Reporting Information [Line Items]
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	3		3
Equity Method Investment, Other than Temporary Impairment	$ 34		$ 34