Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Cover [Abstract] | |
Document Type | DEF 14A |
Entity Registrant Name | COCA COLA CO |
Entity Central Index Key | 0000021344 |
Amendment Flag | false |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | This disclosure has been prepared in accordance with the SEC’s pay versus performance rules in Item 402(v) of Regulation S-K under the 1934 Act (“Item 402(v)”) and does not necessarily reflect value actually realized by the Named Executive Officers or how the Talent and Compensation Committee evaluates compensation decisions in light of Company or individual performance. For discussion of how the Talent and Compensation Committee seeks to align pay with performance when making compensation decisions, please review the Compensation Discussion and Analysis beginning on page 53 The following tables and related disclosures provide information about (i) the total compensation (“SCT Total”) of our principal executive officer (“PEO”) and our non-PEO Named Executive Officers (collectively, the “Other NEOs”) as presented in the Summary Compensation Table on page 70 Summary Compensation Average Average Net Comparable Year Total Peer Group Total Organic 2022 $22,822,519 $54,495,284 $7,731,933 $16,456,021 $126 $132 $9,571 16.0% 19.5% 2021 24,883,878 60,511,538 8,668,505 15,571,959 114 123 9,804 15.5% 12.0% 2020 18,383,474 2,270,190 6,153,532 2,584,955 102 108 7,768 -9.0% 0.0% | ||
Company Selected Measure Name | Organic revenue growth | ||
Named Executive Officers, Footnote [Text Block] | Names of PEO and Other NEOs (Column (b); Column (c); Column (d); Column (e)) 2022: James Quincey 2021: James Quincey 2020: James Quincey | ||
Peer Group Issuers, Footnote [Text Block] | Peer Group Total Shareholder Return (Column (g)) The peer group used in this disclosure is the Dow Jones Food & Beverage Total Return Index, which is the same peer group used in Part II, Item 5 of our Form 10-K. | ||
PEO Total Compensation Amount | $ 22,822,519 | $ 24,883,878 | $ 18,383,474 |
PEO Actually Paid Compensation Amount | $ 54,495,284 | 60,511,538 | 2,270,190 |
Adjustment To PEO Compensation, Footnote [Text Block] | Adjustments to Calculate Compensation Actually Paid to PEO (Column (c)) and Average Compensation Actually Paid to Other NEOs (Column (e)) The table below describes the adjustments, each of which is required by SEC rules, to calculate CAP Amounts from the SCT Total of our PEO (Column (b)) and our Other NEOs (Column (d)). The SCT Total and CAP Amounts do not reflect the actual amount of compensation earned by or paid to our executives during the applicable years, but rather are amounts determined in accordance with Item 402(v). 2022 2021 2020 Adjustments PEO Other NEOs* PEO Other NEOs* PEO Other NEOs* SCT Total $22,822,519 $7,731,933 $24,883,878 $8,668,505 $18,383,474 $6,153,532 Adjustments for defined benefit pension plans (Deduct): Aggregate change in actuarial present value included in SCT Total for the covered fiscal year (490,035) (405,368) (293,215) (170,695) (759,678) (415,224) Add: Service cost for the covered fiscal year 221,266 101,864 214,384 186,283 157,615 200,307 Add: Prior service cost for the covered fiscal year 0 0 0 0 0 0 Adjustments for stock awards and option awards** (Deduct): Aggregate value for stock awards and option awards included in SCT Total for the covered fiscal year (14,133,339) (4,064,153) (16,472,735) (3,982,125) (14,591,093) (4,358,086) Add: Fair value at year end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year end 24,679,920 7,158,191 39,672,363 8,896,040 7,155,518 2,761,885 Add (Deduct): Year-over-year change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end 19,902,921 5,525,189 15,006,128 3,307,124 (10,157,329) (2,119,809) Add: Vesting date fair value of awards granted and vested during the covered fiscal year 0 0 0 0 0 0 Add (Deduct): Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year 1,492,032 408,365 (2,499,265) (494,044) 2,081,683 362,350 (Deduct): Fair value at end of prior fiscal year of awards granted in any prior fiscal year that failed to meet the applicable vesting conditions during the covered fiscal year 0 0 0 (839,129) 0 0 Add: Dividends or other earnings paid on awards in the covered fiscal year prior to vesting if not otherwise included in the SCT Total for the covered fiscal year 0 0 0 0 0 0 CAP Amounts (as calculated) $54,495,284 $16,456,021 $60,511,538 $15,571,959 $2,270,190 $2,584,955 * Amounts presented are averages for the entire group of Other NEOs in each respective year. ** To determine the value of stock options included in CAP, the lattice valuation model was used, which differs from the Black-Scholes valuation model that was used at grant date. The lattice valuation model was deemed most appropriate because it is better able to value stock options at varying levels of stock price relative to the option exercise price and is consistent with valuation methodologies permitted under GAAP. | ||
Non-PEO NEO Average Total Compensation Amount | $ 7,731,933 | 8,668,505 | 6,153,532 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 16,456,021 | 15,571,959 | 2,584,955 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Adjustments to Calculate Compensation Actually Paid to PEO (Column (c)) and Average Compensation Actually Paid to Other NEOs (Column (e)) The table below describes the adjustments, each of which is required by SEC rules, to calculate CAP Amounts from the SCT Total of our PEO (Column (b)) and our Other NEOs (Column (d)). The SCT Total and CAP Amounts do not reflect the actual amount of compensation earned by or paid to our executives during the applicable years, but rather are amounts determined in accordance with Item 402(v). 2022 2021 2020 Adjustments PEO Other NEOs* PEO Other NEOs* PEO Other NEOs* SCT Total $22,822,519 $7,731,933 $24,883,878 $8,668,505 $18,383,474 $6,153,532 Adjustments for defined benefit pension plans (Deduct): Aggregate change in actuarial present value included in SCT Total for the covered fiscal year (490,035) (405,368) (293,215) (170,695) (759,678) (415,224) Add: Service cost for the covered fiscal year 221,266 101,864 214,384 186,283 157,615 200,307 Add: Prior service cost for the covered fiscal year 0 0 0 0 0 0 Adjustments for stock awards and option awards** (Deduct): Aggregate value for stock awards and option awards included in SCT Total for the covered fiscal year (14,133,339) (4,064,153) (16,472,735) (3,982,125) (14,591,093) (4,358,086) Add: Fair value at year end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year end 24,679,920 7,158,191 39,672,363 8,896,040 7,155,518 2,761,885 Add (Deduct): Year-over-year change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end 19,902,921 5,525,189 15,006,128 3,307,124 (10,157,329) (2,119,809) Add: Vesting date fair value of awards granted and vested during the covered fiscal year 0 0 0 0 0 0 Add (Deduct): Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year 1,492,032 408,365 (2,499,265) (494,044) 2,081,683 362,350 (Deduct): Fair value at end of prior fiscal year of awards granted in any prior fiscal year that failed to meet the applicable vesting conditions during the covered fiscal year 0 0 0 (839,129) 0 0 Add: Dividends or other earnings paid on awards in the covered fiscal year prior to vesting if not otherwise included in the SCT Total for the covered fiscal year 0 0 0 0 0 0 CAP Amounts (as calculated) $54,495,284 $16,456,021 $60,511,538 $15,571,959 $2,270,190 $2,584,955 * Amounts presented are averages for the entire group of Other NEOs in each respective year. ** To determine the value of stock options included in CAP, the lattice valuation model was used, which differs from the Black-Scholes valuation model that was used at grant date. The lattice valuation model was deemed most appropriate because it is better able to value stock options at varying levels of stock price relative to the option exercise price and is consistent with valuation methodologies permitted under GAAP. | ||
Equity Valuation Assumption Difference, Footnote [Text Block] | To determine the value of stock options included in CAP, the lattice valuation model was used, which differs from the Black-Scholes valuation model that was used at grant date. The lattice valuation model was deemed most appropriate because it is better able to value stock options at varying levels of stock price relative to the option exercise price and is consistent with valuation methodologies permitted under GAAP. | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | CAP VS. COMPANY TSR AND PEER GROUP TSR | ||
Compensation Actually Paid vs. Net Income [Text Block] | CAP VS. NET INCOME | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | CAP VS. ORGANIC REVENUE GROWTH AND COMPARABLE CURRENCY NEUTRAL OPERATING INCOME GROWTH | ||
Tabular List [Table Text Block] | Financial Performance Measures The following table lists the four financial performance measures that, in the Company’s assessment, represent the most important performance measures used to link CAP for our Named Executive Officers to Company performance for 2022. Organic Revenue Growth Comparable Currency Neutral Operating Income Growth Comparable Currency Neutral Earnings Per Share Growth Cumulative Free Cash Flow | ||
Total Shareholder Return Amount | $ 126 | 114 | 102 |
Peer Group Total Shareholder Return Amount | 132 | 123 | 108 |
Net Income (Loss) | $ 9,571,000,000 | $ 9,804,000,000 | $ 7,768,000,000 |
Company Selected Measure Amount | 0.160 | 0.155 | (0.090) |
PEO Name | James Quincey | James Quincey | James Quincey |
Additional 402(v) Disclosure [Text Block] | RELATIONSHIP BETWEEN COMPENSATION ACTUALLY PAID AND PERFORMANCE The graphs below show the relationship of “compensation actually paid” to our PEO and Other NEOs to (i) the Company’s organic revenue growth (non-GAAP), (ii) the Company’s comparable currency neutral operating income growth (non-GAAP), (iii) the Company’s net income and (iv) TSR of both the Company and the Dow Jones Food & Beverage Total Return Index. CAP, as calculated in accordance with Item 402(v), reflects, among others, adjustments to the fair value of equity awards during the years presented. Factors impacting the fair value of equity awards include the price of our Common Stock at year end, as well as the projected and actual achievement of performance goals. These adjustments contributed significantly to the change in CAP reported for 2020 to 2021. | ||
P E O Adj 1 Member Deduct Aggregate Actuarial Present Value S C T Total [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (490,035) | $ (293,215) | $ (759,678) |
Non P E O Adj 1 Member Deduct Aggregate Actuarial Present Value S C T Total [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (405,368) | (170,695) | (415,224) |
P E O Adj 2 Member Add Service Cost [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 221,266 | 214,384 | 157,615 |
Non P E O Adj 2 Member Add Service Cost [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 101,864 | 186,283 | 200,307 |
P E O Adj 3 Member Add Prior Service Cost [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non P E O Adj 3 Member Add Prior Service Cost [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
P E O Adj 4 Member Deduct Aggregate Stock And Option Awards S C T Total [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (14,133,339) | (16,472,735) | (14,591,093) |
Non P E O Adj 4 Member Deduct Aggregate Stock And Option Awards S C T Total [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (4,064,153) | (3,982,125) | (4,358,086) |
P E O Adj 5 Member Add Fair Value At Year End Of Awards Granted [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 24,679,920 | 39,672,363 | 7,155,518 |
Non P E O Adj 5 Member Add Fair Value At Year End Of Awards Granted [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 7,158,191 | 8,896,040 | 2,761,885 |
P E O Adj 6 Member Add Deduct Year Over Year Change In Fair Value [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 19,902,921 | 15,006,128 | (10,157,329) |
Non P E O Adj 6 Member Add Deduct Year Over Year Change In Fair Value [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 5,525,189 | 3,307,124 | (2,119,809) |
P E O Adj 7 Member Add Vesting Date Fair Value Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non P E O Adj 7 Member Add Vesting Date Fair Value Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
P E O Adj 8 Member Add Deduct Change Vesting Date In Fair Value Of Awards Granted [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,492,032 | (2,499,265) | 2,081,683 |
Non P E O Adj 8 Member Add Deduct Change Vesting Date In Fair Value Of Awards Granted [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 408,365 | (494,044) | 362,350 |
P E O Adj 9 Member Deduct Fair Valueat End Of Prior Fiscal Year Of Awards Granted [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non P E O Adj 9 Member Deduct Fair Valueat End Of Prior Fiscal Year Of Awards Granted [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | (839,129) | 0 |
P E O Adj 10 Member Add Dividends Other Earnings Paid Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non P E O Adj 10 Member Add Dividends Other Earnings Paid Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 0 | $ 0 | $ 0 |
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Organic Revenue Growth | ||
Non-GAAP Measure Description [Text Block] | Organic Revenue Growth (non-GAAP) (Column (i)) Organic revenue growth page 58 | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Compensation Actually Paid vs. Other Measure [Text Block] | CAP VS. ORGANIC REVENUE GROWTH AND COMPARABLE CURRENCY NEUTRAL OPERATING INCOME GROWTH | ||
Other Performance Measure Amount | 0.195 | 0.120 | 0 |
Measure Name | Comparable Currency Neutral Operating Income Growth | ||
Non-GAAP Measure Description [Text Block] | Comparable Currency Neutral Operating Income Growth (non-GAAP) (Supplemental Measure) (Column (j)) Comparable currency neutral operating income growth page 58 | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Comparable Currency Neutral Earnings Per Share Growth | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Cumulative Free Cash Flow |