The Coca-Cola Company (KO) 10-Q24 Apr 202020 Q1 Quarterly reportFinancial data

Company Profile

Cover Memo Document

Cover Memo Document - shares	3 Months Ended
Cover Memo Document - shares	Mar. 27, 2020	Apr. 21, 2020
Entity Information [Line Items]
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 27, 2020
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 Common Stock, Shares Outstanding		4,294,891,353
Entity Central Index Key	0000021344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Shell Company	false
Common Stock, $0.25 Par Value [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.25 Par Value
Trading Symbol	KO
Security Exchange Name	NYSE
0.000% Notes Due 2021 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.000% Notes Due 2021
Trading Symbol	KO21B
Security Exchange Name	NYSE
Floating Rate Notes Due 2021 [Member]
Entity Information [Line Items]
Title of 12(b) Security	Floating Rate Notes Due 2021
Trading Symbol	KO21C
Security Exchange Name	NYSE
1.125% Notes Due 2022 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.125% Notes Due 2022
Trading Symbol	KO22
Security Exchange Name	NYSE
0.125% Notes Due 2022 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.125% Notes Due 2022
Trading Symbol	KO22B
Security Exchange Name	NYSE
0.75% Notes Due 2023 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.75% Notes Due 2023
Trading Symbol	KO23B
Security Exchange Name	NYSE
0.500% Notes Due 2024 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.500% Notes Due 2024
Trading Symbol	KO24
Security Exchange Name	NYSE
1.875% Notes Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.875% Notes Due 2026
Trading Symbol	KO26
Security Exchange Name	NYSE
0.750% Notes Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	0.750% Notes Due 2026
Trading Symbol	KO26C
Security Exchange Name	NYSE
1.125% Notes Due 2027 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.125% Notes Due 2027
Trading Symbol	KO27
Security Exchange Name	NYSE
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
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2020	Mar. 29, 2019
Revenues	$ 8,601	$ 8,694
Cost of Goods Sold	3,371	3,365
GROSS PROFIT	5,230	5,329
Selling, general and administrative expenses	2,648	2,767
Other operating charges	202	127
OPERATING INCOME	2,380	2,435
Interest income	112	133
Interest expense	193	245
Equity income (loss) - net	167	133
Other income (loss) — net	544	(231)
INCOME BEFORE INCOME TAXES	3,010	2,225
Income taxes	215	522
CONSOLIDATED NET INCOME	2,795	1,703
Net Income (Loss) Attributable to Noncontrolling Interest	20	25
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	$ 2,775	$ 1,678
BASIC NET INCOME PER SHARE (in dollars per share)	$ 0.65	$ 0.39
DILUTED NET INCOME PER SHARE (in dollars per share)	$ 0.64	$ 0.39
AVERAGE SHARES OUTSTANDING (in shares)	4,289,000,000	4,271,000,000
Effect of dilutive securities (in shares)	36,000,000	35,000,000
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION (in shares)	4,325,000,000	4,306,000,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2020	Mar. 29, 2019
CONSOLIDATED NET INCOME	$ 2,795	$ 1,703
Other comprehensive income:
Net foreign currency translation adjustment	(2,621)	926
Net gain (loss) on derivatives	16	8
Net unrealized gain (loss) on available-for-sale securities	(8)	15
Net change in pension and other benefit liabilities	6	31
TOTAL COMPREHENSIVE INCOME (LOSS)	188	2,683
Less: Comprehensive income (loss) attributable to noncontrolling interests	(435)	(3)
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	$ 623	$ 2,686

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Mar. 27, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss, Current	$ 527	$ 524
Common Stock, Par or Stated Value Per Share	$ 0.25	$ 0.25
Common Stock, Shares Authorized	11,200	11,200
Common Stock, Shares, Issued	7,040	7,040
Treasury Stock, Shares	2,746	2,760
CURRENT ASSETS
Cash and cash equivalents	$ 13,561	$ 6,480
Short-term investments	1,713	1,467
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	15,274	7,947
Marketable Securities	2,392	3,228
Trade accounts receivable, less allowances of $527 and $524, respectively	4,430	3,971
Inventories	3,558	3,379
Prepaid expenses and other assets	2,580	1,886
TOTAL CURRENT ASSETS	28,234	20,411
EQUITY METHOD INVESTMENTS	18,020	19,025
OTHER INVESTMENTS	652	854
OTHER ASSETS	6,001	6,075
Deferred Income Tax Assets, Net	2,275	2,412
Property, plant and equipment — net	10,993	10,838
TRADEMARKS WITH INDEFINITE LIVES	10,457	9,266
BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES	108	109
GOODWILL	16,673	16,764
OTHER INTANGIBLE ASSETS	600	627
TOTAL ASSETS	94,013	86,381
CURRENT LIABILITIES
Accounts payable and accrued expenses	12,640	11,312
Notes and Loans Payable	13,657	10,994
Current maturities of long-term debt	5,642	4,253
Accrued income taxes	458	414
TOTAL CURRENT LIABILITIES	32,397	26,973
LONG-TERM DEBT	31,094	27,516
OTHER LIABILITIES	8,832	8,510
Deferred Income Tax Liabilities, Net	1,856	2,284
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	17,312	17,154
Reinvested earnings	66,870	65,855
Accumulated other comprehensive income (loss)	(15,696)	(13,544)
Treasury stock, at cost — 2,746 and 2,760 shares, respectively	(52,088)	(52,244)
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	18,158	18,981
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,676	2,117
TOTAL EQUITY	19,834	21,098
TOTAL LIABILITIES AND EQUITY	$ 94,013	$ 86,381

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2020	Mar. 29, 2019
OPERATING ACTIVITIES
CONSOLIDATED NET INCOME	$ 2,795	$ 1,703
Depreciation and amortization	367	275
Stock-based compensation expense	(5)	40
Deferred income taxes	(122)	122
Equity (income) loss - net of dividends	(157)	(120)
Foreign currency adjustments	(59)	(39)
Significant (gains) losses on sales of assets - net	(919)	87
Other Operating Activities, Cash Flow Statement	190	55
Other items	235	147
Net change in operating assets and liabilities	(1,769)	(1,482)
Net Cash Provided by (Used in) Operating Activities	556	788
INVESTING ACTIVITIES
Purchases of investments	(1,455)	(1,062)
Proceeds from disposals of investments	1,603	1,994
Acquisitions of businesses, equity method investments and nonmarketable securities	(984)	(5,322)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities	36	261
Purchases of property, plant and equipment	(327)	(388)
Proceeds from disposals of property, plant and equipment	91	27
Other investing activities	(48)	31
Net Cash Provided by (Used in) Investing Activities	(1,084)	(4,459)
FINANCING ACTIVITIES
Issuances of debt	12,563	10,256
Payments of debt	(4,833)	(9,652)
Issuances of stock	413	190
Purchases of stock for treasury	(94)	(397)
Other financing activities	(239)	24
Net Cash Provided by (Used in) Financing Activities	7,810	421
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(54)	56
CASH AND CASH EQUIVALENTS
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	7,228	(3,194)
Balance at beginning of period	6,737	9,318
Balance at end of period	13,965	6,124
Less: Restricted Cash and Restricted Cash Equivalents at end of period	404	276
Cash and cash equivalents	$ 13,561	$ 5,848

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 27, 2020
Summary of significant accounting policies
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed 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, 2019 . 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 condensed 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 months ended March 27, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . Sales of our nonalcoholic 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 interim reporting periods, other than the fourth interim reporting period, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The first quarter of 2020 and the first quarter of 2019 ended on March 27, 2020 and March 29, 2019 , respectively. Our fourth interim reporting period 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 interim reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple interim periods to each of our interim reporting periods. We use the proportion of each interim period'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 interim reporting period, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple interim periods in order to evaluate if a change in estimate is necessary. The impact of any changes in these full year estimates is recognized in the interim period 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 assets on our consolidated balance sheet, and amounts classified in assets held for sale. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk. The following table provides a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in the condensed consolidated statements of cash flows (in millions): March 27, December 31, Cash and cash equivalents $ 13,561 $ 6,480 Cash and cash equivalents included in other assets 1 404 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 13,965 $ 6,737 March 29, December 31, 2018 Cash and cash equivalents $ 5,848 $ 9,077 Cash and cash equivalents included in other assets 1 276 241 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 6,124 $ 9,318 1 Amounts represent cash and cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4 . Recently Issued Accounting Guidance In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
Acquisitions and Divestitures	Mar. 27, 2020
Acquisition and Divestures [Abstract]
Acquisition and Divestitures [Text Block]	ACQUISITIONS AND DIVESTITURES Acquisitions During the three months ended March 27, 2020, our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $ 984 million , which primarily related to the acquisition of the remaining equity ownership interest in fairlife, LLC ("fairlife"). During the three months ended March 29, 2019, our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $ 5,322 million , which primarily related to the acquisition of Costa Limited ("Costa"), the remaining equity ownership interest in C.H.I. Limited ("CHI") and controlling interests in bottling operations in Zambia. fairlife, LLC In January 2020, the Company acquired the remaining 57.5 percent interest in, and now owns 100 percent of, fairlife. fairlife offers a broad portfolio of products in the value-added dairy category across North America. A significant portion of fairlife's revenues was already reflected in our consolidated financial statements, as we have operated as the sales and distribution organization for certain fairlife products. Upon consolidation, we recognized a gain of $ 902 million resulting from the remeasurement of our previously held equity interest in fairlife to fair value. The fair value of our previously held interest was determined using a discounted cash flow model based on Level 3 inputs. The gain was recorded in the line item other income (loss) — net in our condensed consolidated statement of income. We acquired the remaining interest in exchange for $979 million of cash, net of cash acquired, and effectively settled our $ 306 million note receivable from fairlife at the recorded amount. Under the terms of the agreement, we are subject to making future milestone payments which are contingent on fairlife achieving certain financial targets through 2024, and if achieved, are payable in 2021, 2023 and 2025. These milestone payments are based on agreed-upon formulas related to fairlife's operating results, the resulting value of which is not subject to a ceiling. Under the applicable accounting guidance, we recorded a $270 million liability representing our best estimate of the fair value of this contingent consideration. The fair value of this contingent consideration was determined using a Monte Carlo valuation model based on Level 3 inputs. We will be required to remeasure this liability to fair value quarterly with any changes in the fair value recorded in income until the final milestone payments are made. During the three months ended March 27, 2020, we recorded a charge of $11 million related to this remeasurement in the line item other operating charges in our condensed consolidated statement of income. As of March 27, 2020, $1.3 billion of the purchase price was preliminarily allocated to the fairlife trademark and $0.8 billion was preliminarily allocated to goodwill. The goodwill recognized as part of this acquisition is primarily related to synergistic value created from the opportunity for additional expansion. It also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce. The goodwill is not tax deductible and has been preliminarily assigned to the North America operating segment. The preliminary allocation of the purchase price is subject to refinement when valuations are finalized. As of March 27, 2020, the valuations that have not been finalized primarily relate to the trademark and other intangible assets; property, plant and equipment; and operating lease right-of-use ("ROU") assets and operating lease liabilities. The final purchase price allocation will be completed no later than the first quarter of 2021. Costa Limited In January 2019, the Company acquired Costa in exchange for $4.9 billion of cash, net of cash acquired. Costa is a coffee business with retail outlets in more than 30 countries, the Costa Express vending system and a state-of-the-art roastery. We believe this acquisition will allow us to increase our presence in the hot beverage market as Costa has a scalable platform across multiple formats and channels, including opportunities to introduce ready-to-drink products. Upon finalization of purchase accounting, $2.4 billion of the purchase price was allocated to the Costa trademark and $2.5 billion was allocated to goodwill. The goodwill recognized as part of this acquisition is primarily related to synergistic value created from the opportunity for additional expansion as well as our ability to market and distribute Costa in ready-to-drink form throughout our bottling system. It also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce. The goodwill is not tax deductible and has been assigned to the Global Ventures operating segment, except for $108 million , which was allocated to the Europe, Middle East and Africa operating segment. C.H.I. Limited In January 2019, the Company acquired the remaining 60 percent interest in CHI, a Nigerian producer of value-added dairy and juice beverages and iced tea, in exchange for $260 million of cash, net of cash acquired, under the terms of the agreement for our original investment in CHI. Upon consolidation, we recognized a net charge of $121 million during the three months ended March 29, 2019, which included the remeasurement of our previously held equity interest in CHI to fair value and the reversal of the related cumulative translation adjustments. The fair value of our previously held equity investment was determined using a discounted cash flow model based on Level 3 inputs. The net charge was recorded in the line item other income (loss) — net in our condensed consolidated statement of income. Divestitures During the three months ended March 27, 2020, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $36 million , which primarily related to the sale of a portion of our ownership interest in one of our equity method investments. We recognized a net gain of $18 million as a result of the sale, which was recorded in the line item other income (loss) — net in our condensed consolidated statement of income. During the three months ended March 29, 2019, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $261 million , which primarily related to the sale of a portion of our equity method investment in Embotelladora Andina S.A. ("Andina"). We recognized a gain of $39 million as a result of the sale, which was recorded in the line item other income (loss) — net in our condensed consolidated statement of income. We continue to account for our remaining interest in Andina as an equity method investment as a result of our representation on Andina's Board of Directors and other governance rights.

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition	3 Months Ended
Revenue Recognition Revenue Recognition	Mar. 27, 2020
Revenue Recognition [Abstract]
Revenue Recognition, Policy [Policy Text Block]	REVENUE RECOGNITION The following table presents net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended March 27, 2020 Concentrate operations $ 1,324 $ 3,465 $ 4,789 Finished product operations 1,483 2,329 3,812 Total $ 2,807 $ 5,794 $ 8,601 Three Months Ended March 29, 2019 Concentrate operations $ 1,185 $ 3,593 $ 4,778 Finished product operations 1,460 2,456 3,916 Total $ 2,645 $ 6,049 $ 8,694 Refer to Note 16 for additional revenue disclosures by operating segment and Corporate.

Investments

Investments	3 Months Ended
Investments	Mar. 27, 2020
Investments [Abstracts]
Investments	INVESTMENTS Equity Securities The carrying values of our equity securities were included in the following line items in our condensed consolidated balance sheets (in millions): Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value March 27, 2020 Marketable securities $ 275 $ — Other investments 599 53 Other assets 889 — Total equity securities $ 1,763 $ 53 December 31, 2019 Marketable securities $ 329 $ — Other investments 772 82 Other assets 1,118 — Total equity securities $ 2,219 $ 82 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 March 27, 2020 March 29, 2019 Net gains (losses) recognized during the period related to equity securities $ (396 ) $ 147 Less: Net gains (losses) recognized during the period related to equity securities sold (16 ) 7 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ (380 ) $ 140 Debt Securities Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Fair Value Cost Gains Losses March 27, 2020 Trading securities $ 33 $ — $ (2 ) $ 31 Available-for-sale securities 2,365 98 (4 ) 2,459 Total debt securities $ 2,398 $ 98 $ (6 ) $ 2,490 December 31, 2019 Trading securities $ 46 $ 1 $ — $ 47 Available-for-sale securities 3,172 113 (4 ) 3,281 Total debt securities $ 3,218 $ 114 $ (4 ) $ 3,328 The carrying values of our debt securities were included in the following line items in our condensed consolidated balance sheets (in millions): March 27, 2020 December 31, 2019 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Cash and cash equivalents $ — $ 97 $ — $ 123 Marketable securities 31 2,086 47 2,852 Other assets — 276 — 306 Total debt securities $ 31 $ 2,459 $ 47 $ 3,281 The contractual maturities of these available-for-sale debt securities as of March 27, 2020 were as follows (in millions): Cost Estimated Within 1 year $ 1,374 $ 1,393 After 1 year through 5 years 761 805 After 5 years through 10 years 58 68 After 10 years 172 193 Total $ 2,365 $ 2,459 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 March 27, 2020 March 29, 2019 Gross gains $ 8 $ 5 Gross losses (2 ) (3 ) Proceeds 906 722 Captive Insurance Companies In accordance with local insurance regulations, our 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 its consolidated captive insurance companies to reinsure group annuity insurance contracts that cover the pension obligations of certain of our European and Canadian pension plans. This captive's solvency capital funds included equity and debt securities of $1,025 million as of March 27, 2020 and $1,266 million as of December 31, 2019 , which are classified in the line item other assets in our condensed consolidated balance sheets because the assets are not available to satisfy our current obligations.

Inventories

Inventories	3 Months Ended
Inventories	Mar. 27, 2020
Inventories
Inventories	INVENTORIES Inventories consisted of the following (in millions): March 27, December 31, Raw materials and packaging $ 2,282 $ 2,180 Finished goods 901 851 Other 375 348 Total inventories $ 3,558 $ 3,379

Hedging Transactions and Deriva

Hedging Transactions and Derivative Financial Instruments	3 Months Ended
Hedging Transactions and Derivative Financial Instruments	Mar. 27, 2020
Hedging Transactions and Derivative Financial Instruments
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 March 27, December 31, 2019 Assets: Foreign currency contracts Prepaid expenses and other assets $ 140 $ 24 Foreign currency contracts Other assets 228 91 Interest rate contracts Prepaid expenses and other assets 12 10 Interest rate contracts Other assets 517 427 Total assets $ 897 $ 552 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 84 $ 40 Foreign currency contracts Other liabilities 231 48 Interest rate contracts Other liabilities 23 21 Total liabilities $ 338 $ 109 1 All of the Company's derivative instruments are carried at fair value in our condensed consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 15 for the net presentation of the Company's derivative instruments. 2 Refer to Note 15 for additional information related to the estimated fair value. The following table presents the fair values of the Company's derivative instruments that were not designated as hedging instruments (in millions): Fair Value 1,2 Derivatives Not Designated as Hedging Instruments Balance Sheet Location 1 March 27, December 31, 2019 Assets: Foreign currency contracts Prepaid expenses and other assets $ 88 $ 13 Foreign currency contracts Other assets 2 — Commodity contracts Prepaid expenses and other assets 1 8 Commodity contracts Other assets — 2 Other derivative instruments Prepaid expenses and other assets — 12 Other derivative instruments Other assets 1 1 Total assets $ 92 $ 36 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 130 $ 39 Foreign currency contracts Other liabilities 4 — Commodity contracts Accounts payable and accrued expenses 70 13 Commodity contracts Other liabilities 28 1 Other derivative instruments Accounts payable and accrued expenses 44 — Total liabilities $ 276 $ 53 1 All of the Company's derivative instruments are carried at fair value in our condensed consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 15 for the net presentation of the Company's derivative instruments. 2 Refer to Note 15 for additional information related to the estimated fair value. Credit Risk Associated with Derivatives We have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. We monitor counterparty exposures regularly and review any downgrade in credit rating immediately. If a downgrade in the credit rating of a counterparty were to occur, we have provisions requiring collateral for substantially all of our transactions. To mitigate presettlement risk, minimum credit standards become more stringent as the duration of the derivative financial instrument increases. In addition, the Company's master netting agreements reduce credit risk by permitting the Company to net settle for transactions with the same counterparty. To minimize the concentration of credit risk, we enter into derivative transactions with a portfolio of financial institutions. Based on these factors, we consider the risk of counterparty default to be minimal. Cash Flow Hedging Strategy The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates, commodity prices or interest rates. The changes in the fair values of derivatives designated as cash flow hedges are recorded in accumulated other comprehensive income (loss) ("AOCI") and are reclassified into the line item in our condensed consolidated statement of income in which the hedged items are recorded in the same period the hedged items affect earnings. The changes in fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. The maximum length of time for which the Company hedges its exposure to the variability in future cash flows is typically four years . The Company maintains a foreign currency cash flow hedging program to reduce the risk that our eventual U.S. dollar net cash inflows from sales outside the United States and U.S. dollar net cash outflows from procurement activities will be adversely affected by fluctuations in foreign currency exchange rates. We enter into forward contracts and purchase foreign currency options and collars (principally euro, British pound sterling and Japanese yen) to hedge certain portions of forecasted cash flows denominated in foreign currencies. When the U.S. dollar strengthens against the foreign currencies, the decline in the present value of future foreign currency cash flows is partially offset by gains in the fair value of the derivative instruments. Conversely, when the U.S. dollar weakens, the increase in the present value of future foreign currency cash flows is partially offset by losses in the fair value of the derivative instruments. The total notional values of derivatives that were designated and qualify for the Company's foreign currency cash flow hedging program were $ 9,849 million and $ 6,957 million as of March 27, 2020 and December 31, 2019 , respectively. The Company uses cross-currency swaps to hedge the changes in cash flows of certain of its foreign currency denominated debt and other monetary assets or liabilities due to changes in foreign currency exchange rates. For this hedging program, the Company records the change in carrying value of these foreign currency denominated assets and liabilities due to changes in exchange rates into earnings each period. The changes in fair value of the cross-currency swap derivatives are recorded in AOCI with an immediate reclassification into earnings for the change in fair value attributable to fluctuations in foreign currency exchange rates. The total notional values of derivatives that have been designated as cash flow hedges for the Company's foreign currency denominated assets and liabilities were $3,028 million as of both March 27, 2020 and December 31, 2019 . 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 have been designated and qualify 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 have been designated and qualify for this program were $ 2 million as of both March 27, 2020 and December 31, 2019 . Our Company monitors our mix of short-term debt and long-term debt regularly. From time to time, we manage our risk to interest rate fluctuations through the use of derivative financial instruments. The Company has entered into interest rate swap agreements and has designated these instruments as part of the Company's interest rate cash flow hedging program. The objective of this hedging program is to mitigate the risk of adverse changes in benchmark interest rates on the Company's future interest payments. The total notional values of these interest rate swap agreements that were designated and qualified for the Company's interest rate cash flow hedging program were $550 million as of March 27, 2020 . As of December 31, 2019 , we did not have any interest rate swaps designated as a cash flow hedge. The following table presents the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income ("OCI"), AOCI and earnings (in millions): Gain (Loss) Recognized in OCI Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Three Months Ended March 27, 2020 Foreign currency contracts $ 103 Net operating revenues $ (4 ) Foreign currency contracts 11 Cost of goods sold 1 Foreign currency contracts — Interest expense (2 ) Foreign currency contracts (90 ) Other income (loss) — net 15 Interest rate contracts 8 Interest expense (11 ) Total $ 32 $ (1 ) Three Months Ended March 29, 2019 Foreign currency contracts $ (2 ) Net operating revenues $ 6 Foreign currency contracts 1 Cost of goods sold 4 Foreign currency contracts — Interest expense (2 ) Foreign currency contracts (22 ) Other income (loss) — net (50 ) Interest rate contracts — Interest expense (10 ) Total $ (23 ) $ (52 ) As of March 27, 2020 , the Company estimates that it will reclassify into earnings during the next 12 months net gains of $6 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 results 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 changes in foreign currency exchange rates and benchmark interest rates. The changes in fair values of derivatives designated as fair value hedges and the offsetting changes in fair values of the hedged items are recognized in earnings. The ineffective portions of these hedges are immediately recognized in earnings. 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. The total notional values of derivatives related to our fair value hedges of this type were $ 12,360 million and $12,523 million as of March 27, 2020 and December 31, 2019 , respectively. The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Three Months Ended March 27, March 29, Interest rate contracts Interest expense $ 112 $ 212 Fixed-rate debt Interest expense (103 ) (210 ) Net impact to interest expense $ 9 $ 2 Net impact of fair value hedging instruments $ 9 $ 2 The following table summarizes the amounts recorded in the condensed consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Carrying Value of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments Included in Carrying Value of Hedged Items 1 Balance Sheet Location of Hedged Items March 27, December 31, March 27, December 31, Current maturities of long-term debt $ 1,007 $ 1,004 $ 8 $ 5 Long-term debt 12,123 12,087 539 448 1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rates. 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 instruments that are designated and qualify as hedges of net investments in foreign operations, the changes in fair values of the derivative 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 change in the carrying value of the designated portion of the non-derivative financial instrument due to changes in foreign currency exchange rates is recorded in net foreign currency translation adjustments. Any ineffective portions of net investment hedges are reclassified from AOCI into earnings during the period of change. The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions): Notional Amount Gain (Loss) Recognized in OCI as of Three Months Ended March 27, December 31, 2019 March 27, March 29, Foreign currency contracts $ 491 $ — $ (3 ) $ 22 Foreign currency denominated debt 12,255 12,334 79 131 Total $ 12,746 $ 12,334 $ 76 $ 153 The Company did not reclassify any gains or losses related to net investment hedges from AOCI into earnings during the three months ended March 27, 2020 and March 29, 2019 . In addition, the Company did not have any ineffectiveness related to net investment hedges during the three months ended March 27, 2020 and March 29, 2019 . The cash inflows and outflows associated with the Company's derivative contracts designated as net investment hedges are classified in the line item other investing activities in our condensed consolidated statement of cash flows. Economic (Non-Designated) Hedging Strategy In addition to derivative instruments that are designated and qualify for hedge accounting, the Company also uses certain derivatives as economic hedges of foreign currency, interest rate and commodity exposure. Although these derivatives were not designated and/or did not qualify for hedge accounting, they are effective economic hedges. The changes in the fair value 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 fair value 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 condensed 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 fair values of economic hedges used to offset the variability in U.S. dollar net cash flows are recognized in earnings in the line items net operating revenues, cost of goods sold or other income (loss) — net in our condensed consolidated statement of income, as applicable. The total notional values of derivatives related to our foreign currency economic hedges were $ 4,725 million and $ 4,291 million as of March 27, 2020 and December 31, 2019 , respectively. 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 for vehicle fuel. The changes in 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 condensed consolidated statement of income, as applicable. The total notional values of derivatives related to our economic hedges of this type were $ 405 million and $ 425 million as of March 27, 2020 and December 31, 2019 , respectively. The following table presents the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Three Months Ended March 27, March 29, Foreign currency contracts Net operating revenues $ 24 $ (11 ) Foreign currency contracts Cost of goods sold 14 (1 ) Foreign currency contracts Other income (loss) — net (91 ) 21 Commodity contracts Cost of goods sold (85 ) 20 Other derivative instruments Selling, general and administrative expenses (56 ) 17 Other derivative instruments Other income (loss) — net (57 ) 34 Total $ (251 ) $ 80

Debt and Borrowing Arrangements

Debt and Borrowing Arrangements	3 Months Ended
Debt and Borrowing Arrangements	Mar. 27, 2020
Debt and Borrowing Arrangements Disclosure [Abstract]
Debt Disclosure [Text Block]	DEBT AND BORROWING ARRANGEMENTS During the three months ended March 27, 2020 , the Company issued U.S. dollar-denominated debt of $5,000 million . The carrying value of this debt as of March 27, 2020 was $4,951 million . The general terms of the notes issued are as follows: • $1,000 million total principal amount of notes due March 25, 2025 , at a fixed interest rate of 2.950 percent ; • $1,000 million total principal amount of notes due March 25, 2027 , at a fixed interest rate of 3.375 percent ; • $1,250 million total principal amount of notes due March 25, 2030 , at a fixed interest rate of 3.450 percent ; • $500 million total principal amount of notes due March 25, 2040 , at a fixed interest rate of 4.125 percent ; and • $1,250 million total principal amount of notes due March 25, 2050 , at a fixed interest rate of 4.200 percent .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 27, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Guarantees As of March 27, 2020 , we were contingently liable for guarantees of indebtedness owed by third parties of $ 411 million , of which $ 130 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, we do not consider it probable that we will be required to satisfy these guarantees. 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 will not have a material adverse effect on the Company taken as a whole. Tax Audits The Company is involved in various tax matters, some of which have an uncertain outcome. We establish reserves to remove some or all of the tax benefit of any of our tax positions at the time we determine that it becomes uncertain based upon one of the following conditions: (1) the tax position is not "more likely than not" to be sustained; (2) the tax position is "more likely than not" to be sustained but for a lesser amount; or (3) the tax position is "more likely than not" to be sustained but not in the financial period in which the tax position was originally taken. For purposes of evaluating whether or not a tax position is uncertain, (1) we presume the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information; (2) the technical merits of a tax position are derived from authorities such as legislation and statutes, legislative intent, regulations, rulings and case law and their applicability to the facts and circumstances of the tax position; and (3) each tax position is evaluated without consideration of the possibility of offset or aggregation with other tax positions taken. A number of years may elapse before a particular uncertain tax position is audited and finally resolved. The number of years subject to tax audits or tax assessments varies depending on the tax jurisdiction. The tax benefit that has been previously reserved because of a failure to meet the "more likely than not" recognition threshold would be recognized in our income tax expense in the first interim period when the uncertainty disappears under any one of the following conditions: (1) the tax position is "more likely than not" to be sustained; (2) the tax position, amount, and/or timing is ultimately settled through negotiation or litigation; or (3) the statute of limitations for the tax position has expired. Refer to Note 14 . On September 17, 2015, the Company received a Statutory Notice of Deficiency (the "Notice") from the Internal Revenue Service ("IRS") for the tax years 2007 through 2009 after a five-year audit. In the Notice, the IRS claimed that the Company's U.S. taxable income should be increased by an amount that creates a potential additional federal income tax liability of approximately $3.3 billion for the period plus interest. No penalties were asserted in the Notice. The disputed amounts largely relate to a transfer pricing matter involving the appropriate amount of taxable income the Company should report in the United States in connection with its licensing of intangible property to certain related foreign licensees regarding the manufacturing, distribution, sale, marketing, and promotion of products in certain foreign markets. During the 2007-2009 audit period, the Company followed the same transfer pricing methodology for these licenses that had consistently been followed since the methodology was agreed with the IRS in a 1996 closing agreement (the "Closing Agreement") that applied back to 1987. The Closing Agreement provided prospective penalty protection conditioned on the Company's continued adherence to the prescribed methodology absent a change in material facts or circumstances or relevant federal tax law. Although the IRS subsequently asserted, without explanation, that material facts and circumstances and relevant federal tax law had changed, it has not asserted penalties. The Company's compliance with the Closing Agreement was audited and confirmed by the IRS in five successive audit cycles covering the subsequent 11 years through 2006, with the last audit concluding as recently as 2009. The Notice represents a repudiation of the methodology previously adopted in the Closing Agreement. The IRS designated the matter for litigation on October 15, 2015. Due to the fact that the matter remains designated, the Company is prevented from pursuing any administrative settlement at IRS Appeals or under the IRS Advance Pricing and Mutual Agreement Program. The Company firmly believes that the IRS' claims are without merit and is pursuing, and will continue to pursue, all available administrative and judicial remedies necessary to vigorously defend its position. To that end, the Company filed a petition in the U.S. Tax Court on December 14, 2015, and the IRS filed its answer on February 12, 2016. On October 4, 2017, the IRS filed an amended answer to the Company's petition in which it increased its transfer pricing adjustment by $385 million resulting in an additional tax adjustment of $135 million . On June 20, 2017, the Company filed a motion for summary judgment on the portion of the IRS' adjustments related to our licensee in Mexico. On December 14, 2017, the U.S. Tax Court issued a decision on the summary judgment motion in favor of the Company. This decision effectively reduced the IRS' potential tax adjustment by approximately $138 million . The U.S. Tax Court trial was held from March 8, 2018 through May 11, 2018. The Company and the IRS filed and exchanged final post-trial briefs in April 2019. It is not known how much time will elapse thereafter prior to the issuance of the court's opinion. In the interim, or subsequent to the court's opinion, the IRS may propose similar adjustments for years subsequent to the 2007-2009 litigation period. While the Company continues to strongly disagree with the IRS' position, there is no assurance that the court will rule in the Company's favor, and it is possible that all or some portion of the adjustment proposed by the Notice ultimately could be sustained. In that event, the Company may be subject to significant additional liabilities for the years at issue and potentially also for subsequent periods, which could have a material adverse impact on the Company's financial position, results of operations, and cash flows. The Company regularly assesses the likelihood of adverse outcomes resulting from tax disputes such as this and other examinations for all open years to determine the adequacy of its tax reserves. Any such adjustments related to years prior to 2018, either in the litigation period or later, may have an impact on the transition tax payable as part of the Tax Cuts and Jobs Act of 2017 ("Tax Reform Act"). 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 claim history. Our self-insurance reserves totaled $ 280 million and $ 301 million as of March 27, 2020 and December 31, 2019 , respectively.

Comprehensive Income

Comprehensive Income	3 Months Ended
Comprehensive Income	Mar. 27, 2020
Comprehensive Income
Comprehensive Income	OTHER COMPREHENSIVE INCOME AOCI attributable to shareowners of The Coca-Cola Company is separately presented in our condensed consolidated balance sheet as a component of The Coca-Cola Company's shareowners' equity, which also includes our proportionate share of equity method investees' AOCI. OCI attributable to noncontrolling interests is allocated to, and included in, our condensed 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): March 27, December 31, 2019 Foreign currency translation adjustments $ (13,436 ) $ (11,270 ) Accumulated derivative net gains (losses) (193 ) (209 ) Unrealized net gains (losses) on available-for-sale debt securities 67 75 Adjustments to pension and other benefit liabilities (2,134 ) (2,140 ) Accumulated other comprehensive income (loss) $ (15,696 ) $ (13,544 ) The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Three Months Ended March 27, 2020 Shareowners of The Coca-Cola Company Noncontrolling Interests Total Consolidated net income $ 2,775 $ 20 $ 2,795 Other comprehensive income: Net foreign currency translation adjustments (2,166 ) (455 ) (2,621 ) Net gains (losses) on derivatives 1 16 — 16 Net change in unrealized gains (losses) on available-for-sale debt securities 2 (8 ) — (8 ) Net change in pension and other benefit liabilities 6 — 6 Total comprehensive income (loss) $ 623 $ (435 ) $ 188 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 March 27, 2020 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (2,281 ) $ 212 $ (2,069 ) Reclassification adjustments recognized in net income 3 — 3 Gains (losses) on intra-entity transactions that are of a long-term investment nature (157 ) — (157 ) Gains (losses) on net investment hedges arising during the period 1 76 (19 ) 57 Net foreign currency translation adjustments $ (2,359 ) $ 193 $ (2,166 ) Derivatives: Gains (losses) arising during the period $ 23 $ (8 ) $ 15 Reclassification adjustments recognized in net income 1 — 1 Net gains (losses) on derivatives 1 $ 24 $ (8 ) $ 16 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (8 ) $ 5 $ (3 ) Reclassification adjustments recognized in net income (6 ) 1 (5 ) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (14 ) $ 6 $ (8 ) Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ (25 ) $ (1 ) $ (26 ) Reclassification adjustments recognized in net income 43 (11 ) 32 Net change in pension and other benefit liabilities $ 18 $ (12 ) $ 6 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company $ (2,331 ) $ 179 $ (2,152 ) 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 March 29, 2019 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 997 $ (73 ) $ 924 Reclassification adjustments recognized in net income 192 — 192 Gains (losses) on intra-entity transactions that are of a long-term investment nature (287 ) — (287 ) Gains (losses) on net investment hedges arising during the period 1 153 (28 ) 125 Net foreign currency translation adjustments $ 1,055 $ (101 ) $ 954 Derivatives: Gains (losses) arising during the period $ (36 ) $ 4 $ (32 ) Reclassification adjustments recognized in net income 53 (13 ) 40 Net gains (losses) on derivatives 1 $ 17 $ (9 ) $ 8 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 24 $ (7 ) $ 17 Reclassification adjustments recognized in net income (2 ) — (2 ) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 22 $ (7 ) $ 15 Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ (1 ) $ 4 $ 3 Reclassification adjustments recognized in net income 37 (9 ) 28 Net change in pension and other benefit liabilities $ 36 $ (5 ) $ 31 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 1,130 $ (122 ) $ 1,008 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 condensed consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions): Amount Reclassified from AOCI into Income Description of AOCI Component Financial Statement Line Item Three Months Ended March 27, 2020 Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ 3 Income before income taxes 3 Income taxes — Consolidated net income $ 3 Derivatives: Foreign currency contracts Net operating revenues $ 4 Foreign currency contracts Cost of goods sold (1 ) Foreign currency contracts Other income (loss) — net (15 ) Foreign currency and interest rate contracts Interest expense 13 Income before income taxes 1 Income taxes — Consolidated net income $ 1 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ (6 ) Income before income taxes (6 ) Income taxes 1 Consolidated net income $ (5 ) Pension and other benefit liabilities: Recognized net actuarial loss Other income (loss) — net $ 44 Recognized prior service cost (credit) Other income (loss) — net (1 ) Income before income taxes 43 Income taxes (11 ) Consolidated net income $ 32 1 Related to the sale of a portion of our ownership interest in one of our equity method investments. Refer to Note 2

Changes in Equity

Changes in Equity	3 Months Ended
Changes in Equity	Mar. 27, 2020
Changes in 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 March 27, 2020 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non- controlling Interests December 31, 2019 4,280 $ 21,098 $ 65,855 $ (13,544 ) $ 1,760 $ 17,154 $ (52,244 ) $ 2,117 Comprehensive income (loss) — 188 2,775 (2,152 ) — — — (435 ) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.41 per share) — (1,760 ) (1,760 ) — — — — — Dividends paid to noncontrolling interests — (6 ) — — — — — (6 ) Impact related to stock-based compensation plans 14 314 — — — 158 156 — March 27, 2020 4,294 $ 19,834 $ 66,870 $ (15,696 ) $ 1,760 $ 17,312 $ (52,088 ) $ 1,676 Shareowners of The Coca-Cola Company Three Months Ended March 29, 2019 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non- controlling Interests December 31, 2018 4,268 $ 19,058 $ 63,234 $ (12,814 ) $ 1,760 $ 16,520 $ (51,719 ) $ 2,077 Adoption of accounting standards — (18 ) 501 (519 ) — — — — Comprehensive income (loss) — 2,683 1,678 1,008 — — — (3 ) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.40 per share) — (1,709 ) (1,709 ) — — — — — Dividends paid to noncontrolling interests — (5 ) — — — — — (5 ) Purchases of treasury stock (9 ) (398 ) — — — — (398 ) — Impact related to stock-based compensation plans 9 193 — — — 57 136 — March 29, 2019 4,268 $ 19,804 $ 63,704 $ (12,325 ) $ 1,760 $ 16,577 $ (51,981 ) $ 2,069

Significant Operating and Nonop

Significant Operating and Nonoperating Items	3 Months Ended
Significant Operating and Nonoperating Items	Mar. 27, 2020
Significant Operating and Nonoperating Items
Significant Operating and Nonoperating Items	SIGNIFICANT OPERATING AND NONOPERATING ITEMS Other Operating Charges During the three months ended March 27, 2020 , the Company recorded other operating charges of $202 million . These charges primarily consisted of an impairment charge of $152 million related to a trademark in North America, which was primarily driven by revised projections of future operating results due to reduced availability at retail customer outlets and a change in brand focus in the Company's portfolio. In addition, other operating charges included $39 million related to the Company's productivity and reinvestment program and $11 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of the remaining interest in fairlife. Refer to Note 2 for additional information on the acquisition of the remaining interest in fairlife. Refer to Note 12 for additional information on the Company's productivity and reinvestment program. Refer to Note 15 for additional information on the impairment charge. Refer to Note 16 for the impact these charges had on our operating segments and Corporate. During the three months ended March 29, 2019 , the Company recorded other operating charges of $127 million . These charges primarily consisted of $68 million related to the Company's productivity and reinvestment program. In addition, other operating charges included $46 million of transaction costs associated with the purchase of Costa, which we acquired in January 2019, and $11 million for costs incurred to refranchise certain of our North America bottling operations. Costs related to refranchising include, among other items, internal and external costs for individuals directly working on the refranchising efforts, severance, and costs associated with the implementation of information technology systems to facilitate consistent data standards and availability throughout our North America bottling system. Other operating charges also included $2 million related to tax litigation expense. Refer to Note 2 for additional information on the acquisition of Costa. Refer to Note 8 for additional information related to the tax litigation. Refer to Note 12 for additional information on the Company's productivity and reinvestment program. Refer to Note 16 for the impact these charges had on our operating segments and Corporate. Other Nonoperating Items Equity Income (Loss) — Net During the three months ended March 27, 2020 and March 29, 2019 , the Company recorded net charges of $38 million and $42 million , respectively. These amounts represent the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. Refer to Note 16 for the impact these items had on our operating segments and Corporate. Other Income (Loss) — Net During the three months ended March 27, 2020 , the Company recognized a gain of $902 million in conjunction with our acquisition of the remaining interest in fairlife, which resulted from the remeasurement of our previously held equity interest in fairlife to fair value, and a gain of $18 million related to the sale of a portion of our ownership interest in one of our equity method investments. These gains were partially offset by a net loss of $392 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, and a loss of $57 million related to economic hedging activities. Refer to Note 2 for additional information on the acquisition of the remaining interest in fairlife. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 6 for additional information on our economic hedging activities. Refer to Note 16 for the impact these items had on our operating segments and Corporate. During the three months ended March 29, 2019 , the Company recognized an other-than-temporary impairment charge of $286 million related to Coca-Cola Bottlers Japan Holdings Inc. ("CCBJHI"), an equity method investee. The Company also recognized a $121 million loss in conjunction with our acquisition of the remaining interest in CHI and a $57 million other-than-temporary impairment charge related to one of our equity method investees in North America. These charges were partially offset by a net gain of $149 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, a gain of $39 million related to the sale of a portion of our equity ownership interest in Andina and a gain of $34 million related to economic hedging activities. Refer to Note 2 for additional information on the acquisition of the remaining interest in CHI and the sale of a portion of our equity ownership interest in Andina. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 6 for additional information on our economic hedging activities. Refer to Note 15 for additional information related to the impairment charges and the loss recognized in conjunction with our acquisition of the remaining interest in CHI. Refer to Note 16 for the impact these items had on our operating segments and Corporate.

Productivity, Integration and R

Productivity, Integration and Restructuring Initiatives	3 Months Ended
Productivity, Integration and Restructuring Initiatives	Mar. 27, 2020
Productivity integration and restructuring initiatives
Productivity, Integration and Restructuring Initiatives[Text Block]	PRODUCTIVITY AND REINVESTMENT PROGRAM In February 2012, the Company announced a productivity and reinvestment program designed to further enable our efforts to strengthen our brands and reinvest our resources to drive long-term profitable growth. This program is focused on the following initiatives: global supply chain optimization; global marketing and innovation effectiveness; operating expense leverage and operational excellence; data and information technology systems standardization; and the integration of Coca‑Cola Enterprises Inc.'s former North America business. In February 2014, the Company announced the expansion of our productivity and reinvestment program to drive incremental productivity that will primarily be redirected into increased media investments. Our incremental productivity goal consists of two relatively equal components. First, we will expand savings through global supply chain optimization, data and information technology systems standardization, and resource and cost reallocation. Second, we will increase the effectiveness of our marketing investments by transforming our marketing and commercial model to redeploy resources into more consumer-facing marketing investments to accelerate growth. In October 2014, the Company announced that we were further expanding our productivity and reinvestment program and extending it through 2019. The expansion of the productivity initiatives focused on four key areas: restructuring the Company's global supply chain; implementing zero-based work, an evolution of zero-based budget principles, across the organization; streamlining and simplifying the Company's operating model; and further driving increased discipline and efficiency in direct marketing investments. In April 2017, the Company announced another expansion of our productivity and reinvestment program. This expansion is focused on achieving additional efficiencies in both our supply chain and our marketing expenditures as well as transitioning to a new, more agile operating model to enable growth. Under this operating model, our business units will be supported by an expanded enabling services organization and a corporate center focused on a few strategic initiatives, policy and governance. The expanded enabling services organization will focus on both simplifying and standardizing key transactional processes and providing support to business units through global centers of excellence. Certain productivity initiatives included in this program, primarily related to our enabling services organization, will continue until the initiatives have been completed. The Company has incurred total pretax expenses of $3,869 million related to our productivity and reinvestment program since it commenced. These expenses were recorded in the line items other operating charges and other income (loss) — net in our condensed consolidated statements of income. Refer to Note 16 for the impact these charges had on our operating segments and Corporate. Outside services reported in the table below primarily relate to expenses in connection with legal, outplacement and consulting activities. Other direct costs reported in the table below include, among other items, internal and external costs associated with the development, communication, administration and implementation of these initiatives; accelerated depreciation on certain fixed assets; contract termination fees; and relocation costs. The following table summarizes the balance of accrued expenses related to these productivity and reinvestment initiatives and the changes in the accrued amounts as of and for the three months ended March 27, 2020 (in millions): Accrued Balance December 31, 2019 Costs Incurred Payments Noncash Accrued Balance March 27, 2020 Severance pay and benefits $ 58 $ 1 $ (7 ) $ (2 ) $ 50 Outside services 1 27 (27 ) — 1 Other direct costs 7 11 (11 ) (4 ) 3 Total $ 66 $ 39 $ (45 ) $ (6 ) $ 54

Pension and Other Postretiremen

Pension and Other Postretirement Benefit Plans	3 Months Ended
Pension and Other Postretirement Benefit Plans	Mar. 27, 2020
Pension and Other Postretirement Benefit Plans
Pension and Other Postretirement Benefit Plans	PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Net periodic benefit cost (income) for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Benefit Plans Other Postretirement Benefit Plans Three Months Ended March 27, March 29, March 27, March 29, Service cost $ 28 $ 26 $ 3 $ 2 Interest cost 59 72 6 7 Expected return on plan assets 1 (147 ) (138 ) (4 ) (3 ) Amortization of prior service credit — (1 ) (1 ) (1 ) Amortization of net actuarial loss 43 38 1 1 Net periodic benefit cost (income) $ (17 ) $ (3 ) $ 5 $ 6 1 The weighted-average expected long-term rates of return on plan assets used in computing 2020 net periodic benefit cost (income) are 7.50 percent for pension benefit plans and 4.50 percent for other postretirement benefit plans. All of the amounts in the table above, other than service cost, were recorded in the line item other income (loss) — net in our condensed consolidated statements of income. During the three months ended March 27, 2020 , the Company contributed $7 million to our pension trusts, and we anticipate making additional contributions of approximately $20 million during the remainder of 2020. The Company contributed $6 million to our pension trusts during the three months ended March 29, 2019

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 27, 2020
Income taxes
Income Taxes	INCOME TAXES The Company recorded income taxes of $215 million ( 7.2 percent effective tax rate) and $522 million ( 23.5 percent effective tax rate) during the three months ended March 27, 2020 and March 29, 2019 , respectively. The Company's effective tax rates for the three months ended March 27, 2020 and March 29, 2019 vary from the statutory U.S. federal income tax rate of 21.0 percent primarily due to the tax impact of significant operating and nonoperating items, along with the tax benefits of having significant operations outside the United States and significant earnings generated in investments accounted for under the equity method, both of which are generally taxed at rates lower than the statutory U.S. rate. The Company's effective tax rate for the three months ended March 27, 2020 included the favorable impact of a $40 million tax benefit associated with the gain recorded upon the acquisition of the remaining interest in fairlife and also included the net tax benefit of various discrete tax items recorded during the quarter. Refer to Note 2 for additional information on the acquisition of the remaining interest in fairlife. On September 17, 2015, the Company received a Statutory Notice of Deficiency from the IRS for the tax years 2007 through 2009, after a five-year audit. Refer to Note 8 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 27, 2020
Fair Value Measurements [Abstract]
Fair Value Disclosures [Text Block]	FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions): March 27, 2020 Level 1 Level 2 Level 3 Other 3 Netting Adjustment 4 Fair Value Measurements Assets: Equity securities with readily determinable values 1 $ 1,457 $ 194 $ 15 $ 97 $ — $ 1,763 Debt securities 1 — 2,452 38 — — 2,490 Derivatives 2 1 988 — — (670 ) 5 319 7 Total assets $ 1,458 $ 3,634 $ 53 $ 97 $ (670 ) $ 4,572 Liabilities: Contingent consideration liability $ — $ — $ (281 ) 8 $ — $ — $ (281 ) Derivatives 2 (42 ) (572 ) — — 572 6 (42 ) 7 Total liabilities $ (42 ) $ (572 ) $ (281 ) $ — $ 572 $ (323 ) 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 derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4 . 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6 . 5 The Company is obligated to return $233 million in cash collateral it has netted against its derivative position. 6 The Company has the right to reclaim $95 million in cash collateral it has netted against its derivative position. 7 The Company's derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $ 319 million in the line item other assets and $ 42 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio. 8 Refer to Note 2 for additional information related to the contingent consideration liability resulting from our acquisition of the remaining interest in fairlife. December 31, 2019 Level 1 Level 2 Level 3 Other 3 Netting Adjustment 4 Fair Value Measurements Assets: Equity securities with readily determinable values 1 $ 1,877 $ 219 $ 14 $ 109 $ — $ 2,219 Debt securities 1 — 3,291 37 — — 3,328 Derivatives 2 9 579 — — (392 ) 5 196 6 Total assets $ 1,886 $ 4,089 $ 51 $ 109 $ (392 ) $ 5,743 Liabilities: Derivatives 2 $ — $ (162 ) $ — $ — $ 130 $ (32 ) 6 Total liabilities $ — $ (162 ) $ — $ — $ 130 $ (32 ) 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 derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4 . 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6 . 5 The Company is obligated to return $261 million in cash collateral it has netted against its derivative position. 6 The Company's derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $196 million in the line item other assets and $32 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio. Gross realized and unrealized gains and losses on Level 3 assets and liabilities were not significant for the three months ended March 27, 2020 and March 29, 2019 . 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 months ended March 27, 2020 and March 29, 2019 . Nonrecurring Fair Value Measurements The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the table below (in millions): Gains (Losses) Three Months Ended March 27, March 29, Impairment of intangible asset $ (152 ) 1 $ — Other-than-temporary impairment charges — (343 ) 3 Investment in former equity method investee — (121 ) 4 Impairment of equity investment without a readily determinable fair value (26 ) 2 — Total $ (178 ) $ (464 ) 1 The Company recorded an impairment charge of $152 million related to a trademark in North America, which was primarily driven by revised projections of future operating results due to reduced availability at retail customer outlets and a change in brand focus in the Company's portfolio. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. 2 The Company recorded an impairment charge of $26 million related to an investment in an equity security without a readily determinable fair value. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. 3 Based on the length of time and the extent to which the market value of our investment in CCBJHI, an equity method investee, has been less than our carrying value and the financial condition and near-term prospects of the issuer, management determined that the decline in fair value was other than temporary in nature. As a result, the Company recognized an other-than-temporary impairment charge of $286 million . This impairment charge was determined using the quoted market price (a Level 1 measurement) of CCBJHI. The Company also recognized an other-than-temporary impairment charge of $57 million related to one of our equity method investees in North America. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. 4 The Company recognized a loss of $121 million in conjunction with our acquisition of the remaining interest in CHI, primarily driven by foreign currency exchange rate fluctuations. The fair value of this investment was derived using discounted cash flow analyses based on Level 3 inputs. Other Fair Value Disclosures The carrying amounts of cash and cash equivalents; short-term investments; trade accounts receivable; accounts payable and accrued expenses; and loans and notes payable approximate their fair values because of the relatively short-term maturities of these financial instruments. As of March 27, 2020 , the carrying amount and fair value of our long-term debt, including the current portion, were $ 36,736 million and $ 37,555 million , respectively. As of December 31, 2019 , the carrying amount and fair value of our long-term debt, including the current portion, were $31,769 million and $32,725 million , respectively.

Operating Segments

Operating Segments	3 Months Ended
Operating Segments	Mar. 27, 2020
Operating Segments [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 March 27, 2020 Net operating revenues: Third party $ 1,573 $ 930 $ 2,849 $ 989 $ 573 $ 1,656 $ 31 $ — $ 8,601 Intersegment 152 — 1 139 — 2 — (294 ) — Total net operating revenues 1,725 930 2,850 1,128 573 1,658 31 (294 ) 8,601 Operating income (loss) 960 539 387 511 19 63 (99 ) — 2,380 Income (loss) before income taxes 971 535 402 513 18 198 373 — 3,010 Identifiable operating assets 8,172 1 1,853 20,600 2,312 7,378 10,184 1 24,842 — 75,341 Investments 2 498 661 357 225 11 12,968 3,952 — 18,672 As of and for the Three Months Ended March 29, 2019 Net operating revenues: Third party $ 1,634 $ 896 $ 2,681 $ 1,060 $ 583 $ 1,808 $ 32 $ — $ 8,694 Intersegment 138 — 2 127 2 2 — (271 ) — Total net operating revenues 1,772 896 2,683 1,187 585 1,810 32 (271 ) 8,694 Operating income (loss) 978 496 586 542 66 100 (333 ) — 2,435 Income (loss) before income taxes 988 491 537 550 68 (100 ) (309 ) — 2,225 Identifiable operating assets 8,379 1 1,838 18,316 2,088 7,350 10,867 1 19,305 — 68,143 Investments 2 719 786 343 223 — 14,360 3,773 — 20,204 As of December 31, 2019 Identifiable operating assets $ 8,143 1 $ 1,801 $ 17,687 $ 2,060 $ 7,265 $ 11,170 1 $ 18,376 $ — $ 66,502 Investments 2 543 716 358 224 14 14,093 3,931 — 19,879 1 Property, plant and equipment — net in South Africa represented 14 percent , 14 percent and 16 percent of consolidated property, plant and equipment — net as of March 27, 2020 , March 29, 2019 and December 31, 2019 , respectively. 2 Principally equity method investments and other investments in bottling companies. During the three months ended March 27, 2020 , 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 $152 million for North America due to an impairment charge related to a trademark, which was primarily driven by revised projections of future operating results due to reduced availability at retail customer outlets and a change in brand focus in the Company's portfolio. Refer to Note 15 . • Operating income (loss) and income (loss) before income taxes were reduced by $39 million for Corporate due to the Company's productivity and reinvestment program. Refer to Note 12 . • Operating income (loss) and income (loss) before income taxes were reduced by $11 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of the remaining interest in fairlife. Refer to Note 2 . • Income (loss) before income taxes was increased by $902 million for Corporate in conjunction with our acquisition of the remaining interest in fairlife, which resulted from the remeasurement of our previously held equity interest in fairlife to fair value. Refer to Note 2 . • Income (loss) before income taxes was increased by $18 million for Corporate related to the sale of a portion of our ownership interest in one of our equity method investments. • Income (loss) before income taxes was reduced by $392 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4 . • Income (loss) before income taxes was reduced by $38 million for Bottling Investments due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. During the three months ended March 29, 2019 , the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $1 million for Europe, Middle East and Africa, $17 million for North America, $2 million for Bottling Investments and $48 million for Corporate due to the Company's productivity and reinvestment program. Refer to Note 12 . • Operating income (loss) and income (loss) before income taxes were reduced by $46 million for Corporate related to transaction costs associated with the purchase of Costa, which we acquired in January 2019. Refer to Note 2 . • Operating income (loss) and income (loss) before income taxes were reduced by $11 million for Bottling Investments related to costs incurred to refranchise certain of our North America bottling operations. Refer to Note 11 . • Income (loss) before income taxes was increased by $149 million for Corporate related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4 . • Income (loss) before income taxes was increased by $39 million for Corporate related to the sale of a portion of our equity ownership interest in Andina. Refer to Note 2 . • Income (loss) before income taxes was reduced by $286 million for Bottling Investments due to an other-than-temporary impairment charge related to CCBJHI, an equity method investee. Refer to Note 15 . • Income (loss) before income taxes was reduced by $121 million for Corporate resulting from a loss in conjunction with our acquisition of the remaining interest in CHI. Refer to Note 2 and Note 15 . • Income (loss) before income taxes was reduced by $57 million for North America due to an other-than-temporary impairment charge related to one of our equity method investees. Refer to Note 15 . • Income (loss) before income taxes was reduced by $42 million

Summary of Significant Accoun_2

Summary of Significant Accounting Policies Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed 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, 2019 . 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 condensed 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 months ended March 27, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . Sales of our nonalcoholic 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 interim reporting periods, other than the fourth interim reporting period, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The first quarter of 2020 and the first quarter of 2019 ended on March 27, 2020 and March 29, 2019 , respectively. Our fourth interim reporting period and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls.
Segment Reporting, Policy [Policy Text Block]
Advertising Cost [Policy Text Block]	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 interim reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple interim periods to each of our interim reporting periods. We use the proportion of each interim period'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 interim reporting period, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple interim periods in order to evaluate if a change in estimate is necessary. The impact of any changes in these full year estimates is recognized in the interim period in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy.
Cash and Cash Equivalents, Policy [Policy Text Block]	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 assets on our consolidated balance sheet, and amounts classified in assets held for sale. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk. The following table provides a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in the condensed consolidated statements of cash flows (in millions): March 27, December 31, Cash and cash equivalents $ 13,561 $ 6,480 Cash and cash equivalents included in other assets 1 404 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 13,965 $ 6,737 March 29, December 31, 2018 Cash and cash equivalents $ 5,848 $ 9,077 Cash and cash equivalents included in other assets 1 276 241 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 6,124 $ 9,318 1 Amounts represent cash and cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4 .
Recently Issued Accounting Guidance	Recently Issued Accounting Guidance In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 27, 2020
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents [Table Text Block]	The following table provides a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in the condensed consolidated statements of cash flows (in millions): March 27, December 31, Cash and cash equivalents $ 13,561 $ 6,480 Cash and cash equivalents included in other assets 1 404 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 13,965 $ 6,737 March 29, December 31, 2018 Cash and cash equivalents $ 5,848 $ 9,077 Cash and cash equivalents included in other assets 1 276 241 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 6,124 $ 9,318 1 Amounts represent cash and cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4 .

Revenue Recognition Revenue R_2

Revenue Recognition Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition Revenue Recognition (Tables)	Mar. 27, 2020
Revenue Recognition [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended March 27, 2020 Concentrate operations $ 1,324 $ 3,465 $ 4,789 Finished product operations 1,483 2,329 3,812 Total $ 2,807 $ 5,794 $ 8,601 Three Months Ended March 29, 2019 Concentrate operations $ 1,185 $ 3,593 $ 4,778 Finished product operations 1,460 2,456 3,916 Total $ 2,645 $ 6,049 $ 8,694

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 27, 2020
Investments [Abstracts]
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 March 27, 2020 March 29, 2019 Net gains (losses) recognized during the period related to equity securities $ (396 ) $ 147 Less: Net gains (losses) recognized during the period related to equity securities sold (16 ) 7 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ (380 ) $ 140
Carrying value of equity securities by balance sheet location [Table Text Block]	The carrying values of our equity securities were included in the following line items in our condensed consolidated balance sheets (in millions): Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value March 27, 2020 Marketable securities $ 275 $ — Other investments 599 53 Other assets 889 — Total equity securities $ 1,763 $ 53 December 31, 2019 Marketable securities $ 329 $ — Other investments 772 82 Other assets 1,118 — Total equity securities $ 2,219 $ 82
Schedule of debt securities [Table Text Block]	Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Fair Value Cost Gains Losses March 27, 2020 Trading securities $ 33 $ — $ (2 ) $ 31 Available-for-sale securities 2,365 98 (4 ) 2,459 Total debt securities $ 2,398 $ 98 $ (6 ) $ 2,490 December 31, 2019 Trading securities $ 46 $ 1 $ — $ 47 Available-for-sale securities 3,172 113 (4 ) 3,281 Total debt securities $ 3,218 $ 114 $ (4 ) $ 3,328
Fair value of debt securities by balance sheet location [Table Text Block]	The carrying values of our debt securities were included in the following line items in our condensed consolidated balance sheets (in millions): March 27, 2020 December 31, 2019 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Cash and cash equivalents $ — $ 97 $ — $ 123 Marketable securities 31 2,086 47 2,852 Other assets — 276 — 306 Total debt securities $ 31 $ 2,459 $ 47 $ 3,281
Realized Gain (Loss) on Investments [Table Text Block]	The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Three Months Ended March 27, 2020 March 29, 2019 Gross gains $ 8 $ 5 Gross losses (2 ) (3 ) Proceeds 906 722
Contractual maturity amounts of the investment securities	The contractual maturities of these available-for-sale debt securities as of March 27, 2020 were as follows (in millions): Cost Estimated Within 1 year $ 1,374 $ 1,393 After 1 year through 5 years 761 805 After 5 years through 10 years 58 68 After 10 years 172 193 Total $ 2,365 $ 2,459

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 27, 2020
Inventories
Inventories	Inventories consisted of the following (in millions): March 27, December 31, Raw materials and packaging $ 2,282 $ 2,180 Finished goods 901 851 Other 375 348 Total inventories $ 3,558 $ 3,379

Hedging Transactions and Deri_2

Hedging Transactions and Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 27, 2020
Foreign Currency Fair Value Hedge Derivative [Line Items]
Derivative instruments, fair value, designated as hedging 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 March 27, December 31, 2019 Assets: Foreign currency contracts Prepaid expenses and other assets $ 140 $ 24 Foreign currency contracts Other assets 228 91 Interest rate contracts Prepaid expenses and other assets 12 10 Interest rate contracts Other assets 517 427 Total assets $ 897 $ 552 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 84 $ 40 Foreign currency contracts Other liabilities 231 48 Interest rate contracts Other liabilities 23 21 Total liabilities $ 338 $ 109 1 All of the Company's derivative instruments are carried at fair value in our condensed consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 15 for the net presentation of the Company's derivative instruments. 2 Refer to Note 15 for additional information related to the estimated fair value.
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]	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 March 27, December 31, 2019 Assets: Foreign currency contracts Prepaid expenses and other assets $ 88 $ 13 Foreign currency contracts Other assets 2 — Commodity contracts Prepaid expenses and other assets 1 8 Commodity contracts Other assets — 2 Other derivative instruments Prepaid expenses and other assets — 12 Other derivative instruments Other assets 1 1 Total assets $ 92 $ 36 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 130 $ 39 Foreign currency contracts Other liabilities 4 — Commodity contracts Accounts payable and accrued expenses 70 13 Commodity contracts Other liabilities 28 1 Other derivative instruments Accounts payable and accrued expenses 44 — Total liabilities $ 276 $ 53 1 All of the Company's derivative instruments are carried at fair value in our condensed consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 15 for the net presentation of the Company's derivative instruments. 2 Refer to Note 15 for additional information related to the estimated fair value.
Derivative instruments, designated as hedging instruments, gain (loss) in statement of financial performance	The following table presents the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income ("OCI"), AOCI and earnings (in millions): Gain (Loss) Recognized in OCI Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Three Months Ended March 27, 2020 Foreign currency contracts $ 103 Net operating revenues $ (4 ) Foreign currency contracts 11 Cost of goods sold 1 Foreign currency contracts — Interest expense (2 ) Foreign currency contracts (90 ) Other income (loss) — net 15 Interest rate contracts 8 Interest expense (11 ) Total $ 32 $ (1 ) Three Months Ended March 29, 2019 Foreign currency contracts $ (2 ) Net operating revenues $ 6 Foreign currency contracts 1 Cost of goods sold 4 Foreign currency contracts — Interest expense (2 ) Foreign currency contracts (22 ) Other income (loss) — net (50 ) Interest rate contracts — Interest expense (10 ) Total $ (23 ) $ (52 )
Derivative instruments, fair value hedges, gain (loss) recognized in income	The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Three Months Ended March 27, March 29, Interest rate contracts Interest expense $ 112 $ 212 Fixed-rate debt Interest expense (103 ) (210 ) Net impact to interest expense $ 9 $ 2 Net impact of fair value hedging instruments $ 9 $ 2
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following table summarizes the amounts recorded in the condensed consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Carrying Value of Hedged Items Cumulative Amount of Fair Value Hedging Adjustments Included in Carrying Value of Hedged Items 1 Balance Sheet Location of Hedged Items March 27, December 31, March 27, December 31, Current maturities of long-term debt $ 1,007 $ 1,004 $ 8 $ 5 Long-term debt 12,123 12,087 539 448 1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rates.
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions): Notional Amount Gain (Loss) Recognized in OCI as of Three Months Ended March 27, December 31, 2019 March 27, March 29, Foreign currency contracts $ 491 $ — $ (3 ) $ 22 Foreign currency denominated debt 12,255 12,334 79 131 Total $ 12,746 $ 12,334 $ 76 $ 153
Schedule of Derivative Instruments Not Designated as Hedging Instruments Gain (Loss) in Statement of Financial Performance [Table Text Block]	The following table presents the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Three Months Ended March 27, March 29, Foreign currency contracts Net operating revenues $ 24 $ (11 ) Foreign currency contracts Cost of goods sold 14 (1 ) Foreign currency contracts Other income (loss) — net (91 ) 21 Commodity contracts Cost of goods sold (85 ) 20 Other derivative instruments Selling, general and administrative expenses (56 ) 17 Other derivative instruments Other income (loss) — net (57 ) 34 Total $ (251 ) $ 80

Comprehensive Income (Tables)

Comprehensive Income (Tables)	3 Months Ended
Comprehensive Income (Tables)	Mar. 27, 2020
Comprehensive Income
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): March 27, December 31, 2019 Foreign currency translation adjustments $ (13,436 ) $ (11,270 ) Accumulated derivative net gains (losses) (193 ) (209 ) Unrealized net gains (losses) on available-for-sale debt securities 67 75 Adjustments to pension and other benefit liabilities (2,134 ) (2,140 ) Accumulated other comprehensive income (loss) $ (15,696 ) $ (13,544 )
Comprehensive Income (Loss), Apportioned between Shareowners of the Coca-Cola Company and Noncontrolling Interests [Text Block]	The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Three Months Ended March 27, 2020 Shareowners of The Coca-Cola Company Noncontrolling Interests Total Consolidated net income $ 2,775 $ 20 $ 2,795 Other comprehensive income: Net foreign currency translation adjustments (2,166 ) (455 ) (2,621 ) Net gains (losses) on derivatives 1 16 — 16 Net change in unrealized gains (losses) on available-for-sale debt securities 2 (8 ) — (8 ) Net change in pension and other benefit liabilities 6 — 6 Total comprehensive income (loss) $ 623 $ (435 ) $ 188 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 March 27, 2020 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (2,281 ) $ 212 $ (2,069 ) Reclassification adjustments recognized in net income 3 — 3 Gains (losses) on intra-entity transactions that are of a long-term investment nature (157 ) — (157 ) Gains (losses) on net investment hedges arising during the period 1 76 (19 ) 57 Net foreign currency translation adjustments $ (2,359 ) $ 193 $ (2,166 ) Derivatives: Gains (losses) arising during the period $ 23 $ (8 ) $ 15 Reclassification adjustments recognized in net income 1 — 1 Net gains (losses) on derivatives 1 $ 24 $ (8 ) $ 16 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (8 ) $ 5 $ (3 ) Reclassification adjustments recognized in net income (6 ) 1 (5 ) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (14 ) $ 6 $ (8 ) Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ (25 ) $ (1 ) $ (26 ) Reclassification adjustments recognized in net income 43 (11 ) 32 Net change in pension and other benefit liabilities $ 18 $ (12 ) $ 6 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company $ (2,331 ) $ 179 $ (2,152 ) 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 March 29, 2019 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 997 $ (73 ) $ 924 Reclassification adjustments recognized in net income 192 — 192 Gains (losses) on intra-entity transactions that are of a long-term investment nature (287 ) — (287 ) Gains (losses) on net investment hedges arising during the period 1 153 (28 ) 125 Net foreign currency translation adjustments $ 1,055 $ (101 ) $ 954 Derivatives: Gains (losses) arising during the period $ (36 ) $ 4 $ (32 ) Reclassification adjustments recognized in net income 53 (13 ) 40 Net gains (losses) on derivatives 1 $ 17 $ (9 ) $ 8 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 24 $ (7 ) $ 17 Reclassification adjustments recognized in net income (2 ) — (2 ) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 22 $ (7 ) $ 15 Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ (1 ) $ 4 $ 3 Reclassification adjustments recognized in net income 37 (9 ) 28 Net change in pension and other benefit liabilities $ 36 $ (5 ) $ 31 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 1,130 $ (122 ) $ 1,008 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.
Income statement location of adjustments reclassified from AOCI into income	The following table presents the amounts and line items in our condensed consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions): Amount Reclassified from AOCI into Income Description of AOCI Component Financial Statement Line Item Three Months Ended March 27, 2020 Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ 3 Income before income taxes 3 Income taxes — Consolidated net income $ 3 Derivatives: Foreign currency contracts Net operating revenues $ 4 Foreign currency contracts Cost of goods sold (1 ) Foreign currency contracts Other income (loss) — net (15 ) Foreign currency and interest rate contracts Interest expense 13 Income before income taxes 1 Income taxes — Consolidated net income $ 1 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ (6 ) Income before income taxes (6 ) Income taxes 1 Consolidated net income $ (5 ) Pension and other benefit liabilities: Recognized net actuarial loss Other income (loss) — net $ 44 Recognized prior service cost (credit) Other income (loss) — net (1 ) Income before income taxes 43 Income taxes (11 ) Consolidated net income $ 32 1 Related to the sale of a portion of our ownership interest in one of our equity method investments. Refer to Note 2

Changes in Equity (Tables)

Changes in Equity (Tables)	3 Months Ended
Changes in Equity (Tables)	Mar. 27, 2020
Changes in 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 March 27, 2020 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non- controlling Interests December 31, 2019 4,280 $ 21,098 $ 65,855 $ (13,544 ) $ 1,760 $ 17,154 $ (52,244 ) $ 2,117 Comprehensive income (loss) — 188 2,775 (2,152 ) — — — (435 ) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.41 per share) — (1,760 ) (1,760 ) — — — — — Dividends paid to noncontrolling interests — (6 ) — — — — — (6 ) Impact related to stock-based compensation plans 14 314 — — — 158 156 — March 27, 2020 4,294 $ 19,834 $ 66,870 $ (15,696 ) $ 1,760 $ 17,312 $ (52,088 ) $ 1,676 Shareowners of The Coca-Cola Company Three Months Ended March 29, 2019 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non- controlling Interests December 31, 2018 4,268 $ 19,058 $ 63,234 $ (12,814 ) $ 1,760 $ 16,520 $ (51,719 ) $ 2,077 Adoption of accounting standards — (18 ) 501 (519 ) — — — — Comprehensive income (loss) — 2,683 1,678 1,008 — — — (3 ) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.40 per share) — (1,709 ) (1,709 ) — — — — — Dividends paid to noncontrolling interests — (5 ) — — — — — (5 ) Purchases of treasury stock (9 ) (398 ) — — — — (398 ) — Impact related to stock-based compensation plans 9 193 — — — 57 136 — March 29, 2019 4,268 $ 19,804 $ 63,704 $ (12,325 ) $ 1,760 $ 16,577 $ (51,981 ) $ 2,069

Productivity, Integration and_2

Productivity, Integration and Restructuring Initiatives (Tables)	3 Months Ended
	Mar. 27, 2020
Restructuring Cost and Reserve [Line Items]
Productivity and Reinvestment [Table Text Block]	The following table summarizes the balance of accrued expenses related to these productivity and reinvestment initiatives and the changes in the accrued amounts as of and for the three months ended March 27, 2020 (in millions): Accrued Balance December 31, 2019 Costs Incurred Payments Noncash Accrued Balance March 27, 2020 Severance pay and benefits $ 58 $ 1 $ (7 ) $ (2 ) $ 50 Outside services 1 27 (27 ) — 1 Other direct costs 7 11 (11 ) (4 ) 3 Total $ 66 $ 39 $ (45 ) $ (6 ) $ 54

Pension and Other Postretirem_2

Pension and Other Postretirement Benefit Plans (Tables)	3 Months Ended
Pension and Other Postretirement Benefit Plans (Tables)	Mar. 27, 2020
Pension and Other Postretirement Benefit Plans
Periodic benefit cost, pension and other postretirement benefit plans	Net periodic benefit cost (income) for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Benefit Plans Other Postretirement Benefit Plans Three Months Ended March 27, March 29, March 27, March 29, Service cost $ 28 $ 26 $ 3 $ 2 Interest cost 59 72 6 7 Expected return on plan assets 1 (147 ) (138 ) (4 ) (3 ) Amortization of prior service credit — (1 ) (1 ) (1 ) Amortization of net actuarial loss 43 38 1 1 Net periodic benefit cost (income) $ (17 ) $ (3 ) $ 5 $ 6 1 The weighted-average expected long-term rates of return on plan assets used in computing 2020 net periodic benefit cost (income) are 7.50 percent for pension benefit plans and 4.50 percent for other postretirement benefit plans.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 27, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets and liabilities measured at fair value on a recurring basis	The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions): March 27, 2020 Level 1 Level 2 Level 3 Other 3 Netting Adjustment 4 Fair Value Measurements Assets: Equity securities with readily determinable values 1 $ 1,457 $ 194 $ 15 $ 97 $ — $ 1,763 Debt securities 1 — 2,452 38 — — 2,490 Derivatives 2 1 988 — — (670 ) 5 319 7 Total assets $ 1,458 $ 3,634 $ 53 $ 97 $ (670 ) $ 4,572 Liabilities: Contingent consideration liability $ — $ — $ (281 ) 8 $ — $ — $ (281 ) Derivatives 2 (42 ) (572 ) — — 572 6 (42 ) 7 Total liabilities $ (42 ) $ (572 ) $ (281 ) $ — $ 572 $ (323 ) 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 derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4 . 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6 . 5 The Company is obligated to return $233 million in cash collateral it has netted against its derivative position. 6 The Company has the right to reclaim $95 million in cash collateral it has netted against its derivative position. 7 The Company's derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $ 319 million in the line item other assets and $ 42 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio. 8 Refer to Note 2 for additional information related to the contingent consideration liability resulting from our acquisition of the remaining interest in fairlife. December 31, 2019 Level 1 Level 2 Level 3 Other 3 Netting Adjustment 4 Fair Value Measurements Assets: Equity securities with readily determinable values 1 $ 1,877 $ 219 $ 14 $ 109 $ — $ 2,219 Debt securities 1 — 3,291 37 — — 3,328 Derivatives 2 9 579 — — (392 ) 5 196 6 Total assets $ 1,886 $ 4,089 $ 51 $ 109 $ (392 ) $ 5,743 Liabilities: Derivatives 2 $ — $ (162 ) $ — $ — $ 130 $ (32 ) 6 Total liabilities $ — $ (162 ) $ — $ — $ 130 $ (32 ) 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 derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4 . 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6 . 5 The Company is obligated to return $261 million in cash collateral it has netted against its derivative position. 6 The Company's derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $196 million in the line item other assets and $32 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio.
Assets and liabilities measured at fair value on a Nonrecurring basis	The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the table below (in millions): Gains (Losses) Three Months Ended March 27, March 29, Impairment of intangible asset $ (152 ) 1 $ — Other-than-temporary impairment charges — (343 ) 3 Investment in former equity method investee — (121 ) 4 Impairment of equity investment without a readily determinable fair value (26 ) 2 — Total $ (178 ) $ (464 ) 1 The Company recorded an impairment charge of $152 million related to a trademark in North America, which was primarily driven by revised projections of future operating results due to reduced availability at retail customer outlets and a change in brand focus in the Company's portfolio. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. 2 The Company recorded an impairment charge of $26 million related to an investment in an equity security without a readily determinable fair value. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. 3 Based on the length of time and the extent to which the market value of our investment in CCBJHI, an equity method investee, has been less than our carrying value and the financial condition and near-term prospects of the issuer, management determined that the decline in fair value was other than temporary in nature. As a result, the Company recognized an other-than-temporary impairment charge of $286 million . This impairment charge was determined using the quoted market price (a Level 1 measurement) of CCBJHI. The Company also recognized an other-than-temporary impairment charge of $57 million related to one of our equity method investees in North America. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. 4 The Company recognized a loss of $121 million in conjunction with our acquisition of the remaining interest in CHI, primarily driven by foreign currency exchange rate fluctuations. The fair value of this investment was derived using discounted cash flow analyses based on Level 3 inputs.

Operating Segments (Tables)

Operating Segments (Tables)	3 Months Ended
Operating Segments (Tables)	Mar. 27, 2020
Segment Reporting Information [Line Items]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	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 March 27, 2020 Net operating revenues: Third party $ 1,573 $ 930 $ 2,849 $ 989 $ 573 $ 1,656 $ 31 $ — $ 8,601 Intersegment 152 — 1 139 — 2 — (294 ) — Total net operating revenues 1,725 930 2,850 1,128 573 1,658 31 (294 ) 8,601 Operating income (loss) 960 539 387 511 19 63 (99 ) — 2,380 Income (loss) before income taxes 971 535 402 513 18 198 373 — 3,010 Identifiable operating assets 8,172 1 1,853 20,600 2,312 7,378 10,184 1 24,842 — 75,341 Investments 2 498 661 357 225 11 12,968 3,952 — 18,672 As of and for the Three Months Ended March 29, 2019 Net operating revenues: Third party $ 1,634 $ 896 $ 2,681 $ 1,060 $ 583 $ 1,808 $ 32 $ — $ 8,694 Intersegment 138 — 2 127 2 2 — (271 ) — Total net operating revenues 1,772 896 2,683 1,187 585 1,810 32 (271 ) 8,694 Operating income (loss) 978 496 586 542 66 100 (333 ) — 2,435 Income (loss) before income taxes 988 491 537 550 68 (100 ) (309 ) — 2,225 Identifiable operating assets 8,379 1 1,838 18,316 2,088 7,350 10,867 1 19,305 — 68,143 Investments 2 719 786 343 223 — 14,360 3,773 — 20,204 As of December 31, 2019 Identifiable operating assets $ 8,143 1 $ 1,801 $ 17,687 $ 2,060 $ 7,265 $ 11,170 1 $ 18,376 $ — $ 66,502 Investments 2 543 716 358 224 14 14,093 3,931 — 19,879 1 Property, plant and equipment — net in South Africa represented 14 percent , 14 percent and 16 percent of consolidated property, plant and equipment — net as of March 27, 2020 , March 29, 2019 and December 31, 2019 , respectively. 2 Principally equity method investments and other investments in bottling companies.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Recently Issued Accounting Guidance (Details) - USD ($) $ in Millions	Mar. 27, 2020	Dec. 31, 2019	Mar. 29, 2019	Dec. 31, 2018
Impact of New Pronouncements
Cash and cash equivalents	$ 13,561	$ 6,480	$ 5,848	$ 9,077
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period	13,965	6,737	6,124	9,318
Other Assets
Impact of New Pronouncements
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period	$ 404	$ 257	$ 276	$ 241

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 27, 2020	Mar. 29, 2019	Dec. 31, 2019	Jan. 02, 2020	Jan. 30, 2019
Acquisition and investment activities
Proceeds from disposals of businesses, equity method investments and nonmarketable securities	$ 36	$ 261
Acquisitions of businesses, equity method investments and nonmarketable securities	984	5,322
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss	0
Gain (Loss) on Sale of Equity Investments	18
Corporate
Acquisition and investment activities
Gain (Loss) on Sale of Equity Investments	18
fairlife [Member]
Acquisition and investment activities
Acquisitions of businesses, equity method investments and nonmarketable securities	979
Increase (Decrease) in Notes Receivables	(306)
Contingent Consideration Liability				$ 270
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	902
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	11
Indefinite-lived Intangible Assets Acquired	1,300
Goodwill, Acquired During Period	$ 800
Business Acquisition, Percentage of Voting Interests Acquired	57.50%
Ownership Percentage by Parent	100.00%
fairlife [Member] \| Corporate
Acquisition and investment activities
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 902
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 11
Costa [Member]
Acquisition and investment activities
Acquisitions of businesses, equity method investments and nonmarketable securities			$ 4,900
Indefinite-lived Intangible Assets Acquired			2,400
Goodwill, Acquired During Period			2,500
Costa [Member] \| Global Ventures [Member]
Acquisition and investment activities
Goodwill, Translation and Purchase Accounting Adjustments			(108)
Costa [Member] \| EMEA [Member]
Acquisition and investment activities
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss			108
CHI [Member]
Acquisition and investment activities
Acquisitions of businesses, equity method investments and nonmarketable securities			$ 260
Business Acquisition, Percentage of Voting Interests Acquired					60.00%
CHI [Member] \| Corporate
Acquisition and investment activities
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss		121
Andina [Member] \| Corporate
Acquisition and investment activities
Gain (Loss) on Sale of Equity Investments		$ 39

Revenue Recognition Revenue R_3

Revenue Recognition Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2020	Mar. 29, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 8,601	$ 8,694
Net operating revenues related to concentrate operations	4,789	4,778
Net operating revenues related to finished product operations	3,812	3,916
UNITED STATES
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	2,807	2,645
Net operating revenues related to concentrate operations	1,324	1,185
Net operating revenues related to finished product operations	1,483	1,460
International [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	5,794	6,049
Net operating revenues related to concentrate operations	3,465	3,593
Net operating revenues related to finished product operations	$ 2,329	$ 2,456

Investments (Details 2)

Investments (Details 2) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Investments (Details 2) - USD ($) $ in Millions	Mar. 27, 2020	Mar. 29, 2019	Dec. 31, 2019
Equity securities, by type
Equity Securities, FV-NI, Gain (Loss)	$ (396)	$ 147
Equity Securities, FV-NI, Realized Gain (Loss)	(16)	7
Equity Securities, FV-NI, Unrealized Loss	380
Equity Securities, FV-NI, Unrealized Gain		140
Equity Securities, FV-NI	1,763		$ 2,219
Equity Securities without Readily Determinable Fair Value, Amount	53		82
Debt Securities [Member]
Equity securities, by type
Trading Securities, Unrealized Holding Gain	0		1
Trading Securities, Unrealized Holding Loss	2		0
Debt Securities, Trading, and Equity Securities, FV-NI	31		47
Available-for-sale Securities Fair Value	2,459		3,281
Available-for-sale Securities, Gross Realized Gains	8	5
Available-for-sale Securities, Gross Realized Losses	2	3
Proceeds from Sale of Available-for-sale Securities	906	$ 722
Marketable Securities [Member]
Equity securities, by type
Equity Securities, FV-NI	275		329
Equity Securities without Readily Determinable Fair Value, Amount	0		0
Other Investments [Member]
Equity securities, by type
Equity Securities, FV-NI	599		772
Equity Securities without Readily Determinable Fair Value, Amount	53		82
Other Assets
Equity securities, by type
Equity Securities, FV-NI	889		1,118
Equity Securities without Readily Determinable Fair Value, Amount	$ 0		$ 0

Investments (Details 3)

Investments (Details 3) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Investments (Details 3) - USD ($) $ in Millions	Mar. 27, 2020	Mar. 29, 2019	Dec. 31, 2019
Debt securities, by type
Available-for-sale Securities, Amortized Cost Basis	$ 2,365
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	2,398		$ 3,218
Debt securities, gross unrealized gain	98		114
Debt securities, gross unrealized loss	6		4
Debt Securities	2,490		3,328
Equity Securities [Member]
Debt securities, by type
Available-for-sale Securities, Gross Realized Gains	8	$ 5
Trading Securities, Equity, Cost	33		46
Trading Securities, Unrealized Holding Gain	0		1
Trading Securities, Unrealized Holding Loss	(2)		0
Debt Securities, Trading, and Equity Securities, FV-NI	31		47
Available-for-sale Securities, Debt Securities	2,365		3,172
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	98		113
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	4		4
Available-for-sale Securities Fair Value	2,459		3,281
Available-for-sale Securities, Gross Realized Losses	2	3
Proceeds from Sale of Available-for-sale Securities	906	$ 722
Available-for-sale Securities [Member]
Debt securities, by type
Debt Securities	2,459		3,281
Trading Securities [Member]
Debt securities, by type
Debt Securities	31		47
Cash and Cash Equivalents [Member] \| Available-for-sale Securities [Member]
Debt securities, by type
Debt Securities	97		123
Cash and Cash Equivalents [Member] \| Trading Securities [Member]
Debt securities, by type
Debt Securities	0		0
Marketable Securities [Member] \| Available-for-sale Securities [Member]
Debt securities, by type
Debt Securities	2,086		2,852
Marketable Securities [Member] \| Trading Securities [Member]
Debt securities, by type
Debt Securities	31		47
Other Assets \| Available-for-sale Securities [Member]
Debt securities, by type
Debt Securities	276		306
Other Assets \| Trading Securities [Member]
Debt securities, by type
Debt Securities	$ 0		$ 0

Investments (Details 5)

Investments (Details 5) - USD ($) $ in Millions	Mar. 27, 2020	Dec. 31, 2019
Investments [Abstracts]
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost	$ 1,374
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value	1,393
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Amortized Cost Basis	761
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value	805
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis	58
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value	68
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost	172
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value	193
Available-for-sale Securities, Amortized Cost Basis	2,365
Debt Securities	2,490	$ 3,328
Available-for-sale Securities [Member]
Investments [Abstracts]
Debt Securities	2,459	3,281
Debt securities, by type
Solvency Funds of Insurance Captive	$ 1,025	$ 1,266

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 27, 2020	Dec. 31, 2019
Inventory balances
Raw materials and packaging	$ 2,282	$ 2,180
Finished goods	901	851
Other	375	348
Total inventories	$ 3,558	$ 3,379

Hedging Transactions and Deri_3

Hedging Transactions and Derivative Financial Instruments (Details) - USD ($)	3 Months Ended
	Mar. 27, 2020	Mar. 29, 2019	Dec. 31, 2019
Fair Value, Derivatives Designated and Not Designated as Hedges
Maximum Length of Time Hedged in Cash Flow Hedge	4 years
Derivative, Gain (Loss) on Derivative, Net		$ 34,000,000
Net Investment Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 76,000,000	153,000,000
Derivative, Notional Amount	12,746,000,000		$ 12,334,000,000
Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	32,000,000	(23,000,000)
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(1,000,000)	(52,000,000)
Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	9,000,000	2,000,000
Long-term Debt, Current Maturities [Domain] \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	1,007		1,004
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	8		5
Long-term Debt [Member] \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	12,123		12,087
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	539		448
Foreign currency denominated debt \| Net Investment Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	79,000,000	131,000,000
Derivative, Notional Amount	12,255,000,000		12,334,000,000
Foreign currency contracts \| Net Investment Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(3,000,000)	22,000,000
Derivative, Notional Amount	491,000,000		0
Foreign currency contracts \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	9,849,000,000		6,957,000,000
Commodity contracts \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	2,000,000
Cross Currency Swap \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	3,028,000,000		3,028,000,000
Interest Rate Swap [Member] \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	550,000,000
Interest Rate Swap [Member] \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	12,360,000,000		12,523,000,000
Designated as Hedging Instrument [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	897,000,000		552,000,000
Derivative instruments, liabilities, fair value	338,000,000		109,000,000
Designated as Hedging Instrument [Member] \| Foreign currency contracts \| Prepaid expenses and other assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	140,000,000		24,000,000
Designated as Hedging Instrument [Member] \| Foreign currency contracts \| Other Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	228,000,000		91,000,000
Designated as Hedging Instrument [Member] \| Foreign currency contracts \| Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	84,000,000		40,000,000
Designated as Hedging Instrument [Member] \| Foreign currency contracts \| Other Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	231,000,000		48,000,000
Designated as Hedging Instrument [Member] \| Interest Rate Contract [Member] \| Other Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	517,000,000		427,000,000
Designated as Hedging Instrument [Member] \| Interest Rate Contract [Member] \| Other Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	23,000,000		21,000,000
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Prepaid expenses and other assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	12,000,000		10,000,000
Not Designated as Hedging Instrument [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(251,000,000)	80,000,000
Derivative instruments, assets, fair value	92,000,000		36,000,000
Derivative instruments, liabilities, fair value	276,000,000		53,000,000
Not Designated as Hedging Instrument [Member] \| Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	4,725,000,000		4,291,000,000
Not Designated as Hedging Instrument [Member] \| Foreign currency contracts \| Prepaid expenses and other assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	88,000,000		13,000,000
Not Designated as Hedging Instrument [Member] \| Foreign currency contracts \| Other Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	2,000,000		0
Not Designated as Hedging Instrument [Member] \| Foreign currency contracts \| Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	130,000,000		39,000,000
Not Designated as Hedging Instrument [Member] \| Foreign currency contracts \| Other Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	4,000,000		0
Not Designated as Hedging Instrument [Member] \| Commodity contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	405,000,000		425,000,000
Not Designated as Hedging Instrument [Member] \| Commodity contracts \| Prepaid expenses and other assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	1,000,000		8,000,000
Not Designated as Hedging Instrument [Member] \| Commodity contracts \| Other Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	0		2,000,000
Not Designated as Hedging Instrument [Member] \| Commodity contracts \| Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	70,000,000		13,000,000
Not Designated as Hedging Instrument [Member] \| Commodity contracts \| Other Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	28,000,000		1,000,000
Not Designated as Hedging Instrument [Member] \| Other derivative instruments \| Prepaid expenses and other assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	0		12,000,000
Not Designated as Hedging Instrument [Member] \| Other derivative instruments \| Other Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	1,000,000		1,000,000
Not Designated as Hedging Instrument [Member] \| Other derivative instruments \| Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	44,000,000		$ 0
Net operating revenues \| Foreign currency contracts \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	103,000,000	(2,000,000)
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(4,000,000)	6,000,000
Net operating revenues \| Not Designated as Hedging Instrument [Member] \| Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	24,000,000	(11,000,000)
Other Income (loss) - net \| Foreign currency contracts \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(90,000,000)	(22,000,000)
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	15,000,000	(50,000,000)
Other Income (loss) - net \| Not Designated as Hedging Instrument [Member] \| Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(91,000,000)	21,000,000
Other Income (loss) - net \| Not Designated as Hedging Instrument [Member] \| Other derivative instruments
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(57,000,000)	34,000,000
Cost of goods sold \| Foreign currency contracts \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	11,000,000	1,000,000
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	1,000,000	4,000,000
Cost of goods sold \| Not Designated as Hedging Instrument [Member] \| Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	14,000,000	(1,000,000)
Cost of goods sold \| Not Designated as Hedging Instrument [Member] \| Commodity contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(85,000,000)	20,000,000
Selling, general and administrative expenses \| Not Designated as Hedging Instrument [Member] \| Other derivative instruments
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(56,000,000)	17,000,000
Interest Expense [Member] \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	9,000,000	2,000,000
Interest Expense [Member] \| Foreign currency contracts \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	0	0
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(2,000,000)	(2,000,000)
Interest Expense [Member] \| Interest Rate Contract [Member] \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	8,000,000	0
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(11,000,000)	(10,000,000)
Interest Expense [Member] \| Interest Rate Contract [Member] \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	112,000,000	212,000,000
Interest Expense [Member] \| Fixed-rate debt \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (103,000,000)	$ (210,000,000)

Hedging Transactions and Deri_4

Hedging Transactions and Derivative Financial Instruments (Details 2) - USD ($)	3 Months Ended
	Mar. 27, 2020	Mar. 29, 2019	Dec. 31, 2019
Gains and (losses) related to derivative instruments
Anticipated gains (losses) cash flows hedges, estimated reclassification to earnings during next twelve months	$ 6,000,000
Derivative, Gain (Loss) on Derivative, Net		$ 34,000,000
Cash Flow Hedging [Member]
Gains and (losses) related to derivative instruments
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	32,000,000	(23,000,000)
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(1,000,000)	(52,000,000)
Cash Flow Hedging [Member] \| Interest Rate Swap [Member]
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	550,000,000
Cash Flow Hedging [Member] \| Foreign currency contracts
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	9,849,000,000		$ 6,957,000,000
Cash Flow Hedging [Member] \| Foreign currency contracts \| Net operating revenues
Gains and (losses) related to derivative instruments
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	103,000,000	(2,000,000)
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(4,000,000)	6,000,000
Cash Flow Hedging [Member] \| Foreign currency contracts \| Cost of goods sold
Gains and (losses) related to derivative instruments
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	11,000,000	1,000,000
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	1,000,000	4,000,000
Cash Flow Hedging [Member] \| Foreign currency contracts \| Interest Expense [Member]
Gains and (losses) related to derivative instruments
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	0	0
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(2,000,000)	(2,000,000)
Cash Flow Hedging [Member] \| Foreign currency contracts \| Other Income (loss) - net
Gains and (losses) related to derivative instruments
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(90,000,000)	(22,000,000)
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	15,000,000	(50,000,000)
Cash Flow Hedging [Member] \| Currency Swap [Member]
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	3,028,000,000		3,028,000,000
Cash Flow Hedging [Member] \| Interest Rate Contract [Member] \| Interest Expense [Member]
Gains and (losses) related to derivative instruments
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	8,000,000	0
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(11,000,000)	(10,000,000)
Cash Flow Hedging [Member] \| Commodity contracts
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	2,000,000
Fair Value Hedges
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	9,000,000	2,000,000
Fair Value Hedges \| Interest Expense [Member]
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	9,000,000	2,000,000
Fair Value Hedges \| Fixed-rate debt \| Interest Expense [Member]
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	(103,000,000)	(210,000,000)
Fair Value Hedges \| Interest Rate Swap [Member]
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	12,360,000,000		12,523,000,000
Fair Value Hedges \| Interest Rate Contract [Member] \| Interest Expense [Member]
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	112,000,000	212,000,000
Net Investment Hedging [Member]
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	12,746,000,000		12,334,000,000
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	76,000,000	153,000,000
Net Investment Hedging [Member] \| Foreign currency contracts
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	491,000,000		0
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(3,000,000)	22,000,000
Net Investment Hedging [Member] \| Foreign currency denominated debt
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	12,255,000,000		12,334,000,000
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	79,000,000	131,000,000
Not Designated as Hedging Instrument [Member]
Gains and (losses) related to derivative instruments
Derivative Liability, Fair Value, Gross Liability	276,000,000		53,000,000
Derivative, Gain (Loss) on Derivative, Net	(251,000,000)	80,000,000
Not Designated as Hedging Instrument [Member] \| Foreign currency contracts
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	4,725,000,000		4,291,000,000
Not Designated as Hedging Instrument [Member] \| Foreign currency contracts \| Net operating revenues
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	24,000,000	(11,000,000)
Not Designated as Hedging Instrument [Member] \| Foreign currency contracts \| Cost of goods sold
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	14,000,000	(1,000,000)
Not Designated as Hedging Instrument [Member] \| Foreign currency contracts \| Other Income (loss) - net
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	(91,000,000)	21,000,000
Not Designated as Hedging Instrument [Member] \| Commodity contracts
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	405,000,000		425,000,000
Not Designated as Hedging Instrument [Member] \| Commodity contracts \| Cost of goods sold
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	(85,000,000)	20,000,000
Not Designated as Hedging Instrument [Member] \| Other derivative instruments \| Other Income (loss) - net
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	(57,000,000)	34,000,000
Not Designated as Hedging Instrument [Member] \| Other derivative instruments \| Selling, general and administrative expenses
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	(56,000,000)	$ 17,000,000
Long-term Debt, Current Maturities [Domain] \| Fair Value Hedges
Gains and (losses) related to derivative instruments
Derivative, Amount of Hedged Item	1,007		1,004
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	$ 8		$ 5

Debt and Borrowing Arrangemen_2

Debt and Borrowing Arrangements (Details) $ in Millions	3 Months Ended
Debt and Borrowing Arrangements (Details) $ in Millions	Mar. 27, 2020USD ($)
Long-term debt
Issuance of long term debt	$ 5,000
Carrying Value of Long-Term Debt	4,951
Total principal notes due on March 25, 2025 [Domain]
Long-term debt
Issuance of long term debt	$ 1,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.95%
Total principal notes due on March 25, 2027 [Domain]
Long-term debt
Issuance of long term debt	$ 1,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.375%
Total principal notes due on March 25, 2030 [Domain]
Long-term debt
Issuance of long term debt	$ 1,250
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.45%
Total principal notes due on March 25, 2040 [Domain]
Long-term debt
Issuance of long term debt	$ 500
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.125%
Total principal notes due on March 25, 2050 [Domain]
Long-term debt
Issuance of long term debt	$ 1,250
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.20%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2017	Oct. 02, 2015	Mar. 27, 2020	Dec. 31, 2019
Tax Years 2007-2009 [Member]
IRS Claim
IRS Claim		$ 3,300
Transfer Pricing Adjustment	$ 385
IRS Amended Claim	135
IRS Amended Claim Related to Mexico Licensee	$ 138
Guarantees of indebtedness owed by third parties
Guarantees
Guarantees of indebtedness owed by third parties			$ 411
VIEs maximum exposures to loss			130
Risk Management Programs
Risk Management Programs
Self-insurance reserves			$ 280	$ 301

Comprehensive Income (Details)

Comprehensive Income (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 27, 2020	Mar. 29, 2019	Dec. 31, 2019	Dec. 31, 2018
Comprehensive Income Disclosure
Net Income (Loss) Attributable to Parent	$ 2,775	$ 1,678
Net Income (Loss) Attributable to Noncontrolling Interest	20	25
AOCI Attributable to the Shareowners of The Coca Cola Company
Accumulated other comprehensive income (loss)	(15,696)	(12,325)	$ (13,544)	$ (12,814)
Consolidated net income	2,795	1,703
Other comprehensive income:
Net foreign currency translation adjustment	(2,621)	926
Net gain (loss) on derivatives	16	8
Net unrealized gain (loss) on available-for-sale securities	(8)
Net change in pension and other benefit liabilities	6	31
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 188	$ 2,683
Common Stock Dividends, Shares	0	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	$ (6)	$ (5)
Purchases of treasury stock		(398)
Impact related to stock compensation plans	314	193
Dividends, Common Stock, Cash	(1,760)	(1,709)
Foreign currency translation adjustments:
Translation adjustment arising during the period	(2,281)	997
Reclassification adjustments recognized in net income	3	192
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	(157)	(287)
Gains (losses) on net investment hedges arising during the period	76	153
Derivatives:
Reclassification adjustments recognized in net income	1
Available-for-sale securities:
Reclassification adjustments recognized in net income	(6)
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	43
Foreign currency translation adjustments:
Translation adjustment arising during the period	212	(73)
Reclassification adjustments recognized in net income	0	0
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	0	0
Gains (losses) on net investment hedges arising during the period	(19)	(28)
Derivatives:
Reclassification adjustments recognized in net income	0
Available-for-sales securities:
Reclassification adjustments recognized in net income	1
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	(11)
Foreign currency translation adjustments:
Translation adjustment arising during the period	(2,069)	924
Reclassification adjustments recognized in net income	3	192
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	(157)	(287)
Gains (losses) on net investments hedges arising during the period	57	125
Derivatives:
Reclassification adjustments recognized in net income	1
Available-for-sale securities:
Net unrealized gain (loss) on available-for-sale securities	(8)	15
Reclassification adjustments recognized in net income	(5)
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	32
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity		(18)
Other income (loss) - net
Pension and other benefit liabilities:
Recognized net actuarial loss	44
Recognized prior service cost (credit)	(1)
Divestitures, deconsolidations and other [Member] \| Other income (loss) - net
Foreign currency translation adjustments:
Reclassification adjustments recognized in net income	3
Foreign currency contracts \| Other income (loss) - net
Derivatives:
Reclassification adjustments recognized in net income	(15)
Foreign currency contracts \| Net operating revenues
Derivatives:
Reclassification adjustments recognized in net income	4
Foreign currency and commodities contracts [Member] \| Cost of goods sold
Derivatives:
Reclassification adjustments recognized in net income	(1)
Foreign currency and interest rate contracts \| Interest Expense [Member]
Derivatives:
Reclassification adjustments recognized in net income	13
Sale of securities \| Other income (loss) - net
Available-for-sale securities:
Reclassification adjustments recognized in net income	(6)
Shareowners of The Coca-Cola Company
AOCI Attributable to the Shareowners of The Coca Cola Company
Foreign currency translation adjustments	(13,436)		(11,270)
Accumulated derivative net gains (losses)	(193)		(209)
Unrealized net gains (losses) on available-for-sale securities	67		75
Adjustments to pension and other benefits liabilities	(2,134)		(2,140)
Accumulated other comprehensive income (loss)	(15,696)		$ (13,544)
Other comprehensive income:
Net foreign currency translation adjustment	(2,166)
Net gain (loss) on derivatives	16
Net unrealized gain (loss) on available-for-sale securities	(8)
Net change in pension and other benefit liabilities	6
TOTAL COMPREHENSIVE INCOME (LOSS)	623
Foreign currency translation adjustments:
Net foreign currency translation adjustments	(2,359)	1,055
Derivatives:
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	23	(36)
Reclassification adjustments recognized in net income	1	53
Net gain (loss) on derivatives	24	17
Available-for-sale securities:
Unrealized gains (losses) arising during the period	(8)	24
Reclassification adjustments recognized in net income	(6)	(2)
Net change in unrealized gain (loss) on available-for-sale securities	(14)	22
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	(25)	(1)
Reclassification adjustments recognized in net income	43	37
Net change in pension and other benefit liabilities	18	36
Other Comprehensive Income (Loss) attributable to The Coca-Cola Company	(2,331)	1,130
Foreign currency translation adjustments:
Net foreign currency translation adjustments	193	(101)
Derivatives:
Gains (losses) arising during the period	(8)	4
Reclassification adjustments recognized in net income	0	(13)
Net gain (loss) on derivatives	(8)	(9)
Available-for-sales securities:
Unrealized gains (losses) arising during the period	5	(7)
Reclassification adjustments recognized in net income	1	0
Net change in unrealized gain (loss) on available-for-sale securities	6	(7)
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	(1)	4
Reclassification adjustments recognized in net income	(11)	(9)
Net change in pension and other benefit liabilities	(12)	(5)
Other comprehensive income (loss) attributable to The Coca-Cola Company	179	(122)
Foreign currency translation adjustments:
Net foreign currency translation adjustments	(2,166)	954
Derivatives:
Gains (losses) arising during the period	15	(32)
Reclassification adjustments recognized in net income	1	40
Net gain (loss) on derivatives	16	8
Available-for-sale securities:
Net unrealized gain (loss) on available-for-sale securities	(3)	17
Reclassification adjustments recognized in net income	(5)	(2)
Net change in unrealized gain (loss) on available-for-sale securities	(8)	15
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	(26)	3
Reclassification adjustments recognized in net income	32	28
Net change in pension and other benefit liabilities	6	31
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	23	(36)
Other comprehensive income (loss) attributable to The Coca-Cola Company	(2,152)	1,008
Noncontrolling Interests
Other comprehensive income:
Net foreign currency translation adjustment	(455)
Net gain (loss) on derivatives	0
Net unrealized gain (loss) on available-for-sale securities	0
Net change in pension and other benefit liabilities	0
TOTAL COMPREHENSIVE INCOME (LOSS)	$ (435)	$ (3)
Common Stock Dividends, Shares	0	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	$ (6)	$ (5)
Purchases of treasury stock		0
Impact related to stock compensation plans	0	0
Dividends, Common Stock, Cash	0	0
Pension and other benefit liabilities:
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity		0
AOCI Attributable to Parent [Member]
Other comprehensive income:
TOTAL COMPREHENSIVE INCOME (LOSS)	(2,152)	1,008
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	0
Purchases of treasury stock		0
Impact related to stock compensation plans	0	0
Dividends, Common Stock, Cash	$ 0	0
Pension and other benefit liabilities:
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity		$ (519)

Changes in Equity (Details)

Changes in Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 27, 2020	Mar. 29, 2019	Dec. 31, 2019	Dec. 31, 2018
Changes in Equity
Reinvested earnings	$ 66,870	$ 63,704	$ 65,855	$ 63,234
Accumulated other comprehensive income (loss)	$ (15,696)	$ (12,325)	$ (13,544)	$ (12,814)
Changes in Equity
Common Stock Dividends, Shares	0	0
December 31, 2019	$ 21,098	$ 19,058
Comprehensive income (loss)	188	2,683
Dividends, Common Stock, Cash	(1,760)	(1,709)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(6)	(5)
Purchases of treasury stock		(398)
Impact related to stock compensation plans	314	193
March 27, 2020	19,834	19,804
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity		(18)
Reinvested Earnings
Changes in Equity
December 31, 2019	65,855
Comprehensive income (loss)	2,775	1,678
Dividends, Common Stock, Cash	(1,760)	(1,709)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	0
Purchases of treasury stock		0
Impact related to stock compensation plans	$ 0	0
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity		$ 501
AOCI Attributable to Parent [Member]
Changes in Equity
Other Activities, shares issued	0	0
December 31, 2019	$ (13,544)
Comprehensive income (loss)	(2,152)	$ 1,008
Dividends, Common Stock, Cash	0	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	0
Purchases of treasury stock		0
Impact related to stock compensation plans	$ 0	0
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity		$ (519)
Common Stock [Member]
Changes in Equity
Common Stock, Shares, Outstanding	4,294	4,268	4,280	4,268
Treasury Stock, Shares, Acquired		(9)
Impact related to stock compensation plans, shares	14	9
December 31, 2019	$ 1,760	$ 1,760
Comprehensive income (loss)	0	0
Dividends, Common Stock, Cash	0	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	0
Purchases of treasury stock		0
Impact related to stock compensation plans	0	0
March 27, 2020	1,760	$ 1,760
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Equity		0
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity		$ 0
Capital Surplus
Changes in Equity
December 31, 2019	17,154	16,520
Comprehensive income (loss)	0	0
Dividends, Common Stock, Cash	0	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	0
Purchases of treasury stock		0
Impact related to stock compensation plans	158	57
March 27, 2020	17,312	16,577
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity		0
Treasury Stock
Changes in Equity
December 31, 2019	(52,244)	(51,719)
Comprehensive income (loss)	0	0
Dividends, Common Stock, Cash	0	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	0
Purchases of treasury stock		(398)
Impact related to stock compensation plans	156	136
March 27, 2020	$ (52,088)	(51,981)
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity		$ 0
Noncontrolling Interests
Changes in Equity
Common Stock Dividends, Shares	0	0
December 31, 2019	$ 2,117	$ 2,077
Comprehensive income (loss)	(435)	(3)
Dividends, Common Stock, Cash	0	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(6)	(5)
Purchases of treasury stock		0
Impact related to stock compensation plans	0	0
March 27, 2020	$ 1,676	2,069
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity		$ 0

Significant Operating and Non_2

Significant Operating and Nonoperating Items (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2020	Mar. 29, 2019
Significant Operating and Nonoperating Line Items
Effective tax rate (as a percent)	7.20%	23.50%
Income taxes	$ 215	$ 522
Other Operating Charges
Productivity, integration and restructuring initiatives	39	68
Impairment of Intangible Assets (Excluding Goodwill)		0
Tax litigation expense		2
Other operating charges	202	127
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	38	42
Gain (Loss) on Sale of Equity Investments	18
Equity Income (Loss) - Net
Net realized and unrealized gains (losses) on equity securities and trading debt securities as well as realized gains (losses) on available-for-sale debt securities		149
Derivative, Gain (Loss) on Derivative, Net		34
Other Income (Loss) - Net
Equity Method Investment, Other than Temporary Impairment	0	343
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss	0
Bottling investments [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives		2
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	38	42
EMEA [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives		1
North America [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives		17
Impairment of Intangible Assets (Excluding Goodwill)	152
Other Income (Loss) - Net
Equity Method Investment, Other than Temporary Impairment		57
Corporate
Other Operating Charges
Productivity, integration and restructuring initiatives	39	48
Gain (Loss) on Sale of Equity Investments	18
Equity Income (Loss) - Net
Net realized and unrealized gains (losses) on equity securities and trading debt securities as well as realized gains (losses) on available-for-sale debt securities	(392)	149
Productivity and Reinvestment [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives	39
North America Territory [Member] \| Bottling investments [Member]
Other Operating Charges
Costs incurred to refranchise of certain bottler interests		11
fairlife [Member]
Significant Operating and Nonoperating Line Items
Income taxes	(40)
Other Operating Charges
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	11
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	902
fairlife [Member] \| Corporate
Other Operating Charges
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	11
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 902
Andina [Member] \| Corporate
Other Operating Charges
Gain (Loss) on Sale of Equity Investments		39
Coca-Cola Bottlers Japan Holdings [Member] \| Bottling investments [Member]
Other Income (Loss) - Net
Equity Method Investment, Other than Temporary Impairment		286
CHI [Member] \| Corporate
Other Income (Loss) - Net
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss		121
North America Territory [Member] \| Bottling investments [Member]
Other Operating Charges
Costs incurred to refranchise of certain bottler interests		$ 11

Productivity, Integration and_3

Productivity, Integration and Restructuring Initiatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2020	Mar. 29, 2019
Productivity, Integration and Restructuring Initiatives Disclosures
Cost incurred	$ 39	$ 68
Productivity and Reinvestment [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, Beginning Balance	66
Cost incurred	39
Payments	(45)
Noncash and exchange	(6)
Accrued Balance, Ending Balance	54
Restructuring and related costs incurred to date	3,869
Productivity and Reinvestment [Member] \| Severance pay and benefits
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, Beginning Balance	58
Cost incurred	1
Payments	(7)
Noncash and exchange	(2)
Accrued Balance, Ending Balance	50
Productivity and Reinvestment [Member] \| Outside Services [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, Beginning Balance	1
Cost incurred	27
Payments	(27)
Noncash and exchange	0
Accrued Balance, Ending Balance	1
Productivity and Reinvestment [Member] \| Other direct costs [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, Beginning Balance	7
Cost incurred	11
Payments	(11)
Noncash and exchange	(4)
Accrued Balance, Ending Balance	$ 3

Pension and Other Postretirem_3

Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2020	Mar. 29, 2019
Net periodic pension and other Postretirement benefit cost
Contributions to pension plan	$ 7	$ 6
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 20
Pension Benefits
Net periodic pension and other Postretirement benefit cost
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	7.50%
Service cost	$ 28	26
Interest cost	59	72
Expected return on plan assets	(147)	(138)
Amortization of prior service cost (credit)	0	(1)
Amortization of net actuarial loss	43	38
Defined Benefit Plan Net Periodic Benefit Cost Excluding Settlement Curtailment and Special Termination Benefits	$ (17)	(3)
Other Benefits
Net periodic pension and other Postretirement benefit cost
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	4.50%
Service cost	$ 3	2
Interest cost	6	7
Expected return on plan assets	(4)	(3)
Amortization of prior service cost (credit)	(1)	(1)
Amortization of net actuarial loss	1	1
Defined Benefit Plan Net Periodic Benefit Cost Excluding Settlement Curtailment and Special Termination Benefits	$ 5	$ 6

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 27, 2020	Mar. 29, 2019
Income Tax Contingency [Line Items]
Net Income (Loss) Attributable to Parent	$ 2,775	$ 1,678
U.S. statutory rate (as a percent)	21.00%	21.00%
Income tax expense	$ 215	$ 522
Effective tax rate (as a percent)	7.20%	23.50%
fairlife [Member]
Income Tax Contingency [Line Items]
Income tax expense	$ (40)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 27, 2020	Mar. 29, 2019	Dec. 31, 2019
Assets and liabilities measured at fair value on a recurring basis
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss	$ 0
Equity Method Investment, Other than Temporary Impairment	0	$ 343
Debt Securities	2,490		$ 3,328
Derivative, Collateral, Obligation to Return Cash	233		261
Derivative, Collateral, Right to Reclaim Cash	95
Impairment of Intangible Assets (Excluding Goodwill)		0
Level 1
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI	1,457		1,877
Debt Securities	0		0
Derivatives, assets	1		9
Total assets	1,458		1,886
Contingent Consideration Liability	0
Derivatives, liabilities	42		0
Total liabilities	42		0
Level 2
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI	194		219
Debt Securities	2,452		3,291
Derivatives, assets	988		579
Total assets	3,634		4,089
Contingent Consideration Liability	0
Derivatives, liabilities	572		162
Total liabilities	572		162
Level 3
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI	15		14
Available-for-sale Securities Fair Value			37
Debt Securities	38
Derivatives, assets	0		0
Total assets	53		51
Contingent Consideration Liability	(281)
Derivatives, liabilities	0		0
Total liabilities	281		0
Other [Member]
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI	97		109
Available-for-sale Securities Fair Value			0
Debt Securities	0
Derivatives, assets	0		0
Total assets	97		109
Contingent Consideration Liability	0
Derivatives, liabilities	0		0
Total liabilities	0		0
Netting Adjustment
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI	0		0
Available-for-sale Securities Fair Value			0
Debt Securities	0
Derivatives, assets	(670)		(392)
Total assets	(670)		(392)
Contingent Consideration Liability	0
Derivatives, liabilities	(572)		(130)
Total liabilities	(572)		(130)
Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI	1,763		2,219
Available-for-sale Securities Fair Value			3,328
Debt Securities	2,490
Derivatives, assets	319		196
Total assets	4,572		5,743
Contingent Consideration Liability	(281)
Derivatives, liabilities	42		32
Total liabilities	323		32
Other Assets \| Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis
Derivatives, assets	319		196
Other Liabilities \| Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis
Derivatives, liabilities	42		$ 32
North America [Member]
Assets and liabilities measured at fair value on a recurring basis
Equity Method Investment, Other than Temporary Impairment		$ 57
Impairment of Intangible Assets (Excluding Goodwill)	$ 152

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 2) - USD ($) $ in Millions	3 Months Ended
Fair Value Measurements (Details 2) - USD ($) $ in Millions	Mar. 27, 2020	Mar. 29, 2019	Dec. 31, 2019
Nonrecurring fair value measurements
Equity Method Investment, Other than Temporary Impairment	$ 0	$ 343
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount		0
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss	0
Nonrecurring gain (loss) fair value measurement	(178)	(464)
Impairment of Intangible Assets (Excluding Goodwill)		0
North America [Member]
Nonrecurring fair value measurements
Equity Method Investment, Other than Temporary Impairment		57
Impairment of Intangible Assets (Excluding Goodwill)	152
Corporate
Nonrecurring fair value measurements
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	26
Coca-Cola Bottlers Japan Holdings [Member] \| Bottling investments [Member]
Nonrecurring fair value measurements
Equity Method Investment, Other than Temporary Impairment		286
CHI [Member] \| Corporate
Nonrecurring fair value measurements
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss		$ 121
Cash Flow Hedging [Member] \| Foreign currency contracts
Nonrecurring fair value measurements
Derivative, Notional Amount	$ 9,849		$ 6,957

Fair Value Measurements (Deta_3

Fair Value Measurements (Details 3) - USD ($) $ in Millions	Mar. 27, 2020	Dec. 31, 2019
Other fair value disclosures
Long-term debt, including the current portion, carrying amount	$ 36,736	$ 31,769
Long-term debt, including the current portion, fair value	$ 37,555	$ 32,725

Operating Segments (Details)

Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Operating Segments (Details) - USD ($) $ in Millions	Mar. 27, 2020	Mar. 29, 2019	Dec. 31, 2019
Operations, Reportable Information, by Operating Segment
Property, Plant and Equipment, Net Percentage	14.00%	14.00%	16.00%
Net operating revenues:
Third Party	$ 8,601	$ 8,694
Intersegment	0	0
Revenues	8,601	8,694
Operating Income (Loss)	2,380	2,435
Income (loss) before income taxes	3,010	2,225
Identifiable operating assets	75,341	68,143	$ 66,502
Noncurrent investments	18,672	20,204	19,879
Productivity, integration and restructuring initiatives	39	68
Gain (Loss) on Sale of Equity Investments	18
Impairment of Intangible Assets (Excluding Goodwill)		0
Other operating charges	202	127
Tax litigation expense		2
Net realized and unrealized gains (losses) on equity securities and trading debt securities as well as realized gains (losses) on available-for-sale debt securities		149
Equity Method Investment, Other than Temporary Impairment	0	343
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss	0
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	38	42
EMEA [Member]
Net operating revenues:
Third Party	1,573	1,634
Intersegment	152	138
Revenues	1,725	1,772
Operating Income (Loss)	960	978
Income (loss) before income taxes	971	988
Identifiable operating assets	8,172	8,379	8,143
Noncurrent investments	498	719	543
Productivity, integration and restructuring initiatives		1
Latin America [Member]
Net operating revenues:
Third Party	930	896
Intersegment	0	0
Revenues	930	896
Operating Income (Loss)	539	496
Income (loss) before income taxes	535	491
Identifiable operating assets	1,853	1,838	1,801
Noncurrent investments	661	786	716
North America [Member]
Net operating revenues:
Third Party	2,849	2,681
Intersegment	1	2
Revenues	2,850	2,683
Operating Income (Loss)	387	586
Income (loss) before income taxes	402	537
Identifiable operating assets	20,600	18,316	17,687
Noncurrent investments	357	343	358
Productivity, integration and restructuring initiatives		17
Impairment of Intangible Assets (Excluding Goodwill)	152
Equity Method Investment, Other than Temporary Impairment		57
Asia Pacific [Member]
Net operating revenues:
Third Party	989	1,060
Intersegment	139	127
Revenues	1,128	1,187
Operating Income (Loss)	511	542
Income (loss) before income taxes	513	550
Identifiable operating assets	2,312	2,088	2,060
Noncurrent investments	225	223	224
Global Ventures [Member]
Net operating revenues:
Third Party	573	583
Intersegment	0	2
Revenues	573	585
Operating Income (Loss)	19	66
Income (loss) before income taxes	18	68
Identifiable operating assets	7,378	7,350	7,265
Noncurrent investments	11	0	14
Bottling investments [Member]
Net operating revenues:
Third Party	1,656	1,808
Intersegment	2	2
Revenues	1,658	1,810
Operating Income (Loss)	63	100
Income (loss) before income taxes	198	(100)
Identifiable operating assets	10,184	10,867	11,170
Noncurrent investments	12,968	14,360	14,093
Productivity, integration and restructuring initiatives		2
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	38	42
Corporate
Net operating revenues:
Third Party	31	32
Intersegment	0	0
Revenues	31	32
Operating Income (Loss)	(99)	(333)
Income (loss) before income taxes	373	(309)
Identifiable operating assets	24,842	19,305	18,376
Noncurrent investments	3,952	3,773	3,931
Productivity, integration and restructuring initiatives	39	48
Gain (Loss) on Sale of Equity Investments	18
Net realized and unrealized gains (losses) on equity securities and trading debt securities as well as realized gains (losses) on available-for-sale debt securities	(392)	149
Intersegment Eliminations [Member]
Net operating revenues:
Third Party	0	0
Intersegment	(294)	(271)
Revenues	(294)	(271)
Operating Income (Loss)	0	0
Income (loss) before income taxes	0	0
Identifiable operating assets	0	0	0
Noncurrent investments	0	0	0
North America Territory [Member] \| Bottling investments [Member]
Net operating revenues:
Costs incurred to refranchise of certain bottler interests		11
fairlife [Member]
Net operating revenues:
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	11
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	902
fairlife [Member] \| Corporate
Net operating revenues:
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	11
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 902
Coca-Cola Bottlers Japan Holdings [Member] \| Bottling investments [Member]
Net operating revenues:
Equity Method Investment, Other than Temporary Impairment		286
Costa [Member]
Net operating revenues:
Other operating charges		46
Costa [Member] \| EMEA [Member]
Net operating revenues:
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss			$ 108
Costa [Member] \| Corporate
Net operating revenues:
Other operating charges		46
CHI [Member] \| Corporate
Net operating revenues:
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss		121
Andina [Member] \| Corporate
Net operating revenues:
Gain (Loss) on Sale of Equity Investments		39
North America Territory [Member] \| Bottling investments [Member]
Net operating revenues:
Costs incurred to refranchise of certain bottler interests		$ 11