The Coca-Cola Company (KO) 10-Q22 Oct 202020 Q3 Quarterly reportFinancial data

Company Profile

Cover Memo Document

Cover Memo Document - shares	9 Months Ended
Cover Memo Document - shares	Sep. 25, 2020	Oct. 19, 2020
Entity Information [Line Items]
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 25, 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		4,297,434,612
Entity Central Index Key	0000021344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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
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
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
.125% Notes Due 2029
Entity Information [Line Items]
Title of 12(b) Security	0.125% Notes Due 2029
Trading Symbol	KO29A
Security Exchange Name	NYSE
.375% Notes Due 2033
Entity Information [Line Items]
Title of 12(b) Security	0.375% Notes Due 2033
Trading Symbol	KO33
Security Exchange Name	NYSE
.800% Notes Due 2040
Entity Information [Line Items]
Title of 12(b) Security	0.800% Notes Due 2040
Trading Symbol	KO40B
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Revenues	$ 8,652	$ 9,507	$ 24,403	$ 28,198
Cost of Goods Sold	3,471	3,767	9,855	11,053
GROSS PROFIT	5,181	5,740	14,548	17,145
Selling, general and administrative expenses	2,511	3,116	7,142	8,879
Other operating charges	372	125	747	344
OPERATING INCOME	2,298	2,499	6,659	7,922
Interest income	82	153	294	428
Interest expense	660	230	1,127	711
Equity income (loss) - net	431	346	774	808
Other income (loss) — net	30	324	788	(81)
INCOME BEFORE INCOME TAXES	2,181	3,092	7,388	8,366
Income taxes	441	503	1,094	1,446
CONSOLIDATED NET INCOME	1,740	2,589	6,294	6,920
Net Income (Loss) Attributable to Noncontrolling Interest	3	(4)	3	42
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	$ 1,737	$ 2,593	$ 6,291	$ 6,878
BASIC NET INCOME PER SHARE (in dollars per share)	$ 0.40	$ 0.61	$ 1.47	$ 1.61
DILUTED NET INCOME PER SHARE (in dollars per share)	$ 0.40	$ 0.60	$ 1.46	$ 1.60
AVERAGE SHARES OUTSTANDING (in shares)	4,296,000,000	4,280,000,000	4,293,000,000	4,273,000,000
Effect of dilutive securities (in shares)	25,000,000	41,000,000	28,000,000	38,000,000
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION (in shares)	4,321,000,000	4,321,000,000	4,321,000,000	4,311,000,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
CONSOLIDATED NET INCOME	$ 1,740	$ 2,589	$ 6,294	$ 6,920
Other comprehensive income:
Net foreign currency translation adjustment	1,052	(960)	(2,283)	(679)
Net gain (loss) on derivatives	(13)	46	(23)	30
Net unrealized gain (loss) on available-for-sale securities	(21)	16	(40)	46
Net change in pension and other benefit liabilities	(2)	32	45	100
TOTAL COMPREHENSIVE INCOME (LOSS)	2,756	1,723	3,993	6,417
Less: Comprehensive income (loss) attributable to noncontrolling interests	5	(145)	(396)	(88)
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	$ 2,751	$ 1,868	$ 4,389	$ 6,505

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Sep. 25, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss, Current	$ 546	$ 524
Property, Plant, and Equipment, Owned, Accumulated Depreciation	$ 8,877	$ 8,083
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	2,743	2,760
CURRENT ASSETS
Cash and cash equivalents	$ 11,385	$ 6,480
Short-term investments	7,347	1,467
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	18,732	7,947
Marketable Securities	2,396	3,228
Trade accounts receivable, less allowances of $546 and $524, respectively	3,827	3,971
Inventories	3,264	3,379
Prepaid expenses and other assets	2,191	1,886
TOTAL CURRENT ASSETS	30,410	20,411
EQUITY METHOD INVESTMENTS	18,875	19,025
OTHER INVESTMENTS	712	854
OTHER ASSETS	6,161	6,075
Deferred Income Tax Assets, Net	2,439	2,412
Property, plant and equipment, less accumulated depreciation of $8,877 and $8,083, respectively	10,667	10,838
TRADEMARKS WITH INDEFINITE LIVES	10,333	9,266
GOODWILL	16,887	16,764
OTHER INTANGIBLE ASSETS	700	736
TOTAL ASSETS	97,184	86,381
CURRENT LIABILITIES
Accounts payable and accrued expenses	12,750	11,312
Notes and Loans Payable	5,857	10,994
Current maturities of long-term debt	7,508	4,253
Accrued income taxes	776	414
TOTAL CURRENT LIABILITIES	26,891	26,973
LONG-TERM DEBT	39,502	27,516
OTHER LIABILITIES	8,530	8,510
Deferred Income Tax Liabilities, Net	1,945	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	17,463	17,154
Reinvested earnings	66,863	65,855
Accumulated other comprehensive income (loss)	(15,446)	(13,544)
Treasury stock, at cost — 2,743 and 2,760 shares, respectively	(52,033)	(52,244)
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	18,607	18,981
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,709	2,117
TOTAL EQUITY	20,316	21,098
TOTAL LIABILITIES AND EQUITY	$ 97,184	$ 86,381

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019
OPERATING ACTIVITIES
CONSOLIDATED NET INCOME	$ 6,294	$ 6,920
Depreciation and amortization	1,106	965
Stock-based compensation expense	88	146
Deferred income taxes	10	(326)
Equity (income) loss - net of dividends	(565)	(336)
Foreign currency adjustments	(145)	79
Significant (gains) losses on sales of assets - net	(899)	(389)
Other Operating Activities, Cash Flow Statement	671	147
Other items	562	444
Net change in operating assets and liabilities	(902)	121
Net Cash Provided by (Used in) Operating Activities	6,220	7,771
INVESTING ACTIVITIES
Purchases of investments	(12,051)	(4,113)
Proceeds from disposals of investments	6,482	5,674
Acquisitions of businesses, equity method investments and nonmarketable securities	(989)	(5,376)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities	46	266
Purchases of property, plant and equipment	(759)	(1,206)
Proceeds from disposals of property, plant and equipment	156	944
Other investing activities	43	(90)
Net Cash Provided by (Used in) Investing Activities	(7,072)	(3,901)
FINANCING ACTIVITIES
Issuances of debt	26,898	19,598
Payments of debt	(17,977)	(21,716)
Issuances of stock	514	923
Purchases of stock for treasury	(93)	(690)
Payments of Dividends	(3,522)	(3,419)
Other financing activities	153	(33)
Net Cash Provided by (Used in) Financing Activities	5,973	(5,337)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(36)	(75)
CASH AND CASH EQUIVALENTS
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	5,085	(1,542)
Balance at beginning of period	6,737	9,318
Balance at end of period	11,822	7,776
Less: Restricted Cash and Restricted Cash Equivalents at end of period	437	245
Cash and cash equivalents	$ 11,385	$ 7,531

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 25, 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 and nine months ended September 25, 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 third quarter of 2020 and the third quarter of 2019 ended on September 25, 2020 and September 27, 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 change in the full year estimate 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 in our consolidated balance sheet. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk. The following tables provide 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): September 25, December 31, Cash and cash equivalents $ 11,385 $ 6,480 Cash and cash equivalents included in other assets 1 437 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 11,822 $ 6,737 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. September 27, December 31, Cash and cash equivalents $ 7,531 $ 9,077 Cash and cash equivalents included in other assets 1 245 241 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 7,776 $ 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	9 Months Ended
Acquisitions and Divestitures	Sep. 25, 2020
Acquisition and Divestures [Abstract]
Acquisition and Divestitures [Text Block]	ACQUISITIONS AND DIVESTITURES Acquisitions During the nine months ended September 25, 2020, our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $989 million, which primarily related to the acquisition of the remaining equity ownership interest in fairlife, LLC ("fairlife"). During the nine months ended September 27, 2019, our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $5,376 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 and nine months ended September 25, 2020, we recorded charges of $18 million and $47 million, respectively, related to this remeasurement in the line item other operating charges in our condensed consolidated statements of income. As of September 25, 2020, $1.3 billion of the purchase price was 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 September 25, 2020, the valuations that have not been finalized primarily relate to other intangible assets as well as operating lease right-of-use 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 has been assigned 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 nine months ended September 27, 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 nine months ended September 25, 2020, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $46 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 nine months ended September 27, 2019, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $266 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. North America Refranchising — United States In conjunction with implementing a new beverage partnership model in North America, in 2018 the Company completed the refranchising of all of our bottling territories in the United States that were previously managed by Coca-Cola Refreshments ("CCR") to certain of our unconsolidated bottling partners. During the three and nine months ended September 27, 2019, we recognized net gains of $19 million and $15 million, respectively. These net gains were included in the line item other income (loss) — net in our condensed consolidated statements of income and were primarily related to post-closing adjustments as contemplated by the related agreements. North America Refranchising — Canada During the three and nine months ended September 27, 2019, we recognized a charge of $122 million related to post-closing adjustments related to the sale of our Canadian bottling operations as contemplated by the related agreements. This charge was included in the line item other income (loss) — net in our condensed consolidated statements of income. Coca-Cola Beverages Africa Proprietary Limited Due to the Company's original intent to refranchise Coca-Cola Beverages Africa Proprietary Limited ("CCBA"), CCBA was accounted for as held for sale and a discontinued operation from October 2017, when the Company became the controlling shareowner of CCBA, through the first quarter of 2019. While the Company had discussions with a number of potential partners throughout the period CCBA was held for sale, during the second quarter of 2019, the Company updated its plans for

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition	9 Months Ended
Revenue Recognition Revenue Recognition	Sep. 25, 2020
Revenue Recognition [Abstract]
Revenue Recognition, Policy [Policy Text Block]	REVENUE RECOGNITION The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended September 25, 2020 Concentrate operations $ 1,523 $ 3,556 $ 5,079 Finished product operations 1,503 2,070 3,573 Total $ 3,026 $ 5,626 $ 8,652 Three Months Ended September 27, 2019 Concentrate operations $ 1,414 $ 4,026 $ 5,440 Finished product operations 1,676 2,391 4,067 Total $ 3,090 $ 6,417 $ 9,507 United States International Total Nine Months Ended September 25, 2020 Concentrate operations $ 4,117 $ 9,966 $ 14,083 Finished product operations 4,299 6,021 10,320 Total $ 8,416 $ 15,987 $ 24,403 Nine Months Ended September 27, 2019 Concentrate operations $ 4,014 $ 11,782 $ 15,796 Finished product operations 4,824 7,578 12,402 Total $ 8,838 $ 19,360 $ 28,198 Refer to Note 16 for additional revenue disclosures by operating segment and Corporate.

Investments

Investments	9 Months Ended
Investments	Sep. 25, 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 September 25, 2020 Marketable securities $ 296 $ — Other investments 662 50 Other assets 1,097 — Total equity securities $ 2,055 $ 50 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 September 25, September 27, Net gains (losses) recognized during the period related to equity securities $ 17 $ 29 Less: Net gains (losses) recognized during the period related to equity securities sold — — Net unrealized gains (losses) recognized during the period related to equity securities $ 17 $ 29 Nine Months Ended September 25, September 27, Net gains (losses) recognized during the period related to equity securities $ (137) $ 163 Less: Net gains (losses) recognized during the period related to equity securities sold (24) 16 Net unrealized gains (losses) recognized during the period related to equity securities $ (113) $ 147 Debt Securities Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Fair Value Cost Gains Losses September 25, 2020 Trading securities $ 34 $ 1 $ — $ 35 Available-for-sale securities 2,611 63 (16) 2,658 Total debt securities $ 2,645 $ 64 $ (16) $ 2,693 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): September 25, 2020 December 31, 2019 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Cash and cash equivalents $ — $ 305 $ — $ 123 Marketable securities 35 2,065 47 2,852 Other assets — 288 — 306 Total debt securities $ 35 $ 2,658 $ 47 $ 3,281 The contractual maturities of these available-for-sale debt securities as of September 25, 2020 were as follows (in millions): Cost Estimated Within 1 year $ 1,186 $ 1,212 After 1 year through 5 years 1,140 1,134 After 5 years through 10 years 89 102 After 10 years 196 210 Total $ 2,611 $ 2,658 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 Nine Months Ended September 25, September 27, September 25, September 27, Gross gains $ 2 $ 9 $ 19 $ 37 Gross losses (3) (1) (11) (5) Proceeds 233 1,284 1,419 3,074 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 $1,227 million and $1,266 million as of September 25, 2020 and December 31, 2019, respectively, 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	9 Months Ended
Inventories	Sep. 25, 2020
Inventories
Inventories	INVENTORIES Inventories consisted of the following (in millions): September 25, December 31, Raw materials and packaging $ 2,069 $ 2,180 Finished goods 802 851 Other 393 348 Total inventories $ 3,264 $ 3,379

Hedging Transactions and Deriva

Hedging Transactions and Derivative Financial Instruments	9 Months Ended
Hedging Transactions and Derivative Financial Instruments	Sep. 25, 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 September 25, December 31, 2019 Assets: Foreign currency contracts Prepaid expenses and other assets $ 17 $ 24 Foreign currency contracts Other assets 73 91 Interest rate contracts Prepaid expenses and other assets 4 10 Interest rate contracts Other assets 683 427 Total assets $ 777 $ 552 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 46 $ 40 Foreign currency contracts Other liabilities 10 48 Commodity contracts Accounts payable and accrued expenses 1 — Interest rate contracts Other liabilities — 21 Total liabilities $ 57 $ 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 September 25, December 31, 2019 Assets: Foreign currency contracts Prepaid expenses and other assets $ 34 $ 13 Commodity contracts Prepaid expenses and other assets 19 8 Commodity contracts Other assets 4 2 Other derivative instruments Prepaid expenses and other assets 8 12 Other derivative instruments Other assets 3 1 Total assets $ 68 $ 36 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 41 $ 39 Commodity contracts Accounts payable and accrued expenses 36 13 Commodity contracts Other liabilities 11 1 Other derivative instruments Accounts payable and accrued expenses 5 — Total liabilities $ 93 $ 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 consolidated statement of income in which the hedged items are recorded in the same period the hedged items affect earnings. The changes in the fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. The maximum length of time for which the Company hedges its exposure to the variability in future cash flows is typically 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 $8,809 million and $6,957 million as of September 25, 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 changes 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 $2,700 million and $3,028 million as of September 25, 2020 and December 31, 2019, respectively. The Company has entered into commodity futures contracts and other derivative instruments on various commodities to mitigate the price risk associated with forecasted purchases of materials used in our manufacturing process. These derivative instruments 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 $11 million and $2 million as of September 25, 2020 and December 31, 2019, respectively. Our Company monitors our mix of short-term debt and long-term debt regularly. From time to time, we manage our risk to interest rate fluctuations through the use of derivative financial instruments. The Company has entered into interest rate swap agreements and has designated these instruments as part of the Company's interest rate cash flow hedging program. The objective of this hedging program is to mitigate the risk of adverse changes in benchmark interest rates on the Company's future interest payments. As of September 25, 2020 and December 31, 2019, we did not have any interest rate swaps designated as a cash flow hedge. The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income ("OCI"), AOCI and earnings (in millions): Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Three Months Ended September 25, 2020 Foreign currency contracts $ (84) Net operating revenues $ (21) Foreign currency contracts (4) Cost of goods sold 2 Foreign currency contracts — Interest expense (6) Foreign currency contracts 122 Other income (loss) — net 100 Interest rate contracts 9 Interest expense (14) Commodity contracts (2) Cost of goods sold (1) Total $ 41 $ 60 Three Months Ended September 27, 2019 Foreign currency contracts $ 71 Net operating revenues $ (5) Foreign currency contracts 3 Cost of goods sold 2 Foreign currency contracts — Interest expense (3) Foreign currency contracts (46) Other income (loss) — net (46) Interest rate contracts (30) Interest expense (10) Commodity contracts 1 Cost of goods sold — Total $ (1) $ (62) Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Nine Months Ended September 25, 2020 Foreign currency contracts $ (61) Net operating revenues $ (22) Foreign currency contracts 6 Cost of goods sold 7 Foreign currency contracts — Interest expense (10) Foreign currency contracts 21 Other income (loss) — net 71 Interest rate contracts 21 Interest expense (35) Commodity contracts (2) Cost of goods sold (1) Total $ (15) $ 10 Nine Months Ended September 27, 2019 Foreign currency contracts $ 44 Net operating revenues $ 2 Foreign currency contracts 1 Cost of goods sold 9 Foreign currency contracts — Interest expense (7) Foreign currency contracts (99) Other income (loss) — net (139) Interest rate contracts (47) Interest expense (30) Commodity contracts 1 Cost of goods sold — Total $ (100) $ (165) As of September 25, 2020, the Company estimates that it will reclassify into earnings during the next 12 months net losses of $119 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 the fair values of derivatives designated as fair value hedges and the offsetting changes in the fair values of the hedged items are recognized in earnings. 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 or has been extinguished. The total notional values of derivatives related to fair value hedges of this type were $12,212 million and $12,523 million as of September 25, 2020 and December 31, 2019, respectively. The Company also uses fair value hedges to minimize exposure to changes in the fair values of certain available-for-sale securities from fluctuations in foreign currency exchange rates. The changes in the fair values of derivatives designated as fair value hedges and the offsetting changes in the fair values of the hedged items due to changes in foreign currency exchange rates are recognized in earnings. As a result, any difference is reflected in earnings as ineffectiveness. The total notional value of derivatives related to fair value hedges of this type was $499 million as of September 25, 2020. As of December 31, 2019, we did not have any fair value hedges of this type. The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended September 25, September 27, Interest rate contracts Interest expense $ 94 $ 206 Fixed-rate debt Interest expense (97) (200) Net impact to interest expense $ (3) $ 6 Foreign currency contracts Other income (loss) — net $ 3 $ — Available-for-sale securities Other income (loss) — net (3) — Net impact to other income (loss) — net $ — $ — Net impact of fair value hedging instruments $ (3) $ 6 Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Nine Months Ended September 25, September 27, Interest rate contracts Interest expense $ 284 $ 647 Fixed-rate debt Interest expense (281) (637) Net impact to interest expense $ 3 $ 10 Foreign currency contracts Other income (loss) — net $ 3 $ — Available-for-sale securities Other income (loss) — net (3) — Net impact to other income (loss) — net $ — $ — Net impact of fair value hedging instruments $ 3 $ 10 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 September 25, December 31, September 25, December 31, Cash and cash equivalents $ 294 $ — $ — $ — Marketable securities 201 — — — Current maturities of long-term debt 2,038 1,004 (2) 5 Long-term debt 10,685 12,087 670 448 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 the 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 Nine Months Ended September 25, December 31, 2019 September 25, September 27, September 25, September 27, Foreign currency contracts $ — $ — $ (23) $ 13 $ (4) $ 42 Foreign currency denominated debt 12,699 12,334 (445) 476 (452) 444 Total $ 12,699 $ 12,334 $ (468) $ 489 $ (456) $ 486 The Company did not reclassify any gains or losses related to net investment hedges from AOCI into earnings during the three and nine months ended September 25, 2020 and September 27, 2019. In addition, the Company did not have any ineffectiveness related to net investment hedges during the three and nine months ended September 25, 2020 and September 27, 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 consolidated statement of cash flows. Economic (Non-Designated) Hedging Strategy In addition to derivative instruments that are designated and qualify for hedge accounting, the Company also uses certain derivatives as economic hedges of foreign currency, interest rate and commodity exposure. Although these derivatives were not designated and/or did not qualify for hedge accounting, they are effective economic hedges. The changes in the fair values of economic hedges are immediately recognized in earnings. The Company uses foreign currency economic hedges to offset the earnings impact that fluctuations in foreign currency exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. The changes in the fair values of economic hedges used to offset those monetary assets and liabilities are immediately recognized in earnings in the line item other income (loss) — net in our consolidated statement of income. In addition, we use foreign currency economic hedges to minimize the variability in cash flows associated with fluctuations in foreign currency exchange rates, including those related to certain acquisition and divestiture activities. The changes in the fair values of economic hedges used to offset the variability in U.S. dollar net cash flows are recognized in earnings in the line items net operating revenues, cost of goods sold or other income (loss) — net in our consolidated statement of income, as applicable. The total notional values of derivatives related to our foreign currency economic hedges were $6,069 million and $4,291 million as of September 25, 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 vehicle fuel. The changes in the fair values of these economic hedges are immediately recognized in earnings in the line items net operating revenues, cost of goods sold, or selling, general and administrative expenses in our consolidated statement of income, as applicable. The total notional values of derivatives related to our economic hedges of this type were $511 million and $425 million as of September 25, 2020 and December 31, 2019, respectively. The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended September 25, September 27, Foreign currency contracts Net operating revenues $ 2 $ 15 Foreign currency contracts Cost of goods sold (17) 2 Foreign currency contracts Other income (loss) — net 53 (21) Interest rate contracts Interest expense 2 — Commodity contracts Cost of goods sold 34 (60) Other derivative instruments Selling, general and administrative expenses 20 4 Other derivative instruments Other income (loss) — net — 5 Total $ 94 $ (55) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Nine Months Ended September 25, September 27, Foreign currency contracts Net operating revenues $ 64 $ 2 Foreign currency contracts Cost of goods sold 10 4 Foreign currency contracts Other income (loss) — net (33) (46) Interest rate contracts Interest expense 2 — Commodity contracts Cost of goods sold (33) (58) Other derivative instruments Selling, general and administrative expenses (12) 32 Other derivative instruments Other income (loss) — net (55) 39 Total $ (57) $ (27)

Debt and Borrowing Arrangements

Debt and Borrowing Arrangements	9 Months Ended
Debt and Borrowing Arrangements	Sep. 25, 2020
Debt and Borrowing Arrangements Disclosure [Abstract]
Debt Disclosure [Text Block]	DEBT AND BORROWING ARRANGEMENTS During the nine months ended September 25, 2020, the Company issued U.S. dollar- and euro-denominated debt of $15,600 million and €2,600 million, respectively. The carrying value of this debt as of September 25, 2020 was $17,461 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; • $1,500 million total principal amount of notes due June 1, 2027, at a fixed interest rate of 1.450 percent; • $1,300 million total principal amount of notes due March 15, 2028, at a fixed interest rate of 1.000 percent; • €1,000 million total principal amount of notes due March 15, 2029, at a fixed interest rate of 0.125 percent; • $1,250 million total principal amount of notes due March 25, 2030, at a fixed interest rate of 3.450 percent; • $1,500 million total principal amount of notes due June 1, 2030, at a fixed interest rate of 1.650 percent; • $1,300 million total principal amount of notes due March 15, 2031, at a fixed interest rate of 1.375 percent; • €750 million total principal amount of notes due March 15, 2033, at a fixed interest rate of 0.375 percent; • €850 million total principal amount of notes due March 15, 2040, at a fixed interest rate of 0.800 percent; • $500 million total principal amount of notes due March 25, 2040, at a fixed interest rate of 4.125 percent; • $1,000 million total principal amount of notes due June 1, 2040, at a fixed interest rate of 2.500 percent; • $1,250 million total principal amount of notes due March 25, 2050, at a fixed interest rate of 4.200 percent; • $1,500 million total principal amount of notes due June 1, 2050, at a fixed interest rate of 2.600 percent; • $1,500 million total principal amount of notes due March 15, 2051, at a fixed interest rate of 2.500 percent; and • $1,000 million total principal amount of notes due June 1, 2060, at a fixed interest rate of 2.750 percent. During the nine months ended September 25, 2020, the Company retired upon maturity Australian dollar- and U.S. dollar-denominated notes. The general terms of the notes retired are as follows: • AUD450 million total principal amount of notes due June 9, 2020, at a fixed interest rate of 2.600 percent; and • $171 million total principal amount of zero coupon notes due June 20, 2020. During the nine months ended September 25, 2020, the Company also extinguished prior to maturity U.S. dollar- and euro-denominated debt of $1,954 million and €1,448 million, respectively, resulting in associated charges of $397 million recorded in the line item interest expense in our condensed consolidated statement of income. These charges included the difference between the reacquisition price and the net carrying amount of the debt extinguished, including the impact of the related fair value hedging relationships. We also incurred charges of $8 million as a result of the reclassification of related cash flow hedging balances from AOCI into income. The general terms of the notes that were extinguished are as follows: • €379 million total principal amount of notes due March 8, 2021, at a variable interest rate equal to the three-month Euro Interbank Offered Rate ("EURIBOR") plus 0.200 percent; • €152 million total principal amount of notes due March 9, 2021, at a fixed interest rate of 0.000 percent; • $444 million total principal amount of notes due September 1, 2021, at a fixed interest rate of 3.300 percent; • $335 million total principal amount of notes due September 1, 2021, at a fixed interest rate of 1.550 percent; • $184 million total principal amount of notes due May 25, 2022, at a fixed interest rate of 2.200 percent; • €598 million total principal amount of notes due September 22, 2022, at a fixed interest rate of 0.125 percent; • €319 million total principal amount of notes due September 22, 2022, at a fixed interest rate of 1.125 percent; • $282 million total principal amount of notes due March 25, 2040, at a fixed interest rate of 4.125 percent; and • $709 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	9 Months Ended
Commitments and Contingencies	Sep. 25, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Guarantees As of September 25, 2020, we were contingently liable for guarantees of indebtedness owed by third parties of $443 million, of which $138 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 $271 million and $301 million as of September 25, 2020 and December 31, 2019, respectively.

Comprehensive Income

Comprehensive Income	9 Months Ended
Comprehensive Income	Sep. 25, 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 sheets 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 sheets 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): September 25, December 31, 2019 Foreign currency translation adjustments $ (13,154) $ (11,270) Accumulated derivative net gains (losses) (232) (209) Unrealized net gains (losses) on available-for-sale debt securities 35 75 Adjustments to pension and other benefit liabilities (2,095) (2,140) Accumulated other comprehensive income (loss) $ (15,446) $ (13,544) The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Nine Months Ended September 25, 2020 Shareowners of Noncontrolling Total Consolidated net income $ 6,291 $ 3 $ 6,294 Other comprehensive income: Net foreign currency translation adjustments (1,884) (399) (2,283) Net gains (losses) on derivatives 1 (23) — (23) Net change in unrealized gains (losses) on available-for-sale debt securities 2 (40) — (40) Net change in pension and other benefit liabilities 45 — 45 Total comprehensive income (loss) $ 4,389 $ (396) $ 3,993 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 September 25, 2020 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 548 $ (30) $ 518 Reclassification adjustments recognized in net income — — — Gains (losses) on intra-entity transactions that are of a long-term investment nature 883 — 883 Gains (losses) on net investment hedges arising during the period 1 (468) 117 (351) Net foreign currency translation adjustments $ 963 $ 87 $ 1,050 Derivatives: Gains (losses) arising during the period $ 41 $ (9) $ 32 Reclassification adjustments recognized in net income (60) 15 (45) Net gains (losses) on derivatives 1 $ (19) $ 6 $ (13) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (32) $ 10 $ (22) Reclassification adjustments recognized in net income 1 — 1 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (31) $ 10 $ (21) Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ (44) $ 9 $ (35) Reclassification adjustments recognized in net income 44 (11) 33 Net change in pension and other benefit liabilities $ — $ (2) $ (2) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 913 $ 101 $ 1,014 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. Nine Months Ended September 25, 2020 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (2,627) $ 196 $ (2,431) Reclassification adjustments recognized in net income 3 — 3 Gains (losses) on intra-entity transactions that are of a long-term investment nature 886 — 886 Gains (losses) on net investment hedges arising during the period 1 (456) 114 (342) Net foreign currency translation adjustments $ (2,194) $ 310 $ (1,884) Derivatives: Gains (losses) arising during the period $ (24) $ 8 $ (16) Reclassification adjustments recognized in net income (10) 3 (7) Net gains (losses) on derivatives 1 $ (34) $ 11 $ (23) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (54) $ 20 $ (34) Reclassification adjustments recognized in net income (8) 2 (6) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (62) $ 22 $ (40) Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ (68) $ 15 $ (53) Reclassification adjustments recognized in net income 130 (32) 98 Net change in pension and other benefit liabilities $ 62 $ (17) $ 45 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (2,228) $ 326 $ (1,902) 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 September 27, 2019 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (256) $ (6) $ (262) Gains (losses) on intra-entity transactions that are of a long-term investment nature (924) — (924) Gains (losses) on net investment hedges arising during the period 1 489 (122) 367 Net foreign currency translation adjustments $ (691) $ (128) $ (819) Derivatives: Gains (losses) arising during the period $ (2) $ 1 $ (1) Reclassification adjustments recognized in net income 62 (15) 47 Net gains (losses) on derivatives 1 $ 60 $ (14) $ 46 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 29 $ (7) $ 22 Reclassification adjustments recognized in net income (8) 2 (6) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 21 $ (5) $ 16 Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ 4 $ — $ 4 Reclassification adjustments recognized in net income 37 (9) 28 Net change in pension and other benefit liabilities $ 41 $ (9) $ 32 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (569) $ (156) $ (725) 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. Nine Months Ended September 27, 2019 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (141) $ (77) $ (218) Reclassification adjustments recognized in net income 192 — 192 Gains (losses) on intra-entity transactions that are of a long-term investment nature (888) — (888) Gains (losses) on net investment hedges arising during the period 1 486 (121) 365 Net foreign currency translation adjustments $ (351) $ (198) $ (549) Derivatives: Gains (losses) arising during the period $ (119) $ 24 $ (95) Reclassification adjustments recognized in net income 166 (41) 125 Net gains (losses) on derivatives 1 $ 47 $ (17) $ 30 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 88 $ (17) $ 71 Reclassification adjustments recognized in net income (32) 7 (25) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 56 $ (10) $ 46 Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ 11 $ 5 $ 16 Reclassification adjustments recognized in net income 111 (27) 84 Net change in pension and other benefit liabilities $ 122 $ (22) $ 100 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (126) $ (247) $ (373) 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 Description of AOCI Component Financial Statement Line Item Three Months Ended September 25, 2020 Nine Months Ended September 25, 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 $ 21 $ 22 Foreign currency and commodity contracts Cost of goods sold (1) (6) Foreign currency contracts Other income (loss) — net (100) (71) Foreign currency and interest rate contracts Interest expense 20 45 Income before income taxes (60) (10) Income taxes 15 3 Consolidated net income $ (45) $ (7) Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ 1 $ (8) Income before income taxes 1 (8) Income taxes — 2 Consolidated net income $ 1 $ (6) Pension and other benefit liabilities: Recognized net actuarial loss Other income (loss) — net $ 45 $ 132 Recognized prior service cost (credit) Other income (loss) — net (1) (2) Income before income taxes 44 130 Income taxes (11) (32) Consolidated net income $ 33 $ 98

Changes in Equity

Changes in Equity	9 Months Ended
Changes in Equity	Sep. 25, 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 September 25, 2020 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non- June 26, 2020 4,295 $ 19,189 $ 66,888 $ (16,460) $ 1,760 $ 17,367 $ (52,071) $ 1,705 Comprehensive income (loss) — 2,756 1,737 1,014 — — — 5 Dividends paid/payable to — (1,762) (1,762) — — — — — Dividends paid to noncontrolling interests — (1) — — — — — (1) Impact related to stock-based 2 134 — — — 96 38 — September 25, 2020 4,297 $ 20,316 $ 66,863 $ (15,446) $ 1,760 $ 17,463 $ (52,033) $ 1,709 Shareowners of The Coca-Cola Company Nine Months Ended September 25, 2020 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non- December 31, 2019 4,280 $ 21,098 $ 65,855 $ (13,544) $ 1,760 $ 17,154 $ (52,244) $ 2,117 Comprehensive income (loss) — 3,993 6,291 (1,902) — — — (396) Dividends paid/payable to — (5,283) (5,283) — — — — — Dividends paid to noncontrolling — (12) — — — — — (12) Impact related to stock-based 17 520 — — — 309 211 — September 25, 2020 4,297 $ 20,316 $ 66,863 $ (15,446) $ 1,760 $ 17,463 $ (52,033) $ 1,709 Shareowners of The Coca-Cola Company Three Months Ended September 27, 2019 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non- June 28, 2019 4,275 $ 20,295 $ 64,602 $ (12,981) $ 1,760 $ 16,833 $ (52,033) $ 2,114 Comprehensive income (loss) — 1,723 2,593 (725) — — — (145) Dividends paid/payable to — (1,714) (1,714) — — — — — Dividends paid to noncontrolling — (7) — — — — — (7) Business combinations including purchase accounting adjustments — 8 — — — — — 8 Impact related to stock-based 9 378 — — — 206 172 — September 27, 2019 4,284 $ 20,683 $ 65,481 $ (13,706) $ 1,760 $ 17,039 $ (51,861) $ 1,970 Shareowners of The Coca-Cola Company Nine Months Ended September 27, 2019 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non- 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) — 6,417 6,878 (373) — — — (88) Dividends paid/payable to — (5,132) (5,132) — — — — — Dividends paid to noncontrolling — (27) — — — — — (27) Business combinations including purchase accounting adjustments — 8 — — — — — 8 Purchases of treasury stock (14) (635) — — — — (635) — Impact related to stock-based 30 1,012 — — — 519 493 — September 27, 2019 4,284 $ 20,683 $ 65,481 $ (13,706) $ 1,760 $ 17,039 $ (51,861) $ 1,970

Significant Operating and Nonop

Significant Operating and Nonoperating Items	9 Months Ended
Significant Operating and Nonoperating Items	Sep. 25, 2020
Significant Operating and Nonoperating Items
Significant Operating and Nonoperating Items	SIGNIFICANT OPERATING AND NONOPERATING ITEMS Other Operating Charges During the three months ended September 25, 2020, the Company recorded other operating charges of $372 million. These charges primarily consisted of $332 million due to the Company's strategic realignment initiatives and $10 million related to the Company's productivity and reinvestment program. In addition, other operating charges included $18 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition and $12 million related to the restructuring of our manufacturing operations in the United States. Refer to Note 2 for additional information on the fairlife acquisition. Refer to Note 12 for additional information on the Company's strategic realignment initiatives and productivity and reinvestment program. Refer to Note 16 for the impact these charges had on our operating segments and Corporate. During the nine months ended September 25, 2020, the Company recorded other operating charges of $747 million. These charges primarily consisted of $332 million related to the Company's strategic realignment initiatives and $71 million related to the Company's productivity and reinvestment program. In addition, other operating charges included impairment charges of $160 million related to the Odwalla trademark and charges of $35 million related to discontinuing the Odwalla juice business. Other operating charges also included an impairment charge of $55 million related to a trademark in North America, which was primarily driven by the impact of the COVID-19 pandemic, revised projections of future operating results and a change in brand focus in the Company's portfolio. Other operating charges also included $47 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition and $24 million related to the restructuring of our manufacturing operations in the United States. Refer to Note 2 for additional information on the fairlife acquisition. Refer to Note 12 for additional information on the Company's strategic realignment initiatives and productivity and reinvestment program. Refer to Note 15 for additional information on the impairment charges. Refer to Note 16 for the impact these charges had on our operating segments and Corporate. During the three months ended September 27, 2019, the Company recorded other operating charges of $125 million. These charges primarily consisted of $61 million related to the Company's productivity and reinvestment program and $42 million related to the impairment of a trademark in Asia Pacific. In addition, other operating charges included $21 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. Refer to Note 12 for additional information on the Company's productivity and reinvestment program. Refer to Note 15 for additional information on the trademark impairment charge. Refer to Note 16 for the impact these charges had on our operating segments and Corporate. During the nine months ended September 27, 2019, the Company recorded other operating charges of $344 million. These charges primarily consisted of $184 million related to the Company's productivity and reinvestment program and $42 million related to the impairment of a trademark in Asia Pacific. In addition, other operating charges included $46 million of transaction costs associated with the purchase of Costa, which we acquired in January 2019, and $61 million for costs incurred to refranchise certain of our North America bottling operations. Refer to Note 2 for additional information on the acquisition of Costa. Refer to Note 12 for additional information on the Company's productivity and reinvestment program. Refer to Note 15 for additional information on the trademark impairment charge. Refer to Note 16 for the impact these charges had on our operating segments and Corporate. Other Nonoperating Items Interest Expense During the three and nine months ended September 25, 2020, the Company recorded charges of $405 million related to the extinguishment of long-term debt. Refer to Note 7. Equity Income (Loss) — Net During the three and nine months ended September 25, 2020, the Company recorded net charges of $27 million and $128 million, respectively. During the three and nine months ended September 27, 2019, the Company recorded net charges of $39 million and $107 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 September 25, 2020, the Company recognized a net gain of $13 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. The Company also recorded other postretirement benefit plan curtailment charges of $11 million related to its strategic realignment initiatives. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 12 for additional information on the Company's strategic realignment initiatives. Refer to Note 16 for the impact these items had on our operating segments and Corporate. During the nine months ended September 25, 2020, the Company recognized a gain of $902 million in conjunction with the fairlife acquisition, 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 $55 million related to economic hedging activities, an other-than-temporary impairment charge of $38 million related to one of our equity method investees in Latin America and an impairment charge of $26 million associated with an investment in an equity security without a readily determinable fair value, which were primarily driven by revised projections of future operating results. The Company also recorded a charge of $21 million related to the restructuring of our manufacturing operations in the United States, other postretirement benefit plan curtailment charges of $11 million related to the Company's strategic realignment initiatives, and a net loss of $127 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 2 for additional information on the fairlife acquisition. 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 12 for additional information on the Company's strategic realignment initiatives. Refer to Note 15 for additional information on the impairment charges. Refer to Note 16 for the impact these items had on our operating segments and Corporate. During the three months ended September 27, 2019, the Company recognized a gain of $739 million on the sale of a retail and office building in New York City. The Company also recognized a net gain of $38 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. In addition, the Company recorded an other-than-temporary impairment charge of $120 million related to Coca-Cola Bottlers Japan Holdings Inc. ("CCBJHI"), an equity method investee, and other-than-temporary impairment charges of $255 million related to certain equity method investees in the Middle East. The Company also recorded net charges of $103 million primarily related to post-closing adjustments as contemplated by the related agreements associated with the refranchising of certain bottling territories in North America. Refer to Note 2 for additional information on refranchising activities. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 15 for information on the impairment charges. Refer to Note 16 for the impact these items had on our operating segments and Corporate. During the nine months ended September 27, 2019, the Company recognized a gain of $739 million on the sale of a retail and office building in New York City. The Company also recognized a net gain of $197 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 gain of $39 million related to the sale of a portion of our equity ownership interest in Andina. These gains were partially offset by other-than-temporary impairment charges of $406 million related to CCBJHI, an equity method investee, $255 million related to certain equity method investees in the Middle East, $57 million related to one of our equity method investees in North America and $49 million related to one of our equity method investees in Latin America. The Company also recorded an adjustment to reduce the carrying amount of CCBA's fixed assets and definite-lived intangible assets by $160 million and recognized a $121 million loss in conjunction with our acquisition of the remaining equity ownership interest in CHI. Additionally, the Company recognized net charges of $107 million primarily related to post-closing adjustments as contemplated by the related agreements associated with the refranchising of certain bottling territories in North America. Refer to Note 2 for additional information on the CCBA asset adjustment, refranchising activities, the acquisition of the remaining equity ownership 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 15 for additional information on the impairment charges. 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	9 Months Ended
Productivity, Integration and Restructuring Initiatives	Sep. 25, 2020
Productivity integration and restructuring initiatives
Productivity, Integration and Restructuring Initiatives[Text Block]	RESTRUCTURING Strategic Realignment In August 2020, the Company announced strategic steps to transform our organizational structure in an effort to better enable us to capture growth in the fast-changing marketplace. The Company is building a networked global organization designed to combine the power of scale with the deep knowledge required to win locally. We are creating new operating units focused on regional and local execution. The operating units, which will sit under the four existing geographic segments, will be highly interconnected with more consistency in the structure and a focus on eliminating duplication of resources and scaling new products more quickly. The operating units will work closely with five global marketing category leadership teams to rapidly scale ideas. The global marketing category leadership teams will primarily focus on innovation, marketing efficiency and effectiveness. The organizational structure will also include the center that will provide strategy, governance and scale for global initiatives. The operating units, global marketing category leadership teams and the center will be supported by a platform services organization, which will focus on providing efficient and scaled global services and capabilities including, but not limited to, governance, transactional work, data management, consumer analytics, digital commerce and social/digital hubs . The expenses related to these strategic realignment initiatives 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 expenses had on our operating segments and Corporate. Outside services reported in the table below primarily relate to expenses in connection with legal and consulting activities. The Company currently expects the total cost of the strategic realignment initiatives to range from approximately $350 million to $550 million. We expect the new networked organization to be established and functioning at the beginning of 2021, and the platform services activities will be integrated, standardized and scaled over the course of 2021. The following table summarizes the balance of accrued expenses related to these strategic realignment initiatives as of September 25, 2020 (in millions): Costs Payments Noncash and Accrued Balance Severance pay and benefits $ 327 $ — $ (23) 1 $ 304 Outside services 16 (15) — 1 Total $ 343 $ (15) $ (23) $ 305 1 Includes stock-based compensation modification and other postretirement benefit plan curtailment charges. 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 are 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 focuses 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 $3,901 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 tables below primarily relate to expenses in connection with legal, outplacement and consulting activities. Other direct costs reported in the tables 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 tables summarize 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 and nine months ended September 25, 2020 (in millions): Accrued Balance Costs Payments Noncash and Accrued Balance Severance pay and benefits $ 46 $ (2) $ (10) $ — $ 34 Outside services — 5 (5) — — Other direct costs 1 7 (6) — 2 Total $ 47 $ 10 $ (21) $ — $ 36 Costs Payments Noncash and Accrued Balance Severance pay and benefits $ 58 $ (1) $ (23) $ — $ 34 Outside services 1 42 (43) — — Other direct costs 7 30 (30) (5) 2 Total $ 66 $ 71 $ (96) $ (5) $ 36

Pension and Other Postretiremen

Pension and Other Postretirement Benefit Plans	9 Months Ended
Pension and Other Postretirement Benefit Plans	Sep. 25, 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 Three Months Ended September 25, September 27, September 25, September 27, Service cost $ 28 $ 26 $ 2 $ 2 Interest cost 58 73 6 7 Expected return on plan assets 1 (148) (138) (4) (3) Amortization of prior service credit — (1) (1) (1) Amortization of net actuarial loss 43 38 2 1 Net periodic benefit cost (income) (19) (2) 5 6 Curtailment charges 2 — — 11 — Total cost (income) recognized in condensed consolidated $ (19) $ (2) $ 16 $ 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. 2 The curtailment charges were related to the strategic realignment initiatives. Refer to Note 12. Pension Benefit Plans Other Postretirement Nine Months Ended September 25, September 27, September 25, September 27, Service cost $ 84 $ 78 $ 8 $ 7 Interest cost 176 218 17 20 Expected return on plan assets 1 (440) (414) (12) (10) Amortization of prior service credit — (3) (2) (2) Amortization of net actuarial loss 128 114 4 2 Net periodic benefit cost (income) (52) (7) 15 17 Curtailment charges 2 — — 11 — Total cost (income) recognized in condensed consolidated $ (52) $ (7) $ 26 $ 17 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. 2 The curtailment charges were related to the strategic realignment initiatives. Refer to Note 12.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 25, 2020
Income taxes
Income Taxes	INCOME TAXES The Company recorded income taxes of $441 million (20.2 percent effective tax rate) and $503 million (16.3 percent effective tax rate) during the three months ended September 25, 2020 and September 27, 2019, respectively. The Company recorded income taxes of $1,094 million (14.8 percent effective tax rate) and $1,446 million (17.3 percent effective tax rate) during the nine months ended September 25, 2020 and September 27, 2019, respectively. The Company's effective tax rates for the three and nine months ended September 25, 2020 and September 27, 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 rates for the three and nine months ended September 25, 2020 included $15 million of net tax expense and $138 million of net tax benefit, respectively, associated with various discrete tax items, including return to provision adjustments, excess tax benefits associated with the Company's stock-based compensation arrangements, the net tax impact of tax law changes in certain foreign jurisdictions, and net tax charges for changes to our uncertain tax positions, including interest and penalties. The Company's effective tax rate for the nine months ended September 25, 2020 also included a tax benefit of $40 million associated with the gain recorded upon the acquisition of the remaining interest in fairlife. Refer to Note 2 for additional information on the fairlife acquisition. The Company's effective tax rates for the three and nine months ended September 27, 2019 included $213 million and $245 million, respectively, of net tax benefits recorded. These net tax benefits were primarily associated with return to provision adjustments, but also included excess tax benefits associated with the Company's stock-based compensation arrangements, net tax charges for various resolved tax audit issues, and net tax charges for changes to our uncertain tax positions, including interest and penalties. The Company's effective tax rate for the nine months ended September 27, 2019 also included a tax benefit of $199 million recorded as a result of CCBA no longer qualifying as a discontinued operation. Refer to Note 2 for additional information on CCBA. 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. The Company contested the proposed adjustments in U.S. Tax Court and is currently awaiting a decision. Refer to Note 8.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 25, 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): September 25, 2020 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,750 $ 193 $ 11 $ 101 $ — $ 2,055 Debt securities 1 — 2,647 46 — — 2,693 Derivatives 2 14 831 — — (617) 6 228 8 Total assets $ 1,764 $ 3,671 $ 57 $ 101 $ (617) $ 4,976 Liabilities: Contingent consideration liability $ — $ — $ (317) 5 $ — $ — $ (317) Derivatives 2 (2) (148) — — 134 7 (16) 8 Total liabilities $ (2) $ (148) $ (317) $ — $ 134 $ (333) 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 Refer to Note 2 for additional information related to the contingent consideration liability resulting from the fairlife acquisition. 6 The Company is obligated to return $485 million in cash collateral it has netted against its derivative position. 7 The Company does not have the right to reclaim any cash collateral it has netted against its derivative position. 8 The Company's derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $228 million in the line item other assets and $16 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio. December 31, 2019 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value 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 7 Total assets $ 1,886 $ 4,089 $ 51 $ 109 $ (392) $ 5,743 Liabilities: Derivatives 2 $ — $ (162) $ — $ — $ 130 6 $ (32) 7 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 does not have the right to reclaim any 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: $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 and nine months ended September 25, 2020 and September 27, 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 and nine months ended September 25, 2020 and September 27, 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 Nine Months Ended September 25, September 27, September 25, September 27, Impairment of intangible assets $ — $ (42) 1 $ (215) 2 $ (42) 1 Other-than-temporary impairment charges — (375) 3 (38) 3 (767) 3 Impairment of equity investment without a readily — — (26) 4 — CCBA asset adjustments — — — (160) 5 Total $ — $ (417) $ (279) $ (969) 1 During the three and nine months ended September 27, 2019, the Company recorded an impairment charge of $42 million related to a trademark in Asia Pacific, which was primarily driven by revised projections of future operating results for the trademark. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. 2 The Company recorded impairment charges of $160 million during the nine months ended September 25, 2020 related to its Odwalla trademark in North America, as the Company decided in June 2020 to discontinue its Odwalla juice business. The Company recorded an impairment charge of $55 million during the nine months ended September 25, 2020 related to a trademark in North America, which was primarily driven by the impact of the COVID-19 pandemic, revised projections of future operating results 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. 3 During the three and nine months ended September 27, 2019, the Company recognized other-than-temporary impairment charges of $120 million and $406 million, respectively, related to our investment in CCBJHI, an equity method investee. Based on the length of time and the extent to which the market value of our investment in CCBJHI had been less than our carrying value as well as the financial condition and near-term prospects of the issuer, management determined that the decline in fair value was other than temporary in nature. This impairment charge was determined using the quoted market prices (a Level 1 measurement) of CCBJHI. The Company also recorded other-than-temporary impairment charges of $255 million related to certain equity method investees in the Middle East. These impairment charges were derived using Level 3 inputs and were primarily driven by revised projections of future operating results largely related to instability in the region and recent changes in local excise taxes. During the nine months ended September 25, 2020 and September 27, 2019, the Company recognized other-than-temporary impairment charges of $38 million and $49 million, respectively, related to certain of our equity method investees in Latin America, primarily driven by revised projections of future operating results. The fair values of these investments were derived using discounted cash flow analyses based on Level 3 inputs. During the nine months ended September 27, 2019, the Company also recorded 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 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. 5 As a result of CCBA no longer being classified as held for sale, the Company was required to measure CCBA's property, plant and equipment and definite-lived intangible assets at the lower of their current fair values or their carrying amounts before they were classified as held for sale, adjusted for depreciation and amortization expense that would have been recognized had the business been classified as held and used during the period that CCBA was classified as held for sale. As a result, we reduced the carrying value of CCBA's property, plant and equipment and definite-lived intangible assets by $34 million and $126 million, respectively, based on Level 3 inputs. Refer to Note 2. 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. The fair value of our long-term debt is estimated using Level 2 inputs based on quoted prices for those instruments. Where quoted prices are not available, fair value is estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of the debt instruments. As of September 25, 2020, the carrying amount and fair value of our long-term debt, including the current portion, were $47,010 million and $49,436 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	9 Months Ended
Operating Segments	Sep. 25, 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 September 25, 2020 Net operating revenues: Third party $ 1,556 $ 809 $ 3,087 $ 1,207 $ 513 $ 1,474 $ 6 $ — $ 8,652 Intersegment 137 — 1 127 — 1 — (266) — Total net operating revenues 1,693 809 3,088 1,334 513 1,475 6 (266) 8,652 Operating income (loss) 903 483 727 564 (31) 55 (403) — 2,298 Income (loss) before income taxes 925 476 738 575 (29) 398 (902) — 2,181 Identifiable operating assets 8,283 1 1,647 19,983 2,143 2 7,453 9,851 1,2 28,237 — 77,597 Investments 3 544 577 356 236 6 13,765 4,103 — 19,587 As of and for the Three Months Ended September 27, 2019 Net operating revenues: Third party $ 1,672 $ 1,045 $ 3,137 $ 1,319 $ 629 $ 1,681 $ 24 $ — $ 9,507 Intersegment 156 — 1 143 — 3 — (303) — Total net operating revenues 1,828 1,045 3,138 1,462 629 1,684 24 (303) 9,507 Operating income (loss) 886 603 641 594 77 7 (309) — 2,499 Income (loss) before income taxes 651 605 658 603 80 55 440 — 3,092 Identifiable operating assets 8,363 1 1,895 17,895 2,118 6,935 10,456 1 20,204 — 67,866 Investments 3 483 719 365 223 14 13,892 3,871 — 19,567 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 3 543 716 358 224 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 September 25, 2020, September 27, 2019 and December 31, 2019, respectively. 2 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of September 25, 2020. 3 Principally equity method investments and other investments in bottling companies. During the three months ended September 25, 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 $41 million for Europe, Middle East and Africa, $22 million for Latin America, $121 million for North America and $32 million for Asia Pacific, and operating income (loss) and income (loss) before income taxes were reduced by $116 million and $127 million, respectively, for Corporate due to the Company's strategic realignment initiatives. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were reduced by $23 million and $25 million, respectively, for North America related to the restructuring of our manufacturing operations in the United States. • Operating income (loss) and income (loss) before income taxes were reduced by $18 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 2. • Operating income (loss) and income (loss) before income taxes were reduced by $13 million for Corporate due to the Company's productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $3 million for Europe, Middle East and Africa due to the refinement of previously established accruals related to the Company's productivity and reinvestment program. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were increased by $2 million for North America due to the refinement of previously established accruals related to discontinuing the Odwalla juice business. • Income (loss) before income taxes was increased by $13 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 $405 million for Corporate related to charges associated with the extinguishment of long-term debt. Refer to Note 7. • Income (loss) before income taxes was reduced by $27 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 September 27, 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 $42 million for Asia Pacific due to an impairment charge related to a trademark. • Operating income (loss) and income (loss) before income taxes were reduced by $21 million for Bottling Investments related to costs incurred to refranchise certain of our North America bottling operations. • Operating income (loss) and income (loss) before income taxes were reduced by $1 million for Europe, Middle East and Africa, $12 million for North America and $48 million for Corporate due to the Company's productivity and reinvestment program. Refer to Note 12. • Income (loss) before income taxes was increased by $739 million for Corporate as a result of the sale of a retail and office building in New York City. • Income (loss) before income taxes was reduced by $255 million for Europe, Middle East and Africa due to other-than-temporary impairment charges related to certain of our equity method investees in the Middle East. Refer to Note 15. • Income (loss) before income taxes was reduced by $120 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 $103 million for Bottling Investments due to the refranchising of certain bottling territories in North America. Refer to Note 11. • Income (loss) before income taxes was reduced by $39 million for Bottling Investments due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated Nine Months Ended September 25, 2020 Net operating revenues: Third party $ 4,264 $ 2,494 $ 8,583 $ 3,264 $ 1,381 $ 4,392 $ 25 $ — $ 24,403 Intersegment 364 — 3 381 — 4 — (752) — Total net operating revenues 4,628 2,494 8,586 3,645 1,381 4,396 25 (752) 24,403 Operating income (loss) 2,578 1,526 1,603 1,727 (114) 130 (791) — 6,659 Income (loss) before income taxes 2,632 1,455 1,623 1,749 (114) 762 (719) — 7,388 Nine Months Ended September 27, 2019 Net operating revenues: Third party $ 5,110 $ 2,944 $ 8,976 $ 3,729 $ 1,847 $ 5,513 $ 79 $ — $ 28,198 Intersegment 420 — 7 460 2 7 — (896) — Total net operating revenues 5,530 2,944 8,983 4,189 1,849 5,520 79 (896) 28,198 Operating income (loss) 2,902 1,687 1,938 1,867 216 226 (914) — 7,922 Income (loss) before income taxes 2,701 1,636 1,924 1,891 223 348 (357) — 8,366 During the nine months ended September 25, 2020, the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes for North America were reduced by $160 million related to the impairment of the Odwalla trademark and $37 million related to the cost of discontinuing the Odwalla juice business. • Operating income (loss) and income (loss) before income taxes were reduced by $41 million for Europe, Middle East and Africa, $22 million for Latin America, $121 million for North America and $32 million for Asia Pacific, and operating income (loss) and income (loss) before income taxes were reduced by $116 million and $127 million, respectively, for Corporate due to the Company's strategic realignment initiatives. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were reduced by $74 million for Corporate due to the Company's productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $3 million for Europe, Middle East and Africa due to the refinement of previously established accruals related to the Company's productivity and reinvestment program. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were reduced by $55 million for North America related to the impairment of a trademark. Refer to Note 15. • Operating income (loss) and income (loss) before income taxes were reduced by $48 million and $69 million, respectively, for North America related to the restructuring of our manufacturing operations in the United States. • Operating income (loss) and income (loss) before income taxes were reduced by $47 million for Corporate related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 2. • Income (loss) before income taxes was increased by $902 million for Corporate in conjunction with our fairlife acquisition, which resulted from the remeasurement of our previously held equity interest in fairlife to fair value. Refer to Note 2. • Income (loss) before income taxes was increased by $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 $405 million for Corporate related to charges associated with the extinguishment of long-term debt. Refer to Note 7. • Income (loss) before income taxes was reduced by $127 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 $28 million for Latin America, $1 million for North America and $99 million for Bottling Investments due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. • Income (loss) before income taxes was reduced by $38 million for Latin 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 $26 million for Corporate due to an impairment charge associated with an investment in an equity security without a readily determinable fair value. Refer to Note 15. During the nine months ended September 27, 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 $2 million for Europe, Middle East and Africa, $42 million for North America, $3 million for Bottling Investments and $137 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 $61 million for Bottling Investments due to costs incurred to refranchise certain of our North America bottling operations. Refer to Note 2. • 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 $42 million for Asia Pacific due to an impairment charge related to a trademark. • Income (loss) before income taxes was increased by $739 million for Corporate as a result of the sale of a retail and office building in New York City. • 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 $406 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 $255 million for Europe, Middle East and Africa due to other-than-temporary impairment charges related to certain of our equity method investees in the Middle East. Refer to Note 15. • Income (loss) before income taxes was reduced by $160 million for Corporate as result of CCBA asset adjustments. Refer to Note 2. • Income (loss) before income taxes was reduced by $121 million for Corporate resulting from a loss in conjunction with our acquisition of the remaining equity ownership interest in CHI. Refer to Note 2. • Income (loss) before income taxes was reduced by $107 million for Bottling Investments due to the refranchising of certain bottling territories in North America. Refer to Note 11. • Income (loss) before income taxes was reduced by $105 million for Bottling Investments and $2 million for Corporate due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. • Income (loss) before income taxes was reduced by $57 million for North America due to an other-than-temporary impairment charge related to one of our equity method investees.

Subsequent Event

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 25, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENT In October 2020, the Company extinguished a portion of its long-term debt. As of September 25, 2020, the extinguished notes had a carrying value of $3,306 million. The general terms of the notes that were extinguished are as follows: • €348 million total principal amount of notes due March 9, 2021, at a fixed interest rate of 0.000 percent; • $880 million total principal amount of notes due September 1, 2021, at a fixed interest rate of 3.300 percent; • $665 million total principal amount of notes due September 1, 2021, at a fixed interest rate of 1.550 percent; • $316 million total principal amount of notes due May 25, 2022, at a fixed interest rate of 2.200 percent; • €481 million total principal amount of notes due September 22, 2022, at a fixed interest rate of 1.125 percent; and • €402 million total principal amount of notes due September 22, 2022, at a fixed interest rate of 0.125 percent.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 25, 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 and nine months ended September 25, 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 third quarter of 2020 and the third quarter of 2019 ended on September 25, 2020 and September 27, 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 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 change in the full year estimate 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 in our consolidated balance sheet. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk. The following tables provide 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): September 25, December 31, Cash and cash equivalents $ 11,385 $ 6,480 Cash and cash equivalents included in other assets 1 437 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 11,822 $ 6,737 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. September 27, December 31, Cash and cash equivalents $ 7,531 $ 9,077 Cash and cash equivalents included in other assets 1 245 241 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 7,776 $ 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.
New Accounting Pronouncements, Policy	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)	9 Months Ended
	Sep. 25, 2020
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents [Table Text Block]	The following tables provide 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): September 25, December 31, Cash and cash equivalents $ 11,385 $ 6,480 Cash and cash equivalents included in other assets 1 437 257 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 11,822 $ 6,737 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. September 27, December 31, Cash and cash equivalents $ 7,531 $ 9,077 Cash and cash equivalents included in other assets 1 245 241 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 7,776 $ 9,318

Revenue Recognition Revenue R_2

Revenue Recognition Revenue Recognition (Tables)	9 Months Ended
Revenue Recognition Revenue Recognition (Tables)	Sep. 25, 2020
Revenue Recognition [Abstract]
Disaggregation of Revenue [Table Text Block]	The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended September 25, 2020 Concentrate operations $ 1,523 $ 3,556 $ 5,079 Finished product operations 1,503 2,070 3,573 Total $ 3,026 $ 5,626 $ 8,652 Three Months Ended September 27, 2019 Concentrate operations $ 1,414 $ 4,026 $ 5,440 Finished product operations 1,676 2,391 4,067 Total $ 3,090 $ 6,417 $ 9,507 United States International Total Nine Months Ended September 25, 2020 Concentrate operations $ 4,117 $ 9,966 $ 14,083 Finished product operations 4,299 6,021 10,320 Total $ 8,416 $ 15,987 $ 24,403 Nine Months Ended September 27, 2019 Concentrate operations $ 4,014 $ 11,782 $ 15,796 Finished product operations 4,824 7,578 12,402 Total $ 8,838 $ 19,360 $ 28,198

Investments (Tables)

Investments (Tables)	9 Months Ended
Investments (Tables)	Sep. 25, 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 September 25, September 27, Net gains (losses) recognized during the period related to equity securities $ 17 $ 29 Less: Net gains (losses) recognized during the period related to equity securities sold — — Net unrealized gains (losses) recognized during the period related to equity securities $ 17 $ 29 Nine Months Ended September 25, September 27, Net gains (losses) recognized during the period related to equity securities $ (137) $ 163 Less: Net gains (losses) recognized during the period related to equity securities sold (24) 16 Net unrealized gains (losses) recognized during the period related to equity securities $ (113) $ 147
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 September 25, 2020 Marketable securities $ 296 $ — Other investments 662 50 Other assets 1,097 — Total equity securities $ 2,055 $ 50 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 September 25, 2020 Trading securities $ 34 $ 1 $ — $ 35 Available-for-sale securities 2,611 63 (16) 2,658 Total debt securities $ 2,645 $ 64 $ (16) $ 2,693 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): September 25, 2020 December 31, 2019 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Cash and cash equivalents $ — $ 305 $ — $ 123 Marketable securities 35 2,065 47 2,852 Other assets — 288 — 306 Total debt securities $ 35 $ 2,658 $ 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 Nine Months Ended September 25, September 27, September 25, September 27, Gross gains $ 2 $ 9 $ 19 $ 37 Gross losses (3) (1) (11) (5) Proceeds 233 1,284 1,419 3,074
Contractual maturity amounts of the investment securities	The contractual maturities of these available-for-sale debt securities as of September 25, 2020 were as follows (in millions): Cost Estimated Within 1 year $ 1,186 $ 1,212 After 1 year through 5 years 1,140 1,134 After 5 years through 10 years 89 102 After 10 years 196 210 Total $ 2,611 $ 2,658

Inventories (Tables)

Inventories (Tables)	9 Months Ended
Inventories (Tables)	Sep. 25, 2020
Inventories
Inventories	Inventories consisted of the following (in millions): September 25, December 31, Raw materials and packaging $ 2,069 $ 2,180 Finished goods 802 851 Other 393 348 Total inventories $ 3,264 $ 3,379

Hedging Transactions and Deri_2

Hedging Transactions and Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 25, 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 September 25, December 31, 2019 Assets: Foreign currency contracts Prepaid expenses and other assets $ 17 $ 24 Foreign currency contracts Other assets 73 91 Interest rate contracts Prepaid expenses and other assets 4 10 Interest rate contracts Other assets 683 427 Total assets $ 777 $ 552 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 46 $ 40 Foreign currency contracts Other liabilities 10 48 Commodity contracts Accounts payable and accrued expenses 1 — Interest rate contracts Other liabilities — 21 Total liabilities $ 57 $ 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 September 25, December 31, 2019 Assets: Foreign currency contracts Prepaid expenses and other assets $ 34 $ 13 Commodity contracts Prepaid expenses and other assets 19 8 Commodity contracts Other assets 4 2 Other derivative instruments Prepaid expenses and other assets 8 12 Other derivative instruments Other assets 3 1 Total assets $ 68 $ 36 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 41 $ 39 Commodity contracts Accounts payable and accrued expenses 36 13 Commodity contracts Other liabilities 11 1 Other derivative instruments Accounts payable and accrued expenses 5 — Total liabilities $ 93 $ 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 tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income ("OCI"), AOCI and earnings (in millions): Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Three Months Ended September 25, 2020 Foreign currency contracts $ (84) Net operating revenues $ (21) Foreign currency contracts (4) Cost of goods sold 2 Foreign currency contracts — Interest expense (6) Foreign currency contracts 122 Other income (loss) — net 100 Interest rate contracts 9 Interest expense (14) Commodity contracts (2) Cost of goods sold (1) Total $ 41 $ 60 Three Months Ended September 27, 2019 Foreign currency contracts $ 71 Net operating revenues $ (5) Foreign currency contracts 3 Cost of goods sold 2 Foreign currency contracts — Interest expense (3) Foreign currency contracts (46) Other income (loss) — net (46) Interest rate contracts (30) Interest expense (10) Commodity contracts 1 Cost of goods sold — Total $ (1) $ (62) Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Nine Months Ended September 25, 2020 Foreign currency contracts $ (61) Net operating revenues $ (22) Foreign currency contracts 6 Cost of goods sold 7 Foreign currency contracts — Interest expense (10) Foreign currency contracts 21 Other income (loss) — net 71 Interest rate contracts 21 Interest expense (35) Commodity contracts (2) Cost of goods sold (1) Total $ (15) $ 10 Nine Months Ended September 27, 2019 Foreign currency contracts $ 44 Net operating revenues $ 2 Foreign currency contracts 1 Cost of goods sold 9 Foreign currency contracts — Interest expense (7) Foreign currency contracts (99) Other income (loss) — net (139) Interest rate contracts (47) Interest expense (30) Commodity contracts 1 Cost of goods sold — Total $ (100) $ (165)
Derivative instruments, fair value hedges, gain (loss) recognized in income	The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended September 25, September 27, Interest rate contracts Interest expense $ 94 $ 206 Fixed-rate debt Interest expense (97) (200) Net impact to interest expense $ (3) $ 6 Foreign currency contracts Other income (loss) — net $ 3 $ — Available-for-sale securities Other income (loss) — net (3) — Net impact to other income (loss) — net $ — $ — Net impact of fair value hedging instruments $ (3) $ 6 Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Nine Months Ended September 25, September 27, Interest rate contracts Interest expense $ 284 $ 647 Fixed-rate debt Interest expense (281) (637) Net impact to interest expense $ 3 $ 10 Foreign currency contracts Other income (loss) — net $ 3 $ — Available-for-sale securities Other income (loss) — net (3) — Net impact to other income (loss) — net $ — $ — Net impact of fair value hedging instruments $ 3 $ 10
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 September 25, December 31, September 25, December 31, Cash and cash equivalents $ 294 $ — $ — $ — Marketable securities 201 — — — Current maturities of long-term debt 2,038 1,004 (2) 5 Long-term debt 10,685 12,087 670 448 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 Nine Months Ended September 25, December 31, 2019 September 25, September 27, September 25, September 27, Foreign currency contracts $ — $ — $ (23) $ 13 $ (4) $ 42 Foreign currency denominated debt 12,699 12,334 (445) 476 (452) 444 Total $ 12,699 $ 12,334 $ (468) $ 489 $ (456) $ 486
Schedule of Derivative Instruments Not Designated as Hedging Instruments Gain (Loss) in Statement of Financial Performance [Table Text Block]	The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended September 25, September 27, Foreign currency contracts Net operating revenues $ 2 $ 15 Foreign currency contracts Cost of goods sold (17) 2 Foreign currency contracts Other income (loss) — net 53 (21) Interest rate contracts Interest expense 2 — Commodity contracts Cost of goods sold 34 (60) Other derivative instruments Selling, general and administrative expenses 20 4 Other derivative instruments Other income (loss) — net — 5 Total $ 94 $ (55) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Nine Months Ended September 25, September 27, Foreign currency contracts Net operating revenues $ 64 $ 2 Foreign currency contracts Cost of goods sold 10 4 Foreign currency contracts Other income (loss) — net (33) (46) Interest rate contracts Interest expense 2 — Commodity contracts Cost of goods sold (33) (58) Other derivative instruments Selling, general and administrative expenses (12) 32 Other derivative instruments Other income (loss) — net (55) 39 Total $ (57) $ (27)

Comprehensive Income (Tables)

Comprehensive Income (Tables)	9 Months Ended
Comprehensive Income (Tables)	Sep. 25, 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): September 25, December 31, 2019 Foreign currency translation adjustments $ (13,154) $ (11,270) Accumulated derivative net gains (losses) (232) (209) Unrealized net gains (losses) on available-for-sale debt securities 35 75 Adjustments to pension and other benefit liabilities (2,095) (2,140) Accumulated other comprehensive income (loss) $ (15,446) $ (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): Nine Months Ended September 25, 2020 Shareowners of Noncontrolling Total Consolidated net income $ 6,291 $ 3 $ 6,294 Other comprehensive income: Net foreign currency translation adjustments (1,884) (399) (2,283) Net gains (losses) on derivatives 1 (23) — (23) Net change in unrealized gains (losses) on available-for-sale debt securities 2 (40) — (40) Net change in pension and other benefit liabilities 45 — 45 Total comprehensive income (loss) $ 4,389 $ (396) $ 3,993 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 September 25, 2020 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 548 $ (30) $ 518 Reclassification adjustments recognized in net income — — — Gains (losses) on intra-entity transactions that are of a long-term investment nature 883 — 883 Gains (losses) on net investment hedges arising during the period 1 (468) 117 (351) Net foreign currency translation adjustments $ 963 $ 87 $ 1,050 Derivatives: Gains (losses) arising during the period $ 41 $ (9) $ 32 Reclassification adjustments recognized in net income (60) 15 (45) Net gains (losses) on derivatives 1 $ (19) $ 6 $ (13) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (32) $ 10 $ (22) Reclassification adjustments recognized in net income 1 — 1 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (31) $ 10 $ (21) Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ (44) $ 9 $ (35) Reclassification adjustments recognized in net income 44 (11) 33 Net change in pension and other benefit liabilities $ — $ (2) $ (2) Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 913 $ 101 $ 1,014 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. Nine Months Ended September 25, 2020 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (2,627) $ 196 $ (2,431) Reclassification adjustments recognized in net income 3 — 3 Gains (losses) on intra-entity transactions that are of a long-term investment nature 886 — 886 Gains (losses) on net investment hedges arising during the period 1 (456) 114 (342) Net foreign currency translation adjustments $ (2,194) $ 310 $ (1,884) Derivatives: Gains (losses) arising during the period $ (24) $ 8 $ (16) Reclassification adjustments recognized in net income (10) 3 (7) Net gains (losses) on derivatives 1 $ (34) $ 11 $ (23) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (54) $ 20 $ (34) Reclassification adjustments recognized in net income (8) 2 (6) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (62) $ 22 $ (40) Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ (68) $ 15 $ (53) Reclassification adjustments recognized in net income 130 (32) 98 Net change in pension and other benefit liabilities $ 62 $ (17) $ 45 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (2,228) $ 326 $ (1,902) 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 September 27, 2019 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (256) $ (6) $ (262) Gains (losses) on intra-entity transactions that are of a long-term investment nature (924) — (924) Gains (losses) on net investment hedges arising during the period 1 489 (122) 367 Net foreign currency translation adjustments $ (691) $ (128) $ (819) Derivatives: Gains (losses) arising during the period $ (2) $ 1 $ (1) Reclassification adjustments recognized in net income 62 (15) 47 Net gains (losses) on derivatives 1 $ 60 $ (14) $ 46 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 29 $ (7) $ 22 Reclassification adjustments recognized in net income (8) 2 (6) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 21 $ (5) $ 16 Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ 4 $ — $ 4 Reclassification adjustments recognized in net income 37 (9) 28 Net change in pension and other benefit liabilities $ 41 $ (9) $ 32 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (569) $ (156) $ (725) 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. Nine Months Ended September 27, 2019 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (141) $ (77) $ (218) Reclassification adjustments recognized in net income 192 — 192 Gains (losses) on intra-entity transactions that are of a long-term investment nature (888) — (888) Gains (losses) on net investment hedges arising during the period 1 486 (121) 365 Net foreign currency translation adjustments $ (351) $ (198) $ (549) Derivatives: Gains (losses) arising during the period $ (119) $ 24 $ (95) Reclassification adjustments recognized in net income 166 (41) 125 Net gains (losses) on derivatives 1 $ 47 $ (17) $ 30 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 88 $ (17) $ 71 Reclassification adjustments recognized in net income (32) 7 (25) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 56 $ (10) $ 46 Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ 11 $ 5 $ 16 Reclassification adjustments recognized in net income 111 (27) 84 Net change in pension and other benefit liabilities $ 122 $ (22) $ 100 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (126) $ (247) $ (373) 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 Description of AOCI Component Financial Statement Line Item Three Months Ended September 25, 2020 Nine Months Ended September 25, 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 $ 21 $ 22 Foreign currency and commodity contracts Cost of goods sold (1) (6) Foreign currency contracts Other income (loss) — net (100) (71) Foreign currency and interest rate contracts Interest expense 20 45 Income before income taxes (60) (10) Income taxes 15 3 Consolidated net income $ (45) $ (7) Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ 1 $ (8) Income before income taxes 1 (8) Income taxes — 2 Consolidated net income $ 1 $ (6) Pension and other benefit liabilities: Recognized net actuarial loss Other income (loss) — net $ 45 $ 132 Recognized prior service cost (credit) Other income (loss) — net (1) (2) Income before income taxes 44 130 Income taxes (11) (32) Consolidated net income $ 33 $ 98

Changes in Equity (Tables)

Changes in Equity (Tables)	9 Months Ended
Changes in Equity (Tables)	Sep. 25, 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 September 25, 2020 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non- June 26, 2020 4,295 $ 19,189 $ 66,888 $ (16,460) $ 1,760 $ 17,367 $ (52,071) $ 1,705 Comprehensive income (loss) — 2,756 1,737 1,014 — — — 5 Dividends paid/payable to — (1,762) (1,762) — — — — — Dividends paid to noncontrolling interests — (1) — — — — — (1) Impact related to stock-based 2 134 — — — 96 38 — September 25, 2020 4,297 $ 20,316 $ 66,863 $ (15,446) $ 1,760 $ 17,463 $ (52,033) $ 1,709 Shareowners of The Coca-Cola Company Nine Months Ended September 25, 2020 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non- December 31, 2019 4,280 $ 21,098 $ 65,855 $ (13,544) $ 1,760 $ 17,154 $ (52,244) $ 2,117 Comprehensive income (loss) — 3,993 6,291 (1,902) — — — (396) Dividends paid/payable to — (5,283) (5,283) — — — — — Dividends paid to noncontrolling — (12) — — — — — (12) Impact related to stock-based 17 520 — — — 309 211 — September 25, 2020 4,297 $ 20,316 $ 66,863 $ (15,446) $ 1,760 $ 17,463 $ (52,033) $ 1,709 Shareowners of The Coca-Cola Company Three Months Ended September 27, 2019 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non- June 28, 2019 4,275 $ 20,295 $ 64,602 $ (12,981) $ 1,760 $ 16,833 $ (52,033) $ 2,114 Comprehensive income (loss) — 1,723 2,593 (725) — — — (145) Dividends paid/payable to — (1,714) (1,714) — — — — — Dividends paid to noncontrolling — (7) — — — — — (7) Business combinations including purchase accounting adjustments — 8 — — — — — 8 Impact related to stock-based 9 378 — — — 206 172 — September 27, 2019 4,284 $ 20,683 $ 65,481 $ (13,706) $ 1,760 $ 17,039 $ (51,861) $ 1,970 Shareowners of The Coca-Cola Company Nine Months Ended September 27, 2019 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non- 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) — 6,417 6,878 (373) — — — (88) Dividends paid/payable to — (5,132) (5,132) — — — — — Dividends paid to noncontrolling — (27) — — — — — (27) Business combinations including purchase accounting adjustments — 8 — — — — — 8 Purchases of treasury stock (14) (635) — — — — (635) — Impact related to stock-based 30 1,012 — — — 519 493 — September 27, 2019 4,284 $ 20,683 $ 65,481 $ (13,706) $ 1,760 $ 17,039 $ (51,861) $ 1,970

Productivity, Integration and_2

Productivity, Integration and Restructuring Initiatives (Tables)	9 Months Ended
	Sep. 25, 2020
Productivity integration and restructuring initiatives
Productivity and Reinvestment [Table Text Block]	The following tables summarize 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 and nine months ended September 25, 2020 (in millions): Accrued Balance Costs Payments Noncash and Accrued Balance Severance pay and benefits $ 46 $ (2) $ (10) $ — $ 34 Outside services — 5 (5) — — Other direct costs 1 7 (6) — 2 Total $ 47 $ 10 $ (21) $ — $ 36 Costs Payments Noncash and Accrued Balance Severance pay and benefits $ 58 $ (1) $ (23) $ — $ 34 Outside services 1 42 (43) — — Other direct costs 7 30 (30) (5) 2 Total $ 66 $ 71 $ (96) $ (5) $ 36
Strategic Alignment Initiatives Costs	The following table summarizes the balance of accrued expenses related to these strategic realignment initiatives as of September 25, 2020 (in millions): Costs Payments Noncash and Accrued Balance Severance pay and benefits $ 327 $ — $ (23) 1 $ 304 Outside services 16 (15) — 1 Total $ 343 $ (15) $ (23) $ 305 1

Pension and Other Postretirem_2

Pension and Other Postretirement Benefit Plans (Tables)	9 Months Ended
Pension and Other Postretirement Benefit Plans (Tables)	Sep. 25, 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 Three Months Ended September 25, September 27, September 25, September 27, Service cost $ 28 $ 26 $ 2 $ 2 Interest cost 58 73 6 7 Expected return on plan assets 1 (148) (138) (4) (3) Amortization of prior service credit — (1) (1) (1) Amortization of net actuarial loss 43 38 2 1 Net periodic benefit cost (income) (19) (2) 5 6 Curtailment charges 2 — — 11 — Total cost (income) recognized in condensed consolidated $ (19) $ (2) $ 16 $ 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. 2 The curtailment charges were related to the strategic realignment initiatives. Refer to Note 12. Pension Benefit Plans Other Postretirement Nine Months Ended September 25, September 27, September 25, September 27, Service cost $ 84 $ 78 $ 8 $ 7 Interest cost 176 218 17 20 Expected return on plan assets 1 (440) (414) (12) (10) Amortization of prior service credit — (3) (2) (2) Amortization of net actuarial loss 128 114 4 2 Net periodic benefit cost (income) (52) (7) 15 17 Curtailment charges 2 — — 11 — Total cost (income) recognized in condensed consolidated $ (52) $ (7) $ 26 $ 17 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. 2 The curtailment charges were related to the strategic realignment initiatives. Refer to Note 12.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 25, 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): September 25, 2020 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,750 $ 193 $ 11 $ 101 $ — $ 2,055 Debt securities 1 — 2,647 46 — — 2,693 Derivatives 2 14 831 — — (617) 6 228 8 Total assets $ 1,764 $ 3,671 $ 57 $ 101 $ (617) $ 4,976 Liabilities: Contingent consideration liability $ — $ — $ (317) 5 $ — $ — $ (317) Derivatives 2 (2) (148) — — 134 7 (16) 8 Total liabilities $ (2) $ (148) $ (317) $ — $ 134 $ (333) 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 Refer to Note 2 for additional information related to the contingent consideration liability resulting from the fairlife acquisition. 6 The Company is obligated to return $485 million in cash collateral it has netted against its derivative position. 7 The Company does not have the right to reclaim any cash collateral it has netted against its derivative position. 8 The Company's derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $228 million in the line item other assets and $16 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio. December 31, 2019 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value 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 7 Total assets $ 1,886 $ 4,089 $ 51 $ 109 $ (392) $ 5,743 Liabilities: Derivatives 2 $ — $ (162) $ — $ — $ 130 6 $ (32) 7 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 does not have the right to reclaim any 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: $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 Nine Months Ended September 25, September 27, September 25, September 27, Impairment of intangible assets $ — $ (42) 1 $ (215) 2 $ (42) 1 Other-than-temporary impairment charges — (375) 3 (38) 3 (767) 3 Impairment of equity investment without a readily — — (26) 4 — CCBA asset adjustments — — — (160) 5 Total $ — $ (417) $ (279) $ (969) 1 During the three and nine months ended September 27, 2019, the Company recorded an impairment charge of $42 million related to a trademark in Asia Pacific, which was primarily driven by revised projections of future operating results for the trademark. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. 2 The Company recorded impairment charges of $160 million during the nine months ended September 25, 2020 related to its Odwalla trademark in North America, as the Company decided in June 2020 to discontinue its Odwalla juice business. The Company recorded an impairment charge of $55 million during the nine months ended September 25, 2020 related to a trademark in North America, which was primarily driven by the impact of the COVID-19 pandemic, revised projections of future operating results 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. 3 During the three and nine months ended September 27, 2019, the Company recognized other-than-temporary impairment charges of $120 million and $406 million, respectively, related to our investment in CCBJHI, an equity method investee. Based on the length of time and the extent to which the market value of our investment in CCBJHI had been less than our carrying value as well as the financial condition and near-term prospects of the issuer, management determined that the decline in fair value was other than temporary in nature. This impairment charge was determined using the quoted market prices (a Level 1 measurement) of CCBJHI. The Company also recorded other-than-temporary impairment charges of $255 million related to certain equity method investees in the Middle East. These impairment charges were derived using Level 3 inputs and were primarily driven by revised projections of future operating results largely related to instability in the region and recent changes in local excise taxes. During the nine months ended September 25, 2020 and September 27, 2019, the Company recognized other-than-temporary impairment charges of $38 million and $49 million, respectively, related to certain of our equity method investees in Latin America, primarily driven by revised projections of future operating results. The fair values of these investments were derived using discounted cash flow analyses based on Level 3 inputs. During the nine months ended September 27, 2019, the Company also recorded 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 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. 5 As a result of CCBA no longer being classified as held for sale, the Company was required to measure CCBA's property, plant and equipment and definite-lived intangible assets at the lower of their current fair values or their carrying amounts before they were classified as held for sale, adjusted for depreciation and amortization expense that would have been recognized had the business been classified as held and used during the period that CCBA was classified as held for sale. As a result, we reduced the carrying value of CCBA's property, plant and equipment and definite-lived intangible assets by $34 million and $126 million, respectively, based on Level 3 inputs. Refer to Note 2.

Operating Segments (Tables)

Operating Segments (Tables)	3 Months Ended	9 Months Ended
Operating Segments (Tables)	Sep. 25, 2020	Sep. 25, 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 September 25, 2020 Net operating revenues: Third party $ 1,556 $ 809 $ 3,087 $ 1,207 $ 513 $ 1,474 $ 6 $ — $ 8,652 Intersegment 137 — 1 127 — 1 — (266) — Total net operating revenues 1,693 809 3,088 1,334 513 1,475 6 (266) 8,652 Operating income (loss) 903 483 727 564 (31) 55 (403) — 2,298 Income (loss) before income taxes 925 476 738 575 (29) 398 (902) — 2,181 Identifiable operating assets 8,283 1 1,647 19,983 2,143 2 7,453 9,851 1,2 28,237 — 77,597 Investments 3 544 577 356 236 6 13,765 4,103 — 19,587 As of and for the Three Months Ended September 27, 2019 Net operating revenues: Third party $ 1,672 $ 1,045 $ 3,137 $ 1,319 $ 629 $ 1,681 $ 24 $ — $ 9,507 Intersegment 156 — 1 143 — 3 — (303) — Total net operating revenues 1,828 1,045 3,138 1,462 629 1,684 24 (303) 9,507 Operating income (loss) 886 603 641 594 77 7 (309) — 2,499 Income (loss) before income taxes 651 605 658 603 80 55 440 — 3,092 Identifiable operating assets 8,363 1 1,895 17,895 2,118 6,935 10,456 1 20,204 — 67,866 Investments 3 483 719 365 223 14 13,892 3,871 — 19,567 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 3 543 716 358 224 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 September 25, 2020, September 27, 2019 and December 31, 2019, respectively. 2 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of September 25, 2020. 3 Principally equity method investments and other investments in bottling companies.	Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated Nine Months Ended September 25, 2020 Net operating revenues: Third party $ 4,264 $ 2,494 $ 8,583 $ 3,264 $ 1,381 $ 4,392 $ 25 $ — $ 24,403 Intersegment 364 — 3 381 — 4 — (752) — Total net operating revenues 4,628 2,494 8,586 3,645 1,381 4,396 25 (752) 24,403 Operating income (loss) 2,578 1,526 1,603 1,727 (114) 130 (791) — 6,659 Income (loss) before income taxes 2,632 1,455 1,623 1,749 (114) 762 (719) — 7,388 Nine Months Ended September 27, 2019 Net operating revenues: Third party $ 5,110 $ 2,944 $ 8,976 $ 3,729 $ 1,847 $ 5,513 $ 79 $ — $ 28,198 Intersegment 420 — 7 460 2 7 — (896) — Total net operating revenues 5,530 2,944 8,983 4,189 1,849 5,520 79 (896) 28,198 Operating income (loss) 2,902 1,687 1,938 1,867 216 226 (914) — 7,922 Income (loss) before income taxes 2,701 1,636 1,924 1,891 223 348 (357) — 8,366

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Recently Issued Accounting Guidance (Details) - USD ($) $ in Millions	Sep. 25, 2020	Dec. 31, 2019	Sep. 27, 2019	Dec. 31, 2018
Impact of New Pronouncements
Cash and cash equivalents	$ 11,385	$ 6,480	$ 7,531	$ 9,077
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period	11,822	6,737	7,776	9,318
Other Assets
Impact of New Pronouncements
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period	$ 437	$ 257	$ 245	$ 241

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 25, 2020	Mar. 27, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019	Jan. 30, 2019
Acquisition and investment activities
Proceeds from disposals of businesses, equity method investments and nonmarketable securities				$ 46	$ 266
Acquisitions of businesses, equity method investments and nonmarketable securities				989	5,376
Gain (Loss) on Sale of Equity Investments				18
North America Territory [Member]
Acquisition and investment activities
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			$ 19		15
Canadian Bottling Operations [Member]
Acquisition and investment activities
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			$ 122		122
Corporate
Acquisition and investment activities
Gain (Loss) on Sale of Equity Investments				18
Change to Plan of Sale Asset Adjustment					160
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
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	$ 18			$ 47
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
Goodwill, Translation and Purchase Accounting Adjustments					(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
CCBA [Domain]
Acquisition and investment activities
Asset Impairment Charges					160
CCBA [Domain] \| Property, Plant and Equipment [Member]
Acquisition and investment activities
Asset Impairment Charges					225
Change to Plan of Sale Asset Adjustment					34
CCBA [Domain] \| Finite-Lived Intangible Assets [Member]
Acquisition and investment activities
Asset Impairment Charges					329
Change to Plan of Sale Asset Adjustment					$ 126

Revenue Recognition Revenue R_3

Revenue Recognition Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 8,652	$ 9,507	$ 24,403	$ 28,198
Net operating revenues related to concentrate operations	5,079	5,440	14,083	15,796
Net operating revenues related to finished product operations	3,573	4,067	10,320	12,402
UNITED STATES
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	3,026	3,090	8,416	8,838
Net operating revenues related to concentrate operations	1,523	1,414	4,117	4,014
Net operating revenues related to finished product operations	1,503	1,676	4,299	4,824
International [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	5,626	6,417	15,987	19,360
Net operating revenues related to concentrate operations	3,556	4,026	9,966	11,782
Net operating revenues related to finished product operations	$ 2,070	$ 2,391	$ 6,021	$ 7,578

Investments (Details)

Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Investments (Details) - USD ($) $ in Millions	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Schedule of Equity and Debt Securities [Line Items]
Equity Securities, FV-NI, Unrealized Loss			$ 113
Equity Securities, FV-NI, Unrealized Gain	$ 17	$ 29		$ 147

Investments (Details 2)

Investments (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
Investments (Details 2) - USD ($) $ in Millions	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019	Dec. 31, 2019
Equity securities, by type
Equity Securities, FV-NI, Gain (Loss)	$ 17	$ 29	$ (137)	$ 163
Equity Securities, FV-NI, Realized Gain (Loss)	0	0	(24)	16
Equity Securities, FV-NI, Unrealized Gain	17	29		147
Equity Securities, FV-NI	2,055		2,055		$ 2,219
Equity Securities without Readily Determinable Fair Value, Amount	50		50		82
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	2,645		2,645		3,218
Debt securities, gross unrealized gain	64		64		114
Debt securities, gross unrealized loss	(16)		(16)		(4)
Debt Securities [Member]
Equity securities, by type
Trading Securities, Unrealized Holding Gain			1		1
Trading Securities, Unrealized Holding Loss			0		0
Debt Securities, Trading, and Equity Securities, FV-NI	35		35		47
Available-for-sale Securities Fair Value	2,658		2,658		3,281
Available-for-sale Securities, Gross Realized Gains	2	9	19	37
Available-for-sale Securities, Gross Realized Losses	3	1	11	5
Proceeds from Sale of Available-for-sale Securities	233	$ 1,284	1,419	$ 3,074
Trading Securities, Equity, Cost	34		34		46
Available-for-sale Securities, Debt Securities	2,611		2,611		3,172
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	63		63		113
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(16)		(16)		(4)
Marketable Securities [Member]
Equity securities, by type
Equity Securities, FV-NI	296		296		329
Equity Securities without Readily Determinable Fair Value, Amount	0		0		0
Other Investments [Member]
Equity securities, by type
Equity Securities, FV-NI	662		662		772
Equity Securities without Readily Determinable Fair Value, Amount	50		50		82
Other Assets
Equity securities, by type
Equity Securities, FV-NI	1,097		1,097		1,118
Equity Securities without Readily Determinable Fair Value, Amount	$ 0		$ 0		$ 0

Investments (Details 3)

Investments (Details 3) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
Investments (Details 3) - USD ($) $ in Millions	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019	Dec. 31, 2019
Debt securities, by type
Available-for-sale Securities, Amortized Cost Basis	$ 2,611		$ 2,611
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	2,645		2,645		$ 3,218
Debt securities, gross unrealized gain	64		64		114
Debt securities, gross unrealized loss	16		16		4
Debt Securities	2,693		2,693		3,328
Equity Securities [Member]
Debt securities, by type
Available-for-sale Securities, Gross Realized Gains	2	$ 9	19	$ 37
Trading Securities, Equity, Cost	34		34		46
Trading Securities, Unrealized Holding Gain			1		1
Trading Securities, Unrealized Holding Loss			0		0
Debt Securities, Trading, and Equity Securities, FV-NI	35		35		47
Available-for-sale Securities, Debt Securities	2,611		2,611		3,172
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	63		63		113
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	16		16		4
Available-for-sale Securities Fair Value	2,658		2,658		3,281
Available-for-sale Securities, Gross Realized Losses	(3)	(1)	(11)	(5)
Proceeds from Sale of Available-for-sale Securities	233	$ 1,284	1,419	$ 3,074
Available-for-sale Securities [Member]
Debt securities, by type
Debt Securities	2,658		2,658		3,281
Trading Securities [Member]
Debt securities, by type
Debt Securities	35		35		47
Cash and Cash Equivalents [Member] \| Available-for-sale Securities [Member]
Debt securities, by type
Debt Securities	305		305		123
Cash and Cash Equivalents [Member] \| Trading Securities [Member]
Debt securities, by type
Debt Securities	0		0		0
Marketable Securities [Member] \| Available-for-sale Securities [Member]
Debt securities, by type
Debt Securities	2,065		2,065		2,852
Marketable Securities [Member] \| Trading Securities [Member]
Debt securities, by type
Debt Securities	35		35		47
Other Assets \| Available-for-sale Securities [Member]
Debt securities, by type
Debt Securities	288		288		306
Other Assets \| Trading Securities [Member]
Debt securities, by type
Debt Securities	$ 0		$ 0		$ 0

Investments (Details 5)

Investments (Details 5) - USD ($) $ in Millions	Sep. 25, 2020	Dec. 31, 2019
Investments [Abstracts]
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost	$ 1,186
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value	1,212
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Amortized Cost Basis	1,140
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value	1,134
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis	89
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value	102
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost	196
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value	210
Available-for-sale Securities, Amortized Cost Basis	2,611
Debt Securities	2,693	$ 3,328
Available-for-sale Securities [Member]
Investments [Abstracts]
Debt Securities	2,658	3,281
Debt securities, by type
Solvency Funds of Insurance Captive	$ 1,227	$ 1,266

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 25, 2020	Dec. 31, 2019
Inventory balances
Raw materials and packaging	$ 2,069	$ 2,180
Finished goods	802	851
Other	393	348
Total inventories	$ 3,264	$ 3,379

Hedging Transactions and Deri_3

Hedging Transactions and Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019	Dec. 31, 2019
Fair Value, Derivatives Designated and Not Designated as Hedges
Maximum Length of Time Hedged in Cash Flow Hedge			4 years
Net Investment Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	$ 12,699		$ 12,699		$ 12,334
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(468)	$ 489	(456)	$ 486
Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	60	(62)	10	(165)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	41	(1)	(15)	(100)
Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(3)	6	3	10
Long-term Debt, Current Maturities [Domain] \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	2,038		2,038		1,004
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	(2)		(2)		5
Long-term Debt [Member] \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	10,685		10,685		12,087
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	670		670		448
Cash and Cash Equivalents [Member] \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	294		294		0
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	0		0		0
Marketable Securities [Member] \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	201		201		0
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	0		0		0
Foreign currency denominated debt \| Net Investment Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	12,699		12,699		12,334
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(445)	476	(452)	444
Foreign currency denominated debt \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	499		499
Foreign currency contracts \| Net Investment Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	0		0		0
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(23)	13	(4)	42
Foreign currency contracts \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	8,809		8,809		6,957
Commodity contracts \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	11		11		2
Cross Currency Swap \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	2,700		2,700		3,028
Interest Rate Swap [Member] \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	12,212		12,212		12,523
Designated as Hedging Instrument [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	777		777		552
Derivative instruments, liabilities, fair value	57		57		109
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	17		17		24
Designated as Hedging Instrument [Member] \| Foreign currency contracts \| Other Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	73		73		91
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	46		46		40
Designated as Hedging Instrument [Member] \| Foreign currency contracts \| Other Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	10		10		48
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	1		1		0
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	683		683		427
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	0		0		21
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	4		4		10
Not Designated as Hedging Instrument [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	94	(55)	(57)	(27)
Derivative instruments, assets, fair value	68		68		36
Derivative instruments, liabilities, fair value	93		93		53
Not Designated as Hedging Instrument [Member] \| Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	6,069		6,069		4,291
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	34		34		13
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	41		41		39
Not Designated as Hedging Instrument [Member] \| Commodity contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	511		511		425
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	19		19		8
Not Designated as Hedging Instrument [Member] \| Commodity contracts \| Other Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	4		4		2
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	36		36		13
Not Designated as Hedging Instrument [Member] \| Commodity contracts \| Other Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	11		11		1
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	8		8		12
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	3		3		1
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	5		5		$ 0
Net operating revenues \| Foreign currency contracts \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(21)	(5)	(22)	2
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(84)	71	(61)	44
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	2	15	64	2
Other Income (loss) - net \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Other Income (loss) - net \| Foreign currency contracts \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	100	(46)	71	(139)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	122	(46)	21	(99)
Other Income (loss) - net \| Foreign currency contracts \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	3	0	3	0
Other Income (loss) - net \| Not Designated as Hedging Instrument [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net			55
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	53	(21)	(33)	(46)
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	0	5		39
Cost of goods sold \| Foreign currency contracts \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	2	2	7	9
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(4)	3	6	1
Cost of goods sold \| Commodity contracts \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(1)	0	(1)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(2)	1	(2)
Cost of goods sold \| Interest Rate Contract [Member] \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)				0
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax				1
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	(17)	2	10	4
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	34	(60)	(33)	(58)
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	20	4	(12)	32
Interest Expense [Member] \| Fair Value Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(3)	6	3	10
Interest Expense [Member] \| Foreign currency contracts \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(6)	(3)	(10)	(7)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	0	0	0	0
Interest Expense [Member] \| Interest Rate Contract [Member] \| Cash Flow Hedging [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(14)	(10)	(35)	(30)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	9	(30)	21	(47)
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	94	206	284	647
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	(97)	(200)	(281)	(637)
Interest Expense [Member] \| Not Designated as Hedging Instrument [Member] \| Interest Rate Contract [Member]
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ 2	$ 0	$ 2	$ 0

Hedging Transactions and Deri_4

Hedging Transactions and Derivative Financial Instruments (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 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			$ 119
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	$ 41	$ (1)	(15)	$ (100)
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	60	(62)	10	(165)
Cash Flow Hedging [Member] \| Foreign currency contracts
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	8,809		8,809		$ 6,957
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	(84)	71	(61)	44
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(21)	(5)	(22)	2
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	(4)	3	6	1
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	2	2	7	9
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	0	0
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(6)	(3)	(10)	(7)
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	122	(46)	21	(99)
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	100	(46)	71	(139)
Cash Flow Hedging [Member] \| Currency Swap [Member]
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	2,700		2,700		3,028
Cash Flow Hedging [Member] \| Interest Rate Contract [Member] \| 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				1
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)				0
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	9	(30)	21	(47)
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(14)	(10)	(35)	(30)
Cash Flow Hedging [Member] \| Commodity contracts
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	11		11		2
Cash Flow Hedging [Member] \| Commodity 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	(2)	1	(2)
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	(1)	0	(1)
Fair Value Hedges
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	(3)	6	3	10
Fair Value Hedges \| Interest Expense [Member]
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	(3)	6	3	10
Fair Value Hedges \| Other Income (loss) - net
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Fair Value Hedges \| Fixed-rate debt \| Interest Expense [Member]
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	(97)	(200)	(281)	(637)
Fair Value Hedges \| Interest Rate Swap [Member]
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	12,212		12,212		12,523
Fair Value Hedges \| Foreign currency contracts \| Other Income (loss) - net
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	3	0	3	0
Fair Value Hedges \| Foreign currency denominated debt
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	499		499
Fair Value Hedges \| Interest Rate Contract [Member] \| Interest Expense [Member]
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	94	206	284	647
Fair Value Hedges \| Available-for-sale Securities [Member] \| Other Income (loss) - net
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	(3)	0	(3)	0
Net Investment Hedging [Member]
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	12,699		12,699		12,334
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(468)	489	(456)	486
Net Investment Hedging [Member] \| Foreign currency contracts
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	0		0		0
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(23)	13	(4)	42
Net Investment Hedging [Member] \| Foreign currency denominated debt
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	12,699		12,699		12,334
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(445)	476	(452)	444
Not Designated as Hedging Instrument [Member]
Gains and (losses) related to derivative instruments
Derivative Liability, Fair Value, Gross Liability	93		93		53
Derivative, Gain (Loss) on Derivative, Net	94	(55)	(57)	(27)
Not Designated as Hedging Instrument [Member] \| Other Income (loss) - net
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net			55
Not Designated as Hedging Instrument [Member] \| Foreign currency contracts
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	6,069		6,069		4,291
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	2	15	64	2
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	(17)	2	10	4
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	53	(21)	(33)	(46)
Not Designated as Hedging Instrument [Member] \| Interest Rate Contract [Member] \| Interest Expense [Member]
Gains and (losses) related to derivative instruments
Derivative, Gain (Loss) on Derivative, Net	2	0	2	0
Not Designated as Hedging Instrument [Member] \| Commodity contracts
Gains and (losses) related to derivative instruments
Derivative, Notional Amount	511		511		425
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	34	(60)	(33)	(58)
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	0	5		39
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	20	$ 4	(12)	$ 32
Long-term Debt, Current Maturities [Domain] \| Fair Value Hedges
Gains and (losses) related to derivative instruments
Derivative, Amount of Hedged Item	2,038		2,038		1,004
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	$ (2)		$ (2)		$ 5

Debt and Borrowing Arrangemen_2

Debt and Borrowing Arrangements (Details) € in Millions, $ in Millions, $ in Millions	9 Months Ended
	Sep. 25, 2020USD ($)	Sep. 25, 2020EUR (€)	Sep. 25, 2020AUD ($)
Long-term debt
Issuance of long term debt	$ 15,600	€ 2,600
Carrying Value of Long-Term Debt	17,461
Extinguishment of Debt, Amount	$ 1,954	€ 1,448
Debt Instrument, Description of Variable Rate Basis	three-month Euro Interbank Offered Rate ("EURIBOR")	three-month Euro Interbank Offered Rate ("EURIBOR")	three-month Euro Interbank Offered Rate ("EURIBOR")
Gain (Loss) on Extinguishment of Debt	$ (397)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(8)
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%
Extinguishment of Debt, Amount	$ 282
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%
Extinguishment of Debt, Amount	$ 709
Total principal notes due on June 1, 2027 [Domain]
Long-term debt
Issuance of long term debt	$ 1,500
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.45%
Total principal notes due on June 1, 2030 [Domain]
Long-term debt
Issuance of long term debt	$ 1,500
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.65%
Total principal notes due on June 1, 2040 [Domain]
Long-term debt
Issuance of long term debt	$ 1,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.50%
Total principal notes due on June 1, 2050 [Domain]
Long-term debt
Issuance of long term debt	$ 1,500
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.60%
Total principal notes due on June 9, 2020 [Domain]
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.60%
Extinguishment of Debt, Amount			$ 450
Total principal notes due on June 1, 2060 [Domain]
Long-term debt
Issuance of long term debt	$ 1,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.75%
U.S. dollar zero coupon notes due 2020 [Member]
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.00%
Extinguishment of Debt, Amount	$ 171
Total principal notes due on March 15, 2031 [Domain]
Long-term debt
Issuance of long term debt	$ 1,300
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.375%
Total principal notes due on March 15, 2028 [Domain]
Long-term debt
Issuance of long term debt	$ 1,300
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.00%
Total principal notes due on March 15, 2029 [Domain]
Long-term debt
Issuance of long term debt \| €		€ 1,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.125%
Total principal notes due on March 15, 2033 [Domain]
Long-term debt
Issuance of long term debt \| €		750
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.375%
Total principal notes due on March 15, 2040 [Domain]
Long-term debt
Issuance of long term debt \| €		850
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.80%
Total principal notes due on March 15, 2051 [Domain]
Long-term debt
Issuance of long term debt	$ 1,500
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.50%
Total principal notes due on March 8, 2021 [Domain]
Long-term debt
Extinguishment of Debt, Amount \| €		379
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	0.20%
Total principal notes due on March 9, 2021 [Domain]
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.00%
Extinguishment of Debt, Amount \| €		152
Total principal notes due on September 22, 2022 [Domain]
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.125%
Extinguishment of Debt, Amount \| €		319
Total principal notes due on September 22, 2022 [Domain] \| Corporate
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.125%
Extinguishment of Debt, Amount \| €		€ 598
Total principal notes due on September 1, 2021 [Domain]
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.55%
Extinguishment of Debt, Amount	$ 335
Total principal notes due on September 1, 2021 [Domain] \| Corporate
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.30%
Extinguishment of Debt, Amount	$ 444
Total principal notes due on May 25, 2022 [Domain]
Long-term debt
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.20%
Extinguishment of Debt, Amount	$ 184

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2015	Sep. 25, 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			$ 443
VIEs maximum exposures to loss			138
Risk Management Programs
Risk Management Programs
Self-insurance reserves			$ 271	$ 301

Comprehensive Income (Details)

Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Comprehensive Income (Details) - USD ($) $ in Millions	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019	Dec. 31, 2019	Jun. 28, 2019	Dec. 31, 2018
Comprehensive Income Disclosure
Net Income (Loss) Attributable to Parent	$ 1,737	$ 2,593	$ 6,291	$ 6,878
Net Income (Loss) Attributable to Noncontrolling Interest	3	(4)	3	42
AOCI Attributable to the Shareowners of The Coca Cola Company
Accumulated other comprehensive income (loss)	(15,446)	(13,706)	(15,446)	(13,706)	$ (13,544)	$ (12,981)	$ (12,814)
Consolidated net income	1,740	2,589	6,294	6,920
Other comprehensive income:
Net foreign currency translation adjustment	1,052	(960)	(2,283)	(679)
Net gain (loss) on derivatives	(13)	46	(23)	30
Net unrealized gain (loss) on available-for-sale securities			(40)
Net change in pension and other benefit liabilities	(2)	32	45	100
TOTAL COMPREHENSIVE INCOME (LOSS)	2,756	1,723	3,993	6,417
Foreign currency translation adjustments:
Translation adjustment arising during the period	548	(256)	(2,627)	(141)
Reclassification adjustments recognized in net income	0		3	192
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	883	(924)	886	(888)
Gains (losses) on net investment hedges arising during the period	(468)	489	(456)	486
Derivatives:
Reclassification adjustments recognized in net income	(60)		(10)
Available-for-sale securities:
Reclassification adjustments recognized in net income	1		(8)
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	44		130
Foreign currency translation adjustments:
Translation adjustment arising during the period	(30)	(6)	196	(77)
Reclassification adjustments recognized in net income	0		0	0
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	0	0	0	0
Gains (losses) on net investment hedges arising during the period	117	(122)	114	(121)
Derivatives:
Reclassification adjustments recognized in net income	15		3
Available-for-sales securities:
Reclassification adjustments recognized in net income	0		2
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	(11)		(32)
Foreign currency translation adjustments:
Translation adjustment arising during the period	518	(262)	(2,431)	(218)
Reclassification adjustments recognized in net income	0		3	192
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	883	(924)	886	(888)
Gains (losses) on net investments hedges arising during the period	(351)	367	(342)	365
Derivatives:
Reclassification adjustments recognized in net income	(45)		(7)
Available-for-sale securities:
Net unrealized gain (loss) on available-for-sale securities	(21)	16	(40)	46
Reclassification adjustments recognized in net income	1		(6)
Pension and other benefit liabilities:
Reclassification adjustments recognized in net income	33		98
Other income (loss) - net
Pension and other benefit liabilities:
Recognized net actuarial loss	45		132
Recognized prior service cost (credit)	(1)		(2)
Divestitures, deconsolidations and other [Member] \| Other income (loss) - net
Foreign currency translation adjustments:
Reclassification adjustments recognized in net income	0		3
Foreign currency contracts \| Other income (loss) - net
Derivatives:
Reclassification adjustments recognized in net income	(100)		(71)
Foreign currency contracts \| Net operating revenues
Derivatives:
Reclassification adjustments recognized in net income	21		22
Foreign currency and commodities contracts [Member] \| Cost of goods sold
Derivatives:
Reclassification adjustments recognized in net income	(1)		(6)
Foreign currency and interest rate contracts \| Interest Expense [Member]
Derivatives:
Reclassification adjustments recognized in net income	20		45
Sale of securities \| Other income (loss) - net
Available-for-sale securities:
Reclassification adjustments recognized in net income	1		(8)
Shareowners of The Coca-Cola Company
AOCI Attributable to the Shareowners of The Coca Cola Company
Foreign currency translation adjustments	(13,154)		(13,154)		(11,270)
Accumulated derivative net gains (losses)	(232)		(232)		(209)
Unrealized net gains (losses) on available-for-sale securities	35		35		75
Adjustments to pension and other benefits liabilities	(2,095)		(2,095)		(2,140)
Accumulated other comprehensive income (loss)	(15,446)		(15,446)		$ (13,544)
Other comprehensive income:
Net foreign currency translation adjustment			(1,884)
Net gain (loss) on derivatives			(23)
Net unrealized gain (loss) on available-for-sale securities			(40)
Net change in pension and other benefit liabilities			45
TOTAL COMPREHENSIVE INCOME (LOSS)			4,389
Foreign currency translation adjustments:
Net foreign currency translation adjustments	963	(691)	(2,194)	(351)
Derivatives:
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	41	(2)	(24)	(119)
Reclassification adjustments recognized in net income	(60)	62	(10)	166
Net gain (loss) on derivatives	(19)	60	(34)	47
Available-for-sale securities:
Unrealized gains (losses) arising during the period	(32)	29	(54)	88
Reclassification adjustments recognized in net income	1	(8)	(8)	(32)
Net change in unrealized gain (loss) on available-for-sale securities	(31)	21	(62)	56
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	(44)	4	(68)	11
Reclassification adjustments recognized in net income	44	37	130	111
Net change in pension and other benefit liabilities	0	41	62	122
Other Comprehensive Income (Loss) attributable to The Coca-Cola Company	913	(569)	(2,228)	(126)
Foreign currency translation adjustments:
Net foreign currency translation adjustments	87	(128)	310	(198)
Derivatives:
Gains (losses) arising during the period	(9)	1	8	24
Reclassification adjustments recognized in net income	15	(15)	3	(41)
Net gain (loss) on derivatives	6	(14)	11	(17)
Available-for-sales securities:
Unrealized gains (losses) arising during the period	10	(7)	20	(17)
Reclassification adjustments recognized in net income	0	2	2	7
Net change in unrealized gain (loss) on available-for-sale securities	10	(5)	22	(10)
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	9	0	15	5
Reclassification adjustments recognized in net income	(11)	(9)	(32)	(27)
Net change in pension and other benefit liabilities	(2)	(9)	(17)	(22)
Other comprehensive income (loss) attributable to The Coca-Cola Company	101	(156)	326	(247)
Foreign currency translation adjustments:
Net foreign currency translation adjustments	1,050	(819)	(1,884)	(549)
Derivatives:
Gains (losses) arising during the period	32	(1)	(16)	(95)
Reclassification adjustments recognized in net income	(45)	47	(7)	125
Net gain (loss) on derivatives	(13)	46	(23)	30
Available-for-sale securities:
Net unrealized gain (loss) on available-for-sale securities	(22)	22	(34)	71
Reclassification adjustments recognized in net income	1	(6)	(6)	(25)
Net change in unrealized gain (loss) on available-for-sale securities	(21)	16	(40)	46
Pension and other benefit liabilities:
Net pension and other benefits arising during the period	(35)	4	(53)	16
Reclassification adjustments recognized in net income	33	28	98	84
Net change in pension and other benefit liabilities	(2)	32	45	100
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	41	(2)	(24)	(119)
Other comprehensive income (loss) attributable to The Coca-Cola Company	1,014	(725)	(1,902)	(373)
Noncontrolling Interests
Other comprehensive income:
Net foreign currency translation adjustment			(399)
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)	5	(145)	(396)	(88)
AOCI Attributable to Parent [Member]
Other comprehensive income:
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 1,014	$ (725)	$ (1,902)	$ (373)

Changes in Equity (Details)

Changes in Equity (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019	Jun. 26, 2020	Dec. 31, 2019	Jun. 28, 2019	Dec. 31, 2018
Changes in Equity
Reinvested earnings	$ 66,863	$ 65,481	$ 66,863	$ 65,481		$ 65,855	$ 64,602	$ 63,234
Accumulated other comprehensive income (loss)	$ (15,446)	$ (13,706)	$ (15,446)	$ (13,706)		$ (13,544)	$ (12,981)	$ (12,814)
Changes in Equity
Common Stock Dividends, Shares	0	0	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 19,189	$ 20,295	$ 21,098	$ 19,058
Comprehensive income (loss)	2,756	1,723	3,993	6,417
Dividends, Common Stock, Cash	(1,762)	(1,714)	(5,283)	(5,132)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(1)	(7)	(12)	(27)
Stock Issued During Period, Value, Acquisitions		8		8
Purchases of treasury stock				(635)
Impact related to stock compensation plans	134	378	520	1,012
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	20,316	20,683	20,316	20,683
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity				(18)
Reinvested Earnings
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	66,888
Comprehensive income (loss)	1,737	2,593	6,291	6,878
Dividends, Common Stock, Cash	(1,762)	(1,714)	(5,283)	(5,132)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	0	0	0
Stock Issued During Period, Value, Acquisitions		0		0
Purchases of treasury stock				0
Impact related to stock compensation plans	$ 0	$ 0	$ 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	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ (16,460)
Comprehensive income (loss)	1,014	$ (725)	$ (1,902)	$ (373)
Dividends, Common Stock, Cash	0	0	0	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	0	0	0
Stock Issued During Period, Value, Acquisitions		0		0
Purchases of treasury stock				0
Impact related to stock compensation plans	$ 0	$ 0	$ 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	4,297,000	4,284,000	4,297,000	4,284,000	4,295,000	4,280,000	4,275,000	4,268,000
Treasury Stock, Shares, Acquired				(14,000)
Impact related to stock compensation plans, shares	2,000	9,000	17,000	30,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 1,760	$ 1,760	$ 1,760	$ 1,760
Comprehensive income (loss)	0	0	0	0
Dividends, Common Stock, Cash	0	0	0	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	0	0	0
Stock Issued During Period, Value, Acquisitions		$ 0		$ 0
Stock Issued During Period, Shares, Acquisitions		0		0
Purchases of treasury stock				$ 0
Impact related to stock compensation plans	0	$ 0	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	1,760	1,760	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
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	17,367	16,833	17,154	16,520
Comprehensive income (loss)	0	0	0	0
Dividends, Common Stock, Cash	0	0	0	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	0	0	0
Stock Issued During Period, Value, Acquisitions		0		0
Purchases of treasury stock				0
Impact related to stock compensation plans	96	206	309	519
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	17,463	17,039	17,463	17,039
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity				0
Treasury Stock
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	(52,071)	(52,033)	(52,244)	(51,719)
Comprehensive income (loss)	0	0	0	0
Dividends, Common Stock, Cash	0	0	0	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	0	0	0
Stock Issued During Period, Value, Acquisitions		0		0
Purchases of treasury stock				(635)
Impact related to stock compensation plans	38	172	211	493
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ (52,033)	$ (51,861)	$ (52,033)	(51,861)
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	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 1,705	$ 2,114	$ 2,117	$ 2,077
Comprehensive income (loss)	5	(145)	(396)	(88)
Dividends, Common Stock, Cash	0	0	0	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(1)	(7)	(12)	(27)
Stock Issued During Period, Value, Acquisitions		8		8
Purchases of treasury stock				0
Impact related to stock compensation plans	0	0	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ 1,709	$ 1,970	$ 1,709	1,970
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			9 Months Ended
	Sep. 25, 2020	Mar. 27, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Other Operating Charges
Productivity, integration and restructuring initiatives			$ 61		$ 184
Other operating charges	$ 372		125	$ 747	344
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	27		39	128	107
Gain (Loss) on Sale of Equity Investments				18
Other Income (Loss) - Net
Equity Method Investment, Other than Temporary Impairment	0		375	38	767
Gain (Loss) on Extinguishment of Debt				(397)
Proceeds from Sale of Buildings			739		739
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount			0		0
Not Designated as Hedging Instrument [Member]
Equity Income (Loss) - Net
Derivative, Gain (Loss) on Derivative, Net	94		(55)	(57)	(27)
Not Designated as Hedging Instrument [Member] \| Other Income (loss) - net
Equity Income (Loss) - Net
Derivative, Gain (Loss) on Derivative, Net				55
Asia Pacific [Member]
Other Operating Charges
Impairment of Intangible Assets (Excluding Goodwill)			42		42
Bottling investments [Member]
Other Operating Charges
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	27		39	99	105
EMEA [Member]
Other Income (Loss) - Net
Equity Method Investment, Other than Temporary Impairment			255		255
North America [Member]
Other Operating Charges
Impairment of Intangible Assets (Excluding Goodwill)	0			215
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees				1
Other Income (Loss) - Net
Equity Method Investment, Other than Temporary Impairment					57
Business Exit Costs				21
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount				26
North America [Member] \| Other Operating Income (Expense) [Member]
Other Income (Loss) - Net
Business Exit Costs	12			24
Corporate
Other Operating Charges
Productivity, integration and restructuring initiatives	13			74
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees					2
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	13		38	(127)	197
Other Income (Loss) - Net
Change to Plan of Sale Asset Adjustment					160
Proceeds from Sale of Buildings			739		739
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	0			26
Charges related to the extinguishment of long-term debt	405			405
Latin America [Member]
Other Operating Charges
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees				28
Other Income (Loss) - Net
Equity Method Investment, Other than Temporary Impairment				38	49
Productivity and Reinvestment [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives	10			71
Productivity and Reinvestment [Member] \| Bottling investments [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives					3
Productivity and Reinvestment [Member] \| EMEA [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives			1		2
Productivity and Reinvestment [Member] \| North America [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives			12		42
Productivity and Reinvestment [Member] \| Corporate
Other Operating Charges
Productivity, integration and restructuring initiatives			48		137
Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives	343
Strategic Realignment \| Other Operating Income (Expense) [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives	332			332
Strategic Realignment \| Other Income (loss) - net
Other Operating Charges
Productivity, integration and restructuring initiatives	11			11
Strategic Realignment \| Asia Pacific [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives	32			32
Strategic Realignment \| EMEA [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives	41			41
Strategic Realignment \| North America [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives	121			121
Strategic Realignment \| Latin America [Member]
Other Operating Charges
Productivity, integration and restructuring initiatives	22			22
fairlife [Member]
Other Operating Items
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain		$ 902
fairlife [Member] \| Corporate
Other Operating Items
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain				902
Other Operating Charges
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 18			47
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			120		406
CHI [Member] \| Corporate
Other Income (Loss) - Net
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss					121
Odwalla [Member] \| North America [Member]
Other Operating Charges
Impairment of Intangible Assets (Excluding Goodwill)				160
Odwalla [Member] \| North America [Member] \| Other Operating Income (Expense) [Member]
Other Income (Loss) - Net
Business Exit Costs				35
Costa [Member]
Other Operating Charges
Other operating charges					46
Costa [Member] \| Corporate
Other Operating Charges
Other operating charges					46
North America Territory [Member]
Other Income (Loss) - Net
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			19		15
North America Territory [Member] \| Bottling investments [Member]
Other Operating Charges
Costs incurred to refranchise of certain bottler interests			21		61
Other Income (Loss) - Net
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			$ (103)		$ (107)
North America Territory [Member] \| North America [Member]
Other Income (Loss) - Net
Asset Impairment Charges				$ 55

Productivity, Integration and_3

Productivity, Integration and Restructuring Initiatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Productivity, Integration and Restructuring Initiatives Disclosures
Cost incurred		$ 61		$ 184
Productivity and Reinvestment [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, Beginning Balance	$ 47		$ 66
Cost incurred	10		71
Payments	(21)		(96)
Noncash and exchange	0		(5)
Accrued Balance, Ending Balance	36		36
Restructuring and related costs incurred to date	3,901		3,901
Productivity and Reinvestment [Member] \| Severance pay and benefits
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, Beginning Balance	46		58
Cost incurred	(2)		(1)
Payments	(10)		(23)
Noncash and exchange	0		0
Accrued Balance, Ending Balance	34		34
Productivity and Reinvestment [Member] \| Outside Services [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, Beginning Balance	0		1
Cost incurred	5		42
Payments	(5)		(43)
Noncash and exchange	0		0
Accrued Balance, Ending Balance	0		0
Productivity and Reinvestment [Member] \| Other direct costs [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Accrued Balance, Beginning Balance	1		7
Cost incurred	7		30
Payments	(6)		(30)
Noncash and exchange	0		(5)
Accrued Balance, Ending Balance	2		2
Strategic Realignment
Productivity, Integration and Restructuring Initiatives Disclosures
Cost incurred	343
Payments	(15)
Noncash and exchange	(23)
Accrued Balance, Ending Balance	305		305
Strategic Realignment \| Minimum [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Restructuring and Related Cost, Expected Cost	350		350
Strategic Realignment \| Maximum [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Restructuring and Related Cost, Expected Cost	550		550
Strategic Realignment \| Severance pay and benefits
Productivity, Integration and Restructuring Initiatives Disclosures
Cost incurred	327
Payments	0
Noncash and exchange	(23)
Accrued Balance, Ending Balance	304		304
Strategic Realignment \| Outside Services [Member]
Productivity, Integration and Restructuring Initiatives Disclosures
Cost incurred	16
Payments	(15)
Noncash and exchange	0
Accrued Balance, Ending Balance	$ 1		$ 1

Pension and Other Postretirem_3

Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Net periodic pension and other Postretirement benefit cost
Contributions to pension plan			$ 25	$ 29
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 4		$ 4
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%		7.50%
Service cost	$ 28	$ 26	$ 84	78
Interest cost	58	73	176	218
Expected return on plan assets	(148)	(138)	(440)	(414)
Amortization of prior service cost (credit)	0	(1)	0	(3)
Amortization of net actuarial loss	43	38	128	114
Defined Benefit Plan Net Periodic Benefit Cost Excluding Settlement Curtailment and Special Termination Benefits	(19)	(2)	(52)	(7)
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment	0	0	0	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (19)	(2)	$ (52)	(7)
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%		4.50%
Service cost	$ 2	2	$ 8	7
Interest cost	6	7	17	20
Expected return on plan assets	(4)	(3)	(12)	(10)
Amortization of prior service cost (credit)	(1)	(1)	(2)	(2)
Amortization of net actuarial loss	2	1	4	2
Defined Benefit Plan Net Periodic Benefit Cost Excluding Settlement Curtailment and Special Termination Benefits	5	6	15	17
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment	11	0	11	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 16	$ 6	$ 26	$ 17

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Income Tax Contingency [Line Items]
Net Income (Loss) Attributable to Parent	$ 1,737	$ 2,593	$ 6,291	$ 6,878
U.S. statutory rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Income taxes	$ 441	$ 503	$ 1,094	$ 1,446
Effective tax rate (as a percent)	20.20%	16.30%	14.80%	17.30%
Tax expense (benefit) associated with significant operating and nonoperating items for the interim periods presented
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability		$ (213)		$ (245)
Other Tax Expense (Benefit)	$ 15		$ (138)
fairlife [Member]
Income Tax Contingency [Line Items]
Income taxes			$ (40)
Coca-Cola Beverage Africa [Member]
Tax expense (benefit) associated with significant operating and nonoperating items for the interim periods presented
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount				$ (199)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 25, 2020	Dec. 31, 2019
Assets and liabilities measured at fair value on a recurring basis
Debt Securities	$ 2,693	$ 3,328
Derivative, Collateral, Obligation to Return Cash	485	261
Level 1
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI	1,750	1,877
Debt Securities	0	0
Derivatives, assets	14	9
Total assets	1,764	1,886
Contingent Consideration Liability	0
Derivatives, liabilities	2	0
Total liabilities	2	0
Level 2
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI	193	219
Debt Securities	2,647	3,291
Derivatives, assets	831	579
Total assets	3,671	4,089
Contingent Consideration Liability	0
Derivatives, liabilities	148	162
Total liabilities	148	162
Level 3
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI	11	14
Available-for-sale Securities Fair Value		37
Debt Securities	46
Derivatives, assets	0	0
Total assets	57	51
Contingent Consideration Liability	317
Derivatives, liabilities	0	0
Total liabilities	317	0
Other [Member]
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI	101	109
Available-for-sale Securities Fair Value		0
Debt Securities	0
Derivatives, assets	0	0
Total assets	101	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	(617)	(392)
Total assets	(617)	(392)
Contingent Consideration Liability	0
Derivatives, liabilities	(134)	(130)
Total liabilities	(134)	(130)
Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis
Debt Securities, Trading, and Equity Securities, FV-NI	2,055	2,219
Available-for-sale Securities Fair Value		3,328
Debt Securities	2,693
Derivatives, assets	228	196
Total assets	4,976	5,743
Contingent Consideration Liability	317
Derivatives, liabilities	16	32
Total liabilities	333	32
Other Assets \| Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis
Derivatives, assets	228	196
Other Liabilities \| Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis
Derivatives, liabilities	$ 16	$ 32

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Fair Value Measurements (Details 2) - USD ($) $ in Millions	Sep. 25, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019
Nonrecurring fair value measurements
Equity Method Investment, Other than Temporary Impairment	$ 0	$ 375	$ 38	$ 767
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount		0		0
Nonrecurring gain (Loss) fair value adjustment	0	(417)	(279)	(969)
North America [Member]
Nonrecurring fair value measurements
Equity Method Investment, Other than Temporary Impairment				57
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount			26
Impairment of Intangible Assets (Excluding Goodwill)	0		215
EMEA [Member]
Nonrecurring fair value measurements
Equity Method Investment, Other than Temporary Impairment		255		255
Latin America [Member]
Nonrecurring fair value measurements
Equity Method Investment, Other than Temporary Impairment			38	49
Corporate
Nonrecurring fair value measurements
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	0		26
Change to Plan of Sale Asset Adjustment				160
Asia Pacific [Member]
Nonrecurring fair value measurements
Impairment of Intangible Assets (Excluding Goodwill)		42		42
North America Territory [Member] \| North America [Member]
Nonrecurring fair value measurements
Asset Impairment Charges			55
Coca-Cola Bottlers Japan Holdings [Member] \| Bottling investments [Member]
Nonrecurring fair value measurements
Equity Method Investment, Other than Temporary Impairment		120		406
CCBA [Domain]
Nonrecurring fair value measurements
Equity Method Investment, Other than Temporary Impairment	$ 0	$ 0	0	160
Asset Impairment Charges				160
CCBA [Domain] \| Property, Plant and Equipment [Member]
Nonrecurring fair value measurements
Change to Plan of Sale Asset Adjustment				34
Asset Impairment Charges				225
CCBA [Domain] \| Finite-Lived Intangible Assets [Member]
Nonrecurring fair value measurements
Change to Plan of Sale Asset Adjustment				126
Asset Impairment Charges				$ 329
Odwalla [Member] \| North America [Member]
Nonrecurring fair value measurements
Impairment of Intangible Assets (Excluding Goodwill)			$ 160

Fair Value Measurements (Deta_3

Fair Value Measurements (Details 3) - USD ($) $ in Millions	Sep. 25, 2020	Dec. 31, 2019
Other fair value disclosures
Long-term debt, including the current portion, carrying amount	$ 47,010	$ 31,769
Long-term debt, including the current portion, fair value	$ 49,436	$ 32,725

Operating Segments (Details)

Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
Operating Segments (Details) - USD ($) $ in Millions	Sep. 25, 2020	Mar. 27, 2020	Sep. 27, 2019	Sep. 25, 2020	Sep. 27, 2019	Dec. 31, 2019
Operations, Reportable Information, by Operating Segment
Property, Plant and Equipment, Net Percentage	14.00%		14.00%	14.00%	14.00%	16.00%
Net operating revenues:
Third Party	$ 8,652		$ 9,507	$ 24,403	$ 28,198
Intersegment	0		0	0	0
Revenues	8,652		9,507	24,403	28,198
Operating Income (Loss)	2,298		2,499	6,659	7,922
Income (loss) before income taxes	2,181		3,092	7,388	8,366
Identifiable operating assets	77,597		67,866	77,597	67,866	$ 66,502
Noncurrent investments	19,587		19,567	19,587	19,567	19,879
Productivity, integration and restructuring initiatives			61		184
Gain (Loss) on Sale of Equity Investments				18
Other operating charges	372		125	747	344
Equity Method Investment, Other than Temporary Impairment	0		375	38	767
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	$ 27		39	128	107
Gain (Loss) on Extinguishment of Debt				$ (397)
Proceeds from Sale of Buildings			739		739
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount			0		0
Property, Plant and Equipment, Net Percentage Philippines	10.00%			10.00%
Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	$ 343
Productivity and Reinvestment [Member]
Net operating revenues:
Productivity, integration and restructuring initiatives	10			$ 71
EMEA [Member]
Net operating revenues:
Third Party	1,556		1,672	4,264	5,110
Intersegment	137		156	364	420
Revenues	1,693		1,828	4,628	5,530
Operating Income (Loss)	903		886	2,578	2,902
Income (loss) before income taxes	925		651	2,632	2,701
Identifiable operating assets	8,283		8,363	8,283	8,363	8,143
Noncurrent investments	544		483	544	483	543
Equity Method Investment, Other than Temporary Impairment			255		255
Restructuring Reserve, Accrual Adjustment	3			3
EMEA [Member] \| Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	41			41
EMEA [Member] \| Productivity and Reinvestment [Member]
Net operating revenues:
Productivity, integration and restructuring initiatives			1		2
Latin America [Member]
Net operating revenues:
Third Party	809		1,045	2,494	2,944
Intersegment	0		0	0	0
Revenues	809		1,045	2,494	2,944
Operating Income (Loss)	483		603	1,526	1,687
Income (loss) before income taxes	476		605	1,455	1,636
Identifiable operating assets	1,647		1,895	1,647	1,895	1,801
Noncurrent investments	577		719	577	719	716
Equity Method Investment, Other than Temporary Impairment				38	49
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees				28
Latin America [Member] \| Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	22			22
North America [Member]
Net operating revenues:
Third Party	3,087		3,137	8,583	8,976
Intersegment	1		1	3	7
Revenues	3,088		3,138	8,586	8,983
Operating Income (Loss)	727		641	1,603	1,938
Income (loss) before income taxes	738		658	1,623	1,924
Identifiable operating assets	19,983		17,895	19,983	17,895	17,687
Noncurrent investments	356		365	356	365	358
Impairment of Intangible Assets (Excluding Goodwill)	0			215
Equity Method Investment, Other than Temporary Impairment					57
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees				1
Business Exit Costs				21
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount				26
North America [Member] \| Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	121			121
North America [Member] \| Productivity and Reinvestment [Member]
Net operating revenues:
Productivity, integration and restructuring initiatives			12		42
North America [Member] \| Operating Income (Loss) [Member]
Net operating revenues:
Business Exit Costs	23			48
North America [Member] \| Nonoperating Income (Expense) [Member]
Net operating revenues:
Business Exit Costs	25			69
Asia Pacific [Member]
Net operating revenues:
Third Party	1,207		1,319	3,264	3,729
Intersegment	127		143	381	460
Revenues	1,334		1,462	3,645	4,189
Operating Income (Loss)	564		594	1,727	1,867
Income (loss) before income taxes	575		603	1,749	1,891
Identifiable operating assets	2,143		2,118	2,143	2,118	2,060
Noncurrent investments	236		223	236	223	224
Impairment of Intangible Assets (Excluding Goodwill)			42		42
Asia Pacific [Member] \| Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	32			32
Global Ventures [Member]
Net operating revenues:
Third Party	513		629	1,381	1,847
Intersegment	0		0	0	2
Revenues	513		629	1,381	1,849
Operating Income (Loss)	(31)		77	(114)	216
Income (loss) before income taxes	(29)		80	(114)	223
Identifiable operating assets	7,453		6,935	7,453	6,935	7,265
Noncurrent investments	6		14	6	14	14
Bottling investments [Member]
Net operating revenues:
Third Party	1,474		1,681	4,392	5,513
Intersegment	1		3	4	7
Revenues	1,475		1,684	4,396	5,520
Operating Income (Loss)	55		7	130	226
Income (loss) before income taxes	398		55	762	348
Identifiable operating assets	9,851		10,456	9,851	10,456	11,170
Noncurrent investments	13,765		13,892	13,765	13,892	14,093
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	27		39	99	105
Bottling investments [Member] \| Productivity and Reinvestment [Member]
Net operating revenues:
Productivity, integration and restructuring initiatives					3
Corporate
Net operating revenues:
Third Party	6		24	25	79
Intersegment	0		0	0	0
Revenues	6		24	25	79
Operating Income (Loss)	(403)		(309)	(791)	(914)
Income (loss) before income taxes	(902)		440	(719)	(357)
Identifiable operating assets	28,237		20,204	28,237	20,204	18,376
Noncurrent investments	4,103		3,871	4,103	3,871	3,931
Productivity, integration and restructuring initiatives	13			74
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	13		38	(127)	197
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees					2
Change to Plan of Sale Asset Adjustment					160
Proceeds from Sale of Buildings			739		739
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	0			26
Charges related to the extinguishment of long-term debt	405			405
Corporate \| Productivity and Reinvestment [Member]
Net operating revenues:
Productivity, integration and restructuring initiatives			48		137
Corporate \| Operating Income (Loss) [Member] \| Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	116			116
Corporate \| Nonoperating Income (Expense) [Member] \| Strategic Realignment
Net operating revenues:
Productivity, integration and restructuring initiatives	127			127
Intersegment Eliminations [Member]
Net operating revenues:
Third Party	0		0	0	0
Intersegment	(266)		(303)	(752)	(896)
Revenues	(266)		(303)	(752)	(896)
Operating Income (Loss)	0		0	0	0
Income (loss) before income taxes	0		0	0	0
Identifiable operating assets	0		0	0	0	0
Noncurrent investments	0		0	0	0	$ 0
fairlife [Member]
Net operating revenues:
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	18			47
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain				902
Costa [Member]
Net operating revenues:
Other operating charges					46
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
Coca-Cola Bottlers Japan Holdings [Member] \| Bottling investments [Member]
Net operating revenues:
Equity Method Investment, Other than Temporary Impairment			120		406
Odwalla [Member] \| North America [Member]
Net operating revenues:
Impairment of Intangible Assets (Excluding Goodwill)				160
Restructuring Reserve, Accrual Adjustment	$ 2
Odwalla [Member] \| North America [Member] \| Operating Income (Loss) [Member]
Net operating revenues:
Business Exit Costs				37
North America Territory [Member]
Net operating revenues:
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			19		15
North America Territory [Member] \| North America [Member]
Net operating revenues:
Asset Impairment Charges				$ 55
North America Territory [Member] \| Bottling investments [Member]
Net operating revenues:
Costs incurred to refranchise of certain bottler interests			21		61
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			$ (103)		$ (107)

Subsequent Event Subsequent Eve

Subsequent Event Subsequent Event (Details) € in Millions, $ in Millions	3 Months Ended			9 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)	Sep. 25, 2020USD ($)	Sep. 25, 2020USD ($)	Sep. 25, 2020EUR (€)
Subsequent Event [Line Items]
Extinguishment of Debt, Amount				$ 1,954	€ 1,448
Carrying Value of Long-Term Debt			$ 17,461	17,461
Long-term Debt [Member]
Subsequent Event [Line Items]
Carrying Value of Long-Term Debt			3,306	3,306
Corporate
Subsequent Event [Line Items]
Charges related to the extinguishment of long-term debt			$ 405	$ 405
Total principal notes due on March 9, 2021 [Domain]
Subsequent Event [Line Items]
Extinguishment of Debt, Amount \| €					152
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			0.00%	0.00%
Total principal notes due on September 1, 2021 [Domain]
Subsequent Event [Line Items]
Extinguishment of Debt, Amount				$ 335
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			1.55%	1.55%
Total principal notes due on September 1, 2021 [Domain] \| Corporate
Subsequent Event [Line Items]
Extinguishment of Debt, Amount				$ 444
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			3.30%	3.30%
Total principal notes due on May 25, 2022 [Domain]
Subsequent Event [Line Items]
Extinguishment of Debt, Amount				$ 184
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			2.20%	2.20%
Total principal notes due on September 22, 2022 [Domain]
Subsequent Event [Line Items]
Extinguishment of Debt, Amount \| €					319
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			1.125%	1.125%
Total principal notes due on September 22, 2022 [Domain] \| Corporate
Subsequent Event [Line Items]
Extinguishment of Debt, Amount \| €					€ 598
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			0.125%	0.125%
Subsequent Event [Member] \| Corporate
Subsequent Event [Line Items]
Charges related to the extinguishment of long-term debt	$ 80
Subsequent Event [Member] \| Total principal notes due on March 9, 2021 [Domain]
Subsequent Event [Line Items]
Extinguishment of Debt, Amount \| €		€ 348
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.00%	0.00%
Subsequent Event [Member] \| Total principal notes due on September 1, 2021 [Domain]
Subsequent Event [Line Items]
Extinguishment of Debt, Amount	$ 665
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.55%	1.55%
Subsequent Event [Member] \| Total principal notes due on September 1, 2021 [Domain] \| Corporate
Subsequent Event [Line Items]
Extinguishment of Debt, Amount	$ 880
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.30%	3.30%
Subsequent Event [Member] \| Total principal notes due on May 25, 2022 [Domain]
Subsequent Event [Line Items]
Extinguishment of Debt, Amount	$ 316
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	2.20%	2.20%
Subsequent Event [Member] \| Total principal notes due on September 22, 2022 [Domain]
Subsequent Event [Line Items]
Extinguishment of Debt, Amount \| €		€ 402
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	0.125%	0.125%
Subsequent Event [Member] \| Total principal notes due on September 22, 2022 [Domain] \| Corporate
Subsequent Event [Line Items]
Extinguishment of Debt, Amount \| €		€ 481
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.125%	1.125%