The Coca-Cola Company (KO) 10-Q27 Jul 232023 Q2 Quarterly reportFinancial data

Company Profile

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	6 Months Ended
DOCUMENT AND ENTITY INFORMATION - shares	Jun. 30, 2023	Jul. 25, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-02217
Entity Registrant Name	COCA COLA CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-0628465
Entity Address, Address Line One	One Coca-Cola Plaza
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30313
City Area Code	404
Local Phone Number	676-2121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,324,344,812
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity Central Index Key	0000021344
Common Stock, $0.25 Par Value [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.25 Par Value
Trading Symbol	KO
Security Exchange Name	NYSE
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
.125% Notes Due 2029 KO29A
Entity Information [Line Items]
Title of 12(b) Security	0.125% Notes Due 2029
Trading Symbol	KO29A
Security Exchange Name	NYSE
.125% Notes Due 2029 KO29B
Entity Information [Line Items]
Title of 12(b) Security	0.125% Notes Due 2029
Trading Symbol	KO29B
Security Exchange Name	NYSE
.400% Notes Due 2030
Entity Information [Line Items]
Title of 12(b) Security	0.400% Notes Due 2030
Trading Symbol	KO30B
Security Exchange Name	NYSE
1.250% Notes Due 2031 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.250% Notes Due 2031
Trading Symbol	KO31
Security Exchange Name	NYSE
.375% Notes Due 2033
Entity Information [Line Items]
Title of 12(b) Security	0.375% Notes Due 2033
Trading Symbol	KO33
Security Exchange Name	NYSE
.500% Notes Due 2033
Entity Information [Line Items]
Title of 12(b) Security	0.500% Notes Due 2033
Trading Symbol	KO33A
Security Exchange Name	NYSE
1.625% Notes Due 2035 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.625% Notes Due 2035
Trading Symbol	KO35
Security Exchange Name	NYSE
1.100% Notes Due 2036 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.100% Notes Due 2036
Trading Symbol	KO36
Security Exchange Name	NYSE
.950% Notes Due 2036
Entity Information [Line Items]
Title of 12(b) Security	0.950% Notes Due 2036
Trading Symbol	KO36A
Security Exchange Name	NYSE
.800% Notes Due 2040
Entity Information [Line Items]
Title of 12(b) Security	0.800% Notes Due 2040
Trading Symbol	KO40B
Security Exchange Name	NYSE
1.000% Notes Due 2041
Entity Information [Line Items]
Title of 12(b) Security	1.000% Notes Due 2041
Trading Symbol	KO41
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Net Operating Revenues	$ 11,972	$ 11,325	$ 22,952	$ 21,816
Cost of goods sold	4,912	4,830	9,229	8,921
Gross Profit	7,060	6,495	13,723	12,895
Selling, general and administrative expenses	3,321	3,203	6,506	6,170
Other operating charges	1,338	951	1,449	979
Operating Income	2,401	2,341	5,768	5,746
Interest income	224	100	392	178
Interest expense	374	198	746	380
Equity income (loss) — net	538	392	813	654
Other income (loss) — net	91	(351)	706	(456)
Income Before Income Taxes	2,880	2,284	6,933	5,742
Income taxes	359	384	1,299	1,049
Consolidated Net Income	2,521	1,900	5,634	4,693
Net Income (Loss) Attributable to Noncontrolling Interest	(26)	(5)	(20)	7
Net Income Attributable to Shareowners of The Coca-Cola Company	$ 2,547	$ 1,905	$ 5,654	$ 4,686
Basic Net Income Per Share1	$ 0.59	$ 0.44	$ 1.31	$ 1.08
Diluted Net Income Per Share1	$ 0.59	$ 0.44	$ 1.30	$ 1.08
Average Shares Outstanding — Basic	4,325,000,000	4,331,000,000	4,325,000,000	4,331,000,000
Effect of dilutive securities	16,000,000	22,000,000	18,000,000	24,000,000
Average Shares Outstanding — Diluted	4,341,000,000	4,353,000,000	4,343,000,000	4,355,000,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Consolidated Net Income	$ 2,521	$ 1,900	$ 5,634	$ 4,693
Other comprehensive income:
Net foreign currency translation adjustments	252	(1,910)	801	(901)
Net gains (losses) on derivatives	(25)	93	(95)	157
Net change in unrealized gains (losses) on available-for-sale debt securities	1	5	9	(30)
Net change in pension and other postretirement benefit liabilities	2	165	13	250
Total Comprehensive Income	2,751	253	6,362	4,169
Less: Comprehensive income (loss) attributable to noncontrolling interests	(101)	(191)	(170)	(46)
Total Comprehensive Income Attributable to Shareowners of The Coca-Cola Company	$ 2,852	$ 444	$ 6,532	$ 4,215

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 12,564	$ 9,519
Short-term investments	1,867	1,043
Total Cash, Cash Equivalents and Short-Term Investments	14,431	10,562
Marketable securities	1,263	1,069
Trade accounts receivable, less allowances of $510 and $516, respectively	3,970	3,487
Inventories	4,646	4,233
Prepaid expenses and other current assets	3,281	3,240
Total Current Assets	27,591	22,591
Equity method investments	19,262	18,264
Other investments	158	501
Other noncurrent assets	6,592	6,189
Deferred income tax assets	1,661	1,746
Property, plant and equipment, less accumulated depreciation of $9,527 and $9,234, respectively	9,706	9,841
Trademarks with indefinite lives	14,369	14,214
Goodwill	18,545	18,782
Other intangible assets	572	635
Total Assets	98,456	92,763
CURRENT LIABILITIES
Accounts payable and accrued expenses	16,483	15,749
Loans and notes payable	4,828	2,373
Current maturities of long-term debt	1,171	399
Accrued income taxes	1,633	1,203
Total Current Liabilities	24,115	19,724
Long-term debt	35,626	36,377
Other noncurrent liabilities	8,449	7,922
Deferred income tax liabilities	2,714	2,914
THE COCA-COLA COMPANY SHAREOWNERS' EQUITY
Common stock, $0.25 par value; authorized — 11,200 shares; issued — 7,040 shares	1,760	1,760
Capital surplus	18,993	18,822
Reinvested earnings	72,695	71,019
Accumulated other comprehensive income (loss)	(14,017)	(14,895)
Treasury stock, at cost — 2,716 and 2,712 shares, respectively	(53,418)	(52,601)
Equity Attributable to Shareowners of The Coca-Cola Company	26,013	24,105
Equity attributable to noncontrolling interests	1,539	1,721
Total Equity	27,552	25,826
Total Liabilities and Equity	$ 98,456	$ 92,763

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - USD ($) shares in Millions, $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 510	$ 516
Property, Plant, and Equipment, Owned, Accumulated Depreciation	$ 9,527	$ 9,234
Common Stock, Par or Stated Value Per Share	$ 0.25	$ 0.25
Common Stock, Shares Authorized	11,200	11,200
Common Stock, Shares, Issued	7,040	7,040
Treasury Stock, Common, Shares	2,716	2,712

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
OPERATING ACTIVITIES
Consolidated Net Income	$ 5,634	$ 4,693
Depreciation and amortization	567	646
Stock-based compensation expense	120	189
Deferred income taxes	(211)	(127)
Equity (income) loss — net of dividends	(467)	(359)
Foreign currency adjustments	34	138
Significant (gains) losses — net	(442)	25
Other operating charges	1,375	966
Other items	(225)	301
Net change in operating assets and liabilities	(1,756)	(1,926)
Net Cash Provided by Operating Activities	4,629	4,546
INVESTING ACTIVITIES
Purchases of investments	(2,103)	(2,040)
Proceeds from disposals of investments	1,608	2,272
Acquisitions of businesses, equity method investments and nonmarketable securities	(43)	(6)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities	320	218
Purchases of property, plant and equipment	(615)	(487)
Proceeds from disposals of property, plant and equipment	38	33
Collateral (paid) received associated with hedging activities — net	(15)	(984)
Other investing activities	44	(151)
Net Cash Provided by (Used in) Investing Activities	(766)	(1,145)
FINANCING ACTIVITIES
Issuances of debt	4,638	3,256
Payments of debt	(2,366)	(1,816)
Issuances of stock	359	652
Purchases of stock for treasury	(1,084)	(1,210)
Dividends	(2,089)	(3,810)
Other financing activities	(456)	(1,022)
Net Cash Provided by (Used in) Financing Activities	(998)	(3,950)
CASH AND CASH EQUIVALENTS
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	162	(161)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	3,027	(710)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	9,825	10,025
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Period	12,852	9,315
Restricted Cash and Cash Equivalents	288	339
Cash and cash equivalents	$ 12,564	$ 8,976

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K of The Coca-Cola Company for the year ended December 31, 2022. When used in these notes, the terms “The Coca-Cola Company,” “Company,” “we,” “us” and “our” mean The Coca-Cola Company and all entities included in our consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Sales of our ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions. Each of our quarterly reporting periods, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The second quarter of 2023 and the second quarter of 2022 ended on June 30, 2023 and July 1, 2022, respectively. Our fourth quarter and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls. Advertising Costs The Company’s accounting policy related to advertising costs for annual reporting purposes is to expense production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred. For quarterly reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple quarters to each of those quarters. We use the proportion of each quarter’s actual unit case volume to the estimated full year unit case volume as the basis for the allocation. This methodology results in our marketing expenditures being recognized at a standard rate per unit case. At the end of each quarter, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple quarters in order to evaluate if a change in estimate is necessary. The impact of any change in the full year estimate is recognized in the quarter in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy. Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents or restricted cash equivalents, as applicable. Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other noncurrent assets in our consolidated balance sheet. 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 our consolidated statements of cash flows (in millions): June 30, December 31, Cash and cash equivalents $ 12,564 $ 9,519 Restricted cash and restricted cash equivalents 1,2 288 306 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 12,852 $ 9,825 1 Amounts include cash and cash equivalents in our solvency capital portfolio, which are included in the line item other noncurrent assets in our consolidated balance sheets. Refer to Note 4. 2 Amounts include cash and cash equivalents related to assets held for sale, which are included in the line item prepaid expenses and other current assets in our consolidated balance sheets. Refer to Note 2. July 1, December 31, Cash and cash equivalents $ 8,976 $ 9,684 Restricted cash and restricted cash equivalents 1,2 339 341 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,315 $ 10,025 1 Amounts include cash and cash equivalents in our solvency capital portfolio, which are included in the line item other noncurrent assets in our consolidated balance sheets. Refer to Note 4.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
ACQUISITIONS AND DIVESTITURES	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Acquisitions Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $43 million and $6 million during the six months ended June 30, 2023 and July 1, 2022, respectively. Divestitures Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the six months ended June 30, 2023 and July 1, 2022 totaled $320 million and $218 million, respectively, which primarily related to sales of our ownership interests in certain equity method investees. Assets and Liabilities Held for Sale As of June 30, 2023, the Company’s bottling operations in Bangladesh met the criteria to be classified as held for sale. As of December 31, 2022, the Company’s bottling operations in Vietnam met the criteria to be classified as held for sale. As a result, we were required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell. As the fair values less any costs to sell exceeded the carrying values, the related assets and liabilities were recorded at their carrying values. These assets and liabilities were included in the Bottling Investments operating segment. In December 2022, the Company received cash proceeds of $823 million in advance of refranchising its bottling operations in Vietnam. This advance was included in the line item accounts payable and accrued expenses in our consolidated balance sheet as of December 31, 2022. The Company refranchised its bottling operations in Vietnam in January 2023 and recognized a net gain of $439 million as a result of the sale, which was recorded in the line item other income (loss) — net in our consolidated statement of income during the six months ended June 30, 2023. The following table presents information related to the major classes of assets and liabilities that were classified as held for sale and were included in the line items prepaid expenses and other current assets and accounts payable and accrued expenses, respectively, in our consolidated balance sheets (in millions): June 30, December 31, 2022 Cash, cash equivalents and short-term investments $ 2 $ 229 Trade accounts receivable, less allowances 3 12 Inventories 28 50 Prepaid expenses and other current assets 20 43 Other noncurrent assets 2 29 Deferred income tax assets — 8 Property, plant and equipment — net 88 197 Goodwill — 34 Assets held for sale $ 143 $ 602 Accounts payable and accrued expenses $ 35 $ 154 Loans and notes payable 44 — Accrued income taxes 10 3 Other noncurrent liabilities — 3 Liabilities held for sale $ 89 $ 160

NET OPERATING REVENUES

NET OPERATING REVENUES	6 Months Ended
NET OPERATING REVENUES	Jun. 30, 2023
Revenue Recognition [Abstract]
NET OPERATING REVENUES	NET OPERATING REVENUES The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended June 30, 2023 Concentrate operations $ 2,347 $ 4,703 $ 7,050 Finished product operations 1,955 2,967 4,922 Total $ 4,302 $ 7,670 $ 11,972 Three Months Ended July 1, 2022 Concentrate operations $ 1,892 $ 4,473 $ 6,365 Finished product operations 2,065 2,895 4,960 Total $ 3,957 $ 7,368 $ 11,325 United States International Total Six Months Ended June 30, 2023 Concentrate operations $ 4,336 $ 9,047 $ 13,383 Finished product operations 3,815 5,754 9,569 Total $ 8,151 $ 14,801 $ 22,952 Six Months Ended July 1, 2022 Concentrate operations $ 3,533 $ 8,556 $ 12,089 Finished product operations 3,947 5,780 9,727 Total $ 7,480 $ 14,336 $ 21,816 Refer to Note 17 for disclosures of net operating revenues by operating segment and Corporate.

INVESTMENTS

INVESTMENTS	6 Months Ended
INVESTMENTS	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Equity Securities The carrying values of our equity securities were included in the following line items in our consolidated balance sheets (in millions): Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value June 30, 2023 Marketable securities $ 327 $ — Other investments 116 42 Other noncurrent assets 1,481 — Total equity securities $ 1,924 $ 42 December 31, 2022 Marketable securities $ 308 $ — Other investments 459 42 Other noncurrent assets 1,303 — Total equity securities $ 2,070 $ 42 The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions): Three Months Ended June 30, July 1, Net gains (losses) recognized during the period related to equity securities $ 130 $ (261) Less: Net gains (losses) recognized during the period related to equity securities sold during the period 22 (129) Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 108 $ (132) Six Months Ended June 30, July 1, Net gains (losses) recognized during the period related to equity securities $ 255 $ (361) Less: Net gains (losses) recognized during the period related to equity securities sold during the period 33 (254) Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 222 $ (107) Debt Securities Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Cost Gains Losses June 30, 2023 Trading securities $ 42 $ — $ (4) $ 38 Available-for-sale securities 1,140 23 (44) 1,119 Total debt securities $ 1,182 $ 23 $ (48) $ 1,157 December 31, 2022 Trading securities $ 43 $ — $ (4) $ 39 Available-for-sale securities 979 26 (61) 944 Total debt securities $ 1,022 $ 26 $ (65) $ 983 The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions): June 30, 2023 December 31, 2022 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Marketable securities $ 38 $ 898 $ 39 $ 722 Other noncurrent assets — 221 — 222 Total debt securities $ 38 $ 1,119 $ 39 $ 944 The contractual maturities of these available-for-sale debt securities as of June 30, 2023 were as follows (in millions): Cost Estimated Within 1 year $ 502 $ 489 After 1 year through 5 years 422 434 After 5 years through 10 years 32 36 After 10 years 184 160 Total $ 1,140 $ 1,119 The Company expects that actual maturities may differ from the contractual maturities above because borrowers have the right to call or prepay certain obligations. The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Three Months Ended Six Months Ended June 30, July 1, June 30, July 1, Gross gains $ 2 $ 2 $ 2 $ 3 Gross losses (1) (3) (4) (8) Proceeds 40 113 108 344 Captive Insurance Companies In accordance with local insurance regulations, our consolidated captive insurance companies are required to meet and maintain minimum solvency capital requirements. The Company elected to invest a majority of its solvency capital in a portfolio of marketable equity and debt securities. These securities are included in the disclosures above. The Company uses one of our consolidated captive insurance companies to reinsure group annuity insurance contracts that cover the obligations of certain of our European and Canadian pension plans. This captive’s solvency capital funds included total equity and debt securities of $1,546 million and $1,378 million as of June 30, 2023 and December 31, 2022, respectively, which were classified in the line item other noncurrent assets in our consolidated balance sheets because the assets were not available to satisfy our current obligations.

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following (in millions): June 30, December 31, Raw materials and packaging $ 2,741 $ 2,627 Finished goods 1,538 1,247 Other 367 359 Total inventories $ 4,646 $ 4,233

HEDGING TRANSACTIONS AND DERIVA

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS	HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions): Fair Value 1,2 Derivatives Designated as Hedging Instruments Balance Sheet Location 1 June 30, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 153 $ 126 Foreign currency contracts Other noncurrent assets 34 13 Total assets $ 187 $ 139 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 91 $ 54 Foreign currency contracts Other noncurrent liabilities 69 108 Commodity contracts Accounts payable and accrued expenses 7 2 Interest rate contracts Accounts payable and accrued expenses 13 — Interest rate contracts Other noncurrent liabilities 1,557 1,676 Total liabilities $ 1,737 $ 1,840 1 All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value. The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions): Fair Value 1,2 Derivatives Not Designated as Hedging Instruments Balance Sheet Location 1 June 30, December 31, 2022 Assets: Foreign currency contracts Prepaid expenses and other current assets $ 90 $ 46 Foreign currency contracts Other noncurrent assets 21 22 Commodity contracts Prepaid expenses and other current assets 6 34 Other derivative instruments Prepaid expenses and other current assets 2 — Total assets $ 119 $ 102 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 63 $ 87 Foreign currency contracts Other noncurrent liabilities — 1 Commodity contracts Accounts payable and accrued expenses 104 35 Commodity contracts Other noncurrent liabilities 15 — Other derivative instruments Accounts payable and accrued expenses 5 3 Total liabilities $ 187 $ 126 1 All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value. Credit Risk Associated with Derivatives We have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. We monitor counterparty exposures regularly and review any downgrade in credit rating immediately. If a downgrade in the credit rating of a counterparty were to occur, we have provisions requiring collateral for substantially all of our transactions. To mitigate presettlement risk, minimum credit standards become more stringent as the duration of the derivative financial instrument increases. In addition, the Company’s master netting agreements reduce credit risk by permitting the Company to net settle for transactions with the same counterparty. To minimize the concentration of credit risk, we enter into derivative transactions with a portfolio of financial institutions. Furthermore, for certain derivative financial instruments, the Company has agreements with counterparties that require collateral to be exchanged based on changes in the fair value of the instruments. The Company classifies collateral payments and receipts as investing cash flows when the collateral account is in an asset position and as financing cash flows when the collateral account is in a liability position. As a result of these factors, we consider the risk of counterparty default to be minimal. Cash Flow Hedging Strategy The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates, commodity prices or interest rates. The changes in the fair values of derivatives designated as cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into the line item in our consolidated statement of income in which the hedged items are recorded in the same period the hedged items affect earnings. The changes in the fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. The maximum length of time for which the Company hedges its exposure to the variability in future cash flows is typically three years. The Company maintains a foreign currency cash flow hedging program to reduce the risk that our U.S. dollar net cash inflows from sales outside of the United States and U.S. dollar net cash outflows from procurement activities will be adversely affected by fluctuations in foreign currency exchange rates. We enter into forward contracts and purchase foreign currency options and collars (principally euro, British pound sterling and Japanese yen) to hedge certain portions of forecasted cash flows denominated in foreign currencies. When the U.S. dollar strengthens against the foreign currencies, the decline in the present value of future foreign currency cash flows is partially offset by gains in the fair value of the derivative instruments. Conversely, when the U.S. dollar weakens, the increase in the present value of future foreign currency cash flows is partially offset by losses in the fair value of the derivative instruments. The total notional values of derivatives that were designated and qualified for the Company’s foreign currency cash flow hedging program were $8,969 million and $5,510 million as of June 30, 2023 and December 31, 2022, respectively. The Company uses cross-currency swaps to hedge the changes in cash flows of certain of its foreign currency denominated debt and other monetary assets or liabilities due to fluctuations in foreign currency exchange rates. For this hedging program, the Company recognizes in earnings each period the changes in carrying values of these foreign currency denominated assets and liabilities due to fluctuations in exchange rates. The changes in fair values of the cross-currency swap derivatives are recorded in AOCI with an immediate reclassification into earnings for the changes in fair values attributable to fluctuations in foreign currency exchange rates. The total notional value of derivatives that were designated as cash flow hedges for the Company’s foreign currency denominated assets and liabilities was $958 million as of both June 30, 2023 and December 31, 2022. 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 are designated as part of the Company’s commodity cash flow hedging program. The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of certain commodities. The total notional values of derivatives that were designated and qualified for this program were $59 million and $35 million as of June 30, 2023 and December 31, 2022, respectively. Our Company monitors our mix of short-term debt and long-term debt regularly. We manage our risk to interest rate fluctuations through the use of derivative financial instruments. From time to time, the Company enters into interest rate swap agreements and designates these instruments as part of the Company’s interest rate cash flow hedging program. The objective of this hedging program is to mitigate the risk of adverse changes in benchmark interest rates on the Company’s future interest payments. The total notional value of derivatives that were designated and qualified for this program was $500 million as of June 30, 2023. As of December 31, 2022, 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 June 30, 2023 Foreign currency contracts $ (22) Net operating revenues $ (7) Foreign currency contracts 13 Cost of goods sold 4 Foreign currency contracts — Interest expense (1) Foreign currency contracts 22 Other income (loss) — net 3 Commodity contracts (9) Cost of goods sold (3) Total $ 4 $ (4) Three Months Ended July 1, 2022 Foreign currency contracts $ 197 Net operating revenues $ 52 Foreign currency contracts 16 Cost of goods sold 2 Foreign currency contracts — Interest expense (1) Foreign currency contracts (114) Other income (loss) — net (89) Total $ 99 $ (36) Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Six Months Ended June 30, 2023 Foreign currency contracts $ (58) Net operating revenues $ (6) Foreign currency contracts 17 Cost of goods sold 8 Foreign currency contracts — Interest expense (2) Foreign currency contracts 9 Other income (loss) — net 3 Commodity contracts (11) Cost of goods sold (6) Total $ (43) $ (3) Six Months Ended July 1, 2022 Foreign currency contracts $ 278 Net operating revenues $ 60 Foreign currency contracts 22 Cost of goods sold 3 Foreign currency contracts — Interest expense (2) Foreign currency contracts (119) Other income (loss) — net (100) Total $ 181 $ (39) As of June 30, 2023, the Company estimates that it will reclassify into earnings during the next 12 months net losses of $14 million from the pretax amount recorded in AOCI as the anticipated cash flows occur. Fair Value Hedging Strategy The Company uses interest rate swap agreements designated as fair value hedges to minimize exposure to changes in the fair value of fixed-rate debt that result from fluctuations in benchmark interest rates. The Company also uses cross-currency interest rate swaps to hedge the changes in the fair value of foreign currency denominated debt relating to fluctuations in foreign currency exchange rates and benchmark interest rates. The changes in the fair values of derivatives designated as fair value hedges and the offsetting changes in the fair values of the hedged items are recognized in earnings. As a result, any difference is reflected in earnings as ineffectiveness. When a derivative is no longer designated as a fair value hedge for any reason, including termination and maturity, the remaining unamortized difference between the carrying value of the hedged item at that time and the face value of the hedged item is amortized to earnings over the remaining life of the hedged item, or immediately if the hedged item has matured or has been extinguished. The total notional values of derivatives that were designated and qualified as fair value hedges of this type were $13,592 million and $13,425 million as of June 30, 2023 and December 31, 2022, respectively. The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended June 30, July 1, Interest rate contracts Interest expense $ (102) $ (474) Fixed-rate debt Interest expense 131 457 Net impact of fair value hedging instruments $ 29 $ (17) Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Six Months Ended June 30, July 1, Interest rate contracts Interest expense $ 106 $ (1,185) Fixed-rate debt Interest expense (91) 1,166 Net impact of fair value hedging instruments $ 15 $ (19) The following table summarizes the amounts recorded in our consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Cumulative Amount of Fair Value Hedging Adjustments 1 Carrying Values of Included in the Carrying Values of Hedged Items Remaining for Which Hedge Accounting Has Been Discontinued Balance Sheet Location of Hedged Items June 30, December 31, June 30, December 31, June 30, December 31, Current maturities of long-term debt $ 545 $ — $ (9) $ — $ — $ — Long-term debt 11,601 11,900 (1,584) (1,664) 179 195 1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rate fluctuations. In June 2023, the Company amended the terms of its interest rate swap agreements to implement a forward-looking interest rate based on the Secured Overnight Financing Rate (“SOFR”) in place of the London Interbank Offered Rate (“LIBOR”). Since the interest rate swap agreements were affected by reference rate reform, the Company applied the expedients and exceptions provided to preserve the past presentation of its derivatives without de-designating the existing hedging relationships. All amendments to interest rate swap agreements were executed with the existing counterparties and did not change the notional amounts, maturity dates, or other critical terms of the hedging relationships. Hedges of Net Investments in Foreign Operations Strategy The Company uses forward contracts and a portion of its foreign currency denominated debt, a non-derivative financial instrument, to protect the value of our net investments in a number of foreign operations. For derivative financial instruments that are designated and qualify as hedges of net investments in foreign operations, the changes in the fair values of the derivative financial instruments are recognized in net foreign currency translation adjustments, a component of AOCI, to offset the changes in the values of the net investments being hedged. For non-derivative financial instruments that are designated and qualify as hedges of net investments in foreign operations, the changes in the carrying values of the designated portions of the non-derivative financial instruments due to fluctuations in foreign currency exchange rates are recorded in net foreign currency translation adjustments. Any ineffective portions of net investment hedges are reclassified from AOCI into earnings during the period of change. The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions): Notional Values Gain (Loss) Recognized in OCI as of Three Months Ended Six Months Ended June 30, December 31, June 30, July 1, June 30, July 1, Foreign currency contracts $ — $ — $ (1) $ 5 $ (1) $ (1) Foreign currency denominated debt 11,750 12,061 (80) 704 (234) 1,059 Total $ 11,750 $ 12,061 $ (81) $ 709 $ (235) $ 1,058 The Company did not reclassify any gains or losses related to net investment hedges from AOCI into earnings during the three and six months ended June 30, 2023 and July 1, 2022. In addition, the Company did not have any ineffectiveness related to net investment hedges during the three and six months ended June 30, 2023 and July 1, 2022. 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 are not designated and/or do not qualify for hedge accounting, they are effective economic hedges. The changes in the fair values of economic hedges are immediately recognized in earnings. The Company uses foreign currency economic hedges to offset the earnings impact that fluctuations in foreign currency exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. The changes in the fair values of economic hedges used to offset those monetary assets and liabilities are immediately recognized in earnings in the line item other income (loss) — net in our consolidated statement of income. In addition, we use foreign currency economic hedges to minimize the variability in cash flows associated with fluctuations in foreign currency exchange rates, including those related to certain acquisition and divestiture activities. The changes in the fair values of economic hedges used to offset the variability in U.S. dollar net cash flows are immediately recognized in earnings in the line items net operating revenues, cost of goods sold or other income (loss) — net in our consolidated statement of income, as applicable. The total notional values of derivatives related to our foreign currency economic hedges were $5,976 million and $4,902 million as of June 30, 2023 and December 31, 2022, respectively. The Company uses interest rate contracts as economic hedges to minimize exposure to changes in the fair value of fixed-rate debt that result from fluctuations in benchmark interest rates. As of June 30, 2023 and December 31, 2022, we did not have any interest rate contracts used as economic hedges. The Company also uses certain derivatives as economic hedges to mitigate the price risk associated with the purchase of materials used in the manufacturing process and vehicle fuel. The changes in the fair values of these economic hedges are immediately recognized in earnings in the line items net operating revenues, cost of goods sold, or selling, general and administrative expenses in our consolidated statement of income, as applicable. The total notional values of derivatives related to our economic hedges of this type were $345 million and $336 million as of June 30, 2023 and December 31, 2022, respectively. The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended June 30, July 1, Foreign currency contracts Net operating revenues $ (10) $ 22 Foreign currency contracts Cost of goods sold 23 10 Foreign currency contracts Other income (loss) — net 11 (4) Commodity contracts Cost of goods sold (84) (155) Other derivative instruments Selling, general and administrative expenses 1 (18) Total $ (59) $ (145) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Six Months Ended June 30, July 1, Foreign currency contracts Net operating revenues $ (17) $ 7 Foreign currency contracts Cost of goods sold 51 23 Foreign currency contracts Other income (loss) — net — 38 Commodity contracts Cost of goods sold (130) 5 Other derivative instruments Selling, general and administrative expenses 4 (21) Total $ (92) $ 52

SUPPLY CHAIN FINANCE PROGRAM

SUPPLY CHAIN FINANCE PROGRAM	6 Months Ended
SUPPLY CHAIN FINANCE PROGRAM	Jun. 30, 2023
Text Block [Abstract]
SUPPLY CHAIN FINANCE PROGRAM	SUPPLY CHAIN FINANCE PROGRAMOur current payment terms with the majority of our suppliers are 120 days. Two global financial institutions offer a voluntary supply chain finance (“SCF”) program, which enables our suppliers, at their sole discretion, to sell their receivables from the Company to these financial institutions on a non-recourse basis at a rate that leverages our credit rating and thus may be more beneficial to them. The SCF program is available to suppliers of goods and services included in cost of goods sold and selling, general and administrative expenses in our consolidated statement of income. The Company and our suppliers agree on contractual terms for the goods and services we procure, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SCF program. The suppliers sell goods or services, as applicable, to the Company and issue the associated invoices to the Company based on the agreed-upon contractual terms. Then, if they are participating in the SCF program, our suppliers, at their sole discretion, determine which invoices, if any, they want to sell to the financial institutions. Our suppliers’ voluntary inclusion of invoices in the SCF program has no bearing on our payment terms. No guarantees are provided by the Company or any of our subsidiaries under the SCF program. We have no economic interest in a supplier’s decision to participate in the SCF program, and we have no direct financial relationship with the financial institutions, as it relates to the SCF program. Accordingly, amounts due to our suppliers that elected to participate in the SCF program are included in the line item accounts payable and accrued expenses in our consolidated balance sheet. All activity related to amounts due to suppliers that elected to participate in the SCF program is reflected within the operating activities section of our consolidated statement of cash flows. As of June 30, 2023 and December 31, 2022, the amount of obligations outstanding that the Company has confirmed as valid to the financial institutions under the SCF program was $1,354 million and $1,351 million, respectively.

DEBT AND BORROWING ARRANGEMENTS

DEBT AND BORROWING ARRANGEMENTS	6 Months Ended
DEBT AND BORROWING ARRANGEMENTS	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT AND BORROWING ARRANGEMENTS	DEBT AND BORROWING ARRANGEMENTS Loans and notes payable consist primarily of commercial paper issued in the United States. As of June 30, 2023 and December 31, 2022, we had $4,643 million and $2,146 million, respectively, in outstanding commercial paper borrowings. During the six months ended June 30, 2023, our bottling operations in Africa extinguished prior to maturity U.S. dollar term loans with a total principal amount of $121 million, with variable interest rates ranging from the three-month LIBOR plus 2.950 percent to the three-month LIBOR plus 3.000 percent. Additionally, the bottling operations extinguished prior to maturity a U.S. dollar revolving facility of $40 million, with a variable interest rate of SOFR plus 2.344 percent.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Guarantees As of June 30, 2023, we were contingently liable for guarantees of indebtedness owed by third parties of $1,105 million, of which $95 million was related to variable interest entities. Our guarantees are primarily related to third-party customers, bottlers and vendors and have arisen through the normal course of business. These guarantees have various terms, and none of these guarantees is individually significant. These amounts represent the maximum potential future payments that we could be required to make under the guarantees. However, management has concluded that the likelihood of any significant amounts being paid by our Company under these guarantees is not probable. Concentrations of Credit Risk We believe our exposure to concentrations of credit risk is limited due to the diverse geographic areas covered by our operations. Legal Contingencies The Company is involved in various legal proceedings. We establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Management has also identified certain other legal matters where we believe an unfavorable outcome is reasonably possible and/or for which no estimate of possible losses can be made. Management believes that the total liabilities of the Company that may arise as a result of currently pending legal proceedings (excluding tax audit claims) will not have a material adverse effect on the Company taken as a whole. Tax Audits The Company is involved in various tax matters, with respect to some of which the outcome is uncertain. These uncertain tax matters may result in the assessment of additional taxes. On September 17, 2015, the Company received a Statutory Notice of Deficiency (“Notice”) from the U.S. Internal Revenue Service (“IRS”) seeking approximately $3.3 billion of additional federal income tax for years 2007 through 2009. In the Notice, the IRS stated its intent to reallocate over $9 billion of income to the U.S. parent company from certain of its foreign affiliates that the U.S. parent company licensed to manufacture, distribute, sell, market and promote its products in certain non-U.S. markets. The Notice concerned the Company’s transfer pricing between its U.S. parent company and certain of its foreign affiliates. IRS rules governing transfer pricing require arm’s-length pricing of transactions between related parties such as the Company’s U.S. parent and its foreign affiliates. To resolve the same transfer pricing issue for the tax years 1987 through 1995, the Company and the IRS had agreed in 1996 on an arm’s-length methodology for determining the amount of U.S. taxable income that the U.S. parent company would report as compensation from its foreign licensees. The Company and the IRS memorialized this accord in a closing agreement resolving that dispute (“Closing Agreement”). The Closing Agreement provided that, absent a change in material facts or circumstances or relevant federal tax law, in calculating the Company’s income taxes going forward, the Company would not be assessed penalties by the IRS for using the agreed-upon tax calculation methodology that the Company and the IRS agreed would be used for the 1987 through 1995 tax years. The IRS audited and confirmed the Company’s compliance with the agreed-upon Closing Agreement methodology in five successive audit cycles for tax years 1996 through 2006. The September 17, 2015 Notice from the IRS retroactively rejected the previously agreed-upon methodology for the 2007 through 2009 tax years in favor of an entirely different methodology, without prior notice to the Company. Using the new tax calculation methodology, the IRS reallocated over $9 billion of income to the U.S. parent company from its foreign licensees for tax years 2007 through 2009. Consistent with the Closing Agreement, the IRS did not assert penalties, and it has yet to do so. The IRS designated the Company’s matter for litigation on October 15, 2015. Litigation designation is an IRS determination that forecloses to a company any and all alternative means for resolution of a tax dispute. As a result of the IRS’ designation of the Company’s matter for litigation, the Company was forced to either accept the IRS’ newly imposed tax assessment and pay the full amount of the asserted tax or litigate the matter in the federal courts. The matter remains subject to the IRS’ litigation designation, preventing the Company from any attempt to settle or otherwise mutually resolve the matter with the IRS. The Company consequently initiated litigation by filing a petition in the U.S. Tax Court (“Tax Court”) in December 2015, challenging the tax adjustments enumerated in the Notice. Prior to trial, the IRS increased its transfer pricing adjustment by $385 million, resulting in an additional tax adjustment of $135 million. The Company obtained a summary judgment in its favor on a different matter related to Mexican foreign tax credits, which thereafter effectively reduced the IRS’ potential tax adjustment by $138 million. The trial was held in the Tax Court from March through May 2018, and final post-trial briefs were filed and exchanged in April 2019. On November 18, 2020, the Tax Court issued an opinion (“Opinion”) in which it predominantly sided with the IRS but agreed with the Company that dividends previously paid by the foreign licensees to the U.S. parent company in reliance upon the Closing Agreement should continue to be allowed to offset royalties, including those that would become payable to the Company in accordance with the Opinion. The Tax Court reserved ruling on the effect of Brazilian legal restrictions on the payment of royalties by the Company’s licensee in Brazil until after the Tax Court issues its opinion in the separate case of 3M Co. & Subs. v. Commissioner, T.C. Docket No. 5816-13 (filed March 11, 2013). The Tax Court issued its opinion in 3M Co.’s case (“3M Co. opinion”) on February 9, 2023. Once the Tax Court completes its analysis of the application of the 3M Co. opinion to the Company’s case, the Company expects the Tax Court to render another opinion, and ultimately a decision, in the Company’s case. The Company believes that the IRS and the Tax Court misinterpreted and misapplied the applicable regulations in reallocating income earned by the Company’s foreign licensees to increase the Company’s U.S. tax. Moreover, the Company believes that the retroactive imposition of such tax liability using a calculation methodology different from that previously agreed upon by the IRS and the Company, and audited by the IRS for over a decade, is unconstitutional. The Company intends to assert its claims on appeal and vigorously defend its position. In determining the amount of tax reserve to be recorded as of December 31, 2020, the Company completed the required two-step evaluation process prescribed by Accounting Standards Codification 740, Accounting for Income Taxes . In doing so, we consulted with outside advisors, and we reviewed and considered relevant laws, rules, and regulations, including, but not limited to, the Opinion and relevant caselaw. We also considered our intention to vigorously defend our positions and assert our various well-founded legal claims via every available avenue of appeal. We concluded, based on the technical and legal merits of the Company’s tax positions, that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal. In addition, we considered a number of alternative transfer pricing methodologies, including the methodology asserted by the IRS and affirmed in the Opinion (“Tax Court Methodology”), that could be applied by the courts upon final resolution of the litigation. Based on the required probability analysis, we determined the methodologies we believe the federal courts could ultimately order to be used in calculating the Company’s tax. As a result of this analysis, we recorded a tax reserve of $438 million during the year ended December 31, 2020 related to the application of the resulting methodologies as well as the different tax treatment applicable to dividends originally paid to the U.S. parent company by its foreign licensees, in reliance upon the Closing Agreement, that would be recharacterized as royalties in accordance with the Opinion and the Company’s analysis. The Company’s conclusion that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal is unchanged as of June 30, 2023. However, we updated our calculation of the methodologies we believe the federal courts could ultimately order to be used in calculating the Company’s tax. As a result of the application of the required probability analysis to these updated calculations and the accrual of interest through the current reporting period, we updated our tax reserve as of June 30, 2023 to $439 million. While the Company strongly disagrees with the IRS’ positions and the portions of the Opinion affirming such positions, it is possible that some portion or all of the adjustment proposed by the IRS and sustained by the Tax Court could ultimately be upheld. In that event, the Company would likely be subject to significant additional liabilities for tax years 2007 through 2009, and potentially also for subsequent years, which could have a material adverse impact on the Company’s financial position, results of operations and cash flows. The Company calculated the potential impact of applying the Tax Court Methodology to reallocate income from foreign licensees potentially covered within the scope of the Opinion, assuming such methodology were to be ultimately upheld by the courts and the IRS were to decide to apply that methodology to subsequent years with consent of the federal courts. This impact would include taxes and interest accrued through December 31, 2022 for the 2007 through 2009 litigated tax years and for subsequent tax years from 2010 through 2022. The calculations incorporated the estimated impact of correlative adjustments to the previously accrued transition tax payable under the 2017 Tax Cuts and Jobs Act. The Company estimates that the potential aggregate incremental tax and interest liability could be approximately $14 billion as of December 31, 2022. Additional income tax and interest would continue to accrue until the time any such potential liability, or portion thereof, were to be paid. The Company estimates the impact of the continued application of the Tax Court Methodology for the three and six months ended June 30, 2023 would increase the potential aggregate incremental tax and interest liability by approximately $400 million and $800 million, respectively. Additionally, we currently project the continued application of the Tax Court Methodology in future years, assuming similar facts and circumstances as of December 31, 2022, would result in an incremental annual tax liability that would increase the Company’s effective tax rate by approximately 3.5 percent. The Company does not know when the Tax Court will issue its opinion regarding the effect of Brazilian legal restrictions on the payment of royalties by the Company’s licensee in Brazil for the 2007 through 2009 tax years. After the Tax Court issues its opinion on the Company’s Brazilian licensee, the Company and the IRS will be provided time to agree on the tax impact of both opinions, after which the Tax Court would render a decision in the case. The Company will have 90 days thereafter to file a notice of appeal to the U.S. Court of Appeals for the Eleventh Circuit and pay the tax liability and interest related to the 2007 through 2009 tax years. The Company currently estimates that the payment to be made at that time related to the 2007 through 2009 tax years, which is included in the above estimate of the potential aggregate incremental tax and interest liability, would be approximately $5.5 billion (including interest accrued through June 30, 2023), plus any additional interest accrued through the time of payment. Some or all of this amount would be refunded if the Company were to prevail on appeal. Risk Management Programs The Company has numerous global insurance programs in place to help protect the Company from the risk of loss. In general, we are self-insured for large portions of many different types of claims. However, we do use commercial insurance above our self-insured retentions to reduce the Company’s risk of catastrophic loss. Our reserves for the Company’s self-insured losses are estimated using actuarial methods and assumptions of the insurance industry, adjusted for our specific expectations based on our claims history. Our self-insurance reserves totaled $192 million and $199 million as of June 30, 2023 and December 31, 2022, respectively.

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME	6 Months Ended
OTHER COMPREHENSIVE INCOME	Jun. 30, 2023
Equity [Abstract]
OTHER COMPREHENSIVE INCOME	OTHER COMPREHENSIVE INCOME AOCI attributable to shareowners of The Coca-Cola Company is separately presented in our consolidated balance sheet as a component of The Coca-Cola Company’s shareowners’ equity, which also includes our proportionate share of equity method investees’ AOCI. OCI attributable to noncontrolling interests is allocated to, and included in, our consolidated balance sheet as part of the line item equity attributable to noncontrolling interests. AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions): June 30, December 31, Net foreign currency translation adjustments $ (12,658) $ (13,609) Accumulated net gains (losses) on derivatives (71) 24 Unrealized net gains (losses) on available-for-sale debt securities (16) (25) Adjustments to pension and other postretirement benefit liabilities (1,272) (1,285) Accumulated other comprehensive income (loss) $ (14,017) $ (14,895) The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Six Months Ended June 30, 2023 Shareowners of Noncontrolling Total Consolidated net income $ 5,654 $ (20) $ 5,634 Other comprehensive income: Net foreign currency translation adjustments 951 (150) 801 Net gains (losses) on derivatives 1 (95) — (95) Net change in unrealized gains (losses) on available-for-sale debt securities 2 9 — 9 Net change in pension and other postretirement benefit liabilities 13 — 13 Total comprehensive income (loss) $ 6,532 $ (170) $ 6,362 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions): Three Months Ended June 30, 2023 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 300 $ (63) $ 237 Gains (losses) on intra-entity transactions that are of a long-term investment nature 151 — 151 Gains (losses) on net investment hedges arising during the period 1 (81) 20 (61) Net foreign currency translation adjustments $ 370 $ (43) $ 327 Derivatives: Gains (losses) arising during the period $ (31) $ 3 $ (28) Reclassification adjustments recognized in net income 4 (1) 3 Net gains (losses) on derivatives 1 $ (27) $ 2 $ (25) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 4 $ (3) $ 1 Reclassification adjustments recognized in net income (1) 1 — Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 3 $ (2) $ 1 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (11) $ (4) $ (15) Reclassification adjustments recognized in net income 22 (5) 17 Net change in pension and other postretirement benefit liabilities $ 11 $ (9) $ 2 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 357 $ (52) $ 305 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Six Months Ended June 30, 2023 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 737 $ (154) $ 583 Reclassification adjustments recognized in net income 101 — 101 Gains (losses) on intra-entity transactions that are of a long-term investment nature 443 — 443 Gains (losses) on net investment hedges arising during the period 1 (235) 59 (176) Net foreign currency translation adjustments $ 1,046 $ (95) $ 951 Derivatives: Gains (losses) arising during the period $ (107) $ 10 $ (97) Reclassification adjustments recognized in net income 3 (1) 2 Net gains (losses) on derivatives 1 $ (104) $ 9 $ (95) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 13 $ (6) $ 7 Reclassification adjustments recognized in net income 2 — 2 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 15 $ (6) $ 9 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (16) $ (6) $ (22) Reclassification adjustments recognized in net income 44 (9) 35 Net change in pension and other postretirement benefit liabilities $ 28 $ (15) $ 13 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 985 $ (107) $ 878 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Three Months Ended July 1, 2022 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (950) $ 27 $ (923) Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,333) — (1,333) Gains (losses) on net investment hedges arising during the period 1 709 (177) 532 Net foreign currency translation adjustments $ (1,574) $ (150) $ (1,724) Derivatives: Gains (losses) arising during the period $ 97 $ (31) $ 66 Reclassification adjustments recognized in net income 36 (9) 27 Net gains (losses) on derivatives 1 $ 133 $ (40) $ 93 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 2 $ 2 $ 4 Reclassification adjustments recognized in net income 1 — 1 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 3 $ 2 $ 5 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 198 $ (54) $ 144 Reclassification adjustments recognized in net income 28 (7) 21 Net change in pension and other postretirement benefit liabilities $ 226 $ (61) $ 165 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,212) $ (249) $ (1,461) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Six Months Ended July 1, 2022 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 374 $ (213) $ 161 Reclassification adjustments recognized in net income 200 — 200 Gains (losses) on intra-entity transactions that are of a long-term investment nature (2,003) — (2,003) Gains (losses) on net investment hedges arising during the period 1 1,058 (264) 794 Net foreign currency translation adjustments $ (371) $ (477) $ (848) Derivatives: Gains (losses) arising during the period $ 180 $ (52) $ 128 Reclassification adjustments recognized in net income 39 (10) 29 Net gains (losses) on derivatives 1 $ 219 $ (62) $ 157 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (44) $ 10 $ (34) Reclassification adjustments recognized in net income 5 (1) 4 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (39) $ 9 $ (30) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 266 $ (58) $ 208 Reclassification adjustments recognized in net income 56 (14) 42 Net change in pension and other postretirement benefit liabilities $ 322 $ (72) $ 250 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 131 $ (602) $ (471) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. The following table presents the amounts and line items in our consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions): Amount Reclassified from AOCI Description of AOCI Component Financial Statement Line Item Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ — $ 101 Income before income taxes — 101 Income taxes — — Consolidated net income $ — $ 101 Derivatives: Foreign currency contracts Net operating revenues $ 7 $ 6 Foreign currency contracts and commodity contracts Cost of goods sold (1) (2) Foreign currency contracts Interest expense 1 2 Foreign currency contracts Other income (loss) — net (3) (3) Income before income taxes 4 3 Income taxes (1) (1) Consolidated net income $ 3 $ 2 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ (1) $ 2 Income before income taxes (1) 2 Income taxes 1 — Consolidated net income $ — $ 2 Pension and other postretirement benefit liabilities: Recognized net actuarial loss Other income (loss) — net $ 22 $ 45 Recognized prior service cost (credit) Other income (loss) — net — (1) Income before income taxes 22 44 Income taxes (5) (9) Consolidated net income $ 17 $ 35 1 Related to the refranchising of our bottling operations in Vietnam and the sale of our ownership interest in one of our equity method investees. Refer to Note 2.

CHANGES IN EQUITY

CHANGES IN EQUITY	6 Months Ended
CHANGES IN EQUITY	Jun. 30, 2023
Equity [Abstract]
CHANGES IN EQUITY	CHANGES IN EQUITY The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to shareowners of The Coca-Cola Company and equity attributable to noncontrolling interests (in millions): Shareowners of The Coca-Cola Company Three Months Ended June 30, 2023 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests March 31, 2023 4,325 $ 26,868 $ 72,137 $ (14,322) $ 1,760 $ 18,889 $ (53,247) $ 1,651 Comprehensive income (loss) — 2,751 2,547 305 — — — (101) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.46 per share) — (1,989) (1,989) — — — — — Dividends paid to noncontrolling interests — (9) — — — — — (9) Acquisition of interests held by — (22) — — — (20) — (2) Purchases of treasury stock (4) (230) — — — — (230) — Impact related to stock-based 3 183 — — — 124 59 — June 30, 2023 4,324 $ 27,552 $ 72,695 $ (14,017) $ 1,760 $ 18,993 $ (53,418) $ 1,539 Shareowners of The Coca-Cola Company Six Months Ended June 30, 2023 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests December 31, 2022 4,328 $ 25,826 $ 71,019 $ (14,895) $ 1,760 $ 18,822 $ (52,601) $ 1,721 Comprehensive income (loss) — 6,362 5,654 878 — — — (170) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.92 per share) — (3,978) (3,978) — — — — — Dividends paid to noncontrolling interests — (13) — — — — — (13) Acquisition of interests held by — (22) — — — (20) — (2) Purchases of treasury stock (16) (979) — — — — (979) — Impact related to stock-based 12 356 — — — 194 162 — Other activities — — — — — (3) — 3 June 30, 2023 4,324 $ 27,552 $ 72,695 $ (14,017) $ 1,760 $ 18,993 $ (53,418) $ 1,539 Shareowners of The Coca-Cola Company Three Months Ended July 1, 2022 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests April 1, 2022 4,331 $ 26,841 $ 69,969 $ (13,340) $ 1,760 $ 18,388 $ (51,932) $ 1,996 Comprehensive income (loss) — 253 1,905 (1,461) — — — (191) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.44 per share) — (1,904) (1,904) — — — — — Dividends paid to noncontrolling — (7) — — — — — (7) Purchases of treasury stock (10) (677) — — — — (677) — Impact related to stock-based 5 297 — — — 193 104 — July 1, 2022 4,326 $ 24,803 $ 69,970 $ (14,801) $ 1,760 $ 18,581 $ (52,505) $ 1,798 Shareowners of The Coca-Cola Company Six Months Ended July 1, 2022 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests December 31, 2021 4,325 $ 24,860 $ 69,094 $ (14,330) $ 1,760 $ 18,116 $ (51,641) $ 1,861 Comprehensive income (loss) — 4,169 4,686 (471) — — — (46) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.88 per share) — (3,810) (3,810) — — — — — Dividends paid to noncontrolling — (16) — — — — — (16) Purchases of treasury stock (18) (1,148) — — — — (1,148) — Impact related to stock-based 19 748 — — — 464 284 — Other activities — — — — — 1 — (1) July 1, 2022 4,326 $ 24,803 $ 69,970 $ (14,801) $ 1,760 $ 18,581 $ (52,505) $ 1,798

SIGNIFICANT OPERATING AND NONOP

SIGNIFICANT OPERATING AND NONOPERATING ITEMS	6 Months Ended
SIGNIFICANT OPERATING AND NONOPERATING ITEMS	Jun. 30, 2023
Other Income and Expenses [Abstract]
SIGNIFICANT OPERATING AND NONOPERATING ITEMS	SIGNIFICANT OPERATING AND NONOPERATING ITEMS Other Operating Charges During the three months ended June 30, 2023, the Company recorded other operating charges of $1,338 million. These charges consisted of $1,262 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife, LLC (“fairlife”) in 2020, $35 million related to the discontinuation of certain manufacturing operations in Asia Pacific and $24 million related to the Company’s productivity and reinvestment program. In addition, other operating charges included $8 million related to the restructuring of our North America operating unit, $6 million related to tax litigation expense and $3 million for the amortization of noncompete agreements related to the BA Sports Nutrition, LLC (“BodyArmor”) acquisition in 2021. During the six months ended June 30, 2023, the Company recorded other operating charges of $1,449 million. These charges consisted of $1,324 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $51 million related to the Company’s productivity and reinvestment program and $35 million related to the discontinuation of certain manufacturing operations in Asia Pacific. In addition, other operating charges included $26 million related to the restructuring of our North America operating unit, $7 million for the amortization of noncompete agreements related to the BodyArmor acquisition and $6 million related to tax litigation expense. During the three months ended July 1, 2022, the Company recorded other operating charges of $951 million. These charges consisted of $917 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $19 million related to the Company’s productivity and reinvestment program and $13 million related to the acquisition of BodyArmor, which included various transition and transaction costs, employee retention costs and the amortization of noncompete agreements, net of the reimbursement of distributor termination fees recorded in 2021. Additionally, the Company recorded charges of $1 million related to its strategic realignment initiatives primarily as a result of a revision to estimated severance costs accrued in 2021 and charges of $1 million related to the restructuring of our manufacturing operations in the United States. During the six months ended July 1, 2022, the Company recorded other operating charges of $979 million. These charges consisted of $939 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $29 million related to the Company’s productivity and reinvestment program, $8 million related to the BodyArmor acquisition, which included various transition and transaction costs, employee retention costs and the amortization of noncompete agreements, net of the reimbursement of distributor termination fees recorded in 2021, and $3 million related to the restructuring of our manufacturing operations in the United States. Refer to Note 9 for additional information on the tax litigation. Refer to Note 13 for additional information on the Company’s restructuring initiatives. Refer to Note 16 for additional information on the fairlife acquisition. Refer to Note 17 for the impact these charges had on our operating segments and Corporate. Other Nonoperating Items Equity Income (Loss) — Net During the three and six months ended June 30, 2023, the Company recorded net charges of $2 million and $84 million, respectively. During the three and six months ended July 1, 2022, the Company recorded net charges of $35 million and $30 million, respectively. These amounts represent the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. Refer to Note 17 for the impact these items had on our operating segments and Corporate. Other Income (Loss) — Net During the three months ended June 30, 2023, the Company recognized a net gain of $127 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. During the six months ended June 30, 2023, the Company recognized a net gain of $439 million related to the refranchising of our bottling operations in Vietnam. Additionally, the Company recognized a net gain of $240 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. During the three months ended July 1, 2022, the Company recorded a net loss of $267 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 recorded an other-than-temporary impairment charge of $96 million related to an equity method investee in Russia. During the six months ended July 1, 2022, the Company recorded a net loss of $371 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities and recorded an other-than-temporary impairment charge of $96 million related to an equity method investee in Russia. The Company also recorded a net loss of $24 million as a result of one of our equity method investees issuing additional shares of its stock. Refer to Note 2 for additional information on the refranchising of our bottling operations in Vietnam. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 16 for additional information on the impairment charge and one of our equity method investees issuing additional shares of its stock. Refer to Note 17 for the impact these items had on our operating segments and Corporate.

RESTRUCTURING

RESTRUCTURING	6 Months Ended
RESTRUCTURING	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING Productivity and Reinvestment Program In February 2012, the Company announced a productivity and reinvestment program designed to strengthen our brands and reinvest our resources to drive long-term profitable growth. The program was expanded multiple times, with the last expansion occurring in April 2017. While we expect most of the remaining initiatives included in this program, which are primarily designed to further simplify and standardize our organization, to be completed by the end of 2023, certain initiatives may extend into 2024. During the three and six months ended June 30, 2023, the Company incurred expenses of $24 million and $51 million, respectively, and during the three and six months ended July 1, 2022 incurred expenses of $19 million and $29 million, respectively, related to our productivity and reinvestment program. These expenses primarily included internal and external costs associated with the implementation of the program’s initiatives and were recorded in the line item other operating charges in our consolidated statements of income. Refer to Note 17 for the impact these expenses had on our operating segments and Corporate. The Company has incurred total pretax expenses of $4,180 million related to this program since it commenced. North America Operating Unit Restructuring In November 2022, the Company announced a restructuring program for our North America operating unit designed to better align its operating structure with its customers and bottlers. The evolved operating structure will bring together all bottler- related components (franchise leadership, commercial leadership, digital, governance and technical innovation) and will help streamline how we work. During the three and six months ended June 30, 2023, the Company incurred expenses of $8 million and $26 million, respectively, related to this program. These expenses primarily included severance costs and were recorded in the line item other operating charges in our consolidated statements of income. Refer to Note 17 for the impact these expenses had on our operating segments and Corporate. The Company has incurred total pretax expenses of $64 million related to this program since it commenced.

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	6 Months Ended
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	Jun. 30, 2023
Retirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Plans Other Postretirement Three Months Ended June 30, July 1, June 30, July 1, Service cost $ 23 $ 22 $ 1 $ 1 Interest cost 81 51 7 5 Expected return on plan assets 1 (119) (147) (3) (4) Amortization of prior service cost (credit) 1 — (1) (1) Amortization of net actuarial loss (gain) 24 29 (2) — Net periodic benefit cost (income) $ 10 $ (45) $ 2 $ 1 1 The weighted-average expected long-term rates of return on plan assets used in computing 2023 net periodic benefit cost (income) were 7.00 percent for pension plans and 3.75 percent for other postretirement benefit plans. Pension Plans Other Postretirement Six Months Ended June 30, July 1, June 30, July 1, Service cost $ 47 $ 44 $ 2 $ 3 Interest cost 162 102 14 9 Expected return on plan assets 1 (238) (296) (7) (8) Amortization of prior service cost (credit) 1 — (2) (2) Amortization of net actuarial loss (gain) 48 58 (3) — Net periodic benefit cost (income) $ 20 $ (92) $ 4 $ 2 1 The weighted-average expected long-term rates of return on plan assets used in computing 2023 net periodic benefit cost (income) were 7.00 percent for pension plans and 3.75 percent for other postretirement benefit plans.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company recorded income taxes of $359 million (12.5 percent effective tax rate) and $384 million (16.8 percent effective tax rate) during the three months ended June 30, 2023 and July 1, 2022, respectively. The Company recorded income taxes of $1,299 million (18.7 percent effective tax rate) and $1,049 million (18.3 percent effective tax rate) during the six months ended June 30, 2023 and July 1, 2022, respectively. The Company’s effective tax rates for the three and six months ended June 30, 2023 and July 1, 2022 vary from the statutory U.S. federal tax rate of 21.0 percent primarily due to the tax impact of significant operating and nonoperating items, as described in Note 12, along with the tax benefits of having significant earnings generated outside of the United States and significant earnings generated in investments accounted for under the equity method, both of which are generally taxed at rates lower than the statutory U.S. federal tax rate. The Company’s effective tax rates for the three and six months ended June 30, 2023 included $120 million and $125 million, respectively, of net tax benefits related to various discrete tax items, including a change in tax law in a certain foreign jurisdiction. On November 18, 2020, the Tax Court issued the Opinion regarding the Company’s 2015 litigation with the IRS involving transfer pricing tax adjustments in which the court predominantly sided with the IRS. The Company strongly disagrees with the Opinion and intends to vigorously defend its position. Refer to Note 9 for additional information on the tax litigation.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions): June 30, 2023 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,655 $ 182 $ 5 $ 82 $ — $ 1,924 Debt securities 1 — 1,141 16 — — 1,157 Derivatives 2 — 306 — — (227) 6 79 8 Total assets $ 1,655 $ 1,629 $ 21 $ 82 $ (227) $ 3,160 Liabilities: Contingent consideration liability $ — $ — $ 2,639 5 $ — $ — $ 2,639 Derivatives 2 7 1,917 — — (1,657) 7 267 8 Total liabilities $ 7 $ 1,917 $ 2,639 $ — $ (1,657) $ 2,906 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6. 5 Represents the fair value of the remaining milestone payment related to our acquisition of fairlife in 2020, which is contingent on fairlife achieving certain financial targets through 2024 and, if achieved, is payable in 2025. This milestone payment is based on agreed-upon formulas related to fairlife’s operating results, the resulting value of which is not subject to a ceiling. The fair value was determined using a Monte Carlo valuation model. The Company made a milestone payment of $275 million during the six months ended June 30, 2023. 6 The Company is not obligated to return any cash collateral it has netted against its derivative position. 7 The Company has the right to reclaim $1,430 million in cash collateral it has netted against its derivative position. 8 The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $24 million in the line item prepaid expenses and other current assets, $55 million in the line item other noncurrent assets, and $267 million in the line item other noncurrent liabilities December 31, 2022 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,801 $ 169 $ 15 $ 85 $ — $ 2,070 Debt securities 1 — 975 8 — — 983 Derivatives 2 2 239 — — (227) 6 14 8 Total assets $ 1,803 $ 1,383 $ 23 $ 85 $ (227) $ 3,067 Liabilities: Contingent consideration liability $ — $ — $ 1,590 5 $ — $ — $ 1,590 Derivatives 2 4 1,962 — — (1,678) 7 288 8 Total liabilities $ 4 $ 1,962 $ 1,590 $ — $ (1,678) $ 1,878 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6. 5 Represents the fair value of future milestone payments related to our acquisition of fairlife in 2020, which are contingent on fairlife achieving certain financial targets through 2024 and, if achieved, are payable in 2023 and 2025. These milestone payments are based on agreed-upon formulas related to fairlife’s operating results, the resulting values of which are not subject to a ceiling. The fair value was determined using a Monte Carlo valuation model. 6 The Company was not obligated to return any cash collateral it had netted against its derivative position. 7 The Company had the right to reclaim $1,447 million in cash collateral it had netted against its derivative position. 8 The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $14 million in the line item other noncurrent assets other noncurrent liabilities. Gross realized and unrealized gains and losses on Level 3 assets and liabilities, excluding the contingent consideration liability, were not significant for the three and six months ended June 30, 2023 and July 1, 2022. The Company recognizes transfers between levels within the hierarchy as of the beginning of the reporting period. Gross transfers between levels within the hierarchy were not significant for the three and six months ended June 30, 2023 and July 1, 2022. Nonrecurring Fair Value Measurements During the three and six months ended June 30, 2023, the Company recorded an asset impairment charge of $25 million related to the discontinuation of certain manufacturing operations in Asia Pacific. This impairment charge was derived using Level 3 inputs and was primarily driven by management’s best estimate of the potential proceeds from the disposal of the related assets. During the three and six months ended July 1, 2022, the Company recorded an other-than-temporary impairment charge of $96 million related to an equity method investee in Russia. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. During the six months ended July 1, 2022, we recognized a net loss of $24 million on assets measured at fair value on a nonrecurring basis. The net loss was recorded as a result of an equity method investee issuing additional shares of its stock. Accordingly, the Company is required to treat this type of transaction as if the Company had sold a proportionate share of its investment. This net loss was determined using Level 2 inputs and primarily resulted from the recognition of cumulative translation losses. Other Fair Value Disclosures The carrying values of cash and cash equivalents, short-term investments, trade accounts receivable, accounts payable and accrued expenses, and loans and notes payable approximate their fair values because of the relatively short-term maturities of these financial instruments. The fair value of our long-term debt is estimated using Level 2 inputs based on quoted prices for those instruments. Where quoted prices are not available, the fair value is estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of the debt instruments. As of June 30, 2023, the carrying value and fair value of our long-term debt, including the current portion, were $36,797 million and $32,382 million, respectively. As of December 31, 2022, the carrying value and fair value of our long-term debt, including the current portion, were $36,776 million and $32,698 million, respectively.

OPERATING SEGMENTS

OPERATING SEGMENTS	6 Months Ended
OPERATING SEGMENTS	Jun. 30, 2023
Segment Reporting [Abstract]
OPERATING SEGMENTS	OPERATING SEGMENTS Information about our Company’s operations by operating segment and Corporate is as follows (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Three Months Ended June 30, 2023 Net operating revenues: Third party $ 2,043 $ 1,378 $ 4,365 $ 1,349 $ 765 $ 2,042 $ 30 $ — $ 11,972 Intersegment 145 — 2 218 — — — (365) — Total net operating revenues 2,188 1,378 4,367 1,567 765 2,042 30 (365) 11,972 Operating income (loss) 1,133 797 1,216 673 78 122 (1,618) — 2,401 Income (loss) before income taxes 1,147 802 1,227 675 78 577 (1,626) — 2,880 Identifiable operating assets 7,729 2,474 26,109 2,453 2, 3 7,622 9,281 2, 3 23,368 — 79,036 Investments 1 394 728 15 76 — 13,406 4,801 — 19,420 As of and for the Three Months Ended July 1, 2022 Net operating revenues: Third party $ 2,018 $ 1,140 $ 4,029 $ 1,343 $ 695 $ 2,077 $ 23 $ — $ 11,325 Intersegment 166 — 1 223 — 2 — (392) — Total net operating revenues 2,184 1,140 4,030 1,566 695 2,079 23 (392) 11,325 Operating income (loss) 1,291 674 840 753 44 113 (1,374) — 2,341 Income (loss) before income taxes 1,225 680 848 757 48 453 (1,727) — 2,284 Identifiable operating assets 7,721 2,054 26,372 2,628 2 7,210 9,881 2 18,928 — 74,794 Investments 1 439 605 19 222 — 12,569 4,521 — 18,375 As of December 31, 2022 Identifiable operating assets $ 7,088 $ 2,067 $ 25,760 $ 2,368 2 $ 7,325 $ 10,232 2 $ 19,158 $ — $ 73,998 Investments 1 410 629 15 219 — 12,892 4,600 — 18,765 1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of June 30, 2023, July 1, 2022 and December 31, 2022. 3 Property, plant and equipment — net in India represented 10 percent of consolidated property, plant and equipment — net as of June 30, 2023. During the three months ended June 30, 2023, the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $1,262 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $35 million for Asia Pacific due to the discontinuation of certain manufacturing operations. • Operating income (loss) and income (loss) before income taxes were reduced by $25 million for Corporate due to the Company’s productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $1 million for North America due to the refinement of previously established accruals related to the Company’s productivity and reinvestment program. Refer to Note 13. • Operating income (loss) and income (loss) before income taxes were reduced by $8 million for North America due to the restructuring of our North America operating unit. Refer to Note 13. • Operating income (loss) and income (loss) before income taxes were reduced by $6 million for Corporate related to tax litigation expense. Refer to Note 9. • Operating income (loss) and income (loss) before income taxes were reduced by $5 million for North America due to the restructuring of our manufacturing operations in the United States. • Operating income (loss) and income (loss) before income taxes were reduced by $3 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12. • Income (loss) before income taxes was increased by $127 million for Corporate due to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. • Income (loss) before income taxes was reduced by $2 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. During the three months ended July 1, 2022, the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $917 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $19 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 13. • Operating income (loss) and income (loss) before income taxes were increased by $2 million for North America and were reduced by $15 million for Corporate related to our acquisition of BodyArmor. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were reduced by $11 million for North America due to the restructuring of our manufacturing operations in the United States. • Income (loss) before income taxes was reduced by $267 million for Corporate due to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. • Income (loss) before income taxes was reduced by $96 million for Europe, Middle East and Africa due to an other-than-temporary impairment charge related to an equity method investee in Russia. Refer to Note 16. • Income (loss) before income taxes was reduced by $35 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated Six Months Ended June 30, 2023 Net operating revenues: Third party $ 3,874 $ 2,764 $ 8,267 $ 2,534 $ 1,472 $ 3,986 $ 55 $ — $ 22,952 Intersegment 338 — 4 404 — 2 — (748) — Total net operating revenues 4,212 2,764 8,271 2,938 1,472 3,988 55 (748) 22,952 Operating income (loss) 2,268 1,650 2,249 1,236 129 261 (2,025) — 5,768 Income (loss) before income taxes 2,289 1,657 2,268 1,098 135 1,081 (1,595) — 6,933 Six Months Ended July 1, 2022 Net operating revenues: Third party $ 3,679 $ 2,354 $ 7,618 $ 2,574 $ 1,424 $ 4,119 $ 48 $ — $ 21,816 Intersegment 338 — 2 403 — 4 — (747) — Total net operating revenues 4,017 2,354 7,620 2,977 1,424 4,123 48 (747) 21,816 Operating income (loss) 2,298 1,434 1,896 1,417 95 306 (1,700) — 5,746 Income (loss) before income taxes 2,248 1,437 1,912 1,427 104 846 (2,232) — 5,742 During the six months ended June 30, 2023, the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $1,324 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $52 million for Corporate due to the Company’s productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $1 million for North America due to the refinement of previously established accruals related to the Company’s productivity and reinvestment program. Refer to Note 13. • Operating income (loss) and income (loss) before income taxes were reduced by $35 million for Asia Pacific due to the discontinuation of certain manufacturing operations. • Operating income (loss) and income (loss) before income taxes were reduced by $26 million for North America due to the restructuring of our North America operating unit. Refer to Note 13. • Operating income (loss) and income (loss) before income taxes were reduced by $11 million for North America due to the restructuring of our manufacturing operations in the United States. • Operating income (loss) and income (loss) before income taxes were reduced by $7 million for Corporate due to charges related to our acquisition of BodyArmor. Refer to Note 12. • Operating income (loss) and income (loss) before income taxes were reduced by $6 million for Corporate related to tax litigation expense. Refer to Note 9. • Income (loss) before income taxes was increased by $439 million for Corporate due to the refranchising of our bottling operations in Vietnam. Refer to Note 2. • Income (loss) before income taxes was increased by $240 million for Corporate due to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. • Income (loss) before income taxes was reduced by $140 million for Asia Pacific and was increased by $56 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. During the six months ended July 1, 2022, the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $939 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition. Refer to Note 16. • Operating income (loss) and income (loss) before income taxes were reduced by $29 million for Corporate due to the Company’s productivity and reinvestment program. Refer to Note 13. • Operating income (loss) and income (loss) before income taxes were reduced by $22 million and $23 million, respectively, for North America due to the restructuring of our manufacturing operations in the United States. • Operating income (loss) and income (loss) before income taxes were increased by $21 million for North America and were reduced by $29 million for Corporate related to our acquisition of BodyArmor. Refer to Note 12. • Income (loss) before income taxes was reduced by $371 million for Corporate due to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities. Refer to Note 4. • Income (loss) before income taxes was reduced by $96 million for Europe, Middle East and Africa due to an other-than-temporary impairment charge related to an equity method investee in Russia. Refer to Note 16. • Income (loss) before income taxes was reduced by $30 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. • Income (loss) before income taxes was reduced by $24 million for Corporate due to one of our equity method investees issuing additional shares of its stock. Refer to Note 16.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 2,547	$ 1,905	$ 5,654	$ 4,686

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K of The Coca-Cola Company for the year ended December 31, 2022. When used in these notes, the terms “The Coca-Cola Company,” “Company,” “we,” “us” and “our” mean The Coca-Cola Company and all entities included in our consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Sales of our ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions. Each of our quarterly reporting periods, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The second quarter of 2023 and the second quarter of 2022 ended on June 30, 2023 and July 1, 2022, respectively. Our fourth quarter and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls.
Advertising Costs	Advertising Costs The Company’s accounting policy related to advertising costs for annual reporting purposes is to expense production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred. For quarterly reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple quarters to each of those quarters. We use the proportion of each quarter’s actual unit case volume to the estimated full year unit case volume as the basis for the allocation. This methodology results in our marketing expenditures being recognized at a standard rate per unit case. At the end of each quarter, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple quarters in order to evaluate if a change in estimate is necessary. The impact of any change in the full year estimate is recognized in the quarter in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy.
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents or restricted cash equivalents, as applicable. Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other noncurrent assets in our consolidated balance sheet. 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 our consolidated statements of cash flows (in millions): June 30, December 31, Cash and cash equivalents $ 12,564 $ 9,519 Restricted cash and restricted cash equivalents 1,2 288 306 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 12,852 $ 9,825 1 Amounts include cash and cash equivalents in our solvency capital portfolio, which are included in the line item other noncurrent assets in our consolidated balance sheets. Refer to Note 4. 2 Amounts include cash and cash equivalents related to assets held for sale, which are included in the line item prepaid expenses and other current assets in our consolidated balance sheets. Refer to Note 2. July 1, December 31, Cash and cash equivalents $ 8,976 $ 9,684 Restricted cash and restricted cash equivalents 1,2 339 341 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,315 $ 10,025 1 Amounts include cash and cash equivalents in our solvency capital portfolio, which are included in the line item other noncurrent assets in our consolidated balance sheets. Refer to Note 4.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	The following tables provide a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in our consolidated statements of cash flows (in millions): June 30, December 31, Cash and cash equivalents $ 12,564 $ 9,519 Restricted cash and restricted cash equivalents 1,2 288 306 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 12,852 $ 9,825 1 Amounts include cash and cash equivalents in our solvency capital portfolio, which are included in the line item other noncurrent assets in our consolidated balance sheets. Refer to Note 4. 2 Amounts include cash and cash equivalents related to assets held for sale, which are included in the line item prepaid expenses and other current assets in our consolidated balance sheets. Refer to Note 2. July 1, December 31, Cash and cash equivalents $ 8,976 $ 9,684 Restricted cash and restricted cash equivalents 1,2 339 341 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,315 $ 10,025 1 Amounts include cash and cash equivalents in our solvency capital portfolio, which are included in the line item other noncurrent assets in our consolidated balance sheets. Refer to Note 4.

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	6 Months Ended
ACQUISITIONS AND DIVESTITURES (Tables)	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Assets and Liabilities Classified as Held for Sale	The following table presents information related to the major classes of assets and liabilities that were classified as held for sale and were included in the line items prepaid expenses and other current assets and accounts payable and accrued expenses, respectively, in our consolidated balance sheets (in millions): June 30, December 31, 2022 Cash, cash equivalents and short-term investments $ 2 $ 229 Trade accounts receivable, less allowances 3 12 Inventories 28 50 Prepaid expenses and other current assets 20 43 Other noncurrent assets 2 29 Deferred income tax assets — 8 Property, plant and equipment — net 88 197 Goodwill — 34 Assets held for sale $ 143 $ 602 Accounts payable and accrued expenses $ 35 $ 154 Loans and notes payable 44 — Accrued income taxes 10 3 Other noncurrent liabilities — 3 Liabilities held for sale $ 89 $ 160

NET OPERATING REVENUES (Tables)

NET OPERATING REVENUES (Tables)	6 Months Ended
NET OPERATING REVENUES (Tables)	Jun. 30, 2023
Revenue Recognition [Abstract]
Disaggregation of Revenue	The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended June 30, 2023 Concentrate operations $ 2,347 $ 4,703 $ 7,050 Finished product operations 1,955 2,967 4,922 Total $ 4,302 $ 7,670 $ 11,972 Three Months Ended July 1, 2022 Concentrate operations $ 1,892 $ 4,473 $ 6,365 Finished product operations 2,065 2,895 4,960 Total $ 3,957 $ 7,368 $ 11,325 United States International Total Six Months Ended June 30, 2023 Concentrate operations $ 4,336 $ 9,047 $ 13,383 Finished product operations 3,815 5,754 9,569 Total $ 8,151 $ 14,801 $ 22,952 Six Months Ended July 1, 2022 Concentrate operations $ 3,533 $ 8,556 $ 12,089 Finished product operations 3,947 5,780 9,727 Total $ 7,480 $ 14,336 $ 21,816

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
INVESTMENTS (Tables)	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Carrying value of equity securities by balance sheet location	The carrying values of our equity securities were included in the following line items in our consolidated balance sheets (in millions): Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value June 30, 2023 Marketable securities $ 327 $ — Other investments 116 42 Other noncurrent assets 1,481 — Total equity securities $ 1,924 $ 42 December 31, 2022 Marketable securities $ 308 $ — Other investments 459 42 Other noncurrent assets 1,303 — Total equity securities $ 2,070 $ 42
Net unrealized gains and losses related to equity securities still held at the end of the period	The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions): Three Months Ended June 30, July 1, Net gains (losses) recognized during the period related to equity securities $ 130 $ (261) Less: Net gains (losses) recognized during the period related to equity securities sold during the period 22 (129) Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 108 $ (132) Six Months Ended June 30, July 1, Net gains (losses) recognized during the period related to equity securities $ 255 $ (361) Less: Net gains (losses) recognized during the period related to equity securities sold during the period 33 (254) Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 222 $ (107)
Schedule of available-for-sale and trading securities	Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Cost Gains Losses June 30, 2023 Trading securities $ 42 $ — $ (4) $ 38 Available-for-sale securities 1,140 23 (44) 1,119 Total debt securities $ 1,182 $ 23 $ (48) $ 1,157 December 31, 2022 Trading securities $ 43 $ — $ (4) $ 39 Available-for-sale securities 979 26 (61) 944 Total debt securities $ 1,022 $ 26 $ (65) $ 983
Carrying values of debt securities by balance sheet location	The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions): June 30, 2023 December 31, 2022 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Marketable securities $ 38 $ 898 $ 39 $ 722 Other noncurrent assets — 221 — 222 Total debt securities $ 38 $ 1,119 $ 39 $ 944
Contractual maturities of available-for-sale debt securities	The contractual maturities of these available-for-sale debt securities as of June 30, 2023 were as follows (in millions): Cost Estimated Within 1 year $ 502 $ 489 After 1 year through 5 years 422 434 After 5 years through 10 years 32 36 After 10 years 184 160 Total $ 1,140 $ 1,119
Realized Gain (Loss) on Investments	The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Three Months Ended Six Months Ended June 30, July 1, June 30, July 1, Gross gains $ 2 $ 2 $ 2 $ 3 Gross losses (1) (3) (4) (8) Proceeds 40 113 108 344

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following (in millions): June 30, December 31, Raw materials and packaging $ 2,741 $ 2,627 Finished goods 1,538 1,247 Other 367 359 Total inventories $ 4,646 $ 4,233

HEDGING TRANSACTIONS AND DERI_2

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments designated and qualified as part of hedging relationship	The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions): Fair Value 1,2 Derivatives Designated as Hedging Instruments Balance Sheet Location 1 June 30, December 31, Assets: Foreign currency contracts Prepaid expenses and other current assets $ 153 $ 126 Foreign currency contracts Other noncurrent assets 34 13 Total assets $ 187 $ 139 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 91 $ 54 Foreign currency contracts Other noncurrent liabilities 69 108 Commodity contracts Accounts payable and accrued expenses 7 2 Interest rate contracts Accounts payable and accrued expenses 13 — Interest rate contracts Other noncurrent liabilities 1,557 1,676 Total liabilities $ 1,737 $ 1,840 1 All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value.
Derivatives Not Designated as Hedging Instruments	The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions): Fair Value 1,2 Derivatives Not Designated as Hedging Instruments Balance Sheet Location 1 June 30, December 31, 2022 Assets: Foreign currency contracts Prepaid expenses and other current assets $ 90 $ 46 Foreign currency contracts Other noncurrent assets 21 22 Commodity contracts Prepaid expenses and other current assets 6 34 Other derivative instruments Prepaid expenses and other current assets 2 — Total assets $ 119 $ 102 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 63 $ 87 Foreign currency contracts Other noncurrent liabilities — 1 Commodity contracts Accounts payable and accrued expenses 104 35 Commodity contracts Other noncurrent liabilities 15 — Other derivative instruments Accounts payable and accrued expenses 5 3 Total liabilities $ 187 $ 126 1 All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (OCI)	The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions): Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Three Months Ended June 30, 2023 Foreign currency contracts $ (22) Net operating revenues $ (7) Foreign currency contracts 13 Cost of goods sold 4 Foreign currency contracts — Interest expense (1) Foreign currency contracts 22 Other income (loss) — net 3 Commodity contracts (9) Cost of goods sold (3) Total $ 4 $ (4) Three Months Ended July 1, 2022 Foreign currency contracts $ 197 Net operating revenues $ 52 Foreign currency contracts 16 Cost of goods sold 2 Foreign currency contracts — Interest expense (1) Foreign currency contracts (114) Other income (loss) — net (89) Total $ 99 $ (36) Gain (Loss) Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income Six Months Ended June 30, 2023 Foreign currency contracts $ (58) Net operating revenues $ (6) Foreign currency contracts 17 Cost of goods sold 8 Foreign currency contracts — Interest expense (2) Foreign currency contracts 9 Other income (loss) — net 3 Commodity contracts (11) Cost of goods sold (6) Total $ (43) $ (3) Six Months Ended July 1, 2022 Foreign currency contracts $ 278 Net operating revenues $ 60 Foreign currency contracts 22 Cost of goods sold 3 Foreign currency contracts — Interest expense (2) Foreign currency contracts (119) Other income (loss) — net (100) Total $ 181 $ (39)
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended June 30, July 1, Interest rate contracts Interest expense $ (102) $ (474) Fixed-rate debt Interest expense 131 457 Net impact of fair value hedging instruments $ 29 $ (17) Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Six Months Ended June 30, July 1, Interest rate contracts Interest expense $ 106 $ (1,185) Fixed-rate debt Interest expense (91) 1,166 Net impact of fair value hedging instruments $ 15 $ (19) The following table summarizes the amounts recorded in our consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Cumulative Amount of Fair Value Hedging Adjustments 1 Carrying Values of Included in the Carrying Values of Hedged Items Remaining for Which Hedge Accounting Has Been Discontinued Balance Sheet Location of Hedged Items June 30, December 31, June 30, December 31, June 30, December 31, Current maturities of long-term debt $ 545 $ — $ (9) $ — $ — $ — Long-term debt 11,601 11,900 (1,584) (1,664) 179 195 1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rate fluctuations.
Notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges	The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions): Notional Values Gain (Loss) Recognized in OCI as of Three Months Ended Six Months Ended June 30, December 31, June 30, July 1, June 30, July 1, Foreign currency contracts $ — $ — $ (1) $ 5 $ (1) $ (1) Foreign currency denominated debt 11,750 12,061 (80) 704 (234) 1,059 Total $ 11,750 $ 12,061 $ (81) $ 709 $ (235) $ 1,058
Derivative Instruments, Not Designated as Hedging Instruments, Gain (Loss) in Earnings	The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Three Months Ended June 30, July 1, Foreign currency contracts Net operating revenues $ (10) $ 22 Foreign currency contracts Cost of goods sold 23 10 Foreign currency contracts Other income (loss) — net 11 (4) Commodity contracts Cost of goods sold (84) (155) Other derivative instruments Selling, general and administrative expenses 1 (18) Total $ (59) $ (145) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Six Months Ended June 30, July 1, Foreign currency contracts Net operating revenues $ (17) $ 7 Foreign currency contracts Cost of goods sold 51 23 Foreign currency contracts Other income (loss) — net — 38 Commodity contracts Cost of goods sold (130) 5 Other derivative instruments Selling, general and administrative expenses 4 (21) Total $ (92) $ 52

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
OTHER COMPREHENSIVE INCOME (Tables)	Jun. 30, 2023
Equity [Abstract]
AOCI attributable to the shareowners of The Coca Cola Company	AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions): June 30, December 31, Net foreign currency translation adjustments $ (12,658) $ (13,609) Accumulated net gains (losses) on derivatives (71) 24 Unrealized net gains (losses) on available-for-sale debt securities (16) (25) Adjustments to pension and other postretirement benefit liabilities (1,272) (1,285) Accumulated other comprehensive income (loss) $ (14,017) $ (14,895)
Comprehensive Income (Loss), Apportioned between Shareowners of the Coca-Cola Company and Noncontrolling Interests	The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Six Months Ended June 30, 2023 Shareowners of Noncontrolling Total Consolidated net income $ 5,654 $ (20) $ 5,634 Other comprehensive income: Net foreign currency translation adjustments 951 (150) 801 Net gains (losses) on derivatives 1 (95) — (95) Net change in unrealized gains (losses) on available-for-sale debt securities 2 9 — 9 Net change in pension and other postretirement benefit liabilities 13 — 13 Total comprehensive income (loss) $ 6,532 $ (170) $ 6,362 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
OCI attributable to the shareowners of The Coca-Cola Company	The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions): Three Months Ended June 30, 2023 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 300 $ (63) $ 237 Gains (losses) on intra-entity transactions that are of a long-term investment nature 151 — 151 Gains (losses) on net investment hedges arising during the period 1 (81) 20 (61) Net foreign currency translation adjustments $ 370 $ (43) $ 327 Derivatives: Gains (losses) arising during the period $ (31) $ 3 $ (28) Reclassification adjustments recognized in net income 4 (1) 3 Net gains (losses) on derivatives 1 $ (27) $ 2 $ (25) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 4 $ (3) $ 1 Reclassification adjustments recognized in net income (1) 1 — Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 3 $ (2) $ 1 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (11) $ (4) $ (15) Reclassification adjustments recognized in net income 22 (5) 17 Net change in pension and other postretirement benefit liabilities $ 11 $ (9) $ 2 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 357 $ (52) $ 305 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Six Months Ended June 30, 2023 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 737 $ (154) $ 583 Reclassification adjustments recognized in net income 101 — 101 Gains (losses) on intra-entity transactions that are of a long-term investment nature 443 — 443 Gains (losses) on net investment hedges arising during the period 1 (235) 59 (176) Net foreign currency translation adjustments $ 1,046 $ (95) $ 951 Derivatives: Gains (losses) arising during the period $ (107) $ 10 $ (97) Reclassification adjustments recognized in net income 3 (1) 2 Net gains (losses) on derivatives 1 $ (104) $ 9 $ (95) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 13 $ (6) $ 7 Reclassification adjustments recognized in net income 2 — 2 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 15 $ (6) $ 9 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ (16) $ (6) $ (22) Reclassification adjustments recognized in net income 44 (9) 35 Net change in pension and other postretirement benefit liabilities $ 28 $ (15) $ 13 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 985 $ (107) $ 878 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Three Months Ended July 1, 2022 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (950) $ 27 $ (923) Gains (losses) on intra-entity transactions that are of a long-term investment nature (1,333) — (1,333) Gains (losses) on net investment hedges arising during the period 1 709 (177) 532 Net foreign currency translation adjustments $ (1,574) $ (150) $ (1,724) Derivatives: Gains (losses) arising during the period $ 97 $ (31) $ 66 Reclassification adjustments recognized in net income 36 (9) 27 Net gains (losses) on derivatives 1 $ 133 $ (40) $ 93 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 2 $ 2 $ 4 Reclassification adjustments recognized in net income 1 — 1 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 3 $ 2 $ 5 Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 198 $ (54) $ 144 Reclassification adjustments recognized in net income 28 (7) 21 Net change in pension and other postretirement benefit liabilities $ 226 $ (61) $ 165 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,212) $ (249) $ (1,461) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Six Months Ended July 1, 2022 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 374 $ (213) $ 161 Reclassification adjustments recognized in net income 200 — 200 Gains (losses) on intra-entity transactions that are of a long-term investment nature (2,003) — (2,003) Gains (losses) on net investment hedges arising during the period 1 1,058 (264) 794 Net foreign currency translation adjustments $ (371) $ (477) $ (848) Derivatives: Gains (losses) arising during the period $ 180 $ (52) $ 128 Reclassification adjustments recognized in net income 39 (10) 29 Net gains (losses) on derivatives 1 $ 219 $ (62) $ 157 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (44) $ 10 $ (34) Reclassification adjustments recognized in net income 5 (1) 4 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (39) $ 9 $ (30) Pension and other postretirement benefit liabilities: Net pension and other postretirement benefit liabilities arising during the period $ 266 $ (58) $ 208 Reclassification adjustments recognized in net income 56 (14) 42 Net change in pension and other postretirement benefit liabilities $ 322 $ (72) $ 250 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ 131 $ (602) $ (471) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
Reclassification out of Accumulated Other Comprehensive Income	The following table presents the amounts and line items in our consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions): Amount Reclassified from AOCI Description of AOCI Component Financial Statement Line Item Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ — $ 101 Income before income taxes — 101 Income taxes — — Consolidated net income $ — $ 101 Derivatives: Foreign currency contracts Net operating revenues $ 7 $ 6 Foreign currency contracts and commodity contracts Cost of goods sold (1) (2) Foreign currency contracts Interest expense 1 2 Foreign currency contracts Other income (loss) — net (3) (3) Income before income taxes 4 3 Income taxes (1) (1) Consolidated net income $ 3 $ 2 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ (1) $ 2 Income before income taxes (1) 2 Income taxes 1 — Consolidated net income $ — $ 2 Pension and other postretirement benefit liabilities: Recognized net actuarial loss Other income (loss) — net $ 22 $ 45 Recognized prior service cost (credit) Other income (loss) — net — (1) Income before income taxes 22 44 Income taxes (5) (9) Consolidated net income $ 17 $ 35 1 Related to the refranchising of our bottling operations in Vietnam and the sale of our ownership interest in one of our equity method investees. Refer to Note 2.

CHANGES IN EQUITY (Tables)

CHANGES IN EQUITY (Tables)	6 Months Ended
CHANGES IN EQUITY (Tables)	Jun. 30, 2023
Equity [Abstract]
Changes in Equity	The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to shareowners of The Coca-Cola Company and equity attributable to noncontrolling interests (in millions): Shareowners of The Coca-Cola Company Three Months Ended June 30, 2023 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests March 31, 2023 4,325 $ 26,868 $ 72,137 $ (14,322) $ 1,760 $ 18,889 $ (53,247) $ 1,651 Comprehensive income (loss) — 2,751 2,547 305 — — — (101) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.46 per share) — (1,989) (1,989) — — — — — Dividends paid to noncontrolling interests — (9) — — — — — (9) Acquisition of interests held by — (22) — — — (20) — (2) Purchases of treasury stock (4) (230) — — — — (230) — Impact related to stock-based 3 183 — — — 124 59 — June 30, 2023 4,324 $ 27,552 $ 72,695 $ (14,017) $ 1,760 $ 18,993 $ (53,418) $ 1,539 Shareowners of The Coca-Cola Company Six Months Ended June 30, 2023 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests December 31, 2022 4,328 $ 25,826 $ 71,019 $ (14,895) $ 1,760 $ 18,822 $ (52,601) $ 1,721 Comprehensive income (loss) — 6,362 5,654 878 — — — (170) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.92 per share) — (3,978) (3,978) — — — — — Dividends paid to noncontrolling interests — (13) — — — — — (13) Acquisition of interests held by — (22) — — — (20) — (2) Purchases of treasury stock (16) (979) — — — — (979) — Impact related to stock-based 12 356 — — — 194 162 — Other activities — — — — — (3) — 3 June 30, 2023 4,324 $ 27,552 $ 72,695 $ (14,017) $ 1,760 $ 18,993 $ (53,418) $ 1,539 Shareowners of The Coca-Cola Company Three Months Ended July 1, 2022 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests April 1, 2022 4,331 $ 26,841 $ 69,969 $ (13,340) $ 1,760 $ 18,388 $ (51,932) $ 1,996 Comprehensive income (loss) — 253 1,905 (1,461) — — — (191) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.44 per share) — (1,904) (1,904) — — — — — Dividends paid to noncontrolling — (7) — — — — — (7) Purchases of treasury stock (10) (677) — — — — (677) — Impact related to stock-based 5 297 — — — 193 104 — July 1, 2022 4,326 $ 24,803 $ 69,970 $ (14,801) $ 1,760 $ 18,581 $ (52,505) $ 1,798 Shareowners of The Coca-Cola Company Six Months Ended July 1, 2022 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests December 31, 2021 4,325 $ 24,860 $ 69,094 $ (14,330) $ 1,760 $ 18,116 $ (51,641) $ 1,861 Comprehensive income (loss) — 4,169 4,686 (471) — — — (46) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.88 per share) — (3,810) (3,810) — — — — — Dividends paid to noncontrolling — (16) — — — — — (16) Purchases of treasury stock (18) (1,148) — — — — (1,148) — Impact related to stock-based 19 748 — — — 464 284 — Other activities — — — — — 1 — (1) July 1, 2022 4,326 $ 24,803 $ 69,970 $ (14,801) $ 1,760 $ 18,581 $ (52,505) $ 1,798

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)	Jun. 30, 2023
Retirement Benefits [Abstract]
Defined Contribution Plan Disclosures	Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Plans Other Postretirement Three Months Ended June 30, July 1, June 30, July 1, Service cost $ 23 $ 22 $ 1 $ 1 Interest cost 81 51 7 5 Expected return on plan assets 1 (119) (147) (3) (4) Amortization of prior service cost (credit) 1 — (1) (1) Amortization of net actuarial loss (gain) 24 29 (2) — Net periodic benefit cost (income) $ 10 $ (45) $ 2 $ 1 1 The weighted-average expected long-term rates of return on plan assets used in computing 2023 net periodic benefit cost (income) were 7.00 percent for pension plans and 3.75 percent for other postretirement benefit plans. Pension Plans Other Postretirement Six Months Ended June 30, July 1, June 30, July 1, Service cost $ 47 $ 44 $ 2 $ 3 Interest cost 162 102 14 9 Expected return on plan assets 1 (238) (296) (7) (8) Amortization of prior service cost (credit) 1 — (2) (2) Amortization of net actuarial loss (gain) 48 58 (3) — Net periodic benefit cost (income) $ 20 $ (92) $ 4 $ 2 1 The weighted-average expected long-term rates of return on plan assets used in computing 2023 net periodic benefit cost (income) were 7.00 percent for pension plans and 3.75 percent for other postretirement benefit plans.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis	The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions): June 30, 2023 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,655 $ 182 $ 5 $ 82 $ — $ 1,924 Debt securities 1 — 1,141 16 — — 1,157 Derivatives 2 — 306 — — (227) 6 79 8 Total assets $ 1,655 $ 1,629 $ 21 $ 82 $ (227) $ 3,160 Liabilities: Contingent consideration liability $ — $ — $ 2,639 5 $ — $ — $ 2,639 Derivatives 2 7 1,917 — — (1,657) 7 267 8 Total liabilities $ 7 $ 1,917 $ 2,639 $ — $ (1,657) $ 2,906 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6. 5 Represents the fair value of the remaining milestone payment related to our acquisition of fairlife in 2020, which is contingent on fairlife achieving certain financial targets through 2024 and, if achieved, is payable in 2025. This milestone payment is based on agreed-upon formulas related to fairlife’s operating results, the resulting value of which is not subject to a ceiling. The fair value was determined using a Monte Carlo valuation model. The Company made a milestone payment of $275 million during the six months ended June 30, 2023. 6 The Company is not obligated to return any cash collateral it has netted against its derivative position. 7 The Company has the right to reclaim $1,430 million in cash collateral it has netted against its derivative position. 8 The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $24 million in the line item prepaid expenses and other current assets, $55 million in the line item other noncurrent assets, and $267 million in the line item other noncurrent liabilities December 31, 2022 Level 1 Level 2 Level 3 Other 3 Netting 4 Fair Value Assets: Equity securities with readily determinable values 1 $ 1,801 $ 169 $ 15 $ 85 $ — $ 2,070 Debt securities 1 — 975 8 — — 983 Derivatives 2 2 239 — — (227) 6 14 8 Total assets $ 1,803 $ 1,383 $ 23 $ 85 $ (227) $ 3,067 Liabilities: Contingent consideration liability $ — $ — $ 1,590 5 $ — $ — $ 1,590 Derivatives 2 4 1,962 — — (1,678) 7 288 8 Total liabilities $ 4 $ 1,962 $ 1,590 $ — $ (1,678) $ 1,878 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivatives portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4. 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6. 5 Represents the fair value of future milestone payments related to our acquisition of fairlife in 2020, which are contingent on fairlife achieving certain financial targets through 2024 and, if achieved, are payable in 2023 and 2025. These milestone payments are based on agreed-upon formulas related to fairlife’s operating results, the resulting values of which are not subject to a ceiling. The fair value was determined using a Monte Carlo valuation model. 6 The Company was not obligated to return any cash collateral it had netted against its derivative position. 7 The Company had the right to reclaim $1,447 million in cash collateral it had netted against its derivative position. 8 The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $14 million in the line item other noncurrent assets other noncurrent liabilities.

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	3 Months Ended	6 Months Ended
OPERATING SEGMENTS (Tables)	Jun. 30, 2023	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information about our Company’s operations by operating segment and Corporate is as follows (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Three Months Ended June 30, 2023 Net operating revenues: Third party $ 2,043 $ 1,378 $ 4,365 $ 1,349 $ 765 $ 2,042 $ 30 $ — $ 11,972 Intersegment 145 — 2 218 — — — (365) — Total net operating revenues 2,188 1,378 4,367 1,567 765 2,042 30 (365) 11,972 Operating income (loss) 1,133 797 1,216 673 78 122 (1,618) — 2,401 Income (loss) before income taxes 1,147 802 1,227 675 78 577 (1,626) — 2,880 Identifiable operating assets 7,729 2,474 26,109 2,453 2, 3 7,622 9,281 2, 3 23,368 — 79,036 Investments 1 394 728 15 76 — 13,406 4,801 — 19,420 As of and for the Three Months Ended July 1, 2022 Net operating revenues: Third party $ 2,018 $ 1,140 $ 4,029 $ 1,343 $ 695 $ 2,077 $ 23 $ — $ 11,325 Intersegment 166 — 1 223 — 2 — (392) — Total net operating revenues 2,184 1,140 4,030 1,566 695 2,079 23 (392) 11,325 Operating income (loss) 1,291 674 840 753 44 113 (1,374) — 2,341 Income (loss) before income taxes 1,225 680 848 757 48 453 (1,727) — 2,284 Identifiable operating assets 7,721 2,054 26,372 2,628 2 7,210 9,881 2 18,928 — 74,794 Investments 1 439 605 19 222 — 12,569 4,521 — 18,375 As of December 31, 2022 Identifiable operating assets $ 7,088 $ 2,067 $ 25,760 $ 2,368 2 $ 7,325 $ 10,232 2 $ 19,158 $ — $ 73,998 Investments 1 410 629 15 219 — 12,892 4,600 — 18,765 1 Principally equity method investments and other investments in bottling companies. 2 Property, plant and equipment — net in the Philippines represented 10 percent of consolidated property, plant and equipment — net as of June 30, 2023, July 1, 2022 and December 31, 2022.	Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated Six Months Ended June 30, 2023 Net operating revenues: Third party $ 3,874 $ 2,764 $ 8,267 $ 2,534 $ 1,472 $ 3,986 $ 55 $ — $ 22,952 Intersegment 338 — 4 404 — 2 — (748) — Total net operating revenues 4,212 2,764 8,271 2,938 1,472 3,988 55 (748) 22,952 Operating income (loss) 2,268 1,650 2,249 1,236 129 261 (2,025) — 5,768 Income (loss) before income taxes 2,289 1,657 2,268 1,098 135 1,081 (1,595) — 6,933 Six Months Ended July 1, 2022 Net operating revenues: Third party $ 3,679 $ 2,354 $ 7,618 $ 2,574 $ 1,424 $ 4,119 $ 48 $ — $ 21,816 Intersegment 338 — 2 403 — 4 — (747) — Total net operating revenues 4,017 2,354 7,620 2,977 1,424 4,123 48 (747) 21,816 Operating income (loss) 2,298 1,434 1,896 1,417 95 306 (1,700) — 5,746 Income (loss) before income taxes 2,248 1,437 1,912 1,427 104 846 (2,232) — 5,742

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jul. 01, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 12,564	$ 9,519	$ 8,976	$ 9,684
Restricted Cash and Cash Equivalents, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets	Other noncurrent assets	Other noncurrent assets	Other noncurrent assets
Restricted Cash and Cash Equivalents	$ 288	$ 306	$ 339	$ 341
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 12,852	$ 9,825	$ 9,315	$ 10,025

ACQUISTIONS AND DIVESTITURES -

ACQUISTIONS AND DIVESTITURES - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Mar. 31, 2023	Jun. 30, 2023	Jul. 01, 2022
Acquisition and investment activities
Acquisitions of businesses, equity method investments and nonmarketable securities			$ 43	$ 6
Proceeds from disposals of businesses, equity method investments and nonmarketable securities			320	$ 218
Vietnam Bottling Operations
Acquisition and investment activities
Proceeds from Divestiture of Businesses	$ 823
Gain (Loss) on Disposition of Business		$ 439	$ 439

ACQUISTIONS AND DIVESTITURES _2

ACQUISTIONS AND DIVESTITURES - Held for Sale Assets and Liabilties (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Cash, cash equivalents and short-term investments	$ 2	$ 229
Trade accounts receivable, less allowances	3	12
Inventories	28	50
Prepaid expenses and other current assets	20	43
Other noncurrent assets	2	29
Deferred income tax assets	0	8
Property, plant and equipment — net	88	197
Goodwill	0	34
Assets held for sale	143	602
Accounts payable and accrued expenses	35	154
Loans and notes payable	44	0
Accrued income taxes	10	3
Other noncurrent liabilities	0	3
Liabilities held for sale	$ 89	$ 160

NET OPERATING REVENUES (Details

NET OPERATING REVENUES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
NET OPERATING REVENUES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Disaggregation of Revenue [Table]
Net Operating Revenues	$ 11,972	$ 11,325	$ 22,952	$ 21,816
Concentrate Revenue
Disaggregation of Revenue [Table]
Net Operating Revenues	7,050	6,365	13,383	12,089
Finished product operations
Disaggregation of Revenue [Table]
Net Operating Revenues	4,922	4,960	9,569	9,727
UNITED STATES
Disaggregation of Revenue [Table]
Net Operating Revenues	4,302	3,957	8,151	7,480
UNITED STATES \| Concentrate Revenue
Disaggregation of Revenue [Table]
Net Operating Revenues	2,347	1,892	4,336	3,533
UNITED STATES \| Finished product operations
Disaggregation of Revenue [Table]
Net Operating Revenues	1,955	2,065	3,815	3,947
International [Member]
Disaggregation of Revenue [Table]
Net Operating Revenues	7,670	7,368	14,801	14,336
International [Member] \| Concentrate Revenue
Disaggregation of Revenue [Table]
Net Operating Revenues	4,703	4,473	9,047	8,556
International [Member] \| Finished product operations
Disaggregation of Revenue [Table]
Net Operating Revenues	$ 2,967	$ 2,895	$ 5,754	$ 5,780

INVESTMENTS - Carrying Value of

INVESTMENTS - Carrying Value of Equity Securities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Equity securities with readily determinable values	$ 1,924	$ 2,070
Equity Securities, FV-NI	1,924	2,070
Equity Securities without Readily Determinable Fair Value, Amount	42	42
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Equity securities with readily determinable values	327	308
Equity Securities without Readily Determinable Fair Value, Amount	0	0
Other Investments
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Noncurrent	116	459
Equity Securities without Readily Determinable Fair Value, Amount	42	42
Other noncurrent assets
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Noncurrent	1,481	1,303
Equity Securities without Readily Determinable Fair Value, Amount	$ 0	$ 0

INVESTMENTS - Unrealized Gain (

INVESTMENTS - Unrealized Gain (Loss) Recognized Related to Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized during the period related to equity securities	$ 130	$ (261)	$ 255	$ (361)
Less: Net gains (losses) recognized during the period related to equity securities sold during the period	22	(129)	33	(254)
Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period	$ 108	$ (132)	$ 222	$ (107)

INVESTMENTS - Debt Securities (

INVESTMENTS - Debt Securities (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Cost
Trading securities	$ 42	$ 43
Available-for-sale securities	1,140	979
Total debt securities	1,182	1,022
Gains
Trading securities	0	0
Available-for-sale securities	23	26
Total debt securities	23	26
Losses
Trading securities	(4)	(4)
Available-for-sale securities	(44)	(61)
Total debt securities	(48)	(65)
Estimated Fair Value
Trading securities	38	39
Available-for-sale securities	1,119	944
Total debt securities	$ 1,157	$ 983

INVESTMENTS - Balance Sheet Cla

INVESTMENTS - Balance Sheet Classification (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	$ 1,157	$ 983
Trading Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	38	39
Available-for-Sale Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	1,119	944
Marketable securities \| Trading Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	38	39
Marketable securities \| Available-for-Sale Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	898	722
Other noncurrent assets \| Trading Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	0	0
Other noncurrent assets \| Available-for-Sale Securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt securities	$ 221	$ 222

INVESTMENTS - Contractual Matur

INVESTMENTS - Contractual Maturity of Available For Sale Debt Securities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Cost
Within 1 year	$ 502
After 1 year through 5 years	422
After 5 years through 10 years	32
After 10 years	184
Total	1,140	$ 979
Estimated Fair Value
Within 1 year	489
After 1 year through 5 years	434
After 5 years through 10 years	36
After 10 years	160
Total	$ 1,119	$ 944

INVESTMENTS - Sale and_or Matur

INVESTMENTS - Sale and/or Maturity of Available-for-Sale Securities (Details) - Debt Securities - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Debt Securities, Available-for-sale [Line Items]
Gross gains	$ 2	$ 2	$ 2	$ 3
Gross losses	(1)	(3)	(4)	(8)
Proceeds	$ 40	$ 113	$ 108	$ 344

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Solvency Funds of Insurance Captive	$ 1,546	$ 1,378

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory balances
Raw materials and packaging	$ 2,741	$ 2,627
Finished goods	1,538	1,247
Other	367	359
Total inventories	$ 4,646	$ 4,233

HEDGING TRANSACTIONS AND DERI_3

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivative Instruments Designated and Qualified as Hedging Relationships (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	$ 187	$ 139
Derivative instruments, liabilities, fair value	1,737	1,840
Foreign currency contracts \| Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	153	126
Foreign currency contracts \| Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	34	13
Foreign currency contracts \| Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	91	54
Foreign currency contracts \| Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	69	108
Commodity Contract \| Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	7	2
Interest Rate Contract \| Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	13	0
Interest Rate Contract \| Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	$ 1,557	$ 1,676

HEDGING TRANSACTIONS AND DERI_4

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Fair Values of Derivative Instruments Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	$ 119	$ 102
Derivative instruments, liabilities, fair value	187	126
Foreign currency contracts \| Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	90	46
Foreign currency contracts \| Other noncurrent assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	21	22
Foreign currency contracts \| Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	63	87
Foreign currency contracts \| Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	0	1
Commodity Contract \| Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	6	34
Commodity Contract \| Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	104	35
Commodity Contract \| Other Noncurrent Liabilities
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	15	0
Other derivative instruments \| Prepaid Expenses and Other Current Assets
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, assets, fair value	2	0
Other derivative instruments \| Accounts payable and accrued expenses
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative instruments, liabilities, fair value	$ 5	$ 3

HEDGING TRANSACTIONS AND DERI_5

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges Included in OCI, AOCI and Earnings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	$ (31)	$ 97	$ (107)	$ 180
Reclassification adjustments recognized in net income	4	36	3	39
Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	4	99	(43)	181
Reclassification adjustments recognized in net income	(4)	(36)	(3)	(39)
Net operating revenues
Fair Value, Derivatives Designated and Not Designated as Hedges
Reclassification adjustments recognized in net income	7		6
Net operating revenues \| Foreign currency contracts \| Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	(22)	197	(58)	278
Reclassification adjustments recognized in net income	(7)	52	(6)	60
Cost of goods sold
Fair Value, Derivatives Designated and Not Designated as Hedges
Reclassification adjustments recognized in net income	(1)		(2)
Cost of goods sold \| Foreign currency contracts \| Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	13	16	17	22
Reclassification adjustments recognized in net income	4	2	8	3
Cost of goods sold \| Commodity Contract \| Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	(9)		(11)
Reclassification adjustments recognized in net income	(3)		(6)
Interest expense
Fair Value, Derivatives Designated and Not Designated as Hedges
Reclassification adjustments recognized in net income	1		2
Interest expense \| Foreign currency contracts \| Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	0	0	0	0
Reclassification adjustments recognized in net income	(1)	(1)	(2)	(2)
Other Income (loss) - net \| Foreign currency contracts \| Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (Losses) arising during the period	22	(114)	9	(119)
Reclassification adjustments recognized in net income	$ 3	$ (89)	$ 3	$ (100)

HEDGING TRANSACTIONS AND DERI_6

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Amounts Related to Derivatives Designated as Fair Value Hedges (Details) - Fair Value Hedging - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Dec. 31, 2022
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ 29	$ (17)	$ 15	$ (19)
Short-term Debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	545		545		$ 0
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	(9)		(9)		0
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	0		0		0
Long-term Debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Amount of Hedged Item	11,601		11,601		11,900
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	(1,584)		(1,584)		(1,664)
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	179		179		$ 195
Interest Rate Contract
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (102)	$ (474)	$ 106	$ (1,185)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense	Interest expense	Interest expense	Interest expense
Fixed-rate debt
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ 131	$ 457	$ (91)	$ 1,166
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense	Interest expense	Interest expense	Interest expense

HEDGING TRANSACTIONS AND DERI_7

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Amounts Related to Derivatives Designated as Net Investment Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Dec. 31, 2022
Fair Value, Derivatives Designated and Not Designated as Hedges
Gains (losses) on net investment hedges arising during the period	$ (81)	$ 709	$ (235)	$ 1,058
Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	11,750		11,750		$ 12,061
Gains (losses) on net investment hedges arising during the period	(81)	709	(235)	1,058
Foreign currency contracts \| Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	0		0		0
Gains (losses) on net investment hedges arising during the period	(1)	5	(1)	(1)
Foreign currency denominated debt \| Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	11,750		11,750		$ 12,061
Gains (losses) on net investment hedges arising during the period	$ (80)	$ 704	$ (234)	$ 1,059

HEDGING TRANSACTIONS AND DERI_8

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Derivatives Not Designated as Hedging Instruments Impact on Earnings (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (59)	$ (145)	$ (92)	$ 52
Foreign currency contracts \| Net operating revenues
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	(10)	22	(17)	7
Foreign currency contracts \| Cost of goods sold
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	23	10	51	23
Foreign currency contracts \| Other Income (loss) - net
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	11	(4)	0	38
Commodity Contract
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ (84)	$ (155)	$ (130)	$ 5
Commodity Contract \| Cost of goods sold
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of goods sold	Cost of goods sold	Cost of goods sold	Cost of goods sold
Other derivative instruments
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Gain (Loss) on Derivative, Net	$ 1	$ (18)	$ 4	$ (21)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses

HEDGING TRANSACTIONS AND DERI_9

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Derivatives Designated and Not Designated as Hedges
Maximum Length of Time Hedged in Cash Flow Hedge	3 years
Anticipated gains (losses) cash flows hedges, estimated reclassification to earnings during next twelve months	$ 14
Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	11,750	$ 12,061
Foreign currency contracts \| Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	8,969	5,510
Foreign currency contracts \| Net Investment Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	0	0
Interest Rate Contract \| Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	500
Cross Currency Swap \| Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	958	958
Commodity Contract \| Cash Flow Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	59	35
Interest Rate Swap \| Fair Value Hedging
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	13,592	13,425
Not Designated as Hedging Instrument [Member] \| Foreign currency contracts
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	5,976	4,902
Not Designated as Hedging Instrument [Member] \| Commodity Contract
Fair Value, Derivatives Designated and Not Designated as Hedges
Derivative, Notional Amount	$ 345	$ 336

SUPPLY CHAIN FINANCE PROGRAM (D

SUPPLY CHAIN FINANCE PROGRAM (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Text Block [Abstract]
Supplier Finance Program, Obligation	$ 1,354	$ 1,351

DEBT AND BORROWING ARRANGEMEN_2

DEBT AND BORROWING ARRANGEMENTS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Long-term debt
Commercial Paper	$ 4,643	$ 2,146
Bottling Operations in Africa
Long-term debt
Extinguishment of Debt, Amount	121
Bottling Operations in Africa \| Revolving Credit Facility
Long-term debt
Extinguishment of Debt, Amount	$ 40
Debt Instrument, Basis Spread on Variable Rate	2.344%
Bottling Operations in Africa \| Minimum [Member]
Long-term debt
Debt Instrument, Basis Spread on Variable Rate	2.95%
Bottling Operations in Africa \| Maximum [Member]
Long-term debt
Debt Instrument, Basis Spread on Variable Rate	3%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 30, 2018	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2015
IRS Claim
IRS Claim				$ 14,000
Recorded Estimate of Tax Liability	$ 439		$ 439		$ 438
Incremental tax and interest liability	$ 400		$ 800
Increase in Effective Tax Rate	3.50%		3.50%
Potential Aggregate Tax Liability- Brazil	$ 5,500		$ 5,500
Tax Years 2007-2009 [Member]
IRS Claim
IRS Claim						$ 3,300
IRS Notice Income Reallocation						$ 9,000
Transfer Pricing Adjustment		$ 385
IRS Amended Claim		135
IRS Amended Claim Related to Mexico Licensee		$ 138
Guarantees of indebtedness owed by third parties
Guarantees
Guarantees of indebtedness owed by third parties	1,105		1,105
VIEs maximum exposures to loss	95		95
Risk Management Programs
Risk Management Programs
Self-insurance reserves	$ 192		$ 192	$ 199

OTHER COMPREHENSIVE INCOME - AO

OTHER COMPREHENSIVE INCOME - AOCI Attributable to Shareholders (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
AOCI Attributable to the Shareowners of The Coca Cola Company
Accumulated other comprehensive income (loss)	$ (14,017)	$ (14,895)
Shareowners of The Coca-Cola Company
AOCI Attributable to the Shareowners of The Coca Cola Company
Net foreign currency translation adjustments	(12,658)	(13,609)
Accumulated net gains (losses) on derivatives	(71)	24
Unrealized net gains (losses) on available-for-sale debt securities	(16)	(25)
Adjustments to pension and other benefits liabilities	(1,272)	(1,285)
Accumulated other comprehensive income (loss)	$ (14,017)	$ (14,895)

OTHER COMPREHENSIVE INCOME - To

OTHER COMPREHENSIVE INCOME - Total Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Other comprehensive income:
Net Income Attributable to Shareowners of The Coca-Cola Company	$ 2,547	$ 1,905	$ 5,654	$ 4,686
Net foreign currency translation adjustments	327	(1,724)	951	(848)
Net gains (losses) on derivatives	(25)	93	(95)	157
Net change in unrealized gains (losses) on available-for-sale debt securities	1	5	9	(30)
Net change in pension and other postretirement benefit liabilities	2	165	13	250
Total Comprehensive Income Attributable to Shareowners of The Coca-Cola Company	2,852	444	6,532	4,215
Net Income (Loss) Attributable to Noncontrolling Interest	(26)	(5)	(20)	7
Net foreign currency translation adjustments attributable to noncontrolling interests			(150)
Net gains (losses) on derivatives attributable to noncontrolling interests			0
Net changes in unrealized gains (losses) on available-for-sale debt securities attributable to noncontrolling interests			0
Net change in pension and other postretirement benefit liabilities attributable to noncontrolling interests			0
Less: Comprehensive income (loss) attributable to noncontrolling interests	(101)	(191)	(170)	(46)
Consolidated net income	2,521	1,900	5,634	4,693
Net foreign currency translation adjustments	252	(1,910)	801	(901)
Net gains (losses) on derivatives	(25)	93	(95)	157
Net change in unrealized gains (losses) on available-for-sale debt securities	1	5	9	(30)
Net change in pension and other postretirement benefit liabilities	2	165	13	250
Total Comprehensive Income	$ 2,751	$ 253	$ 6,362	$ 4,169

OTHER COMPREHENSIVE INCOME - OC

OTHER COMPREHENSIVE INCOME - OCI Attributable to Shareholders (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Foreign currency translation adjustments:
Translation adjustment arising during the period	$ 300	$ (950)	$ 737	$ 374
Reclassification adjustments recognized in net income	0		101	200
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	151	(1,333)	443	(2,003)
Gains (losses) on net investment hedges arising during the period	(81)	709	(235)	1,058
Net foreign currency translation adjustments	370	(1,574)	1,046	(371)
Derivatives:
Gains (Losses) arising during the period	(31)	97	(107)	180
Reclassification adjustments recognized in net income	4	36	3	39
Net gains (losses) on derivatives	(27)	133	(104)	219
Available-for-sale securities:
Unrealized gains (losses) arising during the period	4	2	13	(44)
Reclassification adjustments recognized in net income	(1)	1	2	5
Net change in unrealized gains (losses) on available-for-sale debt securities	3	3	15	(39)
Pension and other benefit liabilities:
Net pension and other postretirement benefits arising during the period	(11)	198	(16)	266
Reclassification adjustments recognized in net income	22	28	44	56
Net change in pension and other postretirement benefit liabilities	11	226	28	322
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company	357	(1,212)	985	131
Foreign currency translation adjustments:
Translation adjustment arising during the period	(63)	27	(154)	(213)
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	20	(177)	59	(264)
Net foreign currency translation adjustments	(43)	(150)	(95)	(477)
Derivatives:
Gains (losses) arising during the period	3	(31)	10	(52)
Reclassification adjustments recognized in net income	(1)	(9)	(1)	(10)
Net gains (losses) on derivatives	2	(40)	9	(62)
Available-for-sales securities:
Unrealized gains (losses) arising during the period	(3)	2	(6)	10
Reclassification adjustments recognized in net income	1	0	0	(1)
Net change in unrealized gains (losses) on available-for-sale debt securities	(2)	2	(6)	9
Pension and other benefit liabilities:
Net pension and other postretirement benefits arising during the period	(4)	(54)	(6)	(58)
Reclassification adjustments recognized in net income	(5)	(7)	(9)	(14)
Net change in pension and other postretirement benefit liabilities	(9)	(61)	(15)	(72)
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company	(52)	(249)	(107)	(602)
Foreign currency translation adjustments:
Translation adjustment arising during the period	237	(923)	583	161
Reclassification adjustments recognized in net income	0		101	200
Gains (losses) on intra-entity transactions that are of a long-term-investment nature	151	(1,333)	443	(2,003)
Gains (losses) on net investments hedges arising during the period	(61)	532	(176)	794
Net foreign currency translation adjustments	327	(1,724)	951	(848)
Derivatives:
Gains (losses) arising during the period	(28)	66	(97)	128
Reclassification adjustments recognized in net income	3	27	2	29
Net gains (losses) on derivatives	(25)	93	(95)	157
Available-for-sale securities:
Unrealized gains (losses) arising during the period	1	4	7	(34)
Reclassification adjustments recognized in net income	0	1	2	4
Net change in unrealized gains (losses) on available-for-sale debt securities	1	5	9	(30)
Pension and other benefit liabilities:
Net pension and other postretirement benefits arising during the period	(15)	144	(22)	208
Reclassification adjustments recognized in net income	17	21	35	42
Net change in pension and other postretirement benefit liabilities	2	165	13	250
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company	$ 305	$ (1,461)	$ 878	$ (471)

OTHER COMPREHENSIVE INCOME - Ad

OTHER COMPREHENSIVE INCOME - Adjustment Reclassified to Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	$ 0		$ 101	$ 200
Reclassification adjustments recognized in net income, tax	0		0	0
Reclassification adjustments recognized in net income	0		101	200
Reclassification adjustments recognized in net income, before tax	4	$ 36	3	39
Reclassification adjustments recognized in net income, tax	(1)	(9)	(1)	(10)
Reclassification adjustments recognized in net income	3	27	2	29
Reclassification adjustments recognized in net income, before tax	(1)	1	2	5
Reclassification adjustments recognized in net income, tax	1	0	0	(1)
Reclassification adjustments recognized in net income	0	1	2	4
Reclassification adjustments recognized in net income, before tax	22	28	44	56
Reclassification adjustments recognized in net income, tax	(5)	(7)	(9)	(14)
Reclassification adjustments recognized in net income	17	$ 21	35	$ 42
Net operating revenues
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	7		6
Cost of goods sold
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	(1)		(2)
Interest expense
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	1		2
Other income (loss) — net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustments recognized in net income, before tax	0		101
Reclassification adjustments recognized in net income, before tax	(3)		(3)
Reclassification adjustments recognized in net income, before tax	(1)		2
Recognized net actuarial loss	22		45
Recognized prior service cost (credit)	$ 0		$ (1)

CHANGES IN EQUITY (Details)

CHANGES IN EQUITY (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Mar. 31, 2023	Dec. 31, 2022	Apr. 01, 2022	Dec. 31, 2021
Changes in Equity
Treasury Stock, Shares, Acquired	(4,000)	(10,000)	(16,000)	(18,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 26,868	$ 26,841	$ 25,826	$ 24,860
Comprehensive income (loss)	$ 2,751	$ 253	$ 6,362	$ 4,169
Common Stock, Dividends, Per Share, Cash Paid	$ 0.46	$ 0.44	$ 0.92	$ 0.88
Dividends, Common Stock, Cash	$ (1,989)	$ (1,904)	$ (3,978)	$ (3,810)
Dividends Paid to Noncontrolling Interests	(9)	(7)	(13)	(16)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	(22)		(22)
Treasury Stock, Value, Acquired, Cost Method	(230)	(677)	(979)	(1,148)
Impact related to stock compensation plans	183	297	356	748
Other Activities			0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	27,552	24,803	27,552	24,803
Reinvested Earnings
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	72,137	69,969	71,019	69,094
Comprehensive income (loss)	2,547	1,905	5,654	4,686
Dividends, Common Stock, Cash	(1,989)	(1,904)	(3,978)	(3,810)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	72,695	69,970	72,695	69,970
AOCI Attributable to Parent
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	(14,322)	(13,340)	(14,895)	(14,330)
Comprehensive income (loss)	305	(1,461)	878	(471)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ (14,017)	$ (14,801)	$ (14,017)	$ (14,801)
Common Stock
Changes in Equity
Common Stock, Shares, Outstanding	4,324,000	4,326,000	4,324,000	4,326,000	4,325,000	4,328,000	4,331,000	4,325,000
Impact related to stock compensation plans, shares	3,000	5,000	12,000	19,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 1,760	$ 1,760	$ 1,760	$ 1,760
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	1,760	1,760	1,760	1,760
Capital Surplus
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	18,889	18,388	18,822	18,116
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	(20)		(20)
Impact related to stock compensation plans	124	193	194	464
Other Activities			(3)	1
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	18,993	18,581	18,993	18,581
Treasury Stock, Common
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	(53,247)	(51,932)	(52,601)	(51,641)
Treasury Stock, Value, Acquired, Cost Method	(230)	(677)	(979)	(1,148)
Impact related to stock compensation plans	59	104	162	284
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	(53,418)	(52,505)	(53,418)	(52,505)
Noncontrolling Interests
Changes in Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	1,651	1,996	1,721	1,861
Comprehensive income (loss)	(101)	(191)	(170)	(46)
Dividends Paid to Noncontrolling Interests	(9)	(7)	(13)	(16)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	(2)		(2)
Other Activities			3	(1)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	$ 1,539	$ 1,798	$ 1,539	$ 1,798

SIGNIFICANT OPERATING AND NON_2

SIGNIFICANT OPERATING AND NONOPERATING ITEMS (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Other Operating Charges
Other operating charges	$ 1,338		$ 951	$ 1,449	$ 979
Business Exit Costs	35			35
Other Nonoperating Items
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	2		35	84	30
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee					(24)
Equity Method Investment, Other than Temporary Impairment			96		96
Tax litigation expense	6			6
BodyArmor
Other Operating Charges
Gain (loss) related to BodyArmor transaction	(3)		(13)	(7)	(8)
Corporate
Other Nonoperating Items
Debt and Equity Securities, Gain (Loss)	127		(267)	240	(371)
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee					(24)
Gain (Loss) on Disposition of Business				439
Tax litigation expense	6			6
Corporate \| BodyArmor
Other Operating Charges
Gain (loss) related to BodyArmor transaction	(3)		(15)	(7)	(29)
North America
Other Operating Charges
Productivity, integration and restructuring initiatives	8			26
Business Exit Costs	5		11	11	23
North America \| BodyArmor
Other Operating Charges
Gain (loss) related to BodyArmor transaction			2		21
North America \| Other Operating Income (Expense)
Other Operating Charges
Business Exit Costs			1		3
Productivity and Reinvestment
Other Operating Charges
Productivity, integration and restructuring initiatives	24		19	51	29
Productivity and Reinvestment \| Corporate
Other Operating Charges
Productivity, integration and restructuring initiatives	25		19	52	29
Strategic Realignment
Other Operating Charges
Productivity, integration and restructuring initiatives			1
fairlife \| Corporate
Other Operating Charges
Contingent Consideration Liability	$ 1,262		$ 917	1,324	$ 939
Vietnam Bottling Operations
Other Nonoperating Items
Gain (Loss) on Disposition of Business		$ 439		$ 439

RESTRUCTURING (Details)

RESTRUCTURING (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
RESTRUCTURING (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Productivity and Reinvestment
Productivity, Integration and Restructuring Initiatives Disclosures
Cost incurred	$ 24	$ 19	$ 51	$ 29
Restructuring and related costs incurred to date	4,180		4,180
North America OU Restructuring
Productivity, Integration and Restructuring Initiatives Disclosures
Cost incurred	8		26
Restructuring and related costs incurred to date	$ 64		$ 64

PENSION AND OTHER POSTRETIREM_3

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Net periodic pension and other Postretirement benefit cost
Contributions to pension plan			$ 23	$ 19
Expected Future Employer Contributions, Next Fiscal Year	$ 12		12
Pension Benefits
Net periodic pension and other Postretirement benefit cost
Service cost	23	$ 22	47	44
Interest cost	81	51	162	102
Expected return on plan assets	(119)	(147)	(238)	(296)
Amortization of prior service cost (credit)	1	0	1	0
Amortization of net actuarial loss	24	29	48	58
Net periodic benefit cost (income)	$ 10	(45)	$ 20	(92)
Weighted-Average Expected Long-term Rate of Return on Plan Assets	7%		7%
Other Benefits
Net periodic pension and other Postretirement benefit cost
Service cost	$ 1	1	$ 2	3
Interest cost	7	5	14	9
Expected return on plan assets	(3)	(4)	(7)	(8)
Amortization of prior service cost (credit)	(1)	(1)	(2)	(2)
Amortization of net actuarial loss	(2)	0	(3)	0
Net periodic benefit cost (income)	$ 2	$ 1	$ 4	$ 2
Weighted-Average Expected Long-term Rate of Return on Plan Assets	3.75%		3.75%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Income Tax Contingency [Line Items]
Income taxes	$ 359	$ 384	$ 1,299	$ 1,049
Effective tax rate (as a percent)	12.50%	16.80%	18.70%	18.30%
U.S. statutory rate (as a percent)	21%	21%	21%	21%
Other Tax Expense (Benefit)	$ (120)		$ (125)

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Assets and liabilities measured at fair value on a recurring basis
Equity securities with readily determinable values	$ 1,924	$ 2,070
Total debt securities	1,157	983
Derivatives, assets	79	14
Total assets	3,160	3,067
Contingent Consideration Liability	2,639	1,590
Derivatives, liabilities	267	288
Total liabilities	2,906	1,878
Derivative, Collateral, Right to Reclaim Cash	$ 1,430	$ 1,447
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other noncurrent assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
fairlife
Assets and liabilities measured at fair value on a recurring basis
Payments for (Proceeds from) Previous Acquisition	$ 275
Netting Adjustment
Assets and liabilities measured at fair value on a recurring basis
Equity securities with readily determinable values	0	$ 0
Total debt securities	0	0
Derivatives, assets	(227)	(227)
Total assets	(227)	(227)
Contingent Consideration Liability	0	0
Derivatives, liabilities	(1,657)	(1,678)
Total liabilities	(1,657)	(1,678)
Level 1
Assets and liabilities measured at fair value on a recurring basis
Equity securities with readily determinable values	1,655	1,801
Total debt securities	0	0
Derivatives, assets	0	2
Total assets	1,655	1,803
Contingent Consideration Liability	0	0
Derivatives, liabilities	7	4
Total liabilities	7	4
Level 2
Assets and liabilities measured at fair value on a recurring basis
Equity securities with readily determinable values	182	169
Total debt securities	1,141	975
Derivatives, assets	306	239
Total assets	1,629	1,383
Contingent Consideration Liability	0	0
Derivatives, liabilities	1,917	1,962
Total liabilities	1,917	1,962
Level 3
Assets and liabilities measured at fair value on a recurring basis
Equity securities with readily determinable values	5	15
Total debt securities	16	8
Derivatives, assets	0	0
Total assets	21	23
Contingent Consideration Liability	2,639	1,590
Derivatives, liabilities	0	0
Total liabilities	2,639	1,590
Fair Value Measured at Net Asset Value Per Share
Assets and liabilities measured at fair value on a recurring basis
Equity securities with readily determinable values	82	85
Total debt securities	0	0
Derivatives, assets	0	0
Total assets	82	85
Contingent Consideration Liability	0	0
Derivatives, liabilities	0	0
Total liabilities	0	$ 0
Prepaid Expenses and Other Current Assets
Assets and liabilities measured at fair value on a recurring basis
Derivatives, assets	24
Other noncurrent assets
Assets and liabilities measured at fair value on a recurring basis
Derivatives, assets	$ 55

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Asset Impairment Charges	$ 25		$ 25
Equity Method Investment, Other than Temporary Impairment		$ 96		$ 96
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee				$ (24)
Long-term debt, including the current portion, carrying amount	36,797		36,797		$ 36,776
Long-term debt, including the current portion, fair value	$ 32,382		$ 32,382		$ 32,698

OPERATING SEGMENTS - Informatio

OPERATING SEGMENTS - Information about Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022	Dec. 31, 2022
Net operating revenues:
Third Party	$ 11,972	$ 11,325	$ 22,952	$ 21,816
Intersegment	0	0	0	0
Net Operating Revenues	11,972	11,325	22,952	21,816
Operating Income (Loss)	2,401	2,341	5,768	5,746
Income (loss) before income taxes	2,880	2,284	6,933	5,742
Identifiable operating assets	79,036	74,794	79,036	74,794	$ 73,998
Noncurrent investments	$ 19,420	$ 18,375	$ 19,420	$ 18,375	$ 18,765
INDIA
Net operating revenues:
Property, Plant and Equipment, Net Percentage India	10%		10%
PHILIPPINES
Net operating revenues:
Property, Plant and Equipment, Net Percentage Philippines	10%	10%	10%	10%	10%
Europe, Middle East & Africa
Net operating revenues:
Third Party	$ 2,043	$ 2,018	$ 3,874	$ 3,679
Intersegment	145	166	338	338
Net Operating Revenues	2,188	2,184	4,212	4,017
Operating Income (Loss)	1,133	1,291	2,268	2,298
Income (loss) before income taxes	1,147	1,225	2,289	2,248
Identifiable operating assets	7,729	7,721	7,729	7,721	$ 7,088
Noncurrent investments	394	439	394	439	410
Latin America
Net operating revenues:
Third Party	1,378	1,140	2,764	2,354
Intersegment	0	0	0	0
Net Operating Revenues	1,378	1,140	2,764	2,354
Operating Income (Loss)	797	674	1,650	1,434
Income (loss) before income taxes	802	680	1,657	1,437
Identifiable operating assets	2,474	2,054	2,474	2,054	2,067
Noncurrent investments	728	605	728	605	629
North America
Net operating revenues:
Third Party	4,365	4,029	8,267	7,618
Intersegment	2	1	4	2
Net Operating Revenues	4,367	4,030	8,271	7,620
Operating Income (Loss)	1,216	840	2,249	1,896
Income (loss) before income taxes	1,227	848	2,268	1,912
Identifiable operating assets	26,109	26,372	26,109	26,372	25,760
Noncurrent investments	15	19	15	19	15
Asia Pacific
Net operating revenues:
Third Party	1,349	1,343	2,534	2,574
Intersegment	218	223	404	403
Net Operating Revenues	1,567	1,566	2,938	2,977
Operating Income (Loss)	673	753	1,236	1,417
Income (loss) before income taxes	675	757	1,098	1,427
Identifiable operating assets	2,453	2,628	2,453	2,628	2,368
Noncurrent investments	76	222	76	222	219
Global Ventures
Net operating revenues:
Third Party	765	695	1,472	1,424
Intersegment	0	0	0	0
Net Operating Revenues	765	695	1,472	1,424
Operating Income (Loss)	78	44	129	95
Income (loss) before income taxes	78	48	135	104
Identifiable operating assets	7,622	7,210	7,622	7,210	7,325
Noncurrent investments	0	0	0	0	0
Bottling investments
Net operating revenues:
Third Party	2,042	2,077	3,986	4,119
Intersegment	0	2	2	4
Net Operating Revenues	2,042	2,079	3,988	4,123
Operating Income (Loss)	122	113	261	306
Income (loss) before income taxes	577	453	1,081	846
Identifiable operating assets	9,281	9,881	9,281	9,881	10,232
Noncurrent investments	13,406	12,569	13,406	12,569	12,892
Corporate
Net operating revenues:
Third Party	30	23	55	48
Intersegment	0	0	0	0
Net Operating Revenues	30	23	55	48
Operating Income (Loss)	(1,618)	(1,374)	(2,025)	(1,700)
Income (loss) before income taxes	(1,626)	(1,727)	(1,595)	(2,232)
Identifiable operating assets	23,368	18,928	23,368	18,928	19,158
Noncurrent investments	4,801	4,521	4,801	4,521	4,600
Eliminations
Net operating revenues:
Third Party	0	0	0	0
Intersegment	(365)	(392)	(748)	(747)
Net Operating Revenues	(365)	(392)	(748)	(747)
Operating Income (Loss)	0	0	0	0
Income (loss) before income taxes	0	0	0	0
Identifiable operating assets	0	0	0	0	0
Noncurrent investments	$ 0	$ 0	$ 0	$ 0	$ 0

OPERATING SEGMENTS - Narrative

OPERATING SEGMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Segment Reporting Information [Line Items]
Business Exit Costs	$ 35		$ 35
Tax litigation expense	6		6
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	2	$ 35	84	$ 30
Equity Method Investment, Other than Temporary Impairment		96		96
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee				(24)
Strategic Realignment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives		1
Productivity and Reinvestment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives	24	19	51	29
BodyArmor
Segment Reporting Information [Line Items]
Gain (loss) related to BodyArmor transaction	(3)	(13)	(7)	(8)
Europe, Middle East & Africa
Segment Reporting Information [Line Items]
Equity Method Investment, Other than Temporary Impairment		96		96
North America
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives	8		26
Business Exit Costs	5	11	11	23
North America \| Operating Income (Loss)
Segment Reporting Information [Line Items]
Business Exit Costs				22
North America \| Productivity and Reinvestment
Segment Reporting Information [Line Items]
Refinement of previously established accruals	(1)		(1)
North America \| BodyArmor
Segment Reporting Information [Line Items]
Gain (loss) related to BodyArmor transaction		2		21
Asia Pacific
Segment Reporting Information [Line Items]
Business Exit Costs	35		35
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees			140
Bottling investments
Segment Reporting Information [Line Items]
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees	2	35	(56)	30
Corporate
Segment Reporting Information [Line Items]
Tax litigation expense	6		6
Debt and Equity Securities, Gain (Loss)	127	(267)	240	(371)
Gain (Loss) on Disposition of Business			439
Gain (Loss) on Sale of Previously Unissued Stock by Equity Investee				(24)
Corporate \| Productivity and Reinvestment
Segment Reporting Information [Line Items]
Productivity, integration and restructuring initiatives	25	19	52	29
Corporate \| fairlife
Segment Reporting Information [Line Items]
Contingent Consideration Liability	1,262	917	1,324	939
Corporate \| BodyArmor
Segment Reporting Information [Line Items]
Gain (loss) related to BodyArmor transaction	$ (3)	$ (15)	$ (7)	$ (29)