OTHER COMPREHENSIVE INCOME (Tables)

3 Months Ended

Mar. 28, 2025

AOCI attributable to the shareowners of The Coca Cola Company

AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions):


	March 28, 2025		December 31, 2024
Net foreign currency translation adjustments	$	(15,024)	$	(15,610)
Accumulated net gains (losses) on derivatives	(141)		116
Unrealized net gains (losses) on available-for-sale debt securities	(51)		(64)
Adjustments to pension and other postretirement benefit liabilities	(1,266)		(1,285)
Accumulated other comprehensive income (loss)	$	(16,482)	$	(16,843)

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):


	Three Months Ended March 28, 2025
	Shareowners of The Coca-Cola Company		Noncontrolling Interests		Total
Consolidated net income	$	3,330	$	5	$	3,335
Other comprehensive income:
Net foreign currency translation adjustments	586		33		619
Net gains (losses) on derivatives1	(257)		—		(257)
Net change in unrealized gains (losses) on available-for-sale debt securities2	13		—		13
Net change in pension and other postretirement benefit liabilities	19		—		19

Total comprehensive income (loss)	$	3,691	$	38	$	3,729

1Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.

2Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.

OCI attributable to the shareowners of The Coca-Cola Company

The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions):


Three Months Ended March 28, 2025	Before-Tax Amount		Income Tax		After-Tax Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	8	$	(9)	$	(1)
Reclassification adjustments recognized in net income	34		(2)		32
Gains (losses) on intra-entity transactions that are of a long-term investment nature	1,010		—		1,010
Gains (losses) on net investment hedges arising during the period1	(606)		151		(455)

Net foreign currency translation adjustments	$	446	$	140	$	586
Derivatives:
Gains (losses) arising during the period	$	(274)	$	69	$	(205)
Reclassification adjustments recognized in net income	(69)		17		(52)
Net gains (losses) on derivatives1	$	(343)	$	86	$	(257)
Available-for-sale debt securities:
Unrealized gains (losses) arising during the period	$	16	$	(4)	$	12
Reclassification adjustments recognized in net income	1		—		1
Net change in unrealized gains (losses) on available-for-sale debt securities2	$	17	$	(4)	$	13
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the period	$	(17)	$	10	$	(7)
Reclassification adjustments recognized in net income	33		(7)		26
Net change in pension and other postretirement benefit liabilities	$	16	$	3	$	19
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company	$	136	$	225	$	361

1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.

2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.


Three Months Ended March 29, 2024	Before-Tax Amount		Income Tax		After-Tax Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	(34)	$	(35)	$	(69)
Reclassification adjustments recognized in net income	103		—		103
Gains (losses) on intra-entity transactions that are of a long-term investment nature	(518)		—		(518)
Gains (losses) on net investment hedges arising during the period1	274		(69)		205

Net foreign currency translation adjustments	$	(175)	$	(104)	$	(279)
Derivatives:
Gains (losses) arising during the period	$	27	$	(11)	$	16
Reclassification adjustments recognized in net income	44		(11)		33
Net gains (losses) on derivatives1	$	71	$	(22)	$	49
Available-for-sale debt securities:

Reclassification adjustments recognized in net income	$	6	$	(1)	$	5
Net change in unrealized gains (losses) on available-for-sale debt securities2	$	6	$	(1)	$	5
Pension and other postretirement benefit liabilities:
Net pension and other postretirement benefit liabilities arising during the period	$	(13)	$	(8)	$	(21)
Reclassification adjustments recognized in net income	22		(5)		17
Net change in pension and other postretirement benefit liabilities	$	9	$	(13)	$	(4)
Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company	$	(89)	$	(140)	$	(229)

1Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.

2Refer 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 statement of income where adjustments reclassified from AOCI into income were recorded (in millions):


		Amount Reclassified from AOCI into Income
Description of AOCI Component	Financial Statement Line Item Impacted	Three Months Ended March 28, 2025
Foreign currency translation adjustments:
Divestitures1	Other income (loss) — net	$	34

	Income before income taxes	34
	Income taxes	(2)
	Consolidated net income	$	32
Derivatives:
Foreign currency contracts	Net operating revenues	$	(41)
Foreign currency and commodity contracts	Cost of goods sold	(6)
Foreign currency and interest rate contracts	Interest expense	2

Foreign currency contracts	Other income (loss) — net	(24)
	Income before income taxes	(69)
	Income taxes	17
	Consolidated net income	$	(52)
Available-for-sale debt securities:

Sale of debt securities	Other income (loss) — net	$	1
	Income before income taxes	1
	Income taxes	—
	Consolidated net income	$	1
Pension and other postretirement benefit liabilities:
Divestitures1	Other income (loss) — net	$	(2)

Curtailment loss (gain)	Other income (loss) — net	11

Amortization of net actuarial loss (gain)	Other income (loss) — net	25
Amortization of prior service cost (credit)	Other income (loss) — net	(1)

	Income before income taxes	33
	Income taxes	(7)
	Consolidated net income	$	26

1 Related to the sale of a portion of our ownership interest in CCEP. Refer to Note 2.