falsedesktopKO2020-09-25000002134420000046{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Title of each class\tTrading Symbol(s)\tName of each exchange on which registered\nCommon Stock $0.25 Par Value\tKO\tNew York Stock Exchange\nFloating Rate Notes Due 2021\tKO21C\tNew York Stock Exchange\n0.75% Notes Due 2023\tKO23B\tNew York Stock Exchange\n0.500% Notes Due 2024\tKO24\tNew York Stock Exchange\n1.875% Notes Due 2026\tKO26\tNew York Stock Exchange\n0.750% Notes Due 2026\tKO26C\tNew York Stock Exchange\n1.125% Notes Due 2027\tKO27\tNew York Stock Exchange\n0.125% Notes Due 2029\tKO29A\tNew York Stock Exchange\n1.250% Notes Due 2031\tKO31\tNew York Stock Exchange\n0.375% Notes Due 2033\tKO33\tNew York Stock Exchange\n1.625% Notes Due 2035\tKO35\tNew York Stock Exchange\n1.100% Notes Due 2036\tKO36\tNew York Stock Exchange\n0.800% Notes Due 2040\tKO40B\tNew York Stock Exchange\n", "q10k_tbl_1": "Large accelerated filer\t☒\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\nEmerging growth company\t☐\t\t\t\t\t\nIf an emerging growth company indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.\t\t\t\t\t\t\t\t\t\t\t\t\t☐\t\t\n", "q10k_tbl_2": "\t\tPage\n\tForward-Looking Statements\t1\n\tPart I. Financial Information\t\nItem 1.\tFinancial Statements (Unaudited)\t2\n\tCondensed Consolidated Statements of Income Three and Nine Months Ended September 25 2020 and September 27 2019\t2\n\tCondensed Consolidated Statements of Comprehensive Income Three and Nine Months Ended September 25 2020 and September 27 2019\t3\n\tCondensed Consolidated Balance Sheets September 25 2020 and December 31 2019\t4\n\tCondensed Consolidated Statements of Cash Flows Nine Months Ended September 25 2020 and September 27 2019\t5\n\tNotes to Condensed Consolidated Financial Statements\t6\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t36\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t54\nItem 4.\tControls and Procedures\t54\n\tPart II. Other Information\t\nItem 1.\tLegal Proceedings\t54\nItem 1A.\tRisk Factors\t54\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t57\nItem 6.\tExhibits\t57\n\tSignatures\t61\n", "q10k_tbl_3": "\tThree Months Ended\t\t\tNine Months Ended\n\tSeptember 25 2020\tSeptember 27 2019\tSeptember 25 2020\tSeptember 27 2019\nNet Operating Revenues\t8652\t9507\t24403\t28198\nCost of goods sold\t3471\t3767\t9855\t11053\nGross Profit\t5181\t5740\t14548\t17145\nSelling general and administrative expenses\t2511\t3116\t7142\t8879\nOther operating charges\t372\t125\t747\t344\nOperating Income\t2298\t2499\t6659\t7922\nInterest income\t82\t153\t294\t428\nInterest expense\t660\t230\t1127\t711\nEquity income (loss) - net\t431\t346\t774\t808\nOther income (loss) - net\t30\t324\t788\t(81)\nIncome Before Income Taxes\t2181\t3092\t7388\t8366\nIncome taxes\t441\t503\t1094\t1446\nConsolidated Net Income\t1740\t2589\t6294\t6920\nLess: Net income (loss) attributable to noncontrolling interests\t3\t(4)\t3\t42\nNet Income Attributable to Shareowners of The Coca-Cola Company\t1737\t2593\t6291\t6878\nBasic Net Income Per Share1\t0.40\t0.61\t1.47\t1.61\nDiluted Net Income Per Share1\t0.40\t0.60\t1.46\t1.60\nAverage Shares Outstanding\t4296\t4280\t4293\t4273\nEffect of dilutive securities\t25\t41\t28\t38\nAverage Shares Outstanding Assuming Dilution\t4321\t4321\t4321\t4311\n", "q10k_tbl_4": "\tThree Months Ended\t\t\tNine Months Ended\n\tSeptember 25 2020\tSeptember 27 2019\tSeptember 25 2020\tSeptember 27 2019\nConsolidated Net Income\t1740\t2589\t6294\t6920\nOther Comprehensive Income:\t\t\t\t\nNet foreign currency translation adjustments\t1052\t(960)\t(2283)\t(679)\nNet gains (losses) on derivatives\t(13)\t46\t(23)\t30\nNet change in unrealized gains (losses) on available-for-sale debt securities\t(21)\t16\t(40)\t46\nNet change in pension and other benefit liabilities\t(2)\t32\t45\t100\nTotal Comprehensive Income\t2756\t1723\t3993\t6417\nLess: Comprehensive income (loss) attributable to noncontrolling interests\t5\t(145)\t(396)\t(88)\nTotal Comprehensive Income Attributable to Shareowners of The Coca-Cola Company\t2751\t1868\t4389\t6505\n", "q10k_tbl_5": "\tSeptember 25 2020\tDecember 31 2019\nASSETS\t\t\t\t\t\t\t\t\nCurrent Assets\t\t\nCash and cash equivalents\t11385\t6480\nShort-term investments\t7347\t1467\nTotal Cash Cash Equivalents and Short-Term Investments\t18732\t7947\nMarketable securities\t2396\t3228\nTrade accounts receivable less allowances of $546 and $524 respectively\t3827\t3971\nInventories\t3264\t3379\nPrepaid expenses and other assets\t2191\t1886\nTotal Current Assets\t30410\t20411\nEquity method investments\t18875\t19025\nOther investments\t712\t854\nOther assets\t6161\t6075\nDeferred income tax assets\t2439\t2412\nProperty plant and equipment less accumulated depreciation of $8877 and $8083 respectively\t10667\t10838\nTrademarks with indefinite lives\t10333\t9266\nGoodwill\t16887\t16764\nOther intangible assets\t700\t736\nTotal Assets\t97184\t86381\nLIABILITIES AND EQUITY\t\t\t\t\t\t\t\t\nCurrent Liabilities\t\t\nAccounts payable and accrued expenses\t12750\t11312\nLoans and notes payable\t5857\t10994\nCurrent maturities of long-term debt\t7508\t4253\nAccrued income taxes\t776\t414\nTotal Current Liabilities\t26891\t26973\nLong-term debt\t39502\t27516\nOther liabilities\t8530\t8510\nDeferred income tax liabilities\t1945\t2284\nThe Coca-Cola Company Shareowners' Equity\t\t\nCommon stock $0.25 par value; authorized - 11200 shares; issued - 7040 shares\t1760\t1760\nCapital surplus\t17463\t17154\nReinvested earnings\t66863\t65855\nAccumulated other comprehensive income (loss)\t(15446)\t(13544)\nTreasury stock at cost - 2743 and 2760 shares respectively\t(52033)\t(52244)\nEquity Attributable to Shareowners of The Coca-Cola Company\t18607\t18981\nEquity attributable to noncontrolling interests\t1709\t2117\nTotal Equity\t20316\t21098\nTotal Liabilities and Equity\t97184\t86381\n", "q10k_tbl_6": "\tNine Months Ended\t\n\tSeptember 25 2020\tSeptember 27 2019\nOperating Activities\t\t\nConsolidated net income\t6294\t6920\nDepreciation and amortization\t1106\t965\nStock-based compensation expense\t88\t146\nDeferred income taxes\t10\t(326)\nEquity (income) loss - net of dividends\t(565)\t(336)\nForeign currency adjustments\t(145)\t79\nSignificant (gains) losses - net\t(899)\t(389)\nOther operating charges\t671\t147\nOther items\t562\t444\nNet change in operating assets and liabilities\t(902)\t121\nNet Cash Provided by Operating Activities\t6220\t7771\nInvesting Activities\t\t\nPurchases of investments\t(12051)\t(4113)\nProceeds from disposals of investments\t6482\t5674\nAcquisitions of businesses equity method investments and nonmarketable securities\t(989)\t(5376)\nProceeds from disposals of businesses equity method investments and nonmarketable securities\t46\t266\nPurchases of property plant and equipment\t(759)\t(1206)\nProceeds from disposals of property plant and equipment\t156\t944\nOther investing activities\t43\t(90)\nNet Cash Provided by (Used in) Investing Activities\t(7072)\t(3901)\nFinancing Activities\t\t\nIssuances of debt\t26898\t19598\nPayments of debt\t(17977)\t(21716)\nIssuances of stock\t514\t923\nPurchases of stock for treasury\t(93)\t(690)\nDividends\t(3522)\t(3419)\nOther financing activities\t153\t(33)\nNet Cash Provided by (Used in) Financing Activities\t5973\t(5337)\nEffect of Exchange Rate Changes on Cash Cash Equivalents Restricted Cash and Restricted Cash Equivalents\t(36)\t(75)\nCash Cash Equivalents Restricted Cash and Restricted Cash Equivalents\t\t\nNet increase (decrease) in cash cash equivalents restricted cash and restricted cash equivalents during the period\t5085\t(1542)\nCash cash equivalents restricted cash and restricted cash equivalents at beginning of period\t6737\t9318\nCash Cash Equivalents Restricted Cash and Restricted Cash Equivalents at End of Period\t11822\t7776\nLess: Restricted cash and restricted cash equivalents at end of period\t437\t245\nCash and Cash Equivalents at End of Period\t11385\t7531\n", "q10k_tbl_7": "\tSeptember 25 2020\tDecember 31 2019\nCash and cash equivalents\t11385\t6480\nCash and cash equivalents included in other assets1\t437\t257\nCash cash equivalents restricted cash and restricted cash equivalents\t11822\t6737\n", "q10k_tbl_8": "\tSeptember 27 2019\tDecember 31 2018\nCash and cash equivalents\t7531\t9077\nCash and cash equivalents included in other assets1\t245\t241\nCash cash equivalents restricted cash and restricted cash equivalents\t7776\t9318\n", "q10k_tbl_9": "\tUnited States\tInternational\tTotal\nThree Months Ended September 25 2020\t\t\t\nConcentrate operations\t1523\t3556\t5079\nFinished product operations\t1503\t2070\t3573\nTotal\t3026\t5626\t8652\nThree Months Ended September 27 2019\t\t\t\nConcentrate operations\t1414\t4026\t5440\nFinished product operations\t1676\t2391\t4067\nTotal\t3090\t6417\t9507\n", "q10k_tbl_10": "\tUnited States\tInternational\tTotal\nNine Months Ended September 25 2020\t\t\t\nConcentrate operations\t4117\t9966\t14083\nFinished product operations\t4299\t6021\t10320\nTotal\t8416\t15987\t24403\nNine Months Ended September 27 2019\t\t\t\nConcentrate operations\t4014\t11782\t15796\nFinished product operations\t4824\t7578\t12402\nTotal\t8838\t19360\t28198\n", "q10k_tbl_11": "\tFair Value with Changes Recognized in Income\tMeasurement Alternative - No Readily Determinable Fair Value\nSeptember 25 2020\t\t\nMarketable securities\t296\t0\nOther investments\t662\t50\nOther assets\t1097\t0\nTotal equity securities\t2055\t50\nDecember 31 2019\t\t\nMarketable securities\t329\t0\nOther investments\t772\t82\nOther assets\t1118\t0\nTotal equity securities\t2219\t82\n", "q10k_tbl_12": "\tThree Months Ended\t\n\tSeptember 25 2020\tSeptember 27 2019\nNet gains (losses) recognized during the period related to equity securities\t17\t29\nLess: Net gains (losses) recognized during the period related to equity securities sold during the period\t0\t0\nNet unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period\t17\t29\n", "q10k_tbl_13": "\tNine Months Ended\t\n\tSeptember 25 2020\tSeptember 27 2019\nNet gains (losses) recognized during the period related to equity securities\t(137)\t163\nLess: Net gains (losses) recognized during the period related to equity securities sold during the period\t(24)\t16\nNet unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period\t(113)\t147\n", "q10k_tbl_14": "\t\tGross Unrealized\t\t\tEstimated Fair Value\n\tCost\tGains\tLosses\t\nSeptember 25 2020\t\t\t\t\nTrading securities\t34\t1\t0\t35\nAvailable-for-sale securities\t2611\t63\t(16)\t2658\nTotal debt securities\t2645\t64\t(16)\t2693\nDecember 31 2019\t\t\t\t\nTrading securities\t46\t1\t0\t47\nAvailable-for-sale securities\t3172\t113\t(4)\t3281\nTotal debt securities\t3218\t114\t(4)\t3328\n", "q10k_tbl_15": "\tSeptember 25 2020\t\t\tDecember 31 2019\n\tTrading Securities\tAvailable-for-Sale Securities\tTrading Securities\tAvailable-for-Sale Securities\nCash and cash equivalents\t0\t305\t0\t123\nMarketable securities\t35\t2065\t47\t2852\nOther assets\t0\t288\t0\t306\nTotal debt securities\t35\t2658\t47\t3281\n", "q10k_tbl_16": "\tCost\tEstimated Fair Value\nWithin 1 year\t1186\t1212\nAfter 1 year through 5 years\t1140\t1134\nAfter 5 years through 10 years\t89\t102\nAfter 10 years\t196\t210\nTotal\t2611\t2658\n", "q10k_tbl_17": "\tThree Months Ended\t\t\tNine Months Ended\n\tSeptember 25 2020\tSeptember 27 2019\tSeptember 25 2020\tSeptember 27 2019\nGross gains\t2\t9\t19\t37\nGross losses\t(3)\t(1)\t(11)\t(5)\nProceeds\t233\t1284\t1419\t3074\n", "q10k_tbl_18": "\tSeptember 25 2020\tDecember 31 2019\nRaw materials and packaging\t2069\t2180\nFinished goods\t802\t851\nOther\t393\t348\nTotal inventories\t3264\t3379\n", "q10k_tbl_19": "\t\tFair Value12\t\nDerivatives Designated as Hedging Instruments\tBalance Sheet Location1\tSeptember 25 2020\tDecember 31 2019\nAssets:\t\t\t\nForeign currency contracts\tPrepaid expenses and other assets\t17\t24\nForeign currency contracts\tOther assets\t73\t91\nInterest rate contracts\tPrepaid expenses and other assets\t4\t10\nInterest rate contracts\tOther assets\t683\t427\nTotal assets\t\t777\t552\nLiabilities:\t\t\t\nForeign currency contracts\tAccounts payable and accrued expenses\t46\t40\nForeign currency contracts\tOther liabilities\t10\t48\nCommodity contracts\tAccounts payable and accrued expenses\t1\t0\nInterest rate contracts\tOther liabilities\t0\t21\nTotal liabilities\t\t57\t109\n", "q10k_tbl_20": "\t\tFair Value12\t\nDerivatives Not Designated as Hedging Instruments\tBalance Sheet Location1\tSeptember 25 2020\tDecember 31 2019\nAssets:\t\t\t\nForeign currency contracts\tPrepaid expenses and other assets\t34\t13\nCommodity contracts\tPrepaid expenses and other assets\t19\t8\nCommodity contracts\tOther assets\t4\t2\nOther derivative instruments\tPrepaid expenses and other assets\t8\t12\nOther derivative instruments\tOther assets\t3\t1\nTotal assets\t\t68\t36\nLiabilities:\t\t\t\nForeign currency contracts\tAccounts payable and accrued expenses\t41\t39\nCommodity contracts\tAccounts payable and accrued expenses\t36\t13\nCommodity contracts\tOther liabilities\t11\t1\nOther derivative instruments\tAccounts payable and accrued expenses\t5\t0\nTotal liabilities\t\t93\t53\n", "q10k_tbl_21": "\tGain (Loss) Recognized in OCI\tLocation of Gain (Loss) Recognized in Income\tGain (Loss) Reclassified from AOCI into Income\nThree Months Ended September 25 2020\t\t\t\nForeign currency contracts\t(84)\tNet operating revenues\t(21)\nForeign currency contracts\t(4)\tCost of goods sold\t2\nForeign currency contracts\t0\tInterest expense\t(6)\nForeign currency contracts\t122\tOther income (loss) - net\t100\nInterest rate contracts\t9\tInterest expense\t(14)\nCommodity contracts\t(2)\tCost of goods sold\t(1)\nTotal\t41\t\t60\nThree Months Ended September 27 2019\t\t\t\nForeign currency contracts\t71\tNet operating revenues\t(5)\nForeign currency contracts\t3\tCost of goods sold\t2\nForeign currency contracts\t0\tInterest expense\t(3)\nForeign currency contracts\t(46)\tOther income (loss) - net\t(46)\nInterest rate contracts\t(30)\tInterest expense\t(10)\nCommodity contracts\t1\tCost of goods sold\t0\nTotal\t(1)\t\t(62)\n", "q10k_tbl_22": "\tGain (Loss) Recognized in OCI\tLocation of Gain (Loss) Recognized in Income\tGain (Loss) Reclassified from AOCI into Income\nNine Months Ended September 25 2020\t\t\t\nForeign currency contracts\t(61)\tNet operating revenues\t(22)\nForeign currency contracts\t6\tCost of goods sold\t7\nForeign currency contracts\t0\tInterest expense\t(10)\nForeign currency contracts\t21\tOther income (loss) - net\t71\nInterest rate contracts\t21\tInterest expense\t(35)\nCommodity contracts\t(2)\tCost of goods sold\t(1)\nTotal\t(15)\t\t10\nNine Months Ended September 27 2019\t\t\t\nForeign currency contracts\t44\tNet operating revenues\t2\nForeign currency contracts\t1\tCost of goods sold\t9\nForeign currency contracts\t0\tInterest expense\t(7)\nForeign currency contracts\t(99)\tOther income (loss) - net\t(139)\nInterest rate contracts\t(47)\tInterest expense\t(30)\nCommodity contracts\t1\tCost of goods sold\t0\nTotal\t(100)\t\t(165)\n", "q10k_tbl_23": "Hedging Instruments and Hedged Items\tLocation of Gain (Loss) Recognized in Income\tGain (Loss) Recognized in Income\t\n\t\tThree Months Ended\t\n\t\tSeptember 25 2020\tSeptember 27 2019\nInterest rate contracts\tInterest expense\t94\t206\nFixed-rate debt\tInterest expense\t(97)\t(200)\nNet impact to interest expense\t\t(3)\t6\nForeign currency contracts\tOther income (loss) - net\t3\t0\nAvailable-for-sale securities\tOther income (loss) - net\t(3)\t0\nNet impact to other income (loss) - net\t\t0\t0\nNet impact of fair value hedging instruments\t\t(3)\t6\n", "q10k_tbl_24": "Hedging Instruments and Hedged Items\tLocation of Gain (Loss) Recognized in Income\tGain (Loss) Recognized in Income\t\n\t\tNine Months Ended\t\n\t\tSeptember 25 2020\tSeptember 27 2019\nInterest rate contracts\tInterest expense\t284\t647\nFixed-rate debt\tInterest expense\t(281)\t(637)\nNet impact to interest expense\t\t3\t10\nForeign currency contracts\tOther income (loss) - net\t3\t0\nAvailable-for-sale securities\tOther income (loss) - net\t(3)\t0\nNet impact to other income (loss) - net\t\t0\t0\nNet impact of fair value hedging instruments\t\t3\t10\n", "q10k_tbl_25": "\tCarrying Value of Hedged Items\t\t\tCumulative Amount of Fair Value Hedging Adjustments Included in Carrying Value of Hedged Items1\nBalance Sheet Location of Hedged Items\tSeptember 25 2020\tDecember 31 2019\tSeptember 25 2020\tDecember 31 2019\nCash and cash equivalents\t294\t0\t0\t0\nMarketable securities\t201\t0\t0\t0\nCurrent maturities of long-term debt\t2038\t1004\t(2)\t5\nLong-term debt\t10685\t12087\t670\t448\n", "q10k_tbl_26": "\tNotional Amount\t\t\tGain (Loss) Recognized in OCI\t\t\t\n\tas of\t\t\tThree Months Ended\t\t\tNine Months Ended\n\tSeptember 25 2020\tDecember 31 2019\tSeptember 25 2020\tSeptember 27 2019\tSeptember 25 2020\tSeptember 27 2019\nForeign currency contracts\t0\t0\t(23)\t13\t(4)\t42\nForeign currency denominated debt\t12699\t12334\t(445)\t476\t(452)\t444\nTotal\t12699\t12334\t(468)\t489\t(456)\t486\n", "q10k_tbl_27": "Derivatives Not Designated as Hedging Instruments\tLocation of Gain (Loss) Recognized in Income\tGain (Loss) Recognized in Income\t\n\t\tThree Months Ended\t\n\t\tSeptember 25 2020\tSeptember 27 2019\nForeign currency contracts\tNet operating revenues\t2\t15\nForeign currency contracts\tCost of goods sold\t(17)\t2\nForeign currency contracts\tOther income (loss) - net\t53\t(21)\nInterest rate contracts\tInterest expense\t2\t0\nCommodity contracts\tCost of goods sold\t34\t(60)\nOther derivative instruments\tSelling general and administrative expenses\t20\t4\nOther derivative instruments\tOther income (loss) - net\t0\t5\nTotal\t\t94\t(55)\n", "q10k_tbl_28": "Derivatives Not Designated as Hedging Instruments\tLocation of Gain (Loss) Recognized in Income\tGain (Loss) Recognized in Income\t\n\t\tNine Months Ended\t\n\t\tSeptember 25 2020\tSeptember 27 2019\nForeign currency contracts\tNet operating revenues\t64\t2\nForeign currency contracts\tCost of goods sold\t10\t4\nForeign currency contracts\tOther income (loss) - net\t(33)\t(46)\nInterest rate contracts\tInterest expense\t2\t0\nCommodity contracts\tCost of goods sold\t(33)\t(58)\nOther derivative instruments\tSelling general and administrative expenses\t(12)\t32\nOther derivative instruments\tOther income (loss) - net\t(55)\t39\nTotal\t\t(57)\t(27)\n", "q10k_tbl_29": "\tSeptember 25 2020\tDecember 31 2019\nForeign currency translation adjustments\t(13154)\t(11270)\nAccumulated derivative net gains (losses)\t(232)\t(209)\nUnrealized net gains (losses) on available-for-sale debt securities\t35\t75\nAdjustments to pension and other benefit liabilities\t(2095)\t(2140)\nAccumulated other comprehensive income (loss)\t(15446)\t(13544)\n", "q10k_tbl_30": "\tNine Months Ended September 25 2020\t\t\n\tShareowners of The Coca-Cola Company\tNoncontrolling Interests\tTotal\nConsolidated net income\t6291\t3\t6294\nOther comprehensive income:\t\t\t\nNet foreign currency translation adjustments\t(1884)\t(399)\t(2283)\nNet gains (losses) on derivatives1\t(23)\t0\t(23)\nNet change in unrealized gains (losses) on available-for-sale debt securities2\t(40)\t0\t(40)\nNet change in pension and other benefit liabilities\t45\t0\t45\nTotal comprehensive income (loss)\t4389\t(396)\t3993\n", "q10k_tbl_31": "Three Months Ended September 25 2020\tBefore-Tax Amount\tIncome Tax\tAfter-Tax Amount\nForeign currency translation adjustments:\t\t\t\nTranslation adjustments arising during the period\t548\t(30)\t518\nReclassification adjustments recognized in net income\t0\t0\t0\nGains (losses) on intra-entity transactions that are of a long-term investment nature\t883\t0\t883\nGains (losses) on net investment hedges arising during the period1\t(468)\t117\t(351)\nNet foreign currency translation adjustments\t963\t87\t1050\nDerivatives:\t\t\t\nGains (losses) arising during the period\t41\t(9)\t32\nReclassification adjustments recognized in net income\t(60)\t15\t(45)\nNet gains (losses) on derivatives1\t(19)\t6\t(13)\nAvailable-for-sale debt securities:\t\t\t\nUnrealized gains (losses) arising during the period\t(32)\t10\t(22)\nReclassification adjustments recognized in net income\t1\t0\t1\nNet change in unrealized gains (losses) on available-for-sale debt securities2\t(31)\t10\t(21)\nPension and other benefit liabilities:\t\t\t\nNet pension and other benefit liabilities arising during the period\t(44)\t9\t(35)\nReclassification adjustments recognized in net income\t44\t(11)\t33\nNet change in pension and other benefit liabilities\t0\t(2)\t(2)\nOther comprehensive income (loss) attributable to shareowners of The Coca-Cola Company\t913\t101\t1014\n", "q10k_tbl_32": "Nine Months Ended September 25 2020\tBefore-Tax Amount\tIncome Tax\tAfter-Tax Amount\nForeign currency translation adjustments:\t\t\t\nTranslation adjustments arising during the period\t(2627)\t196\t(2431)\nReclassification adjustments recognized in net income\t3\t0\t3\nGains (losses) on intra-entity transactions that are of a long-term investment nature\t886\t0\t886\nGains (losses) on net investment hedges arising during the period1\t(456)\t114\t(342)\nNet foreign currency translation adjustments\t(2194)\t310\t(1884)\nDerivatives:\t\t\t\nGains (losses) arising during the period\t(24)\t8\t(16)\nReclassification adjustments recognized in net income\t(10)\t3\t(7)\nNet gains (losses) on derivatives1\t(34)\t11\t(23)\nAvailable-for-sale debt securities:\t\t\t\nUnrealized gains (losses) arising during the period\t(54)\t20\t(34)\nReclassification adjustments recognized in net income\t(8)\t2\t(6)\nNet change in unrealized gains (losses) on available-for-sale debt securities2\t(62)\t22\t(40)\nPension and other benefit liabilities:\t\t\t\nNet pension and other benefit liabilities arising during the period\t(68)\t15\t(53)\nReclassification adjustments recognized in net income\t130\t(32)\t98\nNet change in pension and other benefit liabilities\t62\t(17)\t45\nOther comprehensive income (loss) attributable to shareowners of The Coca-Cola Company\t(2228)\t326\t(1902)\n", "q10k_tbl_33": "Three Months Ended September 27 2019\tBefore-Tax Amount\tIncome Tax\tAfter-Tax Amount\nForeign currency translation adjustments:\t\t\t\nTranslation adjustments arising during the period\t(256)\t(6)\t(262)\nGains (losses) on intra-entity transactions that are of a long-term investment nature\t(924)\t0\t(924)\nGains (losses) on net investment hedges arising during the period1\t489\t(122)\t367\nNet foreign currency translation adjustments\t(691)\t(128)\t(819)\nDerivatives:\t\t\t\nGains (losses) arising during the period\t(2)\t1\t(1)\nReclassification adjustments recognized in net income\t62\t(15)\t47\nNet gains (losses) on derivatives1\t60\t(14)\t46\nAvailable-for-sale debt securities:\t\t\t\nUnrealized gains (losses) arising during the period\t29\t(7)\t22\nReclassification adjustments recognized in net income\t(8)\t2\t(6)\nNet change in unrealized gains (losses) on available-for-sale debt securities2\t21\t(5)\t16\nPension and other benefit liabilities:\t\t\t\nNet pension and other benefit liabilities arising during the period\t4\t0\t4\nReclassification adjustments recognized in net income\t37\t(9)\t28\nNet change in pension and other benefit liabilities\t41\t(9)\t32\nOther comprehensive income (loss) attributable to shareowners of The Coca-Cola Company\t(569)\t(156)\t(725)\n", "q10k_tbl_34": "Nine Months Ended September 27 2019\tBefore-Tax Amount\tIncome Tax\tAfter-Tax Amount\nForeign currency translation adjustments:\t\t\t\nTranslation adjustments arising during the period\t(141)\t(77)\t(218)\nReclassification adjustments recognized in net income\t192\t0\t192\nGains (losses) on intra-entity transactions that are of a long-term investment nature\t(888)\t0\t(888)\nGains (losses) on net investment hedges arising during the period1\t486\t(121)\t365\nNet foreign currency translation adjustments\t(351)\t(198)\t(549)\nDerivatives:\t\t\t\nGains (losses) arising during the period\t(119)\t24\t(95)\nReclassification adjustments recognized in net income\t166\t(41)\t125\nNet gains (losses) on derivatives1\t47\t(17)\t30\nAvailable-for-sale debt securities:\t\t\t\nUnrealized gains (losses) arising during the period\t88\t(17)\t71\nReclassification adjustments recognized in net income\t(32)\t7\t(25)\nNet change in unrealized gains (losses) on available-for-sale debt securities2\t56\t(10)\t46\nPension and other benefit liabilities:\t\t\t\nNet pension and other benefit liabilities arising during the period\t11\t5\t16\nReclassification adjustments recognized in net income\t111\t(27)\t84\nNet change in pension and other benefit liabilities\t122\t(22)\t100\nOther comprehensive income (loss) attributable to shareowners of The Coca-Cola Company\t(126)\t(247)\t(373)\n", "q10k_tbl_35": "\t\tAmount Reclassified from AOCI into Income\t\nDescription of AOCI Component\tFinancial Statement Line Item\tThree Months Ended September 25 2020\tNine Months Ended September 25 2020\nForeign currency translation adjustments:\t\t\t\nDivestitures deconsolidations and other1\tOther income (loss) - net\t0\t3\n\tIncome before income taxes\t0\t3\n\tIncome taxes\t0\t0\n\tConsolidated net income\t0\t3\nDerivatives:\t\t\t\nForeign currency contracts\tNet operating revenues\t21\t22\nForeign currency and commodity contracts\tCost of goods sold\t(1)\t(6)\nForeign currency contracts\tOther income (loss) - net\t(100)\t(71)\nForeign currency and interest rate contracts\tInterest expense\t20\t45\n\tIncome before income taxes\t(60)\t(10)\n\tIncome taxes\t15\t3\n\tConsolidated net income\t(45)\t(7)\nAvailable-for-sale debt securities:\t\t\t\nSale of debt securities\tOther income (loss) - net\t1\t(8)\n\tIncome before income taxes\t1\t(8)\n\tIncome taxes\t0\t2\n\tConsolidated net income\t1\t(6)\nPension and other benefit liabilities:\t\t\t\nRecognized net actuarial loss\tOther income (loss) - net\t45\t132\nRecognized prior service cost (credit)\tOther income (loss) - net\t(1)\t(2)\n\tIncome before income taxes\t44\t130\n\tIncome taxes\t(11)\t(32)\n\tConsolidated net income\t33\t98\n", "q10k_tbl_36": "\t\t\tShareowners of The Coca-Cola Company\t\t\t\t\t\nThree Months Ended September 25 2020\tCommon Shares Outstanding\tTotal\tReinvested Earnings\tAccumulated Other Comprehensive Income (Loss)\tCommon Stock\tCapital Surplus\tTreasury Stock\tNon- controlling Interests\nJune 26 2020\t4295\t19189\t66888\t(16460)\t1760\t17367\t(52071)\t1705\nComprehensive income (loss)\t0\t2756\t1737\t1014\t0\t0\t0\t5\nDividends paid/payable to shareowners of The Coca-Cola Company ($0.41 per share)\t0\t(1762)\t(1762)\t0\t0\t0\t0\t0\nDividends paid to noncontrolling interests\t0\t(1)\t0\t0\t0\t0\t0\t(1)\nImpact related to stock-based compensation plans\t2\t134\t0\t0\t0\t96\t38\t0\nSeptember 25 2020\t4297\t20316\t66863\t(15446)\t1760\t17463\t(52033)\t1709\n", "q10k_tbl_37": "\t\t\tShareowners of The Coca-Cola Company\t\t\t\t\t\nNine Months Ended September 25 2020\tCommon Shares Outstanding\tTotal\tReinvested Earnings\tAccumulated Other Comprehensive Income (Loss)\tCommon Stock\tCapital Surplus\tTreasury Stock\tNon- controlling Interests\nDecember 31 2019\t4280\t21098\t65855\t(13544)\t1760\t17154\t(52244)\t2117\nComprehensive income (loss)\t0\t3993\t6291\t(1902)\t0\t0\t0\t(396)\nDividends paid/payable to shareowners of The Coca-Cola Company ($1.23 per share)\t0\t(5283)\t(5283)\t0\t0\t0\t0\t0\nDividends paid to noncontrolling interests\t0\t(12)\t0\t0\t0\t0\t0\t(12)\nImpact related to stock-based compensation plans\t17\t520\t0\t0\t0\t309\t211\t0\nSeptember 25 2020\t4297\t20316\t66863\t(15446)\t1760\t17463\t(52033)\t1709\n", "q10k_tbl_38": "\t\t\tShareowners of The Coca-Cola Company\t\t\t\t\t\nThree Months Ended September 27 2019\tCommon Shares Outstanding\tTotal\tReinvested Earnings\tAccumulated Other Comprehensive Income (Loss)\tCommon Stock\tCapital Surplus\tTreasury Stock\tNon- controlling Interests\nJune 28 2019\t4275\t20295\t64602\t(12981)\t1760\t16833\t(52033)\t2114\nComprehensive income (loss)\t0\t1723\t2593\t(725)\t0\t0\t0\t(145)\nDividends paid/payable to shareowners of The Coca-Cola Company ($0.40 per share)\t0\t(1714)\t(1714)\t0\t0\t0\t0\t0\nDividends paid to noncontrolling interests\t0\t(7)\t0\t0\t0\t0\t0\t(7)\nBusiness combinations including purchase accounting adjustments\t0\t8\t0\t0\t0\t0\t0\t8\nImpact related to stock-based compensation plans\t9\t378\t0\t0\t0\t206\t172\t0\nSeptember 27 2019\t4284\t20683\t65481\t(13706)\t1760\t17039\t(51861)\t1970\n", "q10k_tbl_39": "\t\t\tShareowners of The Coca-Cola Company\t\t\t\t\t\nNine Months Ended September 27 2019\tCommon Shares Outstanding\tTotal\tReinvested Earnings\tAccumulated Other Comprehensive Income (Loss)\tCommon Stock\tCapital Surplus\tTreasury Stock\tNon- controlling Interests\nDecember 31 2018\t4268\t19058\t63234\t(12814)\t1760\t16520\t(51719)\t2077\nAdoption of accounting standards\t0\t(18)\t501\t(519)\t0\t0\t0\t0\nComprehensive income (loss)\t0\t6417\t6878\t(373)\t0\t0\t0\t(88)\nDividends paid/payable to shareowners of The Coca-Cola Company ($1.20 per share)\t0\t(5132)\t(5132)\t0\t0\t0\t0\t0\nDividends paid to noncontrolling interests\t0\t(27)\t0\t0\t0\t0\t0\t(27)\nBusiness combinations including purchase accounting adjustments\t0\t8\t0\t0\t0\t0\t0\t8\nPurchases of treasury stock\t(14)\t(635)\t0\t0\t0\t0\t(635)\t0\nImpact related to stock-based compensation plans\t30\t1012\t0\t0\t0\t519\t493\t0\nSeptember 27 2019\t4284\t20683\t65481\t(13706)\t1760\t17039\t(51861)\t1970\n", "q10k_tbl_40": "\tCosts Incurred\tPayments\tNoncash and Exchange\t\tAccrued Balance September 25 2020\nSeverance pay and benefits\t327\t0\t(23)\t1\t304\nOutside services\t16\t(15)\t0\t\t1\nTotal\t343\t(15)\t(23)\t\t305\n", "q10k_tbl_41": "\tAccrued Balance June 26 2020\tCosts Incurred\tPayments\tNoncash and Exchange\tAccrued Balance September 25 2020\nSeverance pay and benefits\t46\t(2)\t(10)\t0\t34\nOutside services\t0\t5\t(5)\t0\t0\nOther direct costs\t1\t7\t(6)\t0\t2\nTotal\t47\t10\t(21)\t0\t36\n", "q10k_tbl_42": "\tAccrued Balance December 31 2019\tCosts Incurred\tPayments\tNoncash and Exchange\tAccrued Balance September 25 2020\nSeverance pay and benefits\t58\t(1)\t(23)\t0\t34\nOutside services\t1\t42\t(43)\t0\t0\nOther direct costs\t7\t30\t(30)\t(5)\t2\nTotal\t66\t71\t(96)\t(5)\t36\n", "q10k_tbl_43": "\tPension Benefit Plans\t\t\tOther Postretirement Benefit Plans\n\tThree Months Ended\t\t\t\t\t\t\t\t\t\n\tSeptember 25 2020\tSeptember 27 2019\tSeptember 25 2020\tSeptember 27 2019\nService cost\t28\t26\t2\t2\nInterest cost\t58\t73\t6\t7\nExpected return on plan assets1\t(148)\t(138)\t(4)\t(3)\nAmortization of prior service credit\t0\t(1)\t(1)\t(1)\nAmortization of net actuarial loss\t43\t38\t2\t1\nNet periodic benefit cost (income)\t(19)\t(2)\t5\t6\nCurtailment charges2\t0\t0\t11\t0\nTotal cost (income) recognized in condensed consolidated statements of income\t(19)\t(2)\t16\t6\n", "q10k_tbl_44": "\tPension Benefit Plans\t\t\tOther Postretirement Benefit Plans\n\tNine Months Ended\t\t\t\t\t\t\t\t\t\n\tSeptember 25 2020\tSeptember 27 2019\tSeptember 25 2020\tSeptember 27 2019\nService cost\t84\t78\t8\t7\nInterest cost\t176\t218\t17\t20\nExpected return on plan assets1\t(440)\t(414)\t(12)\t(10)\nAmortization of prior service credit\t0\t(3)\t(2)\t(2)\nAmortization of net actuarial loss\t128\t114\t4\t2\nNet periodic benefit cost (income)\t(52)\t(7)\t15\t17\nCurtailment charges2\t0\t0\t11\t0\nTotal cost (income) recognized in condensed consolidated statements of income\t(52)\t(7)\t26\t17\n", "q10k_tbl_45": "September 25 2020\tLevel 1\tLevel 2\tLevel 3\t\tOther3\tNetting Adjustment\t4\tFair Value Measurements\t\nAssets:\t\t\t\t\t\t\t\t\t\nEquity securities with readily determinable values1\t1750\t193\t11\t\t101\t0\t\t2055\t\nDebt securities1\t0\t2647\t46\t\t0\t0\t\t2693\t\nDerivatives2\t14\t831\t0\t\t0\t(617)\t6\t228\t8\nTotal assets\t1764\t3671\t57\t\t101\t(617)\t\t4976\t\nLiabilities:\t\t\t\t\t\t\t\t\t\nContingent consideration liability\t0\t0\t(317)\t5\t0\t0\t\t(317)\t\nDerivatives2\t(2)\t(148)\t0\t\t0\t134\t7\t(16)\t8\nTotal liabilities\t(2)\t(148)\t(317)\t\t0\t134\t\t(333)\t\n", "q10k_tbl_46": "December 31 2019\tLevel 1\tLevel 2\tLevel 3\tOther3\tNetting Adjustment\t4\tFair Value Measurements\t\nAssets:\t\t\t\t\t\t\t\t\nEquity securities with readily determinable values1\t1877\t219\t14\t109\t0\t\t2219\t\nDebt securities1\t0\t3291\t37\t0\t0\t\t3328\t\nDerivatives2\t9\t579\t0\t0\t(392)\t5\t196\t7\nTotal assets\t1886\t4089\t51\t109\t(392)\t\t5743\t\nLiabilities:\t\t\t\t\t\t\t\t\nDerivatives2\t0\t(162)\t0\t0\t130\t6\t(32)\t7\nTotal liabilities\t0\t(162)\t0\t0\t130\t\t(32)\t\n", "q10k_tbl_47": "\tGains (Losses)\t\t\t\t\t\t\n\tThree Months Ended\t\t\t\t\tNine Months Ended\t\n\tSeptember 25 2020\tSeptember 27 2019\t\tSeptember 25 2020\t\tSeptember 27 2019\t\nImpairment of intangible assets\t0\t(42)\t1\t(215)\t2\t(42)\t1\nOther-than-temporary impairment charges\t0\t(375)\t3\t(38)\t3\t(767)\t3\nImpairment of equity investment without a readily determinable fair value\t0\t0\t\t(26)\t4\t0\t\nCCBA asset adjustments\t0\t0\t\t0\t\t(160)\t5\nTotal\t0\t(417)\t\t(279)\t\t(969)\t\n", "q10k_tbl_48": "\tEurope Middle East & Africa\t\tLatin America\tNorth America\tAsia Pacific\t\tGlobal Ventures\tBottling Investments\t\tCorporate\tEliminations\tConsolidated\nAs of and for the Three Months Ended September 25 2020\t\t\t\t\t\t\t\t\t\t\t\t\nNet operating revenues:\t\t\t\t\t\t\t\t\t\t\t\t\nThird party\t1556\t\t809\t3087\t1207\t\t513\t1474\t\t6\t0\t8652\nIntersegment\t137\t\t0\t1\t127\t\t0\t1\t\t0\t(266)\t0\nTotal net operating revenues\t1693\t\t809\t3088\t1334\t\t513\t1475\t\t6\t(266)\t8652\nOperating income (loss)\t903\t\t483\t727\t564\t\t(31)\t55\t\t(403)\t0\t2298\nIncome (loss) before income taxes\t925\t\t476\t738\t575\t\t(29)\t398\t\t(902)\t0\t2181\nIdentifiable operating assets\t8283\t1\t1647\t19983\t2143\t2\t7453\t9851\t12\t28237\t0\t77597\nInvestments3\t544\t\t577\t356\t236\t\t6\t13765\t\t4103\t0\t19587\nAs of and for the Three Months Ended September 27 2019\t\t\t\t\t\t\t\t\t\t\t\t\nNet operating revenues:\t\t\t\t\t\t\t\t\t\t\t\t\nThird party\t1672\t\t1045\t3137\t1319\t\t629\t1681\t\t24\t0\t9507\nIntersegment\t156\t\t0\t1\t143\t\t0\t3\t\t0\t(303)\t0\nTotal net operating revenues\t1828\t\t1045\t3138\t1462\t\t629\t1684\t\t24\t(303)\t9507\nOperating income (loss)\t886\t\t603\t641\t594\t\t77\t7\t\t(309)\t0\t2499\nIncome (loss) before income taxes\t651\t\t605\t658\t603\t\t80\t55\t\t440\t0\t3092\nIdentifiable operating assets\t8363\t1\t1895\t17895\t2118\t\t6935\t10456\t1\t20204\t0\t67866\nInvestments3\t483\t\t719\t365\t223\t\t14\t13892\t\t3871\t0\t19567\nAs of December 31 2019\t\t\t\t\t\t\t\t\t\t\t\t\nIdentifiable operating assets\t8143\t1\t1801\t17687\t2060\t\t7265\t11170\t1\t18376\t0\t66502\nInvestments3\t543\t\t716\t358\t224\t\t14\t14093\t\t3931\t0\t19879\n", "q10k_tbl_49": "\tEurope Middle East & Africa\tLatin America\tNorth America\tAsia Pacific\tGlobal Ventures\tBottling Investments\tCorporate\tEliminations\tConsolidated\nNine Months Ended September 25 2020\t\t\t\t\t\t\t\t\t\nNet operating revenues:\t\t\t\t\t\t\t\t\t\nThird party\t4264\t2494\t8583\t3264\t1381\t4392\t25\t0\t24403\nIntersegment\t364\t0\t3\t381\t0\t4\t0\t(752)\t0\nTotal net operating revenues\t4628\t2494\t8586\t3645\t1381\t4396\t25\t(752)\t24403\nOperating income (loss)\t2578\t1526\t1603\t1727\t(114)\t130\t(791)\t0\t6659\nIncome (loss) before income taxes\t2632\t1455\t1623\t1749\t(114)\t762\t(719)\t0\t7388\nNine Months Ended September 27 2019\t\t\t\t\t\t\t\t\t\nNet operating revenues:\t\t\t\t\t\t\t\t\t\nThird party\t5110\t2944\t8976\t3729\t1847\t5513\t79\t0\t28198\nIntersegment\t420\t0\t7\t460\t2\t7\t0\t(896)\t0\nTotal net operating revenues\t5530\t2944\t8983\t4189\t1849\t5520\t79\t(896)\t28198\nOperating income (loss)\t2902\t1687\t1938\t1867\t216\t226\t(914)\t0\t7922\nIncome (loss) before income taxes\t2701\t1636\t1924\t1891\t223\t348\t(357)\t0\t8366\n", "q10k_tbl_50": "\tPercent Change 2020 versus 2019\t\t\t\t\t\t\t\n\tThree Months Ended September 25 2020\t\t\t\t\t\tNine Months Ended September 25 2020\t\n\tUnit Cases123\t\tConcentrate Sales4\t\tUnit Cases123\t\tConcentrate Sales4\t\nWorldwide\t(4)%\t\t(3)%\t6\t(7)%\t\t(9)%\t\nEurope Middle East & Africa\t(3)%\t\t-%\t\t(7)%\t\t(10)%\t\nLatin America\t(4)\t\t(2)\t\t(4)\t\t(6)\t\nNorth America\t(6)\t\t(7)\t\t(7)\t\t(7)\t7\nAsia Pacific\t(4)\t\t(4)\t\t(10)\t\t(9)\t8\nGlobal Ventures\t(11)\t\t(14)\t\t(15)\t\t(17)\t\nBottling Investments\t(10)\t5\tN/A\t\t(19)\t5\tN/A\t\n", "q10k_tbl_51": "\tPercent Change 2020 versus 2019\t\t\t\t\n\tVolume1\tPrice Product & Geographic Mix\tForeign Currency Fluctuations\tAcquisitions & Divestitures2\tTotal\nConsolidated\t(4)%\t(3)%\t(3)%\t-%\t(9)%\nEurope Middle East & Africa\t-%\t(6)%\t(1)%\t-%\t(7)%\nLatin America\t(2)\t(1)\t(19)\t0\t(23)\nNorth America\t(7)\t4\t0\t1\t(2)\nAsia Pacific\t(4)\t(4)\t(1)\t0\t(9)\nGlobal Ventures\t(14)\t(7)\t2\t0\t(19)\nBottling Investments\t(9)\t2\t(5)\t(1)\t(12)\n", "q10k_tbl_52": "\tPercent Change 2020 versus 2019\t\t\t\t\n\tVolume1\tPrice Product & Geographic Mix\tForeign Currency Fluctuations\tAcquisitions & Divestitures2\tTotal\nConsolidated\t(9)%\t(2)%\t(3)%\t-%\t(13)%\nEurope Middle East & Africa\t(10)%\t(5)%\t(2)%\t-%\t(16)%\nLatin America\t(6)\t4\t(13)\t0\t(15)\nNorth America\t(8)\t2\t0\t2\t(4)\nAsia Pacific\t(10)\t(3)\t(1)\t1\t(13)\nGlobal Ventures\t(17)\t(8)\t0\t0\t(25)\nBottling Investments\t(16)\t1\t(4)\t(2)\t(20)\n", "q10k_tbl_53": "\tThree Months Ended\t\t\tNine Months Ended\n\tSeptember 25 2020\tSeptember 27 2019\tSeptember 25 2020\tSeptember 27 2019\nStock-based compensation expense\t52\t58\t88\t146\nAdvertising expenses\t870\t1201\t2142\t3319\nSelling and distribution expenses\t635\t733\t1902\t2121\nOther operating expenses\t954\t1124\t3010\t3293\nSelling general and administrative expenses\t2511\t3116\t7142\t8879\n", "q10k_tbl_54": "\tThree Months Ended\t\t\tNine Months Ended\n\tSeptember 25 2020\tSeptember 27 2019\tSeptember 25 2020\tSeptember 27 2019\nEurope Middle East & Africa\t38\t1\t38\t2\nLatin America\t22\t0\t32\t0\nNorth America\t133\t12\t395\t42\nAsia Pacific\t32\t42\t32\t42\nGlobal Ventures\t0\t0\t0\t0\nBottling Investments\t0\t21\t13\t64\nCorporate\t147\t49\t237\t194\nTotal\t372\t125\t747\t344\n", "q10k_tbl_55": "\tThree Months Ended\t\t\tNine Months Ended\n\tSeptember 25 2020\tSeptember 27 2019\tSeptember 25 2020\tSeptember 27 2019\nEurope Middle East & Africa\t39.3%\t35.4%\t38.7%\t36.6%\nLatin America\t21.0\t24.1\t22.9\t21.3\nNorth America\t31.7\t25.6\t24.1\t24.4\nAsia Pacific\t24.5\t23.8\t25.9\t23.6\nGlobal Ventures\t(1.4)\t3.1\t(1.7)\t2.7\nBottling Investments\t2.4\t0.3\t2.0\t2.9\nCorporate\t(17.5)\t(12.3)\t(11.9)\t(11.5)\nTotal\t100.0%\t100.0%\t100.0%\t100.0%\n", "q10k_tbl_56": "\tThree Months Ended\t\t\tNine Months Ended\n\tSeptember 25 2020\tSeptember 27 2019\tSeptember 25 2020\tSeptember 27 2019\nConsolidated\t26.6%\t26.3%\t27.3%\t28.1%\nEurope Middle East & Africa\t58.0%\t53.0%\t60.5%\t56.8%\nLatin America\t59.7\t57.7\t61.2\t57.3\nNorth America\t23.6\t20.4\t18.7\t21.6\nAsia Pacific\t46.7\t45.0\t52.9\t50.1\nGlobal Ventures\t(6.1)\t12.2\t(8.3)\t11.7\nBottling Investments\t3.7\t0.4\t3.0\t4.1\nCorporate\t*\t*\t*\t*\n", "q10k_tbl_57": "Period\tTotal Number of Shares Purchased1\tAverage Price Paid Per Share\tTotal Number of Shares Purchased as Part of Publicly Announced Plan2\tMaximum Number of Shares That May Yet Be Purchased Under Publicly Announced Plans3\nJune 27 2020 through July 24 2020\t2342\t46.36\t0\t161029667\nJuly 25 2020 through August 21 2020\t1351\t47.47\t0\t161029667\nAugust 22 2020 through September 25 2020\t43\t51.09\t0\t161029667\nTotal\t3736\t46.82\t0\t\n", "q10k_tbl_58": "EXHIBIT INDEX\t\nExhibit No.\t\n(With regard to applicable cross-references in the list of exhibits below the Company's Current Quarterly and Annual Reports are filed with the Securities and Exchange Commission (the \"SEC\") under File No. 001-02217; and Coca-Cola Refreshments USA Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Current Quarterly and Annual Reports are filed with the SEC under File No. 001-09300).\t\n3.1\tCertificate of Incorporation of the Company including Amendment of Certificate of Incorporation dated July 27 2012 - incorporated herein by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 28 2012.\n3.2\tBy-Laws of the Company as amended and restated through April 22 2020 - incorporated herein by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 27 2020.\n4.1\tIntentionally omitted.\n4.2\tAs permitted by the rules of the SEC the Company has not filed certain instruments defining the rights of holders of long-term debt of the Company or consolidated subsidiaries under which the total amount of securities authorized does not exceed 10 percent of the total assets of the Company and its consolidated subsidiaries. The Company agrees to furnish to the SEC upon request a copy of any omitted instrument.\n4.3\tAmended and Restated Indenture dated as of April 26 1988 between the Company and Deutsche Bank Trust Company Americas as successor to Bankers Trust Company as trustee - incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on May 25 2017.\n4.4\tFirst Supplemental Indenture dated as of February 24 1992 to Amended and Restated Indenture dated as of April 26 1988 between the Company and Deutsche Bank Trust Company Americas as successor to Bankers Trust Company as trustee - incorporated herein by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on May 25 2017.\n4.5\tSecond Supplemental Indenture dated as of November 1 2007 to Amended and Restated Indenture dated as of April 26 1988 as amended between the Company and Deutsche Bank Trust Company Americas as successor to Bankers Trust Company as trustee - incorporated herein by reference to Exhibit 4.3 of the Company's Current Report on Form 8-K filed on May 25 2017.\n4.6\tForm of Note for 3.150% Notes due November 15 2020 - incorporated herein by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed on November 18 2010.\n4.7\tForm of Note for 3.30% Notes due September 1 2021 - incorporated herein by reference to Exhibit 4.14 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30 2011.\n4.8\tForm of Note for 2.500% Notes due 2023 - incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on March 5 2013.\n4.9\tForm of Note for 2.450% Notes due 2020 - incorporated herein by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed on November 1 2013.\n4.10\tForm of Note for 3.200% Notes due 2023 - incorporated herein by reference to Exhibit 4.8 to the Company's Current Report on Form 8-K filed on November 1 2013.\n4.11\tForm of Note for 1.875% Notes due 2026 - incorporated herein by reference to Exhibit 4.4 to the Company's Registration Statement on Form 8-A filed on September 19 2014.\n4.12\tForm of Note for 1.125% Notes due 2022 - incorporated herein by reference to Exhibit 4.5 to the Company's Registration Statement on Form 8-A filed on September 19 2014.\n4.13\tForm of Note for 0.75% Notes due 2023 - incorporated herein by reference to Exhibit 4.6 to the Company's Registration Statement on Form 8-A filed on March 6 2015.\n4.14\tForm of Note for 1.125% Notes due 2027 - incorporated herein by reference to Exhibit 4.7 to the Company's Registration Statement on Form 8-A filed on March 6 2015.\n4.15\tForm of Note for 1.625% Notes due 2035 - incorporated herein by reference to Exhibit 4.8 to the Company's Registration Statement on Form 8-A filed on March 6 2015.\n4.16\tForm of Note for 1.875% Notes due 2020 - incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on October 27 2015.\n4.17\tForm of Note for 2.875% Notes due 2025 - incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on October 27 2015.\n4.18\tForm of Note for 2.55% Notes due 2026 - incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on May 31 2016.\n4.19\tForm of Note for 1.550% Notes due 2021 - incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on September 1 2016.\n4.20\tForm of Note for 2.250% Notes due 2026 - incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on September 1 2016.\n", "q10k_tbl_59": "4.21\tForm of Note for 1.100% Notes due 2036 - incorporated herein by reference to Exhibit 4.4 to the Company's Registration Statement on Form 8-A filed on September 2 2016.\n4.22\tForm of Note for 0.000% Notes due 2021 - incorporated herein by reference to Exhibit 4.5 to the Company's Registration Statement on Form 8-A filed on March 9 2017.\n4.23\tForm of Note for 0.500% Notes due 2024 - incorporated herein by reference to Exhibit 4.6 to the Company's Registration Statement on Form 8-A filed on March 9 2017.\n4.24\tForm of Note for 2.200% Notes due 2022 - incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on May 25 2017.\n4.25\tForm of Note for 2.900% Notes due 2027 - incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on May 25 2017.\n4.26\tForm of Note for Floating Rate Notes due 2021 - incorporated herein by reference to Exhibit 4.4 to the Company's Registration Statement on Form 8-A filed on March 8 2019.\n4.27\tForm of Note for 0.125% Notes due 2022 - incorporated herein by reference to Exhibit 4.5 to the Company's Registration Statement on Form 8-A filed on March 8 2019.\n4.28\tForm of Note for 0.750% Notes due 2026 - incorporated herein by reference to Exhibit 4.6 to the Company's Registration Statement on Form 8-A filed on March 8 2019.\n4.29\tForm of Note for 1.250% Notes due 2031 - incorporated herein by reference to Exhibit 4.7 to the Company's Registration Statement on Form 8-A filed on March 8 2019.\n4.30\tForm of Note for 1.750% Notes due 2024 - incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on September 9 2019.\n4.31\tForm of Note for 2.125% Notes due 2029 - incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on September 9 2019.\n4.32\tForm of Note for 2.950% Notes due 2025 - incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on March 25 2020.\n4.33\tForm of Note for 3.375% Notes due 2027 - incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on March 25 2020.\n4.34\tForm of Note for 3.450% Notes due 2030 - incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on March 25 2020.\n4.35\tForm of Note for 4.125% Notes due 2040 - incorporated herein by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed on March 25 2020.\n4.36\tForm of Note for 4.200% Notes due 2050 - incorporated herein by reference to Exhibit 4.8 to the Company's Current Report on Form 8-K filed on March 25 2020.\n4.37\tForm of Note for 1.450% Notes due 2027 - incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on May 4 2020.\n4.38\tForm of Note for 1.650% Notes due 2030 - incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on May 4 2020.\n4.39\tForm of Note for 2.500% Notes due 2040 - incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on May 4 2020.\n4.40\tForm of Note for 2.600% Notes due 2050 - incorporated herein by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed on May 4 2020.\n4.41\tForm of Note for 2.750% Notes due 2060 - incorporated herein by reference to Exhibit 4.8 to the Company's Current Report on Form 8-K filed on May 4 2020.\n4.42\tForm of Note for 0.125% Notes due 2029 - incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on September 18 2020.\n4.43\tForm of Note for 0.375% Notes due 2033 - incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on September 18 2020.\n4.44\tForm of Note for 0.800% Notes due 2040 - incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on September 18 2020.\n4.45\tForm of Note for 1.000% Notes due 2028 - incorporated herein by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed on September 18 2020.\n4.46\tForm of Note for 1.375% Notes due 2031 - incorporated herein by reference to Exhibit 4.8 to the Company's Current Report on Form 8-K filed on September 18 2020.\n4.47\tForm of Note for 2.500% Notes due 2051 - incorporated herein by reference to Exhibit 4.9 to the Company's Current Report on Form 8-K filed on September 18 2020.\n4.48\tIndenture dated as of July 30 1991 between Coca-Cola Refreshments USA Inc. and Deutsche Bank Trust Company Americas as trustee - incorporated herein by reference to Exhibit 4.1 to Coca-Cola Refreshments USA Inc.'s Current Report on Form 8-K dated July 30 1991.\n", "q10k_tbl_60": "4.49\tFirst Supplemental Indenture dated as of January 29 1992 to the Indenture dated as of July 30 1991 between Coca-Cola Refreshments USA Inc. and Deutsche Bank Trust Company Americas as trustee - incorporated herein by reference to Exhibit 4.01 to Coca-Cola Refreshments USA Inc.'s Current Report on Form 8-K dated January 29 1992.\n4.50\tSecond Supplemental Indenture dated as of June 22 2017 to the Indenture dated as of July 30 1991 as amended among Coca-Cola Refreshments USA Inc. the Company and Deutsche Bank Trust Company Americas as trustee - incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on June 23 2017.\n4.51\tThird Supplemental Indenture dated as of July 5 2017 to the Indenture dated as of July 30 1991 as amended among Coca-Cola Refreshments USA Inc. the Company and Deutsche Bank Trust Company Americas as trustee - incorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on July 6 2017.\n10.1\tLetter dated July 15 2020 from the Company to Bradley Gayton.\n10.2\tLetter dated September 14 2020 from the Company to Henrique Braun.\n31.1\tRule 13a-14(a)/15d-14(a) Certification executed by James Quincey Chairman of the Board of Directors and Chief Executive Officer of The Coca-Cola Company.\n31.2\tRule 13a-14(a)/15d-14(a) Certification executed by John Murphy Executive Vice President and Chief Financial Officer of The Coca-Cola Company.\n32.1\tCertifications required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. Section 1350) executed by James Quincey Chairman of the Board of Directors and Chief Executive Officer of The Coca-Cola Company and by John Murphy Executive Vice President and Chief Financial Officer of The Coca-Cola Company.\n101\tThe following financial information from The Coca-Cola Company's Quarterly Report on Form 10-Q for the quarter ended September 25 2020 formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Income for the three and nine months ended September 25 2020 and September 27 2019 (ii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 25 2020 and September 27 2019 (iii) Condensed Consolidated Balance Sheets as of September 25 2020 and December 31 2019 (iv) Condensed Consolidated Statements of Cash Flows for the nine months ended September 25 2020 and September 27 2019 and (v) Notes to Condensed Consolidated Financial Statements.\n104\tCover Page Interactive Data File (the cover page XBRL tags are embedded within the iXBRL document).\n"}{"bs": "q10k_tbl_5", "is": "q10k_tbl_3", "cf": "q10k_tbl_6"}None
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 25, 2020
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 001-02217
COCA COLA CO
(Exact name of Registrant as specified in its charter)
Delaware
58-0628465
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
One Coca-Cola Plaza
Atlanta
Georgia
30313
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (404) 676-2121
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.25 Par Value
KO
New York Stock Exchange
Floating Rate Notes Due 2021
KO21C
New York Stock Exchange
0.75% Notes Due 2023
KO23B
New York Stock Exchange
0.500% Notes Due 2024
KO24
New York Stock Exchange
1.875% Notes Due 2026
KO26
New York Stock Exchange
0.750% Notes Due 2026
KO26C
New York Stock Exchange
1.125% Notes Due 2027
KO27
New York Stock Exchange
0.125% Notes Due 2029
KO29A
New York Stock Exchange
1.250% Notes Due 2031
KO31
New York Stock Exchange
0.375% Notes Due 2033
KO33
New York Stock Exchange
1.625% Notes Due 2035
KO35
New York Stock Exchange
1.100% Notes Due 2036
KO36
New York Stock Exchange
0.800% Notes Due 2040
KO40B
New York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark if the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.
This report contains information that may constitute "forward-looking statements." Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to volume growth, share of sales and earnings per share growth, and statements expressing general views about future operating results — are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in Part II, "Item 1A. Risk Factors" and elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2019, and those described from time to time in our future reports filed with the Securities and Exchange Commission.
1
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In millions except per share data)
Three Months Ended
Nine Months Ended
September 25, 2020
September 27, 2019
September 25, 2020
September 27, 2019
Net Operating Revenues
$
8,652
$
9,507
$
24,403
$
28,198
Cost of goods sold
3,471
3,767
9,855
11,053
Gross Profit
5,181
5,740
14,548
17,145
Selling, general and administrative expenses
2,511
3,116
7,142
8,879
Other operating charges
372
125
747
344
Operating Income
2,298
2,499
6,659
7,922
Interest income
82
153
294
428
Interest expense
660
230
1,127
711
Equity income (loss) — net
431
346
774
808
Other income (loss) — net
30
324
788
(81)
Income Before Income Taxes
2,181
3,092
7,388
8,366
Income taxes
441
503
1,094
1,446
Consolidated Net Income
1,740
2,589
6,294
6,920
Less: Net income (loss) attributable to noncontrolling interests
3
(4)
3
42
Net Income Attributable to Shareowners of The Coca-Cola Company
$
1,737
$
2,593
$
6,291
$
6,878
Basic Net Income Per Share1
$
0.40
$
0.61
$
1.47
$
1.61
Diluted Net Income Per Share1
$
0.40
$
0.60
$
1.46
$
1.60
Average Shares Outstanding
4,296
4,280
4,293
4,273
Effect of dilutive securities
25
41
28
38
Average Shares Outstanding Assuming Dilution
4,321
4,321
4,321
4,311
1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.
Refer to Notes to Condensed Consolidated Financial Statements.
2
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(In millions)
Three Months Ended
Nine Months Ended
September 25, 2020
September 27, 2019
September 25, 2020
September 27, 2019
Consolidated Net Income
$
1,740
$
2,589
$
6,294
$
6,920
Other Comprehensive Income:
Net foreign currency translation adjustments
1,052
(960)
(2,283)
(679)
Net gains (losses) on derivatives
(13)
46
(23)
30
Net change in unrealized gains (losses) on available-for-sale debt securities
(21)
16
(40)
46
Net change in pension and other benefit liabilities
(2)
32
45
100
Total Comprehensive Income
2,756
1,723
3,993
6,417
Less: Comprehensive income (loss) attributable to noncontrolling interests
5
(145)
(396)
(88)
Total Comprehensive Income Attributable to Shareowners of The Coca-Cola Company
$
2,751
$
1,868
$
4,389
$
6,505
Refer to Notes to Condensed Consolidated Financial Statements.
3
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions except par value)
September 25, 2020
December 31, 2019
ASSETS
Current Assets
Cash and cash equivalents
$
11,385
$
6,480
Short-term investments
7,347
1,467
Total Cash, Cash Equivalents and Short-Term Investments
18,732
7,947
Marketable securities
2,396
3,228
Trade accounts receivable, less allowances of $546 and $524, respectively
3,827
3,971
Inventories
3,264
3,379
Prepaid expenses and other assets
2,191
1,886
Total Current Assets
30,410
20,411
Equity method investments
18,875
19,025
Other investments
712
854
Other assets
6,161
6,075
Deferred income tax assets
2,439
2,412
Property, plant and equipment, less accumulated depreciation of
$8,877 and $8,083, respectively
10,667
10,838
Trademarks with indefinite lives
10,333
9,266
Goodwill
16,887
16,764
Other intangible assets
700
736
Total Assets
$
97,184
$
86,381
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses
$
12,750
$
11,312
Loans and notes payable
5,857
10,994
Current maturities of long-term debt
7,508
4,253
Accrued income taxes
776
414
Total Current Liabilities
26,891
26,973
Long-term debt
39,502
27,516
Other liabilities
8,530
8,510
Deferred income tax liabilities
1,945
2,284
The Coca-Cola Company Shareowners' Equity
Common stock, $0.25 par value; authorized — 11,200 shares; issued — 7,040 shares
1,760
1,760
Capital surplus
17,463
17,154
Reinvested earnings
66,863
65,855
Accumulated other comprehensive income (loss)
(15,446)
(13,544)
Treasury stock, at cost — 2,743 and 2,760 shares, respectively
(52,033)
(52,244)
Equity Attributable to Shareowners of The Coca-Cola Company
18,607
18,981
Equity attributable to noncontrolling interests
1,709
2,117
Total Equity
20,316
21,098
Total Liabilities and Equity
$
97,184
$
86,381
Refer to Notes to Condensed Consolidated Financial Statements.
4
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In millions)
Nine Months Ended
September 25, 2020
September 27, 2019
Operating Activities
Consolidated net income
$
6,294
$
6,920
Depreciation and amortization
1,106
965
Stock-based compensation expense
88
146
Deferred income taxes
10
(326)
Equity (income) loss — net of dividends
(565)
(336)
Foreign currency adjustments
(145)
79
Significant (gains) losses — net
(899)
(389)
Other operating charges
671
147
Other items
562
444
Net change in operating assets and liabilities
(902)
121
Net Cash Provided by Operating Activities
6,220
7,771
Investing Activities
Purchases of investments
(12,051)
(4,113)
Proceeds from disposals of investments
6,482
5,674
Acquisitions of businesses, equity method investments and nonmarketable securities
(989)
(5,376)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities
46
266
Purchases of property, plant and equipment
(759)
(1,206)
Proceeds from disposals of property, plant and equipment
156
944
Other investing activities
43
(90)
Net Cash Provided by (Used in) Investing Activities
(7,072)
(3,901)
Financing Activities
Issuances of debt
26,898
19,598
Payments of debt
(17,977)
(21,716)
Issuances of stock
514
923
Purchases of stock for treasury
(93)
(690)
Dividends
(3,522)
(3,419)
Other financing activities
153
(33)
Net Cash Provided by (Used in) Financing Activities
5,973
(5,337)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
(36)
(75)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period
5,085
(1,542)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period
6,737
9,318
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Period
11,822
7,776
Less: Restricted cash and restricted cash equivalents at end of period
437
245
Cash and Cash Equivalents at End of Period
$
11,385
$
7,531
Refer to Notes to Condensed Consolidated Financial Statements.
5
THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K of The Coca-Cola Company for the year ended December 31, 2019.
When used in these notes, the terms "The Coca-Cola Company," "Company," "we," "us" and "our" mean The Coca-Cola Company and all entities included in our condensed consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 25, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Sales of our nonalcoholic ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions.
Each of our interim reporting periods, other than the fourth interim reporting period, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The third quarter of 2020 and the third quarter of 2019 ended on September 25, 2020 and September 27, 2019, respectively. Our fourth interim reporting period and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls.
Advertising Costs
The Company's accounting policy related to advertising costs for annual reporting purposes is to expense production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred.
For interim reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple interim periods to each of our interim reporting periods. We use the proportion of each interim period's actual unit case volume to the estimated full year unit case volume as the basis for the allocation. This methodology results in our marketing expenditures being recognized at a standard rate per unit case. At the end of each interim reporting period, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple interim periods in order to evaluate if a change in estimate is necessary. The impact of any change in the full year estimate is recognized in the interim period in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy.
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents or restricted cash equivalents, as applicable. Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other assets in our consolidated balance sheet. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk.
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The following tables provide a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in the condensed consolidated statements of cash flows (in millions):
September 25, 2020
December 31, 2019
Cash and cash equivalents
$
11,385
$
6,480
Cash and cash equivalents included in other assets1
437
257
Cash, cash equivalents, restricted cash and restricted cash equivalents
$
11,822
$
6,737
1 Amounts represent cash and cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of
our European and Canadian pension plans. Refer to Note 4.
September 27, 2019
December 31, 2018
Cash and cash equivalents
$
7,531
$
9,077
Cash and cash equivalents included in other assets1
245
241
Cash, cash equivalents, restricted cash and restricted cash equivalents
$
7,776
$
9,318
1 Amounts represent cash and cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4.
Recently Issued Accounting Guidance
In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating taxes during the quarters and the recognition of deferred tax liabilities for outside basis differences. This guidance also simplifies aspects of the accounting for franchise taxes and changes in tax laws or rates, as well as clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for the Company beginning January 1, 2021 and would require us to recognize a cumulative effect adjustment to the opening balance of reinvested earnings, if applicable. We are currently evaluating the impact that ASU 2019-12 may have on our consolidated financial statements.
NOTE 2: ACQUISITIONS AND DIVESTITURES
Acquisitions
During the nine months ended September 25, 2020, our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $989 million, which primarily related to the acquisition of the remaining equity ownership interest in fairlife, LLC ("fairlife").
During the nine months ended September 27, 2019, our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $5,376 million, which primarily related to the acquisition of Costa Limited ("Costa"), the remaining equity ownership interest in C.H.I. Limited ("CHI") and controlling interests in bottling operations in Zambia.
fairlife, LLC
In January 2020, the Company acquired the remaining 57.5 percent interest in, and now owns 100 percent of, fairlife. fairlife offers a broad portfolio of products in the value-added dairy category across North America. A significant portion of fairlife's revenues was already reflected in our consolidated financial statements, as we have operated as the sales and distribution organization for certain fairlife products. Upon consolidation, we recognized a gain of $902 million resulting from the remeasurement of our previously held equity interest in fairlife to fair value. The fair value of our previously held interest was determined using a discounted cash flow model based on Level 3 inputs. The gain was recorded in the line item other income (loss) — net in our condensed consolidated statement of income. We acquired the remaining interest in exchange for $979 million of cash, net of cash acquired, and effectively settled our $306 million note receivable from fairlife at the recorded amount. Under the terms of the agreement, we are subject to making future milestone payments which are contingent on fairlife achieving certain financial targets through 2024 and, if achieved, are payable in 2021, 2023 and 2025. These milestone payments are based on agreed-upon formulas related to fairlife's operating results, the resulting value of which is not subject to a ceiling. Under the applicable accounting guidance, we recorded a $270 million liability representing our best estimate of the fair value of this contingent consideration. The fair value of this contingent consideration was determined using a Monte Carlo valuation model based on Level 3 inputs. We will be required to remeasure this liability to fair value quarterly with any changes in the fair value recorded in income until the final milestone payments are made. During the three and nine months ended September 25, 2020, we recorded charges of $18 million and $47 million, respectively, related to this remeasurement in the line item other operating charges in our condensed consolidated statements of income. As of September 25, 2020, $1.3 billion of the purchase price was allocated to the fairlife trademark and $0.8 billion was preliminarily allocated to goodwill. The goodwill
7
recognized as part of this acquisition is primarily related to synergistic value created from the opportunity for additional expansion. It also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce. The goodwill is not tax deductible and has been preliminarily assigned to the North America operating segment. The preliminary allocation of the purchase price is subject to refinement when valuations are finalized. As of September 25, 2020, the valuations that have not been finalized primarily relate to other intangible assets as well as operating lease right-of-use assets and operating lease liabilities. The final purchase price allocation will be completed no later than the first quarter of 2021.
Costa Limited
In January 2019, the Company acquired Costa in exchange for $4.9 billion of cash, net of cash acquired. Costa is a coffee business with retail outlets in more than 30 countries, the Costa Express vending system and a state-of-the-art roastery. We believe this acquisition will allow us to increase our presence in the hot beverage market as Costa has a scalable platform across multiple formats and channels, including opportunities to introduce ready-to-drink products. Upon finalization of purchase accounting, $2.4 billion of the purchase price was allocated to the Costa trademark and $2.5 billion was allocated to goodwill. The goodwill recognized as part of this acquisition is primarily related to synergistic value created from the opportunity for additional expansion as well as our ability to market and distribute Costa in ready-to-drink form throughout our bottling system. It also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce. The goodwill is not tax deductible and has been assigned to the Global Ventures operating segment, except for $108 million, which has been assigned to the Europe, Middle East and Africa operating segment.
C.H.I. Limited
In January 2019, the Company acquired the remaining 60 percent interest in CHI, a Nigerian producer of value-added dairy and juice beverages and iced tea, in exchange for $260 million of cash, net of cash acquired, under the terms of the agreement for our original investment in CHI. Upon consolidation, we recognized a net charge of $121 million during the nine months ended September 27, 2019, which included the remeasurement of our previously held equity interest in CHI to fair value and the reversal of the related cumulative translation adjustments. The fair value of our previously held equity investment was determined using a discounted cash flow model based on Level 3 inputs. The net charge was recorded in the line item other income (loss) — net in our condensed consolidated statement of income.
Divestitures
During the nine months ended September 25, 2020, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $46 million, which primarily related to the sale of a portion of our ownership interest in one of our equity method investments. We recognized a net gain of $18 million as a result of the sale, which was recorded in the line item other income (loss) — net in our condensed consolidated statement of income.
During the nine months ended September 27, 2019, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $266 million, which primarily related to the sale of a portion of our equity method investment in Embotelladora Andina S.A. ("Andina"). We recognized a gain of $39 million as a result of the sale, which was recorded in the line item other income (loss) — net in our condensed consolidated statement of income. We continue to account for our remaining interest in Andina as an equity method investment as a result of our representation on Andina's Board of Directors and other governance rights.
North America Refranchising — United States
In conjunction with implementing a new beverage partnership model in North America, in 2018 the Company completed the refranchising of all of our bottling territories in the United States that were previously managed by Coca-Cola Refreshments
("CCR") to certain of our unconsolidated bottling partners. During the three and nine months ended September 27, 2019, we recognized net gains of $19 million and $15 million, respectively. These net gains were included in the line item other income (loss) — net in our condensed consolidated statements of income and were primarily related to post-closing adjustments as contemplated by the related agreements.
North America Refranchising — Canada
During the three and nine months ended September 27, 2019, we recognized a charge of $122 million related to post-closing adjustments related to the sale of our Canadian bottling operations as contemplated by the related agreements. This charge was included in the line item other income (loss) — net in our condensed consolidated statements of income.
Coca-Cola Beverages Africa Proprietary Limited
Due to the Company's original intent to refranchise Coca-Cola Beverages Africa Proprietary Limited ("CCBA"), CCBA was accounted for as held for sale and a discontinued operation from October 2017, when the Company became the controlling shareowner of CCBA, through the first quarter of 2019. While the Company had discussions with a number of potential partners throughout the period CCBA was held for sale, during the second quarter of 2019, the Company updated its plans for
8
CCBA and now intends to maintain its controlling stake in CCBA for the foreseeable future. As a result, CCBA no longer qualifies as held for sale or as a discontinued operation, and CCBA's financial results are now presented within the Company's continuing operations. The financial results for prior periods have also been retrospectively reclassified herein. As of the date we changed our plans, the Company was required to measure CCBA's property, plant and equipment and definite-lived intangible assets at the lower of their current fair values or their carrying amounts before they were classified as held for sale, adjusted for depreciation and amortization expense that would have been recognized had the business been classified as held and used during the period that CCBA was classified as held for sale. As a result, the Company reallocated the allowance for reduction of assets held for sale balance that was originally recorded during the third quarter of 2018 to reduce the carrying value of CCBA's property, plant and equipment by $225 million and CCBA's definite-lived intangible assets by $329 million based on the relative amount of depreciation and amortization that would have been recognized during the periods they were held for sale. We also recorded a $160 million adjustment to reduce the carrying value of CCBA's property, plant and equipment and definite-lived intangible assets by an additional $34 million and $126 million, respectively, during the nine months ended September 27, 2019. These additional adjustments were included in the line item other income (loss) — net in our condensed consolidated statement of income.
NOTE 3: REVENUE RECOGNITION
The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions):