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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
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
ko-20220930_g1.jpg
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
AtlantaGeorgia30313
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.25 Par ValueKONew York Stock Exchange
0.500% Notes Due 2024KO24New York Stock Exchange
1.875% Notes Due 2026KO26New York Stock Exchange
0.750% Notes Due 2026KO26CNew York Stock Exchange
1.125% Notes Due 2027KO27New York Stock Exchange
0.125% Notes Due 2029KO29ANew York Stock Exchange
0.125% Notes Due 2029KO29BNew York Stock Exchange
0.400% Notes Due 2030KO30BNew York Stock Exchange
1.250% Notes Due 2031KO31New York Stock Exchange
0.375% Notes Due 2033KO33New York Stock Exchange
0.500% Notes Due 2033KO33ANew York Stock Exchange
1.625% Notes Due 2035KO35New York Stock Exchange
1.100% Notes Due 2036KO36New York Stock Exchange
0.950% Notes Due 2036KO36ANew York Stock Exchange
0.800% Notes Due 2040KO40BNew York Stock Exchange
1.000% Notes Due 2041KO41New 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 filerAccelerated filer 
Non-accelerated filerSmaller 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.
Class of Common Stock  Shares Outstanding as of October 24, 2022
$0.25 Par Value 4,324,513,264




THE COCA-COLA COMPANY AND SUBSIDIARIES
Table of Contents
  Page
 
 



FORWARD-LOOKING STATEMENTS
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. Our Company undertakes 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 our Company’s actual results to differ materially from historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, the possibility that the assumptions used to calculate our estimated aggregate incremental tax and interest liability related to the potential unfavorable outcome of the ongoing tax dispute with the U.S. Internal Revenue Service could significantly change; 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, 2021 and in our Quarterly Report on Form 10-Q for the quarter ended April 1, 2022; 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
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In millions except per share data)
Three Months EndedNine Months Ended
September 30,
2022
October 1,
2021
September 30,
2022
October 1,
2021
Net Operating Revenues$11,063 $10,042 $32,879 $29,191 
Cost of goods sold4,566 3,977 13,487 11,269 
Gross Profit6,497 6,065 19,392 17,922 
Selling, general and administrative expenses3,279 3,122 9,449 8,808 
Other operating charges130 45 1,109 478 
Operating Income3,088 2,898 8,834 8,636 
Interest income128 68 306 205 
Interest expense198 210 578 1,432 
Equity income (loss) — net479 455 1,133 1,136 
Other income (loss) — net(53)(127)(509)920 
Income Before Income Taxes3,444 3,084 9,186 9,465 
Income taxes 622 609 1,671 2,111 
Consolidated Net Income2,822 2,475 7,515 7,354 
Less: Net income (loss) attributable to noncontrolling interests(3)4 4 (3)
Net Income Attributable to Shareowners of The Coca-Cola Company$2,825 $2,471 $7,511 $7,357 
Basic Net Income Per Share1
$0.65 $0.57 $1.74 $1.71 
Diluted Net Income Per Share1
$0.65 $0.57 $1.73 $1.70 
Average Shares Outstanding — Basic4,325 4,318 4,329 4,313 
Effect of dilutive securities21 26 23 24 
Average Shares Outstanding — Diluted4,346 4,344 4,352 4,337 
1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.
Refer to Notes to Consolidated Financial Statements.


2


THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Three Months EndedNine Months Ended
September 30,
2022
October 1,
2021
September 30,
2022
October 1,
2021
Consolidated Net Income$2,822 $2,475 $7,515 $7,354 
Other Comprehensive Income:  
Net foreign currency translation adjustments(1,364)(991)(2,265)(131)
Net gains (losses) on derivatives93 28 250 184 
 Net change in unrealized gains (losses) on available-for-sale debt securities18 (22)(12)(83)
Net change in pension and other postretirement benefit liabilities34 (32)284 368 
Total Comprehensive Income1,603 1,458 5,772 7,692 
Less: Comprehensive income (loss) attributable to noncontrolling interests
(154)(62)(200)(16)
Total Comprehensive Income Attributable to Shareowners
of The Coca-Cola Company
$1,757 $1,520 $5,972 $7,708 
Refer to Notes to Consolidated Financial Statements.



3


THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions except par value)
September 30,
2022
December 31,
2021
ASSETS
Current Assets 
Cash and cash equivalents$10,127 $9,684 
Short-term investments1,120 1,242 
Total Cash, Cash Equivalents and Short-Term Investments11,247 10,926 
Marketable securities1,973 1,699 
Trade accounts receivable, less allowances of $517 and $516, respectively
3,994 3,512 
Inventories3,708 3,414 
Prepaid expenses and other current assets3,217 2,994 
Total Current Assets24,139 22,545 
Equity method investments17,723 17,598 
Other investments582 818 
Other noncurrent assets6,130 6,731 
Deferred income tax assets1,708 2,129 
Property, plant and equipment, less accumulated depreciation of $8,992 and $8,942, respectively
9,243 9,920 
Trademarks with indefinite lives13,968 14,465 
Goodwill18,329 19,363 
Other intangible assets649 785 
Total Assets$92,471 $94,354 
LIABILITIES AND EQUITY
Current Liabilities  
Accounts payable and accrued expenses$16,103 $14,619 
Loans and notes payable3,396 3,307 
Current maturities of long-term debt729 1,338 
Accrued income taxes1,211 686 
Total Current Liabilities21,439 19,950 
Long-term debt35,462 38,116 
Other noncurrent liabilities8,010 8,607 
Deferred income tax liabilities3,124 2,821 
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 surplus18,687 18,116 
Reinvested earnings70,893 69,094 
Accumulated other comprehensive income (loss)(15,869)(14,330)
Treasury stock, at cost — 2,716 and 2,715 shares, respectively
(52,666)(51,641)
Equity Attributable to Shareowners of The Coca-Cola Company22,805 22,999 
Equity attributable to noncontrolling interests1,631 1,861 
Total Equity24,436 24,860 
Total Liabilities and Equity$92,471 $94,354 
Refer to Notes to Consolidated Financial Statements.
4


THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 Nine Months Ended
 September 30,
2022
October 1,
2021
Operating Activities  
Consolidated net income$7,515 $7,354 
Depreciation and amortization953 1,111 
Stock-based compensation expense273 236 
Deferred income taxes(135)726 
Equity (income) loss — net of dividends(767)(621)
Foreign currency adjustments176 (5)
Significant (gains) losses — net25 (498)
Other operating charges1,070 243 
Other items217 517 
Net change in operating assets and liabilities(1,259)168 
Net Cash Provided by Operating Activities8,068 9,231 
Investing Activities  
Purchases of investments(3,169)(4,732)
Proceeds from disposals of investments3,049 5,294 
Acquisitions of businesses, equity method investments and nonmarketable securities(40)(11)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities229 1,950 
Purchases of property, plant and equipment(776)(728)
Proceeds from disposals of property, plant and equipment46 65 
Collateral (paid) received associated with hedging activities — net(1,449) 
Other investing activities(79)81 
Net Cash Provided by (Used in) Investing Activities(2,189)1,919 
Financing Activities 
Issuances of debt4,351 11,848 
Payments of debt(3,761)(13,037)
Issuances of stock707 493 
Purchases of stock for treasury(1,412)(104)
Dividends(3,910)(5,437)
Other financing activities(1,053)(354)
Net Cash Provided by (Used in) Financing Activities(5,078)(6,591)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
(392)(56)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period409 4,503 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period10,025 7,110 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Period10,434 11,613 
Less: Restricted cash and restricted cash equivalents at end of period307 312 
Cash and Cash Equivalents at End of Period$10,127 $11,301 
Refer to Notes to Consolidated Financial Statements.
5



THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1: 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, 2021.
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 nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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 third quarter of 2022 and the third quarter of 2021 ended on September 30, 2022 and October 1, 2021, 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 on 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):
September 30,
2022
December 31,
2021
Cash and cash equivalents$10,127 $9,684 
Restricted cash and restricted cash equivalents1,2
307 341 
Cash, cash equivalents, restricted cash and restricted cash equivalents$10,434 $10,025 
1Amounts 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.
2Amounts 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.
6


October 1,
2021
December 31,
2020
Cash and cash equivalents$11,301 $6,795 
Restricted cash and restricted cash equivalents1
312 315 
Cash, cash equivalents, restricted cash and restricted cash equivalents$11,613 $7,110 
1Amounts represent 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.
NOTE 2: ACQUISITIONS AND DIVESTITURES
Acquisitions
Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $40 million and $11 million during the nine months ended September 30, 2022 and October 1, 2021, respectively.
Divestitures
Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the nine months ended September 30, 2022 and October 1, 2021 totaled $229 million and $1,950 million, respectively. In 2022, we sold our ownership interest in one of our equity method investments and received cash proceeds of $123 million, resulting in a gain of $13 million. In 2021, we sold our ownership interest in Coca-Cola Amatil Limited (“CCA”), an equity method investee, to Coca-Cola Europacific Partners plc, also an equity method investee. We received cash proceeds of $1,738 million and recognized a gain of $695 million as a result of the sale and the related reversal of cumulative translation adjustments. In 2021, we also sold a portion of our ownership interest in one of our equity method investments and received cash proceeds of $134 million, resulting in a gain of $63 million. All of the gains were recorded in the line item other income (loss) — net in our consolidated statements of income.
Assets and Liabilities Held for Sale
The Company had certain bottling operations in Asia Pacific that met the criteria to be classified as held for sale. As a result, we were required to record their assets and liabilities at the lower of carrying value or fair value less any costs to sell. As the fair value less any costs to sell exceeded the carrying value, the related assets and liabilities were recorded at their carrying value. These assets and liabilities were included in the Bottling Investments operating segment. The Company expects these bottling operations to be refranchised during the fourth quarter of 2022, subject to regulatory approval.
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):
September 30,
2022
December 31, 2021
Cash, cash equivalents and short-term investments$222 $228 
Trade accounts receivable, less allowances17 21 
Inventories63 55 
Prepaid expenses and other current assets46 36 
Other noncurrent assets34 9 
Deferred income tax assets7 6 
Property, plant and equipment — net289 282 
Goodwill35 37 
  Assets held for sale$713 $674 
Accounts payable and accrued expenses$165 $139 
Accrued income taxes6 4 
Other noncurrent liabilities9 9 
Deferred income tax liabilities5 5 
  Liabilities held for sale$185 $157 
7


NOTE 3: 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 StatesInternationalTotal
Three Months Ended September 30, 2022
Concentrate operations$2,235 $4,339 $6,574 
Finished product operations1,909 2,580 4,489 
Total $4,144 $6,919 $11,063 
Three Months Ended October 1, 2021
Concentrate operations$1,749 $4,122 $5,871 
Finished product operations1,669 2,502 4,171 
Total $3,418 $6,624 $10,042 
United StatesInternationalTotal
Nine Months Ended September 30, 2022
Concentrate operations$5,768 $12,895 $18,663 
Finished product operations5,856 8,360 14,216 
Total $11,624 $21,255 $32,879 
Nine Months Ended October 1, 2021
Concentrate operations$4,899 $11,948 $16,847 
Finished product operations4,744 7,600 12,344 
Total $9,643 $19,548 $29,191 
Refer to Note 16 for disclosures of net operating revenues by operating segment and Corporate.
NOTE 4: 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 IncomeMeasurement Alternative — No Readily Determinable Fair Value
September 30, 2022
Marketable securities$296 $ 
Other investments542 40 
Other noncurrent assets1,174  
Total equity securities$2,012 $40 
December 31, 2021
Marketable securities$376 $ 
Other investments771 47 
Other noncurrent assets1,576  
Total equity securities$2,723 $47 
8


The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions):
Three Months Ended
September 30,
2022
October 1,
2021
Net gains (losses) recognized during the period related to equity securities$(38)$4 
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
(95)5 
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
$57 $(1)
Nine Months Ended
September 30,
2022
October 1,
2021
Net gains (losses) recognized during the period related to equity securities$(399)$361 
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
(350)33 
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
$(49)$328 
Debt Securities
Our debt securities consisted of the following (in millions):
Gross UnrealizedEstimated
Fair Value
CostGainsLosses
September 30, 2022
Trading securities
$43 $ $(4)$39 
Available-for-sale securities
1,960 22 (131)1,851 
Total debt securities
$2,003 $22 $(135)$1,890 
December 31, 2021
Trading securities
$39 $1 $ $40 
Available-for-sale securities
1,648 33 (132)1,549 
Total debt securities
$1,687 $34 $(132)$1,589 
The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions):
September 30, 2022December 31, 2021
Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities
Marketable securities
$39 $1,638 $40 $1,283 
Other noncurrent assets
 213  266 
Total debt securities$39 $1,851 $40 $1,549 
The contractual maturities of these available-for-sale debt securities as of September 30, 2022 were as follows (in millions):
CostEstimated
Fair Value
Within 1 year$352 $342 
After 1 year through 5 years1,409 1,317 
After 5 years through 10 years35 47 
After 10 years164 145 
Total$1,960 $1,851 
The Company expects that actual maturities may differ from the contractual maturities above because borrowers have the right to call or prepay certain obligations.
9


The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions):
Three Months EndedNine Months Ended
September 30,
2022
October 1,
2021
September 30,
2022
October 1,
2021
Gross gains$2 $2 $5 $4 
Gross losses(43) (51)(8)
Proceeds135 91 479 1,058 
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 $1,249 million and $1,670 million as of September 30, 2022 and December 31, 2021, respectively, which were classified in the line item other noncurrent assets in our consolidated balance sheets because the assets are not available to satisfy our current obligations.
NOTE 5: INVENTORIES
Inventories consisted of the following (in millions):
September 30,
2022
December 31,
2021
Raw materials and packaging$2,123 $2,133 
Finished goods 1,246 982 
Other 339 299 
Total inventories $3,708 $3,414 
NOTE 6: 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 Value1,2
Derivatives Designated as Hedging Instruments
Balance Sheet Location1
September 30,
2022
December 31,
2021
Assets:   
Foreign currency contractsPrepaid expenses and other current assets$391 $151 
Foreign currency contractsOther noncurrent assets83 27 
Interest rate contractsPrepaid expenses and other current assets 1 
Interest rate contractsOther noncurrent assets 282 
Total assets $474 $461 
Liabilities:   
Foreign currency contractsAccounts payable and accrued expenses$52 $15 
Foreign currency contractsOther noncurrent liabilities151 17 
Interest rate contractsOther noncurrent liabilities1,604 14 
Total liabilities $1,807 $46 
1All 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 15 for the net presentation of the Company’s derivative instruments.
2Refer to Note 15 for additional information related to the estimated fair value.
10


The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions):
 
Fair Value1,2
Derivatives Not Designated as Hedging Instruments
Balance Sheet Location1
September 30,
2022
December 31, 2021
Assets:   
Foreign currency contractsPrepaid expenses and other current assets$105 $53 
Foreign currency contractsOther noncurrent assets10  
Commodity contractsPrepaid expenses and other current assets131 131 
Commodity contractsOther noncurrent assets 3 
Other derivative instrumentsPrepaid expenses and other current assets 9 
Total assets $246 $196 
Liabilities:   
Foreign currency contractsAccounts payable and accrued expenses$22 $34 
Foreign currency contractsOther noncurrent liabilities3 9 
Commodity contractsAccounts payable and accrued expenses40 6 
Commodity contractsOther noncurrent liabilities6 1 
Other derivative instrumentsAccounts payable and accrued expenses19  
Total liabilities $90 $50 
1All 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 15 for the net presentation of the Company’s derivative instruments.
2Refer to Note 15 for additional information related to the estimated fair value.
Credit Risk Associated with Derivatives
We have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. We monitor counterparty exposures regularly and review any downgrade in credit rating immediately. If a downgrade in the credit rating of a counterparty were to occur, we have provisions requiring collateral for substantially all of our transactions. To mitigate presettlement risk, minimum credit standards become more stringent as the duration of the derivative financial instrument increases. In addition, the Company’s master netting agreements reduce credit risk by permitting the Company to net settle for transactions with the same counterparty. To minimize the concentration of credit risk, we enter into derivative transactions with a portfolio of financial institutions. 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. 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 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 $5,963 million and $7,399 million as of September 30, 2022 and December 31, 2021, respectively.
11


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 values of derivatives that were designated as cash flow hedges for the Company’s foreign currency denominated assets and liabilities were $1,524 million and $1,994 million as of September 30, 2022 and December 31, 2021, respectively.
The Company has entered into commodity futures contracts and other derivative instruments on various commodities to mitigate the price risk associated with forecasted purchases of materials used in our manufacturing process. These derivative instruments were 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 $45 million and $10 million as of September 30, 2022 and December 31, 2021, 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. As of September 30, 2022 and December 31, 2021, 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)
Recognized
in OCI
Location of Gain (Loss) Recognized in IncomeGain (Loss) Reclassified from AOCI into Income
Three Months Ended September 30, 2022
Foreign currency contracts$197 Net operating revenues$88 
Foreign currency contracts12 Cost of goods sold10 
Foreign currency contracts Interest expense(1)
Foreign currency contracts(56)Other income (loss) — net(71)
Total$153 $26 
Three Months Ended October 1, 2021
Foreign currency contracts$15 Net operating revenues$(21)
Foreign currency contracts6 Cost of goods sold(6)
Foreign currency contracts Interest expense(1)
Foreign currency contracts(43)Other income (loss) — net(35)
Total
$(22) $(63)
12


Gain (Loss)
Recognized
in OCI