3 unchanged sentences
(In millions except per share data)
−Removed: Three Months Ended Nine Months Ended
−Removed: September 27,
−Removed: 2024 September 29,
−Removed: 2023 September 27,
−Removed: 2024 September 29,
+Added: Three Months Ended
+Added: 2025 March 29,
Net Operating Revenues $ 11,129 $ 11,300
25 unchanged sentences
(In millions)
−Removed: Three Months Ended Nine Months Ended
−Removed: September 27,
−Removed: 2024 September 29,
−Removed: 2023 September 27,
−Removed: 2024 September 29,
+Added: Three Months Ended
+Added: 2025 March 29,
Consolidated Net Income $ 3,335 $ 3,185
6 unchanged sentences
Comprehensive income (loss) attributable to noncontrolling interests 38 ( 16 )
−Removed: Total Comprehensive Income Attributable to Shareowners
−Removed: of The Coca-Cola Company
−Removed: $ 2,770 $ 2,289 $ 7,175 $ 8,821
+Added: Total Comprehensive Income Attributable to Shareowners of The Coca-Cola Company $ 3,691 $ 2,948
Refer to Notes to Consolidated Financial Statements.
2 unchanged sentences
(In millions except par value)
−Removed: September 27,
2025 December 31,
9 unchanged sentences
Equity method investments 18,369 18,087
−Removed: Other investments 44 118
−Removed: Other noncurrent assets 12,904 7,162
Deferred income tax assets 1,311 1,319
Property, plant and equipment, less accumulated depreciation of $ 9,809 and $ 9,570 , respectively
+Added: 10,431 10,303
Trademarks with indefinite lives 13,425 13,301
Goodwill 18,333 18,139
−Removed: Other intangible assets 461 516
+Added: Other noncurrent assets 13,669 13,403
Total Assets $ 101,716 $ 100,549
26 unchanged sentences
(In millions)
−Removed: Nine Months Ended
−Removed: September 27,
−Removed: 2024 September 29,
+Added: Three Months Ended
+Added: 2025 March 29,
Operating Activities
10 unchanged sentences
Net change in operating assets and liabilities ( 8,521 ) ( 2,845 )
−Removed: Net Cash Provided by Operating Activities 2,854 8,929
+Added: Net Cash Provided by (Used in) Operating Activities ( 5,202 ) 528
Investing Activities
17 unchanged sentences
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
−Removed: ( 266 ) ( 36 )
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
16 unchanged sentences
In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included.
−Removed: Operating results for the three and nine months ended September 27, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
+Added: Operating results for the three months ended March 28, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
Sales of our ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes.
1 unchanged sentence
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.
−Removed: The third quarter of 2024 and the third quarter of 2023 ended on September 27, 2024 and September 29, 2023, respectively.
+Added: The first quarter of 2025 and the first quarter of 2024 ended on March 28, 2025 and March 29, 2024, respectively.
Our fourth quarter and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls.
14 unchanged sentences
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):
−Removed: September 27,
2025 December 31,
2 unchanged sentences
Cash, cash equivalents, restricted cash and restricted cash equivalents $ 8,814 $ 11,488
−Removed: September 29,
2024 December 31,
2 unchanged sentences
Cash, cash equivalents, restricted cash and restricted cash equivalents $ 10,818 $ 9,692
−Removed: Recently Issued Accounting Guidance
−Removed: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures , which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.
−Removed: The expanded annual disclosures are effective for the year ending December 31, 2024, and the expanded interim disclosures are effective in 2025 and will be applied retrospectively to all prior periods presented.
−Removed: The Company is currently evaluating the impact that ASU 2023-07 will have on our consolidated financial statements.
−Removed: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):
−Removed: Improvements to Income Tax Disclosures , which requires, among other things, additional disclosures primarily related to the income tax rate reconciliation and income taxes paid.
−Removed: The expanded annual disclosures are effective for the year ending December 31, 2025.
−Removed: The Company is currently evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and whether we will apply the standard prospectively or retrospectively.
ACQUISITIONS AND DIVESTITURES
−Removed: Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $ 153 million and $ 45 million during the nine months ended September 27, 2024 and September 29, 2023, respectively.
−Removed: In 2024, we invested $ 114 million in alternative energy limited partnerships.
+Added: Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $ 42 million during the three months ended March 28, 2025, which included $ 30 million of investments in alternative energy limited partnerships.
Refer to Note 15 for additional information on these investments.
−Removed: Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the nine months ended September 27, 2024 totaled $ 3,468 million, which primarily related to the refranchising of the Company’s bottling operations that were classified as held for sale as of December 31, 2023.
−Removed: Also included was the sale of our ownership interest in an equity method investee in Thailand, for which we received net cash proceeds of $ 718 million and recognized a net gain of $ 506 million, including the impact of post-closing adjustments.
−Removed: We also sold a portion of our interest in Coca-Cola Consolidated, Inc.
−Removed: (“Coke Consolidated”), an equity method investee, to Coke Consolidated, for which we received cash proceeds of $ 554 million and recognized a net gain of $ 338 million.
−Removed: These gains were recorded in the line item other income (loss) — net in our consolidated statements of income.
−Removed: Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the nine months ended September 29, 2023 totaled $ 327 million, which primarily related to the sale of our ownership interest in an equity method investee in Indonesia to Coca-Cola Europacific Partners plc (“CCEP”), an equity method investee, for which we received cash proceeds of $ 302 million and recognized a net gain of $ 12 million.
−Removed: The Company also refranchised its bottling operations in Vietnam in January 2023 and recognized a net gain of $ 439 million as a result of the sale.
−Removed: The Company received the related cash proceeds of $ 823 million in December 2022.
−Removed: These gains were recorded in the line item other income (loss) — net in our consolidated statement of income.
+Added: Our Company’s acquisitions of businesses, equity method investments and nonmarketable securities totaled $ 8 million during the three months ended March 29, 2024.
+Added: Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the three months ended March 28, 2025 totaled $ 748 million, which primarily related to the sale of a portion of our ownership interest in Coca-Cola Europacific Partners plc, an equity method investee (“CCEP”), for which we received cash proceeds of $ 741 million and recognized a net gain of $ 331 million.
+Added: Proceeds from disposals of businesses, equity method investments and nonmarketable securities during the three months ended March 29, 2024 totaled $ 2,893 million.
+Added: The Company refranchised its bottling operations in certain territories in India in January and February 2024, for which we received net cash proceeds of $ 476 million and recognized a net gain of $ 293 million.
+Added: The Company refranchised its bottling operations in Bangladesh to Coca-Cola İçecek A.Ş., an equity method investee, in February 2024, for which we received net cash proceeds of $ 27 million and a note receivable of $ 29 million and recognized a net loss of $ 18 million, primarily due to the related reversal of cumulative translation adjustments.
+Added: During the three months ended March 28, 2025, the Company recognized an additional loss of $ 14 million related to post-closing adjustments and a corresponding reduction in the outstanding note receivable balance.
+Added: Additionally, in February 2024, the Company refranchised its bottling operations in the Philippines to CCEP and a local business partner, for which we received net cash proceeds of $ 1,656 million and recognized a net gain of $ 599 million.
+Added: We also sold our ownership interest in an equity method investee in Thailand, for which we received net cash proceeds of $ 728 million and recognized a net gain of $ 516 million.
+Added: These gains and losses were recorded in the line item other income (loss) — net in our consolidated statements of income.
Assets and Liabilities Held for Sale
−Removed: As of December 31, 2023, the Company’s bottling operations in the Philippines, Bangladesh and certain territories in India met the criteria to be classified as held for sale.
+Added: As of March 28, 2025 and December 31, 2024, the Company’s bottling operations in certain territories in India met the criteria to be classified as held for sale.
As a result, we were required to record the related assets and liabilities at the lower of carrying value or fair value less any costs to sell.
1 unchanged sentence
These assets and liabilities were included in the Bottling Investments operating segment.
−Removed: The Company refranchised its bottling operations in certain territories in India in January and February of 2024, for which we received net cash proceeds of $ 474 million and recognized a net gain of $ 290 million, including the impact of post-closing adjustments.
−Removed: The Company refranchised its bottling operations in Bangladesh to Coca-Cola İçecek A.Ş.
−Removed: (“CCI”), an equity method investee, in February 2024, for which we received net cash proceeds of $ 27 million and a note receivable of $ 29 million and recognized a net loss of $ 18 million, primarily due to the related reversal of cumulative translation adjustments.
−Removed: Additionally, in February 2024, the Company refranchised its bottling operations in the Philippines to CCEP and a local business partner, for which we received net cash proceeds of $ 1,652 million and recognized a net gain of $ 595 million,
−Removed: including the impact of post-closing adjustments.
−Removed: These gains and losses were recorded in the line item other income (loss) — net in our consolidated statement of income.
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 sheet (in millions):
2025 December 31, 2024
−Removed: Cash, cash equivalents and short-term investments $ 37
−Removed: Marketable securities 8
−Removed: Trade accounts receivable, less allowances 95
Inventories $ 12 $ 23
−Removed: Prepaid expenses and other current assets 60
−Removed: Equity method investments 4
−Removed: Other noncurrent assets 51
−Removed: Deferred income tax assets 28
Property, plant and equipment — net 107 108
−Removed: Other intangible assets 14
Assets held for sale $ 119 $ 131
Accounts payable and accrued expenses $ 2 $ 2
−Removed: Loans and notes payable 63
−Removed: Accrued income taxes 24
−Removed: Long-term debt 2
Other noncurrent liabilities — 1
−Removed: Deferred income tax liabilities 58
Liabilities held for sale $ 2 $ 3
NET OPERATING REVENUES
−Removed: The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions):
−Removed: United States International Total
−Removed: Three Months Ended September 27, 2024
−Removed: Concentrate operations $ 2,283 $ 4,775 $ 7,058
−Removed: Finished product operations 2,620 2,176 4,796
−Removed: Total $ 4,903 $ 6,951 $ 11,854
−Removed: Three Months Ended September 29, 2023
−Removed: Concentrate operations $ 2,410 $ 4,802 $ 7,212
−Removed: Finished product operations 2,001 2,740 4,741
−Removed: Total $ 4,411 $ 7,542 $ 11,953
+Added: The following table presents net operating revenues disaggregated between the United States and International and further by line of business (in millions):
United States International Total
−Removed: Nine Months Ended September 27, 2024
+Added: Three Months Ended March 28, 2025
Concentrate operations $ 1,927 $ 5,256 $ 7,183
1 unchanged sentence
Total $ 4,253 $ 6,876 $ 11,129
−Removed: Nine Months Ended September 29, 2023
+Added: Three Months Ended March 29, 2024
Concentrate operations $ 2,125 $ 4,530 $ 6,655
5 unchanged sentences
Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value
−Removed: September 27, 2024
+Added: March 28, 2025
Marketable securities $ 405 $ —
−Removed: Other investments 2 42
Other noncurrent assets 1,651 42
2 unchanged sentences
Marketable securities $ 418 $ —
−Removed: Other investments 76 42
Other noncurrent assets 1,616 40
2 unchanged sentences
Three Months Ended
−Removed: September 27,
−Removed: 2024 September 29,
+Added: 2025 March 29,
Net gains (losses) recognized during the period related to equity securities $ ( 15 ) $ 183
4 unchanged sentences
$ ( 23 ) $ 134
−Removed: Nine Months Ended
−Removed: September 27,
−Removed: 2024 September 29,
−Removed: Net gains (losses) recognized during the period related to equity securities $ 351 $ 194
−Removed: Net gains (losses) recognized during the period related to equity securities sold
−Removed: during the period
−Removed: Net unrealized gains (losses) recognized during the period related to equity securities
−Removed: still held at the end of the period
Debt Securities
2 unchanged sentences
Cost Gains Losses
−Removed: September 27, 2024
+Added: March 28, 2025
Trading securities
12 unchanged sentences
The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions):
−Removed: September 27, 2024 December 31, 2023
+Added: March 28, 2025 December 31, 2024
Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities
3 unchanged sentences
Total debt securities $ 48 $ 1,715 $ 45 $ 1,631
−Removed: The contractual maturities of these available-for-sale debt securities as of September 27, 2024 were as follows (in millions):
+Added: The contractual maturities of these available-for-sale debt securities as of March 28, 2025 were as follows (in millions):
Cost Estimated
6 unchanged sentences
The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions):
−Removed: Three Months Ended Nine Months Ended
−Removed: September 27,
−Removed: 2024 September 29,
−Removed: 2023 September 27,
−Removed: 2024 September 29,
+Added: Three Months Ended
+Added: 2025 March 29,
Gross gains $ 1 $ 1
6 unchanged sentences
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.
−Removed: This captive’s solvency capital funds included total equity and debt securities of $ 1,929 million and $ 1,643 million as of September 27, 2024 and December 31, 2023, respectively, which were classified in the line item other noncurrent assets in our consolidated balance sheets because the assets were not available to satisfy our current obligations.
+Added: This captive’s solvency capital funds included total equity and debt securities of $ 1,923 million and $ 1,883 million as of March 28, 2025 and December 31, 2024, respectively, which were classified in the line item other noncurrent assets in our consolidated balance sheets because the assets were not available to satisfy our current obligations.
Inventories consisted of the following (in millions):
−Removed: September 27,
2025 December 31,
6 unchanged sentences
Fair Value 1,2
−Removed: Derivatives Designated as Hedging Instruments Balance Sheet Location 1
−Removed: September 27,
+Added: Derivatives Designated as Hedging Instruments Financial Statement Line Item Impacted 1
2025 December 31,
1 unchanged sentence
Foreign currency contracts Other noncurrent assets 32 82
+Added: Commodity contracts Prepaid expenses and other current assets 3 2
Interest rate contracts Other noncurrent assets 45 27
2 unchanged sentences
Foreign currency contracts Other noncurrent liabilities 61 39
−Removed: Commodity contracts Accounts payable and accrued expenses — 3
Interest rate contracts Accounts payable and accrued expenses 1 —
7 unchanged sentences
Fair Value 1,2
−Removed: Derivatives Not Designated as Hedging Instruments Balance Sheet Location 1
−Removed: September 27,
+Added: Derivatives Not Designated as Hedging Instruments Financial Statement Line Item Impacted 1
2025 December 31, 2024
7 unchanged sentences
Commodity contracts Accounts payable and accrued expenses 32 40
−Removed: Commodity contracts Other noncurrent liabilities 5 1
Other derivative instruments Accounts payable and accrued expenses — 6
27 unchanged sentences
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.
−Removed: The total notional values of derivatives that were designated and qualified for the Company’s foreign currency cash flow hedging program were $ 9,271 million and $ 9,408 million as of September 27, 2024 and December 31, 2023, respectively.
+Added: The total notional values of derivatives that were designated and qualified for the Company’s foreign currency cash flow hedging program were $ 11,971 million and $ 9,206 million as of March 28, 2025 and December 31, 2024, respectively.
The Company uses cross-currency swaps to hedge the changes in cash flows of certain of its foreign currency denominated debt and other monetary assets or liabilities due to fluctuations in foreign currency exchange rates.
1 unchanged sentence
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.
−Removed: The total notional values of derivatives that were designated as cash flow hedges for the Company’s foreign currency denominated assets and liabilities were $ 557 million and $ 958 million as of September 27, 2024 and December 31, 2023, respectively.
+Added: The total notional value of derivatives that were designated as cash flow hedges for the Company’s foreign currency denominated assets and liabilities was $ 557 million as of both March 28, 2025 and December 31, 2024.
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.
1 unchanged sentence
The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of certain commodities.
−Removed: The total notional values of derivatives that were designated and qualified for this program were $ 37 million and $ 54 million as of September 27, 2024 and December 31, 2023, respectively.
+Added: The total notional values of derivatives that were designated and qualified for this program were $ 87 million and $ 58 million as of March 28, 2025 and December 31, 2024, respectively.
Our Company monitors our mix of short-term debt and long-term debt regularly.
2 unchanged sentences
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.
−Removed: The total notional values of derivatives that were designated and qualified for this program were $ 250 million and $ 750 million as of September 27, 2024 and December 31, 2023, respectively.
−Removed: 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):
−Removed: in OCI Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income
−Removed: Three Months Ended September 27, 2024
+Added: The total notional value of derivatives that were designated and qualified for this program was $ 1,000 million as of March 28, 2025.
+Added: There were no derivatives that were designated as part of the Company’s interest rate cash flow hedging program as of December 31, 2024.
+Added: The following table presents 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):
+Added: in OCI Financial Statement Line Item Impacted Gain (Loss) Reclassified from AOCI into Income
+Added: Three Months Ended March 28, 2025
Foreign currency contracts $ ( 269 ) Net operating revenues $ 41
5 unchanged sentences
Total $ ( 277 ) $ 69
−Removed: Three Months Ended September 29, 2023
−Removed: Foreign currency contracts $ 90 Net operating revenues $ ( 2 )
−Removed: Foreign currency contracts 8 Cost of goods sold —
−Removed: Foreign currency contracts — Interest expense ( 1 )
−Removed: Foreign currency contracts ( 12 ) Other income (loss) — net ( 29 )
−Removed: Commodity contracts ( 5 ) Cost of goods sold ( 4 )
−Removed: Total $ 81 $ ( 36 )
−Removed: in OCI Location of Gain (Loss) Recognized in Income Gain (Loss) Reclassified from AOCI into Income
−Removed: Nine Months Ended September 27, 2024
+Added: Three Months Ended March 29, 2024
Foreign currency contracts $ 48 Net operating revenues $ ( 17 )
4 unchanged sentences
Interest rate contracts 1 Interest expense —
−Removed: Total $ ( 5 ) $ 32
−Removed: Nine Months Ended September 29, 2023
−Removed: Foreign currency contracts $ 32 Net operating revenues $ ( 8 )
−Removed: Foreign currency contracts 25 Cost of goods sold 8
−Removed: Foreign currency contracts — Interest expense ( 3 )
−Removed: Foreign currency contracts ( 3 ) Other income (loss) — net ( 26 )
−Removed: Commodity contracts ( 16 ) Cost of goods sold ( 10 )
$ 46 $ ( 44 )
−Removed: As of September 27, 2024, the Company estimates that it will reclassify into earnings during the next 12 months net losses of $ 43 million from the pretax amount recorded in AOCI as the anticipated cash flows occur.
+Added: As of March 28, 2025, the Company estimates that it will reclassify into earnings during the next 12 months net gains of $ 4 million from the pretax amount recorded in AOCI as the anticipated cash flows occur.
Fair Value Hedging Strategy
3 unchanged sentences
As a result, any difference is reflected in earnings as ineffectiveness.
−Removed: When a derivative is no longer designated as a fair value hedge for any reason, including termination and maturity, the remaining unamortized difference between the carrying value of the hedged item at that time and the face value of the hedged item is amortized to earnings over the remaining life of the hedged item, or immediately if the hedged item has matured or has been extinguished.
−Removed: The total notional values of derivatives that were designated and
−Removed: qualified as fair value hedges of this type were $ 13,237 million and $ 13,693 million as of September 27, 2024 and December 31, 2023, respectively.
−Removed: The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions):
−Removed: Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss)
+Added: When a derivative is no longer designated as a fair value hedge for any reason, including termination and maturity, the remaining unamortized difference between the carrying value of the hedged item at that time and the face value of the hedged item is amortized to earnings over the remaining life of the hedged item, or immediately
+Added: if the hedged item has matured or has been extinguished.
+Added: The total notional values of derivatives that were designated and qualified as fair value hedges of this type were $ 12,984 million and $ 12,628 million as of March 28, 2025 and December 31, 2024, respectively.
+Added: The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions):
+Added: Hedging Instruments and Hedged Items Financial Statement Line Item Impacted Gain (Loss)
Recognized in Income
Three Months Ended
−Removed: September 27,
−Removed: 2024 September 29,
−Removed: Interest rate contracts Interest expense $ 447 $ ( 103 )
−Removed: Fixed-rate debt Interest expense ( 449 ) 109
−Removed: Net impact of fair value hedging instruments $ ( 2 ) $ 6
−Removed: Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss)
−Removed: Recognized in Income
−Removed: Nine Months Ended
−Removed: September 27,
−Removed: 2024 September 29,
+Added: 2025 March 29,
Interest rate contracts Interest expense $ 80 $ ( 145 )
5 unchanged sentences
Hedged Items Included in the Carrying Values of Hedged Items Remaining for Which Hedge Accounting Has Been Discontinued
−Removed: Balance Sheet Location of Hedged Items September 27,
+Added: Balance Sheet Location of Hedged Items March 28,
2025 December 31,
−Removed: 2023 September 27,
+Added: 2024 March 28,
2025 December 31,
−Removed: 2023 September 27,
+Added: 2024 March 28,
2025 December 31,
−Removed: Current maturities of long-term debt $ — $ 552 $ — $ 1 $ — $ —
Long-term debt $ 12,251 $ 11,824 $ ( 858 ) $ ( 915 ) $ 122 $ 130
1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rate fluctuations.
−Removed: In June 2023, the Company amended the terms of its interest rate swap agreements to implement a forward-looking interest rate based on the Secured Overnight Financing Rate in place of the London Interbank Offered Rate.
−Removed: Since the interest rate swap agreements were affected by reference rate reform, the Company applied the expedients and exceptions provided to preserve the past presentation of its derivatives without de-designating the existing hedging relationships.
−Removed: All amendments to interest rate swap agreements were executed with the existing counterparties and did not change the notional amounts, maturity dates or other critical terms of the hedging relationships.
Hedges of Net Investments in Foreign Operations Strategy
5 unchanged sentences
Notional Values Gain (Loss) Recognized in OCI
−Removed: as of Three Months Ended Nine Months Ended
−Removed: September 27,
+Added: as of Three Months Ended
2025 December 31,
−Removed: 2023 September 27,
−Removed: 2024 September 29,
−Removed: 2023 September 27,
−Removed: 2024 September 29,
+Added: 2024 March 28,
+Added: 2025 March 29,
Foreign currency contracts $ — $ 59 $ ( 1 ) $ 2
1 unchanged sentence
Total $ 13,826 $ 13,280 $ ( 606 ) $ 274
−Removed: The Company reclassified a gain of $ 3 million related to net investment hedges from AOCI into earnings during the nine months ended September 27, 2024.
−Removed: The Company did not reclassify any gains or losses during the three months ended September 27, 2024 nor the three and nine months ended September 29, 2023.
−Removed: In addition, the Company did not have any ineffectiveness related to net investment hedges during the three and nine months ended September 27, 2024 and September 29, 2023.
+Added: The Company reclassified a gain of $ 3 million related to net investment hedges from AOCI into earnings during the three months ended March 29, 2024.
+Added: The Company did not reclassify any gains or losses during the three months ended March 28, 2025.
+Added: In addition, the Company did not have any ineffectiveness related to net investment hedges during the three months ended March 28, 2025 and March 29, 2024.
The cash inflows and outflows associated with the Company’s derivative contracts designated as net investment hedges are classified in the line item other investing activities in our consolidated statement of cash flows.
8 unchanged sentences
dollar net cash flows are immediately recognized in earnings in the line items net operating revenues, cost of goods sold or other income (loss) — net in our consolidated statement of income, as applicable.
−Removed: The total notional values of derivatives related to our foreign currency economic hedges were $ 7,750 million and $ 6,989 million as of September 27, 2024 and December 31, 2023, respectively.
−Removed: The Company uses interest rate contracts as economic hedges to minimize exposure to changes in the fair value of fixed-rate debt that result from fluctuations in benchmark interest rates.
−Removed: As of September 27, 2024 and December 31, 2023, we did not have any interest rate contracts used as economic hedges.
+Added: The total notional values of derivatives related to our foreign currency economic hedges were $ 9,694 million and $ 8,620 million as of March 28, 2025 and December 31, 2024, respectively.
The Company also uses certain derivatives as economic hedges to mitigate the price risk associated with the purchase of materials used in the manufacturing process and vehicle fuel.
The changes in the fair values of these economic hedges are immediately recognized in earnings in the line items net operating revenues, cost of goods sold, or selling, general and administrative expenses in our consolidated statement of income, as applicable.
−Removed: The total notional values of derivatives related to our economic hedges of this type were $ 386 million and $ 325 million as of September 27, 2024 and December 31, 2023, respectively.
−Removed: The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions):
−Removed: Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss)
+Added: The total notional values of derivatives related to our economic hedges of this type were $ 619 million and $ 328 million as of March 28, 2025 and December 31, 2024, respectively.
+Added: The following table presents the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions):
+Added: Derivatives Not Designated as Hedging Instruments Financial Statement Line Item Impacted Gain (Loss)
Recognized in Income
Three Months Ended
−Removed: September 27,
−Removed: 2024 September 29,
−Removed: Foreign currency contracts Net operating revenues $ ( 83 ) $ 40
−Removed: Foreign currency contracts Cost of goods sold ( 33 ) ( 1 )
−Removed: Foreign currency contracts Other income (loss) — net ( 42 ) ( 15 )
−Removed: Commodity contracts Cost of goods sold ( 24 ) 40
−Removed: Other derivative instruments Selling, general and administrative expenses 15 ( 10 )
−Removed: Total $ ( 167 ) $ 54
−Removed: Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss)
−Removed: Recognized in Income
−Removed: Nine Months Ended
−Removed: September 27,
−Removed: 2024 September 29,
+Added: 2025 March 29,
Foreign currency contracts Net operating revenues $ ( 71 ) $ 61
6 unchanged sentences
Our current payment terms with the majority of our suppliers are 120 days.
−Removed: Two global financial institutions offer a voluntary supply chain finance (“SCF”) program, which enables our suppliers, at their sole discretion, to sell their receivables from the Company to these financial institutions on a non-recourse basis at a rate that leverages our credit rating and thus may be more beneficial to them.
+Added: Certain financial institutions offer a voluntary supply chain finance (“SCF”) program, which enables our suppliers, at their sole discretion, to sell their receivables from the Company to these financial institutions on a non-recourse basis at a rate that leverages our credit rating and thus may be more beneficial to them.
The SCF program is available to suppliers of goods and services included in cost of goods sold and selling, general and administrative expenses in our consolidated statement of income.
7 unchanged sentences
All activity related to amounts due to suppliers that elected to participate in the SCF program is reflected within the operating activities section of our consolidated statement of cash flows.
−Removed: As of September 27, 2024 and December 31, 2023, the amount of obligations outstanding that the Company has confirmed as valid to the financial institutions under the SCF program was $ 1,389 million and $ 1,421 million, respectively.
+Added: As of March 28, 2025 and December 31, 2024, the amount of obligations outstanding that the Company has confirmed as valid to the financial institutions under the SCF program was $ 1,231 million and $ 1,330 million, respectively.
DEBT AND BORROWING ARRANGEMENTS
Loans and notes payable consist primarily of commercial paper issued in the United States.
−Removed: As of September 27, 2024 and December 31, 2023, we had $ 1,817 million and $ 4,209 million, respectively, in outstanding commercial paper borrowings.
−Removed: During 2024, the Company issued fixed interest rate U.S.
−Removed: dollar- and euro-denominated debt of $ 6,000 million and € 2,000 million, respectively, with maturity dates ranging from 2032 to 2064 and interest rates ranging from 3.125 % to 5.400 %.
−Removed: The carrying value of this debt as of September 27, 2024 was $ 8,130 million.
+Added: As of March 28, 2025 and December 31, 2024, we had $ 5,045 million and $ 1,139 million, respectively, in outstanding commercial paper borrowings.
+Added: During the three months ended March 28, 2025, our bottling operations in Africa refinanced $ 485 million of current maturities of long-term debt into long-term debt .
COMMITMENTS AND CONTINGENCIES
−Removed: As of September 27, 2024, we were contingently liable for guarantees of indebtedness owed by third parties of $ 772 million, of which $ 88 million was related to variable interest entities.
+Added: As of March 28, 2025, we were contingently liable for guarantees of indebtedness owed by third parties of $ 726 million, of which $ 56 million was related to variable interest entities.
Our guarantees are primarily related to third-party customers, bottlers and vendors and have arisen through the normal course of business.
1 unchanged sentence
These amounts represent the maximum potential future payments that we could be required to make under the guarantees.
−Removed: However, management has concluded that the likelihood of any significant amounts being paid by our Company under these guarantees is not probable.
+Added: However, management has concluded that the likelihood of any significant amounts being paid by our Company under these guarantees is remote.
Concentrations of Credit Risk
3 unchanged sentences
We establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated.
−Removed: Management has also identified certain other legal matters where we believe an unfavorable outcome is reasonably possible and/or for which no
−Removed: estimate of possible losses can be made.
+Added: Management has also identified certain other legal matters where we believe an unfavorable outcome is reasonably possible and/or for which no estimate of possible losses can be made.
Management believes that the total liabilities of the Company that may arise as a result of currently pending legal proceedings (excluding tax audit claims) will not have a material adverse effect on the Company taken as a whole.
21 unchanged sentences
Litigation designation is an IRS determination that forecloses to a company any and all alternative means for resolution of a tax dispute.
−Removed: As a result of the IRS’ designation of the Company’s matter for litigation, the Company was forced to either accept the IRS’ newly imposed tax assessment and pay the full amount of the asserted tax or litigate the matter in the federal courts.
+Added: As a result of the IRS’ designation of
+Added: the Company’s matter for litigation, the Company was forced to either accept the IRS’ newly imposed tax assessment and pay the full amount of the asserted tax or litigate the matter in the federal courts.
The matter remains subject to the IRS’ litigation designation, preventing the Company from any attempt to settle or otherwise mutually resolve the matter with the IRS.
11 unchanged sentences
Moreover, the Company believes that the retroactive imposition of such tax liability using a calculation methodology different from that previously agreed upon by the IRS and the Company, and audited by the IRS for over a decade, is unconstitutional.
−Removed: The Company intends to assert its
−Removed: claims on appeal and vigorously defend its position.
−Removed: In addition, for its litigation with the IRS and for purposes of its appeal of the Tax Court decision, the Company is currently evaluating the implications of several significant administrative law cases recently decided by the U.S.
+Added: The Company intends to assert its claims on appeal and vigorously defend its positions.
+Added: In addition, for its litigation with the IRS and for purposes of its appeal of the Tax Court decision, the Company continues to evaluate the implications of several significant administrative law cases recently decided by the U.S.
Supreme Court, most notably Loper Bright v.
Raimondo , which overruled Chevron U.S.A., Inc.
−Removed: NRDC (“ Chevron ”).
−Removed: Since 1984, Chevron had required that courts defer to agency interpretations of statutes and agency action.
+Added: NRDC (“ Chevron case”).
+Added: Since 1984, the Chevron case had required that courts defer to agency interpretations of statutes and agency action.
EPA and Garland v.
Cargill , two of the recent decisions, the U.S.
−Removed: Supreme Court demonstrated how courts are to rule on agency interpretations and actions without the deference previously required by Chevron.
+Added: Supreme Court demonstrated how courts are to rule on agency interpretations and actions without the deference previously required by the Chevron case .
On August 2, 2024, the Tax Court entered a decision reflecting additional federal income tax of $ 2.7 billion for the 2007 through 2009 tax years.
With applicable interest, the total liability for the 2007 through 2009 tax years resulting from the Tax Court’s decision is $ 6.0 billion, for which the IRS issued the Company invoices on September 3, 2024.
−Removed: The Company paid those invoices on September 10, 2024, which stopped interest from accruing on the additional tax due for the 2007 through 2009 tax years.
+Added: The Company paid those invoices (“IRS Tax Litigation Deposit”) on September 10, 2024, which stopped interest from accruing on the additional tax due for the 2007 through 2009 tax years.
That amount, plus interest earned, would be refunded in full or in part if the Company’s tax positions are ultimately sustained on appeal.
−Removed: For the three and nine months ended September 27, 2024, the Company recorded net interest income of $ 14 million related to this tax payment in the line item income taxes in our consolidated statements of income, in accordance with our accounting policy.
−Removed: The payment of the IRS invoices and the related accrued interest were recorded in the line item other noncurrent assets in our consolidated balance sheet as of September 27, 2024.
+Added: For the three months ended March 28, 2025, the Company recorded net interest income of $ 53 million related to this tax payment in the line item income taxes in our consolidated statement of income, in accordance with our accounting policy.
+Added: The payment of the IRS invoices and the related accrued interest were recorded in the line item other noncurrent assets in our consolidated balance sheets as of March 28, 2025 and December 31, 2024.
On October 22, 2024, the Company appealed the Tax Court’s decision to the U.S.
Court of Appeals for the Eleventh Circuit.
+Added: The Company filed its principal appellate brief with the U.S.
+Added: Court of Appeals for the Eleventh Circuit on March 12, 2025.
In determining the amount of tax reserve to be recorded as of December 31, 2020, the Company completed the required two-step evaluation process prescribed by Accounting Standards Codification 740, Accounting for Income Taxes .
6 unchanged sentences
parent company by its foreign licensees, in reliance upon the Closing Agreement, that would be recharacterized as royalties in accordance with the Opinions and the Company’s analysis.
−Removed: The Company’s conclusion that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal is unchanged as of September 27, 2024.
−Removed: However, based on the required probability analysis and the accrual of interest through the current reporting period, we updated our tax reserve as of September 27, 2024 to $ 465 million.
+Added: The Company’s conclusion that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal is unchanged as of March 28, 2025.
+Added: However, based on the required probability analysis and the accrual of interest through the current reporting period, we updated our tax reserve as of March 28, 2025 to $ 483 million.
While the Company strongly disagrees with the IRS’ positions and the portions of the Opinions affirming such positions, it is possible that some portion or all of the adjustments proposed by the IRS and sustained by the Tax Court could ultimately be upheld.
−Removed: In that event, the Company would not receive a refund of the applicable portion or all of the $ 6.0 billion it paid in response to the IRS invoices issued in September 2024 and the related accrued interest receivable of $ 14 million as of September 27, 2024.
+Added: In that event, the Company would not receive a refund of the applicable portion or all of the $ 6.0 billion it paid in response to the IRS invoices issued in September 2024 and the related accrued interest receivable of $ 171 million as of March 28, 2025.
Additionally, the Company would likely be subject to significant additional liabilities for subsequent years, which could have a material adverse impact on the Company’s financial position, results of operations and cash flows.
4 unchanged sentences
Additional income tax and interest on any unpaid potential liabilities for the 2010 through 2024 tax years would continue to accrue until the time any such potential liability, or portion thereof, were to be paid.
−Removed: The Company estimates the impact of the continued application of the Tax Court Methodology for the three and nine months ended September 27, 2024 would increase the potential aggregate incremental tax and interest liability by approximately $ 400 million and $ 1.1 billion, respectively.
−Removed: We currently project the continued application of the Tax Court Methodology in future years, assuming similar facts and circumstances as of December 31, 2023, would result in an incremental annual tax liability that would increase the Company’s effective tax rate by approximately 3.5 %.
+Added: The Company estimates the impact of the continued application of the Tax Court Methodology for the three months ended March 28, 2025 would increase the potential aggregate incremental tax and interest liability by approximately $ 400 million.
+Added: We currently project the continued application of the Tax Court Methodology in 2025, assuming similar facts and circumstances as of December 31, 2024, would result in an incremental annual tax liability that would increase the Company’s effective tax rate by approximately 3.5 %.
Risk Management Programs
3 unchanged sentences
Our reserves for the Company’s self-insured losses are estimated using actuarial methods and assumptions of the insurance industry, adjusted for our specific expectations based on our claims history.
−Removed: Our self-insurance reserves totaled $ 171 million and $ 197 million as of September 27, 2024 and December 31, 2023, respectively.
+Added: Our self-insurance reserves totaled $ 168 million as of both March 28, 2025 and December 31, 2024 .
OTHER COMPREHENSIVE INCOME
2 unchanged sentences
AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions):
−Removed: September 27,
2025 December 31,
5 unchanged sentences
The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions):
−Removed: Nine Months Ended September 27, 2024
+Added: Three Months Ended March 28, 2025
Shareowners of
7 unchanged sentences
Net change in unrealized gains (losses) on available-for-sale debt securities 2
−Removed: ( 19 ) — ( 19 )
Net change in pension and other postretirement benefit liabilities 19 — 19
3 unchanged sentences
The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees’ OCI (in millions):
−Removed: Three Months Ended September 27, 2024 Before-Tax Amount Income Tax After-Tax Amount
−Removed: Foreign currency translation adjustments:
−Removed: Translation adjustments arising during the period $ ( 469 ) $ 89 $ ( 380 )
−Removed: Gains (losses) on intra-entity transactions that are of a long-term investment nature 959 — 959
−Removed: Gains (losses) on net investment hedges arising during the period 1
−Removed: ( 575 ) 143 ( 432 )
−Removed: Net foreign currency translation adjustments $ ( 85 ) $ 232 $ 147
−Removed: Gains (losses) arising during the period $ ( 216 ) $ 52 $ ( 164 )
−Removed: Reclassification adjustments recognized in net income ( 72 ) 18 ( 54 )
−Removed: Net gains (losses) on derivatives 1
−Removed: $ ( 288 ) $ 70 $ ( 218 )
−Removed: Available-for-sale debt securities:
−Removed: Unrealized gains (losses) arising during the period $ 11 $ ( 2 ) $ 9
−Removed: Reclassification adjustments recognized in net income ( 8 ) 2 ( 6 )
−Removed: Net change in unrealized gains (losses) on available-for-sale debt securities 2
−Removed: Pension and other postretirement benefit liabilities:
−Removed: Net pension and other postretirement benefit liabilities arising during the period $ ( 20 ) $ 5 $ ( 15 )
−Removed: Reclassification adjustments recognized in net income 6 ( 1 ) 5
−Removed: Net change in pension and other postretirement benefit liabilities $ ( 14 ) $ 4 $ ( 10 )
−Removed: Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
−Removed: Company $ ( 384 ) $ 306 $ ( 78 )
−Removed: 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.
−Removed: 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
−Removed: Nine Months Ended September 27, 2024 Before-Tax Amount Income Tax After-Tax Amount
+Added: Three Months Ended March 28, 2025 Before-Tax Amount Income Tax After-Tax Amount
Foreign currency translation adjustments:
22 unchanged sentences
2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
−Removed: Three Months Ended September 29, 2023 Before-Tax Amount Income Tax After-Tax Amount
−Removed: Foreign currency translation adjustments:
−Removed: Translation adjustments arising during the period $ ( 508 ) $ 41 $ ( 467 )
−Removed: Gains (losses) on intra-entity transactions that are of a long-term investment nature ( 724 ) — ( 724 )
−Removed: Gains (losses) on net investment hedges arising during the period 1
−Removed: 384 ( 96 ) 288
−Removed: Net foreign currency translation adjustments $ ( 848 ) $ ( 55 ) $ ( 903 )
−Removed: Gains (losses) arising during the period $ 49 $ ( 20 ) $ 29
−Removed: Reclassification adjustments recognized in net income 36 ( 9 ) 27
−Removed: Net gains (losses) on derivatives 1
−Removed: $ 85 $ ( 29 ) $ 56
−Removed: Available-for-sale debt securities:
−Removed: Unrealized gains (losses) arising during the period $ ( 7 ) $ 2 $ ( 5 )
−Removed: Reclassification adjustments recognized in net income 3 ( 1 ) 2
−Removed: Net change in unrealized gains (losses) on available-for-sale debt securities 2
−Removed: $ ( 4 ) $ 1 $ ( 3 )
−Removed: Pension and other postretirement benefit liabilities:
−Removed: Net pension and other postretirement benefit liabilities arising during the period $ 27 $ 7 $ 34
−Removed: Reclassification adjustments recognized in net income 23 ( 5 ) 18
−Removed: Net change in pension and other postretirement benefit liabilities $ 50 $ 2 $ 52
−Removed: Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
−Removed: Company $ ( 717 ) $ ( 81 ) $ ( 798 )
−Removed: 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.
−Removed: 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
−Removed: Nine Months Ended September 29, 2023 Before-Tax Amount Income Tax After-Tax Amount
+Added: Three Months Ended March 29, 2024 Before-Tax Amount Income Tax After-Tax Amount
Foreign currency translation adjustments:
10 unchanged sentences
Available-for-sale debt securities:
−Removed: Unrealized gains (losses) arising during the period $ 6 $ ( 4 ) $ 2
Reclassification adjustments recognized in net income $ 6 $ ( 1 ) $ 5
9 unchanged sentences
2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.
−Removed: The following table presents the amounts and line items in our consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions):
+Added: The following table presents the amounts and line items in our consolidated statement of income where adjustments reclassified from AOCI into income were recorded (in millions):
Amount Reclassified from AOCI
−Removed: Description of AOCI Component Financial Statement Line Item Three Months Ended September 27, 2024 Nine Months Ended September 27, 2024
+Added: Description of AOCI Component Financial Statement Line Item Impacted Three Months Ended March 28, 2025
Foreign currency translation adjustments:
−Removed: Divestitures, deconsolidations and other 1
+Added: Divestitures 1
Other income (loss) — net $ 34
3 unchanged sentences
Foreign currency contracts Net operating revenues $ ( 41 )
−Removed: Foreign currency contracts and commodity contracts Cost of goods sold ( 4 ) ( 10 )
−Removed: Foreign currency contracts and interest rate contracts Interest expense 2 4
+Added: Foreign currency and commodity contracts Cost of goods sold ( 6 )
+Added: Foreign currency and interest rate contracts Interest expense 2
Foreign currency contracts Other income (loss) — net ( 24 )
8 unchanged sentences
Pension and other postretirement benefit liabilities:
−Removed: Divestitures, deconsolidations and other 2
+Added: Divestitures 1
Other income (loss) — net $ ( 2 )
−Removed: Settlement loss (gain) Other income (loss) — net ( 19 ) ( 19 )
−Removed: Recognized net actuarial loss (gain) Other income (loss) — net 25 74
−Removed: Recognized prior service cost (credit) Other income (loss) — net ( 1 ) ( 2 )
+Added: Curtailment loss (gain) Other income (loss) — net 11
+Added: Amortization of net actuarial loss (gain) Other income (loss) — net 25
+Added: Amortization of prior service cost (credit) Other income (loss) — net ( 1 )
Income before income taxes 33
1 unchanged sentence
Consolidated net income $ 26
−Removed: 1 Related to the refranchising of our bottling operations in the Philippines and Bangladesh and the sale of our ownership interest in an equity method investee in Thailand.
−Removed: Refer to Note 2.
−Removed: 2 Primarily related to the refranchising of our bottling operations in the Philippines and Bangladesh.
+Added: 1 Related to the sale of a portion of our ownership interest in CCEP.
Refer to Note 2.
2 unchanged sentences
Shareowners of The Coca-Cola Company
−Removed: Three Months Ended September 27, 2024 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
−Removed: June 28, 2024 4,309 $ 27,411 $ 75,189 $ ( 15,458 ) $ 1,760 $ 19,468 $ ( 55,106 ) $ 1,558
−Removed: Comprehensive income (loss) — 2,853 2,848 ( 78 ) — — — 83
−Removed: Dividends paid/payable to
−Removed: shareowners of The Coca-Cola
−Removed: Company ($ 0.485 per share)
−Removed: — ( 2,091 ) ( 2,091 ) — — — — —
−Removed: Dividends paid to noncontrolling
−Removed: — ( 5 ) — — — — — ( 5 )
−Removed: Purchases of treasury stock ( 5 ) ( 358 ) — — — — ( 358 ) —
−Removed: Impact related to stock-based
−Removed: compensation plans 6 344 — — — 242 102 —
−Removed: September 27, 2024 4,310 $ 28,154 $ 75,946 $ ( 15,536 ) $ 1,760 $ 19,710 $ ( 55,362 ) $ 1,636
−Removed: Shareowners of The Coca-Cola Company
−Removed: Nine Months Ended September 27, 2024 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
+Added: Three Months Ended March 28, 2025 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
December 31, 2024 4,302 $ 26,372 $ 76,054 $ ( 16,843 ) $ 1,760 $ 19,801 $ ( 55,916 ) $ 1,516
6 unchanged sentences
— ( 2 ) — — — — — ( 2 )
−Removed: Divestitures, deconsolidations and
−Removed: other — ( 4 ) — — — — — ( 4 )
Purchases of treasury stock ( 4 ) ( 279 ) — — — — ( 279 ) —
1 unchanged sentence
compensation plans 6 129 — — — 72 57 —
−Removed: September 27, 2024 4,310 $ 28,154 $ 75,946 $ ( 15,536 ) $ 1,760 $ 19,710 $ ( 55,362 ) $ 1,636
−Removed: Shareowners of The Coca-Cola Company
−Removed: Three Months Ended September 29, 2023 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
−Removed: June 30, 2023 4,324 $ 27,552 $ 72,695 $ ( 14,017 ) $ 1,760 $ 18,993 $ ( 53,418 ) $ 1,539
−Removed: Comprehensive income (loss) — 2,261 3,087 ( 798 ) — — — ( 28 )
−Removed: Dividends paid/payable to
−Removed: shareowners of The Coca-Cola
−Removed: Company ($ 0.46 per share)
−Removed: — ( 1,989 ) ( 1,989 ) — — — — —
−Removed: Dividends paid to noncontrolling
−Removed: interests — ( 3 ) — — — — — ( 3 )
−Removed: Purchases of treasury stock ( 2 ) ( 108 ) — — — — ( 108 ) —
−Removed: Impact related to stock-based
−Removed: compensation plans 2 120 — — — 88 32 —
−Removed: September 29, 2023 4,324 $ 27,833 $ 73,793 $ ( 14,815 ) $ 1,760 $ 19,081 $ ( 53,494 ) $ 1,508
+Added: March 28, 2025 4,304 $ 27,754 $ 77,189 $ ( 16,482 ) $ 1,760 $ 19,873 $ ( 56,138 ) $ 1,552
Shareowners of The Coca-Cola Company
−Removed: Nine Months Ended September 29, 2023 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
+Added: Three Months Ended March 29, 2024 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non-controlling Interests
December 31, 2023 4,308 $ 27,480 $ 73,782 $ ( 14,275 ) $ 1,760 $ 19,209 $ ( 54,535 ) $ 1,539
6 unchanged sentences
interests — ( 2 ) — — — — — ( 2 )
−Removed: Acquisition of interests held by noncontrolling owners
−Removed: — ( 22 ) — — — ( 20 ) — ( 2 )
+Added: Divestitures — ( 4 ) — — — — — ( 4 )
Purchases of treasury stock ( 10 ) ( 621 ) — — — — ( 621 ) —
1 unchanged sentence
compensation plans 10 252 — — — 112 140 —
−Removed: Other activities — — — — — ( 3 ) — 3
−Removed: September 29, 2023 4,324 $ 27,833 $ 73,793 $ ( 14,815 ) $ 1,760 $ 19,081 $ ( 53,494 ) $ 1,508
+Added: March 29, 2024 4,308 $ 27,946 $ 74,868 $ ( 14,504 ) $ 1,760 $ 19,321 $ ( 55,016 ) $ 1,517
SIGNIFICANT OPERATING AND NONOPERATING ITEMS
Other Operating Charges
−Removed: During the three months ended September 27, 2024, the Company recorded other operating charges of $ 1,044 million.
−Removed: These charges consisted of $ 919 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife, LLC (“fairlife”) in 2020, $ 87 million related to the impairment of a trademark in Latin America and $ 34 million related to the Company’s productivity and reinvestment program.
−Removed: In addition, other operating charges included $ 4 million for the amortization of noncompete agreements related to the BA Sports Nutrition, LLC (“BodyArmor”) acquisition in 2021 and $ 2 million of transaction costs related to the sale of a portion of our interest in Coke Consolidated.
−Removed: These charges were partially offset by a net benefit of $ 2 million related to a revision of management’s estimates for tax litigation expense.
−Removed: During the nine months ended September 27, 2024, the Company recorded other operating charges of $ 3,987 million.
−Removed: These charges consisted of $ 3,021 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife, $ 760 million related to the impairment of our BodyArmor trademark, $ 102 million related to the Company’s productivity and reinvestment program and $ 87 million related to the impairment of a trademark in Latin America.
−Removed: In addition, other operating charges included $ 11 million for the amortization of noncompete agreements related to the BodyArmor acquisition, $ 7 million of transaction costs related to the refranchising of our bottling operations in certain territories in India and $ 2 million of transaction costs related to the sale of a portion of our interest in Coke Consolidated.
−Removed: These charges were partially offset by a net benefit of $ 3 million related to a revision of management’s estimates for tax litigation expense.
−Removed: During the three months ended September 29, 2023, the Company recorded other operating charges of $ 359 million.
−Removed: These charges consisted of $ 296 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $ 58 million related to the Company’s productivity and reinvestment program, $ 4 million for the amortization of noncompete agreements related to the BodyArmor acquisition and $ 1 million related to tax litigation expense.
−Removed: During the nine months ended September 29, 2023, the Company recorded other operating charges of $ 1,808 million.
−Removed: These charges consisted of $ 1,620 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $ 109 million related to the Company’s productivity and reinvestment program and $ 35 million related to the discontinuation of certain manufacturing operations in Asia Pacific.
−Removed: In addition, other operating charges included $ 26 million related to the restructuring of our North America operating unit, $ 11 million for the amortization of noncompete agreements related to the BodyArmor acquisition and $ 7 million related to tax litigation expense.
−Removed: Refer to Note 2 for additional information on the refranchising of our bottling operations in certain territories in India and the sale of a portion of our interest in Coke Consolidated.
+Added: During the three months ended March 28, 2025, the Company recorded other operating charges of $ 73 million.
+Added: These charges consisted of $ 47 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife, LLC (“fairlife”) in 2020, which brought the total liability to $ 6,173 million and was paid in March 2025.
+Added: Additionally, other operating charges included $ 11 million related to the Company’s productivity and reinvestment program, $ 9 million related to an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations, $ 3 million for the amortization of noncompete agreements related to the BA Sports Nutrition, LLC (“BodyArmor”) acquisition in 2021 and $ 3 million related to tax litigation expense.
+Added: During the three months ended March 29, 2024, the Company recorded other operating charges of $ 1,573 million.
+Added: These charges consisted of $ 765 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $ 760 million related to the impairment of our BodyArmor trademark and $ 36 million related to the Company’s productivity and reinvestment program.
+Added: In addition, other operating charges included $ 7 million for transaction costs related to the refranchising of our bottling operations in certain territories in India, $ 4 million for the amortization of noncompete agreements related to the BodyArmor acquisition and $ 1 million related to tax litigation expense.
+Added: Refer to Note 2 for additional information on the refranchising of our bottling operations in certain territories in India.
Refer to Note 9 for additional information on the tax litigation.
Refer to Note 13 for additional information on the Company’s restructuring initiatives.
−Removed: Refer to Note 16 for additional information on the fairlife acquisition and the impairments.
+Added: Refer to Note 16 for additional information on the fairlife acquisition and the BodyArmor impairment.
Refer to Note 17 for the impact these charges had on our operating segments and Corporate.
1 unchanged sentence
Equity Income (Loss) — Net
−Removed: During the three and nine months ended September 27, 2024, the Company recorded a net gain of $ 4 million and a net charge of $ 45 million, respectively.
−Removed: During the three and nine months ended September 29, 2023, the Company recorded net charges of $ 48 million and $ 132 million, respectively.
+Added: During the three months ended March 28, 2025 and March 29, 2024, the Company recorded net charges of $ 8 million and $ 25 million, respectively.
These amounts represent the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
−Removed: Refer to Note 17 for the impact these items had on our operating segments and Corporate.
Other Income (Loss) — Net
−Removed: During the three months ended September 27, 2024, the Company recognized a net gain of $ 338 million related to the sale of a portion of our interest in Coke Consolidated and a net gain of $ 103 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities.
−Removed: These gains were partially offset by a charge of $ 10 million related to post-closing adjustments for the sale of our ownership interest in an equity method investee in Thailand and a charge of $ 4 million related to post-closing adjustments for the refranchising of our bottling operations in the Philippines.
−Removed: During the nine months ended September 27, 2024, the Company recognized a net gain of $ 595 million related to the refranchising of our bottling operations in the Philippines, including the impact of post-closing adjustments, and recognized a net gain of $ 506 million related to the sale of our ownership interest in an equity method investee in Thailand, including the impact of post-closing adjustments.
−Removed: The Company also recognized a net gain of $ 338 million related to the sale of a portion of our interest in Coke Consolidated, a net gain of $ 331 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities, and a net gain of $ 290 million related to the refranchising of our bottling operations in certain territories in India, including the impact of post-closing adjustments.
−Removed: These gains were partially offset by an other-than-temporary impairment charge of $ 34 million related to an equity method investee in Latin America and a loss of $ 7 million related to post-closing adjustments for the refranchising of our bottling operations in Vietnam in 2023.
−Removed: During the three months ended September 29, 2023, the Company recognized a net loss of $ 119 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities.
−Removed: During the nine months ended September 29, 2023, the Company recognized a net gain of $ 439 million related to the refranchising of our bottling operations in Vietnam.
+Added: During the three months ended March 28, 2025, the Company recognized a net gain of $ 331 million related to the sale of a portion of our ownership interest in CCEP, an impairment charge of $ 25 million related to an equity method investee in Latin America and a net loss of $ 19 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities.
+Added: The Company also recorded charges of $ 25 million and $ 11 million for special termination benefits and a curtailment loss, respectively, related to non-U.S.
+Added: pension activity.
+Added: During the three months ended March 29, 2024, the Company recognized net gains of $ 599 million and $ 293 million related to the refranchising of our bottling operations in the Philippines and certain territories in India, respectively.
+Added: The Company also recognized a net gain of $ 516 million related to the sale of our ownership interest in an equity method investee in Thailand.
Additionally, the Company recognized a net gain of $ 178 million related to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities.
−Removed: Refer to Note 2 for additional information on the refranchising of our bottling operations, the sale of our ownership interest in an equity method investee in Thailand and the sale of a portion of our interest in Coke Consolidated.
+Added: Refer to Note 2 for additional information on the sale of our ownership interest in CCEP, the sale of our ownership interest in an equity method investee in Thailand and the refranchising of our bottling operations.
Refer to Note 4 for additional information on equity and debt securities.
−Removed: Refer to Note 16 for additional information on the other-than-temporary impairment charge.
−Removed: Refer to Note 17 for the impact these items had on our operating segments and Corporate.
+Added: Refer to Note 14 for additional information on the non-U.S.
+Added: pension curtailment and special termination benefits.
+Added: Refer to Note 16 for additional information on the impairment charge.
RESTRUCTURING
2 unchanged sentences
The program was expanded multiple times, with the last expansion occurring in April 2017.
−Removed: The remaining initiatives included in this program, which are primarily designed to further simplify and standardize our organization, will be substantially completed in 2024.
−Removed: During the three and nine months ended September 27, 2024, the Company incurred expenses of $ 34 million and $ 102 million, respectively, and during the three and nine months ended September 29, 2023 incurred expenses of $ 58 million and $ 109 million, respectively, related to our productivity and reinvestment program.
+Added: While most of the initiatives included in this program were substantially completed by the end of 2024, certain initiatives, which are primarily designed to further simplify and standardize our organization, have been delayed and will be completed during 2025.
+Added: During the three months ended March 28, 2025 and March 29, 2024, the Company incurred expenses of $ 11 million and $ 36 million, respectively, related to our productivity and reinvestment program.
These expenses primarily included internal and external costs associated with the implementation of the program’s initiatives and were recorded in the line item other operating charges in our consolidated statements of income.
1 unchanged sentence
The Company has incurred total pretax expenses of $ 4,437 million related to this program since it commenced.
−Removed: North America Operating Unit Restructuring
−Removed: In November 2022, the Company announced a restructuring program for our North America operating unit designed to better align its operating structure with its customers and bottlers.
−Removed: The evolved operating structure brought together all bottler-related components (franchise leadership, commercial leadership, digital, governance and technical innovation) and helped streamline how we work.
−Removed: During the nine months ended September 29, 2023, the Company incurred expenses of $ 26 million related to this program.
−Removed: These expenses primarily included severance costs and were recorded in the line item other operating charges in our consolidated statement of income.
−Removed: The Company has incurred total pretax expenses of $ 65 million related to this program since it commenced.
−Removed: This restructuring program was complete as of December 31, 2023.
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
3 unchanged sentences
Three Months Ended
−Removed: September 27,
−Removed: 2024 September 29,
−Removed: 2023 September 27,
−Removed: 2024 September 29,
−Removed: Service cost $ 26 $ 24 $ 1 $ 1
−Removed: Interest cost 77 80 3 6
−Removed: Expected return on plan assets 1
−Removed: ( 118 ) ( 119 ) ( 1 ) ( 3 )
−Removed: Amortization of prior service cost (credit) — — ( 1 ) —
−Removed: Amortization of net actuarial loss (gain) 26 24 ( 1 ) ( 1 )
−Removed: Settlement loss (gain) — — ( 19 ) —
−Removed: Net periodic benefit cost (income) $ 11 $ 9 $ ( 18 ) $ 3
−Removed: 1 The weighted-average expected long-term rates of return on plan assets used in computing 2024 net periodic benefit cost (income) were 7.00 % for pension plans and 4.50 % for other postretirement benefit plans.
−Removed: Pension Plans Other Postretirement
−Removed: Benefit Plans
−Removed: Nine Months Ended
−Removed: September 27,
−Removed: 2024 September 29,
−Removed: 2023 September 27,
−Removed: 2024 September 29,
+Added: 2025 March 29,
+Added: 2024 March 28,
+Added: 2025 March 29,
Service cost $ 26 $ 27 $ 1 $ 1
4 unchanged sentences
Amortization of net actuarial loss (gain) 25 26 — ( 1 )
−Removed: Settlement loss (gain) — — ( 19 ) —
+Added: Curtailment loss (gain) 2
+Added: Special termination benefits 2
Net periodic benefit cost (income) $ 58 $ 12 $ 2 $ 1
1 The weighted-average expected long-term rates of return on plan assets used in computing 2025 net periodic benefit cost (income) were 7.00 % for pension plans and 6.75 % for other postretirement benefit plans.
−Removed: All of the amounts in the tables above, other than service cost, were recorded in the line item other income (loss) — net in our consolidated statements of income.
−Removed: During the nine months ended September 27, 2024, the Company contributed $ 20 million to our pension trusts, offset by a $ 44 million transfer of surplus international plan assets from pension trusts to general assets of the Company.
+Added: 2 The curtailment loss and special termination benefits were related to the group annuity purchase (“buy-in”) for a non-U.S.
+Added: defined benefit plan.
+Added: The Company intends to convert the buy-in to a buy-out in the future, at which time the insurer would assume full responsibility for the plan obligations.
+Added: All of the amounts in the table above, other than service cost, were recorded in the line item other income (loss) — net in our consolidated statements of income.
+Added: During the three months ended March 28, 2025, the Company contributed $ 11 million to our pension trusts, offset by a $ 61 million transfer of surplus non-U.S.
+Added: plan assets from pension trusts to general assets of the Company.
We anticipate making additional contributions of approximately $ 18 million during the remainder of 2025.
−Removed: The Company contributed $ 27 million to our pension trusts during the nine months ended September 29, 2023.
−Removed: The Company recorded income taxes of $ 530 million ( 15.7 % effective tax rate) and $ 454 million ( 12.8 % effective tax rate) during the three months ended September 27, 2024 and September 29, 2023, respectively.
−Removed: The Company recorded income taxes of $ 1,844 million ( 17.9 % effective tax rate) and $ 1,753 million ( 16.7 % effective tax rate) during the nine months ended September 27, 2024 and September 29, 2023, respectively.
−Removed: The Company’s effective tax rates for the three and nine months ended September 27, 2024 and September 29, 2023 vary from the statutory U.S.
+Added: The Company contributed $ 6 million to our pension trusts, offset by a $ 44 million transfer of surplus non-U.S.
+Added: plan assets from pension trusts to general assets of the Company during the three months ended March 29, 2024.
+Added: The Company recorded income taxes of $ 722 million ( 17.8 % effective tax rate) and $ 687 million ( 17.7 % effective tax rate) during the three months ended March 28, 2025 and March 29, 2024, respectively.
+Added: The Company’s effective tax rates for the three months ended March 28, 2025 and March 29, 2024 vary from the statutory U.S.
federal tax rate of 21.0 %, primarily due to the tax impact of significant operating and nonoperating items, as described in Note 12, along with the tax benefits of having significant earnings generated outside of the United States and significant earnings generated in investments accounted for under the equity method, both of which are generally taxed at rates lower than the statutory U.S.
federal tax rate.
−Removed: The Company’s effective tax rates for the three and nine months ended September 27, 2024 included $ 45 million of net tax benefits and $ 15 million of net tax expense, respectively, related to various discrete tax items, including the resolution of certain foreign tax matters, return to provision adjustments and the net tax impact of agreed-upon audit issues.
−Removed: The Company’s effective tax rates for the three and nine months ended September 29, 2023 included $ 186 million and $ 311 million, respectively, of net tax benefits related to various discrete tax items, including return to provision adjustments and the net tax impact of agreed-upon audit issues.
−Removed: The Company’s effective tax rate for the nine months ended September 29, 2023 also included a tax benefit of $ 90 million related to a change in tax law in a certain foreign jurisdiction.
+Added: The Company’s effective tax rate for the three months ended March 28, 2025 included $ 143 million of net tax benefits related to various discrete tax items, including net interest income of $ 53 million related to the IRS Tax Litigation Deposit recorded in the line item income taxes in our consolidated statement of income, in accordance with our accounting policy, and a tax benefit of $ 85 million related to a change in the Company’s indefinite reinvestment assertion for certain foreign entities.
+Added: During the three months ended March 28, 2025, the Company invested $ 30 million in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities.
+Added: During the three months ended March 28, 2025, the Company received tax credits and other income tax benefits of $ 9 million and recognized amortization expense of $ 7 million related to all of our investments of this nature.
+Added: The amount of non-income tax-related activity and other returns related to these investments was not material during the three months ended March 28, 2025.
+Added: As of March 28, 2025, the carrying value of these investments was $ 65 million.
+Added: The Company recorded $ 123 million of unfunded commitments related to these investments in the line item accounts payable and accrued expenses in our consolidated balance sheet as of March 28, 2025 and December 31, 2024.
+Added: The Company expects to fulfill these unfunded commitments in 2025.
On November 18, 2020, the Tax Court issued the Opinion regarding the Company’s 2015 litigation with the IRS involving transfer pricing tax adjustments in which it predominantly sided with the IRS.
1 unchanged sentence
Commissioner (February 9, 2023) controlled as to the validity of those regulations.
−Removed: The Company strongly disagrees with the Opinions and intends to vigorously defend its position.
+Added: On August 2, 2024, the Tax Court entered a decision reflecting additional federal income tax of
+Added: $ 2.7 billion for the 2007 through 2009 tax years.
+Added: With applicable interest, the total liability for the 2007 through 2009 tax years resulting from the Tax Court’s decision is $ 6.0 billion.
+Added: On October 22, 2024, the Company appealed the Tax Court’s decision to the U.S.
+Added: Court of Appeals for the Eleventh Circuit.
+Added: The Company filed its principal appellate brief with the U.S.
+Added: Court of Appeals for the Eleventh Circuit on March 12, 2025.
+Added: The Company strongly disagrees with the Opinions and intends to vigorously defend its positions.
Refer to Note 9.
−Removed: During the nine months ended September 27, 2024, the Company invested $ 114 million in limited partnerships that receive tax credits and other tax benefits by constructing, owning and operating alternative energy generation facilities.
−Removed: Investments of this nature are included in the line item equity method investments in our consolidated balance sheet.
−Removed: The Company generates a return through the receipt of tax credits, other tax benefits and cash distributions.
−Removed: The Company has made an election to apply the proportional amortization method (“PAM”) of accounting to these investments .
−Removed: In accordance with PAM accounting, the Company amortizes the cost of its investments in the line item income taxes in our consolidated statement of income based on the proportion of the income tax benefits received during the period to the total income tax benefits expected to be received over the life of the investments.
−Removed: The income tax credits and other income tax benefits earned reduce our income tax payments and are recorded in the line item net change in operating assets and liabilities in our consolidated statement of cash flows.
−Removed: During the three and nine months ended September 27, 2024, the Company received tax credits and other income tax benefits of $ 74 million and recognized amortization expense of $ 70 million related to these investments.
−Removed: The amount of non-income
−Removed: tax-related activity and other returns related to these investments was not material during the three and nine months ended September 27, 2024.
−Removed: As of September 27, 2024, the carrying value of these investments was $ 44 million.
−Removed: The Company expects to fulfill $ 135 million of unfunded commitments related to these investments by December 31, 2024.
FAIR VALUE MEASUREMENTS
1 unchanged sentence
The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions):
−Removed: September 27, 2024 Level 1 Level 2 Level 3 Other 3
+Added: March 28, 2025 Level 1 Level 2 Level 3 Other 3
Equity securities with readily determinable values 1
4 unchanged sentences
Total assets $ 1,780 $ 2,189 $ 17 $ 95 $ ( 234 ) $ 3,847
−Removed: Contingent consideration liability $ — $ — $ 6,038 5
−Removed: $ — $ — $ 6,038
Derivatives 2
7 unchanged sentences
Refer to Note 6.
−Removed: 5 Represents the fair value of the remaining milestone payment related to our acquisition of fairlife in 2020, which is contingent on fairlife achieving certain financial targets through 2024 and, if achieved, is payable in 2025.
−Removed: This milestone payment is based on agreed-upon formulas related to fairlife’s operating results, the resulting value of which is not subject to a ceiling.
−Removed: The fair value was determined using discounted cash flow analyses.
−Removed: We are required to remeasure this liability to fair value quarterly, with any changes in the fair value recorded in income until the final milestone payment is made.
5 The Company is obligated to return $ 18 million in cash collateral it has netted against its derivative position.
22 unchanged sentences
Refer to Note 6.
−Removed: 5 Represents the fair value of the remaining milestone payment related to our acquisition of fairlife in 2020, which is contingent on fairlife achieving certain financial targets through 2024 and, if achieved, is payable in 2025.
+Added: 5 Represents the fair value of the remaining milestone payment related to our acquisition of fairlife, which is contingent on fairlife achieving certain financial targets through 2024 and is payable in 2025.
This milestone payment is based on agreed-upon formulas related to fairlife’s operating results, the resulting value of which is not subject to a ceiling.
−Removed: The fair value was determined using a Monte Carlo valuation model.
+Added: The fair value was determined using discounted cash flow analyses.
We are required to remeasure this liability to fair value quarterly, with any changes in the fair value recorded in income until the final milestone payment is made.
−Removed: The Company made a milestone payment of $ 275 million during 2023.
6 The Company was obligated to return $ 12 million in cash collateral it had netted against its derivative position.
1 unchanged sentence
8 The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows:
−Removed: $ 53 million in the line item other noncurrent assets and $ 192 million in the line item other noncurrent liabilities.
+Added: $ 102 million in the line item prepaid expenses and other current assets, $ 117 million in the line item other noncurrent assets, and $ 22 million in the line item other noncurrent liabilities.
Refer to Note 6 for additional information related to the composition of our derivatives portfolio.
−Removed: Gross realized and unrealized gains and losses on Level 3 assets and liabilities, excluding the contingent consideration liability, were not significant for the three and nine months ended September 27, 2024 and September 29, 2023.
+Added: Gross realized and unrealized gains and losses on Level 3 assets and liabilities, excluding the contingent consideration liability, were not significant for the three months ended March 28, 2025 and March 29, 2024.
The Company recognizes transfers between levels within the hierarchy as of the beginning of the reporting period.
−Removed: Gross transfers between levels within the hierarchy were not significant for the three and nine months ended September 27, 2024 and September 29, 2023.
+Added: Gross transfers between levels within the hierarchy were not significant for the three months ended March 28, 2025 and March 29, 2024.
Nonrecurring Fair Value Measurements
−Removed: During the three and nine months ended September 27, 2024, the Company recorded an asset impairment charge of $ 87 million related to a trademark in Latin America.
−Removed: This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results and changes in macroeconomic conditions.
−Removed: This charge was recorded in the line item other operating charges in our consolidated statements of income.
−Removed: The remaining carrying value of the trademark is $ 125 million.
−Removed: During the nine months ended September 27, 2024, the Company recorded an asset impairment charge of $ 760 million related to our BodyArmor trademark in North America, which was primarily driven by revised projections of future operating results and higher discount rates resulting from changes in macroeconomic conditions since the acquisition date.
+Added: During the three months ended March 28, 2025, the Company recorded an other-than-temporary impairment charge of $ 25 million related to a joint venture in Latin America.
+Added: This impairment charge was derived using Level 3 inputs and was due to the joint venture’s restructuring and planned liquidation.
+Added: This charge was recorded in the line item other income (loss) — net in our consolidated statement of income.
+Added: During the three months ended March 29, 2024, the Company recorded an asset impairment charge of $ 760 million related to our BodyArmor trademark in North America, which was primarily driven by revised projections of future operating results and higher discount rates resulting from changes in macroeconomic conditions since the acquisition date.
The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs.
1 unchanged sentence
The remaining carrying value of the trademark is $ 3,400 million.
−Removed: Additionally, during the nine months ended September 27, 2024, the Company recorded an other-than-temporary impairment charge of $ 34 million related to an equity method investee in Latin America.
−Removed: This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results.
−Removed: This charge was recorded in the line item other income (loss) — net in our consolidated statement of income.
−Removed: During the nine months ended September 29, 2023, the Company recorded an asset impairment charge of $ 25 million related to the discontinuation of certain manufacturing operations in Asia Pacific.
−Removed: This impairment charge was derived using Level 3 inputs and was primarily driven by management’s best estimate of the potential proceeds from the disposal of the related assets.
−Removed: This charge was recorded in the line item other operating charges in our consolidated statement of income.
Other Fair Value Disclosures
2 unchanged sentences
Where quoted prices are not available, the fair value is estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of the debt instruments.
−Removed: As of September 27, 2024, the carrying value and fair value of our long-term debt, including the current portion, were $ 44,061 million and $ 40,404 million, respectively.
+Added: As of March 28, 2025, the carrying value and fair value of our long-term debt, including the current portion, were $ 43,693 million and $ 38,736 million, respectively.
As of December 31, 2024, the carrying value and fair value of our long-term debt, including the current portion, were $ 43,023 million and $ 38,052 million, respectively.
OPERATING SEGMENTS
−Removed: Information about our Company’s operations by operating segment and Corporate is as follows (in millions):
−Removed: Europe, Middle East & Africa Latin
−Removed: America North
−Removed: America Asia Pacific Global Ventures Bottling
−Removed: Investments Corporate Eliminations Consolidated
−Removed: As of and for the Three Months Ended September 27, 2024
−Removed: Net operating revenues:
−Removed: Third party $ 1,847 $ 1,639 $ 4,983 $ 1,272 $ 781 $ 1,314 $ 18 $ — $ 11,854
−Removed: Intersegment 172 — 1 77 — 2 — ( 252 ) —
−Removed: Total net operating revenues 2,019 1,639 4,984 1,349 781 1,316 18 ( 252 ) 11,854
−Removed: Operating income (loss) 977 933 1,405 459 77 43 ( 1,384 ) — 2,510
−Removed: Income (loss) before income taxes 995 933 1,415 462 78 502 ( 1,005 ) — 3,380
−Removed: Identifiable operating assets 7,378 2,535 25,601 2,664 2
−Removed: 7,994 8,341 2
−Removed: 32,716 — 87,229
−Removed: Investments 1
−Removed: 398 687 15 57 — 12,688 5,192 — 19,037
−Removed: As of and for the Three Months Ended September 29, 2023
−Removed: Net operating revenues:
−Removed: Third party $ 2,009 $ 1,574 $ 4,461 $ 1,235 $ 779 $ 1,855 $ 40 $ — $ 11,953
−Removed: Intersegment 167 — 2 167 — 4 — ( 340 ) —
−Removed: Total net operating revenues 2,176 1,574 4,463 1,402 779 1,859 40 ( 340 ) 11,953
−Removed: Operating income (loss) 1,136 985 1,276 491 81 132 ( 831 ) — 3,270
−Removed: Income (loss) before income taxes 1,154 988 1,295 491 84 571 ( 1,046 ) — 3,537
−Removed: Identifiable operating assets 7,142 3,124 25,591 2,324 2
−Removed: 7,349 9,342 2
−Removed: 23,346 — 78,218
−Removed: Investments 1
−Removed: 372 709 15 71 — 13,310 4,883 — 19,360
−Removed: As of December 31, 2023
−Removed: Identifiable operating assets $ 7,117 $ 3,149 $ 25,808 $ 2,428 2
−Removed: $ 7,607 $ 9,871 2
−Removed: $ 21,934 $ — $ 77,914
−Removed: Investments 1
−Removed: 389 712 15 71 — 13,639 4,963 — 19,789
−Removed: 1 Principally equity method investments and other investments in bottling companies.
−Removed: 2 Property, plant and equipment — net in India represented 14 %, 12 % and 12 % of consolidated property, plant and equipment — net as of September 27, 2024, September 29, 2023 and December 31, 2023, respectively.
−Removed: During the three months ended September 27, 2024, the results of our operating segments and Corporate were impacted by the following items:
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 919 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition.
−Removed: Refer to Note 16.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 87 million for Latin America due to the impairment of a trademark.
−Removed: Refer to Note 16.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 34 million for Corporate due to the Company’s productivity and reinvestment program.
−Removed: Refer to Note 13.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 7 million for North America due to the restructuring of our manufacturing operations in the United States.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 4 million for Corporate due to charges related to our acquisition of BodyArmor.
−Removed: Refer to Note 12.
−Removed: • Income (loss) before income taxes was increased by $ 338 million for Corporate related to the sale of a portion of our interest in Coke Consolidated.
−Removed: Refer to Note 2.
−Removed: • Income (loss) before income taxes was increased by $ 103 million for Corporate due to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities.
−Removed: Refer to Note 4.
−Removed: • Income (loss) before income taxes was increased by $ 4 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
−Removed: • Income (loss) before income taxes was decreased by $ 10 million and $ 4 million for Corporate due to post-closing adjustments related to the sale of our ownership interest in an equity method investee in Thailand and related to the refranchising of our bottling operations in the Philippines, respectively.
−Removed: Refer to Note 2.
−Removed: During the three months ended September 29, 2023, the results of our operating segments and Corporate were impacted by the following items:
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 296 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition.
−Removed: Refer to Note 16.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 58 million for Corporate due to the Company’s productivity and reinvestment program.
−Removed: Refer to Note 13.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 4 million for North America due to the restructuring of our manufacturing operations in the United States.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 4 million for Corporate due to charges related to our acquisition of BodyArmor.
−Removed: Refer to Note 12.
−Removed: • Income (loss) before income taxes was reduced by $ 119 million for Corporate due to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities.
−Removed: Refer to Note 4.
−Removed: • Income (loss) before income taxes was reduced by $ 6 million for Asia Pacific and $ 42 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
+Added: The Global Ventures operating segment was established primarily to oversee the Company’s ownership of Costa Limited (“Costa”), innocent and doğadan, as well as the fees earned pursuant to distribution coordination agreements between the Company and Monster Beverage Corporation (“Monster”).
+Added: In November 2024, we announced plans to sunset our Global Ventures operating segment to streamline and simplify our operating structure.
+Added: Effective January 1, 2025, the results of our Costa (excluding the ready-to-drink business), innocent and doğadan businesses are reported within the Company’s Europe, Middle East and Africa operating segment.
+Added: Costa’s ready-to-drink business and the fees related to Monster are reported in the respective geographic operating segments.
+Added: Our historical operating segment reporting disclosed below has been recast to reflect our current organizational structure.
+Added: I nformation about our Company’s operations by operating segment and Corporate is as follows (in millions):
Europe, Middle East & Africa Latin
America North
−Removed: America Asia Pacific Global Ventures Bottling
+Added: America Asia Pacific Bottling
Investments Corporate Eliminations Consolidated
−Removed: Nine Months Ended September 27, 2024
+Added: Three Months Ended March 28, 2025
Net operating revenues:
2 unchanged sentences
Total net operating revenues 2,657 1,477 4,361 1,421 1,463 26 ( 276 ) 11,129
+Added: Cost of goods sold 759 274 2,106 390 1,010 ( 100 ) ( 276 ) 4,163
+Added: Selling, general and administrative expenses 833 299 914 407 334 447 — 3,234
+Added: Other operating charges — — — — — 73 — 73
Operating income (loss) $ 1,065 $ 904 $ 1,341 $ 624 $ 119 $ ( 394 ) $ — $ 3,659
−Removed: Income (loss) before income taxes 3,351 2,767 3,194 1,768 228 1,474 ( 2,502 ) — 10,280
−Removed: Nine Months Ended September 29, 2023
+Added: Interest income 180
+Added: Interest expense 387
+Added: Equity income (loss) — net 351
+Added: Other income (loss) — net 254
+Added: Income before income taxes $ 4,057
+Added: Other segment information:
+Added: Capital expenditures $ 41 $ — $ 115 $ 1 $ 105 $ 47 $ — $ 309
+Added: Depreciation and amortization 44 7 81 12 76 47 — 267
+Added: Three Months Ended March 29, 2024
Net operating revenues:
2 unchanged sentences
Total net operating revenues 2,632 1,530 4,226 1,481 1,817 31 ( 417 ) 11,300
+Added: Cost of goods sold 733 249 2,110 399 1,265 ( 104 ) ( 417 ) 4,235
+Added: Selling, general and administrative expenses 819 336 859 425 396 516 — 3,351
+Added: Other operating charges — — 760 — — 813 — 1,573
Operating income (loss) $ 1,080 $ 945 $ 497 $ 657 $ 156 $ ( 1,194 ) $ — $ 2,141
−Removed: Income (loss) before income taxes 3,443 2,645 3,563 1,589 219 1,652 ( 2,641 ) — 10,470
−Removed: During the nine months ended September 27, 2024, the results of our operating segments and Corporate were impacted by the following items:
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 3,021 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition.
−Removed: Refer to Note 16.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 760 million for North America due to the impairment of our BodyArmor trademark.
−Removed: Refer to Note 16.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 102 million for Corporate due to the Company’s productivity and reinvestment program.
−Removed: Refer to Note 13.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 87 million for Latin America due to the impairment of a trademark.
−Removed: Refer to Note 16.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 17 million for North America due to the restructuring of our manufacturing operations in the United States.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 11 million for Corporate due to charges related to our acquisition of BodyArmor.
−Removed: Refer to Note 12.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 7 million for Corporate due to transaction costs related to the refranchising of our bottling operations in certain territories in India.
−Removed: Refer to Note 2.
−Removed: • Income (loss) before income taxes was increased by $ 595 million for Corporate due to the refranchising of our bottling operations in the Philippines, including the impact of post-closing adjustments.
−Removed: Refer to Note 2.
−Removed: • Income (loss) before income taxes was increased by $ 506 million for Corporate related to the sale of our ownership interest in an equity method investee in Thailand, including the impact of post-closing adjustments.
−Removed: Refer to Note 2.
−Removed: • Income (loss) before income taxes was increased by $ 338 million for Corporate related to the sale of a portion of our interest in Coke Consolidated.
−Removed: Refer to Note 2.
−Removed: • Income (loss) before income taxes was increased by $ 331 million for Corporate due to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities.
−Removed: Refer to Note 4.
−Removed: • Income (loss) before income taxes was increased by $ 290 million for Corporate due to the refranchising of our bottling operations in certain territories in India, including the impact of post-closing adjustments.
−Removed: Refer to Note 2.
−Removed: • Income (loss) before income taxes was reduced by $ 40 million for Bottling Investments, $ 3 million for Latin America and $ 2 million for Corporate due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
−Removed: • Income (loss) before income taxes was reduced by $ 34 million for Latin America due to an other-than-temporary impairment charge related to an equity method investee.
−Removed: Refer to Note 16.
−Removed: • Income (loss) before income taxes was reduced by $ 7 million for Corporate related to post-closing adjustments for the refranchising of our bottling operations in Vietnam.
+Added: Interest income 246
+Added: Interest expense 382
+Added: Equity income (loss) — net 354
+Added: Other income (loss) — net 1,513
+Added: Income before income taxes $ 3,872
+Added: Other segment information:
+Added: Capital expenditures $ 38 $ — $ 101 $ 4 $ 177 $ 50 $ — $ 370
+Added: Depreciation and amortization 45 7 77 11 91 31 — 262
+Added: Information about total assets by segment is not disclosed because such information is not regularly provided to, or used by, our Chief Operating Decision Maker.
+Added: During the three months ended March 28, 2025 and March 29, 2024, our operating segments and Corporate were impacted by acquisition and divestiture activities.
Refer to Note 2.
−Removed: During the nine months ended September 29, 2023, the results of our operating segments and Corporate were impacted by the following items:
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 1,620 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition.
+Added: Additionally, during the three months ended March 28, 2025, the results of our operating segments and Corporate were impacted by the following items:
+Added: • Operating income (loss) was reduced by $ 47 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition.
+Added: • Operating income (loss) was reduced by $ 11 million for Corporate due to the Company’s productivity and reinvestment program.
Refer to Note 13.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 110 million for Corporate due to the Company’s productivity and reinvestment program.
−Removed: Operating income (loss) and income (loss) before income taxes were increased by $ 1 million for North America due to the refinement of previously established accruals related to the Company’s productivity and reinvestment program.
+Added: • Operating income (loss) was reduced by $ 9 million for Corporate due to a payment under an indemnification agreement entered into as a part of the refranchising of certain of our bottling operations.
+Added: • Operating income (loss) was reduced by $ 3 million for Corporate due to charges related to our acquisition of BodyArmor.
Refer to Note 12.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 35 million for Asia Pacific due to the discontinuation of certain manufacturing operations.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 26 million for North America due to the restructuring of our North America operating unit.
+Added: During the three months ended March 29, 2024, the results of our operating segments and Corporate were impacted by the following items:
+Added: • Operating income (loss) was reduced by $ 765 million for Corporate due to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition.
Refer to Note 16.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 15 million for North America due to the restructuring of our manufacturing operations in the United States.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 11 million for Corporate due to charges related to our acquisition of BodyArmor.
+Added: • Operating income (loss) was reduced by $ 760 million for North America due to the impairment of our BodyArmor trademark.
Refer to Note 16.
−Removed: • Operating income (loss) and income (loss) before income taxes were reduced by $ 7 million for Corporate related to tax litigation expense.
+Added: • Operating income (loss) was reduced by $ 36 million for Corporate due to the Company’s productivity and reinvestment program.
Refer to Note 13.
−Removed: • Income (loss) before income taxes was increased by $ 439 million for Corporate due to the refranchising of our bottling operations in Vietnam.
+Added: • Operating income (loss) was reduced by $ 7 million for Corporate due to transaction costs related to the refranchising of our bottling operations in certain territories in India.
Refer to Note 2.
−Removed: • Income (loss) before income taxes was increased by $ 121 million for Corporate due to realized and unrealized gains and losses on equity securities and trading debt securities as well as realized gains and losses on available-for-sale debt securities.
+Added: • Operating income (loss) was reduced by $ 4 million for Corporate due to charges related to our acquisition of BodyArmor.
Refer to Note 12.
−Removed: • Income (loss) before income taxes was reduced by $ 146 million for Asia Pacific and was increased by $ 14 million for Bottling Investments due to the Company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.