Cover Memo Document
Cover Memo Document - shares | 9 Months Ended | |
Sep. 27, 2019 | Oct. 21, 2019 | |
Entity Information [Line Items] | ||
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 27, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-02217 | |
Entity Registrant Name | COCA COLA CO | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 58-0628465 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30313 | |
City Area Code | 404 | |
Local Phone Number | 676-2121 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 4,284,491,377 | |
Entity Central Index Key | 0000021344 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Shell Company | false | |
Entity Address, Address Line One | One Coca-Cola Plaza | |
Common Stock, $0.25 Par Value [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.25 Par Value | |
Trading Symbol | KO | |
Security Exchange Name | NYSE | |
0.000% Notes Due 2021 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.000% Notes Due 2021 | |
Trading Symbol | KO21B | |
Security Exchange Name | NYSE | |
Floating Rate Notes Due 2021 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Floating Rate Notes Due 2021 | |
Trading Symbol | KO21C | |
Security Exchange Name | NYSE | |
1.125% Notes Due 2022 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.125% Notes Due 2022 | |
Trading Symbol | KO22 | |
Security Exchange Name | NYSE | |
0.125% Notes Due 2022 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.125% Notes Due 2022 | |
Trading Symbol | KO22B | |
Security Exchange Name | NYSE | |
0.75% Notes Due 2023 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.75% Notes Due 2023 | |
Trading Symbol | KO23B | |
Security Exchange Name | NYSE | |
0.500% Notes Due 2024 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.500% Notes Due 2024 | |
Trading Symbol | KO24 | |
Security Exchange Name | NYSE | |
1.875% Notes Due 2026 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.875% Notes Due 2026 | |
Trading Symbol | KO26 | |
Security Exchange Name | NYSE | |
0.750% Notes Due 2026 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.750% Notes Due 2026 | |
Trading Symbol | KO26C | |
Security Exchange Name | NYSE | |
1.125% Notes Due 2027 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.125% Notes Due 2027 | |
Trading Symbol | KO27 | |
Security Exchange Name | NYSE | |
1.250% Notes Due 2031 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.250% Notes Due 2031 | |
Trading Symbol | KO31 | |
Security Exchange Name | NYSE | |
1.625% Notes Due 2035 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.625% Notes Due 2035 | |
Trading Symbol | KO35 | |
Security Exchange Name | NYSE | |
1.100% Notes Due 2036 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.100% Notes Due 2036 | |
Trading Symbol | KO36 | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | |
Revenues | $ 9,507 | $ 8,775 | $ 28,198 | $ 26,494 |
Cost of Goods and Services Sold | 3,767 | 3,346 | 11,053 | 9,965 |
GROSS PROFIT | 5,740 | 5,429 | 17,145 | 16,529 |
Selling, general and administrative expenses | 3,116 | 2,660 | 8,879 | 8,286 |
Other operating charges | 125 | 155 | 344 | 916 |
OPERATING INCOME | 2,499 | 2,614 | 7,922 | 7,327 |
Interest income | 153 | 171 | 428 | 510 |
Interest expense | 230 | 214 | 711 | 697 |
Equity income (loss) - net | 346 | 348 | 808 | 813 |
Other income (loss) — net | 324 | (546) | (81) | (693) |
INCOME BEFORE INCOME TAXES | 3,092 | 2,373 | 8,366 | 7,260 |
Income taxes | 503 | 555 | 1,446 | 1,711 |
CONSOLIDATED NET INCOME | 2,589 | 1,818 | 6,920 | 5,549 |
Net Income (Loss) Attributable to Noncontrolling Interest | (4) | (62) | 42 | (15) |
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY | $ 2,593 | $ 1,880 | $ 6,878 | $ 5,564 |
BASIC NET INCOME PER SHARE (in dollars per share) | $ 0.61 | $ 0.44 | $ 1.61 | $ 1.31 |
DILUTED NET INCOME PER SHARE (in dollars per share) | $ 0.60 | $ 0.44 | $ 1.60 | $ 1.29 |
AVERAGE SHARES OUTSTANDING (in shares) | 4,280,000,000 | 4,255,000,000 | 4,273,000,000 | 4,258,000,000 |
Effect of dilutive securities (in shares) | 41,000,000 | 40,000,000 | 38,000,000 | 39,000,000 |
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION (in shares) | 4,321,000,000 | 4,295,000,000 | 4,311,000,000 | 4,297,000,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | |
CONSOLIDATED NET INCOME | $ 2,589 | $ 1,818 | $ 6,920 | $ 5,549 |
Other comprehensive income: | ||||
Net foreign currency translation adjustment | (960) | (210) | (679) | (1,635) |
Net gain (loss) on derivatives | 46 | (30) | 30 | 22 |
Net unrealized gain (loss) on available-for-sale securities | 16 | 10 | 46 | (91) |
Net change in pension and other benefit liabilities | 32 | 56 | 100 | 372 |
TOTAL COMPREHENSIVE INCOME (LOSS) | 1,723 | 1,644 | 6,417 | 4,217 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (145) | 60 | (88) | 9 |
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY | $ 1,868 | $ 1,584 | $ 6,505 | $ 4,208 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions | Sep. 27, 2019 | Dec. 31, 2018 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 525 | $ 501 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 8,267 | $ 8,013 |
Common Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.25 |
Common Stock, Shares Authorized | 11,200 | 11,200 |
Common Stock, Shares, Issued | 7,040 | 7,040 |
Treasury Stock, Shares | 2,756 | 2,772 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 7,531 | $ 9,077 |
Short-term investments | 2,001 | 2,025 |
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | 9,532 | 11,102 |
Marketable securities | 3,456 | 5,013 |
Trade accounts receivable, less allowances of $525 and $501, respectively | 4,353 | 3,685 |
Inventories | 3,266 | 3,071 |
Prepaid expenses and other assets | 2,510 | 2,059 |
TOTAL CURRENT ASSETS | 23,117 | 24,930 |
EQUITY METHOD INVESTMENTS | 18,689 | 19,412 |
OTHER INVESTMENTS | 878 | 867 |
OTHER ASSETS | 5,750 | 4,148 |
DEFERRED INCOME TAX ASSETS | 2,452 | 2,674 |
Property, plant and equipment, less accumulated depreciation of $8,267 and $8,013, respectively | 10,217 | 9,598 |
TRADEMARKS WITH INDEFINITE LIVES | 9,167 | 6,682 |
BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES | 109 | 51 |
GOODWILL | 16,465 | 14,109 |
OTHER INTANGIBLE ASSETS | 589 | 745 |
TOTAL ASSETS | 87,433 | 83,216 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 12,727 | 9,533 |
Notes and Loans Payable, Current | 10,972 | 13,835 |
Current maturities of long-term debt | 492 | 5,003 |
Accrued income taxes | 909 | 411 |
TOTAL CURRENT LIABILITIES | 25,100 | 28,782 |
LONG-TERM DEBT | 31,012 | 25,376 |
OTHER LIABILITIES | 8,057 | 7,646 |
DEFERRED INCOME TAX LIABILITIES | 2,581 | 2,354 |
THE COCA-COLA COMPANY SHAREOWNERS' EQUITY | ||
Common stock, $0.25 par value; authorized — 11,200 shares; issued — 7,040 and 7,040 shares, respectively | 1,760 | 1,760 |
Capital surplus | 17,039 | 16,520 |
Reinvested earnings | 65,481 | 63,234 |
Accumulated other comprehensive income (loss) | (13,706) | (12,814) |
Treasury stock, at cost — 2,756 and 2,772 shares, respectively | (51,861) | (51,719) |
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY | 18,713 | 16,981 |
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1,970 | 2,077 |
TOTAL EQUITY | 20,683 | 19,058 |
TOTAL LIABILITIES AND EQUITY | $ 87,433 | $ 83,216 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 27, 2019 | Sep. 28, 2018 | |
OPERATING ACTIVITIES | ||
CONSOLIDATED NET INCOME | $ 6,920 | $ 5,549 |
Depreciation and amortization | 965 | 807 |
Stock-based compensation expense | 146 | 167 |
Deferred income taxes | (326) | 26 |
Equity (income) loss - net of dividends | (336) | (385) |
Foreign currency adjustments | 79 | (169) |
Significant (gains) losses on sales of assets - net | (389) | 541 |
Other operating charges | 147 | 662 |
Other items | 444 | 130 |
Net change in operating assets and liabilities | 121 | (1,638) |
Net Cash Provided by (Used in) Operating Activities | 7,771 | 5,690 |
INVESTING ACTIVITIES | ||
Purchases of investments | (4,113) | (6,809) |
Proceeds from disposals of investments | 5,674 | 11,079 |
Acquisitions of businesses, equity method investments and nonmarketable securities | (5,376) | (598) |
Proceeds from disposals of businesses, equity method investments and nonmarketable securities | 266 | 1,354 |
Purchases of property, plant and equipment | (1,206) | (1,048) |
Proceeds from disposals of property, plant and equipment | 944 | 97 |
Other investing activities | (90) | 33 |
Net Cash Provided by (Used in) Investing Activities | (3,901) | 4,108 |
FINANCING ACTIVITIES | ||
Issuances of debt | 19,598 | 21,422 |
Payments of debt | (21,716) | (23,595) |
Issuances of stock | 923 | 891 |
Purchases of stock for treasury | (690) | (1,596) |
Payments of Dividends | (3,419) | (3,321) |
Other financing activities | (33) | (184) |
Net Cash Provided by (Used in) Financing Activities | (5,337) | (6,383) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (75) | (249) |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period | (1,542) | 3,166 |
Balance at beginning of period | 9,318 | 6,373 |
Balance at end of period | 7,776 | 9,539 |
Less: Restricted Cash and Restricted Cash Equivalents at end of period | 245 | 318 |
Cash and cash equivalents | $ 7,531 | $ 9,221 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 27, 2019 | |
Summary of significant accounting policies | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K of The Coca-Cola Company for the year ended December 31, 2018 . When used in these notes, the terms "The Coca-Cola Company," "Company," "we," "us" and "our" mean The Coca-Cola Company and all entities included in our condensed consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 27, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . Sales of our nonalcoholic ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions. Each of our interim reporting periods, other than the fourth interim reporting period, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The third quarter of 2019 and the third quarter of 2018 ended on September 27, 2019 and September 28, 2018 , respectively. Our fourth interim reporting period and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls. Operating Segments In January 2019, we established a new operating segment, Global Ventures, which includes the results of Costa Limited ("Costa"), which we acquired in January 2019, and the results of our innocent and doğadan businesses as well as fees earned pursuant to distribution coordination agreements between the Company and Monster Beverage Corporation ("Monster"). Additionally, during the second quarter of 2019, the Company updated its plans for Coca-Cola Beverages Africa Proprietary Limited ("CCBA") and now intends to maintain its majority stake in CCBA for the foreseeable future. As a result, the Company now presents the financial results of CCBA within its results from continuing operations and includes the results of CCBA in the Bottling Investments operating segment. Accordingly, all prior period operating segment and Corporate information presented herein has been adjusted to reflect these changes. Refer to Note 2 and Note 17 . As of September 27, 2019 , our organizational structure consisted of the following operating segments: Europe, Middle East and Africa; Latin America; North America; Asia Pacific; Global Ventures; and Bottling Investments. Our operating structure also included Corporate, which consists of two components: (1) a center focused on strategic initiatives, policy and governance, and (2) an enabling services organization focused on both simplifying and standardizing key transactional processes and providing support to business units through global centers of excellence. Advertising Costs The Company's accounting policy related to advertising costs for annual reporting purposes is to expense production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred. For interim reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple interim periods to each of our interim reporting periods. We use the proportion of each interim period's actual unit case volume to the estimated full year unit case volume as the basis for the allocation. This methodology results in our marketing expenditures being recognized at a standard rate per unit case. At the end of each interim reporting period, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple interim periods in order to evaluate if a change in estimate is necessary. The impact of any changes in these full year estimates is recognized in the interim period in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy. Leases Effective January 1, 2019 , we adopted Accounting Standards Codification 842, Leases ("ASC 842"). We determine if an arrangement contains a lease at inception based on whether or not the Company has the right to control the asset during the contract period and other facts and circumstances. Lessee We are the lessee in a lease contract when we obtain the right to control the asset. Operating leases are included in the line items other assets, accounts payable and accrued expenses, and other liabilities in our consolidated balance sheet. Operating lease right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on our consolidated balance sheet and are expensed on a straight-line basis over the lease term in our consolidated statement of income. We determine the lease term by assuming the exercise of renewal options that are reasonably certain. As most of our leases do not provide an implicit interest rate, we use our local incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. When our contracts contain lease and non-lease components, we account for both components as a single lease component. Refer to Note 8 for further discussion. Lessor We have various arrangements for certain fountain equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material. Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents or restricted cash equivalents, as applicable. Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other assets on our consolidated balance sheet, and amounts classified in assets held for sale. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk. The following table provides a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in the condensed consolidated statements of cash flows (in millions): September 27, December 31, Cash and cash equivalents $ 7,531 $ 9,077 Cash and cash equivalents included in other assets 1 245 241 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 7,776 $ 9,318 September 28, December 31, 2017 Cash and cash equivalents $ 9,221 $ 6,102 Cash and cash equivalents included in assets held for sale — 13 Cash and cash equivalents included in other assets 1 318 258 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,539 $ 6,373 1 Amounts represent cash and cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4 . Recently Issued Accounting Guidance Recently Adopted Accounting Guidance ASC 842 requires lessees to recognize operating lease ROU assets, representing their right to use the underlying asset for the lease term, and operating lease liabilities on the balance sheet for all leases with lease terms greater than 12 months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing and uncertainty of cash flows arising from leases. We adopted ASC 842 using the modified retrospective method and utilized the optional transition method under which we continue to apply the legacy guidance in ASC 840, Leases , including its disclosure requirements, in the comparative period presented. In addition, we elected the package of practical expedients permitted under the transition guidance which permits us to carry forward the historical lease classification, among other things. As a result of the adoption, our operating lease ROU assets and operating lease liabilities were $1,310 million and $1,329 million , respectively, as of September 27, 2019 . The adoption of this standard did not impact our consolidated statement of income or our consolidated statement of cash flows. Refer to Note 8 for further discussion. In August 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-12, Targeted Improvements to Accounting for Hedging Activities , which eliminates the requirement to separately measure and report hedge ineffectiveness and requires companies to recognize all elements of hedge accounting that impact earnings in the same line item in the statement of income where the hedged item resides. The amendments in this update include new alternatives for measuring the hedged item for fair value hedges of interest rate risk and ease the requirements for effectiveness testing, hedge documentation and applying the critical terms match method. We adopted ASU 2017-12 effective January 1, 2019 using the modified retrospective method. We recognized a cumulative effect adjustment to decrease the opening balance of reinvested earnings as of January 1, 2019 by $12 million , net of tax. Refer to Note 6 for additional disclosures required by this ASU. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits entities to reclassify the disproportionate income tax effects of the Tax Cuts and Jobs Act of 2017 (the "Tax Reform Act") on items within accumulated other comprehensive income (loss) ("AOCI") to reinvested earnings. These disproportionate income tax effect items are referred to as "stranded tax effects." The amendments in this update only relate to the reclassification of the income tax effects of the Tax Reform Act. Other accounting guidance that requires the effect of changes in tax laws or rates to be included in net income is not affected by this update. We adopted ASU 2018-02 effective January 1, 2019 . We recognized a cumulative effect adjustment to increase the opening balance of reinvested earnings as of January 1, 2019 by $513 million . Accounting Guidance Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Measurement of Credit Losses on Financial Instruments , which requires measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 is effective for the Company beginning January 1, 2020 and is required to be applied prospectively. For our trade receivables, certain other receivables and certain other financial instruments, we will be required to use a new forward-looking "expected" credit loss model based on historical loss rates that will replace the existing "incurred" credit loss model, which will generally result in earlier recognition of allowances for credit losses. We are currently evaluating the impact that ASU 2016-13 will have on our consolidated financial statements and do not expect it will have a material impact on our financial statements or disclosures. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Sep. 27, 2019 | |
Acquisition and Divestures [Abstract] | |
Acquisition and Divestitures [Text Block] | ACQUISITIONS AND DIVESTITURES Acquisitions During the nine months ended September 27, 2019 , our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $ 5,376 million , which primarily related to the acquisition of Costa and the remaining equity ownership interest in C.H.I. Limited ("CHI"), a Nigerian producer of value-added dairy and juice beverages and iced tea. During the nine months ended September 28, 2018 , our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $598 million , which included the acquisition of a minority interest in BA Sports Nutrition, LLC ("BodyArmor"). We account for our minority interest in BodyArmor as an equity method investment based on our equity ownership percentage and our representation on their Management Committee. We obtained an option to acquire the remaining ownership interests in BodyArmor based on an agreed-upon formula, which becomes exercisable in 2021. Upon the expiration of the Company's option, BodyArmor has the option to sell their remaining interests to the Company based on the same agreed-upon formula. The Company also acquired additional ownership interests in the Company's franchise bottlers in the United Arab Emirates and in Oman, both of which were previously equity method investees of the Company. As a result of the additional interest acquired in the Oman bottler, we obtained a controlling interest, resulting in its consolidation. Costa Limited In January 2019, the Company acquired Costa in exchange for $4.9 billion of cash, net of cash acquired. Costa is a coffee company with retail outlets in over 30 countries, the Costa Express vending system and a state-of-the-art roastery. We believe this acquisition will allow us to increase our presence in the hot beverage market as Costa has a scalable platform across multiple formats and channels, including opportunities to introduce ready-to-drink products. As of September 27, 2019 , $2.4 billion of the purchase price was preliminarily allocated to the Costa trademark and $2.5 billion was preliminarily allocated to goodwill. The goodwill recognized as part of this acquisition is primarily related to synergistic value created from the opportunity for additional expansion as well as our ability to market and distribute Costa in ready-to-drink form throughout our bottling system. It also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce. The goodwill is not tax deductible and has been assigned to the Global Ventures operating segment, except for $108 million , which was allocated to the Europe, Middle East and Africa operating segment. The preliminary allocation of the purchase price is subject to refinement when valuations are finalized. As of September 27, 2019 , the valuations that have not been finalized primarily relate to operating lease ROU assets and operating lease liabilities and certain fixed assets. The final purchase price allocation will be completed as soon as possible, but no later than the first quarter of 2020. C.H.I. Limited In January 2019, the Company acquired the remaining 60 percent interest in CHI in exchange for $260 million of cash, net of cash acquired, under the terms of the agreement for our original investment in CHI. Upon consolidation, we recognized a net charge of $121 million , which included the remeasurement of our previously held equity interest in CHI to fair value and the reversal of the related cumulative translation adjustments. The fair value of our previously held equity investment was determined using a discounted cash flow model based on Level 3 inputs. The net charge was recorded in the line item other income (loss) — net in our condensed consolidated statement of income. Divestitures During the nine months ended September 27, 2019 , proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $266 million , which primarily related to the sale of a portion of our equity method investment in Embotelladora Andina S.A. ("Andina"). We recognized a gain of $39 million as a result of the sale, which was recorded in the line item other income (loss) — net in our condensed consolidated statement of income. We continue to account for our remaining interest in Andina as an equity method investment as a result of our representation on Andina's Board of Directors and other governance rights. During the nine months ended September 28, 2018 , proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $1,354 million , which primarily related to the proceeds from the refranchising of our Canadian and Latin American bottling operations, as well as the sale of our equity ownership in Corporación Lindley S.A. ("Lindley"). Corporación Lindley S.A. On September 26, 2018, we sold our equity ownership in Lindley to AC Bebidas, an equity method investee. We received net cash proceeds of $ 507 million and recognized a net gain of $370 million during the three and nine months ended September 28, 2018 , which was included in the line item other income (loss) — net in our condensed consolidated statements of income. Refranchising of Latin American Bottling Operations During the nine months ended September 28, 2018 , the Company sold its bottling operations in Latin America to Coca-Cola FEMSA, S.A.B. de C.V. ("Coca-Cola FEMSA"), an equity method investee. We received net cash proceeds of $289 million as a result of these sales and recognized net gains of $11 million and $47 million during the three and nine months ended September 28, 2018 , respectively, which were included in the line item other income (loss) — net in our condensed consolidated statements of income. North America Refranchising — United States In conjunction with implementing a new beverage partnership model in North America, in 2018 the Company completed the refranchising of all of our bottling territories in the United States that were previously managed by Coca-Cola Refreshments ("CCR") to certain of our unconsolidated bottling partners. We recognized net gains of $19 million and $15 million during the three and nine months ended September 27, 2019 , respectively, and net gains of $10 million and net charges of $ 94 million during the three and nine months ended September 28, 2018 , respectively. These net gains and net charges were included in the line item other income (loss) — net in our condensed consolidated statements of income and were primarily related to post-closing adjustments as contemplated by the related agreements. During the three months ended September 28, 2018 , the Company recorded charges of $12 million primarily related to payments made to certain of our unconsolidated bottling partners in order to convert the bottling agreements for their legacy territories and any previously refranchised territories to a single form of comprehensive beverage agreement ("CBA") with additional requirements. During the nine months ended September 27, 2019 and September 28, 2018 , the Company recorded charges of $ 4 million and $ 33 million , respectively, related to such payments. The additional requirements generally include a binding national governance model, mandatory incidence pricing and additional core performance requirements, among other things. As a result of these conversions, the legacy territories and any previously refranchised territories for each of the related bottling partners will be governed under similar CBAs, which will provide consistency across each such bottler's respective territory, as well as consistency with other U.S. bottlers that have been granted or converted to this form of CBA. The charges related to these payments were included in the line item other income (loss) — net in our condensed consolidated statements of income. North America Refranchising — Canada On September 28, 2018 , the Company completed its North America refranchising with the sale of its Canadian bottling operations. We received initial net cash proceeds of $518 million and recognized a net charge of $285 million during the three and nine months ended September 28, 2018 . During the three and nine months ended September 27, 2019 we recognized an additional charge of $122 million primarily related to post-closing adjustments as contemplated by the related agreements. These charges were included in the line item other income (loss) — net in our condensed consolidated statements of income. Refer to Note 17 for the impact these items had on our operating segments and Corporate. Coca-Cola Beverages Africa Proprietary Limited Due to the Company's original intent to refranchise CCBA, it was accounted for as held for sale and a discontinued operation from October 2017 through the first quarter of 2019. As CCBA met the criteria to be classified as held for sale, we were required to record their assets and liabilities at the lower of carrying value or fair value less any costs to sell. As a result, during the three and nine months ended September 28, 2018 , we recorded an impairment charge of $554 million , reflecting management's view of the proceeds that were expected to be received upon the sale based on revised projections of future operating results and foreign currency exchange rate fluctuations. This charge was previously reflected in the line item income (loss) from discontinued operations in our condensed consolidated statements of income, and the corresponding reduction to assets was reflected as an allowance for reduction of assets held for sale — discontinued operations in our condensed consolidated balance sheet. Additionally, CCBA's property, plant and equipment was not depreciated and its definite-lived intangible assets were not amortized. While the Company had discussions with a number of potential partners throughout the period CCBA was held for sale, during the second quarter of 2019 the Company updated its plans for CCBA and now intends to maintain its controlling stake in CCBA for the foreseeable future. As a result, CCBA no longer qualifies as held for sale or as a discontinued operation, and CCBA's financial results are now presented within the Company's continuing operations for all periods presented. As a result of this change in presentation, the Company reflected the impairment charge in other income (loss) — net in our consolidated statements of income and reallocated the allowance for reduction of assets held for sale — discontinued operations balance to reduce the carrying value of CCBA's property, plant and equipment by $225 million and CCBA's definite-lived intangible assets by $329 million based on the relative amount of depreciation and amortization that would have been recognized during the period CCBA was held for sale. We also recorded a $160 million adjustment to reduce the carrying value of CCBA's property, plant and equipment and definite-lived intangible assets by an additional $ 34 million and $ 126 million , respectively, during the nine months ended September 27, 2019 . These additional adjustments were included in the line item other income (loss) — net in our condensed consolidated statement of income. |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition | 9 Months Ended |
Sep. 27, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | REVENUE RECOGNITION Our Company markets, manufactures and sells: • beverage concentrates, sometimes referred to as "beverage bases," and syrups, including fountain syrups (we refer to this part of our business as our "concentrate business" or "concentrate operations"); and • finished sparkling soft drinks and other nonalcoholic beverages (we refer to this part of our business as our "finished product business" or "finished product operations"). Generally, finished product operations generate higher net operating revenues but lower gross profit margins than concentrate operations. In our domestic and international concentrate operations, we typically generate net operating revenues by selling concentrates, syrups and certain finished beverages to authorized bottling operations (which we typically refer to as our "bottlers" or our "bottling partners"). Our bottling partners either combine the concentrates with sweeteners (depending on the product), still water and/or sparkling water, or combine the syrups with sparkling water to produce finished beverages. The finished beverages are packaged in authorized containers, such as cans and refillable and nonrefillable glass and plastic bottles, bearing our trademarks or trademarks licensed to us and are then sold to retailers directly or, in some cases, through wholesalers or other bottlers. In addition, outside the United States, our bottling partners are typically authorized to manufacture fountain syrups, using our concentrate, which they sell to fountain retailers for use in producing beverages for immediate consumption, or to authorized fountain wholesalers who in turn sell and distribute the fountain syrups to fountain retailers. Our concentrate operations are included in our geographic operating segments and our Global Ventures operating segment. Our finished product operations generate net operating revenues by selling sparkling soft drinks and a variety of other finished nonalcoholic beverages, such as water, enhanced water and sports drinks; juice, dairy and plant-based beverages; tea and coffee; and energy drinks, to retailers or to distributors and wholesalers who distribute them to retailers or Company-owned Costa retail outlets. These operations consist primarily of Company-owned or -controlled bottling, sales and distribution operations, which are included in our Bottling Investments operating segment. In certain markets, the Company also operates non-bottling finished product operations in which we sell finished beverages to distributors and wholesalers that are generally not one of the Company's bottling partners. These operations are generally included in one of our geographic operating segments or our Global Ventures operating segment. In the United States, we manufacture fountain syrups and sell them to fountain retailers, who use the fountain syrups to produce beverages for immediate consumption, or to authorized fountain wholesalers or bottling partners who resell the fountain syrups to fountain retailers. These fountain syrup sales are included in our North America operating segment. We adopted Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606") effective January 1, 2018 using the modified retrospective method. We have applied this standard to all contracts at the effective date and contracts entered into thereafter. Revenue is recognized when performance obligations under the terms of the contracts with our customers are satisfied. Our performance obligation generally consists of the promise to sell concentrates or finished products to our bottling partners, wholesalers, distributors or retailers. Control of the concentrates or finished products is transferred upon shipment to, or receipt at, our customers' locations, as determined by the specific terms of the contract. Once control is transferred to the customer and we have completed our performance obligation, revenue is recognized. Our sales terms generally do not allow for a right of return except for matters related to any manufacturing defects on our part. After completion of our performance obligation, we have an unconditional right to consideration as outlined in the contract. Our receivables will generally be collected in less than six months, in accordance with the underlying payment terms. All of our performance obligations under the terms of contracts with our customers have an original duration of one year or less. Our customers and bottling partners may be entitled to cash discounts, funds for promotional and marketing activities, volume-based incentive programs, support for infrastructure programs and other similar programs. In some markets, in an effort to allow our Company and our bottling partners to grow together through shared value, aligned financial objectives and the flexibility necessary to meet consumers' always changing needs and tastes, we work with our bottling partners to develop and implement an incidence-based concentrate pricing model. Under this model, the price we charge bottlers for concentrate they use to prepare and package finished products is impacted by a number of factors, including, but not limited to, the prices charged by the bottlers for such finished products, the channels in which they are sold and package mix. The amounts associated with the arrangements described above are defined as variable consideration under ASC 606, an estimate of which is included in the transaction price as a component of net operating revenues in our consolidated statement of income upon completion of our performance obligations. The total revenue recorded, including any variable consideration, cannot exceed the amount for which it is probable that a significant reversal will not occur when uncertainties related to variability are resolved. As a result, we are recognizing revenue based on our faithful depiction of the consideration that we expect to receive. In making our estimates of variable consideration, we consider past results and make significant assumptions related to: (1) customer sales volumes; (2) customer ending inventories; (3) customer selling price per unit; (4) selling channels; and (5) discount rates, rebates and other pricing allowances, as applicable. In gathering data to estimate our variable consideration, we generally calculate our estimates using a portfolio approach at the country and product line level rather than at the individual contract level. The result of making these estimates will impact the line items trade accounts receivable and accounts payable and accrued expenses in our consolidated balance sheet. The actual amounts ultimately paid and/or received may be different from our estimates. The change in the amount of variable consideration recognized during the three and nine months ended September 27, 2019 related to performance obligations satisfied in prior periods was immaterial. The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended September 27, 2019 Concentrate operations $ 1,414 $ 4,026 $ 5,440 Finished product operations 1,676 2,391 4,067 Total $ 3,090 $ 6,417 $ 9,507 Three Months Ended September 28, 2018 Concentrate operations $ 1,191 $ 4,039 $ 5,230 Finished product operations 1,776 1,769 3,545 Total $ 2,967 $ 5,808 $ 8,775 United States International Total Nine Months Ended September 27, 2019 Concentrate operations $ 4,014 $ 11,782 $ 15,796 Finished product operations 4,824 7,578 12,402 Total $ 8,838 $ 19,360 $ 28,198 Nine Months Ended September 28, 2018 Concentrate operations $ 3,563 $ 11,961 $ 15,524 Finished product operations 5,035 5,935 10,970 Total $ 8,598 $ 17,896 $ 26,494 Refer to Note 17 for additional revenue disclosures by operating segment and Corporate. |
Investments
Investments | 9 Months Ended |
Sep. 27, 2019 | |
Investments [Abstracts] | |
Investments | INVESTMENTS We measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in earnings. We use quoted market prices to determine the fair value of equity securities with readily determinable fair values. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Management assesses each of these investments on an individual basis. Our investments in debt securities are classified as trading, available-for-sale or held-to-maturity and carried at either amortized cost or fair value. The cost basis is determined by the specific identification method. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on debt securities classified as trading securities are included in net income. For debt securities classified as available-for-sale, realized gains and losses are included in net income. Unrealized gains and losses, net of tax, on available-for-sale debt securities are included in our consolidated balance sheet as a component of AOCI, except for the change in fair value attributable to the currency risk being hedged, if applicable, which is included in net income. Refer to Note 6 for additional information related to the Company's fair value hedges of available-for-sale debt securities. Equity securities with readily determinable fair values that are not accounted for under the equity method and debt securities classified as trading are not assessed for impairment, since they are carried at fair value with the change in fair value included in net income. Equity method investments, equity securities without readily determinable fair values and debt securities classified as available-for-sale or held-to-maturity are reviewed each reporting period to determine whether a significant event or change in circumstances has occurred that may have an adverse effect on the fair value of each investment. When such events or changes occur, we evaluate the fair value of the investment to determine whether or not an impairment exists. We also perform this evaluation every reporting period for each investment for which an impairment indicator exists. The fair values of most of our Company's investments in publicly traded companies are often readily available based on quoted market prices. For investments in nonpublicly traded companies, management's assessment of fair value is based on valuation methodologies including discounted cash flows, estimates of sales proceeds and appraisals, as appropriate. We consider the assumptions that we believe a hypothetical marketplace participant would use in evaluating estimated future cash flows when employing the discounted cash flow or estimates of sales proceeds valuation methodologies. The ability to accurately predict future cash flows, especially in emerging and developing markets, may impact the determination of fair value. In the event the fair value of an investment declines below our cost basis, management is required to determine if the decline in fair value is other than temporary. If management determines the decline is other than temporary, an impairment charge is recorded. Management's assessment as to the nature of a decline in fair value is based on, among other things, the length of time and the extent to which the market value has been less than our cost basis; the financial condition and near-term prospects of the issuer; and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value. Equity Securities The carrying values of our equity securities were included in the following line items in our condensed consolidated balance sheets (in millions): Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value September 27, 2019 Marketable securities $ 310 $ — Other investments 796 82 Other assets 989 — Total equity securities $ 2,095 $ 82 December 31, 2018 Marketable securities $ 278 $ — Other investments 787 80 Other assets 869 — Total equity securities $ 1,934 $ 80 The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions): Three Months Ended September 27, 2019 September 28, 2018 Net gains (losses) recognized during the period related to equity securities $ 29 $ 62 Less: Net gains (losses) recognized during the period related to equity securities sold — 5 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 29 $ 57 Nine Months Ended September 27, 2019 September 28, 2018 Net gains (losses) recognized during the period related to equity securities $ 163 $ 21 Less: Net gains (losses) recognized during the period related to equity securities sold 16 13 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 147 $ 8 Debt Securities Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Fair Value Cost Gains Losses September 27, 2019 Trading securities $ 45 $ 1 $ — $ 46 Available-for-sale securities 3,445 150 (2 ) 3,593 Total debt securities $ 3,490 $ 151 $ (2 ) $ 3,639 December 31, 2018 Trading securities $ 45 $ — $ (1 ) $ 44 Available-for-sale securities 4,901 119 (27 ) 4,993 Total debt securities $ 4,946 $ 119 $ (28 ) $ 5,037 The fair values of our debt securities were included in the following line items in our condensed consolidated balance sheets (in millions): September 27, 2019 December 31, 2018 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Cash and cash equivalents $ — $ 155 $ — $ — Marketable securities 46 3,100 44 4,691 Other assets — 338 — 302 Total debt securities $ 46 $ 3,593 $ 44 $ 4,993 The contractual maturities of these available-for-sale debt securities as of September 27, 2019 were as follows (in millions): Cost Estimated Within 1 year $ 2,145 $ 2,200 After 1 year through 5 years 1,038 1,102 After 5 years through 10 years 72 85 After 10 years 190 206 Total $ 3,445 $ 3,593 The Company expects that actual maturities may differ from the contractual maturities above because borrowers have the right to call or prepay certain obligations. The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Three Months Ended Nine Months Ended September 27, 2019 September 28, 2018 September 27, 2019 September 28, 2018 Gross gains $ 9 $ 11 $ 37 $ 19 Gross losses (1 ) (8 ) (5 ) (21 ) Proceeds 1,284 3,421 3,074 9,744 Captive Insurance Companies In accordance with local insurance regulations, our captive insurance companies are required to meet and maintain minimum solvency capital requirements. The Company elected to invest a majority of its solvency capital in a portfolio of marketable equity and debt securities. These securities are included in the disclosures above. The Company uses one of its consolidated captive insurance companies to reinsure group annuity insurance contracts that cover the pension obligations of certain of our European and Canadian pension plans. This captive's solvency capital funds included equity and debt securities of $1,197 million as of September 27, 2019 and $1,056 million as of December 31, 2018 , which are classified in the line item other assets in our condensed consolidated balance sheets because the assets are not available to satisfy our current obligations. |
Inventories
Inventories | 9 Months Ended |
Sep. 27, 2019 | |
Inventories | |
Inventories | INVENTORIES Inventories consist primarily of raw materials and packaging (which include ingredients and supplies) and finished goods (which include concentrates and syrups in our concentrate operations and finished beverages in our finished product operations). Inventories are valued at the lower of cost or net realizable value. We determine cost on the basis of the average cost or first-in, first-out methods. Inventories consisted of the following (in millions): September 27, December 31, Raw materials and packaging $ 2,044 $ 2,025 Finished goods 881 773 Other 341 273 Total inventories $ 3,266 $ 3,071 |
Hedging Transactions and Deriva
Hedging Transactions and Derivative Financial Instruments | 9 Months Ended |
Sep. 27, 2019 | |
Hedging Transactions and Derivative Financial Instruments | |
Hedging Transactions and Derivative Financial Instruments | HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company's financial performance and are referred to as "market risks." When deemed appropriate, our Company uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative and non-derivative financial instruments are foreign currency exchange rate risk, commodity price risk and interest rate risk. The Company uses various types of derivative instruments including, but not limited to, forward contracts, commodity futures contracts, option contracts, collars and swaps. Forward contracts and commodity futures contracts are agreements to buy or sell a quantity of a currency or commodity at a predetermined future date and at a predetermined rate or price. An option contract is an agreement that conveys the purchaser the right, but not the obligation, to buy or sell a quantity of a currency or commodity at a predetermined rate or price during a period or at a time in the future. A collar is a strategy that uses a combination of options to limit the range of possible positive or negative returns on an underlying asset or liability to a specific range, or to protect expected future cash flows. To do this, an investor simultaneously buys a put option and sells (writes) a call option, or alternatively buys a call option and sells (writes) a put option. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. We do not enter into derivative financial instruments for trading purposes. The Company may also designate certain non-derivative instruments, such as our foreign currency denominated debt, in hedging relationships. All derivative instruments are carried at fair value in our condensed consolidated balance sheet, primarily in the following line items, as applicable: prepaid expenses and other assets; other assets; accounts payable and accrued expenses; and other liabilities. The carrying values of the derivatives reflect the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. These master netting agreements allow the Company to net settle positive and negative positions (assets and liabilities) arising from different transactions with the same counterparty. The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationships. Derivatives can be designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The changes in the fair values of derivatives that have been designated and qualify for fair value hedge accounting are recorded in the same line item in our condensed consolidated statement of income as the changes in the fair values of the hedged items attributable to the risk being hedged. The changes in the fair values of derivatives that have been designated and qualify as cash flow hedges or hedges of net investments in foreign operations are recorded in AOCI and are reclassified into the line item in our condensed consolidated statement of income in which the hedged items are recorded in the same period the hedged items affect earnings. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures being hedged, fluctuations in the values of the derivative instruments are generally offset by changes in the fair values or cash flows of the underlying exposures being hedged. The changes in the fair values of derivatives that were not designated and/or did not qualify as hedging instruments are immediately recognized into earnings. For derivatives that will be accounted for as hedging instruments, the Company formally designates and documents, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, the Company formally assesses, both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. The Company determines the fair values of its derivatives based on quoted market prices or pricing models using current market rates. Refer to Note 16 . The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates, commodity rates or other financial indices. The Company does not view the fair values of its derivatives in isolation but rather in relation to the fair values or cash flows of the underlying hedged transactions or other exposures. Virtually all of our derivatives are straightforward over-the-counter instruments with liquid markets. On January 1, 2019 , we adopted ASU 2017-12. For highly effective cash flow hedges, this ASU requires the entire change in fair value of the hedging instrument included in the assessment of hedge effectiveness to be recorded in other comprehensive income. No components of the Company's hedging instruments were excluded from the assessment of hedge effectiveness. To reflect the adoption of the new hedging standard on our cash flow hedging relationships at January 1, 2019 , we recorded a $6 million increase, net of taxes, to the opening balance of reinvested earnings and a corresponding decrease to AOCI. For fair value hedges of interest rate risk, this ASU allows entities to elect to use the benchmark interest rate component of the contractual coupon cash flows to calculate the change in fair value of the hedged item attributable to changes in the benchmark interest rate. As a result of applying the new hedging standard to our fair value hedges on January 1, 2019 , we recorded a $24 million increase to our hedged long-term debt balances, with a corresponding decrease to the opening balance of reinvested earnings of $18 million , net of taxes. The following table presents the fair values of the Company's derivative instruments that were designated and qualified as part of a hedging relationship (in millions): Fair Value 1,2 Derivatives Designated as Hedging Instruments Balance Sheet Location 1 September 27, December 31, 2018 Assets: Foreign currency contracts Prepaid expenses and other assets $ 80 $ 43 Foreign currency contracts Other assets 103 114 Interest rate contracts Other assets 695 88 Total assets $ 878 $ 245 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 38 $ 19 Foreign currency contracts Other liabilities 36 15 Commodity contracts Accounts payable and accrued expenses — 1 Interest rate contracts Other liabilities — 40 Total liabilities $ 74 $ 75 1 All of the Company's derivative instruments are carried at fair value in our condensed consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 16 for the net presentation of the Company's derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value. The following table presents the fair values of the Company's derivative instruments that were not designated as hedging instruments (in millions): Fair Value 1,2 Derivatives Not Designated as Hedging Instruments Balance Sheet Location 1 September 27, December 31, 2018 Assets: Foreign currency contracts Prepaid expenses and other assets $ 52 $ 61 Commodity contracts Prepaid expenses and other assets 1 2 Other derivative instruments Prepaid expenses and other assets 10 7 Other derivative instruments Other assets 2 — Total assets $ 65 $ 70 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 33 $ 101 Foreign currency contracts Other liabilities 4 — Commodity contracts Accounts payable and accrued expenses 60 38 Commodity contracts Other liabilities 4 8 Other derivative instruments Accounts payable and accrued expenses — 13 Total liabilities $ 101 $ 160 1 All of the Company's derivative instruments are carried at fair value in our condensed consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 16 for the net presentation of the Company's derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value. Credit Risk Associated with Derivatives We have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. We monitor counterparty exposures regularly and review any downgrade in credit rating immediately. If a downgrade in the credit rating of a counterparty were to occur, we have provisions requiring collateral for substantially all of our transactions. To mitigate presettlement risk, minimum credit standards become more stringent as the duration of the derivative financial instrument increases. In addition, the Company's master netting agreements reduce credit risk by permitting the Company to net settle for transactions with the same counterparty. To minimize the concentration of credit risk, we enter into derivative transactions with a portfolio of financial institutions. Based on these factors, we consider the risk of counterparty default to be minimal. Cash Flow Hedging Strategy The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates, commodity prices or interest rates. The changes in the fair values of derivatives designated as cash flow hedges are recorded in AOCI and are reclassified into the line item in our condensed consolidated statement of income in which the hedged items are recorded in the same period the hedged items affect earnings. The changes in fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. The maximum length of time for which the Company hedges its exposure to the variability in future cash flows is typically three years . The Company maintains a foreign currency cash flow hedging program to reduce the risk that our eventual U.S. dollar net cash inflows from sales outside the United States and U.S. dollar net cash outflows from procurement activities will be adversely affected by fluctuations in foreign currency exchange rates. We enter into forward contracts and purchase foreign currency options (principally euros and Japanese yen) and collars to hedge certain portions of forecasted cash flows denominated in foreign currencies. When the U.S. dollar strengthens against the foreign currencies, the decline in the present value of future foreign currency cash flows is partially offset by gains in the fair value of the derivative instruments. Conversely, when the U.S. dollar weakens, the increase in the present value of future foreign currency cash flows is partially offset by losses in the fair value of the derivative instruments. The total notional values of derivatives that were designated and qualify for the Company's foreign currency cash flow hedging program were $ 7,833 million and $ 3,175 million as of September 27, 2019 and December 31, 2018 , 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 changes in foreign currency exchange rates. For this hedging program, the Company records the change in carrying value of these foreign currency denominated assets and liabilities due to changes in exchange rates into earnings each period. The changes in fair value of the cross-currency swap derivatives are recorded in AOCI with an immediate reclassification into earnings for the change in fair value attributable to fluctuations in foreign currency exchange rates. The total notional values of derivatives that have been designated as cash flow hedges for the Company's foreign currency denominated assets and liabilities were $3,028 million as of September 27, 2019 and December 31, 2018 . The Company has entered into commodity futures contracts and other derivative instruments on various commodities to mitigate the price risk associated with forecasted purchases of materials used in our manufacturing process. These derivative instruments have been designated and qualify as part of the Company's commodity cash flow hedging program. The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of certain commodities. The total notional values of derivatives that have been designated and qualify for this program were $ 2 million and $ 9 million as of September 27, 2019 and December 31, 2018 , respectively. Our Company monitors our mix of short-term debt and long-term debt regularly. From time to time, we manage our risk to interest rate fluctuations through the use of derivative financial instruments. The Company has entered into interest rate swap agreements and has designated these instruments as part of the Company's interest rate cash flow hedging program. The objective of this hedging program is to mitigate the risk of adverse changes in benchmark interest rates on the Company's future interest payments. As of September 27, 2019 and December 31, 2018 , we did not have any interest rate swaps designated as a cash flow hedge. During the nine months ended September 28, 2018 , we discontinued a cash flow hedge relationship related to these swaps. We reclassified a loss of $8 million into earnings as a result of the discontinuance. The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income ("OCI"), AOCI and earnings (in millions): Gain (Loss) Recognized in OCI Location of Gain (Loss) Recognized in Income 1 Gain (Loss) Reclassified from AOCI into Income (Effective Portion) 2 Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2 Three Months Ended September 27, 2019 Foreign currency contracts $ 71 Net operating revenues $ (5 ) $ — Foreign currency contracts 3 Cost of goods sold 2 — Foreign currency contracts — Interest expense (3 ) — Foreign currency contracts (46 ) Other income (loss) — net (46 ) — Interest rate contracts (30 ) Interest expense (10 ) — Commodity contracts 1 Cost of goods sold — — Total $ (1 ) $ (62 ) $ — Three Months Ended September 28, 2018 Foreign currency contracts $ 2 Net operating revenues $ 43 $ — 3 Foreign currency contracts 3 Cost of goods sold 4 — 3 Foreign currency contracts — Interest expense (2 ) — Foreign currency contracts 20 Other income (loss) — net 23 2 Interest rate contracts — Interest expense (9 ) — Total $ 25 $ 59 $ 2 1 The Company records gains and losses reclassified from AOCI into income for the effective portion and the ineffective portion, if any, to the same line items in our condensed consolidated statement of income. 2 Effective January 1, 2019, ASU 2017-12 eliminated the requirement to separately measure and report hedge ineffectiveness for cash flow hedges. No components of the Company’s hedging instruments were excluded from the assessment of hedge effectiveness. 3 Includes a de minimis amount of ineffectiveness in the hedging relationship. Gain (Loss) Recognized in OCI Location of Gain (Loss) Recognized in Income 1 Gain (Loss) Reclassified from AOCI into Income (Effective Portion) 2 Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2 Nine Months Ended September 27, 2019 Foreign currency contracts $ 44 Net operating revenues $ 2 $ — Foreign currency contracts 1 Cost of goods sold 9 — Foreign currency contracts — Interest expense (7 ) — Foreign currency contracts (99 ) Other income (loss) — net (139 ) — Interest rate contracts (47 ) Interest expense (30 ) — Commodity contracts 1 Cost of goods sold — — Total $ (100 ) $ (165 ) $ — Nine Months Ended September 28, 2018 Foreign currency contracts $ 10 Net operating revenues $ 97 $ 1 Foreign currency contracts 13 Cost of goods sold 5 (3 ) Foreign currency contracts — Interest expense (6 ) — Foreign currency contracts 46 Other income (loss) — net 3 4 Interest rate contracts 22 Interest expense (29 ) (8 ) Commodity contracts — Cost of goods sold — (5 ) Total $ 91 $ 70 $ (11 ) 1 The Company records gains and losses reclassified from AOCI into income for the effective portion and the ineffective portion, if any, to the same line items in our condensed consolidated statement of income. 2 Effective January 1, 2019, ASU 2017-12 eliminated the requirement to separately measure and report hedge ineffectiveness for cash flow hedges. No components of the Company’s hedging instruments were excluded from the assessment of hedge effectiveness. As of September 27, 2019 , the Company estimates that it will reclassify into earnings during the next 12 months net losses of $16 million from the pretax amount recorded in AOCI as the anticipated cash flows occur. Fair Value Hedging Strategy The Company uses interest rate swap agreements designated as fair value hedges to minimize exposure to changes in the fair value of fixed-rate debt that results from fluctuations in benchmark interest rates. The Company also uses cross-currency interest rate swaps to hedge the changes in the fair value of foreign currency denominated debt relating to changes in foreign currency exchange rates and benchmark interest rates. The changes in fair values of derivatives designated as fair value hedges and the offsetting changes in fair values of the hedged items are recognized in earnings. The ineffective portions of these hedges are immediately recognized in earnings. 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. The total notional values of derivatives related to our fair value hedges of this type were $ 12,655 million and $8,023 million as of September 27, 2019 and December 31, 2018 , respectively. The Company also uses fair value hedges to minimize exposure to changes in the fair value of certain available-for-sale securities from fluctuations in foreign currency exchange rates. The changes in fair values of derivatives designated as fair value hedges and the offsetting changes in fair values of the hedged items due to changes in foreign currency exchange rates are recognized in earnings. As a result, any difference is reflected in earnings as ineffectiveness. As of September 27, 2019 and December 31, 2018 , we did not have any fair value hedges of this type. The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Three Months Ended September 27, September 28, Interest rate contracts Interest expense $ 206 $ (38 ) Fixed-rate debt Interest expense (200 ) 41 Net impact to interest expense $ 6 $ 3 Net impact of fair value hedging instruments $ 6 $ 3 Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Nine Months Ended September 27, September 28, Interest rate contracts Interest expense $ 647 $ (57 ) Fixed-rate debt Interest expense (637 ) 50 Net impact to interest expense $ 10 $ (7 ) Foreign currency contracts Other income (loss) — net $ — $ (6 ) Available-for-sale securities Other income (loss) — net — 6 Net impact to other income (loss) — net $ — $ — Net impact of fair value hedging instruments $ 10 $ (7 ) The following table summarizes the amounts recorded in the condensed consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Carrying Value of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Value of the Hedged Item 1 September 27, December 31, September 27, December 31, Long-term debt $ 13,091 $ 8,043 $ 710 $ 62 1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rates. Hedges of Net Investments in Foreign Operations Strategy The Company uses forward contracts and a portion of its foreign currency denominated debt, a non-derivative financial instrument, to protect the value of our net investments in a number of foreign operations. For derivative instruments that are designated and qualify as hedges of net investments in foreign operations, the changes in fair values of the derivative instruments are recognized in net foreign currency translation adjustments, a component of AOCI, to offset the changes in the values of the net investments being hedged. For non-derivative financial instruments that are designated and qualify as hedges of net investments in foreign operations, the change in the carrying value of the designated portion of the non-derivative financial instrument due to changes in foreign currency exchange rates is recorded in net foreign currency translation adjustments. Any ineffective net investment hedges are reclassified from AOCI into earnings during the period of change. The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions): Notional Amount Gain (Loss) Recognized in OCI as of Three Months Ended Nine Months Ended September 27, December 31, 2018 September 27, September 28, September 27, September 28, Foreign currency contracts $ 325 $ — $ 13 $ 6 $ 42 $ 6 Foreign currency denominated debt 12,034 12,494 476 53 444 347 Total $ 12,359 $ 12,494 $ 489 $ 59 $ 486 $ 353 The Company did not reclassify any gains or losses related to net investment hedges from AOCI into earnings during the three and nine months ended September 27, 2019 and September 28, 2018 . In addition, the Company did not have any ineffectiveness related to net investment hedges during the three and nine months ended September 27, 2019 and September 28, 2018 . 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 condensed consolidated statement of cash flows. Economic (Nondesignated) Hedging Strategy In addition to derivative instruments that are designated and qualify for hedge accounting, the Company also uses certain derivatives as economic hedges of foreign currency, interest rate and commodity exposure. Although these derivatives were not designated and/or did not qualify for hedge accounting, they are effective economic hedges. The changes in the fair value of economic hedges are immediately recognized into earnings. The Company uses foreign currency economic hedges to offset the earnings impact that fluctuations in foreign currency exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies. The changes in fair value of economic hedges used to offset those monetary assets and liabilities are immediately recognized into earnings in the line item other income (loss) — net in our condensed consolidated statement of income. In addition, we use foreign currency economic hedges to minimize the variability in cash flows associated with fluctuations in foreign currency exchange rates, including those related to certain acquisition and divestiture activities. The changes in fair values of economic hedges used to offset the variability in U.S. dollar net cash flows are recognized into earnings in the line items net operating revenues, cost of goods sold or other income (loss) — net in our condensed consolidated statement of income, as applicable. The total notional values of derivatives related to our foreign currency economic hedges were $ 4,655 million and $ 10,939 million as of September 27, 2019 and December 31, 2018 , 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 for vehicle fuel. The changes in fair values of these economic hedges are immediately recognized into earnings in the line items net operating revenues, cost of goods sold, or selling, general and administrative expenses in our condensed consolidated statement of income, as applicable. The total notional values of derivatives related to our economic hedges of this type were $ 552 million and $ 373 million as of September 27, 2019 and December 31, 2018 , respectively. The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Three Months Ended September 27, September 28, Foreign currency contracts Net operating revenues $ 15 $ 8 Foreign currency contracts Cost of goods sold 2 9 Foreign currency contracts Other income (loss) — net (21 ) 29 Commodity contracts Cost of goods sold (60 ) 3 Other derivative instruments Selling, general and administrative expenses 4 18 Other derivative instruments Other income (loss) — net 5 — Total $ (55 ) $ 67 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Nine Months Ende d September 27, September 28, Foreign currency contracts Net operating revenues $ 2 $ 34 Foreign currency contracts Cost of goods sold 4 3 Foreign currency contracts Other income (loss) — net (46 ) (87 ) Interest rate contracts Interest expense — (1 ) Commodity contracts Cost of goods sold (58 ) 15 Other derivative instruments Selling, general and administrative expenses 32 11 Other derivative instruments Other income (loss) — net 39 — Total $ (27 ) $ (25 ) |
Debt and Borrowing Arrangements
Debt and Borrowing Arrangements | 9 Months Ended |
Sep. 27, 2019 | |
Debt and Borrowing Arrangements Disclosure [Abstract] | |
Debt Disclosure [Text Block] | DEBT AND BORROWING ARRANGEMENTS During the nine months ended September 27, 2019 , the Company issued euro- and U.S. dollar-denominated debt of €3,500 million and $2,000 million , respectively. The carrying value of this debt as of September 27, 2019 was $5,793 million . The general terms of the notes issued are as follows: • €750 million total principal amount of notes due March 8, 2021 , at a variable interest rate equal to the three month Euro Interbank Offered Rate ("EURIBOR") plus 0.20 percent ; • €1,000 million total principal amount of notes due September 22, 2022 , at a fixed interest rate of 0.125 percent ; • €1,000 million total principal amount of notes due September 22, 2026 , at a fixed interest rate of 0.75 percent ; • €750 million total principal amount of notes due March 8, 2031 , at a fixed interest rate of 1.25 percent ; • $1,000 million total principal amount of notes due September 6, 2024 , at a fixed interest rate of 1.75 percent ; and • $1,000 million total principal amount of notes due September 6, 2029 , at a fixed interest rate of 2.125 percent . During the nine months ended September 27, 2019 , the Company retired upon maturity: • €1,500 million total principal amount of notes due March 8, 2019, at a variable interest rate equal to the three month EURIBOR plus 0.25 percent ; • $1,000 million total principal amount of notes due May 30, 2019, at a fixed interest rate of 1.375 percent ; and • €2,000 million total principal amount of notes due September 9, 2019, at a variable interest rate equal to the three month EURIBOR plus 0.23 percent . |
Leases Leases
Leases Leases | 9 Months Ended |
Sep. 27, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | LEASES We have operating leases primarily for real estate, vehicles, and manufacturing and other equipment. Balance sheet information related to operating leases is as follows (in millions): September 27, Operating lease ROU assets 1 $ 1,310 Current portion of operating lease liabilities 2 $ 253 Noncurrent portion of operating lease liabilities 3 1,076 Total operating lease liabilities $ 1,329 1 Operating lease ROU assets are recorded in the line item other assets in our condensed consolidated balance sheet. 2 The current portion of operating lease liabilities is recorded in the line item accounts payable and accrued expenses in our condensed consolidated balance sheet. 3 The noncurrent portion of operating lease liabilities is recorded in the line item other liabilities in our condensed consolidated balance sheet. We had operating lease costs of $78 million and $236 million for the three and nine months ended September 27, 2019 , respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $257 million during the nine months ended September 27, 2019 . Operating lease ROU assets obtained in exchange for operating lease obligations were $214 million during the nine months ended September 27, 2019 . Information associated with the measurement of our remaining operating lease obligations as of September 27, 2019 is as follows: Weighted-average remaining lease term 7 years Weighted-average discount rate 3 % The following table summarizes the maturity of our operating lease liabilities as of September 27, 2019 (in millions): 2019 $ 72 2020 272 2021 236 2022 201 2023 163 Thereafter 521 Total operating lease payments 1,465 Less: Imputed interest 136 Total operating lease liabilities $ 1,329 Our leases have remaining lease terms of 1 year to 25 years |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 27, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Guarantees As of September 27, 2019 , we were contingently liable for guarantees of indebtedness owed by third parties of $ 595 million , of which $ 244 million was related to variable interest entities. Our guarantees are primarily related to third-party customers, bottlers, vendors and container manufacturing operations and have arisen through the normal course of business. These guarantees have various terms, and none of these guarantees is individually significant. These amounts represent the maximum potential future payments that we could be required to make under the guarantees; however, we do not consider it probable that we will be required to satisfy these guarantees. We believe our exposure to concentrations of credit risk is limited due to the diverse geographic areas covered by our operations. Legal Contingencies The Company is involved in various legal proceedings. We establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Management has also identified certain other legal matters where we believe an unfavorable outcome is reasonably possible and/or for which no estimate of possible losses can be made. Management believes that the total liabilities of the Company that may arise as a result of currently pending legal proceedings will not have a material adverse effect on the Company taken as a whole. Tax Audits The Company is involved in various tax matters, some of which the outcome is uncertain. We establish reserves to remove some or all of the tax benefit of any of our tax positions at the time we determine that it becomes uncertain based upon one of the following conditions: (1) the tax position is not "more likely than not" to be sustained; (2) the tax position is "more likely than not" to be sustained but for a lesser amount; or (3) the tax position is "more likely than not" to be sustained but not in the financial period in which the tax position was originally taken. For purposes of evaluating whether or not a tax position is uncertain, (1) we presume the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information; (2) the technical merits of a tax position are derived from authorities such as legislation and statutes, legislative intent, regulations, rulings and case law and their applicability to the facts and circumstances of the tax position; and (3) each tax position is evaluated without consideration of the possibility of offset or aggregation with other tax positions taken. A number of years may elapse before a particular uncertain tax position is audited and finally resolved. The number of years subject to tax audits or tax assessments varies depending on the tax jurisdiction. The tax benefit that has been previously reserved because of a failure to meet the "more likely than not" recognition threshold would be recognized in our income tax expense in the first interim period when the uncertainty disappears under any one of the following conditions: (1) the tax position is "more likely than not" to be sustained; (2) the tax position, amount, and/or timing is ultimately settled through negotiation or litigation; or (3) the statute of limitations for the tax position has expired. Refer to Note 15 . On September 17, 2015, the Company received a Statutory Notice of Deficiency (the "Notice") from the Internal Revenue Service ("IRS") for the tax years 2007 through 2009 after a five-year audit. In the Notice, the IRS claimed that the Company's U.S. taxable income should be increased by an amount that creates a potential additional federal income tax liability of approximately $3.3 billion for the period plus interest. No penalties were asserted in the Notice. The disputed amounts largely relate to a transfer pricing matter involving the appropriate amount of taxable income the Company should report in the United States in connection with its licensing of intangible property to certain related foreign licensees regarding the manufacturing, distribution, sale, marketing, and promotion of products in certain foreign markets. During the 2007-2009 audit period, the Company followed the same transfer pricing methodology for these licenses that had consistently been followed since the methodology was agreed with the IRS in a 1996 closing agreement (the "Closing Agreement") that applied back to 1987. The Closing Agreement provided prospective penalty protection conditioned on the Company's continued adherence to the prescribed methodology absent a change in material facts or circumstances or relevant federal tax law. Although the IRS subsequently asserted, without explanation, that material facts and circumstances and relevant federal tax law had changed, it has not asserted penalties. The Company's compliance with the Closing Agreement was audited and confirmed by the IRS in five successive audit cycles covering the subsequent 11 years through 2006, with the last audit concluding as recently as 2009. The Notice represents a repudiation of the methodology previously adopted in the Closing Agreement. The IRS designated the matter for litigation on October 15, 2015. Due to the fact that the matter remains designated, the Company is prevented from pursuing any administrative settlement at IRS Appeals or under the IRS Advance Pricing and Mutual Agreement Program. The Company firmly believes that the IRS' claims are without merit and is pursuing, and will continue to pursue, all available administrative and judicial remedies necessary to vigorously defend its position. To that end, the Company filed a petition in the U.S. Tax Court on December 14, 2015, and the IRS filed its answer on February 12, 2016. On October 4, 2017, the IRS filed an amended answer to the Company's petition in which it increased its transfer pricing adjustment by $385 million resulting in an additional tax adjustment of $135 million . On June 20, 2017, the Company filed a motion for summary judgment on the portion of the IRS' adjustments related to our licensee in Mexico. On December 14, 2017, the U.S. Tax Court issued a decision on the summary judgment motion in favor of the Company. This decision effectively reduced the IRS' potential tax adjustment by approximately $138 million . The U.S. Tax Court trial was held from March 8, 2018 through May 11, 2018. The Company and the IRS filed and exchanged final post-trial briefs in April 2019. It is not known how much time will elapse thereafter prior to the issuance of the court's opinion. In the interim, or subsequent to the court's opinion, the IRS may propose similar adjustments for years subsequent to the 2007-2009 litigation period. While the Company continues to strongly disagree with the IRS' position, there is no assurance that the court will rule in the Company's favor, and it is possible that all or some portion of the adjustment proposed by the Notice ultimately could be sustained. In that event, the Company may be subject to significant additional liabilities for the years at issue and potentially also for subsequent periods, which could have a material adverse impact on the Company's financial position, results of operations, and cash flows. The Company regularly assesses the likelihood of adverse outcomes resulting from tax disputes such as this and other examinations for all open years to determine the adequacy of its tax reserves. Any such adjustments related to years prior to 2018, either in the litigation period or later, may have an impact on the transition tax payable as part of the Tax Reform Act. Risk Management Programs The Company has numerous global insurance programs in place to help protect the Company from the risk of loss. In general, we are self-insured for large portions of many different types of claims; however, we do use commercial insurance above our self-insured retentions to reduce the Company's risk of catastrophic loss. Our reserves for the Company's self-insured losses are estimated using actuarial methods and assumptions of the insurance industry, adjusted for our specific expectations based on our claim history. Our self-insurance reserves totaled $ 308 million and $ 362 million as of September 27, 2019 and December 31, 2018 , respectively. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 27, 2019 | |
Comprehensive Income | |
Comprehensive Income | OTHER COMPREHENSIVE INCOME AOCI attributable to shareowners of The Coca-Cola Company is separately presented in our condensed consolidated balance sheet as a component of The Coca-Cola Company's shareowners' equity, which also includes our proportionate share of equity method investees' AOCI. OCI attributable to noncontrolling interests is allocated to, and included in, our condensed consolidated balance sheet as part of the line item equity attributable to noncontrolling interests. AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions): September 27, December 31, 2018 Foreign currency translation adjustments 1 $ (11,803 ) $ (11,045 ) Accumulated derivative net gains (losses) 1, 2 (125 ) (126 ) Unrealized net gains (losses) on available-for-sale debt securities 1 103 50 Adjustments to pension and other benefit liabilities 1 (1,881 ) (1,693 ) Accumulated other comprehensive income (loss) $ (13,706 ) $ (12,814 ) 1 The change in the balance from December 31, 2018 includes a portion of a $513 million reclassification to reinvested earnings from AOCI upon the adoption of ASU 2018-02. Refer to Note 1 . 2 The change in the balance from December 31, 2018 includes a $6 million reclassification to reinvested earnings from AOCI upon the adoption of ASU 2017-12. Refer to Note 1 and Note 6. The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Nine Months Ended September 27, 2019 Shareowners of The Coca-Cola Company Noncontrolling Interests Total Consolidated net income $ 6,878 $ 42 $ 6,920 Other comprehensive income: Net foreign currency translation adjustments (549 ) (130 ) (679 ) Net gains (losses) on derivatives 1 30 — 30 Net change in unrealized gains (losses) on available-for-sale debt securities 2 46 — 46 Net change in pension and other benefit liabilities 100 — 100 Total comprehensive income $ 6,505 $ (88 ) $ 6,417 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees' OCI (in millions): Three Months Ended September 27, 2019 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (256 ) $ (6 ) $ (262 ) Gains (losses) on intra-entity transactions that are of a long-term investment nature (924 ) — (924 ) Gains (losses) on net investment hedges arising during the period 1 489 (122 ) 367 Net foreign currency translation adjustments $ (691 ) $ (128 ) $ (819 ) Derivatives: Gains (losses) arising during the period $ (2 ) $ 1 $ (1 ) Reclassification adjustments recognized in net income 62 (15 ) 47 Net gains (losses) on derivatives 1 $ 60 $ (14 ) $ 46 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 29 $ (7 ) $ 22 Reclassification adjustments recognized in net income (8 ) 2 (6 ) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 21 $ (5 ) $ 16 Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ 4 $ — $ 4 Reclassification adjustments recognized in net income 37 (9 ) 28 Net change in pension and other benefit liabilities $ 41 $ (9 ) $ 32 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company $ (569 ) $ (156 ) $ (725 ) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Nine Months Ended September 27, 2019 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (141 ) $ (77 ) $ (218 ) Reclassification adjustments recognized in net income 192 — 192 Gains (losses) on intra-entity transactions that are of a long-term investment nature (888 ) — (888 ) Gains (losses) on net investment hedges arising during the period 1 486 (121 ) 365 Net foreign currency translation adjustments $ (351 ) $ (198 ) $ (549 ) Derivatives: Gains (losses) arising during the period $ (119 ) $ 24 $ (95 ) Reclassification adjustments recognized in net income 166 (41 ) 125 Net gains (losses) on derivatives 1 $ 47 $ (17 ) $ 30 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 88 $ (17 ) $ 71 Reclassification adjustments recognized in net income (32 ) 7 (25 ) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 56 $ (10 ) $ 46 Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ 11 $ 5 $ 16 Reclassification adjustments recognized in net income 111 (27 ) 84 Net change in pension and other benefit liabilities $ 122 $ (22 ) $ 100 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company $ (126 ) $ (247 ) $ (373 ) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Three Months Ended September 28, 2018 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (446 ) $ 19 $ (427 ) Reclassification adjustments recognized in net income 170 — 170 Gains (losses) on intra-entity transactions that are of a long-term investment nature (119 ) — (119 ) Gains (losses) on net investment hedges arising during the period 1 59 (15 ) 44 Net foreign currency translation adjustments $ (336 ) $ 4 $ (332 ) Derivatives: Gains (losses) arising during the period $ 19 $ (7 ) $ 12 Reclassification adjustments recognized in net income (58 ) 16 (42 ) Net gains (losses) on derivatives 1 $ (39 ) $ 9 $ (30 ) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (13 ) $ 24 $ 11 Reclassification adjustments recognized in net income (3 ) 2 (1 ) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (16 ) $ 26 $ 10 Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ 7 $ — $ 7 Reclassification adjustments recognized in net income 65 (16 ) 49 Net change in pension and other benefit liabilities $ 72 $ (16 ) $ 56 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (319 ) $ 23 $ (296 ) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Nine Months Ended September 28, 2018 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (1,431 ) $ (66 ) $ (1,497 ) Reclassification adjustments recognized in net income 268 — 268 Gains (losses) on intra-entity transactions that are of a long-term investment nature (695 ) — (695 ) Gains (losses) on net investment hedges arising during the period 1 353 (88 ) 265 Net foreign currency translation adjustments $ (1,505 ) $ (154 ) $ (1,659 ) Derivatives: Gains (losses) arising during the period $ 84 $ (21 ) $ 63 Reclassification adjustments recognized in net income (56 ) 15 (41 ) Net gains (losses) on derivatives 1 $ 28 $ (6 ) $ 22 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (139 ) $ 45 $ (94 ) Reclassification adjustments recognized in net income 2 1 3 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (137 ) $ 46 $ (91 ) Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ 278 $ (62 ) $ 216 Reclassification adjustments recognized in net income 209 (53 ) 156 Net change in pension and other benefit liabilities $ 487 $ (115 ) $ 372 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,127 ) $ (229 ) $ (1,356 ) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. The following table presents the amounts and line items in our condensed consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions): Amount Reclassified from AOCI into Income Description of AOCI Component Financial Statement Line Item Three Months Ended September 27, 2019 Nine Months Ended September 27, 2019 Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ — $ 192 Income before income taxes — 192 Income taxes — — Consolidated net income $ — $ 192 Derivatives: Foreign currency contracts Net operating revenues $ 5 $ (2 ) Foreign currency contracts Cost of goods sold (2 ) (9 ) Foreign currency contracts Other income (loss) — net 46 139 Divestitures, deconsolidations and other Other income (loss) — net — 1 Foreign currency and interest rate contracts Interest expense 13 37 Income before income taxes 62 166 Income taxes (15 ) (41 ) Consolidated net income $ 47 $ 125 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ (8 ) $ (32 ) Income before income taxes (8 ) (32 ) Income taxes 2 7 Consolidated net income $ (6 ) $ (25 ) Pension and other benefit liabilities: Recognized net actuarial loss Other income (loss) — net $ 39 $ 116 Recognized prior service cost (credit) Other income (loss) — net (2 ) (5 ) Income before income taxes 37 111 Income taxes (9 ) (27 ) Consolidated net income $ 28 $ 84 1 Primarily related to our previously held equity ownership interest in CHI and the sale of a portion of our equity ownership interest in Andina. Refer to Note 2 |
Changes in Equity
Changes in Equity | 9 Months Ended |
Sep. 28, 2018 | |
Changes in Equity [Abstract] | |
Changes in Equity | CHANGES IN EQUITY The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to shareowners of The Coca-Cola Company and equity attributable to noncontrolling interests (in millions): Shareowners of The Coca-Cola Company Three Months Ended September 27, 2019 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non- controlling Interests June 28, 2019 4,275 $ 20,295 $ 64,602 $ (12,981 ) $ 1,760 $ 16,833 $ (52,033 ) $ 2,114 Comprehensive income (loss) — 1,723 2,593 (725 ) — — — (145 ) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.40 per share) — (1,714 ) (1,714 ) — — — — — Dividends paid to noncontrolling interests — (7 ) — — — — — (7 ) Business combinations including purchase accounting adjustments — 8 — — — — — 8 Impact related to stock-based compensation plans 9 378 — — — 206 172 — September 27, 2019 4,284 $ 20,683 $ 65,481 $ (13,706 ) $ 1,760 $ 17,039 $ (51,861 ) $ 1,970 Shareowners of The Coca-Cola Company Nine Months Ended September 27, 2019 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non- controlling Interests December 31, 2018 4,268 $ 19,058 $ 63,234 $ (12,814 ) $ 1,760 $ 16,520 $ (51,719 ) $ 2,077 Adoption of accounting standards 1 — (18 ) 501 (519 ) — — — — Comprehensive income (loss) — 6,417 6,878 (373 ) — — — (88 ) Dividends paid/payable to shareowners of The Coca-Cola Company ($1.20 per share) — (5,132 ) (5,132 ) — — — — — Dividends paid to noncontrolling interests — (27 ) — — — — — (27 ) Business combinations including purchase accounting adjustments — 8 — — — — — 8 Purchases of treasury stock (14 ) (635 ) — — — — (635 ) — Impact related to stock-based compensation plans 30 1,012 — — — 519 493 — September 27, 2019 4,284 $ 20,683 $ 65,481 $ (13,706 ) $ 1,760 $ 17,039 $ (51,861 ) $ 1,970 1 Refer to Note 1 and Note 6 . Shareowners of The Coca-Cola Company Three Months Ended September 28, 2018 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non-controlling June 29, 2018 4,253 $ 20,176 $ 63,808 $ (11,774 ) $ 1,760 $ 16,117 $ (51,588 ) $ 1,853 Comprehensive income (loss) — 1,644 1,880 (296 ) — — — 60 Dividends paid/payable to — (1,660 ) (1,660 ) — — — — — Dividends paid to noncontrolling interests — (6 ) — — — — — (6 ) Purchases of treasury stock (6 ) (241 ) — — — — (241 ) — Impact related to stock-based compensation plans 9 258 — — — 149 109 — Other activities — 7 — — — — — 7 September 28, 2018 4,256 $ 20,178 $ 64,028 $ (12,070 ) $ 1,760 $ 16,266 $ (51,720 ) $ 1,914 Shareowners of The Coca-Cola Company Nine Months Ended September 28, 2018 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non-controlling December 31, 2017 4,259 $ 18,977 $ 60,430 $ (10,305 ) $ 1,760 $ 15,864 $ (50,677 ) $ 1,905 Adoption of accounting standards 1 — 2,605 3,014 (409 ) — — — — Comprehensive income (loss) — 4,217 5,564 (1,356 ) — — — 9 Dividends paid/payable to shareowners of The Coca-Cola Company ($1.17 per share) — (4,980 ) (4,980 ) — — — — — Dividends paid to noncontrolling interests — (19 ) — — — — — (19 ) Business combinations — 13 — — — — — 13 Purchases of treasury stock (33 ) (1,451 ) — — — — (1,451 ) — Impact related to stock-based compensation plans 30 810 — — — 402 408 — Other activities — 6 — — — — — 6 September 28, 2018 4,256 $ 20,178 $ 64,028 $ (12,070 ) $ 1,760 $ 16,266 $ (51,720 ) $ 1,914 1 Refer to Note 1 , Note 3 and Note 4 . |
Significant Operating and Nonop
Significant Operating and Nonoperating Items | 9 Months Ended |
Sep. 27, 2019 | |
Significant Operating and Nonoperating Items | |
Significant Operating and Nonoperating Items | SIGNIFICANT OPERATING AND NONOPERATING ITEMS Other Operating Charges During the three months ended September 27, 2019 , the Company recorded other operating charges of $125 million . These charges primarily consisted of $61 million related to the Company's productivity and reinvestment program and $42 million related to the impairment of a trademark in Asia Pacific. In addition, other operating charges included $21 million for costs incurred to refranchise certain of our North America bottling operations. Costs related to refranchising include, among other items, internal and external costs for individuals directly working on the refranchising efforts, severance, and costs associated with the implementation of information technology systems to facilitate consistent data standards and availability throughout our North America bottling system. Refer to Note 13 for additional information on the Company's productivity and reinvestment program. Refer to Note 16 for information on how the Company determined the trademark impairment charge. Refer to Note 17 for the impact these charges had on our operating segments and Corporate. During the nine months ended September 27, 2019 , the Company recorded other operating charges of $344 million . These charges primarily consisted of $184 million related to the Company's productivity and reinvestment program and $42 million related to the impairment of a trademark in Asia Pacific. In addition, other operating charges included $46 million of transaction costs associated with the purchase of Costa, which we acquired in January 2019, and $61 million for costs incurred to refranchise certain of our North America bottling operations. Refer to Note 2 for additional information on the acquisition of Costa. Refer to Note 13 for additional information on the Company's productivity and reinvestment program. Refer to Note 16 for information on how the Company determined the trademark impairment charge. Refer to Note 17 for the impact these charges had on our operating segments and Corporate. During the three months ended September 28, 2018 , the Company recorded other operating charges of $155 million . These charges primarily consisted of $107 million related to the Company's productivity and reinvestment program. In addition, other operating charges included $38 million related to costs incurred to refranchise certain of our North America bottling operations. Other operating charges also included $4 million related to tax litigation expense. Refer to Note 2 for additional information on the refranchising of our bottling operations. Refer to Note 9 for additional information related to the tax litigation. Refer to Note 13 for additional information on the Company's productivity and reinvestment program. Refer to Note 17 for the impact these charges had on our operating segments and Corporate. During the nine months ended September 28, 2018 , the Company recorded other operating charges of $916 million . These charges primarily consisted of $450 million of CCR asset impairments and $313 million related to the Company's productivity and reinvestment program. In addition, other operating charges included $117 million related to costs incurred to refranchise certain of our North America bottling operations. Other operating charges also included $31 million related to tax litigation expense. Refer to Note 2 for additional information on the refranchising of our bottling operations. Refer to Note 9 for additional information related to the tax litigation. Refer to Note 13 for additional information on the Company's productivity and reinvestment program. Refer to Note 16 for information on how the Company determined the asset impairment charges. Refer to Note 17 for the impact these charges had on our operating segments and Corporate. Other Nonoperating Items Equity Income (Loss) — Net During the three and nine months ended September 27, 2019 , the Company recorded net charges of $39 million and $107 million , respectively. During the three and nine months ended September 28, 2018 , the Company recorded a net gain of $19 million and a net charge of $65 million , respectively. These amounts represent the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. Refer to Note 17 for the impact these items had on our operating segments and Corporate. Other Income (Loss) — Net During the three months ended September 27, 2019 , the Company recognized a gain of $739 million on the sale of a retail and office building in New York City. The Company also recognized a net gain of $38 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. In addition, the Company recorded an other-than-temporary impairment charge of $120 million related to Coca-Cola Bottlers Japan Holdings Inc. ("CCBJHI"), an equity method investee, and other-than-temporary impairment charges of $255 million related to certain equity method investees in the Middle East. The Company also recorded net charges of $103 million primarily related to post-closing adjustments as contemplated by the related agreements associated with the refranchising of certain bottling territories in North America. Refer to Note 2 for additional information on refranchising activities. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 16 for information on how the Company determined the impairment charges. Refer to Note 17 for the impact these items had on our operating segments and Corporate. During the nine months ended September 27, 2019 , the Company recognized a gain of $739 million on the sale of a retail and office building in New York City. The Company also recognized a net gain of $197 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 gain of $39 million related to the sale of a portion of our equity ownership interest in Andina. These gains were partially offset by other-than-temporary impairment charges of $406 million related to CCBJHI, an equity method investee, $57 million related to one of our equity method investees in North America, $255 million related to certain equity method investees in the Middle East and $49 million related to one of our equity method investees in Latin America. The Company also recorded an adjustment to reduce the carrying amount of CCBA's fixed assets and definite-lived intangible assets by $160 million and recognized a $121 million loss in conjunction with our acquisition of the remaining equity ownership interest in CHI. Additionally, the Company recognized net charges of $107 million primarily related to post-closing adjustments as contemplated by the related agreements associated with the refranchising of certain bottling territories in North America and charges of $4 million primarily related to payments made to convert the bottling agreements for certain North America bottling partners' territories to a single form of CBA with additional requirements. Refer to Note 2 for additional information on the CCBA asset adjustment, refranchising activities, the North America conversion payments, the acquisition of the remaining equity ownership interest in CHI and the sale of a portion of our equity ownership interest in Andina. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 16 for information on how the Company determined the adjustment to CCBA's assets, impairment charges and the loss recognized in conjunction with our acquisition of the remaining equity ownership interest in CHI. Refer to Note 17 for the impact these items had on our operating segments and Corporate. During the three months ended September 28, 2018 , the Company recorded an impairment charge of $554 million related to assets held by CCBA, net charges of $275 million due to the refranchising of certain bottling territories in North America and an other-than-temporary impairment charge of $205 million related to our equity method investee in Indonesia. The Company also recorded charges of $35 million related to pension settlements and charges of $12 million primarily related to payments made to convert the bottling agreements for certain North America bottling partners' territories to a single form of CBA with additional requirements. These charges were partially offset by a net gain of $370 million related to the sale of our equity ownership in Lindley and a net gain of $11 million related to the refranchising of our Latin American bottling operations. The Company also recognized a net gain of $41 million related to economic hedging activity associated with certain acquisition and divestiture activities, and a net gain of $64 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. Refer to Note 2 for additional information on the CCBA asset impairment, refranchising activities, North America conversion payments and the sale of our equity ownership in Lindley. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 6 for additional information on our hedging activities. Refer to Note 16 for information on how the Company determined the impairment charges. Refer to Note 17 for the impact these items had on our operating segments and Corporate. During the nine months ended September 28, 2018, the Company recorded an impairment charge of $554 million related to assets held by CCBA, net charges of $379 million due to the refranchising of certain bottling territories in North America and other-than-temporary impairment charges of $257 million related to two of our equity method investees. The Company also recorded charges of $121 million related to pension settlements, charges of $33 million primarily related to the reversal of the cumulative translation adjustments resulting from the substantial liquidation of the Company's former Russian juice operations and charges of $33 million primarily related to payments made to convert the bottling agreements for certain North America bottling partners' territories to a single form of CBA with additional requirements. These charges were partially offset by a net gain of $370 million related to the sale of our equity ownership in Lindley and a net gain of $47 million related to the refranchising of our Latin American bottling operations. The Company also recognized a net gain of $41 million related to economic hedging activity associated with certain acquisition and divestiture activities, and a net gain of $15 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. Refer to Note 2 for additional information on the CCBA asset impairment, refranchising activities, North America conversion payments and the sale of our equity ownership in Lindley. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 6 for additional information on our hedging activities. Refer to Note 16 for information on how the Company determined the impairment charges. Refer to Note 17 for the impact these items had on our operating segments and Corporate. |
Productivity, Integration and R
Productivity, Integration and Restructuring Initiatives | 9 Months Ended |
Sep. 27, 2019 | |
Productivity integration and restructuring initiatives | |
Productivity, Integration and Restructuring Initiatives[Text Block] | PRODUCTIVITY AND REINVESTMENT PROGRAM In February 2012, the Company announced a productivity and reinvestment program designed to further enable our efforts to strengthen our brands and reinvest our resources to drive long-term profitable growth. This program is focused on the following initiatives: global supply chain optimization; global marketing and innovation effectiveness; operating expense leverage and operational excellence; data and information technology systems standardization; and the integration of Coca‑Cola Enterprises Inc.'s former North America business. In February 2014, the Company announced the expansion of our productivity and reinvestment program to drive incremental productivity that will primarily be redirected into increased media investments. Our incremental productivity goal consists of two relatively equal components. First, we will expand savings through global supply chain optimization, data and information technology systems standardization, and resource and cost reallocation. Second, we will increase the effectiveness of our marketing investments by transforming our marketing and commercial model to redeploy resources into more consumer-facing marketing investments to accelerate growth. In October 2014, the Company announced that we were further expanding our productivity and reinvestment program and extending it through 2019. The expansion of the productivity initiatives focuses on four key areas: restructuring the Company's global supply chain; implementing zero-based work, an evolution of zero-based budget principles, across the organization; streamlining and simplifying the Company's operating model; and further driving increased discipline and efficiency in direct marketing investments. In April 2017, the Company announced another expansion of our productivity and reinvestment program. This expansion is focused on achieving additional efficiencies in both our supply chain and our marketing expenditures as well as transitioning to a new, more agile operating model to enable growth. Under this operating model, our business units will be supported by an expanded enabling services organization and a corporate center focused on a few strategic initiatives, policy and governance. The expanded enabling services organization will focus on both simplifying and standardizing key transactional processes and providing support to business units through global centers of excellence. Certain productivity initiatives included in this program, primarily related to our enabling services organization, will continue beyond 2019. The Company has incurred total pretax expenses of $3,750 million related to our productivity and reinvestment program since it commenced. These expenses were recorded in the line items other operating charges and other income (loss) — net in our condensed consolidated statements of income. Refer to Note 17 for the impact these charges had on our operating segments and Corporate. Outside services reported in the tables below primarily relate to expenses in connection with legal, outplacement and consulting activities. Other direct costs reported in the tables below include, among other items, internal and external costs associated with the development, communication, administration and implementation of these initiatives; accelerated depreciation on certain fixed assets; contract termination fees; and relocation costs. The following table summarizes the balance of accrued expenses related to these productivity and reinvestment initiatives and the changes in the accrued amounts as of and for the three months ended September 27, 2019 (in millions): Accrued Balance Costs Incurred Three Months Ended September 27, 2019 Payments Noncash Accrued Balance September 27, 2019 Severance pay and benefits $ 49 $ 6 $ (10 ) $ — $ 45 Outside services 8 23 (26 ) — 5 Other direct costs 8 32 (26 ) (6 ) 8 Total $ 65 $ 61 $ (62 ) $ (6 ) $ 58 The following table summarizes the balance of accrued expenses related to these productivity and reinvestment initiatives and the changes in the accrued amounts as of and for the nine months ended September 27, 2019 (in millions): Accrued Balance December 31, 2018 Costs Incurred Nine Months Ended September 27, 2019 Payments Noncash Accrued Balance September 27, 2019 Severance pay and benefits $ 76 $ 18 $ (50 ) $ 1 $ 45 Outside services 10 73 (78 ) — 5 Other direct costs 4 93 (66 ) (23 ) 8 Total $ 90 $ 184 $ (194 ) $ (22 ) $ 58 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 9 Months Ended |
Sep. 27, 2019 | |
Pension and Other Postretirement Benefit Plans | |
Pension and Other Postretirement Benefit Plans | PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Net periodic benefit cost (income) for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Benefits Other Benefits Three Months Ended September 27, September 28, September 27, September 28, Service cost $ 26 $ 30 $ 2 $ 3 Interest cost 73 75 7 6 Expected return on plan assets 1 (138 ) (160 ) (3 ) (3 ) Amortization of prior service credit (1 ) (1 ) (1 ) (4 ) Amortization of net actuarial loss 38 29 1 1 Net periodic benefit cost (income) (2 ) (27 ) 6 3 Curtailment charges 2 — 5 — — Settlement charges 2 — 35 — — Special termination benefits 2 — 8 — — Total cost (income) recognized in condensed consolidated statements of income $ (2 ) $ 21 $ 6 $ 3 1 The weighted-average expected long-term rates of return on plan assets used in computing 2019 net periodic benefit cost (income) are 7.7 percent for pension benefit plans and 4.6 percent for other benefit plans. 2 The curtailment charges, settlement charges and special termination benefits in 2018 were related to North America refranchising and the Company's productivity and reinvestment program. Pension Benefits Other Benefits Nine Months Ende d September 27, September 28, September 27, September 28, Service cost $ 78 $ 93 $ 7 $ 8 Interest cost 218 221 20 18 Expected return on plan assets 1 (414 ) (490 ) (10 ) (10 ) Amortization of prior service cost (credit) (3 ) 3 (2 ) (11 ) Amortization of net actuarial loss 114 92 2 3 Net periodic benefit cost (income) (7 ) (81 ) 17 8 Curtailment charges 2 — 5 — — Settlement charges 2 — 121 — — Special termination benefits 2 — 8 — — Total cost (income) recognized in condensed consolidated statements of income $ (7 ) $ 53 $ 17 $ 8 1 The weighted-average expected long-term rates of return on plan assets used in computing 2019 net periodic benefit cost (income) are 7.7 percent for pension benefit plans and 4.6 percent for other benefit plans. 2 The curtailment charges, settlement charges and special termination benefits in 2018 were related to North America refranchising and the Company's productivity and reinvestment program. All of the amounts in the tables above, other than service cost, were recorded in the line item other income (loss) — net in our condensed consolidated statements of income. During the nine months ended September 27, 2019 , the Company contributed $29 million to our pension trusts. We do not anticipate making additional contributions for the remainder of 2019. The Company contributed $98 million to our pension trusts during the nine months ended September 28, 2018 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 27, 2019 | |
Income taxes | |
Income Taxes | INCOME TAXES The Company recorded income taxes of $503 million ( 16.3 percent effective tax rate) and $555 million ( 23.4 percent effective tax rate) during the three months ended September 27, 2019 and September 28, 2018 , respectively. The Company recorded income taxes of $1,446 million ( 17.3 percent effective tax rate) and $1,711 million ( 23.6 percent effective tax rate) during the nine months ended September 27, 2019 and September 28, 2018 , respectively. The Company's effective tax rates for the three and nine months ended September 27, 2019 and September 28, 2018 vary from the statutory U.S. federal income tax rate of 21.0 percent primarily due to the tax impact of significant operating and nonoperating items, along with the tax benefits of having significant operations outside 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. rate. The Company's effective tax rates for the three and nine months ended September 27, 2019 included $213 million and $245 million , respectively, of net tax benefit recorded, primarily associated with return to provision adjustments. Also included are excess tax benefits associated with the Company's stock-based compensation arrangements and net tax charges for changes to our uncertain tax positions, including interest and penalties, as well as for agreed-upon tax matters. The Company's effective tax rate for the nine months ended September 27, 2019 also included $199 million of tax benefit recorded as a result of CCBA no longer qualifying as a discontinued operation. The Company's effective tax rates for the three and nine months ended September 28, 2018 included $125 million of tax benefit and $9 million of tax expense, respectively, to adjust our provisional tax estimate recorded as of December 31, 2017 related to the Tax Reform Act signed into law on December 22, 2017. On September 17, 2015, the Company received a Statutory Notice of Deficiency from the IRS for the tax years 2007 through 2009, after a five-year audit. Refer to Note 9 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 27, 2019 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS U.S. GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1. We value assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Recurring Fair Value Measurements In accordance with U.S. GAAP, certain assets and liabilities are required to be recorded at fair value on a recurring basis. For our Company, the only assets and liabilities that are adjusted to fair value on a recurring basis are investments in equity securities with readily determinable fair values, debt securities classified as trading or available-for-sale and derivative financial instruments. Additionally, the Company adjusts the carrying value of certain long-term debt as a result of the Company's fair value hedging strategy. Investments in Debt and Equity Securities The fair values of our investments in debt and equity securities using quoted market prices from daily exchange traded markets are based on the closing price as of the balance sheet date and are classified as Level 1. The fair values of our investments in debt and equity securities classified as Level 2 are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. Inputs into these valuation techniques include actual trade data, benchmark yields, broker/dealer quotes and other similar data. These inputs are obtained from quoted market prices, independent pricing vendors or other sources. Derivative Financial Instruments The fair values of our futures contracts are primarily determined using quoted contract prices on futures exchange markets. The fair values of these instruments are based on the closing contract price as of the balance sheet date and are classified as Level 1. The fair values of our derivative instruments other than futures are determined using standard valuation models. The significant inputs used in these models are readily available in public markets, or can be derived from observable market transactions, and therefore have been classified as Level 2. Inputs used in these standard valuation models for derivative instruments other than futures include the applicable exchange rates, forward rates, interest rates, discount rates and commodity prices. The standard valuation model for options also uses implied volatility as an additional input. The discount rates are based on the historical U.S. Deposit or U.S. Treasury rates, and the implied volatility specific to options is based on quoted rates from financial institutions. Included in the fair values of derivative instruments is an adjustment for nonperformance risk. The adjustment is based on current credit default swap ("CDS") rates applied to each contract, by counterparty. We use our counterparty's CDS rate when we are in an asset position and our own CDS rate when we are in a liability position. The adjustment for nonperformance risk did not have a significant impact on the fair values of our derivative instruments. The following tables summarize those assets and liabilities measured at fair value on a recurring basis (in millions): September 27, 2019 Level 1 Level 2 Level 3 Other 3 Netting Adjustment 4 Fair Value Measurements Assets: Equity securities with readily determinable values 1 $ 1,815 $ 210 $ 11 $ 59 $ — $ 2,095 Debt securities 1 — 3,620 19 — — 3,639 Derivatives 2 6 937 — — (537 ) 5 406 7 Total assets $ 1,821 $ 4,767 $ 30 $ 59 $ (537 ) $ 6,140 Liabilities: Derivatives 2 $ (38 ) $ (137 ) $ — $ — $ 147 6 $ (28 ) 7 Total liabilities $ (38 ) $ (137 ) $ — $ — $ 147 $ (28 ) 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4 . 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6 . 5 The Company is obligated to return $430 million in cash collateral it has netted against its derivative position. 6 The Company has the right to reclaim $4 million in cash collateral it has netted against its derivative position. 7 The Company's derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $ 406 million in the line item other assets and $ 28 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio. December 31, 2018 Level 1 Level 2 Level 3 Other 3 Netting Adjustment 4 Fair Value Measurements Assets: Equity securities with readily determinable values 1 $ 1,681 $ 186 $ 6 $ 61 $ — $ 1,934 Debt securities 1 — 5,018 19 — — 5,037 Derivatives 2 2 313 — — (261 ) 5 54 7 Total assets $ 1,683 $ 5,517 $ 25 $ 61 $ (261 ) $ 7,025 Liabilities: Derivatives 2 $ (14 ) $ (221 ) $ — $ — $ 182 6 $ (53 ) 7 Total liabilities $ (14 ) $ (221 ) $ — $ — $ 182 $ (53 ) 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4 . 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6 . 5 The Company is obligated to return $96 million in cash collateral it has netted against its derivative position. 6 The Company has the right to reclaim $4 million in cash collateral it has netted against its derivative position. 7 The Company's derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $54 million in the line item other assets; $3 million in the line item accounts payable and accrued expenses and $50 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio. Gross realized and unrealized gains and losses on Level 3 assets and liabilities were not significant for the three and nine months ended September 27, 2019 and September 28, 2018 . The Company recognizes transfers between levels within the hierarchy as of the beginning of the reporting period. Gross transfers between levels within the hierarchy were not significant for the three and nine months ended September 27, 2019 and September 28, 2018 . Nonrecurring Fair Value Measurements In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company records assets and liabilities at fair value on a nonrecurring basis as required by U.S. GAAP. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges, or as a result of observable changes in equity securities using the measurement alternative. Refer to Note 4 . The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the table below (in millions): Gains (Losses) Three Months Ended Nine Months Ende d September 27, September 28, September 27, September 28, Other-than-temporary impairment charges $ (375 ) 1 $ (205 ) 1 $ (767 ) 1 $ (257 ) 1 CCBA asset adjustments — (554 ) 3 (160 ) 3 (554 ) 3 Investment in former equity method investee — — (121 ) 4 — Other long-lived asset impairment charges — — — (312 ) 5 Intangible asset impairment charges (42 ) 2 — (42 ) 2 (138 ) 5 Total $ (417 ) $ (759 ) $ (1,090 ) $ (1,261 ) 1 During the three and nine months ended September 27, 2019 , the Company recorded other-than-temporary impairment charges of $120 million and $406 million , respectively, related to CCBJHI, an equity method investee. Based on the extent to which the market value of our investment in CCBJHI has been less than our carrying value and the financial condition and near-term prospects of the issuer, management determined that the decline in fair value was other than temporary in nature. These impairment charges were determined using the quoted market prices (a Level 1 measurement) of CCBJHI. During the three and nine months ended September 27, 2019 , we also recorded other-than-temporary impairment charges of $255 million related to certain equity method investees in the Middle East. These impairment charges were derived using Level 3 inputs and were primarily driven by revised projections of future operating results largely related to instability in the region and recent changes in local excise taxes. During the nine months ended September 27, 2019 , we recorded an other-than-temporary impairment charge of $57 million related to one of our equity method investees in North America. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. During the nine months ended September 27, 2019 , we also recorded an other-than-temporary impairment charge of $49 million related to one of our equity method investees in Latin America. This impairment charge was primarily driven by revised projections of future operating results based on Level 3 inputs. During the three and nine months ended September 28, 2018 , we recognized an other-than-temporary impairment charge of $205 million related to our equity method investee in Indonesia. This impairment was primarily driven by revised projections of future operating results reflecting unfavorable macroeconomic conditions and foreign currency exchange rate fluctuations. This impairment charge was derived using discounted cash flow analyses based on Level 3 inputs. During the nine months ended September 28, 2018 , we recognized an other-than-temporary impairment charge of $52 million related to one of our equity method investees in Latin America. This impairment was primarily driven by revised projections of future operating results. This impairment charge was derived using discounted cash flow analyses based on Level 3 inputs. 2 During the three and nine months ended September 27, 2019 , the Company recorded an impairment charge of $42 million related to a trademark in Asia Pacific, which was primarily driven by revised projections of future operating results for the trademark. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. 3 During the three and nine months ended September 28, 2018 , the Company recorded an impairment charge of $554 million related to assets held by CCBA. This charge was incurred primarily as a result of management's view of the proceeds that were expected to be received upon the sale of CCBA based on revised projections of future operating results and foreign currency exchange rate fluctuations. The fair value of these assets was derived using discounted cash flow analyses based on Level 3 inputs. As a result of CCBA no longer being classified as held for sale, during the nine months ended September 27, 2019 , the Company was required to measure CCBA's property, plant and equipment and definite-lived intangible assets at the lower of their current fair values or their carrying amounts before they were classified as held for sale, adjusted for depreciation and amortization expense that would have been recognized had the business been classified as held and used during the period that CCBA was classified as held for sale. As a result, we reduced the carrying value of CCBA's property, plant and equipment and definite-lived intangible assets by $34 million and $126 million , respectively, based on Level 3 inputs. Refer to Note 2 . 4 During the nine months ended September 27, 2019 , the Company recognized a loss of $121 million in conjunction with our acquisition of the remaining equity ownership interest in CHI, primarily driven by foreign currency exchange rate fluctuations. The fair value of this investment was derived using discounted cash flow analyses based on Level 3 inputs. Refer to Note 2 . 5 The Company recorded charges of $312 million and $138 million related to CCR's property, plant and equipment and intangible assets, respectively, during the nine months ended September 28, 2018 . These charges were a result of management's revised estimate of the proceeds that were expected to be received for the remaining bottling territories upon their refranchising. These charges were determined by comparing the fair value of the reporting unit, based on Level 3 inputs, to its carrying value. Other Fair Value Disclosures The carrying amounts of cash and cash equivalents; short-term investments; trade accounts receivable; accounts payable and accrued expenses; and loans and notes payable approximate their fair values because of the short-term maturities of these financial instruments. As of September 27, 2019 , the carrying amount and fair value of our long-term debt, including the current portion, were $ 31,504 million and $ 32,436 million , respectively. As of December 31, 2018 , the carrying amount and fair value of our long-term debt, including the current portion, were $30,379 million and $30,456 million , respectively. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 27, 2019 | |
Operating Segments [Abstract] | |
Operating Segments | OPERATING SEGMENTS Effective January 1, 2019, we established a new operating segment, Global Ventures, which includes the results of Costa, which we acquired in January 2019, and the results of our innocent and doğadan businesses as well as fees earned pursuant to distribution coordination agreements between the Company and Monster. Additionally, in the second quarter of 2019, the Company updated its plans for CCBA and now intends to maintain its majority stake in CCBA for the foreseeable future. As a result, the Company now presents the financial results of CCBA within its results from continuing operations and includes the results of CCBA in the Bottling Investments operating segment. Accordingly, all prior period operating segment and Corporate information presented herein has been adjusted to reflect these changes. Information about our Company's operations by operating segment and Corporate is as follows (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Three Months Ended September 27, 2019 Net operating revenues: Third party $ 1,672 $ 1,045 $ 3,137 $ 1,319 $ 629 $ 1,681 $ 24 $ — $ 9,507 Intersegment 156 — 1 143 — 3 — (303 ) — Total net operating revenues 1,828 1,045 3,138 1,462 629 1,684 24 (303 ) 9,507 Operating income (loss) 886 603 641 594 77 7 (309 ) — 2,499 Income (loss) before income taxes 651 605 658 603 80 55 440 — 3,092 Identifiable operating assets 8,363 1,895 17,895 2,118 6,935 10,456 20,204 — 67,866 Noncurrent investments 483 719 365 223 14 13,892 3,871 — 19,567 As of and for the Three Months Ended September 28, 2018 Net operating revenues: Third party $ 1,702 $ 1,001 $ 2,972 $ 1,348 $ 183 $ 1,552 $ 17 $ — $ 8,775 Intersegment 124 1 119 72 — 13 — (329 ) — Total net operating revenues 1,826 1,002 3,091 1,420 183 1,565 17 (329 ) 8,775 Operating income (loss) 933 640 663 614 44 24 (304 ) — 2,614 Income (loss) before income taxes 943 636 662 628 47 (152 ) (391 ) — 2,373 Identifiable operating assets 7,884 1,685 17,693 2,254 969 8,647 25,790 — 64,922 Noncurrent investments 1,158 760 404 220 — 15,703 3,710 — 21,955 As of December 31, 2018 Identifiable operating assets $ 7,414 $ 1,715 $ 17,519 $ 1,996 $ 968 $ 10,525 $ 22,800 $ — $ 62,937 Noncurrent investments 789 784 400 216 — 14,372 3,718 — 20,279 During the three months ended September 27, 2019 , the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $ 12 million for North America, $1 million for Europe, Middle East and Africa and $ 48 million for Corporate due to the Company's productivity and reinvestment program. Refer to Note 13 . • Operating income (loss) and income (loss) before income taxes were reduced by $42 million for Asia Pacific due to an impairment charge related to a trademark. Refer to Note 16 . • Operating income (loss) and income (loss) before income taxes were reduced by $21 million for Bottling Investments due to costs incurred to refranchise certain of our North America bottling operations. • Income (loss) before income taxes was reduced by $255 million for Europe, Middle East and Africa due to other-than-temporary impairment charges related to certain of our equity method investees in the Middle East. Refer to Note 16 . • Income (loss) before income taxes was reduced by $120 million for Bottling Investments due to an other-than-temporary impairment charge related to CCBJHI, an equity method investee. Refer to Note 16 . • Income (loss) before income taxes was reduced by $103 million for Bottling Investments due to the refranchising of certain bottling territories in North America. Refer to Note 12 . • Income (loss) before income taxes was reduced by $39 million for Bottling Investments due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. • Income (loss) before income taxes was increased by $739 million for Corporate as a result of the sale of a retail and office building in New York City. During the three months ended September 28, 2018 , the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $39 million for North America, $10 million for Bottling Investments, and $65 million for Corporate due to the Company's productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $4 million for Europe, Middle East and Africa, $1 million for Latin America, and $2 million for Asia Pacific due to the refinement of previously established accruals related to the Company's productivity and reinvestment program. In addition, income (loss) before income taxes was reduced by $35 million for Corporate due to pension settlements related to the Company's productivity and reinvestment program. Refer to Note 13 and Note 14 . • Operating income (loss) and income (loss) before income taxes were reduced by $38 million for Bottling Investments due to costs incurred to refranchise certain of our bottling operations. Refer to Note 2 . • Operating income (loss) and income (loss) before income taxes were reduced by $4 million for Corporate due to tax litigation expense. • Income (loss) before income taxes was reduced by $554 million for Corporate as a result of an impairment charge related to assets held by CCBA. Refer to Note 16 . • Income (loss) before income taxes was reduced by $275 million for Bottling Investments due to the refranchising of certain bottling territories in North America. Refer to Note 2 . • Income (loss) before income taxes was reduced by $205 million for Bottling Investments due to an other-than-temporary impairment charge related to our equity method investee in Indonesia. Refer to Note 16 . • Income (loss) before income taxes was reduced by $12 million for North America primarily related to payments made to convert the bottling agreements for certain North America bottling partners' territories to a single form of CBA with additional requirements. Refer to Note 2 . • Income (loss) before income taxes was increased by $370 million for Corporate related to the sale of our equity ownership in Lindley. Refer to Note 2 . • Income (loss) before income taxes was increased by $27 million for Corporate related to a net gain on the extinguishment of long-term debt. • Income (loss) before income taxes was increased by $21 million for Bottling Investments and reduced by $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. • Income (loss) before income taxes was increased by $11 million for Corporate related to the refranchising of our Latin American bottling operations. Refer to Note 2 . Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated Nine Months Ended September 27, 2019 Net operating revenues: Third party $ 5,110 $ 2,944 $ 8,976 $ 3,729 $ 1,847 $ 5,513 $ 79 $ — $ 28,198 Intersegment 420 — 7 460 2 7 — (896 ) — Total net operating revenues 5,530 2,944 8,983 4,189 1,849 5,520 79 (896 ) 28,198 Operating income (loss) 2,902 1,687 1,938 1,867 216 226 (914 ) — 7,922 Income (loss) before income taxes 2,701 1,636 1,924 1,891 223 348 (357 ) — 8,366 Nine Months Ended September 28, 2018 Net operating revenues: Third party $ 5,123 $ 2,990 $ 8,580 $ 3,853 $ 586 $ 5,277 $ 85 $ — $ 26,494 Intersegment 397 39 243 296 2 17 — (994 ) — Total net operating revenues 5,520 3,029 8,823 4,149 588 5,294 85 (994 ) 26,494 Operating income (loss) 2,940 1,804 1,814 1,879 110 (318 ) (902 ) — 7,327 Income (loss) before income taxes 2,984 1,742 1,822 1,909 119 (274 ) (1,042 ) — 7,260 During the nine months ended September 27, 2019 , the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $2 million for Europe, Middle East and Africa, $42 million for North America, $3 million for Bottling Investments and $137 million for Corporate due to the Company's productivity and reinvestment program. Refer to Note 13 . • Operating income (loss) and income (loss) before income taxes were reduced by $61 million for Bottling Investments due to costs incurred to refranchise certain of our North America bottling operations. Refer to Note 2 . • Operating income (loss) and income (loss) before income taxes were reduced by $46 million for Corporate related to transaction costs associated with the purchase of Costa, which we acquired in January 2019. Refer to Note 2 . • Operating income (loss) and income (loss) before income taxes were reduced by $42 million for Asia Pacific due to an impairment charge related to a trademark. Refer to Note 16 . • Income (loss) before income taxes was reduced by $406 million for Bottling Investments due to other-than-temporary impairment charges related to CCBJHI, an equity method investee. Refer to Note 16 . • Income (loss) before income taxes was reduced by $255 million for Europe, Middle East and Africa due to other-than-temporary impairment charges related to certain of our equity method investees in the Middle East. Refer to Note 16 . • Income (loss) before income taxes was reduced by $160 million for Corporate as a result of CCBA asset adjustments. Refer to Note 2 . • Income (loss) before income taxes was reduced by $121 million for Corporate resulting from a loss in conjunction with our acquisition of the remaining equity ownership interest in CHI. Refer to Note 2 . • Income (loss) before income taxes was reduced by $105 million for Bottling Investments 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. • Income (loss) before income taxes was reduced by $107 million for Bottling Investments due to the refranchising of certain bottling territories in North America. Refer to Note 2 . • Income (loss) before income taxes was reduced by $57 million for North America due to an other-than-temporary impairment charge related to one of our equity method investees. Refer to Note 16 . • Income (loss) before income taxes was reduced by $49 million for Latin America due to an other-than-temporary impairment charge related to one of our equity method investees. Refer to Note 16 . • Income (loss) before income taxes was increased by $739 million for Corporate as a result of the sale of a retail and office building in New York City. • Income (loss) before income taxes was increased by $39 million for Corporate related to the sale of a portion of our equity ownership interest in Andina. Refer to Note 2 . During the nine months ended September 28, 2018 , the results of our operating segments and Corporate were impacted by the following items: • Operating income (loss) and income (loss) before income taxes were reduced by $2 million for Latin America, $138 million for North America, $32 million for Bottling Investments and $144 million for Corporate due to the Company's productivity and reinvestment program. Operating income (loss) and income (loss) before income taxes were increased by $2 million for Europe, Middle East and Africa and $1 million for Asia Pacific due to the refinement of previously established accruals related to the Company's productivity and reinvestment program. In addition, income (loss) before income taxes was reduced by $74 million for Corporate due to pension settlements related to the Company's productivity and reinvestment program. Refer to Note 13 and Note 14 . • Operating income (loss) and income (loss) before income taxes were reduced by $450 million for Bottling Investments due to asset impairment charges. Refer to Note 16 . • Operating income (loss) and income (loss) before income taxes were reduced by $117 million for Bottling Investments due to costs incurred to refranchise certain of our bottling operations. Refer to Note 12 . • Operating income (loss) and income (loss) before income taxes were reduced by $31 million for Corporate due to tax litigation expense. • Income (loss) before income taxes was reduced by $554 million for Corporate as a result of an impairment charge related to assets held by CCBA. Refer to Note 16 . • Income (loss) before income taxes was reduced by $379 million for Bottling Investments due to the refranchising of certain bottling territories in North America. Refer to Note 2 . • Income (loss) before income taxes was reduced by $205 million for Bottling Investments due to an other-than-temporary impairment charge related to our equity method investee in Indonesia. Refer to Note 16. • Income (loss) before income taxes was reduced by $78 million for Bottling Investments and was increased by $13 million for Corporate due to the Company's proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees. • Income (loss) before income taxes was reduced by $52 million for Latin America due to an other-than-temporary impairment charge related to one of our equity method investees. Refer to Note 16 . • Income (loss) before income taxes was reduced by $47 million for Bottling Investments due to pension settlements related to the refranchising of North America bottling operations. Refer to Note 14 . • Income (loss) before income taxes was reduced by $33 million for Bottling Investments primarily due to the reversal of the cumulative translation adjustments resulting from the substantial liquidation of the Company's former Russian juice operations. • Income (loss) before income taxes was reduced by $33 million for North America primarily related to payments made to convert the bottling agreements for certain North America bottling partners' territories to a single form of CBA with additional requirements. Refer to Note 2 . • Income (loss) before income taxes was increased by $370 million for Corporate related to the sale of our equity ownership in Lindley. Refer to Note 2 . • Income (loss) before income taxes was increased by $47 million for Corporate related to the refranchising of our Latin American bottling operations. Refer to Note 2. • Income (loss) before income taxes was increased by $27 million |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 27, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K of The Coca-Cola Company for the year ended December 31, 2018 . When used in these notes, the terms "The Coca-Cola Company," "Company," "we," "us" and "our" mean The Coca-Cola Company and all entities included in our condensed consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 27, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . Sales of our nonalcoholic ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions. Each of our interim reporting periods, other than the fourth interim reporting period, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The third quarter of 2019 and the third quarter of 2018 ended on September 27, 2019 and September 28, 2018 , respectively. Our fourth interim reporting period and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls. |
Segment Reporting, Policy [Policy Text Block] | Operating Segments In January 2019, we established a new operating segment, Global Ventures, which includes the results of Costa Limited ("Costa"), which we acquired in January 2019, and the results of our innocent and doğadan businesses as well as fees earned pursuant to distribution coordination agreements between the Company and Monster Beverage Corporation ("Monster"). Additionally, during the second quarter of 2019, the Company updated its plans for Coca-Cola Beverages Africa Proprietary Limited ("CCBA") and now intends to maintain its majority stake in CCBA for the foreseeable future. As a result, the Company now presents the financial results of CCBA within its results from continuing operations and includes the results of CCBA in the Bottling Investments operating segment. Accordingly, all prior period operating segment and Corporate information presented herein has been adjusted to reflect these changes. Refer to Note 2 and Note 17 . As of September 27, 2019 , our organizational structure consisted of the following operating segments: Europe, Middle East and Africa; Latin America; North America; Asia Pacific; Global Ventures; and Bottling Investments. Our operating structure also included Corporate, which consists of two components: (1) a center focused on strategic initiatives, policy and governance, and (2) an enabling services organization focused on both simplifying and standardizing key transactional processes and providing support to business units through global centers of excellence. |
Advertising Cost [Policy Text Block] | Advertising Costs The Company's accounting policy related to advertising costs for annual reporting purposes is to expense production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred. For interim reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple interim periods to each of our interim reporting periods. We use the proportion of each interim period's actual unit case volume to the estimated full year unit case volume as the basis for the allocation. This methodology results in our marketing expenditures being recognized at a standard rate per unit case. At the end of each interim reporting period, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple interim periods in order to evaluate if a change in estimate is necessary. The impact of any changes in these full year estimates is recognized in the interim period in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy. |
Lessee, Leases [Policy Text Block] | Leases Effective January 1, 2019 , we adopted Accounting Standards Codification 842, Leases ("ASC 842"). We determine if an arrangement contains a lease at inception based on whether or not the Company has the right to control the asset during the contract period and other facts and circumstances. Lessee We are the lessee in a lease contract when we obtain the right to control the asset. Operating leases are included in the line items other assets, accounts payable and accrued expenses, and other liabilities in our consolidated balance sheet. Operating lease right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on our consolidated balance sheet and are expensed on a straight-line basis over the lease term in our consolidated statement of income. We determine the lease term by assuming the exercise of renewal options that are reasonably certain. As most of our leases do not provide an implicit interest rate, we use our local incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. When our contracts contain lease and non-lease components, we account for both components as a single lease component. Refer to Note 8 for further discussion. |
Lessor, Leases [Policy Text Block] | Lessor We have various arrangements for certain fountain equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents or restricted cash equivalents, as applicable. Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other assets on our consolidated balance sheet, and amounts classified in assets held for sale. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk. The following table provides a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in the condensed consolidated statements of cash flows (in millions): September 27, December 31, Cash and cash equivalents $ 7,531 $ 9,077 Cash and cash equivalents included in other assets 1 245 241 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 7,776 $ 9,318 September 28, December 31, 2017 Cash and cash equivalents $ 9,221 $ 6,102 Cash and cash equivalents included in assets held for sale — 13 Cash and cash equivalents included in other assets 1 318 258 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,539 $ 6,373 1 Amounts represent cash and cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4 . |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance Recently Adopted Accounting Guidance ASC 842 requires lessees to recognize operating lease ROU assets, representing their right to use the underlying asset for the lease term, and operating lease liabilities on the balance sheet for all leases with lease terms greater than 12 months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing and uncertainty of cash flows arising from leases. We adopted ASC 842 using the modified retrospective method and utilized the optional transition method under which we continue to apply the legacy guidance in ASC 840, Leases , including its disclosure requirements, in the comparative period presented. In addition, we elected the package of practical expedients permitted under the transition guidance which permits us to carry forward the historical lease classification, among other things. As a result of the adoption, our operating lease ROU assets and operating lease liabilities were $1,310 million and $1,329 million , respectively, as of September 27, 2019 . The adoption of this standard did not impact our consolidated statement of income or our consolidated statement of cash flows. Refer to Note 8 for further discussion. In August 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-12, Targeted Improvements to Accounting for Hedging Activities , which eliminates the requirement to separately measure and report hedge ineffectiveness and requires companies to recognize all elements of hedge accounting that impact earnings in the same line item in the statement of income where the hedged item resides. The amendments in this update include new alternatives for measuring the hedged item for fair value hedges of interest rate risk and ease the requirements for effectiveness testing, hedge documentation and applying the critical terms match method. We adopted ASU 2017-12 effective January 1, 2019 using the modified retrospective method. We recognized a cumulative effect adjustment to decrease the opening balance of reinvested earnings as of January 1, 2019 by $12 million , net of tax. Refer to Note 6 for additional disclosures required by this ASU. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits entities to reclassify the disproportionate income tax effects of the Tax Cuts and Jobs Act of 2017 (the "Tax Reform Act") on items within accumulated other comprehensive income (loss) ("AOCI") to reinvested earnings. These disproportionate income tax effect items are referred to as "stranded tax effects." The amendments in this update only relate to the reclassification of the income tax effects of the Tax Reform Act. Other accounting guidance that requires the effect of changes in tax laws or rates to be included in net income is not affected by this update. We adopted ASU 2018-02 effective January 1, 2019 . We recognized a cumulative effect adjustment to increase the opening balance of reinvested earnings as of January 1, 2019 by $513 million . Accounting Guidance Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Measurement of Credit Losses on Financial Instruments , which requires measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 is effective for the Company beginning January 1, 2020 and is required to be applied prospectively. For our trade receivables, certain other receivables and certain other financial instruments, we will be required to use a new forward-looking "expected" credit loss model based on historical loss rates that will replace the existing "incurred" credit loss model, which will generally result in earlier recognition of allowances for credit losses. We are currently evaluating the impact that ASU 2016-13 will have on our consolidated financial statements and do not expect it will have a material impact on our financial statements or disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 27, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | The following table provides a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in the condensed consolidated statements of cash flows (in millions): September 27, December 31, Cash and cash equivalents $ 7,531 $ 9,077 Cash and cash equivalents included in other assets 1 245 241 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 7,776 $ 9,318 September 28, December 31, 2017 Cash and cash equivalents $ 9,221 $ 6,102 Cash and cash equivalents included in assets held for sale — 13 Cash and cash equivalents included in other assets 1 318 258 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,539 $ 6,373 1 Amounts represent cash and cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4 . |
Revenue Recognition Revenue R_2
Revenue Recognition Revenue Recognition (Tables) | 9 Months Ended |
Sep. 27, 2019 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions): United States International Total Three Months Ended September 27, 2019 Concentrate operations $ 1,414 $ 4,026 $ 5,440 Finished product operations 1,676 2,391 4,067 Total $ 3,090 $ 6,417 $ 9,507 Three Months Ended September 28, 2018 Concentrate operations $ 1,191 $ 4,039 $ 5,230 Finished product operations 1,776 1,769 3,545 Total $ 2,967 $ 5,808 $ 8,775 United States International Total Nine Months Ended September 27, 2019 Concentrate operations $ 4,014 $ 11,782 $ 15,796 Finished product operations 4,824 7,578 12,402 Total $ 8,838 $ 19,360 $ 28,198 Nine Months Ended September 28, 2018 Concentrate operations $ 3,563 $ 11,961 $ 15,524 Finished product operations 5,035 5,935 10,970 Total $ 8,598 $ 17,896 $ 26,494 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 27, 2019 | |
Investments [Abstracts] | |
Unrealized Gain (Loss) on Investments | The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions): Three Months Ended September 27, 2019 September 28, 2018 Net gains (losses) recognized during the period related to equity securities $ 29 $ 62 Less: Net gains (losses) recognized during the period related to equity securities sold — 5 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 29 $ 57 Nine Months Ended September 27, 2019 September 28, 2018 Net gains (losses) recognized during the period related to equity securities $ 163 $ 21 Less: Net gains (losses) recognized during the period related to equity securities sold 16 13 Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period $ 147 $ 8 |
Carrying value of equity securities by balance sheet location [Table Text Block] | The carrying values of our equity securities were included in the following line items in our condensed consolidated balance sheets (in millions): Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value September 27, 2019 Marketable securities $ 310 $ — Other investments 796 82 Other assets 989 — Total equity securities $ 2,095 $ 82 December 31, 2018 Marketable securities $ 278 $ — Other investments 787 80 Other assets 869 — Total equity securities $ 1,934 $ 80 |
Schedule of debt securities [Table Text Block] | Our debt securities consisted of the following (in millions): Gross Unrealized Estimated Fair Value Cost Gains Losses September 27, 2019 Trading securities $ 45 $ 1 $ — $ 46 Available-for-sale securities 3,445 150 (2 ) 3,593 Total debt securities $ 3,490 $ 151 $ (2 ) $ 3,639 December 31, 2018 Trading securities $ 45 $ — $ (1 ) $ 44 Available-for-sale securities 4,901 119 (27 ) 4,993 Total debt securities $ 4,946 $ 119 $ (28 ) $ 5,037 |
Fair value of debt securities by balance sheet location [Table Text Block] | The fair values of our debt securities were included in the following line items in our condensed consolidated balance sheets (in millions): September 27, 2019 December 31, 2018 Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities Cash and cash equivalents $ — $ 155 $ — $ — Marketable securities 46 3,100 44 4,691 Other assets — 338 — 302 Total debt securities $ 46 $ 3,593 $ 44 $ 4,993 |
Realized Gain (Loss) on Investments [Table Text Block] | The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions): Three Months Ended Nine Months Ended September 27, 2019 September 28, 2018 September 27, 2019 September 28, 2018 Gross gains $ 9 $ 11 $ 37 $ 19 Gross losses (1 ) (8 ) (5 ) (21 ) Proceeds 1,284 3,421 3,074 9,744 |
Contractual maturity amounts of the investment securities | The contractual maturities of these available-for-sale debt securities as of September 27, 2019 were as follows (in millions): Cost Estimated Within 1 year $ 2,145 $ 2,200 After 1 year through 5 years 1,038 1,102 After 5 years through 10 years 72 85 After 10 years 190 206 Total $ 3,445 $ 3,593 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 27, 2019 | |
Inventories | |
Inventories | Inventories consisted of the following (in millions): September 27, December 31, Raw materials and packaging $ 2,044 $ 2,025 Finished goods 881 773 Other 341 273 Total inventories $ 3,266 $ 3,071 |
Hedging Transactions and Deri_2
Hedging Transactions and Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 27, 2019 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |
Derivative instruments, fair value, designated as hedging instruments | The following table presents the fair values of the Company's derivative instruments that were designated and qualified as part of a hedging relationship (in millions): Fair Value 1,2 Derivatives Designated as Hedging Instruments Balance Sheet Location 1 September 27, December 31, 2018 Assets: Foreign currency contracts Prepaid expenses and other assets $ 80 $ 43 Foreign currency contracts Other assets 103 114 Interest rate contracts Other assets 695 88 Total assets $ 878 $ 245 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 38 $ 19 Foreign currency contracts Other liabilities 36 15 Commodity contracts Accounts payable and accrued expenses — 1 Interest rate contracts Other liabilities — 40 Total liabilities $ 74 $ 75 1 All of the Company's derivative instruments are carried at fair value in our condensed consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 16 for the net presentation of the Company's derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the fair values of the Company's derivative instruments that were not designated as hedging instruments (in millions): Fair Value 1,2 Derivatives Not Designated as Hedging Instruments Balance Sheet Location 1 September 27, December 31, 2018 Assets: Foreign currency contracts Prepaid expenses and other assets $ 52 $ 61 Commodity contracts Prepaid expenses and other assets 1 2 Other derivative instruments Prepaid expenses and other assets 10 7 Other derivative instruments Other assets 2 — Total assets $ 65 $ 70 Liabilities: Foreign currency contracts Accounts payable and accrued expenses $ 33 $ 101 Foreign currency contracts Other liabilities 4 — Commodity contracts Accounts payable and accrued expenses 60 38 Commodity contracts Other liabilities 4 8 Other derivative instruments Accounts payable and accrued expenses — 13 Total liabilities $ 101 $ 160 1 All of the Company's derivative instruments are carried at fair value in our condensed consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 16 for the net presentation of the Company's derivative instruments. 2 Refer to Note 16 for additional information related to the estimated fair value. |
Derivative instruments, designated as hedging instruments, gain (loss) in statement of financial performance | The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income ("OCI"), AOCI and earnings (in millions): Gain (Loss) Recognized in OCI Location of Gain (Loss) Recognized in Income 1 Gain (Loss) Reclassified from AOCI into Income (Effective Portion) 2 Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2 Three Months Ended September 27, 2019 Foreign currency contracts $ 71 Net operating revenues $ (5 ) $ — Foreign currency contracts 3 Cost of goods sold 2 — Foreign currency contracts — Interest expense (3 ) — Foreign currency contracts (46 ) Other income (loss) — net (46 ) — Interest rate contracts (30 ) Interest expense (10 ) — Commodity contracts 1 Cost of goods sold — — Total $ (1 ) $ (62 ) $ — Three Months Ended September 28, 2018 Foreign currency contracts $ 2 Net operating revenues $ 43 $ — 3 Foreign currency contracts 3 Cost of goods sold 4 — 3 Foreign currency contracts — Interest expense (2 ) — Foreign currency contracts 20 Other income (loss) — net 23 2 Interest rate contracts — Interest expense (9 ) — Total $ 25 $ 59 $ 2 1 The Company records gains and losses reclassified from AOCI into income for the effective portion and the ineffective portion, if any, to the same line items in our condensed consolidated statement of income. 2 Effective January 1, 2019, ASU 2017-12 eliminated the requirement to separately measure and report hedge ineffectiveness for cash flow hedges. No components of the Company’s hedging instruments were excluded from the assessment of hedge effectiveness. 3 Includes a de minimis amount of ineffectiveness in the hedging relationship. Gain (Loss) Recognized in OCI Location of Gain (Loss) Recognized in Income 1 Gain (Loss) Reclassified from AOCI into Income (Effective Portion) 2 Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2 Nine Months Ended September 27, 2019 Foreign currency contracts $ 44 Net operating revenues $ 2 $ — Foreign currency contracts 1 Cost of goods sold 9 — Foreign currency contracts — Interest expense (7 ) — Foreign currency contracts (99 ) Other income (loss) — net (139 ) — Interest rate contracts (47 ) Interest expense (30 ) — Commodity contracts 1 Cost of goods sold — — Total $ (100 ) $ (165 ) $ — Nine Months Ended September 28, 2018 Foreign currency contracts $ 10 Net operating revenues $ 97 $ 1 Foreign currency contracts 13 Cost of goods sold 5 (3 ) Foreign currency contracts — Interest expense (6 ) — Foreign currency contracts 46 Other income (loss) — net 3 4 Interest rate contracts 22 Interest expense (29 ) (8 ) Commodity contracts — Cost of goods sold — (5 ) Total $ 91 $ 70 $ (11 ) 1 The Company records gains and losses reclassified from AOCI into income for the effective portion and the ineffective portion, if any, to the same line items in our condensed consolidated statement of income. 2 Effective January 1, 2019, ASU 2017-12 eliminated the requirement to separately measure and report hedge ineffectiveness for cash flow hedges. No components of the Company’s hedging instruments were excluded from the assessment of hedge effectiveness. |
Derivative instruments, fair value hedges, gain (loss) recognized in income | The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions): Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Three Months Ended September 27, September 28, Interest rate contracts Interest expense $ 206 $ (38 ) Fixed-rate debt Interest expense (200 ) 41 Net impact to interest expense $ 6 $ 3 Net impact of fair value hedging instruments $ 6 $ 3 Hedging Instruments and Hedged Items Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Nine Months Ended September 27, September 28, Interest rate contracts Interest expense $ 647 $ (57 ) Fixed-rate debt Interest expense (637 ) 50 Net impact to interest expense $ 10 $ (7 ) Foreign currency contracts Other income (loss) — net $ — $ (6 ) Available-for-sale securities Other income (loss) — net — 6 Net impact to other income (loss) — net $ — $ — Net impact of fair value hedging instruments $ 10 $ (7 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table summarizes the amounts recorded in the condensed consolidated balance sheets related to hedged items in fair value hedging relationships (in millions): Carrying Value of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Value of the Hedged Item 1 September 27, December 31, September 27, December 31, Long-term debt $ 13,091 $ 8,043 $ 710 $ 62 1 Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rates. |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions): Notional Amount Gain (Loss) Recognized in OCI as of Three Months Ended Nine Months Ended September 27, December 31, 2018 September 27, September 28, September 27, September 28, Foreign currency contracts $ 325 $ — $ 13 $ 6 $ 42 $ 6 Foreign currency denominated debt 12,034 12,494 476 53 444 347 Total $ 12,359 $ 12,494 $ 489 $ 59 $ 486 $ 353 |
Schedule of Derivative Instruments Not Designated as Hedging Instruments Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions): Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Three Months Ended September 27, September 28, Foreign currency contracts Net operating revenues $ 15 $ 8 Foreign currency contracts Cost of goods sold 2 9 Foreign currency contracts Other income (loss) — net (21 ) 29 Commodity contracts Cost of goods sold (60 ) 3 Other derivative instruments Selling, general and administrative expenses 4 18 Other derivative instruments Other income (loss) — net 5 — Total $ (55 ) $ 67 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income Nine Months Ende d September 27, September 28, Foreign currency contracts Net operating revenues $ 2 $ 34 Foreign currency contracts Cost of goods sold 4 3 Foreign currency contracts Other income (loss) — net (46 ) (87 ) Interest rate contracts Interest expense — (1 ) Commodity contracts Cost of goods sold (58 ) 15 Other derivative instruments Selling, general and administrative expenses 32 11 Other derivative instruments Other income (loss) — net 39 — Total $ (27 ) $ (25 ) |
Leases Leases (Tables)
Leases Leases (Tables) | 9 Months Ended |
Sep. 27, 2019 | |
Leases [Abstract] | |
Lessee Operating Lease Balance Sheet Information [Table Text Block] | Balance sheet information related to operating leases is as follows (in millions): September 27, Operating lease ROU assets 1 $ 1,310 Current portion of operating lease liabilities 2 $ 253 Noncurrent portion of operating lease liabilities 3 1,076 Total operating lease liabilities $ 1,329 1 Operating lease ROU assets are recorded in the line item other assets in our condensed consolidated balance sheet. 2 The current portion of operating lease liabilities is recorded in the line item accounts payable and accrued expenses in our condensed consolidated balance sheet. 3 The noncurrent portion of operating lease liabilities is recorded in the line item other liabilities in our condensed consolidated balance sheet. |
Lessee Operating Lease Weighted Average Remaining Lease Term and Discount Rate [Table Text Block] | nformation associated with the measurement of our remaining operating lease obligations as of September 27, 2019 is as follows: Weighted-average remaining lease term 7 years Weighted-average discount rate 3 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes the maturity of our operating lease liabilities as of September 27, 2019 (in millions): 2019 $ 72 2020 272 2021 236 2022 201 2023 163 Thereafter 521 Total operating lease payments 1,465 Less: Imputed interest 136 Total operating lease liabilities $ 1,329 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 27, 2019 | |
Comprehensive Income | |
AOCI attributable to the shareowners of The Coca Cola Company | AOCI attributable to shareowners of The Coca-Cola Company consisted of the following, net of tax (in millions): September 27, December 31, 2018 Foreign currency translation adjustments 1 $ (11,803 ) $ (11,045 ) Accumulated derivative net gains (losses) 1, 2 (125 ) (126 ) Unrealized net gains (losses) on available-for-sale debt securities 1 103 50 Adjustments to pension and other benefit liabilities 1 (1,881 ) (1,693 ) Accumulated other comprehensive income (loss) $ (13,706 ) $ (12,814 ) 1 The change in the balance from December 31, 2018 includes a portion of a $513 million reclassification to reinvested earnings from AOCI upon the adoption of ASU 2018-02. Refer to Note 1 . 2 The change in the balance from December 31, 2018 includes a $6 million reclassification to reinvested earnings from AOCI upon the adoption of ASU 2017-12. Refer to Note 1 and Note 6. |
Comprehensive Income (Loss), Apportioned between Shareowners of the Coca-Cola Company and Noncontrolling Interests [Text Block] | The following table summarizes the allocation of total comprehensive income between shareowners of The Coca-Cola Company and noncontrolling interests (in millions): Nine Months Ended September 27, 2019 Shareowners of The Coca-Cola Company Noncontrolling Interests Total Consolidated net income $ 6,878 $ 42 $ 6,920 Other comprehensive income: Net foreign currency translation adjustments (549 ) (130 ) (679 ) Net gains (losses) on derivatives 1 30 — 30 Net change in unrealized gains (losses) on available-for-sale debt securities 2 46 — 46 Net change in pension and other benefit liabilities 100 — 100 Total comprehensive income $ 6,505 $ (88 ) $ 6,417 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. |
OCI attributable to the shareowners of The Coca-Cola Company | The following tables present OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees' OCI (in millions): Three Months Ended September 27, 2019 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (256 ) $ (6 ) $ (262 ) Gains (losses) on intra-entity transactions that are of a long-term investment nature (924 ) — (924 ) Gains (losses) on net investment hedges arising during the period 1 489 (122 ) 367 Net foreign currency translation adjustments $ (691 ) $ (128 ) $ (819 ) Derivatives: Gains (losses) arising during the period $ (2 ) $ 1 $ (1 ) Reclassification adjustments recognized in net income 62 (15 ) 47 Net gains (losses) on derivatives 1 $ 60 $ (14 ) $ 46 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 29 $ (7 ) $ 22 Reclassification adjustments recognized in net income (8 ) 2 (6 ) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 21 $ (5 ) $ 16 Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ 4 $ — $ 4 Reclassification adjustments recognized in net income 37 (9 ) 28 Net change in pension and other benefit liabilities $ 41 $ (9 ) $ 32 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company $ (569 ) $ (156 ) $ (725 ) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Nine Months Ended September 27, 2019 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (141 ) $ (77 ) $ (218 ) Reclassification adjustments recognized in net income 192 — 192 Gains (losses) on intra-entity transactions that are of a long-term investment nature (888 ) — (888 ) Gains (losses) on net investment hedges arising during the period 1 486 (121 ) 365 Net foreign currency translation adjustments $ (351 ) $ (198 ) $ (549 ) Derivatives: Gains (losses) arising during the period $ (119 ) $ 24 $ (95 ) Reclassification adjustments recognized in net income 166 (41 ) 125 Net gains (losses) on derivatives 1 $ 47 $ (17 ) $ 30 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ 88 $ (17 ) $ 71 Reclassification adjustments recognized in net income (32 ) 7 (25 ) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ 56 $ (10 ) $ 46 Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ 11 $ 5 $ 16 Reclassification adjustments recognized in net income 111 (27 ) 84 Net change in pension and other benefit liabilities $ 122 $ (22 ) $ 100 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola Company $ (126 ) $ (247 ) $ (373 ) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Three Months Ended September 28, 2018 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (446 ) $ 19 $ (427 ) Reclassification adjustments recognized in net income 170 — 170 Gains (losses) on intra-entity transactions that are of a long-term investment nature (119 ) — (119 ) Gains (losses) on net investment hedges arising during the period 1 59 (15 ) 44 Net foreign currency translation adjustments $ (336 ) $ 4 $ (332 ) Derivatives: Gains (losses) arising during the period $ 19 $ (7 ) $ 12 Reclassification adjustments recognized in net income (58 ) 16 (42 ) Net gains (losses) on derivatives 1 $ (39 ) $ 9 $ (30 ) Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (13 ) $ 24 $ 11 Reclassification adjustments recognized in net income (3 ) 2 (1 ) Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (16 ) $ 26 $ 10 Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ 7 $ — $ 7 Reclassification adjustments recognized in net income 65 (16 ) 49 Net change in pension and other benefit liabilities $ 72 $ (16 ) $ 56 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (319 ) $ 23 $ (296 ) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. Nine Months Ended September 28, 2018 Before-Tax Amount Income Tax After-Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (1,431 ) $ (66 ) $ (1,497 ) Reclassification adjustments recognized in net income 268 — 268 Gains (losses) on intra-entity transactions that are of a long-term investment nature (695 ) — (695 ) Gains (losses) on net investment hedges arising during the period 1 353 (88 ) 265 Net foreign currency translation adjustments $ (1,505 ) $ (154 ) $ (1,659 ) Derivatives: Gains (losses) arising during the period $ 84 $ (21 ) $ 63 Reclassification adjustments recognized in net income (56 ) 15 (41 ) Net gains (losses) on derivatives 1 $ 28 $ (6 ) $ 22 Available-for-sale debt securities: Unrealized gains (losses) arising during the period $ (139 ) $ 45 $ (94 ) Reclassification adjustments recognized in net income 2 1 3 Net change in unrealized gains (losses) on available-for-sale debt securities 2 $ (137 ) $ 46 $ (91 ) Pension and other benefit liabilities: Net pension and other benefit liabilities arising during the period $ 278 $ (62 ) $ 216 Reclassification adjustments recognized in net income 209 (53 ) 156 Net change in pension and other benefit liabilities $ 487 $ (115 ) $ 372 Other comprehensive income (loss) attributable to shareowners of The Coca-Cola $ (1,127 ) $ (229 ) $ (1,356 ) 1 Refer to Note 6 for additional information related to the net gains or losses on derivative instruments. 2 Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities. |
Income statement location of adjustments reclassified from AOCI into income | The following table presents the amounts and line items in our condensed consolidated statements of income where adjustments reclassified from AOCI into income were recorded (in millions): Amount Reclassified from AOCI into Income Description of AOCI Component Financial Statement Line Item Three Months Ended September 27, 2019 Nine Months Ended September 27, 2019 Foreign currency translation adjustments: Divestitures, deconsolidations and other 1 Other income (loss) — net $ — $ 192 Income before income taxes — 192 Income taxes — — Consolidated net income $ — $ 192 Derivatives: Foreign currency contracts Net operating revenues $ 5 $ (2 ) Foreign currency contracts Cost of goods sold (2 ) (9 ) Foreign currency contracts Other income (loss) — net 46 139 Divestitures, deconsolidations and other Other income (loss) — net — 1 Foreign currency and interest rate contracts Interest expense 13 37 Income before income taxes 62 166 Income taxes (15 ) (41 ) Consolidated net income $ 47 $ 125 Available-for-sale debt securities: Sale of debt securities Other income (loss) — net $ (8 ) $ (32 ) Income before income taxes (8 ) (32 ) Income taxes 2 7 Consolidated net income $ (6 ) $ (25 ) Pension and other benefit liabilities: Recognized net actuarial loss Other income (loss) — net $ 39 $ 116 Recognized prior service cost (credit) Other income (loss) — net (2 ) (5 ) Income before income taxes 37 111 Income taxes (9 ) (27 ) Consolidated net income $ 28 $ 84 1 Primarily related to our previously held equity ownership interest in CHI and the sale of a portion of our equity ownership interest in Andina. Refer to Note 2 |
Changes in Equity (Tables)
Changes in Equity (Tables) | 9 Months Ended |
Sep. 28, 2018 | |
Changes in Equity [Abstract] | |
Changes in Equity | The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to shareowners of The Coca-Cola Company and equity attributable to noncontrolling interests (in millions): Shareowners of The Coca-Cola Company Three Months Ended September 27, 2019 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non- controlling Interests June 28, 2019 4,275 $ 20,295 $ 64,602 $ (12,981 ) $ 1,760 $ 16,833 $ (52,033 ) $ 2,114 Comprehensive income (loss) — 1,723 2,593 (725 ) — — — (145 ) Dividends paid/payable to shareowners of The Coca-Cola Company ($0.40 per share) — (1,714 ) (1,714 ) — — — — — Dividends paid to noncontrolling interests — (7 ) — — — — — (7 ) Business combinations including purchase accounting adjustments — 8 — — — — — 8 Impact related to stock-based compensation plans 9 378 — — — 206 172 — September 27, 2019 4,284 $ 20,683 $ 65,481 $ (13,706 ) $ 1,760 $ 17,039 $ (51,861 ) $ 1,970 Shareowners of The Coca-Cola Company Nine Months Ended September 27, 2019 Common Shares Outstanding Total Reinvested Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Capital Surplus Treasury Stock Non- controlling Interests December 31, 2018 4,268 $ 19,058 $ 63,234 $ (12,814 ) $ 1,760 $ 16,520 $ (51,719 ) $ 2,077 Adoption of accounting standards 1 — (18 ) 501 (519 ) — — — — Comprehensive income (loss) — 6,417 6,878 (373 ) — — — (88 ) Dividends paid/payable to shareowners of The Coca-Cola Company ($1.20 per share) — (5,132 ) (5,132 ) — — — — — Dividends paid to noncontrolling interests — (27 ) — — — — — (27 ) Business combinations including purchase accounting adjustments — 8 — — — — — 8 Purchases of treasury stock (14 ) (635 ) — — — — (635 ) — Impact related to stock-based compensation plans 30 1,012 — — — 519 493 — September 27, 2019 4,284 $ 20,683 $ 65,481 $ (13,706 ) $ 1,760 $ 17,039 $ (51,861 ) $ 1,970 1 Refer to Note 1 and Note 6 . Shareowners of The Coca-Cola Company Three Months Ended September 28, 2018 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non-controlling June 29, 2018 4,253 $ 20,176 $ 63,808 $ (11,774 ) $ 1,760 $ 16,117 $ (51,588 ) $ 1,853 Comprehensive income (loss) — 1,644 1,880 (296 ) — — — 60 Dividends paid/payable to — (1,660 ) (1,660 ) — — — — — Dividends paid to noncontrolling interests — (6 ) — — — — — (6 ) Purchases of treasury stock (6 ) (241 ) — — — — (241 ) — Impact related to stock-based compensation plans 9 258 — — — 149 109 — Other activities — 7 — — — — — 7 September 28, 2018 4,256 $ 20,178 $ 64,028 $ (12,070 ) $ 1,760 $ 16,266 $ (51,720 ) $ 1,914 Shareowners of The Coca-Cola Company Nine Months Ended September 28, 2018 Common Shares Outstanding Total Reinvested Accumulated Common Capital Treasury Non-controlling December 31, 2017 4,259 $ 18,977 $ 60,430 $ (10,305 ) $ 1,760 $ 15,864 $ (50,677 ) $ 1,905 Adoption of accounting standards 1 — 2,605 3,014 (409 ) — — — — Comprehensive income (loss) — 4,217 5,564 (1,356 ) — — — 9 Dividends paid/payable to shareowners of The Coca-Cola Company ($1.17 per share) — (4,980 ) (4,980 ) — — — — — Dividends paid to noncontrolling interests — (19 ) — — — — — (19 ) Business combinations — 13 — — — — — 13 Purchases of treasury stock (33 ) (1,451 ) — — — — (1,451 ) — Impact related to stock-based compensation plans 30 810 — — — 402 408 — Other activities — 6 — — — — — 6 September 28, 2018 4,256 $ 20,178 $ 64,028 $ (12,070 ) $ 1,760 $ 16,266 $ (51,720 ) $ 1,914 1 Refer to Note 1 , Note 3 and Note 4 . |
Productivity, Integration and_2
Productivity, Integration and Restructuring Initiatives (Tables) | 9 Months Ended |
Sep. 27, 2019 | |
Restructuring Cost and Reserve [Line Items] | |
Productivity and Reinvestment [Table Text Block] | The following table summarizes the balance of accrued expenses related to these productivity and reinvestment initiatives and the changes in the accrued amounts as of and for the three months ended September 27, 2019 (in millions): Accrued Balance Costs Incurred Three Months Ended September 27, 2019 Payments Noncash Accrued Balance September 27, 2019 Severance pay and benefits $ 49 $ 6 $ (10 ) $ — $ 45 Outside services 8 23 (26 ) — 5 Other direct costs 8 32 (26 ) (6 ) 8 Total $ 65 $ 61 $ (62 ) $ (6 ) $ 58 The following table summarizes the balance of accrued expenses related to these productivity and reinvestment initiatives and the changes in the accrued amounts as of and for the nine months ended September 27, 2019 (in millions): Accrued Balance December 31, 2018 Costs Incurred Nine Months Ended September 27, 2019 Payments Noncash Accrued Balance September 27, 2019 Severance pay and benefits $ 76 $ 18 $ (50 ) $ 1 $ 45 Outside services 10 73 (78 ) — 5 Other direct costs 4 93 (66 ) (23 ) 8 Total $ 90 $ 184 $ (194 ) $ (22 ) $ 58 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 27, 2019 | |
Pension and Other Postretirement Benefit Plans | |
Periodic benefit cost, pension and other postretirement benefit plans | Net periodic benefit cost (income) for our pension and other postretirement benefit plans consisted of the following (in millions): Pension Benefits Other Benefits Three Months Ended September 27, September 28, September 27, September 28, Service cost $ 26 $ 30 $ 2 $ 3 Interest cost 73 75 7 6 Expected return on plan assets 1 (138 ) (160 ) (3 ) (3 ) Amortization of prior service credit (1 ) (1 ) (1 ) (4 ) Amortization of net actuarial loss 38 29 1 1 Net periodic benefit cost (income) (2 ) (27 ) 6 3 Curtailment charges 2 — 5 — — Settlement charges 2 — 35 — — Special termination benefits 2 — 8 — — Total cost (income) recognized in condensed consolidated statements of income $ (2 ) $ 21 $ 6 $ 3 1 The weighted-average expected long-term rates of return on plan assets used in computing 2019 net periodic benefit cost (income) are 7.7 percent for pension benefit plans and 4.6 percent for other benefit plans. 2 The curtailment charges, settlement charges and special termination benefits in 2018 were related to North America refranchising and the Company's productivity and reinvestment program. Pension Benefits Other Benefits Nine Months Ende d September 27, September 28, September 27, September 28, Service cost $ 78 $ 93 $ 7 $ 8 Interest cost 218 221 20 18 Expected return on plan assets 1 (414 ) (490 ) (10 ) (10 ) Amortization of prior service cost (credit) (3 ) 3 (2 ) (11 ) Amortization of net actuarial loss 114 92 2 3 Net periodic benefit cost (income) (7 ) (81 ) 17 8 Curtailment charges 2 — 5 — — Settlement charges 2 — 121 — — Special termination benefits 2 — 8 — — Total cost (income) recognized in condensed consolidated statements of income $ (7 ) $ 53 $ 17 $ 8 1 The weighted-average expected long-term rates of return on plan assets used in computing 2019 net periodic benefit cost (income) are 7.7 percent for pension benefit plans and 4.6 percent for other benefit plans. 2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 27, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets and liabilities measured at fair value on a recurring basis | The following tables summarize those assets and liabilities measured at fair value on a recurring basis (in millions): September 27, 2019 Level 1 Level 2 Level 3 Other 3 Netting Adjustment 4 Fair Value Measurements Assets: Equity securities with readily determinable values 1 $ 1,815 $ 210 $ 11 $ 59 $ — $ 2,095 Debt securities 1 — 3,620 19 — — 3,639 Derivatives 2 6 937 — — (537 ) 5 406 7 Total assets $ 1,821 $ 4,767 $ 30 $ 59 $ (537 ) $ 6,140 Liabilities: Derivatives 2 $ (38 ) $ (137 ) $ — $ — $ 147 6 $ (28 ) 7 Total liabilities $ (38 ) $ (137 ) $ — $ — $ 147 $ (28 ) 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4 . 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6 . 5 The Company is obligated to return $430 million in cash collateral it has netted against its derivative position. 6 The Company has the right to reclaim $4 million in cash collateral it has netted against its derivative position. 7 The Company's derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $ 406 million in the line item other assets and $ 28 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio. December 31, 2018 Level 1 Level 2 Level 3 Other 3 Netting Adjustment 4 Fair Value Measurements Assets: Equity securities with readily determinable values 1 $ 1,681 $ 186 $ 6 $ 61 $ — $ 1,934 Debt securities 1 — 5,018 19 — — 5,037 Derivatives 2 2 313 — — (261 ) 5 54 7 Total assets $ 1,683 $ 5,517 $ 25 $ 61 $ (261 ) $ 7,025 Liabilities: Derivatives 2 $ (14 ) $ (221 ) $ — $ — $ 182 6 $ (53 ) 7 Total liabilities $ (14 ) $ (221 ) $ — $ — $ 182 $ (53 ) 1 Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities. 2 Refer to Note 6 for additional information related to the composition of our derivative portfolio. 3 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4 . 4 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6 . 5 The Company is obligated to return $96 million in cash collateral it has netted against its derivative position. 6 The Company has the right to reclaim $4 million in cash collateral it has netted against its derivative position. 7 The Company's derivative financial instruments are recorded at fair value in our condensed consolidated balance sheet as follows: $54 million in the line item other assets; $3 million in the line item accounts payable and accrued expenses and $50 million in the line item other liabilities. Refer to Note 6 for additional information related to the composition of our derivative portfolio. |
Assets and liabilities measured at fair value on a Nonrecurring basis | The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the table below (in millions): Gains (Losses) Three Months Ended Nine Months Ende d September 27, September 28, September 27, September 28, Other-than-temporary impairment charges $ (375 ) 1 $ (205 ) 1 $ (767 ) 1 $ (257 ) 1 CCBA asset adjustments — (554 ) 3 (160 ) 3 (554 ) 3 Investment in former equity method investee — — (121 ) 4 — Other long-lived asset impairment charges — — — (312 ) 5 Intangible asset impairment charges (42 ) 2 — (42 ) 2 (138 ) 5 Total $ (417 ) $ (759 ) $ (1,090 ) $ (1,261 ) 1 During the three and nine months ended September 27, 2019 , the Company recorded other-than-temporary impairment charges of $120 million and $406 million , respectively, related to CCBJHI, an equity method investee. Based on the extent to which the market value of our investment in CCBJHI has been less than our carrying value and the financial condition and near-term prospects of the issuer, management determined that the decline in fair value was other than temporary in nature. These impairment charges were determined using the quoted market prices (a Level 1 measurement) of CCBJHI. During the three and nine months ended September 27, 2019 , we also recorded other-than-temporary impairment charges of $255 million related to certain equity method investees in the Middle East. These impairment charges were derived using Level 3 inputs and were primarily driven by revised projections of future operating results largely related to instability in the region and recent changes in local excise taxes. During the nine months ended September 27, 2019 , we recorded an other-than-temporary impairment charge of $57 million related to one of our equity method investees in North America. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. During the nine months ended September 27, 2019 , we also recorded an other-than-temporary impairment charge of $49 million related to one of our equity method investees in Latin America. This impairment charge was primarily driven by revised projections of future operating results based on Level 3 inputs. During the three and nine months ended September 28, 2018 , we recognized an other-than-temporary impairment charge of $205 million related to our equity method investee in Indonesia. This impairment was primarily driven by revised projections of future operating results reflecting unfavorable macroeconomic conditions and foreign currency exchange rate fluctuations. This impairment charge was derived using discounted cash flow analyses based on Level 3 inputs. During the nine months ended September 28, 2018 , we recognized an other-than-temporary impairment charge of $52 million related to one of our equity method investees in Latin America. This impairment was primarily driven by revised projections of future operating results. This impairment charge was derived using discounted cash flow analyses based on Level 3 inputs. 2 During the three and nine months ended September 27, 2019 , the Company recorded an impairment charge of $42 million related to a trademark in Asia Pacific, which was primarily driven by revised projections of future operating results for the trademark. The fair value of this trademark was derived using discounted cash flow analyses based on Level 3 inputs. 3 During the three and nine months ended September 28, 2018 , the Company recorded an impairment charge of $554 million related to assets held by CCBA. This charge was incurred primarily as a result of management's view of the proceeds that were expected to be received upon the sale of CCBA based on revised projections of future operating results and foreign currency exchange rate fluctuations. The fair value of these assets was derived using discounted cash flow analyses based on Level 3 inputs. As a result of CCBA no longer being classified as held for sale, during the nine months ended September 27, 2019 , the Company was required to measure CCBA's property, plant and equipment and definite-lived intangible assets at the lower of their current fair values or their carrying amounts before they were classified as held for sale, adjusted for depreciation and amortization expense that would have been recognized had the business been classified as held and used during the period that CCBA was classified as held for sale. As a result, we reduced the carrying value of CCBA's property, plant and equipment and definite-lived intangible assets by $34 million and $126 million , respectively, based on Level 3 inputs. Refer to Note 2 . 4 During the nine months ended September 27, 2019 , the Company recognized a loss of $121 million in conjunction with our acquisition of the remaining equity ownership interest in CHI, primarily driven by foreign currency exchange rate fluctuations. The fair value of this investment was derived using discounted cash flow analyses based on Level 3 inputs. Refer to Note 2 . 5 The Company recorded charges of $312 million and $138 million related to CCR's property, plant and equipment and intangible assets, respectively, during the nine months ended September 28, 2018 . These charges were a result of management's revised estimate of the proceeds that were expected to be received for the remaining bottling territories upon their refranchising. These charges were determined by comparing the fair value of the reporting unit, based on Level 3 inputs, to its carrying value. |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Sep. 27, 2019 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated Nine Months Ended September 27, 2019 Net operating revenues: Third party $ 5,110 $ 2,944 $ 8,976 $ 3,729 $ 1,847 $ 5,513 $ 79 $ — $ 28,198 Intersegment 420 — 7 460 2 7 — (896 ) — Total net operating revenues 5,530 2,944 8,983 4,189 1,849 5,520 79 (896 ) 28,198 Operating income (loss) 2,902 1,687 1,938 1,867 216 226 (914 ) — 7,922 Income (loss) before income taxes 2,701 1,636 1,924 1,891 223 348 (357 ) — 8,366 Nine Months Ended September 28, 2018 Net operating revenues: Third party $ 5,123 $ 2,990 $ 8,580 $ 3,853 $ 586 $ 5,277 $ 85 $ — $ 26,494 Intersegment 397 39 243 296 2 17 — (994 ) — Total net operating revenues 5,520 3,029 8,823 4,149 588 5,294 85 (994 ) 26,494 Operating income (loss) 2,940 1,804 1,814 1,879 110 (318 ) (902 ) — 7,327 Income (loss) before income taxes 2,984 1,742 1,822 1,909 119 (274 ) (1,042 ) — 7,260 Information about our Company's operations by operating segment and Corporate is as follows (in millions): Europe, Middle East & Africa Latin North Asia Pacific Global Ventures Bottling Corporate Eliminations Consolidated As of and for the Three Months Ended September 27, 2019 Net operating revenues: Third party $ 1,672 $ 1,045 $ 3,137 $ 1,319 $ 629 $ 1,681 $ 24 $ — $ 9,507 Intersegment 156 — 1 143 — 3 — (303 ) — Total net operating revenues 1,828 1,045 3,138 1,462 629 1,684 24 (303 ) 9,507 Operating income (loss) 886 603 641 594 77 7 (309 ) — 2,499 Income (loss) before income taxes 651 605 658 603 80 55 440 — 3,092 Identifiable operating assets 8,363 1,895 17,895 2,118 6,935 10,456 20,204 — 67,866 Noncurrent investments 483 719 365 223 14 13,892 3,871 — 19,567 As of and for the Three Months Ended September 28, 2018 Net operating revenues: Third party $ 1,702 $ 1,001 $ 2,972 $ 1,348 $ 183 $ 1,552 $ 17 $ — $ 8,775 Intersegment 124 1 119 72 — 13 — (329 ) — Total net operating revenues 1,826 1,002 3,091 1,420 183 1,565 17 (329 ) 8,775 Operating income (loss) 933 640 663 614 44 24 (304 ) — 2,614 Income (loss) before income taxes 943 636 662 628 47 (152 ) (391 ) — 2,373 Identifiable operating assets 7,884 1,685 17,693 2,254 969 8,647 25,790 — 64,922 Noncurrent investments 1,158 760 404 220 — 15,703 3,710 — 21,955 As of December 31, 2018 Identifiable operating assets $ 7,414 $ 1,715 $ 17,519 $ 1,996 $ 968 $ 10,525 $ 22,800 $ — $ 62,937 Noncurrent investments 789 784 400 216 — 14,372 3,718 — 20,279 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Recently Issued Accounting Guidance (Details) - USD ($) $ in Millions | Sep. 27, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Sep. 28, 2018 | Dec. 31, 2017 |
Impact of New Pronouncements | |||||
Operating Lease, Right-of-Use Asset | $ 1,310 | ||||
Operating Lease, Liability | 1,329 | ||||
Cash and cash equivalents | 7,531 | $ 9,077 | $ 9,221 | $ 6,102 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period | 7,776 | 9,318 | 9,539 | 6,373 | |
Long Lived Assets Held-for-sale, Name [Domain] | |||||
Impact of New Pronouncements | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period | 0 | 13 | |||
Other Assets | |||||
Impact of New Pronouncements | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period | 245 | $ 241 | $ 318 | $ 258 | |
Accounting Standards Update 2016-02 [Member] | |||||
Impact of New Pronouncements | |||||
Operating Lease, Liability | $ 1,329 | ||||
Accounting Standards Update 2017-12 [Member] | |||||
Impact of New Pronouncements | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (12) | ||||
Accounting Standards Update 2018-02 [Member] | |||||
Impact of New Pronouncements | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 513 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | Jan. 30, 2019 | |
Acquisition and investment activities | |||||
Change to Plan of Sale Asset Adjustment | $ 0 | $ 160 | |||
Proceeds from disposals of businesses, equity method investments and nonmarketable securities | 266 | $ 1,354 | |||
Acquisitions of businesses, equity method investments and nonmarketable securities | 5,376 | 598 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | 0 | $ 0 | 0 | ||
Corporate | |||||
Acquisition and investment activities | |||||
Change to Plan of Sale Asset Adjustment | 160 | ||||
Benefit (charge) due to refranchising of territories or deconsolidation of bottlers | 11 | 47 | |||
Cost incurred to convert bottling agreement | 12 | 4 | 33 | ||
North America [Member] | |||||
Acquisition and investment activities | |||||
Cost incurred to convert bottling agreement | 12 | 4 | 33 | ||
Costa [Member] | |||||
Acquisition and investment activities | |||||
Acquisitions of businesses, equity method investments and nonmarketable securities | 4,900 | ||||
Indefinite-lived Intangible Assets Acquired | 2,400 | ||||
Goodwill, Acquired During Period | 2,500 | ||||
Costa [Member] | Global Ventures [Member] | |||||
Acquisition and investment activities | |||||
Goodwill, Translation and Purchase Accounting Adjustments | (108) | (108) | |||
Costa [Member] | EMEA [Member] | |||||
Acquisition and investment activities | |||||
Goodwill, Translation and Purchase Accounting Adjustments | 108 | 108 | |||
CHI [Member] | |||||
Acquisition and investment activities | |||||
Acquisitions of businesses, equity method investments and nonmarketable securities | 260 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 60.00% | ||||
CHI [Member] | Corporate | |||||
Acquisition and investment activities | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | 121 | ||||
Andina [Member] | Corporate | |||||
Acquisition and investment activities | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 39 | ||||
Lindley [Member] | |||||
Acquisition and investment activities | |||||
Proceeds from Sale of Equity Method Investments | 507 | 507 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 370 | 370 | |||
Lindley [Member] | Corporate | |||||
Acquisition and investment activities | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 370 | 370 | |||
CCBA [Domain] | |||||
Acquisition and investment activities | |||||
Asset Impairment Charges | 554 | 554 | |||
CCBA [Domain] | Corporate | |||||
Acquisition and investment activities | |||||
Change to Plan of Sale Asset Adjustment | 160 | ||||
Asset Impairment Charges | 554 | 554 | |||
CCBA [Domain] | Property, Plant and Equipment [Member] | |||||
Acquisition and investment activities | |||||
Change to Plan of Sale Asset Adjustment | 34 | ||||
Asset Impairment Charges | 225 | 225 | |||
CCBA [Domain] | Finite-Lived Intangible Assets [Member] | |||||
Acquisition and investment activities | |||||
Change to Plan of Sale Asset Adjustment | 126 | ||||
Asset Impairment Charges | 329 | 329 | |||
Latin America Bottling Operations [Member] | |||||
Acquisition and investment activities | |||||
Proceeds from Divestiture of Businesses | 289 | ||||
Benefit (charge) due to refranchising of territories or deconsolidation of bottlers | 11 | 47 | |||
North America Territory [Member] | |||||
Acquisition and investment activities | |||||
Benefit (charge) due to refranchising of territories or deconsolidation of bottlers | 19 | 10 | 15 | (94) | |
Canadian Bottling Operations [Member] | |||||
Acquisition and investment activities | |||||
Proceeds from disposals of businesses, equity method investments and nonmarketable securities | 518 | 518 | |||
Benefit (charge) due to refranchising of territories or deconsolidation of bottlers | $ (122) | $ (285) | $ (122) | $ (285) |
Revenue Recognition Revenue R_3
Revenue Recognition Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenues | $ 9,507 | $ 8,775 | $ 28,198 | $ 26,494 |
Net operating revenues related to concentrate operations | 5,440 | 5,230 | 15,796 | 15,524 |
Net operating revenues related to finished product operations | 4,067 | 3,545 | 12,402 | 10,970 |
UNITED STATES | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenues | 3,090 | 2,967 | 8,838 | 8,598 |
Net operating revenues related to concentrate operations | 1,414 | 1,191 | 4,014 | 3,563 |
Net operating revenues related to finished product operations | 1,676 | 1,776 | 4,824 | 5,035 |
International [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenues | 6,417 | 5,808 | 19,360 | 17,896 |
Net operating revenues related to concentrate operations | 4,026 | 4,039 | 11,782 | 11,961 |
Net operating revenues related to finished product operations | $ 2,391 | $ 1,769 | $ 7,578 | $ 5,935 |
Investments (Details 2)
Investments (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | Dec. 31, 2018 | |
Equity securities, by type | |||||
Equity Securities, FV-NI, Gain (Loss) | $ 29 | $ 62 | $ 163 | $ 21 | |
Equity Securities, FV-NI, Realized Gain (Loss) | 0 | 5 | 16 | 13 | |
Equity Securities, FV-NI, Unrealized Gain | 29 | 57 | 147 | 8 | |
Equity Securities, FV-NI | 2,095 | 2,095 | $ 1,934 | ||
Equity Securities without Readily Determinable Fair Value, Amount | 82 | 82 | 80 | ||
Debt Securities [Member] | |||||
Equity securities, by type | |||||
Trading Securities, Unrealized Holding Gain | 1 | 0 | |||
Trading Securities, Unrealized Holding Loss | 0 | 1 | |||
Debt Securities, Trading, and Equity Securities, FV-NI | 46 | 46 | 44 | ||
Available-for-sale Securities Fair Value | 3,593 | 3,593 | 4,993 | ||
Available-for-sale Securities, Gross Realized Gains | 9 | 11 | 37 | 19 | |
Available-for-sale Securities, Gross Realized Losses | 1 | 8 | 5 | 21 | |
Proceeds from Sale of Available-for-sale Securities | 1,284 | $ 3,421 | 3,074 | $ 9,744 | |
Marketable Securities [Member] | |||||
Equity securities, by type | |||||
Equity Securities, FV-NI | 310 | 310 | 278 | ||
Equity Securities without Readily Determinable Fair Value, Amount | 0 | 0 | 0 | ||
Other Investments [Member] | |||||
Equity securities, by type | |||||
Equity Securities, FV-NI | 796 | 796 | 787 | ||
Equity Securities without Readily Determinable Fair Value, Amount | 82 | 82 | 80 | ||
Other Assets | |||||
Equity securities, by type | |||||
Equity Securities, FV-NI | 989 | 989 | 869 | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 0 | $ 0 | $ 0 |
Investments (Details 3)
Investments (Details 3) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | Dec. 31, 2018 | |
Debt securities, by type | |||||
Available-for-sale Securities, Amortized Cost Basis | $ 3,445 | $ 3,445 | |||
Debt Securities, Trading, and Equity Securities, FV-NI, Cost | 3,490 | 3,490 | $ 4,946 | ||
Debt securities, gross unrealized gain | 151 | 151 | 119 | ||
Debt securities, gross unrealized loss | 2 | 2 | 28 | ||
Debt Securities | 3,639 | 3,639 | 5,037 | ||
Equity Securities [Member] | |||||
Debt securities, by type | |||||
Available-for-sale Securities, Gross Realized Gains | 9 | $ 11 | 37 | $ 19 | |
Trading Securities, Equity, Cost | 45 | 45 | 45 | ||
Trading Securities, Unrealized Holding Gain | 1 | 0 | |||
Trading Securities, Unrealized Holding Loss | 0 | 1 | |||
Debt Securities, Trading, and Equity Securities, FV-NI | 46 | 46 | 44 | ||
Available-for-sale Securities, Debt Securities | 3,445 | 3,445 | 4,901 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 150 | 150 | 119 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2 | 2 | 27 | ||
Available-for-sale Securities Fair Value | 3,593 | 3,593 | 4,993 | ||
Available-for-sale Securities, Gross Realized Losses | 1 | 8 | 5 | 21 | |
Proceeds from Sale of Available-for-sale Securities | 1,284 | $ 3,421 | 3,074 | $ 9,744 | |
Available-for-sale Securities [Member] | |||||
Debt securities, by type | |||||
Debt Securities | 3,593 | 3,593 | 4,993 | ||
Trading Securities [Member] | |||||
Debt securities, by type | |||||
Debt Securities | 46 | 46 | 44 | ||
Cash and Cash Equivalents [Member] | Available-for-sale Securities [Member] | |||||
Debt securities, by type | |||||
Debt Securities | 155 | 155 | 0 | ||
Cash and Cash Equivalents [Member] | Trading Securities [Member] | |||||
Debt securities, by type | |||||
Debt Securities | 0 | 0 | 0 | ||
Marketable Securities [Member] | Available-for-sale Securities [Member] | |||||
Debt securities, by type | |||||
Debt Securities | 3,100 | 3,100 | 4,691 | ||
Marketable Securities [Member] | Trading Securities [Member] | |||||
Debt securities, by type | |||||
Debt Securities | 46 | 46 | 44 | ||
Other Assets | Available-for-sale Securities [Member] | |||||
Debt securities, by type | |||||
Debt Securities | 338 | 338 | 302 | ||
Other Assets | Trading Securities [Member] | |||||
Debt securities, by type | |||||
Debt Securities | $ 0 | $ 0 | $ 0 |
Investments (Details 5)
Investments (Details 5) - USD ($) $ in Millions | Sep. 27, 2019 | Dec. 31, 2018 |
Investments [Abstracts] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | $ 2,145 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 2,200 | |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Amortized Cost Basis | 1,038 | |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value | 1,102 | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis | 72 | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value | 85 | |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 190 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 206 | |
Available-for-sale Securities, Amortized Cost Basis | 3,445 | |
Debt Securities | 3,639 | $ 5,037 |
Available-for-sale Securities [Member] | ||
Investments [Abstracts] | ||
Debt Securities | 3,593 | 4,993 |
Debt securities, by type | ||
Solvency Funds of Insurance Captive | $ 1,197 | $ 1,056 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 27, 2019 | Dec. 31, 2018 |
Inventory balances | ||
Raw materials and packaging | $ 2,044 | $ 2,025 |
Finished goods | 881 | 773 |
Other | 341 | 273 |
Total inventories | $ 3,266 | $ 3,071 |
Hedging Transactions and Deri_3
Hedging Transactions and Derivative Financial Instruments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Maximum Length of Time Hedged in Cash Flow Hedge | 3 years | |||||
Gains (losses) on net investment hedges arising during the period | $ 489,000,000 | $ 59,000,000 | $ 486,000,000 | $ 353,000,000 | ||
Cash Flow Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (1,000,000) | 25,000,000 | (100,000,000) | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (62,000,000) | 59,000,000 | (165,000,000) | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 2,000,000 | 0 | |||
Fair Value Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | 6,000,000 | 3,000,000 | 10,000,000 | (7,000,000) | ||
Long-term Debt [Member] | Fair Value Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Amount of Hedged Item | 13,091 | 13,091 | $ 8,043 | |||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 710 | 710 | 62 | |||
Foreign currency contracts | Cash Flow Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Notional Amount | 7,833,000,000 | 7,833,000,000 | 3,175,000,000 | |||
Commodity contracts | Cash Flow Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Notional Amount | 2,000,000 | 2,000,000 | 9,000,000 | |||
Cross Currency Swap | Cash Flow Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Notional Amount | 3,028,000,000 | 3,028,000,000 | 3,028,000,000 | |||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Notional Amount | 12,655,000,000 | 12,655,000,000 | 8,023,000,000 | |||
Designated as Hedging Instrument [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, assets, fair value | 878,000,000 | 878,000,000 | 245,000,000 | |||
Derivative instruments, liabilities, fair value | 74,000,000 | 74,000,000 | 75,000,000 | |||
Designated as Hedging Instrument [Member] | Foreign currency contracts | Prepaid expenses and other assets | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, assets, fair value | 80,000,000 | 80,000,000 | 43,000,000 | |||
Designated as Hedging Instrument [Member] | Foreign currency contracts | Other Assets | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, assets, fair value | 103,000,000 | 103,000,000 | 114,000,000 | |||
Designated as Hedging Instrument [Member] | Foreign currency contracts | Accounts payable and accrued expenses | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, liabilities, fair value | 38,000,000 | 38,000,000 | 19,000,000 | |||
Designated as Hedging Instrument [Member] | Foreign currency contracts | Other Liabilities | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, liabilities, fair value | 36,000,000 | 36,000,000 | 15,000,000 | |||
Designated as Hedging Instrument [Member] | Commodity contracts | Accounts payable and accrued expenses | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, liabilities, fair value | 0 | 0 | 1,000,000 | |||
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Assets | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, assets, fair value | 695,000,000 | 695,000,000 | 88,000,000 | |||
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other Liabilities | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, liabilities, fair value | 0 | 0 | 40,000,000 | |||
Not Designated as Hedging Instrument [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | (55,000,000) | 67,000,000 | (27,000,000) | (25,000,000) | ||
Derivative instruments, assets, fair value | 65,000,000 | 65,000,000 | 70,000,000 | |||
Derivative instruments, liabilities, fair value | 101,000,000 | 101,000,000 | 160,000,000 | |||
Not Designated as Hedging Instrument [Member] | Foreign currency contracts | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Notional Amount | 4,655,000,000 | 4,655,000,000 | 10,939,000,000 | |||
Not Designated as Hedging Instrument [Member] | Foreign currency contracts | Prepaid expenses and other assets | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, assets, fair value | 52,000,000 | 52,000,000 | 61,000,000 | |||
Not Designated as Hedging Instrument [Member] | Foreign currency contracts | Accounts payable and accrued expenses | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, liabilities, fair value | 33,000,000 | 33,000,000 | 101,000,000 | |||
Not Designated as Hedging Instrument [Member] | Foreign currency contracts | Other Liabilities | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, liabilities, fair value | 4,000,000 | 4,000,000 | 0 | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Notional Amount | 552,000,000 | 552,000,000 | 373,000,000 | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Prepaid expenses and other assets | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, assets, fair value | 1,000,000 | 1,000,000 | 2,000,000 | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Accounts payable and accrued expenses | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, liabilities, fair value | 60,000,000 | 60,000,000 | 38,000,000 | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Other Liabilities | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, liabilities, fair value | 4,000,000 | 4,000,000 | 8,000,000 | |||
Not Designated as Hedging Instrument [Member] | Other derivative instruments | Prepaid expenses and other assets | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, assets, fair value | 10,000,000 | 10,000,000 | 7,000,000 | |||
Not Designated as Hedging Instrument [Member] | Other derivative instruments | Other Assets | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, assets, fair value | 2,000,000 | 2,000,000 | 0 | |||
Not Designated as Hedging Instrument [Member] | Other derivative instruments | Accounts payable and accrued expenses | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative instruments, liabilities, fair value | 0 | 0 | $ 13,000,000 | |||
Net operating revenues | Foreign currency contracts | Cash Flow Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 71,000,000 | 2,000,000 | 44,000,000 | 10,000,000 | ||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (5,000,000) | 43,000,000 | 2,000,000 | 97,000,000 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 1,000,000 | ||
Net operating revenues | Not Designated as Hedging Instrument [Member] | Foreign currency contracts | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | 15,000,000 | 8,000,000 | 2,000,000 | 34,000,000 | ||
Other Income (loss) - net | Fair Value Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | ||||
Other Income (loss) - net | Foreign currency contracts | Cash Flow Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (46,000,000) | 20,000,000 | (99,000,000) | 46,000,000 | ||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (46,000,000) | 23,000,000 | (139,000,000) | 3,000,000 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 2,000,000 | 0 | 4,000,000 | ||
Other Income (loss) - net | Foreign currency contracts | Fair Value Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | (6,000,000) | ||||
Other Income (loss) - net | Available-for-sale Securities [Member] | Fair Value Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 6,000,000 | ||||
Other Income (loss) - net | Not Designated as Hedging Instrument [Member] | Foreign currency contracts | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | (21,000,000) | 29,000,000 | (46,000,000) | (87,000,000) | ||
Other Income (loss) - net | Not Designated as Hedging Instrument [Member] | Other derivative instruments | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | 5,000,000 | 0 | 39,000,000 | 0 | ||
Income from Discontinued Operations [Member] | Commodity contracts | Cash Flow Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 91,000,000 | |||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 70,000,000 | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (11,000,000) | |||||
Cost of goods sold | Foreign currency contracts | Cash Flow Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 3,000,000 | 3,000,000 | 1,000,000 | 13,000,000 | ||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 2,000,000 | 4,000,000 | 9,000,000 | 5,000,000 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | (3,000,000) | ||
Cost of goods sold | Commodity contracts | Cash Flow Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 1,000,000 | 1,000,000 | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 0 | 0 | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | ||||
Cost of goods sold | Commodity [Member] | Cash Flow Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | |||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 0 | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (5,000,000) | |||||
Cost of goods sold | Not Designated as Hedging Instrument [Member] | Foreign currency contracts | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | 2,000,000 | 9,000,000 | 4,000,000 | 3,000,000 | ||
Cost of goods sold | Not Designated as Hedging Instrument [Member] | Commodity contracts | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | (60,000,000) | 3,000,000 | (58,000,000) | 15,000,000 | ||
Selling, general and administrative expenses | Not Designated as Hedging Instrument [Member] | Other derivative instruments | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | 4,000,000 | 18,000,000 | 32,000,000 | 11,000,000 | ||
Interest Expense [Member] | Fair Value Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | 6,000,000 | 3,000,000 | 10,000,000 | (7,000,000) | ||
Interest Expense [Member] | Foreign currency contracts | Cash Flow Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 0 | 0 | 0 | ||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (3,000,000) | (2,000,000) | (7,000,000) | (6,000,000) | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 | ||
Interest Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (30,000,000) | 0 | (47,000,000) | 22,000,000 | ||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (10,000,000) | (9,000,000) | (30,000,000) | (29,000,000) | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | (8,000,000) | |||
Interest Expense [Member] | Interest Rate Contract [Member] | Fair Value Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | 206,000,000 | (38,000,000) | 647,000,000 | (57,000,000) | ||
Interest Expense [Member] | Fixed-rate debt | Fair Value Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ (200,000,000) | $ 41,000,000 | (637,000,000) | 50,000,000 | ||
Interest Expense [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ (1,000,000) | ||||
Accounting Standards Update 2017-12 [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (12,000,000) | |||||
Accounting Standards Update 2017-12 [Member] | Long-term Debt [Member] | Fair Value Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 24,000,000 | |||||
Accounting Standards Update 2017-12 [Member] | Reinvested Earnings | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 6,000,000 | |||||
Accounting Standards Update 2017-12 [Member] | Reinvested Earnings | Fair Value Hedging [Member] | ||||||
Fair Value, Derivatives Designated and Not Designated as Hedges | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (18,000,000) |
Hedging Transactions and Deri_4
Hedging Transactions and Derivative Financial Instruments (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Gains and (losses) related to derivative instruments | ||||||
Gains (losses) on net investment hedges arising during the period | $ 489 | $ 59 | $ 486 | $ 353 | ||
Anticipated gains (losses) cash flows hedges, estimated reclassification to earnings during next twelve months | 16 | |||||
Cash Flow Hedging [Member] | ||||||
Gains and (losses) related to derivative instruments | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (1) | 25 | (100) | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (62) | 59 | (165) | |||
Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 2 | 0 | |||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||
Gains and (losses) related to derivative instruments | ||||||
Loss on Discontinuation of Interest Rate Swap Cash Flow Hedge | 8 | |||||
Cash Flow Hedging [Member] | Foreign currency contracts | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Notional Amount | 7,833 | 7,833 | $ 3,175 | |||
Cash Flow Hedging [Member] | Foreign currency contracts | Net operating revenues | ||||||
Gains and (losses) related to derivative instruments | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 71 | 2 | 44 | 10 | ||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (5) | 43 | 2 | 97 | ||
Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 | 1 | ||
Cash Flow Hedging [Member] | Foreign currency contracts | Cost of goods sold | ||||||
Gains and (losses) related to derivative instruments | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 3 | 3 | 1 | 13 | ||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 2 | 4 | 9 | 5 | ||
Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 | (3) | ||
Cash Flow Hedging [Member] | Foreign currency contracts | Interest Expense [Member] | ||||||
Gains and (losses) related to derivative instruments | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 0 | 0 | 0 | ||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (3) | (2) | (7) | (6) | ||
Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 | 0 | ||
Cash Flow Hedging [Member] | Foreign currency contracts | Other Income (loss) - net | ||||||
Gains and (losses) related to derivative instruments | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (46) | 20 | (99) | 46 | ||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (46) | 23 | (139) | 3 | ||
Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 2 | 0 | 4 | ||
Cash Flow Hedging [Member] | Currency Swap [Member] | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Notional Amount | 3,028 | 3,028 | 3,028 | |||
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | ||||||
Gains and (losses) related to derivative instruments | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (30) | 0 | (47) | 22 | ||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (10) | (9) | (30) | (29) | ||
Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | (8) | |||
Cash Flow Hedging [Member] | Commodity contracts | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Notional Amount | 2 | 2 | 9 | |||
Cash Flow Hedging [Member] | Commodity contracts | Cost of goods sold | ||||||
Gains and (losses) related to derivative instruments | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 1 | 1 | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 0 | 0 | ||||
Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | ||||
Cash Flow Hedging [Member] | Commodity contracts | Income from Discontinued Operations [Member] | ||||||
Gains and (losses) related to derivative instruments | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 91 | |||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 70 | |||||
Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | (11) | |||||
Cash Flow Hedging [Member] | Commodity [Member] | Cost of goods sold | ||||||
Gains and (losses) related to derivative instruments | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | |||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 0 | |||||
Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | (5) | |||||
Fair Value Hedges | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | 6 | 3 | 10 | (7) | ||
Fair Value Hedges | Interest Expense [Member] | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | 6 | 3 | 10 | (7) | ||
Fair Value Hedges | Other Income (loss) - net | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | ||||
Fair Value Hedges | Fixed-rate debt | Interest Expense [Member] | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | (200) | 41 | (637) | 50 | ||
Fair Value Hedges | Interest Rate Swap [Member] | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Notional Amount | 12,655 | 12,655 | 8,023 | |||
Fair Value Hedges | Foreign currency contracts | Other Income (loss) - net | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | (6) | ||||
Fair Value Hedges | Available-for-sale Securities [Member] | Other Income (loss) - net | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 6 | ||||
Fair Value Hedges | Interest Rate Contract [Member] | Interest Expense [Member] | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | 206 | (38) | 647 | (57) | ||
Net Investment Hedges | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Notional Amount | 12,359 | 12,359 | 12,494 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 59 | 353 | ||||
Net Investment Hedges | Foreign currency contracts | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Notional Amount | 325 | 325 | 0 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 13 | 6 | 42 | 6 | ||
Net Investment Hedges | Foreign currency denominated debt | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Notional Amount | 12,034 | 12,034 | 12,494 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 476 | 53 | 444 | 347 | ||
Not Designated as Hedging Instrument [Member] | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative Liability, Fair Value, Gross Liability | 101 | 101 | 160 | |||
Derivative, Gain (Loss) on Derivative, Net | (55) | 67 | (27) | (25) | ||
Not Designated as Hedging Instrument [Member] | Foreign currency contracts | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Notional Amount | 4,655 | 4,655 | 10,939 | |||
Not Designated as Hedging Instrument [Member] | Foreign currency contracts | Net operating revenues | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | 15 | 8 | 2 | 34 | ||
Not Designated as Hedging Instrument [Member] | Foreign currency contracts | Cost of goods sold | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | 2 | 9 | 4 | 3 | ||
Not Designated as Hedging Instrument [Member] | Foreign currency contracts | Other Income (loss) - net | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | (21) | 29 | (46) | (87) | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | 0 | (1) | ||||
Not Designated as Hedging Instrument [Member] | Commodity contracts | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Notional Amount | 552 | 552 | $ 373 | |||
Not Designated as Hedging Instrument [Member] | Commodity contracts | Cost of goods sold | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | (60) | 3 | (58) | 15 | ||
Not Designated as Hedging Instrument [Member] | Other derivative instruments | Other Income (loss) - net | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | 5 | 0 | 39 | 0 | ||
Not Designated as Hedging Instrument [Member] | Other derivative instruments | Selling, general and administrative expenses | ||||||
Gains and (losses) related to derivative instruments | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ 4 | $ 18 | $ 32 | $ 11 | ||
Accounting Standards Update 2017-12 [Member] | ||||||
Gains and (losses) related to derivative instruments | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (12) |
Debt and Borrowing Arrangemen_2
Debt and Borrowing Arrangements (Details) - 9 months ended Sep. 27, 2019 € in Millions, $ in Millions | USD ($) | EUR (€) |
Long-term debt | ||
Issuance of long term debt | $ 2,000 | € 3,500 |
Carrying Value of Long-Term Debt | $ 5,793 | |
Notes due in 2021 [Member] | ||
Long-term debt | ||
Issuance of long term debt | € | € 750 | |
Debt Instrument, Description of Variable Rate Basis | three month | three month |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.20% | |
Notes due on 2022 [Member] | ||
Long-term debt | ||
Issuance of long term debt | $ 1,000 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.125% | |
Notes due on 2026 [Member] | ||
Long-term debt | ||
Issuance of long term debt | $ 1,000 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.75% | |
Notes due on 2031 [Member] | ||
Long-term debt | ||
Issuance of long term debt | $ 750 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.25% | |
Notes due on 2024 [Member] | ||
Long-term debt | ||
Issuance of long term debt | $ 1,000 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.75% | |
Notes due on 2029 [Member] | ||
Long-term debt | ||
Issuance of long term debt | $ 1,000 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.125% | |
Total principal notes due May 30, 2019 [Domain] | ||
Long-term debt | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.375% | |
Amount of debt retired or extinguished | $ 1,000 | |
Total principal notes due March 8, 2019 [Domain] | ||
Long-term debt | ||
Amount of debt retired or extinguished | $ 1,500 | |
Debt Instrument, Description of Variable Rate Basis | three month | three month |
Debt Instrument, Basis Spread on Variable Rate | 0.25% | 0.25% |
Total principal notes due September 9, 2019 [Domain] | ||
Long-term debt | ||
Amount of debt retired or extinguished | $ 2,000 | |
Debt Instrument, Description of Variable Rate Basis | three month | three month |
Debt Instrument, Basis Spread on Variable Rate | 0.23% | 0.23% |
Leases Leases (Details)
Leases Leases (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 27, 2019USD ($) | Sep. 27, 2019USD ($) | |
Operating Lease, Right-of-Use Asset | $ 1,310 | $ 1,310 |
Operating Lease, Liability, Current | 253 | 253 |
Operating Lease, Liability, Noncurrent | 1,076 | 1,076 |
Operating Lease, Liability | 1,329 | 1,329 |
Operating Lease, Cost | $ 78 | 236 |
Operating Lease, Payments | 257 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 214 | |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 7 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.00% | 3.00% |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 72 | $ 72 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 272 | 272 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 236 | 236 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 201 | 201 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 163 | 163 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 521 | 521 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 136 | 136 |
Lessee, Operating Lease, Liability, Payments, Due | $ 1,465 | 1,465 |
Lessee, Operating Lease, Term of Contract, Low End of Range | 1 year | |
Lessee, Operating Lease, Term of Contract, High End of Range | 25 years | |
Accounting Standards Update 2016-02 [Member] | ||
Operating Lease, Liability | $ 1,329 | $ 1,329 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 29, 2018 | Oct. 02, 2015 | Sep. 27, 2019 | Dec. 31, 2018 | |
Tax Years 2007-2009 [Member] | ||||
IRS Claim | ||||
IRS Claim | $ 3,300 | |||
Transfer Pricing Adjustment | $ 385 | |||
IRS Amended Claim | 135 | |||
IRS Amended Claim Related to Mexico Licensee | $ 138 | |||
Guarantees of indebtedness owed by third parties | ||||
Guarantees | ||||
Guarantees of indebtedness owed by third parties | $ 595 | |||
VIEs maximum exposures to loss | 244 | |||
Risk Management Programs | ||||
Risk Management Programs | ||||
Self-insurance reserves | $ 308 | $ 362 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
Sep. 27, 2019 | Jun. 28, 2019 | Sep. 28, 2018 | Jun. 28, 2019 | Sep. 27, 2019 | Sep. 28, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | Jun. 29, 2018 | Dec. 31, 2017 | |
Comprehensive Income Disclosure | ||||||||||
Net Income (Loss) Attributable to Parent | $ 2,593 | $ 1,880 | $ 6,878 | $ 5,564 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (4) | (62) | 42 | (15) | ||||||
AOCI Attributable to the Shareowners of The Coca Cola Company | ||||||||||
Accumulated other comprehensive income (loss) | (13,706) | (12,070) | (13,706) | (12,070) | $ (12,814) | $ (10,305) | ||||
Consolidated net income | 2,589 | 1,818 | 6,920 | 5,549 | ||||||
Other comprehensive income: | ||||||||||
Net foreign currency translation adjustment | (960) | (210) | (679) | (1,635) | ||||||
Net gain (loss) on derivatives | 46 | (30) | 30 | 22 | ||||||
Net unrealized gain (loss) on available-for-sale securities | 46 | |||||||||
Net change in pension and other benefit liabilities | 32 | 56 | 100 | 372 | ||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 1,723 | $ 1,644 | $ 6,417 | $ 4,217 | ||||||
Common Stock Dividends, Shares | 0 | 0 | 0 | 0 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (7) | $ (6) | $ (27) | $ (19) | ||||||
Stock Issued During Period, Value, Acquisitions | 8 | 8 | 13 | |||||||
Purchases of treasury stock | (241) | (635) | (1,451) | |||||||
Impact related to stock compensation plans | 378 | 258 | 1,012 | 810 | ||||||
Dividends, Common Stock, Cash | (1,714) | (1,660) | (5,132) | (4,980) | ||||||
Foreign currency translation adjustments: | ||||||||||
Translation adjustment arising during the period | (256) | (446) | (141) | (1,431) | ||||||
Reclassification adjustments recognized in net income | 0 | 170 | 192 | 268 | ||||||
Gains (losses) on intra-entity transactions that are of a long-term-investment nature | (924) | (119) | (888) | (695) | ||||||
Gains (losses) on net investment hedges arising during the period | 489 | 59 | 486 | 353 | ||||||
Derivatives: | ||||||||||
Reclassification adjustments recognized in net income | 62 | 166 | ||||||||
Available-for-sale securities: | ||||||||||
Reclassification adjustments recognized in net income | (8) | (32) | ||||||||
Pension and other benefit liabilities: | ||||||||||
Reclassification adjustments recognized in net income | 37 | 111 | ||||||||
Recognized net actuarial loss | 39 | 116 | ||||||||
Recognized prior service cost (credit) | (2) | (5) | ||||||||
Foreign currency translation adjustments: | ||||||||||
Translation adjustment arising during the period | (6) | 19 | (77) | (66) | ||||||
Reclassification adjustments recognized in net income | $ 0 | 0 | $ 0 | 0 | 0 | |||||
Gains (losses) on intra-entity transactions that are of a long-term-investment nature | 0 | 0 | 0 | 0 | ||||||
Gains (losses) on net investment hedges arising during the period | (122) | (15) | (121) | (88) | ||||||
Derivatives: | ||||||||||
Reclassification adjustments recognized in net income | (15) | (41) | ||||||||
Available-for-sales securities: | ||||||||||
Reclassification adjustments recognized in net income | 2 | 7 | ||||||||
Pension and other benefit liabilities: | ||||||||||
Reclassification adjustments recognized in net income | (9) | (27) | ||||||||
Foreign currency translation adjustments: | ||||||||||
Translation adjustment arising during the period | (262) | (427) | (218) | (1,497) | ||||||
Reclassification adjustments recognized in net income | 0 | 170 | 192 | 268 | ||||||
Gains (losses) on intra-entity transactions that are of a long-term-investment nature | (924) | (119) | (888) | (695) | ||||||
Gains (losses) on net investments hedges arising during the period | 367 | 44 | 365 | 265 | ||||||
Derivatives: | ||||||||||
Reclassification adjustments recognized in net income | 47 | 125 | ||||||||
Available-for-sale securities: | ||||||||||
Net unrealized gain (loss) on available-for-sale securities | 16 | 10 | 46 | (91) | ||||||
Reclassification adjustments recognized in net income | (6) | (25) | ||||||||
Pension and other benefit liabilities: | ||||||||||
Reclassification adjustments recognized in net income | 28 | 84 | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | (18) | 2,605 | ||||||||
Divestitures, deconsolidations and other [Member] | Other income (loss) - net | ||||||||||
Foreign currency translation adjustments: | ||||||||||
Reclassification adjustments recognized in net income | 0 | 192 | ||||||||
Derivatives: | ||||||||||
Reclassification adjustments recognized in net income | 0 | 1 | ||||||||
Foreign currency contracts | Other income (loss) - net | ||||||||||
Derivatives: | ||||||||||
Reclassification adjustments recognized in net income | 46 | 139 | ||||||||
Foreign currency contracts | Net operating revenues | ||||||||||
Derivatives: | ||||||||||
Reclassification adjustments recognized in net income | 5 | (2) | ||||||||
Foreign currency and commodities contracts [Member] | Cost of goods sold | ||||||||||
Derivatives: | ||||||||||
Reclassification adjustments recognized in net income | (2) | (9) | ||||||||
Foreign currency and interest rate contracts | Interest Expense [Member] | ||||||||||
Derivatives: | ||||||||||
Reclassification adjustments recognized in net income | 13 | 37 | ||||||||
Sale of securities | Other income (loss) - net | ||||||||||
Available-for-sale securities: | ||||||||||
Reclassification adjustments recognized in net income | (8) | (32) | ||||||||
Shareowners of The Coca-Cola Company | ||||||||||
AOCI Attributable to the Shareowners of The Coca Cola Company | ||||||||||
Foreign currency translation adjustments | (11,803) | (11,803) | (11,045) | |||||||
Accumulated derivative net gains (losses) | (125) | (125) | (126) | |||||||
Unrealized net gains (losses) on available-for-sale securities | 103 | 103 | 50 | |||||||
Adjustments to pension and other benefits liabilities | (1,881) | (1,881) | (1,693) | |||||||
Accumulated other comprehensive income (loss) | (13,706) | (13,706) | $ (12,814) | |||||||
Other comprehensive income: | ||||||||||
Net foreign currency translation adjustment | (549) | |||||||||
Net gain (loss) on derivatives | 30 | |||||||||
Net unrealized gain (loss) on available-for-sale securities | 46 | |||||||||
Net change in pension and other benefit liabilities | 100 | |||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | 6,505 | |||||||||
Foreign currency translation adjustments: | ||||||||||
Net foreign currency translation adjustments | (691) | (336) | (351) | (1,505) | ||||||
Derivatives: | ||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (2) | 19 | (119) | 84 | ||||||
Reclassification adjustments recognized in net income | 62 | (58) | 166 | (56) | ||||||
Net gain (loss) on derivatives | 60 | (39) | 47 | 28 | ||||||
Available-for-sale securities: | ||||||||||
Unrealized gains (losses) arising during the period | 29 | (13) | 88 | (139) | ||||||
Reclassification adjustments recognized in net income | (8) | (3) | (32) | 2 | ||||||
Net change in unrealized gain (loss) on available-for-sale securities | 21 | (16) | 56 | (137) | ||||||
Pension and other benefit liabilities: | ||||||||||
Net pension and other benefits arising during the period | 4 | 7 | 11 | 278 | ||||||
Reclassification adjustments recognized in net income | 37 | 65 | 111 | 209 | ||||||
Net change in pension and other benefit liabilities | 41 | 72 | 122 | 487 | ||||||
Other Comprehensive Income (Loss) attributable to The Coca-Cola Company | (569) | (319) | (126) | (1,127) | ||||||
Foreign currency translation adjustments: | ||||||||||
Net foreign currency translation adjustments | (128) | 4 | (198) | (154) | ||||||
Derivatives: | ||||||||||
Gains (losses) arising during the period | 1 | (7) | 24 | (21) | ||||||
Reclassification adjustments recognized in net income | (15) | 16 | (41) | 15 | ||||||
Net gain (loss) on derivatives | (14) | 9 | (17) | (6) | ||||||
Available-for-sales securities: | ||||||||||
Unrealized gains (losses) arising during the period | (7) | 24 | (17) | 45 | ||||||
Reclassification adjustments recognized in net income | 2 | 2 | 7 | 1 | ||||||
Net change in unrealized gain (loss) on available-for-sale securities | (5) | 26 | (10) | 46 | ||||||
Pension and other benefit liabilities: | ||||||||||
Net pension and other benefits arising during the period | 0 | 0 | 5 | (62) | ||||||
Reclassification adjustments recognized in net income | (9) | (16) | (27) | (53) | ||||||
Net change in pension and other benefit liabilities | (9) | (16) | (22) | (115) | ||||||
Other comprehensive income (loss) attributable to The Coca-Cola Company | (156) | 23 | (247) | (229) | ||||||
Foreign currency translation adjustments: | ||||||||||
Net foreign currency translation adjustments | (819) | (332) | (549) | (1,659) | ||||||
Derivatives: | ||||||||||
Gains (losses) arising during the period | (1) | 12 | (95) | 63 | ||||||
Reclassification adjustments recognized in net income | 47 | (42) | 125 | (41) | ||||||
Net gain (loss) on derivatives | 46 | (30) | 30 | 22 | ||||||
Available-for-sale securities: | ||||||||||
Net unrealized gain (loss) on available-for-sale securities | 22 | 11 | 71 | (94) | ||||||
Reclassification adjustments recognized in net income | (6) | (1) | (25) | 3 | ||||||
Net change in unrealized gain (loss) on available-for-sale securities | 16 | 10 | 46 | (91) | ||||||
Pension and other benefit liabilities: | ||||||||||
Net pension and other benefits arising during the period | 4 | 7 | 16 | 216 | ||||||
Reclassification adjustments recognized in net income | 28 | 49 | 84 | 156 | ||||||
Net change in pension and other benefit liabilities | 32 | 56 | 100 | 372 | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (2) | 19 | (119) | 84 | ||||||
Other comprehensive income (loss) attributable to The Coca-Cola Company | (725) | (296) | (373) | (1,356) | ||||||
Noncontrolling Interests | ||||||||||
Other comprehensive income: | ||||||||||
Net foreign currency translation adjustment | (130) | |||||||||
Net gain (loss) on derivatives | 0 | |||||||||
Net unrealized gain (loss) on available-for-sale securities | 0 | |||||||||
Net change in pension and other benefit liabilities | 0 | |||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (145) | $ 60 | $ (88) | $ 9 | ||||||
Common Stock Dividends, Shares | 0 | 0 | 0 | 0 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (7) | $ (6) | $ (27) | $ (19) | ||||||
Stock Issued During Period, Value, Acquisitions | 8 | 8 | 13 | |||||||
Purchases of treasury stock | 0 | 0 | 0 | |||||||
Impact related to stock compensation plans | 0 | 0 | 0 | 0 | ||||||
Dividends, Common Stock, Cash | 0 | 0 | 0 | 0 | ||||||
Pension and other benefit liabilities: | ||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | 0 | 0 | ||||||||
AOCI Attributable to Parent [Member] | ||||||||||
Other comprehensive income: | ||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | (725) | (296) | (373) | (1,356) | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | 0 | 0 | 0 | ||||||
Stock Issued During Period, Value, Acquisitions | 0 | 0 | 0 | |||||||
Purchases of treasury stock | 0 | 0 | 0 | |||||||
Impact related to stock compensation plans | 0 | 0 | 0 | 0 | ||||||
Dividends, Common Stock, Cash | 0 | 0 | 0 | 0 | ||||||
Pension and other benefit liabilities: | ||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | (519) | (409) | ||||||||
Reinvested Earnings | ||||||||||
Other comprehensive income: | ||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | 2,593 | 1,880 | 6,878 | 5,564 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | 0 | 0 | 0 | ||||||
Stock Issued During Period, Value, Acquisitions | 0 | 0 | 0 | |||||||
Purchases of treasury stock | 0 | 0 | 0 | |||||||
Impact related to stock compensation plans | 0 | 0 | 0 | 0 | ||||||
Dividends, Common Stock, Cash | $ (1,714) | $ (1,660) | (5,132) | (4,980) | ||||||
Pension and other benefit liabilities: | ||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | $ 501 | $ 3,014 | ||||||||
Common Stock [Member] | ||||||||||
Comprehensive Income Disclosure | ||||||||||
Common Stock, Shares, Outstanding | 4,284 | 4,275 | 4,256 | 4,275 | 4,284 | 4,256 | 4,268 | 4,253 | 4,259 | |
Other comprehensive income: | ||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Stock Issued During Period, Shares, Acquisitions | 0 | 0 | 0 | |||||||
Stock Issued During Period, Value, Acquisitions | $ 0 | $ 0 | $ 0 | |||||||
Treasury Stock, Shares, Acquired | (6) | (14) | (33) | |||||||
Purchases of treasury stock | $ 0 | $ 0 | $ 0 | |||||||
Impact related to stock compensation plans, shares | 9 | 9 | 30 | 30 | ||||||
Impact related to stock compensation plans | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Dividends, Common Stock, Cash | 0 | 0 | $ 0 | $ 0 | ||||||
Pension and other benefit liabilities: | ||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Equity | 0 | 0 | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | $ 0 | $ 0 | ||||||||
Capital Surplus | ||||||||||
Other comprehensive income: | ||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | 0 | 0 | 0 | 0 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | 0 | 0 | 0 | ||||||
Stock Issued During Period, Value, Acquisitions | 0 | 0 | 0 | |||||||
Purchases of treasury stock | 0 | 0 | 0 | |||||||
Impact related to stock compensation plans | 206 | 149 | 519 | 402 | ||||||
Dividends, Common Stock, Cash | 0 | 0 | 0 | 0 | ||||||
Pension and other benefit liabilities: | ||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | 0 | 0 | ||||||||
Treasury Stock | ||||||||||
Other comprehensive income: | ||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | 0 | 0 | 0 | 0 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | 0 | 0 | 0 | ||||||
Stock Issued During Period, Value, Acquisitions | 0 | 0 | 0 | |||||||
Purchases of treasury stock | (241) | (635) | (1,451) | |||||||
Impact related to stock compensation plans | 172 | 109 | 493 | 408 | ||||||
Dividends, Common Stock, Cash | 0 | 0 | 0 | 0 | ||||||
Pension and other benefit liabilities: | ||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | 0 | 0 | ||||||||
Net Investment Hedging [Member] | ||||||||||
Derivatives: | ||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 59 | 353 | ||||||||
Pension and other benefit liabilities: | ||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 59 | 353 | ||||||||
Accounting Standards Update 2018-02 [Member] | ||||||||||
Comprehensive Income Disclosure | ||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 513 | |||||||||
Accounting Standards Update 2017-12 [Member] | ||||||||||
Comprehensive Income Disclosure | ||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (12) | |||||||||
Euro Denominated Debt [Domain] | Net Investment Hedging [Member] | ||||||||||
Derivatives: | ||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 476 | 53 | 444 | 347 | ||||||
Pension and other benefit liabilities: | ||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 476 | $ 53 | $ 444 | $ 347 | ||||||
Reinvested Earnings | Accounting Standards Update 2017-12 [Member] | ||||||||||
Comprehensive Income Disclosure | ||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 6 |
Changes in Equity (Details)
Changes in Equity (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | Jun. 28, 2019 | Dec. 31, 2018 | Jun. 29, 2018 | Dec. 31, 2017 | |
Changes in Equity | ||||||||
Reinvested earnings | $ 65,481 | $ 64,028 | $ 65,481 | $ 64,028 | $ 63,234 | $ 60,430 | ||
Accumulated other comprehensive income (loss) | $ (13,706) | $ (12,070) | $ (13,706) | $ (12,070) | $ (12,814) | $ (10,305) | ||
Changes in Equity | ||||||||
Common Stock Dividends, Shares | 0 | 0 | 0 | 0 | ||||
Other Activities, shares issued | 0 | 0 | ||||||
Noncontrolling Interest, Period Increase (Decrease) | $ 7 | $ 6 | ||||||
6/28/2019 | $ 20,295 | 20,176 | $ 19,058 | 18,977 | ||||
Comprehensive income (loss) | 1,723 | 1,644 | 6,417 | 4,217 | ||||
Dividends, Common Stock, Cash | (1,714) | (1,660) | (5,132) | (4,980) | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (7) | (6) | (27) | (19) | ||||
Purchases of treasury stock | (241) | (635) | (1,451) | |||||
Impact related to stock compensation plans | 378 | 258 | 1,012 | 810 | ||||
September 27, 2019 | 20,683 | 20,178 | 20,683 | 20,178 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | (18) | 2,605 | ||||||
Stock Issued During Period, Value, Acquisitions | 8 | 8 | 13 | |||||
Reinvested Earnings | ||||||||
Changes in Equity | ||||||||
Noncontrolling Interest, Period Increase (Decrease) | 0 | 0 | ||||||
6/28/2019 | 64,602 | 63,808 | ||||||
Comprehensive income (loss) | 2,593 | 1,880 | 6,878 | 5,564 | ||||
Dividends, Common Stock, Cash | (1,714) | (1,660) | (5,132) | (4,980) | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | 0 | 0 | 0 | ||||
Purchases of treasury stock | 0 | 0 | 0 | |||||
Impact related to stock compensation plans | 0 | $ 0 | 0 | 0 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | 501 | 3,014 | ||||||
Stock Issued During Period, Value, Acquisitions | $ 0 | $ 0 | $ 0 | |||||
AOCI Attributable to Parent [Member] | ||||||||
Changes in Equity | ||||||||
Other Activities, shares issued | 0 | 0 | 0 | 0 | ||||
Noncontrolling Interest, Period Increase (Decrease) | $ 0 | $ 0 | ||||||
6/28/2019 | $ (12,981) | (11,774) | ||||||
Comprehensive income (loss) | (725) | (296) | $ (373) | (1,356) | ||||
Dividends, Common Stock, Cash | 0 | 0 | 0 | 0 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | 0 | 0 | 0 | ||||
Purchases of treasury stock | 0 | 0 | 0 | |||||
Impact related to stock compensation plans | 0 | $ 0 | 0 | 0 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | (519) | (409) | ||||||
Stock Issued During Period, Value, Acquisitions | $ 0 | $ 0 | $ 0 | |||||
Common Stock [Member] | ||||||||
Changes in Equity | ||||||||
Common Stock, Shares, Outstanding | 4,284 | 4,256 | 4,284 | 4,256 | 4,275 | 4,268 | 4,253 | 4,259 |
Treasury Stock, Shares, Acquired | (6) | (14) | (33) | |||||
Noncontrolling Interest, Period Increase (Decrease) | $ 0 | $ 0 | ||||||
Impact related to stock compensation plans, shares | 9 | 9 | 30 | 30 | ||||
6/28/2019 | $ 1,760 | $ 1,760 | $ 1,760 | $ 1,760 | ||||
Comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Dividends, Common Stock, Cash | $ 0 | 0 | $ 0 | $ 0 | ||||
Stock Issued During Period, Shares, Acquisitions | 0 | 0 | 0 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 0 | 0 | $ 0 | $ 0 | ||||
Purchases of treasury stock | 0 | 0 | 0 | |||||
Impact related to stock compensation plans | 0 | 0 | 0 | 0 | ||||
September 27, 2019 | 1,760 | 1,760 | $ 1,760 | $ 1,760 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Equity | 0 | 0 | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | $ 0 | $ 0 | ||||||
Stock Issued During Period, Value, Acquisitions | 0 | 0 | 0 | |||||
Capital Surplus | ||||||||
Changes in Equity | ||||||||
Noncontrolling Interest, Period Increase (Decrease) | 0 | 0 | ||||||
6/28/2019 | 16,833 | 16,117 | 16,520 | 15,864 | ||||
Comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Dividends, Common Stock, Cash | 0 | 0 | 0 | 0 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | 0 | 0 | 0 | ||||
Purchases of treasury stock | 0 | 0 | 0 | |||||
Impact related to stock compensation plans | 206 | 149 | 519 | 402 | ||||
September 27, 2019 | 17,039 | 16,266 | 17,039 | 16,266 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | 0 | 0 | ||||||
Stock Issued During Period, Value, Acquisitions | 0 | 0 | 0 | |||||
Treasury Stock | ||||||||
Changes in Equity | ||||||||
Noncontrolling Interest, Period Increase (Decrease) | 0 | 0 | ||||||
6/28/2019 | (52,033) | (51,588) | (51,719) | (50,677) | ||||
Comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Dividends, Common Stock, Cash | 0 | 0 | 0 | 0 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | 0 | 0 | 0 | ||||
Purchases of treasury stock | (241) | (635) | (1,451) | |||||
Impact related to stock compensation plans | 172 | 109 | 493 | 408 | ||||
September 27, 2019 | (51,861) | $ (51,720) | (51,861) | (51,720) | ||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | 0 | 0 | ||||||
Stock Issued During Period, Value, Acquisitions | $ 0 | $ 0 | $ 0 | |||||
Noncontrolling Interests | ||||||||
Changes in Equity | ||||||||
Common Stock Dividends, Shares | 0 | 0 | 0 | 0 | ||||
Noncontrolling Interest, Period Increase (Decrease) | $ 7 | $ 6 | ||||||
6/28/2019 | $ 2,114 | 1,853 | $ 2,077 | 1,905 | ||||
Comprehensive income (loss) | (145) | 60 | (88) | 9 | ||||
Dividends, Common Stock, Cash | 0 | 0 | 0 | 0 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (7) | (6) | (27) | (19) | ||||
Purchases of treasury stock | 0 | 0 | 0 | |||||
Impact related to stock compensation plans | 0 | 0 | 0 | 0 | ||||
September 27, 2019 | 1,970 | $ 1,914 | 1,970 | 1,914 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Value, Effect of Change on Equity | 0 | 0 | ||||||
Stock Issued During Period, Value, Acquisitions | $ 8 | $ 8 | $ 13 |
Significant Operating and Non_2
Significant Operating and Nonoperating Items (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | |
Significant Operating and Nonoperating Line Items | ||||
Effective tax rate (as a percent) | 16.30% | 23.40% | 17.30% | 23.60% |
Income taxes | $ 503 | $ 555 | $ 1,446 | $ 1,711 |
Other Operating Charges | ||||
Productivity, integration and restructuring initiatives | 61 | 107 | 184 | 313 |
Tax litigation expense | 4 | |||
Other operating charges | 125 | 155 | 344 | 916 |
Change to Plan of Sale Asset Adjustment | 0 | 160 | ||
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees | 39 | (19) | 107 | 65 |
Proceeds from Sale of Buildings | 739 | 739 | ||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | 35 | 121 | ||
Equity Income (Loss) - Net | ||||
Net realized and unrealized gains (losses) on equity securities and trading debt securities as well as realized gains (losses) on available-for-sale debt securities | 38 | 64 | 197 | 15 |
Other Income (Loss) - Net | ||||
Equity Method Investment, Other than Temporary Impairment | 767 | 257 | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | 0 | 0 | 0 | |
Gain (Loss) on Hedging Activity | 41 | 41 | ||
Tangible Asset Impairment Charges | 0 | 0 | 0 | 312 |
Equity Securities, FV-NI, Gain (Loss) | 29 | 62 | 163 | 21 |
Asia Pacific [Member] | ||||
Other Operating Charges | ||||
Impairment of Intangible Assets (Excluding Goodwill) | 42 | 42 | ||
Bottling investments [Member] | ||||
Other Operating Charges | ||||
Productivity, integration and restructuring initiatives | 10 | 3 | 32 | |
Costs incurred to refranchise of certain bottler interests | 38 | 117 | ||
Asset Impairment Charges | 450 | |||
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees | 39 | (21) | 105 | 78 |
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | 47 | |||
Other Income (Loss) - Net | ||||
Benefit (charge) due to refranchising of territories or deconsolidation of bottlers | (103) | (275) | (107) | (379) |
Equity Method Investment, Other than Temporary Impairment | 205 | 205 | ||
EMEA [Member] | ||||
Other Operating Charges | ||||
Productivity, integration and restructuring initiatives | 1 | 2 | ||
Other Income (Loss) - Net | ||||
Equity Method Investment, Other than Temporary Impairment | 255 | 255 | ||
North America [Member] | ||||
Other Operating Charges | ||||
Productivity, integration and restructuring initiatives | 12 | 39 | 42 | 138 |
Other Income (Loss) - Net | ||||
Cost incurred to convert bottling agreement | 12 | 4 | 33 | |
Corporate | ||||
Other Operating Charges | ||||
Productivity, integration and restructuring initiatives | 48 | 65 | 137 | 144 |
Tax litigation expense | 4 | 31 | ||
Change to Plan of Sale Asset Adjustment | 160 | |||
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees | 2 | 2 | (13) | |
Proceeds from Sale of Buildings | 739 | 739 | ||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | 35 | 74 | ||
Other Income (Loss) - Net | ||||
Benefit (charge) due to refranchising of territories or deconsolidation of bottlers | 11 | 47 | ||
Cost incurred to convert bottling agreement | 12 | 4 | 33 | |
Latin America [Member] | ||||
Other Operating Charges | ||||
Productivity, integration and restructuring initiatives | 2 | |||
Other Income (Loss) - Net | ||||
Equity Method Investment, Other than Temporary Impairment | 375 | 49 | 52 | |
Productivity and Reinvestment [Member] | ||||
Other Operating Charges | ||||
Productivity, integration and restructuring initiatives | 61 | 184 | ||
North America Territory [Member] | ||||
Other Income (Loss) - Net | ||||
Benefit (charge) due to refranchising of territories or deconsolidation of bottlers | 19 | 10 | 15 | (94) |
North America Territory [Member] | Bottling investments [Member] | ||||
Other Operating Charges | ||||
Costs incurred to refranchise of certain bottler interests | 21 | 38 | 61 | 117 |
Other Income (Loss) - Net | ||||
Benefit (charge) due to refranchising of territories or deconsolidation of bottlers | (275) | |||
Andina [Member] | Corporate | ||||
Other Operating Charges | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 39 | |||
Costa [Member] | Corporate | ||||
Other Operating Charges | ||||
Other operating charges | 46 | |||
Coca-Cola Bottlers Japan Holdings [Member] | ||||
Other Income (Loss) - Net | ||||
Equity Method Investment, Other than Temporary Impairment | 120 | 406 | ||
Coca-Cola Bottlers Japan Holdings [Member] | Bottling investments [Member] | ||||
Other Income (Loss) - Net | ||||
Equity Method Investment, Other than Temporary Impairment | 120 | 406 | ||
CHI [Member] | Corporate | ||||
Other Income (Loss) - Net | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | 121 | |||
CCBA [Domain] | ||||
Other Operating Charges | ||||
Asset Impairment Charges | 554 | 554 | ||
CCBA [Domain] | Corporate | ||||
Other Operating Charges | ||||
Asset Impairment Charges | 554 | 554 | ||
Change to Plan of Sale Asset Adjustment | 160 | |||
Russian juice operations [Member] | Bottling investments [Member] | ||||
Equity Income (Loss) - Net | ||||
Loss due to reversal of cumulative translation adjustment | 33 | |||
Lindley [Member] | ||||
Other Operating Charges | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 370 | 370 | ||
Lindley [Member] | Corporate | ||||
Other Operating Charges | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 370 | 370 | ||
North America Territory [Member] | ||||
Other Income (Loss) - Net | ||||
Equity Method Investment, Other than Temporary Impairment | 57 | |||
North America Territory [Member] | North America [Member] | ||||
Other Income (Loss) - Net | ||||
Equity Method Investment, Other than Temporary Impairment | 57 | |||
Not Designated as Hedging Instrument [Member] | ||||
Equity Income (Loss) - Net | ||||
Derivative, Gain (Loss) on Derivative, Net | (55) | 67 | (27) | (25) |
Other Income (loss) - net | Other Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Equity Income (Loss) - Net | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 5 | $ 0 | $ 39 | $ 0 |
Productivity, Integration and_3
Productivity, Integration and Restructuring Initiatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | |
Productivity, Integration and Restructuring Initiatives Disclosures | ||||
Cost incurred | $ 61 | $ 107 | $ 184 | $ 313 |
Productivity and Reinvestment [Member] | ||||
Productivity, Integration and Restructuring Initiatives Disclosures | ||||
Accrued Balance, Beginning Balance | 65 | 90 | ||
Cost incurred | 61 | 184 | ||
Payments | (62) | (194) | ||
Noncash and exchange | (6) | (22) | ||
Accrued Balance, Ending Balance | 58 | 58 | ||
Restructuring and related costs incurred to date | 3,750 | 3,750 | ||
Productivity and Reinvestment [Member] | Severance pay and benefits | ||||
Productivity, Integration and Restructuring Initiatives Disclosures | ||||
Accrued Balance, Beginning Balance | 49 | 76 | ||
Cost incurred | 6 | 18 | ||
Payments | (10) | (50) | ||
Noncash and exchange | 0 | 1 | ||
Accrued Balance, Ending Balance | 45 | 45 | ||
Productivity and Reinvestment [Member] | Outside Services [Member] | ||||
Productivity, Integration and Restructuring Initiatives Disclosures | ||||
Accrued Balance, Beginning Balance | 8 | 10 | ||
Cost incurred | 23 | 73 | ||
Payments | (26) | (78) | ||
Noncash and exchange | 0 | 0 | ||
Accrued Balance, Ending Balance | 5 | 5 | ||
Productivity and Reinvestment [Member] | Other direct costs [Member] | ||||
Productivity, Integration and Restructuring Initiatives Disclosures | ||||
Accrued Balance, Beginning Balance | 8 | 4 | ||
Cost incurred | 32 | 93 | ||
Payments | (26) | (66) | ||
Noncash and exchange | (6) | (23) | ||
Accrued Balance, Ending Balance | $ 8 | $ 8 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | |
Net periodic pension and other Postretirement benefit cost | ||||
Contributions to pension plan | $ 29 | $ 98 | ||
Pension Benefits | ||||
Net periodic pension and other Postretirement benefit cost | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (2) | $ 21 | $ (7) | 53 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.70% | |||
Service cost | 26 | 30 | $ 78 | 93 |
Interest cost | 73 | 75 | 218 | 221 |
Expected return on plan assets | (138) | (160) | (414) | (490) |
Amortization of prior service cost (credit) | (1) | (1) | (3) | 3 |
Amortization of net actuarial loss | 38 | 29 | 114 | 92 |
Defined Benefit Plan Net Periodic Benefit Cost Excluding Settlement Curtailment and Special Termination Benefits | (2) | (27) | (7) | (81) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 5 | 0 | 5 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 35 | 0 | 121 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 0 | 8 | 0 | 8 |
Other Benefits | ||||
Net periodic pension and other Postretirement benefit cost | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 6 | 3 | $ 17 | 8 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.60% | |||
Service cost | 2 | 3 | $ 7 | 8 |
Interest cost | 7 | 6 | 20 | 18 |
Expected return on plan assets | (3) | (3) | (10) | (10) |
Amortization of prior service cost (credit) | (1) | (4) | (2) | (11) |
Amortization of net actuarial loss | 1 | 1 | 2 | 3 |
Defined Benefit Plan Net Periodic Benefit Cost Excluding Settlement Curtailment and Special Termination Benefits | 6 | 3 | 17 | 8 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | |
Income Tax Contingency [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ 2,593 | $ 1,880 | $ 6,878 | $ 5,564 |
U.S. statutory rate (as a percent) | 21.00% | 21.00% | 21.00% | 21.00% |
Other Tax Expense (Benefit) | $ (199) | |||
Income tax expense | $ 503 | $ 555 | $ 1,446 | $ 1,711 |
Effective tax rate (as a percent) | 16.30% | 23.40% | 17.30% | 23.60% |
Tax expense (benefit) associated with significant operating and nonoperating items for the interim periods presented | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (213) | $ (125) | $ (245) | $ 9 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | Dec. 31, 2018 | |
Assets and liabilities measured at fair value on a recurring basis | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | $ 0 | $ 0 | $ 0 | ||
Equity Method Investment, Other than Temporary Impairment | $ 767 | 257 | |||
Debt Securities | 3,639 | 3,639 | $ 5,037 | ||
Derivative, Collateral, Obligation to Return Cash | 430 | 430 | 96 | ||
Derivative, Collateral, Right to Reclaim Cash | 4 | 4 | 4 | ||
Tangible Asset Impairment Charges | 0 | 0 | 0 | $ 312 | |
Goodwill and Intangible Asset Impairment | 42 | $ 0 | 42 | ||
Level 1 | |||||
Assets and liabilities measured at fair value on a recurring basis | |||||
Debt Securities, Trading, and Equity Securities, FV-NI | 1,815 | 1,815 | 1,681 | ||
Debt Securities | 0 | 0 | 0 | ||
Derivatives, assets | 6 | 6 | 2 | ||
Total assets | 1,821 | 1,821 | 1,683 | ||
Derivatives, liabilities | 38 | 38 | 14 | ||
Total liabilities | 38 | 38 | 14 | ||
Level 2 | |||||
Assets and liabilities measured at fair value on a recurring basis | |||||
Debt Securities, Trading, and Equity Securities, FV-NI | 210 | 210 | 186 | ||
Debt Securities | 3,620 | 3,620 | 5,018 | ||
Derivatives, assets | 937 | 937 | 313 | ||
Total assets | 4,767 | 4,767 | 5,517 | ||
Derivatives, liabilities | 137 | 137 | 221 | ||
Total liabilities | 137 | 137 | 221 | ||
Level 3 | |||||
Assets and liabilities measured at fair value on a recurring basis | |||||
Debt Securities, Trading, and Equity Securities, FV-NI | 11 | 11 | 6 | ||
Available-for-sale Securities Fair Value | 19 | ||||
Debt Securities | 19 | 19 | |||
Derivatives, assets | 0 | 0 | 0 | ||
Total assets | 30 | 30 | 25 | ||
Derivatives, liabilities | 0 | 0 | 0 | ||
Total liabilities | 0 | 0 | 0 | ||
Other [Member] | |||||
Assets and liabilities measured at fair value on a recurring basis | |||||
Debt Securities, Trading, and Equity Securities, FV-NI | 59 | 59 | 61 | ||
Available-for-sale Securities Fair Value | 0 | ||||
Debt Securities | 0 | 0 | |||
Derivatives, assets | 0 | 0 | 0 | ||
Total assets | 59 | 59 | 61 | ||
Derivatives, liabilities | 0 | 0 | 0 | ||
Total liabilities | 0 | 0 | 0 | ||
Netting Adjustment | |||||
Assets and liabilities measured at fair value on a recurring basis | |||||
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 | 0 | ||
Available-for-sale Securities Fair Value | 0 | ||||
Debt Securities | 0 | 0 | |||
Derivatives, assets | (537) | (537) | (261) | ||
Total assets | (537) | (537) | (261) | ||
Derivatives, liabilities | (147) | (147) | (182) | ||
Total liabilities | (147) | (147) | (182) | ||
Fair Value Measurements | |||||
Assets and liabilities measured at fair value on a recurring basis | |||||
Debt Securities, Trading, and Equity Securities, FV-NI | 2,095 | 2,095 | 1,934 | ||
Available-for-sale Securities Fair Value | 5,037 | ||||
Debt Securities | 3,639 | 3,639 | |||
Derivatives, assets | 406 | 406 | 54 | ||
Total assets | 6,140 | 6,140 | 7,025 | ||
Derivatives, liabilities | 28 | 28 | 53 | ||
Total liabilities | 28 | 28 | 53 | ||
Other Assets | Fair Value Measurements | |||||
Assets and liabilities measured at fair value on a recurring basis | |||||
Derivatives, assets | 406 | 406 | 54 | ||
Other Current Liabilities [Member] | Fair Value Measurements | |||||
Assets and liabilities measured at fair value on a recurring basis | |||||
Derivatives, liabilities | 3 | ||||
Other Liabilities | Fair Value Measurements | |||||
Assets and liabilities measured at fair value on a recurring basis | |||||
Derivatives, liabilities | $ 28 | 28 | $ 50 | ||
North America Territory [Member] | |||||
Assets and liabilities measured at fair value on a recurring basis | |||||
Equity Method Investment, Other than Temporary Impairment | 57 | ||||
North America Territory [Member] | North America [Member] | |||||
Assets and liabilities measured at fair value on a recurring basis | |||||
Equity Method Investment, Other than Temporary Impairment | $ 57 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | Dec. 31, 2018 | |
Nonrecurring fair value measurements | |||||
Tangible Asset Impairment Charges | $ 0 | $ 0 | $ 0 | $ 312 | |
Equity Method Investment, Other than Temporary Impairment | 767 | 257 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | 0 | 0 | 0 | ||
Change to Plan of Sale Asset Adjustment | 0 | 160 | |||
Goodwill and Intangible Asset Impairment | 42 | 0 | 42 | ||
Nonrecurring loss (gain) fair value measurement | 417 | 759 | 1,090 | 1,261 | |
EMEA [Member] | |||||
Nonrecurring fair value measurements | |||||
Equity Method Investment, Other than Temporary Impairment | 255 | 255 | |||
Bottling investments [Member] | |||||
Nonrecurring fair value measurements | |||||
Asset Impairment Charges | 450 | ||||
Equity Method Investment, Other than Temporary Impairment | 205 | 205 | |||
Latin America [Member] | |||||
Nonrecurring fair value measurements | |||||
Equity Method Investment, Other than Temporary Impairment | 375 | 49 | 52 | ||
Corporate | |||||
Nonrecurring fair value measurements | |||||
Change to Plan of Sale Asset Adjustment | 160 | ||||
North America Territory [Member] | |||||
Nonrecurring fair value measurements | |||||
Equity Method Investment, Other than Temporary Impairment | 57 | ||||
Coca-Cola Bottlers Japan Holdings [Member] | |||||
Nonrecurring fair value measurements | |||||
Equity Method Investment, Other than Temporary Impairment | 120 | 406 | |||
Coca-Cola Bottlers Japan Holdings [Member] | Bottling investments [Member] | |||||
Nonrecurring fair value measurements | |||||
Equity Method Investment, Other than Temporary Impairment | 120 | 406 | |||
CCBA [Domain] | |||||
Nonrecurring fair value measurements | |||||
Asset Impairment Charges | 554 | 554 | |||
CCBA [Domain] | Corporate | |||||
Nonrecurring fair value measurements | |||||
Asset Impairment Charges | 554 | 554 | |||
Change to Plan of Sale Asset Adjustment | 160 | ||||
CHI [Member] | Corporate | |||||
Nonrecurring fair value measurements | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | 121 | ||||
North America Territory [Member] | |||||
Nonrecurring fair value measurements | |||||
Goodwill and Intangible Asset Impairment | 138 | ||||
Property, Plant and Equipment [Member] | CCBA [Domain] | |||||
Nonrecurring fair value measurements | |||||
Asset Impairment Charges | 225 | 225 | |||
Change to Plan of Sale Asset Adjustment | 34 | ||||
Finite-Lived Intangible Assets [Member] | CCBA [Domain] | |||||
Nonrecurring fair value measurements | |||||
Asset Impairment Charges | $ 329 | $ 329 | |||
Change to Plan of Sale Asset Adjustment | 126 | ||||
Cash Flow Hedging [Member] | Foreign currency contracts | |||||
Nonrecurring fair value measurements | |||||
Derivative, Notional Amount | $ 7,833 | $ 7,833 | $ 3,175 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details 3) - USD ($) $ in Millions | Sep. 27, 2019 | Dec. 31, 2018 |
Other fair value disclosures | ||
Long-term debt, including the current portion, carrying amount | $ 31,504 | $ 30,379 |
Long-term debt, including the current portion, fair value | $ 32,436 | $ 30,456 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2019 | Sep. 28, 2018 | Sep. 27, 2019 | Sep. 28, 2018 | Dec. 31, 2018 | |
Net operating revenues: | |||||
Third Party | $ 9,507 | $ 8,775 | $ 28,198 | $ 26,494 | |
Intersegment | 0 | 0 | 0 | 0 | |
Revenues | 9,507 | 8,775 | 28,198 | 26,494 | |
Operating Income (Loss) | 2,499 | 2,614 | 7,922 | 7,327 | |
Income (loss) before income taxes | 3,092 | 2,373 | 8,366 | 7,260 | |
Identifiable operating assets | 67,866 | 64,922 | 67,866 | 64,922 | $ 62,937 |
Noncurrent investments | 19,567 | 21,955 | 19,567 | 21,955 | 20,279 |
Productivity, integration and restructuring initiatives | 61 | 107 | 184 | 313 | |
Proceeds from Sale of Buildings | 739 | 739 | |||
Other operating charges | 125 | 155 | 344 | 916 | |
Tax litigation expense | 4 | ||||
Net realized and unrealized gains (losses) on equity securities and trading debt securities as well as realized gains (losses) on available-for-sale debt securities | 38 | 64 | 197 | 15 | |
Change to Plan of Sale Asset Adjustment | 0 | 160 | |||
Equity Method Investment, Other than Temporary Impairment | 767 | 257 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | 0 | 0 | 0 | ||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | 35 | 121 | |||
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees | 39 | (19) | 107 | 65 | |
EMEA [Member] | |||||
Net operating revenues: | |||||
Third Party | 1,672 | 1,702 | 5,110 | 5,123 | |
Intersegment | 156 | 124 | 420 | 397 | |
Revenues | 1,828 | 1,826 | 5,530 | 5,520 | |
Operating Income (Loss) | 886 | 933 | 2,902 | 2,940 | |
Income (loss) before income taxes | 651 | 943 | 2,701 | 2,984 | |
Identifiable operating assets | 8,363 | 7,884 | 8,363 | 7,884 | 7,414 |
Noncurrent investments | 483 | 1,158 | 483 | 1,158 | 789 |
Productivity, integration and restructuring initiatives | 1 | 2 | |||
Restructuring Reserve, Accrual Adjustment | (4) | (2) | |||
Equity Method Investment, Other than Temporary Impairment | 255 | 255 | |||
Latin America [Member] | |||||
Net operating revenues: | |||||
Third Party | 1,045 | 1,001 | 2,944 | 2,990 | |
Intersegment | 0 | 1 | 0 | 39 | |
Revenues | 1,045 | 1,002 | 2,944 | 3,029 | |
Operating Income (Loss) | 603 | 640 | 1,687 | 1,804 | |
Income (loss) before income taxes | 605 | 636 | 1,636 | 1,742 | |
Identifiable operating assets | 1,895 | 1,685 | 1,895 | 1,685 | 1,715 |
Noncurrent investments | 719 | 760 | 719 | 760 | 784 |
Productivity, integration and restructuring initiatives | 2 | ||||
Restructuring Reserve, Accrual Adjustment | (1) | ||||
Equity Method Investment, Other than Temporary Impairment | 375 | 49 | 52 | ||
North America [Member] | |||||
Net operating revenues: | |||||
Third Party | 3,137 | 2,972 | 8,976 | 8,580 | |
Intersegment | 1 | 119 | 7 | 243 | |
Revenues | 3,138 | 3,091 | 8,983 | 8,823 | |
Operating Income (Loss) | 641 | 663 | 1,938 | 1,814 | |
Income (loss) before income taxes | 658 | 662 | 1,924 | 1,822 | |
Identifiable operating assets | 17,895 | 17,693 | 17,895 | 17,693 | 17,519 |
Noncurrent investments | 365 | 404 | 365 | 404 | 400 |
Productivity, integration and restructuring initiatives | 12 | 39 | 42 | 138 | |
Cost incurred to convert bottling agreement | 12 | 4 | 33 | ||
Asia Pacific [Member] | |||||
Net operating revenues: | |||||
Third Party | 1,319 | 1,348 | 3,729 | 3,853 | |
Intersegment | 143 | 72 | 460 | 296 | |
Revenues | 1,462 | 1,420 | 4,189 | 4,149 | |
Operating Income (Loss) | 594 | 614 | 1,867 | 1,879 | |
Income (loss) before income taxes | 603 | 628 | 1,891 | 1,909 | |
Identifiable operating assets | 2,118 | 2,254 | 2,118 | 2,254 | 1,996 |
Noncurrent investments | 223 | 220 | 223 | 220 | 216 |
Restructuring Reserve, Accrual Adjustment | (2) | (1) | |||
Impairment of Intangible Assets (Excluding Goodwill) | 42 | 42 | |||
Global Ventures [Member] | |||||
Net operating revenues: | |||||
Third Party | 629 | 183 | 1,847 | 586 | |
Intersegment | 0 | 0 | 2 | 2 | |
Revenues | 629 | 183 | 1,849 | 588 | |
Operating Income (Loss) | 77 | 44 | 216 | 110 | |
Income (loss) before income taxes | 80 | 47 | 223 | 119 | |
Identifiable operating assets | 6,935 | 969 | 6,935 | 969 | 968 |
Noncurrent investments | 14 | 0 | 14 | 0 | 0 |
Bottling investments [Member] | |||||
Net operating revenues: | |||||
Third Party | 1,681 | 1,552 | 5,513 | 5,277 | |
Intersegment | 3 | 13 | 7 | 17 | |
Revenues | 1,684 | 1,565 | 5,520 | 5,294 | |
Operating Income (Loss) | 7 | 24 | 226 | (318) | |
Income (loss) before income taxes | 55 | (152) | 348 | (274) | |
Identifiable operating assets | 10,456 | 8,647 | 10,456 | 8,647 | 10,525 |
Noncurrent investments | 13,892 | 15,703 | 13,892 | 15,703 | 14,372 |
Productivity, integration and restructuring initiatives | 10 | 3 | 32 | ||
Costs incurred to refranchise of certain bottler interests | 38 | 117 | |||
Asset Impairment Charges | 450 | ||||
Benefit (charge) due to refranchising of territories or deconsolidation of bottlers | (103) | (275) | (107) | (379) | |
Equity Method Investment, Other than Temporary Impairment | 205 | 205 | |||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | 47 | ||||
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees | 39 | (21) | 105 | 78 | |
Corporate | |||||
Net operating revenues: | |||||
Third Party | 24 | 17 | 79 | 85 | |
Intersegment | 0 | 0 | 0 | 0 | |
Revenues | 24 | 17 | 79 | 85 | |
Operating Income (Loss) | (309) | (304) | (914) | (902) | |
Income (loss) before income taxes | 440 | (391) | (357) | (1,042) | |
Identifiable operating assets | 20,204 | 25,790 | 20,204 | 25,790 | 22,800 |
Noncurrent investments | 3,871 | 3,710 | 3,871 | 3,710 | 3,718 |
Productivity, integration and restructuring initiatives | 48 | 65 | 137 | 144 | |
Proceeds from Sale of Buildings | 739 | 739 | |||
Tax litigation expense | 4 | 31 | |||
Change to Plan of Sale Asset Adjustment | 160 | ||||
Benefit (charge) due to refranchising of territories or deconsolidation of bottlers | 11 | 47 | |||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | 35 | 74 | |||
Our proportionate share of unusual or infrequent items charge/(gain) recorded by equity method investees | 2 | 2 | (13) | ||
Cost incurred to convert bottling agreement | 12 | 4 | 33 | ||
Gain (Loss) on Extinguishment of Debt | 27 | 27 | |||
Intersegment Eliminations [Member] | |||||
Net operating revenues: | |||||
Third Party | 0 | 0 | 0 | 0 | |
Intersegment | (303) | (329) | (896) | (994) | |
Revenues | (303) | (329) | (896) | (994) | |
Operating Income (Loss) | 0 | 0 | 0 | 0 | |
Income (loss) before income taxes | 0 | 0 | 0 | 0 | |
Identifiable operating assets | 0 | 0 | 0 | 0 | 0 |
Noncurrent investments | 0 | 0 | 0 | 0 | $ 0 |
North America Territory [Member] | |||||
Net operating revenues: | |||||
Benefit (charge) due to refranchising of territories or deconsolidation of bottlers | 19 | 10 | 15 | (94) | |
North America Territory [Member] | Bottling investments [Member] | |||||
Net operating revenues: | |||||
Costs incurred to refranchise of certain bottler interests | 21 | 38 | 61 | 117 | |
Benefit (charge) due to refranchising of territories or deconsolidation of bottlers | (275) | ||||
Coca-Cola Bottlers Japan Holdings [Member] | |||||
Net operating revenues: | |||||
Equity Method Investment, Other than Temporary Impairment | 120 | 406 | |||
Coca-Cola Bottlers Japan Holdings [Member] | Bottling investments [Member] | |||||
Net operating revenues: | |||||
Equity Method Investment, Other than Temporary Impairment | $ 120 | 406 | |||
CCBA [Domain] | |||||
Net operating revenues: | |||||
Asset Impairment Charges | 554 | 554 | |||
CCBA [Domain] | Corporate | |||||
Net operating revenues: | |||||
Asset Impairment Charges | 554 | 554 | |||
Change to Plan of Sale Asset Adjustment | 160 | ||||
Costa [Member] | Corporate | |||||
Net operating revenues: | |||||
Other operating charges | 46 | ||||
CHI [Member] | Corporate | |||||
Net operating revenues: | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | 121 | ||||
Andina [Member] | Corporate | |||||
Net operating revenues: | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 39 | ||||
Russian juice operations [Member] | Bottling investments [Member] | |||||
Net operating revenues: | |||||
Loss due to reversal of cumulative translation adjustment | 33 | ||||
Lindley [Member] | |||||
Net operating revenues: | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 370 | 370 | |||
Lindley [Member] | Corporate | |||||
Net operating revenues: | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 370 | $ 370 | |||
North America Territory [Member] | |||||
Net operating revenues: | |||||
Equity Method Investment, Other than Temporary Impairment | 57 | ||||
North America Territory [Member] | North America [Member] | |||||
Net operating revenues: | |||||
Equity Method Investment, Other than Temporary Impairment | $ 57 |