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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
February 13, 2024

Corporate_Mark_Primary_Logo_Black.jpg
COCA COLA CO
(Exact name of Registrant as specified in its charter)
Delaware001-0221758-0628465
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
One Coca-Cola Plaza
Atlanta,Georgia30313
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (404) 676-2121

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))










Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.25 Par ValueKONew York Stock Exchange
0.500% Notes Due 2024KO24New York Stock Exchange
1.875% Notes Due 2026KO26New York Stock Exchange
0.750% Notes Due 2026KO26CNew York Stock Exchange
1.125% Notes Due 2027KO27New York Stock Exchange
0.125% Notes Due 2029KO29ANew York Stock Exchange
0.125% Notes Due 2029KO29BNew York Stock Exchange
0.400% Notes Due 2030KO30BNew York Stock Exchange
1.250% Notes Due 2031KO31New York Stock Exchange
0.375% Notes Due 2033KO33New York Stock Exchange
0.500% Notes Due 2033KO33ANew York Stock Exchange
1.625% Notes Due 2035KO35New York Stock Exchange
1.100% Notes Due 2036KO36New York Stock Exchange
0.950% Notes Due 2036KO36ANew York Stock Exchange
0.800% Notes Due 2040KO40BNew York Stock Exchange
1.000% Notes Due 2041KO41New York Stock Exchange
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.



Item 2.02.     Results of Operations and Financial Condition.
Attached as Exhibit 99.1 is a copy of a press release of The Coca-Cola Company (“Company”), dated February 13, 2024, reporting the Company’s financial results for the fourth quarter and full year 2023. The information in this Item 2.02, including the Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01(d).    Financial Statements and Exhibits.

EXHIBIT INDEX
Exhibit No.
Description
Exhibit 104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the iXBRL document).







SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

THE COCA-COLA COMPANY
(REGISTRANT)
Date: February 13, 2024
By:/s/ MARK RANDAZZA
Mark Randazza
Senior Vice President, Assistant Controller and Chief Accounting Officer

Exhibit 99.1
releaselogo.jpg
Coca-Cola Reports Fourth Quarter and Full-Year 2023 Results

Global Unit Case Volume Grew 2% for the Quarter and 2% for the Full Year

Net Revenues Grew 7% for the Quarter and 6% for the Full Year;
Organic Revenues (Non-GAAP) Grew 12% for the Quarter and 12% for the Full Year

Operating Income Grew 10% for the Quarter and 4% for the Full Year;
Comparable Currency Neutral Operating Income (Non-GAAP) Grew 20% for the Quarter and
16% for the Full Year

Fourth Quarter EPS Declined 2% to $0.46; Comparable EPS (Non-GAAP) Grew 10% to $0.49;
Full Year EPS Grew 13% to $2.47; Comparable EPS (Non-GAAP) Grew 8% to $2.69

Cash Flow from Operations Was $11.6 Billion for the Full Year, Up 5%;
Full-Year Free Cash Flow (Non-GAAP) Was $9.7 Billion for the Full Year, Up 2%

Company Provides 2024 Financial Outlook

ATLANTA, Feb. 13, 2024 – The Coca-Cola Company today reported fourth quarter and full-year 2023 results. “During the year, our people and partners rose to meet new challenges, allowing us to excel globally and deliver in a dynamic world,” said James Quincey, Chairman and CEO of The Coca-Cola Company. “As we begin a new year, we’re confident that our all-weather strategy, powerful portfolio and harmonized system will continue to create value for our stakeholders in 2024 and for the long term.”
Highlights
Quarterly / Full-Year Performance
Revenues: For the quarter, net revenues grew 7% to $10.8 billion, and organic revenues (non-GAAP) grew 12%, driven by 9% growth in price/mix and 3% growth in concentrate sales. The quarter included one additional day, which resulted in a 1-point tailwind to revenue growth. For the full year, net revenues grew 6% to $45.8 billion, and organic revenues (non-GAAP) grew 12%, driven by 10% growth in price/mix and 2% growth in concentrate sales. For both the quarter and the full year, organic revenue (non-GAAP) performance was strong across all operating segments.
Operating margin: For the quarter, operating margin was 21.0% versus 20.5% in the prior year, while comparable operating margin (non-GAAP) was 23.1% versus 22.7% in the prior year. For the full year, operating margin was 24.7% versus 25.4% in the prior year, while comparable operating margin (non-GAAP) was 29.1% versus 28.7% in the prior year. Operating margin performance included items impacting comparability and currency headwinds. For
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both the quarter and full year, comparable operating margin (non-GAAP) expansion was primarily driven by strong topline growth, partially offset by an increase in marketing investments versus the prior year, as well as currency headwinds.
Earnings per share: For the quarter, EPS declined 2% to $0.46, while comparable EPS (non-GAAP) grew 10% to $0.49. EPS performance included the impact of a 14-point currency headwind, while comparable EPS (non-GAAP) performance included the impact of a 13-point currency headwind. For the full year, EPS grew 13% to $2.47, and comparable EPS (non-GAAP) grew 8% to $2.69. EPS performance included the impact of an 8-point currency headwind, while comparable EPS (non-GAAP) performance included the impact of a 7-point currency headwind.
Market share: For both the quarter and the full year, the company gained value share in total nonalcoholic ready-to-drink (NARTD) beverages.
Cash flow: Cash flow from operations was $11.6 billion for the full year, an increase of $581 million versus the prior year, driven by strong business performance and working capital initiatives, partially offset by a transition tax payment and currency headwinds. Free cash flow (non-GAAP) was $9.7 billion for the full year, an increase of $213 million versus the prior year.
Company Updates
Connecting with consumers through experiences and digital engagement: The company continues to leverage its marketing transformation to build globally scaled marketing platforms tailored to local consumers. In the fourth quarter, “The World Needs More Santas” campaign was executed in over 80 markets, continuing the company’s rich history of celebrating the holidays. The company leveraged the success of its first AI-based platform, “Create Real Magic”, by inviting consumers to create sharable, digital greeting cards featuring iconic brand assets such as cherished depictions of Santa Claus and the Coca-Cola polar bear. Local initiatives generated buzz and excitement, such as the Coca-Cola Caravan Truck Tour, which travelled throughout nearly 60 countries around the world making over a thousand stops and meeting over 16 million consumers to share in the magic. In total, the holiday campaign experiences garnered approximately 9 billion impressions on social media. By combining the company’s global scale with local relevancy, the holiday activation contributed to Trademark Coca-Cola® volume and value share gains as well as unit case volume and transactions growth for both the quarter and for the full year.
Building a system that is increasingly positioned for sustainable long-term growth: Since the start of 2023, the company completed the refranchising of company-owned bottling operations in Vietnam to a subsidiary of Swire Pacific Limited (Swire), completed the sale of its stake in the bottler in Pakistan to Coca-Cola İçecek and completed the sale of its stake in the bottler in Indonesia to Coca-Cola Europacific Partners (CCEP). More recently, the company completed the refranchising of a portion of its company-owned bottling operations in India to existing franchise bottlers and received regulatory approval to sell its bottling operations in the Philippines to CCEP and Aboitiz Equity Ventures, which is expected to close towards the end of February 2024. Additionally, the company recently completed the sale of its stake in the largest bottler in Thailand to Swire and existing shareholders of the bottler. Our franchise business model has enabled the company to develop a strong global footprint with a local touch in markets around the world. The company continuously works to optimize the system with trusted, capable and motivated bottling partners allowing it to focus on building and growing consumer-loved brands.
Delivering on our purpose by empowering people to drive growth: The company’s strategy is centered around people, starting with the employees who are critical in bringing this strategy to life. In November, the company was ranked #1 on the 2023 American Opportunity Index, which assessed how effectively companies enable employees to progress in their careers in the United States. Around the world, the company provides thousands of jobs and is invested in the long-term success of its employees. Over the year, the company enhanced its learning and related
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technologies, making strides towards nurturing a more innovative and informed workforce. The company’s 2023 Culture & Engagement Survey results underscore the strong levels of employee pride and growth opportunities with a strong number of respondents saying they are proud to work at The Coca-Cola Company and see good opportunities to learn and grow in their roles.
Operating Review Three Months Ended December 31, 2023
Revenues and Volume
Percent Change
Concentrate Sales1
Price/MixCurrency ImpactAcquisitions, Divestitures and Structural Changes, NetReported Net Revenues
Organic Revenues2
Unit Case Volume3
Consolidated39(4)(1)7122
Europe, Middle East & Africa224(14)011251
Latin America1014(8)016234
North America(3)80055(1)
Asia Pacific310(5)(1)7132
Global Ventures4
3340105(1)
Bottling Investments77(4)(8)214(1)
Operating Income and EPS
Percent ChangeReported Operating IncomeItems Impacting ComparabilityCurrency Impact
Comparable Currency Neutral Operating Income2
Consolidated100(11)20
Europe, Middle East & Africa301(22)50
Latin America10(1)(13)24
North America191405
Asia Pacific6(9)(4)18
Global Ventures42619411221
Bottling Investments38(19)(9)66
Percent ChangeReported EPSItems Impacting ComparabilityCurrency Impact
Comparable Currency Neutral EPS2
Consolidated(2)(13)(13)23

Note: Certain rows may not add due to rounding.
1 For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any.
2 Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.
3 Unit case volume is computed based on average daily sales.
4 Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and price/mix may fluctuate materially from period to period. Therefore, the company places greater focus on revenue growth as the best indicator     of underlying performance of the Global Ventures operating segment.
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Operating Review – Year Ended December 31, 2023
Revenues and Volume
Percent Change
Concentrate Sales1
Price/MixCurrency ImpactAcquisitions, Divestitures and Structural Changes, NetReported Net Revenues
Organic Revenues2
Unit Case Volume
Consolidated210(4)(1)6122
Europe, Middle East & Africa019(12)0719(2)
Latin America616(3)019225
North America(1)80077(1)
Asia Pacific05(5)1053
Global Ventures3
5200874
Bottling Investments68(7)(8)014(1)
Operating Income and EPS
Percent ChangeReported Operating IncomeItems Impacting ComparabilityCurrency Impact
Comparable Currency Neutral Operating Income2
Consolidated4(4)(7)16
Europe, Middle East & Africa61(15)21
Latin America200(5)24
North America184015
Asia Pacific(11)0(6)(5)
Global Ventures782374
Bottling Investments194(6)21
Percent ChangeReported EPSItems Impacting ComparabilityCurrency Impact
Comparable Currency Neutral EPS2
Consolidated134(7)15

Note: Certain rows may not add due to rounding.
1 For Bottling Investments, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes, if any.
2 Organic revenues, comparable currency neutral operating income and comparable currency neutral EPS are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section.
3 Due to the combination of multiple business models in the Global Ventures operating segment, the composition of concentrate sales and     price/mix may fluctuate materially from period to period. Therefore, the company places greater focus on revenue growth as the best indicator     of underlying performance of the Global Ventures operating segment.
In addition to the data in the preceding tables, operating results included the following:        
Consolidated
Unit case volume grew 2% for the quarter. Developed markets were even as growth in Mexico and Germany was offset by declines in the United States and Chile. Developing and emerging markets grew 4%, driven by growth in Brazil and India. For the full year, unit case volume grew 2%. Developed markets grew 1%, driven by growth in Mexico and Germany. Developing and emerging markets grew 2%, driven by growth in India and Brazil, partially offset by the suspension of business in Russia in 2022.
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Unit case volume performance included the following:
Sparkling soft drinks grew 2% for both the quarter and the full year, primarily driven by growth in Latin America and Asia Pacific. Trademark Coca-Cola® grew 2% for both the quarter and the full year, primarily driven by growth in Latin America and Asia Pacific. Coca-Cola Zero Sugar grew 4% for the quarter and 5% for the full year, driven by growth in Latin America and North America. Sparkling flavors grew 1% for both the quarter and the full year, primarily driven by growth in Asia Pacific.
Juice, value-added dairy and plant-based beverages grew 6% for the quarter and 2% for the full year. This performance benefited from growth in Minute Maid® Pulpy in China, Mazoe® in Africa and fairlife® in the United States.
Water, sports, coffee and tea was even for the quarter and grew 1% for the full year. Water grew 1% for the quarter and 2% for the full year, primarily driven by growth in Latin America. Sports drinks declined 1% for the quarter and were even for the year. Full year performance was benefited by growth in Powerade® in Latin America, offset by a decline in BODYARMOR®. Coffee declined 7% for the quarter and grew 3% for the year. Full year performance was benefited by strong performance of Costa® coffee in the United Kingdom and China. Tea was even for the quarter and declined 1% for the full year, as growth in Latin America and Europe, Middle East and Africa was more than offset by declines in North America and doğadan® in Türkiye.
Price/mix grew 9% for the quarter and 10% for the full year, primarily driven by pricing actions in the marketplace, including the continued impact of hyperinflationary markets, and favorable mix. For the quarter, concentrate sales were 1 point ahead of unit case volume, primarily due to one additional day.
Operating income grew 10% for the quarter and 4% for the full year, which included items impacting comparability and currency headwinds. Comparable currency neutral operating income (non-GAAP) grew 20% for the quarter and 16% for the year. For both the quarter and the full year, performance was driven by organic revenue (non-GAAP) growth across all operating segments, partially offset by an increase in marketing investments.
Europe, Middle East & Africa
Unit case volume grew 1% for the quarter, driven by growth in water, sports, coffee and tea as well as juice, value-added dairy and plant-based beverages. Growth was led by Germany and Nigeria.
Price/mix grew 24% for the quarter, approximately one-third of which was driven by the continued impact of pricing in hyperinflationary markets and the remaining driven primarily by pricing actions across operating units. For the quarter, concentrate sales were 1 point ahead of unit case volume, primarily due to one additional day.
Operating income grew 30% for the quarter, which included a 22-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew 50% for the quarter, primarily driven by organic revenue (non-GAAP) growth across all operating units.
For the year, the company gained value share in total NARTD beverages, led by share gains in Türkiye, Nigeria and Germany.
Latin America
Unit case volume grew 4% for the quarter, driven by growth in Trademark Coca-Cola and water, sports, coffee and tea. Growth was led by Brazil and Mexico.
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Price/mix grew 14% for the quarter, primarily driven by the continued impact of inflationary pricing in Argentina and pricing actions, partially offset by incremental investments in the marketplace. For the quarter, concentrate sales were 6 points ahead of unit case volume, primarily due to one additional day and the timing of concentrate shipments.
Operating income grew 10% for the quarter, which included a 15-point currency headwind and items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 24% for the quarter, primarily driven by strong organic revenue (non-GAAP) growth, partially offset by an increase in marketing investments.
For the year, the company gained value share in total NARTD beverages, led by share gains in Brazil, Colombia and Mexico.
North America
Unit case volume declined 1% for the quarter, as growth in juice, value-added dairy and plant-based beverages and Trademark Coca-Cola was more than offset by a decline in water, sports, coffee and tea.
Price/mix grew 8% for the quarter, primarily driven by pricing actions already in the marketplace, timing related adjustments and favorable category mix. For the quarter, concentrate sales were 2 points behind unit case volume, primarily due to the timing of concentrate shipments, partially offset by one additional day.
Operating income grew 19% for the quarter, which included items impacting comparability. Comparable currency neutral operating income (non-GAAP) grew 5% for the quarter, primarily driven by organic revenue (non-GAAP) growth.
For the year, the company gained value share in total NARTD beverages, driven by sparkling soft drinks and value-added dairy beverages.
Asia Pacific
Unit case volume grew 2% for the quarter, primarily driven by growth in juice, value-added dairy and plant-based beverages and sparkling flavors. Growth was led by India and China.
Price/mix grew 10% for the quarter, primarily driven by pricing actions in the marketplace and favorable category mix. For the quarter, concentrate sales were 1 point ahead of unit case volume, primarily due to one additional day.
Operating income grew 6% for the quarter, which included items impacting comparability and a 13-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew 18% for the quarter, driven by organic revenue (non-GAAP) growth across all operating units and lower operating costs, partially offset by an increase in marketing investments.
For the year, the company gained value share in total NARTD beverages, led by share gains in India, the Philippines, South Korea and Japan.
Global Ventures
Net revenues grew 10%, and organic revenues (non-GAAP) grew 5% for the quarter, primarily driven by the strong performance of Costa® coffee in the United Kingdom and China.
Operating income and comparable currency neutral operating income (non-GAAP) both had robust growth for the quarter, driven by organic revenue (non-GAAP) growth and lower costs.
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Bottling Investments
Unit case volume declined 1% for the quarter, as growth in India and the Philippines was more than offset by the impact of refranchising bottling operations.
Price/mix grew 7% for the quarter, driven by pricing actions across most markets.
Operating income grew 38% for the quarter, which included items impacting comparability and an 8-point currency headwind. Comparable currency neutral operating income (non-GAAP) grew 66% for the quarter, driven by organic revenue (non-GAAP) growth, partially offset by higher operating costs.
Capital Allocation Update
Reinvesting in the business: The company continued to invest in its various lines of business and spent
$1.9 billion on capital expenditures in 2023, an increase of 25% versus the prior year.
Continuing to grow the dividend: The company paid dividends totaling $8.0 billion during 2023. The company has increased its dividend in each of the last 61 years.
M&A initiatives: In 2023, the company did not make any significant acquisitions. The company continues to evaluate inorganic growth opportunities through brands and capabilities. In 2023, with respect to divestitures, the company made progress towards refranchising company-owned bottling operations.
Share repurchases: In 2023, the company issued $0.5 billion of shares in connection with the exercise of stock options by employees and purchased $2.3 billion of shares. Consequently, net share repurchases (non-GAAP) were $1.7 billion. The company’s remaining share repurchase authorization is approximately $6 billion.
Outlook
The 2024 outlook information provided below includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company is not able to reconcile full-year 2024 projected organic revenues (non-GAAP) to full-year 2024 projected reported net revenues, full-year 2024 projected comparable net revenues (non-GAAP) to full-year 2024 projected reported net revenues, full-year 2024 projected underlying effective tax rate (non-GAAP) to full-year 2024 projected reported effective tax rate, full-year 2024 projected comparable currency neutral EPS (non-GAAP) to full-year 2024 projected reported EPS, or full-year 2024 projected comparable EPS (non-GAAP) to full-year 2024 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact timing and exact impact of acquisitions, divestitures and structural changes throughout 2024; the exact timing and exact amount of items impacting comparability throughout 2024; and the exact impact of fluctuations in foreign currency exchange rates throughout 2024. The unavailable information could have a significant impact on the company’s full-year 2024 reported financial results.
Full Year 2024
The company expects to deliver organic revenue (non-GAAP) growth of 6% to 7%.
For comparable net revenues (non-GAAP), the company expects a 2% to 3% currency headwind based on the current rates and including the impact of hedged positions, in addition to a 4% to 5% headwind from acquisitions, divestitures and structural changes.
The company’s underlying effective tax rate (non-GAAP) is estimated to be 19.2%. This does not include the impact of ongoing tax litigation with the IRS, if the company were not to prevail.
Given the above considerations, the company expects to deliver comparable currency neutral EPS (non-GAAP) growth of 8% to 10% and comparable EPS (non-GAAP) growth of 4% to 5%, versus $2.69 in 2023.
Comparable EPS (non-GAAP) percentage growth is expected to include a 4% to 5% currency headwind based on the current rates and including the impact of hedged positions, in addition to an approximate 2% headwind from acquisitions, divestitures and structural changes.
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The company expects to generate free cash flow (non-GAAP) of approximately $9.2 billion through cash flow from operations of approximately $11.4 billion, less capital expenditures of approximately $2.2 billion. This does not include any potential payments related to ongoing tax litigation with the IRS.
First Quarter 2024 Considerations
Comparable net revenues (non-GAAP) are expected to include an approximate 4% currency headwind based on the current rates and including the impact of hedged positions, in addition to an approximate 2% headwind from acquisitions, divestitures and structural changes.
Comparable EPS (non-GAAP) percentage growth is expected to include an approximate 8% currency headwind based on the current rates and including the impact of hedged positions, in addition to an approximate 1% headwind from acquisitions, divestitures and structural changes.
The first quarter has one less day compared to the first quarter of 2023.
Notes
All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period, unless otherwise noted.
All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales in the fourth quarter, unless otherwise noted, and are computed on a reported basis for the full year. “Unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings), with the exception of unit case equivalents for Costa non-ready-to-drink beverage products which are primarily measured in number of transactions. “Unit case volume” means the number of unit cases (or unit case equivalents) of company beverages directly or indirectly sold by the company and its bottling partners to customers or consumers.
“Concentrate sales” represents the amount of concentrates, syrups, beverage bases, source waters and powders/minerals (in all instances expressed in unit case equivalents) sold by, or used in finished beverages sold by, the company to its bottling partners or other customers. For Costa non-ready-to-drink beverage products, “concentrate sales” represents the amount of beverages, primarily measured in number of transactions (in all instances expressed in unit case equivalents) sold by the company to customers or consumers. In the reconciliation of reported net revenues, “concentrate sales” represents the percent change in net revenues attributable to the increase (decrease) in concentrate sales volume for the geographic operating segments and the Global Ventures operating segment after considering the impact of structural changes, if any. For the Bottling Investments operating segment for the fourth quarter, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes, if any. For the Bottling Investments operating segment for the full year, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes, if any. The Bottling Investments operating segment reflects unit case volume growth for consolidated bottlers only.
“Price/mix” represents the change in net operating revenues caused by factors such as price changes, the mix of products and packages sold, and the mix of channels and geographic territories where the sales occurred.
First quarter 2023 financial results were impacted by one less day as compared to first quarter 2022, and fourth quarter 2023 financial results were impacted by one additional day as compared to fourth quarter 2022. Unit case volume results for the quarters are not impacted by the variances in days due to the average daily sales computation referenced above.
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Conference Call
The company is hosting a conference call with investors and analysts to discuss fourth quarter and full-year 2023 operating results today, Feb. 13, 2024, at 8:30 a.m. ET. The company invites participants to listen to a live webcast of the conference call on the company’s website, http://www.coca-colacompany.com, in the “Investors” section. An audio replay in downloadable digital format and a transcript of the call will be available on the website within 24 hours following the call. Further, the “Investors” section of the website includes certain supplemental information and a reconciliation of non-GAAP financial measures to the company’s results as reported under GAAP, which may be used during the call when discussing financial results.

Contacts:            
Investors and Analysts: Robin Halpern, koinvestorrelations@coca-cola.com    
Media: Scott Leith, sleith@coca-cola.com
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THE COCA-COLA COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(In millions except per share data)
Three Months Ended
December 31,
2023
December 31,
2022
% Change
Net Operating Revenues$10,849 $10,125 
Cost of goods sold4,634 4,513 
Gross Profit6,215 5,612 11 
Selling, general and administrative expenses3,799 3,431 11 
Other operating charges143 106 34 
Operating Income2,273 2,075 10 
Interest income267 143 87 
Interest expense413 304 36 
Equity income (loss) — net361 339 
Other income (loss) — net(6)247 — 
Income Before Income Taxes2,482 2,500 (1)
Income taxes 496 444 12 
Consolidated Net Income1,986 2,056 (3)
Less: Net income (loss) attributable to noncontrolling interests13 25 (46)
Net Income Attributable to Shareowners of The Coca-Cola Company$1,973 $2,031 (3)
Basic Net Income Per Share1
$0.46 $0.47 (3)
Diluted Net Income Per Share1
$0.46 $0.47 (2)
Average Shares Outstanding4,317 4,326 
Effect of dilutive securities13 21 (36)
Average Shares Outstanding Assuming Dilution4,330 4,347 
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.
10


THE COCA-COLA COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(In millions except per share data)
Year Ended
December 31,
2023
December 31,
2022
% Change
Net Operating Revenues$45,754 $43,004 
Cost of goods sold18,520 18,000 
Gross Profit27,234 25,004 
Selling, general and administrative expenses13,972 12,880 
Other operating charges1,951 1,215 60 
Operating Income11,311 10,909 
Interest income907 449 102 
Interest expense1,527 882 73 
Equity income (loss) — net1,691 1,472 15 
Other income (loss) — net570 (262)— 
Income Before Income Taxes12,952 11,686 11 
Income taxes 2,249 2,115 
Consolidated Net Income10,703 9,571 12 
Less: Net income (loss) attributable to noncontrolling interests(11)29 — 
Net Income Attributable to Shareowners of The Coca-Cola Company$10,714 $9,542 12 
Basic Net Income Per Share1
$2.48 $2.20 12 
Diluted Net Income Per Share1
$2.47 $2.19 13 
Average Shares Outstanding4,323 4,328 
Effect of dilutive securities16 22 (29)
Average Shares Outstanding Assuming Dilution4,339 4,350 
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.
11


THE COCA-COLA COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(In millions except par value)
December 31,
2023
December 31,
2022
ASSETS
Current Assets
Cash and cash equivalents$9,366 $9,519 
Short-term investments2,997 1,043 
Total Cash, Cash Equivalents and Short-Term Investments12,363 10,562 
Marketable securities1,300 1,069 
Trade accounts receivable, less allowances of $502 and $516, respectively3,410 3,487 
Inventories4,424 4,233 
Prepaid expenses and other current assets5,235 3,240 
Total Current Assets26,732 22,591 
Equity method investments19,671 18,264 
Other investments118 501 
Other noncurrent assets7,162 6,189 
Deferred income tax assets1,561 1,746 
Property, plant and equipment — net9,236 9,841 
Trademarks with indefinite lives14,349 14,214 
Goodwill18,358 18,782 
Other intangible assets516 635 
Total Assets$97,703 $92,763 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses$15,485 $15,749 
Loans and notes payable4,557 2,373 
Current maturities of long-term debt1,960 399 
Accrued income taxes1,569 1,203 
Total Current Liabilities23,571 19,724 
Long-term debt35,547 36,377 
Other noncurrent liabilities8,466 7,922 
Deferred income tax liabilities2,639 2,914 
The Coca-Cola Company Shareowners’ Equity
Common stock, $0.25 par value; authorized — 11,200 shares; issued — 7,040 shares1,760 1,760 
Capital surplus19,209 18,822 
Reinvested earnings73,782 71,019 
Accumulated other comprehensive income (loss)(14,275)(14,895)
Treasury stock, at cost — 2,732 and 2,712 shares, respectively(54,535)(52,601)
Equity Attributable to Shareowners of The Coca-Cola Company25,941 24,105 
Equity attributable to noncontrolling interests1,539 1,721 
Total Equity27,480 25,826 
Total Liabilities and Equity$97,703 $92,763 
12


THE COCA-COLA COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In millions)
Year Ended
December 31,
2023
December 31,
2022
Operating Activities
Consolidated net income$10,703 $9,571 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization1,128 1,260 
Stock-based compensation expense254 356 
Deferred income taxes(2)(122)
Equity (income) loss — net of dividends(1,019)(838)
Foreign currency adjustments175 203 
Significant (gains) losses — net(492)(129)
Other operating charges1,741 1,086 
Other items(43)236 
Net change in operating assets and liabilities(846)(605)
Net Cash Provided by Operating Activities11,599 11,018 
Investing Activities  
Purchases of investments(6,698)(3,751)
Proceeds from disposals of investments4,354 4,771 
Acquisitions of businesses, equity method investments and nonmarketable securities(62)(73)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities
430 458 
Purchases of property, plant and equipment(1,852)(1,484)
Proceeds from disposals of property, plant and equipment74 75 
Collateral (paid) received associated with hedging activities — net366 (1,465)
Other investing activities39 706 
Net Cash Provided by (Used in) Investing Activities(3,349)(763)
Financing Activities 
Issuances of loans, notes payable and long-term debt6,891 3,972 
Payments of loans, notes payable and long-term debt(5,034)(4,930)
Issuances of stock539 837 
Purchases of stock for treasury(2,289)(1,418)
Dividends(7,952)(7,616)
Other financing activities(465)(1,095)
Net Cash Provided by (Used in) Financing Activities(8,310)(10,250)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted
   Cash Equivalents
(73)(205)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
   during the year
(133)(200)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year9,825 10,025 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year9,692 9,825 
Less: Restricted cash and restricted cash equivalents at end of year326 306 
Cash and Cash Equivalents at End of Year$9,366 $9,519 
13


THE COCA-COLA COMPANY AND SUBSIDIARIES
Operating Segments and Corporate
(In millions)
Three Months Ended
Net Operating Revenues1
Operating Income (Loss)Income (Loss) Before Income Taxes
December 31,
2023
December 31,
2022
% Fav. / (Unfav.)December 31,
2023
December 31,
2022
% Fav. / (Unfav.)December 31,
2023
December 31,
2022
% Fav. / (Unfav.)
Europe, Middle East & Africa$1,690 $1,519 11 $798 $614 30 $812 $626 30 
Latin America1,492 1,289 16 797 724 10 759 727 
North America4,040 3,853 910 764 19 887 766 16 
Asia Pacific1,115 1,041 313 297 316 295 
Global Ventures813 740 10 119 23 426 119 23 424 
Bottling Investments2,013 1,982 185 135 38 467 431 
Corporate31 17 92 (849)(482)(76)(878)(368)(139)
Eliminations(345)(316)(9) — —  — — 
Consolidated$10,849 $10,125 $2,273 $2,075 10 $2,482 $2,500 (1)
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 During the three months ended December 31, 2023, intersegment revenues were $181 million for Europe, Middle East & Africa, $2 million for North America, $160 million for Asia Pacific and $2 million for Bottling Investments. During the three months ended December 31, 2022, intersegment revenues were $146 million for Europe, Middle East & Africa, $1 million for North America, $167 million for Asia Pacific and $2 million for Bottling Investments.








14


THE COCA-COLA COMPANY AND SUBSIDIARIES
Operating Segments and Corporate
(In millions)
Year Ended
Net Operating Revenues1
Operating Income (Loss)Income (Loss) Before Income Taxes
December 31,
2023
December 31,
2022
% Fav. / (Unfav.)December 31,
2023
December 31,
2022
% Fav. / (Unfav.)December 31,
2023
December 31,
2022
% Fav. / (Unfav.)
Europe, Middle East & Africa$8,078 $7,523 $4,202 $3,958 $4,255 $3,952 
Latin America5,830 4,910 19 3,432 2,870 20 3,404 2,879 18 
North America16,774 15,674 4,435 3,742 18 4,450 3,768 18 
Asia Pacific5,455 5,445 2,040 2,303 (11)1,905 2,320 (18)
Global Ventures3,064 2,843 329 185 78 338 196 73 
Bottling Investments7,860 7,891 578 487 19 2,119 1,743 22 
Corporate126 94 34 (3,705)(2,636)(41)(3,519)(3,172)(11)
Eliminations(1,433)(1,376)(4) — —  — — 
Consolidated$45,754 $43,004 $11,311 $10,909 $12,952 $11,686 11 
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 During the year ended December 31, 2023, intersegment revenues were $686 million for Europe, Middle East & Africa, $8 million for North America, $731 million for Asia Pacific and $8 million for Bottling Investments. During the year ended December 31, 2022, intersegment revenues were $627 million for Europe, Middle East & Africa, $7 million for North America, $734 million for Asia Pacific and $8 million for Bottling Investments.















15




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
The company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or referred to herein as “reported”). To supplement our consolidated financial statements reported on a GAAP basis, we provide the following non-GAAP financial measures: “comparable net revenues,” “comparable currency neutral net revenues,” “organic revenues,” “comparable operating margin,” “underlying operating margin,” “comparable operating income,” “comparable currency neutral operating income,” “comparable EPS,” “comparable currency neutral EPS,” “underlying effective tax rate,” “free cash flow” and “net share repurchases,” each of which is defined below. Management believes these non-GAAP financial measures provide investors with additional meaningful financial information that should be considered when assessing our underlying business performance and trends. Further, management believes these non-GAAP financial measures also enhance investors’ ability to compare period-to-period financial results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company’s reported results prepared in accordance with GAAP. Our non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of each of these non-GAAP financial measures to GAAP information are also included below. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions and in evaluating the company’s performance. Disclosing these non-GAAP financial measures allows investors and management to view our operating results excluding the impact of items that are not reflective of the underlying operating performance.
DEFINITIONS
“Currency neutral operating results” are determined by dividing or multiplying, as appropriate, our current period actual U.S. dollar operating results, by the current period actual exchange rates (that include the impact of current period currency hedging activities), to derive our current period local currency operating results. We then multiply or divide, as appropriate, the derived current period local currency operating results by the foreign currency exchange rates (that also include the impact of the comparable prior period currency hedging activities) used to translate the company’s financial statements in the comparable prior year period to determine what the current period U.S. dollar operating results would have been if the foreign currency exchange rates had not changed from the comparable prior year period.
“Structural changes” generally refer to acquisitions and divestitures of bottling operations, including the impact of intercompany transactions between our operating segments. In August 2022, the company acquired a controlling interest in a bottling operation in Malawi. The impact of this acquisition has been included in acquisitions, divestitures and structural changes in our analysis of net revenues on a consolidated basis as well as for the Bottling Investments operating segment for the year ended December 31, 2023. In November 2022, the company refranchised our bottling operations in Cambodia, and in January 2023, the company refranchised our bottling operations in Vietnam. The impact of these refranchisings has been included in acquisitions, divestitures and structural changes in our analysis of net revenues on a consolidated basis as well as for the Bottling Investments and Asia Pacific operating segments for the three months and year ended December 31, 2023.
“Comparable net revenues” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below). “Comparable currency neutral net revenues” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below) as well as the impact of fluctuations in foreign currency exchange rates. Management believes the comparable net revenues (non-GAAP) growth measure and the comparable currency neutral net revenues (non-GAAP) growth measure provide investors with useful supplemental information to enhance their understanding of the company’s revenue performance and trends by improving their ability to compare our period-to-period results. “Organic revenues” is a non-GAAP financial measure that excludes or has otherwise been adjusted for the impact of acquisitions, divestitures and structural changes, as applicable, and the impact of fluctuations in foreign currency exchange rates. Management believes the organic revenue (non-GAAP) growth measure provides users with useful supplemental information regarding the company’s ongoing revenue performance and trends by presenting revenue growth excluding the impact of foreign exchange as well as the impact of acquisitions, divestitures and structural changes. The adjustments related to acquisitions, divestitures and structural changes for the three months and year ended December 31, 2023 included the structural changes discussed above. Additionally, in May 2023 and July 2022, the company acquired certain brands in Asia Pacific. The impact of acquiring these brands has been included in acquisitions, divestitures and structural changes in our
16




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
analysis of net revenues on a consolidated basis as well as for the Asia Pacific operating segment for the three months and year ended December 31, 2023.
“Comparable operating income” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below). “Comparable currency neutral operating income” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below) and the impact of fluctuations in foreign currency exchange rates. “Comparable operating margin” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below). “Underlying operating margin” is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below), the impact of fluctuations in foreign currency exchange rates, and the impact of acquisitions, divestitures and structural changes, as applicable. Management uses these non-GAAP financial measures to evaluate the company’s performance and make resource allocation decisions. Further, management believes the comparable operating income (non-GAAP) growth measure, comparable currency neutral operating income (non-GAAP) growth measure, comparable operating margin (non-GAAP) measure and underlying operating margin (non-GAAP) measure enhance its ability to communicate the underlying operating results and provide investors with useful supplemental information to enhance their understanding of the company’s underlying business performance and trends by improving their ability to compare our period-to-period financial results.
“Comparable EPS” and “comparable currency neutral EPS” are non-GAAP financial measures that exclude or have otherwise been adjusted for items impacting comparability (discussed further below). Comparable currency neutral EPS (non-GAAP) has also been adjusted for the impact of fluctuations in foreign currency exchange rates. Management uses these non-GAAP financial measures to evaluate the company’s performance and make resource allocation decisions. Further, management believes the comparable EPS (non-GAAP) and comparable currency neutral EPS (non-GAAP) growth measures enhance its ability to communicate the underlying operating results and provide investors with useful supplemental information to enhance their understanding of the company’s underlying business performance and trends by improving their ability to compare our period-to-period financial results.
“Underlying effective tax rate” is a non-GAAP financial measure that represents the estimated annual effective income tax rate on income before income taxes, which excludes or has otherwise been adjusted for items impacting comparability (discussed further below).
“Free cash flow” is a non-GAAP financial measure that represents net cash provided by operating activities less purchases of property, plant and equipment. Management uses this non-GAAP financial measure to evaluate the company’s performance and make resource allocation decisions.
“Net share repurchases” is a non-GAAP financial measure that reflects the net amount of purchases of stock for treasury after considering proceeds from the issuances of stock, and as applicable, the net change in stock issuance receivables (related to employee stock options exercised but not settled prior to the end of the period) and the net change in treasury stock payables (for treasury shares repurchased but not settled prior to the end of the period).
ITEMS IMPACTING COMPARABILITY
The following information is provided to give qualitative and quantitative information related to items impacting comparability. Items impacting comparability are not defined terms within GAAP. Therefore, our non-GAAP financial information may not be comparable to similarly titled measures reported by other companies. We determine which items to consider as “items impacting comparability” based on how management views our business; makes financial, operating, compensation and planning decisions; and evaluates the company’s ongoing performance. Items such as charges, gains and accounting changes which are viewed by management as impacting only the current period or the comparable period, but not both, or as pertaining to different and unrelated underlying activities or events across comparable periods, are generally considered “items impacting comparability.” Items impacting comparability include, but are not limited to, asset impairments, transaction gains/losses including associated costs, and charges related to restructuring initiatives, in each case when exceeding a U.S. dollar threshold. Also included are our proportionate share of similar items incurred by our equity method investees, timing differences related to our economic (non-designated) hedging activities, and timing differences related to unrealized mark-to-market adjustments of equity securities and        
17




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
trading debt securities, regardless of size. In addition, we provide the impact that fluctuations in foreign currency exchange rates had on our financial results (“currency neutral operating results” defined above).
Asset Impairments
During the three months and year ended December 31, 2023, the company recorded an other-than-temporary impairment charge of $39 million related to an equity method investee in Latin America.
During the year ended December 31, 2022, the company recorded an impairment charge of $57 million related to a trademark in Asia Pacific, which was primarily driven by a change in brand strategy resulting in revised projections of future operating results for the trademark. Additionally, the company recorded an other-than-temporary impairment charge of $96 million related to an equity method investee in Russia.
Equity Investees
During the three months and year ended December 31, 2023, the company recorded net charges of $27 million and $159 million, respectively. During the three months and year ended December 31, 2022, the company recorded a gain of $10 million and a net charge of $34 million, respectively. These amounts represent the company’s proportionate share of significant operating and nonoperating items recorded by certain of our equity method investees.
Transaction Gains/Losses
During the three months and year ended December 31, 2023, the company recorded charges of $82 million and $1,702 million, respectively, related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife, LLC (“fairlife”) in 2020. Additionally, the company recorded a gain of $82 million related to the sale of our ownership interest in our equity method investee in Pakistan.
During the year ended December 31, 2023, the company recognized gains of $342 million related to the sale of our ownership interest in an unconsolidated bottling operation. Additionally, the company recorded gains of $439 million and $3 million related to the refranchising of our bottling operations in Vietnam and Cambodia, respectively.
During the three months and year ended December 31, 2022, the company recorded charges of $29 million and $1,000 million, respectively, related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife. Additionally, the company recognized gains of $94 million and $169 million, respectively, related to the sale of a portion of our ownership interest in an unconsolidated bottling operation and recognized a net gain of $153 million related to the refranchising of our bottling operations in Cambodia.
During the year ended December 31, 2022, the company recorded a net loss of $24 million as a result of one of our equity method investees issuing additional shares of its stock.
Restructuring
During the three months and year ended December 31, 2023, the company recorded charges of $55 million and $164 million, respectively. During the three months and year ended December 31, 2022, the company recorded charges of $29 million and $85 million, respectively. The costs incurred were primarily related to certain initiatives designed to further simplify and standardize our organization as part of our productivity and reinvestment program.
During the three months and year ended December 31, 2023, the company recorded charges of $1 million and $27 million, respectively. During the three months and year ended December 31, 2022, the company recorded a charge of $38 million. The costs incurred were primarily related to severance costs associated with the restructuring of our North America operating unit.
During the three months and year ended December 31, 2022, the company recorded a gain of $6 million due to a revision of management’s estimates associated with our strategic realignment initiatives.
Other Items
Economic (Non-Designated) Hedges
The company uses derivatives as economic hedges primarily to mitigate the foreign exchange risk for certain currencies, certain interest rate risk, and the price risk associated with the purchase of materials used in our manufacturing processes
18




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
as well as the purchase of vehicle fuel. Although these derivatives were not designated and/or did not qualify for hedge accounting, they are effective economic hedges. The changes in fair values of these economic hedges are immediately recognized in earnings.
The company excludes the net impact of mark-to-market adjustments for outstanding hedges and realized gains/losses for settled hedges from our non-GAAP financial information until the period in which the underlying exposure being hedged impacts our consolidated statement of income. Management believes this adjustment provides meaningful information related to the impact of our economic hedging activities. During the three months and year ended December 31, 2023, the net impact of the company’s adjustment related to our economic hedging activities resulted in increases of $107 million and $42 million, respectively, to our non-GAAP income before income taxes.
During the three months and year ended December 31, 2022, the net impact of the company’s adjustment related to our economic hedging activities resulted in increases of $134 million and $170 million, respectively, to our non-GAAP income before income taxes.
Unrealized Gains and Losses on Equity and Trading Debt Securities
The company excludes the net impact of unrealized gains and losses resulting from mark-to-market adjustments on our equity and trading debt securities from our non-GAAP financial information until the period in which the underlying securities are sold and the associated gains or losses are realized. Management believes this adjustment provides meaningful information related to the impact of our investments in equity and trading debt securities. During the three months and year ended December 31, 2023, the net impact of the company’s adjustment related to unrealized gains and losses on our equity and trading debt securities resulted in a decrease of $163 million and an increase of $15 million, respectively, to our non-GAAP income before income taxes.
During the three months and year ended December 31, 2022, the net impact of the company’s adjustment related to unrealized gains and losses on our equity and trading debt securities resulted in a decrease of $61 million and an increase of $440 million, respectively, to our non-GAAP income before income taxes.
Other
During the three months and year ended December 31, 2023, the company recorded a net charge of $61 million due to pension and other postretirement benefit plan settlement charges. The company also recorded net charges of $35 million and $50 million, respectively, related to restructuring our manufacturing operations in the United States. Additionally, the company recorded net charges of $4 million and $15 million, respectively, for the amortization of noncompete agreements related to the BODYARMOR acquisition in 2021. The company also recorded charges of $1 million and $8 million, respectively, related to tax litigation expense.
During the year ended December 31, 2023, the company recorded charges totaling $35 million related to the discontinuation of certain manufacturing operations in Asia Pacific.
During the three months and year ended December 31, 2022, the company recorded net charges of $5 million and $36 million, respectively, related to restructuring our manufacturing operations in the United States. Additionally, the company recorded net charges of $15 million and $38 million, respectively, related to the BODYARMOR acquisition, which included various transition and transaction costs, employee retention costs and the amortization of noncompete agreements, net of the reimbursement of distributor termination fees. The company also recorded a charge of $1 million related to tax litigation.
Certain Tax Matters
During the three months and year ended December 31, 2023, the company recorded $7 million and $40 million, respectively, of excess tax benefits associated with the company’s stock-based compensation arrangements and net income tax benefits of $10 million and $87 million, respectively, primarily associated with return to provision adjustments. During the year ended December 31, 2023, the company recorded a net income tax benefit of $90 million related to a change in tax law in a certain foreign jurisdiction and a net income tax benefit of $111 million for changes to our uncertain tax positions, including interest and penalties, as well as for various discrete tax items.
During the three months and year ended December 31, 2022, the company recorded $6 million and $76 million, respectively, of excess tax benefits associated with the company’s stock-based compensation arrangements. The
19




THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
company also recorded net income tax benefits of $41 million and $28 million, respectively, for changes to our uncertain tax positions, including interest and penalties, as well as for various discrete tax items. Additionally, the company recorded net income tax benefits of $36 million and $24 million, respectively, associated with return to provision adjustments.
20


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions except per share data)
Three Months Ended December 31, 2023
Net operating revenuesCost of goods soldGross profitGross marginSelling, general and administrative expensesOther operating chargesOperating incomeOperating margin
Reported (GAAP)$10,849 $4,634 $6,215 57.3 %$3,799 $143 $2,273 21.0 %
Items Impacting Comparability:
Asset Impairments— — — — — — 
Equity Investees— — — — — — 
Transaction Gains/Losses— — — — (82)82 
Restructuring— — — — (56)56 
Other Items99 (17)116 — (5)121 
Certain Tax Matters— — — — — — 
Comparable (Non-GAAP)$10,948 $4,617 $6,331 57.8 %$3,799 $— $2,532 23.1 %
Three Months Ended December 31, 2022
Net operating revenuesCost of goods soldGross profitGross marginSelling, general and administrative expensesOther operating chargesOperating incomeOperating margin
Reported (GAAP)$10,125 $4,513 $5,612 55.4 %$3,431 $106 $2,075 20.5 %
Items Impacting Comparability:
Asset Impairments— — — — — — 
Equity Investees— — — — — — 
Transaction Gains/Losses— — — (29)25 
Restructuring— — — — (61)61 
Other Items70 (73)143 — (16)159 
Certain Tax Matters— — — — — — 
Comparable (Non-GAAP)$10,195 $4,440 $5,755 56.5 %$3,435 $— $2,320 22.7 %
Net operating revenuesCost of goods soldGross profitSelling, general and administrative expensesOther operating chargesOperating income
% Change — Reported (GAAP)7311113410
% Currency Impact(4)(2)(6)(1)(13)
% Change — Currency Neutral (Non-GAAP)114171223
% Change — Comparable (Non-GAAP)7410119
% Comparable Currency Impact (Non-GAAP)(4)(2)(5)(1)(11)
% Change — Comparable Currency Neutral (Non-GAAP)116151220
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

21


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions except per share data)
Three Months Ended December 31, 2023
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Effective tax rate
Net income3
Diluted net income per share
Reported (GAAP)$413 $361 $(6)$2,482 $496 20.0 %$1,973 $0.46 
Items Impacting Comparability:
Asset Impairments— — 39 39 — 39 0.01 
Equity Investees— 27 — 27 26 0.01 
Transaction Gains/Losses— — (82)— (39)39 0.01 
Restructuring— — — 56 15 41 0.01 
Other Items— (70)45 16 29 0.01 
Certain Tax Matters— — — — 17 (17)— 
Comparable (Non-GAAP)$419 $388 $(119)$2,649 $506 19.1 %
2
$2,130 $0.49 
Three Months Ended December 31, 2022
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Effective tax rate
Net income3
Diluted net income per share
Reported (GAAP)$304 $339 $247 $2,500 $444 17.7 %$2,031 $0.47 
Items Impacting Comparability:
Asset Impairments— — — — — — — 
Equity Investees— (10)— (10)(1)(9)— 
Transaction Gains/Losses— — (243)(218)(105)(113)(0.03)
Restructuring — — — 61 16 45 0.01 
Other Items— (59)94 28 66 0.02 
Certain Tax Matters— — — — 83 (83)(0.02)
Comparable (Non-GAAP)$310 $329 $(55)$2,427 $465 19.1 %$1,937 $0.45 
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Net income3
Diluted net income per share
% Change — Reported (GAAP)367(1)12(3)(2)
% Change — Comparable (Non-GAAP)3518(118)991010
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 The income tax adjustments are the calculated income tax benefits (charges) at the applicable tax rate for each of the items impacting comparability with the exception of certain tax matters discussed above.
2 This does not include the impact of the ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail.
3 This represents net income attributable to shareowners of The Coca-Cola Company.

22


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions except per share data)
Year Ended December 31, 2023
Net operating revenuesCost of goods soldGross profitGross marginSelling, general and administrative expensesOther operating chargesOperating incomeOperating margin
Reported (GAAP)$45,754 $18,520 $27,234 59.5 %$13,972 $1,951 $11,311 24.7 %
Items Impacting Comparability:
Asset Impairments— — — — — — 
Equity Investees— — — — — — 
Transaction Gains/Losses— — — 11 (1,702)1,691 
Restructuring— — — — (191)191 
Other Items30 (55)85 — (58)143 
Certain Tax Matters— — — — — — 
Comparable (Non-GAAP)$45,784 $18,465 $27,319 59.7 %$13,983 $— $13,336 29.1 %
Year Ended December 31, 2022
Net operating revenuesCost of goods soldGross profitGross marginSelling, general and administrative expensesOther operating chargesOperating incomeOperating margin
Reported (GAAP)$43,004 $18,000 $25,004 58.1 %$12,880 $1,215 $10,909 25.4 %
Items Impacting Comparability:
Asset Impairments— — — — (57)57 
Equity Investees— — — — — — 
Transaction Gains/Losses— — — (1,000)996 
Restructuring— — — — (117)117 
Other Items42 (183)225 — (41)266 
Certain Tax Matters— — — — — — 
Comparable (Non-GAAP)$43,046 $17,817 $25,229 58.6 %$12,884 $— $12,345 28.7 %
Net operating revenuesCost of goods soldGross profitSelling, general and administrative expensesOther operating chargesOperating income
% Change — Reported (GAAP)6398604
% Currency Impact(4)(3)(5)(3)(8)
% Change — Currency Neutral (Non-GAAP)116141112
% Change — Comparable (Non-GAAP)64898
% Comparable Currency Impact (Non-GAAP)(4)(3)(5)(3)(7)
% Change — Comparable Currency Neutral (Non-GAAP)116131116
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
23



THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions except per share data)
Year Ended December 31, 2023
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Effective tax rate
Net income3
Diluted net income per share
Reported (GAAP)$1,527 $1,691 $570 $12,952 $2,249 17.4 %$10,714 $2.47 
Items Impacting Comparability:
Asset Impairments— — 39 39 — 39 0.01 
Equity Investees— 159 — 159 14 145 0.03 
Transaction Gains/Losses— — (855)836 27 809 0.19 
Restructuring— — — 191 48 143 0.03 
Other Items25 — 108 226 71 138 0.03 
Certain Tax Matters— — — — 328 (328)(0.08)
Comparable (Non-GAAP)$1,552 $1,850 $(138)$14,403 $2,737 19.0 %
2
$11,660 $2.69 
Year Ended December 31, 2022
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Effective tax rate
Net income3
Diluted net income per share
Reported (GAAP)$882 $1,472 $(262)$11,686 $2,115 18.1 %$9,542 $2.19 
Items Impacting Comparability:
Asset Impairments— — 96 153 — 153 0.04 
Equity Investees— 34 — 34 33 0.01 
Transaction Gains/Losses— — (294)702 113 589 0.14 
Restructuring — — — 117 30 87 0.02 
Other Items24 — 443 685 158 527 0.12 
Certain Tax Matters— — — — 128 (128)(0.03)
Comparable (Non-GAAP)$906 $1,506 $(17)$13,377 $2,545 19.0 %$10,803 $2.48 
Interest expenseEquity income (loss) — netOther income (loss) — netIncome before income taxes
Income taxes1
Net income3
Diluted net income per share
% Change — Reported (GAAP)73151161213
% Change — Comparable (Non-GAAP)7123(713)8888
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 The income tax adjustments are the calculated income tax benefits (charges) at the applicable tax rate for each of the items impacting comparability with the exception of certain tax matters discussed above.
2 This does not include the impact of the ongoing tax litigation with the U.S. Internal Revenue Service, if the company were not to prevail.
3 This represents net income attributable to shareowners of The Coca-Cola Company.


24


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
Diluted Net Income Per Share:
Three Months Ended December 31, 2023
% Change — Reported (GAAP)(2)
% Currency Impact(14)
% Change — Currency Neutral (Non-GAAP)12
% Impact of Items Impacting Comparability (Non-GAAP)(13)
% Change — Comparable (Non-GAAP)10
% Comparable Currency Impact (Non-GAAP)(13)
% Change — Comparable Currency Neutral (Non-GAAP)23
Year Ended December 31, 2023
% Change — Reported (GAAP)13
% Currency Impact(8)
% Change — Currency Neutral (Non-GAAP)21
% Impact of Items Impacting Comparability (Non-GAAP)4
% Change — Comparable (Non-GAAP)8
% Comparable Currency Impact (Non-GAAP)(7)
% Change — Comparable Currency Neutral (Non-GAAP)15
Note: Certain columns may not add due to rounding.


25


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions)
Net Operating Revenues by Operating Segment and Corporate:
Three Months Ended December 31, 2023
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
Reported (GAAP)$1,690 $1,492 $4,040 $1,115 $813 $2,013 $31 $(345)$10,849 
Items Impacting Comparability:
Other Items34 19 43 — — — — 99 
Comparable (Non-GAAP)$1,724 $1,511 $4,043 $1,158 $813 $2,013 $31 $(345)$10,948 
Three Months Ended December 31, 2022
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
Reported (GAAP)$1,519 $1,289 $3,853 $1,041 $740 $1,982 $17 $(316)$10,125 
Items Impacting Comparability:
Other Items39 13 16 — — — — 70 
Comparable (Non-GAAP)$1,558 $1,302 $3,855 $1,057 $740 $1,982 $17 $(316)$10,195 
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
% Change — Reported (GAAP)11165710292(9)7
% Currency Impact(14)(8)0(5)4(4)1(4)
% Change — Currency Neutral (Non-GAAP)2623512559111
% Acquisitions, Divestitures and Structural Changes000(1)0(8)0(1)
% Change — Organic Revenues (Non-GAAP)25235135149112
% Change — Comparable (Non-GAAP)1116510102927
% Comparable Currency Impact (Non-GAAP)(14)(7)0(2)4(4)1(4)
% Change — Comparable Currency Neutral (Non-GAAP)2523512559111
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

26


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions)
Net Operating Revenues by Operating Segment and Corporate:
Year Ended December 31, 2023
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
Reported (GAAP)$8,078 $5,830 $16,774 $5,455 $3,064 $7,860 $126 $(1,433)$45,754 
Items Impacting Comparability:
Other Items— 25 — — — — 30 
Comparable (Non-GAAP)$8,079 $5,834 $16,774 $5,480 $3,064 $7,860 $126 $(1,433)$45,784 
Year Ended December 31, 2022
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
Reported (GAAP)$7,523 $4,910 $15,674 $5,445 $2,843 $7,891 $94 $(1,376)$43,004 
Items Impacting Comparability:
Other Items27 — — — — 42 
Comparable (Non-GAAP)$7,550 $4,916 $15,676 $5,452 $2,843 $7,891 $94 $(1,376)$43,046 
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateEliminationsConsolidated
% Change — Reported (GAAP)719708034(4)6
% Currency Impact(12)(3)0(5)0(7)1(4)
% Change — Currency Neutral (Non-GAAP)192276773411
% Acquisitions, Divestitures and Structural Changes00010(8)0(1)
% Change — Organic Revenues (Non-GAAP)1922757143412
% Change — Comparable (Non-GAAP)7197180346
% Comparable Currency Impact (Non-GAAP)(12)(3)0(5)0(7)1(4)
% Change — Comparable Currency Neutral (Non-GAAP)192276773411
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
















27


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions)
Operating Income (Loss) by Operating Segment and Corporate:
Three Months Ended December 31, 2023
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
Reported (GAAP)$798 $797 $910 $313 $119 $185 $(849)$2,273 
Items Impacting Comparability:
Asset Impairments— — — — — — — — 
Transaction Gains/Losses— — — — — — 82 82 
Restructuring— — — — — 55 56 
Other Items34 19 43 — 16 121 
Comparable (Non-GAAP)$832 $816 $914 $356 $119 $201 $(706)$2,532 
Three Months Ended December 31, 2022
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
Reported (GAAP)$614 $724 $764 $297 $23 $135 $(482)$2,075 
Items Impacting Comparability:
Asset Impairments— — — — — — — — 
Transaction Gains/Losses— — — — — — 25 25 
Restructuring(6)— 38 — — — 29 61 
Other Items39 13 68 16 13 (7)17 159 
Comparable (Non-GAAP)$647 $737 $870 $313 $36 $128 $(411)$2,320 
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
% Change — Reported (GAAP)301019642638(76)10
% Currency Impact(22)(15)0(13)17(8)3(13)
% Change — Currency Neutral (Non-GAAP)5225191940846(79)23
% Impact of Items Impacting Comparability (Non-GAAP)1(1)14(9)194(19)(4)0
% Change — Comparable (Non-GAAP)291151423257(72)9
% Comparable Currency Impact (Non-GAAP)(22)(13)0(4)11(9)3(11)
% Change — Comparable Currency Neutral (Non-GAAP)502451822166(75)20
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
28


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(In millions)
Operating Income (Loss) by Operating Segment and Corporate:
Year Ended December 31, 2023
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling InvestmentsCorporateConsolidated
Reported (GAAP)$4,202 $3,432 $4,435 $2,040 $329 $578 $(3,705)$11,311 
Items Impacting Comparability:
Asset Impairments— — — — — — — — 
Transaction Gains/Losses— — — — — — 1,691 1,691 
Restructuring— — 26 — — — 165 191 
Other Items48 60 — 22 143 
Comparable (Non-GAAP)$4,203 $3,436 $4,509 $2,100 $329 $586 $(1,827)$13,336 
Year Ended December 31, 2022
Europe, Middle East & AfricaLatin AmericaNorth AmericaAsia PacificGlobal VenturesBottling Investments