COCA COLA CO - Quarter Report: 2024 March (Form 10-Q)

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Debt Securities

$ $()$

Available-for-sale securities

()

Total debt securities

$ $ $()$ December 31, 2023

Trading securities

$ $ $()$

Available-for-sale securities

()

Total debt securities

$ $ $()$ $ $ $

Other noncurrent assets

Total debt securities$ $ $ $

$ After 1 year through 5 years After 5 years through 10 years After 10 years Total$ $ )

Captive Insurance Companies

In accordance with local insurance regulations, our consolidated captive insurance companies are required to meet and maintain minimum solvency capital requirements. The Company elected to invest a majority of its solvency capital in a portfolio of marketable equity and debt securities. These securities are included in the disclosures above. The Company uses one of our consolidated captive insurance companies to reinsure group annuity insurance contracts that cover the obligations of certain of our European and Canadian pension plans. This captive’s solvency capital funds included total equity and debt securities of $ million and $ million as of March 29, 2024 and December 31, 2023, respectively, which were classified in the line item other noncurrent assets in our consolidated balance sheets because the assets were not available to satisfy our current obligations.

NOTE 5:

$ Finished goods Other Total inventories $ $

NOTE 6:

$ Foreign currency contractsOther noncurrent assets Interest rate contractsOther noncurrent assets Total assets $ $ Liabilities: Foreign currency contractsAccounts payable and accrued expenses$ $ Foreign currency contractsOther noncurrent liabilities Commodity contractsAccounts payable and accrued expenses Interest rate contractsAccounts payable and accrued expenses Interest rate contractsOther noncurrent liabilities Total liabilities $ $

1All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 16 for the net presentation of the Company’s derivative instruments.

2Refer to Note 16 for additional information related to the estimated fair value.

$ Foreign currency contractsOther noncurrent assets Commodity contractsPrepaid expenses and other current assets Other derivative instrumentsPrepaid expenses and other current assets Total assets $ $ Liabilities: Foreign currency contractsAccounts payable and accrued expenses$ $ Foreign currency contractsOther noncurrent liabilities Commodity contractsAccounts payable and accrued expenses Commodity contractsOther noncurrent liabilities Other derivative instrumentsAccounts payable and accrued expenses Total liabilities $ $

2Refer to Note 16 for additional information related to the estimated fair value.

The Company maintains a foreign currency cash flow hedging program to reduce the risk that our U.S. dollar net cash inflows from sales outside the United States and U.S. dollar net cash outflows from procurement activities will be adversely affected by fluctuations in foreign currency exchange rates. We enter into forward contracts and purchase foreign currency options and collars (principally euro, British pound and Japanese yen) to hedge certain portions of forecasted cash flows denominated in foreign currencies. When the U.S. dollar strengthens against the foreign currencies, the decline in the present value of future foreign currency cash flows is partially offset by gains in the fair value of the derivative instruments. Conversely, when the U.S. dollar weakens, the increase in the present value of future foreign currency cash flows is partially offset by losses in the fair value of the derivative instruments. The total notional values of derivatives that were designated and qualified for the Company’s foreign currency cash flow hedging program were $ million and $ million as of March 29, 2024 and December 31, 2023, respectively.

The Company uses cross-currency swaps to hedge the changes in cash flows of certain of its foreign currency denominated debt and other monetary assets or liabilities due to fluctuations in foreign currency exchange rates. For this hedging program, the Company recognizes in earnings each period the changes in carrying values of these foreign currency denominated assets and liabilities due to fluctuations in exchange rates. The changes in fair values of the cross-currency swap derivatives are recorded in AOCI with an immediate reclassification into earnings for the changes in fair values attributable to fluctuations in foreign currency exchange rates. The total notional value of derivatives that were designated as cash flow hedges for the Company’s foreign currency denominated assets and liabilities was $ million as of both March 29, 2024 and December 31, 2023.

The Company has entered into commodity futures contracts and other derivative instruments on various commodities to mitigate the price risk associated with forecasted purchases of materials used in our manufacturing process. These derivative instruments were designated as part of the Company’s commodity cash flow hedging program. The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of certain commodities. The total notional values of derivatives that were designated and qualified for this program were $ million and $ million as of March 29, 2024 and December 31, 2023, respectively.

Our Company monitors our mix of short-term debt and long-term debt regularly. We manage our risk to interest rate fluctuations through the use of derivative financial instruments. From time to time, the Company 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. The total notional values of derivatives that were designated and qualified for this program were $ million and $ million as of March 29, 2024 and December 31, 2023, respectively.

Net operating revenues$()Foreign currency contracts Cost of goods sold Foreign currency contracts Interest expense()Foreign currency contracts()Other income (loss) — net()Commodity contracts Cost of goods sold()Interest rate contracts Interest expense Total$ $()Three Months Ended March 31, 2023Foreign currency contracts$()Net operating revenues$ Foreign currency contracts Cost of goods sold Foreign currency contracts Interest expense()Foreign currency contracts()Other income (loss) — net Commodity contracts()Cost of goods sold()

Total

$() $

As of March 29, 2024, the Company estimates that it will reclassify into earnings during the next 12 months net losses of $ 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 result 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 fluctuations in foreign currency exchange rates and benchmark interest rates. The changes in the fair values of derivatives designated as fair value hedges and the offsetting changes in the fair values of the hedged items are recognized in earnings. As a result, any difference is reflected in earnings as ineffectiveness. When a derivative is no longer designated as a fair value hedge for any reason, including termination and maturity, the remaining unamortized difference between the carrying value of the hedged item at that time and the face value of the hedged item is amortized to earnings over the remaining life of the hedged item, or immediately if the hedged item has matured or has been extinguished. The total notional values of derivatives that were designated and qualified as fair value hedges of this type were $ million and $ million as of March 29, 2024 and December 31, 2023, respectively.

)$ Fixed-rate debtInterest expense ()Net impact of fair value hedging instruments$ $()

$()

The Company reclassified a gain of $ million related to net investment hedges from AOCI into earnings during the three months ended March 29, 2024. The Company did not reclassify any gains or losses during the three months ended March 31, 2023. In addition, the Company did not have any ineffectiveness related to net investment hedges during the three months ended March 29, 2024 and March 31, 2023. The cash inflows and outflows associated with the Company’s derivative contracts designated as net investment hedges are classified in the line item other investing activities in our consolidated statement of cash flows.

Economic (Non-Designated) Hedging Strategy

In addition to derivative instruments that have been 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 values of economic hedges are immediately recognized in 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 the fair values of economic hedges used to offset those monetary assets and liabilities are immediately recognized in earnings in the line item other income (loss) — net in our 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

million and $ million as of March 29, 2024 and December 31, 2023, respectively.

The Company uses interest rate contracts as economic hedges to minimize exposure to changes in the fair value of fixed-rate debt that result from fluctuations in benchmark interest rates. As of March 29, 2024 and December 31, 2023, we did not have any interest rate contracts used as economic hedges.

The Company also uses certain derivatives as economic hedges to mitigate the price risk associated with the purchase of materials used in the manufacturing process and vehicle fuel. The changes in the fair values of these economic hedges are immediately recognized in earnings in the line items net operating revenues, cost of goods sold, or selling, general and administrative expenses in our consolidated statement of income, as applicable. The total notional values of derivatives related to our economic hedges of this type were $ million and $ million as of March 29, 2024 and December 31, 2023, respectively.

$()Foreign currency contractsCost of goods sold Foreign currency contractsOther income (loss) — net ()Commodity contractsCost of goods sold()()Other derivative instrumentsSelling, general and administrative expenses Total $ $()

NOTE 7:

million and $ million, respectively.

NOTE 8:

million and $ million, respectively, in outstanding commercial paper borrowings.

NOTE 9:

million, of which $ million was related to variable interest entities. Our guarantees are primarily related to third-party customers, bottlers and vendors and have arisen through the normal course of business. 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, management has concluded that the likelihood of any significant amounts being paid by our Company under these guarantees is not probable.

Concentrations of Credit Risk

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 (excluding tax audit claims) will not have a material adverse effect on the Company taken as a whole.

Tax Audits

The Company is involved in various tax matters, with respect to some of which the outcome is uncertain. These uncertain tax matters may result in the assessment of additional taxes.

On September 17, 2015, the Company received a Statutory Notice of Deficiency (“Notice”) from the United States Internal Revenue Service (“IRS”) seeking approximately $ billion of additional federal income tax for years 2007 through 2009. In the Notice, the IRS stated its intent to reallocate over $ billion of income to the U.S. parent company from certain of its foreign affiliates that the U.S. parent company licensed to manufacture, distribute, sell, market and promote its products in certain non-U.S. markets.

The Notice concerned the Company’s transfer pricing between its U.S. parent company and certain of its foreign affiliates. IRS rules governing transfer pricing require arm’s-length pricing of transactions between related parties such as the Company’s U.S. parent and its foreign affiliates.

To resolve the same transfer pricing issue for the tax years 1987 through 1995, the Company and the IRS had agreed in 1996 on an arm’s-length methodology for determining the amount of U.S. taxable income that the U.S. parent company would report as compensation from its foreign licensees. The Company and the IRS memorialized this accord in a closing agreement resolving that dispute (“Closing Agreement”). The Closing Agreement provided that, absent a change in material facts or circumstances or relevant federal tax law, in calculating the Company’s income taxes going forward, the Company would not be assessed penalties by the IRS for using the agreed-upon tax calculation methodology that the Company and the IRS agreed would be used for the 1987 through 1995 tax years.

The IRS audited and confirmed the Company’s compliance with the agreed-upon Closing Agreement methodology in five successive audit cycles for tax years 1996 through 2006.

The September 17, 2015 Notice from the IRS retroactively rejected the previously agreed-upon methodology for the 2007 through 2009 tax years in favor of an entirely different methodology, without prior notice to the Company. Using the new tax calculation methodology, the IRS reallocated over $ billion of income to the U.S. parent company from its foreign licensees for tax years 2007 through 2009. Consistent with the Closing Agreement, the IRS did not assert penalties, and it has yet to do so.

The IRS designated the Company’s matter for litigation on October 15, 2015. Litigation designation is an IRS determination that forecloses to a company any and all alternative means for resolution of a tax dispute. As a result of the IRS’ designation of the Company’s matter for litigation, the Company was forced to either accept the IRS’ newly imposed tax assessment and pay the full amount of the asserted tax or litigate the matter in the federal courts. The matter remains subject to the IRS’ litigation designation, preventing the Company from any attempt to settle or otherwise mutually resolve the matter with the IRS.

The Company consequently initiated litigation by filing a petition in the U.S. Tax Court (“Tax Court”) in December 2015, challenging the tax adjustments enumerated in the Notice.

million, resulting in an additional tax adjustment of $ million. The Company obtained a summary judgment in its favor on a different matter related to Mexican foreign tax credits, which thereafter effectively reduced the IRS’ potential tax adjustment by $ million.

The trial was held in the Tax Court from March through May 2018, and final post-trial briefs were filed and exchanged in April 2019.

On November 18, 2020, the Tax Court issued an opinion (“Opinion”) in which it predominantly sided with the IRS but agreed with the Company that dividends previously paid by the foreign licensees to the U.S. parent company in reliance upon the Closing Agreement should continue to be allowed to offset royalties, including those that would become payable to the Company in accordance with the Opinion. On November 8, 2023, the Tax Court issued a supplemental opinion (together with the original Tax Court opinion, “Opinions”), siding with the IRS in concluding both that the blocked-income regulations apply to the Company’s operations and that the Tax Court opinion in 3M Co. & Subs. v. Commissioner (February 9, 2023) controlled as to the validity of those regulations.

The Company believes that the IRS and the Tax Court misinterpreted and misapplied the applicable regulations in reallocating income earned by the Company’s foreign licensees to increase the Company’s U.S. tax. Moreover, the Company believes that the retroactive imposition of such tax liability using a calculation methodology different from that previously agreed upon by the IRS and the Company, and audited by the IRS for over a decade, is unconstitutional. The Company intends to assert its claims on appeal and vigorously defend its position.

In determining the amount of tax reserve to be recorded as of December 31, 2020, the Company completed the required two-step evaluation process prescribed by Accounting Standards Codification 740, Accounting for Income Taxes. In doing so, we consulted with outside advisors, and we reviewed and considered relevant laws, rules, and regulations, including, but not limited to, the Opinions and relevant caselaw. We also considered our intention to vigorously defend our positions and assert our various well-founded legal claims via every available avenue of appeal. We concluded, based on the technical and legal merits of the Company’s tax positions, that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal. In addition, we considered a number of alternative transfer pricing methodologies, including the methodology asserted by the IRS and affirmed in the Opinions (“Tax Court Methodology”), that could be applied by the courts upon final resolution of the litigation. Based on the required probability analysis, we determined the methodologies we believe the federal courts could ultimately order to be used in calculating the Company’s tax. As a result of this analysis, we recorded a tax reserve of $ million during the year ended December 31, 2020 related to the application of the resulting methodologies as well as the different tax treatment applicable to dividends originally paid to the U.S. parent company by its foreign licensees, in reliance upon the Closing Agreement, that would be recharacterized as royalties in accordance with the Opinions and the Company’s analysis.

The Company’s conclusion that it is more likely than not the Company’s tax positions will ultimately be sustained on appeal is unchanged as of March 29, 2024. However, we updated our calculation of the methodologies we believe the federal courts could ultimately order to be used in calculating the Company’s tax. As a result of the application of the required probability analysis to these updated calculations and the accrual of interest through the current reporting period, we updated our tax reserve as of March 29, 2024 to $ million.

While the Company strongly disagrees with the IRS’ positions and the portions of the Opinions affirming such positions, it is possible that some portion or all of the adjustment proposed by the IRS and sustained by the Tax Court could ultimately be upheld. In that event, the Company would likely be subject to significant additional liabilities for tax years 2007 through 2009, and potentially also for subsequent years, which could have a material adverse impact on the Company’s financial position, results of operations and cash flows.

The Company calculated the potential impact of applying the Tax Court Methodology to reallocate income from foreign licensees potentially covered within the scope of the Opinions, assuming such methodology were to be ultimately upheld by the courts, and the IRS were to decide to apply that methodology to subsequent years, with consent of the federal courts. This impact would include taxes and interest accrued through December 31, 2023 for the 2007 through 2009 litigated tax years and for subsequent tax years from 2010 through 2023. The calculations incorporated the estimated impact of correlative adjustments to the previously accrued transition tax payable under the 2017 Tax Cuts and Jobs Act. The Company estimates that the potential aggregate incremental tax and interest liability could be approximately $ billion as of December 31, 2023. Additional income tax and interest would continue to accrue until the time any such potential liability, or portion thereof, were to be paid. The Company estimates the impact of the continued application of the Tax Court Methodology for the three months ended March 29, 2024 would increase the potential aggregate incremental tax and interest liability by approximately $ million. We currently project the continued application of the Tax Court Methodology in future years, assuming similar facts and circumstances as of December 31, 2023, would result in an incremental annual tax liability that would increase the Company’s effective tax rate by approximately %.

billion (including interest accrued through March 29, 2024), plus any additional interest accrued through the time of payment. Some or all of this amount, plus accrued interest, would be refunded if the Company were to prevail on appeal.

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 claims history. Our self-insurance reserves totaled $ million and $ million as of March 29, 2024 and December 31, 2023, respectively.

NOTE 10:

)$()Accumulated net gains (losses) on derivatives()()Unrealized net gains (losses) on available-for-sale debt securities ()Adjustments to pension and other postretirement benefit liabilities()()Accumulated other comprehensive income (loss)$()$() $ $ Other comprehensive income:Net foreign currency translation adjustments()()()

Net gains (losses) on derivatives1

Net change in unrealized gains (losses) on available-for-sale debt securities2

Net change in pension and other postretirement benefit liabilities() ()Total comprehensive income (loss)$ $()$

1Refer to Note 6 for additional information related to the net gains or losses on derivative instruments.

2Refer to Note 4 for additional information related to the net unrealized gains or losses on available-for-sale debt securities.

)$()$()Reclassification adjustments recognized in net income Gains (losses) on intra-entity transactions that are of a long-term investment nature() ()

Gains (losses) on net investment hedges arising during the period1

() Net foreign currency translation adjustments$()$()$()Derivatives:Gains (losses) arising during the period$ $()$ Reclassification adjustments recognized in net income ()

Net gains (losses) on derivatives1

$ $()$ Available-for-sale debt securities:Reclassification adjustments recognized in net income$ $()$

Net change in unrealized gains (losses) on available-for-sale debt securities2

$ $()$ Pension and other postretirement benefit liabilities:Net pension and other postretirement benefit liabilities arising during the period$()$()$()Reclassification adjustments recognized in net income () Net change in pension and other postretirement benefit liabilities$ $()$()Other comprehensive income (loss) attributable to shareowners of The Coca-Cola
Company$()$()$()

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 March 31, 2023	Before-Tax Amount	Income Tax		After-Tax Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	$	()	$
Reclassification adjustments recognized in net income
Gains (losses) on intra-entity transactions that are of a long-term investment nature
Gains (losses) on net investment hedges arising during the period1	()			()






()

1Related to the refranchising of our bottling operations in the Philippines and Bangladesh and the sale of our ownership interest in an equity method investee in Thailand. Refer to Note 2.

2Related to the refranchising of our bottling operations in the Philippines and Bangladesh. Refer to Note 2.

NOTE 11:

$ $ $()$ $ $()$ Comprehensive income (loss)— ()— — — ()

Dividends paid/payable to

shareowners of The Coca-Cola

Company ($ per share)

— ()()— — — — —

Dividends paid to noncontrolling

interests

— ()— — — — — ()Divestitures, deconsolidations and
other— ()— — — — — ()Purchases of treasury stock()()— — — — ()— Impact related to stock-based
compensation plans — — — — March 29, 2024 $ $ $()$ $ $()$

Shareowners of The Coca-Cola Company

Three Months Ended March 31, 2023

Common Shares Outstanding

Total

Reinvested Earnings

Accumulated Other Comprehensive Income (Loss)

Common Stock

Capital Surplus

Treasury Stock

Non-controlling Interests

December 31, 2022

()

Comprehensive income (loss)

—

()

Dividends paid/payable to

shareowners of The Coca-Cola

Company ($ per share)

—

()

—

Dividends paid to noncontrolling
interests

—

()

—

()

Purchases of treasury stock

()

—

()

—

Impact related to stock-based
compensation plans

—

Other activities

—

()

—

March 31, 2023

()

NOTE 12:

million. These charges primarily consisted of $ million related to the remeasurement of our contingent consideration liability to fair value in conjunction with our acquisition of fairlife, LLC (“fairlife”) in 2020, $ million related to the impairment of our BodyArmor trademark and $ million related to the Company’s productivity and reinvestment program. In addition, other operating charges included $ million for transaction costs related to the refranchising of our bottling operations in certain territories in India, $ million for the amortization of noncompete agreements related to the BA Sports Nutrition, LLC (“BodyArmor”) acquisition in 2021 and $ million related to tax litigation expense.

During the three months ended March 31, 2023, the Company recorded other operating charges of $ million. These charges primarily consisted of $ million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $ million related to the Company’s productivity and reinvestment program and $ million related to the restructuring of our North America operating unit. In addition, other operating charges included $ million for the amortization of noncompete agreements related to the BodyArmor acquisition.

million and $ 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 March 29, 2024, the Company recognized net gains of $ million and $ million related to the refranchising of our bottling operations in the Philippines and certain territories in India, respectively. The Company also recognized a net gain of $ million related to the sale of our ownership interest in an equity method investee in Thailand. Additionally, the Company recognized a net gain of $ 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. The Company recorded a loss of $ million related to post-closing adjustments for the refranchising of our bottling operations in Vietnam in 2023.

During the three months ended March 31, 2023, the Company recognized a net gain of $ million related to the refranchising of our bottling operations in Vietnam. Additionally, the Company recognized a net gain of $ 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 refranchising of our bottling operations, as well as the sale of our ownership interest in an equity method investee in Thailand. Refer to Note 4 for additional information on equity and debt securities. Refer to Note 17 for the impact these items had on our operating segments and Corporate.

NOTE 13:

million and $ million, respectively, related to our productivity and reinvestment program. These expenses primarily included internal and external costs associated with the implementation of the program’s initiatives and were recorded in the line item other operating charges in our consolidated statements of income. Refer to Note 17 for the impact these expenses had on our operating segments and Corporate. The Company has incurred total pretax expenses of $ million related to this program since it commenced.

North America Operating Unit Restructuring

In November 2022, the Company announced a restructuring program for our North America operating unit designed to better align its operating structure with its customers and bottlers. The evolved operating structure brought together all bottler-related components (franchise leadership, commercial leadership, digital, governance and technical innovation) and helped streamline how we work. During the three months ended March 31, 2023, the Company incurred expenses of $ million related to this program. These expenses primarily included severance costs and were recorded in the line item other operating charges in our consolidated statement of income. The Company has incurred total pretax expenses of $ million related to this program since it commenced. This restructuring program was complete as of December 31, 2023.

NOTE 14:

$ $ $ Interest cost

Expected return on plan assets1

()()()()Amortization of prior service cost (credit) ()()Amortization of net actuarial loss (gain) ()()Net periodic benefit cost (income)$ $ $ $

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)

		/s/ ERIN MAY
Date:	May 2, 2024	Erin May Senior Vice President and Controller (On behalf of the Registrant)

		/s/ MARK RANDAZZA
Date:	May 2, 2024	Mark Randazza Senior Vice President, Assistant Controller and Chief Accounting Officer (Principal Accounting Officer)

COCA COLA CO - Quarter Report: 2024 March (Form 10-Q)

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