Coca-Cola (KO) 10-K risk factor changes: FY2021 vs FY2020

In addition to the other information set forth in this report, you should carefully consider the following factors, which could materially affect our business, financial condition [removed: or] [added: and] results of operations in future periods.

The COVID-19 pandemic [removed: has had,] and [removed: we expect will continue to have, certain negative impacts on our business, and such] [added: related ongoing] impacts [removed: have had, and] may [removed: continue to have,] [added: have] a material adverse effect on our results of operations, financial condition and cash flows.

[removed: If] [added: While in 2021 we have experienced improved trends in away-from-home channels and improved margins, if] COVID-19 infection [removed: trends] [added: rates] increase, the pandemic intensifies or expands [removed: geographically] [added: geographically,] or [added: continued] efforts to curb the pandemic are ineffective, the negative impacts of the pandemic on our sales could be more prolonged and may become more [removed: severe.][added: severe than we are currently experiencing.]

[removed: Deteriorating] [added: In addition, continuing] economic and political [removed: conditions in many of our major markets affected by the COVID-19 pandemic,] [added: uncertainties,] such as increased unemployment, decreases in disposable income, declines in consumer confidence, or economic slowdowns or [removed: recessions, have caused a decrease] [added: recessions] in [added: any of our major markets, may slow down or prevent the recovery of the] demand for our [removed: products.][added: products or may erode such demand.]

Such actions [removed: could] [added: could, in the long term,] have an adverse effect on our [removed: results of operations and/or cash flows.][added: profitability.]

In addition to the above risks, the COVID-19 pandemic may exacerbate [removed: existing] [added: other] risks related to our [removed: business] [added: business,] including risks related to changes in the retail landscape or the loss of key retail or foodservice [removed: customers,] [added: customers;] fluctuations in [added: input costs, inflation rates, and] foreign currency exchange rates; [added: and] the ability of third-party service providers and business partners to fulfill their [removed: respective commitments and]

[removed: If we do not realize the economic benefits] [added: If] we [removed: anticipate from our productivity initiatives, including our recently announced reorganization and related strategic realignment initiatives, or] are unable to successfully manage [removed: their] [added: the] possible negative [removed: consequences,] [added: consequences of] our [added: productivity initiatives, our] business operations could be adversely [removed: affected.][added: affected.]

[removed: In addition,] [added: Some of] the [removed: reorganization and related reduction] [added: actions we may take from time to time] in [removed: employees] [added: pursuing these opportunities] may become a distraction for our managers and employees [removed: remaining with the Company;] [added: and may] disrupt our ongoing business operations; cause deterioration in employee [removed: morale,] [added: morale] which may make it more difficult for us to retain or attract qualified managers and [removed: employees in the future;] [added: employees;] disrupt or weaken [removed: our] [added: the] internal control [added: structures of the affected business operations;] and [removed: financial reporting structures; and/or] give rise to [removed: negative publicity, which could affect our corporate reputation.]

[removed: If] [added: If] we [removed: are unable to] [added: do not] successfully manage [removed: these] [added: the] possible negative consequences of our [removed: reorganization and reduction in employees,] [added: productivity initiatives,] our business operations could be adversely [removed: affected.][added: affected.]

[removed: In addition, we] [added: We] believe that improved productivity is essential to achieving our long-term growth objectives and, therefore, a leading priority of our Company is to [removed: continuously search for productivity opportunities in our business.][added: design and implement the most effective and efficient business model possible.]

The success of our business depends on our [removed: Company's] [added: Company’s] and the Coca-Cola [removed: system's] [added: system’s] ability to attract, [added: hire,] develop, [removed: retain and] motivate [added: and retain] a highly skilled and diverse workforce as well as on our success in nurturing a culture that supports our growth and aligns employees around the [removed: Company's] [added: Company’s] purpose and work that matters most.

We may not be able to successfully compete for, attract [removed: and/or] [added: or] retain the [removed: high-quality] [added: highly skilled] and diverse [removed: employee talent] [added: workforce] that we want and that our future business needs may require, such as employees with e-commerce, social media and digital marketing and advertising skills, and/or digital and analytics capabilities.

In addition, the unexpected loss of experienced and highly skilled [removed: associates] [added: employees] due to an increase in aggressive recruiting for best-in-class talent could deplete our institutional knowledge base and erode our competitiveness.

We operate in the highly competitive [removed: nonalcoholic and alcoholic beverage segments of the global] [added: commercial] beverage industry.

Our ability to maintain or gain share of sales in the global market or in [removed: various] local markets [removed: and segments] may be limited as a result of actions by competitors.

Competitive pressures may cause the Company and our bottling partners to reduce prices we charge customers or may restrict our and our [removed: bottlers'] [added: bottlers’] ability to increase [removed: such] prices, as may be necessary in response to commodity and other cost increases.

Such pressures may also increase marketing costs [removed: and] [added: along with] in-store placement and slotting fees.

[added: If we do not continuously strengthen our capabilities in marketing and innovation to maintain consumer interest,] brand loyalty and market share while we selectively expand into other profitable categories in the [removed: nonalcoholic and alcoholic beverage segments of the] commercial beverage industry, our business could be negatively affected.

If we are unable to renew collective bargaining agreements on satisfactory terms, or [added: if] we or our bottling partners experience strikes, work stoppages or labor unrest, our business could suffer.

Many of our [removed: associates] [added: employees] at our key manufacturing locations and bottling plants are covered by collective bargaining agreements.

While we generally have been able to renegotiate collective bargaining agreements on satisfactory terms when they expire and regard our relations with [removed: associates] [added: employees] and their representatives as generally satisfactory, negotiations may nevertheless be challenging, as the Company must have competitive cost structures in each market while meeting the compensation and benefits needs of our [removed: associates.][added: employees.]

Strikes, work stoppages or other forms of labor unrest at any of our major manufacturing facilities or at our bottling [removed: operations'] [added: operations] or our major [removed: bottlers'] [added: bottlers’] plants could impair our ability to supply concentrates and syrups to our bottling partners or our [removed: bottlers'] [added: bottlers’] ability to supply finished beverages to customers, which could reduce our net operating revenues and could expose us to customer claims.

The success of our innovation activities [removed: in turn] depends on our ability to correctly anticipate customer and consumer acceptance and trends; obtain, maintain and enforce necessary intellectual property protections; and avoid infringing on the intellectual property rights of others.

Our industry is being affected by the trend toward consolidation [removed: in] [added: in,] and [added: the] blurring of the lines [removed: between] [added: between,] retail channels, particularly in Europe and the United States.

As we [added: and our bottling partners] build [removed: the Coca-Cola system's] e-commerce capabilities, we may not be able to develop and maintain successful relationships with existing and new e-commerce retailers without experiencing a deterioration of our relationships with key customers operating physical retail channels.

Moreover, the supply of our products in emerging and developing markets must match [removed: consumers'] [added: consumer] demand for those products.

Increases in the cost, disruption of supply or [removed: shortage] [added: shortages] of energy or fuel could affect our profitability.

In addition, we use a significant amount of electricity, natural gas and other energy sources to operate our [removed: concentrate, syrup and juice] production plants and the bottling plants and distribution facilities operated by our consolidated bottling operations.

An increase in the price, disruption of supply or shortage of fuel and other energy sources in countries [removed: in which] [added: where] we have [removed: concentrate] [added: production] plants, or in [removed: any of the major] markets [removed: in which] [added: where] our consolidated bottling operations operate, which may be caused by increasing demand, by events such as natural disasters, power outages and [removed: the like,] [added: extreme weather,] or by government regulations, taxes, policies or programs designed to reduce greenhouse gas emissions to address climate change, could increase our operating costs and negatively impact our profitability.

An increase in the price, disruption of supply or shortage of fuel and other energy sources in any of the major markets in which our independent bottling partners operate could increase the affected independent bottling [removed: partners'] [added: partners’] operating costs and thus [added: could] indirectly negatively impact our results of operations.

Increases in the cost, disruption of supply or [removed: shortage] [added: shortages] of ingredients, other raw materials, packaging materials, aluminum cans and other containers could harm our business.

We and our bottling partners use various ingredients in our business, including HFCS, sucrose, aspartame, acesulfame potassium, sucralose, saccharin, cyclamate, steviol glycosides, ascorbic acid, citric acid, phosphoric acid, caffeine and caramel color; other raw materials such as [added: coffee,] orange and other fruit juice and juice concentrates; packaging materials such as PET, bio-based PET and recycled PET for bottles; and aluminum cans and other containers.

The prices of these ingredients, other raw materials, packaging materials, aluminum cans and other containers fluctuate depending on market [removed: conditions.][added: conditions, governmental actions, climate change and other factors beyond our control, including the COVID-19 pandemic.]

Increases in the prices of our finished products resulting from a higher cost of ingredients, other raw materials, packaging materials, aluminum cans and other containers could affect affordability in some markets and reduce [removed: Coca-Cola system] [added: our or our bottling partners’] sales.

In addition, some of our ingredients, such as aspartame, acesulfame potassium, and saccharin, as well as some packaging containers, such as aluminum cans, are available from a limited number of suppliers, and certain other ingredients are [added: only] available from [removed: only] one [removed: source each.][added: source.]

We and our bottling partners may not be able to maintain favorable arrangements and relationships with these suppliers, and our contingency plans may not be effective in preventing disruptions that may arise from shortages of any [removed: ingredient] [added: ingredients] that [removed: is] [added: are] available from a limited number of suppliers or from only one source.

[removed: For example, drought conditions in certain parts of the United States or in other major corn-producing] areas of the world may negatively affect the supply of corn, which in turn may result in shortages of and higher prices for HFCS.

An increase in the cost, a sustained interruption in the supply, or a shortage of some of these ingredients, other raw materials, packaging materials, aluminum cans and other containers that may be caused by changes in or the enactment of new laws and regulations; a deterioration of our or our bottling [removed: partners'] [added: partners’] relationships with suppliers; supplier quality and reliability issues; trade disruptions; changes in supply chain; and increases in [removed: tariffs that may be caused by the United Kingdom's withdrawal from the European Union, commonly referred to as "Brexit";] [added: tariffs;] or events such as natural disasters, widespread outbreaks of infectious diseases (such as the COVID-19 pandemic), power outages, labor strikes, political uncertainties or governmental instability, or the like could negatively impact our net operating revenues and profits.

Due to the highly competitive nature of the [removed: global] [added: commercial] beverage industry, the Company continually introduces new products and evolves existing products to stimulate [removed: customer] [added: consumer] demand.

For instance, the Company has directly entered the [removed: alcoholic] [added: ready-to-drink alcohol] beverages segment in numerous markets outside the United States, and in the United States, the Company has authorized alcohol-licensed third parties to use certain of its brands on [removed: alcoholic] [added: ready-to-drink alcohol] beverages.

The COVID-19 pandemic and the related actions by governments around the world to attempt to contain the spread of the virus have negatively impacted, and could continue to negatively impact, our business globally.

Our recovery has been asynchronous and the full extent to which the COVID-19 pandemic will affect our results of operations, financial condition and cash flows will depend on future developments that are highly uncertain and cannot be predicted, including, among others, new information which may emerge concerning the pandemic, vaccine adoption rates (including boosters) and the effectiveness of vaccines in limiting or stopping the spread of COVID-19, either over the long term or against new, emerging variants of COVID-19, and any related actions by governments.

The extent and nature of government actions related to the COVID-19 pandemic varied throughout 2020 and 2021 based upon the then-current extent and severity of the COVID-19 pandemic within the respective markets.

At times we experienced a decrease in sales of certain of our products in markets around the world, including consumer demand shifting to more at-home consumption versus away-from-home consumption.

The COVID-19 pandemic has disrupted and could continue to disrupt our global supply chain.

We and our bottling partners have experienced temporary disruptions in certain of our operations; delays in delivery of concentrates, ingredients, packaging and equipment; temporary plant closures; production slowdowns; and difficulty or delays in sourcing key ingredients and beverage containers.

We and our bottling partners may face similar disruptions in the future, which may increase supply chain and packaging costs, or may result in an inability to secure key ingredients and inputs, which could cause delays in delivering our products to our customers and consumers.

Although we are unable to predict the impact on our ability to source materials in the future, we expect supply chain pressures to continue into 2022.

respective commitments and responsibilities to us in a timely manner and in accordance with the agreed-upon terms.

The continuing evolution of the pandemic may also present risks not currently known to us.

Consequently, we continuously search for productivity opportunities in our business.

negative publicity which could affect our corporate reputation.

Competition and compensation expectations for existing and prospective personnel have increased.

In addition, the broader labor market is experiencing a shortage of qualified workers which has further increased the competition we face for qualified employees.

Failure to attract, hire, develop, motivate and retain highly skilled and diverse talent; to meet our goals related to fostering an inclusive and diverse culture, including increasing the number of underrepresented employees in the United States to develop and implement an adequate succession plan for our management team; to maintain a corporate culture that fosters innovation, collaboration and inclusion; or to design and successfully implement flexible work models that meet the expectations of employees and prospective employees could disrupt our operations and adversely affect our business and our future success.

For example, drought conditions in certain parts of the United States or in other major corn-producing

We may not be able to increase prices to fully offset inflationary pressures on various costs, such as our costs for materials and labor, which may adversely impact our financial condition or results of operations.

In connection with our manufacturing and bottling operations, we are dependent upon, among other things, raw materials, packaging materials, plant labor and transportation providers.

In 2021 and the early part of 2022, the costs of raw materials, packaging materials, labor, energy, fuel, transportation and other inputs necessary for the production and distribution of our products have rapidly increased.

In addition, many of these items are subject to price fluctuations from a number of factors, including, but not limited to, market conditions, geopolitical developments, demand for raw materials, weather, growing and harvesting conditions, climate change, energy costs, currency fluctuations, supplier capacities, governmental actions, import and export requirements (including tariffs), and other factors beyond our control.

We expect the inflationary pressures on input and other costs to continue to impact our business in 2022.

Our attempts to offset these cost pressures, such as through price increases of some of our products, may not be successful.

Higher product prices may result in reductions in sales volume.

Consumers may be less willing to pay a price differential for our branded products and may increasingly purchase lower-priced offerings, or may forgo some purchases altogether.

To the extent that price increases are not sufficient to offset higher costs adequately or in a timely manner, and/or if they result in significant decreases in sales volume, our financial condition or results of operations may be adversely affected.

Furthermore, we may not be able to offset cost increases through productivity initiatives or through our commodity hedging activity.

We may incur unforeseen liabilities and obligations in connection with acquiring businesses, brands or bottling operations.

The expected benefits of business or brand acquisitions, including cost and growth synergies associated with such acquisitions, may take longer to realize than expected or may not be realized at all.

Moreover, we may encounter challenges to successfully integrating the operations, technologies, services, products and systems of any acquired businesses in an effective, timely and cost-efficient manner.

These third-party service providers and business

traditional range of beverage products.

workers; and adverse publicity surrounding obesity and health concerns related to our products, water usage, environmental impact, labor relations or the like could negatively affect our Company’s overall reputation and brand image, which in turn could have a negative impact on our products’ acceptance by consumers.

Accordingly, the success of our business depends in part on our bottling partners’ financial strength and profitability.

While under our agreements with our bottling partners we generally have the right to unilaterally change the prices we charge for our

We may from time to time engage in refranchising activities or divestitures of certain brands or businesses, which could adversely affect our business and results of operations.

Additionally, we have divested and may in the future divest certain brands or businesses.

These divestitures may adversely impact our business, results of operations, cash flows and financial condition if we are unable to offset impacts from the loss of revenue associated with the divested brands or businesses, or if we are otherwise unable to achieve the anticipated benefits or cost savings from such divestitures.

The OECD is currently coordinating a project on behalf of the G20 and other participating countries which would grant additional taxing rights over profits earned by multinational enterprises to the countries in which their products are sold and services rendered.

A second pillar would establish a global per-country minimum tax of 15 percent.

transition tax payable as part of the Tax Cuts and Jobs Act of 2017 (“Tax Reform Act”).

The public health crisis caused by the COVID-19 pandemic and the measures that have been taken or that may be taken in the future by governments, businesses, including us and our bottling partners, and the public at large to limit the spread of COVID-19 have had, and we expect will continue to have, certain negative impacts on our business including, without limitation, the following:

- We have experienced a decrease in sales of certain of our products in markets around the world as a result of the COVID-19 pandemic.

In particular, sales of our products in the away-from-home channels have been significantly negatively affected by shelter-in-place regulations or recommendations, closings of restaurants and cancellations of major sporting and other events that were imposed as a result of the initial COVID-19 outbreak.

While some of these restrictions have been lifted or eased in many jurisdictions as the rates of COVID-19 infections have decreased or stabilized, resurgence of the pandemic in some markets has slowed the reopening process.

While we initially experienced increased sales in the at-home channels from pantry loading as consumers stocked up on certain of our products with the expectation of spending more time at home during the crisis, such increased sales levels have not, and we expect will not, fully offset the sales pressures we have experienced, and we expect will continue to

experience, in the away-from-home channels while shelter-in-place and social distancing mandates or recommendations are in effect.

- In certain COVID-19 affected markets, consumer demand has shifted away from some of our more profitable beverages and away-from-home consumption to lower-margin products and at-home consumption, and this shift in consumer purchasing patterns is likely to continue while shelter-in-place and social distancing behaviors are mandated or encouraged.

- We are accelerating our business strategy and are taking certain actions to address challenges posed by the COVID-19 pandemic and deliver on our commitment to emerge stronger from this crisis.

These actions include focusing investments on a defined growth portfolio by prioritizing brands best positioned for consumer reach; streamlining the innovation pipeline through initiatives that are scalable regionally or globally, as well as maintaining a disciplined approach to local experimentation; refreshing our marketing approach, with a focus on improving our marketing investment effectiveness and efficiency; and investing in new capabilities to capitalize on emerging shifts in consumer behaviors that we anticipate may last beyond this crisis.

These actions, which may require substantial additional investment of management time and financial resources, may not be sufficient to accomplish our goals.

- We have experienced temporary disruptions in certain of our concentrate production operations.

We have taken measures to protect our employees and facilities around the world, which efforts have included, but have not been limited to, checking the temperature of employees when they enter our facilities, requiring employees to wear masks and other protective clothing as appropriate, and implementing additional cleaning and sanitization routines.

These measures may not be sufficient to prevent the spread of COVID-19 among our employees and, therefore, we may face additional concentrate production disruptions in the future, which may place constraints on our ability to supply concentrates to our bottling partners in a timely manner or may increase our concentrate supply costs.

- We have faced, and may continue to face, delays in the delivery of concentrates to our bottling partners as a result of shipping delays due to, among other things, additional safety requirements imposed by port authorities, closures of or congestion at ports, and capacity constraints experienced by our transportation contractors.

- Some of our bottling partners have experienced, and may experience in the future, temporary plant closures, production slowdowns and disruptions in distribution operations as a result of the impact of the COVID-19 pandemic on their respective businesses.

- Disruptions in supply chains have placed, and may continue to place, constraints on our and our bottling partners' ability to source beverage containers, such as glass bottles and cans, which has increased, and in the future may increase, our and their packaging costs.

- As a result of the COVID-19 pandemic, including related governmental guidance or directives, we have required most office-based employees, including most employees based at our global headquarters in Atlanta, to work remotely.

We may experience reductions in productivity and disruptions to our business routines while our remote work policy remains in place.

- Actions we have taken or may take, or decisions we have made or may make, as a consequence of the COVID-19 pandemic may result in legal claims or litigation against us.

Continuing economic and political uncertainties in such markets may slow down or prevent the recovery of the demand for our products or may even further erode such demand.

- Governmental authorities in the United States and throughout the world may increase or impose new income taxes or indirect taxes, or revise interpretations of existing tax rules and regulations, as a means of financing the costs of stimulus and other measures enacted or taken, or that may be enacted or taken in the future, to protect populations and economies from the impact of the COVID-19 pandemic.

- We may be required to record significant impairment charges with respect to noncurrent assets, including trademarks, goodwill and other intangible assets, equity method investments, and other long-lived assets whose fair values may be negatively affected by the effects of the COVID-19 pandemic on our operations.

In addition, we are required to record impairment charges related to our proportionate share of impairment charges that may be recorded by equity method investees, and such charges may be significant.

responsibilities to us in a timely manner and in accordance with the agreed-upon terms; and failure of or default by one or more of our counterparty financial institutions on their obligations to us.

The resumption of normal business operations after the disruptions caused by the COVID-19 pandemic may be delayed or constrained by the pandemic's lingering effects on our bottling partners, consumers, suppliers and/or third-party service providers.

Any of the negative impacts of the COVID-19 pandemic, including those described above, alone or in combination with others, may have a material adverse effect on our results of operations, financial condition and cash flows.

The full extent to which the COVID-19 pandemic will negatively affect our results of operations, financial condition and cash flows will depend on future developments that are highly uncertain and cannot be predicted, including the scope and duration of the pandemic, the duration of the various shelter-in-place orders and reopening plans across the globe, and actions taken, or that may be taken in the future, by governmental authorities and other third parties in response to the pandemic.

Over the last three years, we worked to develop the strategies and evolve our culture to equip us to grow and become a total beverage company, while improving efficiency.

In late 2020, we took a series of strategic steps to transform our organizational structure and to reallocate certain resources aimed at emerging stronger from the pandemic, including voluntary and involuntary reductions in employees.

We have incurred and expect we will incur in future periods significant expenses in connection with the reorganization and related reduction in employees.

If we are unable to timely capture the efficiencies, cost savings and revenue growth opportunities we anticipate from these actions, our results of operations in future periods could be negatively affected.

Some of the actions we may take from time to time in pursuing these opportunities may give rise to the same risks described above.

If we are unable to successfully manage the possible negative consequences of our future productivity initiatives, our business operations could be adversely affected.

Any of the foregoing could have a negative impact on our business.

If we do not continuously strengthen our capabilities in marketing and innovation to maintain consumer interest and

depends on a number of factors, including timely and successful development and consumer acceptance.

Such actions could, in the long run, have an adverse effect on our profitability.

involves one or more of our major equity method investee bottling partners, it could also result in a decrease in our equity income and/or impairments of our equity method investments.

We may incur unforeseen liabilities and obligations in connection with acquiring, taking control of or managing acquired bottling operations, other businesses or brands and may encounter unexpected difficulties and costs in restructuring and integrating them into our Company's operating and internal control structures.

Our financial performance depends in large part on how well we can manage and improve the performance of consolidated bottling operations and other acquired businesses or brands.

MD&A is provided as a supplement [removed: to —] [added: to,] and should be read in conjunction [removed: with —] [added: with,] our consolidated financial statements and the accompanying notes thereto contained in [removed: "Item] [added: “Item] 8.

- *Operations Review* — an analysis of our consolidated results of operations for [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] and year-to-year comparisons between [removed: 2020] [added: 2021] and [removed: 2019.][added: 2020.]

An analysis of our consolidated results of operations for [removed: 2019] [added: 2020] and [removed: 2018] [added: 2019] and year-to-year comparisons between [removed: 2019] [added: 2020] and [removed: 2018] [added: 2019] can be found in MD&A in Part II, Item 7 of the [removed: Company's] [added: Company’s] Form 10-K for the year ended December 31, [removed: 2019.][added: 2020.]

- *Liquidity, Capital Resources and Financial Position* — an analysis of cash [removed: flows; off-balance sheet arrangements and aggregate] [added: flows,] contractual [removed: obligations;] [added: obligations,] foreign [removed: exchange;] [added: exchange,] and the impact of inflation and changing prices.

We own or license and market numerous [removed: nonalcoholic] beverage brands, which we group into the following [removed: category clusters:] [added: categories: Trademark Coca-Cola;] sparkling [removed: soft drinks; water, enhanced water] [added: flavors; hydration, sports, coffee] and [removed: sports drinks;] [added: tea; nutrition,] juice, dairy and plant-based beverages; [removed: tea] and [removed: coffee; and energy drinks.][added: emerging beverages.]

We own and market [removed: four] [added: five] of the [removed: world's] [added: world’s] top [removed: five] [added: six] nonalcoholic sparkling soft drink brands: Coca-Cola, [added: Sprite, Fanta,] Diet [removed: Coke, Fanta] [added: Coke] and [removed: Sprite.][added: Coca-Cola Zero Sugar.]

We make our branded beverage products available to consumers throughout the world through our network of independent bottling partners, distributors, wholesalers and retailers as well as the [removed: Company's] [added: Company’s] consolidated bottling and distribution [removed: operations — the world's largest nonalcoholic beverage distribution system.][added: operations.]

Beverages bearing trademarks owned by or licensed to us account for [removed: 1.9] [added: 2.1] billion of the approximately [removed: 62] [added: 63] billion servings of all beverages consumed worldwide every day.

- beverage concentrates, sometimes referred to as [removed: "beverage bases,"] [added: “beverage bases,”] and syrups, including fountain syrups (we refer to this part of our business as our [removed: "concentrate business" or "concentrate operations");] [added: “concentrate operations”);] and

- finished sparkling soft drinks and other [removed: nonalcoholic] beverages (we refer to this part of our business as our [removed: "finished product business" or "finished] [added: “finished] product [removed: operations").][added: operations”).]

Our bottling partners either combine concentrates with [added: still or sparkling water and] sweeteners (depending on the product), [removed: still water] or [removed: sparkling water, or] combine syrups with still or sparkling water, to produce finished beverages.

In addition, outside the United States, our bottling partners are typically authorized to manufacture fountain syrups, using our [removed: concentrate,] [added: concentrates,] which they [added: sell to fountain retailers for use in producing beverages for immediate consumption, or to authorized fountain wholesalers who]

[removed: sell to fountain retailers for use] in [removed: producing beverages for immediate consumption, or to authorized fountain wholesalers who in] turn sell and distribute the fountain syrups to fountain retailers.

Our finished product operations generate net operating revenues by selling sparkling soft drinks and a variety of other finished [removed: nonalcoholic beverages, such as water, enhanced water and sports drinks; juice, dairy and plant-based beverages; tea and coffee; and energy drinks,] [added: beverages] to retailers, or to distributors and wholesalers who in turn sell the beverages to retailers.

| Year Ended December 31, | | | [removed: 2020] [added: 2021] | | | [removed: 2019] [added: 2020] | | |

| Concentrate operations | | | 56 | | % | [removed: 55] [added: 56] | | % |

| Finished product operations | | | 44 | | | [removed: 45] [added: 44] | | |

| Year Ended December 31, | | | [removed: 2020] [added: 2021] | | | [removed: 2019] [added: 2020] | | |

| Concentrate operations | | | [removed: 82] [added: 83] | | % | [removed: 83] [added: 82] | | % |

| Finished product operations | | | [removed: 18] [added: 17] | | | [removed: 17] [added: 18] | | |

We operate in the highly competitive [removed: nonalcoholic beverage segment of the] commercial beverage industry.

We, along with other beverage companies, are affected by a number of factors, including, but not limited to, the cost to manufacture and distribute products, consumer spending, economic conditions, availability and quality of water, consumer preferences, inflation, political [removed: climate,] [added: climates,] local and national laws and regulations, foreign currency fluctuations, fuel [removed: prices and] [added: prices,] weather [removed: patterns.][added: patterns and the COVID-19 pandemic.]

Throughout [removed: 2020,] [added: 2021,] the effects of the COVID-19 pandemic and the related actions by governments around the world to attempt to contain the spread of the virus [removed: have significantly impacted] [added: continued to impact] our [removed: business.][added: business globally.]

[removed: In particular, the outbreak and preventive measures taken to contain COVID-19 negatively impacted our unit case volume and our] [added: Our] price, product and geographic mix [removed: in all of our operating segments,] [added: was also negatively impacted,] primarily due to unfavorable channel and product mix as consumer demand shifted to more at-home [added: consumption] versus away-from-home consumption.

The [removed: Company's] [added: Company’s] priorities during the COVID-19 pandemic and related business [removed: disruption] [added: disruptions] are ensuring the health and safety of our employees; supporting and making a difference in the communities we serve; keeping our brands in [removed: supply and] [added: supply;] maintaining the quality and safety of our products; [added: and] serving our customers across all channels as they adapt to the shifting demands of consumers during the [removed: crisis; and positioning ourselves to emerge stronger when this crisis ends.][added: pandemic.]

[removed: During times of crisis,] [added: Throughout the pandemic,] business continuity and adapting to the needs of our customers [removed: are] [added: have been] critical.

As of the date of this filing, [added: while we have experienced some temporary supply chain disruptions,] there has been no material impact, and we do not foresee a material impact, on our and our bottling [removed: partners'] [added: partners’] ability to manufacture or distribute our products.

[removed: We] [added: In addition, we] are increasing [added: our] investments in e-commerce to support [removed: retailer] [added: retail] and meal delivery services, [removed: shifting toward] [added: offering more] package sizes that are fit-for-purpose for online sales, and shifting more consumer and trade promotions to digital.

[removed: Although we are experiencing a time of crisis,] [added: Despite the pandemic,] we are not losing sight of long-term opportunities for our business.

We identified the following key objectives to navigate the pandemic and position us to [removed: emerge stronger:] [added: capture growth:] winning more consumers; gaining market share; maintaining strong system economics; strengthening stakeholder impact; and equipping the organization to win.

[removed: We leveraged the crisis as a catalyst to accelerate our strategy and to begin] [added: In order] to deliver against these [removed: objectives by focusing] [added: objectives, we focused] on the following priorities: [removed: optimizing] [added: unlocking the potential of] our portfolio of strong global, regional and scaled local brands; [removed: establishing] [added: developing] a [removed: disciplined] [added: robust] innovation [removed: framework;] [added: pipeline focusing on scalable initiatives;] increasing consumer-centric marketing effectiveness and efficiency; [removed: strengthening] [added: winning in the marketplace with aligned] data-driven revenue growth management and execution capabilities; [removed: enhancing system collaboration] and [removed: capturing supply chain efficiencies; and evolving] [added: further embedding ESG goals into] our [removed: organization and investing in new capabilities to support the accelerated strategy.][added: operations.]

The Company [removed: is building] [added: has transformed into] a networked global organization designed to combine the power of scale with the deep knowledge required to win locally.

Our management has identified certain challenges and risks that demand the attention of [removed: the nonalcoholic beverage segment of] [added: our Company and] the commercial beverage [removed: industry and our Company.][added: industry.]

We want to be a [removed: more] helpful and credible partner in the fight against obesity.

*Evolving Consumer Product [removed: and Shopping] Preferences*

As a consequence of these changes, many consumers want more [added: beverage] choices, personalization, a focus on sustainability and recyclability, and transparency related to our products and packaging.

We are committed to meeting their needs and to generating [removed: new] growth through our evolving portfolio of beverage brands and products (including numerous low- and no-calorie products), [removed: new product offerings,] [added: selectively expanding into other profitable categories of the commercial beverage industry,] innovative and sustainable packaging, and ingredient education efforts.

Additionally, the rapidly evolving digital landscape and growth of e-commerce [added: in many markets] has led to dramatic shifts in consumer shopping [removed: patterns] [added: habits] and [removed: presents new challenges to competitively maintain the relevancy of our brands.][added: patterns.]

[removed: We] [added: As a result, we] must continuously strengthen our capabilities in marketing and innovation in order to compete in a digital environment and maintain our brand loyalty and market [removed: share, while we selectively expand into other profitable categories of the nonalcoholic beverage segment of the commercial beverage industry.][added: share.]

We have rigorous product and ingredient safety and quality standards designed to ensure safety and quality in each of our products, and we drive innovation that provides new beverage options to [removed: meet consumers'] [added: satisfy consumers’] evolving needs and preferences.

- *Our Business* — a general description of our business and its challenges and risks.

Additionally, we sell directly to consumers through retail stores operated by Costa.

These sales are included in our Global Ventures operating segment.

In particular, the number of people contracting COVID-19 and the preventive measures taken to contain COVID-19, including the spread of new variants, negatively impacted our unit case volume and increased our costs to manufacture and distribute our products.

However, the timing and number of people receiving vaccinations, the governmental actions to reopen certain economies around the world, and the substance and pace of the economic recovery favorably impacted our business when compared to 2020.

While uncertainties caused by the COVID-19 pandemic remain, and factors such as the state of the supply chain, labor shortages and the inflationary environment are likely to impact the pace of the economic recovery, we expect to continue to see improvements in our business as we continue to learn and adapt to the ever-changing environment.

Therefore, we continue to:

*Evolving Competitive Landscape and Competing in the Digital Marketplace*

Consumers are rapidly embracing shopping via mobile device applications, e-commerce retailers and e-commerce websites or platforms, which presents new challenges to maintain the competitiveness and relevancy of our brands.

*Environmental and Social Matters*

As investors and stakeholders increasingly focus on ESG issues, our Company and companies across all industries are facing challenges and risks related to, among other things, environmental stewardship; social responsibility; diversity, equity and inclusion; and workplace rights.

Where these challenges and risks relate to our business, we acknowledge that we have a role to play in developing and implementing solutions related to these important challenges.

We have established specific ESG goals related to water quality and scarcity; packaging materials used for our products; reduction of added sugar in our beverages; reduction of carbon dioxide and other greenhouse gas emissions; sustainable agriculture; diversity, equity and inclusion; and human and workplace rights.

Our ability to achieve our ESG goals is dependent on many factors, including, but not limited to, our actions along with the actions of various stakeholders, such as our bottling partners, suppliers, governments, nongovernmental organizations, communities, and other third parties, all of which are outside of our control.

This disproportionate relationship results in what is known as a variable interest, and the entity in which another entity holds a

As of December 31, 2021, the carrying value of our investment in Coca-Cola Bottlers Japan Holdings Inc. (“CCBJHI”) exceeded its fair value by $87 million, or 18 percent.

Based on the length of time and the extent to which the fair value has been less than our carrying value and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value, management determined that the decline in fair value was temporary in nature.

Therefore, we did not record an impairment charge related to the investment.

Our equity method investees also perform such recoverability and impairment tests.

If an impairment charge is recorded by one of our equity method investees, the Company records its proportionate share of such charge as a reduction of equity income (loss) — net in our consolidated statement of income.

However, the actual amount we record with respect to our proportionate share of such charge may be impacted by items such as basis differences, deferred taxes and deferred gains.

The impairment charge

Our geographic operating segments are generally subdivided into smaller geographic regions.

These geographic regions are our reporting units.

differences between the book basis and tax basis of assets and liabilities.

Our operating structure also includes Corporate, which consists of a center and a platform services organization.

a third party.

The increase was primarily a result of the gradual recovery in away-from-home channels in many markets throughout 2021, along with the larger impact of shelter-in-place and social distancing requirements in 2020.

The operating segment reported growth in unit case volume of 7 percent in the Europe operating unit, 12 percent in the Eurasia and Middle East operating unit and 10 percent in the Africa operating unit.

The operating segment’s volume performance included 3 percent growth in Mexico, 14 percent growth in Argentina and 3 percent growth in Brazil.

Unit case volume for Bottling Investments increased 11 percent, which primarily reflects growth in India, South Africa and the Philippines.

The timing of concentrate shipments was primarily a result of certain bottlers building inventory due to concerns associated with potential supply chain disruptions.

- North America — favorable pricing initiatives and favorable channel and category mix;

The favorable channel and package mix for the year ended December 31, 2021 in all applicable operating segments was primarily a result of the gradual recovery in away-from-home channels in many markets throughout 2021 and the larger impact of shelter-in-place and social distancing requirements in 2020.

This increase was primarily due to the impact of favorable pricing initiatives and favorable channel and package mix as well as the gradual recovery in away-from-home channels in many markets throughout 2021, partially offset by the impact of increased commodity and transportation

costs.

We expect commodity and transportation costs to continue to increase in 2022, and we will continue to proactively take actions in an effort to mitigate the impact of these incremental costs.

This increase was primarily due to higher annual incentive and stock-based compensation expense, increased charitable donations and increased marketing spending, which was reduced in 2020 as a result of uncertainties associated with the COVID-19 pandemic.

The increase in annual incentive and stock-based compensation expense was primarily due to improved financial performance in 2021 and a more favorable outlook of our future financial performance, which resulted in higher payout assumptions as compared to 2020.

These charges primarily consisted of $369 million related to the remeasurement of our contingent consideration liability to fair value in conjunction with the fairlife acquisition, $146 million related to the Company’s strategic realignment initiatives, $119 million related to the BodyArmor acquisition, which includes various transition and transaction costs, distributor termination fees, employee retention costs and the amortization of noncompete agreements, and $115 million related to the Company’s productivity and reinvestment program.

- *Our Business* — a general description of our business and the nonalcoholic beverage segment of the commercial beverage industry; our progress toward emerging stronger from the COVID-19 pandemic; our core capabilities; and challenges and risks of our business.

Additionally, we sell directly to consumers through retail outlets operated by Costa, which is included in our Global Ventures operating segment.

The Nonalcoholic Beverage Segment of the Commercial Beverage Industry

Emerging Stronger from the COVID-19 Pandemic

We deployed global and regional teams to monitor the rapidly evolving situation in each of our local markets and recommended risk mitigation actions; we implemented travel restrictions; and we are following social distancing practices.

Around the world, we are endeavoring to follow guidance from authorities and health officials including, but not limited to, checking the temperature of associates when entering our facilities, requiring associates to wear masks and other protective clothing as appropriate, and implementing additional cleaning and sanitization routines at system facilities.

In addition, most office-based employees around the world are required to work remotely.

We are moving with speed to best serve our customers impacted by COVID-19.

In partnership with our bottlers and retail customers, we are working to ensure adequate inventory levels in key channels while prioritizing core brands, key packages and consumer affordability.

We believe that we will come out of this situation a better and stronger company.

Core Capabilities

To support our ability to emerge stronger from the COVID-19 pandemic, we must continue to enhance our core capabilities of consumer marketing, commercial leadership and franchise leadership.

*Consumer Marketing*

Marketing investments are designed to enhance consumer awareness of, and increase consumer preference for, our brands.

Successful marketing investments produce long-term growth in unit case volume, per capita consumption and our share of worldwide nonalcoholic beverage sales.

Through our relationships with our bottling partners and those who sell our products in the marketplace, we create and implement integrated marketing programs, both globally and locally, that are designed to heighten consumer awareness of and product appeal for our brands.

In developing a strategy for a Company brand, we conduct product and packaging research, establish brand positioning, develop precise consumer communications and solicit consumer feedback.

Our integrated marketing activities include, but are not limited to, advertising, point-of-sale merchandising, sales promotions and digital marketing.

We are focusing on marketing strategies to drive volume growth in emerging markets, increase our brand value in developing markets, and grow net operating revenues and profit in our developed markets.

In emerging markets, we are investing in infrastructure programs that drive volume through increased access to consumers.

In developing markets, where consumer access has largely been established, our focus is on differentiating our brands.

In our developed markets, we continue to invest in brands and infrastructure programs but generally at a slower rate than gross profit growth.

*Commercial Leadership*

The Coca-Cola system has millions of customers around the world who sell or serve our products directly to consumers.

We focus on enhancing value for our customers and providing solutions to grow their beverage businesses.

Our approach includes understanding each customer's business and needs — whether that customer is a sophisticated retailer in a developed market or a kiosk owner in an emerging market.

We focus on ensuring that our customers have the right product and package offerings and the right promotional tools to create enhanced value for themselves and the Company.

We are constantly looking to build new beverage consumption occasions in our customers' outlets through unique and innovative consumer experiences, product availability and delivery systems, and beverage merchandising and displays.

We participate in brand-building initiatives with our customers in order to drive consumer preference for our brands.

Through our commercial leadership initiatives, we embed ourselves further into our retail customers' businesses while developing strategies for better execution at the point of sale.

*Franchise Leadership*

We must continue to improve our franchise leadership capabilities to give our Company and our bottling partners the ability to grow together through shared values, aligned incentives and a sense of urgency and flexibility that supports consumers' always changing needs and tastes.

The financial health and success of our bottling partners are critical components of the Company's

success.

We work with our bottling partners to identify processes that enable us to quickly achieve scale and efficiencies, and we share best practices throughout the bottling system.

With our bottling partners, we work to produce differentiated beverages and packages that are appropriate for the right channels and consumers.

We also design business models in specific markets to ensure that we appropriately share the value created by our beverages with our bottling partners.

We must also continue to build a supply chain network that leverages the size and scale of the Coca-Cola system to gain a competitive advantage.

Commercially, we continue to:

*Increased Competition and Capabilities in the Marketplace*

Because of the high correlation between the hedging instruments and the underlying exposures, fluctuations in the [removed: value] [added: values] of the instruments are generally offset by reciprocal changes in the [removed: value] [added: values] of the underlying exposures.

In [removed: 2020,] [added: 2021,] we used 70 functional currencies in addition to the U.S. dollar and generated [removed: $21.7] [added: $25.6] billion of our net operating revenues from operations outside the United States; therefore, weakness in some currencies may be offset by strength in other currencies over time.

Additionally, we enter into forward exchange contracts to offset the earnings impact related to foreign currency fluctuations on [added: certain monetary assets and liabilities.]

The total notional values of our foreign currency derivatives were [removed: $16,663] [added: $13,691] million and [removed: $14,276] [added: $16,663] million as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] respectively.

These values [removed: include] [added: included] derivative instruments that are designated and qualify for hedge accounting as well as economic hedges.

The fair value of foreign currency derivatives that qualify for hedge accounting resulted in a net unrealized gain of [removed: $117] [added: $174] million as of December 31, [removed: 2020,] [added: 2021,] and we estimate that a 10 percent weakening of the U.S. dollar would have [removed: increased] [added: decreased] the net unrealized gain to [removed: $140] [added: $172] million.

The fair value of the foreign currency derivatives that do not qualify for hedge accounting resulted in a net unrealized [removed: loss] [added: gain] of [removed: $12] [added: $10] million as of December 31, [removed: 2020,] [added: 2021,] and we estimate that a 10 percent weakening of the U.S. dollar would have resulted in a [removed: $143] [added: $58] million increase in fair value.

Based on the [removed: Company's] [added: Company’s] variable-rate debt and derivative instruments outstanding as of December 31, [removed: 2020,] [added: 2021,] we estimate that a 1 percentage point increase in interest rates would have increased interest expense by [removed: $104] [added: $125] million in [removed: 2020.][added: 2021.]

Our policy requires these investments to be investment grade, with the primary objective of minimizing the [removed: potential] risk of principal loss.

[removed: In addition, our policy] limits the amount of credit exposure to any one issuer.

We estimate that a 1 percentage point increase in interest rates would [removed: result] [added: have resulted] in a [removed: $53] [added: $52] million decrease in the fair value of our portfolio of highly liquid debt securities.

The total notional values of our commodity derivatives were [removed: $726] [added: $918] million and [removed: $427] [added: $726] million as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] respectively.

[added: There were no significant commodity derivatives that qualify for hedge accounting as of December 31, 2021*.*] The fair value of the commodity derivatives that [added: do not] qualify for hedge accounting resulted in a net [removed: unrealized] gain of [removed: $2] [added: $127] million as of December 31, [removed: 2020,] [added: 2021,] and we estimate that a 10 percent decrease in underlying commodity prices would [removed: reduce the net unrealized gain to $1 million.][added: have resulted in a $71 million decrease in fair value.]

In addition, our policy

certain monetary assets and liabilities.

The fair value of the commodity derivatives that do not qualify for hedge accounting resulted in a net gain of $69 million as of December 31, 2020, and we estimate that a 10 percent decrease in underlying commodity prices would have resulted in a $64 million decrease in fair value.

We own or license and market numerous [removed: nonalcoholic] beverage brands, which we group into the following [removed: category clusters:] [added: categories: Trademark Coca-Cola;] sparkling [removed: soft drinks; water, enhanced water] [added: flavors; hydration, sports, coffee] and [removed: sports drinks;] [added: tea; nutrition,] juice, dairy and plant-based beverages; [removed: tea] and [removed: coffee; and energy drinks.][added: emerging beverages.]

We own and market [removed: four] [added: five] of the [removed: world's] [added: world’s] top [removed: five] [added: six] nonalcoholic sparkling soft drink brands: Coca-Cola, [added: Sprite, Fanta,] Diet [removed: Coke, Fanta] [added: Coke] and [removed: Sprite.][added: Coca-Cola Zero Sugar.]

We make our branded beverage products available to consumers throughout the world through our network of independent bottling partners, distributors, wholesalers and retailers as well as our consolidated bottling and distribution [removed: operations — the world's largest nonalcoholic beverage distribution system.][added: operations.]

Beverages bearing trademarks owned by or licensed to the Company account for [removed: 1.9] [added: 2.1] billion of the approximately [removed: 62] [added: 63] billion servings of all beverages consumed worldwide every day.

[removed: The] [added: Our] vision for [removed: our next stage of] growth has three connected pillars:

[removed: We were] [added: The Coca-Cola Company was] incorporated in September 1919 under the laws of the State of Delaware and succeeded to the business of a Georgia corporation with the same name that had been organized in 1892.

Our operating structure includes the following operating [removed: segments, which are sometimes referred to as "operating groups" or "groups":][added: segments:]

- [removed: "syrups"] [added: “syrups”] means [removed: an] intermediate [removed: product] [added: products] in the beverage manufacturing process produced by combining concentrates with water and, depending on the product, sweeteners (nutritive or non-nutritive);

- [removed: "Company] [added: “Company] Trademark [removed: Beverages"] [added: Beverages”] means beverages bearing our trademarks and certain other [removed: beverage products] [added: beverages] bearing trademarks licensed to us by third parties for which we provide marketing support and from the sale of which we derive [added: an] economic benefit; and

- [removed: "Trademark] [added: “Trademark] Coca-Cola [removed: Beverages"] [added: Beverages”] or [removed: "Trademark Coca-Cola"] [added: “Trademark Coca-Cola”] means beverages bearing the trademark Coca-Cola or any trademark that includes Coca-Cola or Coke (that is, Coca-Cola, [removed: Coca-Cola Life,] Diet Coke/Coca-Cola Light and Coca-Cola Zero Sugar and all their variations and any line extensions, including caffeine free Diet Coke, Cherry Coke, etc.).

Likewise, when we use the capitalized word [removed: "Trademark"] [added: “Trademark”] together with the name of one of our other beverage products (such as [removed: "Trademark Fanta," "Trademark Sprite"] [added: “Trademark Fanta,” “Trademark Sprite”] or [removed: "Trademark Simply"),] [added: “Trademark Simply”),] we mean beverages bearing the indicated trademark (that is, Fanta, Sprite or Simply, respectively) and all its variations and line extensions (such that [removed: "Trademark Fanta"] [added: “Trademark Fanta”] includes Fanta Orange, Fanta Zero Orange, Fanta [added: Zero Sugar, Fanta] Apple, etc.; [removed: "Trademark Sprite"] [added: “Trademark Sprite”] includes Sprite, [removed: Diet Sprite,] Sprite [removed: Zero, Sprite Light,] [added: Zero Sugar,] etc.; and [removed: "Trademark Simply"] [added: “Trademark Simply”] includes Simply Orange, Simply Apple, Simply Grapefruit, etc.).

- beverage concentrates, sometimes referred to as [removed: "beverage bases,"] [added: “beverage bases,”] and syrups, including fountain syrups (we refer to this part of our business as our [removed: "concentrate business" or "concentrate operations");] [added: “concentrate operations”);] and

- finished sparkling soft drinks and other [removed: nonalcoholic] beverages (we refer to this part of our business as our [removed: "finished product business" or "finished] [added: “finished] product [removed: operations").][added: operations”).]

Our bottling partners either combine concentrates with [added: still or sparkling water and] sweeteners (depending on the product), [added: or combine syrups with] still [removed: water] or sparkling water, [removed: or][added: to produce finished beverages.]

In addition, outside the United States, our bottling partners are typically authorized to manufacture fountain syrups, using our [removed: concentrate,] [added: concentrates,] which they sell to fountain retailers for use in producing beverages for immediate consumption, or to authorized fountain wholesalers who in turn sell and distribute the fountain syrups to fountain retailers.

Our finished product operations generate net operating revenues by selling sparkling soft drinks and a variety of other finished [removed: nonalcoholic beverages, such as water, enhanced water and sports drinks; juice, dairy and plant-based beverages; tea and coffee; and energy drinks,] [added: beverages] to [removed: retailers,] [added: retailers] or to distributors and wholesalers who in turn sell the beverages to retailers.

Additionally, we sell directly to consumers through retail [removed: outlets] [added: stores] operated by Costa Limited [removed: ("Costa"), which is included in our Global Ventures operating segment.][added: (“Costa”).]

- sparkling soft drinks: Coca-Cola, Diet Coke/Coca-Cola Light, Coca-Cola Zero Sugar, Fanta, Fresca, [removed: Schweppes,* Sprite,] [added: Schweppes,1 Sprite] and Thums Up;

- [removed: water, enhanced water] [added: hydration, sports, coffee] and [removed: sports drinks:] [added: tea:] Aquarius, [added: Ayataka, BODYARMOR,] Ciel, [added: Costa, doğadan,] Dasani, [added: FUZE TEA, Georgia,] glacéau smartwater, glacéau vitaminwater, [added: Gold Peak,] Ice Dew, I LOHAS, [removed: Powerade,] [added: Powerade] and Topo Chico; [added: and]

- [added: nutrition,] juice, dairy and plant-based beverages: AdeS, Del Valle, fairlife, innocent, Minute Maid, Minute Maid [removed: Pulpy, and Simply;] [added: Pulpy] and [added: Simply.]

[removed: * Schweppes] [added: 1Schweppes] is owned by the Company in certain countries other than the United States.

In addition to the beverage brands we own, we also provide marketing support and otherwise participate in the sales of other [removed: nonalcoholic] beverage brands through licenses, joint ventures and strategic [removed: partnerships, including, but not limited to, the following:][added: partnerships.]

[removed: - Certain] [added: For example, certain] Coca-Cola system bottlers distribute certain brands of Monster Beverage Corporation [removed: ("Monster"),] [added: (“Monster”),] primarily Monster Energy, in designated territories in the United States, Canada and other international territories pursuant to distribution coordination agreements between the Company and Monster and related distribution agreements between Monster and Coca-Cola system bottlers.

[removed: Employing our business strategy, our] [added: Our] Company [added: continually] seeks to further optimize its portfolio of brands, products and services in order to create and satisfy consumer demand in every market.

We make our branded beverage products available to consumers in more than 200 countries and territories through our network of independent bottling partners, distributors, wholesalers and retailers as well as our consolidated bottling and distribution [removed: operations — the world's largest nonalcoholic beverage distribution system.][added: operations.]

Consumers enjoy finished beverage products bearing trademarks owned by or licensed to [removed: us] [added: the Company] at a rate of [removed: 1.9] [added: 2.1] billion servings each day.

The Coca-Cola system sold [removed: 29.0 billion, 30.3] [added: 31.3] billion and [removed: 29.6] [added: 29.0] billion unit cases of our products in [removed: 2020, 2019] [added: 2021] and [removed: 2018,] [added: 2020,] respectively.

Sparkling soft drinks represented 69 percent of our worldwide unit case volume in [removed: 2020, 2019] [added: both 2021] and [removed: 2018.][added: 2020.]

Trademark Coca-Cola accounted for 47 [removed: percent, 45] percent [removed: and 45 percent] of our worldwide unit case volume in [removed: 2020, 2019] [added: both 2021] and [removed: 2018, respectively.][added: 2020.]

[removed: In 2020, unit] [added: Unit] case volume [removed: in] [added: outside] the United States represented [removed: 18] [added: 83] percent of the [removed: Company's] [added: Company’s] worldwide unit case [removed: volume.][added: volume in 2021.]

Trademark Coca-Cola accounted for [removed: 43] [added: 42] percent of U.S. unit case volume.

[removed: Unit case volume outside the United States] represented [removed: 82] [added: 17] percent of the [removed: Company's] [added: Company’s] worldwide unit case [removed: volume for 2020.][added: volume.]

The countries outside the United States in which our unit case volumes were the largest were Mexico, China, Brazil and [removed: Japan,] [added: India,] which together accounted for [removed: 32] [added: 31] percent of our worldwide unit case volume.

Our five largest independent bottling partners based on unit case volume in [removed: 2020] [added: 2021] were as follows:

- Coca-Cola FEMSA, S.A.B. de C.V. [removed: ("Coca-Cola FEMSA"),] [added: (“Coca-Cola FEMSA”),] which has bottling and distribution operations in Mexico (a substantial part of central Mexico, including Mexico City, as well as southeast and northeast Mexico), Guatemala (nationwide), Nicaragua (nationwide), Costa Rica (nationwide), Panama (nationwide), Colombia (most of the country), Venezuela (nationwide), Brazil [removed: (greater] [added: (a major part of the states of] São [removed: Paulo, Campiñas, Santos,] [added: Paulo and Minas Gerais,] the state of Mato Grosso do Sul, the state of Paraná, the state of Santa Catarina, part of the state of Rio Grande do Sul, part of the state of [removed: Goiás,] [added: Goiás and] part of the state of Rio de [removed: Janeiro and part of the state of Minas Gerais),] [added: Janeiro),] Argentina (federal capital of Buenos Aires and surrounding areas) and Uruguay (nationwide);

- Coca-Cola [removed: European] [added: Europacific] Partners plc [removed: ("CCEP"),] [added: (“CCEP”),] which has bottling and distribution operations in Andorra, [added: Australia,] Belgium, [added: Fiji,] continental France, Germany, Great Britain, Iceland, [added: Indonesia,] Luxembourg, Monaco, the Netherlands, [added: New Zealand,] Norway, [added: Papua New Guinea,] Portugal, [added: Samoa,] Spain and Sweden;

- Swire Beverages, which has bottling and distribution operations in 11 provinces and the Shanghai Municipality in the eastern and southern areas of mainland China, Hong Kong, [removed: Taiwan,] [added: Taiwan] and territories in 13 states in the western United States.

In [removed: 2020,] [added: 2021,] these five bottling partners combined represented [removed: 40] [added: 41] percent of our total worldwide unit case volume.

We typically agree to refrain from selling or distributing, or from authorizing third parties to sell or distribute, the designated Company Trademark Beverages throughout the identified territory in the particular authorized [added: containers.]

[removed: containers; however,] [added: However,] we typically reserve for ourselves or our designee the right (1) to prepare and package such Company Trademark Beverages in such containers in the territory for sale outside the territory; (2) to prepare, package, distribute and sell such Company Trademark Beverages in the territory in any other manner or form (territorial restrictions on bottlers vary in some cases in accordance with local law); and (3) to handle certain key accounts (accounts that cover multiple territories).

Effective January 1, 2021, we transformed our organizational structure in an effort to better enable us to capture growth in the fast-changing marketplace by building a networked global organization designed to combine the power of scale with the deep knowledge required to win locally.

We created new operating units, which are focused on regional and local execution.

The operating units, which sit under four geographic operating segments, as discussed below, are highly interconnected, with more consistency in their structure and a focus on eliminating duplication of resources and scaling new products more quickly.

The operating units work closely with five global marketing category leadership teams to rapidly scale ideas while staying close to the consumer.

The global marketing category leadership teams primarily focus on innovation as well as marketing efficiency and effectiveness.

Our organizational structure also includes a center and a platform services organization, as discussed below.

Our operating structure also includes Corporate, which consists of two components: (1) a center focusing on strategic initiatives, policy, governance and scaling global initiatives; and (2) a platform services organization supporting the operating units, global marketing category leadership teams and the center by providing efficient and scaled global services and capabilities including, but not limited to, transactional work, data management, consumer analytics, digital commerce and social/digital hubs.

These sales are included in our Global Ventures operating segment.

In 2021, unit case volume in the United States

We generate most of our coffee revenues through Costa.

Costa purchases Rainforest Alliance Certified green coffee through multiple suppliers.

While most of Costa’s coffee is sourced as readily available bulked commercial grade from Brazil, Vietnam and Colombia, many of Costa’s suppliers have vertically integrated supply chains with direct access to yields from cooperatives and producer groups.

Globally, we see a growing trend toward data protection laws and regulations increasing in complexity and number, and we anticipate that our obligations will expand commensurately.

covered by collective bargaining agreements.

As of December 31, 2021, we had approximately 8,400 employees located in the United States, excluding the employees of the Global Ventures operating segment, fairlife, LLC and BA Sports Nutrition, LLC.

In 2021, we announced our 2030 aspirations to be 50 percent led by women globally, and in the United States, to reflect the U.S. Census racial and ethnic representation at all job grade levels.

Each of our operating units outside the United States has developed locally relevant diversity, equity and inclusion aspirations.

Diversity and inclusion metrics, which highlight progress and help drive accountability, are shared with our senior leaders on a quarterly basis.

We conduct annual pay equity analyses, with regard to gender globally and race/ethnicity in the United States, to help ensure our base pay structures are fair and to identify and address potential issues or disparities.

Our inclusion networks are regionally structured in order to meet relevant local needs, and they provide employees with the opportunity to engage with colleagues globally based on common interests or backgrounds.

Culture and Engagement

As our employees work together to achieve our purpose to “Refresh the World and Make a Difference,” they collectively build and reinforce our culture.

Our culture is rooted in our growth mindset, which expects each employee, leader and function to be curious, empowered, inclusive and agile.

We use a variety of practices to measure and support progress against these growth behaviors and to ensure that our employees are engaged and fulfilled at work.

For example, our Performance Enablement and Culture & Engagement Pulse platforms provide regular opportunities for employees across the organization to provide feedback on how their leaders, teammates and work experiences support the growth behaviors.

Data from questionnaires are anonymized and plotted against historical results to inform teams and functions on areas of strength and opportunities for improvement.

We also encourage regular, live communication across the organization and host quarterly global town halls with our senior leadership that include employee question-and-answer sessions.

In addition, function-level town halls are held on a regular basis.

We offer a

We are determined to emerge from the COVID-19 pandemic a better and stronger company.

Our operating structure also includes Corporate, which consists of two components: (1) a center focused on strategic initiatives, policy and governance; and (2) an enabling services organization focused on both simplifying and standardizing key transactional processes and providing support to business units through global centers of excellence.

combine syrups with still or sparkling water, to produce finished beverages.

- tea and coffee: Ayataka, Costa, doğadan, FUZE TEA, Georgia, Gold Peak, HONEST TEA, and Kochakaden.

- We have a strategic partnership with Aujan Industries Company J.S.C. ("Aujan"), one of the largest independent beverage companies in the Middle East.

We own 50 percent of the entity that holds the rights in certain territories to brands produced and distributed by Aujan, including Rani, a juice brand, and Barbican, a flavored malt beverage brand.

In 2019, with the exception of ready-to-drink products, the Company did not report unit case volume for Costa, a component of the Global Ventures operating segment.

However, unit case volume reported in 2020 includes both Costa ready-to-drink and non-ready-to-drink products.

In addition, in some instances we have agreed or may in the future agree with a bottler with respect to concentrate pricing on a prospective basis for specified time periods.

price, and is adjusted quarterly based upon changes in certain sugar or sweetener prices, as applicable.

executives.

The decrease in the total number of employees was primarily due to the Company's strategic realignment initiatives and the impact of the COVID-19 pandemic on our Costa retail stores, partially offset by the January 2020 acquisition of fairlife, LLC ("fairlife").

As of December 31, 2020, we had approximately 8,900 employees located in the United States, excluding the employees of fairlife.

In 2020, we started implementing a multifaceted racial equity plan in the United States, which set 10-year employee representation goals that reflect the country's racial and ethnic diversity.

We also strive to be 50 percent led by women, in addition to growing and developing our female workforce overall.

We also periodically conduct pay equity analyses to help identify any unsupported distinctions in pay between employees of different races, gender and/or age, as permitted by local law.

Our BRGs provide employees with the opportunity to engage with colleagues based on shared interests in ethnic backgrounds, gender, sexual orientation, military service and work roles.

We offer a variety of programs that contribute to our leadership, training and development goals, including: (1) Coca-Cola U Digital Classroom, a hybrid space, equal parts classroom, studio, and online experience that combines the engaged learning environment of a traditional classroom with the flexibility, efficiency and scalability of digital delivery; (2) LinkedIn Learning,

COVID-19 Health Measures

In response to the COVID-19 pandemic, we implemented measures to help ensure the health, safety and security of our employees, while constantly monitoring the rapidly evolving situation and adapting our efforts and responses.

Around the world, we are endeavoring to follow guidance from authorities and health officials.

This includes having the majority of our office-based employees work remotely, imposing travel restrictions and implementing safety measures for employees continuing critical on-site work including, but not limited to, social distancing practices, temperature checks, health symptom attestations when entering our facilities, and the use of personal protective equipment as appropriate and in accordance with local laws and regulations.

Our system and production facilities have also implemented additional cleaning and sanitization routines and split shifts to ensure that we can continue to keep our brands in supply.

Cleaver-Brooks, a division of Aqua-Chem, manufactured boilers, some of [removed: which contained asbestos gaskets.]

On or about May 15, 2012, the parties entered into a mutually agreeable settlement/stipulation resolving two major issues: exhaustion of [added: underlying coverage and control of defense.]

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 [removed: arm's-length] [added: arm’s-length] methodology for determining the amount of U.S. taxable income that the U.S. parent company would report as [removed: compensation from its foreign licensees.]

The September 17, 2015 Notice from the IRS retroactively rejected the previously agreed-upon methodology for the 2007 through 2009 tax [removed: years,] [added: years] in favor of an entirely different methodology, without prior notice to the Company.

As a result of the [removed: IRS'] [added: IRS’] designation of the [removed: Company's] [added: Company’s] matter for litigation, the Company was forced [removed: either] to [added: either] accept the [removed: IRS'] [added: IRS’] newly imposed tax assessment and pay the full amount of the asserted tax or litigate the matter in the federal courts.

In doing so, we consulted with outside advisors, and we reviewed and considered relevant laws, rules, and regulations, including, [removed: though] [added: but] not limited to, the Opinion and relevant caselaw.

In that event, the Company would likely be subject to significant additional liabilities for [removed: the] [added: tax] years [removed: at issue,] [added: 2007 through 2009,] and potentially also for subsequent [removed: periods,] [added: years,] which could have a material adverse impact on the [removed: Company's] [added: 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 Opinion, assuming such methodology [removed: is] [added: 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, [removed: 2020] [added: 2021] for the 2007 through 2009 litigated tax years and for subsequent tax years from 2010 [removed: to 2020.][added: through 2021.]

The calculations incorporated the estimated impact of correlative adjustments to the previously accrued transition tax payable under the [added: 2017] Tax Cuts and Jobs [removed: Act of 2017.][added: Act.]

The Company [removed: currently] estimates that the potential aggregate incremental tax and interest liability could be approximately [removed: $12 billion.][added: $13 billion as of December 31, 2021.]

Additional [added: income tax and] interest would continue to accrue until the time any such potential liability, or portion thereof, [removed: is] [added: were to be] paid.

[removed: The Company] [added: We] currently [removed: projects that the impact of] [added: project] the continued application of the Tax Court Methodology in future years, assuming similar facts and circumstances as of December 31, [removed: 2020,] [added: 2021,] would result in an incremental annual tax liability that would increase the [removed: Company's] [added: Company’s] effective tax rate by approximately 3.5 percent.

The Company will have 90 days thereafter to file a notice of appeal to the [removed: United States] [added: U.S.] Court of Appeals for the Eleventh Circuit and pay the tax liability and interest related to the 2007 through 2009 tax [removed: period.][added: years.]

The Company currently estimates that the payment to be made at that time related to the 2007 through 2009 tax [removed: period,] [added: years,] which is included in the above estimate of the potential aggregate incremental tax and interest liability, would be approximately [removed: $4.6] [added: $4.9] billion (including interest accrued through December 31, [removed: 2020),] [added: 2021),] plus any additional interest accrued through the time of payment.

which contained asbestos gaskets.

compensation from its foreign licensees.

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 December 31, 2021.

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 December 31, 2021 to $400 million.

underlying coverage and control of defense.

For the fiscal year ended December 31, [removed: 2020][added: 2021]

[removed: ][added: ]

| [removed: Floating Rate] [added: 0.125%] Notes Due [removed: 2021] [added: 2029] | | | [removed: KO21C] [added: KO29B] | | | New York Stock Exchange | | |

| [removed: 0.75%] [added: 0.400%] Notes Due [removed: 2023] [added: 2030] | | | [removed: KO23B] [added: KO30B] | | | New York Stock Exchange | | |

Indicate by check mark whether the Registrant has filed a report on and attestation to its [removed: management's] [added: management’s] assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit [removed: report ☒][added: report.]

The aggregate market value of the common equity held by non-affiliates of the Registrant (assuming for these purposes, but without conceding, that all executive officers and Directors are [removed: "affiliates"] [added: “affiliates”] of the Registrant) as of [removed: June 26, 2020,] [added: July 2, 2021,] the last business day of the [removed: Registrant's] [added: Registrant’s] most recently completed second fiscal quarter, was [removed: $185,656,336,397] [added: $232,023,179,143] (based on the closing sale price of the [removed: Registrant's] [added: Registrant’s] Common Stock on that date as reported on the New York Stock Exchange).

The number of shares outstanding of the [removed: Registrant's] [added: Registrant’s] Common Stock as of February [removed: 22, 2021] [added: 18, 2022] was [removed: 4,309,311,676.][added: 4,335,473,308.]

Portions of the [removed: Company's] [added: Company’s] Proxy Statement for the [added: 2022] Annual Meeting of Shareowners [removed: to be held on April 20, 2021] are incorporated by reference in Part III.

| | | | [removed: Forward-Looking Statements] [added: [Forward-Looking Statements](#i7e5c6308455441aaa39bed2ec7a9b435_10)] | | | [removed: [2](#i6855be08923d410988a469014ee55e8a_10)] [added: [2](#i7e5c6308455441aaa39bed2ec7a9b435_10)] | | |

| [removed: Item 1.] [added: [Item 1.](#i7e5c6308455441aaa39bed2ec7a9b435_16)] | | | [removed: Business] [added: [Business](#i7e5c6308455441aaa39bed2ec7a9b435_16)] | | | [removed: [2](#i6855be08923d410988a469014ee55e8a_16)] [added: [2](#i7e5c6308455441aaa39bed2ec7a9b435_16)] | | |

| [removed: Item 1A.] [added: [Item 1A.](#i7e5c6308455441aaa39bed2ec7a9b435_19)] | | | [removed: Risk Factors] [added: [Risk Factors](#i7e5c6308455441aaa39bed2ec7a9b435_19)] | | | [removed: [11](#i6855be08923d410988a469014ee55e8a_19)] [added: [11](#i7e5c6308455441aaa39bed2ec7a9b435_19)] | | |

| [removed: Item 1B.] [added: [Item 1B.](#i7e5c6308455441aaa39bed2ec7a9b435_22)] | | | [removed: Unresolved] [added: [Unresolved] Staff [removed: Comments] [added: Comments](#i7e5c6308455441aaa39bed2ec7a9b435_22)] | | | [removed: [25](#i6855be08923d410988a469014ee55e8a_22)] [added: [24](#i7e5c6308455441aaa39bed2ec7a9b435_22)] | | |

| [removed: Item 2.] [added: [Item 2.](#i7e5c6308455441aaa39bed2ec7a9b435_25)] | | | [removed: Properties] [added: [Properties](#i7e5c6308455441aaa39bed2ec7a9b435_25)] | | | [removed: [25](#i6855be08923d410988a469014ee55e8a_25)] [added: [25](#i7e5c6308455441aaa39bed2ec7a9b435_25)] | | |

| [removed: Item 3.] [added: [Item 3.](#i7e5c6308455441aaa39bed2ec7a9b435_28)] | | | [removed: Legal Proceedings] [added: [Legal Proceedings](#i7e5c6308455441aaa39bed2ec7a9b435_28)] | | | [removed: [26](#i6855be08923d410988a469014ee55e8a_28)] [added: [25](#i7e5c6308455441aaa39bed2ec7a9b435_28)] | | |

| [removed: Item 4.] [added: [Item 4.](#i7e5c6308455441aaa39bed2ec7a9b435_31)] | | | [removed: Mine] [added: [Mine] Safety [removed: Disclosures] [added: Disclosures](#i7e5c6308455441aaa39bed2ec7a9b435_31)] | | | [removed: [28](#i6855be08923d410988a469014ee55e8a_31)] [added: [28](#i7e5c6308455441aaa39bed2ec7a9b435_31)] | | |

| [removed: Item X.] [added: [Item X.](#i7e5c6308455441aaa39bed2ec7a9b435_34)] | | | [Information About Our Executive [removed: Officers](#i6855be08923d410988a469014ee55e8a_34)] [added: Officers](#i7e5c6308455441aaa39bed2ec7a9b435_34)] | | | [removed: [28](#i6855be08923d410988a469014ee55e8a_34)] [added: [28](#i7e5c6308455441aaa39bed2ec7a9b435_34)] | | |

| [removed: Item 5.] [added: [Item 5.](#i7e5c6308455441aaa39bed2ec7a9b435_40)] | | | [removed: Market] [added: [Market] for [removed: Registrant's] [added: Registrant’s] Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities] [added: Securities](#i7e5c6308455441aaa39bed2ec7a9b435_40)] | | | [removed: [31](#i6855be08923d410988a469014ee55e8a_40)] [added: [30](#i7e5c6308455441aaa39bed2ec7a9b435_40)] | | |

| [removed: Item 6.] [added: [Item 6.](#i7e5c6308455441aaa39bed2ec7a9b435_43)] | | | [Intentionally [removed: Omitted](#i6855be08923d410988a469014ee55e8a_43)] [added: Omitted](#i7e5c6308455441aaa39bed2ec7a9b435_43)] | | | [removed: [33](#i6855be08923d410988a469014ee55e8a_43)] [added: [32](#i7e5c6308455441aaa39bed2ec7a9b435_43)] | | |

| [removed: Item 7.] [added: [Item 7.](#i7e5c6308455441aaa39bed2ec7a9b435_46)] | | | [removed: Management's] [added: [Management](#i7e5c6308455441aaa39bed2ec7a9b435_46)[’](#i7e5c6308455441aaa39bed2ec7a9b435_46)[s] Discussion and Analysis of Financial Condition and Results of [removed: Operations] [added: Operations](#i7e5c6308455441aaa39bed2ec7a9b435_46)] | | | [removed: [33](#i6855be08923d410988a469014ee55e8a_46)] [added: [32](#i7e5c6308455441aaa39bed2ec7a9b435_46)] | | |

| [removed: Item 7A.] [added: [Item 7A.](#i7e5c6308455441aaa39bed2ec7a9b435_94)] | | | [removed: Quantitative] [added: [Quantitative] and Qualitative Disclosures About Market [removed: Risk] [added: Risk](#i7e5c6308455441aaa39bed2ec7a9b435_94)] | | | [removed: [61](#i6855be08923d410988a469014ee55e8a_94)] [added: [57](#i7e5c6308455441aaa39bed2ec7a9b435_94)] | | |

| [removed: Item 8.] [added: [Item 8.](#i7e5c6308455441aaa39bed2ec7a9b435_97)] | | | [removed: Financial] [added: [Financial] Statements and Supplementary [removed: Data] [added: Data](#i7e5c6308455441aaa39bed2ec7a9b435_97)] | | | [removed: [63](#i6855be08923d410988a469014ee55e8a_97)] [added: [59](#i7e5c6308455441aaa39bed2ec7a9b435_97)] | | |

| [removed: Item 9.] [added: [Item 9.](#i7e5c6308455441aaa39bed2ec7a9b435_190)] | | | [removed: Changes] [added: [Changes] in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure] [added: Disclosure](#i7e5c6308455441aaa39bed2ec7a9b435_190)] | | | [removed: [136](#i6855be08923d410988a469014ee55e8a_220)] [added: [129](#i7e5c6308455441aaa39bed2ec7a9b435_190)] | | |

| [removed: Item 9A.] [added: [Item 9A.](#i7e5c6308455441aaa39bed2ec7a9b435_193)] | | | [removed: Controls] [added: [Controls] and [removed: Procedures] [added: Procedures](#i7e5c6308455441aaa39bed2ec7a9b435_193)] | | | [removed: [136](#i6855be08923d410988a469014ee55e8a_223)] [added: [129](#i7e5c6308455441aaa39bed2ec7a9b435_193)] | | |

| [removed: Item 9B.] [added: [Item 9B.](#i7e5c6308455441aaa39bed2ec7a9b435_196)] | | | [removed: Other Information] [added: [Other Information](#i7e5c6308455441aaa39bed2ec7a9b435_196)] | | | [removed: [136](#i6855be08923d410988a469014ee55e8a_226)] [added: [129](#i7e5c6308455441aaa39bed2ec7a9b435_196)] | | |

| [removed: Item 10.] [added: [Item 10.](#i7e5c6308455441aaa39bed2ec7a9b435_202)] | | | [removed: Directors,] [added: [Directors,] Executive Officers and Corporate [removed: Governance] [added: Governance](#i7e5c6308455441aaa39bed2ec7a9b435_202)] | | | [removed: [136](#i6855be08923d410988a469014ee55e8a_232)] [added: [129](#i7e5c6308455441aaa39bed2ec7a9b435_202)] | | |

| [removed: Item 11.] [added: [Item 11.](#i7e5c6308455441aaa39bed2ec7a9b435_205)] | | | [removed: Executive Compensation] [added: [Executive Compensation](#i7e5c6308455441aaa39bed2ec7a9b435_205)] | | | [removed: [136](#i6855be08923d410988a469014ee55e8a_235)] [added: [129](#i7e5c6308455441aaa39bed2ec7a9b435_205)] | | |

| [removed: Item 12.] [added: [Item 12.](#i7e5c6308455441aaa39bed2ec7a9b435_208)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i6855be08923d410988a469014ee55e8a_238)] [added: Matters](#i7e5c6308455441aaa39bed2ec7a9b435_208)] | | | [removed: [136](#i6855be08923d410988a469014ee55e8a_238)] [added: [129](#i7e5c6308455441aaa39bed2ec7a9b435_208)] | | |

| [removed: Item 13.] [added: [Item 13.](#i7e5c6308455441aaa39bed2ec7a9b435_211)] | | | [removed: Certain] [added: [Certain] Relationships and Related Transactions, and Director [removed: Independence] [added: Independence](#i7e5c6308455441aaa39bed2ec7a9b435_211)] | | | [removed: [136](#i6855be08923d410988a469014ee55e8a_241)] [added: [130](#i7e5c6308455441aaa39bed2ec7a9b435_211)] | | |

| [removed: Item 14.] [added: [Item 14.](#i7e5c6308455441aaa39bed2ec7a9b435_214)] | | | [removed: Principal] [added: [Principal] Accountant Fees and [removed: Services] [added: Services](#i7e5c6308455441aaa39bed2ec7a9b435_214)] | | | [removed: [137](#i6855be08923d410988a469014ee55e8a_244)] [added: [130](#i7e5c6308455441aaa39bed2ec7a9b435_214)] | | |

| [removed: Item 15.] [added: [Item 15.](#i7e5c6308455441aaa39bed2ec7a9b435_220)] | | | [removed: Exhibits] [added: [Exhibits] and Financial Statement [removed: Schedules] [added: Schedules](#i7e5c6308455441aaa39bed2ec7a9b435_220)] | | | [removed: [137](#i6855be08923d410988a469014ee55e8a_250)] [added: [130](#i7e5c6308455441aaa39bed2ec7a9b435_220)] | | |

| [removed: Item 16.] [added: [Item 16.](#i7e5c6308455441aaa39bed2ec7a9b435_226)] | | | [removed: Form] [added: [Form] 10-K [removed: Summary] [added: Summary](#i7e5c6308455441aaa39bed2ec7a9b435_226)] | | | [removed: [146](#i6855be08923d410988a469014ee55e8a_256)] [added: [138](#i7e5c6308455441aaa39bed2ec7a9b435_226)] | | |

| 0.500% Notes Due 2033 | | | KO33A | | | New York Stock Exchange | | |

| 0.950% Notes Due 2036 | | | KO36A | | | New York Stock Exchange | | |

| 1.000% Notes Due 2041 | | | KO41 | | | New York Stock Exchange | | |

| [Item 9C.](#i7e5c6308455441aaa39bed2ec7a9b435_2032) | | | [D](#i7e5c6308455441aaa39bed2ec7a9b435_2032)[isclosure](#i7e5c6308455441aaa39bed2ec7a9b435_2032) [R](#i7e5c6308455441aaa39bed2ec7a9b435_2032)[egarding](#i7e5c6308455441aaa39bed2ec7a9b435_2032) [F](#i7e5c6308455441aaa39bed2ec7a9b435_2032)[oreign](#i7e5c6308455441aaa39bed2ec7a9b435_2032) [J](#i7e5c6308455441aaa39bed2ec7a9b435_2032)[urisdictions](#i7e5c6308455441aaa39bed2ec7a9b435_2032) [](#i7e5c6308455441aaa39bed2ec7a9b435_2032)[T](#i7e5c6308455441aaa39bed2ec7a9b435_2032)[hat Prevent Inspections](#i7e5c6308455441aaa39bed2ec7a9b435_2032) | | | [129](#i7e5c6308455441aaa39bed2ec7a9b435_2032) | | |

| | | | [Signatures](#i7e5c6308455441aaa39bed2ec7a9b435_229) | | | [139](#i7e5c6308455441aaa39bed2ec7a9b435_229) | | |

| | | | Signatures | | | [147](#i6855be08923d410988a469014ee55e8a_259) | | |

Our worldwide headquarters is located on a 35-acre [removed: office] complex in Atlanta, Georgia.

The following table summarizes our principal production facilities, distribution and storage facilities, and retail stores by operating segment and Corporate as of December 31, [removed: 2020:][added: 2021:]

| | | | Principal Concentrate and/or Syrup Plants | | | | | | | | | [removed: | | |] Principal Beverage Manufacturing/Bottling Plants | | | | | | | | | [removed: | | |] Principal Distribution and Storage Facilities | | | | | | | | | [removed: | | |] Principal Retail Stores | | | | | | [removed: | | |]

| | | | Owned | | | [removed: | | |] Leased | | | | | | Owned | | | [removed: | | |] Leased | | | | | | Owned | | | [removed: | | |] Leased | | | | | | Owned | | | [removed: | | |] Leased | | |

| Europe, Middle East & Africa | | | [removed: 6 | | |] [added: 5] | | | — | | | | | | [removed: — | | |] [added: 2] | | | — | | | | | | 7 | | | [removed: | | | 26] [added: 27] | | | | | | — | | | [removed: | | | 12] [added: 13] | | |

| Latin America | | | 5 | | | [removed: | | |] — | | | | | | — | | | [removed: | | |] — | | | | | | 2 | | | [removed: | | | 5] [added: 3] | | | | | | — | | | [removed: | | |] — | | |

| North America | | | 11 | | | [removed: | | |] — | | | | | | [removed: 9 | | |] [added: 7] | | | 4 | | | | | | — | | | [removed: | | | 17] [added: 23] | | | | | | — | | | [removed: | | |] — | | |

| Asia Pacific | | | [removed: 6 | | |] [added: 7] | | | — | | | | | | — | | | [removed: | | |] — | | | | | | 2 | | | [removed: | | | —] [added: 1] | | | | | | — | | | [removed: | | |] — | | |

| Global Ventures | | | 1 | | | [removed: | | |] — | | | | | | [removed: 1 | | |] [added: 2] | | | — | | | | | | — | | | [removed: | | | 1] [added: 8] | | | | | | — | | | [removed: | | | 1,731] [added: 1,587] | | |

| Bottling Investments | | | — | | | [removed: | | |] — | | | | | | [removed: 87 | | | | | | 8] [added: 82] | | | [added: 3] | | | [removed: 109] | | | [added: 105] | | | 99 | | | | | | — | | | [removed: | | |] — | | |

| Corporate | | | 3 | | | [removed: | | |] — | | | | | | — | | | [removed: | | |] — | | | | | | — | | | [removed: | | | 6] [added: 5] | | | | | | — | | | [removed: | | |] — | | |

The complex includes several office buildings which are used by Corporate employees and North America operating segment employees.

In addition, the complex includes technical and engineering facilities along with a reception center.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Total | | | 32 | | | — | | | | | | 93 | | | 7 | | | | | | 116 | | | 166 | | | | | | — | | | 1,600 | | |

The office complex includes our 621,000 square foot headquarters building and an 870,000 square foot building in which our North America group's main offices are located.

The office complex also includes several other buildings, including our 264,000 square foot Coca-Cola Plaza building, technical and engineering facilities, and a reception center.

These properties, except for the North America group's main offices, are included in Corporate.

The North America group's main offices are included in the North America operating segment.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Total | | | 32 | | | | | | — | | | | | | 97 | | | | | | 12 | | | | | | 120 | | | | | | 154 | | | | | | — | | | | | | 1,743 | | |

The following are the executive officers of our Company as of February [removed: 25, 2021:][added: 22, 2022:]

| Manuel Arroyo | | | | | | [removed: 53] [added: 54] | | | | | | Chief Marketing Officer since January 2020. President of the Asia Pacific Group from January 2019 to December 2020. President of the Mexico business unit from July 2017 to December 2018, and prior to that, General Manager for Iberia from February 2017. Prior to rejoining the Company in February 2017, Chief Executive Officer of Deoleo, S.A., a Spanish multinational olive oil processing company, from May 2015 to September [removed: 2016] [added: 2016,] and Senior Vice President and President, Asia Pacific, of S.C. Johnson & Son, Inc., a multinational consumer product manufacturer, from September 2014 to May 2015. President of the [removed: Company's] [added: Company’s] ASEAN business unit from 2010 to August 2014. | | |

| Lisa Chang | | | | | | [removed: 52] [added: 53] | | | | | | Senior Vice President and Chief People Officer since March 2019 when she joined the Company. Prior to that, Senior Vice President and Chief Human Resources Officer for AMB Group LLC, which is the investment management and shared services arm of The Blank Family of Businesses, from 2014 through 2018. Prior to joining AMB Group LLC, Vice President of Human Resources for International at Equifax Inc. from 2013 through 2014, where she led human resources for all of its global locations. | | |

| Nikolaos Koumettis | | | | | | [removed: 56] [added: 57] | | | | | | President of the Europe operating unit since January 2021, and prior to that, President of the Europe, Middle East and Africa Group from January 2019. President of the Central and Eastern Europe business unit from April 2016 to December 2018, and President of the Central and Southern Europe business unit from April 2011 to April 2016. | | |

| Jennifer K. Mann | | | | | | [removed: 48] [added: 49] | | | | | | President, Global Ventures since January 2019 and Senior Vice President since May 2017. Served as Chief People Officer from May 2017 to March 2019 and as Chief of Staff for James Quincey, then President and Chief Operating Officer and later Chief Executive Officer, from October 2015 to October 2018. Vice President and General Manager of Coca-Cola Freestyle from June 2012 to October 2015. | | |

| John Murphy | | | | | | [removed: 59] [added: 60] | | | | | | Executive Vice President and Chief Financial Officer since March 2019, and prior to that, Senior Vice President and Deputy Chief Financial Officer from January 2019. President of the Asia Pacific Group from August 2016 to December [removed: 2018] [added: 2018,] and President of the South Latin business unit from January 2013 to August 2016. | | |

| Beatriz Perez | | | | | | [removed: 51] [added: 52] | | | | | | Senior Vice President and Chief of Communications, Sustainability and Strategic Partnerships since May 2017. [removed: Her functional title changed twice since May 2017.] Served as the [removed: Company's] [added: Company’s] first Chief Sustainability Officer from July 2011 to April [removed: 2017] [added: 2017,] and as Vice President, Global Partnerships and Licensing, Retail and Attractions from July 2016 to April 2017. Chair of The Coca-Cola Foundation, Inc., the [removed: Company's] [added: Company’s] primary international philanthropic arm, since October 2017. | | |

| Nancy Quan | | | | | | [removed: 54] [added: 55] | | | | | | Senior Vice President [removed: and] [added: since January 2019.] Chief Technical [added: and Innovation] Officer since [removed: January 2019,] [added: February 2021,] and prior to that, Chief Technical Officer [added: from January 2019, and Chief Technical Officer] of Coca-Cola North America from July 2016. Global R&D Officer from January 2012 to July 2016. [removed: She will be assuming the position of Chief Technical and Innovation Officer effective February 28, 2021.] | | |

| James Quincey | | | | | | [removed: 56] [added: 57] | | | | | | Chairman of the Board of Directors since April 2019 and Chief Executive Officer since May 2017. Elected to the Board of Directors in April 2017. President from April 2015 to December 2018, and Chief Operating Officer from August 2015 to April 2017. | | |

| Alfredo Rivera | | | | | | [removed: 59] [added: 60] | | | | | | President of the North America operating unit since August 2020, and prior to that, President of the Latin America Group from August 2016. President of the Latin Center business unit from January 2013 to August 2016. | | |

| Barry Simpson | | | | | | [removed: 60] [added: 61] | | | | | | Senior Vice President since December 2016 and Chief Platform Services Officer since January 1, 2021. Prior to that, Chief Information and Integrated Services Officer from January 2019, when his duties were expanded to include oversight of portions of the [removed: Company's] [added: Company’s] Enabling Services organization, and Chief Information Officer from October 2016. Prior to joining the Company in January 2016 as the head of Global Business Unit Information Technology Services, Chief Information Officer of Coca-Cola Amatil Limited, a Coca-Cola bottler based in Sydney, Australia, from 2008 to December 2015. | | |

| Brian Smith | | | | | | [removed: 65] [added: 66] | | | | | | President and Chief Operating Officer since January 2019, and prior to that, President of the Europe, Middle East and Africa Group from August 2016. President of the Latin America Group from January 2013 to August 2016. | | |

| Monica Howard Douglas | | | | | | 49 | | | | | | Senior Vice President and General Counsel since April 2021, and prior to that, Chief Compliance Officer and Associate General Counsel of the North America operating unit from January 2018. Legal director for the Southern and East Africa business unit from September 2013 to December 2017, and Vice President of Supply Chain and Consumer Affairs and Senior Managing Counsel, Coca-Cola Refreshments, from 2008 to September 2013. | | |

| | | | | | | | | | | | | | | |

| Bradley M. Gayton | | | | | | 57 | | | | | | Senior Vice President and General Counsel since September 2020. Joined the Company from Ford Motor Company ("Ford"), a global automotive and mobility company, where he served as Chief Administrative Officer and General Counsel from June 2017 and General Counsel from January 2016. Group Vice President at Ford from January 2016 to January 2019, when his title was changed without a change in his responsibilities. Assistant General Counsel and Corporate Secretary at Ford from April 2012 to December 2015. | | |

| Robert Long | | | | | | 63 | | | | | | Senior Vice President and Chief Innovation Officer since May 2017, and prior to that, Vice President, Research and Development from December 2016. He will be retiring from the Company effective February 28, 2021. | | |

As of February [removed: 22, 2021,] [added: 18, 2022,] there were [removed: 197,226] [added: 191,391] shareowner accounts of record.

The information under the subheading [removed: "Equity] [added: “Equity] Compensation Plan [removed: Information"] [added: Information”] under the principal heading [removed: "Compensation"] [added: “Compensation”] in the [removed: Company's] [added: Company’s] definitive Proxy Statement for the [added: 2022] Annual Meeting of Shareowners [removed: to be held on April 20, 2021 ("Company's 2021] [added: (“Company’s 2022] Proxy [removed: Statement"),] [added: Statement”),] to be filed with the SEC, is incorporated herein by reference.

During the year ended December 31, [removed: 2020,] [added: 2021,] no equity securities of the Company were sold by the Company that were not registered under the Securities Act of 1933, as amended.

The following table presents information with respect to purchases of common stock of the Company made during the three months ended December 31, [removed: 2020] [added: 2021] by the Company or any [removed: "affiliated purchaser"] [added: “affiliated purchaser”] of the Company as defined in Rule 10b-18(a)(3) under the Exchange Act:

| [removed: September 26, 2020 through] October [removed: 23, 2020] [added: 30, 2021 through November 26, 2021] | | | [removed: 11,879] [added: —] | | | | | | [removed: $] [added: —] | [removed: 50.02] | | | | | — | | | | | | 161,029,667 | | | | | |

| November [removed: 21, 2020] [added: 27, 2021] through December 31, [removed: 2020] [added: 2021] | | | [removed: 127,023] [added: 106,605] | | | | | | [removed: 53.32] [added: 53.64] | | | | | | — | | | | | | 161,029,667 | | | | | |

1The total number of shares purchased includes: (i) shares [removed: purchased] [added: purchased, if any,] pursuant to the 2012 Plan described in footnote 2 below and (ii) shares surrendered to the Company to pay the exercise price and/or to satisfy tax withholding obligations in connection with so-called stock swap exercises of employee stock options and/or the vesting of restricted stock issued to employees.

[removed: ][added: ]

| December 31, | | | [removed: 2015 | | |] 2016 | | | 2017 | | | 2018 | | | 2019 | | | [removed: 2020] [added: 2020] | | | [added: 2021 | | |]

| The Coca-Cola Company | | | $ | 100 | | $ | [removed: 100] [added: 114] | | $ | [removed: 114] [added: 122] | | $ | [removed: 122] [added: 147] | | $ | [removed: 147] [added: 151] | | $ | [removed: 150] [added: 168] | |

| Peer Group Index | | | 100 | | | 111 | | | [removed: 123] [added: 90] | | | [removed: 100] [added: 112] | | | [removed: 123] [added: 121] | | | [removed: 133] [added: 139] | | |

The total shareowner return [removed: assumes that dividends were reinvested daily and] is based on a $100 investment on December 31, [removed: 2015.][added: 2016 and assumes that dividends were reinvested on the day of issuance.]

The Peer Group Index consists of the following companies: Altria Group, Inc., Archer Daniels Midland Company, Beyond Meat, Inc., The Boston Beer Company, Inc., Brown-Forman Corporation, Bunge Limited, Campbell Soup Company, [removed: Conagra] [added: ConAgra] Brands, Inc., Constellation Brands, Inc., Darling Ingredients Inc., Flowers Foods, Inc., [added: Freshpet Inc.,] General Mills, Inc., The Hain Celestial Group, Inc., Herbalife Nutrition Ltd., The Hershey Company, Hormel Foods Corporation, Ingredion Incorporated, [removed: Jefferies Financial Group Inc.,] Kellogg Company, Keurig Dr Pepper Inc., The Kraft Heinz Company, Lamb Weston Holdings, Inc., Lancaster Colony Corporation, McCormick & Company, Incorporated, Molson Coors Brewing Company, Mondelēz International, Inc., Monster Beverage Corporation, National Beverage Corp., PepsiCo, Inc., Performance Food Group Company, Philip Morris International Inc., [removed: Pilgrim's] [added: Pilgrim’s] Pride Corporation, Post Holdings, Inc., Seaboard Corporation, The J.M. Smucker Company, [removed: TreeHouse Foods, Inc.,] Tyson Foods, Inc. and US Foods Holding Corp.

| October 2, 2021 through October 29, 2021 | | | 9,480 | | | | | | $ | 54.48 | | | | | — | | | | | | 161,029,667 | | | | | |

| Total | | | 116,085 | | | | | | $ | 53.71 | | | | | — | | | | | | | | | | | |

| S&P 500 Index | | | 100 | | | 122 | | | 116 | | | 153 | | | 181 | | | 233 | | |

Companies included in the Dow Jones Food & Beverage Index and the Dow Jones Tobacco Index change periodically.

In 2021, the Dow Jones Food & Beverage Index and the Peer Group Index included Freshpet Inc., which was not included in the indices in 2020.

Additionally, in 2021 these indices do not include Jefferies Financial Group Inc. and TreeHouse Foods, Inc., which were included in the indices in 2020.

| October 24, 2020 through November 20, 2020 | | | 1,966,820 | | | | | | 54.00 | | | | | | — | | | | | | 161,029,667 | | | | | |

| Total | | | 2,105,722 | | | | | | $ | 53.93 | | | | | — | | | | | | | | | | | |

| S&P 500 Index | | | 100 | | | 112 | | | 136 | | | 130 | | | 171 | | | 203 | | |

| [Consolidated Statements of [removed: Income](#i6855be08923d410988a469014ee55e8a_103)] [added: Income](#i7e5c6308455441aaa39bed2ec7a9b435_103)] | | | [removed: [64](#i6855be08923d410988a469014ee55e8a_103)] [added: [60](#i7e5c6308455441aaa39bed2ec7a9b435_103)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i6855be08923d410988a469014ee55e8a_106)] [added: Income](#i7e5c6308455441aaa39bed2ec7a9b435_106)] | | | [removed: [65](#i6855be08923d410988a469014ee55e8a_106)] [added: [61](#i7e5c6308455441aaa39bed2ec7a9b435_106)] | | |

| [Consolidated Balance [removed: Sheets](#i6855be08923d410988a469014ee55e8a_109)] [added: Sheets](#i7e5c6308455441aaa39bed2ec7a9b435_109)] | | | [removed: [66](#i6855be08923d410988a469014ee55e8a_109)] [added: [62](#i7e5c6308455441aaa39bed2ec7a9b435_109)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i6855be08923d410988a469014ee55e8a_115)] [added: Flows](#i7e5c6308455441aaa39bed2ec7a9b435_112)] | | | [removed: [67](#i6855be08923d410988a469014ee55e8a_115)] [added: [63](#i7e5c6308455441aaa39bed2ec7a9b435_112)] | | |

| [Consolidated Statements of [removed: Shareowners' Equity](#i6855be08923d410988a469014ee55e8a_118)] [added: Shareowners](#i7e5c6308455441aaa39bed2ec7a9b435_115)[’](#i7e5c6308455441aaa39bed2ec7a9b435_115) [Equity](#i7e5c6308455441aaa39bed2ec7a9b435_115)] | | | [removed: [68](#i6855be08923d410988a469014ee55e8a_118)] [added: [64](#i7e5c6308455441aaa39bed2ec7a9b435_115)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i6855be08923d410988a469014ee55e8a_124)] [added: Statements](#i7e5c6308455441aaa39bed2ec7a9b435_118)] | | | [removed: [69](#i6855be08923d410988a469014ee55e8a_124)] [added: [65](#i7e5c6308455441aaa39bed2ec7a9b435_118)] | | |

| [Report of Independent Registered Public Accounting Firm on Internal Control Over Financial [removed: Reporting](#i6855be08923d410988a469014ee55e8a_214)] [added: Reporting](#i7e5c6308455441aaa39bed2ec7a9b435_187)] | | | [removed: [135](#i6855be08923d410988a469014ee55e8a_214)] [added: [128](#i7e5c6308455441aaa39bed2ec7a9b435_187)] | | |

| Year Ended December 31, | | | [removed: 2020] [added: 2021] | | | [removed: 2019] [added: 2020] | | | [removed: 2018] [added: 2019] | | |

| Net Operating Revenues | | | $ | [removed: 33,014] [added: 38,655] | | $ | [removed: 37,266] [added: 33,014] | | $ | [removed: 34,300] [added: 37,266] | |

| Cost of goods sold | | | [removed: 13,433] [added: 15,357] | | | [removed: 14,619] [added: 13,433] | | | [removed: 13,067] [added: 14,619] | | |

| Gross Profit | | | [removed: 19,581] [added: 23,298] | | | [removed: 22,647] [added: 19,581] | | | [removed: 21,233] [added: 22,647] | | |

| Selling, general and administrative expenses | | | [removed: 9,731] [added: 12,144] | | | [removed: 12,103] [added: 9,731] | | | [removed: 11,002] [added: 12,103] | | |

| Other operating charges | | | [removed: 853] [added: 846] | | | [removed: 458] [added: 853] | | | [removed: 1,079] [added: 458] | | |

| Operating Income | | | [removed: 8,997] [added: 10,308] | | | [removed: 10,086] [added: 8,997] | | | [removed: 9,152] [added: 10,086] | | |

| Interest income | | | [removed: 370] [added: 276] | | | [removed: 563] [added: 370] | | | [removed: 689] [added: 563] | | |

| Interest expense | | | [removed: 1,437] [added: 1,597] | | | [removed: 946] [added: 1,437] | | | [removed: 950] [added: 946] | | |

| Equity income (loss) — net | | | [removed: 978] [added: 1,438] | | | [removed: 1,049] [added: 978] | | | [removed: 1,008] [added: 1,049] | | |

| Other income (loss) — net | | | [removed: 841] [added: 2,000] | | | [removed: 34] [added: 841] | | | [removed: (1,674)] [added: 34] | | |

| Income Before Income Taxes | | | [removed: 9,749] [added: 12,425] | | | [removed: 10,786] [added: 9,749] | | | [removed: 8,225] [added: 10,786] | | |

| Income taxes | | | [removed: 1,981] [added: 2,621] | | | [removed: 1,801] [added: 1,981] | | | [removed: 1,749] [added: 1,801] | | |

| Consolidated Net Income | | | [removed: 7,768] [added: 9,804] | | | [removed: 8,985] [added: 7,768] | | | [removed: 6,476] [added: 8,985] | | |

| Less: Net income (loss) attributable to noncontrolling interests | | | [removed: 21] [added: 33] | | | [removed: 65] [added: 21] | | | [removed: 42] [added: 65] | | |

| Net Income Attributable to Shareowners of The Coca-Cola Company | | | $ | [removed: 7,747] [added: 9,771] | | $ | [removed: 8,920] [added: 7,747] | | $ | [removed: 6,434] [added: 8,920] | |

| Basic Net Income Per Share1 | | | $ | [removed: 1.80] [added: 2.26] | | $ | [removed: 2.09] [added: 1.80] | | $ | [removed: 1.51] [added: 2.09] | |

| Diluted Net Income Per Share1 | | | $ | [removed: 1.79] [added: 2.25] | | $ | [removed: 2.07] [added: 1.79] | | $ | [removed: 1.50] [added: 2.07] | |

| Average Shares Outstanding — Basic | | | [removed: 4,295] [added: 4,315] | | | [removed: 4,276] [added: 4,295] | | | [removed: 4,259] [added: 4,276] | | |

| Effect of dilutive securities | | | [removed: 28] [added: 25] | | | [removed: 38] [added: 28] | | | [removed: 40] [added: 38] | | |

| Average Shares Outstanding — Diluted | | | [removed: 4,323] [added: 4,340] | | | [removed: 4,314] [added: 4,323] | | | [removed: 4,299] [added: 4,314] | | |

| Year Ended December 31, | | | [removed: 2020] [added: 2021] | | | [removed: 2019] [added: 2020] | | | [removed: 2018] [added: 2019] | | |

| Consolidated Net Income | | | $ | [removed: 7,768] [added: 9,804] | | $ | [removed: 8,985] [added: 7,768] | | $ | [removed: 6,476] [added: 8,985] | |

| Net foreign currency translation adjustments | | | [removed: (911)] [added: (699)] | | | [removed: 74] [added: (911)] | | | [removed: (2,035)] [added: 74] | | |

| Net gains (losses) on derivatives | | | [removed: 15] [added: 214] | | | [removed: (54)] [added: 15] | | | [removed: (7)] [added: (54)] | | |

| Net change in unrealized gains (losses) on available-for-sale debt securities | | | [removed: (47)] [added: (90)] | | | [removed: 18] [added: (47)] | | | [removed: (34)] [added: 18] | | |

| Net change in pension and other postretirement benefit liabilities | | | [removed: (267)] [added: 712] | | | [removed: (159)] [added: (267)] | | | [removed: 29] [added: (159)] | | |

| Total Comprehensive Income | | | [removed: 6,558] [added: 9,941] | | | [removed: 8,864] [added: 6,558] | | | [removed: 4,429] [added: 8,864] | | |

| Less: Comprehensive income [added: (loss)] attributable to noncontrolling interests | | | [removed: (132)] [added: (101)] | | | [removed: 110] [added: (132)] | | | [removed: 95] [added: 110] | | |