1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON,D.C.20549FORM 10-K(Mark One)ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2023ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934

2、For the transition period from toCommission File Number 001-02217COCA COLA CO(Exact name of Registrant as specified in its charter)Delaware58-0628465(State or other jurisdiction of incorporation)(I.R.S.Employer Identification No.)One Coca-Cola PlazaAtlanta,Georgia30313(Address of principal executive

3、 offices)(Zip Code)Registrants telephone number,including area code:(404)676-2121Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock,$0.25 Par ValueKONew York Stock Exchange0.500%Notes Due 2024KO24New Yor

4、k Stock Exchange1.875%Notes Due 2026KO26New York Stock Exchange0.750%Notes Due 2026KO26CNew York Stock Exchange1.125%Notes Due 2027KO27New York Stock Exchange0.125%Notes Due 2029KO29ANew York Stock Exchange0.125%Notes Due 2029KO29BNew York Stock Exchange0.400%Notes Due 2030KO30BNew York Stock Exchan

5、ge1.250%Notes Due 2031KO31New York Stock Exchange0.375%Notes Due 2033KO33New York Stock Exchange0.500%Notes Due 2033KO33ANew York Stock Exchange1.625%Notes Due 2035KO35New York Stock Exchange1.100%Notes Due 2036KO36New York Stock Exchange0.950%Notes Due 2036KO36ANew York Stock Exchange0.800%Notes Du

6、e 2040KO40BNew York Stock Exchange1.000%Notes Due 2041KO41New York Stock ExchangeSecurities registered pursuant to Section 12(g)of the Act:None_Indicate by check mark if the Registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes No Indicate by check mark if the R

7、egistrant is not required to file reports pursuant to Section 13 or Section 15(d)of the Act.Yes No Indicate by check mark whether the Registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months(or for such shorte

8、rperiod that the Registrant was required to file such reports),and(2)has been subject to such filing requirements for the past 90 days.Yes No Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regula

9、tion S-T(232.405 of this chapter)during thepreceding 12 months(or for such shorter period that the Registrant was required to submit such files).Yes No Indicate by check mark whether the Registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company

10、or an emerging growth company.See the definitions of“large accelerated filer,”“accelerated filer,”“smaller reporting company”and“emerging growth company”in Rule 12b-2 of the Exchange Act.Large accelerated filer Accelerated filerNon-accelerated filerSmaller reporting companyEmerging growth companyIf

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

12、a report on and attestation to its managements assessment of the effectiveness of its internal control over financial reporting under Section 404(b)of theSarbanes-Oxley Act(15 U.S.C.7262(b)by the registered public accounting firm that prepared or issued its audit report.If securities are registered

13、pursuant to Section 12(b)of the Act,indicate by check mark whether the financial statements of the Registrant included in the filing reflect the correction of an error to previouslyissued financial statements.Indicate by check mark whether any of those error corrections are restatements that require

14、d a recovery analysis of incentive-based compensation received by any of the Registrants executive officers duringthe relevant recovery period pursuant to 240.10D-1(b).Indicate by check mark if the Registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes No The aggregate marke

15、t 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“affiliates”of theRegistrant)as of June 30,2023,the last business day of the Registrants most recently completed second fiscal quarter,

16、was$258,329,040,018(based on the closing sale price of the Registrants CommonStock on that date as reported on the New York Stock Exchange).The number of shares outstanding of the Registrants Common Stock as of February 16,2024 was 4,312,456,168.DOCUMENTS INCORPORATED BY REFERENCEPortions of the Com

17、panys Proxy Statement for the 2024 Annual Meeting of Shareowners are incorporated by reference in Part III.THE COCA-COLA COMPANY AND SUBSIDIARIESTable of Contents PageForward-Looking Statements2Part I Item 1.Business2Item 1A.Risk Factors12Item 1B.Unresolved Staff Comments26Item 1C.Cybersecurity26Ite

18、m 2.Properties27Item 3.Legal Proceedings28Item 4.Mine Safety Disclosures31Item X.Information About Our Executive Officers31Part II Item 5.Market for Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities33Item 6.Reserved34Item 7.Managements Discussion and Ana

19、lysis of Financial Condition and Results of Operations34Item 7A.Quantitative and Qualitative Disclosures About Market Risk58Item 8.Financial Statements and Supplementary Data60Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure128Item 9A.Controls and Procedure

20、s128Item 9B.Other Information128Item 9C.Disclosure Regarding Foreign Jurisdictions That Prevent Inspections128Part III Item 10.Directors,Executive Officers and Corporate Governance128Item 11.Executive Compensation128Item 12.Security Ownership of Certain Beneficial Owners and Management and Related S

21、tockholder Matters129Item 13.Certain Relationships and Related Transactions,and Director Independence129Item 14.Principal Accountant Fees and Services129Part IV Item 15.Exhibits and Financial Statement Schedules129Item 16.Form 10-K Summary138Signatures1391FORWARD-LOOKING STATEMENTSThis report contai

22、ns information that may constitute“forward-looking statements.”Generally,the words“believe,”“expect,”“intend,”“estimate,”“anticipate,”“project,”“will”and similar expressions identify forward-looking statements,which generally are not historical in nature.However,the absence of these words or similar

23、 expressionsdoes not mean that a statement is not forward-looking.All statements that address operating performance,events or developments that we expect or anticipate will occur in thefuture including statements relating to volume growth,share of sales and net income per share growth,and statements

24、 expressing general views about future operatingresults are forward-looking statements.Management believes that these forward-looking statements are reasonable as and when made.However,caution should be takennot to place undue reliance on any such forward-looking statements because such statements s

25、peak only as of the date when made.Our Company undertakes no obligation topublicly update or revise any forward-looking statements,whether as a result of new information,future events or otherwise,except as required by law.In addition,forward-looking statements are subject to certain risks and uncer

26、tainties that could cause our Companys actual results to differ materially from historical experience and our presentexpectations or projections.These risks and uncertainties include,but are not limited to,the possibility that the assumptions used to calculate our estimated aggregateincremental tax

27、and interest liability related to the potential unfavorable outcome of the ongoing tax dispute with the United States Internal Revenue Service could significantlychange;those described in Part I,“Item 1A.Risk Factors”and elsewhere in this report;and those described from time to time in our future re

28、ports filed with the Securities andExchange Commission.Part IITEM 1.BUSINESSIn this report,the terms“The Coca-Cola Company,”“Company,”“we,”“us”and“our”mean The Coca-Cola Company and all entities included in our consolidated financialstatements.GeneralThe Coca-Cola Company is a total beverage company

29、,and beverage products bearing our trademarks,sold in the United States since 1886,are now sold in more than 200countries and territories.We own or license and market numerous beverage brands,which we group into the following categories:Trademark Coca-Cola;sparkling flavors;water,sports,coffee and t

30、ea;juice,value-added dairy and plant-based beverages;and emerging beverages.We own and market several of the worlds largest nonalcoholicsparkling soft drink brands,including Coca-Cola,Sprite,Fanta,Coca-Cola Zero Sugar and Diet Coke/Coca-Cola Light.We make our branded beverage products available to c

31、onsumers throughout the world through our network of independent bottling partners,distributors,wholesalers andretailers as well as our consolidated bottling and distribution operations.Beverages bearing trademarks owned by or licensed to the Company account for 2.2 billion of theestimated 64 billio

32、n servings of all beverages consumed worldwide every day.We believe our success depends on our ability to connect with consumers by providing them with a wide variety of beverage options to meet their desires,needs and lifestyles.Our success further depends on the ability of our people to execute ef

33、fectively,every day.We are guided by our purpose,which is to refresh the world and make a difference.Our vision for growth has three connected pillars:Loved Brands.We craft meaningful brands and a choice of drinks that people love and enjoy and that refresh them in body and spirit.Done Sustainably.W

34、e grow our business in ways that achieve positive change in the world and build a more sustainable future for our planet.For a Better Shared Future.We invest to improve peoples lives,from our employees to all those who touch our business system,to our investors,to the communities wecall home.The Coc

35、a-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 samename that had been organized in 1892.2Operating SegmentsThe Companys operating structure is the basis for our internal financial reporting.Our

36、 operating structure includes the following operating segments:Europe,Middle East and Africa Latin America North America Asia Pacific Global Ventures Bottling InvestmentsAdditionally,our operating structure includes operating units,which sit under our four geographic operating segments.The operating

37、 units are focused on regional and localexecution and are highly interconnected,with the goal of eliminating duplication of resources and scaling new products more quickly.The operating units work closely with fiveglobal marketing category leadership teams to rapidly scale ideas while staying close

38、to the consumer.The global marketing category leadership teams primarily focus oninnovation as well as marketing efficiency and effectiveness.Our operating structure also includes Corporate,which consists of two components:(1)a center focusing on strategic initiatives,policy,governance and scaling g

39、lobalinitiatives,and(2)a platform services organization supporting the operating units,global marketing category leadership teams and the center by providing efficient and scaledglobal services and capabilities,including,but not limited to,transactional work,data management,consumer analytics,digita

40、l commerce and social/digital hubs.For additional information about our operating segments and Corporate,refer to Note 20 of Notes to Consolidated Financial Statements set forth in Part II,“Item 8.FinancialStatements and Supplementary Data”of this report.Except to the extent that differences among o

41、perating segments are material to an understanding of our business taken as a whole,the description of our business in this report ispresented on a consolidated basis.Products and BrandsAs used in this report:“concentrates”means flavorings and other ingredients which,when combined with water and,dep

42、ending on the product,sweeteners(nutritive or non-nutritive)are used toprepare syrups or finished beverages,and includes powders/minerals for purified water products;“syrups”means intermediate products in the beverage manufacturing process produced by combining concentrates with water and,depending

43、on the product,sweeteners(nutritive or non-nutritive);“fountain syrups”means syrups that are sold to fountain retailers,such as restaurants and convenience stores,which use dispensing equipment to mix the syrups withsparkling or still water at the time of purchase to produce finished beverages that

44、are served in cups or glasses for immediate consumption;“Company Trademark Beverages”means beverages bearing our trademarks and certain other beverages bearing trademarks licensed to us by third parties for which weprovide marketing support and from the sale of which we derive an economic benefit;an

45、d“Trademark Coca-Cola Beverages”or“Trademark Coca-Cola”means nonalcoholic beverages bearing the trademark Coca-Cola or any trademark that includes Coca-Colaor Coke(that is,Coca-Cola,Diet Coke/Coca-Cola Light and Coca-Cola Zero Sugar and all their variations and any line extensions,including caffeine

46、 free Diet Coke,Cherry Coke,etc.).Likewise,when we use the capitalized word“Trademark”together with the name of one of our other beverage products(such as“Trademark Fanta,”“Trademark Sprite”or“Trademark Simply”),we mean nonalcoholic beverages bearing the indicated trademark(that is,Fanta,Sprite or S

47、imply,respectively)and all itsvariations and line extensions(such that“Trademark Fanta”includes Fanta Orange,Fanta Zero Orange,Fanta Zero Sugar,Fanta Apple,etc.;“Trademark Sprite”includesSprite,Sprite Zero Sugar,etc.;and“Trademark Simply”includes Simply Orange,Simply Apple,Simply Grapefruit,etc.).Ou

48、r Company operates in two lines of business:concentrate operations and finished product operations.Our concentrate operations typically generate net operating revenues by selling beverage concentrates,sometimes referred to as“beverage bases,”syrups,including fountainsyrups,and certain finished bever

49、ages to authorized bottling operations(to which we typically refer as our“bottlers”or our“bottling partners”).Our bottling partners eithercombine concentrates with still or3sparkling water and sweeteners(depending on the product),or combine syrups with still or sparkling water,to produce finished be

50、verages.The finished beverages are packagedin authorized containers,such as cans and refillable and nonrefillable glass and plastic bottles,bearing our trademarks or trademarks licensed to us and are then sold to retailersdirectly or,in some cases,through wholesalers or other bottlers.In addition,ou

51、tside the United States,our bottling partners are typically authorized to manufacture fountainsyrups,using our concentrates,which they sell to fountain retailers for use in producing beverages for immediate consumption,or to authorized fountain wholesalers who inturn sell and distribute the fountain

52、 syrups to fountain retailers.Our concentrate operations are included in our geographic operating segments and our Global Venturesoperating segment.Our finished product operations generate net operating revenues by selling sparkling soft drinks and a variety of other finished beverages to retailers,

53、or to distributors andwholesalers who in turn sell the beverages to retailers.Generally,finished product operations generate higher net operating revenues but lower gross profit margins thanconcentrate operations.These operations consist primarily of our consolidated bottling and distribution operat

54、ions,which are included in our Bottling Investments operatingsegment.In certain markets,the Company also operates non-bottling finished product operations in which we sell finished beverages to distributors and wholesalers that aregenerally not one of the Companys bottling partners.These operations

55、are generally included in one of our geographic operating segments or our Global Ventures operatingsegment.Additionally,we sell directly to consumers through retail stores operated by Costa Limited(“Costa”).These sales are included in our Global Ventures operatingsegment.In the United States,we manu

56、facture fountain syrups and sell them to fountain retailers,who use the fountain syrups to produce beverages for immediateconsumption,or to authorized fountain wholesalers or bottling partners who in turn sell and distribute the fountain syrups to fountain retailers.These fountain syrup sales areinc

57、luded in our North America operating segment.For information regarding net operating revenues and unit case volume related to our concentrate operations and finished product operations,refer to the heading“OurBusiness General”set forth in Part II,“Item 7.Managements Discussion and Analysis of Financ

58、ial Condition and Results of Operations”of this report.For information regarding how we measure the volume of Company beverage products sold by the Company and our bottling partners(“Coca-Cola system”),refer to theheading“Operations Review Beverage Volume”set forth in Part II,“Item 7.Managements Dis

59、cussion and Analysis of Financial Condition and Results of Operations”ofthis report.We own and market numerous valuable beverage brands,including the following:sparkling soft drinks:Coca-Cola,Diet Coke/Coca-Cola Light,Coca-Cola Zero Sugar,Fanta,Fresca,Schweppes,Sprite and Thums Up;water,sports,coffe

60、e and tea:Aquarius,Ayataka,BODYARMOR,Ciel,Costa,Dasani,doadan,FUZE TEA,Georgia,glacau smartwater,glacau vitaminwater,GoldPeak,Ice Dew,I LOHAS,Powerade and Topo Chico;and juice,value-added dairy and plant-based beverages:AdeS,Del Valle,fairlife,innocent,Minute Maid,Minute Maid Pulpy and Simply.Schwep

61、pes is owned by the Company in certain countries other than the United States.The Company has also directly entered the alcohol beverage category in numerous markets outside the United States.In the United States,the Company has established awholly owned,indirect,firewalled subsidiary,which authoriz

62、es alcohol-licensed third parties to use certain of our trademarks and related intellectual property on alcoholbeverages that contain Company beverage bases.The Companys approach in alcohol focuses on three segments of alcohol ready-to-drink beverages:hard seltzers(e.g.,TopoChico Hard Seltzer),hard

63、alternatives(e.g.,Lemon-Dou)and pre-mixed cocktails(e.g.,Jack Daniels&Coca-Cola).In addition to the beverage brands we own,we also provide marketing support and otherwise participate in the sales of other beverage brands through licenses,joint venturesand strategic relationships.For example,certain

64、Coca-Cola system bottlers distribute certain brands of Monster Beverage Corporation(“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 andrelate

65、d distribution agreements between Monster and Coca-Cola system bottlers.Consumer demand determines the optimal menu of Company product offerings.Consumer demand can vary from one market to another and can change over time within asingle market.Our Company continually seeks to further optimize its po

66、rtfolio of brands,products and services in order to create and satisfy consumer demand in every market.Distribution SystemWe make our branded beverage products available to consumers in more than 200 countries and territories through our network of independent bottling partners,distributors,wholesal

67、ers and retailers as well as our consolidated bottling and distribution operations.Consumers enjoy finished beverage products bearing trademarks owned by or licensedto the Company at a rate of11 42.2 billion servings each day.Our strong and stable bottling and distribution system helps us capture gr

68、owth by manufacturing,distributing and selling existing,enhanced andnew innovative products to consumers throughout the world.The Coca-Cola system sold 33.3 billion and 32.7 billion unit cases of our products in 2023 and 2022,respectively.Sparkling soft drinks represented 69%of our worldwide unitcas

69、e volume in both 2023 and 2022.Trademark Coca-Cola accounted for 47%and 46%of our worldwide unit case volume in 2023 and 2022,respectively.In 2023,unit casevolume in the United States represented 16%of the Companys worldwide unit case volume.Of the U.S.unit case volume,61%was attributable to sparkli

70、ng soft drinks.Trademark Coca-Cola accounted for 42%of U.S.unit case volume.Unit case volume outside the United States represented 84%of the Companys worldwide unit case volumein 2023.The countries outside the United States in which our unit case volumes were the largest were Mexico,China,Brazil and

71、 India,which together accounted for 33%of ourworldwide unit case volume.Of the non-U.S.unit case volume,70%was attributable to sparkling soft drinks.Trademark Coca-Cola accounted for 48%of non-U.S.unit casevolume.Our five largest independent bottling partners based on unit case volume in 2023 were a

72、s follows:Coca-Cola FEMSA,S.A.B.de C.V.(“Coca-Cola FEMSA”),which has bottling and distribution operations in Mexico(a substantial part of central Mexico,as well assoutheast and northeast Mexico),Guatemala,Colombia(most of the country),Nicaragua,Costa Rica,Panama,Venezuela,Uruguay,Brazil(a major part

73、 of the states ofSo Paulo and Minas Gerais;the states of Mato Grosso do Sul,Paran,Rio Grande do Sul,and Santa Catarina;and part of the states of Gois and Rio de Janeiro),andArgentina(federal capital of Buenos Aires and surrounding areas);Coca-Cola Europacific Partners plc(“CCEP”),which has bottling

74、and distribution operations in Andorra,Australia,Belgium,Fiji,continental France,Germany,GreatBritain,Iceland,Indonesia,Luxembourg,Monaco,the Netherlands,New Zealand,Norway,Papua New Guinea,Portugal,Samoa,Spain and Sweden;Coca-Cola HBC AG(“Coca-Cola Hellenic”),which has bottling and distribution ope

75、rations in Armenia,Austria,Belarus,Bosnia and Herzegovina,Bulgaria,Croatia,Cyprus,the Czech Republic,Egypt,Estonia,Greece,Hungary,Italy,Latvia,Lithuania,Moldova,Montenegro,Nigeria,North Macedonia,Northern Ireland,Poland,Republic of Ireland,Romania,Russia,Serbia,Slovakia,Slovenia,Switzerland and Ukra

76、ine;Arca Continental,S.A.B.de C.V.,which has bottling and distribution operations in northern and western Mexico,northern Argentina,Ecuador,Peru,and the state of Texasand part of the states of New Mexico,Oklahoma and Arkansas in the United States;and Swire Coca-Cola Limited,which has bottling and di

77、stribution operations in 11 provinces and the Shanghai municipality in mainland China,Hong Kong,Taiwan,Cambodia,Vietnam and territories in 13 states in the western United States.In 2023,these five bottling partners combined represented 42%of our total worldwide unit case volume.Being a bottler does

78、not create a legal partnership or joint venture between us and our bottlers.Our bottlers are independent contractors and are not our agents.Bottlers AgreementsWe have separate contracts,to which we generally refer as“bottlers agreements,”with our bottling partners under which our bottling partners a

79、re granted certain authorizationsby us.Subject to specified terms and conditions and certain variations,the bottlers agreements generally authorize the bottlers to prepare,package,distribute and sell CompanyTrademark Beverages in authorized containers in(but,subject to applicable local law,generally

80、 only in)an identified territory.The bottler is obligated to purchase its entirerequirement of concentrates or syrups for the designated Company Trademark Beverages from the Company or Company-authorized suppliers.We typically agree to refrainfrom selling or distributing,or from authorizing third pa

81、rties to sell or distribute,the designated Company Trademark Beverages throughout the identified territory in theparticular authorized containers.However,we typically reserve for us or our designee the right(1)to prepare and package such Company Trademark Beverages in suchcontainers in the territory

82、 for sale outside the territory;(2)to prepare,package,distribute and sell such Company Trademark Beverages in the territory in any other manner orform(territorial restrictions on bottlers vary in some cases in accordance with local law);and(3)to handle certain key accounts(accounts that cover multip

83、le territories).While under most of our bottlers agreements we generally have complete flexibility to determine the price and other terms of sale of the concentrates and syrups we sell to ourbottlers,as a practical matter,our Companys ability to exercise its contractual flexibility to determine the

84、price and other terms of sale of concentrates and syrups is subject,both outside and within the United States,to competitive market conditions.However,in an effort to allow our Company and our bottling partners to grow together throughshared value,aligned financial objectives and the flexibility nec

85、essary to meet consumers always changing needs and tastes,we have implemented an incidence-basedconcentrate pricing model in most markets.Under this model,the concentrate price we charge is impacted by a number of factors,including,but not limited to,bottler pricing,the channels in which the finishe

86、d products produced from the concentrates are sold,and package mix.5As further discussed below,our bottlers agreements for territories outside the United States differ in some respects from our bottlers agreements for territories within theUnited States.Bottlers Agreements Outside the United StatesB

87、ottlers agreements between us and our authorized bottlers outside the United States generally are of stated duration,subject in some cases to possible extensions or renewals.Generally,these bottlers agreements are subject to termination by the Company following the occurrence of certain designated e

88、vents,including defined events of default andcertain changes in ownership or control of the bottlers.Most of the bottlers agreements in force between us and bottlers outside the United States authorize the bottlers tomanufacture and distribute fountain syrups,usually on a nonexclusive basis.In certa

89、in parts of the world outside the United States,we have not granted comprehensive beverage production and distribution rights to the bottlers.In such instances,we haveauthorized certain bottlers to(1)prepare and package Company Trademark Beverages for sale to other bottlers or(2)purchase Company Tra

90、demark Beverages from otherbottlers for sale and distribution throughout their respective designated territories,often on a nonexclusive basis.Bottlers Agreements Within the United StatesIn the United States,most bottlers operate under a contract to which we generally refer as a“Comprehensive Bevera

91、ge Agreement”(“CBA”)that is of stated duration,subjectin most cases to renewal rights of bottlers and in some cases to renewal rights of the Company.A small number of bottlers continue to operate under legacy bottlers agreementswith no stated expiration date for Trademark Coca-Cola Beverages and oth

92、er cola-flavored Company Trademark Beverages.In all instances,the bottlers agreements in theUnited States are subject to termination by the Company for nonperformance or upon the occurrence of certain defined events of default that may vary from contract to contract.Certain U.S.bottlers have been gr

93、anted certain additional exclusive territory rights for the distribution,promotion,marketing and sale of Company-owned and licensed beveragebrands(as defined by the CBAs).We refer to these bottlers as“expanding participating bottlers”or“EPBs.”EPBs operate under CBAs(“EPB CBAs”)under which theCompany

94、 generally retained the rights to produce the applicable beverage products for territories not covered by specific manufacturing agreements,and such bottlers purchasefrom the Company(or from Company-authorized manufacturing bottlers)substantially all of the finished beverage products needed in order

95、 to service the customers in theseterritories.Each EPB CBA has a term of 10 years and is renewable,in most cases by the bottler,and in some cases by the Company,indefinitely for successive additional termsof 10 years each and includes additional requirements that provide for,among other things,a bin

96、ding national governance model,mandatory incidence pricing and certain coreperformance requirements.The Company has also entered into manufacturing agreements that authorize certain EPBs that have executed EPB CBAs to manufacture certainbeverage products for their own account and for supply to other

97、 bottlers.In addition,certain U.S.bottlers that were not granted additional exclusive territory rights,which we refer to as“participating bottlers,”converted their legacy bottlersagreements to CBAs,to which we refer as“participating bottler CBAs,”each of which has a term of 10 years,is renewable by

98、the bottler indefinitely for successive additionalterms of 10 years each,and is substantially similar in most material respects to the EPB CBAs,including with respect to requirements for a binding national governance modeland mandatory incidence pricing,but includes core performance requirements tha

99、t vary in certain respects from those in the EPB CBAs.Those bottlers that have not signed CBAs continue to operate under legacy bottlers agreements that include pricing formulas that generally provide for a baseline price forTrademark Coca-Cola Beverages and other cola-flavored Company Trademark Bev

100、erages.This baseline price may be adjusted periodically by the Company,up to a maximumindexed ceiling price,and is adjusted quarterly based upon changes in certain sugar or sweetener prices,as applicable.The U.S.unit case volume prepared,packaged,sold anddistributed under these legacy bottlers agree

101、ments is not material.Under the terms of the bottlers agreements,bottlers in the United States generally are not authorized to manufacture fountain syrups.Rather,the Company manufactures andsells fountain syrups to authorized fountain wholesalers(including certain authorized bottlers)and some founta

102、in retailers.These wholesalers in turn sell the syrups,or deliverthem on our behalf,to restaurants and other retailers.Promotional and Marketing ProgramsIn addition to conducting our own independent advertising and marketing activities,we may provide promotional and marketing support and/or funds to

103、 our bottlers.In mostcases,we do this on a discretionary basis under the terms of commitment letters or agreements,even though we are not obligated to do so under the terms of the bottlersagreements between our Company and the bottlers.Also,on a discretionary basis in most cases,our Company may deve

104、lop and introduce new products,packages andequipment to assist the bottlers.Likewise,in many instances,we provide promotional and marketing support and/or funds and/or dispensing equipment and repair services tofountain and bottle/can retailers,typically pursuant to marketing agreements.6Investments

105、 in Bottling OperationsMost of our branded beverage products are prepared,packaged,distributed and sold by independent bottling partners.However,from time to time we acquire or take control ofa bottling operation,often in underperforming markets where we believe we can use our resources and expertis

106、e to improve performance.Owning a bottling operation enablesus to compensate for limited local resources;help focus the bottlers sales and marketing programs;assist in the development of the bottlers business and information systems;and establish an appropriate capital structure for the bottler.In l

107、ine with our long-term bottling strategy,we may periodically consider options for divesting or reducing ourownership interest in a consolidated bottling operation,typically by selling all or a portion of our interest in the bottling operation to an independent bottler to improve Coca-Cola system eff

108、iciency.When we sell a consolidated bottling operation to an independent bottling partner in which we have an equity method investment,our Companycontinues to participate in the bottlers results of operations through our share of the equity method investees earnings or losses.In addition,from time t

109、o time we make equity investments representing noncontrolling interests in certain bottling operations with the intention of maximizing the strength andefficiency of the Coca-Cola systems production,marketing,sales and distribution capabilities around the world by providing expertise and resources t

110、o strengthen thosebusinesses.These investments are intended to result in increases in unit case volume,net operating revenues and profits at the bottler level,which in turn generate increased salesfor our Companys concentrate operations.When our equity investment provides us with the ability to exer

111、cise significant influence over the investee bottlers operating andfinancial policies,we account for the investment under the equity method.SeasonalitySales of our ready-to-drink beverages are somewhat seasonal,with the second and third calendar quarters historically accounting for the highest sales

112、 volumes.The volume ofsales in the beverage business may be affected by weather conditions.CompetitionThe commercial beverage industry is highly competitive and consists of numerous companies,ranging from small or emerging to very large and well established.These includecompanies that,like our Compa

113、ny,compete globally in multiple geographic areas,as well as businesses that are primarily regional or local in operation.Competitive productsinclude numerous nonalcoholic sparkling soft drinks;water products,including flavored and enhanced waters;juices,juice drinks and nectars;dilutables(including

114、syrups andpowders);coffees;teas;energy drinks;sports drinks;milk and other dairy-based drinks;plant-based beverages;functional beverages,including vitamin-based products andrelaxation beverages;and various other nonalcoholic beverages.These competitive products are sold to consumers in both ready-to

115、-drink and non-ready-to-drink form.TheCompany has directly entered the alcohol beverage category in numerous markets outside the United States.In the United States,the Company has established a wholly owned,indirect,firewalled subsidiary,which authorizes alcohol-licensed third parties to use certain

116、 of our trademarks and related intellectual property on alcohol beverages thatcontain Company beverage bases.Competitive products include all alcohol ready-to-drink beverages containing various alcohol bases.In many of the countries in which we dobusiness,PepsiCo,Inc.is a primary competitor.Other si

117、gnificant competitors include,but are not limited to,Nestl S.A.,Keurig Dr Pepper Inc.,Danone S.A.,SuntoryBeverage&Food Limited,AB InBev,Kirin Holdings,Heineken N.V.,Diageo and Red Bull GmbH.We also compete against numerous regional and local companies and,increasingly,against smaller companies that

118、are developing microbrands and selling them directly to consumers through e-commerce retailers and other e-commerce platforms.In addition,in some markets,we compete against retailers that have developed their own store or private-label beverage brands.Competitive factors impacting our business inclu

119、de,but are not limited to,pricing,advertising,sales promotion programs,in-store displays and point-of-sale marketing,digital marketing,product and ingredient innovation,increased efficiency in production techniques,the introduction of new packaging as well as new vending and dispensingequipment,cont

120、racting with marketing assets(theaters,sports arenas,universities,etc.),and brand and trademark development and protection.Our competitive strengths include leading brands with high levels of consumer recognition and loyalty;a worldwide network of bottlers and distributors of Company products;sophis

121、ticated marketing capabilities;and a talented group of dedicated employees.Our competitive challenges include strong competitors in all geographic regions;in manycountries,a concentrated retail sector with powerful buyers able to freely choose among Company products,products of competitive beverage

122、suppliers and individual retailersown store or private-label beverage brands;new industry entrants;and dramatic shifts in consumer shopping methods and patterns due to a rapidly evolving digital landscape.Raw MaterialsWe and our bottling partners use various ingredients in our business,including hig

123、h fructose corn syrup(“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 orange and other fruit juice and juiceconcentrates,milk,and7coffee;packaging material

124、s such as polyethylene terephthalate(“PET”),bio-based PET and recycled PET for bottles;and aluminum cans,glass bottles and other containers.Water is a main ingredient in substantially all of our products.While historically we have not experienced significant water supply difficulties,water is a limi

125、ted naturalresource in many parts of the world,and our Company recognizes water availability,quality and sustainability,for both our operations and also the communities where weoperate,as one of the key challenges facing our business.In addition to water,the principal raw materials used in our busin

126、ess are nutritive and non-nutritive sweeteners.In the United States,the principal nutritive sweetener is HFCS,which is nutritionally equivalent to sugar.HFCS is available from numerous domestic sources and has historically been subject to fluctuations in its market price.Adverseweather conditions ma

127、y affect the supply of agricultural commodities from which key ingredients for our products are derived.For example,drought conditions in certain partsof 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 shortag

128、es of and higher prices forHFCS.The principal nutritive sweetener used by our business outside the United States is sucrose(i.e.,table sugar),which is also available from numerous sources and hashistorically been subject to fluctuations in its market price.Our Company generally has not experienced a

129、ny difficulties in obtaining its requirements for nutritive sweeteners.Inthe United States,we purchase HFCS to meet our and our bottlers requirements with the assistance of Coca-Cola Bottlers Sales&Services Company LLC(“CCBSS”).CCBSS is a limited liability company that is owned by authorized Coca-Co

130、la bottlers doing business in the United States and Canada.Among other things,CCBSS providesprocurement services to our North American operations and to our U.S.and Canadian bottling partners for the purchase of various goods and services,including HFCS.The principal non-nutritive sweeteners we use

131、in our business are aspartame,acesulfame potassium,sucralose,saccharin,cyclamate and steviol glycosides.Generally,these rawmaterials are readily available from numerous sources.We purchase sucralose,which we consider a critical raw material,from suppliers in the United States and China.OurCompany ge

132、nerally has not experienced major difficulties in obtaining its requirements for non-nutritive sweeteners.Juice and juice concentrate from various fruits,particularly orange juice and orange juice concentrate,are the principal raw materials for our juice and juice drink products.Wesource our orange

133、juice and orange juice concentrate primarily from Florida and the Southern Hemisphere(particularly Brazil).We work closely with Cutrale Citrus JuicesU.S.A.,Inc.,our primary supplier of orange juice from Florida and Brazil,to ensure an adequate supply of orange juice and orange juice concentrate that

134、 meets our Companysstandards.However,the citrus industry is impacted by citrus greening disease and the variability of weather conditions that can affect the quality and supply of orange juice andorange juice concentrate.In particular,freezing weather or hurricanes in central Florida may result in s

135、hortages and higher prices for orange juice and orange juice concentratethroughout the industry.In addition,citrus greening disease is reducing the number of citrus trees and increasing grower costs and prices.Milk is the principal raw material for our dairy products.We derive the majority of our da

136、iry revenues through fairlife,LLC(“fairlife”),which purchases milk from dairycooperatives that in turn source milk from farms within the cooperatives.While our sourcing for milk is currently concentrated among a few dairy cooperatives,we believe wehave access to alternate suppliers,if necessary,to h

137、elp ensure an adequate supply of milk.We generate most of our coffee revenues through Costa.Costa purchases Rainforest Alliance Certified and other green coffee through multiple suppliers.While most of Costascoffee is sourced as readily available bulked commercial grade from Brazil,Vietnam and Colom

138、bia,many of Costas suppliers have vertically integrated supply chains withdirect access to yields from cooperatives and producer groups.Our consolidated bottling operations and our non-bottling finished product operations also purchase various other raw materials,including,but not limited to,PET res

139、in,preforms and bottles;glass and aluminum bottles;aluminum and steel cans;plastic closures;aseptic fiber packaging;labels;cartons;cases;postmix packaging;and beveragegases,including carbon dioxide and liquid nitrogen.While we generally purchase these raw materials from multiple suppliers and histor

140、ically have not experienced significantshortages,certain packaging materials,such as aluminum cans,are available from a limited number of suppliers.Patents,Copyrights,Trade Secrets and TrademarksOur Company owns numerous patents,copyrights,trade secrets and other know-how and technology,which we col

141、lectively refer to as“technology.”This technology generallyrelates to beverage products and the processes for their production;packages and packaging materials;design and operation of processes and equipment useful for our business;and certain software.Some of the technology is licensed to suppliers

142、 and other parties.Trade secrets are an important aspect of our technology,and our sparkling beverage andother beverage formulas are among the important trade secrets of our Company.We also own numerous trademarks that are very important to our business.Depending upon the jurisdiction,trademarks are

143、 valid as long as they are in use and/or theirregistrations are properly maintained.Pursuant to our bottlers agreements,we8authorize our bottlers to use applicable Company trademarks in connection with their preparation,packaging,distribution and sale of Company products.In addition,weauthorize cert

144、ain third parties to use applicable Company trademarks in connection with their preparation,packaging,distribution and sale of beverages bearing Companytrademarks in certain territories.We also grant licenses to third parties from time to time to use certain of our trademarks in conjunction with cer

145、tain merchandise and foodproducts.Governmental RegulationOur Company is required to comply,and it is our policy to comply,with all applicable laws in the countries and territories throughout the world in which we do business.Inmany jurisdictions,our operations may come under special scrutiny by comp

146、etition law authorities due to our competitive position in those jurisdictions.In the United States,the safety,production,storage,transportation,distribution,advertising,marketing,labeling and sale of our Companys products and their ingredients aresubject to the Federal Food,Drug,and Cosmetic Act;th

147、e Federal Trade Commission Act;the Lanham Act;state consumer protection laws;various federal and state laws andregulations governing competition and trade practices,including the Robinson-Patman Act of 1936,as amended,and the Clayton Antitrust Act of 1914,as amended;federal,state and local workplace

148、 health and safety laws;various federal and state laws and regulations governing our employment practices,including those related to equalemployment opportunity and compensation;various federal,state and local environmental protection laws;privacy and personal data protection laws;and various other

149、federal,state and local statutes and regulations.We are also required to comply with the Foreign Corrupt Practices Act and the Trade Sanctions Reform and Export Enhancement Act.Outside the United States,our business is subject to numerous similar statutes and regulations,as well as other legal and r

150、egulatory requirements and regulatory reviews.Various jurisdictions have adopted,and may seek to adopt,significant additional product labeling or warning requirements or limitations on the marketing or sale of ourproducts because of what they contain or allegations that they cause adverse health eff

151、ects.If these types of requirements become applicable to one or more of our productsunder current or future environmental or health laws or regulations,they may inhibit sales of such products or make it necessary for us to reformulate certain of our products.Under the Safe Drinking Water and Toxic E

152、nforcement Act of 1986(“Proposition 65”)of the state of California,if the state has determined that a substance causes cancer orharms human reproduction or development,a warning must be provided for any product sold in the state that exposes consumers to that substance,unless the conditions of anexe

153、mption(described below)can be met.The state maintains lists of these substances and periodically adds other substances to these lists.The detection of even a trace amountof a listed substance can subject an affected product to the requirement of a warning label.However,Proposition 65 exempts a produ

154、ct from a warning if the manufacturer candemonstrate that the use of that product exposes consumers to a daily quantity of a listed substance that is:below a“safe harbor”threshold that may be established;naturally occurring;the result of necessary cooking;or subject to another applicable exemption.O

155、ne or more substances that are currently on the Proposition 65 list can be detected in certain Company products at low levels that are safe.The Company maintains that thepresence of each such substance in Company products is subject to an applicable exemption from the warning requirement or that the

156、 product is otherwise in compliance withProposition 65.However,the state of California and other parties have in the past taken a contrary position and may do so in the future.Additionally,the state of California mayinclude other substances on the Proposition 65 list in the future.Bottlers of our be

157、verage products presently offer,among other beverage containers,nonrefillable recyclable containers in the United States and various other markets aroundthe world.Some of these bottlers also offer and use refillable containers,which are also recyclable.Legal requirements apply in various jurisdictio

158、ns in the United States andelsewhere around the world requiring that deposits or certain ecotaxes or fees be charged in connection with the sale,marketing and use of certain beverage containers.Theprecise requirements imposed by these measures vary.Other types of statutes and regulations relating to

159、 beverage container deposits,recycling,ecotaxes,product stewardshipand/or restrictions or bans on the use of certain types of packaging,including certain packaging containing per-and polyfluoroalkyl substances(“PFAS”),also apply in variousjurisdictions in the United States and elsewhere around the w

160、orld.We anticipate that additional such legal requirements may be proposed or enacted in the future at federal,state and local levels,both in the United States and elsewhere around the world.All of our Companys facilities and other operations in the United States and elsewhere around the world are s

161、ubject to various environmental protection statutes andregulations,including those relating to the use and treatment of water resources,discharge of wastewater and air emissions.In addition,increasing concern over climate changeis expected to continue to result in additional legal or regulatory requ

162、irements(both inside and outside the United States)designed to reduce or mitigate the effects of carbondioxide and other greenhouse gas emissions on the environment,to discourage the use of plastic materials,to9limit or impose additional costs on commercial water use due to local water scarcity conc

163、erns,or to expand disclosure of certain sustainability metrics.Our policy is to complywith all such legal requirements.We have made,and plan on continuing to make,expenditures necessary to comply with applicable environmental laws and regulations and tomake progress toward achieving our sustainabili

164、ty goals.While compliance has not had a material adverse effect on our Companys capital expenditures,net income orcompetitive position,changes in environmental compliance requirements along with expenditures necessary to comply with such requirements and to make progress towardachieving our sustaina

165、bility goals could adversely affect our financial performance.We are also subject to various federal,state and international laws and regulations related to cybersecurity,privacy and data protection,including the European Unions GeneralData Protection Regulation,Chinas Personal Information Protectio

166、n Law and the California Consumer Privacy Act of 2018(“CCPA”),which became effective on January 1,2020,as amended by the California Privacy Rights Act(“CPRA”),which became effective on January 1,2023.In addition to California,at least 12 other states in the UnitedStates have passed comprehensive pri

167、vacy laws similar to the CCPA and the CPRA.These laws are either in effect or will go into effect sometime before the end of 2026,andwe expect other states to consider adopting similar laws in the future.Like the CCPA and the CPRA,these laws create,or are expected to create,obligations related to th

168、eprocessing of personal information,as well as special obligations for the processing of“sensitive”data.Some of the provisions of these laws may apply to our businessactivities.The U.S.Congress has also considered legislation relating to data privacy and data protection,and the U.S.federal governmen

169、t may in the future pass such legislation.The interpretation and application of privacy,data protection and data residency laws are often uncertain and are expanding in the United States and internationally,including inthe European Union,Brazil,China and other jurisdictions.We monitor pending and pr

170、oposed legislation and regulatory initiatives to ascertain their relevance to and potentialimpact on our business,and we develop strategies to address regulatory trends and developments,including any required changes to our privacy and data protection complianceprograms and policies.Globally,we see

171、a trend toward data protection laws and regulations increasing in complexity and number,and we anticipate that our obligations willexpand commensurately.As a result,our ability to maximize the utility of our data could be impacted and we may need to modify our practices to accommodate legal andregul

172、atory constraints and obligations or meet consumer expectations.For additional information,refer to Part I,“Item IA.Risk Factors”of this report.Human Capital ManagementOur people and culture agendas are critical business priorities.Our Board of Directors,through the Talent and Compensation Committee

173、,provides oversight of the Companyspolicies and strategies relating to talent;leadership and culture,including diversity,equity and inclusion;and the Companys compensation philosophy and programs.TheTalent and Compensation Committee also evaluates and approves the Companys compensation plans,policie

174、s and programs applicable to our senior executives.In addition,the Corporate Governance and Sustainability Committee of our Board of Directors oversees succession planning and talent development for our senior executives.EmployeesWe believe people are our most important asset,and we strive to attrac

175、t and retain high-performing talent.As of December 31,2023 and 2022,our Company had approximately79,100 and 82,500 employees,respectively,of which approximately 9,000 were located in the United States.The decrease in the total number of employees was primarily dueto 2023 refranchising activity.Our C

176、ompany,through its divisions and subsidiaries,is a party to numerous collective bargaining agreements.As of December 31,2023,approximately 400 employees in North America were covered by collective bargaining agreements.These agreements typically have terms of three to five years.We currentlyanticipa

177、te that we will be able to successfully renegotiate such agreements when they expire.Diversity,Equity and InclusionWe believe that a diverse,equitable and inclusive workplace that reflects the markets we serve is a strategic business imperative that is critical to the Companys continuedgrowth and su

178、ccess.We take a comprehensive view of diversity,equity and inclusion across different races,ethnicities,tribes,religions,socioeconomic backgrounds,generations,abilities,and expressions of gender and sexual identity.As of December 31,2023,we had approximately 7,600 employees located in the United Sta

179、tes,excluding the employees of the Global Ventures operating segment;fairlife;andBA Sports Nutrition,LLC(“BodyArmor”).Of these 7,600 employees,42%and 49%were female and people of color,respectively.We seek to create a better shared future for everyone our brands and business touch.We are focused on

180、providing access to equal opportunity and fostering belonging both inour workplaces and the local communities we proudly serve.We have publicly announced our 2030 aspirations to reflect the markets we serve,including,for example,to be50%led by women globally.Each of our operating units outside the U

181、nited States has developed locally relevant diversity,equity and inclusion10aspirations.Diversity and inclusion metrics,which highlight progress and help drive accountability,are shared with our senior leaders on a quarterly basis.We believe our sustainability goals,including our diversity,equity an

182、d inclusion aspirations,are key drivers for growth.Accordingly,our compensation programs for ourexecutives include qualitative and quantitative components to foster the design and implementation of sustainable diversity,equity and inclusion strategies and programs thatcontribute to the recruitment,d

183、evelopment and retention of diverse talent,as well as to encourage progress toward our diversity,equity and inclusion aspirations.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 identi

184、fy andaddress potential issues or disparities.Also,as permitted by U.S.law,during the annual rewards cycle,we perform an adverse impact analysis on base pay,annual incentivesand long-term incentives to help ensure fairness.When appropriate,we make adjustments.We support many employee-led inclusion n

185、etworks,which are an integral part of operationalizing and embedding our diversity,equity and inclusion strategies.Our inclusionnetworks are regionally structured to meet relevant local needs,and they provide employees with the opportunity to engage with colleagues around the world based on commonin

186、terests or backgrounds.Talent and DevelopmentThrough our comprehensive global talent management processes,we continuously identify and develop our talent for acceleration in our networked organization.We believe inproviding challenging and diverse experiences and opportunities to our people to help

187、them develop and grow.Our global career strategy program,called“Thrive,”is designed to provide clarity to employees on what it means to have a career at the Company.Through our people-centeredapproach,we strive to create an integrated,streamlined and inspiring career experience.We believe that devel

188、opment is anchored in acquiring skills and work experiences.Wefocus on investing in inspirational leadership,capability development,and providing learning opportunities to equip our global workforce with the skills they need for the futureand to improve employee engagement and retention.We provide a

189、 range of formal and informal learning programs,which are designed to help our employees continuouslygrow and strengthen their skills throughout their careers.We provide online learning through a robust catalog of digital content as well as experiential learning opportunities,and we are continually

190、identifying opportunities to provide democratized access to content for all of our employees.We also have Thrive Opportunity Marketplace,a people-centered technology solution that helps connect project opportunities to interested employees who have the capacity,skills and interest in short-term expe

191、riences andassignments.Additionally,we offer comprehensive Company-wide coaching and mentoring programs that support leadership and employee development at all levels in ourorganization.We also believe that talent thrives in a growth-oriented environment where high performance and leadership effecti

192、veness are valued.Our talent practices rely on data andfeedback from multiple sources to help our employees get the transparent and timely feedback they need to be successful.Compensation and BenefitsThrough comprehensive and competitive compensation and benefits,ongoing employee learning and develo

193、pment,and a focus on health and well-being,we strive to supportour employees in all aspects of their lives.Our compensation programs are designed to reinforce our growth agenda and our talent strategy as well as to drive a strongconnection between the contributions of our employees and their pay.We

194、believe our compensation packages provide the appropriate incentives to attract,retain and motivate our employees.We provide base pay that is competitive and that alignswith employee positions,skill levels,experience and geographic location.In addition to base pay,we seek to reward employees with an

195、nual incentive awards,recognitionprograms,and equity awards for employees at certain job levels.We also offer competitive employee benefits packages,which vary by country and region.These employee benefits packages may include:401(k)plan,pension plan,core andsupplemental life insurance,financial cou

196、rses and advisors,employee assistance programs,tuition assistance,commuter assistance,adoption assistance,medical and dentalinsurance,vision insurance,health savings accounts,health reimbursement and flexible spending accounts,well-being rewards programs,vacation pay,holiday pay,andparental and adop

197、tion leave.Culture and EngagementAs 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 ourgrowth mindset,which expects each employee,leader and function to be curious,empowered,inclu

198、sive and agile.We use a variety of practices to measure and support progressagainst these growth behaviors and to ensure that our employees are engaged and fulfilled at work.For example,our Performance Enablement and11Culture&Engagement Survey platforms provide regular opportunities for employees ac

199、ross the organization to provide feedback on how their leaders,teammates and workexperiences support the growth behaviors.Data from questionnaires are anonymized and plotted against historical results to inform teams and functions on areas of strength andopportunities for improvement.We also encoura

200、ge regular,live communication across the organization and host quarterly global town halls with our senior leadership thatinclude employee question-and-answer sessions.In addition,function-level town halls are held on a regular basis.Available InformationThe Company maintains a website at the follow

201、ing address:www.coca-.The information on the Companys website is not incorporated by reference in thisreport.We make available on or through our website certain reports and amendments to those reports that we file with or furnish to the Securities and Exchange Commission(“SEC”)in accordance with the

202、 Securities Exchange Act of 1934,as amended(“Exchange Act”).These include our Annual Reports on Form 10-K,our Quarterly Reports onForm 10-Q and our Current Reports on Form 8-K.We make this information available on our website free of charge as soon as reasonably practicable after we electronicallyfi

203、le the information with,or furnish it to,the SEC.In addition,we routinely post on the“Investors”page of our website news releases,announcements and other statementsabout our business and results of operations,some of which may contain information that may be deemed material to investors.Therefore,we

204、 encourage investors to monitorthe“Investors”page of our website and review the information we post on that page.The SEC maintains a website that contains reports,proxy and information statements,and other information regarding issuers that file electronically with the SEC at thefollowing address:ht

205、tp:/www.sec.gov.ITEM 1A.RISK FACTORSIn addition to the other information set forth in this report,you should carefully consider the following factors,which could materially affect our business,financial conditionand results of operations in future periods.The risks described below are not the only r

206、isks facing our Company.Additional risks not currently known to us or that we currentlydeem to be immaterial also may materially adversely affect our business,financial condition or results of operations in future periods.RISKS RELATED TO OUR OPERATIONSUnfavorable general economic and geopolitical c

207、onditions could negatively impact our financial results.Our business,operating results,financial condition and liquidity may be adversely affected by changes in global economic conditions,including global inflationary pressures,prevailing interest rates,credit market conditions,increased unemploymen

208、t,levels of consumer and business confidence,bank failures,commodity(including energy)pricesand supply,a recession or economic slowdown,trade policies,foreign currency exchange rates,changing policy positions or priorities,governmental rules and approaches totaxation,levels of government spending an

209、d deficits,and actual or anticipated default on sovereign debt.Many of the jurisdictions in which our products are sold haveexperienced,and could continue to experience,unfavorable changes in economic conditions,which could negatively affect the affordability of,and consumer demand for,ourbeverages,

210、and certain markets in which our products are sold experienced intensified inflation throughout 2023,which may continue to accelerate in 2024.Under difficulteconomic conditions,consumers may seek to reduce discretionary spending by forgoing purchases of our products or by shifting away from our beve

211、rages to lower-pricedproducts offered by other companies,including private-label brands,which could reduce our profitability and negatively affect our overall financial performance.In addition,the occurrence or resurgence of global or regional health events,such as the COVID-19 pandemic,and the rela

212、ted governmental,private sector and individual consumerresponses,could contribute to a recession,depression or global economic downturn.Other financial uncertainties in our major markets and unstable geopolitical conditions or events in certain markets,including international conflicts,civil unrest,

213、acts of war,terrorism,governmental changes,or changes in international relations,could undermine global consumer confidence and reduce consumers purchasing power,therebyreducing demand for our products.Geopolitical instability may also lead to heightened security risk,impacting employee safety and/o

214、r damage to infrastructure or our assets.Attimes,we have faced product boycotts resulting from activism,which have reduced demand for our products.Restrictions on our ability to transfer earnings or capital acrossborders,price controls,limitations on profits,retaliatory tariffs,import authorization

215、requirements and other restrictions on business activities,which have been or may beimposed or expanded as a result of political and economic instability,deterioration of economic relations between countries or otherwise,could impact our profitability.Inaddition,U.S.trade sanctions against countries

216、 designated by the U.S.government as state sponsors of terrorism and/or financial institutions accepting transactions forcommerce within such countries could increase significantly,which could make it difficult,or even impossible,for us to continue to make sales to bottlers in such countries.Theimpo

217、sition of retaliatory sanctions against U.S.multinational corporations by countries that are or may become subject to U.S.trade sanctions,or the delisting of our brandedproducts by retailers in various countries in reaction to U.S.trade sanctions or other governmental actions or policies,could also

218、negatively affect our business.12Throughout 2023,the Company faced disruptions to our operations due to international conflicts,including the conflict between Russia and Ukraine and conflicts in the MiddleEast.These conflicts have resulted,and could continue to result,in volatile commodity markets;l

219、ogistical,transportation and supply chain disruptions;increased risk of cyberincidents or other disruptions to our information systems;reputational risk;heightened risks to employee safety;business disruptions(including labor shortages);reducedavailability and increased costs of transportation,energ

220、y,packaging,raw materials and other input costs;sanctions,export controls and other legislation or regulation;ordifficulty protecting and enforcing our intellectual property rights.While we currently do not anticipate that the effects of these conflicts will have a material impact on ourresults of o

221、perations,we cannot predict how and the extent to which these conflicts will continue to affect our employees,operations,customers or business partners.Increased competition could hurt our business.We operate in the highly competitive commercial beverage industry.For additional information regarding

222、 the competitive environment in which we operate,including thenames of certain of our significant competitors,refer to the heading“Competition”set forth in Part I,“Item 1.Business”of this report.Our ability to maintain or gain share ofsales in the global market or in regional or local markets may be

223、 limited as a result of actions by competitors.Competitive pressures may cause the Company and our bottlingpartners to reduce prices we charge customers or may restrict our and our bottlers ability to increase prices,as may be necessary in response to commodity and other costincreases.Such pressures

224、 may also increase marketing costs along with in-store placement,slotting and other marketing fees.In addition,the rapid growth of ecommerce maycreate additional consumer price deflation by,among other things,facilitating comparison shopping,and could potentially threaten the value of some of our le

225、gacy route-to-market strategies and thus negatively affect revenues.If we do not continuously strengthen our capabilities in marketing and innovation to maintain consumer interest,brandloyalty and market share while strategically expanding into other profitable categories of the commercial beverage

226、industry,our business could be negatively affected.If we are not successful in our innovation activities,our financial results may be negatively affected.Achieving our business growth objectives depends in part on our ability to evolve and improve our existing beverage products through innovation an

227、d to successfully develop,introduce and market new beverage products.The success of our innovation activities depends on our ability to correctly anticipate customer and consumer acceptance andtrends;obtain,maintain and enforce necessary intellectual property rights;and avoid infringing on the intel

228、lectual property rights of others.If we are not successful in ourinnovation activities,we may not be able to achieve our growth objectives,which may have a negative impact on our financial results.Changes in the retail landscape or the loss of key retail or foodservice customers could adversely affe

229、ct our financial results.Our industry is being affected by the trend toward consolidation in,and the blurring of the lines between,retail channels,particularly in Europe and the United States.Retailersmay seek lower prices from us and our bottling partners,may demand increased marketing or promotion

230、al expenditures in support of their businesses,and may be more likelyto use their distribution networks to introduce and develop private-label brands,any of which could negatively affect the Coca-Cola systems profitability.In addition,indeveloped markets,discounters and value stores are growing at a

231、 rapid pace,while in emerging and developing markets,modern trade is growing at a faster pace thantraditional trade outlets.Our industry is also being affected by the rapid growth in sales through e-commerce retailers,e-commerce websites,mobile commerce applications andsubscription services,which ma

232、y result in a shift away from physical retail operations to digital channels.As we and our bottling partners build e-commerce capabilities,wemay not be able to develop and maintain successful relationships with existing and new e-commerce retailers without experiencing a deterioration of our relatio

233、nships with keycustomers operating physical retail channels.If we are unable to successfully adapt to the rapidly changing retail landscape,including the rapid growth in digital commerce,ourshare of sales,volume growth and overall financial results could be negatively affected.In addition,our succes

234、s depends in part on our ability to maintain good relationshipswith key retail and foodservice customers.The loss of one or more of our key retail or foodservice customers could have an adverse effect on our financial performance.If we are unable to expand our business in emerging and developing mar

235、kets,our growth could be negatively affected.Our success depends in part on our ability to grow our business in emerging and developing markets,which in turn depends on economic and political conditions in thosemarkets and on our ability to work with local bottlers to make necessary infrastructure e

236、nhancements to production facilities,distribution networks,sales equipment andtechnology.Additionally,we rely on local availability of talented management and employees to establish and manage our operations in these markets.Scarcity of,or heavycompetition for,talented employees could impede our abi

237、lities in such markets.Moreover,the supply of our products in emerging and developing markets must matchconsumer demand for those products.Due to product price,limited purchasing power and cultural differences,our products may not be accepted in any particular emerging ordeveloping market.13If we do

238、 not successfully manage the potential negative consequences of our productivity initiatives,our business operations could be adversely affected.We believe that improved productivity is essential to achieving our long-term growth objectives and,therefore,a leading priority of our Company is to desig

239、n and implementthe most effective and efficient business model possible.Consequently,we continuously search for productivity opportunities in our business.Some of the actions we may takefrom time to time in pursuing these opportunities may become a distraction for our managers and employees and may

240、disrupt our ongoing business operations;causedeterioration in employee morale,which may make it more difficult for us to retain or attract qualified managers and employees;disrupt or weaken the internal controlstructures of the affected business operations;and give rise to negative publicity,which c

241、ould affect our corporate reputation.If we are unable to successfully manage thepotential negative consequences of our productivity initiatives,our business operations could be adversely affected.If we are unable to attract or retain a highly skilled and diverse workforce,our business could be negat

242、ively affected.The success of our business depends on our Companys and the Coca-Cola systems ability to attract,hire,develop,motivate and retain a highly skilled and diverse workforceas well as on our success in nurturing a culture that supports our growth and aligns employees around the Companys pu

243、rpose and work that matters most.Competition for,along with compensation and benefits expectations of,existing and prospective employees has increased,especially in light of changing worker expectations and talentmarketplace variability regarding flexible work models.In addition,the broader labor ma

244、rket is experiencing a shortage of qualified workers,which has further increased thecompetition we face for qualified employees.We may not be able to successfully compete for,attract or retain the highly skilled and diverse workforce that we want and mayrequire for our future business needs,such as

245、employees with advanced technology,artificial intelligence and machine learning,social media and digital marketing skills,and/ordigital and analytics capabilities.Changes in immigration laws and policies could also make it more difficult for us to recruit or relocate highly skilled technical,profess

246、ionaland management personnel to meet our business needs.In addition,the unexpected loss of experienced and highly skilled employees due to an increase in aggressive recruitingfor best-in-class talent could deplete our institutional knowledge base and erode our competitiveness.Failure to attract,hir

247、e,develop,motivate and retain highly skilled anddiverse talent;to meet our goals related to fostering an inclusive and diverse culture;to develop and implement an adequate succession plan for our management team;tomaintain a corporate culture that fosters innovation,collaboration and inclusion;or to

248、 design and successfully implement flexible work models that meet the expectations ofemployees and prospective employees could disrupt our operations and adversely affect our business and our future success.Disruption of our supply chain,including increased commodity,raw material,packaging,energy,tr

249、ansportation and other input costs,may adversely affect our financialcondition or results of operations.At times,we have experienced,and could continue to experience,disruptions in our manufacturing operations and supply chain.In connection with our manufacturing andbottling operations,we and our bo

250、ttling partners are dependent upon,among other things,various ingredients and other raw materials and packaging materials.For additionalinformation on the raw materials and supplies we use in our business,refer to the heading“Raw Materials”set forth in Part I,“Item 1.Business”of this report.Some of

251、the rawmaterials and supplies used in the production of our products are available from a limited number of suppliers or from a sole supplier or are in short supply when seasonaldemand is at its peak.We and our bottling partners may not be able to maintain favorable arrangements and relationships wi

252、th these suppliers,and our contingency plans maynot be effective in preventing disruptions that may arise from shortages of any ingredients or other raw materials.Furthermore,some of our suppliers are located in countriesexperiencing political instability or other risks and/or unfavorable economic c

253、onditions.In addition,adverse and extreme weather conditions may affect the supply ofagricultural commodities from which key ingredients for our products are derived.Any sustained or significant disruption to the manufacturing or sourcing of products ormaterials could increase our costs and interrup

254、t product supply,which could adversely impact our business.We and our independent bottlers operate a large fleet of trucks and other motor vehicles to distribute beverage products to customers.In addition,we and our independentbottlers use a significant amount of electricity,natural gas and other en

255、ergy sources to operate production plants,bottling plants and distribution facilities.Increases in energydemand have in the past resulted,and could in the future result,in higher energy prices,impacting us and our independent bottlers.The raw materials and other supplies,including ingredients,agricu

256、ltural commodities,energy,fuel,packaging materials,transportation,labor and other supply chain inputs thatwe use for the production and distribution of our products,are subject to price volatility and fluctuations in availability caused by many factors.These factors include changes insupply and dema

257、nd;supplier capacity constraints;a deterioration of our or our bottling partners relationships with suppliers;international conflicts;political uncertainties;actsof terrorism;governmental instability;inflation;weather conditions(including the effects of climate change);wildfires,floods and other nat

258、ural disasters;disease or pests(including the impact of citrus greening disease on the citrus industry);agricultural uncertainty;health epidemics,pandemics or other contagious outbreaks(including COVID-19);labor shortages,strikes or work stoppages;changes in or the enactment of new laws and regulati

259、ons;governmental actions or controls(including import/export restrictions,such as new or increased tariffs,sanctions,quotas or trade barriers);port14congestion or delays;transport capacity constraints;cybersecurity incidents or other disruptions;or fluctuations in foreign currency exchange rates.Man

260、y of our raw materialsand supplies are purchased in the open market and the prices we pay for such items are subject to fluctuation.We expect the inflationary pressures on certain input and othercosts to continue to impact our business in 2024.Our attempts to offset cost pressures,such as through pr

261、ice increases of some of our products,may not be successful.Higher product prices may result in reductions in salesvolume.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 purchasesaltogether.To t

262、he 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 salesvolume,our financial condition or results of operations may be adversely affected.Furthermore,we may not be able to offset cost increases t

263、hrough productivity initiatives orthrough our commodity hedging activity.If we do not successfully integrate and manage our acquired businesses,brands or bottling operations,or if we are unable to realize a significant portion of the anticipatedbenefits of our joint ventures or strategic relationshi

264、ps,our financial results could suffer.We routinely evaluate opportunities to acquire businesses or brands to expand our beverage portfolio and capabilities.Additionally,from time to time,we have acquired ortaken control of bottling operations,often in underperforming markets where we believe we can

265、use our resources and expertise to improve performance.Acquisitions ofbusinesses,brands or bottling operations may involve significant challenges and risks,and the expected benefits,including cost and growth synergies associated with suchacquisitions,may take longer to realize than expected or may n

266、ot be realized at all.We have encountered,and may in the future encounter,challenges in successfully integrating the operations,technologies,services,products and systems of any acquiredbusinesses,brands or bottling partners in an effective,timely and cost-efficient manner.We have faced,and may in t

267、he future face,difficulties in operating through newbusiness models and/or supply chain models,or in new categories or territories,and challenges in extending Company controls(including internal controls over financialreporting,disclosure controls and procedures,data protection and cybersecurity),po

268、licies and governance structures(including with respect to food safety and quality,occupational safety,and sustainability)to newly acquired businesses,brands or bottling operations,which,at times,has resulted in increased costs and negative publicity.Ourfinancial performance is impacted by how well

269、we can integrate and manage our acquisitions,and we may not be able to achieve our strategic and financial objectives foracquired businesses,brands or bottling operations.If we incur unforeseen liabilities or costs in connection with acquiring or integrating businesses,brands or bottlingoperations,e

270、xperience internal control or product quality failures,or are unable to achieve our strategic and financial objectives for acquired businesses,brands or bottlingoperations,our consolidated results could be negatively affected.We also participate in the sales of other beverage brands through licenses

271、,joint ventures and strategic relationships.If we are unable to successfully manage our relationshipswith our joint venture partners or our strategic relationships,including our relationship with Monster,or if for any other reason we fail to realize all or a significant portion ofthe benefits we exp

272、ect from our joint ventures or strategic relationships,our financial performance could be adversely affected.If our third-party service providers and business partners do not satisfactorily fulfill their commitments and responsibilities,or experience adverse events,our financialresults could suffer.

273、In the conduct of our business,we rely on relationships with third parties,including cloud data storage and other information technology service providers,suppliers,distributors,contractors,joint venture partners and other external business partners,for certain services in support of key portions of

274、 our operations.These third parties aresubject to similar risks as we are relating to cybersecurity,privacy violations,business interruption,and systems and employee failures,and are subject to legal,regulatory andmarket risks of their own.Our third-party service providers and business partners may

275、not fulfill their respective commitments and responsibilities in a timely manner and inaccordance with the agreed-upon terms or applicable laws.In addition,while we have procedures in place for assessing risk along with selecting,managing and monitoring ourrelationships with third-party service prov

276、iders and other business partners,we do not have control over their business operations or governance and compliance systems,practices and procedures,which increases our financial,legal,cybersecurity,reputational and operational risk.If we are unable to effectively manage our third-partyrelationship

277、s,or for any reason our third-party service providers or business partners fail to satisfactorily fulfill their commitments and responsibilities or experience events thatcould directly or indirectly impact us,our financial results could suffer.If we are unable to renew collective bargaining agreemen

278、ts on satisfactory terms,or if we or our bottling partners experience strikes,work stoppages or labor unrest,ourbusiness could suffer.Many of our employees at our key manufacturing locations and bottling plants are covered by collective bargaining agreements.While we generally have been able toreneg

279、otiate collective bargaining agreements on satisfactory terms when they expire and regard our relations with 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 th

280、e compensation and15benefits needs of our employees.If we are unable to renew collective bargaining agreements on satisfactory terms,our labor costs could increase,which could affect our profitmargins.In addition,many of our bottling partners employees are represented by labor unions.Strikes,work st

281、oppages or other forms of labor unrest at any of our majormanufacturing facilities or at our bottling operations or our major bottlers plants could impair our ability to supply concentrates and syrups to our bottling partners or ourbottlers ability to supply finished beverages to customers,which cou

282、ld reduce our net operating revenues and could expose us to customer claims.Furthermore,from time totime,we and our bottling partners restructure manufacturing and other operations to improve productivity,which may have negative impacts on employee morale and workperformance,result in escalation of

283、grievances and adversely affect the negotiation of collective bargaining agreements.If these labor relations are not effectively managed atthe local level,they could escalate in the form of corporate campaigns supported by the labor organizations and could negatively affect our Companys overall repu

284、tation andbrand image,which in turn could have a negative impact on our products acceptance by consumers.RISKS RELATED TO CONSUMER DEMAND FOR OUR PRODUCTSObesity and other health-related concerns may reduce demand for some of our products.There is concern among consumers,public health professionals

285、and government agencies about the health problems associated with obesity.Ongoing public concern aboutobesity;other health-related public concerns surrounding consumption of sweetened beverages;the effects or perceived effects of the usage of weight-loss drugs onconsumption patterns;potential new or

286、 increased taxes on sweetened beverages by government entities to reduce consumption or to raise revenue;additional governmentalregulations concerning the advertising,marketing,labeling,packaging or sale of our sweetened beverages;and negative publicity resulting from actual or threatened legalactio

287、ns against us or other companies in our industry relating to the marketing,labeling or sale of sweetened beverages may reduce demand for,or increase the cost of,oursweetened beverages,which could adversely affect our profitability.If we do not address evolving consumer product and shopping preferenc

288、es,our business could suffer.Consumer product preferences have evolved and continue to evolve as a result of,among other things,health,wellness and nutrition considerations,including concernsregarding caloric intake associated with sweetened beverages and the perceived undesirability of artificial i

289、ngredients;concerns regarding the perceived health effects of,orlocation of origin of,ingredients,raw materials or substances in our products or packaging,including due to the results of third-party studies(whether or not scientifically valid);shifting consumer demographics;changes in consumer taste

290、s and needs coupled with a rapid expansion of beverage options and delivery methods;changes in consumerlifestyles;concerns regarding the environmental,social and sustainability impact of ingredient sources and the product manufacturing process;consumer emphasis ontransparency related to ingredients

291、we use in our products and collection and recyclability of,and amount of recycled content contained in,our packaging containers and othermaterials;concerns about the health and welfare of animals in our dairy supply chain;and competitive product and pricing pressures.In addition,in many of our marke

292、ts,shopping patterns are being affected by the digital evolution,with consumers rapidly embracing shopping by way of mobile device applications,e-commerce retailers and e-commerce websites or platforms.If we fail to address changes in consumer product and shopping preferences,do not successfully ant

293、icipate and prepare for future changes insuch preferences,or are ineffective or slow in developing and implementing appropriate digital transformation initiatives,our share of sales,revenue growth and overallfinancial results could be negatively affected.Product safety and quality concerns could neg

294、atively affect our business.Our success depends in large part on our ability to maintain consumer confidence in the safety and quality of all of our products.We have rigorous product safety and qualitystandards,which we expect our operations as well as our bottling partners to meet.However,despite o

295、ur strong commitment to product safety and quality,we or our bottlingpartners at times have not met,and may not always meet,these standards,particularly as we expand our product offerings through innovation or acquisitions into beveragecategories,such as value-added dairy and plant-based beverages,t

296、hat are beyond our traditional range of beverage products.We and our bottling partners have had,and may inthe future need,to recall products if they become contaminated or adulterated by any means or if they are mislabeled.A widespread product recall could result in significantlosses due to the cost

297、s of a recall,the destruction of product inventory,and lost sales due to the unavailability of product for a period of time,and could also subject us to productliability claims and negative publicity,all of which could cause our business to suffer.Public debate and concern about perceived negative h

298、ealth consequences of certain ingredients,such as non-nutritive sweeteners and biotechnology-derived substances,and of other substances present in our beverage products or packaging materials,may reduce demand for our beverage products or result in additional governmentalregulation.Public debate and

299、 concern about perceived negative health consequences of certain ingredients in our beverage products,such as synthetic colors,non-nutritive sweeteners andbiotechnology-derived substances;substances that are present in our beverage products naturally or that occur as a result of the manufacturing pr

300、ocess,such as 4-methylimidazole(“4-MEI”),a chemical16compound that is formed during the manufacturing of certain types of caramel coloring used in cola-flavored beverages;or substances used in packaging materials,such asbisphenol A(“BPA”),an odorless,tasteless food-grade chemical commonly used in th

301、e food and beverage industries as a component in the coating of the interior of cans,mayaffect consumers preferences and cause them to shift away from some of our beverage products.In addition,increasing public concern about perceived or potential healthconsequences of the presence of ingredients or

302、 substances in our beverage products or in packaging materials(or alleged presence of substances such as PFAS)and/or theresults of third-party studies(whether or not scientifically valid)purporting to assess the health implications of consumption of certain ingredients or substances present incertai

303、n of our products or packaging materials have resulted,and could result,in additional governmental regulations concerning the advertising,marketing,labeling,packagingor sale of our beverages;limitations on the use of certain ingredients or packaging;potential new or increased taxes on our beverages

304、by government entities;and negativepublicity,or actual or threatened legal actions against us or other companies in our industry,all of which could damage the reputation of,and may reduce demand for,ourbeverage products.If we are not successful in our efforts to digitalize the Coca-Cola system,our f

305、inancial results could be negatively affected.The digital evolution is affecting how we interact with consumers,customers,suppliers,bottlers and other business partners and stakeholders.We believe our future success willdepend in part on our ability to adapt to and thrive in the digital environment.

306、Therefore,one of our top priorities is to digitalize the Coca-Cola system by,among other things,creating more relevant and more personalized experiences wherever our system interacts with consumers,whether in a digital environment or through digital devices in anotherwise physical environment;findin

307、g ways to create more powerful digital tools and capabilities for the Coca-Cola systems retail customers to enable them to grow theirbusinesses;and digitalizing operations through the use of data,artificial intelligence,automation,robotics and digital devices to increase efficiency and productivity.

308、If we arenot successful in our efforts to digitalize the Coca-Cola system,our ability to increase sales and improve margins may be negatively affected,and the cost and expenses we haveincurred or may incur in connection with our digitalization initiatives may adversely impact our financial performan

309、ce.If negative publicity,whether or not warranted,concerning product safety or quality,workplace and human rights,obesity or other issues damages our brand image,corporate reputation and social license to operate,our business may suffer.Our success depends in large part on our ability to maintain th

310、e brand image of our existing products,build the brand image for new products and brand extensions,andmaintain our corporate reputation and social license to operate.However,our continuing investment in advertising and marketing and our strong commitment to product safetyand quality and human rights

311、 have not always had,and may not in the future always have,the desired impact on our products brand image and on consumer preferences.Product safety or quality issues,actual or perceived,or allegations of product contamination,even when false or unfounded,could tarnish the image of the affected bran

312、ds andmay cause consumers to choose other products.In some emerging markets,the production and sale of counterfeit or“spurious”products,which we and our bottling partnersmay not be able to fully combat,may damage the image and reputation of our products.In addition,from time to time,we and our execu

313、tives have engaged,and may in thefuture engage,in public policy endeavors that are either directly related to our products and packaging or to our business operations and the general economic climate affectingthe Company.These engagements in public policy debates have been,and could in the future be

314、,the subject of criticism from advocacy groups or others that have a differingpoint of view and could result in adverse media and consumer reaction,including product boycotts.Similarly,our sponsorship relationships and associations with influencershave subjected us in the past,and could subject us i

315、n the future,to negative publicity as a result of actual or alleged misconduct by individuals,hosts or entities associated withorganizations we sponsor or support financially or through in-kind contributions,as well as by the influencers we collaborate with who may engage in actions or expressopinio

316、ns that may negatively reflect on our brand.Likewise,campaigns by activists connecting us,or our bottling system or supply chain,with workplace,human rights oranimal welfare issues,whether actual or perceived,could adversely impact our corporate image and reputation.Additionally,negative postings or

317、 comments on social media ornetworking websites about the Company or one of its brands,even if inaccurate or malicious,have in the past,and could in the future,generate adverse publicity that coulddamage the reputation of our brands or the Company.Furthermore,allegations,even if untrue,that we are n

318、ot respecting internationally recognized human rights;actual orperceived failure by our suppliers or other business partners to comply with applicable workplace and labor laws,including child labor laws,or their actual or perceived abuse ormisuse of migrant workers;actual or perceived failure by our

319、 suppliers,joint venture partners or other business partners to engage in proper animal welfare practices;andadverse publicity surrounding obesity and health concerns related to our products,water usage,environmental impact,labor relations or the like could negatively affect ourCompanys overall repu

320、tation and brand image,which in turn could have a negative impact on our products acceptance by consumers.In addition,if we fail to respect ouremployees and our supply chain workers human rights,or inadvertently discriminate against any group of employees or hiring prospects,our ability to hire and

321、retain the besttalent will be diminished,which could have an adverse impact on our overall business.17If we are unable to successfully manage new product launches,our business and financial results could be adversely affected.Due to the highly competitive nature of the commercial beverage industry,t

322、he Company continually introduces new products and evolves existing products to stimulateconsumer demand.For instance,the Company has directly entered the alcohol beverage category in numerous markets outside the United States,and in the United States,theCompany has established a wholly owned,indire

323、ct,firewalled subsidiary,which authorizes alcohol-licensed third parties to use certain of our trademarks and relatedintellectual property on alcohol beverages that contain Company beverage bases.The success of new and evolved products depends on several factors,including timely andsuccessful produc

324、t development,adherence to new global and/or local standards of practice,consumer acceptance and stakeholder perception.Such endeavors may also involvesignificant risks and uncertainties,including greater execution risks;higher costs;lower rates of sales;distraction of management from existing opera

325、tions;lower product,category or industry knowledge and expertise;slower than expected or inadequate return on investments;increased competitive pressures;stakeholder scrutiny;and reliance onthe performance of third parties.As we become subject to additional governmental regulations,including alcohol

326、 regulations related to licensing,trade and pricing practices,labeling,advertising,promotion and marketing practices,and relationships with distributors,we may become exposed to the risk of increased compliance costs and disruptionsto our existing business.RISKS RELATED TO THE COCA-COLA SYSTEMWe rel

327、y on our bottling partners for a significant portion of our business.If we are unable to maintain good relationships with our bottling partners,our business couldsuffer.We generate a significant portion of our net operating revenues by selling concentrates and syrups to independent bottling partners

328、.As independent companies,our bottlingpartners,some of which are publicly traded companies,make their own business decisions that may not always align with our interests.In addition,some of our bottlingpartners have the right to manufacture or distribute their own products or certain products of oth

329、er beverage companies.If we are unable to maintain operating and strategicalignment or agree on appropriate pricing and marketing and advertising support,or if our bottling partners are not satisfied with our brand innovation and development efforts,they may take actions that,while maximizing their

330、own short-term profits,may be detrimental to our Company or our brands,or they may devote more of their resources to business opportunities or products other than those of the Company.Such actions could,in the long term,have an adverse effect on our profitability.If our bottling partners financial c

331、ondition deteriorates,our business and financial results could be affected.In the vast majority of our markets,our products are sold and distributed by independent bottling partners,and we therefore derive a significant portion of our net operatingrevenues from sales of concentrates and syrups to in

332、dependent bottling partners.Accordingly,the success of our business depends in part on our bottling partners financialstrength and profitability.While under our agreements with our bottling partners we generally have the right to unilaterally change the prices we charge for our concentrates andsyrup

333、s,our ability to do so may be materially limited by our bottling partners financial condition and their ability to pass price increases along to their customers.In addition,we have investments in certain of our bottling partners,which we account for under the equity method,and our operating results include our proportionate share of such bottlingpartners income or loss.Our bottling partners financ