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FAIR VALUE MEASUREMENTS
 9 Months Ended
Oct. 02, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Recurring Fair Value Measurements
The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions):
October 2, 2026Level 1Level 2Level 3
Other3
Netting
Adjustment
4
Fair Value
Measurements
Assets:
Equity securities with readily determinable values1
$2,208 $535 $92 $395 $— $3,230 
Debt securities1
— 2,718 — 

— — 2,718 
Derivatives2
— 767 — — (596)
5
171 
7
Total assets$2,208 $4,020 $92 $395 $(596)$6,119 
Liabilities:
Derivatives2
$2 $1,186 $— $— $(1,171)
6
$17 
7
Total liabilities$2 $1,186 $— $— $(1,171)$17 
1Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities.
2Refer to Note 6 for additional information related to the composition of our derivatives portfolio.
3Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4.
4Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6.
5The Company is obligated to return $90 million in cash collateral it has netted against its derivative position.
6The Company has the right to reclaim $657 million in cash collateral it has netted against its derivative position.
7The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $11 million in the line item assets held for sale, $160 million in the line item other noncurrent assets, $2 million in the line item liabilities held for sale and $15 million in the line item other noncurrent liabilities. Refer to Note 6 for additional information related to the composition of our derivatives portfolio.
December 31, 2025Level 1Level 2Level 3
Other3
Netting
Adjustment
4
Fair Value
Measurements
Assets:
 
Equity securities with readily determinable values1
$2,148 $237 $61 $143 $— $2,589 
Debt securities1
— 1,824 — — — 1,824 
Derivatives2
— 441 — — (403)
5
38 
7
Total assets$2,148 $2,502 $61 $143 $(403)$4,451 
Liabilities:
Derivatives2
$9 $1,040 $— $— $(954)
6
$95 
7
Total liabilities$9 $1,040 $— $— $(954)$95 
1Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities.
2Refer to Note 6 for additional information related to the composition of our derivatives portfolio.
3Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4.
4Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6.
5The Company was obligated to return $48 million in cash collateral it had netted against its derivative position.
6The Company had the right to reclaim $597 million in cash collateral it had netted against its derivative position.
7The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $3 million in the line item assets held for sale, $35 million in the line item other noncurrent assets, $5 million in the line item liabilities held for sale and $90 million in the line item other noncurrent liabilities. Refer to Note 6 for additional information related to the composition of our derivatives portfolio.
Excluding the remeasurement of the fairlife contingent consideration liability during the nine months ended September 26, 2025, gross realized and unrealized gains and losses on Level 3 assets and liabilities were not significant for the three and nine months ended October 2, 2026 and September 26, 2025. Refer to Note 12 for additional information on the fairlife contingent consideration liability.
The Company recognizes transfers between levels within the hierarchy as of the beginning of the reporting period. Gross transfers between levels within the hierarchy were not significant for the three and nine months ended October 2, 2026 and September 26, 2025.
Nonrecurring Fair Value Measurements
The gains and losses on assets measured at fair value on a nonrecurring basis are summarized in the following table (in millions):
Gains (Losses)  
 
Three Months EndedNine Months Ended
 
October 2,
2026		September 26,
2025		October 2,
2026		September 26,
2025
 
Assets held for sale$5 
1
$(235)
2
$61 
1
$(263)
2
Other-than-temporary impairment charges— — — (65)
3,4
Impairment of intangible assets— — — (31)
5
Total$5 $(235)$61 $(359)
1During the three and nine months ended October 2, 2026, the Company recorded reductions in the previously recorded impairment charge related to our bottling operations in Africa, which are held for sale, of $5 million and $61 million, respectively, based on Level 3 inputs. These reductions were recorded in the line item other income (loss) — net in our consolidated statements of income. Refer to Note 2.
2The Company is required to record assets and liabilities that are held for sale at the lower of carrying value or fair value less any costs to sell based on the agreed-upon sale price. During the three and nine months ended September 26, 2025, the Company recorded a charge of $235 million in the line item other income (loss) — net in our consolidated statements of income. This charge was due to the write-off of assets related to the sale of certain finished product operations in Nigeria and was calculated based on Level 3 inputs. Additionally, during the nine months ended September 26, 2025, the Company recorded a charge of $28 million in the line item other income (loss) — net in our consolidated statement of income. This charge was due to the write-down of assets held for sale related to the refranchising of certain bottling operations in Ghana. This charge, which was calculated based on Level 3 inputs, primarily related to property, plant and equipment. These operations were sold in July 2025, resulting in an additional loss of $8 million.
3During the nine months ended September 26, 2025, the Company recorded an other-than-temporary impairment charge of $40 million related to an equity method investee in Latin America. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results. This charge was recorded in the line item other income (loss) — net in our consolidated statement of income.
4During the nine months ended September 26, 2025, the Company recorded an other-than-temporary impairment charge of $25 million related to a joint venture in Latin America. This impairment charge was derived using Level 3 inputs and was due to the joint venture’s restructuring and planned liquidation. This charge was recorded in the line item other income (loss) — net in our consolidated statement of income.
5During the nine months ended September 26, 2025, the Company recorded an asset impairment charge of $31 million related to a trademark in Latin America. This impairment charge was derived using Level 3 inputs and was primarily driven by revised projections of future operating results and changes in macroeconomic conditions. This charge was recorded in the line item other operating charges in our consolidated statement of income. The remaining carrying value of the trademark is $55 million.
Other Fair Value Disclosures
The carrying values of cash and cash equivalents, short-term investments, trade accounts receivable, accounts payable and accrued expenses, and loans and notes payable approximate their fair values because of the relatively short-term maturities of these financial instruments. The fair value of our long-term debt is estimated using Level 2 inputs based on quoted prices for those instruments. Where quoted prices are not available, the fair value is estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of the debt instruments. As of October 2, 2026, the carrying value and fair value of our long-term debt, including the current portion, were $41,546 million and $35,398 million, respectively. As of December 31, 2025, the carrying value and fair value of our long-term debt, including the current portion, were $43,941 million and $39,385 million, respectively.