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FAIR VALUE MEASUREMENTS
 3 Months Ended
Apr. 03, 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):
April 3, 2026Level 1Level 2Level 3
Other3
Netting
Adjustment
4
Fair Value
Measurements
Assets:     
Equity securities with readily determinable values1
$2,131 $493 $70 $187 $— $2,881 
Debt securities1
— 2,630 — 

— — 2,630 
Derivatives2
— 610 — — (506)
5
104 
7
Total assets$2,131 $3,733 $70 $187 $(506)$5,615 
Liabilities:     
Derivatives2
$26 $1,015 $— $— $(999)
6
$42 
7
Total liabilities$26 $1,015 $— $— $(999)$42 
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 $60 million in cash collateral it has netted against its derivative position.
6The Company has the right to reclaim $551 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: $12 million in the line item assets held for sale, $92 million in the line item other noncurrent assets, $2 million in the line item liabilities held for sale and $40 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.
Gross realized and unrealized gains and losses on Level 3 assets and liabilities were not significant for the three months ended April 3, 2026. Gross realized and unrealized gains and losses on Level 3 assets and liabilities, excluding the remeasurement of the fairlife contingent consideration liability, were not significant for the three months ended March 28, 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 months ended April 3, 2026 and March 28, 2025.
Nonrecurring Fair Value Measurements
During the three months ended April 3, 2026, the Company recorded an impairment charge of $10 million related to our bottling operations in Africa, which are held for sale, based on Level 3 inputs. Refer to Note 2. During the three months ended March 28, 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. These charges were recorded in the line item other income (loss) — net in our consolidated statements of income.
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 April 3, 2026, the carrying value and fair value of our long-term debt, including the current portion, were $43,558 million and $40,088 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.