COCA COLA CO 10-Q form for quarterly period ended 2024-06-28, page 4: 
THE COCA-COLA COMPANY AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS

(In millions except par value)
|    |                                                                                                 |              |                  |          |    |        |
|---:|:------------------------------------------------------------------------------------------------|:-------------|:-----------------|:---------|:---|:-------|
|  1 |                                                                                                 | June 28,2024 | December 31,2023 |          |    |        |
|  2 | ASSETS                                                                                          |              |                  |          |    |        |
|  3 | Current Assets                                                                                  |              |                  |          |    |        |
|  4 | Cash and cash equivalents                                                                       | $            | 13,708           |          | $  | 9,366  |
|  5 | Short-term investments                                                                          | 3,691        |                  | 2,997    |    |        |
|  6 | Total Cash, Cash Equivalents and Short-Term Investments                                         | 17,399       |                  | 12,363   |    |        |
|  7 | Marketable securities                                                                           | 1,594        |                  | 1,300    |    |        |
|  8 | Trade accounts receivable, less allowances of $502 and $502, respectively                       | 4,545        |                  | 3,410    |    |        |
|  9 | Inventories                                                                                     | 4,763        |                  | 4,424    |    |        |
| 10 | Prepaid expenses and other current assets                                                       | 3,298        |                  | 5,235    |    |        |
| 11 | Total Current Assets                                                                            | 31,599       |                  | 26,732   |    |        |
| 12 | Equity method investments                                                                       | 18,940       |                  | 19,671   |    |        |
| 13 | Other investments                                                                               | 167          |                  | 118      |    |        |
| 14 | Other noncurrent assets                                                                         | 7,274        |                  | 7,162    |    |        |
| 15 | Deferred income tax assets                                                                      | 1,409        |                  | 1,561    |    |        |
| 16 | Property, plant and equipment, less accumulated depreciation of $9,492 and $9,233, respectively | 9,508        |                  | 9,236    |    |        |
| 17 | Trademarks with indefinite lives                                                                | 13,510       |                  | 14,349   |    |        |
| 18 | Goodwill                                                                                        | 18,324       |                  | 18,358   |    |        |
| 19 | Other intangible assets                                                                         | 471          |                  | 516      |    |        |
| 20 | Total Assets                                                                                    | $            | 101,202          |          | $  | 97,703 |
| 21 | LIABILITIES AND EQUITY                                                                          |              |                  |          |    |        |
| 22 | Current Liabilities                                                                             |              |                  |          |    |        |
| 23 | Accounts payable and accrued expenses                                                           | $            | 21,909           |          | $  | 15,485 |
| 24 | Loans and notes payable                                                                         | 3,793        |                  | 4,557    |    |        |
| 25 | Current maturities of long-term debt                                                            | 1,939        |                  | 1,960    |    |        |
| 26 | Accrued income taxes                                                                            | 1,622        |                  | 1,569    |    |        |
| 27 | Total Current Liabilities                                                                       | 29,263       |                  | 23,571   |    |        |
| 28 | Long-term debt                                                                                  | 38,085       |                  | 35,547   |    |        |
| 29 | Other noncurrent liabilities                                                                    | 4,077        |                  | 8,466    |    |        |
| 30 | Deferred income tax liabilities                                                                 | 2,366        |                  | 2,639    |    |        |
| 31 | The Coca-Cola Company Shareowners' Equity                                                       |              |                  |          |    |        |
| 32 | Common stock, $0.25 par value; authorized - 11,200 shares; issued - 7,040 shares                | 1,760        |                  | 1,760    |    |        |
| 33 | Capital surplus                                                                                 | 19,468       |                  | 19,209   |    |        |
| 34 | Reinvested earnings                                                                             | 75,189       |                  | 73,782   |    |        |
| 35 | Accumulated other comprehensive income (loss)                                                   | (15,458)     |                  | (14,275) |    |        |
| 36 | Treasury stock, at cost - 2,731 and 2,732 shares, respectively                                  | (55,106)     |                  | (54,535) |    |        |
| 37 | Equity Attributable to Shareowners of The Coca-Cola Company                                     | 25,853       |                  | 25,941   |    |        |
| 38 | Equity attributable to noncontrolling interests                                                 | 1,558        |                  | 1,539    |    |        |
| 39 | Total Equity                                                                                    | 27,411       |                  | 27,480   |    |        |
| 40 | Total Liabilities and Equity                                                                    | $            | 101,202          |          | $  | 97,703 |

Refer to Notes to Consolidated Financial Statements.

4






Question: How does Coca-Cola's Debt Equity Ratio as of June 28, 2024, compare to December 31, 2023?
Answer: Debt Equity Ratio as of June 28, 2024 = 1.68, Debt Equity Ratio as of December 31, 2023 = (4,557 + 1,960 + 35,547) / 25,941 = 1.64. The Debt Equity Ratio increased from 1.64 to 1.68.