Disclosed are multi-component waterborne coating compositions that include a first component and a second component which are mixed together prior to application of the composition to a substrate. The first component includes an aqueous dispersion of (i) a polycarbonate-polyurethane polymer, and (ii) an acrylic polyol having a number average molecular weight of no more than 5,000. The second component includes a material having functional groups reactive with the functional groups of the acrylic polyol and/or the polycarbonate-polyurethane polymer. Also disclosed are coatings formed from such compositions and substrates at least partially coated with such compositions.