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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Coca Cola Company | NYSE:KO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.08 | 0.13% | 62.25 | 62.38 | 61.895 | 62.26 | 9,310,701 | 00:46:07 |
Delaware (State or other jurisdiction of incorporation) | 001-02217 (Commission File Number) | 58-0628465 (IRS Employer Identification No.) |
One Coca-Cola Plaza Atlanta, Georgia (Address of principal executive offices) | 30313 (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description |
Exhibit 99.1 | Press Release of The Coca-Cola Company, dated July 22, 2015, reporting The Coca-Cola Company's financial results for the second quarter and year-to-date 2015. |
THE COCA-COLA COMPANY (REGISTRANT) | ||
Date: July 22, 2015 | By: | /s/ LARRY M. MARK |
Larry M. Mark Vice President and Controller |
Exhibit No. | Description |
Exhibit 99.1 | Press Release of The Coca-Cola Company, dated July 22, 2015, reporting The Coca-Cola Company's financial results for the second quarter and year-to-date 2015. |
Contacts: Investors and Analysts: Tim Leveridge T +01 404.676.7563 Media: Petro Kacur T +01 404.676.2683 | The Coca-Cola Company Global Public Affairs & Communications Department P.O. Box 1734 Atlanta, GA 30301 |
• | Reported net revenue declined 3% and organic revenue grew 4% |
• | Reported EPS was $0.71 and comparable EPS was $0.63 |
• | Global volume growth of 2% |
• | Gained global value and volume share in nonalcoholic ready-to-drink beverages |
• | Year-to-date cash from operations increased 14% to a record $5.1 billion |
• | Full-year comparable currency neutral growth expectations remain unchanged |
Percent Change | |||
Second Quarter | YTD | ||
Unit Case Volume | 2 | 1 | |
Sparkling Beverages | 1 | 1 | |
Still Beverages | 5 | 3 | |
Concentrate Sales/Reported Volume | 3 | 4 | |
Price/Mix | 1 | 2 | |
Currency | (7) | (7) | |
Acquisitions & Divestitures | 0 | 0 | |
Reported Net Revenues | (3) | (1) | |
Organic Revenues * | 4 | 6 | |
Reported Income Before Taxes | 29 | 13 | |
Comparable CN Income Before Taxes (Structurally Adjusted) * | 3 | 7 |
* | Organic revenue and comparable currency neutral (CN) income before taxes (structurally adjusted) are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | We had positive organic revenue growth in each of our operating groups and gained global value and volume share in nonalcoholic ready-to-drink (NARTD) beverages in the quarter. After adjusting for the six additional days in the first quarter, concentrate sales growth and unit case volume growth were generally in line year to date. |
• | Global sparkling beverage volume growth in the quarter was led by 1% growth in brand Coca-Cola, 6% growth in Coca-Cola Zero, 3% growth in Sprite and 2% growth in Fanta. Growth in these brands was partially offset by a 7% decline in Diet Coke. We gained global value and volume share in sparkling beverages in the quarter. |
• | Global still beverage volume growth in the quarter reflects 7% growth in ready-to-drink tea, 8% growth in packaged water and double-digit growth in value-added dairy. Volume growth in these categories was partially offset by a 1% decline in juice and juice drinks attributable to price increases taken to cover higher input costs and continued industry softness in certain markets. We gained global value and volume share in still beverages, juice and juice drinks, ready-to-drink tea and sports drinks in the quarter. |
• | Comparable currency neutral operating income growth outpaced organic revenue growth in the quarter primarily due to gross margin expansion and the impact of our ongoing productivity initiatives, partially offset by increased marketing investments. |
• | Comparable currency neutral income before taxes lagged comparable currency neutral operating income growth in the quarter primarily due to lower equity income and a decrease in net interest income. |
• | The reported effective tax rate and the underlying annual effective tax rate in the quarter were 28.7% and 22.5%, respectively. The variance between the reported rate and the underlying rate was due to the tax effect of various items impacting comparability, separately disclosed in the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Reported EPS was $0.71 and comparable EPS was $0.63. Items impacting comparability increased reported EPS by a net $0.08 and were primarily related to a net gain recognized in connection with the closing of the transaction with Monster Beverage Corporation, partially offset by costs associated with our previously announced productivity program. For additional details on items impacting comparability, refer to the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Fluctuations in foreign currency exchange rates resulted in an 11 point headwind on comparable operating income and a 6 point headwind on both comparable income before taxes and EPS in the quarter. The currency impact on income before taxes was consistent with the outlook we provided earlier this year. |
• | Year-to-date cash from operations was $5.1 billion, up 14%, primarily due to efficient management of working capital and the impact of six additional days in the first quarter, partially offset by fluctuations in foreign currency exchange rates. |
• | Year-to-date net share repurchases totaled $876 million. |
Percent Change | |||
Second Quarter | YTD | ||
Unit Case Volume | 4 | 3 | |
Sparkling Beverages | 3 | 3 | |
Still Beverages | 7 | 5 | |
Concentrate Sales | 4 | 4 | |
Price/Mix | (1) | 1 | |
Currency | (13) | (12) | |
Acquisitions & Divestitures | 0 | 0 | |
Reported Net Revenues | (10) | (7) | |
Organic Revenues * | 4 | 5 | |
Reported Income Before Taxes | (8) | (8) | |
Comparable CN Income Before Taxes * | 9 | 6 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue growth in the quarter was driven by concentrate sales growth, positive pricing and favorable product mix across most key markets, partially offset by unfavorable geographic mix. After adjusting for the additional days in the first quarter and unit case volume related to joint ventures that do not have equivalent concentrate sales, concentrate sales growth trailed unit case volume growth year to date. We expect concentrate sales and unit case sales to be generally in line for the full year. |
• | Comparable currency neutral income before taxes outpaced organic revenue growth in the quarter due to favorable timing of operating expenses, partially offset by lower equity income associated with our joint ventures in the juice and juice drinks category in our Eurasia and Africa group. |
• | We gained value and volume share in total NARTD beverages, sparkling beverages and still beverages. Sparkling beverage volume growth was driven by 5% growth in Trademark Coca-Cola. Still beverage volume growth was primarily driven by 9% growth in juice and juice drinks and 6% growth in packaged water. Unit case volume growth included 7% growth in our Central, East & West Africa business unit and 3% growth in our Middle East & North Africa business unit. Volume growth in these markets was partially offset by a low single-digit decline in Russia. |
Percent Change | |||
Second Quarter | YTD | ||
Unit Case Volume | 1 | 0 | |
Sparkling Beverages | 0 | (1) | |
Still Beverages | 7 | 5 | |
Concentrate Sales | 2 | 3 | |
Price/Mix | 1 | 1 | |
Currency | (11) | (12) | |
Acquisitions & Divestitures | (1) | 0 | |
Reported Net Revenues | (9) | (8) | |
Organic Revenues * | 3 | 4 | |
Reported Income Before Taxes | (7) | (4) | |
Comparable CN Income Before Taxes * | (1) | 1 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue growth in the quarter was driven by strong growth in our expanding still beverage portfolio and 1 point of positive price/mix despite the deflationary environment. After adjusting for the additional days in the first quarter, concentrate sales growth and unit case volume growth were generally in line year to date. |
• | Comparable currency neutral income before taxes trailed organic revenue growth in the quarter primarily due to increased marketing investments and higher input costs partially offset by the impact of ongoing productivity initiatives. |
• | We gained value and volume share in core sparkling and value share in still beverages driven by strong marketing investments and new product launches in both categories. Still beverage volume growth was driven by juice and juice drinks, including double-digit growth of the innocent brand, and packaged water, including the introduction of smartwater at the end of 2014. |
Percent Change | |||
Second Quarter | YTD | ||
Unit Case Volume | 2 | 1 | |
Sparkling Beverages | 0 | 0 | |
Still Beverages | 5 | 3 | |
Concentrate Sales | 1 | 4 | |
Price/Mix | 10 | 7 | |
Currency | (24) | (19) | |
Acquisitions & Divestitures | 0 | 0 | |
Reported Net Revenues | (13) | (8) | |
Organic Revenues * | 11 | 11 | |
Reported Income Before Taxes | (17) | (15) | |
Comparable CN Income Before Taxes * | 13 | 10 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue growth in the quarter was driven by positive price/mix in each of our four business units, particularly in the higher inflationary markets within our South Latin business unit. After adjusting for the additional days in the first quarter, concentrate sales growth and unit case volume growth were generally in line year to date. |
• | Comparable currency neutral income before taxes outpaced organic revenue growth in the quarter primarily due to timing of operating expenses, partially offset by higher input costs and increased marketing investments. |
• | We gained value and volume share in total NARTD beverages, sparkling beverages and still beverages in the quarter. Unit case volume reflected 7% growth in our South Latin business unit, 4% growth in our Latin Center business unit and 1% growth in Mexico, partially offset by a low single-digit decline in Brazil. |
Percent Change | |||
Second Quarter | YTD | ||
Unit Case Volume | 2 | 1 | |
Sparkling Beverages | 1 | 0 | |
Still Beverages | 4 | 3 | |
Concentrate Sales | 1 | 4 | |
Price/Mix | 4 | 3 | |
Currency | (1) | (1) | |
Acquisitions & Divestitures | (1) | (1) | |
Reported Net Revenues | 3 | 5 | |
Organic Revenues * | 5 | 7 | |
Reported Income Before Taxes | 28 | 23 | |
Comparable CN Income Before Taxes * | 8 | 15 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue growth in the quarter was driven primarily by 4 points of positive price/mix. Acquisitions and divestitures reflect the impact of refranchised territories, which was mostly offset by the benefit of our expanded distribution of Monster beverage products in North America. The expanded distribution contributed 1 point of unit case volume growth in both the quarter and year to date. After adjusting for the additional days in the first quarter and the impact of acquired volume, concentrate sales growth and unit case volume growth were generally in line year to date. |
• | Comparable currency neutral income before taxes outpaced organic revenue growth in the quarter primarily due to lower input costs and the impact of our ongoing productivity initiatives, partially offset by increased marketing investments. Structural changes had a nominal net impact on income before taxes as the impact of refranchised territories was offset by the benefit of expanded distribution of Monster beverage products in North America. |
• | We gained value share in total NARTD beverages for the 21st consecutive quarter driven by an increase in both the quality and quantity of our marketing investments and our continued rational approach to pricing and disciplined price/pack strategies. We also gained value and volume share in sparkling beverages, still beverages, juice and juice drinks and ready-to-drink tea. Still beverage volume growth was driven by double-digit growth in smartwater, Gold Peak and Honest tea. |
Percent Change | |||
Second Quarter | YTD | ||
Unit Case Volume | 3 | 3 | |
Sparkling Beverages | 1 | 3 | |
Still Beverages | 5 | 2 | |
Concentrate Sales | 7 | 5 | |
Price/Mix | (6) | (2) | |
Currency | (8) | (8) | |
Acquisitions & Divestitures | 0 | 0 | |
Reported Net Revenues | (7) | (5) | |
Organic Revenues * | 1 | 3 | |
Reported Income Before Taxes | (10) | (7) | |
Comparable CN Income Before Taxes * | (2) | 1 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue growth in the quarter reflects strong concentrate sales growth, mostly offset by unfavorable price/mix. After adjusting for the additional days in the first quarter, concentrate sales growth lagged unit case volume growth year to date primarily due to timing of shipments. We expect concentrate sales and unit case sales to be generally in line for the full year. |
• | Comparable currency neutral income before taxes trailed organic revenue growth due to increased marketing investments partially offset by the efficient management of operating expenses. |
• | Unit case volume growth in the quarter reflected 6% growth in China and 1% growth in Japan, partially offset by a mid single-digit decline in India. China's performance includes strong growth across our sparkling brand portfolio. In Japan, volume growth was driven by solid performance in the tea category. We gained value and volume share in total NARTD beverages in both China and Japan in the quarter. In India, unseasonable weather during the quarter drove an overall decline in the industry. |
Percent Change | |||
Second Quarter | YTD | ||
Unit Case Volume | 7 | 5 | |
Reported Volume | 5 | 7 | |
Price/Mix | (3) | (3) | |
Currency | (10) | (9) | |
Acquisitions & Divestitures | 2 | 2 | |
Reported Net Revenues | (6) | (3) | |
Organic Revenues * | 1 | 4 | |
Reported Income Before Taxes | (9) | (17) | |
Comparable CN Income Before Taxes * | 11 | 14 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue growth in the quarter was driven by reported volume growth, partially offset by unfavorable price/mix attributable to channel, product and package mix. |
• | Comparable currency neutral income before taxes outpaced organic revenue growth primarily due to the continued strong performance of our Company-owned bottling operations in several markets including Germany, China and Vietnam. |
• | We estimate that the net impact of structural items on full-year 2015 results will be a 1 point headwind on both net revenues and income before taxes. |
• | We expect fluctuations in foreign currency exchange rates to have an unfavorable impact on our reported results in 2015. Based on current spot rates, our existing hedge positions, and the cycling of our prior year rates, we estimate that currency will be an approximate 6 point headwind on net revenues, an 11 point headwind on operating income, and a 7 to 8 point headwind on income before taxes for the full year. For the third quarter, we estimate that currency will be an approximate 7 point headwind on net revenues, a 13 point headwind on operating income and a 10 point headwind on income before taxes. |
• | The underlying effective annual tax rate on operations for 2015 is expected to be 22.5%. |
• | We are now targeting full-year 2015 net share repurchases of $2.0 to $2.5 billion. |
• | Given the above, our full-year comparable currency neutral growth expectations remain unchanged. |
• | For details on items impacting comparability in the quarter, see the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period. |
• | "Comparable currency neutral income before taxes" is a non-GAAP financial measure that excludes or otherwise adjusts for items impacting comparability and the impact of changes in foreign currency exchange rates. For details on these adjustments, refer to the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | "Comparable currency neutral income before taxes (structurally adjusted)" is a non-GAAP financial measure that excludes or otherwise adjusts for items impacting comparability, the impact of changes in foreign currency exchange rates and the impact of structural items. For details on these adjustments, refer to the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | "Concentrate sales" represents the amount of concentrates, syrups, beverage bases and powders sold by, or used in finished beverages sold by, the Company to its bottling partners or other customers. |
• | "Concentrate sales/reported volume" represents the percent change in net revenues attributable to the increase (decrease) in concentrate sales volume for our geographic operating segments (expressed in equivalent unit cases) after considering the impact of structural changes. For our Bottling Investments operating segment, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes. Our Bottling Investments operating segment data reflects unit case volume growth for consolidated bottlers only and is computed on a reported basis. |
• | "Organic revenue" is a non-GAAP financial measure that excludes or otherwise adjusts for the impact of changes in foreign currency exchange rates and acquisitions and divestitures, as applicable. For details on these adjustments, refer to the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | "Sparkling beverages" means NARTD beverages with carbonation, including carbonated energy drinks and waters. |
• | "Still beverages" means nonalcoholic beverages without carbonation, including noncarbonated waters, flavored waters and enhanced waters, juices and juice drinks, teas, coffees, sports drinks and noncarbonated energy drinks. |
• | All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales, unless otherwise noted. "Unit case" means a unit of measurement equal to 24 eight-ounce servings of finished beverage. "Unit case volume" means the number of unit cases (or unit case equivalents) of Company beverages directly or indirectly sold by the Company and its bottling partners to customers. |
• | First quarter 2015 financial results were impacted by six additional days, and fourth quarter 2015 financial results will be impacted by six fewer days. Unit case volume results for the quarters are not impacted by the variance in selling days due to the average daily sales computation referenced above. |
• | The Company reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). However, management believes that certain non-GAAP financial measures provide users with additional meaningful financial information that should be considered when assessing the Company’s ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The Company’s non-GAAP financial information does not represent a comprehensive basis of accounting. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||
Condensed Consolidated Statements of Income | ||||||||||
(UNAUDITED) | ||||||||||
(In millions except per share data) | ||||||||||
Three Months Ended | ||||||||||
July 3, 2015 | June 27, 2014 | % Change1 | ||||||||
Net Operating Revenues | $ | 12,156 | $ | 12,574 | (3 | ) | ||||
Cost of goods sold | 4,748 | 4,819 | (1 | ) | ||||||
Gross Profit | 7,408 | 7,755 | (4 | ) | ||||||
Selling, general and administrative expenses | 4,204 | 4,384 | (4 | ) | ||||||
Other operating charges | 669 | 201 | 233 | |||||||
Operating Income | 2,535 | 3,170 | (20 | ) | ||||||
Interest income | 149 | 144 | 4 | |||||||
Interest expense | 128 | 107 | 19 | |||||||
Equity income (loss) — net | 200 | 254 | (21 | ) | ||||||
Other income (loss) — net | 1,605 | (77 | ) | — | ||||||
Income Before Income Taxes | 4,361 | 3,384 | 29 | |||||||
Income taxes | 1,250 | 779 | 60 | |||||||
Consolidated Net Income | 3,111 | 2,605 | 19 | |||||||
Less: Net income (loss) attributable to noncontrolling interests | 3 | 10 | (76 | ) | ||||||
Net Income Attributable to Shareowners of The Coca-Cola Company | $ | 3,108 | $ | 2,595 | 20 | |||||
Diluted Net Income Per Share2 | $ | 0.71 | $ | 0.58 | 21 | |||||
Average Shares Outstanding — Diluted2 | 4,408 | 4,454 |
1 | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
2 | For the three months ended July 3, 2015 and June 27, 2014, basic net income per share was $0.71 for 2015 and $0.59 for 2014 based on average shares outstanding — basic of 4,355 million for 2015 and 4,391 million for 2014. Basic net income per share and diluted net income per share are calculated based on net income attributable to shareowners of The Coca-Cola Company. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||
Condensed Consolidated Statements of Income | ||||||||||
(UNAUDITED) | ||||||||||
(In millions except per share data) | ||||||||||
Six Months Ended | ||||||||||
July 3, 2015 | June 27, 2014 | % Change1 | ||||||||
Net Operating Revenues | $ | 22,867 | $ | 23,150 | (1 | ) | ||||
Cost of goods sold | 8,851 | 8,902 | (1 | ) | ||||||
Gross Profit | 14,016 | 14,248 | (2 | ) | ||||||
Selling, general and administrative expenses | 8,283 | 8,373 | (1 | ) | ||||||
Other operating charges | 902 | 329 | 174 | |||||||
Operating Income | 4,831 | 5,546 | (13 | ) | ||||||
Interest income | 304 | 267 | 14 | |||||||
Interest expense | 575 | 231 | 149 | |||||||
Equity income (loss) — net | 202 | 325 | (38 | ) | ||||||
Other income (loss) — net | 1,580 | (318 | ) | — | ||||||
Income Before Income Taxes | 6,342 | 5,589 | 13 | |||||||
Income taxes | 1,665 | 1,358 | 23 | |||||||
Consolidated Net Income | 4,677 | 4,231 | 11 | |||||||
Less: Net income (loss) attributable to noncontrolling interests | 12 | 17 | (28 | ) | ||||||
Net Income Attributable to Shareowners of The Coca-Cola Company | $ | 4,665 | $ | 4,214 | 11 | |||||
Diluted Net Income Per Share2 | $ | 1.06 | $ | 0.95 | 12 | |||||
Average Shares Outstanding — Diluted2 | 4,415 | 4,459 |
1 | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
2 | For the six months ended July 3, 2015 and June 27, 2014, basic net income per share was $1.07 for 2015 and $0.96 for 2014 based on average shares outstanding — basic of 4,360 million for 2015 and 4,396 million for 2014. Basic net income per share and diluted net income per share are calculated based on net income attributable to shareowners of The Coca-Cola Company. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||
Condensed Consolidated Balance Sheets | |||||||
(UNAUDITED) | |||||||
(In millions except par value) | |||||||
July 3, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 8,805 | $ | 8,958 | |||
Short-term investments | 8,709 | 9,052 | |||||
Total Cash, Cash Equivalents and Short-Term Investments | 17,514 | 18,010 | |||||
Marketable securities | 3,433 | 3,665 | |||||
Trade accounts receivable, less allowances of $363 and $331, respectively | 4,976 | 4,466 | |||||
Inventories | 3,224 | 3,100 | |||||
Prepaid expenses and other assets | 3,159 | 3,066 | |||||
Assets held for sale | 497 | 679 | |||||
Total Current Assets | 32,803 | 32,986 | |||||
Equity Method Investments | 12,771 | 9,947 | |||||
Other Investments | 3,002 | 3,678 | |||||
Other Assets | 4,517 | 4,407 | |||||
Property, Plant and Equipment — net | 14,365 | 14,633 | |||||
Trademarks With Indefinite Lives | 6,085 | 6,533 | |||||
Bottlers' Franchise Rights With Indefinite Lives | 7,313 | 6,689 | |||||
Goodwill | 11,706 | 12,100 | |||||
Other Intangible Assets | 976 | 1,050 | |||||
Total Assets | $ | 93,538 | $ | 92,023 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable and accrued expenses | $ | 9,997 | $ | 9,234 | |||
Loans and notes payable | 16,306 | 19,130 | |||||
Current maturities of long-term debt | 2,031 | 3,552 | |||||
Accrued income taxes | 437 | 400 | |||||
Liabilities held for sale | 81 | 58 | |||||
Total Current Liabilities | 28,852 | 32,374 | |||||
Long-Term Debt | 25,977 | 19,063 | |||||
Other Liabilities | 4,283 | 4,389 | |||||
Deferred Income Taxes | 5,785 | 5,636 | |||||
The Coca-Cola Company Shareowners' Equity | |||||||
Common stock, $0.25 par value; Authorized — 11,200 shares; Issued — 7,040 and 7,040 shares, respectively | 1,760 | 1,760 | |||||
Capital surplus | 13,486 | 13,154 | |||||
Reinvested earnings | 65,196 | 63,408 | |||||
Accumulated other comprehensive income (loss) | (8,736 | ) | (5,777 | ) | |||
Treasury stock, at cost — 2,691 and 2,674 shares, respectively | (43,288 | ) | (42,225 | ) | |||
Equity Attributable to Shareowners of The Coca-Cola Company | 28,418 | 30,320 | |||||
Equity Attributable to Noncontrolling Interests | 223 | 241 | |||||
Total Equity | 28,641 | 30,561 | |||||
Total Liabilities and Equity | $ | 93,538 | $ | 92,023 |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(UNAUDITED) | |||||||
(In millions) | |||||||
Six Months Ended | |||||||
July 3, 2015 | June 27, 2014 | ||||||
Operating Activities | |||||||
Consolidated net income | $ | 4,677 | $ | 4,231 | |||
Depreciation and amortization | 961 | 967 | |||||
Stock-based compensation expense | 117 | 112 | |||||
Deferred income taxes | 643 | (67 | ) | ||||
Equity (income) loss — net of dividends | (44 | ) | (124 | ) | |||
Foreign currency adjustments | (144 | ) | 260 | ||||
Significant (gains) losses on sales of assets — net | (1,346 | ) | 140 | ||||
Other operating charges | 609 | 120 | |||||
Other items | 609 | 6 | |||||
Net change in operating assets and liabilities | (964 | ) | (1,175 | ) | |||
Net cash provided by operating activities | 5,118 | 4,470 | |||||
Investing Activities | |||||||
Purchases of investments | (6,981 | ) | (7,895 | ) | |||
Proceeds from disposals of investments | 6,316 | 6,192 | |||||
Acquisitions of businesses, equity method investments and nonmarketable securities | (2,284 | ) | (332 | ) | |||
Proceeds from disposals of businesses, equity method investments and nonmarketable securities | 413 | 45 | |||||
Purchases of property, plant and equipment | (1,114 | ) | (1,030 | ) | |||
Proceeds from disposals of property, plant and equipment | 33 | 134 | |||||
Other investing activities | (139 | ) | (242 | ) | |||
Net cash provided by (used in) investing activities | (3,756 | ) | (3,128 | ) | |||
Financing Activities | |||||||
Issuances of debt | 24,878 | 21,267 | |||||
Payments of debt | (22,358 | ) | (18,122 | ) | |||
Issuances of stock | 410 | 650 | |||||
Purchases of stock for treasury | (1,298 | ) | (1,953 | ) | |||
Dividends | (2,877 | ) | (1,342 | ) | |||
Other financing activities | 115 | (438 | ) | ||||
Net cash provided by (used in) financing activities | (1,130 | ) | 62 | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (385 | ) | (200 | ) | |||
Cash and Cash Equivalents | |||||||
Net increase (decrease) during the period | (153 | ) | 1,204 | ||||
Balance at beginning of period | 8,958 | 10,414 | |||||
Balance at end of period | $ | 8,805 | $ | 11,618 |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Operating Segments | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
Net Operating Revenues 1 | Operating Income (Loss) | Income (Loss) Before Income Taxes | |||||||||||||||||||||||||||||||
July 3, 2015 | June 27, 2014 | % Fav. / (Unfav.) | July 3, 2015 | June 27, 2014 | % Fav. / (Unfav.) | July 3, 2015 | June 27, 2014 | % Fav. / (Unfav.) | |||||||||||||||||||||||||
Eurasia & Africa | $ | 658 | $ | 732 | (10 | ) | $ | 275 | $ | 290 | (6 | ) | $ | 287 | $ | 313 | (8 | ) | |||||||||||||||
Europe | 1,435 | 1,569 | (9 | ) | 836 | 892 | (6 | ) | 843 | 904 | (7 | ) | |||||||||||||||||||||
Latin America | 973 | 1,118 | (13 | ) | 525 | 633 | (17 | ) | 526 | 636 | (17 | ) | |||||||||||||||||||||
North America | 5,917 | 5,717 | 3 | 887 | 827 | 7 | 874 | 682 | 28 | ||||||||||||||||||||||||
Asia Pacific | 1,601 | 1,723 | (7 | ) | 761 | 846 | (10 | ) | 766 | 851 | (10 | ) | |||||||||||||||||||||
Bottling Investments | 1,930 | 2,060 | (6 | ) | 31 | 38 | (16 | ) | 231 | 254 | (9 | ) | |||||||||||||||||||||
Corporate | 25 | 50 | (50 | ) | (780 | ) | (356 | ) | (120 | ) | 834 | (256 | ) | — | |||||||||||||||||||
Eliminations | (383 | ) | (395 | ) | 3 | — | — | — | — | — | — | ||||||||||||||||||||||
Consolidated | $ | 12,156 | $ | 12,574 | (3 | ) | $ | 2,535 | $ | 3,170 | (20 | ) | $ | 4,361 | $ | 3,384 | 29 |
Note: | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | During the three months ended July 3, 2015, intersegment revenues were $7 million for Eurasia and Africa, $151 million for Europe, $18 million for Latin America, $6 million for North America, $188 million for Asia Pacific and $13 million for Bottling Investments. During the three months ended June 27, 2014, intersegment revenues were $184 million for Europe, $13 million for Latin America, $7 million for North America, $173 million for Asia Pacific and $18 million for Bottling Investments. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Operating Segments | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||
Net Operating Revenues 1 | Operating Income (Loss) | Income (Loss) Before Income Taxes | |||||||||||||||||||||||||||||||
July 3, 2015 | June 27, 2014 | % Fav. / (Unfav.) | July 3, 2015 | June 27, 2014 | % Fav. / (Unfav.) | July 3, 2015 | June 27, 2014 | % Fav. / (Unfav.) | |||||||||||||||||||||||||
Eurasia & Africa | $ | 1,296 | $ | 1,390 | (7 | ) | $ | 554 | $ | 593 | (7 | ) | $ | 573 | $ | 621 | (8 | ) | |||||||||||||||
Europe | 2,647 | 2,862 | (8 | ) | 1,552 | 1,611 | (4 | ) | 1,567 | 1,635 | (4 | ) | |||||||||||||||||||||
Latin America | 2,039 | 2,229 | (8 | ) | 1,103 | 1,301 | (15 | ) | 1,114 | 1,303 | (15 | ) | |||||||||||||||||||||
North America | 11,018 | 10,510 | 5 | 1,398 | 1,255 | 11 | 1,361 | 1,107 | 23 | ||||||||||||||||||||||||
Asia Pacific | 2,886 | 3,038 | (5 | ) | 1,305 | 1,403 | (7 | ) | 1,314 | 1,411 | (7 | ) | |||||||||||||||||||||
Bottling Investments | 3,608 | 3,733 | (3 | ) | 45 | 12 | 283 | 230 | 276 | (17 | ) | ||||||||||||||||||||||
Corporate | 65 | 83 | (23 | ) | (1,126 | ) | (629 | ) | (79 | ) | 183 | (764 | ) | — | |||||||||||||||||||
Eliminations | (692 | ) | (695 | ) | 1 | — | — | — | — | — | — | ||||||||||||||||||||||
Consolidated | $ | 22,867 | $ | 23,150 | (1 | ) | $ | 4,831 | $ | 5,546 | (13 | ) | $ | 6,342 | $ | 5,589 | 13 |
Note: | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | During the six months ended July 3, 2015, intersegment revenues were $7 million for Eurasia and Africa, $295 million for Europe, $37 million for Latin America, $10 million for North America, $317 million for Asia Pacific and $26 million for Bottling Investments. During the six months ended June 27, 2014, intersegment revenues were $343 million for Europe, $30 million for Latin America, $10 million for North America, $278 million for Asia Pacific and $34 million for Bottling Investments. |
THE COCA-COLA COMPANY AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Financial Measures |
(UNAUDITED) |
THE COCA-COLA COMPANY AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Financial Measures |
(UNAUDITED) |
THE COCA-COLA COMPANY AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Financial Measures |
(UNAUDITED) |
THE COCA-COLA COMPANY AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Financial Measures |
(UNAUDITED) |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||||||||
(In millions except per share data) | ||||||||||||||||||||||||||||||||
Three Months Ended July 3, 2015 | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Gross margin | Selling, general and administrative expenses | Other operating charges | Operating income | Operating margin | |||||||||||||||||||||||||
Reported (GAAP) | $ | 12,156 | $ | 4,748 | $ | 7,408 | 60.9 | % | $ | 4,204 | $ | 669 | $ | 2,535 | 20.9 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (94 | ) | 94 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (92 | ) | 92 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | (383 | ) | 383 | |||||||||||||||||||||||||
Other Items | (7 | ) | 24 | (31 | ) | 19 | (100 | ) | 50 | |||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 12,149 | $ | 4,772 | $ | 7,377 | 60.7 | % | $ | 4,223 | $ | — | $ | 3,154 | 26.0 | % | ||||||||||||||||
Three Months Ended June 27, 2014 | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Gross margin | Selling, general and administrative expenses | Other operating charges | Operating income | Operating margin | |||||||||||||||||||||||||
Reported (GAAP) | $ | 12,574 | $ | 4,819 | $ | 7,755 | 61.7 | % | $ | 4,384 | $ | 201 | $ | 3,170 | 25.2 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (66 | ) | 66 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (89 | ) | 89 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other Items | (28 | ) | 13 | (41 | ) | 4 | (46 | ) | 1 | |||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 12,546 | $ | 4,832 | $ | 7,714 | 61.5 | % | $ | 4,388 | $ | — | $ | 3,326 | 26.5 | % | ||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Selling, general and administrative expenses | Other operating charges | Operating income | |||||||||||||||||||||||||||
% Change — Reported (GAAP) | (3) | (1) | (4) | (4) | 233 | (20) | ||||||||||||||||||||||||||
% Currency Impact | (7) | (4) | (9) | (7) | — | (11) | ||||||||||||||||||||||||||
% Change — Currency Neutral Reported | 4 | 3 | 4 | 3 | — | (9) | ||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (3) | (1) | (4) | (4) | — | (5) | ||||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (7) | (4) | (9) | (7) | — | (11) | ||||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 4 | 3 | 4 | 3 | — | 6 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||||||
(In millions except per share data) | |||||||||||||||||||||||||||||||||||||
Three Months Ended July 3, 2015 | |||||||||||||||||||||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Effective tax rate | Net income (loss) attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share1 | |||||||||||||||||||||||||||||
Reported (GAAP) | $ | 128 | $ | 200 | $ | 1,605 | $ | 4,361 | $ | 1,250 | 28.7 | % | $ | 3 | $ | 3,108 | $ | 0.71 | |||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | 94 | — | — | 94 | 0.02 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 92 | 33 | — | 59 | 0.01 | |||||||||||||||||||||||||||||
Equity Investees | — | 9 | — | 9 | — | — | 9 | — | |||||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | (1,390 | ) | (1,007 | ) | (474 | ) | — | (533 | ) | (0.12 | ) | ||||||||||||||||||||||||
Other Items | — | — | (6 | ) | 44 | 16 | — | 28 | 0.01 | ||||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | (16 | ) | — | 16 | — | ||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 128 | $ | 209 | $ | 209 | $ | 3,593 | $ | 809 | 22.5 | % | $ | 3 | $ | 2,781 | $ | 0.63 | |||||||||||||||||||
Three Months Ended June 27, 2014 | |||||||||||||||||||||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Effective tax rate | Net income (loss) attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share2 | |||||||||||||||||||||||||||||
Reported (GAAP) | $ | 107 | $ | 254 | $ | (77 | ) | $ | 3,384 | $ | 779 | 23.0 | % | $ | 10 | $ | 2,595 | $ | 0.58 | ||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | 66 | — | — | 66 | 0.01 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 89 | 34 | — | 55 | 0.01 | |||||||||||||||||||||||||||||
Equity Investees | — | 6 | — | 6 | 1 | — | 5 | — | |||||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | 140 | 140 | 51 | — | 89 | 0.02 | |||||||||||||||||||||||||||||
Other Items | — | — | (9 | ) | (8 | ) | (25 | ) | — | 17 | — | ||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | (26 | ) | — | 26 | 0.01 | ||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 107 | $ | 260 | $ | 54 | $ | 3,677 | $ | 814 | 22.2 | % | $ | 10 | $ | 2,853 | $ | 0.64 | |||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Net income (loss) attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share | ||||||||||||||||||||||||||||||
% Change — Reported (GAAP) | 19 | (21) | — | 29 | 60 | (76) | 20 | 21 | |||||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | 19 | (20) | 284 | (2) | (1) | (75) | (3) | (2) |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | 4,408 million average shares outstanding — diluted |
2 | 4,454 million average shares outstanding — diluted |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||||||||
(In millions except per share data) | ||||||||||||||||||||||||||||||||
Six Months Ended July 3, 2015 | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Gross margin | Selling, general and administrative expenses | Other operating charges | Operating income | Operating margin | |||||||||||||||||||||||||
Reported (GAAP) | $ | 22,867 | $ | 8,851 | $ | 14,016 | 61.3 | % | $ | 8,283 | $ | 902 | $ | 4,831 | 21.1 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (129 | ) | 129 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (182 | ) | 182 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | (383 | ) | 383 | |||||||||||||||||||||||||
Other Items | (15 | ) | 27 | (42 | ) | 29 | (208 | ) | 137 | |||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 22,852 | $ | 8,878 | $ | 13,974 | 61.1 | % | $ | 8,312 | $ | — | $ | 5,662 | 24.8 | % | ||||||||||||||||
Six Months Ended June 27, 2014 | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Gross margin | Selling, general and administrative expenses | Other operating charges | Operating income | Operating margin | |||||||||||||||||||||||||
Reported (GAAP) | $ | 23,150 | $ | 8,902 | $ | 14,248 | 61.5 | % | $ | 8,373 | $ | 329 | $ | 5,546 | 24.0 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (108 | ) | 108 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (175 | ) | 175 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other Items | (20 | ) | 69 | (89 | ) | 1 | (46 | ) | (44 | ) | ||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 23,130 | $ | 8,971 | $ | 14,159 | 61.2 | % | $ | 8,374 | $ | — | $ | 5,785 | 25.0 | % | ||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Selling, general and administrative expenses | Other operating charges | Operating income | |||||||||||||||||||||||||||
% Change — Reported (GAAP) | (1) | (1) | (2) | (1) | 174 | (13) | ||||||||||||||||||||||||||
% Currency Impact | (7) | (5) | (8) | (6) | — | (10) | ||||||||||||||||||||||||||
% Change — Currency Neutral Reported | 5 | 4 | 6 | 5 | — | (3) | ||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (1) | (1) | (1) | (1) | — | (2) | ||||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (7) | (4) | (8) | (6) | — | (10) | ||||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 5 | 3 | 6 | 6 | — | 8 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||||||
(In millions except per share data) | |||||||||||||||||||||||||||||||||||||
Six Months Ended July 3, 2015 | |||||||||||||||||||||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Effective tax rate | Net income (loss) attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share1 | |||||||||||||||||||||||||||||
Reported (GAAP) | $ | 575 | $ | 202 | $ | 1,580 | $ | 6,342 | $ | 1,665 | 26.3 | % | $ | 12 | $ | 4,665 | $ | 1.06 | |||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | 129 | — | — | 129 | 0.03 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 182 | 75 | — | 107 | 0.02 | |||||||||||||||||||||||||||||
Equity Investees | — | 82 | — | 82 | 6 | — | 76 | 0.02 | |||||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | (1,344 | ) | (961 | ) | (464 | ) | — | (497 | ) | (0.11 | ) | ||||||||||||||||||||||||
Other Items | (320 | ) | — | 88 | 545 | 140 | — | 405 | 0.09 | ||||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 255 | $ | 284 | $ | 324 | $ | 6,319 | $ | 1,422 | 22.5 | % | $ | 12 | $ | 4,885 | $ | 1.11 | |||||||||||||||||||
Six Months Ended June 27, 2014 | |||||||||||||||||||||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Effective tax rate | Net income (loss) attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share2 | |||||||||||||||||||||||||||||
Reported (GAAP) | $ | 231 | $ | 325 | $ | (318 | ) | $ | 5,589 | $ | 1,358 | 24.3 | % | $ | 17 | $ | 4,214 | $ | 0.95 | ||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | 108 | — | — | 108 | 0.02 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 175 | 66 | — | 109 | 0.02 | |||||||||||||||||||||||||||||
Equity Investees | — | 12 | — | 12 | 2 | — | 10 | — | |||||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | 140 | 140 | 51 | — | 89 | 0.02 | |||||||||||||||||||||||||||||
Other Items | — | 21 | 217 | 194 | (47 | ) | — | 241 | 0.05 | ||||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | (31 | ) | — | 31 | 0.01 | ||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 231 | $ | 358 | $ | 39 | $ | 6,218 | $ | 1,399 | 22.5 | % | $ | 17 | $ | 4,802 | $ | 1.08 | |||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Net income (loss) attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share | ||||||||||||||||||||||||||||||
% Change — Reported (GAAP) | 149 | (38) | — | 13 | 23 | (28) | 11 | 12 | |||||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | 10 | (21) | 736 | 2 | 2 | (27) | 2 | 3 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | 4,415 million average shares outstanding — diluted |
2 | 4,459 million average shares outstanding — diluted |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||
(UNAUDITED) | |||||
Income Before Income Taxes and Diluted Net Income Per Share: | |||||
Three Months Ended July 3, 2015 | |||||
Income before income taxes | Diluted net income per share | ||||
% Change — Reported (GAAP) | 29 | 21 | |||
% Currency Impact | (6) | (5) | |||
% Change — Currency Neutral Reported | 34 | 26 | |||
% Structural Impact | 1 | N/A | |||
% Change — Currency Neutral Reported and Adjusted for Structural Impact | 33 | N/A | |||
% Change — After Considering Items (Non-GAAP) | (2) | (2) | |||
% Currency Impact After Considering Items (Non-GAAP) | (6) | (6) | |||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 3 | 4 | |||
% Structural Impact After Considering Items (Non-GAAP) | 0 | N/A | |||
% Change — Currency Neutral After Considering Items and Adjusted for Structural Impact (Non-GAAP) | 3 | N/A | |||
Six Months Ended July 3, 2015 | |||||
Income before income taxes | Diluted net income per share | ||||
% Change — Reported (GAAP) | 13 | 12 | |||
% Currency Impact | (2) | (2) | |||
% Change — Currency Neutral Reported | 15 | 14 | |||
% Structural Impact | 1 | N/A | |||
% Change — Currency Neutral Reported and Adjusted for Structural Impact | 15 | N/A | |||
% Change — After Considering Items (Non-GAAP) | 2 | 3 | |||
% Currency Impact After Considering Items (Non-GAAP) | (6) | (6) | |||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 7 | 8 | |||
% Structural Impact After Considering Items (Non-GAAP) | 0 | N/A | |||
% Change — Currency Neutral After Considering Items and Adjusted for Structural Impact (Non-GAAP) | 7 | N/A | |||
Note: | Certain columns may not add due to rounding. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Net Operating Revenues by Segment: | |||||||||||||||||||||||||||||
Three Months Ended July 3, 2015 | |||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
Reported (GAAP) | $ | 658 | $ | 1,435 | $ | 973 | $ | 5,917 | $ | 1,601 | $ | 1,930 | $ | 25 | $ | (383 | ) | $ | 12,156 | ||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other Items | — | — | — | (11 | ) | — | — | 4 | — | (7 | ) | ||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 658 | $ | 1,435 | $ | 973 | $ | 5,906 | $ | 1,601 | $ | 1,930 | $ | 29 | $ | (383 | ) | $ | 12,149 | ||||||||||
Three Months Ended June 27, 2014 | |||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
Reported (GAAP) | $ | 732 | $ | 1,569 | $ | 1,118 | $ | 5,717 | $ | 1,723 | $ | 2,060 | $ | 50 | $ | (395 | ) | $ | 12,574 | ||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other Items | — | — | — | (2 | ) | — | (24 | ) | (2 | ) | — | (28 | ) | ||||||||||||||||
After Considering Items (Non-GAAP) | $ | 732 | $ | 1,569 | $ | 1,118 | $ | 5,715 | $ | 1,723 | $ | 2,036 | $ | 48 | $ | (395 | ) | $ | 12,546 | ||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
% Change — Reported (GAAP) | (10) | (9) | (13) | 3 | (7) | (6) | (50) | — | (3) | ||||||||||||||||||||
% Currency Impact | (13) | (11) | (24) | (1) | (8) | (10) | (21) | — | (7) | ||||||||||||||||||||
% Change — Currency Neutral Reported | 3 | 2 | 11 | 4 | 1 | 4 | (29) | — | 4 | ||||||||||||||||||||
% Acquisition & Divestiture Adjustments | 0 | (1) | 0 | (1) | 0 | 2 | 3 | — | 0 | ||||||||||||||||||||
% Change — Organic Revenues (Non-GAAP) | 4 | 3 | 11 | 5 | 1 | 1 | (32) | — | 4 | ||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (10) | (9) | (13) | 3 | (7) | (5) | (39) | — | (3) | ||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (13) | (11) | (24) | (1) | (8) | (10) | (9) | — | (7) | ||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 3 | 2 | 11 | 4 | 1 | 5 | (30) | — | 4 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Net Operating Revenues by Segment: | |||||||||||||||||||||||||||||
Six Months Ended July 3, 2015 | |||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
Reported (GAAP) | $ | 1,296 | $ | 2,647 | $ | 2,039 | $ | 11,018 | $ | 2,886 | $ | 3,608 | $ | 65 | $ | (692 | ) | $ | 22,867 | ||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other Items | — | — | — | (17 | ) | — | — | 2 | — | (15 | ) | ||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 1,296 | $ | 2,647 | $ | 2,039 | $ | 11,001 | $ | 2,886 | $ | 3,608 | $ | 67 | $ | (692 | ) | $ | 22,852 | ||||||||||
Six Months Ended June 27, 2014 | |||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
Reported (GAAP) | $ | 1,390 | $ | 2,862 | $ | 2,229 | $ | 10,510 | $ | 3,038 | $ | 3,733 | $ | 83 | $ | (695 | ) | $ | 23,150 | ||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other Items | — | — | — | — | — | (24 | ) | 4 | — | (20 | ) | ||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 1,390 | $ | 2,862 | $ | 2,229 | $ | 10,510 | $ | 3,038 | $ | 3,709 | $ | 87 | $ | (695 | ) | $ | 23,130 | ||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
% Change — Reported (GAAP) | (7) | (8) | (8) | 5 | (5) | (3) | (23) | — | (1) | ||||||||||||||||||||
% Currency Impact | (12) | (12) | (19) | (1) | (8) | (9) | (5) | — | (7) | ||||||||||||||||||||
% Change — Currency Neutral Reported | 5 | 4 | 11 | 6 | 3 | 6 | (17) | — | 5 | ||||||||||||||||||||
% Acquisition & Divestiture Adjustments | 0 | 0 | 0 | (1) | 0 | 2 | 2 | — | 0 | ||||||||||||||||||||
% Change — Organic Revenues (Non-GAAP) | 5 | 4 | 11 | 7 | 3 | 4 | (19) | — | 6 | ||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (7) | (8) | (8) | 5 | (5) | (3) | (24) | — | (1) | ||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (12) | (12) | (19) | (1) | (8) | (9) | (7) | — | (7) | ||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 5 | 4 | 11 | 6 | 3 | 6 | (17) | — | 5 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Operating Income (Loss) by Segment: | ||||||||||||||||||||||||||
Three Months Ended July 3, 2015 | ||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
Reported (GAAP) | $ | 275 | $ | 836 | $ | 525 | $ | 887 | $ | 761 | $ | 31 | $ | (780 | ) | $ | 2,535 | |||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 94 | — | 94 | ||||||||||||||||||
Productivity & Reinvestment | 3 | — | 3 | 79 | 2 | 1 | 4 | 92 | ||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | ||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | 383 | 383 | ||||||||||||||||||
Other Items | — | — | — | (57 | ) | — | 5 | 102 | 50 | |||||||||||||||||
After Considering Items (Non-GAAP) | $ | 278 | $ | 836 | $ | 528 | $ | 909 | $ | 763 | $ | 131 | $ | (291 | ) | $ | 3,154 | |||||||||
Three Months Ended June 27, 2014 | ||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
Reported (GAAP) | $ | 290 | $ | 892 | $ | 633 | $ | 827 | $ | 846 | $ | 38 | $ | (356 | ) | $ | 3,170 | |||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 66 | — | 66 | ||||||||||||||||||
Productivity & Reinvestment | — | — | — | 58 | 1 | — | 30 | 89 | ||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | ||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other Items | — | — | — | (39 | ) | — | 21 | 19 | 1 | |||||||||||||||||
After Considering Items (Non-GAAP) | $ | 290 | $ | 892 | $ | 633 | $ | 846 | $ | 847 | $ | 125 | $ | (307 | ) | $ | 3,326 | |||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
% Change — Reported (GAAP) | (6) | (6) | (17) | 7 | (10) | (16) | (120) | (20) | ||||||||||||||||||
% Currency Impact | (17) | (5) | (30) | (1) | (8) | 16 | (1) | (11) | ||||||||||||||||||
% Change — Currency Neutral Reported | 12 | (2) | 13 | 8 | (2) | (32) | (119) | (9) | ||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (5) | (6) | (17) | 7 | (10) | 5 | 5 | (5) | ||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (17) | (5) | (30) | (1) | (8) | (14) | 1 | (11) | ||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 13 | (2) | 13 | 8 | (2) | 19 | 4 | 6 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Operating Income (Loss) by Segment: | ||||||||||||||||||||||||||
Six Months Ended July 3, 2015 | ||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
Reported (GAAP) | $ | 554 | $ | 1,552 | $ | 1,103 | $ | 1,398 | $ | 1,305 | $ | 45 | $ | (1,126 | ) | $ | 4,831 | |||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 129 | — | 129 | ||||||||||||||||||
Productivity & Reinvestment | 15 | (11 | ) | 3 | 154 | (3 | ) | — | 24 | 182 | ||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | ||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | 383 | 383 | ||||||||||||||||||
Other Items | — | — | 33 | (75 | ) | 2 | 2 | 175 | 137 | |||||||||||||||||
After Considering Items (Non-GAAP) | $ | 569 | $ | 1,541 | $ | 1,139 | $ | 1,477 | $ | 1,304 | $ | 176 | $ | (544 | ) | $ | 5,662 | |||||||||
Six Months Ended June 27, 2014 | ||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
Reported (GAAP) | $ | 593 | $ | 1,611 | $ | 1,301 | $ | 1,255 | $ | 1,403 | $ | 12 | $ | (629 | ) | $ | 5,546 | |||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 108 | — | 108 | ||||||||||||||||||
Productivity & Reinvestment | — | — | — | 133 | 8 | — | 34 | 175 | ||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | ||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other Items | — | — | — | (92 | ) | — | 20 | 28 | (44 | ) | ||||||||||||||||
After Considering Items (Non-GAAP) | $ | 593 | $ | 1,611 | $ | 1,301 | $ | 1,296 | $ | 1,411 | $ | 140 | $ | (567 | ) | $ | 5,785 | |||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
% Change — Reported (GAAP) | (7) | (4) | (15) | 11 | (7) | 283 | (79) | (13) | ||||||||||||||||||
% Currency Impact | (12) | (5) | (21) | 0 | (8) | 59 | 1 | (10) | ||||||||||||||||||
% Change — Currency Neutral Reported | 5 | 1 | 6 | 12 | 1 | 224 | (80) | (3) | ||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (4) | (4) | (12) | 14 | (8) | 26 | 4 | (2) | ||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (12) | (5) | (21) | 0 | (8) | (17) | 0 | (10) | ||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 8 | 1 | 9 | 14 | 1 | 43 | 4 | 8 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes by Segment: | |||||||||||||||||||||||||||||||||
Three Months Ended July 3, 2015 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 287 | $ | 843 | $ | 526 | $ | 874 | $ | 766 | $ | 231 | $ | 834 | $ | 4,361 | |||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 94 | — | 94 | |||||||||||||||||||||||||
Productivity & Reinvestment | 3 | — | 3 | 79 | 2 | 1 | 4 | 92 | |||||||||||||||||||||||||
Equity Investees | — | 5 | — | — | — | 4 | — | 9 | |||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | 12 | — | — | (1,019 | ) | (1,007 | ) | |||||||||||||||||||||||
Other Items | — | — | — | (57 | ) | — | 5 | 96 | 44 | ||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 290 | $ | 848 | $ | 529 | $ | 908 | $ | 768 | $ | 335 | $ | (85 | ) | $ | 3,593 | ||||||||||||||||
Three Months Ended June 27, 2014 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 313 | $ | 904 | $ | 636 | $ | 682 | $ | 851 | $ | 254 | $ | (256 | ) | $ | 3,384 | ||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 66 | — | 66 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 58 | 1 | — | 30 | 89 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | 6 | — | 6 | |||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | 140 | — | — | — | 140 | |||||||||||||||||||||||||
Other Items | — | — | — | (39 | ) | — | 21 | 10 | (8 | ) | |||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 313 | $ | 904 | $ | 636 | $ | 841 | $ | 852 | $ | 347 | $ | (216 | ) | $ | 3,677 | ||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
% Change — Reported (GAAP) | (8) | (7) | (17) | 28 | (10) | (9) | 425 | 29 | |||||||||||||||||||||||||
% Currency Impact | (16) | (5) | (30) | (1) | (8) | (10) | 73 | (6) | |||||||||||||||||||||||||
% Change — Currency Neutral Reported | 8 | (2) | 12 | 29 | (2) | 1 | 352 | 34 | |||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (7) | (6) | (17) | 8 | (10) | (3) | 60 | (2) | |||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (16) | (5) | (30) | (1) | (8) | (14) | 90 | (6) | |||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 9 | (1) | 13 | 8 | (2) | 11 | (30) | 3 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes by Segment: | |||||||||||||||||||||||||||||||||
Six Months Ended July 3, 2015 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 573 | $ | 1,567 | $ | 1,114 | $ | 1,361 | $ | 1,314 | $ | 230 | $ | 183 | $ | 6,342 | |||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 129 | — | 129 | |||||||||||||||||||||||||
Productivity & Reinvestment | 15 | (11 | ) | 3 | 154 | (3 | ) | — | 24 | 182 | |||||||||||||||||||||||
Equity Investees | — | 6 | — | — | — | 76 | — | 82 | |||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | 33 | — | — | (994 | ) | (961 | ) | |||||||||||||||||||||||
Other Items | — | — | 33 | (75 | ) | 2 | 2 | 583 | 545 | ||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 588 | $ | 1,562 | $ | 1,150 | $ | 1,473 | $ | 1,313 | $ | 437 | $ | (204 | ) | $ | 6,319 | ||||||||||||||||
Six Months Ended June 27, 2014 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 621 | $ | 1,635 | $ | 1,303 | $ | 1,107 | $ | 1,411 | $ | 276 | $ | (764 | ) | $ | 5,589 | ||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 108 | — | 108 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 133 | 8 | — | 34 | 175 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | 12 | — | 12 | |||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | 140 | — | — | — | 140 | |||||||||||||||||||||||||
Other Items | — | — | — | (92 | ) | — | 41 | 245 | 194 | ||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 621 | $ | 1,635 | $ | 1,303 | $ | 1,288 | $ | 1,419 | $ | 437 | $ | (485 | ) | $ | 6,218 | ||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
% Change — Reported (GAAP) | (8) | (4) | (15) | 23 | (7) | (17) | 124 | 13 | |||||||||||||||||||||||||
% Currency Impact | (12) | (5) | (21) | (1) | (8) | (8) | 61 | (2) | |||||||||||||||||||||||||
% Change — Currency Neutral Reported | 4 | 1 | 7 | 23 | 1 | (9) | 63 | 15 | |||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (5) | (5) | (12) | 14 | (7) | 0 | 58 | 2 | |||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (12) | (5) | (21) | 0 | (8) | (14) | 55 | (6) | |||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 6 | 1 | 10 | 15 | 1 | 14 | 3 | 7 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||
(UNAUDITED) | |||||||
Operating Expense Leverage: | |||||||
Three Months Ended July 3, 2015 | |||||||
Operating income | Gross profit | Operating expense leverage1 | |||||
% Change — Reported (GAAP) | (20) | (4) | (16) | ||||
% Change — Currency Neutral Reported | (9) | 4 | (13) | ||||
% Change — After Considering Items (Non-GAAP) | (5) | (4) | (1) | ||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 6 | 4 | 2 | ||||
Six Months Ended July 3, 2015 | |||||||
Operating income | Gross profit | Operating expense leverage1 | |||||
% Change — Reported (GAAP) | (13) | (2) | (11) | ||||
% Change — Currency Neutral Reported | (3) | 6 | (9) | ||||
% Change — After Considering Items (Non-GAAP) | (2) | (1) | (1) | ||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 8 | 6 | 1 | ||||
Note: | Certain rows may not add due to rounding. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||
(UNAUDITED) | ||||||||||
(In millions) | ||||||||||
Purchases and Issuances of Stock: | ||||||||||
Six Months Ended July 3, 2015 | Six Months Ended June 27, 2014 | |||||||||
Reported (GAAP) | ||||||||||
Issuances of Stock | $ | 410 | $ | 650 | ||||||
Purchases of Stock for Treasury | (1,298 | ) | (1,953 | ) | ||||||
Net Change in Stock Issuance Receivables1 | (3 | ) | 29 | |||||||
Net Change in Treasury Stock Payables2 | 15 | (20 | ) | |||||||
Net Treasury Share Repurchases (Non-GAAP) | $ | (876 | ) | $ | (1,294 | ) |
1 | Represents the net change in receivables related to employee stock options exercised but not settled prior to the end of the quarter. |
2 | Represents the net change in payables for treasury shares repurchased but not settled prior to the end of the quarter. |
1 Year Coca Cola Chart |
1 Month Coca Cola Chart |
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