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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 | |
---|---|---|---|---|---|---|---|---|
0.26 | 0.42% | 62.25 | 62.33 | 61.64 | 61.99 | 11,628,678 | 01:00:00 |
|
Delaware
(State or other jurisdiction of
incorporation or organization)
|
|
58-0628465
(IRS Employer
Identification No.)
|
One Coca-Cola Plaza
Atlanta, Georgia
(Address of principal executive offices)
|
|
30313
(Zip Code)
|
|
Large accelerated filer
ý
|
|
Accelerated filer
o
|
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
o
|
Class of Common Stock
|
|
Outstanding at July 25, 2014
|
$0.25 Par Value
|
|
4,385,923,844
Shares
|
|
|
|
Page Number
|
|
||
|
|
|
|
|
|
|
|
|
Item 1.
|
||
|
|
|
|
Condensed Consolidated Statements of Income
Three and six months ended June 27, 2014 and June 28, 2013 |
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income
Three and six months ended June 27, 2014 and June 28, 2013 |
|
|
|
|
|
Condensed Consolidated Balance Sheets
June 27, 2014 and December 31, 2013 |
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
Six months ended June 27, 2014 and June 28, 2013 |
|
|
|
|
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
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Item 4.
|
||
|
|
|
|
|
|
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 6.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
June 27,
2014 |
|
June 28,
2013 |
|
|
June 27,
2014 |
|
June 28,
2013 |
|
||||
NET OPERATING REVENUES
|
$
|
12,574
|
|
$
|
12,749
|
|
|
$
|
23,150
|
|
$
|
23,784
|
|
Cost of goods sold
|
4,819
|
|
4,989
|
|
|
8,902
|
|
9,313
|
|
||||
GROSS PROFIT
|
7,755
|
|
7,760
|
|
|
14,248
|
|
14,471
|
|
||||
Selling, general and administrative expenses
|
4,384
|
|
4,385
|
|
|
8,373
|
|
8,567
|
|
||||
Other operating charges
|
201
|
|
132
|
|
|
329
|
|
253
|
|
||||
OPERATING INCOME
|
3,170
|
|
3,243
|
|
|
5,546
|
|
5,651
|
|
||||
Interest income
|
144
|
|
129
|
|
|
267
|
|
245
|
|
||||
Interest expense
|
107
|
|
122
|
|
|
231
|
|
224
|
|
||||
Equity income (loss) — net
|
254
|
|
246
|
|
|
325
|
|
333
|
|
||||
Other income (loss) — net
|
(77
|
)
|
29
|
|
|
(318
|
)
|
(136
|
)
|
||||
INCOME BEFORE INCOME TAXES
|
3,384
|
|
3,525
|
|
|
5,589
|
|
5,869
|
|
||||
Income taxes
|
779
|
|
831
|
|
|
1,358
|
|
1,406
|
|
||||
CONSOLIDATED NET INCOME
|
2,605
|
|
2,694
|
|
|
4,231
|
|
4,463
|
|
||||
Less: Net income attributable to noncontrolling interests
|
10
|
|
18
|
|
|
17
|
|
36
|
|
||||
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF
THE COCA-COLA COMPANY
|
$
|
2,595
|
|
$
|
2,676
|
|
|
$
|
4,214
|
|
$
|
4,427
|
|
BASIC NET INCOME PER SHARE
1
|
$
|
0.59
|
|
$
|
0.60
|
|
|
$
|
0.96
|
|
$
|
0.99
|
|
DILUTED NET INCOME PER SHARE
1
|
$
|
0.58
|
|
$
|
0.59
|
|
|
$
|
0.95
|
|
$
|
0.98
|
|
DIVIDENDS PER SHARE
|
$
|
0.305
|
|
$
|
0.280
|
|
|
$
|
0.610
|
|
$
|
0.560
|
|
AVERAGE SHARES OUTSTANDING
|
4,391
|
|
4,446
|
|
|
4,396
|
|
4,450
|
|
||||
Effect of dilutive securities
|
63
|
|
81
|
|
|
63
|
|
78
|
|
||||
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION
|
4,454
|
|
4,527
|
|
|
4,459
|
|
4,528
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
June 27,
2014 |
|
June 28,
2013 |
|
|
June 27,
2014 |
|
June 28,
2013 |
|
||||
CONSOLIDATED NET INCOME
|
$
|
2,605
|
|
$
|
2,694
|
|
|
$
|
4,231
|
|
$
|
4,463
|
|
Other comprehensive income:
|
|
|
|
|
|
||||||||
Net foreign currency translation adjustment
|
337
|
|
(1,051
|
)
|
|
(52
|
)
|
(981
|
)
|
||||
Net gain (loss) on derivatives
|
(81
|
)
|
117
|
|
|
(180
|
)
|
204
|
|
||||
Net unrealized gain (loss) on available-for-sale securities
|
334
|
|
18
|
|
|
649
|
|
26
|
|
||||
Net change in pension and other benefit liabilities
|
17
|
|
46
|
|
|
24
|
|
78
|
|
||||
TOTAL COMPREHENSIVE INCOME
|
3,212
|
|
1,824
|
|
|
4,672
|
|
3,790
|
|
||||
Less: Comprehensive income (loss) attributable to
noncontrolling interests
|
9
|
|
20
|
|
|
12
|
|
61
|
|
||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO
SHAREOWNERS OF THE COCA-COLA COMPANY
|
$
|
3,203
|
|
$
|
1,804
|
|
|
$
|
4,660
|
|
$
|
3,729
|
|
|
June 27,
2014 |
|
December 31,
2013 |
|
||
ASSETS
|
|
|
||||
CURRENT ASSETS
|
|
|
||||
Cash and cash equivalents
|
$
|
11,618
|
|
$
|
10,414
|
|
Short-term investments
|
6,524
|
|
6,707
|
|
||
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
|
18,142
|
|
17,121
|
|
||
Marketable securities
|
3,467
|
|
3,147
|
|
||
Trade accounts receivable, less allowances of $59 and $61, respectively
|
5,870
|
|
4,873
|
|
||
Inventories
|
3,536
|
|
3,277
|
|
||
Prepaid expenses and other assets
|
2,856
|
|
2,886
|
|
||
TOTAL CURRENT ASSETS
|
33,871
|
|
31,304
|
|
||
EQUITY METHOD INVESTMENTS
|
10,857
|
|
10,393
|
|
||
OTHER INVESTMENTS
|
3,601
|
|
1,119
|
|
||
OTHER ASSETS
|
4,805
|
|
4,661
|
|
||
PROPERTY, PLANT AND EQUIPMENT, less accumulated depreciation of
$10,610 and $10,065, respectively
|
14,918
|
|
14,967
|
|
||
TRADEMARKS WITH INDEFINITE LIVES
|
6,798
|
|
6,744
|
|
||
BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES
|
7,284
|
|
7,415
|
|
||
GOODWILL
|
12,296
|
|
12,312
|
|
||
OTHER INTANGIBLE ASSETS
|
1,059
|
|
1,140
|
|
||
TOTAL ASSETS
|
$
|
95,489
|
|
$
|
90,055
|
|
LIABILITIES AND EQUITY
|
|
|
||||
CURRENT LIABILITIES
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
10,575
|
|
$
|
9,577
|
|
Loans and notes payable
|
20,081
|
|
16,901
|
|
||
Current maturities of long-term debt
|
1,519
|
|
1,024
|
|
||
Accrued income taxes
|
454
|
|
309
|
|
||
TOTAL CURRENT LIABILITIES
|
32,629
|
|
27,811
|
|
||
LONG-TERM DEBT
|
18,643
|
|
19,154
|
|
||
OTHER LIABILITIES
|
3,447
|
|
3,498
|
|
||
DEFERRED INCOME TAXES
|
6,469
|
|
6,152
|
|
||
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
|
12,675
|
|
12,276
|
|
||
Reinvested earnings
|
63,194
|
|
61,660
|
|
||
Accumulated other comprehensive income (loss)
|
(2,986
|
)
|
(3,432
|
)
|
||
Treasury stock, at cost — 2,655 and 2,638 shares, respectively
|
(40,572
|
)
|
(39,091
|
)
|
||
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY
|
34,071
|
|
33,173
|
|
||
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
230
|
|
267
|
|
||
TOTAL EQUITY
|
34,301
|
|
33,440
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
95,489
|
|
$
|
90,055
|
|
|
Six Months Ended
|
|||||
|
June 27,
2014 |
|
June 28,
2013 |
|
||
OPERATING ACTIVITIES
|
|
|
||||
Consolidated net income
|
$
|
4,231
|
|
$
|
4,463
|
|
Depreciation and amortization
|
967
|
|
947
|
|
||
Stock-based compensation expense
|
112
|
|
92
|
|
||
Deferred income taxes
|
(67
|
)
|
100
|
|
||
Equity (income) loss — net of dividends
|
(124
|
)
|
(132
|
)
|
||
Foreign currency adjustments
|
260
|
|
159
|
|
||
Significant (gains) losses on sales of assets — net
|
140
|
|
(23
|
)
|
||
Other operating charges
|
120
|
|
83
|
|
||
Other items
|
6
|
|
22
|
|
||
Net change in operating assets and liabilities
|
(1,175
|
)
|
(1,755
|
)
|
||
Net cash provided by operating activities
|
4,470
|
|
3,956
|
|
||
INVESTING ACTIVITIES
|
|
|
||||
Purchases of investments
|
(7,895
|
)
|
(7,077
|
)
|
||
Proceeds from disposals of investments
|
6,192
|
|
5,224
|
|
||
Acquisitions of businesses, equity method investments and nonmarketable securities
|
(332
|
)
|
(308
|
)
|
||
Proceeds from disposals of businesses, equity method investments and nonmarketable securities
|
45
|
|
690
|
|
||
Purchases of property, plant and equipment
|
(1,030
|
)
|
(1,069
|
)
|
||
Proceeds from disposals of property, plant and equipment
|
134
|
|
57
|
|
||
Other investing activities
|
(242
|
)
|
(225
|
)
|
||
Net cash provided by (used in) investing activities
|
(3,128
|
)
|
(2,708
|
)
|
||
FINANCING ACTIVITIES
|
|
|
||||
Issuances of debt
|
21,267
|
|
22,779
|
|
||
Payments of debt
|
(18,122
|
)
|
(19,454
|
)
|
||
Issuances of stock
|
650
|
|
951
|
|
||
Purchases of stock for treasury
|
(1,953
|
)
|
(2,978
|
)
|
||
Dividends
|
(1,342
|
)
|
(1,249
|
)
|
||
Other financing activities
|
(438
|
)
|
87
|
|
||
Net cash provided by (used in) financing activities
|
62
|
|
136
|
|
||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
(200
|
)
|
(420
|
)
|
||
CASH AND CASH EQUIVALENTS
|
|
|
||||
Net increase (decrease) during the period
|
1,204
|
|
964
|
|
||
Balance at beginning of period
|
10,414
|
|
8,442
|
|
||
Balance at end of period
|
$
|
11,618
|
|
$
|
9,406
|
|
|
June 27,
2014 |
|
December 31,
2013 |
|
||
Marketable securities
|
$
|
304
|
|
$
|
286
|
|
Other assets
|
92
|
|
86
|
|
||
Total trading securities
|
$
|
396
|
|
$
|
372
|
|
|
|
Gross Unrealized
|
|
|||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
|
||||
Available-for-sale securities:
1
|
|
|
|
|
||||||||
Equity securities
|
$
|
2,796
|
|
$
|
1,304
|
|
$
|
(18
|
)
|
$
|
4,082
|
|
Debt securities
|
3,478
|
|
44
|
|
(9
|
)
|
3,513
|
|
||||
Total available-for-sale securities
|
$
|
6,274
|
|
$
|
1,348
|
|
$
|
(27
|
)
|
$
|
7,595
|
|
|
|
Gross Unrealized
|
|
|||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
|
||||
Available-for-sale securities:
1
|
|
|
|
|
||||||||
Equity securities
|
$
|
1,097
|
|
$
|
373
|
|
$
|
(17
|
)
|
$
|
1,453
|
|
Debt securities
|
3,388
|
|
24
|
|
(23
|
)
|
3,389
|
|
||||
Total available-for-sale securities
|
$
|
4,485
|
|
$
|
397
|
|
$
|
(40
|
)
|
$
|
4,842
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
June 27,
2014 |
|
June 28,
2013 |
|
|
June 27,
2014 |
|
June 28,
2013 |
|
||||
Gross gains
|
$
|
13
|
|
$
|
3
|
|
|
$
|
16
|
|
$
|
8
|
|
Gross losses
|
(9
|
)
|
(5
|
)
|
|
(13
|
)
|
(10
|
)
|
||||
Proceeds
|
817
|
|
1,121
|
|
|
2,182
|
|
2,258
|
|
|
June 27,
2014 |
|
December 31,
2013 |
|
||
Cash and cash equivalents
|
$
|
—
|
|
$
|
245
|
|
Marketable securities
|
3,163
|
|
2,861
|
|
||
Other investments
|
3,435
|
|
958
|
|
||
Other assets
|
997
|
|
778
|
|
||
Total available-for-sale securities
|
$
|
7,595
|
|
$
|
4,842
|
|
|
Cost
|
|
Fair Value
|
|
||
Within 1 year
|
$
|
1,255
|
|
$
|
1,258
|
|
After 1 year through 5 years
|
1,700
|
|
1,724
|
|
||
After 5 years through 10 years
|
142
|
|
150
|
|
||
After 10 years
|
381
|
|
381
|
|
||
Equity securities
|
2,796
|
|
4,082
|
|
||
Total available-for-sale securities
|
$
|
6,274
|
|
$
|
7,595
|
|
|
June 27,
2014 |
|
December 31,
2013 |
|
||
Raw materials and packaging
|
$
|
1,822
|
|
$
|
1,692
|
|
Finished goods
|
1,362
|
|
1,240
|
|
||
Other
|
352
|
|
345
|
|
||
Total inventories
|
$
|
3,536
|
|
$
|
3,277
|
|
|
|
Fair Value
1,2
|
|||||
Derivatives Designated as
Hedging Instruments
|
Balance Sheet Location
1
|
June 27,
2014 |
|
December 31, 2013
|
|
||
Assets
|
|
|
|
||||
Foreign currency contracts
|
Prepaid expenses and other assets
|
$
|
92
|
|
$
|
211
|
|
Foreign currency contracts
|
Other assets
|
83
|
|
109
|
|
||
Commodity contracts
|
Prepaid expenses and other assets
|
—
|
|
1
|
|
||
Interest rate contracts
|
Prepaid expenses and other assets
|
3
|
|
—
|
|
||
Interest rate contracts
|
Other assets
|
218
|
|
283
|
|
||
Total assets
|
|
$
|
396
|
|
$
|
604
|
|
Liabilities
|
|
|
|
||||
Foreign currency contracts
|
Accounts payable and accrued expenses
|
$
|
129
|
|
$
|
84
|
|
Foreign currency contracts
|
Other liabilities
|
43
|
|
40
|
|
||
Commodity contracts
|
Accounts payable and accrued expenses
|
1
|
|
1
|
|
||
Interest rate contracts
|
Other liabilities
|
2
|
|
—
|
|
||
Total liabilities
|
|
$
|
175
|
|
$
|
125
|
|
|
|
Fair Value
1,2
|
|||||
Derivatives Not Designated as
Hedging Instruments
|
Balance Sheet Location
1
|
June 27,
2014 |
|
December 31, 2013
|
|
||
Assets
|
|
|
|
||||
Foreign currency contracts
|
Prepaid expenses and other assets
|
$
|
16
|
|
$
|
21
|
|
Foreign currency contracts
|
Other assets
|
172
|
|
171
|
|
||
Commodity contracts
|
Prepaid expenses and other assets
|
27
|
|
33
|
|
||
Commodity contracts
|
Other assets
|
5
|
|
1
|
|
||
Other derivative instruments
|
Prepaid expenses and other assets
|
24
|
|
9
|
|
||
Total assets
|
|
$
|
244
|
|
$
|
235
|
|
Liabilities
|
|
|
|
||||
Foreign currency contracts
|
Accounts payable and accrued expenses
|
$
|
11
|
|
$
|
24
|
|
Foreign currency contracts
|
Other liabilities
|
10
|
|
—
|
|
||
Commodity contracts
|
Accounts payable and accrued expenses
|
6
|
|
23
|
|
||
Interest rate contracts
|
Other liabilities
|
2
|
|
3
|
|
||
Other derivative instruments
|
Accounts payable and accrued expenses
|
1
|
|
—
|
|
||
Other derivative instruments
|
Other liabilities
|
2
|
|
—
|
|
||
Total liabilities
|
|
$
|
32
|
|
$
|
50
|
|
|
Gain (Loss)
Recognized
in OCI
|
|
Location of Gain (Loss)
Recognized in Income
1
|
Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
|
|
Gain (Loss)
Recognized in Income
(Ineffective Portion and
Amount Excluded from
Effectiveness Testing)
|
|
|
|||
Foreign currency contracts
|
$
|
89
|
|
Net operating revenues
|
$
|
51
|
|
$
|
1
|
|
|
Foreign currency contracts
|
14
|
|
Cost of goods sold
|
8
|
|
—
|
|
|
|||
Interest rate contracts
|
138
|
|
Interest expense
|
(3
|
)
|
—
|
|
|
|||
Commodity contracts
|
(1
|
)
|
Cost of goods sold
|
(1
|
)
|
—
|
|
|
|||
Total
|
$
|
240
|
|
|
$
|
55
|
|
$
|
1
|
|
|
|
Gain (Loss)
Recognized
in OCI
|
|
Location of Gain (Loss)
Recognized in Income
1
|
Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
|
|
Gain (Loss)
Recognized in Income
(Ineffective Portion and
Amount Excluded from
Effectiveness Testing)
|
|
|
|||
Foreign currency contracts
|
$
|
220
|
|
Net operating revenues
|
$
|
70
|
|
$
|
1
|
|
2
|
Foreign currency contracts
|
35
|
|
Cost of goods sold
|
10
|
|
—
|
|
|
|||
Interest rate contracts
|
151
|
|
Interest expense
|
(6
|
)
|
—
|
|
2
|
|||
Commodity contracts
|
1
|
|
Cost of goods sold
|
(1
|
)
|
—
|
|
|
|||
Total
|
$
|
407
|
|
|
$
|
73
|
|
$
|
1
|
|
|
Fair Value Hedging Instruments
|
Location of Gain (Loss)
Recognized in Income
|
Gain (Loss)
Recognized in Income
|
|
||||
Three Months Ended
|
|||||||
June 27,
2014 |
|
June 28,
2013 |
|
||||
Interest rate swaps
|
Interest expense
|
$
|
21
|
|
$
|
(116
|
)
|
Fixed-rate debt
|
Interest expense
|
(12
|
)
|
131
|
|
||
Net impact to interest expense
|
|
$
|
9
|
|
$
|
15
|
|
Foreign currency contracts
|
Other income (loss) — net
|
$
|
(37
|
)
|
$
|
(17
|
)
|
Available-for-sale securities
|
Other income (loss) — net
|
30
|
|
14
|
|
||
Net impact to other income (loss) — net
|
|
$
|
(7
|
)
|
$
|
(3
|
)
|
Net impact of fair value hedging instruments
|
|
$
|
2
|
|
$
|
12
|
|
Fair Value Hedging Instruments
|
Location of Gain (Loss)
Recognized in Income
|
Gain (Loss)
Recognized in Income
|
|
||||
Six Months Ended
|
|||||||
June 27,
2014 |
|
June 28,
2013 |
|
||||
Interest rate swaps
|
Interest expense
|
$
|
26
|
|
$
|
(151
|
)
|
Fixed-rate debt
|
Interest expense
|
(15
|
)
|
176
|
|
||
Net impact to interest expense
|
|
$
|
11
|
|
$
|
25
|
|
Foreign currency contracts
|
Other income (loss) — net
|
$
|
(19
|
)
|
$
|
(7
|
)
|
Available-for-sale securities
|
Other income (loss) — net
|
8
|
|
(2
|
)
|
||
Net impact to other income (loss) — net
|
|
$
|
(11
|
)
|
$
|
(9
|
)
|
Net impact of fair value hedging instruments
|
|
$
|
—
|
|
$
|
16
|
|
|
Gain (Loss) Recognized in OCI
|
||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
June 27,
2014 |
|
June 28,
2013 |
|
|
June 27,
2014 |
|
June 28,
2013 |
|
||||
Foreign currency contracts
|
$
|
(74
|
)
|
$
|
87
|
|
|
$
|
(142
|
)
|
$
|
30
|
|
|
|
Three Months Ended
|
|||||
Derivatives Not Designated
as Hedging Instruments
|
Location of Gain (Loss)
Recognized in Income
|
June 27,
2014 |
|
June 28,
2013 |
|
||
Foreign currency contracts
|
Net operating revenues
|
$
|
(6
|
)
|
$
|
6
|
|
Foreign currency contracts
|
Other income (loss) — net
|
21
|
|
6
|
|
||
Foreign currency contracts
|
Cost of goods sold
|
—
|
|
2
|
|
||
Interest rate contracts
|
Interest expense
|
—
|
|
(3
|
)
|
||
Commodity contracts
|
Net operating revenues
|
2
|
|
(1
|
)
|
||
Commodity contracts
|
Cost of goods sold
|
13
|
|
(75
|
)
|
||
Commodity contracts
|
Selling, general and administrative expenses
|
4
|
|
(2
|
)
|
||
Other derivative instruments
|
Selling, general and administrative expenses
|
17
|
|
4
|
|
||
Other derivative instruments
|
Other income (loss) — net
|
8
|
|
—
|
|
||
Total
|
|
$
|
59
|
|
$
|
(63
|
)
|
|
|
Six Months Ended
|
|||||
Derivatives Not Designated
as Hedging Instruments
|
Location of Gain (Loss)
Recognized in Income
|
June 27,
2014 |
|
June 28,
2013 |
|
||
Foreign currency contracts
|
Net operating revenues
|
$
|
(18
|
)
|
$
|
4
|
|
Foreign currency contracts
|
Other income (loss) — net
|
23
|
|
73
|
|
||
Interest rate contracts
|
Interest expense
|
—
|
|
(3
|
)
|
||
Commodity contracts
|
Net operating revenues
|
—
|
|
(1
|
)
|
||
Commodity contracts
|
Cost of goods sold
|
35
|
|
(144
|
)
|
||
Commodity contracts
|
Selling, general and administrative expenses
|
1
|
|
(2
|
)
|
||
Other derivative instruments
|
Selling, general and administrative expenses
|
14
|
|
24
|
|
||
Other derivative instruments
|
Other income (loss) — net
|
8
|
|
—
|
|
||
Total
|
|
$
|
63
|
|
$
|
(49
|
)
|
|
Six Months Ended June 27, 2014
|
||||||||
|
Shareowners of
The Coca-Cola Company
|
|
Noncontrolling
Interests
|
|
Total
|
|
|||
Consolidated net income
|
$
|
4,214
|
|
$
|
17
|
|
$
|
4,231
|
|
Other comprehensive income:
|
|
|
|
||||||
Net foreign currency translation adjustment
|
(47
|
)
|
(5
|
)
|
(52
|
)
|
|||
Net gain (loss) on derivatives
1
|
(180
|
)
|
—
|
|
(180
|
)
|
|||
Net unrealized gain (loss) on available-for-sale securities
2
|
649
|
|
—
|
|
649
|
|
|||
Net change in pension and other benefit liabilities
|
24
|
|
—
|
|
24
|
|
|||
Total comprehensive income
|
$
|
4,660
|
|
$
|
12
|
|
$
|
4,672
|
|
Three Months Ended June 27, 2014
|
Before-Tax Amount
|
|
|
Income Tax
|
|
|
After-Tax Amount
|
|
|||
Foreign currency translation adjustments:
|
|
|
|
|
|
||||||
Translation adjustment arising during the period
|
$
|
364
|
|
|
$
|
(26
|
)
|
|
$
|
338
|
|
Reclassification adjustments recognized in net income
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net foreign currency translation adjustments
|
364
|
|
|
(26
|
)
|
|
338
|
|
|||
Derivatives:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the period
|
(102
|
)
|
|
36
|
|
|
(66
|
)
|
|||
Reclassification adjustments recognized in net income
|
(25
|
)
|
|
10
|
|
|
(15
|
)
|
|||
Net gain (loss) on derivatives
1
|
(127
|
)
|
|
46
|
|
|
(81
|
)
|
|||
Available-for-sale securities:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the period
|
488
|
|
|
(150
|
)
|
|
338
|
|
|||
Reclassification adjustments recognized in net income
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||
Net change in unrealized gain (loss) on available-for-sale securities
2
|
484
|
|
|
(150
|
)
|
|
334
|
|
|||
Pension and other benefit liabilities:
|
|
|
|
|
|
||||||
Net pension and other benefits arising during the period
|
11
|
|
|
(3
|
)
|
|
8
|
|
|||
Reclassification adjustments recognized in net income
|
15
|
|
|
(6
|
)
|
|
9
|
|
|||
Net change in pension and other benefit liabilities
3
|
26
|
|
|
(9
|
)
|
|
17
|
|
|||
Other comprehensive income (loss) attributable to The Coca-Cola Company
|
$
|
747
|
|
|
$
|
(139
|
)
|
|
$
|
608
|
|
1
|
Refer to
Note 5
for additional information related to the net gain or loss on derivative instruments designated and qualifying as cash flow hedging instruments.
|
2
|
Includes reclassification adjustments related to divestitures of certain available-for-sale securities. Refer to
Note 3
for additional information related to these divestitures.
|
3
|
Refer to
Note 12
for additional information related to the Company's pension and other postretirement benefit liabilities.
|
Six Months Ended June 27, 2014
|
Before-Tax Amount
|
|
|
Income Tax
|
|
|
After-Tax Amount
|
|
|||
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
|
|||
Translation adjustment arising during the period
|
$
|
(120
|
)
|
|
$
|
73
|
|
|
$
|
(47
|
)
|
Reclassification adjustments recognized in net income
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net foreign currency translation adjustments
|
(120
|
)
|
|
73
|
|
|
(47
|
)
|
|||
Derivatives:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the period
|
(225
|
)
|
|
84
|
|
|
(141
|
)
|
|||
Reclassification adjustments recognized in net income
|
(64
|
)
|
|
25
|
|
|
(39
|
)
|
|||
Net gain (loss) on derivatives
1
|
(289
|
)
|
|
109
|
|
|
(180
|
)
|
|||
Available-for-sale securities:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the period
|
968
|
|
|
(316
|
)
|
|
652
|
|
|||
Reclassification adjustments recognized in net income
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|||
Net change in unrealized gain (loss) on available-for-sale securities
2
|
965
|
|
|
(316
|
)
|
|
649
|
|
|||
Pension and other benefit liabilities:
|
|
|
|
|
|
||||||
Net pension and other benefits arising during the period
|
8
|
|
|
(2
|
)
|
|
6
|
|
|||
Reclassification adjustments recognized in net income
|
29
|
|
|
(11
|
)
|
|
18
|
|
|||
Net change in pension and other benefit liabilities
3
|
37
|
|
|
(13
|
)
|
|
24
|
|
|||
Other comprehensive income (loss) attributable to The Coca-Cola Company
|
$
|
593
|
|
|
$
|
(147
|
)
|
|
$
|
446
|
|
1
|
Refer to
Note 5
for additional information related to the net gain or loss on derivative instruments designated and qualifying as cash flow hedging instruments.
|
2
|
Includes reclassification adjustments related to divestitures of certain available-for-sale securities. Refer to
Note 3
for additional information related to these divestitures.
|
3
|
Refer to
Note 12
for additional information related to the Company's pension and other postretirement benefit liabilities.
|
Three Months Ended June 28, 2013
|
Before-Tax Amount
|
|
|
Income Tax
|
|
|
After-Tax Amount
|
|
|||
Foreign currency translation adjustments:
|
|
|
|
|
|
||||||
Translation adjustment arising during the period
|
$
|
(1,004
|
)
|
|
$
|
(47
|
)
|
|
$
|
(1,051
|
)
|
Reclassification adjustments recognized in net income
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||
Net foreign currency translation adjustments
|
(1,006
|
)
|
|
(47
|
)
|
|
(1,053
|
)
|
|||
Derivatives:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the period
|
240
|
|
|
(89
|
)
|
|
151
|
|
|||
Reclassification adjustments recognized in net income
|
(55
|
)
|
|
21
|
|
|
(34
|
)
|
|||
Net gain (loss) on derivatives
1
|
185
|
|
|
(68
|
)
|
|
117
|
|
|||
Available-for-sale securities:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the period
|
39
|
|
|
(23
|
)
|
|
16
|
|
|||
Reclassification adjustments recognized in net income
|
2
|
|
|
—
|
|
|
2
|
|
|||
Net change in unrealized gain (loss) on available-for-sale securities
2
|
41
|
|
|
(23
|
)
|
|
18
|
|
|||
Pension and other benefit liabilities:
|
|
|
|
|
|
||||||
Net pension and other benefits arising during the period
|
18
|
|
|
(4
|
)
|
|
14
|
|
|||
Reclassification adjustments recognized in net income
|
50
|
|
|
(18
|
)
|
|
32
|
|
|||
Net change in pension and other benefit liabilities
3
|
68
|
|
|
(22
|
)
|
|
46
|
|
|||
Other comprehensive income (loss) attributable to The Coca-Cola Company
|
$
|
(712
|
)
|
|
$
|
(160
|
)
|
|
$
|
(872
|
)
|
1
|
Refer to
Note 5
for additional information related to the net gain or loss on derivative instruments designated and qualifying as cash flow hedging instruments.
|
2
|
Includes reclassification adjustments related to divestitures of certain available-for-sale securities. Refer to
Note 3
for additional information related to these divestitures.
|
3
|
Refer to
Note 12
for additional information related to the Company's pension and other postretirement benefit liabilities.
|
Six Months Ended June 28, 2013
|
Before-Tax Amount
|
|
|
Income Tax
|
|
|
After-Tax Amount
|
|
|||
Foreign currency translation adjustments:
|
|
|
|
|
|
||||||
Translation adjustment arising during the period
|
$
|
(679
|
)
|
|
$
|
(107
|
)
|
|
$
|
(786
|
)
|
Reclassification adjustments recognized in net income
|
(220
|
)
|
|
—
|
|
|
(220
|
)
|
|||
Net foreign currency translation adjustments
|
(899
|
)
|
|
(107
|
)
|
|
(1,006
|
)
|
|||
Derivatives:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the period
|
402
|
|
|
(153
|
)
|
|
249
|
|
|||
Reclassification adjustments recognized in net income
|
(73
|
)
|
|
28
|
|
|
(45
|
)
|
|||
Net gain (loss) on derivatives
1
|
329
|
|
|
(125
|
)
|
|
204
|
|
|||
Available-for-sale securities:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the period
|
44
|
|
|
(20
|
)
|
|
24
|
|
|||
Reclassification adjustments recognized in net income
|
2
|
|
|
—
|
|
|
2
|
|
|||
Net change in unrealized gain (loss) on available-for-sale securities
2
|
46
|
|
|
(20
|
)
|
|
26
|
|
|||
Pension and other benefit liabilities:
|
|
|
|
|
|
||||||
Net pension and other benefits arising during the period
|
25
|
|
|
(9
|
)
|
|
16
|
|
|||
Reclassification adjustments recognized in net income
|
98
|
|
|
(36
|
)
|
|
62
|
|
|||
Net change in pension and other benefit liabilities
3
|
123
|
|
|
(45
|
)
|
|
78
|
|
|||
Other comprehensive income (loss) attributable to The Coca-Cola Company
|
$
|
(401
|
)
|
|
$
|
(297
|
)
|
|
$
|
(698
|
)
|
1
|
Refer to
Note 5
for additional information related to the net gain or loss on derivative instruments designated and qualifying as cash flow hedging instruments.
|
2
|
Includes reclassification adjustments related to divestitures of certain available-for-sale securities. Refer to
Note 3
for additional information related to these divestitures.
|
3
|
Refer to
Note 12
for additional information related to the Company's pension and other postretirement benefit liabilities.
|
|
|
Amount Reclassified from
AOCI into Income
|
|
|||||
Description of AOCI Component
|
Location of Gain (Loss)
Recognized in Income
|
Three Months Ended June 27, 2014
|
Six Months Ended June 27, 2014
|
|
|
|||
Derivatives:
|
|
|
|
|
||||
Foreign currency contracts
|
Net operating revenues
|
$
|
(18
|
)
|
$
|
(43
|
)
|
|
Foreign currency and commodity contracts
|
Cost of goods sold
|
(7
|
)
|
(21
|
)
|
|
||
|
Income before income taxes
|
$
|
(25
|
)
|
$
|
(64
|
)
|
|
|
Income taxes
|
10
|
|
25
|
|
|
||
|
Consolidated net income
|
$
|
(15
|
)
|
$
|
(39
|
)
|
|
Available-for-sale securities:
|
|
|
|
|
||||
Sale of securities
|
Other income (loss) — net
|
$
|
(4
|
)
|
$
|
(3
|
)
|
|
|
Income before income taxes
|
$
|
(4
|
)
|
$
|
(3
|
)
|
|
|
Income taxes
|
—
|
|
—
|
|
|
||
|
Consolidated net income
|
$
|
(4
|
)
|
$
|
(3
|
)
|
|
Pension and other benefit liabilities:
|
|
|
|
|
||||
Amortization of net actuarial loss
|
*
|
$
|
19
|
|
$
|
38
|
|
|
Amortization of prior service cost (credit)
|
*
|
(4
|
)
|
(9
|
)
|
|
||
|
Income before income taxes
|
$
|
15
|
|
$
|
29
|
|
|
|
Income taxes
|
(6
|
)
|
(11
|
)
|
|
||
|
Consolidated net income
|
$
|
9
|
|
$
|
18
|
|
|
*
|
This component of AOCI is included in the Company's computation of net periodic benefit cost and is not reclassified out of AOCI into a single line item in our condensed consolidated statements of income in its entirety. Refer to
Note 12
for additional information.
|
|
|
Shareowners of The Coca-Cola Company
|
|
|
|||||||||||||||||
|
Total
|
|
Reinvested
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Common
Stock
|
|
Capital
Surplus
|
|
Treasury
Stock
|
|
Non-
controlling
Interests
|
|
|||||||
December 31, 2013
|
$
|
33,440
|
|
$
|
61,660
|
|
$
|
(3,432
|
)
|
$
|
1,760
|
|
$
|
12,276
|
|
$
|
(39,091
|
)
|
$
|
267
|
|
Comprehensive income (loss)
|
4,672
|
|
4,214
|
|
446
|
|
—
|
|
—
|
|
—
|
|
12
|
|
|||||||
Dividends paid/payable to shareowners of
The Coca-Cola Company
|
(2,680
|
)
|
(2,680
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Dividends paid to noncontrolling interests
|
(21
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(21
|
)
|
|||||||
Business combinations including purchase accounting adjustments
|
(28
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(28
|
)
|
|||||||
Purchases of treasury stock
|
(1,878
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,878
|
)
|
—
|
|
|||||||
Impact of employee stock option and
restricted stock plans
|
796
|
|
—
|
|
—
|
|
—
|
|
399
|
|
397
|
|
—
|
|
|||||||
June 27, 2014
|
$
|
34,301
|
|
$
|
63,194
|
|
$
|
(2,986
|
)
|
$
|
1,760
|
|
$
|
12,675
|
|
$
|
(40,572
|
)
|
$
|
230
|
|
|
Accrued
Balance
March 28, 2014
|
|
Costs
Incurred
Three Months Ended
June 27, 2014
|
|
Payments
|
|
Noncash
and
Exchange
|
|
Accrued
Balance
June 27, 2014
|
|
|||||
Severance pay and benefits
|
$
|
68
|
|
$
|
8
|
|
$
|
(32
|
)
|
$
|
(1
|
)
|
$
|
43
|
|
Outside services
|
6
|
|
22
|
|
(24
|
)
|
—
|
|
4
|
|
|||||
Other direct costs
|
16
|
|
59
|
|
(56
|
)
|
(5
|
)
|
14
|
|
|||||
Total
|
$
|
90
|
|
$
|
89
|
|
$
|
(112
|
)
|
$
|
(6
|
)
|
$
|
61
|
|
|
Accrued
Balance
December 31, 2013
|
|
Costs
Incurred
Six Months Ended
June 27, 2014
|
|
Payments
|
|
Noncash
and
Exchange
|
|
Accrued
Balance
June 27, 2014
|
|
|||||
Severance pay and benefits
|
$
|
88
|
|
$
|
14
|
|
$
|
(58
|
)
|
$
|
(1
|
)
|
$
|
43
|
|
Outside services
|
6
|
|
31
|
|
(33
|
)
|
—
|
|
4
|
|
|||||
Other direct costs
|
18
|
|
130
|
|
(113
|
)
|
(21
|
)
|
14
|
|
|||||
Total
|
$
|
112
|
|
$
|
175
|
|
$
|
(204
|
)
|
$
|
(22
|
)
|
$
|
61
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||
|
Three Months Ended
|
||||||||||||
|
June 27,
2014 |
|
June 28,
2013 |
|
|
June 27,
2014 |
|
June 28,
2013 |
|
||||
Service cost
|
$
|
67
|
|
$
|
69
|
|
|
$
|
7
|
|
$
|
9
|
|
Interest cost
|
102
|
|
95
|
|
|
10
|
|
10
|
|
||||
Expected return on plan assets
|
(180
|
)
|
(165
|
)
|
|
(3
|
)
|
(3
|
)
|
||||
Amortization of prior service cost (credit)
|
—
|
|
—
|
|
|
(4
|
)
|
(2
|
)
|
||||
Amortization of net actuarial loss
|
18
|
|
49
|
|
|
1
|
|
3
|
|
||||
Net periodic benefit cost (credit)
|
$
|
7
|
|
$
|
48
|
|
|
$
|
11
|
|
$
|
17
|
|
Settlement charge
|
2
|
|
—
|
|
|
—
|
|
—
|
|
||||
Total cost (credit) recognized in statements of income
|
$
|
9
|
|
$
|
48
|
|
|
$
|
11
|
|
$
|
17
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||
|
Six Months Ended
|
||||||||||||
|
June 27,
2014 |
|
June 28,
2013 |
|
|
June 27,
2014 |
|
June 28,
2013 |
|
||||
Service cost
|
$
|
134
|
|
$
|
138
|
|
|
$
|
13
|
|
$
|
18
|
|
Interest cost
|
203
|
|
189
|
|
|
21
|
|
21
|
|
||||
Expected return on plan assets
|
(358
|
)
|
(329
|
)
|
|
(6
|
)
|
(5
|
)
|
||||
Amortization of prior service cost (credit)
|
(1
|
)
|
(1
|
)
|
|
(8
|
)
|
(5
|
)
|
||||
Amortization of net actuarial loss
|
36
|
|
99
|
|
|
2
|
|
6
|
|
||||
Net periodic benefit cost (credit)
|
$
|
14
|
|
$
|
96
|
|
|
$
|
22
|
|
$
|
35
|
|
Settlement charge
|
2
|
|
—
|
|
|
—
|
|
—
|
|
||||
Total cost (credit) recognized in statements of income
|
$
|
16
|
|
$
|
96
|
|
|
$
|
22
|
|
$
|
35
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
||||||||||||
|
June 27,
2014 |
|
|
June 28,
2013 |
|
|
June 27,
2014 |
|
|
June 28,
2013 |
|
|
||||
Productivity and reinvestment program
|
$
|
(34
|
)
|
1
|
$
|
(38
|
)
|
7
|
$
|
(66
|
)
|
1
|
$
|
(78
|
)
|
7
|
Other productivity, integration and restructuring initiatives
|
—
|
|
2
|
1
|
|
8
|
—
|
|
2
|
1
|
|
8
|
||||
Transaction gains and losses
|
(51
|
)
|
3
|
48
|
|
9
|
(51
|
)
|
3
|
48
|
|
9
|
||||
Certain tax matters
|
26
|
|
4
|
(1
|
)
|
10
|
31
|
|
4
|
—
|
|
10
|
||||
Other — net
|
3
|
|
5
|
(8
|
)
|
11
|
8
|
|
6
|
(4
|
)
|
12
|
1
|
Related to charges of $
89 million
and $
175 million
during the
three and six months ended
June 27, 2014
, respectively. These charges were due to the Company's productivity and reinvestment program. Refer to
Note 10
and
Note 11
.
|
2
|
Related to charges of $
66 million
and $
108 million
during the
three and six months ended
June 27, 2014
, respectively. These charges were due to the integration of our German bottling and distribution operations. Refer to
Note 10
and
Note 11
.
|
3
|
Related to a charge of $
140 million
during the
three and six months ended
June 27, 2014
, which was primarily due to the derecognition of intangible assets as a result of refranchising certain North America territories to three of its unconsolidated bottling partners. Refer to Note 2.
|
4
|
Related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties. The components of the net change in uncertain tax positions were individually insignificant.
|
5
|
Related to charges of $
52 million
that consisted of
$21 million
due to a write-down of receivables related to sales of concentrate to our bottling partner in Venezuela,
$25 million
due to the restructuring and transition of the Company's Russian juice operations to an existing joint venture with an unconsolidated bottling partner, and
$6 million
due to our proportionate share of unusual or infrequent items recorded by certain of our equity method investees. Refer to
Note 10
.
|
6
|
Related to charges of $
305 million
that consisted of
$268 million
du
e to the expansion of the Venezuelan government's currency conversion markets, including a write-down of receivables from our
bottling partner in Venezuela,
$25 million
due to the restructuring and transition of the Company's Russian juice operations to an existing joint venture with an unconsolidated bottling partner, and
$12 million
due to our proportionate share of unusual or infrequent items recorded by certain of our equity method investees. Refer to Note 1 and
Note 10
.
|
7
|
Related to charges of
$113 million
and
$215 million
during the three and six months ended
June 28, 2013
, respectively. These charges were due to the Company's productivity and reinvestment program. Refer to Note 10 and Note 11.
|
8
|
Related to net charges of
$18 million
and
$39 million
during the three and six months ended
June 28, 2013
, respectively. These charges were primarily due to the integration of our German bottling and distribution operations. Refer to Note 10 and Note 11.
|
9
|
Related to a net charge of
$11 million
that primarily consisted of a loss of
$144 million
due to the then pending merger of four of the Company's Japanese bottling partners, partially offset by a gain of
$139 million
the Company recognized as a result of Coca-Cola FEMSA issuing additional shares of its own stock during the period at a per share amount greater than the carrying value of the Company's per share investment. Refer to Note 10 and Note 14.
|
10
|
Related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties. The components of the net change in uncertain tax positions were individually insignificant.
|
11
|
Related to a net charge of
$26 million
that primarily consisted of a charge of
$23 million
due to the early extinguishment of certain long-term debt.
|
12
|
Related to charges of
$202 million
that primarily consisted of a charge of
$23 million
due to the early extinguishment of certain long-term debt; a charge of
$149 million
due to the devaluation of the Venezuelan bolivar; and a net charge of
$33 million
due to our proportionate share of unusual or infrequent items recorded by certain of our equity investees. Refer to Note 1 and Note 10.
|
•
|
Level 1 — Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2 — Observable inputs other than quoted prices included in Level 1. We value assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.
|
•
|
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
Netting
Adjustment
1
|
|
Fair Value
Measurements
|
|
|
|||||
Assets
|
|
|
|
|
|
|
|
||||||||||
Trading securities
2
|
$
|
217
|
|
$
|
173
|
|
$
|
6
|
|
|
$
|
—
|
|
$
|
396
|
|
|
Available-for-sale securities
2
|
4,079
|
|
3,393
|
|
123
|
|
3
|
—
|
|
7,595
|
|
|
|||||
Derivatives
4
|
14
|
|
626
|
|
—
|
|
|
(165
|
)
|
475
|
|
5
|
|||||
Total assets
|
$
|
4,310
|
|
$
|
4,192
|
|
$
|
129
|
|
|
$
|
(165
|
)
|
$
|
8,466
|
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||||
Derivatives
4
|
$
|
3
|
|
$
|
204
|
|
$
|
—
|
|
|
$
|
(165
|
)
|
$
|
42
|
|
5
|
Total liabilities
|
$
|
3
|
|
$
|
204
|
|
$
|
—
|
|
|
$
|
(165
|
)
|
$
|
42
|
|
|
2
|
Refer to
Note 3
for additional information related to the composition of our trading securities and available-for-sale securities.
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
Netting
Adjustment
1
|
|
Fair Value
Measurements
|
|
|
|||||
Assets
|
|
|
|
|
|
|
|
||||||||||
Trading securities
2
|
$
|
206
|
|
$
|
163
|
|
$
|
3
|
|
|
$
|
—
|
|
$
|
372
|
|
|
Available-for-sale securities
2
|
1,453
|
|
3,281
|
|
108
|
|
3
|
—
|
|
4,842
|
|
|
|||||
Derivatives
4
|
17
|
|
822
|
|
—
|
|
|
(150
|
)
|
689
|
|
5
|
|||||
Total assets
|
$
|
1,676
|
|
$
|
4,266
|
|
$
|
111
|
|
|
$
|
(150
|
)
|
$
|
5,903
|
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||||
Derivatives
4
|
$
|
10
|
|
$
|
165
|
|
$
|
—
|
|
|
$
|
(151
|
)
|
$
|
24
|
|
5
|
Total liabilities
|
$
|
10
|
|
$
|
165
|
|
$
|
—
|
|
|
$
|
(151
|
)
|
$
|
24
|
|
|
2
|
Refer to
Note 3
for additional information related to the composition of our trading securities and available-for-sale securities.
|
|
Eurasia
& Africa |
|
Europe
|
|
Latin
America |
|
North
America |
|
Asia Pacific
|
|
Bottling
Investments |
|
Corporate
|
|
Eliminations
|
|
Consolidated
|
|
|||||||||
2014
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net operating revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Third party
|
$
|
732
|
|
$
|
1,385
|
|
$
|
1,105
|
|
$
|
5,710
|
|
$
|
1,550
|
|
$
|
2,042
|
|
$
|
50
|
|
$
|
—
|
|
$
|
12,574
|
|
Intersegment
|
—
|
|
184
|
|
13
|
|
7
|
|
173
|
|
18
|
|
—
|
|
(395
|
)
|
—
|
|
|||||||||
Total net revenues
|
732
|
|
1,569
|
|
1,118
|
|
5,717
|
|
1,723
|
|
2,060
|
|
50
|
|
(395
|
)
|
12,574
|
|
|||||||||
Operating income (loss)
|
290
|
|
892
|
|
633
|
|
827
|
|
846
|
|
38
|
|
(356
|
)
|
—
|
|
3,170
|
|
|||||||||
Income (loss) before income taxes
|
313
|
|
904
|
|
636
|
|
682
|
|
851
|
|
254
|
|
(256
|
)
|
—
|
|
3,384
|
|
|||||||||
Identifiable operating assets
|
1,411
|
|
4,014
|
|
2,871
|
|
34,426
|
|
2,117
|
|
7,119
|
|
29,073
|
|
—
|
|
81,031
|
|
|||||||||
Noncurrent investments
|
1,189
|
|
115
|
|
807
|
|
51
|
|
149
|
|
9,557
|
|
2,590
|
|
—
|
|
14,458
|
|
|||||||||
2013
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net operating revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Third party
|
$
|
765
|
|
$
|
1,293
|
|
$
|
1,139
|
|
$
|
5,708
|
|
$
|
1,573
|
|
$
|
2,218
|
|
$
|
53
|
|
$
|
—
|
|
$
|
12,749
|
|
Intersegment
|
—
|
|
175
|
|
76
|
|
5
|
|
157
|
|
20
|
|
—
|
|
(433
|
)
|
—
|
|
|||||||||
Total net revenues
|
765
|
|
1,468
|
|
1,215
|
|
5,713
|
|
1,730
|
|
2,238
|
|
53
|
|
(433
|
)
|
12,749
|
|
|||||||||
Operating income (loss)
|
332
|
|
836
|
|
726
|
|
731
|
|
847
|
|
125
|
|
(354
|
)
|
—
|
|
3,243
|
|
|||||||||
Income (loss) before income taxes
|
351
|
|
869
|
|
730
|
|
732
|
|
853
|
|
354
|
|
(364
|
)
|
—
|
|
3,525
|
|
|||||||||
Identifiable operating assets
|
1,352
|
|
3,735
|
|
2,683
|
|
34,732
|
|
2,145
|
|
8,178
|
|
25,857
|
|
—
|
|
78,682
|
|
|||||||||
Noncurrent investments
|
1,179
|
|
95
|
|
562
|
|
38
|
|
131
|
|
8,754
|
|
70
|
|
—
|
|
10,829
|
|
|||||||||
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Identifiable operating assets
|
$
|
1,273
|
|
$
|
3,713
|
|
$
|
2,918
|
|
$
|
33,964
|
|
$
|
1,922
|
|
$
|
7,011
|
|
$
|
27,742
|
|
$
|
—
|
|
$
|
78,543
|
|
Noncurrent investments
|
1,157
|
|
106
|
|
545
|
|
49
|
|
143
|
|
9,424
|
|
88
|
|
—
|
|
11,512
|
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by $
58 million
for North America, $
1 million
for Asia Pacific, $
66 million
for Bottling Investments and $
30 million
for Corporate due to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to
Note 10
and
Note 11
for additional information on each of the Company's productivity, restructuring and integration initiatives.
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by
$25 million
for Bottling Investments as a result of the restructuring and transition of the Company's Russian juice operations to an existing joint venture with an unconsolidated bottling partner. Refer to Note 10.
|
•
|
Income (loss) before income taxes was reduced by
$21 million
for Corporate as a result of a write-down of receivables related to sales of concentrate to our bottling partner in Venezuela due to limited government-approved exchange rate conversion mechanisms. Refer to
Note 10
.
|
•
|
Income (loss) before income taxes was reduced by
$140 million
for North America primarily due to the derecognition of intangible assets as a result of refranchising certain territories in North America to three of its unconsolidated bottling partners. Refer to Note 2 and Note 10.
|
•
|
Income (loss) before income taxes was reduced by $
6 million
for Bottling Investments due to the Company's proportionate share of unusual or infrequent items recorded by certain of our equity method investees. Refer to
Note 10
.
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by
$6 million
for Europe, $
55 million
for North America, $
6 million
for Asia Pacific, $
20 million
for Bottling Investments and $
46 million
for Corporate due to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to
Note 10
and
Note 11
.
|
•
|
Income (loss) before income taxes was reduced by
$144 million
for Corporate due to a loss related to the then pending merger of four of the Company's Japanese bottling partners. Refer to Note 10 and Note 14.
|
•
|
Income (loss) before income taxes was increased by
$139 million
for Corporate due to a gain the Company recognized as a result of Coca-Cola FEMSA issuing additional shares of its own stock during the period at a per share amount greater than the carrying value of the Company's per share investment. Refer to
Note 10
and Note 14.
|
•
|
Income (loss) before income taxes was reduced by
$23 million
for Corporate due to a charge the Company recognized as a result of the early extinguishment of certain long-term debt.
|
|
Eurasia
& Africa |
|
Europe
|
|
Latin
America |
|
North
America |
|
Asia Pacific
|
|
Bottling
Investments |
|
Corporate
|
|
Eliminations
|
|
Consolidated
|
|
|||||||||
2014
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net operating revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Third party
|
$
|
1,390
|
|
$
|
2,519
|
|
$
|
2,199
|
|
$
|
10,500
|
|
$
|
2,760
|
|
$
|
3,699
|
|
$
|
83
|
|
$
|
—
|
|
$
|
23,150
|
|
Intersegment
|
—
|
|
343
|
|
30
|
|
10
|
|
278
|
|
34
|
|
—
|
|
(695
|
)
|
—
|
|
|||||||||
Total net revenues
|
1,390
|
|
2,862
|
|
2,229
|
|
10,510
|
|
3,038
|
|
3,733
|
|
83
|
|
(695
|
)
|
23,150
|
|
|||||||||
Operating income (loss)
|
593
|
|
1,611
|
|
1,301
|
|
1,255
|
|
1,403
|
|
12
|
|
(629
|
)
|
—
|
|
5,546
|
|
|||||||||
Income (loss) before income taxes
|
621
|
|
1,635
|
|
1,303
|
|
1,107
|
|
1,411
|
|
276
|
|
(764
|
)
|
—
|
|
5,589
|
|
|||||||||
2013
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net operating revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Third party
|
$
|
1,434
|
|
$
|
2,313
|
|
$
|
2,296
|
|
$
|
10,591
|
|
$
|
2,817
|
|
$
|
4,236
|
|
$
|
97
|
|
$
|
—
|
|
$
|
23,784
|
|
Intersegment
|
—
|
|
332
|
|
147
|
|
9
|
|
303
|
|
40
|
|
—
|
|
(831
|
)
|
—
|
|
|||||||||
Total net revenues
|
1,434
|
|
2,645
|
|
2,443
|
|
10,600
|
|
3,120
|
|
4,276
|
|
97
|
|
(831
|
)
|
23,784
|
|
|||||||||
Operating income (loss)
|
614
|
|
1,519
|
|
1,489
|
|
1,072
|
|
1,449
|
|
164
|
|
(656
|
)
|
—
|
|
5,651
|
|
|||||||||
Income (loss) before income taxes
|
640
|
|
1,563
|
|
1,494
|
|
1,074
|
|
1,457
|
|
463
|
|
(822
|
)
|
—
|
|
5,869
|
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by
$133 million
for North America,
$8 million
for Asia Pacific,
$108 million
for Bottling Investments and
$34 million
for Corporate due to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to
Note 10
and
Note 11
for additional information on each of the Company's productivity, restructuring and integration initiatives.
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by
$25 million
for Bottling Investments as a result of the restructuring and transition of the Company's Russian juice operations to an existing joint venture with an unconsolidated bottling partner. Refer to Note 10.
|
•
|
Income (loss) before income taxes was reduced by
$140 million
for North America primarily due to the derecognition of intangible assets as a result of refranchising certain territories in North America to three of its unconsolidated bottling partners. Refer to Note 2 and Note 10.
|
•
|
Income (loss) before income taxes was reduced by
$21 million
for Bottling Investments and
$247 million
for Corporate due to the expansion of the Venezuelan government's currency conversion markets, including a write-down of receivables related to concentrate sales to our bottling partner in Venezuela as well as our proportionate share of the charge incurred by this bottler, an equity method investee. Refer to Note 1 and
Note 10
.
|
•
|
Income (loss) before income taxes was reduced by
$12 million
for Bottling Investments due to the Company's proportionate share of unusual or infrequent items recorded by certain of our equity method investees. Refer to
Note 10
.
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by
$2 million
for Eurasia and Africa,
$6 million
for Europe,
$137 million
for North America,
$14 million
for Asia Pacific,
$41 million
for Bottling Investments and
$56 million
for Corporate due to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to
Note 10
and
Note 11
.
|
•
|
Income (loss) before income taxes was reduced by
$9 million
for Bottling Investments and
$140 million
for Corporate due to the devaluation of the Venezuelan bolivar, including our proportionate share of the charge incurred by an equity method investee that has operations in Venezuela. Refer to Note 1 and
Note 10
.
|
•
|
Income (loss) before income taxes was reduced by
$144 million
for Corporate due to a loss related to the then pending merger of four of the Company's Japanese bottling partners. Refer to Note 10 and Note 14.
|
•
|
Income (loss) before income taxes was increased by
$139 million
for Corporate due to a gain the Company recognized as a result of Coca-Cola FEMSA issuing additional shares of its own stock during the period at a per share amount greater than the carrying value of the Company's per share investment. Refer to
Note 10
and Note 14.
|
•
|
Income (loss) before income taxes was reduced by
$33 million
for Bottling Investments due to the Company's proportionate share of unusual or infrequent items recorded by certain of our equity method investees.
|
•
|
Income (loss) before income taxes was reduced by
$23 million
for Corporate due to a charge the Company recognized as a result of the early extinguishment of certain long-term debt.
|
June 27, 2014
|
Fair
Value
|
|
Carrying
Value
|
|
Difference
|
|
|||
Coca-Cola FEMSA, S.A.B. de C.V.
|
$
|
6,708
|
|
$
|
2,311
|
|
$
|
4,397
|
|
Coca-Cola Amatil Limited
|
1,962
|
|
843
|
|
1,119
|
|
|||
Coca-Cola HBC AG
|
1,935
|
|
1,508
|
|
427
|
|
|||
Coca-Cola İçecek A.Ş.
|
1,305
|
|
230
|
|
1,075
|
|
|||
Coca-Cola East Japan Bottling Company, Ltd.
|
984
|
|
505
|
|
479
|
|
|||
Embotelladora Andina S.A.
|
474
|
|
339
|
|
135
|
|
|||
Corporación Lindley S.A
|
191
|
|
112
|
|
79
|
|
|||
Coca-Cola Bottling Co. Consolidated
|
185
|
|
97
|
|
88
|
|
|||
Total
|
$
|
13,744
|
|
$
|
5,945
|
|
$
|
7,799
|
|
|
Percent Change 2014 versus 2013
|
|
||||||||
|
Three Months Ended June 27, 2014
|
|
Six Months Ended June 27, 2014
|
|
||||||
|
Unit Cases
1,2,3
|
|
Concentrate
Sales
4
|
|
|
Unit Cases
1,2,3
|
|
Concentrate
Sales
4
|
|
|
Worldwide
|
3
|
%
|
2
|
%
|
|
2
|
%
|
2
|
%
|
5
|
Eurasia & Africa
|
5
|
%
|
2
|
%
|
|
4
|
%
|
1
|
%
|
|
Europe
|
—
|
|
(2
|
)
|
|
(2
|
)
|
(2
|
)
|
|
Latin America
|
—
|
|
—
|
|
|
—
|
|
(2
|
)
|
|
North America
|
—
|
|
—
|
|
|
—
|
|
(1
|
)
|
|
Asia Pacific
|
8
|
|
5
|
|
|
8
|
|
7
|
|
5
|
Bottling Investments
|
(1
|
)
|
N/A
|
|
|
(5
|
)
|
N/A
|
|
|
|
Percent Change 2014 versus 2013
|
|||||||||
|
Volume
1
|
|
Structural
Changes
|
|
Price, Product &
Geographic Mix
|
|
Currency
Fluctuations
|
|
Total
|
|
Consolidated
|
2%
|
|
(3
|
)%
|
2
|
%
|
(2
|
)%
|
(1
|
)%
|
Eurasia & Africa
|
2
|
%
|
—%
|
|
3
|
%
|
(9
|
)%
|
(4
|
)%
|
Europe
|
(2
|
)
|
—
|
|
3
|
|
6
|
|
7
|
|
Latin America
|
—
|
|
(4
|
)
|
7
|
|
(11
|
)
|
(8
|
)
|
North America
|
—
|
|
—
|
|
1
|
|
(1
|
)
|
—
|
|
Asia Pacific
|
5
|
|
—
|
|
—
|
|
(5
|
)
|
—
|
|
Bottling Investments
|
8
|
|
(14
|
)
|
(1
|
)
|
(1
|
)
|
(8
|
)
|
Corporate
|
*
|
|
*
|
|
*
|
|
*
|
|
*
|
|
*
|
Calculation is not meaningful.
|
•
|
Eurasia and Africa — favorable price mix in the majority of the segment's business units coupled with favorable geographic mix;
|
•
|
Europe — favorable impact as a result of consolidating the juice and smoothie business of Fresh Trading Ltd. ("innocent") in May 2013 and favorable price mix in a majority of the segment's business units; and
|
•
|
Latin America — favorable price mix in all four of the segment's business units and the impact of inflationary environments in several markets, partially offset by the unfavorable impact of the Fair Price Law enacted in Venezuela.
|
|
Percent Change 2014 versus 2013
|
|||||||||
|
Volume
1
|
|
Structural
Changes
|
|
Price, Product &
Geographic Mix
|
|
Currency
Fluctuations
|
|
Total
|
|
Consolidated
|
1%
|
|
(3
|
)%
|
2
|
%
|
(3
|
)%
|
(3
|
)%
|
Eurasia & Africa
|
1
|
%
|
—%
|
|
6
|
%
|
(10
|
)%
|
(3
|
)%
|
Europe
|
(2
|
)
|
—
|
|
6
|
|
4
|
|
8
|
|
Latin America
|
(2
|
)
|
(2
|
)
|
9
|
|
(14
|
)
|
(9
|
)
|
North America
|
(1
|
)
|
—
|
|
1
|
|
(1
|
)
|
(1
|
)
|
Asia Pacific
|
6
|
|
—
|
|
(3
|
)
|
(6
|
)
|
(3
|
)
|
Bottling Investments
|
6
|
|
(16
|
)
|
(2
|
)
|
(1
|
)
|
(13
|
)
|
Corporate
|
*
|
|
*
|
|
*
|
|
*
|
|
*
|
|
*
|
Calculation is not meaningful.
|
•
|
Eurasia and Africa — favorable price mix in the majority of the segment's business units coupled with favorable geographic mix;
|
•
|
Europe — favorable impact as a result of consolidating the juice and smoothie business of innocent in May 2013, favorable price mix in a majority of the segment's business units and positive geographic mix;
|
•
|
Latin America — favorable price mix in all four of the segment's business units and the impact of inflationary environments in several markets, partially offset by the unfavorable impact of the Fair Price Law enacted in Venezuela; and
|
•
|
Asia Pacific — unfavorable price mix in two of the segment's business units and unfavorable geographic mix.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
June 27,
2014 |
|
June 28,
2013 |
|
|
June 27,
2014 |
|
June 28,
2013 |
|
||||
Stock-based compensation expense
|
$
|
73
|
|
$
|
45
|
|
|
$
|
112
|
|
$
|
92
|
|
Advertising expenses
|
926
|
|
889
|
|
|
1,633
|
|
1,669
|
|
||||
Bottling and distribution expenses
1
|
2,124
|
|
2,155
|
|
|
4,197
|
|
4,317
|
|
||||
Other operating expenses
|
1,261
|
|
1,296
|
|
|
2,431
|
|
2,489
|
|
||||
Total selling, general and administrative expenses
|
$
|
4,384
|
|
$
|
4,385
|
|
|
$
|
8,373
|
|
$
|
8,567
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
June 27,
2014 |
|
June 28,
2013 |
|
|
June 27,
2014 |
|
June 28,
2013 |
|
||||
Eurasia & Africa
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
2
|
|
Europe
|
—
|
|
6
|
|
|
—
|
|
6
|
|
||||
Latin America
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
North America
|
58
|
|
55
|
|
|
133
|
|
134
|
|
||||
Asia Pacific
|
1
|
|
5
|
|
|
8
|
|
13
|
|
||||
Bottling Investments
|
91
|
|
20
|
|
|
133
|
|
41
|
|
||||
Corporate
|
51
|
|
46
|
|
|
55
|
|
57
|
|
||||
Total other operating charges
|
$
|
201
|
|
$
|
132
|
|
|
$
|
329
|
|
$
|
253
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||
|
June 27,
2014 |
|
June 28,
2013 |
|
|
June 27,
2014 |
|
June 28,
2013 |
|
Eurasia & Africa
|
9.1
|
%
|
10.2
|
%
|
|
10.7
|
%
|
10.9
|
%
|
Europe
|
28.1
|
|
25.8
|
|
|
29.0
|
|
26.9
|
|
Latin America
|
20.0
|
|
22.4
|
|
|
23.5
|
|
26.3
|
|
North America
|
26.1
|
|
22.5
|
|
|
22.6
|
|
19.0
|
|
Asia Pacific
|
26.7
|
|
26.1
|
|
|
25.3
|
|
25.6
|
|
Bottling Investments
|
1.2
|
|
3.9
|
|
|
0.2
|
|
2.9
|
|
Corporate
|
(11.2
|
)
|
(10.9
|
)
|
|
(11.3
|
)
|
(11.6
|
)
|
Total
|
100.0
|
%
|
100.0
|
%
|
|
100.0
|
%
|
100.0
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||
|
June 27,
2014 |
|
June 28,
2013 |
|
|
June 27,
2014 |
|
June 28,
2013 |
|
Consolidated
|
25.2
|
%
|
25.4
|
%
|
|
24.0
|
%
|
23.8
|
%
|
Eurasia & Africa
|
39.6
|
%
|
43.4
|
%
|
|
42.6
|
%
|
42.8
|
%
|
Europe
|
64.4
|
|
64.7
|
|
|
64.0
|
|
65.7
|
|
Latin America
|
57.3
|
|
63.7
|
|
|
59.2
|
|
64.9
|
|
North America
|
14.5
|
|
12.8
|
|
|
12.0
|
|
10.1
|
|
Asia Pacific
|
54.6
|
|
53.8
|
|
|
50.8
|
|
51.4
|
|
Bottling Investments
|
1.8
|
|
5.6
|
|
|
0.3
|
|
3.9
|
|
Corporate
|
*
|
|
*
|
|
|
*
|
|
*
|
|
*
|
Calculation is not meaningful.
|
|
Three Months Ended
|
|
Six Months Ended
|
|
||||||||||||
|
June 27,
2014 |
|
|
June 28,
2013 |
|
|
June 27,
2014 |
|
|
June 28,
2013 |
|
|
||||
Productivity and reinvestment program
|
$
|
(34
|
)
|
1
|
$
|
(38
|
)
|
7
|
$
|
(66
|
)
|
1
|
$
|
(78
|
)
|
7
|
Other productivity, integration and restructuring initiatives
|
—
|
|
2
|
1
|
|
8
|
—
|
|
2
|
1
|
|
8
|
||||
Transaction gains and losses
|
(51
|
)
|
3
|
48
|
|
9
|
(51
|
)
|
3
|
48
|
|
9
|
||||
Certain tax matters
|
26
|
|
4
|
(1
|
)
|
10
|
31
|
|
4
|
—
|
|
10
|
||||
Other — net
|
3
|
|
5
|
(8
|
)
|
11
|
8
|
|
6
|
(4
|
)
|
12
|
1
|
Related to charges of $
89 million
and $
175 million
during the
three and six months ended
June 27, 2014
, respectively. These charges were due to the Company's productivity and reinvestment program. Refer to
Note 10
and
Note 11
of Notes to Condensed Consolidated Financial Statements.
|
2
|
Related to charges of $
66 million
and $
108 million
during the
three and six months ended
June 27, 2014
, respectively. These charges were due to the integration of our German bottling and distribution operations. Refer to
Note 10
and
Note 11
of Notes to Condensed Consolidated Financial Statements.
|
3
|
Related to a charge of $
140 million
during the
three and six months ended
June 27, 2014
, which was primarily due to the derecognition of intangible assets as a result of refranchising certain North America territories to three of its unconsolidated bottling partners. Refer to Note 2 of Notes to Condensed Consolidated Financial Statements.
|
4
|
Related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties. The components of the net change in uncertain tax positions were individually insignificant.
|
5
|
Related to charges of $
52 million
that consisted of
$21 million
due to a write-down of receivables from our bottling partner in Venezuela,
$25 million
due to the restructuring and transition of the Company's Russian juice operations to an existing joint venture with an unconsolidated bottling partner, and
$6 million
due to our proportionate share of unusual or infrequent items recorded by certain of our equity method investees. Refer to
Note 10
of Notes to Condensed Consolidated Financial Statements.
|
6
|
Related to charges of $
305 million
that consisted of
$268 million
due to the
expansion of the Venezuelan government's currency conversion markets
, including a write-down of receivables from our bottling partner in Venezuela,
$25 million
due to the restructuring and transition of the Company's Russian juice operations to an existing joint venture with an unconsolidated bottling partner, and
$12 million
due to our proportionate share of unusual or infrequent items recorded by certain of our equity method investees. Refer to
Note 10
of Notes to Condensed Consolidated Financial Statements.
|
7
|
Related to charges of
$113 million
and
$215 million
during the three and six months ended
June 28, 2013
, respectively. These charges were due to the Company's productivity and reinvestment program. Refer to Note 10 and Note 11 of Notes to Condensed Consolidated Financial Statements.
|
8
|
Related to net charges of
$18 million
and
$39 million
during the three and six months ended
June 28, 2013
, respectively. These charges were primarily due to the integration of our German bottling and distribution operations. Refer to Note 10 and Note 11 of Notes to Condensed Consolidated Financial Statements.
|
9
|
Related to a net charge of
$11 million
that primarily consisted of a loss of
$144 million
due to the then pending merger of four of the Company's Japanese bottling partners, partially offset by a gain of
$139 million
the Company recognized as a result of Coca-Cola FEMSA issuing additional shares of its own stock during the period at a per share amount greater than the carrying value of the Company's per share investment. Refer to Note 10 and Note 14 of Notes to Condensed Consolidated Financial Statements.
|
10
|
Related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties. The components of the net change in uncertain tax positions were individually insignificant.
|
11
|
Related to a net charge of
$26 million
that primarily consisted of a charge of
$23 million
due to the early extinguishment of certain long-term debt.
|
12
|
Related to charges of
$202 million
that primarily consisted of a charge of
$23 million
due to the early extinguishment of certain long-term debt; a charge of
$149 million
due to the devaluation of the Venezuelan bolivar; and a net charge of
$33 million
due to our proportionate share of unusual or infrequent items recorded by certain of our equity investees. Refer to Note 1 and Note 10 of Notes to Condensed Consolidated Financial Statements.
|
•
|
$225 million total principal amount of notes due August 15, 2013, at a fixed interest rate of 5.0 percent;
|
•
|
$675 million total principal amount of notes due March 3, 2014, at a fixed interest rate of 7.375 percent; and
|
•
|
$354 million total principal amount of notes due March 1, 2015, at a fixed interest rate of 4.25 percent.
|
•
|
$500 million total principal amount of notes due March 5, 2015, at a variable interest rate equal to the three-month LIBOR minus 0.02 percent;
|
•
|
$1,250 million total principal amount of notes due April 1, 2018, at a fixed interest rate of 1.15 percent; and
|
•
|
$750 million total principal amount of notes due April 1, 2023, at a fixed interest rate of 2.5 percent.
|
|
June 27,
2014 |
|
December 31,
2013 |
|
Increase
(Decrease)
|
|
|
Percent
Change
|
|
|||
Cash and cash equivalents
|
$
|
11,618
|
|
$
|
10,414
|
|
$
|
1,204
|
|
|
12
|
%
|
Short-term investments
|
6,524
|
|
6,707
|
|
(183
|
)
|
|
(3
|
)
|
|||
Marketable securities
|
3,467
|
|
3,147
|
|
320
|
|
|
10
|
|
|||
Trade accounts receivable — net
|
5,870
|
|
4,873
|
|
997
|
|
|
20
|
|
|||
Inventories
|
3,536
|
|
3,277
|
|
259
|
|
|
8
|
|
|||
Prepaid expenses and other assets
|
2,856
|
|
2,886
|
|
(30
|
)
|
|
(1
|
)
|
|||
Equity method investments
|
10,857
|
|
10,393
|
|
464
|
|
|
4
|
|
|||
Other investments
|
3,601
|
|
1,119
|
|
2,482
|
|
|
222
|
|
|||
Other assets
|
4,805
|
|
4,661
|
|
144
|
|
|
3
|
|
|||
Property, plant and equipment — net
|
14,918
|
|
14,967
|
|
(49
|
)
|
|
—
|
|
|||
Trademarks with indefinite lives
|
6,798
|
|
6,744
|
|
54
|
|
|
1
|
|
|||
Bottlers' franchise rights with indefinite lives
|
7,284
|
|
7,415
|
|
(131
|
)
|
|
(2
|
)
|
|||
Goodwill
|
12,296
|
|
12,312
|
|
(16
|
)
|
|
—
|
|
|||
Other intangible assets
|
1,059
|
|
1,140
|
|
(81
|
)
|
|
(7
|
)
|
|||
Total assets
|
$
|
95,489
|
|
$
|
90,055
|
|
$
|
5,434
|
|
|
6
|
%
|
Accounts payable and accrued expenses
|
$
|
10,575
|
|
$
|
9,577
|
|
$
|
998
|
|
|
10
|
%
|
Loans and notes payable
|
20,081
|
|
16,901
|
|
3,180
|
|
|
19
|
|
|||
Current maturities of long-term debt
|
1,519
|
|
1,024
|
|
495
|
|
|
48
|
|
|||
Accrued income taxes
|
454
|
|
309
|
|
145
|
|
|
47
|
|
|||
Long-term debt
|
18,643
|
|
19,154
|
|
(511
|
)
|
|
(3
|
)
|
|||
Other liabilities
|
3,447
|
|
3,498
|
|
(51
|
)
|
|
(1
|
)
|
|||
Deferred income taxes
|
6,469
|
|
6,152
|
|
317
|
|
|
5
|
|
|||
Total liabilities
|
$
|
61,188
|
|
$
|
56,615
|
|
$
|
4,573
|
|
|
8
|
%
|
Net assets
|
$
|
34,301
|
|
$
|
33,440
|
|
$
|
861
|
|
1
|
3
|
%
|
•
|
Cash and cash equivalents increased
$1,204 million
, or
12 percent
, primarily in anticipation of the second quarter 2014 dividend payment, which was made on July 1, 2014.
|
•
|
Trade accounts receivable — net increased
$997 million
, or
20 percent
, due to the increase associated with the Company's peak summer selling season, as well as an increase in the receivables balance of our subsidiary in Venezuela for which we do not currently have a mechanism to convert local currency to U.S. dollars. Refer to the heading "Foreign Exchange" above for additional information on the Company's Venezuelan subsidiary.
|
•
|
Other investments increased $
2,482 million
, or
222 percent
, primarily due to the Company's investment in GMCR, which is accounted for as an available-for-sale security. Refer to
Note 2
of Notes to Condensed Consolidated Financial Statements for additional information on this investment.
|
•
|
Accounts payable and accrued expenses increased
$998 million
, or
10 percent
, primarily due to the Company's second quarter 2014 dividend payment, which was payable to shareowners of record as of June 16, 2014. This payment was made on July 1, 2014.
|
•
|
Loans and notes payable increased
$3,180 million
, or
19 percent
, and current maturities of long-term debt increased $
495 million
, or
48 percent
, primarily due to the net issuances of commercial paper during the six months ended June 27, 2014, and the reclassification of long-term debt that is scheduled to mature within a year out of the line item long-term debt.
|
•
|
Long-term debt decreased $
511 million
, or
3 percent
, primarily due to the maturity or reclassification of certain portions of the Company's long-term debt during the
six months ended
June 27, 2014
. Long-term debt that is scheduled to mature within a year is reclassified out of the line item long-term debt into the line item current maturities of long-term debt. This decrease was partially offset by the Company's issuance of long-term debt during the first quarter of 2014. Refer to the heading "Cash Flows from Financing Activities" above and
Note 6
of Notes to Condensed Consolidated Financial Statements for additional information.
|
Period
|
Total Number
of Shares
Purchased
1
|
|
Average
Price Paid
Per Share
|
|
Total Number
of Shares
Purchased as
Part of the
Publicly
Announced
Plan
2
|
|
Maximum
Number of
Shares That May
Yet Be
Purchased Under
the Publicly
Announced
Plan
|
|
|
March 29, 2014, through April 25, 2014
|
2,627,975
|
|
$
|
39.69
|
|
2,600,000
|
|
398,261,664
|
|
April 26, 2014, through May 23, 2014
|
10,384,536
|
|
$
|
40.79
|
|
10,341,800
|
|
387,919,864
|
|
May 24, 2014, through June 27, 2014
|
13,334,023
|
|
$
|
41.15
|
|
13,329,997
|
|
374,589,867
|
|
Total
|
26,346,534
|
|
$
|
40.86
|
|
26,271,797
|
|
|
|
•
|
should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;
|
•
|
may have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;
|
•
|
may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and
|
•
|
were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.
|
Exhibit No.
|
|
(With regard to applicable cross-references in the list of exhibits below, the Company's Current, Quarterly and Annual Reports are filed with the Securities and Exchange Commission (the "SEC") under File No. 001-02217.)
|
|
3.1
|
Certificate of Incorporation of the Company, including Amendment of Certificate of Incorporation, dated July 27, 2012 — incorporated herein by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 28, 2012.
|
3.2
|
By-Laws of the Company, as amended and restated through April 25, 2013 — incorporated herein by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed April 26, 2013.
|
4.1
|
As permitted by the rules of the SEC, the Company has not filed certain instruments defining the rights of holders of long-term debt of the Company or consolidated subsidiaries under which the total amount of securities authorized does not exceed 10 percent of the total assets of the Company and its consolidated subsidiaries. The Company agrees to furnish to the SEC, upon request, a copy of any omitted instrument.
|
4.2
|
Amended and Restated Indenture, dated as of April 26, 1988, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-3 (Registration No. 33-50743) filed on October 25, 1993.
|
4.3
|
First Supplemental Indenture, dated as of February 24, 1992, to Amended and Restated Indenture, dated as of April 26, 1988, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.2 to the Company's Registration Statement on Form S-3 (Registration No. 33-50743) filed on October 25, 1993.
|
4.4
|
Second Supplemental Indenture, dated as of November 1, 2007, to Amended and Restated Indenture, dated as of April 26, 1988, as amended, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.3 of the Company's Current Report on Form 8-K filed on March 5, 2009.
|
4.5
|
Form of Note for 5.350% Notes due November 15, 2017 — incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed October 31, 2007.
|
4.6
|
Form of Note for 4.875% Notes due March 15, 2019 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on March 5, 2009.
|
4.7
|
Form of Note for 1.500% Notes due November 15, 2015 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed November 18, 2010.
|
4.8
|
Form of Note for 3.150% Notes due November 15, 2020 — incorporated herein by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed November 18, 2010.
|
4.9
|
Form of Exchange and Registration Rights Agreement among the Company, the representatives of the initial purchasers of the Notes and the other parties named therein — incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed August 8, 2011.
|
4.10
|
Form of Note for 1.80% Notes due September 1, 2016 — incorporated herein by reference to Exhibit 4.13 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.
|
4.11
|
Form of Note for 3.30% Notes due September 1, 2021 — incorporated herein by reference to Exhibit 4.14 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.
|
4.12
|
Form of Note for 0.750% Notes due March 13, 2015 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on March 14, 2012.
|
4.13
|
Form of Note for 1.650% Notes due March 14, 2018 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on March 14, 2012.
|
4.14
|
Form of Note for Floating Rate Notes due 2015 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed March 5, 2013.
|
4.15
|
Form of Note for 1.150% Notes due 2018 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed March 5, 2013.
|
4.16
|
Form of Note for 2.500% Notes due 2023 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed March 5, 2013.
|
4.17
|
Form of Note for Floating Rate Notes due 2016 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
4.18
|
Form of Note for 0.750% Notes due 2016 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
4.19
|
Form of Note for 1.650% Notes due 2018 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
4.20
|
Form of Note for 2.450% Notes due 2020 — incorporated herein by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
4.21
|
Form of Note for 3.200% Notes due 2023 — incorporated herein by reference to Exhibit 4.8 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
4.22
|
Form of Note for Floating Rate Notes due 2015 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on March 7, 2014.
|
10.1
|
The Coca-Cola Company 2014 Equity Plan — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed April 23, 2014.
|
10.2
|
Letter, dated April 24, 2014 from the Company to Kathy N. Waller — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed April 25, 2014.
|
12.1
|
Computation of Ratios of Earnings to Fixed Charges.
|
31.1
|
Rule 13a-14(a)/15d-14(a) Certification, executed by Muhtar Kent, Chairman of the Board of Directors, Chief Executive Officer and President of The Coca-Cola Company.
|
31.2
|
Rule 13a-14(a)/15d-14(a) Certification, executed by Kathy N. Waller, Executive Vice President and Chief Financial Officer of The Coca-Cola Company.
|
32.1
|
Certifications required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. Section 1350), executed by Muhtar Kent, Chairman of the Board of Directors, Chief Executive Officer and President of The Coca-Cola Company, and by Kathy N. Waller, Executive Vice President and Chief Financial Officer of The Coca-Cola Company.
|
101
|
The following financial information from The Coca-Cola Company's Quarterly Report on Form 10-Q for the quarter ended June 27, 2014, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Statements of Income for the three and six months ended June 27, 2014, and June 28, 2013, (ii) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 27, 2014, and June 28, 2013, (iii) Condensed Consolidated Balance Sheets as of June 27, 2014, and December 31, 2013, (iv) Condensed Consolidated Statements of Cash Flows for the six months ended June 27, 2014, and June 28, 2013, and (v) Notes to Condensed Consolidated Financial Statements.
|
|
|
THE COCA-COLA COMPANY
(REGISTRANT)
|
|
|
|
|
|
/s/ LARRY M. MARK
|
Date:
|
July 30, 2014
|
Larry M. Mark
Vice President and Controller
(As Principal Accounting Officer)
|
|
|
|
|
|
/s/ MARK RANDAZZA
|
Date:
|
July 30, 2014
|
Mark Randazza
Vice President and Assistant Controller
(On behalf of the Registrant)
|
Exhibit No.
|
|
(With regard to applicable cross-references in the list of exhibits below, the Company's Current, Quarterly and Annual Reports are filed with the Securities and Exchange Commission (the "SEC") under File No. 001-02217.)
|
|
3.1
|
Certificate of Incorporation of the Company, including Amendment of Certificate of Incorporation, dated July 27, 2012 — incorporated herein by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 28, 2012.
|
3.2
|
By-Laws of the Company, as amended and restated through April 25, 2013 — incorporated herein by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed April 26, 2013.
|
4.1
|
As permitted by the rules of the SEC, the Company has not filed certain instruments defining the rights of holders of long-term debt of the Company or consolidated subsidiaries under which the total amount of securities authorized does not exceed 10 percent of the total assets of the Company and its consolidated subsidiaries. The Company agrees to furnish to the SEC, upon request, a copy of any omitted instrument.
|
4.2
|
Amended and Restated Indenture, dated as of April 26, 1988, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-3 (Registration No. 33-50743) filed on October 25, 1993.
|
4.3
|
First Supplemental Indenture, dated as of February 24, 1992, to Amended and Restated Indenture, dated as of April 26, 1988, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.2 to the Company's Registration Statement on Form S-3 (Registration No. 33-50743) filed on October 25, 1993.
|
4.4
|
Second Supplemental Indenture, dated as of November 1, 2007, to Amended and Restated Indenture, dated as of April 26, 1988, as amended, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.3 of the Company's Current Report on Form 8-K filed on March 5, 2009.
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4.5
|
Form of Note for 5.350% Notes due November 15, 2017 — incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed October 31, 2007.
|
4.6
|
Form of Note for 4.875% Notes due March 15, 2019 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on March 5, 2009.
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4.7
|
Form of Note for 1.500% Notes due November 15, 2015 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed November 18, 2010.
|
4.8
|
Form of Note for 3.150% Notes due November 15, 2020 — incorporated herein by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed November 18, 2010.
|
4.9
|
Form of Exchange and Registration Rights Agreement among the Company, the representatives of the initial purchasers of the Notes and the other parties named therein — incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed August 8, 2011.
|
4.10
|
Form of Note for 1.80% Notes due September 1, 2016 — incorporated herein by reference to Exhibit 4.13 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.
|
4.11
|
Form of Note for 3.30% Notes due September 1, 2021 — incorporated herein by reference to Exhibit 4.14 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.
|
4.12
|
Form of Note for 0.750% Notes due March 13, 2015 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on March 14, 2012.
|
4.13
|
Form of Note for 1.650% Notes due March 14, 2018 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on March 14, 2012.
|
4.14
|
Form of Note for Floating Rate Notes due 2015 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed March 5, 2013.
|
4.15
|
Form of Note for 1.150% Notes due 2018 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed March 5, 2013.
|
4.16
|
Form of Note for 2.500% Notes due 2023 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed March 5, 2013.
|
4.17
|
Form of Note for Floating Rate Notes due 2016 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
4.18
|
Form of Note for 0.750% Notes due 2016 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
4.19
|
Form of Note for 1.650% Notes due 2018 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
4.20
|
Form of Note for 2.450% Notes due 2020 — incorporated herein by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
4.21
|
Form of Note for 3.200% Notes due 2023 — incorporated herein by reference to Exhibit 4.8 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
4.22
|
Form of Note for Floating Rate Notes due 2015 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on March 7, 2014.
|
10.1
|
The Coca-Cola Company 2014 Equity Plan — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed April 23, 2014.
|
10.2
|
Letter, dated April 24, 2014 from the Company to Kathy N. Waller — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed April 25, 2014.
|
12.1
|
Computation of Ratios of Earnings to Fixed Charges.
|
31.1
|
Rule 13a-14(a)/15d-14(a) Certification, executed by Muhtar Kent, Chairman of the Board of Directors, Chief Executive Officer and President of The Coca-Cola Company.
|
31.2
|
Rule 13a-14(a)/15d-14(a) Certification, executed by Kathy N. Waller, Executive Vice President and Chief Financial Officer of The Coca-Cola Company.
|
32.1
|
Certifications required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. Section 1350), executed by Muhtar Kent, Chairman of the Board of Directors, Chief Executive Officer and President of The Coca-Cola Company, and by Kathy N. Waller, Executive Vice President and Chief Financial Officer of The Coca-Cola Company.
|
101
|
The following financial information from The Coca-Cola Company's Quarterly Report on Form 10-Q for the quarter ended June 27, 2014, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Statements of Income for the three and six months ended June 27, 2014, and June 28, 2013, (ii) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 27, 2014, and June 28, 2013, (iii) Condensed Consolidated Balance Sheets as of June 27, 2014, and December 31, 2013, (iv) Condensed Consolidated Statements of Cash Flows for the six months ended June 27, 2014, and June 28, 2013, and (v) Notes to Condensed Consolidated Financial Statements.
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