=============================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------- FORM 11-K ------------- |X| ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2000 OR | | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File No. 001-02217 CARIBBEAN REFRESCOS, INC. THRIFT PLAN (Full title of the plan) THE COCA-COLA COMPANY (Name of issuer of the securities held pursuant to the plan) One Coca-Cola Plaza Atlanta, Georgia 30313 (Address of the plan and address of issuer's principal executive offices) =============================================================================== CARIBBEAN REFRESCOS, INC. THRIFT PLAN Financial Statements For the Years Ended December 31, 2000 and 1999 Together With Independent Auditors' Report CARIBBEAN REFRESCOS, INC. THRIFT PLAN Financial Statements and Schedules For the Years Ended December 31, 2000 and 1999 Table of Contents Page ---- Independent Auditors' Report 1 Statements of Net Assets Available for Benefits 2 Statement of Changes in Net Assets Available for Benefits 3 Notes to Financial Statements 4 Supplemental Schedules ---------------------- Schedule H, line 4i - Schedule of Assets (Held at End of Year) 9 Schedule H, line 4j - Schedule of Reportable Transactions 10 To the Thrift Plan Committee of Caribbean Refrescos, Inc. Caribbean Refrescos, Inc. Cidra, Puerto Rico Independent Auditors' Report ---------------------------- We have audited the accompanying statements of net assets available for benefits of the Caribbean Refrescos, Inc. Thrift Plan (the "Plan") as of December 31, 2000 and 1999 and the related statement of changes in net assets available for benefits for the year ended December 31, 2000. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Caribbean Refrescos, Inc. Thrift Plan as of December 31, 2000 and 1999 and the changes in net assets available for benefits for the year ended December 31, 2000, in conformity with accounting principles generally accepted in the United States of America. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held at end of year and reportable transactions are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplemental information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ BANKS, FINLEY, WHITE & CO. June 22, 2001 1 CARIBBEAN REFRESCOS, INC. THRIFT PLAN Statements of Net Assets Available for Benefits December 31, 2000 and 1999 2000 1999 ------------ ------------ ASSETS Cash $ - $ 101,409 Investments (Note 3) 32,425,089 33,405,135 Contributions receivable: Employer 25,608 5,223 Participants 73,759 16,577 ----------- ------------ Total contributions receivable 99,367 21,800 ----------- ------------ Total assets 32,524,456 33,528,344 ----------- ------------ LIABILITIES Due to broker for securities purchased - 97,936 ----------- ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 32,524,456 $ 33,430,408 ============ ============ The accompanying notes are an integral part of the financial statements. 2 CARIBBEAN REFRESCOS, INC. THRIFT PLAN Statement of Changes in Net Assets Available for Benefits For the Year Ended December 31, 2000 ADDITIONS TO NET ASSETS ATTRIBUTED TO: Investment income: Dividend income $ 329,784 Interest income 144,522 ------------ Total investment income 474,306 ------------ Net appreciation in fair value of investments (Note 3) 1,034,062 Contributions: Employer 543,169 Participants 1,495,078 ------------ Total contributions 2,038,247 ------------ Total additions 3,546,615 ------------ DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: Distributions to Participants 4,445,269 Administrative expenses 7,298 ------------ Total deductions 4,452,567 ------------ Net decrease in net assets available for benefits (905,952) Net assets available for benefits, beginning of year 33,430,408 ------------ NETS ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 32,524,456 ============ The accompanying notes are an integral part of the financial statements. 3 CARIBBEAN REFRESCOS, INC. THRIFT PLAN Notes to Financial Statements December 31, 2000 and 1999 NOTE 1 - DESCRIPTION OF PLAN The Caribbean Refrescos, Inc. Thrift Plan (the "Plan") is a defined contribution pension plan covering a majority of the employees of Caribbean Refrescos, Inc. (the "Company"), a wholly-owned subsidiary of The Coca-Cola Company. The election to contribute to the Plan by employees ("Participants") is voluntary. Participant contributions are in the form of payroll deductions with the Company currently contributing an amount equal to 100% of the first 3% of compensation contributed by a Participant subject to certain limitations specified by the Employee Retirement Income Security Act of 1974 (ERISA) and the Puerto Rico Income Tax Act of 1954, as amended. Eligible employees can participate in the Plan after reaching age 18 and completing three months of service. Participants may contribute to the Plan with "Before Tax" dollars or "After Tax" dollars. "Before Tax" contributions are not subject to current federal income taxes. Participants may contribute up to 13% (10% on a "Before Tax" basis) of their annual compensation to the Plan. For 2000, the maximum "Before Tax" annual contribution amount was $8,000. Participants may borrow, subject to certain limitations, from their account balances. These loans may be taken from both "Before Tax" and "After Tax" account balances. All contributions are paid to a trustee and are invested as directed by Participants and the Company. Participants may direct their contributions into any of the following investment funds: COMPANY STOCK FUND - Common stock of The Coca-Cola Company with some moderate cash and/or cash equivalent holdings for liquidity purposes. INVESCO CASH RESERVES FUND - A mutual fund investing primarily in money market instruments that blend superior quality commercial paper with the safest, high-quality government debt obligations available. INVESCO BALANCED FUND - A mutual fund investing in a combination of common stocks (normally 50% to 70% of the fund's total assets) and investment grade fixed-income securities (normally 25% or more). INVESCO SELECT INCOME FUND - A mutual fund investing primarily in bonds and marketable debt securities of established companies. The fund may also invest in securities issued by the U.S. government or its agencies, bank Certificates of Deposit, and municipal obligations. 4 Notes to Financial Statements, Continued NOTE 1 - DESCRIPTION OF PLAN, CONTINUED INVESCO DYNAMICS FUND - A mutual fund investing primarily in common stocks of rapidly growing mid-sized companies. AIM BLUE CHIP FUND - A mutual fund investing in stocks of large companies that are considered to be market leaders in their respective sectors. AIM GLOBAL GROWTH FUND - A mutual fund investing in stocks of large well-established companies in the United States and abroad that show strong earnings momentum. All Company contributions are invested in common stock of The Coca-Cola Company and are immediately vested to the Participants. ADMINISTRATION The Plan is administered by the Thrift Plan Committee of Caribbean Refrescos, Inc. (the "Committee") which, as administrator, has complete control of and sole discretion over the administration of the Plan. Certain administrative expenses of the Plan were paid by the Company. Administrative expenses paid by the Plan during 2000 were $7,298. VALUATION OF PARTICIPANT ACCOUNTS Participants account balances are valued based upon the number of units of each investment fund owned by the Participants. Units are revalued on a daily basis to reflect earnings and other transactions. Participant account balances are updated on a daily basis to reflect transactions affecting account balances. PLAN TERMINATION The Company expects the Plan to be continued indefinitely but reserves the right to terminate the Plan or to discontinue its contributions to the Plan at any time, by written document approved by the Committee. In the event of termination, the Committee may either: (a) continue the trust for as long as it considers advisable, or (b) terminate the trust, pay all expenses from the trust fund, and direct the payment of Participant account balances, either in the form of lump-sum distributions, installment payments, or any other form selected by the Committee. Additional information about the Plan is available from the Company's Human Resources Department. 5 Notes to Financial Statements, Continued NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING The financial statements of the Plan are maintained on an accrual basis. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires Plan management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates. VALUATION OF INVESTMENTS All investments are stated at fair value. The investments in common stock of The Coca-Cola Company and the mutual funds are determined at the quoted prices in active markets at the last reported sales price on the last business day of the Plan year. Participant loans are valued based upon remaining unpaid principal plus any accrued but unpaid interest. RECLASSIFICATIONS Certain reclassifications have been made for the prior year to conform to the current year presentation. NOTE 3 - INVESTMENTS During 2000, the Plan's investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in fair value (as determined by quoted market price) by $1,034,062 as follows: Common stock of The Coca-Cola Company $ 1,260,959 Mutual funds (226,897) ----------- $ 1,034,062 =========== The fair value of individual investments that represent 5% or more of the Plan's net assets at December 31 is as follows: 2000 1999 ---- ---- Common stock of The Coca-Cola Company $ 28,077,563* $ 29,154,358* * Includes both participant and nonparticipant-directed investments. 6 Notes to Financial Statements, Continued NOTE 4 - NONPARTICIPANT-DIRECTED INVESTMENTS The Plan's investment in the Company Stock Fund contains both participant and nonparticipant-directed components. A breakdown between these components is not available, so in accordance with American Institute of Certified Public Accountants (AICPA) Statement of Position (SOP) 99-3, the entire investment in the Company Stock Fund is deemed to be nonparticipant-directed. Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments is as follows: December 31, December 31, 2000 1999 ------------ ------------ Net assets, at fair value: Company Stock Fund $ 28,608,981 $ 29,840,297 Year ended December 31, 2000 ----------------- Changes in net assets: Contributions $ 1,569,222 Dividends 329,784 Net appreciation 1,260,959 Loan activity, net 176,088 Distributions to Participants (3,912,397) Administrative expenses (5,963) Net transfers to other investment funds (649,009) ----------- Net decrease in net assets ($ 1,231,316) =========== NOTE 5 - TRANSACTIONS WITH PARTY-IN-INTEREST During 2000, the Plan purchased 18,323 shares of common stock of The Coca-Cola Company with a fair market value of $919,079. During 2000, the Plan sold 58,067 shares of common stock of The Coca-Cola Company for proceeds of $3,257,693, resulting in a gain of $1,918,455. Dividends earned by the Plan on common stock of The Coca-Cola Company during 2000 were $329,784. As of December 31, 2000 and 1999, the Plan held 460,760 and 500,504 shares of common stock of The Coca-Cola Company with a fair market value of $28,077,563 and $29,154,358, respectively. 7 Notes to Financial Statements, Continued NOTE 6 - INCOME TAX STATUS The Plan qualifies under Section 401(a) of the Internal Revenue Code of 1986 ("IRC") and Section 165(a) and (e) of the Puerto Rico Income Tax Act of 1954, as amended, and is, therefore, not subject to tax under present income tax laws. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Plan obtained its latest determination letter in January, 1990, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the IRC. The Plan has been amended since receiving the determination letter. However, the Caribbean Refrescos, Inc. Thrift Plan Committee and the Company's tax counsel believe that the Plan is currently designed and being operated in material compliance with the applicable requirements of the IRC. 8 CARIBBEAN REFRESCOS, INC. THRIFT PLAN Schedule H, line 4i - Schedule of Assets (Held at End of Year) December 31, 2000
(c) Description of investment including (b) Identity of issue, borrower, maturity date, rate of interest, (e) Current (a) lessor or similar party collateral, par, or maturity value (d) Cost value - --- -------------------------------- ---------------------------------------- ----------- ------------ Short-Term Investments: Federated Government Obligation 531,418 units $ 531,418 $ 531,418 Fund #5 Common Stock: * The Coca-Cola Company 460,760 shares of common stock 10,626,818 28,077,563 Mutual Funds: INVESCO 1,387,870 units of Cash Reserves Fund 1,387,870 1,387,870 INVESCO 18,987 units of Dynamics Fund 558,507 451,322 INVESCO 19,616 units of Balanced Fund 347,809 330,733 INVESCO 5,951 units of Select Income Fund 35,771 35,290 AIM 63,104 units of Blue Chip Fund 1,036,707 994,514 AIM 3,705 units of Global Growth Fund 94,104 82,112 ------------ ------------ Total Mutual Funds 3,460,768 3,281,841 ------------ ------------ Loans to Participants Loans with interest rates ranging from 7.0% to 10.5% N/A 534,267 ------------ ------------ Total Assets (Held at End of Year) $ 14,619,004 $ 32,425,089 ============ ============ * Party-in-interest
9 CARIBBEAN REFRESCOS, INC. THRIFT PLAN Schedule H, line 4j - Schedule of Reportable Transactions For the Year Ended December 31, 2000
(b) Description of (h) Current asset (include (f) Expense value of (a) Identity interest rate incurred (g) Cost asset on of party and maturity in (c) Purchase (d) Selling (e) Lease with of transaction (i) Net gain involved case of a loan) price price rental transaction asset date or (loss) - ------------ ------------------- ------------ ----------- --------- -------------- --------- -------------- ------------- CATEGORY (iii)-ANY TRANSACTION WITHIN THE PLAN YEAR INVOLVING SECURITIES OF THE SAME ISSUE IF WITHIN THE PLAN YEAR ANY SERIES OF TRANSACTIONS AGGREGATE TO MORE THAN 5% OF THE CURRENT VALUE OF PLAN ASSETS AT JANUARY 1, 2000. The Coca-Cola Company Common stock $ 919,079 - - - $ 919,079 $ 919,079 - The Coca-Cola Company Common stock - $ 3,257,693 - - $ 1,339,238 $ 3,257,693 $ 1,918,455 THERE WERE NO CATEGORY (i), (ii) OR (iv) REPORTABLE TRANSACTIONS DURING THE YEAR ENDED DECEMBER 31, 2000. NOTE: THE PLAN'S TRANSACTIONS INVOLVING COMMON STOCK OF THE COCA-COLA COMPANY INCLUDE BOTH PARTICIPANT AND NONPARTICIPANT-DIRECTED COMPONENTS. A BREAKDOWN BETWEEN THESE COMPONENTS IS NOT AVAILABLE, SO THE INFORMATION PRESENTED ABOVE INCLUDES BOTH PARTICIPANT AND NONPARTICIPANT-DIRECTED TRANSACTIONS.
10 SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Caribbean Refrescos, Inc. Thrift Plan Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. CARIBBEAN REFRESCOS, INC. THRIFT PLAN (Name of Plan) By: /s/ Lesbia Blanco --------------------------------- LESBIA BLANCO Member, Caribbean Refrescos, Inc. Thrift Plan Committee Date: June 27, 2001 EXHIBIT INDEX Exhibit No. Description 23 Consent of Independent Auditors