![]() ![]() ![]() ![]() | Contacts: Investors and Analysts: Jackson Kelly T +01 404.676.7563 Media: Kent Landers T +01 404.676.2683 | The Coca-Cola Company Global Public Affairs & Communications Department P.O. Box 1734 Atlanta, GA 30301 |
• | Strong full-year global volume growth of 4%, in line with our long-term growth target and led by brand Coca-Cola, up 3%. Global volume grew 3% in the quarter, driven by international volume growth of 4% and North America volume growth of 1%. |
• | Full-year reported net revenues grew 3% and comparable currency neutral net revenues grew 6%, in line with our long-term growth target. Fourth quarter reported net revenues grew 4% and comparable currency neutral net revenues grew 5%. |
• | Full-year reported and comparable currency neutral operating income both grew 6%, in line with our long-term growth target. Fourth quarter reported operating income grew 12% and comparable currency neutral operating income grew 14%. |
• | Currency was a 3% headwind on comparable net revenues and a 5% headwind on comparable operating income for the full year. |
• | Full-year reported EPS was $1.97, up 6%, and comparable EPS was $2.01, up 5%. Fourth quarter reported EPS was $0.41, up 14%, and comparable EPS was $0.45, up 15%. |
• | Evolution of global bottling system continues, with bottler-led consolidation announced in Japan and Brazil, and a majority interest in our Philippine bottling operations sold to Coca-Cola FEMSA (transaction completed in January 2013). |
Three Months Ended December 31, 2012 | |||||
% Favorable / (Unfavorable) | |||||
Unit Case Volume | Net Revenues | Operating Income | Comparable Currency Neutral Operating Income | ||
Total Company | 3 | 4 | 12 | 14 | |
Eurasia & Africa | 10 | 5 | 18 | 23 | |
Europe | (5) | (6) | 13 | 12 | |
Latin America | 5 | 8 | 10 | 16 | |
North America | 1 | 6 | 12 | 11 | |
Pacific | 2 | (1) | 11 | 10 | |
Bottling Investments | 5 | 6 | — | 27 |
Year Ended December 31, 2012 | |||||
% Favorable / (Unfavorable) | |||||
Unit Case Volume | Net Revenues | Operating Income | Comparable Currency Neutral Operating Income | ||
Total Company | 4 | 3 | 6 | 6 | |
Eurasia & Africa | 11 | 5 | 7 | 16 | |
Europe | (1) | (6) | (4) | (1) | |
Latin America | 5 | 3 | 2 | 12 | |
North America | 2 | 5 | 12 | 2 | |
Pacific | 5 | 3 | 13 | 6 | |
Bottling Investments | 10 | 4 | (37) | 10 |
• | Our Eurasia and Africa Group's volume grew 10% in the quarter and 11% for the full year (up 7% and 9%, respectively, excluding the benefit of acquired volume), cycling 4% growth in the prior year quarter and 6% growth in the prior year. Growth in the quarter was led by the Middle East and North Africa, up 26% (up 13% excluding the benefit of acquired volume), |
• | During the quarter, Eurasia and Africa grew volume and value share in NARTD beverages as well as in core sparkling beverages, juices and juice drinks, sports drinks and energy drinks. Sparkling beverage volume grew 7% in the quarter, led by brand Coca-Cola, which also grew 7%. Sprite and Fanta volume both grew 6% in the quarter. Still beverage volume grew 23% in the quarter, including the benefit of acquired volume which added 12 points of growth. In India, we gained strong volume and value share in NARTD beverages as well as in sparkling and still beverages in the quarter. India sparkling beverage growth in the quarter was led by brand Coca-Cola, up 32% and driven by customized integrated marketing campaigns centered on the mealtime occasion. India has now delivered six consecutive years of double-digit volume growth. Russia volume growth in the quarter continued to be led by our sparkling beverage brands, including brand Coca-Cola, up 19%, Fanta, up 25% and Sprite, up 16%. We gained volume and value share in NARTD beverages as well as in core sparkling and still beverages in Russia, with a strong marketing campaign tied to the Christmas holidays as well as a continued focus on packaging segmentation to drive household penetration. As a result, our business in Russia has now achieved an all-time high market share. The momentum behind our juice business in Russia continued in the quarter, with flagship brand Dobriy up 18% and premium brand Rich up 32%. |
• | Our Europe Group's volume declined 5% in the quarter and 1% for the full year, cycling 1% growth in the prior year quarter and 2% growth in the prior year, reflecting the ongoing macroeconomic uncertainty and weak consumer confidence across the region. Reported net revenues declined 6% in the quarter, reflecting a 3% decline in concentrate sales, unfavorable price/mix of 1% and a 2% currency impact. After adjusting for unit case sales without concentrate sales equivalents and the effect of two additional selling days, concentrate sales were in line with unit case sales in the quarter. Comparable currency neutral net revenues declined 4% in the quarter. Reported operating income increased 13% in the quarter. Comparable currency neutral operating income increased 12% in the quarter, reflecting operating leverage as a result of two additional selling days in the quarter as well as the tight management and timing of operating expenses. For the full year, reported net revenues declined 6%, reflecting a 2% decline in concentrate sales, even price/mix and a 4% currency impact. Full-year concentrate sales were in line with unit case sales. Comparable currency neutral net revenues declined 2% for the full year. Reported operating income declined 4% for the full year. Comparable currency neutral operating income declined 1% for the full year, reflecting the impact of volume performance and mix shifts, partially offset by efficient expense management. |
• | During the quarter, the Europe Group maintained volume share and gained value share in still beverages. In a quarter marked by declines in the overall beverage industry in Europe, our sparkling beverage volume in Europe declined 5% in the quarter and our still beverage volume declined 3% as a result of continued weak consumer confidence, adverse weather and aggressive competitive pricing. For the year, we leveraged integrated marketing campaigns centered on holiday activation, our 2012 Olympic Games partnership and Coke with Meals programming. Germany volume declined 5% in the quarter, cycling 9% growth in the prior year quarter, and grew 1% for the full year, cycling 6% growth in the prior year. Performance for Germany during the year was driven by strong commercial campaigns such as our 2012 Olympic Games partnership and the Coca-Cola Christmas Truck Tour, music-themed integrated marketing campaigns, a continued focus on low-calorie and no-calorie sparkling beverages and packaging segmentation to drive recruitment and household penetration. Volume in the Central and Southern Europe region declined 3% in the quarter and 1% for the full year, with share gains in sparkling beverages supported by strong brand health scores and growth in Coca-Cola Zero, up 15% in the quarter. Volume in the Northwest Europe & Nordics region declined 5% in the quarter and 3% for the full year, and |
• | Our Latin America Group's volume grew 5% in the quarter and for the full year, cycling 4% growth in the prior year quarter and 6% growth in the prior year. All business units in Latin America grew volume in the quarter and for the full year, with 9% growth in Latin Center, 5% growth in both Mexico and Brazil and 4% growth in South Latin during the quarter. Reported net revenues for the quarter increased 8%, reflecting concentrate sales growth of 6% and positive price/mix of 8%, offset by a currency impact of 4% and a 2% impact related to structural changes. After adjusting for unit case sales without concentrate sales equivalents and the effect of two additional selling days, concentrate sales in the quarter lagged unit case volume due to timing. Comparable currency neutral net revenues increased 12% in the quarter. Reported operating income increased 10% in the quarter, with comparable currency neutral operating income up 16%, primarily reflecting operating leverage as a result of two additional selling days in the quarter as well as solid volume growth and favorable pricing across all business units in the group. For the full year, reported net revenues increased 3%, reflecting concentrate sales growth of 5% and positive price/mix of 7%, offset by a currency impact of 8% and a 1% impact related to structural changes. Full-year concentrate sales slightly lagged unit case volume. Comparable currency neutral net revenues increased 11% for the full year. Reported operating income increased 2% for the full year. Comparable currency neutral operating income increased 12% for the full year, primarily reflecting solid volume growth and favorable pricing across the group, partially offset by continued investments in the business, including some initial investments related to the 2014 World Cup. |
• | During the quarter, the Latin America Group gained volume and value share in NARTD beverages, resulting in the eighth consecutive year of share gains. This consistently strong performance is driven by continued investments behind our brands, strong activation of holiday programming and a competitively advantaged package/price portfolio. Sparkling beverage volume was up 3% in the quarter, with a strong focus on growing our portfolio of flavored sparkling brands. Brand Coca-Cola volume grew 3% in the quarter while Fanta was up 7% and Sprite was up 5%. Still beverage volume grew 16% in the quarter, driven by ready-to-drink tea, up double digits as a result of the newly launched Fuze Tea, as well as 22% growth in sports drinks, 16% growth in packaged water and 8% growth in juices and |
• | Our North America Group's volume grew 1% in the quarter and 2% for the full year, cycling 1% growth in the prior year quarter and 1% organic growth in the prior year. Reported net revenues for the quarter increased 6%, reflecting “as reported” volume growth of 5%, including the benefit of two additional selling days in the quarter, and a 1% benefit from structural changes, primarily related to the acquisition of Great Plains Coca-Cola Bottling Company. North America price/mix in the quarter was even. Fourth quarter reported operating income grew 12%. Comparable currency neutral operating income grew 11% in the quarter, reflecting positive volume growth and operating leverage as a result of two additional selling days in the quarter, partially offset by higher commodity costs and ongoing investments in marketplace executional capabilities. This operating income growth represents continued sequential improvement quarterly throughout 2012. For the full year, reported net revenues increased 5%, reflecting volume growth of 2%, positive price/mix of 2% and a 1% benefit from structural changes, primarily related to the acquisition of Great Plains Coca-Cola Bottling Company. Full-year reported operating income increased 12%, which includes the effect of items impacting comparability, principally costs related to the integration of the former North America business of Coca-Cola Enterprises (CCE), as well as net gains/losses related to our economic hedges, primarily commodities. Comparable currency neutral operating income grew 2% for the full year, primarily due to positive volume growth and favorable pricing, partially offset by higher commodity costs and ongoing investments in marketplace executional capabilities. |
• | During the quarter and for the full year, North America gained volume and value share in NARTD beverages as we continue to build strong value-creating brands, improve customer service and develop system capabilities. In addition, we gained volume and value share in sparkling beverages as well as in all still beverage categories, except the packaged water category, where Dasani maintains a significant price premium over private label competition, supported by our PlantBottle PET packaging. Sparkling beverage volume declined 2% in the quarter with sparkling beverage price/mix growth of 1%. Sparkling beverage volume declined 1% for the full year. Coca-Cola Zero volume grew mid single digits in the quarter and high single digits for the full year. Fanta volume was up 10% in the quarter, led by |
• | As part of our previously announced global Productivity and Reinvestment Program, we are reorganizing our Coca-Cola Refreshments business in the United States to align its sales and operating functions around three geographies – East, Central and West. We are taking this action as part of our ongoing effort to further improve our processes and systems, and to ensure greater operating effectiveness and productivity across our North America operations. This new alignment is in keeping with the ongoing evolution of our North America business model, as we work to further enhance our capabilities to deliver our 2020 Vision. |
• | Our Pacific Group's volume grew 2% in the quarter and 5% for the full year, cycling 5% growth in both the prior year quarter and full year. All business units in the Pacific Group delivered volume growth for full-year 2012, with 11% growth in the ASEAN region, 5% growth in the Greater China and Korea region, 2% growth in Japan and 1% growth in the South Pacific region. Reported net revenues for the quarter declined 1%, reflecting a 1% decline in concentrate sales and even price/mix. After adjusting for unit case sales without concentrate sales equivalents and the effect of two additional selling days, concentrate sales in the quarter lagged unit case sales, primarily due to timing, including a later Chinese New Year in 2013. Comparable currency neutral net revenues were even in the quarter. Reported operating income increased 11% in the quarter, reflecting operating leverage as a result of two additional selling days in the quarter and ongoing productivity initiatives, as well as positive geographic mix, partially offset by shifts in product and channel mix. In addition, fourth quarter reported operating income reflects a 2% currency benefit. Comparable currency neutral operating income increased 10% in the quarter. For the full year, reported |
• | During the quarter, South Korea and Thailand volume and share growth momentum continued. The Philippines volume grew 6% in the quarter, reflecting the benefit of consistent investment in executional capabilities there by our Bottling Investments Group over time. Japan volume declined 4% in the quarter, cycling 5% growth in the prior year quarter, and China volume declined 4%, cycling 10% growth in the prior year quarter. In Japan, our continued focus on investing in new and growing categories has led to two new billion-dollar brands in our global portfolio, Ayataka premium green tea and I LOHAS single-serve packaged water. Our fourth quarter China volume was impacted by the ongoing economic slowdown as well as poor weather, the cycling of double-digit growth from the prior year and a later Chinese New Year in 2013. During the year, our strong sparkling beverage portfolio in China continued to expand our nearly 2 to 1 share advantage over our primary competitor. As we look ahead to 2013, we continue to expect China's recent economic slowdown to have a short-term effect on our industry and on our business, although we do expect to see some improvement in consumer disposable income as the year progresses. As such, we expect our China business to deliver sequential improvement as we move through the rest of 2013. We have every confidence in the long-term resilience of our China business and we remain very excited about our opportunities in this region. |
• | Our Bottling Investments Group's volume grew 5% in the quarter on an average daily sales basis, and grew 10% for the full year. Reported net revenues for the quarter grew 6%. This reflects 3% growth in “as reported” volume, positive price/mix of 1% and a 5% benefit due to structural changes, primarily the acquisition of the Vietnam, Cambodia and Guatemala |
• | All references to growth rate percentages, share and cycling of growth rates compare the results of the period to those of the prior year comparable period. |
• | “Concentrate sales” represents the amount of concentrates, syrups, beverage bases and powders sold by, or used in finished beverages sold by, the Company to its bottling partners or other customers. |
• | “Sparkling beverages” means NARTD beverages with carbonation, including energy drinks and carbonated waters and flavored waters. |
• | “Still beverages” means nonalcoholic beverages without carbonation, including noncarbonated waters, flavored waters and enhanced waters, juices and juice drinks, teas, coffees, sports drinks and noncarbonated energy drinks. |
• | All references to volume and volume percentage changes indicate unit case volume, except for the reference to volume included in the explanation of net revenue growth for North America. All volume percentage changes are computed based on average daily sales for the fourth quarter, unless otherwise noted, and are computed on a reported basis for the full year. “Unit case” means a unit of measurement equal to 24 eight-ounce servings of finished beverage. “Unit case volume” means the number of unit cases (or unit case equivalents) of Company beverages directly or indirectly sold by the Company and its bottling partners to customers. |
• | For both North America and Bottling Investments Group, net revenue growth attributable to volume reflects the increase in “as reported” volume, which is based on as reported sales rather than average daily sales and may include the impact of structural changes. For North America, this volume represents Coca-Cola Refreshments' unit case sales (which are equivalent to concentrate sales) plus concentrate sales to non-Company-owned bottling operations. |
• | Fourth quarter 2012 financial results were impacted by two additional selling days, which offset the impact of one less selling day in first quarter 2012 results. Unit case volume results for the quarters are not impacted by the variance in selling days due to the average daily sales computation referenced above. |
• | Due to the refocusing in 2012 of the Beverage Partners Worldwide (BPW) ready-to-drink tea joint venture with Nestlé S.A. (Nestlé), we have eliminated the BPW joint venture volume and associated concentrate sales from our reported results for both 2011 and 2012 in those countries in which the joint venture was phased out during 2012. In addition, we have eliminated the Nestea licensed volume and associated concentrate sales in the U.S. due to |
• | The Company reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). However, management believes that certain non-GAAP financial measures provide users with additional meaningful financial information that should be considered when assessing our ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. Our non-GAAP financial information does not represent a comprehensive basis of accounting. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||
Condensed Consolidated Statements of Income | |||||||||
(UNAUDITED) | |||||||||
(In millions except per share data) | |||||||||
Three Months Ended | |||||||||
December 31, 2012 | December 31, 2011 | % Change | |||||||
As Adjusted1 | |||||||||
Net Operating Revenues | $ | 11,455 | $ | 11,040 | 4 | ||||
Cost of goods sold | 4,628 | 4,403 | 5 | ||||||
Gross Profit | 6,827 | 6,637 | 3 | ||||||
Selling, general and administrative expenses | 4,430 | 4,406 | 1 | ||||||
Other operating charges | 214 | 275 | — | ||||||
Operating Income | 2,183 | 1,956 | 12 | ||||||
Interest income | 126 | 127 | (1) | ||||||
Interest expense | 95 | 104 | (9) | ||||||
Equity income (loss) — net | 182 | 155 | 17 | ||||||
Other income (loss) — net | (19 | ) | 82 | — | |||||
Income Before Income Taxes | 2,377 | 2,216 | 7 | ||||||
Income taxes | 487 | 539 | (10) | ||||||
Consolidated Net Income | 1,890 | 1,677 | 13 | ||||||
Less: Net income attributable to noncontrolling interests | 24 | 20 | 20 | ||||||
Net Income Attributable to Shareowners of The Coca-Cola Company | $ | 1,866 | $ | 1,657 | 13 | ||||
Diluted Net Income Per Share2,3 | $ | 0.41 | $ | 0.36 | 14 | ||||
Average Shares Outstanding — Diluted2,3 | 4,557 | 4,611 |
1 | Effective January 1, 2012, the Company elected to change our accounting methodology for determining the market-related value of assets for our U.S. qualified defined benefit pension plans. The Company's change in accounting methodology has been applied retrospectively, and we have adjusted all prior period financial information presented herein as required. |
2 | For the three months ended December 31, 2012 and 2011, basic net income per share was $0.42 for 2012 and $0.37 for 2011 based on average shares outstanding — basic of 4,479 for 2012 and 4,536 for 2011. Basic net income per share and diluted net income per share are calculated based on net income attributable to shareowners of The Coca-Cola Company. |
3 | Following shareowner approval, the Company amended its certificate of incorporation on July 27, 2012, to increase the number of authorized shares of common stock from 5.6 billion to 11.2 billion and effect a two-for-one stock split of the common stock. Accordingly, all share and per share data presented herein reflects the impact of the increase in authorized shares and the stock split. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||
Condensed Consolidated Statements of Income | |||||||||
(UNAUDITED) | |||||||||
(In millions except per share data) | |||||||||
Year Ended | |||||||||
December 31, 2012 | December 31, 2011 | % Change | |||||||
As Adjusted1 | |||||||||
Net Operating Revenues | $ | 48,017 | $ | 46,542 | 3 | ||||
Cost of goods sold | 19,053 | 18,215 | 5 | ||||||
Gross Profit | 28,964 | 28,327 | 2 | ||||||
Selling, general and administrative expenses | 17,738 | 17,422 | 2 | ||||||
Other operating charges | 447 | 732 | — | ||||||
Operating Income | 10,779 | 10,173 | 6 | ||||||
Interest income | 471 | 483 | (2) | ||||||
Interest expense | 397 | 417 | (5) | ||||||
Equity income (loss) — net | 819 | 690 | 19 | ||||||
Other income (loss) — net | 137 | 529 | — | ||||||
Income Before Income Taxes | 11,809 | 11,458 | 3 | ||||||
Income taxes | 2,723 | 2,812 | (3) | ||||||
Consolidated Net Income | 9,086 | 8,646 | 5 | ||||||
Less: Net income attributable to noncontrolling interests | 67 | 62 | 8 | ||||||
Net Income Attributable to Shareowners of The Coca-Cola Company | $ | 9,019 | $ | 8,584 | 5 | ||||
Diluted Net Income Per Share2,3 | $ | 1.97 | $ | 1.85 | 6 | ||||
Average Shares Outstanding — Diluted2,3 | 4,584 | 4,646 |
1 | Effective January 1, 2012, the Company elected to change our accounting methodology for determining the market-related value of assets for our U.S. qualified defined benefit pension plans. The Company's change in accounting methodology has been applied retrospectively, and we have adjusted all prior period financial information presented herein as required. |
2 | For the years ended December 31, 2012 and 2011, basic net income per share was $2.00 for 2012 and $1.88 for 2011 based on average shares outstanding — basic of 4,504 for 2012 and 4,568 for 2011. Basic net income per share and diluted net income per share are calculated based on net income attributable to shareowners of The Coca-Cola Company. |
3 | Following shareowner approval, the Company amended its certificate of incorporation on July 27, 2012, to increase the number of authorized shares of common stock from 5.6 billion to 11.2 billion and effect a two-for-one stock split of the common stock. Accordingly, all share and per share data presented herein reflects the impact of the increase in authorized shares and the stock split. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||
Condensed Consolidated Balance Sheets | |||||||
(UNAUDITED) | |||||||
(In millions except par value) | |||||||
December 31, 2012 | December 31, 2011 | ||||||
As Adjusted1 | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 8,442 | $ | 12,803 | |||
Short-term investments | 5,017 | 1,088 | |||||
Total Cash, Cash Equivalents and Short-Term Investments | 13,459 | 13,891 | |||||
Marketable securities | 3,092 | 144 | |||||
Trade accounts receivable, less allowances of $53 and $83, respectively | 4,759 | 4,920 | |||||
Inventories | 3,264 | 3,092 | |||||
Prepaid expenses and other assets | 2,781 | 3,450 | |||||
Assets held for sale | 2,973 | — | |||||
Total Current Assets | 30,328 | 25,497 | |||||
Equity Method Investments | 9,216 | 7,233 | |||||
Other Investments, Principally Bottling Companies | 1,232 | 1,141 | |||||
Other Assets | 3,585 | 3,495 | |||||
Property, Plant and Equipment — net | 14,476 | 14,939 | |||||
Trademarks With Indefinite Lives | 6,527 | 6,430 | |||||
Bottlers' Franchise Rights With Indefinite Lives | 7,405 | 7,770 | |||||
Goodwill | 12,255 | 12,219 | |||||
Other Intangible Assets | 1,150 | 1,250 | |||||
Total Assets | $ | 86,174 | $ | 79,974 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable and accrued expenses | $ | 8,680 | $ | 9,009 | |||
Loans and notes payable | 16,297 | 12,871 | |||||
Current maturities of long-term debt | 1,577 | 2,041 | |||||
Accrued income taxes | 471 | 362 | |||||
Liabilities held for sale | 796 | — | |||||
Total Current Liabilities | 27,821 | 24,283 | |||||
Long-Term Debt | 14,736 | 13,656 | |||||
Other Liabilities | 5,468 | 5,420 | |||||
Deferred Income Taxes | 4,981 | 4,694 | |||||
The Coca-Cola Company Shareowners' Equity | |||||||
Common stock, $0.25 par value; Authorized — 11,200 shares; Issued — 7,040 and 7,040 shares, respectively2 | 1,760 | 1,760 | |||||
Capital surplus | 11,379 | 10,332 | |||||
Reinvested earnings | 58,045 | 53,621 | |||||
Accumulated other comprehensive income (loss) | (3,385 | ) | (2,774 | ) | |||
Treasury stock, at cost — 2,571 and 2,514 shares, respectively2 | (35,009 | ) | (31,304 | ) | |||
Equity Attributable to Shareowners of The Coca-Cola Company | 32,790 | 31,635 | |||||
Equity Attributable to Noncontrolling Interests | 378 | 286 | |||||
Total Equity | 33,168 | 31,921 | |||||
Total Liabilities and Equity | $ | 86,174 | $ | 79,974 |
1 | Effective January 1, 2012, the Company elected to change our accounting methodology for determining the market-related value of assets for our U.S. qualified defined benefit pension plans. The Company's change in accounting methodology has been applied retrospectively, and we have adjusted all prior period financial information presented herein as required. |
2 | Following shareowner approval, the Company amended its certificate of incorporation on July 27, 2012, to increase the number of authorized shares of common stock from 5.6 billion to 11.2 billion and effect a two-for-one stock split of the common stock. Accordingly, all share and per share data presented herein reflects the impact of the increase in authorized shares and the stock split. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(UNAUDITED) | |||||||
(In millions) | |||||||
Year Ended | |||||||
December 31, 2012 | December 31, 2011 | ||||||
As Adjusted1 | |||||||
Operating Activities | |||||||
Consolidated net income | $ | 9,086 | $ | 8,646 | |||
Depreciation and amortization | 1,982 | 1,954 | |||||
Stock-based compensation expense | 259 | 354 | |||||
Deferred income taxes | 632 | 1,035 | |||||
Equity (income) loss — net of dividends | (426 | ) | (269 | ) | |||
Foreign currency adjustments | (130 | ) | 7 | ||||
Significant (gains) losses on sales of assets — net | (98 | ) | (220 | ) | |||
Other operating charges | 166 | 214 | |||||
Other items | 254 | (354 | ) | ||||
Net change in operating assets and liabilities | (1,080 | ) | (1,893 | ) | |||
Net cash provided by operating activities | 10,645 | 9,474 | |||||
Investing Activities | |||||||
Purchases of short-term investments | (9,590 | ) | (4,057 | ) | |||
Proceeds from disposals of short-term investments | 5,622 | 5,647 | |||||
Acquisitions and investments | (1,535 | ) | (977 | ) | |||
Purchases of other investments | (5,266 | ) | (787 | ) | |||
Proceeds from disposals of bottling companies and other investments | 2,189 | 562 | |||||
Purchases of property, plant and equipment | (2,780 | ) | (2,920 | ) | |||
Proceeds from disposals of property, plant and equipment | 143 | 101 | |||||
Other investing activities | (187 | ) | (93 | ) | |||
Net cash provided by (used in) investing activities | (11,404 | ) | (2,524 | ) | |||
Financing Activities | |||||||
Issuances of debt | 42,791 | 27,495 | |||||
Payments of debt | (38,573 | ) | (22,530 | ) | |||
Issuances of stock | 1,489 | 1,569 | |||||
Purchases of stock for treasury | (4,559 | ) | (4,513 | ) | |||
Dividends | (4,595 | ) | (4,300 | ) | |||
Other financing activities | 100 | 45 | |||||
Net cash provided by (used in) financing activities | (3,347 | ) | (2,234 | ) | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (255 | ) | (430 | ) | |||
Cash and Cash Equivalents | |||||||
Net increase (decrease) during the period | (4,361 | ) | 4,286 | ||||
Balance at beginning of period | 12,803 | 8,517 | |||||
Balance at end of period | $ | 8,442 | $ | 12,803 |
1 | Effective January 1, 2012, the Company elected to change our accounting methodology for determining the market-related value of assets for our U.S. qualified defined benefit pension plans. The Company's change in accounting methodology has been applied retrospectively, and we have adjusted all prior period financial information presented herein as required. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Operating Segments | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
Net Operating Revenues | Operating Income (Loss)1 | Income (Loss) Before Income Taxes1 | |||||||||||||||||||||||||||||||
December 31, 2012 | December 31, 2011 | % Fav. / (Unfav.) | December 31, 2012 | December 31, 2011 | % Fav. / (Unfav.) | December 31, 2012 | December 31, 2011 | % Fav. / (Unfav.) | |||||||||||||||||||||||||
Eurasia & Africa | $ | 697 | $ | 663 | 5 | $ | 273 | $ | 231 | 18 | $ | 281 | $ | 233 | 21 | ||||||||||||||||||
Europe | 1,143 | 1,212 | (6 | ) | 670 | 593 | 13 | 675 | 598 | 13 | |||||||||||||||||||||||
Latin America | 1,274 | 1,177 | 8 | 715 | 652 | 10 | 718 | 658 | 9 | ||||||||||||||||||||||||
North America | 5,292 | 4,993 | 6 | 558 | 498 | 12 | 558 | 500 | 12 | ||||||||||||||||||||||||
Pacific | 1,346 | 1,357 | (1 | ) | 426 | 382 | 11 | 434 | 383 | 13 | |||||||||||||||||||||||
Bottling Investments | 2,087 | 1,977 | 6 | (29 | ) | 35 | — | 154 | 197 | (22 | ) | ||||||||||||||||||||||
Corporate | 19 | 34 | (46 | ) | (430 | ) | (435 | ) | 1 | (443 | ) | (353 | ) | (25 | ) | ||||||||||||||||||
Eliminations | (403 | ) | (373 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Consolidated | $ | 11,455 | $ | 11,040 | 4 | $ | 2,183 | $ | 1,956 | 12 | $ | 2,377 | $ | 2,216 | 7 |
1 | Effective January 1, 2012, the Company elected to change our accounting methodology for determining the market-related value of assets for our U.S. qualified defined benefit pension plans. The Company's change in accounting methodology has been applied retrospectively, and we have adjusted all prior period financial information presented herein as required. |
Note: | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
• | Intersegment revenues were $26 million for Eurasia and Africa, $154 million for Europe, $95 million for Latin America, $2 million for North America, $104 million for Pacific and $22 million for Bottling Investments. |
• | Operating income (loss) and income (loss) before income taxes were reduced by $1 million for Europe, $70 million for North America, $2 million for Pacific, $119 million for Bottling Investments and $20 million for Corporate due to charges related to the Company's productivity and reinvestment program as well as other restructuring initiatives. Operating income (loss) and income (loss) before income taxes were increased by $1 million for Europe due to the refinement of previously established accruals related to the Company's 2008-2011 productivity initiatives. Operating income (loss) and income (loss) before income taxes were increased by $1 million for North America due to the refinement of previously established accruals related to the Company's integration of Coca-Cola Enterprises Inc.'s ("CCE") former North America business. |
• | Operating income (loss) and income (loss) before income taxes were reduced by $6 million for North America due to the loss or damage of certain fixed assets as a result of Hurricane Sandy. |
• | Operating income (loss) and income (loss) before income taxes were reduced by $6 million for Corporate due to the elimination of the Company's proportionate share of gross profit in inventory on sales to Embotelladora Andina S.A. ("Andina") following its merger with Embotelladoras Coca-Cola Polar S.A. ("Polar"). Subsequent to this transaction, the Company has an ownership interest in Andina that we account for under the equity method of accounting. |
• | Operating income (loss) and income (loss) before income taxes were increased by $3 million for Corporate due to a net gain on the sale of land held by one of the Company's consolidated bottling operations, partially offset by transaction costs associated with the Company's acquisition of an equity ownership interest in Mikuni Coca-Cola Bottling Co., Ltd. ("Mikuni"), a bottling partner with operations in Japan. |
• | Income (loss) before income taxes was increased by $185 million for Corporate due to the gain the Company recognized as a result of the merger of Andina and Polar. |
• | Income (loss) before income taxes was reduced by $108 million for Corporate due to the loss the Company recognized on the pending sale of a majority ownership interest in our Philippine bottling operations to Coca-Cola FEMSA S.A.B. de C.V. ("Coca-Cola FEMSA"). This transaction was completed in January 2013. As of December 31, 2012, the assets and liabilities associated with our Philippine bottling operations were classified as held for sale in our consolidated balance sheets. |
• | Income (loss) before income taxes was reduced by $82 million for Corporate due to the Company acquiring an ownership interest in Mikuni for which we paid a premium over the publicly traded market price. This premium was expensed on the acquisition date. Subsequent to this transaction, the Company accounts for our investment in Mikuni under the equity method of accounting. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||||||||||
Operating Segments | ||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||
(In millions) | ||||||||||||||||||
Three Months Ended (continued) |
• | Income (loss) before income taxes was reduced by $25 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 $16 million for Corporate due to other-than-temporary declines in the fair values of certain cost method investments. |
• | Income (loss) before income taxes was reduced by $1 million for Europe and was increased by $1 million for Eurasia and Africa, $1 million for Latin America, $1 million for North America and $1 million for Pacific due to changes in the structure of Beverage Partners Worldwide ("BPW"), our 50/50 joint venture with Nestlé S.A. ("Nestlé") in the ready-to-drink tea category. |
• | Income (loss) before income taxes was reduced by $5 million for Corporate due to charges associated with the Company's indemnification of a previously consolidated entity. |
• | Intersegment revenues were $28 million for Eurasia and Africa, $160 million for Europe, $82 million for Latin America, $1 million for North America, $78 million for Pacific and $24 million for Bottling Investments. |
• | Operating income (loss) and income (loss) before income taxes were reduced by $3 million for Eurasia and Africa, $20 million for Europe, $1 million for Latin America, $145 million for North America, $1 million for Pacific, $31 million for Bottling Investments and $64 million for Corporate, primarily due to the Company’s productivity, integration and restructuring initiatives. |
• | Operating income (loss) and income (loss) before income taxes were reduced by $10 million for Corporate due to charges associated with the floods in Thailand that impacted the Company's supply chain operations in the region. |
• | Income (loss) before income taxes was reduced by $13 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 increased by a net $122 million for Corporate, primarily due to gains the Company recognized as a result of an equity method investee 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. These gains were partially offset by charges associated with certain of the Company's equity method investments in Japan. |
• | Income (loss) before income taxes was reduced by $17 million for Corporate due to other-than-temporary declines in the fair values of certain available-for-sale securities. |
• | Income (loss) before income taxes was reduced by $1 million for Corporate due to costs associated with the early extinguishment of certain long-term debt. This debt existed prior to the Company's acquisition of CCE's former North America business. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Operating Segments | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
Net Operating Revenues | Operating Income (Loss)1 | Income (Loss) Before Income Taxes1 | |||||||||||||||||||||||||||||||
December 31, 2012 | December 31, 2011 | % Fav. / (Unfav.) | December 31, 2012 | December 31, 2011 | % Fav. / (Unfav.) | December 31, 2012 | December 31, 2011 | % Fav. / (Unfav.) | |||||||||||||||||||||||||
Eurasia & Africa | $ | 2,970 | $ | 2,841 | 5 | $ | 1,169 | $ | 1,091 | 7 | $ | 1,192 | $ | 1,089 | 9 | ||||||||||||||||||
Europe | 5,123 | 5,474 | (6 | ) | 2,960 | 3,090 | (4 | ) | 3,015 | 3,134 | (4 | ) | |||||||||||||||||||||
Latin America | 4,831 | 4,690 | 3 | 2,879 | 2,815 | 2 | 2,882 | 2,832 | 2 | ||||||||||||||||||||||||
North America | 21,680 | 20,571 | 5 | 2,597 | 2,319 | 12 | 2,624 | 2,327 | 13 | ||||||||||||||||||||||||
Pacific | 6,035 | 5,838 | 3 | 2,425 | 2,151 | 13 | 2,432 | 2,154 | 13 | ||||||||||||||||||||||||
Bottling Investments | 8,895 | 8,591 | 4 | 140 | 224 | (37 | ) | 904 | 897 | 1 | |||||||||||||||||||||||
Corporate | 127 | 159 | (20 | ) | (1,391 | ) | (1,517 | ) | 8 | (1,240 | ) | (975 | ) | (27 | ) | ||||||||||||||||||
Eliminations | (1,644 | ) | (1,622 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Consolidated | $ | 48,017 | $ | 46,542 | 3 | $ | 10,779 | $ | 10,173 | 6 | $ | 11,809 | $ | 11,458 | 3 |
1 | Effective January 1, 2012, the Company elected to change our accounting methodology for determining the market-related value of assets for our U.S. qualified defined benefit pension plans. The Company's change in accounting methodology has been applied retrospectively, and we have adjusted all prior period financial information presented herein as required. |
Note: | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
• | Intersegment revenues were $152 million for Eurasia and Africa, $642 million for Europe, $271 million for Latin America, $15 million for North America, $476 million for Pacific and $88 million for Bottling Investments. |
• | Operating income (loss) and income (loss) before income taxes were reduced by $1 million for Europe, $227 million for North America, $3 million for Pacific, $164 million for Bottling Investments and $38 million for Corporate due to charges related to the Company's productivity and reinvestment program as well as other restructuring initiatives. Operating income (loss) and income (loss) before income taxes were increased by $4 million for Europe, $1 million for Pacific and $5 million for Corporate due to the refinement of previously established accruals related to the Company's 2008-2011 productivity initiatives. Operating income (loss) and income (loss) before income taxes were increased by $6 million for North America due to the refinement of previously established accruals related to the Company's integration of CCE's former North America business. |
• | Operating income (loss) and income (loss) before income taxes were reduced by $21 million for North America due to costs associated with the Company detecting residues of carbendazim, a fungicide that is not registered in the U.S. for use on citrus products, in orange juice imported from Brazil for distribution in the U.S. As a result, the Company began purchasing additional supplies of Florida orange juice at a higher cost than Brazilian orange juice. |
• | Operating income (loss) and income (loss) before income taxes were reduced by $20 million for North America due to changes in the Company's ready-to-drink tea strategy as a result of our current U.S. license agreement with Nestlé terminating at the end of 2012. |
• | Operating income (loss) and income (loss) before income taxes were reduced by $6 million for North America due to the loss or damage of certain fixed assets as a result of Hurricane Sandy. |
• | Operating income (loss) and income (loss) before income taxes were reduced by $6 million for Corporate due to the elimination of the Company's proportionate share of gross profit in inventory on sales to Andina following its merger with Polar. Subsequent to this transaction, the Company has an ownership interest in Andina that we account for under the equity method of accounting. |
• | Operating income (loss) and income (loss) before income taxes were increased by $3 million for Corporate due to a gain on the sale of land held by one of the Company's consolidated bottling operations, partially offset by transaction costs associated with the Company's acquisition of an equity ownership interest in Mikuni, a bottling partner with operations in Japan. |
• | Income (loss) before income taxes was increased by $185 million for Corporate due to the gain the Company recognized as a result of the merger of Andina and Polar. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||||||||||
Operating Segments | ||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||
(In millions) | ||||||||||||||||||
Year Ended (continued) |
• | Income (loss) before income taxes was increased by $92 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 amount of the Company's per share investment. |
• | Income (loss) before income taxes was reduced by $108 million for Corporate due to the loss the Company recognized on the pending sale of a majority ownership interest in our Philippine bottling operations to Coca-Cola FEMSA. This transaction was completed in January 2013. As of December 31, 2012, the assets and liabilities associated with our Philippine bottling operations were classified as held for sale in our consolidated balance sheets. |
• | Income (loss) before income taxes was reduced by $82 million for Corporate due to the Company acquiring an ownership interest in Mikuni for which we paid a premium over the publicly traded market price. This premium was expensed on the acquisition date. Subsequent to this transaction, the Company accounts for our investment in Mikuni under the equity method of accounting. |
• | Income (loss) before income taxes was increased by $8 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 $16 million for Corporate due to other-than-temporary declines in the fair values of certain cost method investments. |
• | Income (loss) before income taxes was reduced by $1 million for Eurasia and Africa, $4 million for Europe, $2 million for Latin America and $4 million for Pacific due to changes in the structure of BPW, our 50/50 joint venture with Nestlé in the ready-to-drink tea category. |
• | Income (loss) before income taxes was reduced by $5 million for Corporate due to charges associated with the Company's indemnification of a previously consolidated entity. |
• | Intersegment revenues were $152 million for Eurasia and Africa, $697 million for Europe, $287 million for Latin America, $12 million for North America, $384 million for Pacific and $90 million for Bottling Investments. |
• | Operating income (loss) and income (loss) before income taxes were reduced by $12 million for Eurasia and Africa, $25 million for Europe, $4 million for Latin America, $374 million for North America, $4 million for Pacific, $89 million for Bottling Investments and $164 million for Corporate, primarily due to the Company’s productivity, integration and restructuring initiatives as well as costs associated with the merger of Embotelladoras Arca S.A.B. de C.V. ("Arca") and Grupo Continental S.A.B. ("Contal"). |
• | Operating income (loss) and income (loss) before income taxes were reduced by $2 million for North America and $82 million for Pacific due to charges associated with the earthquake and tsunami that devastated northern and eastern Japan on March 11, 2011. |
• | Operating income (loss) and income (loss) before income taxes were reduced by $19 million for North America due to the amortization of favorable supply contracts acquired in connection with our acquisition of CCE's former North America business. |
• | Operating income (loss) and income (loss) before income taxes were reduced by $10 million for Corporate due to charges associated with the floods in Thailand that impacted the Company's supply chain operations in the region. |
• | Income (loss) before income taxes was increased by a net $417 million for Corporate, primarily due to the gain the Company recognized as a result of the merger of Arca and Contal. |
• | Income (loss) before income taxes was increased by a net $122 million for Corporate, primarily due to gains the Company recognized as a result of an equity method investee 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. These gains were partially offset by charges associated with certain of the Company's equity method investments in Japan. |
• | Income (loss) before income taxes was increased by $102 million for Corporate due to the gain on the sale of our investment in Coca-Cola Embonor S.A. ("Embonor"), a bottling partner with operations primarily in Chile. Prior to this transaction, the Company accounted for our investment in Embonor under the equity method of accounting. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||||||||||
Operating Segments | ||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||
(In millions) | ||||||||||||||||||
Year Ended (continued) |
• | Income (loss) before income taxes was reduced by $53 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 $41 million for Corporate due to the impairment of an investment in an entity accounted for under the equity method of accounting. |
• | Income (loss) before income taxes was reduced by $17 million for Corporate due to other-than-temporary declines in the fair values of certain available-for-sale securities. |
• | Income (loss) before income taxes was reduced by $9 million for Corporate due to the net charge we recognized on the repurchase and/or exchange of certain long-term debt assumed in connection with our acquisition of CCE's former North America business as well as the early extinguishment of certain other long-term debt. |
• | Income (loss) before income taxes was reduced by $5 million for Corporate due to the finalization of working capital adjustments related to the sale of our Norwegian and Swedish bottling operations to New CCE. |
THE COCA-COLA COMPANY AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Financial Measures |
(UNAUDITED) |
THE COCA-COLA COMPANY AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Financial Measures |
(UNAUDITED) |
THE COCA-COLA COMPANY AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Financial Measures |
(UNAUDITED) |
THE COCA-COLA COMPANY AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Financial Measures |
(UNAUDITED) |
THE COCA-COLA COMPANY AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Financial Measures |
(UNAUDITED) |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||||||||
(In millions except per share data) | ||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Gross margin | Selling, general and administrative expenses | Other operating charges | Operating income | Operating margin | |||||||||||||||||||||||||
Reported (GAAP) | $ | 11,455 | $ | 4,628 | $ | 6,827 | 59.6 | % | $ | 4,430 | $ | 214 | $ | 2,183 | 19.1 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (119 | ) | 119 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (93 | ) | 93 | |||||||||||||||||||||||||
Productivity Initiatives | — | — | — | — | 1 | (1 | ) | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
CCE Transaction | — | — | — | — | 1 | (1 | ) | |||||||||||||||||||||||||
Transaction Gains | 6 | — | 6 | — | 3 | 3 | ||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other Items | 4 | (70 | ) | 74 | (6 | ) | (7 | ) | 87 | |||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 11,465 | $ | 4,558 | $ | 6,907 | 60.2 | % | $ | 4,424 | $ | — | $ | 2,483 | 21.7 | % | ||||||||||||||||
Three Months Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Gross margin | Selling, general and administrative expenses | Other operating charges | Operating income | Operating margin | |||||||||||||||||||||||||
Reported (GAAP) — As Adjusted | $ | 11,040 | $ | 4,403 | $ | 6,637 | 60.1 | % | $ | 4,406 | $ | 275 | $ | 1,956 | 17.7 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (40 | ) | 40 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | ||||||||||||||||||||||||||
Productivity Initiatives | — | — | — | — | (80 | ) | 80 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
CCE Transaction | — | — | — | — | (145 | ) | 145 | |||||||||||||||||||||||||
Transaction Gains | — | — | — | — | — | — | ||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other Items | (3 | ) | (18 | ) | 15 | 7 | (10 | ) | 18 | |||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 11,037 | $ | 4,385 | $ | 6,652 | 60.3 | % | $ | 4,413 | $ | — | $ | 2,239 | 20.3 | % | ||||||||||||||||
Currency Neutral: | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Selling, general and administrative expenses | Other operating charges | Operating income | |||||||||||||||||||||||||||
% Change — Reported (GAAP) | 4 | 5 | 3 | 1 | — | 12 | ||||||||||||||||||||||||||
% Currency Impact | (1) | 0 | (2) | (1) | — | (4) | ||||||||||||||||||||||||||
% Change — Currency Neutral Reported | 5 | 6 | 5 | 2 | — | 16 | ||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | 4 | 4 | 4 | 0 | — | 11 | ||||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (1) | 0 | (2) | (1) | — | (4) | ||||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 5 | 4 | 6 | 1 | — | 14 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||||||
(In millions except per share data) | |||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Effective tax rate | Net income attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share1 | |||||||||||||||||||||||||||||
Reported (GAAP) | $ | 95 | $ | 182 | $ | (19 | ) | $ | 2,377 | $ | 487 | 20.5 | % | $ | 24 | $ | 1,866 | $ | 0.41 | ||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | 16 | 135 | — | — | 135 | 0.03 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 93 | 35 | — | 58 | 0.01 | |||||||||||||||||||||||||||||
Productivity Initiatives | — | — | — | (1 | ) | — | — | (1 | ) | — | |||||||||||||||||||||||||||
Equity Investees | — | 25 | — | 25 | 4 | — | 21 | — | |||||||||||||||||||||||||||||
CCE Transaction | — | — | — | (1 | ) | — | — | (1 | ) | — | |||||||||||||||||||||||||||
Transaction Gains | — | — | 10 | 13 | (28 | ) | — | 41 | 0.01 | ||||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | 124 | — | (124 | ) | (0.03 | ) | |||||||||||||||||||||||||||
Other Items | — | (3 | ) | — | 84 | 32 | — | 52 | 0.01 | ||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 95 | $ | 204 | $ | 7 | $ | 2,725 | $ | 654 | 24.0 | % | $ | 24 | $ | 2,047 | $ | 0.45 | |||||||||||||||||||
Three Months Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Effective tax rate | Net income attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share2 | |||||||||||||||||||||||||||||
Reported (GAAP) — As Adjusted | $ | 104 | $ | 155 | $ | 82 | $ | 2,216 | $ | 539 | 24.3 | % | $ | 20 | $ | 1,657 | $ | 0.36 | |||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | 17 | 57 | 2 | — | 55 | 0.01 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Productivity Initiatives | — | — | — | 80 | 25 | — | 55 | 0.01 | |||||||||||||||||||||||||||||
Equity Investees | — | 13 | — | 13 | 2 | — | 11 | — | |||||||||||||||||||||||||||||
CCE Transaction | — | — | — | 145 | 55 | — | 90 | 0.02 | |||||||||||||||||||||||||||||
Transaction Gains | — | — | (122 | ) | (122 | ) | (84 | ) | — | (38 | ) | (0.01 | ) | ||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | 22 | — | (22 | ) | — | ||||||||||||||||||||||||||||
Other Items | (1 | ) | — | — | 19 | 6 | — | 13 | — | ||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 103 | $ | 168 | $ | (23 | ) | $ | 2,408 | $ | 567 | 23.5 | % | $ | 20 | $ | 1,821 | $ | 0.39 | ||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Net income attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share | ||||||||||||||||||||||||||||||
% Change — Reported (GAAP) | (9) | 17 | — | 7 | (10) | 20 | 13 | 14 | |||||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (8) | 21 | — | 13 | 15 | 20 | 12 | 15 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | 4,557 million average shares outstanding — diluted |
2 | 4,611 million average shares outstanding — diluted |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||||||||
(In millions except per share data) | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Gross margin | Selling, general and administrative expenses | Other operating charges | Operating income | Operating margin | |||||||||||||||||||||||||
Reported (GAAP) | $ | 48,017 | $ | 19,053 | $ | 28,964 | 60.3 | % | $ | 17,738 | $ | 447 | $ | 10,779 | 22.4 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (163 | ) | 163 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (270 | ) | 270 | |||||||||||||||||||||||||
Productivity Initiatives | — | — | — | — | 10 | (10 | ) | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
CCE Transaction | — | — | — | — | 6 | (6 | ) | |||||||||||||||||||||||||
Transaction Gains | 6 | — | 6 | — | 3 | 3 | ||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other Items | 9 | (20 | ) | 29 | 11 | (33 | ) | 51 | ||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 48,032 | $ | 19,033 | $ | 28,999 | 60.4 | % | $ | 17,749 | $ | — | $ | 11,250 | 23.4 | % | ||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Gross margin | Selling, general and administrative expenses | Other operating charges | Operating income | Operating margin | |||||||||||||||||||||||||
Reported (GAAP) — As Adjusted | $ | 46,542 | $ | 18,215 | $ | 28,327 | 60.9 | % | $ | 17,422 | $ | 732 | $ | 10,173 | 21.9 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (119 | ) | 119 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | ||||||||||||||||||||||||||
Productivity Initiatives | — | — | — | — | (156 | ) | 156 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
CCE Transaction | — | (19 | ) | 19 | — | (362 | ) | 381 | ||||||||||||||||||||||||
Transaction Gains | — | — | — | — | (35 | ) | 35 | |||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other Items | 12 | (110 | ) | 122 | (23 | ) | (60 | ) | 205 | |||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 46,554 | $ | 18,086 | $ | 28,468 | 61.2 | % | $ | 17,399 | $ | — | $ | 11,069 | 23.8 | % | ||||||||||||||||
Currency Neutral: | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Selling, general and administrative expenses | Other operating charges | Operating income | |||||||||||||||||||||||||||
% Change — Reported (GAAP) | 3 | 5 | 2 | 2 | — | 6 | ||||||||||||||||||||||||||
% Currency Impact | (3) | (2) | (4) | (3) | — | (5) | ||||||||||||||||||||||||||
% Change — Currency Neutral Reported | 6 | 7 | 6 | 4 | — | 11 | ||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | 3 | 5 | 2 | 2 | — | 2 | ||||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (3) | (2) | (3) | (3) | — | (5) | ||||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 6 | 7 | 5 | 5 | — | 6 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||||||
(In millions except per share data) | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Effective tax rate | Net income attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share1 | |||||||||||||||||||||||||||||
Reported (GAAP) | $ | 397 | $ | 819 | $ | 137 | $ | 11,809 | $ | 2,723 | 23.1 | % | $ | 67 | $ | 9,019 | $ | 1.97 | |||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | 16 | 179 | — | — | 179 | 0.04 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 270 | 100 | — | 170 | 0.04 | |||||||||||||||||||||||||||||
Productivity Initiatives | — | — | — | (10 | ) | (3 | ) | — | (7 | ) | — | ||||||||||||||||||||||||||
Equity Investees | — | (8 | ) | — | (8 | ) | 2 | — | (10 | ) | — | ||||||||||||||||||||||||||
CCE Transaction | — | — | — | (6 | ) | (2 | ) | — | (4 | ) | — | ||||||||||||||||||||||||||
Transaction Gains | — | — | (82 | ) | (79 | ) | (61 | ) | — | (18 | ) | — | |||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | 150 | — | (150 | ) | (0.03 | ) | |||||||||||||||||||||||||||
Other Items | — | 11 | — | 62 | 23 | 1 | 38 | 0.01 | |||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 397 | $ | 822 | $ | 71 | $ | 12,217 | $ | 2,932 | 24.0 | % | $ | 68 | $ | 9,217 | $ | 2.01 | |||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Effective tax rate | Net income attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share2 | |||||||||||||||||||||||||||||
Reported (GAAP) — As Adjusted | $ | 417 | $ | 690 | $ | 529 | $ | 11,458 | $ | 2,812 | 24.5 | % | $ | 62 | $ | 8,584 | $ | 1.85 | |||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | 58 | 177 | 23 | — | 154 | 0.03 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Productivity Initiatives | — | — | — | 156 | 49 | — | 107 | 0.02 | |||||||||||||||||||||||||||||
Equity Investees | — | 53 | — | 53 | 8 | — | 45 | 0.01 | |||||||||||||||||||||||||||||
CCE Transaction | — | — | 5 | 386 | 145 | — | 241 | 0.05 | |||||||||||||||||||||||||||||
Transaction Gains | — | — | (641 | ) | (606 | ) | (289 | ) | — | (317 | ) | (0.07 | ) | ||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | 7 | — | (7 | ) | — | ||||||||||||||||||||||||||||
Other Items | (9 | ) | — | — | 214 | 77 | — | 137 | 0.03 | ||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 408 | $ | 743 | $ | (49 | ) | $ | 11,838 | $ | 2,832 | 23.9 | % | $ | 62 | $ | 8,944 | $ | 1.92 | ||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Net income attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share | ||||||||||||||||||||||||||||||
% Change — Reported (GAAP) | (5) | 19 | — | 3 | (3) | 8 | 5 | 6 | |||||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (3) | 11 | — | 3 | 4 | 10 | 3 | 5 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | 4,584 million average shares outstanding — diluted |
2 | 4,646 million average shares outstanding — diluted |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Operating Income (Loss) by Segment: | |||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 273 | $ | 670 | $ | 715 | $ | 558 | $ | 426 | $ | (29 | ) | $ | (430 | ) | $ | 2,183 | |||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 119 | — | 119 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | 1 | — | 70 | 2 | — | 20 | 93 | |||||||||||||||||||||||||
Productivity Initiatives | — | (1 | ) | — | — | — | — | — | (1 | ) | |||||||||||||||||||||||
CCE Transaction | — | — | — | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||||||||
Transaction Gains | — | — | — | — | — | — | 3 | 3 | |||||||||||||||||||||||||
Other Items | — | — | — | 86 | (1 | ) | — | 2 | 87 | ||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 273 | $ | 670 | $ | 715 | $ | 713 | $ | 427 | $ | 90 | $ | (405 | ) | $ | 2,483 | ||||||||||||||||
Three Months Ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) — As Adjusted | $ | 231 | $ | 593 | $ | 652 | $ | 498 | $ | 382 | $ | 35 | $ | (435 | ) | $ | 1,956 | ||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | 1 | — | — | 2 | — | 31 | 6 | 40 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Productivity Initiatives | 2 | 20 | 1 | — | 1 | — | 56 | 80 | |||||||||||||||||||||||||
CCE Transaction | — | — | — | 143 | — | — | 2 | 145 | |||||||||||||||||||||||||
Transaction Gains | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other Items | — | — | — | (2 | ) | — | 14 | 6 | 18 | ||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 234 | $ | 613 | $ | 653 | $ | 641 | $ | 383 | $ | 80 | $ | (365 | ) | $ | 2,239 | ||||||||||||||||
Currency Neutral Operating Income (Loss) by Segment: | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
% Change — Reported (GAAP) | 18 | 13 | 10 | 12 | 11 | — | 1 | 12 | |||||||||||||||||||||||||
% Currency Impact | (7) | (3) | (6) | 0 | 2 | — | (1) | (4) | |||||||||||||||||||||||||
% Change — Currency Neutral Reported | 24 | 16 | 16 | 12 | 10 | — | 3 | 16 | |||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | 16 | 9 | 10 | 11 | 11 | 13 | (11) | 11 | |||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (7) | (3) | (6) | 0 | 2 | (14) | 0 | (4) | |||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 23 | 12 | 16 | 11 | 10 | 27 | (11) | 14 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Operating Income (Loss) by Segment: | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 1,169 | $ | 2,960 | $ | 2,879 | $ | 2,597 | $ | 2,425 | $ | 140 | $ | (1,391 | ) | $ | 10,779 | ||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | (1 | ) | — | — | — | — | 164 | — | 163 | ||||||||||||||||||||||||
Productivity & Reinvestment | 1 | 1 | — | 227 | 3 | — | 38 | 270 | |||||||||||||||||||||||||
Productivity Initiatives | — | (4 | ) | — | — | (1 | ) | — | (5 | ) | (10 | ) | |||||||||||||||||||||
CCE Transaction | — | — | — | (6 | ) | — | — | — | (6 | ) | |||||||||||||||||||||||
Transaction Gains | — | — | — | — | — | — | 3 | 3 | |||||||||||||||||||||||||
Other Items | — | — | — | 38 | (1 | ) | 6 | 8 | 51 | ||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 1,169 | $ | 2,957 | $ | 2,879 | $ | 2,856 | $ | 2,426 | $ | 310 | $ | (1,347 | ) | $ | 11,250 | ||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) — As Adjusted | $ | 1,091 | $ | 3,090 | $ | 2,815 | $ | 2,319 | $ | 2,151 | $ | 224 | $ | (1,517 | ) | $ | 10,173 | ||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | 7 | — | — | 16 | — | 89 | 7 | 119 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Productivity Initiatives | 5 | 25 | 4 | — | 4 | — | 118 | 156 | |||||||||||||||||||||||||
CCE Transaction | — | — | — | 377 | — | — | 4 | 381 | |||||||||||||||||||||||||
Transaction Gains | — | — | — | — | — | — | 35 | 35 | |||||||||||||||||||||||||
Other Items | — | — | — | 108 | 82 | 18 | (3 | ) | 205 | ||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 1,103 | $ | 3,115 | $ | 2,819 | $ | 2,820 | $ | 2,237 | $ | 331 | $ | (1,356 | ) | $ | 11,069 | ||||||||||||||||
Currency Neutral Operating Income (Loss) by Segment: | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
% Change — Reported (GAAP) | 7 | (4) | 2 | 12 | 13 | (37) | 8 | 6 | |||||||||||||||||||||||||
% Currency Impact | (11) | (4) | (10) | 0 | 2 | (19) | (1) | (5) | |||||||||||||||||||||||||
% Change — Currency Neutral Reported | 18 | 0 | 12 | 12 | 10 | (18) | 9 | 11 | |||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | 6 | (5) | 2 | 1 | 8 | (6) | 1 | 2 | |||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (11) | (4) | (10) | 0 | 2 | (17) | 0 | (5) | |||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 16 | (1) | 12 | 2 | 6 | 10 | 1 | 6 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||
(UNAUDITED) | |||||||||||||
(In millions) | |||||||||||||
Bottling Investments Segment Information: | |||||||||||||
Three Months Ended December 31, 2012 | |||||||||||||
Net operating revenues | Selling, general and administrative expenses | Operating income | |||||||||||
Reported (GAAP) | $ | 2,087 | $ | 654 | $ | (29 | ) | ||||||
Items Impacting Comparability: | |||||||||||||
Asset Impairments/Restructuring | — | — | 119 | ||||||||||
Other Items | — | — | — | ||||||||||
After Considering Items (Non-GAAP) | $ | 2,087 | $ | 654 | $ | 90 | |||||||
Three Months Ended December 31, 2011 | |||||||||||||
Net operating revenues | Selling, general and administrative expenses | Operating income | |||||||||||
Reported (GAAP) — As Adjusted | $ | 1,977 | $ | 639 | $ | 35 | |||||||
Items Impacting Comparability: | |||||||||||||
Asset Impairments/Restructuring | — | — | 31 | ||||||||||
Other Items | — | — | 14 | ||||||||||
After Considering Items (Non-GAAP) | $ | 1,977 | $ | 639 | $ | 80 | |||||||
Currency Neutral and Structural for Bottling Investments: | |||||||||||||
Net operating revenues | Selling, general and administrative expenses | Operating income | |||||||||||
% Change — Reported (GAAP) | 6 | 2 | — | ||||||||||
% Currency Impact | (3) | (3) | — | ||||||||||
% Change — Currency Neutral Reported | 9 | 6 | — | ||||||||||
% Structural Impact | 5 | 3 | — | ||||||||||
% Change — Currency Neutral Reported and Adjusted for Structural Items | 4 | 2 | — | ||||||||||
% Change — After Considering Items (Non-GAAP) | 6 | 2 | 13 | ||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (3) | (3) | (14) | ||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 9 | 6 | 27 | ||||||||||
% Structural Impact After Considering Items (Non-GAAP) | 5 | 3 | 9 | ||||||||||
% Change — Currency Neutral After Considering Items and Adjusted for Structural Items (Non-GAAP) | 4 | 2 | 19 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||
(UNAUDITED) | |||||||||||||
(In millions) | |||||||||||||
Bottling Investments Segment Information: | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||
Net operating revenues | Selling, general and administrative expenses | Operating income | |||||||||||
Reported (GAAP) | $ | 8,895 | $ | 2,728 | $ | 140 | |||||||
Items Impacting Comparability: | |||||||||||||
Asset Impairments/Restructuring | — | — | 164 | ||||||||||
Other Items | — | — | 6 | ||||||||||
After Considering Items (Non-GAAP) | $ | 8,895 | $ | 2,728 | $ | 310 | |||||||
Year Ended December 31, 2011 | |||||||||||||
Net operating revenues | Selling, general and administrative expenses | Operating income | |||||||||||
Reported (GAAP) — As Adjusted | $ | 8,591 | $ | 2,651 | $ | 224 | |||||||
Items Impacting Comparability: | |||||||||||||
Asset Impairments/Restructuring | — | — | 89 | ||||||||||
Other Items | — | — | 18 | ||||||||||
After Considering Items (Non-GAAP) | $ | 8,591 | $ | 2,651 | $ | 331 | |||||||
Currency Neutral and Structural for Bottling Investments: | |||||||||||||
Net operating revenues | Selling, general and administrative expenses | Operating income | |||||||||||
% Change — Reported (GAAP) | 4 | 3 | (37) | ||||||||||
% Currency Impact | (6) | (7) | (19) | ||||||||||
% Change — Currency Neutral Reported | 11 | 10 | (18) | ||||||||||
% Structural Impact | 3 | 2 | 1 | ||||||||||
% Change — Currency Neutral Reported and Adjusted for Structural Items | 8 | 7 | (19) | ||||||||||
% Change — After Considering Items (Non-GAAP) | 4 | 3 | (6) | ||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (6) | (7) | (17) | ||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 11 | 10 | 10 | ||||||||||
% Structural Impact After Considering Items (Non-GAAP) | 3 | 2 | 1 | ||||||||||
% Change — Currency Neutral After Considering Items and Adjusted for Structural Items (Non-GAAP) | 8 | 7 | 9 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||
(UNAUDITED) | ||||||||||
(In millions) | ||||||||||
Purchases and Issuances of Stock: | ||||||||||
Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||
Reported (GAAP) | ||||||||||
Issuances of Stock | $ | 1,489 | $ | 1,569 | ||||||
Purchases of Stock for Treasury | (4,559 | ) | (4,513 | ) | ||||||
Net Change in Stock Issuance Receivables1 | 8 | (16 | ) | |||||||
Net Change in Treasury Stock Payables2 | (1 | ) | 156 | |||||||
Net Treasury Share Repurchases (Non-GAAP) | $ | (3,063 | ) | $ | (2,804 | ) |
1 | Represents the net change in receivables related to employee stock options exercised but not settled prior to the end of the quarter. |
2 | Represents the net change in payables for treasury shares repurchased but not settled prior to the end of the quarter. |
Consolidated Cash from Operations: | ||||||||||
Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||
Net Cash Provided by Operating Activities | Net Cash Provided by Operating Activities | |||||||||
Reported (GAAP) | $ | 10,645 | $ | 9,474 | ||||||
Items Impacting Comparability: | ||||||||||
Cash Payments Related to Pension Plan Contributions | 900 | 769 | ||||||||
After Considering Items (Non-GAAP) | $ | 11,545 | $ | 10,243 | ||||||
Net Cash Provided by Operating Activities | ||||||||||
% Change — Reported (GAAP) | 12 | |||||||||
% Change — After Considering Items (Non-GAAP) | 13 |