![]() ![]() ![]() ![]() | Contacts: Investors and Analysts: Tim Leveridge T +01 404.676.7563 Media: Petro Kacur T +01 404.676.2683 | The Coca-Cola Company Global Public Affairs & Communications Department P.O. Box 1734 Atlanta, GA 30301 |
• | Reported net revenue declined 5% and organic revenue grew 3% |
• | Global price/mix of 3% reflecting positive pricing and packaging initiatives across key markets |
• | Reported EPS was $0.33 and comparable EPS was $0.51 |
• | Global volume grew 3% |
• | Year-to-date cash from operations increased 5% to $8.4 billion, despite significant foreign currency headwinds |
• | Expect full-year comparable currency neutral EPS growth of 5%, in line with the range laid out at the beginning of the year |
Percent Change | |||
Third Quarter | YTD | ||
Unit Case Volume | 3 | 2 | |
Sparkling Beverages | 2 | 1 | |
Still Beverages | 6 | 4 | |
Concentrate Sales/Reported Volume | 0 | 3 | |
Price/Mix | 3 | 2 | |
Currency | (8) | (7) | |
Acquisitions & Divestitures | 0 | 0 | |
Reported Net Revenues | (5) | (2) | |
Organic Revenues * | 3 | 5 | |
Reported Income Before Taxes | (35) | (2) | |
Comparable CN Income Before Taxes (Structurally Adjusted) * | 8 | 8 |
* | Organic revenue and comparable currency neutral (CN) income before taxes (structurally adjusted) are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | We had positive organic revenue growth in each of our operating groups except for Asia Pacific in the quarter, and we gained global value share in nonalcoholic ready-to-drink (NARTD) beverages. Organic revenue growth was driven by 3 points of positive price/mix and reflects positive pricing and packaging initiatives across many key markets. Price/mix also benefited from geographic mix due to the strong performance of certain Company-owned bottling operations within our Bottling Investments group. After adjusting for the six additional days in the first quarter, concentrate sales growth trailed unit case volume growth year to date. We expect concentrate sales and unit case sales to be generally in line for the full year. |
• | We gained global value share in sparkling beverages in the quarter. Global sparkling beverage volume growth was led by 1% growth in Trademark Coca-Cola which included 1% growth in brand Coca-Cola and 8% growth in Coke Zero, partially offset by an 8% decline in Diet Coke. Low single-digit growth in Sprite and Fanta also contributed to global sparkling beverage volume growth in the quarter. |
• | We gained global value share in still beverages and gained value and volume share in the juice and juice drinks and ready-to-drink tea categories in the quarter. Global still beverage volume growth reflects 4% growth in ready-to-drink tea, 5% growth in sports drinks and 11% growth in packaged water. |
• | Comparable currency neutral income before taxes (structurally adjusted) outpaced organic revenue growth in the quarter primarily due to gross margin expansion and the impact of our ongoing productivity initiatives, partially offset by increased marketing investments, a decrease in net interest income and lower equity income. |
• | The reported effective tax rate and the underlying annual effective tax rate in the quarter were 15.8% and 22.5%, respectively. The variance between the reported rate and the underlying rate was due to the tax effect of various items impacting comparability, separately disclosed in the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Reported EPS was $0.33 and comparable EPS was $0.51 in the quarter. Items impacting comparability decreased reported EPS by a net $0.18 and were primarily related to noncash charges related to refranchising certain territories in North America and costs associated with our previously announced productivity program. |
• | Fluctuations in foreign currency exchange rates resulted in a 12 point headwind on comparable operating income, income before taxes and EPS in the quarter. |
• | Year-to-date cash from operations was $8.4 billion, up 5%. The increase was primarily due to efficient management of working capital and the impact of six additional days in the first quarter, partially offset by fluctuations in foreign currency exchange rates and the impact of refranchised territories in North America. |
• | Year-to-date net share repurchases totaled $1.3 billion. |
Percent Change | |||
Third Quarter | YTD | ||
Unit Case Volume | 4 | 4 | |
Sparkling Beverages | 3 | 3 | |
Still Beverages | 6 | 5 | |
Concentrate Sales | 4 | 4 | |
Price/Mix | (2) | 0 | |
Currency | (15) | (12) | |
Acquisitions & Divestitures | (2) | (1) | |
Reported Net Revenues | (15) | (9) | |
Organic Revenues * | 2 | 4 | |
Reported Income Before Taxes | (22) | (12) | |
Comparable CN Income Before Taxes * | (8) | 2 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue growth in the quarter was driven by concentrate sales growth, partially offset by unfavorable geographic mix. Acquisitions and divestitures reflect the unfavorable impact from the brand transfer agreement associated with the closing of the transaction with Monster Beverage Corporation. After adjusting for the additional selling days in the first quarter and unit case volume related to joint ventures that do not have equivalent concentrate sales, concentrate sales growth trailed unit case volume growth year to date primarily due to timing of shipments in the prior year. We expect concentrate sales and unit case sales to be generally in line for the full year. |
• | Comparable currency neutral income before taxes trailed organic revenue growth in the quarter primarily due to lower equity income associated with our joint ventures in the juice and juice drinks category in the region and a low single-digit unfavorable impact from the closing of the transaction with Monster Beverage Corporation. |
• | We gained value and volume share in total NARTD beverages, sparkling beverages and still beverages in the quarter. Sparkling beverage volume growth was driven by 4% growth in Trademark Coca-Cola and 7% growth in Sprite. Still beverage volume growth was primarily driven by 6% growth in juice and juice drinks and 8% growth in packaged water. Unit case volume growth was driven by 11% growth in our Central, East & West Africa business unit and 7% growth in our Middle East & North Africa business unit. Growth in these markets was partially offset by a high single-digit decline in Russia. |
Percent Change | |||
Third Quarter | YTD | ||
Unit Case Volume | 4 | 1 | |
Sparkling Beverages | 2 | 0 | |
Still Beverages | 12 | 8 | |
Concentrate Sales | 2 | 3 | |
Price/Mix | 0 | 0 | |
Currency | (8) | (10) | |
Acquisitions & Divestitures | (1) | 0 | |
Reported Net Revenues | (7) | (7) | |
Organic Revenues * | 3 | 3 | |
Reported Income Before Taxes | (4) | (4) | |
Comparable CN Income Before Taxes * | (2) | 0 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue growth in the quarter was driven by concentrate sales growth, including strong growth in our expanding still beverage portfolio. Positive price/mix across certain key markets was offset by unfavorable geographic mix primarily due to strong concentrate sales growth in our Central and Southern Europe business unit. Acquisitions and divestitures reflect the unfavorable impact from the brand transfer agreement associated with the closing of the transaction with Monster Beverage Corporation. After adjusting for the additional selling days in the first quarter, concentrate sales growth and unit case volume growth were generally in line year to date. |
• | Comparable currency neutral income before taxes trailed organic revenue growth in the quarter primarily due to increased marketing investments and a low single-digit unfavorable impact from the closing of the transaction with Monster Beverage Corporation, partially offset by the impact of ongoing productivity initiatives. |
• | Sparkling beverage volume growth was driven by 9% growth in Coke Zero and 6% growth in Fanta, partially offset by a 6% decline in Diet Coke/Coke Light. Still beverage volume growth was driven by the continued expansion of our still beverage portfolio and included double-digit growth in packaged water, sports drinks and the innocent brand. We gained value and volume share in still beverages and the packaged water category. We also gained value share in the sports drinks and juice and juice drinks categories. |
Percent Change | |||
Third Quarter | YTD | ||
Unit Case Volume | 2 | 1 | |
Sparkling Beverages | 1 | 0 | |
Still Beverages | 6 | 4 | |
Concentrate Sales | 1 | 3 | |
Price/Mix | 13 | 9 | |
Currency | (28) | (22) | |
Acquisitions & Divestitures | 0 | 0 | |
Reported Net Revenues | (14) | (10) | |
Organic Revenues * | 14 | 12 | |
Reported Income Before Taxes | (18) | (16) | |
Comparable CN Income Before Taxes * | 15 | 11 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue growth in the quarter reflects positive price/mix in each of our four business units, particularly in the higher inflationary markets within our South Latin business unit. After adjusting for the additional selling days in the first quarter, concentrate sales growth and unit case volume growth were generally in line year to date. |
• | Comparable currency neutral income before taxes modestly outpaced organic revenue growth in the quarter as positive operating leverage driven by organic revenue growth was mostly offset by increased marketing investments. |
• | We gained value and volume share in sparkling beverages and still beverages (excluding packaged water) in the quarter. Still beverage volume growth included 8% growth in juice and juice drinks and double-digit growth in sports drinks. Unit case volume growth was driven by 4% growth in both Mexico and our Latin Center business unit and 3% growth in our South Latin business unit. Growth in these markets was partially offset by a 4% decline in Brazil. |
Percent Change | |||
Third Quarter | YTD | ||
Unit Case Volume | 1 | 1 | |
Sparkling Beverages | (1) | (1) | |
Still Beverages | 7 | 4 | |
Concentrate Sales | 0 | 2 | |
Price/Mix | 3 | 3 | |
Currency | (1) | (1) | |
Acquisitions & Divestitures | (1) | (1) | |
Reported Net Revenues | 1 | 3 | |
Organic Revenues * | 3 | 6 | |
Reported Income Before Taxes | NM | (22) | |
Comparable CN Income Before Taxes * | 4 | 11 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue growth in the quarter was driven by positive price/mix. Acquisitions and divestitures primarily reflect the unfavorable impact of refranchised territories, partially offset by the benefit of our expanded distribution of Monster beverage products in North America. The expanded distribution contributed 1 point of unit case volume growth in both the quarter and year to date. After adjusting for the additional selling days in the first quarter and the impact of acquired volume, concentrate sales growth and unit case volume growth were in line year to date. |
• | Comparable currency neutral income before taxes outpaced organic revenue growth in the quarter primarily due to lower input costs and the impact of our ongoing productivity initiatives, partially offset by increased marketing investments and a high single-digit unfavorable impact from structural changes. Structural changes included 5 points related to refranchised territories, as well as a net unfavorable impact from the brand transfer agreement associated with the closing of the transaction with Monster Beverage Corporation and expanded distribution of Monster beverage products. |
• | We gained value share in total NARTD beverages for the 22nd consecutive quarter driven by an increase in both the quality and quantity of our marketing investments and our continued rational approach to pricing and disciplined price/pack strategies. |
Percent Change | |||
Third Quarter | YTD | ||
Unit Case Volume | 4 | 3 | |
Sparkling Beverages | 3 | 3 | |
Still Beverages | 6 | 3 | |
Concentrate Sales | (2) | 3 | |
Price/Mix | 1 | (1) | |
Currency | (9) | (9) | |
Acquisitions & Divestitures | (1) | 0 | |
Reported Net Revenues | (11) | (7) | |
Organic Revenues * | (1) | 2 | |
Reported Income Before Taxes | (11) | (8) | |
Comparable CN Income Before Taxes * | (2) | 0 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue declined in the quarter driven by a decrease in concentrate sales, partially offset by positive price/mix. Acquisitions and divestitures primarily reflect the unfavorable impact from the brand transfer agreement associated with the closing of the transaction with Monster Beverage Corporation. After adjusting for the additional selling days in the first quarter, concentrate sales growth trailed unit case volume growth year to date primarily due to timing of shipments in the prior year. We expect concentrate sales and unit case sales to be generally in line for the full year. |
• | Comparable currency neutral income before taxes trailed organic revenue growth in the quarter primarily due to a low single-digit unfavorable impact from the closing of the transaction with Monster Beverage Corporation, partially offset by the efficient management of operating expenses. |
• | Unit case volume growth in the quarter reflected 5% growth in China and 4% growth in India, partially offset by a 2% decline in Japan. China's performance included double-digit growth in Trademark Coca-Cola and we gained value and volume share in sparkling beverages. |
Percent Change | |||
Third Quarter | YTD | ||
Unit Case Volume | 11 | 7 | |
Reported Volume | 8 | 7 | |
Price/Mix | (5) | (4) | |
Currency | (11) | (9) | |
Acquisitions & Divestitures | 4 | 2 | |
Reported Net Revenues | (4) | (4) | |
Organic Revenues * | 3 | 4 | |
Reported Income Before Taxes | (27) | (21) | |
Comparable CN Income Before Taxes * | 15 | 15 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue growth in the quarter was driven by reported volume growth, partially offset by unfavorable price/mix primarily attributable to geographic, channel and product mix. |
• | Comparable currency neutral income before taxes outpaced organic revenue growth in the quarter primarily due to the continued strong performance of our Company-owned bottling operations in several markets including Germany, China and Vietnam. |
• | We estimate that the net impact of structural items on full-year 2015 results will be a 1 point headwind on both net revenues and income before taxes. |
• | We expect fluctuations in foreign currency exchange rates to have an unfavorable impact on our comparable results in 2015. Based on current spot rates, our existing hedge positions, and the cycling of our prior year rates, we estimate that currency will be an approximate 7 point headwind on net revenues, an 11 point headwind on operating income and an 8 point headwind on income before taxes for the full year. For the fourth quarter, we estimate that currency will be an approximate 6 point headwind on net revenues, a 12 point headwind on operating income and a 10 point headwind on income before taxes. |
• | The underlying effective annual tax rate on operations for 2015 is expected to be 22.5%. |
• | We expect full-year 2015 net share repurchases of $2.0 to $2.5 billion. |
• | We expect full-year 2015 comparable currency neutral EPS growth of 5%, in line with the range we laid out at the beginning of the year. |
• | For details on items impacting comparability in the quarter, refer to the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period. |
• | "Comparable currency neutral income before taxes" is a non-GAAP financial measure that excludes or otherwise adjusts for items impacting comparability and the impact of changes in foreign currency exchange rates. For details on these adjustments, refer to the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | "Comparable currency neutral income before taxes (structurally adjusted)" is a non-GAAP financial measure that excludes or otherwise adjusts for items impacting comparability, the impact of changes in foreign currency exchange rates and the impact of structural items. For details on these adjustments, refer to the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | "Concentrate sales" represents the amount of concentrates, syrups, beverage bases and powders sold by, or used in finished beverages sold by, the Company to its bottling partners or other customers. |
• | "Concentrate sales/reported volume" represents the percent change in net revenues attributable to the increase (decrease) in concentrate sales volume for our geographic operating segments (expressed in equivalent unit cases) after considering the impact of structural changes. For our Bottling Investments operating segment, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes. Our Bottling Investments operating segment data reflects unit case volume growth for consolidated bottlers only and is computed on a reported basis. |
• | "Organic revenue" is a non-GAAP financial measure that excludes or otherwise adjusts for the impact of changes in foreign currency exchange rates and acquisitions and divestitures, as applicable. For details on these adjustments, refer to the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | "Sparkling beverages" means NARTD beverages with carbonation, including carbonated energy drinks and waters. |
• | "Still beverages" means nonalcoholic beverages without carbonation, including noncarbonated waters, flavored waters and enhanced waters, juices and juice drinks, teas, coffees, sports drinks and noncarbonated energy drinks. |
• | All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales, unless otherwise noted. "Unit case" means a unit of measurement equal to 24 eight ounce servings of finished beverage. "Unit case volume" means the number of unit cases (or unit case equivalents) of Company beverages directly or indirectly sold by the Company and its bottling partners to customers. |
• | First quarter 2015 financial results were impacted by six additional days, and fourth quarter 2015 financial results will be impacted by six fewer days. Unit case volume results for the quarters are not impacted by the variance in selling days due to the average daily sales computation referenced above. |
• | The Company reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). However, management believes that certain non- GAAP financial measures provide users with additional meaningful financial information that should be considered when assessing the Company’s ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. The Company’s non-GAAP financial information does not represent a comprehensive basis of accounting. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||
Condensed Consolidated Statements of Income | ||||||||||
(UNAUDITED) | ||||||||||
(In millions except per share data) | ||||||||||
Three Months Ended | ||||||||||
October 2, 2015 | September 26, 2014 | % Change1 | ||||||||
Net Operating Revenues | $ | 11,427 | $ | 11,976 | (5 | ) | ||||
Cost of goods sold | 4,577 | 4,630 | (1 | ) | ||||||
Gross Profit | 6,850 | 7,346 | (7 | ) | ||||||
Selling, general and administrative expenses | 4,207 | 4,507 | (7 | ) | ||||||
Other operating charges | 264 | 128 | 107 | |||||||
Operating Income | 2,379 | 2,711 | (12 | ) | ||||||
Interest income | 155 | 169 | (8 | ) | ||||||
Interest expense | 138 | 113 | 22 | |||||||
Equity income (loss) — net | 200 | 205 | (2 | ) | ||||||
Other income (loss) — net | (871 | ) | (312 | ) | (180 | ) | ||||
Income Before Income Taxes | 1,725 | 2,660 | (35 | ) | ||||||
Income taxes | 272 | 538 | (49 | ) | ||||||
Consolidated Net Income | 1,453 | 2,122 | (32 | ) | ||||||
Less: Net income (loss) attributable to noncontrolling interests | 4 | 8 | (50 | ) | ||||||
Net Income Attributable to Shareowners of The Coca-Cola Company | $ | 1,449 | $ | 2,114 | (31 | ) | ||||
Diluted Net Income Per Share2 | $ | 0.33 | $ | 0.48 | (31 | ) | ||||
Average Shares Outstanding — Diluted2 | 4,399 | 4,445 |
1 | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
2 | For the three months ended October 2, 2015 and September 26, 2014, basic net income per share was $0.33 for 2015 and $0.48 for 2014 based on average shares outstanding — basic of 4,349 million for 2015 and 4,383 million for 2014. Basic net income per share and diluted net income per share are calculated based on net income attributable to shareowners of The Coca-Cola Company. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||
Condensed Consolidated Statements of Income | ||||||||||
(UNAUDITED) | ||||||||||
(In millions except per share data) | ||||||||||
Nine Months Ended | ||||||||||
October 2, 2015 | September 26, 2014 | % Change1 | ||||||||
Net Operating Revenues | $ | 34,294 | $ | 35,126 | (2 | ) | ||||
Cost of goods sold | 13,428 | 13,532 | (1 | ) | ||||||
Gross Profit | 20,866 | 21,594 | (3 | ) | ||||||
Selling, general and administrative expenses | 12,490 | 12,880 | (3 | ) | ||||||
Other operating charges | 1,166 | 457 | 155 | |||||||
Operating Income | 7,210 | 8,257 | (13 | ) | ||||||
Interest income | 459 | 436 | 5 | |||||||
Interest expense | 713 | 344 | 107 | |||||||
Equity income (loss) — net | 402 | 530 | (24 | ) | ||||||
Other income (loss) — net | 709 | (630 | ) | — | ||||||
Income Before Income Taxes | 8,067 | 8,249 | (2 | ) | ||||||
Income taxes | 1,937 | 1,896 | 2 | |||||||
Consolidated Net Income | 6,130 | 6,353 | (4 | ) | ||||||
Less: Net income (loss) attributable to noncontrolling interests | 16 | 25 | (36 | ) | ||||||
Net Income Attributable to Shareowners of The Coca-Cola Company | $ | 6,114 | $ | 6,328 | (3 | ) | ||||
Diluted Net Income Per Share2 | $ | 1.39 | $ | 1.42 | (2 | ) | ||||
Average Shares Outstanding — Diluted2 | 4,410 | 4,454 |
1 | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
2 | For the nine months ended October 2, 2015 and September 26, 2014, basic net income per share was $1.40 for 2015 and $1.44 for 2014 based on average shares outstanding — basic of 4,357 million for 2015 and 4,392 million for 2014. Basic net income per share and diluted net income per share are calculated based on net income attributable to shareowners of The Coca-Cola Company. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||
Condensed Consolidated Balance Sheets | |||||||
(UNAUDITED) | |||||||
(In millions except par value) | |||||||
October 2, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 9,983 | $ | 8,958 | |||
Short-term investments | 9,177 | 9,052 | |||||
Total Cash, Cash Equivalents and Short-Term Investments | 19,160 | 18,010 | |||||
Marketable securities | 3,614 | 3,665 | |||||
Trade accounts receivable, less allowances of $361 and $331, respectively | 4,028 | 4,466 | |||||
Inventories | 2,910 | 3,100 | |||||
Prepaid expenses and other assets | 3,029 | 3,066 | |||||
Assets held for sale | 3,853 | 679 | |||||
Total Current Assets | 36,594 | 32,986 | |||||
Equity Method Investments | 12,504 | 9,947 | |||||
Other Investments | 2,430 | 3,678 | |||||
Other Assets | 4,446 | 4,407 | |||||
Property, Plant and Equipment — net | 12,615 | 14,633 | |||||
Trademarks With Indefinite Lives | 6,032 | 6,533 | |||||
Bottlers' Franchise Rights With Indefinite Lives | 6,133 | 6,689 | |||||
Goodwill | 11,357 | 12,100 | |||||
Other Intangible Assets | 897 | 1,050 | |||||
Total Assets | $ | 93,008 | $ | 92,023 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable and accrued expenses | $ | 9,877 | $ | 9,234 | |||
Loans and notes payable | 17,545 | 19,130 | |||||
Current maturities of long-term debt | 2,692 | 3,552 | |||||
Accrued income taxes | 383 | 400 | |||||
Liabilities held for sale | 1,048 | 58 | |||||
Total Current Liabilities | 31,545 | 32,374 | |||||
Long-Term Debt | 25,949 | 19,063 | |||||
Other Liabilities | 4,194 | 4,389 | |||||
Deferred Income Taxes | 5,053 | 5,636 | |||||
The Coca-Cola Company Shareowners' Equity | |||||||
Common stock, $0.25 par value; Authorized — 11,200 shares; Issued — 7,040 and 7,040 shares, respectively | 1,760 | 1,760 | |||||
Capital surplus | 13,715 | 13,154 | |||||
Reinvested earnings | 65,209 | 63,408 | |||||
Accumulated other comprehensive income (loss) | (10,813 | ) | (5,777 | ) | |||
Treasury stock, at cost — 2,698 and 2,674 shares, respectively | (43,822 | ) | (42,225 | ) | |||
Equity Attributable to Shareowners of The Coca-Cola Company | 26,049 | 30,320 | |||||
Equity Attributable to Noncontrolling Interests | 218 | 241 | |||||
Total Equity | 26,267 | 30,561 | |||||
Total Liabilities and Equity | $ | 93,008 | $ | 92,023 |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(UNAUDITED) | |||||||
(In millions) | |||||||
Nine Months Ended | |||||||
October 2, 2015 | September 26, 2014 | ||||||
Operating Activities | |||||||
Consolidated net income | $ | 6,130 | $ | 6,353 | |||
Depreciation and amortization | 1,443 | 1,477 | |||||
Stock-based compensation expense | 171 | 143 | |||||
Deferred income taxes | 212 | (179 | ) | ||||
Equity (income) loss — net of dividends | (150 | ) | (259 | ) | |||
Foreign currency adjustments | (76 | ) | 305 | ||||
Significant (gains) losses on sales of assets — net | (550 | ) | 410 | ||||
Other operating charges | 697 | 192 | |||||
Other items | 859 | 38 | |||||
Net change in operating assets and liabilities | (346 | ) | (501 | ) | |||
Net cash provided by operating activities | 8,390 | 7,979 | |||||
Investing Activities | |||||||
Purchases of investments | (12,006 | ) | (14,098 | ) | |||
Proceeds from disposals of investments | 10,403 | 9,558 | |||||
Acquisitions of businesses, equity method investments and nonmarketable securities | (2,489 | ) | (343 | ) | |||
Proceeds from disposals of businesses, equity method investments and nonmarketable securities | 416 | 73 | |||||
Purchases of property, plant and equipment | (1,670 | ) | (1,618 | ) | |||
Proceeds from disposals of property, plant and equipment | 50 | 150 | |||||
Other investing activities | (117 | ) | (280 | ) | |||
Net cash provided by (used in) investing activities | (5,413 | ) | (6,558 | ) | |||
Financing Activities | |||||||
Issuances of debt | 34,298 | 33,292 | |||||
Payments of debt | (30,159 | ) | (28,494 | ) | |||
Issuances of stock | 732 | 1,058 | |||||
Purchases of stock for treasury | (1,966 | ) | (2,963 | ) | |||
Dividends | (4,313 | ) | (2,680 | ) | |||
Other financing activities | 230 | (409 | ) | ||||
Net cash provided by (used in) financing activities | (1,178 | ) | (196 | ) | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (774 | ) | (555 | ) | |||
Cash and Cash Equivalents | |||||||
Net increase (decrease) during the period | 1,025 | 670 | |||||
Balance at beginning of period | 8,958 | 10,414 | |||||
Balance at end of period | $ | 9,983 | $ | 11,084 |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Operating Segments | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
Net Operating Revenues 1 | Operating Income (Loss) | Income (Loss) Before Income Taxes | |||||||||||||||||||||||||||||||
October 2, 2015 | September 26, 2014 | % Fav. / (Unfav.) | October 2, 2015 | September 26, 2014 | % Fav. / (Unfav.) | October 2, 2015 | September 26, 2014 | % Fav. / (Unfav.) | |||||||||||||||||||||||||
Eurasia & Africa | $ | 603 | $ | 709 | (15 | ) | $ | 208 | $ | 265 | (22 | ) | $ | 212 | $ | 272 | (22 | ) | |||||||||||||||
Europe | 1,330 | 1,429 | (7 | ) | 722 | 752 | (4 | ) | 733 | 763 | (4 | ) | |||||||||||||||||||||
Latin America | 1,012 | 1,177 | (14 | ) | 538 | 653 | (18 | ) | 535 | 654 | (18 | ) | |||||||||||||||||||||
North America | 5,639 | 5,599 | 1 | 681 | 760 | (10 | ) | (116 | ) | 486 | — | ||||||||||||||||||||||
Asia Pacific | 1,406 | 1,575 | (11 | ) | 571 | 638 | (11 | ) | 576 | 648 | (11 | ) | |||||||||||||||||||||
Bottling Investments | 1,746 | 1,823 | (4 | ) | (11 | ) | 14 | — | 150 | 205 | (27 | ) | |||||||||||||||||||||
Corporate | 55 | 43 | 33 | (330 | ) | (371 | ) | 11 | (365 | ) | (368 | ) | 1 | ||||||||||||||||||||
Eliminations | (364 | ) | (379 | ) | 4 | — | — | — | — | — | — | ||||||||||||||||||||||
Consolidated | $ | 11,427 | $ | 11,976 | (5 | ) | $ | 2,379 | $ | 2,711 | (12 | ) | $ | 1,725 | $ | 2,660 | (35 | ) |
Note: | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | During the three months ended October 2, 2015, intersegment revenues were $15 million for Eurasia and Africa, $154 million for Europe, $19 million for Latin America, $4 million for North America, $159 million for Asia Pacific and $13 million for Bottling Investments. During the three months ended September 26, 2014, intersegment revenues were $187 million for Europe, $16 million for Latin America, $3 million for North America, $154 million for Asia Pacific and $19 million for Bottling Investments. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Operating Segments | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||
Net Operating Revenues 1 | Operating Income (Loss) | Income (Loss) Before Income Taxes | |||||||||||||||||||||||||||||||
October 2, 2015 | September 26, 2014 | % Fav. / (Unfav.) | October 2, 2015 | September 26, 2014 | % Fav. / (Unfav.) | October 2, 2015 | September 26, 2014 | % Fav. / (Unfav.) | |||||||||||||||||||||||||
Eurasia & Africa | $ | 1,899 | $ | 2,099 | (9 | ) | $ | 762 | $ | 858 | (11 | ) | $ | 785 | $ | 893 | (12 | ) | |||||||||||||||
Europe | 3,977 | 4,291 | (7 | ) | 2,274 | 2,363 | (4 | ) | 2,300 | 2,398 | (4 | ) | |||||||||||||||||||||
Latin America | 3,051 | 3,406 | (10 | ) | 1,641 | 1,954 | (16 | ) | 1,649 | 1,957 | (16 | ) | |||||||||||||||||||||
North America | 16,657 | 16,109 | 3 | 2,079 | 2,015 | 3 | 1,245 | 1,593 | (22 | ) | |||||||||||||||||||||||
Asia Pacific | 4,292 | 4,613 | (7 | ) | 1,876 | 2,041 | (8 | ) | 1,890 | 2,059 | (8 | ) | |||||||||||||||||||||
Bottling Investments | 5,354 | 5,556 | (4 | ) | 34 | 26 | 30 | 380 | 481 | (21 | ) | ||||||||||||||||||||||
Corporate | 120 | 126 | (4 | ) | (1,456 | ) | (1,000 | ) | (46 | ) | (182 | ) | (1,132 | ) | 84 | ||||||||||||||||||
Eliminations | (1,056 | ) | (1,074 | ) | 2 | — | — | — | — | — | — | ||||||||||||||||||||||
Consolidated | $ | 34,294 | $ | 35,126 | (2 | ) | $ | 7,210 | $ | 8,257 | (13 | ) | $ | 8,067 | $ | 8,249 | (2 | ) |
Note: | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | During the nine months ended October 2, 2015, intersegment revenues were $22 million for Eurasia and Africa, $449 million for Europe, $56 million for Latin America, $14 million for North America, $476 million for Asia Pacific and $39 million for Bottling Investments. During the nine months ended September 26, 2014, intersegment revenues were $530 million for Europe, $46 million for Latin America, $13 million for North America, $432 million for Asia Pacific and $53 million for Bottling Investments. |
THE COCA-COLA COMPANY AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Financial Measures |
(UNAUDITED) |
THE COCA-COLA COMPANY AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Financial Measures |
(UNAUDITED) |
THE COCA-COLA COMPANY AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Financial Measures |
(UNAUDITED) |
THE COCA-COLA COMPANY AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Financial Measures |
(UNAUDITED) |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||||||||
(In millions except per share data) | ||||||||||||||||||||||||||||||||
Three Months Ended October 2, 2015 | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Gross margin | Selling, general and administrative expenses | Other operating charges | Operating income | Operating margin | |||||||||||||||||||||||||
Reported (GAAP) | $ | 11,427 | $ | 4,577 | $ | 6,850 | 59.9 | % | $ | 4,207 | $ | 264 | $ | 2,379 | 20.8 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (75 | ) | 75 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (141 | ) | 141 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | (44 | ) | 44 | |||||||||||||||||||||||||
Other Items | (27 | ) | (93 | ) | 66 | 4 | (4 | ) | 66 | |||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 11,400 | $ | 4,484 | $ | 6,916 | 60.7 | % | $ | 4,211 | $ | — | $ | 2,705 | 23.7 | % | ||||||||||||||||
Three Months Ended September 26, 2014 | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Gross margin | Selling, general and administrative expenses | Other operating charges | Operating income | Operating margin | |||||||||||||||||||||||||
Reported (GAAP) | $ | 11,976 | $ | 4,630 | $ | 7,346 | 61.3 | % | $ | 4,507 | $ | 128 | $ | 2,711 | 22.6 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (34 | ) | 34 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (84 | ) | 84 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | (7 | ) | 7 | |||||||||||||||||||||||||
Other Items | 5 | 19 | (14 | ) | (15 | ) | (3 | ) | 4 | |||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 11,981 | $ | 4,649 | $ | 7,332 | 61.2 | % | $ | 4,492 | $ | — | $ | 2,840 | 23.7 | % | ||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Selling, general and administrative expenses | Other operating charges | Operating income | |||||||||||||||||||||||||||
% Change — Reported (GAAP) | (5) | (1) | (7) | (7) | 107 | (12) | ||||||||||||||||||||||||||
% Currency Impact | (8) | (5) | (9) | (7) | — | (12) | ||||||||||||||||||||||||||
% Change — Currency Neutral Reported | 3 | 4 | 2 | 1 | — | (1) | ||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (5) | (4) | (6) | (6) | — | (5) | ||||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (8) | (5) | (9) | (7) | — | (12) | ||||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 3 | 2 | 4 | 1 | — | 8 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||||||
(In millions except per share data) | |||||||||||||||||||||||||||||||||||||
Three Months Ended October 2, 2015 | |||||||||||||||||||||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Effective tax rate | Net income (loss) attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share1 | |||||||||||||||||||||||||||||
Reported (GAAP) | $ | 138 | $ | 200 | $ | (871 | ) | $ | 1,725 | $ | 272 | 15.8 | % | $ | 4 | $ | 1,449 | $ | 0.33 | ||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | 75 | — | — | 75 | 0.02 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 141 | 49 | — | 92 | 0.02 | |||||||||||||||||||||||||||||
Equity Investees | — | (3 | ) | — | (3 | ) | (1 | ) | — | (2 | ) | — | |||||||||||||||||||||||||
Transaction Gains/Losses | — | — | 815 | 859 | 291 | — | 568 | 0.13 | |||||||||||||||||||||||||||||
Other Items | — | — | 25 | 91 | 33 | — | 58 | 0.01 | |||||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | 6 | — | (6 | ) | — | ||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 138 | $ | 197 | $ | (31 | ) | $ | 2,888 | $ | 650 | 22.5 | % | $ | 4 | $ | 2,234 | $ | 0.51 | ||||||||||||||||||
Three Months Ended September 26, 2014 | |||||||||||||||||||||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Effective tax rate | Net income (loss) attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share2 | |||||||||||||||||||||||||||||
Reported (GAAP) | $ | 113 | $ | 205 | $ | (312 | ) | $ | 2,660 | $ | 538 | 20.2 | % | $ | 8 | $ | 2,114 | $ | 0.48 | ||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | 34 | — | — | 34 | 0.01 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 84 | 30 | — | 54 | 0.01 | |||||||||||||||||||||||||||||
Equity Investees | — | 8 | — | 8 | 1 | — | 7 | — | |||||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | 270 | 277 | 96 | — | 181 | 0.04 | |||||||||||||||||||||||||||||
Other Items | — | — | (19 | ) | (15 | ) | (8 | ) | — | (7 | ) | — | |||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | 29 | — | (29 | ) | (0.01 | ) | |||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 113 | $ | 213 | $ | (61 | ) | $ | 3,048 | $ | 686 | 22.5 | % | $ | 8 | $ | 2,354 | $ | 0.53 | ||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Net income (loss) attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share | ||||||||||||||||||||||||||||||
% Change — Reported (GAAP) | 22 | (2) | (180) | (35) | (49) | (50) | (31) | (31) | |||||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | 22 | (7) | 48 | (5) | (5) | (51) | (5) | (4) |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | 4,399 million average shares outstanding — diluted |
2 | 4,445 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) | ||||||||||||||||||||||||||||||||
Nine Months Ended October 2, 2015 | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Gross margin | Selling, general and administrative expenses | Other operating charges | Operating income | Operating margin | |||||||||||||||||||||||||
Reported (GAAP) | $ | 34,294 | $ | 13,428 | $ | 20,866 | 60.8 | % | $ | 12,490 | $ | 1,166 | $ | 7,210 | 21.0 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (204 | ) | 204 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (323 | ) | 323 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | (427 | ) | 427 | |||||||||||||||||||||||||
Other Items | (42 | ) | (66 | ) | 24 | 33 | (212 | ) | 203 | |||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 34,252 | $ | 13,362 | $ | 20,890 | 61.0 | % | $ | 12,523 | $ | — | $ | 8,367 | 24.4 | % | ||||||||||||||||
Nine Months Ended September 26, 2014 | ||||||||||||||||||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Gross margin | Selling, general and administrative expenses | Other operating charges | Operating income | Operating margin | |||||||||||||||||||||||||
Reported (GAAP) | $ | 35,126 | $ | 13,532 | $ | 21,594 | 61.5 | % | $ | 12,880 | $ | 457 | $ | 8,257 | 23.5 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (142 | ) | 142 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (259 | ) | 259 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | (7 | ) | 7 | |||||||||||||||||||||||||
Other Items | (15 | ) | 88 | (103 | ) | (14 | ) | (49 | ) | (40 | ) | |||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 35,111 | $ | 13,620 | $ | 21,491 | 61.2 | % | $ | 12,866 | $ | — | $ | 8,625 | 24.6 | % | ||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Selling, general and administrative expenses | Other operating charges | Operating income | |||||||||||||||||||||||||||
% Change — Reported (GAAP) | (2) | (1) | (3) | (3) | 155 | (13) | ||||||||||||||||||||||||||
% Currency Impact | (7) | (5) | (8) | (7) | — | (10) | ||||||||||||||||||||||||||
% Change — Currency Neutral Reported | 5 | 4 | 5 | 4 | — | (2) | ||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (2) | (2) | (3) | (3) | — | (3) | ||||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (7) | (5) | (8) | (7) | — | (11) | ||||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 4 | 3 | 5 | 4 | — | 8 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||||||
(In millions except per share data) | |||||||||||||||||||||||||||||||||||||
Nine Months Ended October 2, 2015 | |||||||||||||||||||||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Effective tax rate | Net income (loss) attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share1 | |||||||||||||||||||||||||||||
Reported (GAAP) | $ | 713 | $ | 402 | $ | 709 | $ | 8,067 | $ | 1,937 | 24.0 | % | $ | 16 | $ | 6,114 | $ | 1.39 | |||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | 204 | — | — | 204 | 0.05 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 323 | 124 | — | 199 | 0.05 | |||||||||||||||||||||||||||||
Equity Investees | — | 79 | — | 79 | 5 | — | 74 | 0.02 | |||||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | (529 | ) | (102 | ) | (173 | ) | — | 71 | 0.02 | ||||||||||||||||||||||||||
Other Items | (320 | ) | — | 113 | 636 | 173 | — | 463 | 0.10 | ||||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | 6 | — | (6 | ) | — | ||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 393 | $ | 481 | $ | 293 | $ | 9,207 | $ | 2,072 | 22.5 | % | $ | 16 | $ | 7,119 | $ | 1.61 | |||||||||||||||||||
Nine Months Ended September 26, 2014 | |||||||||||||||||||||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Effective tax rate | Net income (loss) attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share2 | |||||||||||||||||||||||||||||
Reported (GAAP) | $ | 344 | $ | 530 | $ | (630 | ) | $ | 8,249 | $ | 1,896 | 23.0 | % | $ | 25 | $ | 6,328 | $ | 1.42 | ||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | 142 | — | — | 142 | 0.03 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 259 | 96 | — | 163 | 0.04 | |||||||||||||||||||||||||||||
Equity Investees | — | 20 | — | 20 | 3 | — | 17 | — | |||||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | 410 | 417 | 147 | — | 270 | 0.06 | |||||||||||||||||||||||||||||
Other Items | — | 21 | 198 | 179 | (55 | ) | — | 234 | 0.05 | ||||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | (2 | ) | — | 2 | — | ||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 344 | $ | 571 | $ | (22 | ) | $ | 9,266 | $ | 2,085 | 22.5 | % | $ | 25 | $ | 7,156 | $ | 1.61 | ||||||||||||||||||
Interest expense | Equity income (loss) — net | Other income (loss) — net | Income before income taxes | Income taxes | Net income (loss) attributable to noncontrolling interests | Net income attributable to shareowners of The Coca-Cola Company | Diluted net income per share | ||||||||||||||||||||||||||||||
% Change — Reported (GAAP) | 107 | (24) | — | (2) | 2 | (36) | (3) | (2) | |||||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | 14 | (16) | — | (1) | (1) | (36) | (1) | 0 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | 4,410 million average shares outstanding — diluted |
2 | 4,454 million average shares outstanding — diluted |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||
(UNAUDITED) | |||||
Income Before Income Taxes and Diluted Net Income Per Share: | |||||
Three Months Ended October 2, 2015 | |||||
Income before income taxes | Diluted net income per share | ||||
% Change — Reported (GAAP) | (35) | (31) | |||
% Currency Impact | (12) | (13) | |||
% Change — Currency Neutral Reported | (23) | (18) | |||
% Structural Impact | 0 | N/A | |||
% Change — Currency Neutral Reported and Adjusted for Structural Impact | (22) | N/A | |||
% Change — After Considering Items (Non-GAAP) | (5) | (4) | |||
% Currency Impact After Considering Items (Non-GAAP) | (12) | (12) | |||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 7 | 8 | |||
% Structural Impact After Considering Items (Non-GAAP) | (1) | N/A | |||
% Change — Currency Neutral After Considering Items and Adjusted for Structural Impact (Non-GAAP) | 8 | N/A | |||
Nine Months Ended October 2, 2015 | |||||
Income before income taxes | Diluted net income per share | ||||
% Change — Reported (GAAP) | (2) | (2) | |||
% Currency Impact | (5) | (5) | |||
% Change — Currency Neutral Reported | 3 | 3 | |||
% Structural Impact | 0 | N/A | |||
% Change — Currency Neutral Reported and Adjusted for Structural Impact | 3 | N/A | |||
% Change — After Considering Items (Non-GAAP) | (1) | 0 | |||
% Currency Impact After Considering Items (Non-GAAP) | (8) | (8) | |||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 7 | 8 | |||
% Structural Impact After Considering Items (Non-GAAP) | 0 | N/A | |||
% Change — Currency Neutral After Considering Items and Adjusted for Structural Impact (Non-GAAP) | 8 | N/A | |||
Note: | Certain columns may not add due to rounding. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Net Operating Revenues by Segment: | |||||||||||||||||||||||||||||
Three Months Ended October 2, 2015 | |||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
Reported (GAAP) | $ | 603 | $ | 1,330 | $ | 1,012 | $ | 5,639 | $ | 1,406 | $ | 1,746 | $ | 55 | $ | (364 | ) | $ | 11,427 | ||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other Items | — | — | — | (2 | ) | — | — | (25 | ) | — | (27 | ) | |||||||||||||||||
After Considering Items (Non-GAAP) | $ | 603 | $ | 1,330 | $ | 1,012 | $ | 5,637 | $ | 1,406 | $ | 1,746 | $ | 30 | $ | (364 | ) | $ | 11,400 | ||||||||||
Three Months Ended September 26, 2014 | |||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
Reported (GAAP) | $ | 709 | $ | 1,429 | $ | 1,177 | $ | 5,599 | $ | 1,575 | $ | 1,823 | $ | 43 | $ | (379 | ) | $ | 11,976 | ||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other Items | — | — | — | 9 | — | 4 | (8 | ) | — | 5 | |||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 709 | $ | 1,429 | $ | 1,177 | $ | 5,608 | $ | 1,575 | $ | 1,827 | $ | 35 | $ | (379 | ) | $ | 11,981 | ||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
% Change — Reported (GAAP) | (15) | (7) | (14) | 1 | (11) | (4) | 33 | — | (5) | ||||||||||||||||||||
% Currency Impact | (15) | (8) | (28) | (1) | (9) | (11) | 34 | — | (8) | ||||||||||||||||||||
% Change — Currency Neutral Reported | 0 | 1 | 14 | 2 | (1) | 7 | (1) | — | 3 | ||||||||||||||||||||
% Acquisition & Divestiture Adjustments | (2) | (1) | 0 | (1) | (1) | 4 | 14 | — | 0 | ||||||||||||||||||||
% Change — Organic Revenues (Non-GAAP) | 2 | 3 | 14 | 3 | (1) | 3 | (15) | — | 3 | ||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (15) | (7) | (14) | 1 | (11) | (4) | (10) | — | (5) | ||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (15) | (8) | (28) | (1) | (9) | (11) | (8) | — | (8) | ||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 0 | 1 | 14 | 2 | (1) | 7 | (1) | — | 3 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Net Operating Revenues by Segment: | |||||||||||||||||||||||||||||
Nine Months Ended October 2, 2015 | |||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
Reported (GAAP) | $ | 1,899 | $ | 3,977 | $ | 3,051 | $ | 16,657 | $ | 4,292 | $ | 5,354 | $ | 120 | $ | (1,056 | ) | $ | 34,294 | ||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other Items | — | — | — | (19 | ) | — | — | (23 | ) | — | (42 | ) | |||||||||||||||||
After Considering Items (Non-GAAP) | $ | 1,899 | $ | 3,977 | $ | 3,051 | $ | 16,638 | $ | 4,292 | $ | 5,354 | $ | 97 | $ | (1,056 | ) | $ | 34,252 | ||||||||||
Nine Months Ended September 26, 2014 | |||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
Reported (GAAP) | $ | 2,099 | $ | 4,291 | $ | 3,406 | $ | 16,109 | $ | 4,613 | $ | 5,556 | $ | 126 | $ | (1,074 | ) | $ | 35,126 | ||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other Items | — | — | — | 9 | — | (20 | ) | (4 | ) | — | (15 | ) | |||||||||||||||||
After Considering Items (Non-GAAP) | $ | 2,099 | $ | 4,291 | $ | 3,406 | $ | 16,118 | $ | 4,613 | $ | 5,536 | $ | 122 | $ | (1,074 | ) | $ | 35,111 | ||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
% Change — Reported (GAAP) | (9) | (7) | (10) | 3 | (7) | (4) | (4) | — | (2) | ||||||||||||||||||||
% Currency Impact | (12) | (10) | (22) | (1) | (9) | (9) | 8 | — | (7) | ||||||||||||||||||||
% Change — Currency Neutral Reported | 3 | 3 | 12 | 4 | 1 | 6 | (12) | — | 5 | ||||||||||||||||||||
% Acquisition & Divestiture Adjustments | (1) | 0 | 0 | (1) | 0 | 2 | 6 | — | 0 | ||||||||||||||||||||
% Change — Organic Revenues (Non-GAAP) | 4 | 3 | 12 | 6 | 2 | 4 | (18) | — | 5 | ||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (9) | (7) | (10) | 3 | (7) | (3) | (20) | — | (2) | ||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (12) | (10) | (22) | (1) | (9) | (9) | (8) | — | (7) | ||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 3 | 3 | 12 | 4 | 1 | 7 | (12) | — | 4 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Operating Income (Loss) by Segment: | ||||||||||||||||||||||||||
Three Months Ended October 2, 2015 | ||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
Reported (GAAP) | $ | 208 | $ | 722 | $ | 538 | $ | 681 | $ | 571 | $ | (11 | ) | $ | (330 | ) | $ | 2,379 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 75 | — | 75 | ||||||||||||||||||
Productivity & Reinvestment | 1 | (2 | ) | 4 | 85 | 2 | 22 | 29 | 141 | |||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | ||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | 44 | 44 | ||||||||||||||||||
Other Items | — | — | — | 83 | — | 4 | (21 | ) | 66 | |||||||||||||||||
After Considering Items (Non-GAAP) | $ | 209 | $ | 720 | $ | 542 | $ | 849 | $ | 573 | $ | 90 | $ | (278 | ) | $ | 2,705 | |||||||||
Three Months Ended September 26, 2014 | ||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
Reported (GAAP) | $ | 265 | $ | 752 | $ | 653 | $ | 760 | $ | 638 | $ | 14 | $ | (371 | ) | $ | 2,711 | |||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 34 | — | 34 | ||||||||||||||||||
Productivity & Reinvestment | 1 | 2 | — | 59 | 2 | — | 20 | 84 | ||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | ||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | 7 | 7 | ||||||||||||||||||
Other Items | — | — | — | 2 | — | 10 | (8 | ) | 4 | |||||||||||||||||
After Considering Items (Non-GAAP) | $ | 266 | $ | 754 | $ | 653 | $ | 821 | $ | 640 | $ | 58 | $ | (352 | ) | $ | 2,840 | |||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
% Change — Reported (GAAP) | (22) | (4) | (18) | (10) | (11) | — | 11 | (12) | ||||||||||||||||||
% Currency Impact | (16) | (3) | (33) | 0 | (9) | — | 6 | (12) | ||||||||||||||||||
% Change — Currency Neutral Reported | (6) | (1) | 16 | (10) | (1) | — | 5 | (1) | ||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (21) | (4) | (17) | 4 | (11) | 54 | 21 | (5) | ||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (16) | (3) | (33) | (1) | (9) | (22) | 1 | (12) | ||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | (6) | (2) | 16 | 4 | (1) | 76 | 20 | 8 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Operating Income (Loss) by Segment: | ||||||||||||||||||||||||||
Nine Months Ended October 2, 2015 | ||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
Reported (GAAP) | $ | 762 | $ | 2,274 | $ | 1,641 | $ | 2,079 | $ | 1,876 | $ | 34 | $ | (1,456 | ) | $ | 7,210 | |||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 204 | — | 204 | ||||||||||||||||||
Productivity & Reinvestment | 16 | (13 | ) | 7 | 239 | (1 | ) | 22 | 53 | 323 | ||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | ||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | 427 | 427 | ||||||||||||||||||
Other Items | — | — | 33 | 8 | 2 | 6 | 154 | 203 | ||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 778 | $ | 2,261 | $ | 1,681 | $ | 2,326 | $ | 1,877 | $ | 266 | $ | (822 | ) | $ | 8,367 | |||||||||
Nine Months Ended September 26, 2014 | ||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
Reported (GAAP) | $ | 858 | $ | 2,363 | $ | 1,954 | $ | 2,015 | $ | 2,041 | $ | 26 | $ | (1,000 | ) | $ | 8,257 | |||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 142 | — | 142 | ||||||||||||||||||
Productivity & Reinvestment | 1 | 2 | — | 192 | 10 | — | 54 | 259 | ||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | ||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | 7 | 7 | ||||||||||||||||||
Other Items | — | — | — | (90 | ) | — | 30 | 20 | (40 | ) | ||||||||||||||||
After Considering Items (Non-GAAP) | $ | 859 | $ | 2,365 | $ | 1,954 | $ | 2,117 | $ | 2,051 | $ | 198 | $ | (919 | ) | $ | 8,625 | |||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
% Change — Reported (GAAP) | (11) | (4) | (16) | 3 | (8) | 30 | (46) | (13) | ||||||||||||||||||
% Currency Impact | (13) | (4) | (25) | 0 | (8) | 36 | 3 | (10) | ||||||||||||||||||
% Change — Currency Neutral Reported | 2 | 0 | 9 | 4 | 0 | (6) | (48) | (2) | ||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (9) | (4) | (14) | 10 | (8) | 34 | 11 | (3) | ||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (13) | (4) | (25) | 0 | (8) | (18) | 1 | (11) | ||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 4 | 0 | 11 | 10 | 0 | 52 | 10 | 8 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes by Segment: | |||||||||||||||||||||||||||||||||
Three Months Ended October 2, 2015 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 212 | $ | 733 | $ | 535 | $ | (116 | ) | $ | 576 | $ | 150 | $ | (365 | ) | $ | 1,725 | |||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 75 | — | 75 | |||||||||||||||||||||||||
Productivity & Reinvestment | 1 | (2 | ) | 4 | 85 | 2 | 22 | 29 | 141 | ||||||||||||||||||||||||
Equity Investees | (3 | ) | — | — | — | — | — | — | (3 | ) | |||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | 794 | — | — | 65 | 859 | |||||||||||||||||||||||||
Other Items | — | — | — | 83 | — | 4 | 4 | 91 | |||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 210 | $ | 731 | $ | 539 | $ | 846 | $ | 578 | $ | 251 | $ | (267 | ) | $ | 2,888 | ||||||||||||||||
Three Months Ended September 26, 2014 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 272 | $ | 763 | $ | 654 | $ | 486 | $ | 648 | $ | 205 | $ | (368 | ) | $ | 2,660 | ||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 34 | — | 34 | |||||||||||||||||||||||||
Productivity & Reinvestment | 1 | 2 | — | 59 | 2 | — | 20 | 84 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | 8 | — | 8 | |||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | 270 | — | — | 7 | 277 | |||||||||||||||||||||||||
Other Items | — | — | — | 2 | — | 10 | (27 | ) | (15 | ) | |||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 273 | $ | 765 | $ | 654 | $ | 817 | $ | 650 | $ | 257 | $ | (368 | ) | $ | 3,048 | ||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
% Change — Reported (GAAP) | (22) | (4) | (18) | — | (11) | (27) | 1 | (35) | |||||||||||||||||||||||||
% Currency Impact | (15) | (3) | (32) | — | (9) | (14) | 11 | (12) | |||||||||||||||||||||||||
% Change — Currency Neutral Reported | (7) | (1) | 14 | — | (2) | (12) | (11) | (23) | |||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (23) | (4) | (17) | 4 | (11) | (2) | 27 | (5) | |||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (15) | (3) | (32) | (1) | (9) | (17) | 7 | (12) | |||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | (8) | (2) | 15 | 4 | (2) | 15 | 20 | 7 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes by Segment: | |||||||||||||||||||||||||||||||||
Nine Months Ended October 2, 2015 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 785 | $ | 2,300 | $ | 1,649 | $ | 1,245 | $ | 1,890 | $ | 380 | $ | (182 | ) | $ | 8,067 | ||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 204 | — | 204 | |||||||||||||||||||||||||
Productivity & Reinvestment | 16 | (13 | ) | 7 | 239 | (1 | ) | 22 | 53 | 323 | |||||||||||||||||||||||
Equity Investees | (3 | ) | 6 | — | — | — | 76 | — | 79 | ||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | 827 | — | — | (929 | ) | (102 | ) | |||||||||||||||||||||||
Other Items | — | — | 33 | 8 | 2 | 6 | 587 | 636 | |||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 798 | $ | 2,293 | $ | 1,689 | $ | 2,319 | $ | 1,891 | $ | 688 | $ | (471 | ) | $ | 9,207 | ||||||||||||||||
Nine Months Ended September 26, 2014 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 893 | $ | 2,398 | $ | 1,957 | $ | 1,593 | $ | 2,059 | $ | 481 | $ | (1,132 | ) | $ | 8,249 | ||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 142 | — | 142 | |||||||||||||||||||||||||
Productivity & Reinvestment | 1 | 2 | — | 192 | 10 | — | 54 | 259 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | 20 | — | 20 | |||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | 410 | — | — | 7 | 417 | |||||||||||||||||||||||||
Other Items | — | — | — | (90 | ) | — | 51 | 218 | 179 | ||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 894 | $ | 2,400 | $ | 1,957 | $ | 2,105 | $ | 2,069 | $ | 694 | $ | (853 | ) | $ | 9,266 | ||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
% Change — Reported (GAAP) | (12) | (4) | (16) | (22) | (8) | (21) | 84 | (2) | |||||||||||||||||||||||||
% Currency Impact | (13) | (4) | (25) | (1) | (8) | (11) | 45 | (5) | |||||||||||||||||||||||||
% Change — Currency Neutral Reported | 1 | 0 | 9 | (21) | 0 | (10) | 39 | 3 | |||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (11) | (4) | (14) | 10 | (9) | (1) | 45 | (1) | |||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (13) | (4) | (25) | (1) | (8) | (15) | 34 | (8) | |||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 2 | 0 | 11 | 11 | 0 | 15 | 11 | 7 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||
(UNAUDITED) | |||||||
Operating Expense Leverage: | |||||||
Three Months Ended October 2, 2015 | |||||||
Operating income | Gross profit | Operating expense leverage1 | |||||
% Change — Reported (GAAP) | (12) | (7) | (6) | ||||
% Change — Currency Neutral Reported | (1) | 2 | (3) | ||||
% Change — After Considering Items (Non-GAAP) | (5) | (6) | 1 | ||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 8 | 4 | 4 | ||||
Nine Months Ended October 2, 2015 | |||||||
Operating income | Gross profit | Operating expense leverage1 | |||||
% Change — Reported (GAAP) | (13) | (3) | (9) | ||||
% Change — Currency Neutral Reported | (2) | 5 | (7) | ||||
% Change — After Considering Items (Non-GAAP) | (3) | (3) | 0 | ||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 8 | 5 | 2 | ||||
Note: | Certain rows may not add due to rounding. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||
(UNAUDITED) | ||||||||||
(In millions) | ||||||||||
Purchases and Issuances of Stock: | ||||||||||
Nine Months Ended October 2, 2015 | Nine Months Ended September 26, 2014 | |||||||||
Reported (GAAP) | ||||||||||
Issuances of Stock | $ | 732 | $ | 1,058 | ||||||
Purchases of Stock for Treasury | (1,966 | ) | (2,963 | ) | ||||||
Net Change in Stock Issuance Receivables1 | 16 | — | ||||||||
Net Change in Treasury Stock Payables2 | (37 | ) | (21 | ) | ||||||
Net Treasury Share Repurchases (Non-GAAP) | $ | (1,255 | ) | $ | (1,926 | ) |
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. |