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 |
• | Full-year reported net revenue declined 4% while organic revenue grew 4%. Reported net revenue and organic revenue declined 8% and 1%, respectively, in the quarter, primarily due to the impact of six fewer days in our reporting calendar. |
• | Global volume grew 3% in the quarter and 2% for the full year. |
• | Global price/mix grew 2% in the quarter and the full year, reflecting strong execution against our strategic initiatives. |
• | Gained global value share in nonalcoholic ready-to-drink beverages in both the quarter and full year. |
• | Remain committed to the previously announced $3 billion productivity initiative, even with the impact of accelerated refranchising plans. |
• | Expect full-year 2016 comparable currency neutral EPS growth of 4% to 6% including the impact of 3 to 4 points of structural headwind, primarily due to refranchising, on comparable currency neutral income before taxes. |
Percent Change | |||
Fourth Quarter | Full Year | ||
Unit Case Volume | 3 | 2 | |
Sparkling Beverages | 2 | 1 | |
Still Beverages | 6 | 5 | |
Concentrate Sales/Reported Volume | (3) | 1 | |
Price/Mix | 2 | 2 | |
Currency | (7) | (7) | |
Acquisitions & Divestitures, Net | 0 | 0 | |
Reported Net Revenues | (8) | (4) | |
Organic Revenues * | (1) | 4 | |
Reported Income Before Taxes | 43 | 3 | |
Comparable CN Income Before Taxes (Structurally Adjusted) * | (2) | 6 |
* | 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. |
• | The organic revenue decline in the quarter was primarily driven by the impact of six fewer days. After adjusting for the six fewer days in the quarter, concentrate sales were mostly in line with unit case sales. Concentrate sales growth and unit case sales growth were mostly in line for the full year as well. We delivered positive price/mix of 2% in the quarter and the full year due to effective global execution of our price and pack strategies. In the quarter, we gained global value and volume share in nonalcoholic ready-to-drink (NARTD) beverages. |
• | Global sparkling beverage volume growth in the quarter was driven by 1% growth in brand Coca-Cola, 3% growth in Sprite and 7% growth in Coca-Cola Zero, partially offset by a 5% decline in Diet Coke/Coke Light. We gained global value and volume share in sparkling beverages in the quarter. Full-year sparkling beverage volume growth was driven by 1% growth in brand Coca-Cola, 3% growth in Sprite and 6% growth in Coca-Cola Zero, partially offset by a 6% decline in Diet Coke/Coke Light. |
• | Global still beverage volume growth in the quarter was driven by 8% growth in packaged water, 6% growth in ready-to-drink tea, 5% growth in juice and juice drinks and 2% growth in sports drinks. We gained global value and volume share in still beverages in the quarter. Full-year growth was led by growth of 8% in packaged water, 4% in ready-to-drink tea, 3% in ready-to-drink coffee and 2% in sports drinks. |
• | Comparable currency neutral income before taxes (structurally adjusted) lagged organic revenue growth in the quarter primarily due to lower equity income and a decrease in net |
• | The reported effective tax rates for the quarter and full year were 19.6% and 23.3%, respectively. The underlying effective tax rate was 22.5% for the quarter and full year. 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 $0.28 and comparable EPS was $0.38 in the quarter. Items impacting comparability decreased reported EPS by a net $0.10 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 13 point headwind on comparable operating income and a 10 point headwind on both comparable income before taxes and EPS in the quarter. Full-year fluctuations in foreign currency exchange rates resulted in an 11 point headwind on comparable operating income and an 8 point headwind on both comparable income before taxes and EPS. |
• | Full-year cash from operations was $10.5 billion, down 1%, primarily due to the unfavorable impact from foreign currency exchange rates and the impact of refranchised territories in North America, partially offset by the efficient management of working capital. |
• | Full-year net share repurchases totaled $2.3 billion, in line with our previously communicated guidance. |
• | As announced earlier today, based on the progress we have achieved to date, we are accelerating our refranchising plans in North America. We are now committed to refranchising 100% of our Company-owned bottling territories in North America, by the end of 2017, including all of our cold-fill production facilities. |
• | We are also announcing that in China, we have entered into a non-binding letter of intent to refranchise our Company-owned bottling operations to our existing partners China Foods Limited, part of COFCO Limited, and Swire Beverage Holdings Limited. |
• | The Company remains committed to the previously announced $3 billion productivity initiative by continuing to identify additional opportunities to offset the impact of the accelerated refranchising plans. |
Percent Change | |||
Fourth Quarter | Full Year | ||
Unit Case Volume | 2 | 3 | |
Sparkling Beverages | 0 | 2 | |
Still Beverages | 8 | 6 | |
Concentrate Sales | (5) | 2 | |
Price/Mix | 12 | 3 | |
Currency | (16) | (14) | |
Acquisitions & Divestitures, Net | (2) | (1) | |
Reported Net Revenues | (11) | (10) | |
Organic Revenues * | 7 | 5 | |
Reported Income Before Taxes | (6) | (11) | |
Comparable CN Income Before Taxes * | 9 | 3 |
* | 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 in the quarter grew due to strong price/mix, partially offset by the impact of six fewer days. 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 six fewer days in the quarter, concentrate sales growth was generally in line with unit case sales growth. Concentrate sales and unit case sales were also generally in line for the full year. |
• | Comparable currency neutral income before taxes outpaced organic revenue growth in the quarter due to positive operating leverage driven by timing of expenses. |
• | Sparkling beverage volume was flat in the quarter as growth from Trademark Coca-Cola and Sprite was offset by a decline in Fanta. Still beverage volume growth in the quarter was driven by double-digit growth in sports drinks, packaged water and ready-to-drink tea along with 4% growth in juice and juice drinks. We gained value share in total NARTD beverages, sparkling beverages and still beverages in the quarter. Unit case volume growth in the quarter included mid single-digit growth in both our Central, East & West Africa and Turkey, Caucasus & Central Asia business units along with double-digit growth in our Southern Africa business unit, partially offset by a mid single-digit decline in our Middle East & North Africa business unit. |
Percent Change | |||
Fourth Quarter | Full Year | ||
Unit Case Volume | 3 | 2 | |
Sparkling Beverages | 3 | 1 | |
Still Beverages | 2 | 7 | |
Concentrate Sales | (2) | 2 | |
Price/Mix | 1 | 1 | |
Currency | (5) | (9) | |
Acquisitions & Divestitures, Net | (1) | (1) | |
Reported Net Revenues | (7) | (7) | |
Organic Revenues * | (2) | 2 | |
Reported Income Before Taxes | 26 | 1 | |
Comparable CN Income Before Taxes * | 1 | 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. |
• | The organic revenue decline in the quarter was primarily due to six fewer days, partially offset by positive price/mix of 1 point. 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 six fewer days in the quarter, concentrate sales growth was ahead of unit case sales growth due to timing of shipments. Concentrate sales and unit case sales were in line for the full year. |
• | Comparable currency neutral income before taxes outpaced organic revenue growth in the quarter primarily due to the impact of our ongoing productivity initiatives. |
• | Sparkling beverage volume growth in the quarter was driven by 3% growth in Trademark Coca-Cola and 6% growth in Fanta, partially offset by a 1% decline in Sprite. Still beverage volume growth in the quarter was driven by the continued expansion of our still portfolio resulting in 5% growth in both packaged water and ready-to-drink tea, 1% growth in sports drinks and double-digit growth in the innocent brand. We gained value share in still beverages, juice and juice drinks and ready-to-drink tea in the quarter. |
Percent Change | |||
Fourth Quarter | Full Year | ||
Unit Case Volume | 2 | 1 | |
Sparkling Beverages | 1 | 0 | |
Still Beverages | 5 | 4 | |
Concentrate Sales | (3) | 1 | |
Price/Mix | 10 | 9 | |
Currency | (25) | (23) | |
Acquisitions & Divestitures, Net | 0 | 0 | |
Reported Net Revenues | (18) | (13) | |
Organic Revenues * | 7 | 11 | |
Reported Income Before Taxes | 42 | (7) | |
Comparable CN Income Before Taxes * | 12 | 12 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue growth in the quarter was driven by strong positive price/mix, partially offset by the impact of six fewer days. After adjusting for the six fewer days in the quarter, concentrate sales growth was ahead of unit case sales growth due to timing of shipments. Concentrate sales and unit case sales were in line for the full year. |
• | Comparable currency neutral income before taxes outpaced organic revenue growth in the quarter due to positive operating leverage driven by the impact of our ongoing productivity initiatives and timing of expenses. |
• | Sparkling beverage volume growth in the quarter was driven by 4% growth in Sprite and 1% growth in both brand Coca-Cola and Coca-Cola Zero, partially offset by a 4% decline in Fanta. Still beverage volume growth in the quarter was driven by double-digit growth in both juice and juice drinks and sports drinks, as well as 4% growth in packaged water, partially offset by a decline of 4% in ready-to-drink tea. Unit case volume growth was driven by 6% growth in both Mexico and our Latin Center business unit, partially offset by a 5% decline in Brazil. We gained value share in still beverages (excluding packaged water) in the quarter. |
Percent Change | |||
Fourth Quarter | Full Year | ||
Unit Case Volume | 3 | 1 | |
Sparkling Beverages | 2 | 0 | |
Still Beverages | 6 | 5 | |
Concentrate Sales | (3) | 1 | |
Price/Mix | 1 | 3 | |
Currency | (1) | (1) | |
Acquisitions & Divestitures, Net | (1) | (1) | |
Reported Net Revenues | (4) | 2 | |
Organic Revenues * | (2) | 4 | |
Reported Income Before Taxes | 491 | (10) | |
Comparable CN Income Before Taxes * | (19) | 3 |
* | 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 primarily due to the impact of six fewer days, partially offset by favorable 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. After adjusting for the six fewer days in the quarter, concentrate sales growth was in line with unit case sales growth. Concentrate sales and unit case sales were also in line for the full year. |
• | Comparable currency neutral income before taxes trailed organic revenue growth in the quarter primarily due to the impact of a 6 point structural headwind, which includes the impact from refranchised territories as well as the net unfavorable impact from the brand transfer agreement associated with the closing of the transaction with Monster Beverage Corporation and the expanded distribution of Monster beverage products. |
• | Sparkling beverage volume growth in the quarter was driven by growth in Coca-Cola Zero, Sprite and Fanta, partially offset by a decline in Diet Coke. Still beverage volume growth in the quarter was driven by juice and juice drinks, ready-to-drink tea and packaged water. We gained value share in total NARTD beverages for the 23rd consecutive quarter driven by the continued increase in the quantity and quality of our marketing investments along with our disciplined approach to pricing and packaging strategies. |
Percent Change | |||
Fourth Quarter | Full Year | ||
Unit Case Volume | 5 | 4 | |
Sparkling Beverages | 5 | 4 | |
Still Beverages | 6 | 4 | |
Concentrate Sales | 0 | 2 | |
Price/Mix | (9) | (3) | |
Currency | (6) | (8) | |
Acquisitions & Divestitures, Net | 0 | 0 | |
Reported Net Revenues | (15) | (9) | |
Organic Revenues * | (9) | 0 | |
Reported Income Before Taxes | (22) | (10) | |
Comparable CN Income Before Taxes * | (21) | (4) |
* | 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 unfavorable price/mix and the impact of six fewer days. The unfavorable price/mix in the quarter was primarily driven by unfavorable geographic and product mix. After adjusting for the six fewer days in the quarter, concentrate sales growth was generally in line with unit case sales growth. Full-year concentrate sales growth lagged unit case sales growth primarily due to timing of shipments in the prior year. |
• | Comparable currency neutral income before taxes trailed organic revenue growth in the quarter primarily due to an increase in marketing investments and the timing of operating expenses. |
• | Sparkling beverage volume growth in the quarter was driven by 6% growth in both Trademark Coca-Cola and Fanta along with 3% growth in Sprite. Still beverage volume growth in the quarter was driven by double-digit growth in both packaged water and ready-to-drink tea and 2% growth in ready-to-drink coffee. Unit case volume growth in the quarter reflected 1% growth in China, 3% growth in Japan and double-digit growth in India. We gained value and volume share in total NARTD beverages, still beverages (excluding packaged water), as well as the juice and juice drinks and ready-to-drink tea categories in the quarter. |
Percent Change | |||
Fourth Quarter | Full Year | ||
Unit Case Volume | 10 | 8 | |
Reported Volume | 0 | 6 | |
Price/Mix | 0 | (3) | |
Currency | (11) | (10) | |
Acquisitions & Divestitures, Net | 4 | 3 | |
Reported Net Revenues | (7) | (4) | |
Organic Revenues * | 0 | 3 | |
Reported Income Before Taxes | (69) | (37) | |
Comparable CN Income Before Taxes * | (3) | 10 |
* | Organic revenue and comparable currency neutral (CN) income before taxes are non-GAAP financial measures. Refer to the Notes and Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
• | Organic revenue in the quarter was flat, in line with reported volume. Full-year organic revenue growth 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 lagged organic revenue growth in the quarter primarily due to lower equity income. |
• | The Company expects organic revenue to be up 4% to 5% in 2016, in line with our long-term target. The net impact of acquisitions and divestitures is expected to be a 4 to 5 point headwind and based on the current spot rates, currency is expected to be a 4 point headwind, including the impact of hedged positions. |
• | The Company expects comparable currency neutral income before taxes (structurally adjusted) to grow 6% to 8% in 2016, in line with our long-term target, as strong operating profit growth is expected to be partially offset by increased interest expense. The net impact of structural items is expected to be a 3 to 4 point headwind and based on the current spot rates, currency is expected to be a 9 point headwind, including the impact of hedged positions. |
• | Given the above, the Company expects full-year comparable currency neutral EPS growth to be 4% to 6% including the impact of 3 to 4 points of structural headwind, primarily due to refranchising, on comparable currency neutral income before taxes. Based on the current spot rates, currency is expected to be a 9 point headwind, including the impact of hedged positions. |
• | In addition to the above, the Company expects the following: |
• | For the first quarter of 2016, we estimate that based on the current spot rates, currency will be a 5 point headwind on net revenues and a 12 point headwind on income before taxes, including the impact of hedged positions. |
• | For details on items impacting comparability in the quarter and for the full year, 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. |
• | 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. |
• | "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 reflects unit case volume growth for consolidated bottlers only, which 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 non-carbonated waters, flavored waters and enhanced waters, juices and juice drinks, teas, coffees, sports drinks, dairy 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, while fourth quarter financial results were impacted by six fewer days. Unit case volume results for the quarters are not impacted by the variance in days due to the average daily sales computation referenced above. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | ||||||||||
Condensed Consolidated Statements of Income | ||||||||||
(UNAUDITED) | ||||||||||
(In millions except per share data) | ||||||||||
Three Months Ended | ||||||||||
December 31, 2015 | December 31, 2014 | % Change1 | ||||||||
Net Operating Revenues | $ | 10,000 | $ | 10,872 | (8 | ) | ||||
Cost of goods sold | 4,054 | 4,357 | (7 | ) | ||||||
Gross Profit | 5,946 | 6,515 | (9 | ) | ||||||
Selling, general and administrative expenses | 3,937 | 4,338 | (9 | ) | ||||||
Other operating charges | 491 | 726 | (32 | ) | ||||||
Operating Income | 1,518 | 1,451 | 5 | |||||||
Interest income | 154 | 158 | (2 | ) | ||||||
Interest expense | 143 | 139 | 3 | |||||||
Equity income (loss) — net | 87 | 239 | (64 | ) | ||||||
Other income (loss) — net | (78 | ) | (633 | ) | 88 | |||||
Income Before Income Taxes | 1,538 | 1,076 | 43 | |||||||
Income taxes | 302 | 305 | (1 | ) | ||||||
Consolidated Net Income | 1,236 | 771 | 60 | |||||||
Less: Net income (loss) attributable to noncontrolling interests | (1 | ) | 1 | — | ||||||
Net Income Attributable to Shareowners of The Coca-Cola Company | $ | 1,237 | $ | 770 | 61 | |||||
Diluted Net Income Per Share2 | $ | 0.28 | $ | 0.17 | 62 | |||||
Average Shares Outstanding — Diluted2 | 4,390 | 4,437 |
1 | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
2 | For the three months ended December 31, 2015 and December 31, 2014, basic net income per share was $0.29 for 2015 and $0.18 for 2014 based on average shares outstanding — basic of 4,336 million for 2015 and 4,375 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) | ||||||||||
Year Ended | ||||||||||
December 31, 2015 | December 31, 2014 | % Change1 | ||||||||
Net Operating Revenues | $ | 44,294 | $ | 45,998 | (4 | ) | ||||
Cost of goods sold | 17,482 | 17,889 | (2 | ) | ||||||
Gross Profit | 26,812 | 28,109 | (5 | ) | ||||||
Selling, general and administrative expenses | 16,427 | 17,218 | (5 | ) | ||||||
Other operating charges | 1,657 | 1,183 | 40 | |||||||
Operating Income | 8,728 | 9,708 | (10 | ) | ||||||
Interest income | 613 | 594 | 3 | |||||||
Interest expense | 856 | 483 | 77 | |||||||
Equity income (loss) — net | 489 | 769 | (36 | ) | ||||||
Other income (loss) — net | 631 | (1,263 | ) | — | ||||||
Income Before Income Taxes | 9,605 | 9,325 | 3 | |||||||
Income taxes | 2,239 | 2,201 | 2 | |||||||
Consolidated Net Income | 7,366 | 7,124 | 3 | |||||||
Less: Net income (loss) attributable to noncontrolling interests | 15 | 26 | (40 | ) | ||||||
Net Income Attributable to Shareowners of The Coca-Cola Company | $ | 7,351 | $ | 7,098 | 4 | |||||
Diluted Net Income Per Share2 | $ | 1.67 | $ | 1.60 | 5 | |||||
Average Shares Outstanding — Diluted2 | 4,405 | 4,450 |
1 | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
2 | For the years ended December 31, 2015 and December 31, 2014, basic net income per share was $1.69 for 2015 and $1.62 for 2014 based on average shares outstanding — basic of 4,352 million for 2015 and 4,387 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) | |||||||
December 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 7,309 | $ | 8,958 | |||
Short-term investments | 8,322 | 9,052 | |||||
Total Cash, Cash Equivalents and Short-Term Investments | 15,631 | 18,010 | |||||
Marketable securities | 4,269 | 3,665 | |||||
Trade accounts receivable, less allowances of $352 and $331, respectively | 3,941 | 4,466 | |||||
Inventories | 2,902 | 3,100 | |||||
Prepaid expenses and other assets | 2,752 | 3,066 | |||||
Assets held for sale | 3,900 | 679 | |||||
Total Current Assets | 33,395 | 32,986 | |||||
Equity Method Investments | 12,318 | 9,947 | |||||
Other Investments | 3,470 | 3,678 | |||||
Other Assets | 4,207 | 4,407 | |||||
Property, Plant and Equipment — net | 12,571 | 14,633 | |||||
Trademarks With Indefinite Lives | 5,989 | 6,533 | |||||
Bottlers' Franchise Rights With Indefinite Lives | 6,000 | 6,689 | |||||
Goodwill | 11,289 | 12,100 | |||||
Other Intangible Assets | 854 | 1,050 | |||||
Total Assets | $ | 90,093 | $ | 92,023 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable and accrued expenses | $ | 9,660 | $ | 9,234 | |||
Loans and notes payable | 13,129 | 19,130 | |||||
Current maturities of long-term debt | 2,677 | 3,552 | |||||
Accrued income taxes | 331 | 400 | |||||
Liabilities held for sale | 1,133 | 58 | |||||
Total Current Liabilities | 26,930 | 32,374 | |||||
Long-Term Debt | 28,407 | 19,063 | |||||
Other Liabilities | 4,301 | 4,389 | |||||
Deferred Income Taxes | 4,691 | 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 | 14,016 | 13,154 | |||||
Reinvested earnings | 65,018 | 63,408 | |||||
Accumulated other comprehensive income (loss) | (10,174 | ) | (5,777 | ) | |||
Treasury stock, at cost — 2,716 and 2,674 shares, respectively | (45,066 | ) | (42,225 | ) | |||
Equity Attributable to Shareowners of The Coca-Cola Company | 25,554 | 30,320 | |||||
Equity Attributable to Noncontrolling Interests | 210 | 241 | |||||
Total Equity | 25,764 | 30,561 | |||||
Total Liabilities and Equity | $ | 90,093 | $ | 92,023 |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(UNAUDITED) | |||||||
(In millions) | |||||||
Year Ended | |||||||
December 31, 2015 | December 31, 2014 | ||||||
Operating Activities | |||||||
Consolidated net income | $ | 7,366 | $ | 7,124 | |||
Depreciation and amortization | 1,970 | 1,976 | |||||
Stock-based compensation expense | 236 | 209 | |||||
Deferred income taxes | 73 | (40 | ) | ||||
Equity (income) loss — net of dividends | (122 | ) | (371 | ) | |||
Foreign currency adjustments | (137 | ) | 415 | ||||
Significant (gains) losses on sales of assets — net | (374 | ) | 831 | ||||
Other operating charges | 929 | 761 | |||||
Other items | 744 | 149 | |||||
Net change in operating assets and liabilities | (157 | ) | (439 | ) | |||
Net cash provided by operating activities | 10,528 | 10,615 | |||||
Investing Activities | |||||||
Purchases of investments | (15,831 | ) | (17,800 | ) | |||
Proceeds from disposals of investments | 14,079 | 12,986 | |||||
Acquisitions of businesses, equity method investments and nonmarketable securities | (2,491 | ) | (389 | ) | |||
Proceeds from disposals of businesses, equity method investments and nonmarketable securities | 565 | 148 | |||||
Purchases of property, plant and equipment | (2,553 | ) | (2,406 | ) | |||
Proceeds from disposals of property, plant and equipment | 85 | 223 | |||||
Other investing activities | (40 | ) | (268 | ) | |||
Net cash provided by (used in) investing activities | (6,186 | ) | (7,506 | ) | |||
Financing Activities | |||||||
Issuances of debt | 40,434 | 41,674 | |||||
Payments of debt | (37,738 | ) | (36,962 | ) | |||
Issuances of stock | 1,245 | 1,532 | |||||
Purchases of stock for treasury | (3,564 | ) | (4,162 | ) | |||
Dividends | (5,741 | ) | (5,350 | ) | |||
Other financing activities | 251 | (363 | ) | ||||
Net cash provided by (used in) financing activities | (5,113 | ) | (3,631 | ) | |||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (878 | ) | (934 | ) | |||
Cash and Cash Equivalents | |||||||
Net increase (decrease) during the year | (1,649 | ) | (1,456 | ) | |||
Balance at beginning of year | 8,958 | 10,414 | |||||
Balance at end of year | $ | 7,309 | $ | 8,958 |
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 | |||||||||||||||||||||||||||||||
December 31, 2015 | December 31, 2014 | % Fav. / (Unfav.) | December 31, 2015 | December 31, 2014 | % Fav. / (Unfav.) | December 31, 2015 | December 31, 2014 | % Fav. / (Unfav.) | |||||||||||||||||||||||||
Eurasia & Africa | $ | 560 | $ | 631 | (11 | ) | $ | 225 | $ | 226 | 0 | $ | 219 | $ | 232 | (6 | ) | ||||||||||||||||
Europe | 1,151 | 1,245 | (7 | ) | 614 | 489 | 26 | 619 | 494 | 26 | |||||||||||||||||||||||
Latin America | 1,023 | 1,251 | (18 | ) | 528 | 362 | 46 | 515 | 362 | 42 | |||||||||||||||||||||||
North America | 5,145 | 5,370 | (4 | ) | 411 | 432 | (5 | ) | 230 | 40 | 491 | ||||||||||||||||||||||
Asia Pacific | 960 | 1,133 | (15 | ) | 313 | 407 | (23 | ) | 317 | 405 | (22 | ) | |||||||||||||||||||||
Bottling Investments | 1,377 | 1,483 | (7 | ) | (34 | ) | (17 | ) | (106 | ) | 74 | 234 | (69 | ) | |||||||||||||||||||
Corporate | 46 | 10 | 339 | (539 | ) | (448 | ) | (20 | ) | (436 | ) | (691 | ) | 37 | |||||||||||||||||||
Eliminations | (262 | ) | (251 | ) | (4 | ) | — | — | — | — | — | — | |||||||||||||||||||||
Consolidated | $ | 10,000 | $ | 10,872 | (8 | ) | $ | 1,518 | $ | 1,451 | 5 | $ | 1,538 | $ | 1,076 | 43 |
Note: | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | During the three months ended December 31, 2015, intersegment revenues were $14 million for Eurasia and Africa, $136 million for Europe, $19 million for Latin America, $4 million for North America, $69 million for Asia Pacific, $10 million for Bottling Investments and $10 million for Corporate. During the three months ended December 31, 2014, intersegment revenues were $162 million for Europe, $14 million for Latin America, $4 million for North America, $57 million for Asia Pacific and $14 million for Bottling Investments. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Operating Segments | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
Net Operating Revenues 1 | Operating Income (Loss) | Income (Loss) Before Income Taxes | |||||||||||||||||||||||||||||||
December 31, 2015 | December 31, 2014 | % Fav. / (Unfav.) | December 31, 2015 | December 31, 2014 | % Fav. / (Unfav.) | December 31, 2015 | December 31, 2014 | % Fav. / (Unfav.) | |||||||||||||||||||||||||
Eurasia & Africa | $ | 2,459 | $ | 2,730 | (10 | ) | $ | 987 | $ | 1,084 | (9 | ) | $ | 1,004 | $ | 1,125 | (11 | ) | |||||||||||||||
Europe | 5,128 | 5,536 | (7 | ) | 2,888 | 2,852 | 1 | 2,919 | 2,892 | 1 | |||||||||||||||||||||||
Latin America | 4,074 | 4,657 | (13 | ) | 2,169 | 2,316 | (6 | ) | 2,164 | 2,319 | (7 | ) | |||||||||||||||||||||
North America | 21,802 | 21,479 | 2 | 2,490 | 2,447 | 2 | 1,475 | 1,633 | (10 | ) | |||||||||||||||||||||||
Asia Pacific | 5,252 | 5,746 | (9 | ) | 2,189 | 2,448 | (11 | ) | 2,207 | 2,464 | (10 | ) | |||||||||||||||||||||
Bottling Investments | 6,731 | 7,039 | (4 | ) | 0 | 9 | — | 454 | 715 | (37 | ) | ||||||||||||||||||||||
Corporate | 166 | 136 | 22 | (1,995 | ) | (1,448 | ) | (38 | ) | (618 | ) | (1,823 | ) | 66 | |||||||||||||||||||
Eliminations | (1,318 | ) | (1,325 | ) | 1 | — | — | — | — | — | — | ||||||||||||||||||||||
Consolidated | $ | 44,294 | $ | 45,998 | (4 | ) | $ | 8,728 | $ | 9,708 | (10 | ) | $ | 9,605 | $ | 9,325 | 3 |
Note: | Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | During the year ended December 31, 2015, intersegment revenues were $36 million for Eurasia and Africa, $585 million for Europe, $75 million for Latin America, $18 million for North America, $545 million for Asia Pacific, $49 million for Bottling Investments and $10 million for Corporate. During the year ended December 31, 2014, intersegment revenues were $692 million for Europe, $60 million for Latin America, $17 million for North America, $489 million for Asia Pacific and $67 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 December 31, 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) | $ | 10,000 | $ | 4,054 | $ | 5,946 | 59.5 | % | $ | 3,937 | $ | 491 | $ | 1,518 | 15.2 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (88 | ) | 88 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (368 | ) | 368 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | (21 | ) | 21 | |||||||||||||||||||||||||
Other Items | 5 | — | 5 | 8 | (14 | ) | 11 | |||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 10,005 | $ | 4,054 | $ | 5,951 | 59.5 | % | $ | 3,945 | $ | — | $ | 2,006 | 20.0 | % | ||||||||||||||||
Three Months Ended December 31, 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) | $ | 10,872 | $ | 4,357 | $ | 6,515 | 59.9 | % | $ | 4,338 | $ | 726 | $ | 1,451 | 13.3 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (66 | ) | 66 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (342 | ) | 342 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | (15 | ) | 15 | |||||||||||||||||||||||||
Other Items | 29 | (75 | ) | 104 | (48 | ) | (303 | ) | 455 | |||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 10,901 | $ | 4,282 | $ | 6,619 | 60.7 | % | $ | 4,290 | $ | — | $ | 2,329 | 21.4 | % | ||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Selling, general and administrative expenses | Other operating charges | Operating income | |||||||||||||||||||||||||||
% Change — Reported (GAAP) | (8) | (7) | (9) | (9) | (32) | 5 | ||||||||||||||||||||||||||
% Currency Impact | (7) | (4) | (9) | (5) | — | (21) | ||||||||||||||||||||||||||
% Change — Currency Neutral Reported | (1) | (3) | 0 | (4) | — | 26 | ||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (8) | (5) | (10) | (8) | — | (14) | ||||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (7) | (4) | (8) | (5) | — | (13) | ||||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | (2) | (1) | (2) | (3) | — | 0 |
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, 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) | $ | 143 | $ | 87 | $ | (78 | ) | $ | 1,538 | $ | 302 | 19.6 | % | $ | (1 | ) | $ | 1,237 | $ | 0.28 | |||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | 88 | — | — | 88 | 0.02 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 368 | 135 | — | 233 | 0.05 | |||||||||||||||||||||||||||||
Equity Investees | — | 8 | — | 8 | — | — | 8 | — | |||||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | 178 | 199 | 65 | — | 134 | 0.03 | |||||||||||||||||||||||||||||
Other Items | — | — | (49 | ) | (38 | ) | (15 | ) | — | (23 | ) | (0.01 | ) | ||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | (1 | ) | — | 1 | — | ||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 143 | $ | 95 | $ | 51 | $ | 2,163 | $ | 486 | 22.5 | % | $ | (1 | ) | $ | 1,678 | $ | 0.38 | ||||||||||||||||||
Three Months Ended December 31, 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) | $ | 139 | $ | 239 | $ | (633 | ) | $ | 1,076 | $ | 305 | 28.3 | % | $ | 1 | $ | 770 | $ | 0.17 | ||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | 66 | — | — | 66 | 0.01 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 342 | 95 | — | 247 | 0.06 | |||||||||||||||||||||||||||||
Equity Investees | — | (2 | ) | — | (2 | ) | 3 | — | (5 | ) | — | ||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | 421 | 436 | 149 | — | 287 | 0.06 | |||||||||||||||||||||||||||||
Other Items | — | (46 | ) | 170 | 579 | 14 | — | 565 | 0.13 | ||||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | (5 | ) | — | 5 | — | ||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 139 | $ | 191 | $ | (42 | ) | $ | 2,497 | $ | 561 | 22.5 | % | $ | 1 | $ | 1,935 | $ | 0.44 | ||||||||||||||||||
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) | 3 | (64) | 88 | 43 | (1) | — | 61 | 62 | |||||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | 3 | (50) | — | (13) | (13) | — | (13) | (12) |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | 4,390 million average shares outstanding — diluted |
2 | 4,437 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, 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) | $ | 44,294 | $ | 17,482 | $ | 26,812 | 60.5 | % | $ | 16,427 | $ | 1,657 | $ | 8,728 | 19.7 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (292 | ) | 292 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (691 | ) | 691 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | (448 | ) | 448 | |||||||||||||||||||||||||
Other Items | (37 | ) | (66 | ) | 29 | 41 | (226 | ) | 214 | |||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 44,257 | $ | 17,416 | $ | 26,841 | 60.6 | % | $ | 16,468 | $ | — | $ | 10,373 | 23.4 | % | ||||||||||||||||
Year Ended December 31, 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) | $ | 45,998 | $ | 17,889 | $ | 28,109 | 61.1 | % | $ | 17,218 | $ | 1,183 | $ | 9,708 | 21.1 | % | ||||||||||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | (208 | ) | 208 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | (601 | ) | 601 | |||||||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | ||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | (22 | ) | 22 | |||||||||||||||||||||||||
Other Items | 14 | 13 | 1 | (62 | ) | (352 | ) | 415 | ||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | — | — | ||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 46,012 | $ | 17,902 | $ | 28,110 | 61.1 | % | $ | 17,156 | $ | — | $ | 10,954 | 23.8 | % | ||||||||||||||||
Net operating revenues | Cost of goods sold | Gross profit | Selling, general and administrative expenses | Other operating charges | Operating income | |||||||||||||||||||||||||||
% Change — Reported (GAAP) | (4) | (2) | (5) | (5) | 40 | (10) | ||||||||||||||||||||||||||
% Currency Impact | (7) | (5) | (8) | (6) | — | (12) | ||||||||||||||||||||||||||
% Change — Currency Neutral Reported | 3 | 2 | 4 | 2 | — | 2 | ||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (4) | (3) | (5) | (4) | — | (5) | ||||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (7) | (5) | (8) | (6) | — | (11) | ||||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 3 | 2 | 4 | 2 | — | 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, 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) | $ | 856 | $ | 489 | $ | 631 | $ | 9,605 | $ | 2,239 | 23.3 | % | $ | 15 | $ | 7,351 | $ | 1.67 | |||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | 292 | — | — | 292 | 0.07 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 691 | 259 | — | 432 | 0.10 | |||||||||||||||||||||||||||||
Equity Investees | — | 87 | — | 87 | 5 | — | 82 | 0.02 | |||||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | (351 | ) | 97 | (108 | ) | — | 205 | 0.05 | |||||||||||||||||||||||||||
Other Items | (320 | ) | — | 64 | 598 | 158 | — | 440 | 0.10 | ||||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | 5 | — | (5 | ) | — | ||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 536 | $ | 576 | $ | 344 | $ | 11,370 | $ | 2,558 | 22.5 | % | $ | 15 | $ | 8,797 | $ | 2.00 | |||||||||||||||||||
Year Ended December 31, 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) | $ | 483 | $ | 769 | $ | (1,263 | ) | $ | 9,325 | $ | 2,201 | 23.6 | % | $ | 26 | $ | 7,098 | $ | 1.60 | ||||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | 208 | — | — | 208 | 0.05 | |||||||||||||||||||||||||||||
Productivity & Reinvestment | — | — | — | 601 | 191 | — | 410 | 0.09 | |||||||||||||||||||||||||||||
Equity Investees | — | 18 | — | 18 | 6 | — | 12 | — | |||||||||||||||||||||||||||||
Transaction Gains/Losses | — | — | 831 | 853 | 296 | — | 557 | 0.13 | |||||||||||||||||||||||||||||
Other Items | — | (25 | ) | 368 | 758 | (41 | ) | — | 799 | 0.18 | |||||||||||||||||||||||||||
Certain Tax Matters | — | — | — | — | (7 | ) | — | 7 | — | ||||||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 483 | $ | 762 | $ | (64 | ) | $ | 11,763 | $ | 2,646 | 22.5 | % | $ | 26 | $ | 9,091 | $ | 2.04 | ||||||||||||||||||
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) | 77 | (36) | — | 3 | 2 | (40) | 4 | 5 | |||||||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | 11 | (24) | — | (3) | (3) | (40) | (3) | (2) |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
1 | 4,405 million average shares outstanding — diluted |
2 | 4,450 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 December 31, 2015 | |||||
Income before income taxes | Diluted net income per share | ||||
% Change — Reported (GAAP) | 43 | 62 | |||
% Currency Impact | (9) | (10) | |||
% Change — Currency Neutral Reported | 52 | 73 | |||
% Structural Impact | (8) | N/A | |||
% Change — Currency Neutral Reported and Adjusted for Structural Impact | 62 | N/A | |||
% Change — After Considering Items (Non-GAAP) | (13) | (12) | |||
% Currency Impact After Considering Items (Non-GAAP) | (10) | (10) | |||
% Change — Currency Neutral After Considering Items (Non-GAAP) | (3) | (2) | |||
% Structural Impact After Considering Items (Non-GAAP) | (1) | N/A | |||
% Change — Currency Neutral After Considering Items and Adjusted for Structural Impact (Non-GAAP) | (2) | N/A | |||
Year Ended December 31, 2015 | |||||
Income before income taxes | Diluted net income per share | ||||
% Change — Reported (GAAP) | 3 | 5 | |||
% Currency Impact | (6) | (6) | |||
% Change — Currency Neutral Reported | 9 | 10 | |||
% Structural Impact | (1) | N/A | |||
% Change — Currency Neutral Reported and Adjusted for Structural Impact | 9 | N/A | |||
% Change — After Considering Items (Non-GAAP) | (3) | (2) | |||
% Currency Impact After Considering Items (Non-GAAP) | (8) | (8) | |||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 5 | 6 | |||
% Structural Impact After Considering Items (Non-GAAP) | (1) | N/A | |||
% Change — Currency Neutral After Considering Items and Adjusted for Structural Impact (Non-GAAP) | 6 | 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 December 31, 2015 | |||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
Reported (GAAP) | $ | 560 | $ | 1,151 | $ | 1,023 | $ | 5,145 | $ | 960 | $ | 1,377 | $ | 46 | $ | (262 | ) | $ | 10,000 | ||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other Items | — | — | — | (5 | ) | — | — | 10 | — | 5 | |||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 560 | $ | 1,151 | $ | 1,023 | $ | 5,140 | $ | 960 | $ | 1,377 | $ | 56 | $ | (262 | ) | $ | 10,005 | ||||||||||
Three Months Ended December 31, 2014 | |||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
Reported (GAAP) | $ | 631 | $ | 1,245 | $ | 1,251 | $ | 5,370 | $ | 1,133 | $ | 1,483 | $ | 10 | $ | (251 | ) | $ | 10,872 | ||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other Items | — | — | — | 28 | — | — | 1 | — | 29 | ||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 631 | $ | 1,245 | $ | 1,251 | $ | 5,398 | $ | 1,133 | $ | 1,483 | $ | 11 | $ | (251 | ) | $ | 10,901 | ||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
% Change — Reported (GAAP) | (11) | (7) | (18) | (4) | (15) | (7) | 339 | (4) | (8) | ||||||||||||||||||||
% Currency Impact | (16) | (5) | (25) | (1) | (6) | (11) | (98) | — | (7) | ||||||||||||||||||||
% Change — Currency Neutral Reported | 5 | (3) | 7 | (3) | (9) | 4 | 437 | — | (1) | ||||||||||||||||||||
% Acquisition & Divestiture Adjustments | (2) | (1) | 0 | (1) | 0 | 4 | 72 | — | 0 | ||||||||||||||||||||
% Change — Organic Revenues (Non-GAAP) | 7 | (2) | 7 | (2) | (9) | 0 | 365 | — | (1) | ||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (11) | (7) | (18) | (5) | (15) | (7) | 416 | — | (8) | ||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (16) | (5) | (25) | (1) | (6) | (11) | (12) | — | (7) | ||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 5 | (3) | 7 | (4) | (9) | 4 | 428 | — | (2) |
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: | |||||||||||||||||||||||||||||
Year Ended December 31, 2015 | |||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
Reported (GAAP) | $ | 2,459 | $ | 5,128 | $ | 4,074 | $ | 21,802 | $ | 5,252 | $ | 6,731 | $ | 166 | $ | (1,318 | ) | $ | 44,294 | ||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other Items | — | — | — | (24 | ) | — | — | (13 | ) | — | (37 | ) | |||||||||||||||||
After Considering Items (Non-GAAP) | $ | 2,459 | $ | 5,128 | $ | 4,074 | $ | 21,778 | $ | 5,252 | $ | 6,731 | $ | 153 | $ | (1,318 | ) | $ | 44,257 | ||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
Reported (GAAP) | $ | 2,730 | $ | 5,536 | $ | 4,657 | $ | 21,479 | $ | 5,746 | $ | 7,039 | $ | 136 | $ | (1,325 | ) | $ | 45,998 | ||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Productivity & Reinvestment | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other Items | — | — | — | 37 | — | (20 | ) | (3 | ) | — | 14 | ||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 2,730 | $ | 5,536 | $ | 4,657 | $ | 21,516 | $ | 5,746 | $ | 7,019 | $ | 133 | $ | (1,325 | ) | $ | 46,012 | ||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Eliminations | Consolidated | |||||||||||||||||||||
% Change — Reported (GAAP) | (10) | (7) | (13) | 2 | (9) | (4) | 22 | 1 | (4) | ||||||||||||||||||||
% Currency Impact | (14) | (9) | (23) | (1) | (8) | (10) | 0 | — | (7) | ||||||||||||||||||||
% Change — Currency Neutral Reported | 4 | 2 | 10 | 3 | (1) | 6 | 22 | — | 3 | ||||||||||||||||||||
% Acquisition & Divestiture Adjustments | (1) | (1) | 0 | (1) | 0 | 3 | 11 | — | 0 | ||||||||||||||||||||
% Change — Organic Revenues (Non-GAAP) | 5 | 2 | 11 | 4 | 0 | 3 | 11 | — | 4 | ||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (10) | (7) | (13) | 1 | (9) | (4) | 15 | — | (4) | ||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (14) | (9) | (23) | (1) | (8) | (10) | (8) | — | (7) | ||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 4 | 2 | 10 | 2 | (1) | 6 | 23 | — | 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) | ||||||||||||||||||||||||||
Operating Income (Loss) by Segment: | ||||||||||||||||||||||||||
Three Months Ended December 31, 2015 | ||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
Reported (GAAP) | $ | 225 | $ | 614 | $ | 528 | $ | 411 | $ | 313 | $ | (34 | ) | $ | (539 | ) | $ | 1,518 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 88 | — | 88 | ||||||||||||||||||
Productivity & Reinvestment | — | (12 | ) | — | 145 | 3 | 39 | 193 | 368 | |||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | ||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | 3 | 18 | 21 | ||||||||||||||||||
Other Items | — | — | — | (9 | ) | — | (3 | ) | 23 | 11 | ||||||||||||||||
After Considering Items (Non-GAAP) | $ | 225 | $ | 602 | $ | 528 | $ | 547 | $ | 316 | $ | 93 | $ | (305 | ) | $ | 2,006 | |||||||||
Three Months Ended December 31, 2014 | ||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
Reported (GAAP) | $ | 226 | $ | 489 | $ | 362 | $ | 432 | $ | 407 | $ | (17 | ) | $ | (448 | ) | $ | 1,451 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 66 | — | 66 | ||||||||||||||||||
Productivity & Reinvestment | 25 | 109 | 20 | 89 | 26 | 3 | 70 | 342 | ||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | ||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | 15 | 15 | ||||||||||||||||||
Other Items | — | — | 275 | 151 | 1 | 9 | 19 | 455 | ||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 251 | $ | 598 | $ | 657 | $ | 672 | $ | 434 | $ | 61 | $ | (344 | ) | $ | 2,329 | |||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
% Change — Reported (GAAP) | 0 | 26 | 46 | (5) | (23) | (106) | (20) | 5 | ||||||||||||||||||
% Currency Impact | (26) | 0 | (63) | 2 | (6) | (27) | 0 | (21) | ||||||||||||||||||
% Change — Currency Neutral Reported | 26 | 26 | 109 | (7) | (17) | (79) | (21) | 26 | ||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (10) | 1 | (20) | (19) | (27) | 52 | 11 | (14) | ||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (23) | 0 | (35) | 1 | (5) | (29) | 3 | (13) | ||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 13 | 1 | 15 | (20) | (22) | 81 | 8 | 0 |
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, 2015 | ||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
Reported (GAAP) | $ | 987 | $ | 2,888 | $ | 2,169 | $ | 2,490 | $ | 2,189 | $ | 0 | $ | (1,995 | ) | $ | 8,728 | |||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 292 | — | 292 | ||||||||||||||||||
Productivity & Reinvestment | 16 | (25 | ) | 7 | 384 | 2 | 61 | 246 | 691 | |||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | ||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | 3 | 445 | 448 | ||||||||||||||||||
Other Items | — | — | 33 | (1 | ) | 2 | 3 | 177 | 214 | |||||||||||||||||
After Considering Items (Non-GAAP) | $ | 1,003 | $ | 2,863 | $ | 2,209 | $ | 2,873 | $ | 2,193 | $ | 359 | $ | (1,127 | ) | $ | 10,373 | |||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
Reported (GAAP) | $ | 1,084 | $ | 2,852 | $ | 2,316 | $ | 2,447 | $ | 2,448 | $ | 9 | $ | (1,448 | ) | $ | 9,708 | |||||||||
Items Impacting Comparability: | ||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 208 | — | 208 | ||||||||||||||||||
Productivity & Reinvestment | 26 | 111 | 20 | 281 | 36 | 3 | 124 | 601 | ||||||||||||||||||
Equity Investees | — | — | — | — | — | — | — | — | ||||||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | 22 | 22 | ||||||||||||||||||
Other Items | — | — | 275 | 61 | 1 | 39 | 39 | 415 | ||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 1,110 | $ | 2,963 | $ | 2,611 | $ | 2,789 | $ | 2,485 | $ | 259 | $ | (1,263 | ) | $ | 10,954 | |||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | |||||||||||||||||||
% Change — Reported (GAAP) | (9) | 1 | (6) | 2 | (11) | — | (38) | (10) | ||||||||||||||||||
% Currency Impact | (16) | (3) | (31) | 0 | (8) | — | 2 | (12) | ||||||||||||||||||
% Change — Currency Neutral Reported | 7 | 5 | 25 | 2 | (3) | — | (40) | 2 | ||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (10) | (3) | (15) | 3 | (12) | 38 | 11 | (5) | ||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (15) | (3) | (28) | 0 | (8) | (21) | 1 | (11) | ||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 6 | 0 | 12 | 3 | (4) | 59 | 9 | 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) | |||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes by Segment: | |||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2015 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 219 | $ | 619 | $ | 515 | $ | 230 | $ | 317 | $ | 74 | $ | (436 | ) | $ | 1,538 | ||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 88 | — | 88 | |||||||||||||||||||||||||
Productivity & Reinvestment | — | (12 | ) | — | 145 | 3 | 39 | 193 | 368 | ||||||||||||||||||||||||
Equity Investees | — | 1 | — | — | — | 7 | — | 8 | |||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | 180 | — | 3 | 16 | 199 | |||||||||||||||||||||||||
Other Items | — | — | — | (9 | ) | — | (3 | ) | (26 | ) | (38 | ) | |||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 219 | $ | 608 | $ | 515 | $ | 546 | $ | 320 | $ | 208 | $ | (253 | ) | $ | 2,163 | ||||||||||||||||
Three Months Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 232 | $ | 494 | $ | 362 | $ | 40 | $ | 405 | $ | 234 | $ | (691 | ) | $ | 1,076 | ||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 66 | — | 66 | |||||||||||||||||||||||||
Productivity & Reinvestment | 25 | 109 | 20 | 89 | 26 | 3 | 70 | 342 | |||||||||||||||||||||||||
Equity Investees | — | 2 | — | — | — | (4 | ) | — | (2 | ) | |||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | 389 | — | — | 47 | 436 | |||||||||||||||||||||||||
Other Items | — | — | 275 | 151 | 1 | (37 | ) | 189 | 579 | ||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 257 | $ | 605 | $ | 657 | $ | 669 | $ | 432 | $ | 262 | $ | (385 | ) | $ | 2,497 | ||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
% Change — Reported (GAAP) | (6) | 26 | 42 | 491 | (22) | (69) | 37 | 43 | |||||||||||||||||||||||||
% Currency Impact | (26) | 0 | (62) | 22 | (6) | (13) | 34 | (9) | |||||||||||||||||||||||||
% Change — Currency Neutral Reported | 20 | 26 | 104 | 469 | (16) | (55) | 3 | 52 | |||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (15) | 1 | (22) | (18) | (26) | (21) | 34 | (13) | |||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (23) | 0 | (34) | 1 | (5) | (18) | 25 | (10) | |||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 9 | 1 | 12 | (19) | (21) | (3) | 9 | (3) |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes by Segment: | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2015 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 1,004 | $ | 2,919 | $ | 2,164 | $ | 1,475 | $ | 2,207 | $ | 454 | $ | (618 | ) | $ | 9,605 | ||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 292 | — | 292 | |||||||||||||||||||||||||
Productivity & Reinvestment | 16 | (25 | ) | 7 | 384 | 2 | 61 | 246 | 691 | ||||||||||||||||||||||||
Equity Investees | (3 | ) | 7 | — | — | — | 83 | — | 87 | ||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | 1,007 | — | 3 | (913 | ) | 97 | ||||||||||||||||||||||||
Other Items | — | — | 33 | (1 | ) | 2 | 3 | 561 | 598 | ||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 1,017 | $ | 2,901 | $ | 2,204 | $ | 2,865 | $ | 2,211 | $ | 896 | $ | (724 | ) | $ | 11,370 | ||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
Reported (GAAP) | $ | 1,125 | $ | 2,892 | $ | 2,319 | $ | 1,633 | $ | 2,464 | $ | 715 | $ | (1,823 | ) | $ | 9,325 | ||||||||||||||||
Items Impacting Comparability: | |||||||||||||||||||||||||||||||||
Asset Impairments/Restructuring | — | — | — | — | — | 208 | — | 208 | |||||||||||||||||||||||||
Productivity & Reinvestment | 26 | 111 | 20 | 281 | 36 | 3 | 124 | 601 | |||||||||||||||||||||||||
Equity Investees | — | 2 | — | — | — | 16 | — | 18 | |||||||||||||||||||||||||
Transaction Gains/Losses | — | — | — | 799 | — | — | 54 | 853 | |||||||||||||||||||||||||
Other Items | — | — | 275 | 61 | 1 | 14 | 407 | 758 | |||||||||||||||||||||||||
After Considering Items (Non-GAAP) | $ | 1,151 | $ | 3,005 | $ | 2,614 | $ | 2,774 | $ | 2,501 | $ | 956 | $ | (1,238 | ) | $ | 11,763 | ||||||||||||||||
Eurasia & Africa | Europe | Latin America | North America | Asia Pacific | Bottling Investments | Corporate | Consolidated | ||||||||||||||||||||||||||
% Change — Reported (GAAP) | (11) | 1 | (7) | (10) | (10) | (37) | 66 | 3 | |||||||||||||||||||||||||
% Currency Impact | (15) | (4) | (31) | 0 | (8) | (12) | 41 | (6) | |||||||||||||||||||||||||
% Change — Currency Neutral Reported | 5 | 5 | 24 | (10) | (2) | (25) | 25 | 9 | |||||||||||||||||||||||||
% Change — After Considering Items (Non-GAAP) | (12) | (3) | (16) | 3 | (12) | (6) | 41 | (3) | |||||||||||||||||||||||||
% Currency Impact After Considering Items (Non-GAAP) | (15) | (4) | (27) | 0 | (8) | (16) | 31 | (8) | |||||||||||||||||||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 3 | 0 | 12 | 3 | (4) | 10 | 10 | 5 |
Note: | Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. |
THE COCA-COLA COMPANY AND SUBSIDIARIES | |||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||
(UNAUDITED) | |||||||
Operating Expense Leverage: | |||||||
Three Months Ended December 31, 2015 | |||||||
Operating income | Gross profit | Operating expense leverage1 | |||||
% Change — Reported (GAAP) | 5 | (9) | 13 | ||||
% Change — Currency Neutral Reported | 26 | 0 | 26 | ||||
% Change — After Considering Items (Non-GAAP) | (14) | (10) | (4) | ||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 0 | (2) | 1 | ||||
Year Ended December 31, 2015 | |||||||
Operating income | Gross profit | Operating expense leverage1 | |||||
% Change — Reported (GAAP) | (10) | (5) | (5) | ||||
% Change — Currency Neutral Reported | 2 | 4 | (2) | ||||
% Change — After Considering Items (Non-GAAP) | (5) | (5) | (1) | ||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 6 | 4 | 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: | ||||||||||
Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||
Reported (GAAP) | ||||||||||
Issuances of Stock | $ | 1,245 | $ | 1,532 | ||||||
Purchases of Stock for Treasury | (3,564 | ) | (4,162 | ) | ||||||
Net Change in Stock Issuance Receivables1 | 1 | (14 | ) | |||||||
Net Change in Treasury Stock Payables2 | 18 | 38 | ||||||||
Net Treasury Share Repurchases (Non-GAAP) | $ | (2,300 | ) | $ | (2,606 | ) |
1 | Represents the net change in receivables related to employee stock options exercised but not settled prior to the end of the year. |
2 | Represents the net change in payables for treasury shares repurchased but not settled prior to the end of the year. |