1Q15 | 2Q15 | 3Q15 | 4Q15 | FY15 | 1Q14 | 2Q14 | 3Q14 | 4Q14 | FY14 | FY13 | ||||||||||||||||||||||||||||||||||
Net Operating Revenues — Third Party | ||||||||||||||||||||||||||||||||||||||||||||
Eurasia & Africa | $ | 638 | $ | 651 | $ | 588 | $ | 546 | $ | 2,423 | $ | 658 | $ | 732 | $ | 709 | $ | 631 | $ | 2,730 | $ | 2,763 | ||||||||||||||||||||||
Europe | 1,068 | 1,284 | 1,176 | 1,015 | 4,543 | 1,134 | 1,385 | 1,242 | 1,083 | 4,844 | 4,645 | |||||||||||||||||||||||||||||||||
Latin America | 1,047 | 955 | 993 | 1,004 | 3,999 | 1,094 | 1,105 | 1,161 | 1,237 | 4,597 | 4,748 | |||||||||||||||||||||||||||||||||
North America | 1,276 | 1,493 | 1,468 | 1,344 | 5,581 | 1,117 | 1,328 | 1,280 | 1,250 | 4,975 | 5,047 | |||||||||||||||||||||||||||||||||
Asia Pacific | 1,156 | 1,413 | 1,247 | 891 | 4,707 | 1,210 | 1,550 | 1,421 | 1,076 | 5,257 | 5,372 | |||||||||||||||||||||||||||||||||
Bottling Investments | 5,486 | 6,335 | 5,900 | 5,164 | 22,885 | 5,330 | 6,424 | 6,120 | 5,585 | 23,459 | 24,125 | |||||||||||||||||||||||||||||||||
Corporate | 40 | 25 | 55 | 36 | 156 | 33 | 50 | 43 | 10 | 136 | 154 | |||||||||||||||||||||||||||||||||
Consolidated | $ | 10,711 | $ | 12,156 | $ | 11,427 | $ | 10,000 | $ | 44,294 | $ | 10,576 | $ | 12,574 | $ | 11,976 | $ | 10,872 | $ | 45,998 | $ | 46,854 | ||||||||||||||||||||||
Net Operating Revenues — Intersegment | ||||||||||||||||||||||||||||||||||||||||||||
Eurasia & Africa | $ | — | $ | 7 | $ | 15 | $ | 14 | $ | 36 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Europe | 144 | 151 | 154 | 136 | 585 | 159 | 184 | 187 | 162 | 692 | 689 | |||||||||||||||||||||||||||||||||
Latin America | 19 | 18 | 19 | 19 | 75 | 17 | 13 | 16 | 14 | 60 | 191 | |||||||||||||||||||||||||||||||||
North America | 1,041 | 1,158 | 1,112 | 948 | 4,259 | 944 | 1,155 | 1,151 | 1,046 | 4,296 | 4,168 | |||||||||||||||||||||||||||||||||
Asia Pacific | 129 | 188 | 159 | 69 | 545 | 105 | 173 | 154 | 57 | 489 | 497 | |||||||||||||||||||||||||||||||||
Bottling Investments | 45 | 50 | 48 | 35 | 178 | 43 | 51 | 56 | 42 | 192 | 195 | |||||||||||||||||||||||||||||||||
Corporate | — | — | — | 10 | 10 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Eliminations | (1,378 | ) | (1,572 | ) | (1,507 | ) | (1,231 | ) | (5,688 | ) | (1,268 | ) | (1,576 | ) | (1,564 | ) | (1,321 | ) | (5,729 | ) | (5,740 | ) | ||||||||||||||||||||||
Consolidated | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Net Operating Revenues — Total | ||||||||||||||||||||||||||||||||||||||||||||
Eurasia & Africa | $ | 638 | $ | 658 | $ | 603 | $ | 560 | $ | 2,459 | $ | 658 | $ | 732 | $ | 709 | $ | 631 | $ | 2,730 | $ | 2,763 | ||||||||||||||||||||||
Europe | 1,212 | 1,435 | 1,330 | 1,151 | 5,128 | 1,293 | 1,569 | 1,429 | 1,245 | 5,536 | 5,334 | |||||||||||||||||||||||||||||||||
Latin America | 1,066 | 973 | 1,012 | 1,023 | 4,074 | 1,111 | 1,118 | 1,177 | 1,251 | 4,657 | 4,939 | |||||||||||||||||||||||||||||||||
North America | 2,317 | 2,651 | 2,580 | 2,292 | 9,840 | 2,061 | 2,483 | 2,431 | 2,296 | 9,271 | 9,215 | |||||||||||||||||||||||||||||||||
Asia Pacific | 1,285 | 1,601 | 1,406 | 960 | 5,252 | 1,315 | 1,723 | 1,575 | 1,133 | 5,746 | 5,869 | |||||||||||||||||||||||||||||||||
Bottling Investments | 5,531 | 6,385 | 5,948 | 5,199 | 23,063 | 5,373 | 6,475 | 6,176 | 5,627 | 23,651 | 24,320 | |||||||||||||||||||||||||||||||||
Corporate | 40 | 25 | 55 | 46 | 166 | 33 | 50 | 43 | 10 | 136 | 154 | |||||||||||||||||||||||||||||||||
Eliminations | (1,378 | ) | (1,572 | ) | (1,507 | ) | (1,231 | ) | (5,688 | ) | (1,268 | ) | (1,576 | ) | (1,564 | ) | (1,321 | ) | (5,729 | ) | (5,740 | ) | ||||||||||||||||||||||
Consolidated | $ | 10,711 | $ | 12,156 | $ | 11,427 | $ | 10,000 | $ | 44,294 | $ | 10,576 | $ | 12,574 | $ | 11,976 | $ | 10,872 | $ | 45,998 | $ | 46,854 | ||||||||||||||||||||||
Operating Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
Eurasia & Africa | $ | 279 | $ | 275 | $ | 208 | $ | 225 | $ | 987 | $ | 303 | $ | 290 | $ | 265 | $ | 226 | $ | 1,084 | $ | 1,087 | ||||||||||||||||||||||
Europe | 716 | 836 | 722 | 614 | 2,888 | 719 | 892 | 752 | 489 | 2,852 | 2,859 | |||||||||||||||||||||||||||||||||
Latin America | 578 | 525 | 538 | 528 | 2,169 | 668 | 633 | 653 | 362 | 2,316 | 2,908 | |||||||||||||||||||||||||||||||||
North America | 535 | 754 | 585 | 492 | 2,366 | 494 | 634 | 629 | 486 | 2,243 | 2,233 | |||||||||||||||||||||||||||||||||
Asia Pacific | 544 | 761 | 571 | 313 | 2,189 | 557 | 846 | 638 | 407 | 2,448 | 2,478 | |||||||||||||||||||||||||||||||||
Bottling Investments | (10 | ) | 164 | 85 | (115 | ) | 124 | (92 | ) | 231 | 145 | (71 | ) | 213 | 314 | |||||||||||||||||||||||||||||
Corporate | (346 | ) | (780 | ) | (330 | ) | (539 | ) | (1,995 | ) | (273 | ) | (356 | ) | (371 | ) | (448 | ) | (1,448 | ) | (1,651 | ) | ||||||||||||||||||||||
Consolidated | $ | 2,296 | $ | 2,535 | $ | 2,379 | $ | 1,518 | $ | 8,728 | $ | 2,376 | $ | 3,170 | $ | 2,711 | $ | 1,451 | $ | 9,708 | $ | 10,228 | ||||||||||||||||||||||
Income (Loss) Before Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||
Eurasia & Africa | $ | 286 | $ | 287 | $ | 212 | $ | 219 | $ | 1,004 | $ | 308 | $ | 313 | $ | 272 | $ | 232 | $ | 1,125 | $ | 1,109 | ||||||||||||||||||||||
Europe | 724 | 843 | 733 | 619 | 2,919 | 731 | 904 | 763 | 494 | 2,892 | 2,923 | |||||||||||||||||||||||||||||||||
Latin America | 588 | 526 | 535 | 515 | 2,164 | 667 | 636 | 654 | 362 | 2,319 | 2,920 | |||||||||||||||||||||||||||||||||
North America | 532 | 752 | 581 | 491 | 2,356 | 491 | 629 | 626 | 482 | 2,228 | 2,233 | |||||||||||||||||||||||||||||||||
Asia Pacific | 548 | 766 | 576 | 317 | 2,207 | 560 | 851 | 648 | 405 | 2,464 | 2,494 | |||||||||||||||||||||||||||||||||
Bottling Investments | (46 | ) | 353 | (547 | ) | (187 | ) | (427 | ) | (44 | ) | 307 | 65 | (208 | ) | 120 | 880 | |||||||||||||||||||||||||||
Corporate | (651 | ) | 834 | (365 | ) | (436 | ) | (618 | ) | (508 | ) | (256 | ) | (368 | ) | (691 | ) | (1,823 | ) | (1,082 | ) | |||||||||||||||||||||||
Consolidated | $ | 1,981 | $ | 4,361 | $ | 1,725 | $ | 1,538 | $ | 9,605 | $ | 2,205 | $ | 3,384 | $ | 2,660 | $ | 1,076 | $ | 9,325 | $ | 11,477 |
Three Months Ended April 3, 2015 | |||
Percent Change | |||
North America | Bottling Investments | ||
Unit Case Volume | 0 | (1) | |
Sparkling Beverages | (1) | N/A | |
Still Beverages | 2 | N/A | |
Reported Net Revenues | 12 | 3 | |
Organic Revenues * | 13 | 9 | |
Reported Operating Income | 8 | 89 | |
Comparable Currency Neutral Operating Income * | 24 | 528 | |
Reported Income Before Taxes | 8 | (5) | |
Comparable Currency Neutral Income Before Taxes * | 24 | 38 |
Three Months Ended July 3, 2015 | |||
Percent Change | |||
North America | Bottling Investments | ||
Unit Case Volume | 2 | 1 | |
Sparkling Beverages | 1 | N/A | |
Still Beverages | 4 | N/A | |
Reported Net Revenues | 7 | (1) | |
Organic Revenues * | 6 | 3 | |
Reported Operating Income | 19 | (29) | |
Comparable Currency Neutral Operating Income * | 14 | 0 | |
Reported Income Before Taxes | 20 | 15 | |
Comparable Currency Neutral Income Before Taxes * | 15 | 3 |
Three Months Ended October 2, 2015 | |||
Percent Change | |||
North America | Bottling Investments | ||
Unit Case Volume | 1 | (1) | |
Sparkling Beverages | (1) | N/A | |
Still Beverages | 7 | N/A | |
Reported Net Revenues | 6 | (4) | |
Organic Revenues * | 6 | 1 | |
Reported Operating Income | (7) | (41) | |
Comparable Currency Neutral Operating Income * | 1 | 29 | |
Reported Income Before Taxes | (7) | — | |
Comparable Currency Neutral Income Before Taxes * | 1 | 15 |
* | Organic revenue, comparable currency neutral operating income and comparable currency neutral income before taxes are non-GAAP financial measures. Refer to the Reconciliation of GAAP and non-GAAP Financial Measures schedule. |
Three Months Ended December 31, 2015 | |||
Percent Change | |||
North America | Bottling Investments | ||
Unit Case Volume | 3 | (1) | |
Sparkling Beverages | 2 | N/A | |
Still Beverages | 6 | N/A | |
Reported Net Revenues | 0 | (8) | |
Organic Revenues * | (1) | (3) | |
Reported Operating Income | 1 | (65) | |
Comparable Currency Neutral Operating Income * | (11) | (12) | |
Reported Income Before Taxes | 2 | 10 | |
Comparable Currency Neutral Income Before Taxes * | (11) | (23) |
Year Ended December 31, 2015 | |||
Percent Change | |||
North America | Bottling Investments | ||
Unit Case Volume | 1 | 0 | |
Sparkling Beverages | 0 | N/A | |
Still Beverages | 5 | N/A | |
Concentrate Sales/Reported Volume | 1 | 2 | |
Price/Mix | 5 | 0 | |
Currency | (1) | (3) | |
Acquisitions & Divestitures, Net | 1 | (1) | |
Reported Net Revenues | 6 | (2) | |
Organic Revenues * | 6 | 3 | |
Reported Operating Income | 5 | (42) | |
Comparable Currency Neutral Operating Income * | 6 | 14 | |
Reported Income Before Taxes | 6 | — | |
Comparable Currency Neutral Income Before Taxes * | 6 | 3 |
* | Organic revenue, comparable currency neutral operating income and comparable currency neutral income before taxes are non-GAAP financial measures. Refer to the Reconciliation of GAAP and non-GAAP Financial Measures schedule. |
Year Ended December 31, 2014 | |||
Percent Change | |||
North America | Bottling Investments | ||
Unit Case Volume | 0 | (2) | |
Sparkling Beverages | (1) | N/A | |
Still Beverages | 1 | N/A | |
Concentrate Sales/Reported Volume | 0 | 2 | |
Price/Mix | 1 | 0 | |
Currency | 0 | (1) | |
Acquisitions & Divestitures, Net | 0 | (4) | |
Reported Net Revenues | 1 | (3) | |
Organic Revenues * | 1 | 2 | |
Reported Operating Income | 0 | (32) | |
Comparable Currency Neutral Operating Income * | 0 | (2) | |
Reported Income Before Taxes | 0 | (86) | |
Comparable Currency Neutral Income Before Taxes * | (1) | (2) |
* | Organic revenue, comparable currency neutral operating income and comparable currency neutral income before taxes are non-GAAP financial measures. Refer to the Reconciliation of GAAP and non-GAAP Financial Measures schedule. |
The Coca-Cola Company and Subsidiaries | |||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||
Unaudited | |||||||||||
(In millions) | |||||||||||
Reclassified Net Operating Revenues by Segment: | |||||||||||
Three Months Ended April 3, 2015 | |||||||||||
North America | Bottling Investments | Eliminations | |||||||||
Reported (GAAP) | $ | 2,317 | $ | 5,531 | $ | (1,378 | ) | ||||
Items Impacting Comparability: | |||||||||||
Other Items1 | (6 | ) | — | — | |||||||
After Considering Items (Non-GAAP) | $ | 2,311 | $ | 5,531 | $ | (1,378 | ) | ||||
Three Months Ended March 28, 2014 | |||||||||||
North America | Bottling Investments | Eliminations | |||||||||
Reported (GAAP) | $ | 2,061 | $ | 5,373 | $ | (1,268 | ) | ||||
Items Impacting Comparability: | |||||||||||
Other Items1 | 2 | — | — | ||||||||
After Considering Items (Non-GAAP) | $ | 2,063 | $ | 5,373 | $ | (1,268 | ) | ||||
North America | Bottling Investments | Eliminations | |||||||||
% Change — Reported (GAAP) | 12 | 3 | (9) | ||||||||
% Currency Impact | (1) | (3) | — | ||||||||
% Change — Currency Neutral Reported | 13 | 6 | — | ||||||||
% Acquisition & Divestiture Adjustments | 0 | (3) | — | ||||||||
% Change — Organic Revenues (Non-GAAP) | 13 | 9 | — | ||||||||
% Change — After Considering Items (Non-GAAP) | 12 | 3 | — | ||||||||
% Currency Impact After Considering Items (Non-GAAP) | (1) | (3) | — | ||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 13 | 6 | — |
1 | During the three months ended April 3, 2015 and March 28, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in a decrease of $6 million and an increase of $2 million, respectively, to our non-GAAP net operating revenues for the North America operating segment. |
The Coca-Cola Company and Subsidiaries | |||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||
Unaudited | |||||||||||
(In millions) | |||||||||||
Reclassified Net Operating Revenues by Segment: | |||||||||||
Three Months Ended July 3, 2015 | |||||||||||
North America | Bottling Investments | Eliminations | |||||||||
Reported (GAAP) | $ | 2,651 | $ | 6,385 | $ | (1,572 | ) | ||||
Items Impacting Comparability: | |||||||||||
Other Items1 | (11 | ) | — | — | |||||||
After Considering Items (Non-GAAP) | $ | 2,640 | $ | 6,385 | $ | (1,572 | ) | ||||
Three Months Ended June 27, 2014 | |||||||||||
North America | Bottling Investments | Eliminations | |||||||||
Reported (GAAP) | $ | 2,483 | $ | 6,475 | $ | (1,576 | ) | ||||
Items Impacting Comparability: | |||||||||||
Other Items1,2 | (2 | ) | (24 | ) | — | ||||||
After Considering Items (Non-GAAP) | $ | 2,481 | $ | 6,451 | $ | (1,576 | ) | ||||
North America | Bottling Investments | Eliminations | |||||||||
% Change — Reported (GAAP) | 7 | (1) | 0 | ||||||||
% Currency Impact | (1) | (4) | — | ||||||||
% Change — Currency Neutral Reported | 7 | 2 | — | ||||||||
% Acquisition & Divestiture Adjustments | 2 | 0 | — | ||||||||
% Change — Organic Revenues (Non-GAAP) | 6 | 3 | — | ||||||||
% Change — After Considering Items (Non-GAAP) | 6 | (1) | — | ||||||||
% Currency Impact After Considering Items (Non-GAAP) | (1) | (4) | — | ||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 7 | 3 | — |
1 | During the three months ended July 3, 2015 and June 27, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in decreases of $11 million and $2 million, respectively, to our non-GAAP net operating revenues for the North America operating segment. |
2 | During the three months ended June 27, 2014, the Bottling Investments operating segment was impacted by $24 million as a result of the restructuring and transitioning of the Company's Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
The Coca-Cola Company and Subsidiaries | |||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||
Unaudited | |||||||||||
(In millions) | |||||||||||
Reclassified Net Operating Revenues by Segment: | |||||||||||
Three Months Ended October 2, 2015 | |||||||||||
North America | Bottling Investments | Eliminations | |||||||||
Reported (GAAP) | $ | 2,580 | $ | 5,948 | $ | (1,507 | ) | ||||
Items Impacting Comparability: | |||||||||||
Other Items1 | (2 | ) | — | — | |||||||
After Considering Items (Non-GAAP) | $ | 2,578 | $ | 5,948 | $ | (1,507 | ) | ||||
Three Months Ended September 26, 2014 | |||||||||||
North America | Bottling Investments | Eliminations | |||||||||
Reported (GAAP) | $ | 2,431 | $ | 6,176 | $ | (1,564 | ) | ||||
Items Impacting Comparability: | |||||||||||
Other Items1,2 | 9 | 4 | — | ||||||||
After Considering Items (Non-GAAP) | $ | 2,440 | $ | 6,180 | $ | (1,564 | ) | ||||
North America | Bottling Investments | Eliminations | |||||||||
% Change — Reported (GAAP) | 6 | (4) | 4 | ||||||||
% Currency Impact | (1) | (5) | — | ||||||||
% Change — Currency Neutral Reported | 7 | 1 | — | ||||||||
% Acquisition & Divestiture Adjustments | 1 | 0 | — | ||||||||
% Change — Organic Revenues (Non-GAAP) | 6 | 1 | — | ||||||||
% Change — After Considering Items (Non-GAAP) | 6 | (4) | — | ||||||||
% Currency Impact After Considering Items (Non-GAAP) | (1) | (5) | — | ||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 6 | 1 | — |
1 | During the three months ended October 2, 2015 and September 26, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in a decrease of $2 million and an increase of $9 million, respectively, to our non-GAAP net operating revenues for the North America operating segment. |
2 | During the three months ended September 26, 2014, the Bottling Investments operating segment was impacted by $4 million as a result of the restructuring and transitioning of the Company's Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
The Coca-Cola Company and Subsidiaries | |||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||
Unaudited | |||||||||||
(In millions) | |||||||||||
Reclassified Net Operating Revenues by Segment: | |||||||||||
Three Months Ended December 31, 2015 | |||||||||||
North America | Bottling Investments | Eliminations | |||||||||
Reported (GAAP) | $ | 2,292 | $ | 5,199 | $ | (1,231 | ) | ||||
Items Impacting Comparability: | |||||||||||
Other Items1 | (5 | ) | — | — | |||||||
After Considering Items (Non-GAAP) | $ | 2,287 | $ | 5,199 | $ | (1,231 | ) | ||||
Three Months Ended December 31, 2014 | |||||||||||
North America | Bottling Investments | Eliminations | |||||||||
Reported (GAAP) | $ | 2,296 | $ | 5,627 | $ | (1,321 | ) | ||||
Items Impacting Comparability: | |||||||||||
Other Items1 | 28 | — | — | ||||||||
After Considering Items (Non-GAAP) | $ | 2,324 | $ | 5,627 | $ | (1,321 | ) | ||||
North America | Bottling Investments | Eliminations | |||||||||
% Change — Reported (GAAP) | 0 | (8) | 7 | ||||||||
% Currency Impact | 0 | (4) | — | ||||||||
% Change — Currency Neutral Reported | 0 | (4) | — | ||||||||
% Acquisition & Divestiture Adjustments | 1 | (1) | — | ||||||||
% Change — Organic Revenues (Non-GAAP) | (1) | (3) | — | ||||||||
% Change — After Considering Items (Non-GAAP) | (2) | (8) | — | ||||||||
% Currency Impact After Considering Items (Non-GAAP) | 0 | (4) | — | ||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | (1) | (4) | — |
1 | During the three months ended December 31, 2015 and December 31, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in a decrease of $5 million and an increase of $28 million, respectively, to our non-GAAP net operating revenues for the North America operating segment. |
The Coca-Cola Company and Subsidiaries | |||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||
Unaudited | |||||||||||
(In millions) | |||||||||||
Reclassified Net Operating Revenues by Segment: | |||||||||||
Year Ended December 31, 2015 | |||||||||||
North America | Bottling Investments | Eliminations | |||||||||
Reported (GAAP) | $ | 9,840 | $ | 23,063 | $ | (5,688 | ) | ||||
Items Impacting Comparability: | |||||||||||
Other Items1 | (24 | ) | — | — | |||||||
After Considering Items (Non-GAAP) | $ | 9,816 | $ | 23,063 | $ | (5,688 | ) | ||||
Year Ended December 31, 2014 | |||||||||||
North America | Bottling Investments | Eliminations | |||||||||
Reported (GAAP) | $ | 9,271 | $ | 23,651 | $ | (5,729 | ) | ||||
Items Impacting Comparability: | |||||||||||
Other Items1,2 | 37 | (20 | ) | — | |||||||
After Considering Items (Non-GAAP) | $ | 9,308 | $ | 23,631 | $ | (5,729 | ) | ||||
North America | Bottling Investments | Eliminations | |||||||||
% Change — Reported (GAAP) | 6 | (2) | 1 | ||||||||
% Currency Impact | (1) | (3) | — | ||||||||
% Change — Currency Neutral Reported | 7 | 1 | — | ||||||||
% Acquisition & Divestiture Adjustments | 1 | (1) | — | ||||||||
% Change — Organic Revenues (Non-GAAP) | 6 | 3 | — | ||||||||
% Change — After Considering Items (Non-GAAP) | 5 | (2) | — | ||||||||
% Currency Impact After Considering Items (Non-GAAP) | (1) | (3) | — | ||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 6 | 1 | — |
1 | During the years ended December 31, 2015 and December 31, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in a decrease of $24 million and an increase of $37 million, respectively, to our non-GAAP net operating revenues for the North America operating segment. |
2 | During the year ended December 31, 2014, the Bottling Investments operating segment was impacted by $20 million as a result of the restructuring and transitioning of the Company's Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
The Coca-Cola Company and Subsidiaries | |||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||||
Unaudited | |||||||||||
(In millions) | |||||||||||
Reclassified Net Operating Revenues by Segment: | |||||||||||
Year Ended December 31, 2014 | |||||||||||
North America | Bottling Investments | Eliminations | |||||||||
Reported (GAAP) | $ | 9,271 | $ | 23,651 | $ | (5,729 | ) | ||||
Items Impacting Comparability: | |||||||||||
Other Items1,2 | 37 | (20 | ) | — | |||||||
After Considering Items (Non-GAAP) | $ | 9,308 | $ | 23,631 | $ | (5,729 | ) | ||||
Year Ended December 31, 2013 | |||||||||||
North America | Bottling Investments | Eliminations | |||||||||
Reported (GAAP) | $ | 9,215 | $ | 24,320 | $ | (5,740 | ) | ||||
Items Impacting Comparability: | |||||||||||
Other Items | — | — | — | ||||||||
After Considering Items (Non-GAAP) | $ | 9,215 | $ | 24,320 | $ | (5,740 | ) | ||||
North America | Bottling Investments | Eliminations | |||||||||
% Change — Reported (GAAP) | 1 | (3) | 0 | ||||||||
% Currency Impact | 0 | (1) | — | ||||||||
% Change — Currency Neutral Reported | 1 | (2) | — | ||||||||
% Acquisition & Divestiture Adjustments | 0 | (4) | — | ||||||||
% Change — Organic Revenues (Non-GAAP) | 1 | 2 | — | ||||||||
% Change — After Considering Items (Non-GAAP) | 1 | (3) | — | ||||||||
% Currency Impact After Considering Items (Non-GAAP) | 0 | (1) | — | ||||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 1 | (2) | — |
1 | During the year ended December 31, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in an increase of $37 million to our non-GAAP net operating revenues for the North America operating segment. |
2 | During the year ended December 31, 2014, the Bottling Investments operating segment was impacted by $20 million as a result of the restructuring and transitioning of the Company's Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
The Coca-Cola Company and Subsidiaries | ||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||
Unaudited | ||||||||
(In millions) | ||||||||
Reclassified Operating Income (Loss) by Segment: | ||||||||
Three Months Ended April 3, 2015 | ||||||||
North America | Bottling Investments | |||||||
Reported (GAAP) | $ | 535 | $ | (10 | ) | |||
Items Impacting Comparability: | ||||||||
Asset Impairments/Restructuring1 | — | 35 | ||||||
Productivity & Reinvestment2 | 42 | 32 | ||||||
Transaction Gains/Losses | — | — | ||||||
Other Items3 | (10 | ) | (11 | ) | ||||
After Considering Items (Non-GAAP) | $ | 567 | $ | 46 | ||||
Three Months Ended March 28, 2014 | ||||||||
North America | Bottling Investments | |||||||
Reported (GAAP) | $ | 494 | $ | (92 | ) | |||
Items Impacting Comparability: | ||||||||
Asset Impairments/Restructuring1 | — | 42 | ||||||
Productivity & Reinvestment2 | 22 | 53 | ||||||
Transaction Gains/Losses | — | — | ||||||
Other Items3 | (58 | ) | 4 | |||||
After Considering Items (Non-GAAP) | $ | 458 | $ | 7 | ||||
North America | Bottling Investments | |||||||
% Change — Reported (GAAP) | 8 | 89 | ||||||
% Currency Impact | 0 | 2 | ||||||
% Change — Currency Neutral Reported | 9 | 87 | ||||||
% Change — After Considering Items (Non-GAAP) | 24 | 467 | ||||||
% Currency Impact After Considering Items (Non-GAAP) | 0 | (61) | ||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 24 | 528 |
1 | During the three months ended April 3, 2015 and March 28, 2014, the Company recorded charges of $35 million and $42 million, respectively, in the Bottling Investments operating segment. These charges were related to the integration of our German bottling and distribution operations. |
2 | During the three months ended April 3, 2015, the Company recorded charges of $42 million and $32 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. During the three months ended March 28, 2014, the Company recorded charges of $22 million and $53 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. |
3 | During the three months ended April 3, 2015 and March 28, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in decreases of $10 million and $58 million, respectively, to our non-GAAP operating income for the North America operating segment. During the three months ended April 3, 2015 and March 28, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in a decrease of $11 million and an increase of $4 million, respectively, to our non-GAAP operating income for the Bottling Investments operating segment. |
The Coca-Cola Company and Subsidiaries | ||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||
Unaudited | ||||||||
(In millions) | ||||||||
Reclassified Operating Income (Loss) by Segment: | ||||||||
Three Months Ended July 3, 2015 | ||||||||
North America | Bottling Investments | |||||||
Reported (GAAP) | $ | 754 | $ | 164 | ||||
Items Impacting Comparability: | ||||||||
Asset Impairments/Restructuring1 | — | 94 | ||||||
Productivity & Reinvestment2 | 31 | 49 | ||||||
Transaction Gains/Losses | — | — | ||||||
Other Items3,4 | (40 | ) | (12 | ) | ||||
After Considering Items (Non-GAAP) | $ | 745 | $ | 295 | ||||
Three Months Ended June 27, 2014 | ||||||||
North America | Bottling Investments | |||||||
Reported (GAAP) | $ | 634 | $ | 231 | ||||
Items Impacting Comparability: | ||||||||
Asset Impairments/Restructuring1 | — | 66 | ||||||
Productivity & Reinvestment2 | 31 | 27 | ||||||
Transaction Gains/Losses | — | — | ||||||
Other Items3,4 | (11 | ) | (7 | ) | ||||
After Considering Items (Non-GAAP) | $ | 654 | $ | 317 | ||||
North America | Bottling Investments | |||||||
% Change — Reported (GAAP) | 19 | (29) | ||||||
% Currency Impact | 0 | 1 | ||||||
% Change — Currency Neutral Reported | 19 | (30) | ||||||
% Change — After Considering Items (Non-GAAP) | 14 | (7) | ||||||
% Currency Impact After Considering Items (Non-GAAP) | 0 | (7) | ||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 14 | 0 |
1 | During the three months ended July 3, 2015 and June 27, 2014, the Company recorded charges of $94 million and $66 million, respectively, in the Bottling Investments operating segment. These charges were related to the integration of our German bottling and distribution operations. |
2 | During the three months ended July 3, 2015, the Company recorded charges of $31 million and $49 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. During the three months ended June 27, 2014, the Company recorded charges of $31 million and $27 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. |
3 | During the three months ended July 3, 2015 and June 27, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in decreases of $40 million and $11 million, respectively, to our non-GAAP operating income for the North America operating segment. During the three months ended July 3, 2015 and June 27, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in decreases of $13 million and $32 million, respectively, to our non-GAAP operating income for the Bottling Investments operating segment. |
4 | During the three months ended July 3, 2015 and June 27, 2014, the Company recorded losses of $1 million and $25 million, respectively, in the Bottling Investments operating segment related to the restructuring and transitioning of its Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
The Coca-Cola Company and Subsidiaries | ||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||
Unaudited | ||||||||
(In millions) | ||||||||
Reclassified Operating Income (Loss) by Segment: | ||||||||
Three Months Ended October 2, 2015 | ||||||||
North America | Bottling Investments | |||||||
Reported (GAAP) | $ | 585 | $ | 85 | ||||
Items Impacting Comparability: | ||||||||
Asset Impairments/Restructuring1 | — | 75 | ||||||
Productivity & Reinvestment2 | 31 | 76 | ||||||
Transaction Gains/Losses | — | — | ||||||
Other Items3 | 40 | 47 | ||||||
After Considering Items (Non-GAAP) | $ | 656 | $ | 283 | ||||
Three Months Ended September 26, 2014 | ||||||||
North America | Bottling Investments | |||||||
Reported (GAAP) | $ | 629 | $ | 145 | ||||
Items Impacting Comparability: | ||||||||
Asset Impairments/Restructuring1 | — | 34 | ||||||
Productivity & Reinvestment2 | 25 | 34 | ||||||
Transaction Gains/Losses | — | — | ||||||
Other Items3,4 | (9 | ) | 21 | |||||
After Considering Items (Non-GAAP) | $ | 645 | $ | 234 | ||||
North America | Bottling Investments | |||||||
% Change — Reported (GAAP) | (7) | (41) | ||||||
% Currency Impact | 0 | (1) | ||||||
% Change — Currency Neutral Reported | (7) | (40) | ||||||
% Change — After Considering Items (Non-GAAP) | 2 | 21 | ||||||
% Currency Impact After Considering Items (Non-GAAP) | 0 | (8) | ||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 1 | 29 |
1 | During the three months ended October 2, 2015 and September 26, 2014, the Company recorded charges of $75 million and $34 million, respectively, in the Bottling Investments operating segment. These charges were related to the integration of our German bottling and distribution operations. |
2 | During the three months ended October 2, 2015, the Company recorded charges of $31 million and $76 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. During the three months ended September 26, 2014, the Company recorded charges of $25 million and $34 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. |
3 | During the three months ended October 2, 2015 and September 26, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in an increase of $40 million and a decrease of $9 million, respectively, to our non-GAAP operating income for the North America operating segment. During the three months ended October 2, 2015 and September 26, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in increases of $47 million and $14 million, respectively, to our non-GAAP operating income for the Bottling Investments operating segment. |
4 | During the three months ended September 26, 2014, the Company recorded a loss of $7 million in the Bottling Investments operating segment related to the restructuring and transitioning of its Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
The Coca-Cola Company and Subsidiaries | ||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||
Unaudited | ||||||||
(In millions) | ||||||||
Reclassified Operating Income (Loss) by Segment: | ||||||||
Three Months Ended December 31, 2015 | ||||||||
North America | Bottling Investments | |||||||
Reported (GAAP) | $ | 492 | $ | (115 | ) | |||
Items Impacting Comparability: | ||||||||
Asset Impairments/Restructuring1 | — | 88 | ||||||
Productivity & Reinvestment2 | 37 | 147 | ||||||
Transaction Gains/Losses3 | — | 3 | ||||||
Other Items4,5 | 22 | (34 | ) | |||||
After Considering Items (Non-GAAP) | $ | 551 | $ | 89 | ||||
Three Months Ended December 31, 2014 | ||||||||
North America | Bottling Investments | |||||||
Reported (GAAP) | $ | 486 | $ | (71 | ) | |||
Items Impacting Comparability: | ||||||||
Asset Impairments/Restructuring1 | — | 66 | ||||||
Productivity & Reinvestment2 | 79 | 13 | ||||||
Transaction Gains/Losses | — | — | ||||||
Other Items4,5 | 53 | 107 | ||||||
After Considering Items (Non-GAAP) | $ | 618 | $ | 115 | ||||
North America | Bottling Investments | |||||||
% Change — Reported (GAAP) | 1 | (65) | ||||||
% Currency Impact | 1 | 1 | ||||||
% Change — Currency Neutral Reported | 1 | (65) | ||||||
% Change — After Considering Items (Non-GAAP) | (11) | (23) | ||||||
% Currency Impact After Considering Items (Non-GAAP) | 1 | (12) | ||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | (11) | (12) |
1 | During the three months ended December 31, 2015 and December 31, 2014, the Company recorded charges of $88 million and $66 million, respectively, in the Bottling Investments operating segment. These charges were related to the integration of our German bottling and distribution operations. |
2 | During the three months ended December 31, 2015, the Company recorded charges of $37 million and $147 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. During the three months ended December 31, 2014, the Company recorded charges of $79 million and $13 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. |
3 | During the three months ended December 31, 2015, the Company recorded a charge of $3 million in the Bottling Investments operating segment related to noncapitalizable transaction costs associated with transactions for which the related assets and liabilities qualified as held for sale. |
4 | During the three months ended December 31, 2015 and December 31, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in increases of $22 million and $53 million, respectively, to our non-GAAP operating income for the North America operating segment. During the three months ended December 31, 2015 and December 31, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in a decrease of $35 million and an increase of $97 million, respectively, to our non-GAAP operating income for the Bottling Investments operating segment. |
5 | During the three months ended December 31, 2015 and December 31, 2014, the Company recorded losses of $1 million and $10 million, respectively, in the Bottling Investments operating segment related to the restructuring and transitioning of its Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
The Coca-Cola Company and Subsidiaries | ||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||
Unaudited | ||||||||
(In millions) | ||||||||
Reclassified Operating Income (Loss) by Segment: | ||||||||
Year Ended December 31, 2015 | ||||||||
North America | Bottling Investments | |||||||
Reported (GAAP) | $ | 2,366 | $ | 124 | ||||
Items Impacting Comparability: | ||||||||
Asset Impairments/Restructuring1 | — | 292 | ||||||
Productivity & Reinvestment2 | 141 | 304 | ||||||
Transaction Gains/Losses3 | — | 3 | ||||||
Other Items4 | 12 | (10 | ) | |||||
After Considering Items (Non-GAAP) | $ | 2,519 | $ | 713 | ||||
Year Ended December 31, 2014 | ||||||||
North America | Bottling Investments | |||||||
Reported (GAAP) | $ | 2,243 | $ | 213 | ||||
Items Impacting Comparability: | ||||||||
Asset Impairments/Restructuring1 | — | 208 | ||||||
Productivity & Reinvestment2 | 157 | 127 | ||||||
Transaction Gains/Losses | — | — | ||||||
Other Items4,5 | (25 | ) | 125 | |||||
After Considering Items (Non-GAAP) | $ | 2,375 | $ | 673 | ||||
North America | Bottling Investments | |||||||
% Change — Reported (GAAP) | 5 | (42) | ||||||
% Currency Impact | 0 | 2 | ||||||
% Change — Currency Neutral Reported | 5 | (44) | ||||||
% Change — After Considering Items (Non-GAAP) | 6 | 6 | ||||||
% Currency Impact After Considering Items (Non-GAAP) | 0 | (9) | ||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 6 | 14 |
1 | During the years ended December 31, 2015 and December 31, 2014, the Company recorded charges of $292 million and $208 million, respectively, in the Bottling Investments operating segment. These charges were related to the integration of our German bottling and distribution operations. |
2 | During the year ended December 31, 2015, the Company recorded charges of $141 million and $304 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. During the year ended December 31, 2014, the Company recorded charges of $157 million and $127 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. |
3 | During the year ended December 31, 2015, the Company recorded a charge of $3 million in the Bottling Investments operating segment related to noncapitalizable transaction costs associated with transactions for which the related assets and liabilities qualified as held for sale. |
4 | During the years ended December 31, 2015 and December 31, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in an increase of $12 million and a decrease of $25 million, respectively, to our non-GAAP operating income for the North America operating segment. During the years ended December 31, 2015 and December 31, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in a decrease of $12 million and an increase of $83 million, respectively, to our non-GAAP operating income for the Bottling Investments operating segment. |
5 | During the years ended December 31, 2015 and December 31, 2014, the Company recorded losses of $2 million and $42 million in the Bottling Investments operating segment related to the restructuring and transitioning of its Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
The Coca-Cola Company and Subsidiaries | ||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||
Unaudited | ||||||||
(In millions) | ||||||||
Reclassified Operating Income (Loss) by Segment: | ||||||||
Year Ended December 31, 2014 | ||||||||
North America | Bottling Investments | |||||||
Reported (GAAP) | $ | 2,243 | $ | 213 | ||||
Items Impacting Comparability: | ||||||||
Asset Impairments/Restructuring1 | — | 208 | ||||||
Productivity & Reinvestment2 | 157 | 127 | ||||||
CCE Transaction | — | — | ||||||
Transaction Gains/Losses | — | — | ||||||
Other Items3,4 | (25 | ) | 125 | |||||
After Considering Items (Non-GAAP) | $ | 2,375 | $ | 673 | ||||
Year Ended December 31, 2013 | ||||||||
North America | Bottling Investments | |||||||
Reported (GAAP) | $ | 2,233 | $ | 314 | ||||
Items Impacting Comparability: | ||||||||
Asset Impairments/Restructuring1 | — | 188 | ||||||
Productivity & Reinvestment2 | 127 | 161 | ||||||
CCE Transaction5 | (2 | ) | — | |||||
Transaction Gains/Losses | — | — | ||||||
Other Items3 | 25 | 40 | ||||||
After Considering Items (Non-GAAP) | $ | 2,383 | $ | 703 | ||||
North America | Bottling Investments | |||||||
% Change — Reported (GAAP) | 0 | (32) | ||||||
% Currency Impact | 0 | (2) | ||||||
% Change — Currency Neutral Reported | 1 | (30) | ||||||
% Change — After Considering Items (Non-GAAP) | 0 | (4) | ||||||
% Currency Impact After Considering Items (Non-GAAP) | 0 | (2) | ||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 0 | (2) |
1 | During the years ended December 31, 2014 and December 31, 2013, the Company recorded charges of $208 million and $188 million, respectively, in the Bottling Investments operating segment. These charges were related to the integration of our German bottling and distribution operations. |
2 | During the year ended December 31, 2014, the Company recorded charges of $157 million and $127 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. During the year ended December 31, 2013, the Company recorded charges of $127 million and $161 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. |
3 | During the years ended December 31, 2014 and December 31, 2013, the impact of the Company's adjustment related to our economic hedging activities resulted in a decrease of $25 million and an increase of $25 million, respectively, to our non-GAAP operating income for the North America operating segment. During the years ended December 31, 2014 and December 31, 2013, the impact of the Company's adjustment related to our economic hedging activities resulted in increases of $83 million and $40 million, respectively, to our non-GAAP operating income for the Bottling Investments operating segment. |
4 | During the year ended December 31, 2014, the Company recorded a loss of $42 million in the Bottling Investments operating segment related to the restructuring and transitioning of its Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
5 | During the year ended December 31, 2013, the Company reversed a charge of $2 million in the North America operating segment related to previously established accruals associated with the Company's integration of Coca-Cola Enterprises Inc.'s ("CCE") former North America business. |
The Coca-Cola Company and Subsidiaries | |||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||
Unaudited | |||||||||
(In millions) | |||||||||
Reclassified Income (Loss) Before Income Taxes by Segment: | |||||||||
Three Months Ended April 3, 2015 | |||||||||
North America | Bottling Investments | ||||||||
Reported (GAAP) | $ | 532 | $ | (46 | ) | ||||
Items Impacting Comparability: | |||||||||
Asset Impairments/Restructuring1 | — | 35 | |||||||
Productivity & Reinvestment2 | 42 | 32 | |||||||
Equity Investees3 | — | 72 | |||||||
Transaction Gains/Losses4 | — | 21 | |||||||
Other Items5 | (10 | ) | (11 | ) | |||||
After Considering Items (Non-GAAP) | $ | 564 | $ | 103 | |||||
Three Months Ended March 28, 2014 | |||||||||
North America | Bottling Investments | ||||||||
Reported (GAAP) | $ | 491 | $ | (44 | ) | ||||
Items Impacting Comparability: | |||||||||
Asset Impairments/Restructuring1 | — | 42 | |||||||
Productivity & Reinvestment2 | 22 | 53 | |||||||
Equity Investees3 | — | 6 | |||||||
Transaction Gains/Losses | — | — | |||||||
Other Items5,6 | (58 | ) | 25 | ||||||
After Considering Items (Non-GAAP) | $ | 455 | $ | 82 | |||||
North America | Bottling Investments | ||||||||
% Change — Reported (GAAP) | 8 | (5) | |||||||
% Currency Impact | 0 | 12 | |||||||
% Change — Currency Neutral Reported | 9 | (17) | |||||||
% Change — After Considering Items (Non-GAAP) | 24 | 25 | |||||||
% Currency Impact After Considering Items (Non-GAAP) | (1) | (13) | |||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 24 | 38 |
1 | During the three months ended April 3, 2015 and March 28, 2014, the Company recorded charges of $35 million and $42 million, respectively, in the Bottling Investments operating segment. These charges were related to the integration of our German bottling and distribution operations. |
2 | During the three months ended April 3, 2015, the Company recorded charges of $42 million and $32 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. During the three months ended March 28, 2014, the Company recorded charges of $22 million and $53 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. |
3 | During the three months ended April 3, 2015 and March 28, 2014, the Company recorded net charges of $72 million and $6 million, respectively, in the Bottling Investments operating segment. These amounts represent the Company's proportionate share of unusual or infrequent items recorded by certain of our equity method investees. |
4 | During the three months ended April 3, 2015, the Company recorded a charge of $21 million in the Bottling Investments operating segment. This charge was primarily due to the derecognition of intangible assets relating to the refranchising of territories in North America to certain of its unconsolidated bottling partners. |
5 | During the three months ended April 3, 2015 and March 28, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in decreases of $10 million and $58 million, respectively, to our non-GAAP income before taxes for the North America operating segment. During the three months ended April 3, 2015 and March 28, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in a decrease of $11 million and an increase of $4 million, respectively, to our non-GAAP income before taxes for the Bottling Investments operating segment. |
6 | During the three months ended March 28, 2014, the Company recorded a charge of $21 million in the Bottling Investments operating segment related to the devaluation of the Venezuelan bolivar. |
The Coca-Cola Company and Subsidiaries | |||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||
Unaudited | |||||||||
(In millions) | |||||||||
Reclassified Income (Loss) Before Income Taxes by Segment: | |||||||||
Three Months Ended July 3, 2015 | |||||||||
North America | Bottling Investments | ||||||||
Reported (GAAP) | $ | 752 | $ | 353 | |||||
Items Impacting Comparability: | |||||||||
Asset Impairments/Restructuring1 | — | 94 | |||||||
Productivity & Reinvestment2 | 31 | 49 | |||||||
Equity Investees3 | — | 4 | |||||||
Transaction Gains/Losses4 | — | 12 | |||||||
Other Items5,6 | (40 | ) | (12 | ) | |||||
After Considering Items (Non-GAAP) | $ | 743 | $ | 500 | |||||
Three Months Ended June 27, 2014 | |||||||||
North America | Bottling Investments | ||||||||
Reported (GAAP) | $ | 629 | $ | 307 | |||||
Items Impacting Comparability: | |||||||||
Asset Impairments/Restructuring1 | — | 66 | |||||||
Productivity & Reinvestment2 | 31 | 27 | |||||||
Equity Investees3 | — | 6 | |||||||
Transaction Gains/Losses4 | — | 140 | |||||||
Other Items5,6 | (11 | ) | (7 | ) | |||||
After Considering Items (Non-GAAP) | $ | 649 | $ | 539 | |||||
North America | Bottling Investments | ||||||||
% Change — Reported (GAAP) | 20 | 15 | |||||||
% Currency Impact | 0 | (9) | |||||||
% Change — Currency Neutral Reported | 20 | 24 | |||||||
% Change — After Considering Items (Non-GAAP) | 15 | (7) | |||||||
% Currency Impact After Considering Items (Non-GAAP) | 0 | (10) | |||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 15 | 3 |
1 | During the three months ended July 3, 2015 and June 27, 2014, the Company recorded charges of $94 million and $66 million, respectively, in the Bottling Investments operating segment. These charges were related to the integration of our German bottling and distribution operations. |
2 | During the three months ended July 3, 2015, the Company recorded charges of $31 million and $49 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. During the three months ended June 27, 2014, the Company recorded charges of $31 million and $27 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. |
3 | During the three months ended July 3, 2015 and June 27, 2014, the Company recorded net charges of $4 million and $6 million, respectively, in the Bottling Investments operating segment. These amounts represent the Company's proportionate share of unusual or infrequent items recorded by certain of our equity method investees. |
4 | During the three months ended July 3, 2015 and June 27, 2014, the Company recorded charges of $12 million and $140 million, respectively, in the Bottling Investments operating segment. These charges were primarily due to the derecognition of intangible assets relating to the refranchising of territories in North America to certain of its unconsolidated bottling partners. |
5 | During the three months ended July 3, 2015 and June 27, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in decreases of $40 million and $11 million, respectively, to our non-GAAP income before taxes for the North America operating segment. During the three months ended July 3, 2015 and June 27, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in decreases of $13 million and $32 million, respectively, to our non-GAAP income before taxes for the Bottling Investments operating segment. |
6 | During the three months ended July 3, 2015 and June 27, 2014, the Company recorded losses of $1 million and $25 million in the Bottling Investments operating segment related to the restructuring and transitioning of its Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
The Coca-Cola Company and Subsidiaries | |||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||
Unaudited | |||||||||
(In millions) | |||||||||
Reclassified Income (Loss) Before Income Taxes by Segment: | |||||||||
Three Months Ended October 2, 2015 | |||||||||
North America | Bottling Investments | ||||||||
Reported (GAAP) | $ | 581 | $ | (547 | ) | ||||
Items Impacting Comparability: | |||||||||
Asset Impairments/Restructuring1 | — | 75 | |||||||
Productivity & Reinvestment2 | 31 | 76 | |||||||
Equity Investees | — | — | |||||||
Transaction Gains/Losses3 | — | 794 | |||||||
Other Items4 | 40 | 47 | |||||||
After Considering Items (Non-GAAP) | $ | 652 | $ | 445 | |||||
Three Months Ended September 26, 2014 | |||||||||
North America | Bottling Investments | ||||||||
Reported (GAAP) | $ | 626 | $ | 65 | |||||
Items Impacting Comparability: | |||||||||
Asset Impairments/Restructuring1 | — | 34 | |||||||
Productivity & Reinvestment2 | 25 | 34 | |||||||
Equity Investees6 | — | 8 | |||||||
Transaction Gains/Losses3 | — | 270 | |||||||
Other Items4,5 | (9 | ) | 21 | ||||||
After Considering Items (Non-GAAP) | $ | 642 | $ | 432 | |||||
North America | Bottling Investments | ||||||||
% Change — Reported (GAAP) | (7) | — | |||||||
% Currency Impact | 0 | — | |||||||
% Change — Currency Neutral Reported | (7) | — | |||||||
% Change — After Considering Items (Non-GAAP) | 2 | 3 | |||||||
% Currency Impact After Considering Items (Non-GAAP) | 0 | (12) | |||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 1 | 15 |
1 | During the three months ended October 2, 2015 and September 26, 2014, the Company recorded charges of $75 million and $34 million, respectively, in the Bottling Investments operating segment. These charges were related to the integration of our German bottling and distribution operations. |
2 | During the three months ended October 2, 2015, the Company recorded charges of $31 million and $76 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. During the three months ended September 26, 2014, the Company recorded charges of $25 million and $34 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. |
3 | During the three months ended October 2, 2015 and September 26, 2014, the Company recorded charges of $793 million and $270 million, respectively, in the Bottling Investments operating segment. These charges were primarily due to the derecognition of intangible assets relating to the refranchising of territories in North America to certain of its unconsolidated bottling partners. |
4 | During the three months ended October 2, 2015 and September 26, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in an increase of $40 million and a decrease of $9 million, respectively, to our non-GAAP income before taxes for the North America operating segment. During the three months ended October 2, 2015 and September 26, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in increases of $47 million and $14 million, respectively, to our non-GAAP income before taxes for the Bottling Investments operating segment. |
5 | During the three months ended September 26, 2014, the Company recorded a loss of $7 million in the Bottling Investments operating segment related to the restructuring and transitioning of its Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
6 | During the three months ended September 26, 2014, the Company recorded a net charge of $8 million in the Bottling Investments operating segment. This amount represents the Company's proportionate share of unusual or infrequent items recorded by certain of our equity method investees. |
The Coca-Cola Company and Subsidiaries | |||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||
Unaudited | |||||||||
(In millions) | |||||||||
Reclassified Income (Loss) Before Income Taxes by Segment: | |||||||||
Three Months Ended December 31, 2015 | |||||||||
North America | Bottling Investments | ||||||||
Reported (GAAP) | $ | 491 | $ | (187 | ) | ||||
Items Impacting Comparability: | |||||||||
Asset Impairments/Restructuring1 | — | 88 | |||||||
Productivity & Reinvestment2 | 37 | 147 | |||||||
Equity Investees3 | — | 7 | |||||||
Transaction Gains/Losses4 | — | 183 | |||||||
Other Items5,6 | 22 | (34 | ) | ||||||
After Considering Items (Non-GAAP) | $ | 550 | $ | 204 | |||||
Three Months Ended December 31, 2014 | |||||||||
North America | Bottling Investments | ||||||||
Reported (GAAP) | $ | 482 | $ | (208 | ) | ||||
Items Impacting Comparability: | |||||||||
Asset Impairments/Restructuring1 | — | 66 | |||||||
Productivity & Reinvestment2 | 79 | 13 | |||||||
Equity Investees3 | — | (4 | ) | ||||||
Transaction Gains/Losses4 | — | 389 | |||||||
Other Items5,6,7 | 53 | 61 | |||||||
After Considering Items (Non-GAAP) | $ | 614 | $ | 317 | |||||
North America | Bottling Investments | ||||||||
% Change — Reported (GAAP) | 2 | 10 | |||||||
% Currency Impact | 1 | (13) | |||||||
% Change — Currency Neutral Reported | 1 | 23 | |||||||
% Change — After Considering Items (Non-GAAP) | (10) | (36) | |||||||
% Currency Impact After Considering Items (Non-GAAP) | 1 | (13) | |||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | (11) | (23) |
1 | During the three months ended December 31, 2015 and December 31, 2014, the Company recorded charges of $88 million and $66 million, respectively, in the Bottling Investments operating segment. These charges were related to the integration of our German bottling and distribution operations. |
2 | During the three months ended December 31, 2015, the Company recorded charges of $37 million and $147 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. During the three months ended December 31, 2014, the Company recorded charges of $79 million and $13 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. |
3 | During the three months ended December 31, 2015 and December 31, 2014, the Company recorded a net charge of $7 million and a net gain of $4 million, respectively, in the Bottling Investments operating segment. These amounts represent the Company's proportionate share of unusual or infrequent items recorded by certain of our equity method investees. |
4 | During the three months ended December 31, 2015 and December 31, 2014, the Company recorded charges of $180 million and $389 million, respectively, in the Bottling Investments operating segment. These charges were primarily due to the derecognition of intangible assets relating to the refranchising of territories in North America to certain of its unconsolidated bottling partners. Additionally, during the three months ended December 31, 2015, the Company recorded a charge of $3 million in the Bottling Investments operating segment related to noncapitalizable transaction costs associated with transactions for which the related assets and liabilities qualified as held for sale. |
5 | During the three months ended December 31, 2015 and December 31, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in increases of $22 million and $53 million, respectively, to our non-GAAP income before taxes for the North America operating segment. During the three months ended December 31, 2015 and December 31, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in a decrease of $35 million and an increase of $97 million, respectively, to our non-GAAP income before taxes for the Bottling Investments operating segment. |
6 | During the three months ended December 31, 2015 and December 31, 2014, the Company recorded losses of $1 million and $10 million, respectively, in the Bottling Investments operating segment related to the restructuring and transitioning of its Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
7 | During the three months ended December 31, 2014, the Company recorded a net gain of $46 million in the Bottling Investments operating segment due to the elimination of intercompany profit resulting from a write-down the Company recorded on concentrate sales receivables from our bottling partner in Venezuela, an equity method investee. |
The Coca-Cola Company and Subsidiaries | |||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||
Unaudited | |||||||||
(In millions) | |||||||||
Reclassified Income (Loss) Before Income Taxes by Segment: | |||||||||
Year Ended December 31, 2015 | |||||||||
North America | Bottling Investments | ||||||||
Reported (GAAP) | $ | 2,356 | $ | (427 | ) | ||||
Items Impacting Comparability: | |||||||||
Asset Impairments/Restructuring1 | — | 292 | |||||||
Productivity & Reinvestment2 | 141 | 304 | |||||||
Equity Investees3 | — | 83 | |||||||
Transaction Gains/Losses4 | — | 1,010 | |||||||
Other Items5,6 | 12 | (10 | ) | ||||||
After Considering Items (Non-GAAP) | $ | 2,509 | $ | 1,252 | |||||
Year Ended December 31, 2014 | |||||||||
North America | Bottling Investments | ||||||||
Reported (GAAP) | $ | 2,228 | $ | 120 | |||||
Items Impacting Comparability: | |||||||||
Asset Impairments/Restructuring1 | — | 208 | |||||||
Productivity & Reinvestment2 | 157 | 127 | |||||||
Equity Investees3 | — | 16 | |||||||
Transaction Gains/Losses4 | — | 799 | |||||||
Other Items5,6,7 | (25 | ) | 100 | ||||||
After Considering Items (Non-GAAP) | $ | 2,360 | $ | 1,370 | |||||
North America | Bottling Investments | ||||||||
% Change — Reported (GAAP) | 6 | — | |||||||
% Currency Impact | 0 | — | |||||||
% Change — Currency Neutral Reported | 6 | — | |||||||
% Change — After Considering Items (Non-GAAP) | 6 | (9) | |||||||
% Currency Impact After Considering Items (Non-GAAP) | 0 | (11) | |||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | 6 | 3 |
1 | During the years ended December 31, 2015 and December 31, 2014, the Company recorded charges of $292 million and $208 million, respectively, in the Bottling Investments operating segment. These charges were related to the integration of our German bottling and distribution operations. |
2 | During the year ended December 31, 2015, the Company recorded charges of $141 million and $304 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. During the year ended December 31, 2014, the Company recorded charges of $157 million and $127 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. |
3 | During the years ended December 31, 2015 and December 31, 2014, the Company recorded net charges of $83 million and $16 million, respectively, in the Bottling Investments operating segment. These amounts represent the Company's proportionate share of unusual or infrequent items recorded by certain of our equity method investees. |
4 | During the years ended December 31, 2015 and December 31, 2014, the Company recorded charges of $1,006 million and $799 million, respectively, in the Bottling Investments operating segment. These charges were primarily due to the derecognition of intangible assets relating to the refranchising of territories in North America to certain of its unconsolidated bottling partners. Additionally, during the year ended December 31, 2015, the Company recorded a charge of $3 million in the Bottling Investments operating segment related to noncapitalizable transaction costs associated with transactions for which the related assets and liabilities qualified as held for sale. |
5 | During the years ended December 31, 2015 and December 31, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in an increase of $12 million and a decrease of $25 million, respectively, to our non-GAAP income before taxes for the North America operating segment. During the years ended December 31, 2015 and December 31, 2014, the impact of the Company's adjustment related to our economic hedging activities resulted in a decrease of $12 million and an increase of $83 million, respectively, to our non-GAAP income before taxes for the Bottling Investments operating segment. |
6 | During the years ended December 31, 2015 and December 31, 2014, the Company recorded losses of $2 million and $42 million, respectively, in the Bottling Investments operating segment related to the restructuring and transitioning of its Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
7 | During the year ended December 31, 2014, the Company recorded a net gain of $25 million in the Bottling Investments operating segment related to the devaluation of the Venezuelan bolivar, including the elimination of intercompany profit resulting from a write-down the Company recorded on concentrate sales receivables from our bottling partner in Venezuela, an equity method investee. |
The Coca-Cola Company and Subsidiaries | |||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | |||||||||
Unaudited | |||||||||
(In millions) | |||||||||
Reclassified Income (Loss) Before Income Taxes by Segment: | |||||||||
Year Ended December 31, 2014 | |||||||||
North America | Bottling Investments | ||||||||
Reported (GAAP) | $ | 2,228 | $ | 120 | |||||
Items Impacting Comparability: | |||||||||
Asset Impairments/Restructuring1 | — | 208 | |||||||
Productivity & Reinvestment2 | 157 | 127 | |||||||
Equity Investees3 | — | 16 | |||||||
CCE Transaction | — | — | |||||||
Transaction Gains/Losses4 | — | 799 | |||||||
Other Items5,6,7 | (25 | ) | 100 | ||||||
After Considering Items (Non-GAAP) | $ | 2,360 | $ | 1,370 | |||||
Year Ended December 31, 2013 | |||||||||
North America | Bottling Investments | ||||||||
Reported (GAAP) | $ | 2,233 | $ | 880 | |||||
Items Impacting Comparability: | |||||||||
Asset Impairments/Restructuring1 | — | 188 | |||||||
Productivity & Reinvestment2 | 127 | 161 | |||||||
Equity Investees3 | — | 159 | |||||||
CCE Transaction8 | (2 | ) | — | ||||||
Transaction Gains/Losses | — | — | |||||||
Other Items5,6 | 25 | 49 | |||||||
After Considering Items (Non-GAAP) | $ | 2,383 | $ | 1,437 | |||||
North America | Bottling Investments | ||||||||
% Change — Reported (GAAP) | 0 | (86) | |||||||
% Currency Impact | 0 | (4) | |||||||
% Change — Currency Neutral Reported | 0 | (82) | |||||||
% Change — After Considering Items (Non-GAAP) | (1) | (5) | |||||||
% Currency Impact After Considering Items (Non-GAAP) | 0 | (3) | |||||||
% Change — Currency Neutral After Considering Items (Non-GAAP) | (1) | (2) |
1 | During the years ended December 31, 2014 and December 31, 2013, the Company recorded charges of $208 million and $188 million, respectively, in the Bottling Investments operating segment. These charges were related to the integration of our German bottling and distribution operations. |
2 | During the year ended December 31, 2014, the Company recorded charges of $157 million and $127 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. During the year ended December 31, 2014, the Company recorded charges of $127 million and $161 million in the North America and Bottling Investments operating segments, respectively, related to our productivity and reinvestment program. |
3 | During the years ended December 31, 2014 and December 31, 2013, the Company recorded net charges of $16 million and $159 million, respectively, in the Bottling Investments operating segment. These amounts represent the Company's proportionate share of unusual or infrequent items recorded by certain of our equity method investees. |
4 | During the year ended December 31, 2014, the Company recorded charges of $799 million in the Bottling Investments operating segment. These charges were primarily due to the derecognition of intangible assets relating to the refranchising of territories in North America to certain of its unconsolidated bottling partners. |
5 | During the years ended December 31, 2014 and December 31, 2013, the impact of the Company's adjustment related to our economic hedging activities resulted in a decrease of $25 million and an increase of $25 million, respectively, to our non-GAAP income before taxes for the North America operating segment. During the years ended December 31, 2014 and December 31, 2013, the impact of the Company's adjustment related to our economic hedging activities resulted in increases of $83 million and $40 million, respectively, to our non-GAAP income before taxes for the Bottling Investments operating segment. |
6 | During the years ended December 31, 2014 and December 31, 2013, the Company recorded a net gain of $25 million and a net loss of $9 million, respectively, in the Bottling Investments operating segment related to the devaluation of the Venezuelan bolivar, including the elimination of intercompany profit resulting from a write-down the Company recorded on concentrate sales receivables from our bottling partner in Venezuela, an equity method investee. |
7 | During the year ended December 31, 2014, the Company recorded a loss of $42 million in the Bottling Investments operating segment related to the restructuring and transitioning of its Russian juice operations to an existing joint venture with an unconsolidated bottling partner. |
8 | During the year ended December 31, 2013, the Company reversed a charge of $2 million in the North America operating segment related to previously established accruals associated with the Company's integration of CCE's former North America business. |