1Q18 | 2Q18 | 3Q18 | 4Q18 | FY18 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | FY17 | FY16 | ||||||||||||||||||||||||||||||||||
Net Operating Revenues — Third Party | ||||||||||||||||||||||||||||||||||||||||||||
Europe, Middle East & Africa | $ | 1,537 | $ | 1,884 | $ | 1,702 | $ | 1,412 | $ | 6,535 | $ | 1,508 | $ | 1,893 | $ | 1,816 | $ | 1,563 | $ | 6,780 | $ | 6,535 | ||||||||||||||||||||||
Latin America | 978 | 1,011 | 1,001 | 981 | 3,971 | 912 | 935 | 1,009 | 1,097 | 3,953 | 3,744 | |||||||||||||||||||||||||||||||||
North America | 2,598 | 3,010 | 2,972 | 2,790 | 11,370 | 1,627 | 2,297 | 2,315 | 2,439 | 8,678 | 6,479 | |||||||||||||||||||||||||||||||||
Asia Pacific | 1,109 | 1,396 | 1,348 | 944 | 4,797 | 1,074 | 1,382 | 1,342 | 955 | 4,753 | 4,775 | |||||||||||||||||||||||||||||||||
Global Ventures | 193 | 210 | 183 | 181 | 767 | 161 | 183 | 185 | 183 | 712 | 626 | |||||||||||||||||||||||||||||||||
Bottling Investments | 1,051 | 1,235 | 898 | 576 | 3,760 | 3,813 | 2,975 | 2,369 | 1,222 | 10,379 | 19,601 | |||||||||||||||||||||||||||||||||
Corporate | 11 | 57 | 17 | 7 | 92 | 23 | 37 | 42 | 11 | 113 | 103 | |||||||||||||||||||||||||||||||||
Consolidated | $ | 7,477 | $ | 8,803 | $ | 8,121 | $ | 6,891 | $ | 31,292 | $ | 9,118 | $ | 9,702 | $ | 9,078 | $ | 7,470 | $ | 35,368 | $ | 41,863 | ||||||||||||||||||||||
Net Operating Revenues — Intersegment | ||||||||||||||||||||||||||||||||||||||||||||
Europe, Middle East & Africa | $ | 149 | $ | 124 | $ | 124 | $ | 167 | $ | 564 | $ | — | $ | — | $ | — | $ | 42 | $ | 42 | $ | 264 | ||||||||||||||||||||||
Latin America | 19 | 19 | 1 | — | 39 | 13 | 15 | 26 | 19 | 73 | 73 | |||||||||||||||||||||||||||||||||
North America | 54 | 70 | 119 | 17 | 260 | 763 | 577 | 432 | 179 | 1,951 | 3,735 | |||||||||||||||||||||||||||||||||
Asia Pacific | 106 | 118 | 72 | 92 | 388 | 130 | 123 | 87 | 69 | 409 | 506 | |||||||||||||||||||||||||||||||||
Global Ventures | 1 | 1 | — | 1 | 3 | 1 | — | 1 | 1 | 3 | 8 | |||||||||||||||||||||||||||||||||
Bottling Investments | — | — | 11 | — | 11 | 23 | 23 | 23 | 12 | 81 | 134 | |||||||||||||||||||||||||||||||||
Corporate | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Eliminations | (180 | ) | (208 | ) | (203 | ) | (110 | ) | (701 | ) | (930 | ) | (738 | ) | (569 | ) | (280 | ) | (2,517 | ) | (4,720 | ) | ||||||||||||||||||||||
Consolidated1 | $ | 149 | $ | 124 | $ | 124 | $ | 167 | $ | 564 | $ | — | $ | — | $ | — | $ | 42 | $ | 42 | $ | — | ||||||||||||||||||||||
Net Operating Revenues — Total | ||||||||||||||||||||||||||||||||||||||||||||
Europe, Middle East & Africa | $ | 1,686 | $ | 2,008 | $ | 1,826 | $ | 1,579 | $ | 7,099 | $ | 1,508 | $ | 1,893 | $ | 1,816 | $ | 1,605 | $ | 6,822 | $ | 6,799 | ||||||||||||||||||||||
Latin America | 997 | 1,030 | 1,002 | 981 | 4,010 | 925 | 950 | 1,035 | 1,116 | 4,026 | 3,817 | |||||||||||||||||||||||||||||||||
North America | 2,652 | 3,080 | 3,091 | 2,807 | 11,630 | 2,390 | 2,874 | 2,747 | 2,618 | 10,629 | 10,214 | |||||||||||||||||||||||||||||||||
Asia Pacific | 1,215 | 1,514 | 1,420 | 1,036 | 5,185 | 1,204 | 1,505 | 1,429 | 1,024 | 5,162 | 5,281 | |||||||||||||||||||||||||||||||||
Global Ventures | 194 | 211 | 183 | 182 | 770 | 162 | 183 | 186 | 184 | 715 | 634 | |||||||||||||||||||||||||||||||||
Bottling Investments | 1,051 | 1,235 | 909 | 576 | 3,771 | 3,836 | 2,998 | 2,392 | 1,234 | 10,460 | 19,735 | |||||||||||||||||||||||||||||||||
Corporate | 11 | 57 | 17 | 7 | 92 | 23 | 37 | 42 | 11 | 113 | 103 | |||||||||||||||||||||||||||||||||
Eliminations | (180 | ) | (208 | ) | (203 | ) | (110 | ) | (701 | ) | (930 | ) | (738 | ) | (569 | ) | (280 | ) | (2,517 | ) | (4,720 | ) | ||||||||||||||||||||||
Consolidated | $ | 7,626 | $ | 8,927 | $ | 8,245 | $ | 7,058 | $ | 31,856 | $ | 9,118 | $ | 9,702 | $ | 9,078 | $ | 7,512 | $ | 35,410 | $ | 41,863 | ||||||||||||||||||||||
Operating Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
Europe, Middle East & Africa | $ | 914 | $ | 1,093 | $ | 933 | $ | 753 | $ | 3,693 | $ | 846 | $ | 1,061 | $ | 922 | $ | 756 | $ | 3,585 | $ | 3,637 | ||||||||||||||||||||||
Latin America | 571 | 593 | 640 | 514 | 2,318 | 505 | 557 | 563 | 590 | 2,215 | 1,951 | |||||||||||||||||||||||||||||||||
North America | 503 | 648 | 663 | 504 | 2,318 | 547 | 726 | 616 | 583 | 2,472 | 2,505 | |||||||||||||||||||||||||||||||||
Asia Pacific | 562 | 703 | 614 | 392 | 2,271 | 538 | 707 | 571 | 320 | 2,136 | 2,199 | |||||||||||||||||||||||||||||||||
Global Ventures | 29 | 37 | 44 | 42 | 152 | 41 | 44 | 41 | 33 | 159 | 138 | |||||||||||||||||||||||||||||||||
Bottling Investments | (461 | ) | (56 | ) | (64 | ) | (68 | ) | (649 | ) | (89 | ) | (651 | ) | (46 | ) | (176 | ) | (962 | ) | 1 | |||||||||||||||||||||||
Corporate | (307 | ) | (291 | ) | (304 | ) | (501 | ) | (1,403 | ) | (425 | ) | (407 | ) | (422 | ) | (752 | ) | (2,006 | ) | (1,774 | ) | ||||||||||||||||||||||
Consolidated | $ | 1,811 | $ | 2,727 | $ | 2,526 | $ | 1,636 | $ | 8,700 | $ | 1,963 | $ | 2,037 | $ | 2,245 | $ | 1,354 | $ | 7,599 | $ | 8,657 |
1Q18 | 2Q18 | 3Q18 | 4Q18 | FY18 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | FY17 | FY16 | ||||||||||||||||||||||||||||||||||
Net Operating Revenues — Third Party | ||||||||||||||||||||||||||||||||||||||||||||
Europe, Middle East & Africa | $ | (155 | ) | $ | (162 | ) | $ | (146 | ) | $ | (140 | ) | $ | (603 | ) | $ | (124 | ) | $ | (144 | ) | $ | (143 | ) | $ | (141 | ) | $ | (552 | ) | $ | (479 | ) | |||||||||||
Latin America | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (4 | ) | (1 | ) | — | — | (2 | ) | (3 | ) | (2 | ) | ||||||||||||||||||||||||
North America | (27 | ) | (36 | ) | (36 | ) | (36 | ) | (135 | ) | (26 | ) | (29 | ) | (33 | ) | (30 | ) | (118 | ) | (108 | ) | ||||||||||||||||||||||
Asia Pacific | (3 | ) | (3 | ) | (3 | ) | (3 | ) | (12 | ) | (4 | ) | (2 | ) | (3 | ) | (5 | ) | (14 | ) | (13 | ) | ||||||||||||||||||||||
Global Ventures | 193 | 210 | 183 | 181 | 767 | 161 | 183 | 185 | 183 | 712 | 626 | |||||||||||||||||||||||||||||||||
Bottling Investments | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Corporate | (7 | ) | (8 | ) | 3 | (1 | ) | (13 | ) | (6 | ) | (8 | ) | (6 | ) | (5 | ) | (25 | ) | (24 | ) | |||||||||||||||||||||||
Consolidated | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Net Operating Revenues — Intersegment | ||||||||||||||||||||||||||||||||||||||||||||
Europe, Middle East & Africa | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Latin America | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
North America | (1 | ) | (1 | ) | — | (1 | ) | (3 | ) | (1 | ) | — | (1 | ) | (1 | ) | (3 | ) | (3 | ) | ||||||||||||||||||||||||
Asia Pacific | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Global Ventures | 1 | 1 | — | 1 | 3 | 1 | — | 1 | 1 | 3 | 8 | |||||||||||||||||||||||||||||||||
Bottling Investments | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Corporate | — | — | — | — | — | — | — | — | — | — | (5 | ) | ||||||||||||||||||||||||||||||||
Eliminations | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Consolidated | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Net Operating Revenues — Total | ||||||||||||||||||||||||||||||||||||||||||||
Europe, Middle East & Africa | $ | (155 | ) | $ | (162 | ) | $ | (146 | ) | $ | (140 | ) | $ | (603 | ) | $ | (124 | ) | $ | (144 | ) | $ | (143 | ) | $ | (141 | ) | $ | (552 | ) | $ | (479 | ) | |||||||||||
Latin America | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (4 | ) | (1 | ) | — | — | (2 | ) | (3 | ) | (2 | ) | ||||||||||||||||||||||||
North America | (28 | ) | (37 | ) | (36 | ) | (37 | ) | (138 | ) | (27 | ) | (29 | ) | (34 | ) | (31 | ) | (121 | ) | (111 | ) | ||||||||||||||||||||||
Asia Pacific | (3 | ) | (3 | ) | (3 | ) | (3 | ) | (12 | ) | (4 | ) | (2 | ) | (3 | ) | (5 | ) | (14 | ) | (13 | ) | ||||||||||||||||||||||
Global Ventures | 194 | 211 | 183 | 182 | 770 | 162 | 183 | 186 | 184 | 715 | 634 | |||||||||||||||||||||||||||||||||
Bottling Investments | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Corporate | (7 | ) | (8 | ) | 3 | (1 | ) | (13 | ) | (6 | ) | (8 | ) | (6 | ) | (5 | ) | (25 | ) | (29 | ) | |||||||||||||||||||||||
Eliminations | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Consolidated | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Operating Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
Europe, Middle East & Africa | $ | — | $ | (2 | ) | $ | (11 | ) | $ | (8 | ) | $ | (21 | ) | $ | (14 | ) | $ | (15 | ) | $ | (10 | ) | $ | (1 | ) | $ | (40 | ) | $ | (31 | ) | ||||||||||||
Latin America | (1 | ) | — | (2 | ) | — | (3 | ) | — | (2 | ) | — | (1 | ) | (3 | ) | (2 | ) | ||||||||||||||||||||||||||
North America | (28 | ) | (36 | ) | (35 | ) | (36 | ) | (135 | ) | (27 | ) | (29 | ) | (32 | ) | (31 | ) | (119 | ) | (109 | ) | ||||||||||||||||||||||
Asia Pacific | (3 | ) | (2 | ) | (1 | ) | (1 | ) | (7 | ) | (3 | ) | (2 | ) | (2 | ) | (4 | ) | (11 | ) | (11 | ) | ||||||||||||||||||||||
Global Ventures | 29 | 37 | 44 | 42 | 152 | 41 | 44 | 41 | 33 | 159 | 138 | |||||||||||||||||||||||||||||||||
Bottling Investments | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Corporate | 3 | 3 | 5 | 3 | 14 | 3 | 4 | 3 | 4 | 14 | 15 | |||||||||||||||||||||||||||||||||
Consolidated | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Three Months Ended March 30, 2018 | ||||||||
Percent Change2 | Concentrate Sales | Price/Mix | Currency Impact | Acquisitions, Divestitures and Structural Items, Net | Accounting Changes | Reported Net Revenues | Organic Revenues1 | Unit Case Volume |
Europe, Middle East & Africa | 9 | (1) | 6 | 0 | (2) | 12 | 8 | 4 |
Latin America | 0 | 6 | 1 | 0 | 1 | 8 | 6 | 1 |
North America | 2 | (1) | 0 | (1) | 11 | 11 | 1 | 2 |
Asia Pacific | 5 | (2) | 4 | (1) | (5) | 1 | 3 | 5 |
Global Ventures | 15 | (4) | 10 | 0 | 0 | 21 | 10 | 15 |
Three Months Ended March 30, 2018 | ||||
Percent Change2 | Reported Operating Income | Items Impacting Comparability | Currency Impact | Comparable Currency Neutral Operating Income1 |
Europe, Middle East & Africa | 8 | 0 | 3 | 5 |
Latin America | 13 | 0 | 0 | 13 |
North America | (8) | (2) | 0 | (6) |
Asia Pacific | 4 | 0 | 2 | 2 |
Global Ventures | (30) | 0 | (1) | (28) |
Three Months Ended June 29, 2018 | ||||||||
Percent Change2 | Concentrate Sales | Price/Mix | Currency Impact | Acquisitions, Divestitures and Structural Items, Net | Accounting Changes | Reported Net Revenues | Organic Revenues1 | Unit Case Volume |
Europe, Middle East & Africa | 3 | 4 | 2 | 1 | (3) | 6 | 7 | 2 |
Latin America | (1) | 12 | (6) | 2 | 1 | 8 | 11 | 0 |
North America | 1 | (3) | 0 | (1) | 10 | 7 | (1) | 1 |
Asia Pacific | 6 | 0 | 2 | 0 | (7) | 1 | 6 | 6 |
Global Ventures | 1 | 8 | 5 | 0 | 0 | 14 | 9 | 0 |
Three Months Ended June 29, 2018 | ||||
Percent Change2 | Reported Operating Income | Items Impacting Comparability | Currency Impact | Comparable Currency Neutral Operating Income1 |
Europe, Middle East & Africa | 3 | (1) | (1) | 4 |
Latin America | 6 | 0 | (8) | 14 |
North America | (11) | (3) | 0 | (8) |
Asia Pacific | (1) | 0 | 1 | (2) |
Global Ventures | (16) | 0 | (2) | (14) |
1 | Organic revenues and comparable currency neutral operating income are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
2 | Growth rate percentages compare the results of the period to those of the prior year comparable period. |
Three Months Ended September 28, 2018 | ||||||||
Percent Change2 | Concentrate Sales | Price/Mix | Currency Impact | Acquisitions, Divestitures and Structural Items, Net | Accounting Changes | Reported Net Revenues | Organic Revenues1 | Unit Case Volume |
Europe, Middle East & Africa | 1 | 9 | (6) | 1 | (3) | 1 | 10 | 2 |
Latin America | 11 | 8 | (11) | (1) | (10) | (3) | 19 | 2 |
North America | 1 | 0 | 0 | 0 | 11 | 13 | 2 | 1 |
Asia Pacific | 3 | 0 | (1) | 0 | (3) | (1) | 4 | 3 |
Global Ventures | 8 | (7) | (2) | 0 | 0 | (1) | 1 | 7 |
Three Months Ended September 28, 2018 | ||||
Percent Change2 | Reported Operating Income | Items Impacting Comparability | Currency Impact | Comparable Currency Neutral Operating Income1 |
Europe, Middle East & Africa | 1 | 1 | (10) | 10 |
Latin America | 14 | 0 | (14) | 27 |
North America | 8 | 3 | (1) | 6 |
Asia Pacific | 8 | 1 | 0 | 7 |
Global Ventures | 6 | 0 | 1 | 6 |
Three Months Ended December 31, 2018 | ||||||||
Percent Change2 | Concentrate Sales | Price/Mix | Currency Impact | Acquisitions, Divestitures and Structural Items, Net | Accounting Changes | Reported Net Revenues | Organic Revenues1 | Unit Case Volume |
Europe, Middle East & Africa | 6 | (1) | (7) | 4 | (3) | (2) | 5 | 0 |
Latin America | (6) | 13 | (17) | 0 | (3) | (12) | 7 | (2) |
North America | (3) | 2 | 0 | (3) | 11 | 7 | (1) | (1) |
Asia Pacific | 6 | 2 | (3) | (1) | (2) | 1 | 8 | 2 |
Global Ventures | 5 | (2) | (4) | 0 | 0 | (1) | 3 | 10 |
Three Months Ended December 31, 2018 | ||||
Percent Change2 | Reported Operating Income | Items Impacting Comparability | Currency Impact | Comparable Currency Neutral Operating Income1 |
Europe, Middle East & Africa | 0 | 3 | (12) | 8 |
Latin America | (13) | 0 | (24) | 11 |
North America | (13) | 2 | 0 | (15) |
Asia Pacific | 23 | 3 | (4) | 23 |
Global Ventures | 29 | 0 | 0 | 29 |
1 | Organic revenues and comparable currency neutral operating income are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
2 | Growth rate percentages compare the results of the period to those of the prior year comparable period. |
Year Ended December 31, 2018 | ||||||||
Percent Change2 | Concentrate Sales | Price/Mix | Currency Impact | Acquisitions, Divestitures and Structural Items, Net | Accounting Changes | Reported Net Revenues | Organic Revenues1 | Unit Case Volume |
Europe, Middle East & Africa | 4 | 3 | (2) | 1 | (3) | 4 | 7 | 2 |
Latin America | 1 | 10 | (9) | 0 | (3) | 0 | 11 | 0 |
North America | 0 | 0 | 0 | (1) | 11 | 9 | 0 | 0 |
Asia Pacific | 5 | 0 | 1 | (1) | (5) | 0 | 5 | 4 |
Global Ventures | 7 | (1) | 2 | 0 | 0 | 8 | 6 | 8 |
Year Ended December 31, 2018 | ||||
Percent Change2 | Reported Operating Income | Items Impacting Comparability | Currency Impact | Comparable Currency Neutral Operating Income1 |
Europe, Middle East & Africa | 3 | 1 | (5) | 7 |
Latin America | 5 | 0 | (12) | 16 |
North America | (6) | 0 | 0 | (6) |
Asia Pacific | 6 | 1 | 0 | 5 |
Global Ventures | (4) | 0 | (1) | (4) |
Year Ended December 31, 2017 | |||||||
Percent Change2 | Concentrate Sales | Price/Mix | Currency Impact | Acquisitions, Divestitures and Structural Items, Net | Reported Net Revenues | Organic Revenues1 | Unit Case Volume |
Europe, Middle East & Africa | 1 | 3 | (2) | (2) | 0 | 4 | 1 |
Latin America | (3) | 8 | 0 | 0 | 5 | 6 | (3) |
North America | 0 | 3 | 0 | 2 | 4 | 3 | (1) |
Asia Pacific | 1 | 0 | (4) | 0 | (2) | 1 | 1 |
Global Ventures | 18 | (2) | (3) | 0 | 13 | 16 | 17 |
Year Ended December 31, 2017 | ||||
Percent Change2 | Reported Operating Income | Items Impacting Comparability | Currency Impact | Comparable Currency Neutral Operating Income1 |
Europe, Middle East & Africa | (1) | 0 | (3) | 1 |
Latin America | 9 | 0 | 0 | 10 |
North America | (1) | (5) | (1) | 5 |
Asia Pacific | (3) | 0 | (6) | 4 |
Global Ventures | 15 | 0 | (1) | 16 |
1 | Organic revenues and comparable currency neutral operating income are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. |
2 | Growth rate percentages compare the results of the period to those of the prior year comparable period. |
• | "Accounting changes" refer to the adoption of Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606"), which was adopted by the company effective January 1, 2018. |
• | "Currency neutral operating results" are determined by dividing or multiplying, as appropriate, our current period actual U.S. dollar operating results, by the current period actual exchange rates (that include the impact of current period currency hedging activities), to derive our current period local currency operating results. We then multiply or divide, as appropriate, the derived current period local currency operating results by the foreign currency exchange rates (that also include the impact of the comparable prior period currency hedging activities) used to translate the company's financial statements in the comparable prior year period to determine what the current period U.S. dollar operating results would have been if the foreign currency exchange rates had not changed from the comparable prior year period. |
• | "Structural changes" generally refer to acquisitions and divestitures of bottling and distribution operations including the impact of intercompany transactions among our operating segments. In 2018, the company refranchised our Canadian and Latin American bottling operations; acquired a controlling interest in the Philippine bottling operations, which was previously accounted for as an equity method investee; and acquired a controlling interest in the Oman bottler. In 2017, the company refranchised bottling territories in North America and refranchised our bottling operations in China. In 2016, the company deconsolidated our South African bottling operations and disposed of the related equity method investment in exchange for equity method investments in Coca-Cola Beverages Africa Limited ("CCBA") and CCBA's South African subsidiary; deconsolidated our German bottling operations as a result of their being merged to create Coca-Cola European Partners plc; changed our funding arrangement with our bottling partners in China; and refranchised bottling territories in North America. The impact of these refranchising activities has been included as a structural change in our analysis of net operating revenues for our operating segments, as applicable. Unit case volume for the periods presented herein was impacted by the transfer of distribution rights with respect to non-company-owned brands that were previously licensed to us in North American bottling territories that have since been refranchised. The company eliminated the unit case volume related to this structural change from the base period, as applicable, when calculating the unit case volume growth rates presented herein. |
• | "Comparable net revenues" is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below). "Comparable currency neutral net revenues" is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below) as well as the impact of changes in foreign currency exchange rates. Management believes the comparable net revenues (non-GAAP) growth measure and the comparable currency neutral net revenues (non‑GAAP) growth measure provide investors with useful supplemental information to enhance their understanding of the company's revenue performance and trends by improving their ability to compare |
• | "Comparable operating income" is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below). "Comparable currency neutral operating income" is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability (discussed further below) and the impact of changes in foreign currency exchange rates. Management uses these non-GAAP financial measures to evaluate the company's performance and make resource allocation decisions. Further, management believes the comparable operating income (non-GAAP) growth measure and the comparable currency neutral operating income (non-GAAP) growth measure enhance its ability to communicate the underlying operating results and provide investors with useful supplemental information to enhance their understanding of the company's underlying business performance and trends by improving their ability to compare our period-to-period financial results. |
The Coca-Cola Company and Subsidiaries | ||||||||||||||||||||
Reclassified Operating Segment and Corporate Data | ||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Operating Revenues by Operating Segment and Corporate: | ||||||||||||||||||||
Three Months Ended March 30, 2018 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 1,686 | $ | 997 | $ | 2,652 | $ | 1,215 | $ | 194 | $ | 11 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||
Other Items1 | — | — | — | — | — | (2 | ) | |||||||||||||
Comparable (Non-GAAP) | $ | 1,686 | $ | 997 | $ | 2,652 | $ | 1,215 | $ | 194 | $ | 9 | ||||||||
Three Months Ended March 31, 2017 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 1,508 | $ | 925 | $ | 2,390 | $ | 1,204 | $ | 162 | $ | 23 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||
Other Items1 | — | — | 5 | — | — | 9 | ||||||||||||||
Comparable (Non-GAAP) | $ | 1,508 | $ | 925 | $ | 2,395 | $ | 1,204 | $ | 162 | $ | 32 | ||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
% Change — Reported (GAAP) | 12 | 8 | 11 | 1 | 21 | (51) | ||||||||||||||
% Currency Impact | 6 | 1 | 0 | 4 | 10 | 46 | ||||||||||||||
% Change — Currency Neutral (Non-GAAP) | 6 | 7 | 11 | (3) | 10 | (97) | ||||||||||||||
% Acquisitions, Divestitures and Structural Items | 0 | 0 | (1) | (1) | 0 | 0 | ||||||||||||||
% Impact of Accounting Changes | (2) | 1 | 11 | (5) | 0 | (12) | ||||||||||||||
% Change — Organic Revenues (Non-GAAP) | 8 | 6 | 1 | 3 | 10 | (86) | ||||||||||||||
% Change — Comparable (Non-GAAP) | 12 | 8 | 11 | 1 | 21 | (70) | ||||||||||||||
% Comparable Currency Impact (Non-GAAP) | 6 | 1 | 0 | 4 | 10 | 1 | ||||||||||||||
% Change — Comparable Currency Neutral (Non-GAAP) | 6 | 7 | 11 | (3) | 10 | (71) |
1 | During the three months ended March 30, 2018, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $2 million to our non-GAAP net operating revenues for Corporate. During the three months ended March 31, 2017, the impact of the company's adjustment related to our economic hedging activities resulted in increases of $5 million and $9 million to our non‑GAAP net operating revenues for the North America operating segment and Corporate, respectively. |
The Coca-Cola Company and Subsidiaries | ||||||||||||||||||||
Reclassified Operating Segment and Corporate Data | ||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Operating Revenues by Operating Segment and Corporate: | ||||||||||||||||||||
Three Months Ended June 29, 2018 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 2,008 | $ | 1,030 | $ | 3,080 | $ | 1,514 | $ | 211 | $ | 57 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||
Other Items1 | — | — | — | — | — | (24 | ) | |||||||||||||
Comparable (Non-GAAP) | $ | 2,008 | $ | 1,030 | $ | 3,080 | $ | 1,514 | $ | 211 | $ | 33 | ||||||||
Three Months Ended June 30, 2017 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 1,893 | $ | 950 | $ | 2,874 | $ | 1,505 | $ | 183 | $ | 37 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||
Other Items1 | — | — | 3 | — | — | 4 | ||||||||||||||
Comparable (Non-GAAP) | $ | 1,893 | $ | 950 | $ | 2,877 | $ | 1,505 | $ | 183 | $ | 41 | ||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
% Change — Reported (GAAP) | 6 | 8 | 7 | 1 | 14 | 52 | ||||||||||||||
% Currency Impact | 2 | (6) | 0 | 2 | 5 | 81 | ||||||||||||||
% Change — Currency Neutral (Non-GAAP) | 4 | 14 | 7 | (1) | 9 | (29) | ||||||||||||||
% Acquisitions, Divestitures and Structural Items | 1 | 2 | (1) | 0 | 0 | 0 | ||||||||||||||
% Impact of Accounting Changes | (3) | 1 | 10 | (7) | 0 | 15 | ||||||||||||||
% Change — Organic Revenues (Non-GAAP) | 7 | 11 | (1) | 6 | 9 | (43) | ||||||||||||||
% Change — Comparable (Non-GAAP) | 6 | 8 | 7 | 1 | 14 | (22) | ||||||||||||||
% Comparable Currency Impact (Non-GAAP) | 2 | (6) | 0 | 2 | 5 | 3 | ||||||||||||||
% Change — Comparable Currency Neutral (Non-GAAP) | 4 | 14 | 7 | (1) | 9 | (25) |
1 | During the three months ended June 29, 2018, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $24 million to our non-GAAP net operating revenues for Corporate. During the three months ended June 30, 2017, the impact of the company's adjustment related to our economic hedging activities resulted in increases of $3 million and $4 million to our non‑GAAP net operating revenues for the North America operating segment and Corporate, respectively. |
The Coca-Cola Company and Subsidiaries | ||||||||||||||||||||
Reclassified Operating Segment and Corporate Data | ||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Operating Revenues by Operating Segment and Corporate: | ||||||||||||||||||||
Three Months Ended September 28, 2018 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 1,826 | $ | 1,002 | $ | 3,091 | $ | 1,420 | $ | 183 | $ | 17 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||
Other Items1 | — | — | — | — | — | 18 | ||||||||||||||
Comparable (Non-GAAP) | $ | 1,826 | $ | 1,002 | $ | 3,091 | $ | 1,420 | $ | 183 | $ | 35 | ||||||||
Three Months Ended September 29, 2017 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 1,816 | $ | 1,035 | $ | 2,747 | $ | 1,429 | $ | 186 | $ | 42 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||
Other Items1 | — | — | (12 | ) | — | — | (3 | ) | ||||||||||||
Comparable (Non-GAAP) | $ | 1,816 | $ | 1,035 | $ | 2,735 | $ | 1,429 | $ | 186 | $ | 39 | ||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
% Change — Reported (GAAP) | 1 | (3) | 13 | (1) | (1) | (60) | ||||||||||||||
% Currency Impact | (6) | (11) | 0 | (1) | (2) | (53) | ||||||||||||||
% Change — Currency Neutral (Non-GAAP) | 7 | 8 | 13 | 0 | 1 | (7) | ||||||||||||||
% Acquisitions, Divestitures and Structural Items | 1 | (1) | 0 | 0 | 0 | 0 | ||||||||||||||
% Impact of Accounting Changes | (3) | (10) | 11 | (3) | 0 | (19) | ||||||||||||||
% Change — Organic Revenues (Non-GAAP) | 10 | 19 | 2 | 4 | 1 | 13 | ||||||||||||||
% Change — Comparable (Non-GAAP) | 1 | (3) | 13 | (1) | (1) | (8) | ||||||||||||||
% Comparable Currency Impact (Non-GAAP) | (6) | (11) | 0 | (1) | (2) | 0 | ||||||||||||||
% Change — Comparable Currency Neutral (Non-GAAP) | 7 | 8 | 13 | 0 | 1 | (8) |
1 | During the three months ended September 28, 2018, the impact of the company's adjustment related to our economic hedging activities resulted in an increase of $18 million to our non-GAAP net operating revenues for Corporate. During the three months ended September 29, 2017, the impact of the company's adjustment related to our economic hedging activities resulted in decreases of $12 million and $3 million to our non‑GAAP net operating revenues for the North America operating segment and Corporate, respectively. |
The Coca-Cola Company and Subsidiaries | ||||||||||||||||||||
Reclassified Operating Segment and Corporate Data | ||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Operating Revenues by Operating Segment and Corporate: | ||||||||||||||||||||
Three Months Ended December 31, 2018 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 1,579 | $ | 981 | $ | 2,807 | $ | 1,036 | $ | 182 | $ | 7 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||
Other Items1 | — | — | — | — | — | (1 | ) | |||||||||||||
Comparable (Non-GAAP) | $ | 1,579 | $ | 981 | $ | 2,807 | $ | 1,036 | $ | 182 | $ | 6 | ||||||||
Three Months Ended December 31, 2017 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 1,605 | $ | 1,116 | $ | 2,618 | $ | 1,024 | $ | 184 | $ | 11 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||
Other Items1 | — | — | (6 | ) | — | — | 6 | |||||||||||||
Comparable (Non-GAAP) | $ | 1,605 | $ | 1,116 | $ | 2,612 | $ | 1,024 | $ | 184 | $ | 17 | ||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
% Change — Reported (GAAP) | (2) | (12) | 7 | 1 | (1) | (36) | ||||||||||||||
% Currency Impact | (7) | (17) | 0 | (3) | (4) | 55 | ||||||||||||||
% Change — Currency Neutral (Non-GAAP) | 6 | 5 | 7 | 4 | 3 | (92) | ||||||||||||||
% Acquisitions, Divestitures and Structural Items | 4 | 0 | (3) | (1) | 0 | 0 | ||||||||||||||
% Impact of Accounting Changes | (3) | (3) | 11 | (2) | 0 | (64) | ||||||||||||||
% Change — Organic Revenues (Non-GAAP) | 5 | 7 | (1) | 8 | 3 | (28) | ||||||||||||||
% Change — Comparable (Non-GAAP) | (2) | (12) | 7 | 1 | (1) | (71) | ||||||||||||||
% Comparable Currency Impact (Non-GAAP) | (7) | (17) | 0 | (3) | (4) | (14) | ||||||||||||||
% Change — Comparable Currency Neutral (Non-GAAP) | 6 | 5 | 8 | 4 | 3 | (57) |
1 | During the three months ended December 31, 2018, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $1 million to our non-GAAP net operating revenues for Corporate. During the three months ended December 31, 2017, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $6 million and an increase of $6 million to our non‑GAAP net operating revenues for the North America operating segment and Corporate, respectively. |
The Coca-Cola Company and Subsidiaries | ||||||||||||||||||||
Reclassified Operating Segment and Corporate Data | ||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Operating Revenues by Operating Segment and Corporate: | ||||||||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 7,099 | $ | 4,010 | $ | 11,630 | $ | 5,185 | $ | 770 | $ | 92 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||
Other Items1 | — | — | — | — | — | (9 | ) | |||||||||||||
Comparable (Non-GAAP) | $ | 7,099 | $ | 4,010 | $ | 11,630 | $ | 5,185 | $ | 770 | $ | 83 | ||||||||
Year Ended December 31, 2017 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 6,822 | $ | 4,026 | $ | 10,629 | $ | 5,162 | $ | 715 | $ | 113 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||
Other Items1 | — | — | (10 | ) | — | — | 16 | |||||||||||||
Comparable (Non-GAAP) | $ | 6,822 | $ | 4,026 | $ | 10,619 | $ | 5,162 | $ | 715 | $ | 129 | ||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
% Change — Reported (GAAP) | 4 | 0 | 9 | 0 | 8 | (19) | ||||||||||||||
% Currency Impact | (2) | (9) | 0 | 1 | 2 | 21 | ||||||||||||||
% Change — Currency Neutral (Non-GAAP) | 6 | 8 | 10 | 0 | 6 | (40) | ||||||||||||||
% Acquisitions, Divestitures and Structural Items | 1 | 0 | (1) | (1) | 0 | 0 | ||||||||||||||
% Impact of Accounting Changes | (3) | (3) | 11 | (5) | 0 | (10) | ||||||||||||||
% Change — Organic Revenues (Non-GAAP) | 7 | 11 | 0 | 5 | 6 | (30) | ||||||||||||||
% Change — Comparable (Non-GAAP) | 4 | 0 | 10 | 0 | 8 | (36) | ||||||||||||||
% Comparable Currency Impact (Non-GAAP) | (2) | (9) | 0 | 1 | 2 | (1) | ||||||||||||||
% Change — Comparable Currency Neutral (Non-GAAP) | 6 | 8 | 10 | 0 | 6 | (35) |
1 | During the year ended December 31, 2018, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $9 million to our non-GAAP net operating revenues for Corporate. During the year ended December 31, 2017, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $10 million and an increase of $16 million to our non‑GAAP net operating revenues for the North America operating segment and Corporate, respectively. |
The Coca-Cola Company and Subsidiaries | ||||||||||||||||||||
Reclassified Operating Segment and Corporate Data | ||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Operating Revenues by Operating Segment and Corporate: | ||||||||||||||||||||
Year Ended December 31, 2017 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 6,822 | $ | 4,026 | $ | 10,629 | $ | 5,162 | $ | 715 | $ | 113 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||
Other Items1 | — | — | (10 | ) | — | — | 16 | |||||||||||||
Comparable (Non-GAAP) | $ | 6,822 | $ | 4,026 | $ | 10,619 | $ | 5,162 | $ | 715 | $ | 129 | ||||||||
Year Ended December 31, 2016 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 6,799 | $ | 3,817 | $ | 10,214 | $ | 5,281 | $ | 634 | $ | 103 | ||||||||
Items Impacting Comparability: | ||||||||||||||||||||
Other Items1 | — | — | (18 | ) | — | — | 9 | |||||||||||||
Comparable (Non-GAAP) | $ | 6,799 | $ | 3,817 | $ | 10,196 | $ | 5,281 | $ | 634 | $ | 112 | ||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
% Change — Reported (GAAP) | 0 | 5 | 4 | (2) | 13 | 9 | ||||||||||||||
% Currency Impact | (2) | 0 | 0 | (4) | (3) | 13 | ||||||||||||||
% Change — Currency Neutral (Non-GAAP) | 2 | 5 | 4 | 1 | 16 | (4) | ||||||||||||||
% Acquisitions, Divestitures and Structural Items | (2) | 0 | 2 | 0 | 0 | 0 | ||||||||||||||
% Change — Organic Revenues (Non-GAAP) | 4 | 6 | 3 | 1 | 16 | (4) | ||||||||||||||
% Change — Comparable (Non-GAAP) | 0 | 5 | 4 | (2) | 13 | 14 | ||||||||||||||
% Comparable Currency Impact (Non-GAAP) | (2) | 0 | 0 | (4) | (3) | 18 | ||||||||||||||
% Change — Comparable Currency Neutral (Non-GAAP) | 2 | 5 | 4 | 1 | 16 | (4) |
1 | During the year ended December 31, 2017, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $10 million and an increase of $16 million to our non‑GAAP net operating revenues for the North America operating segment and Corporate, respectively. During the year ended December 31, 2016, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $18 million and an increase of $9 million to our non‑GAAP net operating revenues for the North America operating segment and Corporate, respectively. |
The Coca-Cola Company and Subsidiaries | ||||||||||||||||||||
Reclassified Operating Segment and Corporate Data | ||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Income (Loss) by Operating Segment and Corporate: | ||||||||||||||||||||
Three Months Ended March 30, 2018 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 914 | $ | 571 | $ | 503 | $ | 562 | $ | 29 | $ | (307 | ) | |||||||
Items Impacting Comparability: | ||||||||||||||||||||
Productivity and Reinvestment | 2 | 2 | 52 | — | — | 33 | ||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | ||||||||||||||
Other Items1,2 | — | — | (19 | ) | — | — | 5 | |||||||||||||
Comparable (Non-GAAP) | $ | 916 | $ | 573 | $ | 536 | $ | 562 | $ | 29 | $ | (269 | ) | |||||||
Three Months Ended March 31, 2017 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 846 | $ | 505 | $ | 547 | $ | 538 | $ | 41 | $ | (425 | ) | |||||||
Items Impacting Comparability: | ||||||||||||||||||||
Productivity and Reinvestment | 2 | — | 35 | 1 | — | 87 | ||||||||||||||
Transaction Gains/Losses3 | — | — | — | — | — | 2 | ||||||||||||||
Other Items1,2,4 | — | — | (10 | ) | — | — | 35 | |||||||||||||
Comparable (Non-GAAP) | $ | 848 | $ | 505 | $ | 572 | $ | 539 | $ | 41 | $ | (301 | ) | |||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
% Change — Reported (GAAP) | 8 | 13 | (8) | 4 | (30) | 28 | ||||||||||||||
% Currency Impact | 3 | 0 | 0 | 2 | (1) | 2 | ||||||||||||||
% Change — Currency Neutral (Non-GAAP) | 5 | 13 | (8) | 2 | (28) | 26 | ||||||||||||||
% Impact of Items Impacting Comparability (Non-GAAP) | 0 | 0 | (2) | 0 | 0 | 17 | ||||||||||||||
% Change — Comparable (Non-GAAP) | 8 | 13 | (6) | 4 | (30) | 11 | ||||||||||||||
% Comparable Currency Impact (Non-GAAP) | 3 | 0 | 0 | 2 | (1) | 0 | ||||||||||||||
% Change — Comparable Currency Neutral (Non-GAAP) | 5 | 13 | (6) | 2 | (28) | 11 |
1 | During the three months ended March 30, 2018, the impact of the company's adjustment related to our economic hedging activities resulted in decreases of $19 million and $1 million to our non-GAAP operating income for the North America operating segment and Corporate, respectively. During the three months ended March 31, 2017, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $10 million and an increase of $9 million to our non‑GAAP operating income for the North America operating segment and Corporate, respectively. |
2 | During the three months ended March 30, 2018 and March 31, 2017, the company recorded other charges of $5 million and $6 million, respectively, related to tax litigation expense. These charges were recorded in Corporate. |
3 | During the three months ended March 31, 2017, the company recorded charges related to noncapitalizable transaction costs associated with pending and closed transactions. These charges were recorded in Corporate. |
4 | During the three months ended March 31, 2017, the company recorded impairment charges of $20 million related to Venezuelan intangible assets as a result of weaker sales resulting from continued political instability. These charges were determined by comparing the fair values of the assets, derived using discounted cash flow analyses, to the respective carrying values. These charges were recorded in Corporate. |
The Coca-Cola Company and Subsidiaries | ||||||||||||||||||||
Reclassified Operating Segment and Corporate Data | ||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Income (Loss) by Operating Segment and Corporate: | ||||||||||||||||||||
Three Months Ended June 29, 2018 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 1,093 | $ | 593 | $ | 648 | $ | 703 | $ | 37 | $ | (291 | ) | |||||||
Items Impacting Comparability: | ||||||||||||||||||||
Productivity and Reinvestment | — | 1 | 47 | 1 | — | 46 | ||||||||||||||
Transaction Gains/Losses1 | — | — | — | — | — | 3 | ||||||||||||||
Other Items2,3 | — | — | 14 | — | — | (14 | ) | |||||||||||||
Comparable (Non-GAAP) | $ | 1,093 | $ | 594 | $ | 709 | $ | 704 | $ | 37 | $ | (256 | ) | |||||||
Three Months Ended June 30, 2017 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 1,061 | $ | 557 | $ | 726 | $ | 707 | $ | 44 | $ | (407 | ) | |||||||
Items Impacting Comparability: | ||||||||||||||||||||
Productivity and Reinvestment | (6 | ) | 1 | 49 | 2 | — | 31 | |||||||||||||
Transaction Gains/Losses1 | — | — | — | — | — | 5 | ||||||||||||||
Other Items2,3,4 | — | — | (5 | ) | — | — | 46 | |||||||||||||
Comparable (Non-GAAP) | $ | 1,055 | $ | 558 | $ | 770 | $ | 709 | $ | 44 | $ | (325 | ) | |||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
% Change — Reported (GAAP) | 3 | 6 | (11) | (1) | (16) | 29 | ||||||||||||||
% Currency Impact | (1) | (8) | 0 | 1 | (2) | 7 | ||||||||||||||
% Change — Currency Neutral (Non-GAAP) | 4 | 14 | (10) | (1) | (14) | 21 | ||||||||||||||
% Impact of Items Impacting Comparability (Non-GAAP) | (1) | 0 | (3) | 0 | 0 | 7 | ||||||||||||||
% Change — Comparable (Non-GAAP) | 4 | 6 | (8) | (1) | (16) | 22 | ||||||||||||||
% Comparable Currency Impact (Non-GAAP) | (1) | (8) | 0 | 1 | (2) | 0 | ||||||||||||||
% Change — Comparable Currency Neutral (Non-GAAP) | 4 | 14 | (8) | (2) | (14) | 21 |
1 | During the three months ended June 29, 2018 and June 30, 2017, the company recorded charges related to noncapitalizable transaction costs associated with pending and closed transactions. These charges were recorded in Corporate. |
2 | During the three months ended June 29, 2018, the impact of the company's adjustment related to our economic hedging activities resulted in an increase of $14 million and a decrease of $35 million to our non-GAAP operating income for the North America operating segment and Corporate, respectively. During the three months ended June 30, 2017, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $5 million and an increase of $13 million to our non-GAAP operating income for the North America operating segment and Corporate, respectively. |
3 | During the three months ended June 29, 2018 and June 30, 2017, the company recorded other charges of $22 million and $19 million, respectively, related to tax litigation expense. These charges were recorded in Corporate. |
4 | During the three months ended June 30, 2017, the company recorded impairment charges of $14 million related to Venezuelan intangible assets as a result of weaker sales resulting from continued political instability. These charges were determined by comparing the fair values of the assets, derived using discounted cash flow analyses, to the respective carrying values. These charges were recorded in Corporate. |
The Coca-Cola Company and Subsidiaries | ||||||||||||||||||||
Reclassified Operating Segment and Corporate Data | ||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Income (Loss) by Operating Segment and Corporate: | ||||||||||||||||||||
Three Months Ended September 28, 2018 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 933 | $ | 640 | $ | 663 | $ | 614 | $ | 44 | $ | (304 | ) | |||||||
Items Impacting Comparability: | ||||||||||||||||||||
Productivity and Reinvestment | (4 | ) | (1 | ) | 39 | (2 | ) | — | 65 | |||||||||||
Transaction Gains/Losses1 | — | — | — | — | — | 7 | ||||||||||||||
Other Items2,3 | — | — | (1 | ) | — | — | 20 | |||||||||||||
Comparable (Non-GAAP) | $ | 929 | $ | 639 | $ | 701 | $ | 612 | $ | 44 | $ | (212 | ) | |||||||
Three Months Ended September 29, 2017 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 922 | $ | 563 | $ | 616 | $ | 571 | $ | 41 | $ | (422 | ) | |||||||
Items Impacting Comparability: | ||||||||||||||||||||
Productivity and Reinvestment | 6 | 2 | 47 | 1 | — | 58 | ||||||||||||||
Transaction Gains/Losses | — | — | — | — | — | — | ||||||||||||||
Other Items2,3 | — | — | 6 | — | — | 20 | ||||||||||||||
Comparable (Non-GAAP) | $ | 928 | $ | 565 | $ | 669 | $ | 572 | $ | 41 | $ | (344 | ) | |||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
% Change — Reported (GAAP) | 1 | 14 | 8 | 8 | 6 | 28 | ||||||||||||||
% Currency Impact | (10) | (14) | (1) | 0 | 1 | (5) | ||||||||||||||
% Change — Currency Neutral (Non-GAAP) | 12 | 28 | 9 | 8 | 6 | 33 | ||||||||||||||
% Impact of Items Impacting Comparability (Non-GAAP) | 1 | 0 | 3 | 1 | 0 | (10) | ||||||||||||||
% Change — Comparable (Non-GAAP) | 0 | 14 | 5 | 7 | 6 | 38 | ||||||||||||||
% Comparable Currency Impact (Non-GAAP) | (10) | (14) | (1) | 0 | 1 | 1 | ||||||||||||||
% Change — Comparable Currency Neutral (Non-GAAP) | 10 | 27 | 6 | 7 | 6 | 37 |
1 | During the three months ended September 28, 2018, the company recorded charges related to noncapitalizable transaction costs associated with pending and closed transactions. These charges were recorded in Corporate. |
2 | During the three months ended September 28, 2018, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $1 million and an increase of $16 million to our non-GAAP operating income for the North America operating segment and Corporate, respectively. During the three months ended September 29, 2017, the impact of the company's adjustment related to our economic hedging activities resulted in increases of $6 million and $2 million to our non-GAAP operating income for the North America operating segment and Corporate, respectively. |
3 | During the three months ended September 28, 2018 and September 29, 2017, the company recorded other charges of $4 million and $18 million, respectively, related to tax litigation expense. These charges were recorded in Corporate. |
The Coca-Cola Company and Subsidiaries | ||||||||||||||||||||
Reclassified Operating Segment and Corporate Data | ||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Income (Loss) by Operating Segment and Corporate: | ||||||||||||||||||||
Three Months Ended December 31, 2018 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 753 | $ | 514 | $ | 504 | $ | 392 | $ | 42 | $ | (501 | ) | |||||||
Items Impacting Comparability: | ||||||||||||||||||||
Productivity and Reinvestment | (1 | ) | 2 | 37 | (3 | ) | — | 93 | ||||||||||||
Transaction Gains/Losses1 | — | — | — | — | — | 10 | ||||||||||||||
Other Items2,3 | — | — | 43 | — | — | (1 | ) | |||||||||||||
Comparable (Non-GAAP) | $ | 752 | $ | 516 | $ | 584 | $ | 389 | $ | 42 | $ | (399 | ) | |||||||
Three Months Ended December 31, 2017 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 756 | $ | 590 | $ | 583 | $ | 320 | $ | 33 | $ | (752 | ) | |||||||
Items Impacting Comparability: | ||||||||||||||||||||
Productivity and Reinvestment | 24 | 4 | 110 | 6 | — | 17 | ||||||||||||||
Transaction Gains/Losses1 | — | — | — | — | — | 14 | ||||||||||||||
Other Items2,3,4 | — | — | (5 | ) | — | — | 257 | |||||||||||||
Comparable (Non-GAAP) | $ | 780 | $ | 594 | $ | 688 | $ | 326 | $ | 33 | $ | (464 | ) | |||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
% Change — Reported (GAAP) | 0 | (13) | (13) | 23 | 29 | 33 | ||||||||||||||
% Currency Impact | (12) | (24) | 0 | (4) | 0 | 2 | ||||||||||||||
% Change — Currency Neutral (Non-GAAP) | 12 | 11 | (13) | 26 | 29 | 31 | ||||||||||||||
% Impact of Items Impacting Comparability (Non-GAAP) | 3 | 0 | 2 | 3 | 0 | 20 | ||||||||||||||
% Change — Comparable (Non-GAAP) | (4) | (13) | (15) | 20 | 29 | 14 | ||||||||||||||
% Comparable Currency Impact (Non-GAAP) | (12) | (24) | 0 | (4) | 0 | 1 | ||||||||||||||
% Change — Comparable Currency Neutral (Non-GAAP) | 8 | 11 | (15) | 23 | 29 | 12 |
1 | During the three months ended December 31, 2018 and December 31, 2017 the company recorded charges related to noncapitalizable transaction costs associated with pending and closed transactions. These charges were recorded in Corporate. |
2 | During the three months ended December 31, 2018, the impact of the company's adjustment related to our economic hedging activities resulted in an increase of $43 million and a decrease of $4 million to our non-GAAP operating income for the North America operating segment and Corporate, respectively. During the three months ended December 31, 2017, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $5 million and an increase of $8 million to our non-GAAP operating income for the North America operating segment and Corporate, respectively. |
3 | During the three months ended December 31, 2018 and December 31, 2017, the company recorded other charges of $2 million and $24 million, respectively, related to tax litigation expense. These charges were recorded in Corporate. |
4 | During the three months ended December 31, 2017, the company recorded a charge of $225 million due to a contribution made to The Coca‑Cola Foundation. This charge was recorded in Corporate. |
The Coca-Cola Company and Subsidiaries | ||||||||||||||||||||
Reclassified Operating Segment and Corporate Data | ||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Income (Loss) by Operating Segment and Corporate: | ||||||||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 3,693 | $ | 2,318 | $ | 2,318 | $ | 2,271 | $ | 152 | $ | (1,403 | ) | |||||||
Items Impacting Comparability: | ||||||||||||||||||||
Productivity and Reinvestment | (3 | ) | 4 | 175 | (4 | ) | — | 237 | ||||||||||||
Transaction Gains/Losses1 | — | — | — | — | — | 20 | ||||||||||||||
Other Items2,3 | — | — | 37 | — | — | 10 | ||||||||||||||
Comparable (Non-GAAP) | $ | 3,690 | $ | 2,322 | $ | 2,530 | $ | 2,267 | $ | 152 | $ | (1,136 | ) | |||||||
Year Ended December 31, 2017 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 3,585 | $ | 2,215 | $ | 2,472 | $ | 2,136 | $ | 159 | $ | (2,006 | ) | |||||||
Items Impacting Comparability: | ||||||||||||||||||||
Productivity and Reinvestment | 26 | 7 | 241 | 10 | — | 193 | ||||||||||||||
Transaction Gains/Losses1 | — | — | — | — | — | 21 | ||||||||||||||
Other Items2,3,4,5 | — | — | (14 | ) | — | — | 358 | |||||||||||||
Comparable (Non-GAAP) | $ | 3,611 | $ | 2,222 | $ | 2,699 | $ | 2,146 | $ | 159 | $ | (1,434 | ) | |||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
% Change — Reported (GAAP) | 3 | 5 | (6) | 6 | (4) | 30 | ||||||||||||||
% Currency Impact | (5) | (12) | 0 | 0 | (1) | 2 | ||||||||||||||
% Change — Currency Neutral (Non-GAAP) | 8 | 16 | (6) | 6 | (4) | 28 | ||||||||||||||
% Impact of Items Impacting Comparability (Non-GAAP) | 1 | 0 | 0 | 1 | 0 | 9 | ||||||||||||||
% Change — Comparable (Non-GAAP) | 2 | 4 | (6) | 6 | (4) | 21 | ||||||||||||||
% Comparable Currency Impact (Non-GAAP) | (5) | (12) | 0 | 0 | (1) | 1 | ||||||||||||||
% Change — Comparable Currency Neutral (Non-GAAP) | 7 | 16 | (6) | 5 | (4) | 20 |
1 | During the years ended December 31, 2018 and December 31, 2017, the company recorded charges related to noncapitalizable transaction costs associated with pending and closed transactions. These charges were recorded in Corporate. |
2 | During the year ended December 31, 2018, the impact of the company's adjustment related to our economic hedging activities resulted in an increase of $37 million and a decrease of $24 million to our non-GAAP operating income for the North America operating segment and Corporate, respectively. During the year ended December 31, 2017, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $14 million and an increase of $32 million to our non-GAAP operating income for the North America operating segment and Corporate, respectively. |
3 | During the years ended December 31, 2018 and December 31, 2017, the company recorded other charges of $33 million and $67 million, respectively, related to tax litigation expense. These charges were recorded in Corporate. |
4 | During the year ended December 31, 2017, the company recorded a charge of $225 million due to a contribution made to The Coca-Cola Foundation. This charge was recorded in Corporate. |
5 | During the year ended December 31, 2017, the company recorded impairment charges of $34 million related to Venezuelan intangible assets as a result of weaker sales resulting from continued political instability. These charges were determined by comparing the fair values of the assets, derived using discounted cash flow analyses, to the respective carrying values. These charges were recorded in Corporate. |
The Coca-Cola Company and Subsidiaries | ||||||||||||||||||||
Reclassified Operating Segment and Corporate Data | ||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Measures | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating Income (Loss) by Operating Segment and Corporate: | ||||||||||||||||||||
Year Ended December 31, 2017 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 3,585 | $ | 2,215 | $ | 2,472 | $ | 2,136 | $ | 159 | $ | (2,006 | ) | |||||||
Items Impacting Comparability: | ||||||||||||||||||||
Productivity and Reinvestment | 26 | 7 | 241 | 10 | — | 193 | ||||||||||||||
Transaction Gains/Losses1 | — | — | — | — | — | 21 | ||||||||||||||
Other Items2,3,4,5 | — | — | (14 | ) | — | — | 358 | |||||||||||||
Comparable (Non-GAAP) | $ | 3,611 | $ | 2,222 | $ | 2,699 | $ | 2,146 | $ | 159 | $ | (1,434 | ) | |||||||
Year Ended December 31, 2016 | ||||||||||||||||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
Reported (GAAP) | $ | 3,637 | $ | 1,951 | $ | 2,505 | $ | 2,199 | $ | 138 | $ | (1,774 | ) | |||||||
Items Impacting Comparability: | ||||||||||||||||||||
Productivity and Reinvestment | 32 | (2 | ) | 134 | 1 | — | 105 | |||||||||||||
Transaction Gains/Losses1 | — | — | — | — | — | 32 | ||||||||||||||
Other Items2,3,4,5 | — | 76 | (47 | ) | — | — | 232 | |||||||||||||
Comparable (Non-GAAP) | $ | 3,669 | $ | 2,025 | $ | 2,592 | $ | 2,200 | $ | 138 | $ | (1,405 | ) | |||||||
Europe, Middle East & Africa | Latin America | North America | Asia Pacific | Global Ventures | Corporate | |||||||||||||||
% Change — Reported (GAAP) | (1) | 9 | (1) | (3) | 15 | (8) | ||||||||||||||
% Currency Impact | (3) | 0 | (1) | (6) | (1) | 1 | ||||||||||||||
% Change — Currency Neutral (Non-GAAP) | 1 | 9 | 0 | 3 | 16 | (9) | ||||||||||||||
% Impact of Items Impacting Comparability (Non-GAAP) | 0 | 0 | (5) | 0 | 0 | (6) | ||||||||||||||
% Change — Comparable (Non-GAAP) | (2) | 10 | 4 | (2) | 15 | (2) | ||||||||||||||
% Comparable Currency Impact (Non-GAAP) | (3) | 0 | (1) | (6) | (1) | 1 | ||||||||||||||
% Change — Comparable Currency Neutral (Non-GAAP) | 1 | 10 | 5 | 4 | 16 | (3) |
1 | During the years ended December 31, 2017 and December 31, 2016, the company recorded charges related to noncapitalizable transaction costs associated with pending and closed transactions. These charges were recorded in Corporate. |
2 | During the year ended December 31, 2017, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $14 million and an increase of $32 million to our non-GAAP operating income for the North America operating segment and Corporate, respectively. During the year ended December 31, 2016, the impact of the company's adjustment related to our economic hedging activities resulted in a decrease of $47 million to our non-GAAP operating income for the North America operating segment. |
3 | During the years ended December 31, 2017 and December 31, 2016, the company recorded other charges of $67 million and $32 million, respectively, related to tax litigation expense. These charges were recorded in Corporate. |
4 | During the years ended December 31, 2017 and December 31, 2016, the company recorded charges of $225 million and $200 million, respectively, due to a contribution made to The Coca-Cola Foundation. These charges were recorded in Corporate. |
5 | During the year ended December 31, 2017, the company recorded impairment charges of $34 million related to Venezuelan intangible assets as a result of weaker sales resulting from continued political instability. These charges were determined by comparing the fair values of the assets, derived using discounted cash flow analyses, to the respective carrying values. These charges were recorded in Corporate. During the year ended December 31, 2016, the company recorded a charge of $76 million due to the write-down related to receivables from our bottling partner in Venezuela as a result of the continued lack of liquidity and our revised assessment of the U.S. dollar value we expect to realize upon the conversion of the Venezuelan bolivar into U.S. dollars by our bottling partner to pay our receivables. This charge was recorded in the Latin America operating segment. |