Subsequent Event |
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| Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsequent Event |
SUBSEQUENT EVENTS
Coca-Cola Beverages Africa Limited
In November 2014, the Company, SABMiller plc and Gutsche Family Investments entered into an agreement to combine the bottling operations of each of the parties' nonalcoholic ready-to-drink beverage businesses in Southern and East Africa. As of July 1, 2016, our South African bottling operations and related equity method investment were classified as held for sale. Refer to Note 2. Upon closing of the transaction on July 2, 2016, the Company now has an ownership of 12 percent in the bottler, which is called Coca-Cola Beverages Africa Limited, and an ownership of 3 percent in the bottler's South African subsidiary. The Company accounts for this ownership as an equity method investment based on the governance structure. As part of the transaction, the Company also acquired and licensed several brands in exchange for cash.
The Company is in the process of determining the fair value of several of the elements within the transaction including the fair value of our divested beverage operations and related equity method investment, the fair value of the acquired and licensed brands and the fair value of the resulting equity investment in Coca-Cola Beverages Africa Limited and its South African subsidiary. As a result, we are currently evaluating the financial impact that the transaction will have on our 2016 third quarter operating results.
Refranchising of China Bottling Operations
In July 2016, the Company-owned bottling operations in China and a related cost method investment met the criteria to be classified as held for sale. We are not required to record these assets and liabilities at fair value less any costs to sell because their fair value approximates our carrying value. The following table presents information related to the major classes of assets and liabilities related to these operations, which were included in the Bottling Investments operating segment (in millions):
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