The Coca-Cola Company Reports Second Quarter and Year-to-Date 2011 Results

Second quarter performance ahead of Company long-term growth targets

Global volume and value share gains realized in total nonalcoholic ready-to-drink (NARTD) beverages and across both sparkling and still beverages

    --  Strong worldwide volume growth of 6% in both the quarter and
        year-to-date, with growth across all five geographic operating groups.
        Excluding new cross-licensed brands, primarily Dr Pepper brands,
        worldwide volume was up 5% in both the quarter and year-to-date.
        International volume was up 6% in the quarter and year-to-date.
    --  North America volume was up 4% in the quarter and grew 5% year-to-date.
        Excluding new cross-licensed brands, North America volume was even in
        the quarter and grew 1% year-to-date.
    --  Worldwide volume growth was led by brand Coca-Cola, up 4% in the quarter
        and up 3% year-to-date.
    --  Second quarter reported EPS was $1.20, up 18%, with comparable EPS at
        $1.17, up 10% and ahead of our long-term growth target. Year-to-date
        reported EPS was $2.02, up 18%, with comparable EPS also at $2.02, up
        9%.
    --  Second quarter reported net revenue and comparable net revenue were both
        $12.7 billion, up 47%, reflecting solid growth in concentrate sales, a
        6% currency benefit, positive price/mix and the acquisition of Coca-Cola
        Enterprises' (CCE) North American operations in the fourth quarter of
        2010. Year-to-date reported net revenue and comparable net revenue were
        both $23.3 billion, up 44%.
    --  Second quarter reported operating income was $3.2 billion, up 15%, with
        comparable operating income of $3.4 billion, up 18%, reflecting strong
        top-line performance, a 6% currency benefit and the acquisition of CCE's
        North American operations, partially offset by increased commodity
        costs. Year-to-date reported operating income was $5.5 billion, up 10%,
        with comparable operating income of $5.9 billion, up 14%, including a 4%
        benefit from currency.
    --  Coca-Cola Refreshments (CCR) integration efforts are on plan, with
        expected 2011 net cost synergies of $140 to $150 million.
    --  Company-wide productivity initiatives are well on track to slightly
        exceed the upper end of our original targeted range of $400 to $500
        million in annualized savings by year-end 2011, the final year of the
        four-year program.

ATLANTA--(BUSINESS WIRE)-- The Coca-Cola Company reports strong second quarter and year-to-date 2011 operating results, meeting or exceeding our long-term growth targets and gaining volume and value share in total NARTD beverages. Reported worldwide volume grew 6% in both the quarter and year-to-date. Excluding new cross-licensed brands in North America, primarily Dr Pepper brands, worldwide volume grew 5% in the quarter and year-to-date. We achieved broad-based volume growth in the quarter across each of our five geographic operating groups, with growth of 7% in Eurasia and Africa, 7% in Pacific, 6% in Latin America, 5% in Europe and 4% in North America. Excluding new cross-licensed brands, North America volume was even in the quarter and grew 1% year-to-date.

In the quarter and year-to-date, we grew global volume and value share in NARTD beverages, with share gains across most beverage categories. We continued to see growth in sparkling beverages, with worldwide brand Coca-Cola volume growth of 4% in the quarter driven by a number of global markets, including 24% in China, 17% in Russia, 7% in Mexico, 7% in France, 6% in Germany and 2% in Japan. Worldwide sparkling beverage volume grew 5% in the quarter (4% excluding new cross-licensed brands in North America), with international sparkling beverage volume growing 5%.

Worldwide still beverage volume grew 7% in the quarter, led by growth across the portfolio, including juices and juice drinks, sports drinks, ready-to-drink teas, energy drinks and water brands. Still beverage volume in the quarter grew 10% internationally and 1% in North America. Minute Maid Pulpy continues to expand globally and achieved 35% growth in the quarter. Water grew 10% in the quarter with a focus on innovative and sustainable immediate consumption packaging like our PlantBottle(TM) in the U.S. and our Eco Crush bottle for the I LOHAS brand in Japan.

Muhtar Kent, Chairman and CEO of The Coca-Cola Company, said, "We are pleased with our second quarter performance results. We completed the second quarter of 2011, and the sixth quarter of our 2020 Vision, by delivering results ahead of our long-term growth targets. Importantly, we are delivering these strong results at a time when global macroeconomic conditions are at best mixed. This serves to underscore how, together with our global bottling partners, we are decisively investing in the future and executing our 2020 Vision from a position of real strength.

"Even as consumers around the world continue to feel the impact of a slow economic recovery, they increasingly choose our brands to refresh themselves at a rate of over 1.7 billion servings each and every day. Our strong revenue and profit results, combined with our worldwide share gains and positive price/mix, attest to the strength of our global system. With our 2020 Vision as our roadmap, we continue to sharpen our focus on execution by getting very clear on those priority actions we need to take to deliver in the near term while also preparing for 2020 today.

"During this past quarter, we officially celebrated Coca-Cola's 125th anniversary. And while it is wonderfully rewarding to celebrate our past, we remain constructively discontent and resolutely focused on our future. Our proven track record of creating value over time is a testament to this dynamic commercial enterprise and business that has just begun to reach its potential. That is why, as we look ahead to 2020 and beyond, we remain confident in our ability to achieve our long-term targets and to deliver sustainable profitable growth and value for our shareowners."

OPERATING REVIEW

                      Three Months Ended July 1, 2011

                      % Favorable / (Unfavorable)

                                                           Comparable
                      Unit Case  Net Operating  Operating  Currency
                      Volume     Revenues       Income     Neutral
                                                           Operating
                                                           Income

Total Company         6          47             15         12

Eurasia & Africa      7          15             8          10

Europe                5          10             4          (1)

Latin America         6          13             17         8

North America         4          141            46         62

Pacific               7          21             21         10

Bottling Investments  0          5              (23)       (21)



                     Six Months Ended July 1, 2011

                     % Favorable / (Unfavorable)

                                                          Comparable
                     Unit Case  Net Operating  Operating  Currency
                     Volume     Revenues       Income     Neutral
                                                          Operating
                                                          Income

Total Company        6          44             10         10

Eurasia & Africa     8          11             6          7

Europe               3          4              2          (1)

Latin America        7          15             18         10

North America        5          142            29         47

Pacific              6          12             8          6

Bottling Investments (1)        1              (21)       (22)



Eurasia & Africa

    --  Our Eurasia and Africa Group's volume increased 7% in the quarter, with
        year-to-date volume up 8%. Reported net revenue for the quarter
        increased 15%, reflecting a 6% increase in concentrate sales, positive
        price/mix of 6% and a currency benefit of 3%. Concentrate sales in the
        quarter slightly lagged unit case volume due to timing of shipments and
        the cycling of a prior year change in supply point. Reported operating
        income increased 8% in the quarter. Comparable currency neutral
        operating income increased 10% in the quarter driven by the increase in
        revenue and improved gross margin due to business mix, partially offset
        by increased investments in the business.
    --  In Eurasia and Africa, sparkling beverages grew 6% in the quarter, with
        brand Coca-Cola growing 8%, and still beverages grew 14%. Eurasia and
        Africa grew volume share and maintained value share in total NARTD
        beverages. Excluding the acquired Nidan juice volume, still beverages
        grew 9% in the quarter. Volume in Russia, including Nidan, was up 9% in
        the quarter and 16% year-to-date, and we gained volume and value share
        in total NARTD beverages. Brand Coca-Cola posted its sixth consecutive
        quarter of double-digit growth in Russia, up 17% in the second quarter
        and led by a fully integrated marketing campaign. Despite geopolitical
        challenges in the region, volume in our Middle East and North Africa
        business unit grew 8% in the quarter. Sub-Saharan Africa volume grew 6%.
        Volume in Turkey was up 12% driven by 5% growth in brand Coca-Cola.
        India volume grew 8% in the quarter, our 20th consecutive quarter of
        growth, while cycling 22% volume growth in the prior year quarter.

Europe

    --  Our Europe Group's volume in the quarter grew 5%, with year-to-date
        volume up 3%. Reported net revenue for the quarter grew 10%, with 4%
        concentrate sales growth and a 7% currency benefit partially offset by
        unfavorable price/mix. Revenue and price/mix this quarter continued to
        be impacted by a change in the system value split with our wholly owned
        bottler in Germany, implemented in third quarter 2010. The system value
        split unfavorably impacted price/mix by 1% in the second quarter.
        Reported operating income was up 4% in the quarter. Comparable currency
        neutral operating income declined 1% in the quarter due to the change in
        the system value split and the cycling of prior year marketing expenses,
        partially offset by positive volume growth and pricing in Northwest
        Europe and Nordics.
    --  Volume growth in the quarter was positive across all business units,
        driven by 7% growth in Germany, mid single-digit growth in Central and
        Southern Europe as well as in Northwest Europe and Nordics and 3% growth
        in Iberia. Volume this quarter benefited from the Easter holiday and
        favorable weather. Sparkling beverage volume grew 5% in the quarter.
        Brand Coca-Cola grew 6% and Coca-Cola Zero grew 17% in the quarter as we
        leveraged Coca-Cola's 125th anniversary campaign as well as our
        continued focus on driving revenue growth management. Our still
        beverages in Europe continued to grow, up 5%, driven by tea, energy
        drinks and water. We realized NARTD share gains across Europe including
        France, Germany and Great Britain.

Latin America

    --  Our Latin America Group's volume grew 6% in the quarter, with
        year-to-date volume up 7%. Reported net revenue for the quarter
        increased 13%, reflecting concentrate sales growth of 5%, a 7% currency
        benefit and positive price/mix of 4%. This growth in reported net
        revenue was partially offset by the effect of structural changes as a
        result of the sale of our 50% ownership in Leao Junior resulting in its
        deconsolidation effective third quarter 2010. Reported operating income
        was up 17% in the quarter, with comparable currency neutral operating
        income up 8%, primarily reflecting favorable volume growth and pricing,
        partially offset by continued investments in the business.
    --  Strong volume growth in the quarter was led by 10% growth in Mexico and
        7% growth in the South Latin Region. Brazil volume was up 1% in the
        quarter. Sparkling beverages grew 5% in both the quarter and
        year-to-date, driven by continued growth of brand Coca-Cola, up 4% in
        the quarter in Latin America and up 7% in Mexico. Trademark Sprite was
        up 8% in the quarter and 7% year-to-date. Still beverages grew 13% in
        the quarter and 15% year-to-date. This growth was driven by a strong
        focus on immediate consumption transactions through continued
        investments in cold drink equipment and refillable packaging.
    --  During the quarter, the Latin America Group gained volume and value
        share in total NARTD beverages, driven by volume and value share gains
        in both sparkling and still beverages. In a quarter marked by poor
        weather and rising food inflation, Brazil's focus on single-serve and
        returnable packaging resulted in continued volume and value share gains
        in both sparkling and still beverages, including strong gains in juices
        and juice drinks and sports drinks. Mexico also posted strong volume and
        value share growth in the quarter in total NARTD, sparkling and still
        beverages. Still beverage gains were driven by juices and juice drinks,
        sports drinks and ready-to-drink teas.

North America

    --  Our North America Group's volume grew 4% in the quarter and 5%
        year-to-date. Excluding new cross-licensed brands, primarily Dr Pepper
        brands, North America organic volume was even in the quarter and up 1%
        year-to-date, with continued volume and value share gains across total
        NARTD beverages. Reported net revenue for the quarter increased 141%,
        primarily reflecting the acquisition of CCE's North American operations.
        Concentrate sales growth was 3% (including new cross-licensed brands).
        We achieved 1% to 2% positive retail pricing in the quarter and remain
        committed to achieving 3% to 4% retail pricing in the second half of the
        year to help offset higher commodity costs. Second quarter reported
        operating income grew 46%. Comparable currency neutral operating income
        grew 62% in the quarter, primarily reflecting the acquisition of CCE's
        North American operations and growth in the underlying business,
        partially offset by higher commodity costs and the timing of marketing
        expenses as we conformed the newly acquired North American bottling
        business to our accounting policies.
    --  Sparkling volume was up 6% in both the quarter and year-to-date.
        Excluding new cross-licensed brands, principally Dr Pepper, organic
        volume for sparkling beverages declined 1% in the quarter and
        year-to-date, impacted by the cycling of prior year customer-funded
        promotional activity and a continued challenging economic environment.
        We gained sparkling beverage volume and value share in the quarter.
        Coca-Cola Zero delivered double-digit volume growth for the 21st
        consecutive quarter, up 12%, driven by strong marketing and continuing
        growth in foodservice. Fanta grew for the fourth consecutive quarter, up
        7%, with strong retail activation.
    --  North America still beverage volume grew 1% in the quarter and 4%
        year-to-date, led by Powerade growth of 9% and Gold Peak tea growth of
        38% in the quarter. During the quarter, we gained volume share and
        maintained value share in total still beverages, with volume and value
        share gains across multiple still beverage categories, including sports
        drinks, energy drinks, ready-to-drink teas and coffees, and packaged
        water. Overall the juice category was soft in the quarter as we led
        industry pricing to offset commodity costs, while still growing Simply
        and expanding the availability of single-serve packaging. Both
        vitaminwater zero and smartwater continued to grow double digits in the
        quarter.

Pacific

    --  Our Pacific Group's volume grew 7% in the quarter, with year-to-date
        volume up 6%. Second quarter results were driven by 21% growth in China
        and 16% growth in South Korea. Concentrate sales for the quarter reflect
        bottler inventory growth in China and Japan in advance of the peak
        summer selling season as well as Japan bottlers replenishing inventory
        losses experienced as a result of the natural disasters earlier this
        year. This was partially offset by a reduction in concentrate sales as a
        result of the transition to a new supply point in Southeast Asia.
        Reported net revenue for the quarter grew 21%, primarily reflecting 13%
        concentrate sales growth and an 11% currency benefit partially offset by
        unfavorable 3% price/mix. Reported net revenue includes the positive
        impact of Japan bottlers replenishing inventory in the quarter after the
        natural disasters earlier this year. Reported operating income increased
        21% in the quarter. Comparable currency neutral operating income grew
        10% in the quarter, reflecting higher concentrate sales due to the Japan
        inventory replenishment and timing of marketing expenses.
    --  Japan volume grew 1% in the quarter, reflecting the progress our Japan
        business has made in recovering from the earthquake and tsunami. Brand
        Coca-Cola was up 2% in the quarter on continued solid momentum for the
        brand, driving share gains in core sparkling beverages. Single-serve I
        LOHAS water has become the leader in overall value in packaged water,
        driving strong volume and value share gains in the quarter, and Ayataka
        green tea was up 72% in the quarter as a result of the brand's renewal
        in March. We still anticipate challenges in the remainder of the year as
        we continue to execute our Japan business plan to ensure we are meeting
        evolving customer and consumer needs.
    --  China volume grew 21% in the second quarter, driven by a renewed focus
        on core brands, continued distribution gains and expansion of cooler
        facings. Sparkling beverages achieved strong volume growth of 23%,
        driven by growth in brand Coca-Cola. In addition, Minute Maid Pulpy grew
        36% in the quarter, supported by the "Burst of China Joy" integrated
        marketing campaign. As a result, we gained volume and value share in
        sparkling beverages and juices and juice drinks. As our business and the
        industry in China continue to evolve, we are introducing a wider variety
        of packages to promote affordability and enhance the consumer experience
        with our brands, all with a focus to drive increased transactions and
        profitable growth and to continue building brand equity with consumers.

Bottling Investments

    --  Our Bottling Investments Group's volume grew 5% in the quarter on a
        comparable basis after adjusting for the effect of structural changes,
        principally the sale of the Norway and Sweden bottlers. Reported volume
        was even in the quarter. The growth in comparable volume was primarily
        driven by China, Germany and India. Reported net revenue for the quarter
        grew 5%. This reflects the 5% growth in unit case volume, positive
        price/mix of 4% and a currency benefit of 7%, partially offset by the
        effect of the structural changes. Reported operating income in the
        quarter declined 23%. Comparable currency neutral operating income
        declined 21% in the quarter. Excluding the impact of structural changes,
        comparable currency neutral operating income declined 2%. This reflects
        the increase in revenues and change in the system value split in Germany
        as well as the benefits of disciplined capital investments and expense
        management, offset by higher commodity costs and continued investments
        in our in-market capabilities.

FINANCIAL REVIEW

Second quarter reported net revenue was up 47%, with comparable net revenue also up 47%. This reflects a 6% increase in concentrate sales, a 6% currency benefit, positive price/mix and the acquisition of CCE's North American operations, partially offset by the effect of structural changes. Concentrate sales in the quarter were broadly in line with unit case volume. The positive price/mix in the quarter reflects international and Bottling Investments Group price/mix of 2%. In addition, we achieved 1% to 2% positive retail pricing in North America, with additional incremental pricing programs in place for the second half of 2011 that will enable us to deliver 2% to 3% positive retail pricing for the full year in North America. This reflects our fundamental belief in executing pricing within a disciplined commercial framework that considers rate increases in concert with occasion-based package mix levers, balancing overall category health with volume, value and pricing growth. As a result, we grew global NARTD value share for the 16th consecutive quarter, driven by global share growth across sparkling and still beverages.

Reported cost of goods sold was up 69% in the quarter. Comparable cost of goods sold was up 68% in the quarter, driven by a 6% increase in concentrate sales, a 6% currency impact and the acquisition of CCE's North American operations, partially offset by the impact of structural changes, principally the sale of the Norway and Sweden bottlers. Higher commodity costs, particularly in our finished goods businesses in the Bottling Investments Group and Coca-Cola Refreshments, continue to impact cost of goods sold as well. Items affecting comparability primarily included gains on commodities hedging.

Reported SG&A expenses increased 54% in the quarter. Comparable SG&A expenses increased 53% in the quarter. This increase reflects a 6% currency impact and was primarily driven by the acquisition of CCE's North American operations, including the timing of marketing expenses, which will primarily reverse in the fourth quarter, as we conformed the newly acquired North American business to our accounting policies. The increase also reflects our continued investment behind our bottling operations. Structural changes, principally the sale of the Norway and Sweden bottlers, reduced comparable currency neutral SG&A expenses by 5%.

The Company has expanded certain commodity hedging programs as a result of our acquisition of CCE's North American business. The Company uses derivatives as economic hedges to mitigate such risks as those associated with commodities and currency exposure. As a result of the expansion of our commodity hedging programs, in the fourth quarter of 2010 we began to exclude the impact of the net mark-to-market adjustments related to these economic hedges from our non-GAAP financial information until the period in which the underlying exposure being hedged impacts our consolidated statement of income. This quarter we included $26 million of previously excluded net gains, primarily related to commodities hedging. These gains are reflected in the Reconciliation of GAAP and Non-GAAP Financial Measures schedule.

Second quarter reported operating income increased 15%, with comparable operating income up 18%. Items affecting comparability reduced second quarter operating income by $177 million in 2011 and by $78 million in 2010. In both years these items included restructuring charges and costs related to global productivity initiatives as well as costs related to the CCE transaction. Currency had a 6% benefit on comparable operating income in the quarter partially offsetting the impact of increased commodity costs. Including our hedge positions and the cycling of our prior year rates, we estimate currencies will have a mid single-digit positive benefit on operating income for the full year.

On a year-to-date basis, our share repurchases now stand at $1.1 billion, although some of these repurchases have been offset by other treasury stock activity, primarily related to the exercise of employee stock options. We were not buying shares under our share repurchase program for most of the quarter as we considered strategic alternatives. However, we are planning to purchase at least $2.5 billion in shares under our existing share repurchase program by year end.

Second quarter reported EPS was $1.20, an increase of 18%, with comparable EPS at $1.17, up 10% and ahead of our long-term growth target. Items affecting comparability increased second quarter 2011 reported EPS by $0.03 and decreased second quarter 2010 reported EPS by $0.04. In both years these items included restructuring charges and costs related to global productivity initiatives as well as the CCE transaction. Second quarter 2011 reported EPS also included a one-time non-cash gain of $0.09 on the adjustment to fair value of our investment in Mexican bottler Grupo Continental S.A.B. (Contal). As a result of the merger between Contal and Embotelladoras Arca, S.A.B. de C.V. (Arca), our shares of Contal were converted into shares of the new entity Arca Continental, S.A.B de C.V. (Arca Contal). Accounting standards required that we adjust the carrying value of our investment to fair value, and the non-cash gain can be found on the Reconciliation of GAAP and Non-GAAP Financial Measures schedule. We continue to hold our shares in Arca Contal; however, since our ownership percentage in the combined company has been reduced, we no longer apply the equity method of accounting.

We estimate that the sale of the Company's stake in Chilean bottler Coca-Cola Embonor S.A. in first quarter 2011 and the change in accounting resulting from the merger of Arca and Contal in the second quarter will decrease equity income by approximately $0.01 on a full-year basis. Additionally, we continue to anticipate challenges in the remainder of the year in Japan as a result of the natural disasters earlier this year that we estimate will have a dilutive $0.03 to $0.05 impact on full-year comparable EPS. This impact will be primarily observed in the third and fourth quarter.

Cash from operations was $3.6 billion for the first six months of the year as compared to $4.3 billion in the prior year, a decrease of 15%. This difference primarily reflects additional pension funding made in the first quarter as well as the effect of the acquisition of CCE's North American operations, which historically use a larger proportion of working capital in the first half of the year. After adjusting for the impact of the additional pension contribution in the first quarter, cash from operations would have increased 2%.

Net cash provided by financing activities was $30 million year-to-date, while net cash used in financing activities was $1,875 million in the prior year. This fluctuation primarily represents proceeds from net debt issuances year-to-date, partially offset by share repurchases.

Effective Tax Rate

The reported effective tax rate for the quarter was 26.1%. The underlying effective tax rate on operations for the quarter was 24.0%. The variance between the reported tax rate and the underlying tax rate was due to the tax effect of various items impacting comparability, separately presented in this document in the Reconciliation of GAAP and Non-GAAP Financial Measures schedule.

Our underlying effective tax rate does not reflect the impact of significant or unusual items and discrete events, which, if and when they occur, are separately recognized in the appropriate period.

For 2011, we expect our underlying effective tax rate on operations to be 24.0%.

Items Impacting Prior Year Results

First quarter 2010 results included a net charge of $0.11 per share primarily related to restructuring charges and costs related to global productivity initiatives as well as the impact of the Venezuela currency devaluation.

Second quarter 2010 results included a net charge of $0.04 per share primarily related to restructuring charges and costs related to global productivity initiatives as well as costs related to the CCE transaction.

NOTES

    --  All references to growth rate percentages, share and cycling of growth
        rates compare the results of the period to those of the prior year
        comparable period.
    --  "Concentrate sales" represents the amount of concentrates, syrups,
        beverage bases and powders sold by, or used in finished beverages sold
        by, the Company to its bottling partners or other customers.
    --  "Sparkling beverages" means NARTD beverages with carbonation, including
        energy drinks and carbonated waters and flavored waters.
    --  "Still beverages" means nonalcoholic beverages without carbonation,
        including noncarbonated waters, flavored waters and enhanced waters,
        juices and juice drinks, teas, coffees and sports drinks.
    --  All references to volume and volume percentage changes indicate unit
        case volume. All volume percentage changes are computed based on average
        daily sales. "Unit case" means a unit of measurement equal to 24
        eight-ounce servings of finished beverage. "Unit case volume" means the
        number of unit cases (or unit case equivalents) of Company beverages
        directly or indirectly sold by the Company and its bottling partners to
        customers.
    --  Year-to-date 2011 financial results were impacted by one fewer selling
        day, which will be offset by the impact of one additional selling day in
        fourth quarter 2011 results. Unit case volume results are not impacted
        by the variance in selling days due to the average daily sales
        computation referenced above.
    --  The Company reports its financial results in accordance with accounting
        principles generally accepted in the United States ("GAAP"). However,
        management believes that certain non-GAAP financial measures provide
        users with additional meaningful financial information that should be
        considered when assessing our ongoing performance. Management also uses
        these non-GAAP financial measures in making financial, operating and
        planning decisions and in evaluating the Company's performance. Non-GAAP
        financial measures should be viewed in addition to, and not as an
        alternative for, the Company's reported results prepared in accordance
        with GAAP. Our non-GAAP financial information does not represent a
        comprehensive basis of accounting.
    --  Our long-term revenue and operating income growth targets are on a
        comparable currency neutral basis and exclude structural changes. Our
        long-term volume growth target is on a comparable basis, excluding the
        effect of structural changes. Our long-term EPS growth target is on a
        comparable basis.

CONFERENCE CALL

We are hosting a conference call with investors and analysts to discuss our second quarter and year-to-date 2011 results today at 9:30 a.m. (EDT). We invite investors to listen to the live audiocast of the conference call at our website, http://www.thecoca-colacompany.com in the "Investors" section. A replay in downloadable MP3 format will also be available within 24 hours after the audiocast on our website. Further, the "Investors" section of our website includes a reconciliation of non-GAAP financial measures that may be used periodically by management when discussing our financial results with investors and analysts to our results as reported under GAAP.

THE COCA-COLA COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(UNAUDITED)

(In millions except per share data)

                                          Three Months Ended

                                          July 1, 2011  July 2, 2010  % Change

Net Operating Revenues                    $ 12,737      $ 8,674       47

Cost of goods sold                          4,989         2,955       69

Gross Profit                                7,748         5,719       35

Selling, general and administrative         4,422         2,878       54
expenses

Other operating charges                     152           78          --

Operating Income                            3,174         2,763       15

Interest income                             121           67          81

Interest expense                            84            81          4

Equity income (loss) - net                  221           356         (38)

Other income (loss) - net                   362           18          --

Income Before Income Taxes                  3,794         3,123       21

Income taxes                                990           741         34

Consolidated Net Income                     2,804         2,382       18

Less: Net income attributable to            7             13          (46)
noncontrolling interests

Net Income Attributable to Shareowners of $ 2,797       $ 2,369       18
The Coca-Cola Company

Diluted Net Income Per Share*             $ 1.20        $ 1.02        18

Average Shares Outstanding - Diluted*       2,330         2,325

* For the three months ended July 1, 2011 and July 2, 2010, "Basic Net Income
Per Share" was $1.22 for 2011 and $1.03 for 2010 based on "Average Shares
Outstanding - Basic" of 2,290 for 2011 and 2,306 for 2010. Basic net income
per share and diluted net income per share are calculated based on net income
attributable to shareowners of The Coca-Cola Company.

THE COCA-COLA COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(UNAUDITED)

(In millions except per share data)

                                          Six Months Ended

                                          July 1, 2011  July 2, 2010  % Change

Net Operating Revenues                    $ 23,254      $ 16,199      44

Cost of goods sold                          8,938         5,496       63

Gross Profit                                14,316        10,703      34

Selling, general and administrative         8,502         5,583       52
expenses

Other operating charges                     361           174         --

Operating Income                            5,453         4,946       10

Interest income                             215           127         69

Interest expense                            197           166         19

Equity income (loss) - net                  355           492         (28)

Other income (loss) - net                   479           (97)        --

Income Before Income Taxes                  6,305         5,302       19

Income taxes                                1,588         1,294       23

Consolidated Net Income                     4,717         4,008       18

Less: Net income attributable to            20            25          (20)
noncontrolling interests

Net Income Attributable to Shareowners of $ 4,697       $ 3,983       18
The Coca-Cola Company

Diluted Net Income Per Share*             $ 2.02        $ 1.71        18

Average Shares Outstanding - Diluted*       2,330         2,326

* For the six months ended July 1, 2011 and July 2, 2010, "Basic Net Income
Per Share" was $2.05 for 2011 and $1.73 for 2010 based on "Average Shares
Outstanding - Basic" of 2,291 for 2011 and 2,305 for 2010. Basic net income
per share and diluted net income per share are calculated based on net income
attributable to shareowners of The Coca-Cola Company.



THE COCA-COLA COMPANY AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(UNAUDITED)

(In millions except par value)

                                                 July 1, 2011  December 31, 2010

Assets

Current Assets

 Cash and cash equivalents                       $ 10,166      $ 8,517

 Short-term investments                            3,705         2,682

Total Cash, Cash Equivalents and Short-Term        13,871        11,199
Investments

 Marketable securities                             146           138

 Trade accounts receivable, less allowances of     5,630         4,430
 $54 and $48, respectively

 Inventories                                       3,237         2,650

 Prepaid expenses and other assets                 3,655         3,162

Total Current Assets                               26,539        21,579

Equity Method Investments                          7,069         6,954

Other Investments, Principally Bottling            1,387         631
Companies

Other Assets                                       2,701         2,121

Property, Plant and Equipment - net                14,933        14,727

Trademarks With Indefinite Lives                   6,569         6,356

Bottlers' Franchise Rights With Indefinite         7,600         7,511
Lives

Goodwill                                           12,004        11,665

Other Intangible Assets                            1,288         1,377

Total Assets                                     $ 80,090      $ 72,921

Liabilities and Equity

Current Liabilities

 Accounts payable and accrued expenses           $ 8,986       $ 8,859

 Loans and notes payable                           12,326        8,100

 Current maturities of long-term debt              2,486         1,276

 Accrued income taxes                              396           273

Total Current Liabilities                          24,194        18,508

Long-Term Debt                                     11,373        14,041

Other Liabilities                                  4,393         4,794

Deferred Income Taxes                              4,706         4,261

The Coca-Cola Company Shareowners' Equity

 Common stock, $0.25 par value; Authorized -
 5,600 shares; Issued - 3,520 and 3,520 shares,    880           880
 respectively

 Capital surplus                                   10,663        10,057

 Reinvested earnings                               51,816        49,278

 Accumulated other comprehensive income (loss)     287           (1,450  )

 Treasury stock, at cost - 1,227 and 1,228         (28,504 )     (27,762 )
 shares, respectively

Equity Attributable to Shareowners of The          35,142        31,003
Coca-Cola Company

Equity Attributable to Noncontrolling Interests    282           314

Total Equity                                       35,424        31,317

Total Liabilities and Equity                     $ 80,090      $ 72,921



THE COCA-COLA COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(UNAUDITED)

(In millions)

                                                      Six Months Ended

                                                      July 1, 2011  July 2, 2010

Operating Activities

 Consolidated net income                              $ 4,717       $ 4,008

 Depreciation and                                       957           611
 amortization

 Stock-based compensation expense                       181           114

 Deferred income taxes                                  178           33

 Equity (income) loss - net of dividends                (26    )      (246   )

 Foreign currency                                       88            67
 adjustments

 Significant (gains) losses on sales of assets - net    (109   )      (19    )

 Other operating charges                                217           105

 Other items                                            (389   )      75

 Net change in operating assets and liabilities         (2,172 )      (438   )

 Net cash provided by operating activities              3,642         4,310

Investing Activities

 Purchases of short-term investments                    (3,901 )      (1,395 )

 Proceeds from disposals of short-term investments      2,908         1,170

 Acquisitions and                                       (260   )      (144   )
 investments

 Purchases of other                                     (7     )      (36    )
 investments

 Proceeds from disposals of bottling companies and      395           31
 other investments

 Purchases of property, plant and equipment             (1,190 )      (893   )

 Proceeds from disposals of property, plant and         46            65
 equipment

 Other investing activities                             (319   )      (136   )

 Net cash provided by (used in) investing activities    (2,328 )      (1,338 )

Financing Activities

 Issuances of debt                                      12,699        5,450

 Payments of debt                                       (9,963 )      (5,500 )

 Issuances of stock                                     802           204

 Purchases of stock for                                 (1,371 )      (2     )
 treasury

 Dividends                                              (2,143 )      (2,030 )

 Other financing activities                             6             3

 Net cash provided by (used in) financing activities    30            (1,875 )

Effect of Exchange Rate
Changes on

 Cash and Cash Equivalents                              305           (383   )

Cash and Cash Equivalents

 Net increase (decrease) during the period              1,649         714

 Balance at beginning of                                8,517         7,021
 period

 Balance at end of period                             $ 10,166      $ 7,735





THE COCA-COLA COMPANY AND SUBSIDIARIES

Operating Segments

(UNAUDITED)

(In millions)

Three Months Ended

              Net Operating Revenues           Operating Income (Loss)         Income (Loss) Before Income
                                                                               Taxes

              July 1,     July 2,              July 1,    July 2,              July 1,   July 2,
              2011        2010       % Fav. /  2011       2010       % Fav. /  2011      2010       % Fav. /
                                     (Unfav.)                        (Unfav.)  (2),                 (Unfav.)
              (1)         (7)                  (2), (3)   (8)                  (3), (4)  (8), (9)
                                                                               (5), (6)

Eurasia &     $ 804       $ 702      15        $ 330      $ 306      8         $ 330     $ 319      3
Africa

Europe          1,639       1,486    10          973        937      4           995       953      4

Latin           1,133       1,003    13          674        577      17          674       585      15
America

North           5,504       2,280    141         738        507      46          742       508      46
America

Pacific         1,597       1,315    21          718        592      21          718       594      21

Bottling        2,443       2,317    5           105        137      (23 )       305       476      (36 )
Investments

Corporate       63          33       91          (364  )    (293  )  (24 )       30        (312  )  --

Eliminations    (446   )    (462  )  --          --         --       --          --        --       --

Consolidated  $ 12,737    $ 8,674    47        $ 3,174    $ 2,763    15        $ 3,794   $ 3,123    21

    Intersegment revenues were $56 million for Eurasia and Africa, $193 million for Europe, $69 million for
(1) Latin America, $8 million for North America, $97 million for Pacific and $23 million for Bottling
    Investments.

    Operating income (loss) and income (loss) before income taxes were reduced by $8 million for Eurasia and
    Africa, $2 million for Europe, $1 million for Latin America, $66 million for North America, $23 million
(2) for Bottling Investments and $47 million for Corporate, primarily due to the Company's ongoing
    productivity, integration and restructuring initiatives as well as costs associated with the merger of
    Embotelladoras Arca, S.A.B. de C.V. ("Arca") and Grupo Continental S.A.B. ("Contal").

    Operating income (loss) and income (loss) before income taxes were reduced by $4 million for Pacific due
(3) to charges associated with the earthquake and tsunami that devastated northern and eastern Japan on
    March 11, 2011.

(4) Income (loss) before income taxes was increased by a net $417 million for Corporate, primarily due to
    the gain the Company recognized as a result of the merger of Arca and Contal.

(5) Income (loss) before income taxes was decreased by $38 million for Corporate due to the impairment of an
    investment in an entity accounted for under the equity method of accounting.

    Income (loss) before income taxes was increased by $1 million for Corporate due to the net gain we
(6) recognized on the repurchase of certain long-term debt we assumed in connection with our acquisition of
    CCE's North American business.

    Intersegment revenues were $49 million for Eurasia and Africa, $227 million for Europe, $57 million for
(7) Latin America, $20 million for North America, $84 million for Pacific and $25 million for Bottling
    Investments.

    Operating income (loss) and income (loss) before income taxes were reduced by $2 million for Eurasia and
    Africa, $2 million for Europe, $6 million for North America, $5 million for Pacific, $11 million for
(8) Bottling Investments and $52 million for Corporate due to the Company's ongoing productivity,
    integration and restructuring initiatives as well as transaction costs incurred in connection with our
    acquisition of CCE's North American business and the sale of of our Norwegian and Swedish bottling
    operations.

    Income (loss) before income taxes was reduced by $16 million for Bottling Investments, primarily
(9) attributable to the Company's proportionate share of unusual tax charges and transaction costs recorded
    by equity method investees.





THE COCA-COLA COMPANY AND SUBSIDIARIES

Operating Segments

(UNAUDITED)

(In millions)

Six Months Ended

              Net Operating Revenues            Operating Income (Loss)         Income (Loss) Before Income
                                                                                Taxes

                                                                                July 1,    July 2,
                                                                                2011       2010
              July 1,     July 2,               July 1,    July 2,              (2), (3),
              2011        2010        % Fav. /  2011       2010       % Fav. /  (4),       (11),      % Fav. /
                                      (Unfav.)  (2), (3),             (Unfav.)  (5), (6),  (12)       (Unfav.)
              (1)         (10)                  (4)        (11)                 (7),
                                                                                (8), (9)   (13),
                                                                                           (14)

Eurasia &     $ 1,460     $ 1,313     11        $ 595      $ 560      6         $ 598      $ 577      4
Africa

Europe          2,863       2,748     4           1,687      1,649    2           1,715      1,675    2

Latin           2,287       1,988     15          1,390      1,179    18          1,402      1,193    18
America

North           10,191      4,212     142         1,201      932      29          1,205      932      29
America

Pacific         2,826       2,517     12          1,161      1,072    8           1,162      1,071    8

Bottling        4,350       4,294     1           113        143      (21 )       434        586      (26 )
Investments

Corporate       91          51        78          (694  )    (589  )  (18 )       (211  )    (732  )  71

Eliminations    (814   )    (924   )  --          --         --       --          --         --       --

Consolidated  $ 23,254    $ 16,199    44        $ 5,453    $ 4,946    10        $ 6,305    $ 5,302    19

     Intersegment revenues were $90 million for Eurasia and Africa, $345 million for Europe, $141 million for
(1)  Latin America, $11 million for North America, $185 million for Pacific and $42 million for Bottling
     Investments.

     Operating income (loss) and income (loss) before income taxes were reduced by $9 million for Eurasia and
     Africa, $3 million for Europe, $1 million for Latin America, $177 million for North America, $1 million
(2)  for Pacific, $44 million for Bottling Investments and $74 million for Corporate, primarily due to the
     Company's ongoing productivity, integration and restructuring initiatives as well as costs associated
     with the merger of Arca and Contal.

     Operating income (loss) and income (loss) before income taxes were reduced by $19 million for North
(3)  America due to the amortization of favorable supply contracts acquired in connection with our acquisition
     of CCE's North American business.

     Operating income (loss) and income (loss) before income taxes were reduced by $83 million for Pacific due
(4)  to charges associated with the earthquake and tsunami that devastated northern and eastern Japan on March
     11, 2011.

     Income (loss) before income taxes was increased by $102 million for Corporate due to the gain on the sale
(5)  of our investment in Coca-Cola Embonor S.A. ("Embonor"), a bottling partner with operations primarily in
     Chile. Prior to this transaction, the Company accounted for our investment in Embonor under the equity
     method of accounting.

(6)  Income (loss) before income taxes was increased by a net $417 million for Corporate, primarily due to the
     gain the Company recognized as a result of the merger of Arca and Contal.

(7)  Income (loss) before income taxes was decreased by $38 million for Corporate due to the impairment of an
     investment in an entity accounted for under the equity method of accounting.

     Income (loss) before income taxes was reduced by $3 million for Corporate due to the net charge we
(8)  recognized on the repurchase of certain long-term debt assumed in connection with our acquisition of
     CCE's North American business.

     Income (loss) before income taxes was reduced by $4 million for Bottling Investments, primarily
(9)  attributable to the Company's proportionate share of restructuring charges recorded by an equity method
     investee.

     Intersegment revenues were $85 million for Eurasia and Africa, $455 million for Europe, $111 million for
(10) Latin America, $35 million for North America, $188 million for Pacific and $50 million for Bottling
     Investments.

     Operating income (loss) and income (loss) before income taxes were reduced by $3 million for Eurasia and
     Africa, $30 million for Europe, $10 million for North America, $5 million for Pacific, $44 million for
(11) Bottling Investments and $82 million for Corporate due to the Company's ongoing productivity, integration
     and restructuring initiatives as well as transaction costs incurred in connection with our acquisition of
     CCE's North American business and the sale of of our Norwegian and Swedish bottling operations.

     Income (loss) before income taxes was reduced by $45 million for Bottling Investments, primarily
(12) attributable to the Company's proportionate share of unusual tax charges, asset impairments,
     restructuring charges and transaction costs recorded by equity method investees.

     Income (loss) before income taxes was reduced by $103 million for Corporate due to the remeasurement of
(13) our Venezuelan subsidiary's net assets. Subsequent to December 31, 2009, the Venezuelan government
     announced a currency devaluation, and Venezuela was determined to be a hyperinflationary economy.

(14) Income (loss) before income taxes was reduced by $23 million for Bottling Investments and $3 million for
     Corporate due to other-than-temporary impairments of available-for-sale securities.



THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

The Company reports its financial results in accordance with accounting
principles generally accepted in the United States ("GAAP" or referred to
herein as "reported"). However, management believes that certain non-GAAP
financial measures provide users with additional meaningful financial
information that should be considered when assessing our ongoing performance.
Management also uses these non-GAAP financial measures in making financial,
operating and planning decisions and in evaluating the Company's performance.
Non-GAAP financial measures should be viewed in addition to, and not as an
alternative for, the Company's reported results prepared in accordance with
GAAP. Our non-GAAP financial information does not represent a comprehensive
basis of accounting.

ITEMS IMPACTING COMPARABILITY

The following information is provided to give qualitative and quantitative
information related to items impacting comparability. Items impacting
comparability are not defined terms within U.S. GAAP. Therefore, our non-GAAP
financial information may not be comparable to similarly titled measures
reported by other companies. We determine which items to consider as "items
impacting comparability" based on how management views our business, makes
financial, operating and planning decisions and evaluates the Company's
ongoing performance. Items such as structural changes (acquisitions and
divestitures), charges, gains and accounting changes which are viewed by
management as impacting only the current period or the comparable period, but
not both, or as relating to different and unrelated underlying activities or
events across comparable periods, are generally considered "items impacting
comparability". In addition, we provide the impact that changes in foreign
currency exchange rates had on our financial results ("currency neutral").

Asset Impairments and Restructuring

Asset Impairments

During the three months ended July 1, 2011, the Company recorded an impairment
charge of $38 million due to the impairment of an investment in an entity
accounted for under the equity method of accounting. Subsequent to the
recognition of this impairment, the Company's remaining financial exposure
related to this entity is not significant. This impairment charge was recorded
in other income (loss) -- net.

During the six months ended July 2, 2010, the Company recorded
other-than-temporary impairment charges of $26 million related to investments
classified as available-for-sale securities. These impairment charges were
recorded in other income (loss) -- net.

Restructuring

During the three months ended July 1, 2011, and July 2, 2010, the Company
recorded charges of $27 million and $19 million, respectively, related to
certain restructuring activities. During the six months ended July 1, 2011,
and July 2, 2010, the Company recorded charges of $61 million and $59 million,
respectively, related to certain restructuring activities. These charges were
recorded in the line item other operating charges and related to costs
associated with the integration of our German bottling and distribution
operations and other restructuring initiatives outside the scope of our
productivity initiatives and the integration of Coca-Cola Enterprises Inc.'s
("CCE") North American business. See the discussion of our productivity
initiatives and CCE integration costs below.

Productivity Initiatives

During the three months ended July 1, 2011, and July 2, 2010, the Company
recorded charges of $26 million and $35 million, respectively, related to our
productivity initiatives. During the six months ended July 1, 2011, and July
2, 2010, the Company recorded charges of $54 million and $85 million,
respectively, related to our productivity initiatives. These productivity
initiatives began in 2008 and are focused on providing additional flexibility
to invest for growth. These initiatives impact a number of areas and include
aggressively managing operating expenses supported by lean techniques;
redesigning key processes to drive standardization and effectiveness; better
leveraging our size and scale; and driving savings in indirect costs. The
Company has incurred total pretax expenses of $406 million related to these
productivity initiatives since they commenced in the first quarter of 2008.
The Company currently expects the total cost of these initiatives to be
approximately $500 million and anticipates recognizing the remainder of the
costs by the end of 2011. The initiatives are on track to achieve our targeted
$500 million in annualized savings by the end of 2011.

Equity Investees

During the six months ended July 1, 2011, the Company recorded charges of $4
million in equity income (loss) -- net. These charges primarily represent the
Company's proportionate share of restructuring charges recorded by an equity
method investee.

During the three and six months ended July 2, 2010, the Company recorded
charges of $16 million and $45 million, respectively, in equity income (loss)
-- net. These charges primarily represent the Company's proportionate share of
unusual tax charges, asset impairments, restructuring charges and transaction
costs recorded by certain of our equity method investees.

CCE Transaction

During the three months ended July 1, 2011, and July 2, 2010, the Company
recorded charges of $68 million and $24 million, respectively, primarily
related to the integration of CCE's North American business.

During the six months ended July 1, 2011, and July 2, 2010, the Company
recorded charges of $187 million and $30 million, respectively, primarily
related to the integration of CCE's North American business and related
transaction costs. These charges included $19 million related to the
amortization of favorable supply contracts acquired in connection with our
acquisition of CCE's North American business. These charges also included $6
million related to transaction costs incurred in connection with our
acquisition of CCE's North American business and the sale of all our ownership
interests in Coca-Cola Drikker AS (the "Norwegian bottling operation") and
Coca-Cola Drycker Sverige AB (the "Swedish bottling operation"). The Company
has incurred total pretax expenses of $303 million related to this integration
initiative since it commenced in the second quarter of 2010. The costs
associated with this initiative were primarily related to the development and
design of our future operating framework for our North America operating
segment. Once fully integrated, we expect to generate operational synergies of
at least $350 million per year. We anticipate that these operational synergies
will be phased in over the four years following the acquisition and that we
will begin to fully realize the annual benefit from these synergies in the
final year. We currently expect to realize approximately $140 million to $150
million of net cost synergies in 2011.

Transaction Gains

During the three months ended July 1, 2011, the Company recognized a net gain
of $417 million, primarily due to the merger of Arca and Contal, two bottling
partners headquartered in Mexico, into a combined entity known as Arca Contal.
Prior to this transaction, the Company held an investment in Contal that we
accounted for under the equity method of accounting. The merger of the two
companies was a non-cash transaction that resulted in Contal shareholders
trading their existing Contal shares for new shares in Arca Contal at a
specified exchange rate. Subsequent to this transaction, the Company holds an
investment in Arca Contal that we account for as an available-for-sale
security. The Company also recorded a $26 million charge related to costs
associated with the merger of Arca and Contal during the three months ended
July 1, 2011.

In addition to the gain on the exchange of our shares in Contal, the Company
recognized a gain of $102 million during the six months ended July 1, 2011 as
a result of the sale of our investment in Embonor, a bottling partner with
operations primarily in Chile. Prior to this transaction, the Company
accounted for our investment in Embonor under the equity method of accounting.



THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

Certain Tax Matters

During the three months ended July 1, 2011, and July 2, 2010, the Company
recorded a net tax charge of $16 million. These charges were related to
amounts required to be recorded for changes to our uncertain tax positions,
including interest and penalties.

During the six months ended July 1, 2011, and July 2, 2010, the Company
recorded a net tax charge of $19 million and $15 million, respectively,
related to amounts required to be recorded for changes to our uncertain tax
positions, including interest and penalties. In addition, during the six
months ended July 2, 2010, the Company recorded a tax charge of $14 million
related to new legislation that changed the tax treatment of Medicare Part D
subsidies.

Other Items

Impact of Natural Disasters in Japan

On March 11, 2011, a major earthquake struck off the coast of Japan, resulting
in a tsunami that devastated the northern and eastern regions of the country.
As a result of these events, the Company made a donation to the Coca-Cola
Japan Reconstruction Fund which will help rebuild schools and community
facilities across the impacted areas of the country. The Company recorded
total charges of $4 million and $83 million related to these events during the
three and six months ended July 1, 2011, respectively. These charges were
primarily related to the Company's donation and assistance provided to certain
bottling partners in the affected regions.

Economic (Non-Designated) Hedges

In 2010, the Company expanded certain commodity hedging programs as a result
of our acquisition of CCE's North American business. The Company uses
derivatives as economic hedges primarily to mitigate the price risk associated
with the purchases of materials used in the manufacturing process and for
vehicle fuel. Prior to our acquisition of CCE's North American business, this
economic hedging activity was not material. Although these derivatives were
not designated and/or did not qualify for hedge accounting, they are effective
economic hedges. The changes in fair values of these economic hedges are
immediately recognized into earnings.

As a result of the expansion of our commodity hedging program, in the fourth
quarter of 2010 we began to exclude the impact of the net mark-to-market
adjustments related to these economic hedges from our non-GAAP financial
information until the period in which the underlying exposure being hedged
impacts our condensed consolidated statement of income. We believe this
adjustment provides meaningful information related to the benefits of our
economic hedging activities. During the three months ended July 1, 2011, we
included net gains of $26 million in our non-GAAP financial information.
During the six months ended July 1, 2011, we excluded net gains of $10 million
from our non-GAAP financial information.

Repurchases of Long-Term Debt

During the three months ended July 1, 2011, the Company recorded a net gain of
$1 million related to the repurchase of long-term debt that had a carrying
value of $42 million. This debt was assumed in connection with our acquisition
of CCE's North American business during the fourth quarter of 2010.

On March 4, 2011, the Company repurchased all our outstanding U.K. pound
sterling notes due in 2016 and 2021. We assumed this debt in connection with
our acquisition of CCE's North American business during the fourth quarter of
2010. The repurchased debt had a carrying value of $674 million on March 4,
2011, which included approximately $105 million in unamortized fair value
adjustments recorded as part of our purchase accounting. During the six months
ended July 1, 2011, the Company recorded a net charge of $3 million in
interest expense due to the premiums paid to repurchase the long-term debt,
partially offset by the write-off of fair value adjustments we recorded when
we originally assumed the debt.

Hyperinflationary Economies

During the three months ended April 2, 2010, the Company recorded a charge of
$103 million in other income (loss) -- net related to the remeasurement of our
Venezuelan subsidiary's net assets. Subsequent to December 31, 2009, the
Venezuelan government announced a currency devaluation, and Venezuela was
determined to be a hyperinflationary economy. As a result of Venezuela being a
hyperinflationary economy, our local subsidiary was required to use the U.S.
dollar as its functional currency, and the remeasurement gains and losses were
recognized in our condensed consolidated statement of income.

Currency Neutral

Management evaluates the operating performance of our Company and our
international subsidiaries on a currency neutral basis. We determine our
currency neutral operating results by recalculating what our current period
U.S. dollar operating results would have been assuming foreign currency
exchange rates were equal to the comparable period of the prior year,
including the impact of the Company's hedging activities during the comparable
period of the prior year.





THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions except per share data)

                           Three Months Ended July 1, 2011

                                      Cost                    Selling,
                           Net        of      Gross   Gross   general         Other      Operating  Operating
                           operating  goods   profit  margin  and             operating  income     margin
                           revenues   sold                    administrative  charges
                                                              expenses

Reported (GAAP)            $12,737    $4,989  $7,748  60.8 %  $4,422          $152       $3,174     24.9 %

Items Impacting
Comparability:

Asset                      -          -       -               -               (27  )     27
Impairments/Restructuring

Productivity Initiatives   -          -       -               -               (26  )     26

Equity Investees           -          -       -               -               -          -

CCE Transaction            -          -       -               -               (68  )     68

Transaction Gains          -          -       -               -               (26  )     26

Certain Tax Matters        -          -       -               -               -          -

Other Items                (8)        (21)    13              (12)            (5   )     30

After Considering Items    $12,729    $4,968  $7,761  61.0 %  $4,410          $-         $3,351     26.3 %
(Non-GAAP)

                           Three Months Ended July 2, 2010

                                      Cost                    Selling,
                           Net        of      Gross   Gross   general         Other      Operating  Operating
                           operating  goods   profit  margin  and             operating  income     margin
                           revenues   sold                    administrative  charges
                                                              expenses

Reported (GAAP)            $8,674     $2,955  $5,719  65.9 %  $2,878          $78        $2,763     31.9 %

Items Impacting
Comparability:

Asset                      -          -       -               -               (19  )     19
Impairments/Restructuring

Productivity Initiatives   -          -       -               -               (35  )     35

Equity Investees           -          -       -               -               -          -

CCE Transaction            -          -       -               -               (24  )     24

Certain Tax Matters        -          -       -               -               -          -

After Considering Items    $8,674     $2,955  $5,719  65.9 %  $2,878          $-         $2,841     32.8 %
(Non-GAAP)

Currency Neutral:

                                      Cost                    Selling,
                           Net        of      Gross           general         Other      Operating
                           operating  goods   profit          and             operating  income
                           revenues   sold                    administrative  charges
                                                              expenses

% Change - Reported        47         69      35              54              --         15
(GAAP)

% Currency Impact          6          6       6               6               --         6

% Change - Currency        41         63      29              48              --         9
Neutral Reported

% Change - After
Considering Items          47         68      36              53              --         18
(Non-GAAP)

% Currency Impact After
Considering Items          6          6       6               6               --         6
(Non-GAAP)

% Change - Currency
Neutral After Considering  41         62      30              47              --         12
Items (Non-GAAP)

Note: Certain columns may not add due to rounding.

Reported currency neutral operating expense leverage for the three months ended July 1, 2011 is negative 20
percentage points, which is calculated by subtracting reported currency neutral gross profit growth of 29%
from reported currency neutral operating income growth of 9%. Currency neutral operating expense leverage
after considering items impacting comparability for the three months ended July 1, 2011 is negative 18
percentage points, which is calculated by subtracting currency neutral gross profit growth after considering
items impacting comparability of 30% from currency neutral operating income growth after considering items
impacting comparability of 12%.





THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions except per share data)

                           Three Months Ended July 1, 2011

                                                                                  Net income
                                                                                  attributable  Diluted
                                     Equity  Other   Income                       to            net
                           Interest  income  income  before    Income  Effective  shareowners   income
                           expense   (loss)  (loss)  income    taxes   tax rate   of            per
                                     - net   - net   taxes                        The           share
                                                                                  Coca-Cola     (1)
                                                                                  Company

Reported (GAAP)            $84       $221    $362    $3,794    $990    26.1 %     $2,797        $1.20

Items Impacting
Comparability:

Asset                      -         -       38      65        15                 50            0.02
Impairments/Restructuring

Productivity Initiatives   -         -       -       26        9                  17            0.01

Equity Investees           -         -       -       -         -                  -             -

CCE Transaction            -         -       -       68        25                 43            0.02

Transaction Gains          -         -       (417 )  (391   )  (172 )             (219   )      (0.09 )

Certain Tax Matters        -         -       -       -         (16  )             16            0.01

Other Items                1         -       -       29        11                 18            0.01

After Considering Items    $85       $221    ($17 )  $3,591    $862    24.0 %     $2,722        $1.17
(Non-GAAP)

                           Three Months Ended July 2, 2010

                                                                                  Net income
                                                                                  attributable  Diluted
                                     Equity  Other   Income                       to            net
                           Interest  income  income  before    Income  Effective  shareowners   income
                           expense   (loss)  (loss)  income    taxes   tax rate   of            per
                                     - net   - net   taxes                        The           share
                                                                                  Coca-Cola     (2)
                                                                                  Company

Reported (GAAP)            $81       $356    $18     $3,123    $741    23.7 %     $2,369        $1.02

Items Impacting
Comparability:

Asset                      -         -       -       19        2                  17            0.01
Impairments/Restructuring

Productivity Initiatives   -         -       -       35        13                 22            0.01

Equity Investees           -         16      -       16        2                  14            0.01

CCE Transaction            -         -       -       24        5                  19            0.01

Certain Tax Matters        -         -       -       -         (16  )             16            0.01

After Considering Items    $81       $372    $18     $3,217    $747    23.2 %     $2,457        $1.06
(Non-GAAP)

                                                                                  Net income
                                                                                  attributable  Diluted
                                     Equity  Other   Income                       to            net
                           Interest  income  income  before    Income             shareowners   income
                           expense   (loss)  (loss)  income    taxes              of            per
                                     - net   - net   taxes                        The           share
                                                                                  Coca-Cola
                                                                                  Company

% Change - Reported        4         (38)    --      21        34                 18            18
(GAAP)

% Change - After
Considering Items          5         (41)    --      12        15                 11            10
(Non-GAAP)

Note: Certain columns may not add due to rounding.

(1) 2,330 million average shares outstanding - diluted

(2) 2,325 million average shares outstanding - diluted





THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions except per share data)

                           Six Months Ended July 1, 2011

                                                                 Selling,
                           Net        Cost of   Gross    Gross   general         Other      Operating  Operating
                           operating  goods     profit   margin  and             operating  income     margin
                           revenues   sold                       administrative  charges
                                                                 expenses

Reported (GAAP)            $23,254    $8,938    $14,316  61.6 %  $8,502          $361       $5,453     23.4 %

Items Impacting
Comparability:

Asset                      -          -         -                -               (61  )     61
Impairments/Restructuring

Productivity Initiatives   -          -         -                -               (54  )     54

Equity Investees           -          -         -                -               -          -

CCE Transaction            -          (19    )  19               -               (168 )     187

Transaction Gains          -          -         -                -               (26  )     26

Certain Tax Matters        -          -         -                -               -          -

Other Items                20         5         15               (6     )        (52  )     73

After Considering Items    $23,274    $8,924    $14,350  61.7 %  $8,496          $-         $5,854     25.2 %
(Non-GAAP)

                           Six Months Ended July 2, 2010

                                                                 Selling,
                           Net        Cost of   Gross    Gross   general         Other      Operating  Operating
                           operating  goods     profit   margin  and             operating  income     margin
                           revenues   sold                       administrative  charges
                                                                 expenses

Reported (GAAP)            $16,199    $5,496    $10,703  66.1 %  $5,583          $174       $4,946     30.5 %

Items Impacting
Comparability:

Asset                      -          -         -                -               (59  )     59
Impairments/Restructuring

Productivity Initiatives   -          -         -                -               (85  )     85

Equity Investees           -          -         -                -               -          -

CCE Transaction            -          -         -                -               (30  )     30

Certain Tax Matters        -          -         -                -               -          -

Other Items                -          -         -                -               -          -

After Considering Items    $16,199    $5,496    $10,703  66.1 %  $5,583          $-         $5,120     31.6 %
(Non-GAAP)

Currency Neutral:

                                                                 Selling,
                           Net        Cost of   Gross            general         Other      Operating
                           operating  goods     profit           and             operating  income
                           revenues   sold                       administrative  charges
                                                                 expenses

% Change - Reported        44         63        34               52              --         10
(GAAP)

% Currency Impact          4          5         4                4               --         5

% Change - Currency        39         58        29               48              --         6
Neutral Reported

% Change - After
Considering Items          44         62        34               52              --         14

(Non-GAAP)

% Currency Impact After
Considering Items          4          5         4                4               --         4
(Non-GAAP)

% Change - Currency
Neutral After Considering  39         58        30               48              --         10
Items (Non-GAAP)

Note: Certain columns may not add due to rounding.

Reported currency neutral operating expense leverage for the six months ended July 1, 2011 is negative 23
percentage points, which is calculated by subtracting reported currency neutral gross profit growth of 29% from
reported currency neutral operating income growth of 6%. Currency neutral operating expense leverage after
considering items impacting comparability for the six months ended July 1, 2011 is negative 20 percentage
points, which is calculated by subtracting currency neutral gross profit growth after considering items
impacting comparability of 30% from currency neutral operating income growth after considering items impacting
comparability of 10%.





THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions except per share data)

                           Six Months Ended July 1, 2011

                                                                                    Net income
                                                                                    attributable  Diluted
                                     Equity  Other   Income                         to            net
                           Interest  income  income  before    Income    Effective  shareowners   income
                           expense   (loss)  (loss)  income    taxes     tax rate   of            per
                                     - net   - net   taxes                          The           share
                                                                                    Coca-Cola     (1)
                                                                                    Company

Reported (GAAP)            $197      $355    $479    $6,305    $1,588    25.2 %     $4,697        $2.02

Items Impacting
Comparability:

Asset                      -         -       38      99        20                   79            0.03
Impairments/Restructuring

Productivity Initiatives   -         -       -       54        18                   36            0.02

Equity Investees           -         4       -       4         1                    3             -

CCE Transaction            -         -       -       187       70                   117           0.05

Transaction Gains          -         -       (519 )  (493   )  (208   )             (285   )      (0.12 )

Certain Tax Matters        -         -       -       -         (19    )             19            0.01

Other Items                (3   )    -       -       76        26                   50            0.02

After Considering Items    $194      $359    ($2  )  $6,232    $1,496    24.0 %     $4,716        $2.02
(Non-GAAP)

                           Six Months Ended July 2, 2010

                                                                                    Net income
                                                                                    attributable  Diluted
                                     Equity  Other   Income                         to            net
                           Interest  income  income  before    Income    Effective  shareowners   income
                           expense   (loss)  (loss)  income    taxes     tax rate   of            per
                                     - net   - net   taxes                          The           share
                                                                                    Coca-Cola     (2)
                                                                                    Company

Reported (GAAP)            $166      $492    ($97 )  $5,302    $1,294    24.4 %     $3,983        $1.71

Items Impacting
Comparability:

Asset                      -         -       26      85        4                    81            0.03
Impairments/Restructuring

Productivity Initiatives   -         -       -       85        29                   56            0.02

Equity Investees           -         45      -       45        6                    39            0.02

CCE Transaction            -         -       -       30        7                    23            0.01

Certain Tax Matters        -         -       -       -         (29    )             29            0.01

Other Items                -         -       103     103       -                    103           0.04

After Considering Items    $166      $537    $32     $5,650    $1,311    23.2 %     $4,314        $1.85
(Non-GAAP)

                                                                                    Net income
                                                                                    attributable  Diluted
                                     Equity  Other   Income                         to            net
                           Interest  income  income  before    Income               shareowners   income
                           expense   (loss)  (loss)  income    taxes                of            per
                                     - net   - net   taxes                          The           share
                                                                                    Coca-Cola
                                                                                    Company

% Change - Reported        19        (28)    --      19        23                   18            18
(GAAP)

% Change - After
Considering Items          17        (33)    --      10        14                   9             9
(Non-GAAP)

Note: Certain columns may not add due to rounding.

(1) 2,330 million average shares outstanding - diluted

(2) 2,326 million average shares outstanding - diluted





THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions)

Operating Income (Loss) by Segment:

                           Three Months Ended July 1, 2011

                           Eurasia          Latin    North             Bottling
                           &        Europe  America  America  Pacific  Investments  Corporate  Consolidated
                           Africa

Reported (GAAP)            $330     $973    $674     $738     $718     $105         ($364 )    $3,174

Items Impacting
Comparability:

Asset                      4        -       -        -        -        23           -          27
Impairments/Restructuring

Productivity Initiatives   4        2       1        -        -        -            19         26

CCE Transaction            -        -       -        66       -        -            2          68

Transaction Gains          -        -       -        -        -        -            26         26

Other Items                -        -       -        31       4        (1)          (4    )    30

After Considering Items    $338     $975    $675     $835     $722     $127         ($321 )    $3,351
(Non-GAAP)

                           Three Months Ended July 2, 2010

                           Eurasia          Latin    North             Bottling
                           &        Europe  America  America  Pacific  Investments  Corporate  Consolidated
                           Africa

Reported (GAAP)            $306     $937    $577     $507     $592     $137         ($293 )    $2,763

Items Impacting
Comparability:

Asset                      1        -       -        6        -        11           1          19
Impairments/Restructuring

Productivity Initiatives   1        2       -        -        5        -            27         35

CCE Transaction            -        -       -        -        -        -            24         24

After Considering Items    $308     $939    $577     $513     $597     $148         ($241 )    $2,841
(Non-GAAP)

Currency Neutral Operating Income (Loss) by
Segment:

                           Eurasia          Latin    North             Bottling
                           &        Europe  America  America  Pacific  Investments  Corporate  Consolidated
                           Africa

% Change - Reported        8        4       17       46       21       (23)         (24)       15
(GAAP)

% Currency Impact          0        5       9        1        11       6            0          6

% Change - Currency        8        (1)     8        45       10       (29)         (25)       9
Neutral Reported

% Change - After
Considering Items          10       4       17       63       21       (14)         (33)       18

(Non-GAAP)

% Currency Impact After
Considering Items          0        5       9        1        11       7            (1)        6
(Non-GAAP)

% Change - Currency
Neutral After Considering  10       (1)     8        62       10       (21)         (33)       12
Items (Non-GAAP)

Note: Certain columns may not add due to rounding.





THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions)

Operating Income (Loss) by Segment:

                           Six Months Ended July 1, 2011

                           Eurasia          Latin    North              Bottling
                           &        Europe  America  America   Pacific  Investments  Corporate  Consolidated
                           Africa

Reported (GAAP)            $595     $1,687  $1,390   $1,201    $1,161   $113         ($694)     $5,453

Items Impacting Comparability:

Asset                      5        -       -        11        -        44           1          61
Impairments/Restructuring

Productivity Initiatives   4        3       1        -         1        -            45         54

CCE Transaction            -        -       -        185       -        -            2          187

Transaction Gains          -        -       -        -         -        -            26         26

Other Items                -        -       -        (6     )  83       2            (6)        73

After Considering Items    $604     $1,690  $1,391   $1,391    $1,245   $159         ($626)     $5,854
(Non-GAAP)

                           Six Months Ended July 2, 2010

                           Eurasia          Latin    North              Bottling
                           &        Europe  America  America   Pacific  Investments  Corporate  Consolidated
                           Africa

Reported (GAAP)            $560     $1,649  $1,179   $932      $1,072   $143         ($589)     $4,946

Items Impacting Comparability:

Asset                      1        -       -        9         -        44           5          59
Impairments/Restructuring

Productivity Initiatives   2        30      -        1         5        -            47         85

CCE Transaction            -        -       -        -         -        -            30         30

After Considering Items    $563     $1,679  $1,179   $942      $1,077   $187         ($507)     $5,120
(Non-GAAP)

Currency Neutral Operating Income (Loss) by
Segment:

                           Eurasia          Latin    North              Bottling
                           &        Europe  America  America   Pacific  Investments  Corporate  Consolidated
                           Africa

% Change - Reported        6        2       18       29        8        (21)         (18)       10
(GAAP)

% Currency Impact          0        2       8        1         9        8            0          5

% Change - Currency        6        1       10       28        (1)      (29)         (18)       6
Neutral Reported

% Change - After
Considering Items          7        1       18       48        16       (15)         (23)       14

(Non-GAAP)

% Currency Impact After
Considering Items          0        2       8        1         10       7            0          4
(Non-GAAP)

% Change - Currency
Neutral After Considering  7        (1)     10       47        6        (22)         (23)       10
Items (Non-GAAP)

Note: Certain columns may not add due to
rounding.



THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions)

Bottling Investments Segment Information:

                           Three Months Ended July 1, 2011

                           Net operating  Selling, general and
                           revenues       administrative        Operating income
                                          expenses

Reported (GAAP)            $2,443         $698                  $105

Items Impacting
Comparability:

Asset                      -              -                     23
Impairments/Restructuring

Other Items                -              -                     (1)

After Considering Items    $2,443         $698                  $127
(Non-GAAP)

                           Three Months Ended July 2, 2010

                           Net operating  Selling, general and
                           revenues       administrative        Operating income
                                          expenses

Reported (GAAP)            $2,317         $683                  $137

Items Impacting
Comparability:

Asset                      -              -                     11
Impairments/Restructuring

Other Items                -              -                     -

After Considering Items    $2,317         $683                  $148
(Non-GAAP)

Currency Neutral and Structural for Bottling Investments:

                           Net operating  Selling, general and
                           revenues       administrative        Operating income
                                          expenses

% Change - Reported        5              2                     (23)
(GAAP)

% Currency Impact          7              8                     6

% Change - Currency        (2)            (6)                   (29)
Neutral Reported

% Change - Structural      (11)           (11)                  (18)
Impact

% Change - Currency
Neutral Reported and       8              5                     (11)
Adjusted for Structural
Items

% Change - After
Considering Items          5              2                     (14)

(Non-GAAP)

% Currency Impact After
Considering Items          7              8                     7
(Non-GAAP)

% Change - Currency
Neutral After Considering  (2)            (6)                   (21)
Items (Non-GAAP)

% Structural Impact After
Considering Items          (11)           (11)                  (19)
(Non-GAAP)

% Change - Currency
Neutral After Considering
Items and Adjusted for     8              5                     (2)
Structural Items
(Non-GAAP)

Note: Certain columns may not add due to
rounding.



THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions)

Bottling Investments Segment Information:

                          Six Months Ended July 1, 2011

                                             Selling, general
                          Net operating      and                Operating income
                          revenues           administrative
                                             expenses

Reported (GAAP)           $4,350             $1,322             $113

Items Impacting Comparability:

Asset                     -                  -                  44
Impairments/Restructuring

Other Items               -                  -                  2

After Considering Items   $4,350             $1,322             $159
(Non-GAAP)

                          Six Months Ended July 2, 2010

                                             Selling, general
                          Net operating      and                Operating income
                          revenues           administrative
                                             expenses

Reported (GAAP)           $4,294             $1,336             $143

Items Impacting Comparability:

Asset                     -                  -                  44
Impairments/Restructuring

Other Items               -                  -                  -

After Considering Items   $4,294             $1,336             $187
(Non-GAAP)

Currency Neutral and Structural for
Bottling Investments:

                                             Selling, general
                          Net operating      and                Operating income
                          revenues           administrative
                                             expenses

% Change - Reported       1                  (1)                (21)
(GAAP)

% Currency Impact         5                  5                  8

% Change - Currency       (4)                (6)                (29)
Neutral Reported

% Change - Structural     (11)               (11)               (25)
Impact

% Change - Currency
Neutral Reported and      6                  5                  (4)
Adjusted for Structural
Items

% Change - After
Considering Items         1                  (1)                (15)

(Non-GAAP)

% Currency Impact After
Considering Items         5                  5                  7
(Non-GAAP)

% Change - Currency
Neutral After Considering (4)                (6)                (22)
Items (Non-GAAP)

% Structural Impact After
Considering Items         (11)               (11)               (20)
(Non-GAAP)

% Change - Currency
Neutral After Considering
Items and Adjusted for    6                  5                  (2)
Structural Items
(Non-GAAP)

Note: Certain columns may not add due to rounding.

Consolidated Cash from Operations:

                          Six Months Ended   Six Months Ended

                          July 1, 2011       July 2, 2010

                          Net Cash Provided  Net Cash Provided
                          by                 by

                          Operating          Operating
                          Activities         Activities

Reported (GAAP)           $3,642             $4,310

Items Impacting Comparability:

Cash Payments Related to
Pension Plan              769                -
Contributions

After Considering Items   $4,411             $4,310
(Non-GAAP)

                          Net Cash Provided
                          by

                          Operating
                          Activities

% Change - Reported       (15)
(GAAP)

% Change - After
Considering Items         2
(Non-GAAP)



About The Coca-Cola Company

The Coca-Cola Company is the world's largest beverage company, refreshing consumers with more than 500 sparkling and still brands. Led by Coca-Cola, the world's most valuable brand, the Company's portfolio features 15 billion dollar brands including Diet Coke, Fanta, Sprite, Coca-Cola Zero, vitaminwater, Powerade, Minute Maid, Simply and Georgia. Globally, we are the No. 1 provider of sparkling beverages, juices and juice drinks and ready-to-drink teas and coffees. Through the world's largest beverage distribution system, consumers in more than 200 countries enjoy the Company's beverages at a rate of 1.7 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that reduce our environmental footprint, support active, healthy living, create a safe, inclusive work environment for our associates, and enhance the economic development of the communities where we operate. For more information about our Company, please visit our website at www.thecoca-colacompany.com.

Forward-Looking Statements

This press release may contain statements, estimates or projections that constitute "forward-looking statements" as defined under U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from The Coca-Cola Company's historical experience and our present expectations or projections. These risks include, but are not limited to, obesity and other health concerns; scarcity and quality of water; changes in the nonalcoholic beverages business environment, including changes in consumer preferences based on health and nutrition considerations and obesity concerns, shifting consumer tastes and needs, changes in lifestyles and competitive product and pricing pressures; risks related to the assets acquired and liabilities assumed in the acquisition, as well as the integration, of Coca-Cola Enterprises Inc.'s North American business; continuing uncertainty in the credit and equity market conditions; increased competition; our ability to expand our operations in developing and emerging markets; foreign currency exchange rate fluctuations; increases in interest rates; our ability to maintain good relationships with our bottling partners; the financial condition of our bottling partners; increases in income tax rates or changes in income tax laws; increases in indirect taxes or new indirect taxes; our ability and the ability of our bottling partners to maintain good labor relations, including the ability to renew collective bargaining agreements on satisfactory terms and avoid strikes, work stoppages or labor unrest; increase in the cost, disruption of supply or shortage of energy; increase in cost, disruption of supply or shortage of ingredients or packaging materials; changes in laws and regulations relating to beverage containers and packaging, including container deposit, recycling, eco-tax and/or product stewardship laws or regulations; adoption of significant additional labeling or warning requirements; unfavorable general economic conditions in the United States or other major markets; unfavorable economic and political conditions in international markets, including civil unrest and product boycotts; litigation uncertainties; adverse weather conditions; our ability to maintain brand image and corporate reputation as well as other product issues such as product recalls; changes in, or our failure to comply with, laws and regulations applicable to our products or our business operations; changes in accounting standards and taxation requirements; our ability to achieve overall long-term goals; our ability to protect our information technology infrastructure; additional impairment charges; our ability to successfully manage Company-owned or controlled bottling operations; the impact of climate change on our business; global or regional catastrophic events; and other risks discussed in our Company's filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K, which filings are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Coca-Cola Company undertakes no obligation to publicly update or revise any forward-looking statements.

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    Source: The Coca-Cola Company