Fourth quarter reported EPS was $0.28 and comparable EPS was $0.38
Announced accelerated refranchising plans in North America and
non-binding letter of intent to refranchise Company-owned bottling
operations in China
-
Full-year reported net revenue declined 4% while organic revenue
grew 4%. Reported net revenue and organic revenue declined 8% and 1%,
respectively, in the quarter, primarily due to the impact of six fewer
days in our reporting calendar.
-
Global volume grew 3% in the quarter and 2% for the full year.
-
Global price/mix grew 2% in the quarter and the full year,
reflecting strong execution against our strategic initiatives.
-
Gained global value share in nonalcoholic ready-to-drink beverages
in both the quarter and full year.
-
Remain committed to the previously announced $3 billion
productivity initiative, even with the impact of accelerated
refranchising plans.
-
Expect full-year 2016 comparable currency neutral EPS growth of 4%
to 6% including the impact of 3 to 4 points of structural headwind,
primarily due to refranchising, on comparable currency neutral income
before taxes.
The Coca-Cola Company today reported fourth quarter and full-year 2015
operating results. Muhtar Kent, Chairman and Chief Executive Officer of
The Coca-Cola Company said, "In late 2014, we laid out a clear
five-point plan to reinvigorate growth and increase profitability. In
2015, a transition year, we delivered on this plan despite an
increasingly challenging global macroeconomic environment. Our fourth
quarter performance was a testament to the action we took as the Company
continued to deliver solid pricing and unit case volume growth,
culminating in 4% organic revenue growth for the full year. Importantly,
this top-line growth was led by our flagship market of North America,
which delivered its strongest annual performance in three years.
"Today, building on our top-line momentum and the success of
refranchising efforts to date in North America, we have announced that
we are accelerating the pace and scale of our system transformation with
plans to refranchise 100% of Company-owned North American bottling
territories by the end of 2017, including all of the cold-fill
production facilities. We are also announcing that we have entered into
a non-binding letter of intent to refranchise our bottling operations in
China to our existing partners China Foods Limited, part of COFCO
Limited, and Swire Beverage Holdings Limited, building on other recent
global refranchising initiatives in Europe and Africa.
"This acceleration of our global refranchising marks a step change in
our efforts to refocus The Coca-Cola Company on its core business of
building strong, valuable brands and leading a system of strong bottling
partners. When this transformation is complete, we will look very
different than we do today. Expanding Coca-Cola bottlers in various
regions will grow in terms of revenue, employment and reach as we
transition Company-owned operations to the franchise system. The
Coca-Cola Company will return to its focus as a higher margin, higher
return and less capital intensive operation. With the accelerated
refranchising plans announced today, we will move from a system where
about 18% of our volume was produced by Company-owned bottlers in 2015
to about 3%.
"Looking forward to 2016, we remain committed to achieving underlying
performance in line with our long-term growth model and delivering
long-term, sustainable value to our system and shareowners."
2015 OPERATING REVIEW
TOTAL COMPANY
|
|
|
|
|
|
|
Percent Change
|
|
|
|
Fourth Quarter
|
|
|
Full Year
|
Unit Case Volume
|
|
|
3
|
|
|
2
|
Sparkling Beverages
|
|
|
2
|
|
|
1
|
Still Beverages
|
|
|
6
|
|
|
5
|
Concentrate Sales/Reported Volume
|
|
|
(3)
|
|
|
1
|
Price/Mix
|
|
|
2
|
|
|
2
|
Currency
|
|
|
(7)
|
|
|
(7)
|
Acquisitions & Divestitures, Net
|
|
|
0
|
|
|
0
|
Reported Net Revenues
|
|
|
(8)
|
|
|
(4)
|
Organic Revenues *
|
|
|
(1)
|
|
|
4
|
Reported Income Before Taxes
|
|
|
43
|
|
|
3
|
Comparable CN Income Before Taxes (Structurally Adjusted) *
|
|
|
(2)
|
|
|
6
|
|
|
|
|
|
|
|
* Organic revenue and comparable currency neutral (CN) income
before taxes (structurally adjusted) are non-GAAP financial
measures. Refer to the Notes and Reconciliation of GAAP and
Non-GAAP Financial Measures schedule.
|
|
|
|
|
|
|
|
-
The organic revenue decline in the quarter was primarily driven by the
impact of six fewer days. After adjusting for the six fewer days in
the quarter, concentrate sales were mostly in line with unit case
sales. Concentrate sales growth and unit case sales growth were mostly
in line for the full year as well. We delivered positive price/mix of
2% in the quarter and the full year due to effective global execution
of our price and pack strategies. In the quarter, we gained global
value and volume share in nonalcoholic ready-to-drink (NARTD)
beverages.
-
Global sparkling beverage volume growth in the quarter was driven by
1% growth in brand Coca-Cola, 3% growth in Sprite and 7% growth in
Coca-Cola Zero, partially offset by a 5% decline in Diet Coke/Coke
Light. We gained global value and volume share in sparkling beverages
in the quarter. Full-year sparkling beverage volume growth was driven
by 1% growth in brand Coca-Cola, 3% growth in Sprite and 6% growth in
Coca-Cola Zero, partially offset by a 6% decline in Diet Coke/Coke
Light.
-
Global still beverage volume growth in the quarter was driven by 8%
growth in packaged water, 6% growth in ready-to-drink tea, 5% growth
in juice and juice drinks and 2% growth in sports drinks. We gained
global value and volume share in still beverages in the quarter.
Full-year growth was led by growth of 8% in packaged water, 4% in
ready-to-drink tea, 3% in ready-to-drink coffee and 2% in sports
drinks.
-
Comparable currency neutral income before taxes (structurally
adjusted) lagged organic revenue growth in the quarter primarily due
to lower equity income and a decrease in net interest income.
Full-year comparable currency neutral income before taxes
(structurally adjusted) outpaced organic revenue growth due to gross
margin expansion and the impact of our ongoing productivity
initiatives, partially offset by increased marketing investments, a
decrease in net interest income and lower equity income. Our
productivity initiatives remain on track and they provided financial
flexibility to help us achieve our stated goals in 2015 and reinvest
in our business.
-
The reported effective tax rates for the quarter and full year were
19.6% and 23.3%, respectively. The underlying effective tax rate was
22.5% for the quarter and full year. The variance between the reported
rate and the underlying rate was due to the tax effect of various
items impacting comparability, separately disclosed in the
Reconciliation of GAAP and Non-GAAP Financial Measures schedule.
-
Reported EPS was $0.28 and comparable EPS was $0.38 in the quarter.
Items impacting comparability decreased reported EPS by a net $0.10
and were primarily related to noncash charges related to refranchising
certain territories in North America and costs associated with our
previously announced productivity program.
-
Fluctuations in foreign currency exchange rates resulted in a 13 point
headwind on comparable operating income and a 10 point headwind on
both comparable income before taxes and EPS in the quarter. Full-year
fluctuations in foreign currency exchange rates resulted in an 11
point headwind on comparable operating income and an 8 point headwind
on both comparable income before taxes and EPS.
-
Full-year cash from operations was $10.5 billion, down 1%, primarily
due to the unfavorable impact from foreign currency exchange rates and
the impact of refranchised territories in North America, partially
offset by the efficient management of working capital.
-
Full-year net share repurchases totaled $2.3 billion, in line with our
previously communicated guidance.
REFRANCHISING UPDATE
-
As announced earlier today, based on the progress we have achieved to
date, we are accelerating our refranchising plans in North America. We
are now committed to refranchising 100% of our Company-owned bottling
territories in North America, by the end of 2017, including all of our
cold-fill production facilities.
-
We are also announcing that in China, we have entered into a
non-binding letter of intent to refranchise our Company-owned bottling
operations to our existing partners China Foods Limited, part of COFCO
Limited, and Swire Beverage Holdings Limited.
-
The Company remains committed to the previously announced $3 billion
productivity initiative by continuing to identify additional
opportunities to offset the impact of the accelerated refranchising
plans.
EURASIA AND AFRICA
|
|
|
|
|
|
|
Percent Change
|
|
|
|
Fourth Quarter
|
|
|
Full Year
|
Unit Case Volume
|
|
|
2
|
|
|
3
|
Sparkling Beverages
|
|
|
0
|
|
|
2
|
Still Beverages
|
|
|
8
|
|
|
6
|
Concentrate Sales
|
|
|
(5)
|
|
|
2
|
Price/Mix
|
|
|
12
|
|
|
3
|
Currency
|
|
|
(16)
|
|
|
(14)
|
Acquisitions & Divestitures, Net
|
|
|
(2)
|
|
|
(1)
|
Reported Net Revenues
|
|
|
(11)
|
|
|
(10)
|
Organic Revenues *
|
|
|
7
|
|
|
5
|
Reported Income Before Taxes
|
|
|
(6)
|
|
|
(11)
|
Comparable CN Income Before Taxes *
|
|
|
9
|
|
|
3
|
|
|
|
|
|
|
|
* Organic revenue and comparable currency neutral (CN) income
before taxes are non-GAAP financial measures. Refer to the Notes
and Reconciliation of GAAP and Non-GAAP Financial Measures
schedule.
|
|
|
|
|
|
|
|
-
Organic revenue in the quarter grew due to strong price/mix, partially
offset by the impact of six fewer days. Acquisitions and divestitures
reflect the unfavorable impact from the brand transfer agreement
associated with the closing of the transaction with Monster Beverage
Corporation. After adjusting for the six fewer days in the quarter,
concentrate sales growth was generally in line with unit case sales
growth. Concentrate sales and unit case sales were also generally in
line for the full year.
-
Comparable currency neutral income before taxes outpaced organic
revenue growth in the quarter due to positive operating leverage
driven by timing of expenses.
-
Sparkling beverage volume was flat in the quarter as growth from
Trademark Coca-Cola and Sprite was offset by a decline in Fanta. Still
beverage volume growth in the quarter was driven by double-digit
growth in sports drinks, packaged water and ready-to-drink tea along
with 4% growth in juice and juice drinks. We gained value share in
total NARTD beverages, sparkling beverages and still beverages in the
quarter. Unit case volume growth in the quarter included mid
single-digit growth in both our Central, East & West Africa and
Turkey, Caucasus & Central Asia business units along with double-digit
growth in our Southern Africa business unit, partially offset by a mid
single-digit decline in our Middle East & North Africa business unit.
EUROPE
|
|
|
|
|
|
|
Percent Change
|
|
|
|
Fourth Quarter
|
|
|
Full Year
|
Unit Case Volume
|
|
|
3
|
|
|
2
|
Sparkling Beverages
|
|
|
3
|
|
|
1
|
Still Beverages
|
|
|
2
|
|
|
7
|
Concentrate Sales
|
|
|
(2)
|
|
|
2
|
Price/Mix
|
|
|
1
|
|
|
1
|
Currency
|
|
|
(5)
|
|
|
(9)
|
Acquisitions & Divestitures, Net
|
|
|
(1)
|
|
|
(1)
|
Reported Net Revenues
|
|
|
(7)
|
|
|
(7)
|
Organic Revenues *
|
|
|
(2)
|
|
|
2
|
Reported Income Before Taxes
|
|
|
26
|
|
|
1
|
Comparable CN Income Before Taxes *
|
|
|
1
|
|
|
0
|
|
|
|
|
|
|
|
* Organic revenue and comparable currency neutral (CN) income
before taxes are non-GAAP financial measures. Refer to the Notes
and Reconciliation of GAAP and Non-GAAP Financial Measures
schedule.
|
|
|
|
|
|
|
|
-
The organic revenue decline in the quarter was primarily due to six
fewer days, partially offset by positive price/mix of 1 point.
Acquisitions and divestitures reflect the unfavorable impact from the
brand transfer agreement associated with the closing of the
transaction with Monster Beverage Corporation. After adjusting for the
six fewer days in the quarter, concentrate sales growth was ahead of
unit case sales growth due to timing of shipments. Concentrate sales
and unit case sales were in line for the full year.
-
Comparable currency neutral income before taxes outpaced organic
revenue growth in the quarter primarily due to the impact of our
ongoing productivity initiatives.
-
Sparkling beverage volume growth in the quarter was driven by 3%
growth in Trademark Coca-Cola and 6% growth in Fanta, partially offset
by a 1% decline in Sprite. Still beverage volume growth in the quarter
was driven by the continued expansion of our still portfolio resulting
in 5% growth in both packaged water and ready-to-drink tea, 1% growth
in sports drinks and double-digit growth in the innocent brand. We
gained value share in still beverages, juice and juice drinks and
ready-to-drink tea in the quarter.
LATIN AMERICA
|
|
|
Percent Change
|
|
|
|
Fourth Quarter
|
|
|
Full Year
|
Unit Case Volume
|
|
|
2
|
|
|
1
|
Sparkling Beverages
|
|
|
1
|
|
|
0
|
Still Beverages
|
|
|
5
|
|
|
4
|
Concentrate Sales
|
|
|
(3)
|
|
|
1
|
Price/Mix
|
|
|
10
|
|
|
9
|
Currency
|
|
|
(25)
|
|
|
(23)
|
Acquisitions & Divestitures, Net
|
|
|
0
|
|
|
0
|
Reported Net Revenues
|
|
|
(18)
|
|
|
(13)
|
Organic Revenues *
|
|
|
7
|
|
|
11
|
Reported Income Before Taxes
|
|
|
42
|
|
|
(7)
|
Comparable CN Income Before Taxes *
|
|
|
12
|
|
|
12
|
|
|
|
|
|
|
|
* Organic revenue and comparable currency neutral (CN) income
before taxes are non-GAAP financial measures. Refer to the Notes
and Reconciliation of GAAP and Non-GAAP Financial Measures
schedule.
|
|
|
|
|
|
|
|
-
Organic revenue growth in the quarter was driven by strong positive
price/mix, partially offset by the impact of six fewer days. After
adjusting for the six fewer days in the quarter, concentrate sales
growth was ahead of unit case sales growth due to timing of shipments.
Concentrate sales and unit case sales were in line for the full year.
-
Comparable currency neutral income before taxes outpaced organic
revenue growth in the quarter due to positive operating leverage
driven by the impact of our ongoing productivity initiatives and
timing of expenses.
-
Sparkling beverage volume growth in the quarter was driven by 4%
growth in Sprite and 1% growth in both brand Coca-Cola and Coca-Cola
Zero, partially offset by a 4% decline in Fanta. Still beverage volume
growth in the quarter was driven by double-digit growth in both juice
and juice drinks and sports drinks, as well as 4% growth in packaged
water, partially offset by a decline of 4% in ready-to-drink tea. Unit
case volume growth was driven by 6% growth in both Mexico and our
Latin Center business unit, partially offset by a 5% decline in
Brazil. We gained value share in still beverages (excluding packaged
water) in the quarter.
NORTH AMERICA
|
|
|
|
|
|
|
Percent Change
|
|
|
|
Fourth Quarter
|
|
|
Full Year
|
Unit Case Volume
|
|
|
3
|
|
|
1
|
Sparkling Beverages
|
|
|
2
|
|
|
0
|
Still Beverages
|
|
|
6
|
|
|
5
|
Concentrate Sales
|
|
|
(3)
|
|
|
1
|
Price/Mix
|
|
|
1
|
|
|
3
|
Currency
|
|
|
(1)
|
|
|
(1)
|
Acquisitions & Divestitures, Net
|
|
|
(1)
|
|
|
(1)
|
Reported Net Revenues
|
|
|
(4)
|
|
|
2
|
Organic Revenues *
|
|
|
(2)
|
|
|
4
|
Reported Income Before Taxes
|
|
|
491
|
|
|
(10)
|
Comparable CN Income Before Taxes *
|
|
|
(19)
|
|
|
3
|
|
|
|
|
|
|
|
* Organic revenue and comparable currency neutral (CN) income
before taxes are non-GAAP financial measures. Refer to the Notes
and Reconciliation of GAAP and Non-GAAP Financial Measures
schedule.
|
|
|
|
|
|
|
|
-
Organic revenue declined in the quarter primarily due to the impact of
six fewer days, partially offset by favorable price/mix. Acquisitions
and divestitures primarily reflect the unfavorable impact of
refranchised territories, partially offset by the benefit of our
expanded distribution of Monster beverage products in North America.
After adjusting for the six fewer days in the quarter, concentrate
sales growth was in line with unit case sales growth. Concentrate
sales and unit case sales were also in line for the full year.
-
Comparable currency neutral income before taxes trailed organic
revenue growth in the quarter primarily due to the impact of a 6 point
structural headwind, which includes the impact from refranchised
territories as well as the net unfavorable impact from the brand
transfer agreement associated with the closing of the transaction with
Monster Beverage Corporation and the expanded distribution of Monster
beverage products.
-
Sparkling beverage volume growth in the quarter was driven by growth
in Coca-Cola Zero, Sprite and Fanta, partially offset by a decline in
Diet Coke. Still beverage volume growth in the quarter was driven by
juice and juice drinks, ready-to-drink tea and packaged water. We
gained value share in total NARTD beverages for the 23rd
consecutive quarter driven by the continued increase in the quantity
and quality of our marketing investments along with our disciplined
approach to pricing and packaging strategies.
ASIA PACIFIC
|
|
|
|
|
|
|
Percent Change
|
|
|
|
Fourth Quarter
|
|
|
Full Year
|
Unit Case Volume
|
|
|
5
|
|
|
4
|
Sparkling Beverages
|
|
|
5
|
|
|
4
|
Still Beverages
|
|
|
6
|
|
|
4
|
Concentrate Sales
|
|
|
0
|
|
|
2
|
Price/Mix
|
|
|
(9)
|
|
|
(3)
|
Currency
|
|
|
(6)
|
|
|
(8)
|
Acquisitions & Divestitures, Net
|
|
|
0
|
|
|
0
|
Reported Net Revenues
|
|
|
(15)
|
|
|
(9)
|
Organic Revenues *
|
|
|
(9)
|
|
|
0
|
Reported Income Before Taxes
|
|
|
(22)
|
|
|
(10)
|
Comparable CN Income Before Taxes *
|
|
|
(21)
|
|
|
(4)
|
|
|
|
|
|
|
|
* Organic revenue and comparable currency neutral (CN) income
before taxes are non-GAAP financial measures. Refer to the Notes
and Reconciliation of GAAP and Non-GAAP Financial Measures
schedule.
|
|
|
|
|
|
|
|
-
Organic revenue declined in the quarter driven by unfavorable
price/mix and the impact of six fewer days. The unfavorable price/mix
in the quarter was primarily driven by unfavorable geographic and
product mix. After adjusting for the six fewer days in the quarter,
concentrate sales growth was generally in line with unit case sales
growth. Full-year concentrate sales growth lagged unit case sales
growth primarily due to timing of shipments in the prior year.
-
Comparable currency neutral income before taxes trailed organic
revenue growth in the quarter primarily due to an increase in
marketing investments and the timing of operating expenses.
-
Sparkling beverage volume growth in the quarter was driven by 6%
growth in both Trademark Coca-Cola and Fanta along with 3% growth in
Sprite. Still beverage volume growth in the quarter was driven by
double-digit growth in both packaged water and ready-to-drink tea and
2% growth in ready-to-drink coffee. Unit case volume growth in the
quarter reflected 1% growth in China, 3% growth in Japan and
double-digit growth in India. We gained value and volume share in
total NARTD beverages, still beverages (excluding packaged water), as
well as the juice and juice drinks and ready-to-drink tea categories
in the quarter.
BOTTLING INVESTMENTS
|
|
|
|
|
|
|
Percent Change
|
|
|
|
Fourth Quarter
|
|
|
Full Year
|
Unit Case Volume
|
|
|
10
|
|
|
8
|
Reported Volume
|
|
|
0
|
|
|
6
|
Price/Mix
|
|
|
0
|
|
|
(3)
|
Currency
|
|
|
(11)
|
|
|
(10)
|
Acquisitions & Divestitures, Net
|
|
|
4
|
|
|
3
|
Reported Net Revenues
|
|
|
(7)
|
|
|
(4)
|
Organic Revenues *
|
|
|
0
|
|
|
3
|
Reported Income Before Taxes
|
|
|
(69)
|
|
|
(37)
|
Comparable CN Income Before Taxes *
|
|
|
(3)
|
|
|
10
|
|
|
|
|
|
|
|
* Organic revenue and comparable currency neutral (CN) income
before taxes are non-GAAP financial measures. Refer to the Notes
and Reconciliation of GAAP and Non-GAAP Financial Measures
schedule.
|
|
|
|
|
|
|
|
-
Organic revenue in the quarter was flat, in line with reported volume.
Full-year organic revenue growth was driven by reported volume growth,
partially offset by unfavorable price/mix primarily attributable to
geographic, channel and product mix.
-
Comparable currency neutral income before taxes lagged organic revenue
growth in the quarter primarily due to lower equity income.
2016 OUTLOOK
-
The Company expects organic revenue to be up 4% to 5% in 2016, in line
with our long-term target. The net impact of acquisitions and
divestitures is expected to be a 4 to 5 point headwind and based on
the current spot rates, currency is expected to be a 4 point headwind,
including the impact of hedged positions.
-
The Company expects comparable currency neutral income before taxes
(structurally adjusted) to grow 6% to 8% in 2016, in line with our
long-term target, as strong operating profit growth is expected to be
partially offset by increased interest expense. The net impact of
structural items is expected to be a 3 to 4 point headwind and based
on the current spot rates, currency is expected to be a 9 point
headwind, including the impact of hedged positions.
-
Given the above, the Company expects full-year comparable currency
neutral EPS growth to be 4% to 6% including the impact of 3 to 4
points of structural headwind, primarily due to refranchising, on
comparable currency neutral income before taxes. Based on the current
spot rates, currency is expected to be a 9 point headwind, including
the impact of hedged positions.
-
In addition to the above, the Company expects the following:
-
The underlying effective annual tax rate in 2016 is expected to be
22.5%.
-
We are targeting full-year 2016 net share repurchases of $2.0 to $2.5
billion.
-
For the first quarter of 2016, we estimate that based on the current
spot rates, currency will be a 5 point headwind on net revenues and a
12 point headwind on income before taxes, including the impact of
hedged positions.
ITEMS IMPACTING COMPARABILITY
-
For details on items impacting comparability in the quarter and for
the full year, refer to the Reconciliation of GAAP and Non-GAAP
Financial Measures schedule.
NOTES
-
All references to growth rate percentages and share compare the
results of the period to those of the prior year comparable period.
-
The Company reports its financial results in accordance with
accounting principles generally accepted in the United States (GAAP).
However, management believes that certain non-GAAP financial measures
provide users with additional meaningful financial information that
should be considered when assessing the Company’s ongoing performance.
Management also uses these non-GAAP financial measures in making
financial, operating and planning decisions and in evaluating the
Company's performance. Non-GAAP financial measures should be viewed in
addition to, and not as an alternative for, the Company's reported
results prepared in accordance with GAAP. The Company’s non-GAAP
financial information does not represent a comprehensive basis of
accounting.
-
"Comparable currency neutral income before taxes" is a non-GAAP
financial measure that excludes or otherwise adjusts for items
impacting comparability and the impact of changes in foreign currency
exchange rates. For details on these adjustments, refer to the
Reconciliation of GAAP and Non-GAAP Financial Measures schedule.
-
"Comparable currency neutral income before taxes (structurally
adjusted)" is a non-GAAP financial measure that excludes or otherwise
adjusts for items impacting comparability, the impact of changes in
foreign currency exchange rates and the impact of structural items.
For details on these adjustments, refer to the Reconciliation of GAAP
and Non-GAAP Financial Measures schedule.
-
"Concentrate sales" represents the amount of concentrates, syrups,
beverage bases and powders sold by, or used in finished beverages sold
by, the Company to its bottling partners or other customers.
-
"Concentrate sales/reported volume" represents the percent change in
net revenues attributable to the increase (decrease) in concentrate
sales volume for our geographic operating segments (expressed in
equivalent unit cases) after considering the impact of structural
changes. For our Bottling Investments operating segment, this
represents the percent change in net revenues attributable to the
increase (decrease) in unit case volume after considering the impact
of structural changes. Our Bottling Investments operating segment
reflects unit case volume growth for consolidated bottlers only, which
is computed on a reported basis.
-
"Organic revenue" is a non-GAAP financial measure that excludes or
otherwise adjusts for the impact of changes in foreign currency
exchange rates and acquisitions and divestitures, as applicable. For
details on these adjustments, refer to the Reconciliation of GAAP and
Non-GAAP Financial Measures schedule.
-
"Sparkling beverages" means NARTD beverages with carbonation,
including carbonated energy drinks and waters.
-
"Still beverages" means nonalcoholic beverages without carbonation,
including non-carbonated waters, flavored waters and enhanced waters,
juices and juice drinks, teas, coffees, sports drinks, dairy and
noncarbonated energy drinks.
-
All references to volume and volume percentage changes indicate unit
case volume, unless otherwise noted. All volume percentage changes are
computed based on average daily sales, unless otherwise noted. "Unit
case" means a unit of measurement equal to 24 eight ounce servings of
finished beverage. "Unit case volume" means the number of unit cases
(or unit case equivalents) of Company beverages directly or indirectly
sold by the Company and its bottling partners to customers.
-
First quarter 2015 financial results were impacted by six additional
days, while fourth quarter financial results were impacted by six
fewer days. Unit case volume results for the quarters are not impacted
by the variance in days due to the average daily sales computation
referenced above.
CONFERENCE CALL
We are hosting a conference call with investors and analysts to discuss
fourth quarter and full-year 2015 results today, Feb. 9, 2016 at 9 a.m.
EST. We invite investors to listen to a live audiocast of the conference
call on the Company’s website, http://www.coca-colacompany.com
in the "Investors" section. A replay in downloadable MP3 format and a
transcript of the call will also be available within 24 hours after the
audiocast on the Company’s website. Further, the "Investors" section of
the website includes a reconciliation of non-GAAP financial measures,
which may be used periodically by management when discussing financial
results with investors and analysts, to the Company’s 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
|
|
|
|
December 31, 2015
|
|
|
December 31, 2014
|
|
|
% Change1
|
Net Operating Revenues
|
|
|
$
|
10,000
|
|
|
|
$
|
10,872
|
|
|
|
(8
|
)
|
Cost of goods sold
|
|
|
4,054
|
|
|
|
4,357
|
|
|
|
(7
|
)
|
Gross Profit
|
|
|
5,946
|
|
|
|
6,515
|
|
|
|
(9
|
)
|
Selling, general and administrative expenses
|
|
|
3,937
|
|
|
|
4,338
|
|
|
|
(9
|
)
|
Other operating charges
|
|
|
491
|
|
|
|
726
|
|
|
|
(32
|
)
|
Operating Income
|
|
|
1,518
|
|
|
|
1,451
|
|
|
|
5
|
|
Interest income
|
|
|
154
|
|
|
|
158
|
|
|
|
(2
|
)
|
Interest expense
|
|
|
143
|
|
|
|
139
|
|
|
|
3
|
|
Equity income (loss) — net
|
|
|
87
|
|
|
|
239
|
|
|
|
(64
|
)
|
Other income (loss) — net
|
|
|
(78
|
)
|
|
|
(633
|
)
|
|
|
88
|
|
Income Before Income Taxes
|
|
|
1,538
|
|
|
|
1,076
|
|
|
|
43
|
|
Income taxes
|
|
|
302
|
|
|
|
305
|
|
|
|
(1
|
)
|
Consolidated Net Income
|
|
|
1,236
|
|
|
|
771
|
|
|
|
60
|
|
Less: Net income (loss) attributable to noncontrolling interests
|
|
|
(1
|
)
|
|
|
1
|
|
|
|
—
|
|
Net Income Attributable to Shareowners of The Coca-Cola Company
|
|
|
$
|
1,237
|
|
|
|
$
|
770
|
|
|
|
61
|
|
Diluted Net Income Per Share2
|
|
|
$
|
0.28
|
|
|
|
$
|
0.17
|
|
|
|
62
|
|
Average Shares Outstanding — Diluted2
|
|
|
4,390
|
|
|
|
4,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Certain growth rates may not recalculate using the
rounded dollar amounts provided.
|
2 For the three months ended December 31, 2015 and
December 31, 2014, basic net income per share was $0.29 for 2015
and $0.18 for 2014 based on average shares outstanding — basic of
4,336 million for 2015 and 4,375 million for 2014. Basic net
income per share and diluted net income per share are calculated
based on net income attributable to shareowners of The Coca-Cola
Company.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Condensed Consolidated Statements of
Income
|
(UNAUDITED)
|
(In millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
December 31, 2015
|
|
|
December 31, 2014
|
|
|
% Change1
|
Net Operating Revenues
|
|
|
$
|
44,294
|
|
|
|
$
|
45,998
|
|
|
|
(4
|
)
|
Cost of goods sold
|
|
|
17,482
|
|
|
|
17,889
|
|
|
|
(2
|
)
|
Gross Profit
|
|
|
26,812
|
|
|
|
28,109
|
|
|
|
(5
|
)
|
Selling, general and administrative expenses
|
|
|
16,427
|
|
|
|
17,218
|
|
|
|
(5
|
)
|
Other operating charges
|
|
|
1,657
|
|
|
|
1,183
|
|
|
|
40
|
|
Operating Income
|
|
|
8,728
|
|
|
|
9,708
|
|
|
|
(10
|
)
|
Interest income
|
|
|
613
|
|
|
|
594
|
|
|
|
3
|
|
Interest expense
|
|
|
856
|
|
|
|
483
|
|
|
|
77
|
|
Equity income (loss) — net
|
|
|
489
|
|
|
|
769
|
|
|
|
(36
|
)
|
Other income (loss) — net
|
|
|
631
|
|
|
|
(1,263
|
)
|
|
|
—
|
|
Income Before Income Taxes
|
|
|
9,605
|
|
|
|
9,325
|
|
|
|
3
|
|
Income taxes
|
|
|
2,239
|
|
|
|
2,201
|
|
|
|
2
|
|
Consolidated Net Income
|
|
|
7,366
|
|
|
|
7,124
|
|
|
|
3
|
|
Less: Net income (loss) attributable to noncontrolling interests
|
|
|
15
|
|
|
|
26
|
|
|
|
(40
|
)
|
Net Income Attributable to Shareowners of The Coca-Cola Company
|
|
|
$
|
7,351
|
|
|
|
$
|
7,098
|
|
|
|
4
|
|
Diluted Net Income Per Share2
|
|
|
$
|
1.67
|
|
|
|
$
|
1.60
|
|
|
|
5
|
|
Average Shares Outstanding — Diluted2
|
|
|
4,405
|
|
|
|
4,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Certain growth rates may not recalculate using the
rounded dollar amounts provided.
|
2 For the years ended December 31, 2015 and December
31, 2014, basic net income per share was $1.69 for 2015 and $1.62
for 2014 based on average shares outstanding — basic of 4,352
million for 2015 and 4,387 million for 2014. Basic net income per
share and diluted net income per share are calculated based on net
income attributable to shareowners of The Coca-Cola Company.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Condensed Consolidated Balance Sheets
|
(UNAUDITED)
|
(In millions except par value)
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
December 31, 2014
|
ASSETS
|
Current Assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
7,309
|
|
|
|
$
|
8,958
|
|
Short-term investments
|
|
|
8,322
|
|
|
|
9,052
|
|
Total Cash, Cash Equivalents and Short-Term Investments
|
|
|
15,631
|
|
|
|
18,010
|
|
Marketable securities
|
|
|
4,269
|
|
|
|
3,665
|
|
Trade accounts receivable, less allowances of $352 and $331,
respectively
|
|
|
3,941
|
|
|
|
4,466
|
|
Inventories
|
|
|
2,902
|
|
|
|
3,100
|
|
Prepaid expenses and other assets
|
|
|
2,752
|
|
|
|
3,066
|
|
Assets held for sale
|
|
|
3,900
|
|
|
|
679
|
|
Total Current Assets
|
|
|
33,395
|
|
|
|
32,986
|
|
Equity Method Investments
|
|
|
12,318
|
|
|
|
9,947
|
|
Other Investments
|
|
|
3,470
|
|
|
|
3,678
|
|
Other Assets
|
|
|
4,207
|
|
|
|
4,407
|
|
Property, Plant and Equipment — net
|
|
|
12,571
|
|
|
|
14,633
|
|
Trademarks With Indefinite Lives
|
|
|
5,989
|
|
|
|
6,533
|
|
Bottlers' Franchise Rights With Indefinite Lives
|
|
|
6,000
|
|
|
|
6,689
|
|
Goodwill
|
|
|
11,289
|
|
|
|
12,100
|
|
Other Intangible Assets
|
|
|
854
|
|
|
|
1,050
|
|
Total Assets
|
|
|
$
|
90,093
|
|
|
|
$
|
92,023
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
Current Liabilities
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
|
$
|
9,660
|
|
|
|
$
|
9,234
|
|
Loans and notes payable
|
|
|
13,129
|
|
|
|
19,130
|
|
Current maturities of long-term debt
|
|
|
2,677
|
|
|
|
3,552
|
|
Accrued income taxes
|
|
|
331
|
|
|
|
400
|
|
Liabilities held for sale
|
|
|
1,133
|
|
|
|
58
|
|
Total Current Liabilities
|
|
|
26,930
|
|
|
|
32,374
|
|
Long-Term Debt
|
|
|
28,407
|
|
|
|
19,063
|
|
Other Liabilities
|
|
|
4,301
|
|
|
|
4,389
|
|
Deferred Income Taxes
|
|
|
4,691
|
|
|
|
5,636
|
|
The Coca-Cola Company Shareowners' Equity
|
|
|
|
|
|
|
Common stock, $0.25 par value; Authorized — 11,200 shares; Issued
— 7,040 and 7,040 shares, respectively
|
|
|
1,760
|
|
|
|
1,760
|
|
Capital surplus
|
|
|
14,016
|
|
|
|
13,154
|
|
Reinvested earnings
|
|
|
65,018
|
|
|
|
63,408
|
|
Accumulated other comprehensive income (loss)
|
|
|
(10,174
|
)
|
|
|
(5,777
|
)
|
Treasury stock, at cost — 2,716 and 2,674 shares, respectively
|
|
|
(45,066
|
)
|
|
|
(42,225
|
)
|
Equity Attributable to Shareowners of The Coca-Cola Company
|
|
|
25,554
|
|
|
|
30,320
|
|
Equity Attributable to Noncontrolling Interests
|
|
|
210
|
|
|
|
241
|
|
Total Equity
|
|
|
25,764
|
|
|
|
30,561
|
|
Total Liabilities and Equity
|
|
|
$
|
90,093
|
|
|
|
$
|
92,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Condensed Consolidated Statements of Cash
Flows
|
(UNAUDITED)
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
December 31, 2015
|
|
|
December 31, 2014
|
Operating Activities
|
|
|
|
|
|
|
Consolidated net income
|
|
|
$
|
7,366
|
|
|
|
$
|
7,124
|
|
Depreciation and amortization
|
|
|
1,970
|
|
|
|
1,976
|
|
Stock-based compensation expense
|
|
|
236
|
|
|
|
209
|
|
Deferred income taxes
|
|
|
73
|
|
|
|
(40
|
)
|
Equity (income) loss — net of dividends
|
|
|
(122
|
)
|
|
|
(371
|
)
|
Foreign currency adjustments
|
|
|
(137
|
)
|
|
|
415
|
|
Significant (gains) losses on sales of assets — net
|
|
|
(374
|
)
|
|
|
831
|
|
Other operating charges
|
|
|
929
|
|
|
|
761
|
|
Other items
|
|
|
744
|
|
|
|
149
|
|
Net change in operating assets and liabilities
|
|
|
(157
|
)
|
|
|
(439
|
)
|
Net cash provided by operating activities
|
|
|
10,528
|
|
|
|
10,615
|
|
Investing Activities
|
|
|
|
|
|
|
Purchases of investments
|
|
|
(15,831
|
)
|
|
|
(17,800
|
)
|
Proceeds from disposals of investments
|
|
|
14,079
|
|
|
|
12,986
|
|
Acquisitions of businesses, equity method investments and
nonmarketable securities
|
|
|
(2,491
|
)
|
|
|
(389
|
)
|
Proceeds from disposals of businesses, equity method investments
and nonmarketable securities
|
|
|
565
|
|
|
|
148
|
|
Purchases of property, plant and equipment
|
|
|
(2,553
|
)
|
|
|
(2,406
|
)
|
Proceeds from disposals of property, plant and equipment
|
|
|
85
|
|
|
|
223
|
|
Other investing activities
|
|
|
(40
|
)
|
|
|
(268
|
)
|
Net cash provided by (used in) investing activities
|
|
|
(6,186
|
)
|
|
|
(7,506
|
)
|
Financing Activities
|
|
|
|
|
|
|
Issuances of debt
|
|
|
40,434
|
|
|
|
41,674
|
|
Payments of debt
|
|
|
(37,738
|
)
|
|
|
(36,962
|
)
|
Issuances of stock
|
|
|
1,245
|
|
|
|
1,532
|
|
Purchases of stock for treasury
|
|
|
(3,564
|
)
|
|
|
(4,162
|
)
|
Dividends
|
|
|
(5,741
|
)
|
|
|
(5,350
|
)
|
Other financing activities
|
|
|
251
|
|
|
|
(363
|
)
|
Net cash provided by (used in) financing activities
|
|
|
(5,113
|
)
|
|
|
(3,631
|
)
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
|
|
(878
|
)
|
|
|
(934
|
)
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
Net increase (decrease) during the year
|
|
|
(1,649
|
)
|
|
|
(1,456
|
)
|
Balance at beginning of year
|
|
|
8,958
|
|
|
|
10,414
|
|
Balance at end of year
|
|
|
$
|
7,309
|
|
|
|
$
|
8,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Operating Segments
|
(UNAUDITED)
|
(In millions)
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Revenues 1
|
|
|
Operating Income (Loss)
|
|
|
Income (Loss) Before Income Taxes
|
|
|
December 31, 2015
|
|
|
December 31, 2014
|
|
|
% Fav. / (Unfav.)
|
|
|
December 31, 2015
|
|
|
December 31, 2014
|
|
|
% Fav. / (Unfav.)
|
|
|
December 31, 2015
|
|
|
December 31, 2014
|
|
|
% Fav. / (Unfav.)
|
Eurasia & Africa
|
|
|
$
|
560
|
|
|
|
|
$
|
631
|
|
|
|
|
(11
|
)
|
|
|
|
$
|
225
|
|
|
|
|
$
|
226
|
|
|
|
|
0
|
|
|
|
|
$
|
219
|
|
|
|
|
$
|
232
|
|
|
|
|
(6
|
)
|
Europe
|
|
|
1,151
|
|
|
|
|
1,245
|
|
|
|
|
(7
|
)
|
|
|
|
614
|
|
|
|
|
489
|
|
|
|
|
26
|
|
|
|
|
619
|
|
|
|
|
494
|
|
|
|
|
26
|
|
Latin America
|
|
|
1,023
|
|
|
|
|
1,251
|
|
|
|
|
(18
|
)
|
|
|
|
528
|
|
|
|
|
362
|
|
|
|
|
46
|
|
|
|
|
515
|
|
|
|
|
362
|
|
|
|
|
42
|
|
North America
|
|
|
5,145
|
|
|
|
|
5,370
|
|
|
|
|
(4
|
)
|
|
|
|
411
|
|
|
|
|
432
|
|
|
|
|
(5
|
)
|
|
|
|
230
|
|
|
|
|
40
|
|
|
|
|
491
|
|
Asia Pacific
|
|
|
960
|
|
|
|
|
1,133
|
|
|
|
|
(15
|
)
|
|
|
|
313
|
|
|
|
|
407
|
|
|
|
|
(23
|
)
|
|
|
|
317
|
|
|
|
|
405
|
|
|
|
|
(22
|
)
|
Bottling Investments
|
|
|
1,377
|
|
|
|
|
1,483
|
|
|
|
|
(7
|
)
|
|
|
|
(34
|
)
|
|
|
|
(17
|
)
|
|
|
|
(106
|
)
|
|
|
|
74
|
|
|
|
|
234
|
|
|
|
|
(69
|
)
|
Corporate
|
|
|
46
|
|
|
|
|
10
|
|
|
|
|
339
|
|
|
|
|
(539
|
)
|
|
|
|
(448
|
)
|
|
|
|
(20
|
)
|
|
|
|
(436
|
)
|
|
|
|
(691
|
)
|
|
|
|
37
|
|
Eliminations
|
|
|
(262
|
)
|
|
|
|
(251
|
)
|
|
|
|
(4
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Consolidated
|
|
|
$
|
10,000
|
|
|
|
|
$
|
10,872
|
|
|
|
|
(8
|
)
|
|
|
|
$
|
1,518
|
|
|
|
|
$
|
1,451
|
|
|
|
|
5
|
|
|
|
|
$
|
1,538
|
|
|
|
|
$
|
1,076
|
|
|
|
|
43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain growth rates may not recalculate using the rounded
dollar amounts provided.
|
1 During the three months ended December 31, 2015,
intersegment revenues were $14 million for Eurasia and Africa,
$136 million for Europe, $19 million for Latin America, $4 million
for North America, $69 million for Asia Pacific, $10 million for
Bottling Investments and $10 million for Corporate. During the
three months ended December 31, 2014, intersegment revenues were
$162 million for Europe, $14 million for Latin America, $4 million
for North America, $57 million for Asia Pacific and $14 million
for Bottling Investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Operating Segments
|
(UNAUDITED)
|
(In millions)
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Revenues 1
|
|
Operating Income (Loss)
|
|
Income (Loss) Before Income Taxes
|
|
|
December 31, 2015
|
|
December 31, 2014
|
|
% Fav. / (Unfav.)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
% Fav. / (Unfav.)
|
|
December 31, 2015
|
|
December 31, 2014
|
|
% Fav. / (Unfav.)
|
Eurasia & Africa
|
|
|
$
|
2,459
|
|
|
|
$
|
2,730
|
|
|
|
(10
|
)
|
|
|
$
|
987
|
|
|
|
$
|
1,084
|
|
|
|
(9
|
)
|
|
|
$
|
1,004
|
|
|
|
$
|
1,125
|
|
|
|
(11
|
)
|
Europe
|
|
|
5,128
|
|
|
|
5,536
|
|
|
|
(7
|
)
|
|
|
2,888
|
|
|
|
2,852
|
|
|
|
1
|
|
|
|
2,919
|
|
|
|
2,892
|
|
|
|
1
|
|
Latin America
|
|
|
4,074
|
|
|
|
4,657
|
|
|
|
(13
|
)
|
|
|
2,169
|
|
|
|
2,316
|
|
|
|
(6
|
)
|
|
|
2,164
|
|
|
|
2,319
|
|
|
|
(7
|
)
|
North America
|
|
|
21,802
|
|
|
|
21,479
|
|
|
|
2
|
|
|
|
2,490
|
|
|
|
2,447
|
|
|
|
2
|
|
|
|
1,475
|
|
|
|
1,633
|
|
|
|
(10
|
)
|
Asia Pacific
|
|
|
5,252
|
|
|
|
5,746
|
|
|
|
(9
|
)
|
|
|
2,189
|
|
|
|
2,448
|
|
|
|
(11
|
)
|
|
|
2,207
|
|
|
|
2,464
|
|
|
|
(10
|
)
|
Bottling Investments
|
|
|
6,731
|
|
|
|
7,039
|
|
|
|
(4
|
)
|
|
|
0
|
|
|
|
9
|
|
|
|
—
|
|
|
|
454
|
|
|
|
715
|
|
|
|
(37
|
)
|
Corporate
|
|
|
166
|
|
|
|
136
|
|
|
|
22
|
|
|
|
(1,995
|
)
|
|
|
(1,448
|
)
|
|
|
(38
|
)
|
|
|
(618
|
)
|
|
|
(1,823
|
)
|
|
|
66
|
|
Eliminations
|
|
|
(1,318
|
)
|
|
|
(1,325
|
)
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Consolidated
|
|
|
$
|
44,294
|
|
|
|
$
|
45,998
|
|
|
|
(4
|
)
|
|
|
$
|
8,728
|
|
|
|
$
|
9,708
|
|
|
|
(10
|
)
|
|
|
$
|
9,605
|
|
|
|
$
|
9,325
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain growth rates may not recalculate using the rounded
dollar amounts provided.
|
1 During the year ended December 31, 2015, intersegment
revenues were $36 million for Eurasia and Africa, $585 million for
Europe, $75 million for Latin America, $18 million for North
America, $545 million for Asia Pacific, $49 million for Bottling
Investments and $10 million for Corporate. During the year ended
December 31, 2014, intersegment revenues were $692 million for
Europe, $60 million for Latin America, $17 million for North
America, $489 million for Asia Pacific and $67 million for
Bottling Investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
|
The 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 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 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
Restructuring
During the three months and year ended December 31, 2015, the Company
recorded charges of $88 million and $292 million, respectively. The
Company recorded charges of $66 million and $208 million during the
three months and year ended December 31, 2014, respectively. These
charges were related to the integration of our German bottling and
distribution operations.
Productivity and Reinvestment
During the three months and year ended December 31, 2015, the Company
recorded charges of $368 million and $691 million, respectively, related
to our productivity and reinvestment program. The Company also recorded
charges of $342 million and $601 million during the three months and
year ended December 31, 2014, respectively. These productivity and
reinvestment initiatives are focused on four key areas: restructuring
the Company's global supply chain, including manufacturing in North
America; implementing zero-based work, an evolution of zero-based budget
principles across the organization; streamlining and simplifying the
Company's operating model; and further driving increased discipline and
efficiency in direct marketing investments. The savings realized from
the program will enable the Company to fund marketing initiatives and
innovation required to deliver sustainable net revenue growth. The
savings will also support margin expansion and increased returns on
invested capital over time.
Equity Investees
During the three months and year ended December 31, 2015, the Company
recorded net charges of $8 million and $87 million, respectively. During
the three months and year ended December 31, 2014, the Company recorded
a net gain of $2 million and a net charge of $18 million, respectively.
These amounts represent the Company’s proportionate share of unusual or
infrequent items recorded by certain of our equity method investees.
Transaction Gains/Losses
During the three months and year ended December 31, 2015, the Company
recorded charges of $179 million and $1,027 million, respectively. The
Company recorded charges of $389 million and $799 million during the
three months and year ended December 31, 2014, respectively. These
charges were primarily due to the derecognition of intangible assets
relating to the refranchising of territories in North America to certain
of its unconsolidated bottling partners and were recorded in the line
item other income (loss) — net in our condensed consolidated statements
of income.
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
|
Transaction Gains/Losses (continued)
During the year ended December 31, 2015, the Company recorded a net gain
of $1,403 million as a result of our transaction with Monster Beverage
Corporation ("Monster"), primarily due to the difference in the recorded
carrying value of the assets transferred, including an allocated portion
of goodwill, compared to the value of the total assets and business
acquired. This net gain was recorded in the line item other income
(loss) — net in our condensed consolidated statement of income.
Additionally, under the terms of this transaction, the Company was
required to discontinue selling energy products under certain
trademarks, including one trademark in the glacéau portfolio. During the
year ended December 31, 2015, the Company recognized impairment charges
of $418 million primarily related to the discontinuation of the energy
products in the glacéau portfolio as a result of the transaction with
Monster. These charges were recorded in the line item other operating
charges in our condensed consolidated statement of income.
During the three months and year ended December 31, 2015, the Company
recorded charges of $21 million and $30 million, respectively. During
the three months and year ended December 31, 2014, the Company recorded
charges of $15 million. These charges were due to noncapitalizable
transaction costs associated with the Monster transaction and
transactions for which the related assets and liabilities qualify as
held for sale.
In the fourth quarter of 2014, the owners of the majority interest of a
Brazilian bottler exercised their option to acquire from us a 10 percent
interest in the entity's outstanding shares resulting in our recognizing
an estimated loss of $32 million due to the exercise price being lower
than our carrying value. The transaction closed in January 2015, and the
Company recorded an additional loss of $6 million during the year ended
December 31, 2015, calculated based on the final option price. Also
during the year ended December 31, 2015, the Company recorded a loss of
$19 million on our previously held investment in a South African
bottler, which had been accounted for under the equity method of
accounting prior to our acquisition of the bottler in February 2015.
During the year ended December 31, 2014, the Company recorded a charge
of $7 million associated with our indemnification of a previously
consolidated entity. The impact of this charge effectively reduced the
initial gain the Company recognized when we sold the entity.
Other Items
Donation to The Coca-Cola Foundation
During the year ended December 31, 2015, the Company recorded a charge
of $100 million due to a contribution made to The Coca-Cola Foundation,
which was recorded in the line item other operating charges in our
condensed consolidated statement of income.
Economic (Nondesignated) Hedges
The Company uses derivatives as economic hedges primarily to mitigate
the price risk associated with the purchase of materials used in the
manufacturing process as well as the purchase of vehicle fuel. 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.
The Company excludes the net impact of mark-to-market adjustments for
outstanding hedges and realized gains/losses for settled 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 impact of our economic hedging activities. During the
three months and year ended December 31, 2015, the net impact of the
Company's adjustment related to our economic hedging activities
described above resulted in a decrease of $52 million and an increase of
$24 million, respectively, to our non-GAAP income before income taxes.
During the three months and year ended December 31, 2014, the net impact
of the Company's adjustment related to our economic hedging activities
described above resulted in increases of $175 million and $55 million,
respectively, to our non-GAAP income before income taxes.
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
|
Other Items (continued)
Early Extinguishment of Long-Term Debt
During the year ended December 31, 2015, the Company recorded charges of
$320 million due to the early extinguishment of certain long-term debt,
which were recorded in the line item interest expense in our condensed
consolidated statement of income.
Hyperinflationary Economies
During the year ended December 31, 2015, the Company recorded net
charges of $138 million related to our Venezuelan operations. These
charges were primarily a result of the remeasurement of the net monetary
assets of our Venezuelan subsidiary using the SIMADI exchange rate, an
impairment of a Venezuelan trademark due to higher exchange rates, and a
write-down of receivables from our bottling partner in Venezuela. The
write-down was recorded primarily as a result of the continued lack of
liquidity and our revised assessment of the U.S. dollar value we expect
to realize upon the conversion of the Venezuelan bolivar into U.S.
dollars by our bottling partner to pay our receivables.
During the three months and year ended December 31, 2014, the Company
recorded net charges of $393 million and $661 million, respectively,
related to the devaluation of the Venezuelan bolivar, including a
write-down of receivables from our bottling partner in Venezuela as well
as our proportionate share of the charge incurred by our bottling
partner in Venezuela, an equity method investee.
Other
During the year ended December 31, 2015, the Company recorded other
charges of $15 million. These charges related to tax litigation expense,
charges associated with certain fixed assets and costs associated with
restructuring and transitioning the Company's Russian juice operations
to an existing joint venture with an unconsolidated bottling partner.
During the three months and year ended December 31, 2014, the Company
recorded losses of $10 million and $40 million, respectively, related to
restructuring and transitioning the Company's Russian juice operations.
Certain Tax Matters
During the three months and year ended December 31, 2015, the Company
recorded a net tax charge of $1 million and a net tax benefit of
$5 million, respectively, related to amounts required to be recorded for
changes to our uncertain tax positions, including interest and
penalties. During the three months and year ended December 31, 2014, the
Company recorded net tax charges of $5 million and $7 million,
respectively, related to amounts required to be recorded for changes to
our uncertain tax positions, including interest and penalties.
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 dividing or multiplying, as
appropriate, our current period actual U.S. dollar operating results,
normalizing for certain structural items in hyperinflationary economies,
by the current period actual exchange rates (that include the impact of
current period currency hedging activities), to derive our current
period local currency operating results. We then multiply or divide, as
appropriate, the derived current period local currency operating results
by the foreign currency exchange rates (that also include the impact of
the comparable prior period currency hedging activities) used to
translate the Company's financial statements in the comparable prior
year period to determine what the current period U.S. dollar operating
results would have been if the foreign currency exchange rates had not
changed from the comparable prior year period.
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
|
ORGANIC REVENUE
Organic revenue is a non-GAAP financial measure that excludes or
otherwise adjusts for the impact of changes in foreign currency exchange
rates and acquisitions and divestitures (including structural changes),
as applicable. The adjustments related to acquisitions and divestitures
for the three months and years ended December 31, 2015 and December 31,
2014 consisted entirely of the structural changes discussed below.
STRUCTURAL CHANGES
Structural changes generally refer to acquisitions or dispositions of
bottling, distribution or canning operations and consolidation or
deconsolidation of bottling and distribution entities for accounting
purposes. In 2015, the Company refranchised additional territories in
North America to certain of its unconsolidated bottling partners; sold
its global energy drink business to Monster; acquired Monster's
non-energy drink business; acquired an equity interest in Monster;
amended its current distribution coordination agreements with Monster to
expand into additional territories; and acquired a South African
bottler. In 2014, the Company refranchised territories in North America
to certain of its unconsolidated bottling partners; changed its process
of buying and selling recyclable materials in North America; acquired
bottling operations in Sri Lanka and Nepal; and restructured and
transitioned its Russian juice operations to an existing joint venture
with an unconsolidated bottling partner. Accordingly, these activities
have been included as structural items in our analysis of the impact of
these changes on certain line items in our condensed consolidated
statements of income.
2016 OUTLOOK
Our 2016 organic revenue outlook, comparable currency neutral income
before taxes (structurally adjusted) outlook, and comparable currency
neutral EPS outlook are non-GAAP financial measures that exclude or
otherwise adjust for items impacting comparability, the impact of
changes in foreign currency exchange rates, acquisitions and
divestitures, and the impact of structural items, as applicable. We are
not able to reconcile our full-year 2016 projected organic revenue to
our full-year 2016 projected reported net revenue, our full-year 2016
projected comparable currency neutral income before taxes (structurally
adjusted) to our full-year 2016 projected reported income before taxes,
or our full-year 2016 projected comparable currency neutral EPS to our
full-year 2016 projected reported EPS because we are unable to predict
the actual impact of changes in foreign currency exchange rates and the
exact timing of acquisitions and divestitures and/or structural
adjustments throughout 2016.
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
(In millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2015
|
|
|
|
|
Net operating revenues
|
|
|
Cost of goods sold
|
|
|
Gross profit
|
|
|
Gross margin
|
|
|
Selling, general and administrative expenses
|
|
|
Other operating charges
|
|
|
Operating income
|
|
|
Operating margin
|
Reported (GAAP)
|
|
|
|
$
|
10,000
|
|
|
|
$
|
4,054
|
|
|
|
$
|
5,946
|
|
|
|
59.5
|
%
|
|
|
|
$
|
3,937
|
|
|
|
$
|
491
|
|
|
|
$
|
1,518
|
|
|
|
15.2
|
%
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(88
|
)
|
|
|
88
|
|
|
|
|
Productivity & Reinvestment
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(368
|
)
|
|
|
368
|
|
|
|
|
Equity Investees
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
Transaction Gains/Losses
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(21
|
)
|
|
|
21
|
|
|
|
|
Other Items
|
|
|
|
5
|
|
|
|
—
|
|
|
|
5
|
|
|
|
|
|
|
|
8
|
|
|
|
(14
|
)
|
|
|
11
|
|
|
|
|
Certain Tax Matters
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
After Considering Items (Non-GAAP)
|
|
|
|
$
|
10,005
|
|
|
|
$
|
4,054
|
|
|
|
$
|
5,951
|
|
|
|
59.5
|
%
|
|
|
|
$
|
3,945
|
|
|
|
$
|
—
|
|
|
|
$
|
2,006
|
|
|
|
20.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2014
|
|
|
|
|
Net operating revenues
|
|
|
Cost of goods sold
|
|
|
Gross profit
|
|
|
Gross margin
|
|
|
Selling, general and administrative expenses
|
|
|
Other operating charges
|
|
|
Operating income
|
|
|
Operating margin
|
Reported (GAAP)
|
|
|
|
$
|
10,872
|
|
|
|
$
|
4,357
|
|
|
|
$
|
6,515
|
|
|
|
59.9
|
%
|
|
|
|
$
|
4,338
|
|
|
|
$
|
726
|
|
|
|
$
|
1,451
|
|
|
|
13.3
|
%
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(66
|
)
|
|
|
66
|
|
|
|
|
Productivity & Reinvestment
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(342
|
)
|
|
|
342
|
|
|
|
|
Equity Investees
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
Transaction Gains/Losses
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(15
|
)
|
|
|
15
|
|
|
|
|
Other Items
|
|
|
|
29
|
|
|
|
(75
|
)
|
|
|
104
|
|
|
|
|
|
|
|
(48
|
)
|
|
|
(303
|
)
|
|
|
455
|
|
|
|
|
Certain Tax Matters
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
After Considering Items (Non-GAAP)
|
|
|
|
$
|
10,901
|
|
|
|
$
|
4,282
|
|
|
|
$
|
6,619
|
|
|
|
60.7
|
%
|
|
|
|
$
|
4,290
|
|
|
|
$
|
—
|
|
|
|
$
|
2,329
|
|
|
|
21.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating revenues
|
|
|
Cost of goods sold
|
|
|
Gross profit
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
Other operating charges
|
|
|
Operating income
|
|
|
|
% Change — Reported (GAAP)
|
|
|
|
(8)
|
|
|
(7)
|
|
|
(9)
|
|
|
|
|
|
|
(9)
|
|
|
(32)
|
|
|
5
|
|
|
|
% Currency Impact
|
|
|
|
(7)
|
|
|
(4)
|
|
|
(9)
|
|
|
|
|
|
|
(5)
|
|
|
—
|
|
|
(21)
|
|
|
|
% Change — Currency Neutral Reported
|
|
|
|
(1)
|
|
|
(3)
|
|
|
0
|
|
|
|
|
|
|
(4)
|
|
|
—
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change — After Considering Items
(Non-GAAP)
|
|
|
|
(8)
|
|
|
(5)
|
|
|
(10)
|
|
|
|
|
|
|
(8)
|
|
|
—
|
|
|
(14)
|
|
|
|
% Currency Impact After Considering Items (Non-GAAP)
|
|
|
|
(7)
|
|
|
(4)
|
|
|
(8)
|
|
|
|
|
|
|
(5)
|
|
|
—
|
|
|
(13)
|
|
|
|
% Change — Currency Neutral After Considering Items (Non-GAAP)
|
|
|
|
(2)
|
|
|
(1)
|
|
|
(2)
|
|
|
|
|
|
|
(3)
|
|
|
—
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain columns may not add due to rounding. Certain growth
rates may not recalculate using the rounded dollar amounts
provided.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
(In millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2015
|
|
|
|
Interest expense
|
|
|
Equity income (loss) — net
|
|
|
Other income (loss) — net
|
|
|
Income before income taxes
|
|
|
Income
taxes
|
|
|
Effective
tax rate
|
|
|
Net income (loss) attributable to noncontrolling interests
|
|
|
Net income attributable to shareowners of The
Coca-Cola Company
|
|
|
Diluted net income
per share1
|
Reported (GAAP)
|
|
|
$
|
143
|
|
|
|
$
|
87
|
|
|
|
$
|
(78
|
)
|
|
|
$
|
1,538
|
|
|
|
$
|
302
|
|
|
|
19.6
|
%
|
|
|
|
$
|
(1
|
)
|
|
|
$
|
1,237
|
|
|
|
$
|
0.28
|
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
88
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
88
|
|
|
|
0.02
|
|
Productivity & Reinvestment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
368
|
|
|
|
135
|
|
|
|
|
|
|
|
—
|
|
|
|
233
|
|
|
|
0.05
|
|
Equity Investees
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
178
|
|
|
|
199
|
|
|
|
65
|
|
|
|
|
|
|
|
—
|
|
|
|
134
|
|
|
|
0.03
|
|
Other Items
|
|
|
—
|
|
|
|
—
|
|
|
|
(49
|
)
|
|
|
(38
|
)
|
|
|
(15
|
)
|
|
|
|
|
|
|
—
|
|
|
|
(23
|
)
|
|
|
(0.01
|
)
|
Certain Tax Matters
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
After Considering Items (Non-GAAP)
|
|
|
$
|
143
|
|
|
|
$
|
95
|
|
|
|
$
|
51
|
|
|
|
$
|
2,163
|
|
|
|
$
|
486
|
|
|
|
22.5
|
%
|
|
|
|
$
|
(1
|
)
|
|
|
$
|
1,678
|
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2014
|
|
|
|
Interest expense
|
|
|
Equity income (loss) — net
|
|
|
Other income (loss) — net
|
|
|
Income before income taxes
|
|
|
Income
taxes
|
|
|
Effective
tax rate
|
|
|
Net income (loss) attributable to noncontrolling interests
|
|
|
Net income attributable to shareowners of The
Coca-Cola Company
|
|
|
Diluted net income
per share2
|
Reported (GAAP)
|
|
|
$
|
139
|
|
|
|
$
|
239
|
|
|
|
$
|
(633
|
)
|
|
|
$
|
1,076
|
|
|
|
$
|
305
|
|
|
|
28.3
|
%
|
|
|
|
$
|
1
|
|
|
|
$
|
770
|
|
|
|
$
|
0.17
|
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
66
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
66
|
|
|
|
0.01
|
|
Productivity & Reinvestment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
342
|
|
|
|
95
|
|
|
|
|
|
|
|
—
|
|
|
|
247
|
|
|
|
0.06
|
|
Equity Investees
|
|
|
—
|
|
|
|
(2
|
)
|
|
|
—
|
|
|
|
(2
|
)
|
|
|
3
|
|
|
|
|
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
—
|
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
421
|
|
|
|
436
|
|
|
|
149
|
|
|
|
|
|
|
|
—
|
|
|
|
287
|
|
|
|
0.06
|
|
Other Items
|
|
|
—
|
|
|
|
(46
|
)
|
|
|
170
|
|
|
|
579
|
|
|
|
14
|
|
|
|
|
|
|
|
—
|
|
|
|
565
|
|
|
|
0.13
|
|
Certain Tax Matters
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
|
|
|
|
—
|
|
|
|
5
|
|
|
|
—
|
|
After Considering Items (Non-GAAP)
|
|
|
$
|
139
|
|
|
|
$
|
191
|
|
|
|
$
|
(42
|
)
|
|
|
$
|
2,497
|
|
|
|
$
|
561
|
|
|
|
22.5
|
%
|
|
|
|
$
|
1
|
|
|
|
$
|
1,935
|
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
Equity income (loss) — net
|
|
|
Other income (loss) — net
|
|
|
Income before income taxes
|
|
|
Income
taxes
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests
|
|
|
Net income attributable to shareowners of The
Coca-Cola Company
|
|
|
Diluted net income
per share
|
% Change — Reported (GAAP)
|
|
|
3
|
|
|
(64)
|
|
|
88
|
|
|
43
|
|
|
(1)
|
|
|
|
|
|
|
—
|
|
|
61
|
|
|
62
|
% Change — After Considering Items (Non-GAAP)
|
|
|
3
|
|
|
(50)
|
|
|
—
|
|
|
(13)
|
|
|
(13)
|
|
|
|
|
|
|
—
|
|
|
(13)
|
|
|
(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain columns may not add due to rounding. Certain growth
rates may not recalculate using the rounded dollar amounts provided.
|
1 4,390 million average shares outstanding — diluted
|
2 4,437 million average shares outstanding — diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
(In millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2015
|
|
|
|
Net operating revenues
|
|
|
Cost of goods sold
|
|
|
Gross profit
|
|
|
Gross margin
|
|
|
Selling, general and administrative expenses
|
|
|
Other operating charges
|
|
|
Operating income
|
|
|
Operating margin
|
Reported (GAAP)
|
|
|
$
|
44,294
|
|
|
|
$
|
17,482
|
|
|
|
$
|
26,812
|
|
|
|
60.5
|
%
|
|
|
|
$
|
16,427
|
|
|
|
$
|
1,657
|
|
|
|
$
|
8,728
|
|
|
|
19.7
|
%
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(292
|
)
|
|
|
292
|
|
|
|
|
Productivity & Reinvestment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(691
|
)
|
|
|
691
|
|
|
|
|
Equity Investees
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(448
|
)
|
|
|
448
|
|
|
|
|
Other Items
|
|
|
(37
|
)
|
|
|
(66
|
)
|
|
|
29
|
|
|
|
|
|
|
|
41
|
|
|
|
(226
|
)
|
|
|
214
|
|
|
|
|
Certain Tax Matters
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
After Considering Items (Non-GAAP)
|
|
|
$
|
44,257
|
|
|
|
$
|
17,416
|
|
|
|
$
|
26,841
|
|
|
|
60.6
|
%
|
|
|
|
$
|
16,468
|
|
|
|
$
|
—
|
|
|
|
$
|
10,373
|
|
|
|
23.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2014
|
|
|
|
Net operating revenues
|
|
|
Cost of goods sold
|
|
|
Gross profit
|
|
|
Gross margin
|
|
|
Selling, general and administrative expenses
|
|
|
Other operating charges
|
|
|
Operating income
|
|
|
Operating margin
|
Reported (GAAP)
|
|
|
$
|
45,998
|
|
|
|
$
|
17,889
|
|
|
|
$
|
28,109
|
|
|
|
61.1
|
%
|
|
|
|
$
|
17,218
|
|
|
|
$
|
1,183
|
|
|
|
$
|
9,708
|
|
|
|
21.1
|
%
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(208
|
)
|
|
|
208
|
|
|
|
|
Productivity & Reinvestment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(601
|
)
|
|
|
601
|
|
|
|
|
Equity Investees
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(22
|
)
|
|
|
22
|
|
|
|
|
Other Items
|
|
|
14
|
|
|
|
13
|
|
|
|
1
|
|
|
|
|
|
|
|
(62
|
)
|
|
|
(352
|
)
|
|
|
415
|
|
|
|
|
Certain Tax Matters
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
After Considering Items (Non-GAAP)
|
|
|
$
|
46,012
|
|
|
|
$
|
17,902
|
|
|
|
$
|
28,110
|
|
|
|
61.1
|
%
|
|
|
|
$
|
17,156
|
|
|
|
$
|
—
|
|
|
|
$
|
10,954
|
|
|
|
23.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating revenues
|
|
|
Cost of goods sold
|
|
|
Gross profit
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
Other operating charges
|
|
|
Operating income
|
|
|
|
% Change — Reported (GAAP)
|
|
|
(4)
|
|
|
(2)
|
|
|
(5)
|
|
|
|
|
|
|
(5)
|
|
|
40
|
|
|
(10)
|
|
|
|
% Currency Impact
|
|
|
(7)
|
|
|
(5)
|
|
|
(8)
|
|
|
|
|
|
|
(6)
|
|
|
—
|
|
|
(12)
|
|
|
|
% Change — Currency Neutral Reported
|
|
|
3
|
|
|
2
|
|
|
4
|
|
|
|
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change — After Considering Items
(Non-GAAP)
|
|
|
(4)
|
|
|
(3)
|
|
|
(5)
|
|
|
|
|
|
|
(4)
|
|
|
—
|
|
|
(5)
|
|
|
|
% Currency Impact After Considering Items (Non-GAAP)
|
|
|
(7)
|
|
|
(5)
|
|
|
(8)
|
|
|
|
|
|
|
(6)
|
|
|
—
|
|
|
(11)
|
|
|
|
% Change — Currency Neutral After Considering Items (Non-GAAP)
|
|
|
3
|
|
|
2
|
|
|
4
|
|
|
|
|
|
|
2
|
|
|
—
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain columns may not add due to rounding. Certain
growth rates may not recalculate using the rounded dollar amounts
provided.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
(In millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2015
|
|
|
|
Interest expense
|
|
|
Equity income (loss) — net
|
|
|
Other income (loss) — net
|
|
|
Income before income taxes
|
|
|
Income
taxes
|
|
|
Effective
tax rate
|
|
|
Net income (loss) attributable to noncontrolling interests
|
|
|
Net income attributable to shareowners of The
Coca-Cola Company
|
|
|
Diluted net income per share1
|
Reported (GAAP)
|
|
|
$
|
856
|
|
|
|
$
|
489
|
|
|
|
$
|
631
|
|
|
|
$
|
9,605
|
|
|
|
$
|
2,239
|
|
|
|
23.3
|
%
|
|
|
|
$
|
15
|
|
|
|
$
|
7,351
|
|
|
|
$
|
1.67
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
292
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
292
|
|
|
|
0.07
|
Productivity & Reinvestment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
691
|
|
|
|
259
|
|
|
|
|
|
|
|
—
|
|
|
|
432
|
|
|
|
0.10
|
Equity Investees
|
|
|
—
|
|
|
|
87
|
|
|
|
—
|
|
|
|
87
|
|
|
|
5
|
|
|
|
|
|
|
|
—
|
|
|
|
82
|
|
|
|
0.02
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
(351
|
)
|
|
|
97
|
|
|
|
(108
|
)
|
|
|
|
|
|
|
—
|
|
|
|
205
|
|
|
|
0.05
|
Other Items
|
|
|
(320
|
)
|
|
|
—
|
|
|
|
64
|
|
|
|
598
|
|
|
|
158
|
|
|
|
|
|
|
|
—
|
|
|
|
440
|
|
|
|
0.10
|
Certain Tax Matters
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5
|
|
|
|
|
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
—
|
After Considering Items (Non-GAAP)
|
|
|
$
|
536
|
|
|
|
$
|
576
|
|
|
|
$
|
344
|
|
|
|
$
|
11,370
|
|
|
|
$
|
2,558
|
|
|
|
22.5
|
%
|
|
|
|
$
|
15
|
|
|
|
$
|
8,797
|
|
|
|
$
|
2.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2014
|
|
|
|
Interest expense
|
|
|
Equity income (loss) — net
|
|
|
Other income (loss) — net
|
|
|
Income before income taxes
|
|
|
Income
taxes
|
|
|
Effective
tax rate
|
|
|
Net income (loss) attributable to noncontrolling interests
|
|
|
Net income attributable to shareowners of The
Coca-Cola Company
|
|
|
Diluted net income per share2
|
Reported (GAAP)
|
|
|
$
|
483
|
|
|
|
$
|
769
|
|
|
|
$
|
(1,263
|
)
|
|
|
$
|
9,325
|
|
|
|
$
|
2,201
|
|
|
|
23.6
|
%
|
|
|
|
$
|
26
|
|
|
|
$
|
7,098
|
|
|
|
$
|
1.60
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
208
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
208
|
|
|
|
0.05
|
Productivity & Reinvestment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
601
|
|
|
|
191
|
|
|
|
|
|
|
|
—
|
|
|
|
410
|
|
|
|
0.09
|
Equity Investees
|
|
|
—
|
|
|
|
18
|
|
|
|
—
|
|
|
|
18
|
|
|
|
6
|
|
|
|
|
|
|
|
—
|
|
|
|
12
|
|
|
|
—
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
831
|
|
|
|
853
|
|
|
|
296
|
|
|
|
|
|
|
|
—
|
|
|
|
557
|
|
|
|
0.13
|
Other Items
|
|
|
—
|
|
|
|
(25
|
)
|
|
|
368
|
|
|
|
758
|
|
|
|
(41
|
)
|
|
|
|
|
|
|
—
|
|
|
|
799
|
|
|
|
0.18
|
Certain Tax Matters
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(7
|
)
|
|
|
|
|
|
|
—
|
|
|
|
7
|
|
|
|
—
|
After Considering Items (Non-GAAP)
|
|
|
$
|
483
|
|
|
|
$
|
762
|
|
|
|
$
|
(64
|
)
|
|
|
$
|
11,763
|
|
|
|
$
|
2,646
|
|
|
|
22.5
|
%
|
|
|
|
$
|
26
|
|
|
|
$
|
9,091
|
|
|
|
$
|
2.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
Equity income (loss) — net
|
|
|
Other income (loss) — net
|
|
|
Income before income taxes
|
|
|
Income
taxes
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests
|
|
|
Net income attributable to shareowners of The
Coca-Cola Company
|
|
|
Diluted net income per share
|
% Change — Reported (GAAP)
|
|
|
77
|
|
|
(36)
|
|
|
—
|
|
|
3
|
|
|
2
|
|
|
|
|
|
|
(40)
|
|
|
4
|
|
|
5
|
% Change — After Considering Items (Non-GAAP)
|
|
|
11
|
|
|
(24)
|
|
|
—
|
|
|
(3)
|
|
|
(3)
|
|
|
|
|
|
|
(40)
|
|
|
(3)
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain columns may not add due to rounding. Certain growth
rates may not recalculate using the rounded dollar amounts provided.
|
1 4,405 million average shares outstanding — diluted
|
2 4,450 million average shares outstanding — diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
Income Before Income Taxes and Diluted
Net Income Per Share:
|
|
|
|
|
|
|
Three Months Ended December 31, 2015
|
|
|
|
|
Income before income taxes
|
|
|
Diluted net income per share
|
% Change — Reported (GAAP)
|
|
|
|
43
|
|
|
62
|
% Currency Impact
|
|
|
|
(9)
|
|
|
(10)
|
% Change — Currency Neutral Reported
|
|
|
|
52
|
|
|
73
|
% Structural Impact
|
|
|
|
(8)
|
|
|
N/A
|
% Change — Currency Neutral Reported and Adjusted for Structural
Impact
|
|
|
|
62
|
|
|
N/A
|
|
|
|
|
|
|
|
|
% Change — After Considering Items (Non-GAAP)
|
|
|
|
(13)
|
|
|
(12)
|
% Currency Impact After Considering Items (Non-GAAP)
|
|
|
|
(10)
|
|
|
(10)
|
% Change — Currency Neutral After Considering Items (Non-GAAP)
|
|
|
|
(3)
|
|
|
(2)
|
% Structural Impact After Considering Items (Non-GAAP)
|
|
|
|
(1)
|
|
|
N/A
|
% Change — Currency Neutral After Considering Items and Adjusted for
Structural Impact (Non-GAAP)
|
|
|
|
(2)
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2015
|
|
|
|
|
Income before income taxes
|
|
|
Diluted net income per share
|
% Change — Reported (GAAP)
|
|
|
|
3
|
|
|
5
|
% Currency Impact
|
|
|
|
(6)
|
|
|
(6)
|
% Change — Currency Neutral Reported
|
|
|
|
9
|
|
|
10
|
% Structural Impact
|
|
|
|
(1)
|
|
|
N/A
|
% Change — Currency Neutral Reported and Adjusted for Structural
Impact
|
|
|
|
9
|
|
|
N/A
|
|
|
|
|
|
|
|
|
% Change — After Considering Items (Non-GAAP)
|
|
|
|
(3)
|
|
|
(2)
|
% Currency Impact After Considering Items (Non-GAAP)
|
|
|
|
(8)
|
|
|
(8)
|
% Change — Currency Neutral After Considering Items (Non-GAAP)
|
|
|
|
5
|
|
|
6
|
% Structural Impact After Considering Items (Non-GAAP)
|
|
|
|
(1)
|
|
|
N/A
|
% Change — Currency Neutral After Considering Items and Adjusted for
Structural Impact (Non-GAAP)
|
|
|
|
6
|
|
|
N/A
|
|
|
|
|
|
|
|
|
Note: Certain columns may not add due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Revenues by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2015
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Eliminations
|
|
|
Consolidated
|
Reported (GAAP)
|
|
|
$
|
560
|
|
|
|
$
|
1,151
|
|
|
|
$
|
1,023
|
|
|
|
$
|
5,145
|
|
|
|
$
|
960
|
|
|
|
$
|
1,377
|
|
|
|
$
|
46
|
|
|
|
$
|
(262
|
)
|
|
|
$
|
10,000
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Productivity & Reinvestment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Equity Investees
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Other Items
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
|
|
5
|
After Considering Items (Non-GAAP)
|
|
|
$
|
560
|
|
|
|
$
|
1,151
|
|
|
|
$
|
1,023
|
|
|
|
$
|
5,140
|
|
|
|
$
|
960
|
|
|
|
$
|
1,377
|
|
|
|
$
|
56
|
|
|
|
$
|
(262
|
)
|
|
|
$
|
10,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2014
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Eliminations
|
|
|
Consolidated
|
Reported (GAAP)
|
|
|
$
|
631
|
|
|
|
$
|
1,245
|
|
|
|
$
|
1,251
|
|
|
|
$
|
5,370
|
|
|
|
$
|
1,133
|
|
|
|
$
|
1,483
|
|
|
|
$
|
10
|
|
|
|
$
|
(251
|
)
|
|
|
$
|
10,872
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Productivity & Reinvestment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Equity Investees
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Other Items
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
28
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
29
|
After Considering Items (Non-GAAP)
|
|
|
$
|
631
|
|
|
|
$
|
1,245
|
|
|
|
$
|
1,251
|
|
|
|
$
|
5,398
|
|
|
|
$
|
1,133
|
|
|
|
$
|
1,483
|
|
|
|
$
|
11
|
|
|
|
$
|
(251
|
)
|
|
|
$
|
10,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Eliminations
|
|
|
Consolidated
|
% Change — Reported (GAAP)
|
|
|
(11)
|
|
|
(7)
|
|
|
(18)
|
|
|
(4)
|
|
|
(15)
|
|
|
(7)
|
|
|
339
|
|
|
(4)
|
|
|
(8)
|
% Currency Impact
|
|
|
(16)
|
|
|
(5)
|
|
|
(25)
|
|
|
(1)
|
|
|
(6)
|
|
|
(11)
|
|
|
(98)
|
|
|
—
|
|
|
(7)
|
% Change — Currency Neutral Reported
|
|
|
5
|
|
|
(3)
|
|
|
7
|
|
|
(3)
|
|
|
(9)
|
|
|
4
|
|
|
437
|
|
|
—
|
|
|
(1)
|
% Acquisition & Divestiture Adjustments
|
|
|
(2)
|
|
|
(1)
|
|
|
0
|
|
|
(1)
|
|
|
0
|
|
|
4
|
|
|
72
|
|
|
—
|
|
|
0
|
% Change — Organic Revenues (Non-GAAP)
|
|
|
7
|
|
|
(2)
|
|
|
7
|
|
|
(2)
|
|
|
(9)
|
|
|
0
|
|
|
365
|
|
|
—
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change — After Considering Items (Non-GAAP)
|
|
|
(11)
|
|
|
(7)
|
|
|
(18)
|
|
|
(5)
|
|
|
(15)
|
|
|
(7)
|
|
|
416
|
|
|
—
|
|
|
(8)
|
% Currency Impact After Considering Items (Non-GAAP)
|
|
|
(16)
|
|
|
(5)
|
|
|
(25)
|
|
|
(1)
|
|
|
(6)
|
|
|
(11)
|
|
|
(12)
|
|
|
—
|
|
|
(7)
|
% Change — Currency Neutral After Considering Items (Non-GAAP)
|
|
|
5
|
|
|
(3)
|
|
|
7
|
|
|
(4)
|
|
|
(9)
|
|
|
4
|
|
|
428
|
|
|
—
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain columns may not add due to rounding. Certain growth
rates may not recalculate using the rounded dollar amounts
provided.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Revenues by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2015
|
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Eliminations
|
|
|
Consolidated
|
Reported (GAAP)
|
|
|
|
$
|
2,459
|
|
|
|
$
|
5,128
|
|
|
|
$
|
4,074
|
|
|
|
$
|
21,802
|
|
|
|
$
|
5,252
|
|
|
|
$
|
6,731
|
|
|
|
$
|
166
|
|
|
|
$
|
(1,318
|
)
|
|
|
$
|
44,294
|
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Productivity & Reinvestment
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Equity Investees
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Transaction Gains/Losses
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Other Items
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(24
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(13
|
)
|
|
|
—
|
|
|
|
(37
|
)
|
After Considering Items (Non-GAAP)
|
|
|
|
$
|
2,459
|
|
|
|
$
|
5,128
|
|
|
|
$
|
4,074
|
|
|
|
$
|
21,778
|
|
|
|
$
|
5,252
|
|
|
|
$
|
6,731
|
|
|
|
$
|
153
|
|
|
|
$
|
(1,318
|
)
|
|
|
$
|
44,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2014
|
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Eliminations
|
|
|
Consolidated
|
Reported (GAAP)
|
|
|
|
$
|
2,730
|
|
|
|
$
|
5,536
|
|
|
|
$
|
4,657
|
|
|
|
$
|
21,479
|
|
|
|
$
|
5,746
|
|
|
|
$
|
7,039
|
|
|
|
$
|
136
|
|
|
|
$
|
(1,325
|
)
|
|
|
$
|
45,998
|
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Productivity & Reinvestment
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Equity Investees
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Transaction Gains/Losses
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Other Items
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
37
|
|
|
|
—
|
|
|
|
(20
|
)
|
|
|
(3
|
)
|
|
|
—
|
|
|
|
14
|
|
After Considering Items (Non-GAAP)
|
|
|
|
$
|
2,730
|
|
|
|
$
|
5,536
|
|
|
|
$
|
4,657
|
|
|
|
$
|
21,516
|
|
|
|
$
|
5,746
|
|
|
|
$
|
7,019
|
|
|
|
$
|
133
|
|
|
|
$
|
(1,325
|
)
|
|
|
$
|
46,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Eliminations
|
|
|
Consolidated
|
% Change — Reported (GAAP)
|
|
|
|
(10)
|
|
|
(7)
|
|
|
(13)
|
|
|
2
|
|
|
(9)
|
|
|
(4)
|
|
|
22
|
|
|
1
|
|
|
(4)
|
% Currency Impact
|
|
|
|
(14)
|
|
|
(9)
|
|
|
(23)
|
|
|
(1)
|
|
|
(8)
|
|
|
(10)
|
|
|
0
|
|
|
—
|
|
|
(7)
|
% Change — Currency Neutral Reported
|
|
|
|
4
|
|
|
2
|
|
|
10
|
|
|
3
|
|
|
(1)
|
|
|
6
|
|
|
22
|
|
|
—
|
|
|
3
|
% Acquisition & Divestiture Adjustments
|
|
|
|
(1)
|
|
|
(1)
|
|
|
0
|
|
|
(1)
|
|
|
0
|
|
|
3
|
|
|
11
|
|
|
—
|
|
|
0
|
% Change — Organic Revenues (Non-GAAP)
|
|
|
|
5
|
|
|
2
|
|
|
11
|
|
|
4
|
|
|
0
|
|
|
3
|
|
|
11
|
|
|
—
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change — After Considering Items (Non-GAAP)
|
|
|
|
(10)
|
|
|
(7)
|
|
|
(13)
|
|
|
1
|
|
|
(9)
|
|
|
(4)
|
|
|
15
|
|
|
—
|
|
|
(4)
|
% Currency Impact After Considering Items (Non-GAAP)
|
|
|
|
(14)
|
|
|
(9)
|
|
|
(23)
|
|
|
(1)
|
|
|
(8)
|
|
|
(10)
|
|
|
(8)
|
|
|
—
|
|
|
(7)
|
% Change — Currency Neutral After Considering Items (Non-GAAP)
|
|
|
|
4
|
|
|
2
|
|
|
10
|
|
|
2
|
|
|
(1)
|
|
|
6
|
|
|
23
|
|
|
—
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain columns may not add due to rounding. Certain
growth rates may not recalculate using the rounded dollar amounts
provided.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
(In millions)
|
|
Operating Income (Loss) by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2015
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Consolidated
|
Reported (GAAP)
|
|
|
$
|
225
|
|
|
|
$
|
614
|
|
|
|
$
|
528
|
|
|
|
$
|
411
|
|
|
|
$
|
313
|
|
|
|
$
|
(34
|
)
|
|
|
$
|
(539
|
)
|
|
|
$
|
1,518
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
88
|
|
|
|
—
|
|
|
|
88
|
Productivity & Reinvestment
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
—
|
|
|
|
145
|
|
|
|
3
|
|
|
|
39
|
|
|
|
193
|
|
|
|
368
|
Equity Investees
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
18
|
|
|
|
21
|
Other Items
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9
|
)
|
|
|
—
|
|
|
|
(3
|
)
|
|
|
23
|
|
|
|
11
|
After Considering Items (Non-GAAP)
|
|
|
$
|
225
|
|
|
|
$
|
602
|
|
|
|
$
|
528
|
|
|
|
$
|
547
|
|
|
|
$
|
316
|
|
|
|
$
|
93
|
|
|
|
$
|
(305
|
)
|
|
|
$
|
2,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2014
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Consolidated
|
Reported (GAAP)
|
|
|
$
|
226
|
|
|
|
$
|
489
|
|
|
|
$
|
362
|
|
|
|
$
|
432
|
|
|
|
$
|
407
|
|
|
|
$
|
(17
|
)
|
|
|
$
|
(448
|
)
|
|
|
$
|
1,451
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
66
|
|
|
|
—
|
|
|
|
66
|
Productivity & Reinvestment
|
|
|
25
|
|
|
|
109
|
|
|
|
20
|
|
|
|
89
|
|
|
|
26
|
|
|
|
3
|
|
|
|
70
|
|
|
|
342
|
Equity Investees
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
15
|
|
|
|
15
|
Other Items
|
|
|
—
|
|
|
|
—
|
|
|
|
275
|
|
|
|
151
|
|
|
|
1
|
|
|
|
9
|
|
|
|
19
|
|
|
|
455
|
After Considering Items (Non-GAAP)
|
|
|
$
|
251
|
|
|
|
$
|
598
|
|
|
|
$
|
657
|
|
|
|
$
|
672
|
|
|
|
$
|
434
|
|
|
|
$
|
61
|
|
|
|
$
|
(344
|
)
|
|
|
$
|
2,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Consolidated
|
% Change — Reported (GAAP)
|
|
|
0
|
|
|
26
|
|
|
46
|
|
|
(5)
|
|
|
(23)
|
|
|
(106)
|
|
|
(20)
|
|
|
5
|
% Currency Impact
|
|
|
(26)
|
|
|
0
|
|
|
(63)
|
|
|
2
|
|
|
(6)
|
|
|
(27)
|
|
|
0
|
|
|
(21)
|
% Change — Currency Neutral Reported
|
|
|
26
|
|
|
26
|
|
|
109
|
|
|
(7)
|
|
|
(17)
|
|
|
(79)
|
|
|
(21)
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change — After Considering Items (Non-GAAP)
|
|
|
(10)
|
|
|
1
|
|
|
(20)
|
|
|
(19)
|
|
|
(27)
|
|
|
52
|
|
|
11
|
|
|
(14)
|
% Currency Impact After Considering Items (Non-GAAP)
|
|
|
(23)
|
|
|
0
|
|
|
(35)
|
|
|
1
|
|
|
(5)
|
|
|
(29)
|
|
|
3
|
|
|
(13)
|
% Change — Currency Neutral After Considering Items (Non-GAAP)
|
|
|
13
|
|
|
1
|
|
|
15
|
|
|
(20)
|
|
|
(22)
|
|
|
81
|
|
|
8
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain columns may not add due to rounding. Certain
growth rates may not recalculate using the rounded dollar amounts
provided.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2015
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Consolidated
|
Reported (GAAP)
|
|
|
$
|
987
|
|
|
|
$
|
2,888
|
|
|
|
$
|
2,169
|
|
|
|
$
|
2,490
|
|
|
|
$
|
2,189
|
|
|
|
$
|
0
|
|
|
|
$
|
(1,995
|
)
|
|
|
$
|
8,728
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
292
|
|
|
|
—
|
|
|
|
292
|
Productivity & Reinvestment
|
|
|
16
|
|
|
|
(25
|
)
|
|
|
7
|
|
|
|
384
|
|
|
|
2
|
|
|
|
61
|
|
|
|
246
|
|
|
|
691
|
Equity Investees
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
445
|
|
|
|
448
|
Other Items
|
|
|
—
|
|
|
|
—
|
|
|
|
33
|
|
|
|
(1
|
)
|
|
|
2
|
|
|
|
3
|
|
|
|
177
|
|
|
|
214
|
After Considering Items (Non-GAAP)
|
|
|
$
|
1,003
|
|
|
|
$
|
2,863
|
|
|
|
$
|
2,209
|
|
|
|
$
|
2,873
|
|
|
|
$
|
2,193
|
|
|
|
$
|
359
|
|
|
|
$
|
(1,127
|
)
|
|
|
$
|
10,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2014
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Consolidated
|
Reported (GAAP)
|
|
|
$
|
1,084
|
|
|
|
$
|
2,852
|
|
|
|
$
|
2,316
|
|
|
|
$
|
2,447
|
|
|
|
$
|
2,448
|
|
|
|
$
|
9
|
|
|
|
$
|
(1,448
|
)
|
|
|
$
|
9,708
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
208
|
|
|
|
—
|
|
|
|
208
|
Productivity & Reinvestment
|
|
|
26
|
|
|
|
111
|
|
|
|
20
|
|
|
|
281
|
|
|
|
36
|
|
|
|
3
|
|
|
|
124
|
|
|
|
601
|
Equity Investees
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
22
|
|
|
|
22
|
Other Items
|
|
|
—
|
|
|
|
—
|
|
|
|
275
|
|
|
|
61
|
|
|
|
1
|
|
|
|
39
|
|
|
|
39
|
|
|
|
415
|
After Considering Items (Non-GAAP)
|
|
|
$
|
1,110
|
|
|
|
$
|
2,963
|
|
|
|
$
|
2,611
|
|
|
|
$
|
2,789
|
|
|
|
$
|
2,485
|
|
|
|
$
|
259
|
|
|
|
$
|
(1,263
|
)
|
|
|
$
|
10,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Consolidated
|
% Change — Reported (GAAP)
|
|
|
(9)
|
|
|
1
|
|
|
(6)
|
|
|
2
|
|
|
(11)
|
|
|
—
|
|
|
(38)
|
|
|
(10)
|
% Currency Impact
|
|
|
(16)
|
|
|
(3)
|
|
|
(31)
|
|
|
0
|
|
|
(8)
|
|
|
—
|
|
|
2
|
|
|
(12)
|
% Change — Currency Neutral Reported
|
|
|
7
|
|
|
5
|
|
|
25
|
|
|
2
|
|
|
(3)
|
|
|
—
|
|
|
(40)
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change — After Considering Items (Non-GAAP)
|
|
|
(10)
|
|
|
(3)
|
|
|
(15)
|
|
|
3
|
|
|
(12)
|
|
|
38
|
|
|
11
|
|
|
(5)
|
% Currency Impact After Considering Items (Non-GAAP)
|
|
|
(15)
|
|
|
(3)
|
|
|
(28)
|
|
|
0
|
|
|
(8)
|
|
|
(21)
|
|
|
1
|
|
|
(11)
|
% Change — Currency Neutral After Considering Items (Non-GAAP)
|
|
|
6
|
|
|
0
|
|
|
12
|
|
|
3
|
|
|
(4)
|
|
|
59
|
|
|
9
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain columns may not add due to rounding. Certain growth
rates may not recalculate using the rounded dollar amounts
provided.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Income Taxes by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2015
|
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Consolidated
|
Reported (GAAP)
|
|
|
|
$
|
219
|
|
|
|
$
|
619
|
|
|
|
$
|
515
|
|
|
|
$
|
230
|
|
|
|
$
|
317
|
|
|
|
$
|
74
|
|
|
|
$
|
(436
|
)
|
|
|
$
|
1,538
|
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
88
|
|
|
|
—
|
|
|
|
88
|
|
Productivity & Reinvestment
|
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
—
|
|
|
|
145
|
|
|
|
3
|
|
|
|
39
|
|
|
|
193
|
|
|
|
368
|
|
Equity Investees
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7
|
|
|
|
—
|
|
|
|
8
|
|
Transaction Gains/Losses
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
180
|
|
|
|
—
|
|
|
|
3
|
|
|
|
16
|
|
|
|
199
|
|
Other Items
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9
|
)
|
|
|
—
|
|
|
|
(3
|
)
|
|
|
(26
|
)
|
|
|
(38
|
)
|
After Considering Items (Non-GAAP)
|
|
|
|
$
|
219
|
|
|
|
$
|
608
|
|
|
|
$
|
515
|
|
|
|
$
|
546
|
|
|
|
$
|
320
|
|
|
|
$
|
208
|
|
|
|
$
|
(253
|
)
|
|
|
$
|
2,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2014
|
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Consolidated
|
Reported (GAAP)
|
|
|
|
$
|
232
|
|
|
|
$
|
494
|
|
|
|
$
|
362
|
|
|
|
$
|
40
|
|
|
|
$
|
405
|
|
|
|
$
|
234
|
|
|
|
$
|
(691
|
)
|
|
|
$
|
1,076
|
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
66
|
|
|
|
—
|
|
|
|
66
|
|
Productivity & Reinvestment
|
|
|
|
25
|
|
|
|
109
|
|
|
|
20
|
|
|
|
89
|
|
|
|
26
|
|
|
|
3
|
|
|
|
70
|
|
|
|
342
|
|
Equity Investees
|
|
|
|
—
|
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4
|
)
|
|
|
—
|
|
|
|
(2
|
)
|
Transaction Gains/Losses
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
389
|
|
|
|
—
|
|
|
|
—
|
|
|
|
47
|
|
|
|
436
|
|
Other Items
|
|
|
|
—
|
|
|
|
—
|
|
|
|
275
|
|
|
|
151
|
|
|
|
1
|
|
|
|
(37
|
)
|
|
|
189
|
|
|
|
579
|
|
After Considering Items (Non-GAAP)
|
|
|
|
$
|
257
|
|
|
|
$
|
605
|
|
|
|
$
|
657
|
|
|
|
$
|
669
|
|
|
|
$
|
432
|
|
|
|
$
|
262
|
|
|
|
$
|
(385
|
)
|
|
|
$
|
2,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Consolidated
|
% Change — Reported (GAAP)
|
|
|
|
(6)
|
|
|
26
|
|
|
42
|
|
|
491
|
|
|
(22)
|
|
|
(69)
|
|
|
37
|
|
|
43
|
% Currency Impact
|
|
|
|
(26)
|
|
|
0
|
|
|
(62)
|
|
|
22
|
|
|
(6)
|
|
|
(13)
|
|
|
34
|
|
|
(9)
|
% Change — Currency Neutral Reported
|
|
|
|
20
|
|
|
26
|
|
|
104
|
|
|
469
|
|
|
(16)
|
|
|
(55)
|
|
|
3
|
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change — After Considering Items (Non-GAAP)
|
|
|
|
(15)
|
|
|
1
|
|
|
(22)
|
|
|
(18)
|
|
|
(26)
|
|
|
(21)
|
|
|
34
|
|
|
(13)
|
% Currency Impact After Considering Items (Non-GAAP)
|
|
|
|
(23)
|
|
|
0
|
|
|
(34)
|
|
|
1
|
|
|
(5)
|
|
|
(18)
|
|
|
25
|
|
|
(10)
|
% Change — Currency Neutral After Considering Items (Non-GAAP)
|
|
|
|
9
|
|
|
1
|
|
|
12
|
|
|
(19)
|
|
|
(21)
|
|
|
(3)
|
|
|
9
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain columns may not add due to rounding. Certain
growth rates may not recalculate using the rounded dollar amounts
provided.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Income Taxes by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2015
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Consolidated
|
Reported (GAAP)
|
|
|
$
|
1,004
|
|
|
|
$
|
2,919
|
|
|
|
$
|
2,164
|
|
|
|
$
|
1,475
|
|
|
|
$
|
2,207
|
|
|
|
$
|
454
|
|
|
|
$
|
(618
|
)
|
|
|
$
|
9,605
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
292
|
|
|
|
—
|
|
|
|
292
|
Productivity & Reinvestment
|
|
|
16
|
|
|
|
(25
|
)
|
|
|
7
|
|
|
|
384
|
|
|
|
2
|
|
|
|
61
|
|
|
|
246
|
|
|
|
691
|
Equity Investees
|
|
|
(3
|
)
|
|
|
7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
83
|
|
|
|
—
|
|
|
|
87
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,007
|
|
|
|
—
|
|
|
|
3
|
|
|
|
(913
|
)
|
|
|
97
|
Other Items
|
|
|
—
|
|
|
|
—
|
|
|
|
33
|
|
|
|
(1
|
)
|
|
|
2
|
|
|
|
3
|
|
|
|
561
|
|
|
|
598
|
After Considering Items (Non-GAAP)
|
|
|
$
|
1,017
|
|
|
|
$
|
2,901
|
|
|
|
$
|
2,204
|
|
|
|
$
|
2,865
|
|
|
|
$
|
2,211
|
|
|
|
$
|
896
|
|
|
|
$
|
(724
|
)
|
|
|
$
|
11,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2014
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Consolidated
|
Reported (GAAP)
|
|
|
$
|
1,125
|
|
|
|
$
|
2,892
|
|
|
|
$
|
2,319
|
|
|
|
$
|
1,633
|
|
|
|
$
|
2,464
|
|
|
|
$
|
715
|
|
|
|
$
|
(1,823
|
)
|
|
|
$
|
9,325
|
Items Impacting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Impairments/Restructuring
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
208
|
|
|
|
—
|
|
|
|
208
|
Productivity & Reinvestment
|
|
|
26
|
|
|
|
111
|
|
|
|
20
|
|
|
|
281
|
|
|
|
36
|
|
|
|
3
|
|
|
|
124
|
|
|
|
601
|
Equity Investees
|
|
|
—
|
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16
|
|
|
|
—
|
|
|
|
18
|
Transaction Gains/Losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
799
|
|
|
|
—
|
|
|
|
—
|
|
|
|
54
|
|
|
|
853
|
Other Items
|
|
|
—
|
|
|
|
—
|
|
|
|
275
|
|
|
|
61
|
|
|
|
1
|
|
|
|
14
|
|
|
|
407
|
|
|
|
758
|
After Considering Items (Non-GAAP)
|
|
|
$
|
1,151
|
|
|
|
$
|
3,005
|
|
|
|
$
|
2,614
|
|
|
|
$
|
2,774
|
|
|
|
$
|
2,501
|
|
|
|
$
|
956
|
|
|
|
$
|
(1,238
|
)
|
|
|
$
|
11,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eurasia & Africa
|
|
|
Europe
|
|
|
Latin America
|
|
|
North America
|
|
|
Asia Pacific
|
|
|
Bottling Investments
|
|
|
Corporate
|
|
|
Consolidated
|
% Change — Reported (GAAP)
|
|
|
(11)
|
|
|
1
|
|
|
(7)
|
|
|
(10)
|
|
|
(10)
|
|
|
(37)
|
|
|
66
|
|
|
3
|
% Currency Impact
|
|
|
(15)
|
|
|
(4)
|
|
|
(31)
|
|
|
0
|
|
|
(8)
|
|
|
(12)
|
|
|
41
|
|
|
(6)
|
% Change — Currency Neutral Reported
|
|
|
5
|
|
|
5
|
|
|
24
|
|
|
(10)
|
|
|
(2)
|
|
|
(25)
|
|
|
25
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change — After Considering Items (Non-GAAP)
|
|
|
(12)
|
|
|
(3)
|
|
|
(16)
|
|
|
3
|
|
|
(12)
|
|
|
(6)
|
|
|
41
|
|
|
(3)
|
% Currency Impact After Considering Items (Non-GAAP)
|
|
|
(15)
|
|
|
(4)
|
|
|
(27)
|
|
|
0
|
|
|
(8)
|
|
|
(16)
|
|
|
31
|
|
|
(8)
|
% Change — Currency Neutral After Considering Items (Non-GAAP)
|
|
|
3
|
|
|
0
|
|
|
12
|
|
|
3
|
|
|
(4)
|
|
|
10
|
|
|
10
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain columns may not add due to rounding. Certain
growth rates may not recalculate using the rounded dollar amounts
provided.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expense Leverage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2015
|
|
|
|
|
Operating income
|
|
|
Gross profit
|
|
|
Operating expense leverage1
|
% Change — Reported (GAAP)
|
|
|
|
5
|
|
|
(9)
|
|
|
13
|
% Change — Currency Neutral Reported
|
|
|
|
26
|
|
|
0
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
% Change — After Considering Items (Non-GAAP)
|
|
|
|
(14)
|
|
|
(10)
|
|
|
(4)
|
% Change — Currency Neutral After Considering Items (Non-GAAP)
|
|
|
|
0
|
|
|
(2)
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2015
|
|
|
|
|
Operating income
|
|
|
Gross profit
|
|
|
Operating expense leverage1
|
% Change — Reported (GAAP)
|
|
|
|
(10)
|
|
|
(5)
|
|
|
(5)
|
% Change — Currency Neutral Reported
|
|
|
|
2
|
|
|
4
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
% Change — After Considering Items (Non-GAAP)
|
|
|
|
(5)
|
|
|
(5)
|
|
|
(1)
|
% Change — Currency Neutral After Considering Items (Non-GAAP)
|
|
|
|
6
|
|
|
4
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain rows may not add due to rounding.
|
1 Operating expense leverage is calculated by
subtracting gross profit growth from operating income growth.
|
|
|
|
|
|
|
|
|
|
|
|
|
THE COCA-COLA COMPANY AND SUBSIDIARIES
|
Reconciliation of GAAP and Non-GAAP
Financial Measures
|
(UNAUDITED)
|
(In millions)
|
|
|
|
|
|
|
|
Purchases and Issuances of Stock:
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2015
|
|
|
Year Ended
December 31, 2014
|
Reported (GAAP)
|
|
|
|
|
|
|
Issuances of Stock
|
|
|
$
|
1,245
|
|
|
|
$
|
1,532
|
|
Purchases of Stock for Treasury
|
|
|
(3,564
|
)
|
|
|
(4,162
|
)
|
Net Change in Stock Issuance Receivables1
|
|
|
1
|
|
|
|
(14
|
)
|
Net Change in Treasury Stock Payables2
|
|
|
18
|
|
|
|
38
|
|
Net Treasury Share Repurchases (Non-GAAP)
|
|
|
$
|
(2,300
|
)
|
|
|
$
|
(2,606
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Represents the net change in receivables related to
employee stock options exercised but not settled prior to the end
of the year.
|
2 Represents the net change in payables for treasury
shares repurchased but not settled prior to the end of the year.
|
|
|
|
|
|
|
|
|
|
|
|
About The Coca-Cola Company
The Coca-Cola Company (NYSE: KO) is the world's largest beverage
company, refreshing consumers with more than 500 sparkling and still
brands. Led by Coca-Cola, one of the world's most valuable and
recognizable brands, our Company's portfolio features 20 billion-dollar
brands including Diet Coke, Fanta, Sprite, Coca-Cola Zero, vitaminwater,
Powerade, Minute Maid, Simply, Georgia and Del Valle. Globally, we are
the No. 1 provider of sparkling beverages, ready-to-drink coffees, and
juices and juice drinks. Through the world's largest beverage
distribution system, consumers in more than 200 countries enjoy our
beverages at a rate of more than 1.9 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. Together with our bottling partners, we rank among the
world's top 10 private employers with more than 700,000 system
associates. For more information, visit Coca-Cola Journey at www.coca-colacompany.com,
follow us on Twitter at twitter.com/CocaColaCo,
visit our blog, Coca-Cola Unbottled, at www.coca-colablog.com
or find us on LinkedIn at www.linkedin.com/company/the-coca-cola-company.
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 concerns; water scarcity and poor quality;
evolving consumer preferences; increased competition and capabilities in
the marketplace; product safety and quality concerns; perceived negative
health consequences of certain ingredients, such as non-nutritive
sweeteners and biotechnology-derived substances, and of other substances
present in our beverage products or packaging materials; increased
demand for food products and decreased agricultural productivity;
changes in the retail landscape or the loss of key retail or foodservice
customers; an inability to expand operations in emerging and developing
markets; fluctuations in foreign currency exchange rates; interest rate
increases; an inability to maintain good relationships with our bottling
partners; a deterioration in our bottling partners' financial condition;
increases in income tax rates, changes in income tax laws or unfavorable
resolution of tax matters; increased or new indirect taxes in the United
States or in other major markets; increased cost, disruption of supply
or shortage of energy or fuels; increased cost, disruption of supply or
shortage of ingredients, other raw materials or packaging materials;
changes in laws and regulations relating to beverage containers and
packaging; significant additional labeling or warning requirements or
limitations on the availability of our products; an inability to protect
our information systems against service interruption, misappropriation
of data or breaches of security; unfavorable general economic conditions
in the United States; unfavorable economic and political conditions in
international markets; litigation or legal proceedings; adverse weather
conditions; climate change; damage to our brand image and corporate
reputation from negative publicity, even if unwarranted, related to
product safety or quality, human and workplace rights, obesity or other
issues; changes in, or failure to comply with, the laws and regulations
applicable to our products or our business operations; changes in
accounting standards; an inability to achieve our overall long-term
growth objectives; deterioration of global credit market conditions;
default by or failure of one or more of our counterparty financial
institutions; an inability to timely implement our previously announced
actions to reinvigorate growth, or to realize the economic benefits we
anticipate from these actions; failure to realize a significant portion
of the anticipated benefits of our strategic relationships with Keurig
Green Mountain, Inc. and Monster Beverage Corporation; an inability to
renew collective bargaining agreements on satisfactory terms, or we or
our bottling partners experience strikes, work stoppages or labor
unrest; future impairment charges; multi-employer plan withdrawal
liabilities in the future; an inability to successfully integrate and
manage our Company-owned or -controlled bottling operations; an
inability to successfully manage the possible negative consequences of
our productivity initiatives; 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
for the year ended December 31, 2014 and our subsequently filed
Quarterly Reports on Form 10-Q, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160209005851/en/
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