Selected Financial Data

Coca-Cola Co.'s selected financial data

USD $ in millions

 
Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009
Equity income, net 602  819  690  1,025  781 
Equity method investments 10,393  9,216  7,233  6,954  6,217 
ROA (equity method investments only)1 5.79% 8.89% 9.54% 14.74% 12.56%

Source: Based on data from Coca-Cola Co. Annual Reports

2013 Calculations

1 ROA (equity method investments only) = 100 × Equity income, net ÷ Equity method investments
= 100 × 602 ÷ 10,393 = 5.79%

Item Description The company
Equity income, net This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. Coca-Cola Co.'s equity income, net increased from 2011 to 2012 but then declined significantly from 2012 to 2013.
Equity method investments This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment losses recognized. Coca-Cola Co.'s equity method investments increased from 2011 to 2012 and from 2012 to 2013.
ROA (equity method investments only) A profitability ratio calculated as equity income, net divided by equity method investments. Coca-Cola Co.'s ROA of equity method investments deteriorated from 2011 to 2012 and from 2012 to 2013.

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Summarized Financial Information

Summarized financial information for Coca-Cola Co.'s affiliates, subsidiaries, associates, and joint ventures

USD $ in millions

 
Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009
Current assets 19,229  16,054  13,960  12,223  16,018 
Noncurrent assets 40,427  32,687  27,152  26,524  36,643 
Total assets 59,656  48,741  41,112  38,747  52,661 
Current liabilities 14,386  12,004  10,545  9,039  13,166 
Noncurrent liabilities 17,779  12,272  11,646  11,175  21,891 
Total liabilities 32,165  24,276  22,191  20,214  35,057 
Equity attributable to shareowners of investees 26,668  23,827  18,392  18,046  17,091 
Equity attributable to noncontrolling interests 823  638  529  487  513 
Total equity 27,491  24,465  18,921  18,533  17,604 
Total liabilities and equity 59,656  48,741  41,112  38,747  52,661 
Net operating revenues 53,038  47,087  42,472  55,127  55,937 
Cost of goods sold (32,377) (28,821) (26,271) (33,081) (33,538)
Gross profit 20,661  18,266  16,201  22,046  22,399 
Operating income 4,380  4,606  4,181  5,503  5,184 
Consolidated net income 2,364  2,993  2,237  3,336  3,000 
Net income attributable to noncontrolling interests (62) (89) (99) (89) (78)
Net income attributable to common shareowners 2,302  2,904  2,138  3,247  2,922 

Source: Based on data from Coca-Cola Co. Annual Reports

Item Description The company
Equity attributable to shareowners of investees This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets, liabilities, and results of operations of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may include total equity or capital (as applicable). Equity attributable to shareowners of investees of Coca-Cola Co.'s affiliates, subsidiaries, associates, and joint ventures increased from 2011 to 2012 and from 2012 to 2013.
Net income attributable to common shareowners This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may, at a minimum, include net income or loss. Net income attributable to common shareowners of Coca-Cola Co.'s affiliates, subsidiaries, associates, and joint ventures increased from 2011 to 2012 but then slightly declined from 2012 to 2013 not reaching 2011 level.

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Adjustments to Financial Data: Proportionate Consolidation

Recognition of Coca-Cola Co.'s proportionate share of affiliates, subsidiaries, associates, and joint ventures assets and liabilities instead of net equity.

Coca-Cola Co., adjustments to financial data

USD $ in millions

 
Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009
Weighted average percentage interest in affiliates 38.97% 38.68% 39.33% 38.53% 36.38%
Adjustment to Current Assets
Current assets (as reported) 31,304  30,328  25,497  21,579  17,551 
Add: Current assets of affiliates (adjustment) 7,494  6,209  5,490  4,710  5,827 
Current assets (adjusted) 38,798  36,537  30,987  26,289  23,378 
Adjustment to Total Assets
Total assets (as reported) 90,055  86,174  79,974  72,921  48,671 
Less: Equity method investments (adjustment) 10,393  9,216  7,233  6,954  6,217 
Add: Total assets of affiliates (adjustment) 23,249  18,852  16,168  14,931  19,156 
Total assets (adjusted) 102,911  95,810  88,909  80,898  61,610 
Adjustment to Current Liabilities
Current liabilities (as reported) 27,811  27,821  24,283  18,508  13,721 
Add: Current liabilities of affiliates (adjustment) 5,606  4,643  4,147  3,483  4,789 
Current liabilities (adjusted) 33,417  32,464  28,430  21,991  18,510 
Adjustment to Total Liabilities
Total liabilities (as reported) 56,615  53,006  48,053  41,604  23,325 
Add: Total liabilities of affiliates (adjustment) 12,535  9,390  8,727  7,789  12,752 
Total liabilities (adjusted) 69,150  62,396  56,780  49,393  36,077 
Adjustment to Equity Attributable To Noncontrolling Interests
Equity attributable to noncontrolling interests (as reported) 267  378  286  314  547 
Add: Equity attributable to noncontrolling interests of affiliates (adjustment) 321  247  208  188  187 
Equity attributable to noncontrolling interests (adjusted) 588  625  494  502  734 
Adjustment to Net Operating Revenues
Net operating revenues (as reported) 46,854  48,017  46,542  35,119  30,990 
Add: Net operating revenues of affiliates (adjustment) 20,670  18,213  16,703  21,243  20,348 
Net operating revenues (adjusted) 67,524  66,230  63,245  56,362  51,338 

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Adjusted Ratios: Proportionate Consolidation (Summary)

Coca-Cola Co., adjusted ratios

 
Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009
Current Ratio
Reported current ratio 1.13 1.09 1.05 1.17 1.28
Adjusted current ratio 1.16 1.13 1.09 1.20 1.26
Net Profit Margin
Reported net profit margin 18.32% 18.78% 18.42% 33.63% 22.02%
Adjusted net profit margin 12.71% 13.62% 13.55% 20.95% 13.29%
Total Asset Turnover
Reported total asset turnover 0.52 0.56 0.58 0.48 0.64
Adjusted total asset turnover 0.66 0.69 0.71 0.70 0.83
Financial Leverage
Reported financial leverage 2.71 2.63 2.53 2.35 1.96
Adjusted financial leverage 3.10 2.92 2.81 2.61 2.48
Return on Assets (ROA)
Reported ROA 9.53% 10.47% 10.72% 16.19% 14.02%
Adjusted ROA 8.34% 9.41% 9.64% 14.60% 11.08%
Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Coca-Cola Co.'s adjusted current ratio improved from 2011 to 2012 and from 2012 to 2013.
Adjusted net profit margin An indicator of profitability, calculated as net income divided by adjusted revenue. Coca-Cola Co.'s adjusted net profit margin improved from 2011 to 2012 but then deteriorated significantly from 2012 to 2013.
Adjusted total asset turnover An activity ratio calculated as adjusted total revenue divided by adjusted total assets. Coca-Cola Co.'s adjusted total asset turnover deteriorated from 2011 to 2012 and from 2012 to 2013.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Coca-Cola Co.'s adjusted financial leverage increased from 2011 to 2012 and from 2012 to 2013.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Coca-Cola Co.'s adjusted ROA deteriorated from 2011 to 2012 and from 2012 to 2013.

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Adjusted Current Ratio

 
Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009
As Reported
Current assets (USD $ in millions) 31,304  30,328  25,497  21,579  17,551 
Current liabilities (USD $ in millions) 27,811  27,821  24,283  18,508  13,721 
Current ratio1 1.13 1.09 1.05 1.17 1.28
Adjusted: from Equity Method to Proportionate Consolidation
Adjusted current assets (USD $ in millions) 38,798  36,537  30,987  26,289  23,378 
Adjusted current liabilities (USD $ in millions) 33,417  32,464  28,430  21,991  18,510 
Adjusted current ratio2 1.16 1.13 1.09 1.20 1.26

2013 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= 31,304 ÷ 27,811 = 1.13

2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 38,798 ÷ 33,417 = 1.16

Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Coca-Cola Co.'s adjusted current ratio improved from 2011 to 2012 and from 2012 to 2013.

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Adjusted Net Profit Margin

 
Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009
As Reported
Net income attributable to shareowners of The Coca-Cola Company (USD $ in millions) 8,584  9,019  8,572  11,809  6,824 
Net operating revenues (USD $ in millions) 46,854  48,017  46,542  35,119  30,990 
Net profit margin1 18.32% 18.78% 18.42% 33.63% 22.02%
Adjusted: from Equity Method to Proportionate Consolidation
Net income attributable to shareowners of The Coca-Cola Company (USD $ in millions) 8,584  9,019  8,572  11,809  6,824 
Adjusted net operating revenues (USD $ in millions) 67,524  66,230  63,245  56,362  51,338 
Adjusted net profit margin2 12.71% 13.62% 13.55% 20.95% 13.29%

2013 Calculations

1 Net profit margin = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Net operating revenues
= 100 × 8,584 ÷ 46,854 = 18.32%

2 Adjusted net profit margin = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Adjusted net operating revenues
= 100 × 8,584 ÷ 67,524 = 12.71%

Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as net income divided by adjusted revenue. Coca-Cola Co.'s adjusted net profit margin improved from 2011 to 2012 but then deteriorated significantly from 2012 to 2013.

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Adjusted Total Asset Turnover

 
Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009
As Reported
Net operating revenues (USD $ in millions) 46,854  48,017  46,542  35,119  30,990 
Total assets (USD $ in millions) 90,055  86,174  79,974  72,921  48,671 
Total asset turnover1 0.52 0.56 0.58 0.48 0.64
Adjusted: from Equity Method to Proportionate Consolidation
Adjusted net operating revenues (USD $ in millions) 67,524  66,230  63,245  56,362  51,338 
Adjusted total assets (USD $ in millions) 102,911  95,810  88,909  80,898  61,610 
Adjusted total asset turnover2 0.66 0.69 0.71 0.70 0.83

2013 Calculations

1 Total asset turnover = Net operating revenues ÷ Total assets
= 46,854 ÷ 90,055 = 0.52

2 Adjusted total asset turnover = Adjusted net operating revenues ÷ Adjusted total assets
= 67,524 ÷ 102,911 = 0.66

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as adjusted total revenue divided by adjusted total assets. Coca-Cola Co.'s adjusted total asset turnover deteriorated from 2011 to 2012 and from 2012 to 2013.

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Adjusted Financial Leverage

 
Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009
As Reported
Total assets (USD $ in millions) 90,055  86,174  79,974  72,921  48,671 
Equity attributable to shareowners of The Coca-Cola Company (USD $ in millions) 33,173  32,790  31,635  31,003  24,799 
Financial leverage1 2.71 2.63 2.53 2.35 1.96
Adjusted: from Equity Method to Proportionate Consolidation
Adjusted total assets (USD $ in millions) 102,911  95,810  88,909  80,898  61,610 
Equity attributable to shareowners of The Coca-Cola Company (USD $ in millions) 33,173  32,790  31,635  31,003  24,799 
Adjusted financial leverage2 3.10 2.92 2.81 2.61 2.48

2013 Calculations

1 Financial leverage = Total assets ÷ Equity attributable to shareowners of The Coca-Cola Company
= 90,055 ÷ 33,173 = 2.71

2 Adjusted financial leverage = Adjusted total assets ÷ Equity attributable to shareowners of The Coca-Cola Company
= 102,911 ÷ 33,173 = 3.10

Ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Coca-Cola Co.'s adjusted financial leverage increased from 2011 to 2012 and from 2012 to 2013.

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Adjusted Return On Assets (ROA)

 
Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009
As Reported
Net income attributable to shareowners of The Coca-Cola Company (USD $ in millions) 8,584  9,019  8,572  11,809  6,824 
Total assets (USD $ in millions) 90,055  86,174  79,974  72,921  48,671 
ROA1 9.53% 10.47% 10.72% 16.19% 14.02%
Adjusted: from Equity Method to Proportionate Consolidation
Net income attributable to shareowners of The Coca-Cola Company (USD $ in millions) 8,584  9,019  8,572  11,809  6,824 
Adjusted total assets (USD $ in millions) 102,911  95,810  88,909  80,898  61,610 
Adjusted ROA2 8.34% 9.41% 9.64% 14.60% 11.08%

1 ROA = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Total assets
= 100 × 8,584 ÷ 90,055 = 9.53%

2 Adjusted ROA = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Adjusted total assets
= 100 × 8,584 ÷ 102,911 = 8.34%

Ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Coca-Cola Co.'s adjusted ROA deteriorated from 2011 to 2012 and from 2012 to 2013.

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