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Coca-Cola Co. (KO) | Analysis of Equity Method Investment

Selected Financial Data

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Coca-Cola Co.'s selected financial data

USD $ in millions

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Equity income (loss), net
chart Equity method investments
   
chart ROA (equity method investments only)1 % % % % %

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

2011 Calculations

1 ROA (equity method investments only) = 100 × Equity income (loss), net ÷ Equity method investments
= 100 × ÷ = %

Item Description The company
Equity income (loss), 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 (loss), net increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
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 2009 to 2010 and from 2010 to 2011.
ROA (equity method investments only) A profitability ratio calculated as equity income (loss), net divided by equity method investments. Coca-Cola Co.'s ROA of equity method investments improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

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Summarized Financial Information

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

USD $ in millions

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Current assets
chart Noncurrent assets
chart Total assets
chart Current liabilities
chart Noncurrent liabilities
chart Total liabilities
chart Shareowners' equity
chart Noncontrolling interest
chart Total equity (deficit)
chart Total liabilities and equity
chart Net operating revenues
chart Cost of goods sold
chart Gross profit
chart Operating income
chart Consolidated net income (loss)
chart Net (income) loss attributable to noncontrolling interests
chart Net income (loss) attributable to common shareowners

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

Item Description The company
Shareowners' equity 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). Shareowners' equity of Coca-Cola Co.'s affiliates, subsidiaries, associates, and joint ventures increased from 2009 to 2010 and from 2010 to 2011.
Net income (loss) 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 (loss) attributable to common shareowners of Coca-Cola Co.'s affiliates, subsidiaries, associates, and joint ventures increased from 2009 to 2010 but then declined significantly from 2010 to 2011.

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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.

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Coca-Cola Co., adjustments to financial data

USD $ in millions

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Weighted average percentage interest in affiliates % % % % %
  Adjustment to Current Assets
chart Current assets (as reported)
chart Add: Current assets of affiliates (adjustment)
chart Current assets (adjusted)
  Adjustment to Total Assets
chart Total assets (as reported)
chart Less: Equity method investments (adjustment)
chart Add: Total assets of affiliates (adjustment)
chart Total assets (adjusted)
  Adjustment to Current Liabilities
chart Current liabilities (as reported)
chart Add: Current liabilities of affiliates (adjustment)
chart Current liabilities (adjusted)
  Adjustment to Total Liabilities
chart Total liabilities (as reported)
chart Add: Total liabilities of affiliates (adjustment)
chart Total liabilities (adjusted)
  Adjustment to Equity Attributable To Noncontrolling Interests
chart Equity attributable to noncontrolling interests (as reported)
chart Add: Noncontrolling interest of affiliates (adjustment)
chart Equity attributable to noncontrolling interests (adjusted)
  Adjustment to Net Operating Revenues
chart Net operating revenues (as reported)
chart Add: Net operating revenues of affiliates (adjustment)
chart Net operating revenues (adjusted)

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Adjusted Ratios: Proportionate Consolidation (Summary)

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Coca-Cola Co., adjusted ratios

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  Current Ratio
chart Reported current ratio
chart Adjusted current ratio
  Net Profit Margin
chart Reported net profit margin % % % % %
chart Adjusted net profit margin % % % % %
  Total Asset Turnover
chart Reported total asset turnover
chart Adjusted total asset turnover
  Financial Leverage
chart Reported financial leverage
chart Adjusted financial leverage
  Return on Assets (ROA)
chart Reported ROA % % % % %
chart Adjusted ROA % % % % %
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 deteriorated from 2009 to 2010 and from 2010 to 2011.
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 2009 to 2010 but then slightly deteriorated from 2010 to 2011 not reaching 2009 level.
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 2009 to 2010 but then slightly improved from 2010 to 2011.
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 2009 to 2010 and from 2010 to 2011.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Coca-Cola Co.'s adjusted ROA improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

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Adjusted Current Ratio

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Current assets (USD $ in millions)
chart Current liabilities (USD $ in millions)
   
chart Current ratio1
  Adjusted: from Equity Method to Proportionate Consolidation
chart Adjusted current assets (USD $ in millions)
chart Adjusted current liabilities (USD $ in millions)
   
chart Adjusted current ratio2

2011 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= ÷ =

2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =

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 deteriorated from 2009 to 2010 and from 2010 to 2011.

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Adjusted Net Profit Margin

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Net income attributable to shareowners of The Coca-Cola Company (USD $ in millions)
chart Net operating revenues (USD $ in millions)
   
chart Net profit margin1 % % % % %
  Adjusted: from Equity Method to Proportionate Consolidation
chart Net income attributable to shareowners of The Coca-Cola Company (USD $ in millions)
chart Adjusted net operating revenues (USD $ in millions)
   
chart Adjusted net profit margin2 % % % % %

2011 Calculations

1 Net profit margin = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Net operating revenues
= 100 × ÷ = %

2 Adjusted net profit margin = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Adjusted net operating revenues
= 100 × ÷ = %

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 2009 to 2010 but then slightly deteriorated from 2010 to 2011 not reaching 2009 level.

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Adjusted Total Asset Turnover

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Net operating revenues (USD $ in millions)
chart Total assets (USD $ in millions)
   
chart Total asset turnover1
  Adjusted: from Equity Method to Proportionate Consolidation
chart Adjusted net operating revenues (USD $ in millions)
chart Adjusted total assets (USD $ in millions)
   
chart Adjusted total asset turnover2

2011 Calculations

1 Total asset turnover = Net operating revenues ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Adjusted net operating revenues ÷ Adjusted total assets
= ÷ =

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 2009 to 2010 but then slightly improved from 2010 to 2011.

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Adjusted Financial Leverage

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Total assets (USD $ in millions)
chart Equity attributable to shareowners of The Coca-Cola Company (USD $ in millions)
   
chart Financial leverage1
  Adjusted: from Equity Method to Proportionate Consolidation
chart Adjusted total assets (USD $ in millions)
chart Equity attributable to shareowners of The Coca-Cola Company (USD $ in millions)
   
chart Adjusted financial leverage2

2011 Calculations

1 Financial leverage = Total assets ÷ Equity attributable to shareowners of The Coca-Cola Company
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Equity attributable to shareowners of The Coca-Cola Company
= ÷ =

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 2009 to 2010 and from 2010 to 2011.

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Adjusted Return On Assets (ROA)

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Net income attributable to shareowners of The Coca-Cola Company (USD $ in millions)
chart Total assets (USD $ in millions)
   
chart ROA1 % % % % %
  Adjusted: from Equity Method to Proportionate Consolidation
chart Net income attributable to shareowners of The Coca-Cola Company (USD $ in millions)
chart Adjusted total assets (USD $ in millions)
   
chart Adjusted ROA2 % % % % %

1 ROA = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Total assets
= 100 × ÷ = %

2 Adjusted ROA = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Adjusted total assets
= 100 × ÷ = %

Ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Coca-Cola Co.'s adjusted ROA improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

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