Selected Financial Data

Coca-Cola Co.'s selected financial data

USD $ in millions

 
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
Equity income, net 769  602  819  690  1,025 
Equity method investments 9,947  10,393  9,216  7,233  6,954 
ROA (equity method investments only)1 7.73% 5.79% 8.89% 9.54% 14.74%

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

2014 Calculations

1 ROA (equity method investments only) = 100 × Equity income, net ÷ Equity method investments
= 100 × 769 ÷ 9,947 = 7.73%

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 declined from 2012 to 2013 but then increased from 2013 to 2014 not reaching 2012 level.
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 2012 to 2013 but then slightly declined from 2013 to 2014.
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 2012 to 2013 but then improved from 2013 to 2014 not reaching 2012 level.

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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, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
Current assets 16,184  19,229  16,054  13,960  12,223 
Noncurrent assets 40,080  40,427  32,687  27,152  26,524 
Total assets 56,264  59,656  48,741  41,112  38,747 
Current liabilities 12,477  14,386  12,004  10,545  9,039 
Noncurrent liabilities 16,657  17,779  12,272  11,646  11,175 
Total liabilities 29,134  32,165  24,276  22,191  20,214 
Equity attributable to shareowners of investees 26,363  26,668  23,827  18,392  18,046 
Equity attributable to noncontrolling interests 767  823  638  529  487 
Total equity 27,130  27,491  24,465  18,921  18,533 
Total liabilities and equity 56,264  59,656  48,741  41,112  38,747 
Net operating revenues 52,627  53,038  47,087  42,472  55,127 
Cost of goods sold (31,810) (32,377) (28,821) (26,271) (33,081)
Gross profit 20,817  20,661  18,266  16,201  22,046 
Operating income 4,489  4,380  4,606  4,181  5,503 
Consolidated net income 2,440  2,364  2,993  2,237  3,336 
Net income attributable to noncontrolling interests (74) (62) (89) (99) (89)
Net income attributable to common shareowners 2,366  2,302  2,904  2,138  3,247 

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 2012 to 2013 but then slightly declined from 2013 to 2014.
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 declined from 2012 to 2013 but then slightly increased from 2013 to 2014.

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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, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
Weighted average percentage interest in affiliates 37.73% 38.97% 38.68% 39.33% 38.53%
Adjustment to Current Assets
Current assets (as reported) 32,986  31,304  30,328  25,497  21,579 
Add: Current assets of affiliates (adjustment) 6,106  7,494  6,209  5,490  4,710 
Current assets (adjusted) 39,092  38,798  36,537  30,987  26,289 
Adjustment to Total Assets
Total assets (as reported) 92,023  90,055  86,174  79,974  72,921 
Less: Equity method investments (adjustment) 9,947  10,393  9,216  7,233  6,954 
Add: Total assets of affiliates (adjustment) 21,229  23,249  18,852  16,168  14,931 
Total assets (adjusted) 103,305  102,911  95,810  88,909  80,898 
Adjustment to Current Liabilities
Current liabilities (as reported) 32,374  27,811  27,821  24,283  18,508 
Add: Current liabilities of affiliates (adjustment) 4,708  5,606  4,643  4,147  3,483 
Current liabilities (adjusted) 37,082  33,417  32,464  28,430  21,991 
Adjustment to Total Liabilities
Total liabilities (as reported) 61,462  56,615  53,006  48,053  41,604 
Add: Total liabilities of affiliates (adjustment) 10,993  12,535  9,390  8,727  7,789 
Total liabilities (adjusted) 72,455  69,150  62,396  56,780  49,393 
Adjustment to Equity Attributable To Noncontrolling Interests
Equity attributable to noncontrolling interests (as reported) 241  267  378  286  314 
Add: Equity attributable to noncontrolling interests of affiliates (adjustment) 289  321  247  208  188 
Equity attributable to noncontrolling interests (adjusted) 530  588  625  494  502 
Adjustment to Net Operating Revenues
Net operating revenues (as reported) 45,998  46,854  48,017  46,542  35,119 
Add: Net operating revenues of affiliates (adjustment) 19,857  20,670  18,213  16,703  21,243 
Net operating revenues (adjusted) 65,855  67,524  66,230  63,245  56,362 

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Adjusted Ratios: Proportionate Consolidation (Summary)

Coca-Cola Co., adjusted ratios

 
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
Current Ratio
Reported current ratio 1.02 1.13 1.09 1.05 1.17
Adjusted current ratio 1.05 1.16 1.13 1.09 1.20
Net Profit Margin
Reported net profit margin 15.43% 18.32% 18.78% 18.42% 33.63%
Adjusted net profit margin 10.78% 12.71% 13.62% 13.55% 20.95%
Total Asset Turnover
Reported total asset turnover 0.50 0.52 0.56 0.58 0.48
Adjusted total asset turnover 0.64 0.66 0.69 0.71 0.70
Financial Leverage
Reported financial leverage 3.04 2.71 2.63 2.53 2.35
Adjusted financial leverage 3.41 3.10 2.92 2.81 2.61
Return on Assets (ROA)
Reported ROA 7.71% 9.53% 10.47% 10.72% 16.19%
Adjusted ROA 6.87% 8.34% 9.41% 9.64% 14.60%
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 2012 to 2013 but then deteriorated significantly from 2013 to 2014.
Adjusted net profit margin An indicator of profitability, calculated as net income divided by adjusted revenue. Coca-Cola Co.'s adjusted net profit margin deteriorated from 2012 to 2013 and from 2013 to 2014.
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 2012 to 2013 and from 2013 to 2014.
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 2012 to 2013 and from 2013 to 2014.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Coca-Cola Co.'s adjusted ROA deteriorated from 2012 to 2013 and from 2013 to 2014.

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Adjusted Current Ratio

 
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
As Reported
Current assets (USD $ in millions) 32,986  31,304  30,328  25,497  21,579 
Current liabilities (USD $ in millions) 32,374  27,811  27,821  24,283  18,508 
Current ratio1 1.02 1.13 1.09 1.05 1.17
Adjusted: from Equity Method to Proportionate Consolidation
Adjusted current assets (USD $ in millions) 39,092  38,798  36,537  30,987  26,289 
Adjusted current liabilities (USD $ in millions) 37,082  33,417  32,464  28,430  21,991 
Adjusted current ratio2 1.05 1.16 1.13 1.09 1.20

2014 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= 32,986 ÷ 32,374 = 1.02

2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 39,092 ÷ 37,082 = 1.05

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 2012 to 2013 but then deteriorated significantly from 2013 to 2014.

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Adjusted Net Profit Margin

 
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
As Reported
Net income attributable to shareowners of The Coca-Cola Company (USD $ in millions) 7,098  8,584  9,019  8,572  11,809 
Net operating revenues (USD $ in millions) 45,998  46,854  48,017  46,542  35,119 
Net profit margin1 15.43% 18.32% 18.78% 18.42% 33.63%
Adjusted: from Equity Method to Proportionate Consolidation
Net income attributable to shareowners of The Coca-Cola Company (USD $ in millions) 7,098  8,584  9,019  8,572  11,809 
Adjusted net operating revenues (USD $ in millions) 65,855  67,524  66,230  63,245  56,362 
Adjusted net profit margin2 10.78% 12.71% 13.62% 13.55% 20.95%

2014 Calculations

1 Net profit margin = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Net operating revenues
= 100 × 7,098 ÷ 45,998 = 15.43%

2 Adjusted net profit margin = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Adjusted net operating revenues
= 100 × 7,098 ÷ 65,855 = 10.78%

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 deteriorated from 2012 to 2013 and from 2013 to 2014.

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Adjusted Total Asset Turnover

 
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
As Reported
Net operating revenues (USD $ in millions) 45,998  46,854  48,017  46,542  35,119 
Total assets (USD $ in millions) 92,023  90,055  86,174  79,974  72,921 
Total asset turnover1 0.50 0.52 0.56 0.58 0.48
Adjusted: from Equity Method to Proportionate Consolidation
Adjusted net operating revenues (USD $ in millions) 65,855  67,524  66,230  63,245  56,362 
Adjusted total assets (USD $ in millions) 103,305  102,911  95,810  88,909  80,898 
Adjusted total asset turnover2 0.64 0.66 0.69 0.71 0.70

2014 Calculations

1 Total asset turnover = Net operating revenues ÷ Total assets
= 45,998 ÷ 92,023 = 0.50

2 Adjusted total asset turnover = Adjusted net operating revenues ÷ Adjusted total assets
= 65,855 ÷ 103,305 = 0.64

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 2012 to 2013 and from 2013 to 2014.

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Adjusted Financial Leverage

 
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
As Reported
Total assets (USD $ in millions) 92,023  90,055  86,174  79,974  72,921 
Equity attributable to shareowners of The Coca-Cola Company (USD $ in millions) 30,320  33,173  32,790  31,635  31,003 
Financial leverage1 3.04 2.71 2.63 2.53 2.35
Adjusted: from Equity Method to Proportionate Consolidation
Adjusted total assets (USD $ in millions) 103,305  102,911  95,810  88,909  80,898 
Equity attributable to shareowners of The Coca-Cola Company (USD $ in millions) 30,320  33,173  32,790  31,635  31,003 
Adjusted financial leverage2 3.41 3.10 2.92 2.81 2.61

2014 Calculations

1 Financial leverage = Total assets ÷ Equity attributable to shareowners of The Coca-Cola Company
= 92,023 ÷ 30,320 = 3.04

2 Adjusted financial leverage = Adjusted total assets ÷ Equity attributable to shareowners of The Coca-Cola Company
= 103,305 ÷ 30,320 = 3.41

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 2012 to 2013 and from 2013 to 2014.

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Adjusted Return On Assets (ROA)

 
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
As Reported
Net income attributable to shareowners of The Coca-Cola Company (USD $ in millions) 7,098  8,584  9,019  8,572  11,809 
Total assets (USD $ in millions) 92,023  90,055  86,174  79,974  72,921 
ROA1 7.71% 9.53% 10.47% 10.72% 16.19%
Adjusted: from Equity Method to Proportionate Consolidation
Net income attributable to shareowners of The Coca-Cola Company (USD $ in millions) 7,098  8,584  9,019  8,572  11,809 
Adjusted total assets (USD $ in millions) 103,305  102,911  95,810  88,909  80,898 
Adjusted ROA2 6.87% 8.34% 9.41% 9.64% 14.60%

1 ROA = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Total assets
= 100 × 7,098 ÷ 92,023 = 7.71%

2 Adjusted ROA = 100 × Net income attributable to shareowners of The Coca-Cola Company ÷ Adjusted total assets
= 100 × 7,098 ÷ 103,305 = 6.87%

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 2012 to 2013 and from 2013 to 2014.

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