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Microsoft Excel LibreOffice Calc

Coca-Cola Co. (KO)


Analysis of Equity Method Investments

Advanced level


Selected Financial Data

Coca-Cola Co.’s selected financial data

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Equity income, net          
Equity method investments          
Profitability Ratio
ROA (equity method investments only)1          

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

1 2018 Calculation
ROA (equity method investments only) = 100 × Equity income, net ÷ Equity method investments
= 100 × ÷ =

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 2016 to 2017 but then slightly decreased from 2017 to 2018.
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 2016 to 2017 but then slightly decreased from 2017 to 2018.
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 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Summarized Financial Information

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

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Current assets          
Noncurrent assets          
Total assets          
Current liabilities          
Noncurrent liabilities          
Total liabilities          
Equity attributable to shareowners of investees          
Equity attributable to noncontrolling interests          
Total equity          
Total liabilities and equity          
Net operating revenues          
Cost of goods sold          
Gross profit          
Operating income          
Consolidated net income          
Net income attributable to noncontrolling interests          
Net income attributable to common shareowners          

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

Item Description The company
Equity attributable to shareowners of investees Amount of equity, excluding noncontrolling interest, attributable to the equity method investment of the entity. Equity attributable to shareowners of investees of Coca-Cola Co.’s affiliates, subsidiaries, associates, and joint ventures increased from 2016 to 2017 but then slightly decreased from 2017 to 2018.
Net income attributable to common shareowners The amount of net income (loss) reported by an equity method investment of the entity. Net income attributable to common shareowners of Coca-Cola Co.’s affiliates, subsidiaries, associates, and joint ventures increased from 2016 to 2017 and from 2017 to 2018.

Adjustments to Financial Statements: 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 statements

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Weighted average percentage interest in affiliates          
Adjustment to Current Assets
Current assets (as reported)          
Add: Current assets of affiliates (adjustment)          
Current assets (adjusted)          
Adjustments to Total Assets
Total assets (as reported)          
Less: Equity method investments (adjustment)          
Add: Total assets of affiliates (adjustment)          
Total assets (adjusted)          
Adjustment to Current Liabilities
Current liabilities (as reported)          
Add: Current liabilities of affiliates (adjustment)          
Current liabilities (adjusted)          
Adjustment to Total Liabilities
Total liabilities (as reported)          
Add: Total liabilities of affiliates (adjustment)          
Total liabilities (adjusted)          
Adjustment to Equity Attributable To Noncontrolling Interests
Equity attributable to noncontrolling interests (as reported)          
Add: Equity attributable to noncontrolling interests of affiliates (adjustment)          
Equity attributable to noncontrolling interests (adjusted)          
Adjustment to Net Operating Revenues
Net operating revenues (as reported)          
Add: Net operating revenues of affiliates (adjustment)          
Net operating revenues (adjusted)          

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).


Coca-Cola Co., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Proportionate Consolidation (Summary)

Coca-Cola Co., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Current Ratio
Reported current ratio          
Adjusted current ratio          
Net Profit Margin
Reported net profit margin          
Adjusted net profit margin          
Total Asset Turnover
Reported total asset turnover          
Adjusted total asset turnover          
Financial Leverage
Reported financial leverage          
Adjusted financial leverage          
Return on Assets (ROA)
Reported ROA          
Adjusted ROA          

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

Financial 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 2016 to 2017 but then deteriorated significantly from 2017 to 2018.
Adjusted net profit margin An indicator of profitability, calculated as net income divided by adjusted revenue. Coca-Cola Co.’s adjusted net profit margin ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 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 ratio deteriorated from 2016 to 2017 and from 2017 to 2018.
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 ratio increased from 2016 to 2017 but then slightly decreased from 2017 to 2018.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Coca-Cola Co.’s adjusted ROA deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.

Coca-Cola Co., Financial Ratios: Reported vs. Adjusted


Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Current assets          
Current liabilities          
Liquidity Ratio
Current ratio1          
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Adjusted current assets          
Adjusted current liabilities          
Liquidity Ratio
Adjusted current ratio2          

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

2018 Calculations

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

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

Liquidity 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 2016 to 2017 but then deteriorated significantly from 2017 to 2018.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company          
Net operating revenues          
Profitability Ratio
Net profit margin1          
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company          
Adjusted net operating revenues          
Profitability Ratio
Adjusted net profit margin2          

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

2018 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 × ÷ =

Profitability 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 ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Net operating revenues          
Total assets          
Activity Ratio
Total asset turnover1          
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Adjusted net operating revenues          
Adjusted total assets          
Activity Ratio
Adjusted total asset turnover2          

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

2018 Calculations

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

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

Activity 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 ratio deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Total assets          
Equity attributable to shareowners of The Coca-Cola Company          
Solvency Ratio
Financial leverage1          
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Adjusted total assets          
Equity attributable to shareowners of The Coca-Cola Company          
Solvency Ratio
Adjusted financial leverage2          

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

2018 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
= ÷ =

Solvency 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 ratio increased from 2016 to 2017 but then slightly decreased from 2017 to 2018.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company          
Total assets          
Profitability Ratio
ROA1          
Adjusted: from Equity Method to Proportionate Consolidation
Selected Financial Data (US$ in millions)
Net income attributable to shareowners of The Coca-Cola Company          
Adjusted total assets          
Profitability Ratio
Adjusted ROA2          

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

2018 Calculations

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 × ÷ =

Profitability 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 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.