Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Coca-Cola Co. (NYSE:KO)

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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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Equity income, net
Equity method investments
Profitability Ratio
ROA (equity method investments only)1

Based on: 10-K (filing date: 2020-02-24), 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).

1 2019 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 decreased from 2017 to 2018 but then increased from 2018 to 2019 not reaching 2017 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 decreased from 2017 to 2018 and from 2018 to 2019.
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 improved from 2017 to 2018 and from 2018 to 2019.

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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
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: 2020-02-24), 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).

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 decreased from 2017 to 2018 and from 2018 to 2019.
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 2017 to 2018 but then slightly decreased from 2018 to 2019.

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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
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: 2020-02-24), 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).


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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
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: 2020-02-24), 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).

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 deteriorated from 2017 to 2018 and from 2018 to 2019.
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 improved from 2017 to 2018 and from 2018 to 2019.
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 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.
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 decreased from 2017 to 2018 and from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Coca-Cola Co.’s adjusted ROA improved from 2017 to 2018 and from 2018 to 2019.

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


Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
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: 2020-02-24), 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).

2019 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 deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
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: 2020-02-24), 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).

2019 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 improved from 2017 to 2018 and from 2018 to 2019.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
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: 2020-02-24), 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).

2019 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 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
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: 2020-02-24), 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).

2019 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 decreased from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
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: 2020-02-24), 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).

2019 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 improved from 2017 to 2018 and from 2018 to 2019.