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Analysis of Operating Leases
Difficulty: Advanced
An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee statement of financial position, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.
Present Value of Future Operating Lease Payments
Coca-Cola Co., future operating lease payments
1 Source: Coca-Cola Co. Annual Reports
2 Weighted-average interest rate for Coca-Cola Co.'s debt
| Year | Future operating lease payments (as reported)1 | Year | Future operating lease payments (estimated) | Present value at % |
|---|---|---|---|---|
| 2018 | |
2018 | |
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| 2019 | |
2019 | |
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| 2020 | |
2020 | |
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| 2021 | |
2021 | |
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| 2022 | |
2022 | |
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| 2023 and thereafter | |
2023 | |
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| 2024 | |
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| 2025 | |
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| Total: | |
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1 Source: Coca-Cola Co. Annual Reports
| Year | Future operating lease payments (as reported)1 | Year | Future operating lease payments (estimated) | Present value at % |
|---|---|---|---|---|
| 2017 | |
2017 | |
|
| 2018 | |
2018 | |
|
| 2019 | |
2019 | |
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| 2020 | |
2020 | |
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| 2021 | |
2021 | |
|
| 2022 and thereafter | |
2022 | |
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| 2023 | |
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| 2024 | |
|
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| 2025 | |
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| Total: | |
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1 Source: Coca-Cola Co. Annual Reports
| Year | Future operating lease payments (as reported)1 | Year | Future operating lease payments (estimated) | Present value at % |
|---|---|---|---|---|
| 2016 | |
2016 | |
|
| 2017 | |
2017 | |
|
| 2018 | |
2018 | |
|
| 2019 | |
2019 | |
|
| 2020 | |
2020 | |
|
| 2021 and thereafter | |
2021 | |
|
| 2022 | |
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||
| 2023 | |
|
||
| 2024 | |
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||
| Total: | |
|
|
1 Source: Coca-Cola Co. Annual Reports
| Year | Future operating lease payments (as reported)1 | Year | Future operating lease payments (estimated) | Present value at % |
|---|---|---|---|---|
| 2015 | |
2015 | |
|
| 2016 | |
2016 | |
|
| 2017 | |
2017 | |
|
| 2018 | |
2018 | |
|
| 2019 | |
2019 | |
|
| 2020 and thereafter | |
2020 | |
|
| 2021 | |
|
||
| 2022 | |
|
||
| 2023 | |
|
||
| Total: | |
|
|
1 Source: Coca-Cola Co. Annual Reports
| Year | Future operating lease payments (as reported)1 | Year | Future operating lease payments (estimated) | Present value at % |
|---|---|---|---|---|
| 2014 | |
2014 | |
|
| 2015 | |
2015 | |
|
| 2016 | |
2016 | |
|
| 2017 | |
2017 | |
|
| 2018 | |
2018 | |
|
| 2019 and thereafter | |
2019 | |
|
| 2020 | |
|
||
| 2021 | |
|
||
| 2022 | |
|
||
| Total: | |
|
|
1 Source: Coca-Cola Co. Annual Reports
Analyst Adjustments for Operating Leases
Coca-Cola Co., adjustments to financial data
USD $ in millions
1, 2 Equal to total present value of future operating lease payments. See Details »
Adjusted Ratios for Operating Leases (Summary)
Coca-Cola Co., adjusted ratios
| Ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Coca-Cola Co.'s adjusted total asset turnover deteriorated from 2015 to 2016 and from 2016 to 2017. |
| Adjusted debt-to-equity | A solvency ratio calculated as adjusted total debt divided by total shareholders' equity. | Coca-Cola Co.'s adjusted debt-to-equity deteriorated from 2015 to 2016 and from 2016 to 2017. |
| Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | Coca-Cola Co.'s adjusted ROA deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted Total Asset Turnover
2017 Calculations
1 Total asset turnover = Net operating revenues ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net operating revenues ÷ Adjusted total assets
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Coca-Cola Co.'s adjusted total asset turnover deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted Debt to Equity
2017 Calculations
1 Debt to equity = Total debt ÷ Equity attributable to shareowners of The Coca-Cola Company
= ÷ =
2 Adjusted debt to equity = Adjusted total debt ÷ Equity attributable to shareowners of The Coca-Cola Company
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted debt-to-equity | A solvency ratio calculated as adjusted total debt divided by total shareholders' equity. | Coca-Cola Co.'s adjusted debt-to-equity deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted Return on Assets (ROA)
2017 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 × ÷ = %
| 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 2015 to 2016 and from 2016 to 2017. |
