Stock Analysis on Net
Stock Analysis on Net

Coca-Cola Co. (NYSE:KO)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Coca-Cola Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Accounts payable 5.44 5.72 5.72 4.88 4.03
Accrued marketing expenses 3.08 2.94 2.99 3.00 2.21
Accrued compensation 1.38 1.43 1.17 1.11 0.70
Contingent consideration liability 6.09 0.00 0.00 0.00 0.00
Other accrued expenses 5.61 5.76 7.09 6.50 5.83
Accounts payable and accrued expenses 21.60% 15.85% 16.98% 15.49% 12.77%
Loans and notes payable 1.49 4.66 2.56 3.50 2.50
Current maturities of long-term debt 0.64 2.01 0.43 1.42 0.56
Accrued income taxes 1.38 1.61 1.30 0.73 0.90
Current liabilities 25.11% 24.13% 21.26% 21.14% 16.73%
Long-term debt, excluding current maturities 42.14 36.38 39.21 40.40 45.96
Other noncurrent liabilities 4.06 8.67 8.54 9.12 10.83
Deferred income tax liabilities 2.46 2.70 3.14 2.99 2.10
Noncurrent liabilities 48.66% 47.75% 50.90% 52.51% 58.89%
Total liabilities 73.77% 71.87% 72.16% 73.65% 75.62%
Common stock, $0.25 par value 1.75 1.80 1.90 1.87 2.02
Capital surplus 19.69 19.66 20.29 19.20 20.16
Reinvested earnings 75.64 75.52 76.56 73.23 76.24
Accumulated other comprehensive loss -16.75 -14.61 -16.06 -15.19 -16.73
Treasury stock, at cost -55.61 -55.82 -56.70 -54.73 -59.59
Equity attributable to shareowners of The Coca-Cola Company 24.72% 26.55% 25.99% 24.38% 22.11%
Equity attributable to noncontrolling interests 1.51 1.58 1.86 1.97 2.27
Total equity 26.23% 28.13% 27.84% 26.35% 24.38%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The financial data reveals several notable trends in the composition of liabilities and equity over the analyzed five-year period.

Accounts Payable and Accrued Expenses
Accounts payable as a percentage of total liabilities and equity increased steadily from 4.03% in 2020 to a peak of 5.72% in 2022 and 2023, before slightly decreasing to 5.44% in 2024. Accrued marketing expenses fluctuated mildly but remained near 3% in recent years, indicating stable marketing-related obligations relative to overall financing. Accrued compensation rose gradually from 0.7% to 1.38%, suggesting an increasing share of compensation expenses accrued. Other accrued expenses showed an increase from 5.83% in 2020 to 7.09% in 2022, followed by a decline thereafter. Combined, accounts payable and accrued expenses increased significantly, notably jumping to 21.6% in 2024 from 12.77% in 2020, suggesting a growth in short-term operational liabilities relative to total financing.
Debt Obligations
Loans and notes payable exhibited volatility, rising from 2.5% in 2020 to 4.66% in 2023, then sharply dropping to 1.49% in 2024, indicating fluctuating short-term borrowing activity. Current maturities of long-term debt spiked to 2.01% in 2023 but declined again, showing periodic repayments or refinancing. Long-term debt excluding current maturities decreased steadily from 45.96% in 2020 to 36.38% in 2023, then rebounded to 42.14% in 2024, reflecting variations in long-term leverage. Overall, current liabilities as a share of total liabilities and equity grew from 16.73% in 2020 to 25.11% in 2024, signaling increased short-term liabilities relative to total funding. Noncurrent liabilities declined from 58.89% in 2020 to 48.66% in 2024, demonstrating a gradual reduction in long-term obligations as a proportion of total financing.
Contingent Consideration Liability
This liability category appeared only in 2024, representing 6.09% of total liabilities and equity, which introduces a new element to the company's obligations potentially linked to acquisition-related contingent payments or other contingent liabilities.
Equity Components
The equity attributable to shareowners increased from 22.11% in 2020 to a peak of 26.55% in 2023 but declined to 24.72% in 2024. Total equity followed a similar pattern, rising from 24.38% in 2020 to 28.13% in 2023, then decreasing to 26.23% in the final year. Capital surplus remained relatively stable around 19-20%, while reinvested earnings stayed consistently high, above 73%, indicating sustained profitability retention within the company. Accumulated other comprehensive loss fluctuated modestly, maintaining a negative range between −14.61% and −16.75%, which impacts overall equity negatively. Treasury stock values remained substantially negative, around −55%, indicating substantial share repurchases or holdings of treasury stock that reduce equity. Equity attributable to noncontrolling interests decreased gradually, reflecting a reduced share of third-party investors’ stake in total equity.
Total Liabilities and Equity
The combined total liabilities and equity remained constant at 100% each year, confirming the proportional basis of the data. Total liabilities fluctuated slightly, declining from 75.62% in 2020 to approximately 71.87% in 2023 before increasing to 73.77% in 2024. This reflects a modest shift in the capital structure with slight increases in liabilities relative to equity in the last reported year.

Overall, the data indicates a gradual shift in the company's capital structure, with a notable increase in short-term liabilities and a decreased proportion of long-term debt up to 2023, before slight reversals in 2024. The introduction of contingent consideration liabilities in 2024 suggests new contingent risks or acquisition-related obligations. Equity remains a significant portion of total financing, supported mainly by reinvested earnings, but tempered by persistent accumulated comprehensive losses and significant treasury stock holdings. These trends collectively highlight evolving financing strategies and risk profiles over the period analyzed.