Stock Analysis on Net

Coca-Cola Co. (NYSE:KO)

Adjustments to Financial Statements

Microsoft Excel LibreOffice Calc

Adjustments to Current Assets

Coca-Cola Co., adjusted current assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Current assets 19,240  20,411  30,634  36,545  34,010 
Adjustments
Add: Allowances 526  524  489  477  466 
Less: Current deferred tax assets (included in Prepaid expenses and other assets)1 —  —  —  —  80 
After Adjustment
Adjusted current assets 19,766  20,935  31,123  37,022  34,396 

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 Current deferred tax assets (included in Prepaid expenses and other assets). See details »


Adjustments to Total Assets

Coca-Cola Co., adjusted total assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Total assets 87,296  86,381  83,216  87,896  87,270 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  —  467  510  645 
Add: Allowances 526  524  489  477  466 
Less: Current deferred tax assets (included in Prepaid expenses and other assets)2 —  —  —  —  80 
Less: Noncurrent deferred tax assets3 2,460  2,412  2,667  330  326 
After Adjustment
Adjusted total assets 85,362  84,493  81,505  88,553  87,975 

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Current deferred tax assets (included in Prepaid expenses and other assets). See details »

3 Noncurrent deferred tax assets. See details »


Adjustments to Current Liabilities

Coca-Cola Co., adjusted current liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Current liabilities 14,601  26,973  29,223  27,194  26,532 
Adjustments
Less: Current deferred tax liabilities (included in Accounts payable and accrued expenses)1 —  —  —  —  692 
After Adjustment
Adjusted current liabilities 14,601  26,973  29,223  27,194  25,840 

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 Current deferred tax liabilities (included in Accounts payable and accrued expenses). See details »


Adjustments to Total Liabilities

Coca-Cola Co., adjusted total liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Total liabilities 66,012  65,283  64,158  68,919  64,050 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  467  510  645 
Less: Current deferred tax liabilities (included in Accounts payable and accrued expenses)2 —  —  —  —  692 
Less: Noncurrent deferred tax liabilities3 1,833  2,284  1,933  2,522  3,753 
Less: Accrued expenses related to restructuring 202  66  90  206  151 
After Adjustment
Adjusted total liabilities 63,977  62,933  62,602  66,701  60,099 

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current deferred tax liabilities (included in Accounts payable and accrued expenses). See details »

3 Noncurrent deferred tax liabilities. See details »


Adjustments to Stockholders’ Equity

Coca-Cola Co., adjusted equity attributable to shareowners of The Coca-Cola Company

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Equity attributable to shareowners of The Coca-Cola Company 19,299  18,981  16,981  17,072  23,062 
Adjustments
Less: Net deferred tax assets (liabilities)1 627  128  734  (2,191) (4,039)
Add: Allowances 526  524  489  477  466 
Add: Accrued expenses related to restructuring 202  66  90  206  151 
Add: Equity attributable to noncontrolling interests 1,985  2,117  2,077  1,905  158 
After Adjustment
Adjusted total equity 21,385  21,560  18,903  21,851  27,876 

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 Net deferred tax assets (liabilities). See details »


Adjustments to Capitalization Table

Coca-Cola Co., adjusted capitalization table

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Loans and notes payable 2,183  10,994  13,194  13,205  12,498 
Current maturities of long-term debt 485  4,253  4,997  3,298  3,527 
Long-term debt, excluding current maturities 40,125  27,516  25,364  31,182  29,684 
Total reported debt 42,793  42,763  43,555  47,685  45,709 
Equity attributable to shareowners of The Coca-Cola Company 19,299  18,981  16,981  17,072  23,062 
Total reported capital 62,092  61,744  60,536  64,757  68,771 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  467  510  645 
Add: Current portion of operating lease liabilities (recorded in Accounts payable and accrued expenses)2 322  281  —  —  — 
Add: Noncurrent portion of operating lease liabilities (recorded in Other liabilities)3 1,300  1,111  —  —  — 
Adjusted total debt 44,415  44,155  44,022  48,195  46,354 
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 627  128  734  (2,191) (4,039)
Add: Allowances 526  524  489  477  466 
Add: Accrued expenses related to restructuring 202  66  90  206  151 
Add: Equity attributable to noncontrolling interests 1,985  2,117  2,077  1,905  158 
Adjusted total equity 21,385  21,560  18,903  21,851  27,876 
After Adjustment
Adjusted total capital 65,800  65,715  62,925  70,046  74,230 

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current portion of operating lease liabilities (recorded in Accounts payable and accrued expenses). See details »

3 Noncurrent portion of operating lease liabilities (recorded in Other liabilities). See details »

4 Net deferred tax assets (liabilities). See details »


Adjustments to Reported Income

Coca-Cola Co., adjusted net income attributable to shareowners of The Coca-Cola Company

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Net income attributable to shareowners of The Coca-Cola Company 7,747  8,920  6,434  1,248  6,527 
Adjustments
Add: Deferred income tax expense (benefit)1 (18) (280) (450) (1,256) (856)
Add: Increase (decrease) in allowances 23  12  11  114 
Add: Increase (decrease) in accrued expenses related to restructuring 136  (24) (116) 55  (53)
Less: Income (loss) from discontinued operations, net of income taxes —  —  (251) 101  — 
Add: Other comprehensive income (loss) (1,210) (121) (2,047) 938  (1,044)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest (132) 110  95  73  10 
After Adjustment
Adjusted consolidated net income 6,525  8,628  4,179  968  4,698 

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

1 Deferred income tax expense (benefit). See details »