Adjustments to Financial Statements
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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Adjustments to Current Assets
Coca-Cola Co., adjusted current assets
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
| Current assets | ||||||
| Adjustments | ||||||
| Add: Allowances | ||||||
| After Adjustment | ||||||
| Adjusted current assets | ||||||
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).
- Current Assets Trend
- Current assets exhibited an overall upward trend from 2020 through 2023, rising from 19,240 million US dollars to 26,732 million US dollars. This increase represents a significant growth in liquidity and short-term resources over the four-year period. However, a slight decrease is observed in 2024, with current assets declining to 25,997 million US dollars, indicating a modest contraction after the previous consecutive years of growth.
- Adjusted Current Assets Trend
- The adjusted current assets followed a similar pattern as the current assets, increasing steadily from 19,766 million US dollars in 2020 to a peak of 27,234 million US dollars in 2023. By 2024, there is a slight reduction to 26,503 million US dollars. The adjusted figures consistently exceed the nominal current assets values, suggesting adjustments that add value or reclassify certain components for a more precise liquidity assessment.
- Comparative Analysis
- Both current assets and adjusted current assets display strong growth through 2023, indicative of improving short-term financial stability and possibly enhanced asset management. The marginal decline in 2024 could point to shifts in operational cycle, investment decisions, or cash management strategies. The close alignment between the two measures reinforces the reliability of the adjustments applied.
Adjustments to Total Assets
Coca-Cola Co., adjusted total assets
US$ in millions
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).
1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »
2 Deferred tax assets. See details »
- Total Assets
-
Total assets exhibited an overall upward trend over the five-year period. Beginning at approximately 87.3 billion US dollars in 2020, total assets increased steadily each year, reaching just over 100.5 billion US dollars by 2024.
Notably, the year 2022 saw a slight decline in total assets compared to 2021, with a decrease from 94.3 billion to 92.8 billion US dollars. However, this decline was temporary as total assets resumed growth in subsequent years.
The growth in total assets from 2020 to 2024 amounted to an increase of approximately 15.1%, reflecting an expansion in resource base over the period.
- Adjusted Total Assets
-
Adjusted total assets followed a trajectory similar to total assets, starting at around 85.4 billion US dollars in 2020 and increasing to roughly 100.0 billion in 2024.
This measure also experienced a dip in 2022 compared to 2021, declining from 92.7 billion to 91.5 billion US dollars. Following that, adjusted total assets rose again in 2023 and 2024.
Overall, adjusted total assets increased by about 17% over the five-year span, indicating the company's resource base after adjustments grew at a modestly higher rate than the unadjusted total assets.
Adjustments to Total Liabilities
Coca-Cola Co., adjusted total liabilities
US$ in millions
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).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Deferred tax liabilities. See details »
- Total liabilities
- The total liabilities have shown a generally increasing trend over the given period. Starting at 66,012 million US dollars in 2020, the figure rose to 69,494 million in 2021. Despite a slight decline in 2022 to 66,937 million, total liabilities increased again in 2023 to 70,223 million and further grew to 74,177 million in 2024. This pattern indicates a recovery and expansion in the company's liabilities after the dip in 2022, suggesting potential increases in financing or obligations.
- Adjusted total liabilities
- Adjusted total liabilities exhibit a similar trajectory to total liabilities, with values beginning at 63,977 million US dollars in 2020 and declining to 63,977 million again in 2022, after an initial increase to 66,633 million in 2021. Thereafter, adjusted liabilities climbed consistently to 67,580 million in 2023 and 71,707 million in 2024. The adjusted figures remain lower than the total liabilities each year, reflecting certain adjustments that reduce the overall liability measure but still maintain the upward trend in recent years.
- Overall analysis
- The data reveals that both total and adjusted liabilities experienced growth over the five-year span, with a notable dip in 2022. The recovery and continued increase in 2023 and 2024 suggest a strategic adjustment in the company’s financial structure or an increase in obligations or financing activities. The consistent gap between total and adjusted liabilities implies ongoing adjustments, possibly related to accounting treatments or reclassifications.
Adjustments to Stockholders’ Equity
Coca-Cola Co., adjusted equity attributable to shareowners of The Coca-Cola Company
US$ in millions
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).
1 Net deferred tax assets (liabilities). See details »
- Equity attributable to shareowners of The Coca-Cola Company
- The equity attributable to shareowners shows a generally upward trend from 19,299 million US dollars in 2020 to 25,941 million in 2023. However, there is a slight decline in 2024, where the figure decreases to 24,856 million. This suggests that while overall equity increased over the first four years, there was a modest reduction in the last reported year.
- Adjusted total equity
- The adjusted total equity follows a similar pattern to the equity attributable to shareowners but is consistently higher in absolute terms each year. It rises from 21,385 million in 2020 to 29,064 million in 2023, representing steady growth. In 2024, adjusted total equity decreases slightly to 28,029 million, mirroring the decline seen in the equity attributable to shareowners. This consistency between the two equity measures indicates a parallel movement in shareholder equity and adjusted equity figures.
- Overall observations
- Both equity metrics demonstrate a positive growth trajectory over the five-year period, reflecting strengthening capital positions through 2023. The decline observed in 2024 may warrant further examination to determine underlying causes, such as changes in retained earnings, share repurchases, or other equity impacts. Despite the recent dip, equity levels remain substantially elevated compared to 2020, indicating overall financial resilience.
Adjustments to Capitalization Table
Coca-Cola Co., adjusted capitalization table
US$ in millions
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).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Current portion of operating lease liabilities (included in Accounts payable and accrued expenses). See details »
3 Noncurrent portion of operating lease liabilities (included in Other noncurrent liabilities). See details »
4 Net deferred tax assets (liabilities). See details »
- Total Reported Debt
- The total reported debt has shown moderate fluctuations over the analyzed period. It remained relatively stable between 2020 and 2021, slightly decreasing in 2022. However, it increased again in 2023 and 2024, reaching the highest value of 44,522 million US dollars in 2024.
- Equity Attributable to Shareowners
- Equity attributable to shareowners exhibited a steady upward trend from 2020 through 2023, rising from 19,299 million US dollars to 25,941 million US dollars. In 2024, there was a slight decline to 24,856 million US dollars, marking a minor reversal after consistent growth.
- Total Reported Capital
- Total reported capital increased from 62,092 million US dollars in 2020 to 65,760 million US dollars in 2021, but declined to 63,254 million US dollars in 2022. It rebounded in 2023 and continued its upward movement into 2024, culminating in 69,378 million US dollars. This pattern suggests some volatility but overall growth across the period.
- Adjusted Total Debt
- The adjusted total debt closely mirrors the trend observed in total reported debt. After remaining fairly flat between 2020 and 2021, it decreased in 2022 before increasing steadily in 2023 and 2024, reaching 45,735 million US dollars, the highest level in the series.
- Adjusted Total Equity
- Adjusted total equity consistently increased from 21,385 million US dollars in 2020 to a peak of 29,064 million US dollars in 2023. A slight decline occurred in 2024, with equity decreasing to 28,029 million US dollars. The overall trend reflects growth with a minor recent setback.
- Adjusted Total Capital
- Adjusted total capital increased from 65,800 million US dollars in 2020 to 70,340 million US dollars in 2021, fell moderately in 2022, and then showed gradual recovery and growth in 2023 and 2024, reaching 73,764 million US dollars. The fluctuations suggest a degree of volatility but general expansion over time.
- Overall Financial Position Insights
- The company’s capital structure shows a combination of increasing debt and equity levels over the period, with equity generally growing at a steadier pace than debt. The slight recent declines in equity measures contrast with the increase in debt, implying a changing balance in financing sources toward more leverage. Total capital, both reported and adjusted, indicates overall expansion but with observable year-to-year variability. This pattern suggests active management of capital components in response to operational or market conditions.
Adjustments to Reported Income
Coca-Cola Co., adjusted net income attributable to shareowners of The Coca-Cola Company
US$ in millions
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).
1 Deferred income tax expense (benefit). See details »
- Net income attributable to shareowners of The Coca-Cola Company
- The net income displayed a general upward trend from 2020 to 2023, increasing from 7,747 million USD in 2020 to a peak of 10,714 million USD in 2023. This represents a substantial growth over the four-year period. However, in 2024, there was a slight decrease to 10,631 million USD, indicating a marginal decline after the peak year.
- Adjusted consolidated net income
- The adjusted consolidated net income showed more volatility compared to the net income attributable to shareowners. It rose sharply from 6,525 million USD in 2020 to 10,529 million USD in 2021, marking a significant increase. Subsequently, it declined to 8,654 million USD in 2022, followed by another increase to 10,971 million USD in 2023, reaching the highest value in the observed period. In 2024, it experienced a notable decline to 8,053 million USD, reflecting a more pronounced decrease than the net income attributable to shareowners in the same year.
- Overall trends and insights
- Both net income metrics exhibit upward momentum through much of the period, peaking in 2023. The net income attributable to shareowners demonstrates a steadier trend with smaller fluctuations, while the adjusted consolidated net income shows more significant variability. The decline in 2024 for both figures, particularly the larger drop in adjusted consolidated net income, may warrant further investigation to understand underlying causes such as operational challenges or market conditions.