THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
2012
2011
$
NET OPERATING REVENUES
Cost of goods sold
GROSS PROFIT
Selling, general and administrative expenses
Other operating charges
OPERATING INCOME
48,017
19,053
28,964
447
10,779
471
397
819
137
INCOME BEFORE INCOME TAXES
11,809
Income taxes
2,723
CONSOLIDATED NET INCOME
Less: Net income attributable to noncontrolling interests
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF
THE COCA-COLA COMPANY
9,086
67
46,542
18,215
28,327
17,422
$
732
10,173
35,119
12,693
22,426
13,194
819
8,413
483
317
417
733
690
529
11,458
2,812
8,646
62
1,025
5,185
14,207
2,370
11,837
50
$
9,019
$
8,584
$
11,787
$
2.00
$
1.88
$
2.55
1.97
$
1.85
4,568
78
4,646
$
2.53
4,616
51
4,667
1
DILUTED NET INCOME PER SHARE
1
$
AVERAGE SHARES OUTSTANDING
Effect of dilutive securities
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION
1
$
17,738
Interest income
Interest expense
Equity income (loss) — net
Other income (loss) — net
BASIC NET INCOME PER SHARE
2010
As Adjusted
(In millions except per share data)
4,504
80
4,584
Calculated based on net income attributable to shareowners of The Coca-Cola Company.
Refer to Notes to Consolidated Financial Statements.
79
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year Ended December 31,
2012
2011
2010
As Adjusted
(In millions)
$
CONSOLIDATED NET INCOME
Other comprehensive income:
Net foreign currency translation adjustment
Net gain (loss) on derivatives
Net unrealized gain (loss) on available-for-sale securities
Net change in pension and other benefit liabilities
9,086
$
(182)
178
(668)
8,513
105
$
Refer to Notes to Consolidated Financial Statements.
80
8,408
$
(692)
145
(7)
(763)
7,329
99
TOTAL COMPREHENSIVE INCOME
Less: Comprehensive income (loss) attributable to noncontrolling interests
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO
SHAREOWNERS OF THE COCA-COLA COMPANY
8,646
(947)
(120)
102
282
11,154
38
10
$
7,319
11,837
$
11,116
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
2012
December 31,
2011
As Adjusted
(In millions except par value)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
Short-term investments
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Marketable securities
Trade accounts receivable, less allowances of $53 and $83, respectively
8,442
5,017
$
13,459
3,092
4,759
3,264
2,781
2,973
Inventories
Prepaid expenses and other assets
Assets held for sale
TOTAL CURRENT ASSETS
EQUITY METHOD INVESTMENTS
OTHER INVESTMENTS, PRINCIPALLY BOTTLING COMPANIES
OTHER ASSETS
PROPERTY, PLANT AND EQUIPMENT — net
TRADEMARKS WITH INDEFINITE LIVES
BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES
144
30,328
9,216
1,232
3,585
14,476
6,527
7,405
12,255
1,150
GOODWILL
OTHER INTANGIBLE ASSETS
TOTAL ASSETS
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses
Loans and notes payable
Current maturities of long-term debt
Accrued income taxes
Liabilities held for sale
TOTAL CURRENT LIABILITIES
LONG-TERM DEBT
OTHER LIABILITIES
DEFERRED INCOME TAXES
THE COCA-COLA COMPANY SHAREOWNERS' EQUITY
Common stock, $0.25 par value; Authorized — 11,200 shares;
Issued — 7,040 and 7,040 shares, respectively
Capital surplus
Reinvested earnings
Accumulated other comprehensive income (loss)
Treasury stock, at cost — 2,571 and 2,514 shares, respectively
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
Refer to Notes to Consolidated Financial Statements.
81
$
$
86,174
$
8,680
$
4,920
3,092
3,450
—
25,497
7,233
1,141
3,495
14,939
6,430
7,770
12,219
1,250
79,974
4,981
9,009
12,871
2,041
362
—
24,283
13,656
5,420
4,694
1,760
11,379
10,332
16,297
1,577
471
796
27,821
14,736
5,468
1,760
58,045
(3,385)
(35,009)
32,790
378
33,168
$
12,803
1,088
13,891
86,174
$
53,621
(2,774)
(31,304)
31,635
286
31,921
79,974
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2012
2011
2010
As Adjusted
(In millions)
OPERATING ACTIVITIES
Consolidated net income
Depreciation and amortization
Stock-based compensation expense
$
9,086
$
1,982
259
632
Deferred income taxes
Equity (income) loss — net of dividends
Foreign currency adjustments
Significant (gains) losses on sales of assets — net
Other significant (gains) losses — net
Other operating charges
Other items
Net change in operating assets and liabilities
(98)
—
254
(1,080)
(1,893)
9,474
10,645
(9,590)
(5,266)
2,189
(2,780)
143
(187)
(11,404)
(3,347)
27,495
(22,530)
1,569
(4,513)
(4,300)
45
(2,234)
(255)
(430)
42,791
(38,573)
1,489
(4,559)
(4,595)
100
(4,361)
12,803
Refer to Notes to Consolidated Financial Statements.
82
8,442
370
9,532
(4,057)
5,647
(977)
(787)
562
(2,920)
101
(93)
(2,524)
5,622
(1,535)
$
(671)
151
(645)
(4,713)
264
512
214
(354)
166
$
4,286
8,517
12,803
11,837
1,443
380
604
1,035
(269)
7
(220)
—
(130)
INVESTING ACTIVITIES
Purchases of short-term investments
Proceeds from disposals of short-term investments
Acquisitions and investments
Purchases of other investments
Proceeds from disposals of bottling companies and other investments
Purchases of property, plant and equipment
Proceeds from disposals of property, plant and equipment
Other investing activities
Net cash provided by (used in) investing activities
FINANCING ACTIVITIES
Issuances of debt
Payments of debt
Issuances of stock
Purchases of stock for treasury
Dividends
Other financing activities
Net cash provided by (used in) financing activities
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS
Net increase (decrease) during the year
Balance at beginning of year
Balance at end of year
$
354
(426)
Net cash provided by operating activities
8,646
1,954
(4,579)
4,032
(2,511)
(132)
972
(2,215)
134
(106)
(4,405)
15,251
(13,403)
1,666
(2,961)
(4,068)
50
(3,465)
(166)
$
1,496
7,021
8,517
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREOWNERS' EQUITY
Year Ended December 31,
2012
2011
2010
As Adjusted
(In millions except per share data)
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY
NUMBER OF COMMON SHARES OUTSTANDING
4,583
4,526
Balance at beginning of year
(121)
Purchases of treasury stock
Treasury stock issued to employees related to stock compensation plans
Balance at end of year
COMMON STOCK
$
4,605
(98)
(127)
64
70
76
4,469
4,526
4,583
1,760
$
1,760
$
1,760
CAPITAL SURPLUS
Balance at beginning of year
Stock issued to employees related to stock compensation plans
10,332
9,177
640
724
7,657
855
237
—
—
Tax benefit (charge) from employees' stock option and restricted stock plans
144
79
48
Stock-based compensation
259
354
380
Replacement share-based awards issued in connection with an acquisition
4
Other activities
Balance at end of year
—
(2)
11,379
10,332
9,177
53,621
9,019
49,337
(4,595)
8,584
(4,300)
41,618
11,787
(4,068)
58,045
53,621
49,337
(2,774)
(1,509)
(1,265)
(838)
(611)
(3,385)
(2,774)
(1,509)
(31,304)
(27,762)
REINVESTED EARNINGS
Balance at beginning of year
Net income attributable to shareowners of The Coca-Cola Company
Dividends (per share — $1.02, $0.94 and $0.88 in 2012, 2011 and 2010, respectively)
Balance at end of year
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balance at beginning of year
Net other comprehensive income (loss)
Balance at end of year
(671)
TREASURY STOCK
Balance at beginning of year
(4,491)
(4,372)
(25,398)
824
(3,188)
(35,009)
(31,304)
(27,762)
830
786
Stock issued to employees related to stock compensation plans
Purchases of treasury stock
Balance at end of year
TOTAL EQUITY ATTRIBUTABLE TO SHAREOWNERS OF
THE COCA-COLA COMPANY
$
32,790
$
31,635
$
31,003
$
286
$
314
$
547
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Balance at beginning of year
Net income attributable to noncontrolling interests
67
62
50
Net foreign currency translation adjustment
38
(52)
(12)
Dividends paid to noncontrolling interests
(48)
(38)
(32)
Acquisition of interests held by noncontrolling owners
(15)
—
—
—
—
—
Contributions by noncontrolling interests
—
Increase due to business combinations
50
—
Deconsolidation of certain variable interest entities
TOTAL EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Refer to Notes to Consolidated Financial Statements.
83
$
378
$
286
1
13
(253)
$
314