balance coca-cola 2011
TRANSCRIPT
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8/12/2019 Balance Coca-Cola 2011
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THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31, 2011 2010 2009
(In millions except per share data)
NET OPERATING REVENUES $ 46,542 $ 35,119 $ 30,990Cost of goods sold 18,216 12,693 11,088
GROSS PROFIT 28,326 22,426 19,902Selling, general and administrative expenses 17,440 13,158 11,358Other operating charges 732 819 313
OPERATING INCOME 10,154 8,449 8,231Interest income 483 317 249Interest expense 417 733 355Equity income (loss) net 690 1,025 781Other income (loss) net 529 5,185 40
INCOME BEFORE INCOME TAXES 11,439 14,243 8,946Income taxes 2,805 2,384 2,040
CONSOLIDATED NET INCOME 8,634 11,859 6,906Less: Net income attributable to noncontrolling interests 62 50 82
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY $ 8,572 $ 11,809 $ 6,824
BASIC NET INCOME PER SHARE1 $ 3.75 $ 5.12 $ 2.95
DILUTED NET INCOME PER SHARE1 $ 3.69 $ 5.06 $ 2.93
AVERAGE SHARES OUTSTANDING 2,284 2,308 2,314Effect of dilutive securities 39 25 15
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION 2,323 2,333 2,329
1 Basic net income per share and diluted net income per share are calculated based on net income attributable to shareowners ofThe Coca-Cola Company.
Refer to Notes to Consolidated Financial Statements.
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THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2011 2010
(In millions except par value)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 12,803 $ 8,517Short-term investments 1,088 2,682
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS 13,891 11,199
Marketable securities 144 138Trade accounts receivable, less allowances of $83 and $48, respectively 4,920 4,430Inventories 3,092 2,650Prepaid expenses and other assets 3,450 3,162
TOTAL CURRENT ASSETS 25,497 21,579
EQUITY METHOD INVESTMENTS 7,233 6,954OTHER INVESTMENTS, PRINCIPALLY BOTTLING COMPANIES 1,141 631OTHER ASSETS 3,495 2,121PROPERTY, PLANT AND EQUIPMENT net 14,939 14,727
TRADEMARKS WITH INDEFINITE LIVES6,430
6,356BOTTLERS FRANCHISE RIGHTS WITH INDEFINITE LIVES 7,770 7,511GOODWILL 12,219 11,665OTHER INTANGIBLE ASSETS 1,250 1,377
TOTAL ASSETS $ 79,974 $ 72,921
LIABILITIES AND EQUITY
CURRENT LIABILITIESAccounts payable and accrued expenses $ 9,009 $ 8,859Loans and notes payable 12,871 8,100Current maturities of long-term debt 2,041 1,276Accrued income taxes 362 273
TOTAL CURRENT LIABILITIES 24,283 18,508
LONG-TERM DEBT 13,656 14,041OTHER LIABILITIES 5,420 4,794DEFERRED INCOME TAXES 4,694 4,261THE COCA-COLA COMPANY SHAREOWNERS EQUITY
Common stock, $0.25 par value; Authorized 5,600 shares;Issued 3,520 and 3,520 shares, respectively 880 880
Capital surplus 11,212 10,057Reinvested earnings 53,550 49,278Accumulated other comprehensive income (loss) (2,703) (1,450Treasury stock, at cost 1,257 and 1,228 shares, respectively (31,304) (27,762
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY 31,635 31,003EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS 286 314
TOTAL EQUITY 31,921 31,317
TOTAL LIABILITIES AND EQUITY $ 79,974 $ 72,921
Refer to Notes to Consolidated Financial Statements.
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THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31, 2011 2010 2009
(In millions)
OPERATING ACTIVITIES
Consolidated net income $ 8,634 $ 11,859 $ 6,906
Depreciation and amortization 1,954 1,443 1,236Stock-based compensation expense 354 380 241Deferred income taxes 1,028 617 353Equity (income) loss net of dividends (269) (671) (359Foreign currency adjustments 7 151 61Significant (gains) losses on sales of assets net (220) (645) (43Other significant (gains) losses net (4,713) Other operating charges 214 264 134Other items (335) 477 221Net change in operating assets and liabilities (1,893) 370 (564
Net cash provided by operating activities 9,474 9,532 8,186
INVESTING ACTIVITIES
Purchases of short-term investments (4,057) (4,579) (2,130
Proceeds from disposals of short-term investments 5,647 4,032 Acquisitions and investments (977) (2,511) (300Purchases of other investments (787) (132) (22Proceeds from disposals of bottling companies and other investments 562 972 240Purchases of property, plant and equipment (2,920) (2,215) (1,993Proceeds from disposals of property, plant and equipment 101 134 104Other investing activities (93) (106) (48
Net cash provided by (used in) investing activities (2,524) (4,405) (4,149
FINANCING ACTIVITIES
Issuances of debt 27,495 15,251 14,689Payments of debt (22,530) (13,403) (12,326Issuances of stock 1,569 1,666 664Purchases of stock for treasury (4,513) (2,961) (1,518
Dividends (4,300) (4,068) (3,800Other financing activities 45 50 (2
Net cash provided by (used in) financing activities (2,234) (3,465) (2,293
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (430) (166) 576
CASH AND CASH EQUIVALENTS
Net increase (decrease) during the year 4,286 1,496 2,320Balance at beginning of year 8,517 7,021 4,701
Balance at end of year $ 12,803 $ 8,517 $ 7,021
Refer to Notes to Consolidated Financial Statements.
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THE COCA-COLA COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREOWNERS EQUITY
Year Ended December 31, 2011 2010 2009
(In millions except per share data)EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY
NUMBER OF COMMON SHARES OUTSTANDING
Balance at beginning of year 2,292 2,303 2,312Purchases of treasury stock (63) (49) (26Treasury stock issued to employees related to stock compensation plans 34 38 17
Balance at end of year 2,263 2,292 2,303
COMMON STOCK $ 880 $ 880 $ 880
CAPITAL SURPLUS
Balance at beginning of year 10,057 8,537 7,966Stock issued to employees related to stock compensation plans 724 855 339Replacement share-based awards issued in connection with an acquisition 237 Tax benefit (charge) from employees stock option and restricted stock plans 79 48 (6Stock-based compensation 354 380 238Other activities (2)
Balance at end of year 11,212 10,057 8,537
REINVESTED EARNINGS
Balance at beginning of year 49,278 41,537 38,513Net income attributable to shareowners of The Coca-Cola Company 8,572 11,809 6,824Dividends (per share $1.88, $1.76 and $1.64 in 2011, 2010 and 2009, respectively) (4,300) (4,068) (3,800
Balance at end of year 53,550 49,278 41,537
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balance at beginning of year (1,450) (757) (2,674Net foreign currency translation adjustment (640) (935) 1,824Net gain (loss) on derivatives 145 (120) 34Net change in unrealized gain on available-for-sale securities (7) 102 (52Net change in pension and other benefit liabilities (751) 260 111
Net other comprehensive income (loss) (1,253) (693) 1,917
Balance at end of year (2,703) (1,450) (757
TREASURY STOCK
Balance at beginning of year (27,762) (25,398) (24,213Stock issued to employees related to stock compensation plans 830 824 333Purchases of treasury stock (4,372) (3,188) (1,518
Balance at end of year (31,304) (27,762) (25,398
TOTAL EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY $ 31,635 $ 31,003 $ 24,799
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Balance at beginning of year $ 314 $ 547 $ 390Net income attributable to noncontrolling interests 62 50 82Net foreign currency translation adjustment (52) (12) 49Dividends paid to noncontrolling interests (38) (32) (14Contributions by noncontrolling interests 1 40Increase due to business combinations 13 Deconsolidation of certain variable interest entities (253)
TOTAL EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS $ 286 $ 314 $ 547COMPREHENSIVE INCOME
Consolidated net income $ 8,634 $ 11,859 $ 6,906Consolidated net other comprehensive income (loss) (1,305) (705) 1,966
CONSOLIDATED COMPREHENSIVE INCOME $ 7,329 $ 11,154 $ 8,872
Refer to Notes to Consolidated Financial Statements.
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