THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)
Net Operating Revenues:
Reported (GAAP)
Items Impacting Comparability: Other Items
Comparable (Non-GAAP)
% Change - Reported (GAAP)
% Currency Impact
% Change - Currency Neutral (Non-GAAP)
% Acquisitions, Divestitures and Structural Items
% Change - Organic Revenues (Non-GAAP)
Year Ended December 31, 2015 | Year Ended December 31, 2016 | Year Ended December 31, 2017 |
$44,294 | $41,863 | $35,410 |
(37) $44,257 | (9) $41,854 | 6 $35,416 |
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
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THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)
Operating Income:
Reported (GAAP)
Items Impacting Comparability: Asset Impairments/Restructuring Productivity & Reinvestment Productivity Initiatives
CCE Transaction Transaction Gains/Losses Other Items
Comparable (Non-GAAP)
% Change - Reported (GAAP)
% Currency Impact
% Change - Currency Neutral Reported (Non-GAAP)
% Structural Impact
% Change - Currency Neutral (Structurally Adjusted) (Non-GAAP)
% Impact of Items Impacting Comparability (Non-GAAP)
% Change - Comparable (Non-GAAP)
% Comparable Currency Impact (Non-GAAP)
% Change - Comparable Currency Neutral (Non-GAAP)
% Comparable Structural Impact (Non-GAAP)
% Change - Comparable Currency Neutral (Structurally Adjusted) (Non-GAAP)
Year Ended December 31, 2013 | Year Ended December 31, 2014 | Year Ended December 31, 2015 | Year Ended December 31, 2016 |
$10,228 | $9,708 | $8,728 | $8,626 |
383 494 (2) (2) 68 91 $11,260 | 208 601 - - 22 415 $10,954 | 292 691 - - 448 214 $10,373 | 393 352 - - 456 131 $9,958 |
Year Ended December 31, 2014 | Year Ended December 31, 2015 | Year Ended December 31, 2016 |
(5) (6) 1 (3) 4 | (10) (12) 2 (1) 3 | (1) (8) 7 (5) 13 |
(2) (3) (6) 3 (3) 6 | (5) (5) (11) 6 (1) 7 | 3 (4) (7) 3 (6) 10 |
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
Operating Income Revised to Reflect Adoption of New Accounting Standard:1
Reported (GAAP)
Items Impacting Comparability: Asset Impairments/Restructuring Productivity & Reinvestment Transaction Gains/Losses Other Items
Comparable (Non-GAAP)
% Change - Reported (GAAP)
% Currency Impact
% Change - Currency Neutral Reported (Non-GAAP)
% Structural Impact
% Change - Currency Neutral (Structurally Adjusted) (Non-GAAP)
% Impact of Items Impacting Comparability (Non-GAAP)
% Change - Comparable (Non-GAAP)
% Comparable Currency Impact (Non-GAAP)
% Change - Comparable Currency Neutral (Non-GAAP)
% Comparable Structural Impact (Non-GAAP)
% Change - Comparable Currency Neutral (Structurally Adjusted) (Non-GAAP)
Year Ended December 31, 2016 | Year Ended December 31, 2017 |
$8,657 | $7,599 |
393 352 317 131 $9,850 | 737 534 302 368 $9,540 |
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
1 Accounting Standards Update 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
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(UNAUDITED)
Operating Margin:
Reported (GAAP)
Items Impacting Comparability (Non-GAAP)
Comparable Operating Margin (Non-GAAP)
Year Ended December 31, 2017 | Year Ended December 31, 2015 | Basis Point Growth |
21.46% (5.48%) 26.94% | 19.70% (3.74%) 23.44% | 176 350 |
(In millions)
Net Operating Profit After Taxes (NOPAT): | |
Year Ended | |
December 31, 2015 | |
Operating income | $8,787 |
Equity income (loss) - net | 489 |
Total | 9,276 |
Effective tax rate | 23.3% |
Net operating profit after taxes (NOPAT) (Non-GAAP) | $7,114 |
Comparable NOPAT: | |
Comparable operating income (Non-GAAP) | $10,256 |
Comparable equity income (loss) - net (Non-GAAP) | 576 |
Total | 10,832 |
Comparable effective tax rate (Non-GAAP) | 22.5% |
Comparable net operating profit after taxes (NOPAT) (Non-GAAP) | $8,395 |
Invested Capital: | |
Total debt (Non-GAAP) 1 | |
Total equity | |
Less: | |
Total Cash, Cash Equivalents and Short-Term Investments | |
Marketable securities | |
Invested capital (Non-GAAP) | |
2015 Return on Invested Capital (ROIC): | |
Return on invested capital (ROIC) (Non-GAAP) 2 | 16.7% |
2015 Two-Year Average | As of December 31, 2014 | As of December 31, 2015 |
$42,903 28,163 16,821 3,967 $50,278 | $41,690 30,561 18,010 3,665 $50,576 | $44,116 25,764 15,631 4,269 $49,980 |
1 Total debt is the sum of loans and notes payable, current maturities of long-term debt, and long-term debt.
2 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital.
(In millions)
Net Operating Profit After Taxes (NOPAT): | |
Year Ended | |
December 31, 2016 | |
Operating income | $8,657 |
Equity income (loss) - net | 835 |
Total | 9,492 |
Effective tax rate | 19.5% |
Net operating profit after taxes (NOPAT) (Non-GAAP) | $7,641 |
Comparable NOPAT: | |
Comparable operating income (Non-GAAP) | $9,850 |
Comparable equity income (loss) - net (Non-GAAP) | 896 |
Total | 10,746 |
Comparable effective tax rate (Non-GAAP) | 22.5% |
Comparable net operating profit after taxes (NOPAT) (Non-GAAP) | $8,328 |
Invested Capital: | |
Total debt (Non-GAAP) 1 | |
Total equity | |
Less: | |
Total Cash, Cash Equivalents and Short-Term Investments | |
Marketable securities | |
Invested capital (Non-GAAP) | |
2016 Return on Invested Capital (ROIC): | |
Return on invested capital (ROIC) (Non-GAAP) 2 | 17.2% |
2016 Two-Year Average | As of December 31, 2015 | As of December 31, 2016 |
$44,913 24,492 16,891 4,160 $48,354 | $44,116 25,764 15,631 4,269 $49,980 | $45,709 23,220 18,150 4,051 $46,728 |
1 Total debt is the sum of loans and notes payable, current maturities of long-term debt, and long-term debt.
2 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital.
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The Coca-Cola Company published this content on 14 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 November 2018 13:03:08 UTC