Coca Cola 2003 Annual Report Download - page 74

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Coca-Cola Company and Subsidiaries
NOTE 4: GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS (Continued)
The following table summarizes and reconciles net income before cumulative effect of accounting change
for the three years ended December 31, 2003, 2002 and 2001, adjusted to exclude amortization expense
recognized in such periods related to trademarks, bottlers’ franchise rights, goodwill, other indefinite-lived
intangible assets that are no longer amortized and our proportionate share of equity method investees’
intangibles (in millions, except per share amounts):
Year Ended December 31, 2003 2002 2001
Reported net income before cumulative effect
of accounting change $ 4,347 $ 3,976 $ 3,979
Add back after-tax amounts:
Trademarks amortization ——30
Bottlers’ franchise rights amortization ——7
Goodwill amortization ——3
Other indefinite-lived intangible amortization ——4
Equity method investees’ intangibles amortization —— 110
Adjusted net income before cumulative effect of accounting
change $ 4,347 $ 3,976 $ 4,133
Basic and diluted net income per share before accounting change:
Reported net income $ 1.77 $ 1.60 $ 1.60
Trademarks amortization —— .01
Bottlers’ franchise rights amortization ———
Goodwill amortization ———
Other indefinite-lived intangible amortization ———
Equity method investees’ intangibles amortization —— .05
Adjusted basic and diluted net income per share before
accounting change $ 1.77 $ 1.60 $ 1.66
NOTE 5: ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable and accrued expenses consist of the following (in millions):
December 31, 2003 2002
Trade accounts payable and other accrued expenses $ 2,014 $ 1,975
Accrued marketing 1,046 1,046
Accrued compensation 311 284
Container deposits 256 178
Sales, payroll and other taxes 225 182
Accrued streamlining costs (refer to Note 17) 206 27
$ 4,058 $ 3,692
NOTE 6: SHORT-TERM BORROWINGS AND CREDIT ARRANGEMENTS
Loans and notes payable consist primarily of commercial paper issued in the United States. At
December 31, 2003 and 2002, we had approximately $2,234 million and $2,122 million, respectively, outstanding
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