Coca Cola 2003 Annual Report Download - page 97

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Coca-Cola Company and Subsidiaries
NOTE 17: STREAMLINING COSTS (Continued)
The table below summarizes the costs incurred to date, the balance of accrued streamlining expenses and
the movement in that accrual as of and for the year ended December 31, 2003 (in millions):
Accrued
Costs Noncash Balance
Incurred and December 31,
Cost Summary in 2003 Payments Exchange 2003
Severance pay and benefits $ 248 $ (113) $ 3 $ 138
Retirement related benefits 43 — (14) 29
Outside services—legal, outplacement, consulting 36 (25) — 11
Other direct costs 133 (81) (1) 51
Total $ 460 $ (219) $ (12) $ 2291
Asset impairments $ 101
Total costs incurred $ 561
1As of December 31, 2003, $206 million was included in the balance sheet line item accounts payable
and accrued expenses, and $23 million was included in the balance sheet line item other liabilities.
The total streamlining initiative costs incurred for the year ended December 31, 2003 by operating segment
were as follows (in millions):
North America $ 273
Africa 12
Asia 18
Europe, Eurasia & Middle East 183
Latin America 8
Corporate 67
Total $ 561
NOTE 18: ACQUISITIONS AND INVESTMENTS
During 2003, our Company’s acquisition and investment activity totaled approximately $359 million. These
acquisitions included purchases of trademarks, brands and related contractual rights of approximately
$142 million, none of which was individually significant. Refer to Note 4. Other acquisition and investing activity
totaled approximately $217 million, and with the exception of the acquisition of Truesdale, none was individually
significant. In March 2003, our Company acquired a 100 percent ownership interest in Truesdale from CCE for
cash consideration of approximately $58 million. Truesdale owns a noncarbonated beverage production facility.
The purchase price was allocated primarily to the property, plant and equipment acquired. No amount was
allocated to intangible assets. Truesdale is included in our North America operating segment.
During 2002, our Company’s acquisition and investment activity totaled approximately $1,144 million.
Included in this $1,144 million, our Company paid $544 million in cash and recorded a $600 million note payable
to finance the CCEAG acquisition described below.
In November 2001, we entered into the Control and Profit and Loss Transfer Agreement (‘‘CPL’’) with
CCEAG. Under the terms of the CPL, our Company acquired management control of CCEAG. In
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