Coca Cola 2005 Annual Report Download - page 31

ITEM 6. SELECTED FINANCIAL DATA
The following selected financial data should be read in conjunction with ‘‘Item 7. Management’s Discussion
and Analysis of Financial Condition and Results of Operations’’ and consolidated financial statements and notes
thereto contained in ‘‘Item 8. Financial Statements and Supplementary Data’’ of this report.
Year Ended December 31, 20051,2 20041,2 2003 20023,4 20015
(In millions except per share data)
SUMMARY OF OPERATIONS
Net operating revenues $ 23,104 $ 21,742 $ 20,857 $ 19,394 $ 17,374
Cost of goods sold 8,195 7,674 7,776 7,118 6,054
Gross profit 14,909 14,068 13,081 12,276 11,320
Selling, general and administrative expenses 8,739 7,890 7,287 6,818 5,968
Other operating charges 85 480 573 — —
Operating income 6,085 5,698 5,221 5,458 5,352
Interest income 235 157 176 209 325
Interest expense 240 196 178 199 289
Equity income — net 680 621 406 384 152
Other (loss) income — net (93) (82) (138) (353) 39
Gains on issuances of stock by equity investees 23 24 8 — 91
Income before income taxes and changes in accounting
principles 6,690 6,222 5,495 5,499 5,670
Income taxes 1,818 1,375 1,148 1,523 1,691
Net income before changes in accounting principles $ 4,872 $ 4,847 $ 4,347 $ 3,976 $ 3,979
Net income $ 4,872 $ 4,847 $ 4,347 $ 3,050 $ 3,969
Average shares outstanding 2,392 2,426 2,459 2,478 2,487
Average shares outstanding assuming dilution 2,393 2,429 2,462 2,483 2,487
PER SHARE DATA
Net income before changes in accounting principles — basic $ 2.04 $ 2.00 $ 1.77 $ 1.60 $ 1.60
Net income before changes in accounting principles — diluted 2.04 2.00 1.77 1.60 1.60
Basic net income 2.04 2.00 1.77 1.23 1.60
Diluted net income 2.04 2.00 1.77 1.23 1.60
Cash dividends 1.12 1.00 0.88 0.80 0.72
Market price on December 31, $ 40.31 $ 41.64 $ 50.75 $ 43.84 $ 47.15
TOTAL MARKET VALUE OF COMMON STOCK $ 95,504 $ 100,325 $ 123,908 $ 108,328 $ 117,226
BALANCE SHEET DATA
Cash, cash equivalents and current marketable securities $ 4,767 $ 6,768 $ 3,482 $ 2,345 $ 1,934
Property, plant and equipment — net 5,786 6,091 6,097 5,911 4,453
Depreciation 752 715 667 614 502
Capital expenditures 899 755 812 851 769
Total assets 29,427 31,441 27,410 24,470 22,550
Long-term debt 1,154 1,157 2,517 2,701 1,219
Shareowners’ equity 16,355 15,935 14,090 11,800 11,366
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 6,423 $ 5,968 $ 5,456 $ 4,742 $ 4,110
Certain prior year amounts have been reclassified to conform to the current year presentation.
1We adopted FSP No. 109-2, ‘‘Accounting and Disclosure Guidance for the Foreign Earnings Repatriation Provision within the
American Jobs Creation Act of 2004’’ in 2004. FSP No. 109-2 allowed the Company to record the tax expense associated with the
repatriation of foreign earnings in 2005 when the previously unremitted foreign earnings were actually repatriated.
2We adopted FASB Interpretation No. 46 (revised December 2003), ‘‘Consolidation of Variable Interest Entities,’’ effective
April 2, 2004.
3In 2002, we adopted SFAS No. 142, ‘‘Goodwill and Other Intangible Assets.’’
4In 2002, we adopted the fair value method provisions of SFAS No. 123, ‘‘Accounting for Stock-Based Compensation,’’ and we adopted
SFAS No. 148, ‘‘Accounting for Stock-Based Compensation—Transition and Disclosure.’’
5In 2001, we adopted SFAS No. 133, ‘‘Accounting for Derivative Instruments and Hedging Activities.’’
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