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20FEB200902055832
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2008
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 1-2217
(Exact name of Registrant as specified in its charter)
DELAWARE 58-0628465
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
One Coca-Cola Plaza
Atlanta, Georgia 30313
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (404) 676-2121
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
COMMON STOCK, $0.25 PAR VALUE NEW YORK STOCK EXCHANGE
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes No
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Exchange Act. Yes No
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past
90 days. Yes No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and
will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this Form 10-K.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a
smaller reporting company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer’’ and ‘‘smaller reporting company’’ in
Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company
(Do not check if a smaller reporting company)
Indicate by check mark if the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The aggregate market value of the common equity held by non-affiliates of the Registrant (assuming for these purposes, but
without conceding, that all executive officers and Directors are ‘‘affiliates’’ of the Registrant) as of June 27, 2008, the last business
day of the Registrant’s most recently completed second fiscal quarter, was $113,780,250,547 (based on the closing sale price of the
Registrant’s Common Stock on that date as reported on the New York Stock Exchange).
The number of shares outstanding of the Registrant’s Common Stock as of February 23, 2009 was 2,314,658,162.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Company’s Proxy Statement for the Annual Meeting of Shareowners to be held on April 22, 2009, are
incorporated by reference in Part III.

Table of contents

  • Page 1
    ....) One Coca-Cola Plaza Atlanta, Georgia 30313 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (404) 676-2121 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered COMMON STOCK...

  • Page 2
    ... 21 25 25 Part II Item 5. Item Item Item Item Item Item Item 6. 7. 7A. 8. 9. 9A. 9B. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ...Selected Financial Data ...Management's Discussion and Analysis of Financial Condition and Results of...

  • Page 3
    ... from time to time in our future reports filed with the Securities and Exchange Commission. PART I ITEM 1. BUSINESS General The Coca-Cola Company is the largest manufacturer, distributor and marketer of nonalcoholic beverage concentrates and syrups in the world. Finished beverage products bearing...

  • Page 4
    ... Distribution Our Company manufactures and sells beverage concentrates, sometimes referred to as ''beverage bases,'' and syrups, including fountain syrups, and finished beverages. As used in this report: • ''concentrates'' means flavoring ingredients and, depending on the product, sweeteners used...

  • Page 5
    ... a network of business partners, including certain Coca-Cola bottlers. Our beverage products include Coca-Cola, caffeine free Coca-Cola, Cherry Coke, Diet Coke (sold under the trademark Coca-Cola Light in many countries other than the United States), caffeine free Diet Coke, Diet Coke Sweetened with...

  • Page 6
    ... brands owned by Coca-Cola system bottlers for which our Company provides marketing support and from the sale of which we derive economic benefit. Such products licensed to, or distributed by, our Company or owned by Coca-Cola system bottlers account for a minimal portion of total unit case volume...

  • Page 7
    ... fountain syrups. The remaining approximately 6 percent of 2008 non-U.S. unit case volume was attributable to juice and juice-drink products. In addition to conducting our own independent advertising and marketing activities, we may provide promotional and marketing services or funds to our bottlers...

  • Page 8
    ... of the agreements; the inclusion or exclusion of canned beverage production rights; the inclusion or exclusion of authorizations to manufacture and distribute fountain syrups; in some cases, the degree of flexibility on the part of the Company to determine the pricing of syrups and concentrates...

  • Page 9
    ... sugar or sweetener prices, as applicable. Bottlers accounting for the remaining approximately 0.3 percent of U.S. bottle/can concentrate sales in 2008 operate under our oldest form of contract, which provides for a fixed price for Coca-Cola syrup used in bottles and cans. This price is subject...

  • Page 10
    ... bottling operations with the intention of maximizing the strength and efficiency of the Coca-Cola system's production, distribution and marketing capabilities around the world. These investments are intended to result in increases in unit case volume, net revenues and profits at the bottler level...

  • Page 11
    ... approximately 30 percent. Coca-Cola Amatil has bottling and distribution rights, through direct ownership or joint ventures, in Australia, New Zealand, Fiji, Papua New Guinea and Indonesia. Coca-Cola Amatil estimates that the territories in which it markets beverage products contain 100 percent of...

  • Page 12
    ... market price. Our Company generally has not experienced any difficulties in obtaining its requirements for nutritive sweeteners. In the United States, we purchase high fructose corn syrup to meet our and our bottlers' requirements with the assistance of Coca-Cola Bottlers' Sales & Services Company...

  • Page 13
    .... Products containing listed substances that occur naturally or that are contributed to such products solely by a municipal water supply are generally exempt from the warning requirement. No Company beverages produced for sale in California are currently required to display warnings under this law...

  • Page 14
    ... actions against us or other companies in our industry relating to the marketing, labeling or sale of sugar-sweetened beverages may reduce demand for our beverages, which could affect our profitability. Water scarcity and poor quality could negatively impact the Coca-Cola system's production costs...

  • Page 15
    ... our bottling partners to access financing on terms comparable to those obtained historically, which would affect the Coca-Cola system's profitability as well as our share of the income of bottling partners in which we have equity method investments. The current global credit market conditions and...

  • Page 16
    ... mix of incentives to our bottling partners through a combination of pricing and marketing and advertising support, they may take actions that, while maximizing their own short-term profits, may be detrimental to our Company or our brands, or they may devote more of their energy and resources to 14

  • Page 17
    ...our concentrate and bottling plants. An increase in the price, disruption of supply or shortage of fuel and other energy sources that may be caused by increasing demand or by events such as natural disasters, power outages or the like would increase our and the Coca-Cola system's operating costs and...

  • Page 18
    ... one or more of our major products under current or future environmental or health laws or regulations, may inhibit sales of such products. One such law is in effect in California. It requires that a specific warning appear on any product that contains a component listed by the state as having been...

  • Page 19
    ... in 27 countries and in all channels of distribution where certain of our sparkling beverages account for over 40 percent of national sales and twice the nearest competitor's share. The commitments we and our bottlers made in the Undertaking relate broadly to exclusivity, percentage-based purchasing...

  • Page 20
    ... require us from time to time to recall a beverage or other product from all of the markets in which the affected production was distributed. Product recalls could negatively affect our profitability and brand image. Also, adverse publicity surrounding obesity concerns, water usage, labor relations...

  • Page 21
    ... successfully manage our Company-owned bottling operations, our results could suffer. While we primarily manufacture, market and sell concentrates and syrups to our bottling partners, from time to time we do acquire or take control of bottling operations and have increasingly done so in recent years...

  • Page 22
    ... or increase the cost of key agricultural commodities, such as sugar cane, corn, beets, citrus, coffee and tea, which are important ingredients for our products. Increased frequency or duration of extreme weather conditions could also impair production capabilities, disrupt our supply chain or...

  • Page 23
    ... will not have a material adverse effect on the financial condition of the Company and its subsidiaries taken as a whole. Carpenters On October 27, 2000, a class action lawsuit (Carpenters Health & Welfare Fund of Philadelphia & Vicinity v. The Coca-Cola Company, et al.) was filed in the United...

  • Page 24
    ... liability and other claims. The Company sold Aqua-Chem to Lyonnaise American Holding, Inc. in 1981 under the terms of a stock sale agreement. The 1981 agreement, and a subsequent 1983 settlement agreement, outlined the parties' rights and obligations concerning past and future claims and lawsuits...

  • Page 25
    ... of Fulton County, Georgia, alleging violations of state law by certain individual current and former members of the Board of Directors of the Company and senior management, including breaches of fiduciary duties, abuse of control, gross mismanagement, waste of corporate assets and unjust enrichment...

  • Page 26
    ... of CCE, filed a derivative suit (International Brotherhood of Teamsters v. The Coca-Cola Company, et al.) in the Delaware Court of Chancery for New Castle County naming the Company and current and former CCE board members, including certain current and former Company officers who serve or served on...

  • Page 27
    ... 2003. Irial Finan, 51, is Executive Vice President of the Company and President, Bottling Investments and Supply Chain. Mr. Finan joined the Coca-Cola system in 1981 with Coca-Cola Bottlers Ireland, Ltd., where for several years he held a variety of accounting positions. From 1987 until 1990, Mr...

  • Page 28
    ...President of Coca-Cola International. Between 1995 and 1998, he served as Managing Director of Coca-Cola Amatil Limited-Europe, and from 1999 until 2005, he served as President and Chief Executive Officer of Efes Beverage Group and as a board member of Coca-Cola Icecek. Mr. Kent rejoined the Company...

  • Page 29
    ...President of the Latin America Group. Mr. Reyes began his career with The ´xico as Manager of Strategic Planning. In 1987, he was Coca-Cola Company in 1980 at Coca-Cola de Me appointed Manager of the Sprite and Diet Coke brands at Corporate Headquarters. In 1990, he was appointed Marketing Director...

  • Page 30
    ... as Manager of Account Executives, and from 1992 to 1994, he served as Manager of Sales Development. Mr. Wilson was promoted to Director of Sales Operations in 1994 and later that year became Director of Strategic Marketing. In 1995, Mr. Wilson was named Director of Strategic Planning for Coca-Cola...

  • Page 31
    ... STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The principal United States market in which the Company's common stock is listed and traded is the New York Stock Exchange. The following table sets forth, for the quarterly periods indicated, the high and low sales prices per share...

  • Page 32
    ... stock issued to employees, totaling zero shares, 7,540 shares and 103,222 shares for the fiscal months of October, November and December 2008, respectively. On July 20, 2006, we publicly announced that our Board of Directors had authorized a plan (the ''2006 Plan'') for the Company to purchase...

  • Page 33
    ... Brown-Forman Corporation (Class B Stock), Bunge Limited, Campbell Soup Company, Central European Distribution Corporation, Chiquita Brands International, Inc., Coca-Cola Enterprises, Inc., ConAgra Foods, Inc., Constellation Brands, Inc., Corn Products International, Inc., Darling International, Inc...

  • Page 34
    ... market price on December 31 TOTAL MARKET VALUE OF COMMON STOCK BALANCE SHEET DATA Cash, cash equivalents and current marketable securities Property, plant and equipment - net Depreciation Capital expenditures Total assets Long-term debt Shareowners' equity NET CASH PROVIDED BY OPERATING ACTIVITIES...

  • Page 35
    ... or licenses nearly 500 brands, including diet and light beverages, waters, enhanced waters, juices and juice drinks, teas, coffees, and energy and sports drinks. Through the world's largest beverage distribution system, consumers in more than 200 countries enjoy the Company's beverages at a rate of...

  • Page 36
    ... limited to, cost to manufacture and distribute products, consumer spending, economic conditions, availability and quality of water, consumer preferences, inflation, political climate, local and national laws and regulations, foreign currency exchange fluctuations, fuel prices and weather patterns...

  • Page 37
    ... Marketing Marketing investments are designed to enhance consumer awareness and increase consumer preference for our brands. This produces long-term growth in unit case volume, per capita consumption and our share of worldwide nonalcoholic beverage sales. Through our relationships with our bottling...

  • Page 38
    ... where we operate. Water is the main ingredient in substantially all of our products. It is also a limited natural resource facing unprecedented challenges from overexploitation, increasing pollution and poor management. Our Company is in an excellent position to share the water-related knowledge we...

  • Page 39
    ... Taxes • Contingencies Management has discussed the development, selection and disclosure of critical accounting policies and estimates with the Audit Committee of the Company's Board of Directors. While our estimates and assumptions are based on our knowledge of current events and actions we may...

  • Page 40
    ... events or circumstances indicate that an asset may be impaired. Investments in Equity and Debt Securities The carrying values of our investments in equity securities are determined using the equity method or the cost method, or at fair value. Refer to the heading ''Critical Accounting Policies and...

  • Page 41
    ...included in net income. We review our investments in equity and debt securities that are accounted for using the equity method or cost method or that are classified as available-for-sale or held-to-maturity each reporting period to determine whether a significant event or change in circumstances has...

  • Page 42
    ... shares, and our Company's cost basis in publicly traded bottlers accounted for as equity method investments (in millions): December 31, 2008 Fair Value Carrying Value Difference Coca-Cola FEMSA, S.A.B. de C.V. Coca-Cola Enterprises Inc.1 Coca-Cola Amatil Limited Coca-Cola Hellenic Bottling Company...

  • Page 43
    ... Coca-Cola Bottlers Philippines, Inc. (''CCBPI'') due to excess and obsolete bottles and cases. These charges impacted the Bottling Investments operating segment. Refer to the heading ''Operations Review-Equity Income (Loss)-Net,'' and Note 3 and Note 19 of Notes to Consolidated Financial Statements...

  • Page 44
    ... intangible assets may not be recoverable, management assesses the recoverability of the carrying value by preparing estimates of sales volume and the resulting gross profit and cash flows. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the...

  • Page 45
    ... increases in aluminum, high fructose corn syrup (''HFCS'') and resin; and (3) increased delivery costs as a result of higher fuel costs. The decline in the estimated fair value of CCE's North American franchise rights during the fourth quarter was primarily driven by financial market conditions...

  • Page 46
    ... not limited to, cash discounts, funds for promotional and marketing activities, volume-based incentive programs and support for infrastructure programs. Refer to Note 1 of Notes to Consolidated Financial Statements. The aggregate deductions from revenue recorded by the Company in relation to these...

  • Page 47
    ... for the tax position has expired. Settlement of any particular issue would usually require the use of cash. Tax law requires items to be included in the tax return at different times than when these items are reflected in the consolidated financial statements. As a result, the annual tax rate...

  • Page 48
    ... brands owned by Coca-Cola system bottlers for which our Company provides marketing support and from the sale of which we derive economic benefit. Such products licensed to, or distributed by, our Company or owned by Coca-Cola system bottlers account for a minimal portion of total unit case volume...

  • Page 49
    ... current economic conditions. The negative impact of current macro-economic conditions and bottler price increases was tempered by the successful execution of the three-cola strategy (focusing on driving unit case volume growth for Coca-Cola, Coca-Cola Zero and Diet Coke). Coca-Cola Zero continued...

  • Page 50
    ..., including double-digit unit case volume growth in Eastern Europe. The results reflected the benefits of key initiatives across the group, including Coca-Cola Zero launches and the three-cola strategy, The Coke Side of Life Campaign, Christmas programs, and activation of the Rugby World Cup. In...

  • Page 51
    ...Maid and Nestea. In Japan, the increase in unit case volume was primarily due to growth in Trademark Coca-Cola, Trademark Sprite, Sokenbicha and water brands. Georgia Coffee volume declined 1 percent in 2007; however, as a result of success with a new marketing campaign, it returned to growth in the...

  • Page 52
    ... of Consolidated Statements of Income Year Ended December 31, (In millions except per share data) 2008 2007 2006 Percent Change 2008 vs. 2007 2007 vs. 2006 NET OPERATING REVENUES Cost of goods sold GROSS PROFIT GROSS PROFIT MARGIN Selling, general and administrative expenses Other operating charges...

  • Page 53
    ... the Eurasia and Africa, Europe and Bottling Investments operating segments. Refer to the heading ''Liquidity, Capital Resources and Financial Position-Foreign Exchange.'' In 2007, structural changes increased net operating revenues by 8 percent compared to 2006. The increase in net operating...

  • Page 54
    ...Eurasia and Africa and Bottling Investments operating segments. Refer to the heading ''Liquidity, Capital Resources and Financial Position-Foreign Exchange.'' Information about our net operating revenues by operating segment as a percentage of Company net operating revenues is as follows: Year Ended...

  • Page 55
    ...the discount rate used to calculate pension benefit obligations, we have made and will consider making additional contributions to our U.S. and international pension plans in 2009. Refer to the heading ''Liquidity, Capital Resources and Financial Position-Off-Balance Sheet Arrangements and Aggregate...

  • Page 56
    ...2007 compared to 2006, on a combined basis. The increases in selling and advertising expenses were primarily related to increased investments in marketing and innovation activities, including the reinvestment of certain general and administrative expense savings derived from productivity initiatives...

  • Page 57
    ...Financial Statements. Operating Income and Operating Margin Information about our operating income contribution by operating segment on a percentage basis is as follows: Year Ended December 31, 2008 2007 2006 Eurasia & Africa Europe Latin America North America Pacific Bottling Investments Corporate...

  • Page 58
    ... and Africa, Europe and Bottling Investments operating segments. Refer to the heading ''Liquidity, Capital Resources and Financial Position-Foreign Exchange.'' • In 2008, price increases across the majority of operating segments had a favorable impact on both operating income and operating margins...

  • Page 59
    ...impact of higher average short-term and long-term debt balances. We expect net interest expense to increase in 2009 due to forecasted higher debt balances. Refer to the heading ''Liquidity, Capital Resources and Financial Position.'' In 2007, interest income increased by $43 million compared to 2006...

  • Page 60
    ... of approximately $81 million on available-for-sale securities. Refer to the heading ''Critical Accounting Policies and Estimates-Investments in Equity and Debt Securities'' and Note 10 and Note 19 of Notes to Consolidated Financial Statements. Other income (loss)-net also included approximately...

  • Page 61
    ...); • an approximate 58 percent combined effective tax rate on the sale of a portion of our equity interest in Coca-Cola Amatil and Vonpar (refer to Note 19 of Notes to Consolidated Financial Statements); • a tax benefit of approximately $19 million related to tax rate changes in Germany...

  • Page 62
    ... Based on current tax laws, the Company's effective tax rate in 2009 is expected to be approximately 23.0 percent to 24.0 percent before considering the effect of any unusual or special items that may affect our tax rate in future years. Liquidity, Capital Resources and Financial Position We believe...

  • Page 63
    ...plans in 2009. Refer to the heading ''Aggregate Contractual Obligations'' and Note 16 of Notes to Consolidated Financial Statements for further discussion. The majority of the Company's cash is held by our international subsidiaries. We have reviewed our contingency plans and would be able to access...

  • Page 64
    ...productivity initiatives during 2008. Refer to Note 18 of Notes to Consolidated Financial Statements. On May 26, 2008, the Company and the other defendants reached an agreement with the plaintiffs in a class action lawsuit (Carpenters Health & Welfare Fund of Philadelphia & Vicinity v. The Coca-Cola...

  • Page 65
    ...investments in information technology) and the percentage of such totals by operating segment for 2008, 2007 and 2006 were as follows: Year Ended December 31, 2008 2007 2006 Capital expenditures (in millions) Eurasia & Africa Europe Latin America North America Pacific Bottling Investments Corporate...

  • Page 66
    ... to our Company. Our global presence and strong capital position give us access to key financial markets around the world, enabling us to raise funds at a low effective cost. This posture, coupled with active management of our mix of short-term and long-term debt and our mix of fixed-rate and...

  • Page 67
    ...179 million of their proceeds from the sale of glace ´au current market prices. These shares of Company common stock were placed in escrow pursuant to the glace acquisition agreement. Share Repurchases In October 1996, our Board of Directors authorized a plan (''1996 Plan'') to repurchase up to 206...

  • Page 68
    ... our Board of Directors increased our quarterly dividend by 8 percent, raising it to $0.41 per share, equivalent to a full year dividend of $1.64 per share in 2009. This is our 47th consecutive annual increase. Our annual common stock dividend was $1.52 per share, $1.36 per share and $1.24 per share...

  • Page 69
    ... current liquidity needs, especially at international subsidiaries. Refer to Note 8 of Notes to Consolidated Financial Statements for information regarding long-term debt. We will consider several alternatives to settle this long-term debt, including the use of cash flows from operating activities...

  • Page 70
    ..., among other things, new standards for funding of U.S. defined benefit pension plans. During 2008, the funded status of the Company's primary U.S. defined benefit pension plan declined as a result of the overall stock market decline. In early 2009, the Company contributed approximately $175 million...

  • Page 71
    ...of Notes to Consolidated Financial Statements. The Company will continue to manage its foreign currency exposure to mitigate, over time, a portion of the impact of exchange rate changes on net income and earnings per share. Overview of Financial Position Our consolidated balance sheet as of December...

  • Page 72
    ..., over time, we are able to increase prices to counteract the majority of the inflationary effects of increasing costs and to generate sufficient cash flows to maintain our productive capability. Additional Information On September 3, 2008, we announced our intention to make cash offers to purchase...

  • Page 73
    ... currency exchange rates, commodity prices and other market risks. We do not enter into derivative financial instruments for trading purposes. As a matter of policy, all of our derivative positions are used to reduce risk by hedging an underlying economic exposure. Because of the high correlation...

  • Page 74
    ... Balance Sheets ...Consolidated Statements of Cash Flows ...Consolidated Statements of Shareowners' Equity ...Notes to Consolidated Financial Statements ...Report of Management on Internal Control Over Financial Reporting ...Report of Independent Registered Public Accounting Firm ...Report...

  • Page 75
    THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME Year Ended December 31, (In millions except per share data) 2008 2007 2006 NET OPERATING REVENUES Cost of goods sold GROSS PROFIT Selling, general and administrative expenses Other operating charges OPERATING INCOME Interest ...

  • Page 76
    ... ASSETS CURRENT ASSETS Cash and cash equivalents Marketable securities Trade accounts receivable, less allowances of $51 and $56, respectively Inventories Prepaid expenses and other assets TOTAL CURRENT ASSETS INVESTMENTS Equity method investments: Coca-Cola Hellenic Bottling Company S.A. Coca-Cola...

  • Page 77
    ... bottling companies and other investments Purchases of property, plant and equipment Proceeds from disposals of property, plant and equipment Other investing activities Net cash used in investing activities FINANCING ACTIVITIES Issuances of debt Payments of debt Issuances of stock Purchases of stock...

  • Page 78
    THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREOWNERS' EQUITY Year Ended December 31, (In millions except per share data) 2008 2007 2006 NUMBER OF COMMON SHARES OUTSTANDING Balance at beginning of year Stock issued to employees exercising stock options Purchases of stock for...

  • Page 79
    ... to bottling and canning operations, distributors, fountain wholesalers and fountain retailers. Our Company owns or licenses nearly 500 brands, including Coca-Cola, Diet Coke, Fanta and Sprite, and a variety of diet and light beverages, waters, enhanced waters, juices and juice drinks, teas, coffees...

  • Page 80
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) hold the investment. The Company has currently chosen not to elect the fair value option as permitted by SFAS No. 159, ''The Fair Value Option...

  • Page 81
    ... bottling partners' financial condition; strikes or work stoppages (including at key manufacturing locations); increased cost, disruption of supply or shortage of energy; increased cost, disruption of supply or shortage of ingredients or packaging materials; changes in laws and regulations relating...

  • Page 82
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) ended December 31, 2008, 2007 and 2006, respectively. In preparing the financial statements, management must make estimates related to the ...

  • Page 83
    ...our products in international markets. Refer to Note 21. We also generate a significant portion of our net operating revenues by selling concentrates and syrups to bottlers in which we have a noncontrolling interest, including Coca-Cola Enterprises Inc. (''CCE''), Coca-Cola Hellenic Bottling Company...

  • Page 84
    ... COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Recoverability of Investments in Equity and Debt Securities We review our investments in equity and debt securities that are accounted for using...

  • Page 85
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 10 years or less. Land is not depreciated, and construction in progress is not depreciated until ready for service. Leasehold improvements are...

  • Page 86
    ... contractual term of any agreement, the history of the asset, the Company's long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible...

  • Page 87
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Retirement-Related Benefits Using appropriate actuarial methods and assumptions, our Company accounts for defined benefit pension plans in ...

  • Page 88
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) SFAS No. 160 clarifies that a noncontrolling interest in a subsidiary should be accounted for as a component of equity separate from the ...

  • Page 89
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Income Taxes.'' Interpretation No. 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and...

  • Page 90
    ... Coca-Cola Enterprises Inc. CCE is a marketer, producer and distributor of bottle and can nonalcoholic beverages, operating in eight countries. As of December 31, 2008, our Company owned approximately 35 percent of the outstanding common stock of CCE. We account for our investment by the equity...

  • Page 91
    ... FINANCIAL STATEMENTS NOTE 3: BOTTLING INVESTMENTS (Continued) products within CCE territories. These programs are agreed to on an annual basis. Marketing payments made to third parties on behalf of CCE represent support of certain marketing activities and programs to promote the sale of Company...

  • Page 92
    ... Bottling Investments operating segment. Our Company and CCE have established a Global Marketing Fund, under which we expect to pay CCE $62 million annually through December 31, 2014, as support for certain marketing activities. The term of the agreement will automatically be extended for successive...

  • Page 93
    ... COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 3: BOTTLING INVESTMENTS (Continued) concentrate to fully recover the capitalized costs plus a return on the Company's investment. Should CCE fail to purchase the specified numbers of cold-drink equipment for any calendar year...

  • Page 94
    ... CONSOLIDATED FINANCIAL STATEMENTS NOTE 3: BOTTLING INVESTMENTS (Continued) A summary of financial information for our equity method investees in the aggregate, other than CCE, is as follows (in millions): Year Ended December 31, 2008 2007 2006 Net operating revenues Cost of goods sold Gross profit...

  • Page 95
    ..., which impacted the Corporate segment and is included in other income (loss)-net in our consolidated statements of income. Prior to this sale, our Company owned approximately 49 percent of Vonpar's outstanding common stock and accounted for the investment using the equity method. Refer to Note...

  • Page 96
    ... closing prices of shares actively traded on stock markets, the value of our equity method investments in publicly traded bottlers other than CCE would have exceeded our carrying value by approximately $2.4 billion. As of December 31, 2008, the carrying value of the Company's investment in Coca-Cola...

  • Page 97
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 4: PROPERTY, PLANT AND EQUIPMENT The following table summarizes our property, plant and equipment (in millions): December 31, 2008 2007 Land Buildings and improvements Machinery and equipment Containers ...

  • Page 98
    ... by current year acquisitions. Refer to Note 20. The increase in 2008 was primarily related to the acquisitions of trademarks and brands of approximately $409 million and the finalization of purchase accounting for glac´ eau and Fuze Beverage, LLC (''Fuze''), maker of Fuze enhanced juices and teas...

  • Page 99
    ... by operating segment was as follows (in millions): December 31, 2008 2007 Eurasia & Africa Europe Latin America North America Pacific Bottling Investments $ 36 739 229 2,156 106 763 $ 36 780 207 2,412 30 791 $ 4,029 $ 4,256 NOTE 6: ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and...

  • Page 100
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 7: SHORT-TERM BORROWINGS AND CREDIT ARRANGEMENTS (Continued) December 31, 2008, of which approximately $677 million was outstanding. The outstanding amount was primarily related to our international operations. ...

  • Page 101
    ...-for-sale securities Adjustment to pension and other benefit liabilities Accumulated other comprehensive income (loss) $ (1,694) $ 591 (112) (113) 117 161 (985) (13) $ (2,674) $ 626 A summary of the components of other comprehensive income (loss), including our proportionate share of equity method...

  • Page 102
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 10: FINANCIAL INSTRUMENTS Certain Debt and Marketable Equity Securities Investments in debt and marketable equity securities, other than investments accounted for by the equity method, are categorized as trading, ...

  • Page 103
    ... COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 10: FINANCIAL INSTRUMENTS (Continued) As of December 31, 2008 and 2007, these investments were included in the following captions in our consolidated balance sheets (in millions): Trading Securities Availablefor-Sale...

  • Page 104
    ... Financial Instruments The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued expenses, and loans and notes payable approximate their fair values because of the relatively short-term maturity of these instruments. We carry our cost method investments at cost...

  • Page 105
    ... default to be minimal. Interest Rate Management Our Company monitors our mix of fixed-rate and variable-rate debt as well as our mix of short-term debt versus long-term debt. This monitoring includes a review of business and other financial risks. From time to time, in anticipation of future debt...

  • Page 106
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 11: HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Continued) Additionally, the Company enters into forward exchange contracts that are effective economic hedges and are not designated as hedging ...

  • Page 107
    ...models using current market rates, and records them as prepaid expenses and other assets or accounts payable and accrued expenses in our consolidated balance sheets. The amounts recorded reflect the effect of legally enforceable master netting agreements that allow the Company to settle positive and...

  • Page 108
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 11: HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Continued) The following table summarizes activity in AOCI related to derivatives designated as cash flow hedges held by the Company during the ...

  • Page 109
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 12: FAIR VALUE MEASUREMENTS (Continued) • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes ...

  • Page 110
    ... to purchase China Huiyuan Juice Group Limited, a Hong Kong listed company which owns the Huiyuan juice business throughout China (''Huiyuan''). The making of the offers is subject to preconditions relating to Chinese regulatory approvals. We are offering HK$12.20 per share, and making a comparable...

  • Page 111
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 13: COMMITMENTS AND CONTINGENCIES (Continued) The Company has had discussions with the Competition Directorate of the European Commission (the ''European Commission'') about issues relating to parallel trade ...

  • Page 112
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 15: STOCK COMPENSATION PLANS Effective January 1, 2006, the Company adopted SFAS No. 123(R) using the modified prospective method. Based on the terms of our plans, our Company did not have a cumulative effect ...

  • Page 113
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 15: STOCK COMPENSATION PLANS (Continued) Stock options granted in December 2003 and thereafter generally become exercisable over four years (with approximately 25 percent of the total grant vesting each year on ...

  • Page 114
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 15: STOCK COMPENSATION PLANS (Continued) A summary of stock option activity under all plans for the years ended December 31, 2008, 2007 and 2006 is as follows: Weighted-Average Shares Weighted-Average Remaining (...

  • Page 115
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 15: STOCK COMPENSATION PLANS (Continued) Restricted Stock Award Plans Under the amended 1989 Restricted Stock Award Plan and the amended 1983 Restricted Stock Award Plan (the ''Restricted Stock Award Plans''), 40 ...

  • Page 116
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 15: STOCK COMPENSATION PLANS (Continued) Time-Based Restricted Stock Awards The following table summarizes information about time-based restricted stock awards: 2008 WeightedAverage Grant-Date Shares Fair Value ...

  • Page 117
    ... by the Audit Committee of the Board of Directors. The purpose of these adjustments is to ensure a consistent year to year comparison of the specific performance criteria. Economic profit is our net operating profit after tax less the cost of the capital used in our business. In the event that the...

  • Page 118
    ... COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 15: STOCK COMPENSATION PLANS (Continued) stock, except for certain circumstances such as death or disability, where former employees or their beneficiaries are provided a cash equivalent payment. Of the outstanding...

  • Page 119
    ... to pension and postretirement health care and life insurance benefit plans covering substantially all U.S. employees. We also sponsor nonqualified, unfunded defined benefit pension plans for certain associates. In addition, our Company and its subsidiaries have various pension plans and other forms...

  • Page 120
    ...SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 16: PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Continued) In February and October of 2007, the Company amended its U.S. retiree medical plan to limit the Company's exposure to increases in retiree medical costs associated with current...

  • Page 121
    ... balance sheets are as follows (in millions): December 31, Pension Benefits 2008 2007 Other Benefits 2008 2007 Funded status - plan assets less than benefit obligations Fourth quarter contribution Net liability recognized Noncurrent asset Current liability Long-term liability Net liability...

  • Page 122
    ... benefit plans (in millions, pretax): December 31, Pension Benefits 2008 2007 Other Benefits 2008 2007 Beginning balance in accumulated other comprehensive income (loss) Recognized prior service cost (credit) Recognized net actuarial loss (gain) Prior service credit (cost) arising in current year...

  • Page 123
    ... N/A Certain weighted-average assumptions used in computing net periodic benefit cost are as follows: Pension Benefits December 31, 2008 2007 2006 Other Benefits 2008 2007 2006 Discount rate Rate of increase in compensation levels Expected long-term rate of return on plan assets 6% 51⁄2% 51...

  • Page 124
    ...on comparable indices within each of those countries. The rate of compensation increase assumption is determined by the Company based upon annual reviews. We review external data and our own historical trends for health care costs to determine the health care cost trend rate assumptions. Plan Assets...

  • Page 125
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 16: PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Continued) Investment guidelines are established with each investment manager. These guidelines provide the parameters within which the investment managers agree...

  • Page 126
    ... COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 16: PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Continued) Cash Flows Information about the expected cash flows for our pension and other postretirement benefit plans is as follows (in millions): Pension Benefits...

  • Page 127
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 17: INCOME TAXES Income before income taxes consisted of the following (in millions): Year Ended December 31, 2008 2007 1 2006 United States International $ 530 6,909 $ 2,545 5,328 $ 7,873 $ 2,126 4,452 $ 6,...

  • Page 128
    ... investments in our bottling operations, contract termination costs related to production capacity efficiencies and other restructuring charges. Refer to Note 19. Includes approximately 1.8 percent tax rate benefit related to the sale of a portion of our investment in Coca-Cola FEMSA and Coca-Cola...

  • Page 129
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 17: INCOME TAXES (Continued) Our effective tax rate reflects the tax benefits from having significant operations outside the United States that are taxed at rates lower than the statutory U.S. rate of 35 percent. ...

  • Page 130
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 17: INCOME TAXES (Continued) A reconciliation of the changes in the gross balance of unrecognized tax benefits amounts is as follows (in millions): Year Ended December 31, 2008 2007 Beginning balance of ...

  • Page 131
    ... 31, 2008 2007 Deferred tax assets: Property, plant and equipment Trademarks and other intangible assets Equity method investments (including translation adjustment) Other liabilities Benefit plans Net operating/capital loss carryforwards Other Gross deferred tax assets Valuation allowances Total...

  • Page 132
    ...Emerging Brands. In Ireland, the Company announced a plan to close its beverage concentrate manufacturing and distribution plant in Drogheda, which was closed during the third quarter of 2008. The plant closure is expected to improve operating productivity and enhance capacity utilization. The costs...

  • Page 133
    ...depreciation included in current period charges. The total streamlining initiative costs incurred by operating segment were as follows (in millions): Year Ended December 31, 2008 2007 Eurasia & Africa Europe Latin America North America Pacific Bottling Investments Corporate Total $ 1 - 1 30 - 25...

  • Page 134
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 18: RESTRUCTURING COSTS (Continued) Productivity Initiatives During 2008, the Company announced a transformation effort centered on productivity initiatives that will provide additional flexibility to invest for ...

  • Page 135
    ... were primarily due to the write-down of manufacturing lines that produce product packaging materials. These charges impacted the Eurasia and Africa, Latin America, North America, Bottling Investments and Corporate operating segments. In 2008, the Company recorded charges of approximately $84...

  • Page 136
    THE COCA-COLA COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 19: SIGNIFICANT OPERATING AND NONOPERATING ITEMS (Continued) Equity income was increased in 2007 by approximately $11 million in the Bottling Investments operating segment, primarily consisting of our ...

  • Page 137
    ... America operating segment. In order to increase the efficiency of our bottling and distribution operations in the German market, the Company, through its consolidated German bottling operation Coca-Cola Erfrischungsgetraenke AG (''CCEAG''), acquired 18 German bottling and distribution operations on...

  • Page 138
    ...and existing Coca-Cola products. This new distribution model includes a mix of legacy glace system bottlers. Also, the Company will retain the distribution rights for certain channels. The implementation ´au of this plan resulted in approximately $0.2 billion in liabilities for anticipated costs to...

  • Page 139
    ... initial purchase price plus interest. This transaction was accounted for as a business combination, and the results of CCCIL's operations have been included in the Company's consolidated financial statements since August 29, 2006. CCCIL is included in the Bottling Investments operating segment. In...

  • Page 140
    ... following operating segments: Eurasia and Africa; Europe; Latin America; North America; Pacific; Bottling Investments; and Corporate. Prior-period amounts have been reclassified to conform to the new operating structure described above. Segment Products and Services The business of our Company is...

  • Page 141
    ... FINANCIAL STATEMENTS NOTE 21: OPERATING SEGMENTS (Continued) Information about our Company's operations by operating segment for the years ended December 31, 2008, 2007 and 2006, is as follows (in millions): Eurasia & Africa Europe Latin America North America Pacific Bottling Investments Corporate...

  • Page 142
    ...income taxes was increased by approximately $298 million for Corporate as a result of net gains on the sale of Coca-Cola FEMSA shares and the sale of a portion of our investment in Coca-Cola Icecek in an initial public offering. Refer to Note 19. Geographic Data (in millions) Year Ended December 31...

  • Page 143
    ... policies or procedures may deteriorate. The Audit Committee of our Company's Board of Directors, composed solely of Directors who are independent in accordance with the requirements of the New York Stock Exchange listing standards, the Exchange Act and the Company's Corporate Governance Guidelines...

  • Page 144
    ... Public Accounting Firm Board of Directors and Shareowners The Coca-Cola Company We have audited the accompanying consolidated balance sheets of The Coca-Cola Company and subsidiaries as of December 31, 2008 and 2007, and the related consolidated statements of income, shareowners' equity, and cash...

  • Page 145
    ... Board (United States), the consolidated balance sheets of The Coca-Cola Company and subsidiaries as of December 31, 2008 and 2007, and the related consolidated statements of income, shareowners' equity, and cash flows for each of the three years in the period ended December 31, 2008, and our report...

  • Page 146
    ... for Corporate, primarily due to restructuring costs and asset write-downs. Refer to Note 18 and Note 19. • Equity income (loss)-net was increased by approximately $5 million for Bottling Investments due to our proportionate share of one-time adjustments recorded by our equity method investees...

  • Page 147
    ... for Bottling Investments, primarily due to our proportionate share of restructuring charges recorded by our equity method investees. Refer to Note 19. • Other income (loss)-net was increased by approximately $16 million for Corporate due to the sale of 49 percent of our interest in Coca-Cola...

  • Page 148
    ... to restructuring activities and asset write-downs in Eurasia and Africa, Europe, Latin America, North America, Bottling Investments and Corporate. Refer to Note 18 and Note 19. • An approximate $73 million net gain related to the sale of a portion of our ownership interest in Coca-Cola Amatil...

  • Page 149
    ...(b) of Regulation S-K is incorporated by reference to Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting, included in Part II, ''Item 8. Financial Statements and Supplementary Data'' of this report. There has been no change in the Company's internal...

  • Page 150
    ... and Board Committees'' under the principal heading ''ELECTION OF DIRECTORS'' in the Company's 2009 Proxy Statement is incorporated herein by reference. See Item X in Part I of this report for information regarding executive officers of the Company. The Company has adopted a code of business conduct...

  • Page 151
    ... Statements of Shareowners' Equity - Years ended December 31, 2008, 2007 and 2006. Notes to Consolidated Financial Statements. Report of Independent Registered Public Accounting Firm. Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting. 2. Financial...

  • Page 152
    ... Agreement and Plan of Merger by and among The Coca-Cola Company, Mustang Acquisition Company, LLP, Energy Brands Inc. d/b/a Glaceau, and the Stockholder Representatives identified therein, dated as of May 24, 2007 - incorporated herein by reference to Exhibit 2.1 to the Company's Current Report...

  • Page 153
    ...the year ended December 31, 2007.* 1989 Restricted Stock Award Plan of the Company, as amended through February 18, 2009 - incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed February 18, 2009.* Form of Restricted Stock Agreement (Performance Share Unit...

  • Page 154
    ... Share Unit Agreement) for France in connection with the 1989 Restricted Stock Award Plan of the Company, as adopted December 12, 2007 - incorporated herein by reference to Exhibit 10.6 of the Company's Current Report on Form 8-K filed February 21, 2008.* Compensation Deferral & Investment...

  • Page 155
    ... from the Compensation Committee to the Management Committee, adopted as of December 17, 2003 - incorporated herein by reference to Exhibit 10.26.2 of the Company's Annual Report on Form 10-K for the year ended December 31, 2003.* The Coca-Cola Export Corporation Employee Share Plan, effective as...

  • Page 156
    ... Services S.A.S. Defined Benefit Plan, dated September 25, 2006 - incorporated herein by reference to Exhibit 10.3 of the Company's Quarterly Report on Form 10-Q for the quarter ended September 29, 2006.* Share Purchase Agreement among Coca-Cola South Asia Holdings, Inc. and San Miguel Corporation...

  • Page 157
    ...-Competition by and among Mr. Zhu Xinli, China Huiyuan Juice Group Limited and Atlantic Industries dated August 31, 2008 - incorporated herein by reference to Exhibit 10.4 of the Company's Current Report on Form 8-K filed September 5, 2008. The Coca-Cola Export Corporation Overseas Retirement Plan...

  • Page 158
    ....2 32.1 Consent of Independent Registered Public Accounting Firm. Powers of Attorney of Officers and Directors signing this report. Rule 13a-14(a)/15d-14(a) Certification, executed by Muhtar Kent, President and Chief Executive Officer of The Coca-Cola Company. Rule 13a-14(a)/15d-14(a) Certification...

  • Page 159
    ...thereunto duly authorized. THE COCA-COLA COMPANY (Registrant) By: /s/ MUHTAR KENT MUHTAR KENT President and Chief Executive Officer Date: February 26, 2009 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the...

  • Page 160
    ... Director February 26, 2009 JACOB WALLENBERG Director February 26, 2009 * * DONALD F. MCHENRY Director February 26, 2009 JAMES B. WILLIAMS Director February 26, 2009 * * SAM NUNN Director February 26, 2009 *By: /s/ CAROL CROFOOT HAYES CAROL CROFOOT HAYES Attorney-in-fact February 26, 2009...

  • Page 161
    ....1 CERTIFICATIONS I, Muhtar Kent, President and Chief Executive Officer of The Coca-Cola Company, certify that: 1. 2. I have reviewed this annual report on Form 10-K of The Coca-Cola Company; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state...

  • Page 162
    ...I, Gary P. Fayard, Executive Vice President and Chief Financial Officer of The Coca-Cola Company, certify that: 1. 2. I have reviewed this annual report on Form 10-K of The Coca-Cola Company; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state...

  • Page 163
    ... of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ MUHTAR KENT Muhtar Kent President and Chief Executive Officer February 26, 2009 /s/ GARY P. FAYARD...

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