Coca Cola 2008 Annual Report Download - page 131
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THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 17: INCOME TAXES (Continued)
Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $14.1 billion as of
December 31, 2008. Those earnings are considered to be indefinitely reinvested and, accordingly, no U.S.
federal and state income taxes have been provided thereon. Upon distribution of those earnings in the form of
dividends or otherwise, the Company would be subject to both U.S. income taxes (subject to an adjustment for
foreign tax credits) and withholding taxes payable to the various foreign countries. Determination of the amount
of unrecognized deferred U.S. income tax liability is not practical because of the complexities associated with its
hypothetical calculation; however, unrecognized foreign tax credits would be available to reduce a portion of the
U.S. tax liability.
The tax effects of temporary differences and carryforwards that give rise to deferred tax assets and liabilities
consist of the following (in millions):
December 31, 2008 2007
Deferred tax assets:
Property, plant and equipment $33$45
Trademarks and other intangible assets 79 76
Equity method investments (including translation adjustment) 339 238
Other liabilities 447 845
Benefit plans 1,171 881
Net operating/capital loss carryforwards 494 554
Other 532 266
Gross deferred tax assets 3,095 2,905
Valuation allowances (569) (611)
Total deferred tax assets1,2 $ 2,526 $ 2,294
Deferred tax liabilities:
Property, plant and equipment $ (667) $ (670)
Trademarks and other intangible assets (1,974) (1,925)
Equity method investments (including translation adjustment) (267) (841)
Other liabilities (101) (90)
Benefit plans (17) (226)
Other (212) (157)
Total deferred tax liabilities3$ (3,238) $ (3,909)
Net deferred tax liabilities $ (712) $ (1,615)
1Noncurrent deferred tax assets of approximately $83 million and $66 million were included in the
consolidated balance sheets line item other assets at December 31, 2008 and 2007, respectively.
2Current deferred tax assets of approximately $119 million and $238 million were included in the
consolidated balance sheets line item prepaid expenses and other assets at December 31, 2008 and
2007, respectively.
3Current deferred tax liabilities of approximately $37 million and $29 million were included in the
consolidated balance sheets line item accounts payable and accrued expenses at December 31, 2008
and 2007, respectively.
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