Coca Cola 2008 Annual Report Download - page 34

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, 2008 20071200622005320043,4
(In millions except per share data)
SUMMARY OF OPERATIONS
Net operating revenues $ 31,944 $ 28,857 $ 24,088 $ 23,104 $ 21,742
Cost of goods sold 11,374 10,406 8,164 8,195 7,674
Gross profit 20,570 18,451 15,924 14,909 14,068
Selling, general and administrative expenses 11,774 10,945 9,431 8,739 7,890
Other operating charges 350 254 185 85 480
Operating income 8,446 7,252 6,308 6,085 5,698
Interest income 333 236 193 235 157
Interest expense 438 456 220 240 196
Equity income (loss) — net (874) 668 102 680 621
Other income (loss) — net (28) 173 195 (93) (82)
Gains on issuances of stock by equity investees —— — 23 24
Income before income taxes 7,439 7,873 6,578 6,690 6,222
Income taxes 1,632 1,892 1,498 1,818 1,375
Net income $ 5,807 $ 5,981 $ 5,080 $ 4,872 $ 4,847
Average shares outstanding 2,315 2,313 2,348 2,392 2,426
Average shares outstanding assuming dilution 2,336 2,331 2,350 2,393 2,429
PER SHARE DATA
Basic net income $ 2.51 $ 2.59 $ 2.16 $ 2.04 $ 2.00
Diluted net income 2.49 2.57 2.16 2.04 2.00
Cash dividends 1.52 1.36 1.24 1.12 1.00
Closing market price on December 31 45.27 61.37 48.25 40.31 41.64
TOTAL MARKET VALUE OF COMMON STOCK $ 104,683 $ 142,289 $ 111,857 $ 95,504 $ 100,325
BALANCE SHEET DATA
Cash, cash equivalents and current marketable securities $ 4,979 $ 4,308 $ 2,590 $ 4,767 $ 6,768
Property, plant and equipment — net 8,326 8,493 6,903 5,831 6,091
Depreciation 993 958 763 752 715
Capital expenditures 1,968 1,648 1,407 899 755
Total assets 40,519 43,269 29,963 29,427 31,441
Long-term debt 2,781 3,277 1,314 1,154 1,157
Shareowners’ equity 20,472 21,744 16,920 16,355 15,935
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 7,571 $ 7,150 $ 5,957 $ 6,423 $ 5,968
Certain prior year amounts have been reclassified to conform to the current year presentation.
1In 2007, we adopted FASB Interpretation No. 48, ‘‘Accounting for Uncertainty in Income Taxes’’ and recorded an approximate
$65 million increase in accrued income taxes in our consolidated balance sheet for unrecognized tax benefits, which was accounted for
as a cumulative effect adjustment to the January 1, 2007 balance of reinvested earnings.
2In 2006, we adopted Statement of Financial Accounting Standards (‘‘SFAS’’) No. 158, ‘‘Employers’ Accounting for Defined Benefit
Pension and Other Postretirement Plans—an amendment of FASB Statements No. 87, 88, 106, and 132(R).’’
3We adopted FASB Staff Position (‘‘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.
4We adopted Interpretation No. 46(R), ‘‘Consolidation of Variable Interest Entities,’’ effective April 2, 2004.
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