Coca Cola 2008 Annual Report Download - page 89

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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 measurement of a tax position taken or expected to be taken in a tax return.
Interpretation No. 48 also provides guidance on derecognition, classification, interest and penalties, accounting
in interim periods, disclosure and transition. For our Company, Interpretation No. 48 was effective January 1,
2007. As a result of the adoption of Interpretation No. 48, we 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. Refer to Note 17.
As previously discussed, our Company adopted SFAS No. 123(R) related to share based payments effective
January 1, 2006. Refer to Note 15.
NOTE 2: INVENTORIES
Inventories consisted of the following (in millions):
December 31, 2008 2007
Raw materials and packaging $ 1,191 $ 1,199
Finished goods 706 789
Other 290 232
Inventories $ 2,187 $ 2,220
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