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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, 2010
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. 001-02217
(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 whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).
Yes No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) 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 July 2, 2010, the last
business day of the Registrant’s most recently completed second fiscal quarter, was $109,819,542,733 (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 22, 2011 was 2,294,316,831.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Company’s Proxy Statement for the Annual Meeting of Shareowners to be held on April 27, 2011, are
incorporated by reference in Part III.

Table of contents

  • Page 1
    ...) as of July 2, 2010, the last business day of the Registrant's most recently completed second fiscal quarter, was $109,819,542,733 (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...

  • Page 2
    ... of Equity Securities ...Selected Financial Data ...Management's Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures About Market Risk ...Financial Statements and Supplementary Data ...Changes in and Disagreements with Accountants on...

  • Page 3
    ... 1892. Acquisition of Coca-Cola Enterprises Inc.'s North American Business and Related Transactions On October 2, 2010, we acquired the North American business of Coca-Cola Enterprises Inc. (''CCE''), one of our major bottlers, consisting of CCE's production, sales and distribution operations in the...

  • Page 4
    ... cash. In addition, in connection with the acquisition of CCE's North American business, we granted to New CCE the right to acquire our majority interest in our German bottler at any time from 18 to 39 months after February 25, 2010, at the then current fair value and subject to terms and conditions...

  • Page 5
    ... noncarbonated waters, flavored waters and enhanced waters, noncarbonated energy drinks, juices and juice drinks, ready-to-drink teas and coffees and sports drinks; • ''Company Trademark Beverages'' means beverages bearing our trademarks and certain other beverage products bearing trademarks...

  • Page 6
    ...such as juices and juice drinks, energy and sports drinks, ready-to-drink teas and coffees, and certain water products, to retailers or to distributors, wholesalers and bottling partners who distribute them to retailers. In addition, in the United States, we manufacture fountain syrups and sell them...

  • Page 7
    ... business operated as a joint venture with Coca-Cola Hellenic Bottling Company S.A. Certain products sold under this brand are sparkling beverages. The Company manufactures, markets and sells Le˜ ao / Matte Le˜ ao teas in Brazil through a joint venture with our bottling partners. Sold in China...

  • Page 8
    ... beverages sold by, the Company to its bottling partners or other customers. Unit case volume and concentrate sales volume growth rates are not necessarily equal during any given period. Factors such as seasonality, bottlers' inventory practices, supply point changes, timing of price increases, new...

  • Page 9
    ... still beverages. Trademark Coca-Cola Beverages accounted for approximately 50 percent of non-U.S. unit case volume for 2010. In our concentrate operations, we typically sell concentrates and syrups to our bottling partners, who use the concentrate to manufacture finished products which they sell to...

  • Page 10
    ... quarterly based upon changes in certain sugar or sweetener prices, as applicable. In 2010, bottlers accounting for approximately 0.1 percent of total unit case volume in the United States operate under our oldest form of contract, which provides for a fixed price for Coca-Cola syrup used in bottles...

  • Page 11
    ... revenues and profits at the bottler level, which in turn generate increased concentrate sales for our Company's concentrate and syrup business. When this occurs, both we and our bottling partners benefit from long-term growth in volume, improved cash flows and increased shareowner value. In cases...

  • Page 12
    ... in some markets, against retailers that have developed their own store or private label beverage brands. Competitive factors impacting our business include, but are not limited to, pricing, advertising, sales promotion programs, product innovation, increased efficiency in production techniques, the...

  • Page 13
    ...products. Governmental Regulation Our Company is required to comply, and it is our policy to comply, with applicable laws in the numerous countries throughout the world in which we do business. In many jurisdictions, compliance with competition laws is of special importance to us, and our operations...

  • Page 14
    ...total number of associates in 2010 was primarily due to the impact of our acquisition of CCE's North American business, partially offset by the sale of our Norwegian and Swedish bottling operations to New CCE and the deconsolidation of certain entities due to the Company's adoption of new accounting...

  • Page 15
    ... rapidly changing environment, our share of sales, volume growth and overall financial results could be negatively affected. If we fail to realize a significant portion of the anticipated benefits of the acquisition of CCE's North American business, the value of your investment in our Company may...

  • Page 16
    ... increased as a result of the acquisition of CCE's North American business and we may incur multi-employer plan withdrawal liabilities in the future, which could negatively impact our financial performance. Our total pension expense for 2010 was $176 million. In 2011, we expect our total pension...

  • Page 17
    ...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 uncertain global credit market conditions and their actual or perceived effects on our and our major bottling partners' results of operations and financial...

  • Page 18
    ...equity method, and our operating results include our proportionate share of such bottling partners' income or loss. Our bottling partners' financial condition is affected in large part by conditions and events that are beyond our and their control, including competitive and general market conditions...

  • Page 19
    ... could affect our profitability. CCR, our North America bottling and customer service organization, and our Company-owned or controlled bottlers operate a large fleet of trucks and other motor vehicles to distribute and deliver beverage products to customers. In addition, we use a significant amount...

  • Page 20
    ...shortage of ingredients or packaging materials has increased as a result of our acquisition of CCE's North American business. Changes in laws and regulations relating to beverage containers and packaging could increase our costs and reduce demand for our products. We and our bottlers currently offer...

  • Page 21
    ... in other major markets could reduce the Coca-Cola system's profitability and could negatively affect our financial performance. Unfavorable economic and political conditions in international markets could hurt our business. We derive a significant portion of our net operating revenues from sales of...

  • Page 22
    ... or processes or a cessation of operations at our or our bottling partners' facilities, as well as damage to our and the Coca-Cola system's image and reputation, all of which could harm our and the Coca-Cola system's profitability. Changes in accounting standards could affect our reported financial...

  • Page 23
    ... in the expected useful life of an intangible asset and a change in disposal strategy related to a building that is no longer occupied, and charges of approximately $27 million to other income (loss) - net due to an other-than-temporary decline in the fair value of a cost method investment; and in...

  • Page 24
    ... accounting rules bottling operations that, as of December 31, 2010, owned 98 principal beverage bottling and canning plants located throughout the world. These plants are included in the Bottling Investments operating segment. Management believes that our Company's facilities for the production...

  • Page 25
    ... the members of the Board of Directors of CCE. These lawsuits were subsequently consolidated into one action styled In Re The Coca-Cola Company Shareholder Litigation (Civil Action No. 2010cv182035). On May 17, 2010, the consolidated action was transferred to the Business Case Division of the Fulton...

  • Page 26
    ...future costs for certain product 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...

  • Page 27
    ... insurers are responsible for Aqua-Chem's asbestos liabilities before any obligation is triggered on the part of the cross-claimant insurers to pay for such costs under their policies. Aqua-Chem and the Company filed and obtained a partial summary judgment determination in the coverage action that...

  • Page 28
    ... Europe Group until July 2008 and then as President of the North America Business Unit of CCE from July 2008 until October 2010. Mr. Cahillane was appointed to his current position effective October 2, 2010. Alexander B. Cummings, Jr., 54, is Executive Vice President and Chief Administrative Officer...

  • Page 29
    ... Executive Officer of Efes Beverage Group, a large publicly held beverage company, which is also the majority shareholder of Coca-Cola Icecek A.S., currently the sixth largest bottler in the Coca-Cola system. Mr. Kent rejoined the Company in May 2005 as President and Chief Operating Officer, North...

  • Page 30
    ... he was the Executive Vice President for Global Marketing, Products and Services for MasterCard International. Previously, Mr. Tripodi spent seven years with the Mobil Oil Corporation in roles of increasing responsibility in planning, marketing, business development and operations in New York, Paris...

  • Page 31
    ..., he was President of the Coca-Cola National Beverages Ltd., a national supply management Company subsidiary that managed the Company's Japan supply business. In 2006, Mr. Wollaert returned to Atlanta as Vice President, Global Supply Chain Development, and from January 2008 until December 2010, he...

  • Page 32
    ... 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 market prices per share for the Company's common stock, as reported...

  • Page 33
    ... stock of the Company made during the three months ended December 31, 2010, by the Company or any ''affiliated purchaser'' of the Company as defined in Rule 10b-18(a)(3) under the Exchange Act. Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs2 Maximum Number of Shares...

  • Page 34
    ...were included in the groups last year. There were no companies added to the groups this year. The calculation of total return for Coca-Cola Enterprises, Inc. (New CCE) prior to October 2, 2010 was adjusted to reflect the Company's acquisition of CCE's North American business and related transactions...

  • Page 35
    ...(In millions except per share data) 20101 2009 2008 20072 2006 SUMMARY OF OPERATIONS Net operating revenues Net income attributable to shareowners of The Coca-Cola Company PER SHARE DATA Basic net income Diluted net income Cash dividends BALANCE SHEET DATA Total assets Long-term debt 1 $ 35,119 11...

  • Page 36
    ... in our Bottling Investments operating segment. Our finished products operations generate net operating revenues by selling sparkling beverages and a variety of still beverages, such as juices and juice drinks, energy and sports drinks, ready-to-drink teas and coffees, and certain water products, to...

  • Page 37
    ... the North American market. The creation of a unified operating system will strategically position us to better market and distribute our nonalcoholic beverage brands in North America. Under the terms of the merger agreement, the Company acquired the 67 percent of CCE's North American business that...

  • Page 38
    ... cash. In addition, in connection with the acquisition of CCE's North American business, we granted to New CCE the right to acquire our majority interest in our German bottler at any time from 18 to 39 months after February 25, 2010, at the then current fair value and subject to terms and conditions...

  • Page 39
    ... message based on the current economic environment. Commercial Leadership The Coca-Cola system has millions of customers around the world who sell or serve our products directly to consumers. We focus on enhancing value for our customers and providing solutions to grow their beverage businesses. Our...

  • Page 40
    ... resources; help focus the bottler's sales and marketing programs; assist in the development of the bottler's business and information systems; and establish an appropriate capital structure for the bottler. As a Company we have a long history of providing world-class customer service, demonstrating...

  • Page 41
    ..., if management uses different assumptions or if different conditions occur, impairment charges may result. We use the equity method to account for investments in companies if our investment provides us with the ability to exercise significant influence over operating and financial policies of the...

  • Page 42
    ... to measure many financial instruments and certain other items at fair value, with the change in fair value being included in the determination of net income. The Company has currently chosen not to elect the fair value option; and therefore, we only measure assets and liabilities at fair value if...

  • Page 43
    ... income statements, and our investment in these entities was reported as equity method investments in our consolidated balance sheets. Refer to the heading ''Structural Changes and New License Agreements'' for additional information. Purchase Accounting for Acquisitions The Company adopted new...

  • Page 44
    ...): Carrying Value Percentage of Total Assets December 31, 2010 Equity method investments Securities classified as available-for-sale Securities classified as trading Cost method investments Securities classified as held-to-maturity Total * Accounts for less than 1 percent of the Company's total...

  • Page 45
    ..., since they are carried at fair value with the change in fair value 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...

  • Page 46
    ... closing prices of publicly traded shares, and our Company's cost basis in publicly traded bottlers accounted for as equity method investments (in millions): December 31, 2010 Fair Value Carrying Value Difference Coca-Cola FEMSA, S.A.B. de C.V. Coca-Cola Amatil Limited Coca-Cola Hellenic Bottling...

  • Page 47
    ...that the carrying value of definite-lived 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...

  • Page 48
    ... rates used in our analyses may increase or decrease based on market conditions and trends, regardless of whether our Company's actual cost of capital has changed. Therefore, if the cost of capital and/or discount rates change, our Company may recognize an impairment of an intangible asset or assets...

  • Page 49
    ..., 2010, the carrying value of our accounts receivable from our bottling partner in Venezuela and intangible assets associated with products sold in Venezuela was approximately $135 million. The revenues and cash flows associated with concentrate sales to our bottling partner in Venezuela in 2011 are...

  • Page 50
    ..., to improve returns and manage risk. The weighted-average expected long-term rate of return used to calculate our net periodic benefit cost was 8.0 percent in both 2010 and 2009. In 2010, the Company's total pension expense was $176 million. In 2011, we expect our total pension expense to be...

  • Page 51
    ... tax rates used to determine deferred tax assets or liabilities are the enacted tax rates in effect for the year and manner in which the differences are expected to reverse. Based on the evaluation of all available information, the Company recognizes future tax benefits, such as net operating loss...

  • Page 52
    ...and syrups (in all cases expressed in equivalent unit cases) sold by, or used in finished products sold by, the Company to its bottling partners or other customers. Refer to the heading ''Beverage Volume,'' below. Our Bottling Investments segment and our other finished products operations, including...

  • Page 53
    ... for all sales of Company beverage products regardless of our ownership interest in the bottling partner, if any. However, our Bottling Investments operating segment is generally impacted by structural changes because it only includes the unit case volume of consolidated bottlers. The Company sells...

  • Page 54
    ...net operating revenues, but lower gross profit margins and operating margins for the North America operating segment and our consolidated operating results. Prior to the acquisition of CCE's North American business, the Company reported unit case volume for the sale of Company beverage products sold...

  • Page 55
    ...our North America operating segment was negatively impacted by $235 million, primarily due to the elimination of gross profit in inventory on intercompany sales and an inventory fair value adjustment as a result of the acquisition. Refer to the headings ''Gross Profit Margin'' and ''Operating Income...

  • Page 56
    ... beverages sold by, the Company to its bottling partners or other customers. Unit case volume and concentrate sales volume growth rates are not necessarily equal during any given period. Factors such as seasonality, bottlers' inventory practices, supply point changes, timing of price increases, new...

  • Page 57
    ... was impacted by adverse weather conditions. The group's unit case volume growth also included 5 percent growth in our South Latin Business Unit. All of the aforementioned markets benefited from our strong FIFA World Cup↩ activation programs. Unit case volume in North America increased 2 percent...

  • Page 58
    growth in 2010. The group's strong marketing initiatives, including our FIFA World Cup↩ activation programs, contributed to the unit case volume growth in North America. The volume and net operating revenues attributable to the sale of DPS brands have been included as a structural change in our ...

  • Page 59
    ... rates for individual operating segments in 2010 and 2009 were primarily due to the timing of concentrate shipments and the impact of unit case volume from certain joint ventures in which the Company has an equity interest, but to which the Company does not sell concentrates, syrups, beverage bases...

  • Page 60
    Analysis of Consolidated Statements of Income Year Ended December 31, (In millions except percentages and per share data) 2010 2009 2008 Percent Change 2010 vs. 2009 2009 vs. 2008 NET OPERATING REVENUES Cost of goods sold GROSS PROFIT GROSS PROFIT MARGIN Selling, general and administrative expenses...

  • Page 61
    ... the increase (decrease) in net operating revenues by operating segment: Percent Change 2010 vs. 2009 Structural changes Price, product & Volume2 Other geographic mix Volume1 Currency fluctuations Total Consolidated Eurasia & Africa Europe Latin America North America Pacific Bottling Investments...

  • Page 62
    ..., which had an unfavorable impact on the Europe and Bottling Investments operating segments. Refer to the heading ''Liquidity, Capital Resources and Financial Position - Foreign Exchange.'' Year Ended December 31, 2009, versus Year Ended December 31, 2008 Net operating revenues decreased by $954...

  • Page 63
    ... rates are impacted by sales volume, structural changes, price and product/geographic mix, and foreign currency fluctuations. In 2010, the percentage of the Company's net operating revenues contributed by our North America operating segment increased by 5.3 percent, primarily due to our acquisition...

  • Page 64
    ... higher net operating revenues but lower gross profit margins compared to concentrate and syrup operations. Bottling operations sold in 2008 included Remil and a portion of our ownership interest in Coca-Cola Pakistan, which resulted in its deconsolidation. Refer to the heading ''Other Income (Loss...

  • Page 65
    ...Financial Statements. The increase in advertising expenses reflected the Company's continued investment in our brands and building market execution capabilities. The increase in bottling and distribution expenses was primarily related to the impact of our acquisition of CCE's North American business...

  • Page 66
    ... development and design of our future operating framework. These charges impacted the North America and Corporate operating segments. Our acquisition of CCE's North American business closed on October 2, 2010. Refer to Note 2 of Notes to Consolidated Financial Statements. We believe this acquisition...

  • Page 67
    ... achieve our $500 million target in annualized savings by the end of 2011. Refer to Note 18 of Notes to Consolidated Financial Statements for additional information related to the Company's ongoing productivity initiatives. In 2009, the Company incurred other operating charges of $313 million, which...

  • Page 68
    ... an unfavorable impact on the Europe and Bottling Investments operating segments. Refer to the heading ''Liquidity, Capital Resources and Financial Position - Foreign Exchange.'' • In 2010, operating income was favorably impacted by fluctuations in foreign currency exchange rates by approximately...

  • Page 69
    .... Price and product mix also favorably impacted Latin America's operating income and operating margin during the year. • In 2010, the operating margin for the North America operating segment was unfavorably impacted by the Company's acquisition of CCE's North American business. Generally, bottling...

  • Page 70
    ... programs and point-of-sale marketing. Many of these strategies are recorded as deductions from revenues instead of marketing expenses. Refer to the heading ''Net Operating Revenues,'' above. • In 2009, lower commodity prices favorably impacted North America's operating margin. • In 2009, the...

  • Page 71
    ... of CCE's North American business. As a result of this transaction, the Company stopped recording equity income related to CCE beginning October 2, 2010. Refer to the heading ''Structural Changes, Acquired Brands and New License Agreements,'' above. The Company's adoption of new accounting guidance...

  • Page 72
    ...our equity investment in CCE to fair value upon the close of our acquisition of CCE's North American business and a $597 million gain related to the sale of all of our ownership interests in our Norwegian and Swedish bottling operations to New CCE. Refer to the heading ''Structural Changes, Acquired...

  • Page 73
    ... Financial Statements); • an approximate 35 percent combined effective tax rate on the elimination of gross profit in inventory on intercompany sales and an inventory fair value adjustment as a result of our acquisition of CCE's North American business (refer to the heading ''Gross Profit Margin...

  • Page 74
    ... of available-for-sale securities, contract termination fees, productivity initiatives and asset impairments recorded by the Company (refer to Note 17 of Notes to Consolidated Financial Statements); • an approximate 23 percent combined effective tax rate on our proportionate share of asset...

  • Page 75
    ... our overall cost of capital and increase our return on shareowners' equity. Refer to the heading ''Cash Flows from Financing Activities,'' below. Our debt financing includes the use of an extensive commercial paper program as part of our overall cash management strategy. The Company reviews its...

  • Page 76
    ...the heading ''Net Operating Revenues,'' above. Also, in 2009, cash flows from operating activities included the receipt of a $183 million special dividend from Coca-Cola Hellenic. The Company contributed approximately $77 million to our pension plans during the year ended December 31, 2010, compared...

  • Page 77
    ... of short-term debt issued as part of our commercial paper program. Refer to the heading ''Cash Flows from Financing Activities,'' below. These time deposits are classified in the line item short-term investments in our consolidated balance sheets. Acquisitions and Investments In 2010, the Company...

  • Page 78
    ... the acquisition of CCE's North American business. Refer to the heading ''Operations Review - Structural Changes, Acquired Brands and New License Agreements.'' Generally, bottling and finished products operations are more capital intensive compared to concentrate and syrup operations. Total capital...

  • Page 79
    ... 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 variable-rate...

  • Page 80
    ... a favorable interest rate environment on longer-term commercial paper. As a result, the Company also began investing in longer-term time deposits that have maturities of greater than three months. Refer to the heading ''Cash Flows from Investing Activities.'' The issuances of debt in 2008 included...

  • Page 81
    ... operating activities. These backup lines of credit expire at various times from 2011 through 2012. These credit facilities are subject to normal banking terms and conditions. Some of the financial arrangements require compensating balances, none of which is presently significant to our Company...

  • Page 82
    ...marketing obligations with cash flows from operating activities. 2 3 4 5 6 The total accrued benefit liability for pension and other postretirement benefit plans recognized as of December 31, 2010, was approximately $2,563 million. Refer to Note 13 of Notes to Consolidated Financial Statements...

  • Page 83
    ...currency management program is designed to mitigate, over time, a portion of the impact of exchange rate changes on our net income and earnings per share. The total currency impact on operating income, including the effect of our hedging activities, was an increase of approximately 3 percent in 2010...

  • Page 84
    ... of the remeasurement of these assets and liabilities are partially offset by the impact of our economic hedging program for certain exposures on our consolidated balance sheets. Refer to Note 5 of Notes to Consolidated Financial Statements. Foreign currency exchange gains and losses are included...

  • Page 85
    ... balance sheet (in millions): December 31, 2010 2009 Change Cash and cash equivalents Short-term investments Marketable securities Trade accounts receivable - net Inventories Prepaid expenses and other assets Equity method investments Other investments, principally bottling companies Other assets...

  • Page 86
    ...'s North American business. Refer to Note 2 of Notes to Consolidated Financial Statements. Impact of Inflation and Changing Prices Inflation affects the way we operate in many markets around the world. In general, we believe that, over time, we are able to increase prices to counteract the majority...

  • Page 87
    ... systems. In prior years, the Company primarily used the value at risk methodology for its quantitative and qualitative disclosures about market risk. However, with the Company's acquisition of CCE's North American business in 2010, and the related changes to our consolidated balance sheet...

  • Page 88
    ... are effective economic hedges that help the Company mitigate the price risk associated with the purchases of materials used in our manufacturing processes and the fuel used to operate our extensive vehicle fleet. Open commodity derivatives that qualify for hedge accounting had a notional value of...

  • Page 89
    ... Consolidated Statements of Income ...Consolidated Balance Sheets ...Consolidated Statements of Cash Flows ...Consolidated Statements of Shareowners' Equity ...Notes to Consolidated Financial Statements ...Report of Management ...Report of Independent Registered Public Accounting Firm ...Report of...

  • Page 90
    THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME Year Ended December 31, (In millions except per share data) 2010 2009 2008 NET OPERATING REVENUES Cost of goods sold GROSS PROFIT Selling, general and administrative expenses Other operating charges OPERATING INCOME Interest ...

  • Page 91
    THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, (In millions except par value) 2010 2009 ASSETS CURRENT ASSETS Cash and cash equivalents Short-term investments TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Marketable securities Trade accounts receivable, ...

  • Page 92
    THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, (In millions) 2010 2009 2008 OPERATING ACTIVITIES Consolidated net income Depreciation and amortization Stock-based compensation expense Deferred income taxes Equity (income) loss - net of dividends...

  • Page 93
    ... stock plans Stock-based compensation Balance at end of year REINVESTED EARNINGS Balance at beginning of year Cumulative effect of the adoption of new accounting guidance for pension and other postretirement plans Net income attributable to shareowners of The Coca-Cola Company Dividends (per share...

  • Page 94
    ... or licensed to us account for approximately 1.7 billion. On October 2, 2010, we acquired the North American business of Coca-Cola Enterprises Inc. (''CCE''), one of our major bottlers, consisting of CCE's production, sales and distribution operations in the United States, Canada, the British Virgin...

  • Page 95
    ..., if management uses different assumptions or if different conditions occur, impairment charges may result. We use the equity method to account for investments in companies, if our investment provides us with the ability to exercise significant influence over operating and financial policies of the...

  • Page 96
    ...increased competition; an inability to expand operations in developing and emerging markets; fluctuations in foreign currency exchange rates; interest rate increases; an inability to maintain good relationships with our bottling partners; a deterioration in our bottling partners' financial condition...

  • Page 97
    ... certain marketing activities intended to generate profitable volume and/or invest in infrastructure programs with our bottlers that are directed at strengthening our bottling system and increasing unit case volume. The Company also makes advance payments to certain customers for distribution rights...

  • Page 98
    ... of income. The carrying value of our equity investments is reported in equity method investments in our consolidated balance sheets. Refer to Note 6. We account for investments in companies that we do not control or account for under the equity method either at fair value or under the cost method...

  • Page 99
    ... from sales of our products in international markets. Refer to Note 19. 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 Hellenic Bottling Company S.A. (''Coca-Cola...

  • Page 100
    ...that the carrying value of definite-lived 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...

  • Page 101
    ... governmental actions. Management assesses the probability of loss for such contingencies and accrues a liability and/or discloses the relevant circumstances, as appropriate. Refer to Note 11. Stock-Based Compensation Our Company currently sponsors stock option plans and restricted stock award plans...

  • Page 102
    ... accounted for approximately 2 percent of our consolidated cash and cash equivalents balance. In addition to the foreign currency exchange exposure related to our Venezuelan subsidiary's net assets, we also sell concentrate to our bottling partner in Venezuela from outside the country. These sales...

  • Page 103
    ... intangible assets associated with products sold in Venezuela was approximately $135 million. The revenues and cash flows associated with concentrate sales to our bottling partner in Venezuela in 2011 are not anticipated to be significant to the Company's consolidated financial statements. Recently...

  • Page 104
    ... During 2010, cash payments related to the Company's acquisition and investment activities totaled $2,511 million. These payments were primarily related to the Company's acquisition of CCE's North American business and the acquisition of certain distribution rights from Dr Pepper Snapple Group, Inc...

  • Page 105
    ... impact the total purchase price. However, any adjustments resulting from the finalization of working capital amounts are not expected to be significant. Under the terms of the merger agreement, the Company replaced share-based payment awards for certain current and former employees of CCE's North...

  • Page 106
    ... purchase price by major class of assets and liabilities as of October 2, 2010 (in millions): Cash and cash equivalents Marketable securities Trade accounts receivable1 Inventories Other current assets Property, plant and equipment Bottlers' franchise rights with indefinite lives2 Other intangible...

  • Page 107
    ... fair value and subject to terms and conditions as mutually agreed. In 2010, the Company incurred $81 million of transaction costs in connection with our acquisition of CCE's North American business and the sale of our ownership interests in our Norwegian and Swedish bottling operations to New CCE...

  • Page 108
    ...'s net revenues. Divestitures In 2010, proceeds from the disposal of bottling companies and other investments totaled $972 million, primarily related to the sale of all of our ownership interests in our Norwegian and Swedish bottling operations to New CCE for approximately $0.9 billion in cash on...

  • Page 109
    ... of deferred taxes, on available-for-sale securities are included in our consolidated balance sheets as a component of AOCI. Our investments in debt securities are carried at either amortized cost or fair value. Investments in debt securities that the Company has the positive intent and ability to...

  • Page 110
    ... balance sheets (in millions): December 31, 2010 AvailableHeld-tofor-Sale Maturity Securities Securities December 31, 2009 AvailableHeld-tofor-Sale Maturity Securities Securities Cash and cash equivalents Marketable securities Other investments, principally bottling companies Other assets...

  • Page 111
    ... positive or negative returns on an underlying asset or liability to a specific range, or to protect expected future cash flows. To do this, an investor simultaneously buys a put option and sells (writes) a call option. A swap agreement is a contract between two parties to exchange cash flows based...

  • Page 112
    ... the fair values of the Company's derivative instruments that were designated and qualified as part of a hedging relationship (in millions): Derivatives Designated as Hedging Instruments Fair Value1,2 December 31, December 31, 2010 2009 Balance Sheet Location1 Assets Foreign currency contracts...

  • Page 113
    ... Strategy The Company uses cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates, commodity prices or interest rates. The changes in the fair values of derivatives designated as cash...

  • Page 114
    ... following table presents the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on AOCI and earnings during the year ended December 31, 2010 and 2009 (in millions): Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Gain (Loss) Recognized...

  • Page 115
    ...rate swaps Fixed-rate debt Total Interest expense Interest expense $ (97) 102 $ 5 Hedges of Net Investments in Foreign Operations Strategy The Company uses forward contracts to protect the value of our investments in a number of foreign subsidiaries. For derivative instruments that are designated...

  • Page 116
    ... of our acquisition of CCE's North American business. The Company uses these types of derivatives as economic hedges to mitigate the price risk associated with the purchases of materials used in the manufacturing process and for vehicle fuel. The changes in fair values of these economic hedges are...

  • Page 117
    ... New CCE. Refer to Note 2 for additional information related to this acquisition. We accounted for our investment in CCE under the equity method of accounting until our acquisition of CCE's North American business was completed on October 2, 2010. Therefore, our consolidated net income for the year...

  • Page 118
    ... our Company to major customers and purchases of bottle and can products. Marketing payments made by us directly to CCE represent support of certain marketing activities and our participation with CCE in cooperative advertising and other marketing activities to promote the sale of Company trademark...

  • Page 119
    ... 31, 2010, quoted closing prices of shares actively traded on stock markets, the value of our equity method investments in publicly traded bottlers would have exceeded our carrying value by approximately $6.8 billion. Net Receivables and Dividends from Equity Method Investees Total net receivables...

  • Page 120
    ... increase in 2010 was primarily related to the reacquisition of CCE's rights to distribute Trademark Coca-Cola Beverages in the United States and certain distribution rights acquired from DPS. The impact of these items was partially offset by the sale of our Norwegian and Swedish bottling operations...

  • Page 121
    ... carrying value of our goodwill by operating segment (in millions): Eurasia & Africa Europe Latin America North America Pacific Bottling Investments Total 2009 Balance as of January 1 Effect of foreign currency translation Acquisitions Adjustments related to the finalization of purchase accounting...

  • Page 122
    ... times from 2011 through 2012. These credit facilities are subject to normal banking terms and conditions. Some of the financial arrangements require compensating balances, none of which is presently significant to our Company. Long-Term Debt In connection with the Company's acquisition of CCE...

  • Page 123
    ... total principal amount of notes due March 15, 2019, at a fixed interest rate of 4.875 percent. The Company's long-term debt consisted of the following (in millions, except average rate data): December 31, 2010 Average Amount Rate1 December 31, 2009 Average Amount Rate1 U.S. dollar notes due 2011...

  • Page 124
    ... insurers of Aqua-Chem. In that case, five plaintiff insurance companies filed a declaratory judgment action against Aqua-Chem, the Company and 16 defendant insurance companies seeking a determination of the parties' rights and liabilities under policies issued by the insurers and reimbursement for...

  • Page 125
    ... leases with initial or remaining lease terms in excess of one year as of December 31, 2010 (in millions): Years ending December 31, Operating Lease Payments 2011 2012 2013 2014 2015 Thereafter Total minimum operating lease payments1 1 $ 205 185 143 101 78 253 $ 965 Income associated with...

  • Page 126
    ...future stock-based compensation awards. As a result of our acquisition of CCE's North American business, the Company assumed certain stock-based compensation plans previously sponsored by CCE. Shares from these plans remain available for future grant to current employees who were employees of CCE or...

  • Page 127
    ... Plan and The Coca-Cola Company 1983 Restricted Stock Award Plan (the ''Restricted Stock Award Plans''), 40 million and 24 million shares of restricted common stock, respectively, were originally available to be granted to certain officers and key employees of our Company. As of December 31, 2010...

  • Page 128
    ... basis over the balance of the vesting period. Performance share units under The Coca-Cola Company 1989 Restricted Stock Award Plan require achievement of certain financial measures, primarily compound annual growth in earnings per share or economic profit. These financial measures are adjusted for...

  • Page 129
    ... by the Company in connection with our acquisition of CCE's North American business are not included in the tables or discussions above and were originally granted under the Coca-Cola Enterprises Inc. 2007 Incentive Award Plan. Refer to Note 2. These awards were converted into equivalent share units...

  • Page 130
    ... financial statements. In 2010, the Company issued time-based restricted stock unit replacement awards in connection with our acquisition of CCE's North American business. Refer to Note 2. These awards were converted into equivalent shares of the Company's common stock. These restricted share awards...

  • Page 131
    ... of other benefit plans during 2010 and 2009 included $31 million and $4 million, respectively, that were paid from Company assets. Related to the acquisition of CCE's North American business. Refer to Note 2. Primarily related to the sale of our Norwegian bottling operation to New CCE. Refer to...

  • Page 132
    ..., employees may receive credits based on age, service, pay and interest under the new method. The primary pension plan acquired by the Company in connection with our acquisition of CCE's North American business is expected to transition to a cash balance formula in 2011. Certain of our pension plans...

  • Page 133
    ...allocation will be significantly different from our current investment strategies. Our investment strategies are described below. The Company utilizes the services of investment managers to actively manage the pension assets of our primary U.S. plans. We have established asset allocation targets and...

  • Page 134
    ... invested in liquid assets due to the level of expected future benefit payments. The following table presents total assets for our other postretirement benefit plans (in millions): December 31, 2010 2009 Cash and cash equivalents Equity securities: U.S.-based companies International-based companies...

  • Page 135
    ...53⁄4% N/A Certain weighted-average assumptions used in computing net periodic benefit cost are as follows: December 31, Pension Benefits 2010 2009 2008 2010 Other Benefits 2009 2008 Discount rate Rate of increase in compensation levels Expected long-term rate of return on plan assets 53⁄4% 33...

  • Page 136
    ... the 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. Cash Flows Our estimated future benefit payments...

  • Page 137
    ... our equity investment in CCE to fair value upon our acquisition of CCE's North American business. Refer to Note 2. The decrease in 2008 was primarily attributable to impairment charges recorded by CCE during 2008, of which our Company's proportionate share was approximately $1.6 billion. 2 Income...

  • Page 138
    ... in CCE to fair value upon our acquisition of CCE's North American business. The tax benefit reflects the impact of reversing deferred tax liabilities associated with our equity investment in CCE prior to the acquisition. Refer to Note 2. 4 Includes an approximate 37 percent effective tax rate on...

  • Page 139
    ... be received in different tax jurisdictions in the event that the Company did not prevail on all uncertain tax positions. A reconciliation of the changes in the gross balance of unrecognized tax benefit amounts is as follows (in millions): Year Ended December 31, 2010 2009 2008 Beginning balance of...

  • Page 140
    ...December 31, 2010 2009 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...

  • Page 141
    ... acquisition of CCE's North American business. In addition, the Company also recognized an increase in the valuation allowance due to the carryforward of expenses disallowed in the current year and changes to deferred tax assets and a related valuation allowance on certain equity method investments...

  • Page 142
    ... on available-for-sale securities Adjustment to pension and other benefit liabilities Accumulated other comprehensive income (loss) $ (805) (198) 167 (614) $ 130 (78) 65 (874) $ (757) $ (1,450) OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity...

  • Page 143
    ...our investments in trading and available-for-sale securities were primarily determined using quoted market prices from daily exchange traded markets. The fair values of these instruments were based on the closing price as of the balance sheet date and were classified as Level 1. Derivative Financial...

  • Page 144
    ... assets and liabilities measured at fair value on a recurring basis (in millions): December 31, 2010 Netting Level 3 Adjustment1 Level 1 Level 2 Fair Value Measurements Assets Trading securities Available-for-sale securities Derivatives2 Total assets Liabilities Derivatives2 Total liabilities...

  • Page 145
    ... for Pension and Other Postretirement Benefit Plans The fair value hierarchy discussed above is not only applicable to assets and liabilities that are included in our consolidated balance sheets, but is also applied to certain other assets that indirectly impact our consolidated financial statements...

  • Page 146
    ... benefit cost, as well as amounts recognized in our consolidated balance sheets. Refer to Note 13. The Company uses the fair value hierarchy to measure the fair value of assets held by our various pension and other postretirement plans. Pension Plan Assets The following table summarizes the level...

  • Page 147
    ... used to determine the fair value of our other postretirement benefit plan assets as of December 31, 2010 and 2009 (in millions): December 31, 2010 Level 1 Level 2 Level 31 Total December 31, 2009 Level 1 Level 2 Level 31 Total Cash and cash equivalents Equity securities: U.S.-based companies...

  • Page 148
    ... financial market conditions as of the measurement date that caused (1) a dramatic increase in market debt rates, which impacted the capital charge, and (2) a significant decline in the funded status of CCE's defined benefit pension plans. In addition, the market price of CCE's common stock declined...

  • Page 149
    ... balance, as of the disposal date. Subsequent to the sale of a portion of our interest in Coca-Cola Pakistan, the Company owns a noncontrolling interest and accounts for our remaining investment under the equity method. These gains impacted the Bottling Investments and Corporate operating segments...

  • Page 150
    ... with the management of our existing foodservice business, Minute Maid and Odwalla juice businesses, North America supply chain operations and Company-owned bottling operations in Philadelphia, Pennsylvania, into a unified bottling and customer service organization called Coca-Cola Refreshments, or...

  • Page 151
    ... expenses related to these integration initiatives and the changes in the accrued amounts since the commencement of the plan (in millions): Severance pay and benefits Outside services1 Other direct costs Total 2010 Costs incurred Payments Noncash and exchange Accrued balance as of December 31...

  • Page 152
    ...2010, our North America operating segment began to derive the majority of its net operating revenues from the sale of finished beverages. Refer to Note 2. Generally, bottling and finished products operations produce higher net revenues but lower gross profit margins compared to concentrate and syrup...

  • Page 153
    ... represented approximately 9 percent of total consolidated net operating revenues in 2010, 10 percent in 2009 and 9 percent in 2008. Principally cash and cash equivalents, trade accounts receivable, inventories, goodwill, trademarks and other intangible assets and property, plant and equipment - net...

  • Page 154
    ... due to the Company's productivity, integration and restructuring initiatives, charitable donations, transaction costs incurred in connection with our acquisition of CCE's North American business and the sale of our Norwegian and Swedish bottling operations to New CCE and other charges related...

  • Page 155
    ...was increased by approximately $119 million for Bottling Investments and Corporate, primarily due to the gain on the sale of Remil and the sale of 49 percent of our interest in Coca-Cola Pakistan. Refer to Note 17. NOTE 20: NET CHANGE IN OPERATING ASSETS AND LIABILITIES Net cash provided by (used in...

  • Page 156
    ... public accounting firm, are appointed by the Audit Committee of the Company's Board of Directors, subject to ratification by our Company's shareowners. Ernst & Young LLP has audited and reported on the consolidated financial statements of The Coca-Cola Company and subsidiaries and the Company...

  • Page 157
    ... have free access to the Audit Committee. Our Audit Committee's Report can be found in the Company's 2011 Proxy Statement. 25FEB200913564291 Muhtar Kent Chairman of the Board of Directors, Chief Executive Officer and President February 28, 2011 22FEB201023414934 Kathy N. Waller Vice President and...

  • Page 158
    Report of Independent Registered 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, 2010 and 2009, and the related consolidated statements of income,...

  • Page 159
    ... balance sheets of The Coca-Cola Company and subsidiaries as of December 31, 2010 and 2009, and the related consolidated statements of income, shareowners' equity, and cash flows for each of the three years in the period ended December 31, 2010, and our report dated February 28, 2011 expressed...

  • Page 160
    ... per share data) Second Quarter Third Quarter Fourth Quarter1 Full Year1 2010 Net operating revenues Gross profit Net income attributable to shareowners of The Coca-Cola Company Basic net income per share Diluted net income per share 2009 Net operating revenues Gross profit Net income attributable...

  • Page 161
    ... in connection with our acquisition of CCE's North American business. Refer to Note 17. • Charge of $11 million for Bottling Investments, primarily attributable to the Company's proportionate share of restructuring charges recorded by equity method investees. Refer to Note 17. • Benefit of...

  • Page 162
    ... a result of restructuring costs, an asset impairment and productivity initiatives. Refer to Note 17 and Note 18. • Charge of $10 million for Bottling Investments, primarily attributable to our proportionate share of restructuring costs recorded by certain of our equity method investees. Refer to...

  • Page 163
    ... to restructuring costs and the Company's ongoing productivity initiatives. Refer to Note 17 and Note 18. • Charge of $18 million for Bottling Investments, primarily attributable to the Company's proportionate share of restructuring charges recorded by certain of our equity method investees. Refer...

  • Page 164
    ... public accounting firm on our internal control over financial reporting are set forth in Part II, ''Item 8. Financial Statements and Supplementary Data'' in this report. During 2010, the Company acquired the North American operations of Coca-Cola Enterprises Inc. (subsequently renamed Coca-Cola...

  • Page 165
    ... executive officer, principal financial officer and controller) and employees, known as the Code of Business Conduct. In addition, the Company has adopted a Code of Business Conduct for Non-Employee Directors. Both Codes of Business Conduct are available on the Company's website. In the event...

  • Page 166
    ... following documents are filed as part of this report: 1. Financial Statements: Consolidated Statements of Income - Years ended December 31, 2010, 2009 and 2008. Consolidated Balance Sheets - December 31, 2010 and 2009. Consolidated Statements of Cash Flows - Years ended December 31, 2010, 2009 and...

  • Page 167
    ... Report on Form 8-K filed on March 3, 2010. Share Purchase Agreement, dated as of March 20, 2010, by and among The Coca-Cola Company, Bottling Holdings (Luxembourg) s.a.r.l., Coca-Cola Enterprises Inc. and International CCE, Inc. Exhibit I Exhibit II Form of Corporate Name Letter Form of Bottler...

  • Page 168
    ... 4.4 to the Company's Current Report on Form 8-K filed November 18, 2010. Supplemental Disability Plan of the Company, as amended and restated effective January 1, 2003 - incorporated herein by reference to Exhibit 10.2 of the Company's Annual Report on Form 10-K for the year ended December 31...

  • Page 169
    ... herein by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed April 19, 2005.* Form of Restricted Stock Agreement (Performance Share Unit Agreement) in connection with the 1989 Restricted Stock Award Plan of the Company, effective as of December 2005 - incorporated herein by...

  • Page 170
    ... Share Unit Agreement) for France in connection with The Coca-Cola Company 1989 Restricted Stock Award Plan, as adopted February 17, 2010 - incorporated herein by reference to Exhibit 10.3 of the Company's Current Report on Form 8-K filed on February 18, 2010.* Compensation Deferral & Investment...

  • Page 171
    ... 8-K filed on December 19, 2007.* The Coca-Cola Company Compensation and Deferred Compensation Plan for Non-Employee Directors, effective January 1, 2009 - incorporated herein by reference to Exhibit 10.8 of the Company's Quarterly Report on Form 10-Q for the quarter ended April 3, 2009.* Long-Term...

  • Page 172
    ..., San Miguel Beverages (L) Pte Limited and San Miguel Holdings Limited in connection with the Company's purchase of Coca-Cola Bottlers Philippines, Inc., dated December 23, 2006 - incorporated herein by reference to Exhibit 99.1 of the Company's Current Report on Form 8-K filed on December 29...

  • Page 173
    ...Cola Company and Dr Pepper Seven-Up, Inc. - incorporated herein by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on June 7, 2010. Five-Year Credit Agreement, dated as of August 3, 2007, among Coca-Cola Enterprises, Coca-Cola Enterprises (Canada) Bottling Finance Company...

  • Page 174
    ... and Investment Plan (Amended and Restated Effective January 1, 2010), dated November 3, 2010.* Coca-Cola Refreshments Executive Pension Plan, dated December 13, 2010 (Amended and Restated Effective January 1, 2011).* Summary Plan Description for Coca-Cola Refreshments USA, Inc. Executive Long-Term...

  • Page 175
    ... financial information from The Coca-Cola Company's Annual Report on Form 10-K for the year ended December 31, 2010, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Cash Flows...

  • Page 176
    ..., thereunto duly authorized. THE COCA-COLA COMPANY (Registrant) By: /s/ MUHTAR KENT Muhtar Kent Chairman of the Board of Directors, Chief Executive Officer and President Date: February 28, 2011 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by...

  • Page 177
    ... Director February 28, 2011 * Donald F. McHenry Director February 28, 2011 * Sam Nunn Director February 28, 2011 * James D. Robinson III Director February 28, 2011 James B. Williams Director February 28, 2011 Jacob Wallenberg Director February 28, 2011 Peter V. Ueberroth Director February 28, 2011...

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  • Page 179
    ... Kent, Chairman of the Board of Directors, Chief Executive Officer and President 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...

  • Page 180
    ... CERTIFICATIONS 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...

  • Page 181
    ... the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ MUHTAR KENT Muhtar Kent Chairman of the Board of Directors, Chief Executive Officer and President February 28, 2011 /s/ GARY P. FAYARD Gary P. Fayard Executive Vice President...

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