Coca Cola 2010 Annual Report Download - page 117
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NOTE 6: EQUITY METHOD INVESTMENTS
Our consolidated net income includes our Company’s proportionate share of the net income or loss of our equity
method investees. When we record our proportionate share of net income, it increases equity income (loss) — net in
our consolidated statements of income and our carrying value in that investment. Conversely, when we record our
proportionate share of a net loss, it decreases equity income (loss) — net in our consolidated statements of income and
our carrying value in that investment. The Company’s proportionate share of the net income or loss of our equity
method investees includes significant operating and nonoperating items recorded by our equity method investees. These
items can have a significant impact on the amount of equity income (loss) — net in our consolidated statements of
income and our carrying value in those investments. Refer to Note 17 for additional information related to significant
operating and nonoperating items recorded by our equity method investees. The carrying values of our equity method
investments are also impacted by our proportionate share of items impacting the equity investee’s AOCI.
We eliminate from our financial results all significant intercompany transactions, including the intercompany portion of
transactions with equity method investees.
Coca-Cola Enterprises Inc.
On October 2, 2010, we completed our acquisition of CCE’s North American business and relinquished our indirect
ownership interest in CCE’s European operations. As a result of this transaction, the Company does not own any
interest in 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 ended
December 31, 2010, included equity income from CCE during the first nine months of 2010. The Company owned
33 percent of the outstanding common stock of CCE immediately prior to the acquisition. The following table provides
summarized financial information for CCE for the nine months ended October 1, 2010, and for the years ended
December 31, 2009 and 2008 (in millions):
Year Ended December 31,
Nine Months Ended
October 1, 2010 2009 2008
Net operating revenues $ 16,464 $ 21,645 $ 21,807
Cost of goods sold 10,028 13,333 13,763
Gross profit $ 6,436 $ 8,312 $ 8,044
Operating income (loss) $ 1,369 $ 1,527 $ (6,299)
Net income (loss) $ 677 $ 731 $ (4,394)
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