Coca Cola 2011 Annual Report Download - page 148

Quarterly Data (Unaudited)
First Second Third Fourth
Quarter Quarter Quarter Quarter Full Year
(In millions except per share data)
2011
Net operating revenues $ 10,517 $ 12,737 $ 12,248 $ 11,040 $ 46,542
Gross profit 6,568 7,748 7,373 6,637 28,326
Net income attributable to shareowners of The Coca-Cola Company 1,900 2,797 2,221 1,654 8,572
Basic net income per share $ 0.83 $ 1.22 $ 0.97 $ 0.73 $ 3.75
Diluted net income per share $ 0.82 $ 1.20 $ 0.95 $ 0.72 $ 3.69
2010
Net operating revenues $ 7,525 $ 8,674 $ 8,426 $ 10,4941$ 35,1191
Gross profit 4,984 5,719 5,508 6,215122,4261
Net income attributable to shareowners of The Coca-Cola Company 1,614 2,369 2,055 5,771111,8091
Basic net income per share $ 0.70 $ 1.03 $ 0.89 $ 2.501$ 5.121
Diluted net income per share $ 0.69 $ 1.02 $ 0.88 $ 2.461$ 5.061,2
1Amounts include the impacts of our acquisition of CCE’s North American business and the sale of our Norwegian and Swedish bottling operations
to New CCE. Refer to Note 2.
2The sum of the quarterly diluted net income per share amounts does not agree to the full year diluted net income per share. We calculate net
income per share based on the weighted-average number of outstanding shares during the reporting period. The average number of shares fluctuates
throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
Our reporting period ends on the Friday closest to the last day of the quarterly calendar period. Our fiscal year ends on
December 31 regardless of the day of the week on which December 31 falls.
The Company’s first quarter 2011 results were impacted by one less shipping day compared to the first quarter of 2010.
Furthermore, the Company recorded the following transactions which impacted results:
• Charges of $1 million for Eurasia and Africa, $1 million for Europe, $111 million for North America, $1 million for Pacific,
$21 million for Bottling Investments and $27 million for Corporate due to the Company’s ongoing productivity, integration
and restructuring initiatives. Refer to Note 17 and Note 18.
• Gain of $102 million for Corporate due to the sale of our investment in Embonor, a bottling partner with operations
primarily in Chile. Prior to this transaction, the Company accounted for our investment in Embonor under the equity
method of accounting. Refer to Note 17.
• Charge of $79 million for Pacific associated with the earthquake and tsunami that devastated northern and eastern Japan
on March 11, 2011. This charge was primarily related to the Company’s charitable donations in support of relief and
rebuilding efforts in Japan and funds provided to certain bottling partners in the affected regions. Refer to Note 17.
• Charge of $19 million for North America due to the amortization of favorable supply contracts acquired in connection with
our acquisition of CCE’s North American business. Refer to Note 17.
• Charge of $4 million for Corporate related to premiums paid to repurchase certain long-term debt assumed in connection
with our acquisition of CCE’s North American business. Refer to Note 10.
• Charge of $4 million for Bottling Investments, primarily attributable to the Company’s proportionate share of restructuring
charges recorded by an equity method investee. Refer to Note 17.
• A net tax charge of $3 million related to amounts required to be recorded for changes to our uncertain tax positions,
including interest and penalties. Refer to Note 14.
In the second quarter of 2011, the Company recorded the following transactions which impacted results:
• Charges of $8 million for Eurasia and Africa, $2 million for Europe, $1 million for Latin America, $66 million for North
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