Coca Cola 2011 Annual Report Download - page 70

Purchases of Other Investments
In 2011, purchases of other investments were $787 million, primarily related to long-term investments made by the Company for
nonoperating activities. These investments are primarily classified as available-for-sale securities.
Proceeds from Disposals of Bottling Companies and Other Investments
In 2011, proceeds from disposals of bottling companies and other investments were $562 million. These proceeds were primarily
related to the sale of our investment in Embonor for $394 million. Refer to Note 2 of Notes to Consolidated Financial Statements
for additional information.
In 2010, proceeds from disposals of bottling companies and other investments were $972 million. These proceeds were primarily
related to the sale of our Norwegian and Swedish bottling operations to New CCE for $0.9 billion and the sale of 50 percent of
our investment in Le˜ ao Junior for $83 million. Refer to the heading ‘‘Operations Review — Structural Changes, Acquired Brands
and New License Agreements’’ above and Note 2 of Notes to Consolidated Financial Statements for additional information.
In 2009, proceeds from the disposal of bottling companies and other investments totaled $240 million, none of which was
individually significant.
Purchases of Property, Plant and Equipment — Net
Purchases of property, plant and equipment net of disposals for the years ended December 31, 2011, 2010 and 2009 were
$2,819 million, $2,081 million and $1,889 million, respectively. The increase in 2011 compared to 2010 and 2009 was primarily
attributable to the full year impact of our acquisition of CCE’s North American business during the fourth quarter of 2010. 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
expenditures for property, plant and equipment (including our investments in information technology) and the percentage of such
totals by operating segment were as follows (in millions):
Year Ended December 31, 2011 2010 2009
Capital expenditures $ 2,920 $ 2,215 $ 1,993
Eurasia & Africa 2.9% 2.7% 3.5%
Europe 1.3 1.5 3.4
Latin America 3.6 4.2 6.2
North America 46.7 32.1 23.0
Pacific 3.2 4.6 4.6
Bottling Investments 35.6 42.5 41.4
Corporate 6.7 12.4 17.9
We expect our annual 2012 capital expenditures to range between $3.0 billion and $3.2 billion as we continue to integrate CCE’s
North American business and make investments to further enhance our operational effectiveness.
Other Investing Activities
In 2011, other investing activities primarily related to the Company’s investments in joint ventures. None of these investments
were individually significant.
In 2010, other investing activities were primarily related to the deconsolidation of certain entities due to the Company’s adoption
of new accounting guidance issued by the FASB. Refer to the heading ‘‘Operations Review — Structural Changes, Acquired
Brands and New License Agreements’’ above and Note 1 of Notes to Consolidated Financial Statements for additional
information. The cash flow impact in other investing activities primarily represents the balance of cash and cash equivalents on the
deconsolidated entities’ balance sheets as of December 31, 2009.
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