Coca Cola 2014 Annual Report Download - page 142

Download and view the complete annual report

Please find page 142 of the 2014 Coca Cola annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

140
• Net charge of $6 million for Bottling Investments due to the Company’s proportionate share of unusual or infrequent items
recorded by certain of our equity method investees. Refer to Note 17.
• Net tax charge of $26 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 third quarter of 2014, the Company recorded the following transactions which impacted results:
• Charges of $1 million for Eurasia and Africa, $2 million for Europe, $59 million for North America, $2 million for Asia Pacific,
$34 million for Bottling Investments and $20 million for Corporate due to the Company’s productivity and reinvestment
program as well as other restructuring initiatives. Refer to Note 17 and Note 18.
• Charge of $7 million for Bottling Investments as a result of the restructuring and transition of the Company’s Russian juice
operations to an existing joint venture with an unconsolidated bottling partner. Refer to Note 17.
• Charge of $270 million for North America primarily due to the refranchising of certain territories. Refer to Note 2 and Note 17.
• Net charge of $8 million for Bottling Investments due to the Company’s proportionate share of unusual or infrequent items
recorded by certain of our equity method investees. Refer to Note 17.
• Net tax benefit of $29 million related to prior year audit settlements and amounts required to be recorded for changes to our
uncertain tax positions, including interest and penalties. Refer to Note 14.
The Company’s fourth quarter 2014 results were impacted by one additional shipping day compared to the fourth quarter of 2013.
Furthermore, the Company recorded the following transactions which impacted results:
• Charges of $25 million for Eurasia and Africa, $109 million for Europe, $20 million for Latin America, $89 million for North
America, $26 million for Asia Pacific, $69 million for Bottling Investments and $70 million for Corporate due to charges related
to the Company’s productivity and reinvestment program as well as other restructuring initiatives. Refer to Note 17 and
Note 18.
• Charge of $10 million for Bottling Investments as a result of the restructuring and transition of the Company’s Russian juice
operations to an existing joint venture with an unconsolidated bottling partner. Refer to Note 17.
• Charge of $389 million for North America due to the refranchising of certain territories. Refer to Note 2 and Note 17.
• Charge of $164 million for Corporate due to the remeasurement of the net monetary assets of our local Venezuelan subsidiary
into U.S. dollars using the SICAD 2 exchange rate, and for the impairment of a Venezuelan trademark. Refer to Note 1 and
Note 17.
• Charge of $275 million for Latin America due to the write-down of concentrate sales receivables from our bottling partner in
Venezuela. Refer to Note 1 and Note 17.
• Benefit of $46 million for Bottling Investments due to the elimination of intercompany profits resulting from a write-down the
Company recorded on the concentrate sales receivables from our bottling partner in Venezuela, an equity method investee.
Refer to Note 17.
• Charge of $32 million for Corporate as a result of a Brazilian bottling entity’s majority interest owners exercising their option to
acquire from us an additional equity interest at an exercise price less than that of our carrying value. Refer to Note 17.
• Net tax charge of $5 million related to amounts required to be recorded for changes to our uncertain tax positions, including
interest and penalties. Refer to Note 14.
The Company’s first quarter 2013 results were impacted by two fewer shipping days compared to the first quarter of 2012.
Furthermore, the Company recorded the following transactions which impacted results:
• Charges of $2 million for Eurasia and Africa, $82 million for North America, $8 million for Asia Pacific, $21 million for Bottling
Investments and $10 million for Corporate due to the Company’s productivity and reinvestment program as well as other
restructuring initiatives. Refer to Note 17 and Note 18.
• Charges of $9 million for Bottling Investments and $140 million for Corporate due to the devaluation of the Venezuelan
bolivar, including our proportionate share of the charge incurred by an equity method investee that has operations in
Venezuela. Refer to Note 1 and Note 17.