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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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DELAWARE
(State or other jurisdiction of incorporation or organization)
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58-0628465
(IRS Employer Identification No.)
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One Coca-Cola Plaza
Atlanta, Georgia
(Address of principal executive offices)
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30313
(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock, $0.25 Par Value
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New York Stock Exchange
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Floating Rate Notes Due 2017
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New York Stock Exchange
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Floating Rate Notes Due 2019
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New York Stock Exchange
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1.125% Notes Due 2022
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New York Stock Exchange
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0.75% Notes Due 2023
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New York Stock Exchange
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1.875% Notes Due 2026
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New York Stock Exchange
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1.125% Notes Due 2027
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New York Stock Exchange
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1.625% Notes Due 2035
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New York Stock Exchange
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Large accelerated filer
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Accelerated filer
o
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Non-accelerated filer
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Smaller reporting company
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(Do not check if a smaller reporting company)
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Page
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Part I
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Part II
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Part III
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Part IV
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•
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Eurasia and Africa
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•
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Europe
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•
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Latin America
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•
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North America
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•
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Asia Pacific
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•
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Bottling Investments
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•
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Corporate
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•
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"concentrates" means flavoring ingredients and, depending on the product, sweeteners used to prepare syrups or finished beverages and includes powders for purified water products such as Dasani;
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•
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"syrups" means beverage ingredients produced by combining concentrates and, depending on the product, sweeteners and added water;
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•
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"fountain syrups" means syrups that are sold to fountain retailers, such as restaurants and convenience stores, which use dispensing equipment to mix the syrups with sparkling or still water at the time of purchase to produce finished beverages that are served in cups or glasses for immediate consumption;
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•
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"sparkling beverages" means nonalcoholic ready-to-drink beverages with carbonation, including carbonated energy drinks and carbonated waters and flavored waters;
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•
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"still beverages" means nonalcoholic beverages without carbonation, including noncarbonated waters, flavored waters and enhanced waters, noncarbonated energy drinks, juices and juice drinks, ready-to-drink teas and coffees, and sports drinks;
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•
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"Company Trademark Beverages" means beverages bearing our trademarks and certain other beverage products bearing trademarks licensed to us by third parties for which we provide marketing support and from the sale of which we derive economic benefit; and
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•
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"Trademark Coca-Cola Beverages" or "Trademark Coca-Cola" means beverages bearing the trademark Coca-Cola or any trademark that includes Coca-Cola or Coke (that is, Coca-Cola, Coca-Cola Life, Diet Coke and Coca-Cola Zero and all their variations and any line extensions, including Coca-Cola Light, caffeine free Diet Coke, Cherry Coke, etc.). Likewise, when we use the capitalized word "Trademark" together with the name of one of our other beverage products (such as "Trademark Fanta," "Trademark Sprite" or "Trademark Simply"), we mean beverages bearing the indicated trademark (that is, Fanta, Sprite or Simply, respectively) and all its variations and line extensions (such that "Trademark Fanta" includes Fanta Orange, Fanta Zero Orange, Fanta Apple, etc.; "Trademark Sprite" includes Sprite, Diet Sprite, Sprite Zero, Sprite Light, etc.; and "Trademark Simply" includes Simply Orange, Simply Apple, Simply Grapefruit, etc.).
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•
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beverage concentrates, sometimes referred to as "beverage bases," and syrups, including fountain syrups (we refer to this part of our business as our "concentrate business" or "concentrate operations"); and
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•
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finished sparkling and still beverages (we refer to this part of our business as our "finished product business" or "finished product operations").
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Coca-Cola
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Minute Maid
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Aquarius
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Bonaqua/Bonaqa
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Diet Coke/Coca-Cola Light
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Georgia
1
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Minute Maid Pulpy
4
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Gold Peak
6
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Coca-Cola Zero
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Powerade
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Dasani
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FUZE TEA
7
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Fanta
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Del Valle
2
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Simply
5
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Glacéau Smartwater
8
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Sprite
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Schweppes
3
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Glacéau Vitaminwater
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Ice Dew
9
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1
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Georgia is primarily a coffee brand sold mainly in Japan.
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2
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We manufacture, market and sell juices and juice drinks under the Del Valle trademark primarily in Mexico and Brazil through joint ventures with our bottling partners.
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3
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Schweppes is owned by the Company in certain countries other than the United States.
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4
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Minute Maid Pulpy is a juice drink brand sold primarily in Asia Pacific.
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5
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Simply is a juice and juice drink brand sold in North America.
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6
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Gold Peak is primarily a tea brand sold in North America.
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7
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FUZE TEA is a brand sold outside of North America.
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8
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Glacéau Smartwater is a vapor-distilled water with added electrolytes which is sold mainly in North America and Great Britain.
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9
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Ice Dew is a water brand sold in China.
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•
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We and certain of our bottlers distribute certain brands of Monster Beverage Corporation ("Monster"), primarily Monster Energy, in designated territories in the United States, Canada and other international territories pursuant to distribution coordination agreements between the Company and Monster and related distribution agreements between Monster and Company-owned or -controlled bottling operations, including CCR, and independent bottling and distribution partners.
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•
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We produce and/or distribute certain other third-party brands, including brands owned by Dr Pepper Snapple Group, Inc. ("DPSG"), which we produce and distribute in designated territories in the United States and Canada pursuant to license agreements with DPSG.
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We have a strategic partnership with Aujan Industries Company J.S.C. ("Aujan"), one of the largest independent beverage companies in the Middle East. We own 50 percent of the entity that holds the rights in certain territories to brands produced and distributed by Aujan, including Rani, a juice brand, and Barbican, a flavored malt beverage brand.
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•
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We have a joint venture with Nestlé S.A. ("Nestlé") named Beverage Partners Worldwide ("BPW") which markets and distributes Nestea products in Europe and Canada under agreements with our bottlers. The Nestea trademark is owned by Société des Produits Nestlé S.A.
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•
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Coca-Cola FEMSA, S.A.B. de C.V. ("Coca-Cola FEMSA"), which has bottling and distribution operations in a substantial portion of central Mexico, including Mexico City, and the southeast and northeast of Mexico, including the Gulf region; Guatemala City and the surrounding areas in Guatemala; Nicaragua (nationwide); Costa Rica (nationwide); Panama (nationwide); most of Colombia; Venezuela (nationwide); a major part of the states of São Paulo and Minas Gerais, the states of Paraná and Mato Grosso do Sul and part of the states of Rio de Janeiro and Goiás in Brazil; Buenos Aires and surrounding areas in Argentina; and the Philippines (nationwide);
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•
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Coca-Cola HBC AG ("Coca-Cola Hellenic"), which has bottling and distribution operations in Armenia, Austria, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Cyprus, the Czech Republic, Estonia, the Former Yugoslav Republic of Macedonia, Greece, Hungary, Italy, Latvia, Lithuania, Moldova, Montenegro, Nigeria, Northern Ireland, Poland, Republic of Ireland, Romania, Russia, Serbia, Slovakia, Slovenia, Switzerland and Ukraine;
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•
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Arca Continental, S.A.B. de C.V., which has bottling and distribution operations in northern and western Mexico, northern Argentina, Ecuador and Peru;
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Coca-Cola Enterprises, Inc. ("CCE"), which has bottling and distribution operations in Belgium, continental France, Great Britain, Luxembourg, Monaco, the Netherlands, Norway and Sweden; and
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Coca-Cola İçecek A.Ş., which has bottling and distribution operations in Turkey, Pakistan, Kazakhstan, Azerbaijan, Kyrgyzstan, Turkmenistan, Jordan, Iraq and Tajikistan and distribution operations in Syria.
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•
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below a "safe harbor" threshold that may be established;
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•
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naturally occurring;
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•
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the result of necessary cooking; or
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•
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subject to another applicable exemption.
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Period
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Total Number of
Shares Purchased
1
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Average
Price Paid
Per Share
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Total Number of
Shares Purchased
as Part of Publicly
Announced Plan
2
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Maximum Number of
Shares That May
Yet Be Purchased
Under the Publicly
Announced Plan
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October 3, 2015 through October 30, 2015
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6,247,561
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$
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42.50
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6,024,200
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268,168,951
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October 31, 2015 through November 27, 2015
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22,030,953
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42.28
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22,027,278
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246,141,673
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November 28, 2015 through December 31, 2015
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8,210,439
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42.95
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8,209,731
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237,931,942
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Total
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36,488,953
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$
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42.47
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36,261,209
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1
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The total number of shares purchased includes: (i) shares purchased pursuant to the 2012 Plan described in footnote 2 below, and (ii) shares surrendered to the Company to pay the exercise price and/or to satisfy tax withholding obligations in connection with so-called stock swap exercises of employee stock options and/or the vesting of restricted stock issued to employees, totaling 223,361 shares, 3,675 shares and 708 shares for the fiscal months of October, November and December 2015, respectively.
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2
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On October 18, 2012, the Company publicly announced that our Board of Directors had authorized a plan ("2012 Plan") for the Company to purchase up to 500 million shares of our Company's common stock. This column discloses the number of shares purchased pursuant to the 2012 Plan during the indicated time periods (including shares purchased pursuant to the terms of preset trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act).
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December 31,
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2010
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2011
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2012
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2013
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2014
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2015
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||||||
The Coca-Cola Company
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$
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100
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$
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109
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$
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117
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$
|
137
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$
|
144
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$
|
151
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Peer Group Index
|
100
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|
119
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|
131
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|
166
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|
191
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|
218
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||||||
S&P 500 Index
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100
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102
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|
118
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157
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178
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181
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•
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Our Business
— a general description of our business and the nonalcoholic beverage segment of the commercial beverage industry; our objective; our strategic priorities; our core capabilities; and challenges and risks of our business.
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•
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Critical Accounting Policies and Estimates
— a discussion of accounting policies that require critical judgments and estimates.
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•
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Operations Review
— an analysis of our Company's consolidated results of operations for the three years presented in our consolidated financial statements. Except to the extent that differences among our operating segments are material to an understanding of our business as a whole, we present the discussion on a consolidated basis.
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•
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Liquidity, Capital Resources and Financial Position
— an analysis of cash flows; off-balance sheet arrangements and aggregate contractual obligations; foreign exchange; the impact of inflation and changing prices; and an overview of financial position.
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•
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beverage concentrates, sometimes referred to as "beverage bases," and syrups, including fountain syrups (we refer to this part of our business as our "concentrate business" or "concentrate operations"); and
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•
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finished sparkling and still beverages (we refer to this part of our business as our "finished product business" or "finished product operations").
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Year Ended December 31,
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2015
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2014
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2013
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Concentrate operations
1
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37
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%
|
38
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%
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38
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%
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Finished product operations
2
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63
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|
62
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|
62
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Total
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100
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%
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100
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%
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100
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%
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1
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Includes concentrates sold by the Company to authorized bottling partners for the manufacture of fountain syrups. The bottlers then typically sell the fountain syrups to wholesalers or directly to fountain retailers.
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2
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Includes fountain syrups manufactured by the Company, including consolidated bottling operations, and sold to fountain retailers or to authorized fountain wholesalers or bottling partners who resell the fountain syrups to fountain retailers.
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Year Ended December 31,
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2015
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2014
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2013
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Concentrate operations
1
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73
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%
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73
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%
|
72
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%
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Finished product operations
2
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27
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|
27
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|
28
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Total
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100
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%
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100
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%
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100
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%
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1
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Includes unit case volume related to concentrates sold by the Company to authorized bottling partners for the manufacture of fountain syrups. The bottlers then typically sell the fountain syrups to wholesalers or directly to fountain retailers.
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2
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Includes unit case volume related to fountain syrups manufactured by the Company, including consolidated bottling operations, and sold to fountain retailers or to authorized fountain wholesalers or bottling partners who resell the fountain syrups to fountain retailers.
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•
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People: Being a great place to work where people are inspired to be the best they can be.
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•
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Portfolio: Bringing to the world a portfolio of beverage brands that anticipates and satisfies people's desires and needs.
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•
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Partners: Nurturing a winning network of partners and building mutual loyalty.
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•
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Planet: Being a responsible global citizen that makes a difference.
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•
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Profit: Maximizing return to shareowners while being mindful of our overall responsibilities.
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•
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Productivity: Managing our people, time and money for greatest effectiveness.
|
•
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offer reduced-, low- or no-calorie beverage options;
|
•
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provide transparent nutrition information, featuring calories on the front of all of our packages;
|
•
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provide our beverages in a range of packaging sizes; and
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•
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market responsibly, including no advertising to children under 12.
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•
|
Principles of Consolidation
|
•
|
Recoverability of Current and Noncurrent Assets
|
•
|
Pension Plan Valuations
|
•
|
Revenue Recognition
|
•
|
Income Taxes
|
December 31, 2015
|
Carrying
Value
|
|
|
Percentage
of Total
Assets
|
|
|
Equity method investments
|
$
|
12,318
|
|
|
14
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%
|
Securities classified as available-for-sale
|
8,606
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|
|
10
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|
|
Securities classified as trading
|
322
|
|
|
*
|
|
|
Cost method investments
|
190
|
|
|
*
|
|
|
Total
|
$
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21,436
|
|
|
24
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%
|
*
|
Accounts for less than 1 percent of the Company's total assets.
|
December 31, 2015
|
Fair
Value
|
|
|
Carrying
Value
|
|
|
Difference
|
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|||
Monster Beverage Corporation
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$
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5,071
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|
$
|
3,118
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|
|
$
|
1,953
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|
Coca-Cola FEMSA, S.A.B. de C.V.
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4,360
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|
|
1,853
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|
|
2,507
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|||
Coca-Cola HBC AG
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1,851
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|
|
1,105
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|
|
746
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|
|||
Coca-Cola Amatil Limited
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1,496
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|
|
685
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|
|
811
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|
|||
Coca-Cola İçecek A.Ş.
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653
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|
|
202
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|
|
451
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|
|||
Coca-Cola East Japan Co., Ltd.
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627
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|
|
448
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|
|
179
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|
|||
Coca-Cola Bottling Co. Consolidated
|
453
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|
|
104
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|
|
349
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|
|||
Embotelladora Andina S.A.
|
396
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|
|
275
|
|
|
121
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|
|||
Corporación Lindley S.A.
|
191
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|
|
83
|
|
|
108
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|
|||
Total
|
$
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15,098
|
|
|
$
|
7,873
|
|
|
$
|
7,225
|
|
December 31, 2015
|
Carrying
Value
|
|
|
Percentage
of Total
Assets
1
|
|
|
Goodwill
|
$
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11,289
|
|
|
13
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%
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Bottlers' franchise rights with indefinite lives
|
6,000
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|
|
7
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|
|
Trademarks with indefinite lives
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5,989
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|
|
7
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|
|
Definite-lived intangible assets, net
|
690
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|
|
1
|
|
|
Other intangible assets not subject to amortization
|
164
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|
|
*
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|
|
Total
|
$
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24,132
|
|
|
27
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%
|
*
|
Accounts for less than 1 percent of the Company's total assets.
|
1
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The total percentage does not add due to rounding.
|
|
Percent Change
|
|
||||||||||
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2015 vs. 2014
|
|
2014 vs. 2013
|
|
||||||||
Year Ended December 31,
|
Unit Cases
1,2
|
|
|
Concentrate
Sales
|
|
|
Unit Cases
1,2
|
|
|
Concentrate
Sales
|
|
|
Worldwide
|
2
|
%
|
|
2
|
%
|
3
|
2
|
%
|
|
2
|
%
|
4
|
Eurasia & Africa
|
3
|
%
|
|
2
|
%
|
|
4
|
%
|
|
3
|
%
|
|
Europe
|
2
|
|
|
2
|
|
|
(2
|
)
|
|
(2
|
)
|
|
Latin America
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
North America
|
1
|
|
|
2
|
|
3
|
—
|
|
|
(1
|
)
|
|
Asia Pacific
|
4
|
|
|
2
|
|
|
5
|
|
|
5
|
|
|
Bottling Investments
|
8
|
|
|
N/A
|
|
|
(2
|
)
|
|
N/A
|
|
|
1
|
Bottling Investments operating segment data reflects unit case volume growth for consolidated bottlers only.
|
2
|
Geographic segment data reflects unit case volume growth for all bottlers, both consolidated and unconsolidated, and distributors in the applicable geographic areas.
|
3
|
After considering the impact of structural changes, concentrate sales volume both worldwide and for North America for the year ended December 31, 2015 grew 1 percent.
|
4
|
After considering the impact of structural changes, worldwide concentrate sales volume for the year ended December 31, 2014 grew 1 percent.
|
|
|
|
|
|
|
|
Percent Change
|
||||||||||
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|
2015 vs. 2014
|
|
2014 vs. 2013
|
|||||
(In millions except percentages and per share data)
|
|
|
|
|
|
|
|
||||||||||
NET OPERATING REVENUES
|
$
|
44,294
|
|
|
$
|
45,998
|
|
|
$
|
46,854
|
|
|
(4
|
)%
|
|
(2
|
)%
|
Cost of goods sold
|
17,482
|
|
|
17,889
|
|
|
18,421
|
|
|
(2
|
)
|
|
(3
|
)
|
|||
GROSS PROFIT
|
26,812
|
|
|
28,109
|
|
|
28,433
|
|
|
(5
|
)
|
|
(1
|
)
|
|||
GROSS PROFIT MARGIN
|
60.5
|
%
|
|
61.1
|
%
|
|
60.7
|
%
|
|
|
|
|
|
||||
Selling, general and administrative expenses
|
16,427
|
|
|
17,218
|
|
|
17,310
|
|
|
(5
|
)
|
|
(1
|
)
|
|||
Other operating charges
|
1,657
|
|
|
1,183
|
|
|
895
|
|
|
40
|
|
|
32
|
|
|||
OPERATING INCOME
|
8,728
|
|
|
9,708
|
|
|
10,228
|
|
|
(10
|
)
|
|
(5
|
)
|
|||
OPERATING MARGIN
|
19.7
|
%
|
|
21.1
|
%
|
|
21.8
|
%
|
|
|
|
|
|
||||
Interest income
|
613
|
|
|
594
|
|
|
534
|
|
|
3
|
|
|
11
|
|
|||
Interest expense
|
856
|
|
|
483
|
|
|
463
|
|
|
77
|
|
|
4
|
|
|||
Equity income (loss) — net
|
489
|
|
|
769
|
|
|
602
|
|
|
(36
|
)
|
|
28
|
|
|||
Other income (loss) — net
|
631
|
|
|
(1,263
|
)
|
|
576
|
|
|
*
|
|
|
*
|
|
|||
INCOME BEFORE INCOME TAXES
|
9,605
|
|
|
9,325
|
|
|
11,477
|
|
|
3
|
|
|
(19
|
)
|
|||
Income taxes
|
2,239
|
|
|
2,201
|
|
|
2,851
|
|
|
2
|
|
|
(23
|
)
|
|||
Effective tax rate
|
23.3
|
%
|
|
23.6
|
%
|
|
24.8
|
%
|
|
|
|
|
|
|
|||
CONSOLIDATED NET INCOME
|
7,366
|
|
|
7,124
|
|
|
8,626
|
|
|
3
|
|
|
(17
|
)
|
|||
Less: Net income attributable to noncontrolling interests
|
15
|
|
|
26
|
|
|
42
|
|
|
(40
|
)
|
|
(38
|
)
|
|||
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF
THE COCA-COLA COMPANY
|
$
|
7,351
|
|
|
$
|
7,098
|
|
|
$
|
8,584
|
|
|
4
|
%
|
|
(17
|
)%
|
BASIC NET INCOME PER SHARE
1
|
$
|
1.69
|
|
|
$
|
1.62
|
|
|
$
|
1.94
|
|
|
4
|
%
|
|
(16
|
)%
|
DILUTED NET INCOME PER SHARE
1
|
$
|
1.67
|
|
|
$
|
1.60
|
|
|
$
|
1.90
|
|
|
5
|
%
|
|
(16
|
)%
|
*
|
Calculation is not meaningful.
|
1
|
Calculated based on net income attributable to shareowners of The Coca-Cola Company.
|
|
Percent Change 2015 vs. 2014
|
|||||||||||||
|
Volume
1
|
|
|
Acquisitions & Divestitures
|
|
|
Price, Product &
Geographic Mix
|
|
|
Currency
Fluctuations
|
|
|
Total
|
|
Consolidated
|
1
|
%
|
|
—
|
%
|
|
2
|
%
|
|
(7
|
)%
|
|
(4
|
)%
|
Eurasia & Africa
|
2
|
%
|
|
(1
|
)%
|
|
3
|
%
|
|
(14
|
)%
|
|
(10
|
)%
|
Europe
|
2
|
|
|
(1
|
)
|
|
1
|
|
|
(9
|
)
|
|
(7
|
)
|
Latin America
|
1
|
|
|
—
|
|
|
9
|
|
|
(23
|
)
|
|
(13
|
)
|
North America
|
1
|
|
|
(1
|
)
|
|
3
|
|
|
(1
|
)
|
|
2
|
|
Asia Pacific
|
2
|
|
|
—
|
|
|
(3
|
)
|
|
(8
|
)
|
|
(9
|
)
|
Bottling Investments
|
6
|
|
|
3
|
|
|
(3
|
)
|
|
(10
|
)
|
|
(4
|
)
|
Corporate
|
*
|
|
|
*
|
|
|
*
|
|
|
*
|
|
|
*
|
|
1
|
Represents the percent change in net operating revenues attributable to the increase (decrease) in concentrate sales volume for our geographic operating segments (expressed in equivalent unit cases) after considering the impact of structural changes. For our Bottling Investments operating segment, this represents the percent change in net operating revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes. Our Bottling Investments operating segment data reflects unit case volume growth for consolidated bottlers only. Refer to the heading "Beverage Volume" above.
|
•
|
Eurasia and Africa — favorable price mix in most of the segment's business units, partially offset by unfavorable geographic mix;
|
•
|
Latin America — favorable price mix in all four of the segment's business units and the impact of inflationary environments in certain markets;
|
•
|
North America — favorably impacted as a result of price increases and package mix;
|
•
|
Asia Pacific — unfavorable product and channel mix as well as unfavorable geographic mix; and
|
•
|
Bottling Investments — unfavorable price mix attributable to channel, product and package mix.
|
|
Percent Change 2014 vs. 2013
|
|||||||||||||
|
Volume
1
|
|
|
Acquisitions & Divestitures
|
|
|
Price, Product &
Geographic Mix
|
|
|
Currency
Fluctuations
|
|
|
Total
|
|
Consolidated
|
1
|
%
|
|
(2
|
)%
|
|
1
|
%
|
|
(2
|
)%
|
|
(2
|
)%
|
Eurasia & Africa
|
3
|
%
|
|
—
|
%
|
|
4
|
%
|
|
(8
|
)%
|
|
(1
|
)%
|
Europe
|
(2
|
)
|
|
—
|
|
|
4
|
|
|
2
|
|
|
4
|
|
Latin America
|
—
|
|
|
(4
|
)
|
|
8
|
|
|
(10
|
)
|
|
(6
|
)
|
North America
|
(1
|
)
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
Asia Pacific
|
5
|
|
|
1
|
|
|
(2
|
)
|
|
(6
|
)
|
|
(2
|
)
|
Bottling Investments
|
5
|
|
|
(9
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(8
|
)
|
Corporate
|
*
|
|
|
*
|
|
|
*
|
|
|
*
|
|
|
*
|
|
1
|
Represents the percent change in net operating revenues attributable to the increase (decrease) in concentrate sales volume for our geographic operating segments (expressed in equivalent unit cases) after considering the impact of structural changes. For our Bottling Investments operating segment, this represents the percent change in net operating revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes. Our Bottling Investments operating segment data reflects unit case volume growth for consolidated bottlers only. Refer to the heading "Beverage Volume" above.
|
•
|
Eurasia and Africa — favorable price mix in all of the segment's business units;
|
•
|
Europe — favorable impact as a result of consolidating the juice and smoothie business of Fresh Trading Ltd. ("innocent") in May 2013 and favorable price mix in all of the segment's business units;
|
•
|
Latin America — favorable price mix in all four of the segment's business units and the impact of inflationary environments in certain markets; and
|
•
|
Asia Pacific — unfavorable geographic mix.
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
Eurasia & Africa
|
5.5
|
%
|
|
5.9
|
%
|
|
5.9
|
%
|
Europe
|
10.3
|
|
|
10.5
|
|
|
9.9
|
|
Latin America
|
9.0
|
|
|
10.0
|
|
|
10.1
|
|
North America
|
49.2
|
|
|
46.7
|
|
|
46.1
|
|
Asia Pacific
|
10.6
|
|
|
11.4
|
|
|
11.5
|
|
Bottling Investments
|
15.1
|
|
|
15.2
|
|
|
16.2
|
|
Corporate
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
Total
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
Stock-based compensation expense
|
$
|
236
|
|
|
$
|
209
|
|
|
$
|
227
|
|
Advertising expenses
|
3,976
|
|
|
3,499
|
|
|
3,266
|
|
|||
Selling and distribution expenses
|
6,025
|
|
|
6,412
|
|
|
6,419
|
|
|||
Other operating expenses
|
6,190
|
|
|
7,098
|
|
|
7,398
|
|
|||
Selling, general and administrative expenses
|
$
|
16,427
|
|
|
$
|
17,218
|
|
|
$
|
17,310
|
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
Eurasia & Africa
|
$
|
16
|
|
|
$
|
26
|
|
|
$
|
2
|
|
Europe
|
(25
|
)
|
|
111
|
|
|
57
|
|
|||
Latin America
|
40
|
|
|
295
|
|
|
—
|
|
|||
North America
|
384
|
|
|
281
|
|
|
277
|
|
|||
Asia Pacific
|
3
|
|
|
38
|
|
|
47
|
|
|||
Bottling Investments
|
357
|
|
|
247
|
|
|
194
|
|
|||
Corporate
|
882
|
|
|
185
|
|
|
318
|
|
|||
Total
|
$
|
1,657
|
|
|
$
|
1,183
|
|
|
$
|
895
|
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
Eurasia & Africa
|
11.3
|
%
|
|
11.2
|
%
|
|
10.6
|
%
|
Europe
|
33.1
|
|
|
29.4
|
|
|
28.0
|
|
Latin America
|
24.9
|
|
|
23.8
|
|
|
28.4
|
|
North America
|
28.5
|
|
|
25.2
|
|
|
23.8
|
|
Asia Pacific
|
25.1
|
|
|
25.2
|
|
|
24.2
|
|
Bottling Investments
|
—
|
|
|
0.1
|
|
|
1.1
|
|
Corporate
|
(22.9
|
)
|
|
(14.9
|
)
|
|
(16.1
|
)
|
Total
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
Consolidated
|
19.7
|
%
|
|
21.1
|
%
|
|
21.8
|
%
|
Eurasia & Africa
|
40.7
|
%
|
|
39.7
|
%
|
|
39.3
|
%
|
Europe
|
63.6
|
|
|
58.9
|
|
|
61.5
|
|
Latin America
|
54.3
|
|
|
50.4
|
|
|
61.3
|
|
North America
|
11.4
|
|
|
11.4
|
|
|
11.3
|
|
Asia Pacific
|
46.5
|
|
|
46.6
|
|
|
46.1
|
|
Bottling Investments
|
—
|
|
|
0.1
|
|
|
1.5
|
|
Corporate
|
*
|
|
|
*
|
|
|
*
|
|
*
|
Calculation is not meaningful.
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|
Statutory U.S. federal tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
State and local income taxes — net of federal benefit
|
1.2
|
|
|
1.0
|
|
|
1.0
|
|
|
Earnings in jurisdictions taxed at rates different from the statutory U.S. federal tax rate
|
(12.7
|
)
|
1
|
(11.5
|
)
|
6,7
|
(10.3
|
)
|
10,11,12
|
Equity income or loss
|
(1.7
|
)
|
2
|
(2.2
|
)
|
|
(1.4
|
)
|
13
|
Other operating charges
|
1.2
|
|
3,4
|
2.9
|
|
8,9
|
1.2
|
|
14
|
Other — net
|
0.3
|
|
5
|
(1.6
|
)
|
|
(0.7
|
)
|
|
Effective tax rate
|
23.3
|
%
|
|
23.6
|
%
|
|
24.8
|
%
|
|
1
|
Includes a pretax charge of
$27 million
(or a
0.1 percent
impact on our effective tax rate) due to the remeasurement of the net monetary assets of our local Venezuelan subsidiary into U.S. dollars using the SIMADI exchange rate. Refer to Note 1 and Note 17 of Notes to Consolidated Financial Statements.
|
2
|
Includes a tax benefit of
$5 million
on a pretax charge of
$87 million
(or a
0.3 percent
impact on our effective tax rate) related to our proportionate share of unusual or infrequent items recorded by our equity method investees. Refer to Note 17 of Notes to Consolidated Financial Statements.
|
3
|
Includes a tax benefit of
$45 million
on a pretax charge of
$225 million
(or a
0.3 percent
impact on our effective tax rate) primarily due to an impairment of a Venezuelan trademark, a write-down of receivables from our bottling partner in Venezuela, a cash contribution to The Coca-Cola Foundation and charges associated with ongoing tax litigation. Refer to Note 1 and Note 17 of Notes to Consolidated Financial Statements.
|
4
|
Includes a tax benefit of
$259 million
on pretax charges of
$983 million
(or a
0.9 percent
impact on our effective tax rate) primarily related to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to Note 18 of Notes to Consolidated Financial Statements.
|
5
|
Includes tax expense of
$150 million
on pretax income of
$77 million
(or a
1.3 percent
impact on our effective rate) primarily due to the gain related to the Monster Transaction, offset by charges related to the refranchising of certain territories in North America and charges associated with the early extinguishment of long-term debt. Refer to Note 2 and Note 17 of Notes to Consolidated Financial Statements.
|
6
|
Includes tax expense of $
6 million
on a pretax net charge of $
372 million
(or a
1.5 percent
impact on our effective tax rate) due to the remeasurement of the net monetary assets of our local Venezuelan subsidiary into U.S. dollars using the SICAD 2 exchange rate. Refer to Note 1 of Notes to Consolidated Financial Statements.
|
7
|
Includes tax expense of
$18 million
(or a
0.2 percent
impact on our effective tax rate) related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions.
|
8
|
Includes tax expense of
$55 million
on a pretax charge of
$352 million
(or a
1.9 percent
impact on our effective tax rate) primarily due to an impairment of a Venezuelan trademark, a write-down on receivables from our bottling partner in Venezuela, a charge associated with certain of the Company's fixed assets, and 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 1 and Note 17 of Notes to Consolidated Financial Statements.
|
9
|
Includes a tax benefit of
$191 million
on pretax charges of
$809 million
(or a
1 percent
impact on our effective tax rate) primarily related to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to Note 18 of Notes to Consolidated Financial Statements.
|
10
|
Includes a tax benefit of
$26 million
(or a
0.2 percent
impact on our effective tax rate) related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions.
|
11
|
Includes tax expense of
$279 million
on pretax net gains of
$501 million
(or a
0.9 percent
impact on our effective tax rate) related to the deconsolidation of our Brazilian bottling operations upon their combination with an independent bottler and a loss due to the merger of four of the Company's Japanese bottling partners. Refer to Note 2 and
Note 17
of Notes to Consolidated Financial Statements.
|
12
|
Includes tax expense of
$3 million
(or a
0.5 percent
impact on our effective tax rate) related to a charge of
$149 million
due to the devaluation of the Venezuelan bolivar. Refer to Note 19 of Notes to Consolidated Financial Statements.
|
13
|
Includes a tax benefit of
$8 million
on a pretax charge of
$159 million
(or a
0.4 percent
impact on our effective tax rate) related to our proportionate share of unusual or infrequent items recorded by our equity method investees. Refer to Note 17 of Notes to Consolidated Financial Statements.
|
14
|
Includes a tax benefit of
$175 million
on pretax charges of
$877 million
(or a
1.2 percent
impact on our effective tax rate) primarily related to impairment charges recorded on certain of the Company's intangible assets and charges related to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to
Note 17
and
Note 18
of Notes to Consolidated Financial Statements.
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
Beginning balance of unrecognized tax benefits
|
$
|
211
|
|
|
$
|
230
|
|
|
$
|
302
|
|
Increase related to prior period tax positions
|
4
|
|
|
13
|
|
|
1
|
|
|||
Decrease related to prior period tax positions
|
(9
|
)
|
|
(2
|
)
|
|
(7
|
)
|
|||
Increase related to current period tax positions
|
5
|
|
|
11
|
|
|
8
|
|
|||
Decrease related to settlements with taxing authorities
|
(5
|
)
|
|
(5
|
)
|
|
(4
|
)
|
|||
Decrease due to lapse of the applicable statute of limitations
|
(23
|
)
|
|
(32
|
)
|
|
(59
|
)
|
|||
Increase (decrease) due to effect of foreign currency exchange rate changes
|
(15
|
)
|
|
(4
|
)
|
|
(11
|
)
|
|||
Ending balance of unrecognized tax benefits
|
$
|
168
|
|
|
$
|
211
|
|
|
$
|
230
|
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
Purchases of investments
|
$
|
(15,831
|
)
|
|
$
|
(17,800
|
)
|
|
$
|
(14,782
|
)
|
Proceeds from disposals of investments
|
14,079
|
|
|
12,986
|
|
|
12,791
|
|
|||
Acquisitions of businesses, equity method investments and nonmarketable securities
|
(2,491
|
)
|
|
(389
|
)
|
|
(353
|
)
|
|||
Proceeds from disposals of businesses, equity method investments and nonmarketable securities
|
565
|
|
|
148
|
|
|
872
|
|
|||
Purchases of property, plant and equipment
|
(2,553
|
)
|
|
(2,406
|
)
|
|
(2,550
|
)
|
|||
Proceeds from disposals of property, plant and equipment
|
85
|
|
|
223
|
|
|
111
|
|
|||
Other investing activities
|
(40
|
)
|
|
(268
|
)
|
|
(303
|
)
|
|||
Net cash provided by (used in) investing activities
|
$
|
(6,186
|
)
|
|
$
|
(7,506
|
)
|
|
$
|
(4,214
|
)
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
Capital expenditures
|
$
|
2,553
|
|
|
$
|
2,406
|
|
|
$
|
2,550
|
|
Eurasia & Africa
|
0.7
|
%
|
|
1.3
|
%
|
|
1.6
|
%
|
|||
Europe
|
1.4
|
|
|
2.2
|
|
|
1.3
|
|
|||
Latin America
|
2.7
|
|
|
2.3
|
|
|
2.5
|
|
|||
North America
|
52.5
|
|
|
53.7
|
|
|
53.9
|
|
|||
Asia Pacific
|
3.2
|
|
|
3.2
|
|
|
4.6
|
|
|||
Bottling Investments
|
28.8
|
|
|
26.1
|
|
|
25.2
|
|
|||
Corporate
|
10.7
|
|
|
11.2
|
|
|
10.9
|
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
Issuances of debt
|
$
|
40,434
|
|
|
$
|
41,674
|
|
|
$
|
43,425
|
|
Payments of debt
|
(37,738
|
)
|
|
(36,962
|
)
|
|
(38,714
|
)
|
|||
Issuances of stock
|
1,245
|
|
|
1,532
|
|
|
1,328
|
|
|||
Purchases of stock for treasury
|
(3,564
|
)
|
|
(4,162
|
)
|
|
(4,832
|
)
|
|||
Dividends
|
(5,741
|
)
|
|
(5,350
|
)
|
|
(4,969
|
)
|
|||
Other financing activities
|
251
|
|
|
(363
|
)
|
|
17
|
|
|||
Net cash provided by (used in) financing activities
|
$
|
(5,113
|
)
|
|
$
|
(3,631
|
)
|
|
$
|
(3,745
|
)
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
Number of shares repurchased (in millions)
|
86
|
|
|
98
|
|
|
121
|
|
|||
Average price per share
|
$
|
41.33
|
|
|
$
|
40.97
|
|
|
$
|
39.84
|
|
•
|
any obligation under certain guarantee contracts;
|
•
|
a retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement that serves as credit, liquidity or market risk support to that entity for such assets;
|
•
|
any obligation under certain derivative instruments; and
|
•
|
any obligation arising out of a material variable interest held by the registrant in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to the registrant, or engages in leasing, hedging or research and development services with the registrant.
|
|
Payments Due by Period
|
||||||||||||||||||
|
Total
|
|
|
2016
|
|
|
2017-2018
|
|
|
2019-2020
|
|
|
2021 and
Thereafter
|
|
|||||
Short-term loans and notes payable:
1
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial paper borrowings
|
$
|
13,035
|
|
|
$
|
13,035
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Lines of credit and other short-term borrowings
|
95
|
|
|
95
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Current maturities of long-term debt
2
|
2,679
|
|
|
2,679
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Long-term debt, net of current maturities
2
|
28,150
|
|
|
—
|
|
|
6,660
|
|
|
6,232
|
|
|
15,258
|
|
|||||
Estimated interest payments
3
|
6,011
|
|
|
553
|
|
|
1,022
|
|
|
899
|
|
|
3,537
|
|
|||||
Accrued income taxes
4
|
331
|
|
|
331
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchase obligations
5
|
16,365
|
|
|
9,812
|
|
|
1,303
|
|
|
840
|
|
|
4,410
|
|
|||||
Marketing obligations
6
|
4,260
|
|
|
2,302
|
|
|
914
|
|
|
546
|
|
|
498
|
|
|||||
Lease obligations
|
900
|
|
|
212
|
|
|
254
|
|
|
172
|
|
|
262
|
|
|||||
Held-for-sale obligations
7
|
838
|
|
|
675
|
|
|
87
|
|
|
40
|
|
|
36
|
|
|||||
Total contractual obligations
|
$
|
72,664
|
|
|
$
|
29,694
|
|
|
$
|
10,240
|
|
|
$
|
8,729
|
|
|
$
|
24,001
|
|
1
|
Refer to
Note 10
of Notes to Consolidated Financial Statements for information regarding short-term loans and notes payable. Upon payment of outstanding commercial paper, we typically issue new commercial paper. Lines of credit and other short-term borrowings are expected to fluctuate depending upon current liquidity needs, especially at international subsidiaries.
|
2
|
Refer to
Note 10
of Notes to Consolidated Financial Statements for information regarding long-term debt. We will consider several alternatives to settle this long-term debt, including the use of cash flows from operating activities, issuance of commercial paper or issuance of other long-term debt.
|
3
|
We calculated estimated interest payments for our long-term debt based on the applicable rates and payment dates. For our variable rate debt, we have assumed the December 31, 2015 rate for all years presented. We typically expect to settle such interest payments with cash flows from operating activities and/or short-term borrowings.
|
4
|
Refer to
Note 14
of Notes to Consolidated Financial Statements for information regarding income taxes. As of
December 31, 2015
, the noncurrent portion of our income tax liability, including accrued interest and penalties related to unrecognized tax benefits, was $267 million, which was not included in the total above. At this time, the settlement period for the noncurrent portion of our income tax liability cannot be determined. In addition, any payments related to unrecognized tax benefits would be partially offset by reductions in payments in other jurisdictions.
|
5
|
Purchase obligations include agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms, including long-term contractual obligations, open purchase orders, accounts payable and certain accrued liabilities. We expect to fund these obligations with cash flows from operating activities.
|
6
|
We expect to fund these marketing obligations with cash flows from operating activities.
|
7
|
Represents liabilities of the Company's North American territories, German bottling operations and South African bottling operations that are classified as held for sale.
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
All operating currencies
|
(15
|
)%
|
|
(5
|
)%
|
|
(5
|
)%
|
Brazilian real
|
(27
|
)%
|
|
(10
|
)%
|
|
(9
|
)%
|
Mexican peso
|
(16
|
)
|
|
(4
|
)
|
|
4
|
|
Australian dollar
|
(17
|
)
|
|
(7
|
)
|
|
(6
|
)
|
South African rand
|
(15
|
)
|
|
(12
|
)
|
|
(13
|
)
|
British pound
|
(8
|
)
|
|
6
|
|
|
(2
|
)
|
Euro
|
(17
|
)
|
|
1
|
|
|
3
|
|
Japanese yen
|
(14
|
)
|
|
(8
|
)
|
|
(18
|
)
|
December 31,
|
2015
|
|
|
2014
|
|
|
Increase (Decrease)
|
|
|
Percent Change
|
|
|||
Cash and cash equivalents
|
$
|
7,309
|
|
|
$
|
8,958
|
|
|
$
|
(1,649
|
)
|
|
(18
|
)%
|
Short-term investments
|
8,322
|
|
|
9,052
|
|
|
(730
|
)
|
|
(8
|
)
|
|||
Marketable securities
|
4,269
|
|
|
3,665
|
|
|
604
|
|
|
16
|
|
|||
Trade accounts receivable — net
|
3,941
|
|
|
4,466
|
|
|
(525
|
)
|
|
(12
|
)
|
|||
Inventories
|
2,902
|
|
|
3,100
|
|
|
(198
|
)
|
|
(6
|
)
|
|||
Prepaid expenses and other assets
|
2,752
|
|
|
3,066
|
|
|
(314
|
)
|
|
(10
|
)
|
|||
Assets held for sale
|
3,900
|
|
|
679
|
|
|
3,221
|
|
|
474
|
|
|||
Equity method investments
|
12,318
|
|
|
9,947
|
|
|
2,371
|
|
|
24
|
|
|||
Other investments
|
3,470
|
|
|
3,678
|
|
|
(208
|
)
|
|
(6
|
)
|
|||
Other assets
|
4,207
|
|
|
4,407
|
|
|
(200
|
)
|
|
(5
|
)
|
|||
Property, plant and equipment — net
|
12,571
|
|
|
14,633
|
|
|
(2,062
|
)
|
|
(14
|
)
|
|||
Trademarks with indefinite lives
|
5,989
|
|
|
6,533
|
|
|
(544
|
)
|
|
(8
|
)
|
|||
Bottlers' franchise rights with indefinite lives
|
6,000
|
|
|
6,689
|
|
|
(689
|
)
|
|
(10
|
)
|
|||
Goodwill
|
11,289
|
|
|
12,100
|
|
|
(811
|
)
|
|
(7
|
)
|
|||
Other intangible assets
|
854
|
|
|
1,050
|
|
|
(196
|
)
|
|
(19
|
)
|
|||
Total assets
|
$
|
90,093
|
|
|
$
|
92,023
|
|
|
$
|
(1,930
|
)
|
|
(2
|
)%
|
Accounts payable and accrued expenses
|
$
|
9,660
|
|
|
$
|
9,234
|
|
|
$
|
426
|
|
|
5
|
%
|
Loans and notes payable
|
13,129
|
|
|
19,130
|
|
|
(6,001
|
)
|
|
(31
|
)
|
|||
Current maturities of long-term debt
|
2,677
|
|
|
3,552
|
|
|
(875
|
)
|
|
(25
|
)
|
|||
Accrued income taxes
|
331
|
|
|
400
|
|
|
(69
|
)
|
|
(17
|
)
|
|||
Liabilities held for sale
|
1,133
|
|
|
58
|
|
|
1,075
|
|
|
1,853
|
|
|||
Long-term debt
|
28,407
|
|
|
19,063
|
|
|
9,344
|
|
|
49
|
|
|||
Other liabilities
|
4,301
|
|
|
4,389
|
|
|
(88
|
)
|
|
(2
|
)
|
|||
Deferred income taxes
|
4,691
|
|
|
5,636
|
|
|
(945
|
)
|
|
(17
|
)
|
|||
Total liabilities
|
$
|
64,329
|
|
|
$
|
61,462
|
|
|
$
|
2,867
|
|
|
5
|
%
|
Net assets
|
$
|
25,764
|
|
|
$
|
30,561
|
|
|
$
|
(4,797
|
)
|
1
|
(16
|
)%
|
1
|
Includes a decrease in net assets of
$3,959 million
resulting from foreign currency translation adjustments in various balance sheet accounts.
|
•
|
Equity method investments increased primarily due to our investment in Monster and a bottling partner in Indonesia, partially offset by the unfavorable impact of foreign currency exchange rate fluctuations. Refer to
Note 2
of Notes to Consolidated Financial Statements for additional information.
|
•
|
Trademarks with indefinite lives decreased primarily due to the sale of our energy brands and the discontinuation of the energy products in the glacéau portfolio as a result of the Monster Transaction. Refer to
Note 2
of Notes to Consolidated Financial Statements for additional information.
|
•
|
Loans and notes payable and current maturities of long-term debt decreased primarily due to the payments related to commercial paper and the retirement of $3,500 million of long-term debt during the year ended December 31, 2015.
|
•
|
Long-term debt increased primarily due to the issuances of Swiss franc-denominated, euro-denominated and U.S. dollar-denominated debt, partially offset by the early extinguishment of debt during the year ended December 31, 2015. Refer to Note 10 of Notes to Consolidated Financial Statements for additional information.
|
|
Page
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
(In millions except per share data)
|
|
|
|
||||||||
NET OPERATING REVENUES
|
$
|
44,294
|
|
|
$
|
45,998
|
|
|
$
|
46,854
|
|
Cost of goods sold
|
17,482
|
|
|
17,889
|
|
|
18,421
|
|
|||
GROSS PROFIT
|
26,812
|
|
|
28,109
|
|
|
28,433
|
|
|||
Selling, general and administrative expenses
|
16,427
|
|
|
17,218
|
|
|
17,310
|
|
|||
Other operating charges
|
1,657
|
|
|
1,183
|
|
|
895
|
|
|||
OPERATING INCOME
|
8,728
|
|
|
9,708
|
|
|
10,228
|
|
|||
Interest income
|
613
|
|
|
594
|
|
|
534
|
|
|||
Interest expense
|
856
|
|
|
483
|
|
|
463
|
|
|||
Equity income (loss) — net
|
489
|
|
|
769
|
|
|
602
|
|
|||
Other income (loss) — net
|
631
|
|
|
(1,263
|
)
|
|
576
|
|
|||
INCOME BEFORE INCOME TAXES
|
9,605
|
|
|
9,325
|
|
|
11,477
|
|
|||
Income taxes
|
2,239
|
|
|
2,201
|
|
|
2,851
|
|
|||
CONSOLIDATED NET INCOME
|
7,366
|
|
|
7,124
|
|
|
8,626
|
|
|||
Less: Net income attributable to noncontrolling interests
|
15
|
|
|
26
|
|
|
42
|
|
|||
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF
THE COCA-COLA COMPANY
|
$
|
7,351
|
|
|
$
|
7,098
|
|
|
$
|
8,584
|
|
BASIC NET INCOME PER SHARE
1
|
$
|
1.69
|
|
|
$
|
1.62
|
|
|
$
|
1.94
|
|
DILUTED NET INCOME PER SHARE
1
|
$
|
1.67
|
|
|
$
|
1.60
|
|
|
$
|
1.90
|
|
AVERAGE SHARES OUTSTANDING
|
4,352
|
|
|
4,387
|
|
|
4,434
|
|
|||
Effect of dilutive securities
|
53
|
|
|
63
|
|
|
75
|
|
|||
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION
|
4,405
|
|
|
4,450
|
|
|
4,509
|
|
1
|
Calculated based on net income attributable to shareowners of The Coca-Cola Company.
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
(In millions)
|
|
|
|
||||||||
CONSOLIDATED NET INCOME
|
$
|
7,366
|
|
|
$
|
7,124
|
|
|
$
|
8,626
|
|
Other comprehensive income:
|
|
|
|
|
|
||||||
Net foreign currency translation adjustment
|
(3,959
|
)
|
|
(2,382
|
)
|
|
(1,187
|
)
|
|||
Net gain (loss) on derivatives
|
142
|
|
|
357
|
|
|
151
|
|
|||
Net unrealized gain (loss) on available-for-sale securities
|
(684
|
)
|
|
714
|
|
|
(80
|
)
|
|||
Net change in pension and other benefit liabilities
|
86
|
|
|
(1,039
|
)
|
|
1,066
|
|
|||
TOTAL COMPREHENSIVE INCOME
|
2,951
|
|
|
4,774
|
|
|
8,576
|
|
|||
Less: Comprehensive income (loss) attributable to noncontrolling interests
|
(3
|
)
|
|
21
|
|
|
39
|
|
|||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO
SHAREOWNERS OF THE COCA-COLA COMPANY
|
$
|
2,954
|
|
|
$
|
4,753
|
|
|
$
|
8,537
|
|
December 31,
|
2015
|
|
|
2014
|
|
||
(In millions except par value)
|
|
|
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
7,309
|
|
|
$
|
8,958
|
|
Short-term investments
|
8,322
|
|
|
9,052
|
|
||
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
|
15,631
|
|
|
18,010
|
|
||
Marketable securities
|
4,269
|
|
|
3,665
|
|
||
Trade accounts receivable, less allowances of $352 and $331, respectively
|
3,941
|
|
|
4,466
|
|
||
Inventories
|
2,902
|
|
|
3,100
|
|
||
Prepaid expenses and other assets
|
2,752
|
|
|
3,066
|
|
||
Assets held for sale
|
3,900
|
|
|
679
|
|
||
TOTAL CURRENT ASSETS
|
33,395
|
|
|
32,986
|
|
||
EQUITY METHOD INVESTMENTS
|
12,318
|
|
|
9,947
|
|
||
OTHER INVESTMENTS
|
3,470
|
|
|
3,678
|
|
||
OTHER ASSETS
|
4,207
|
|
|
4,407
|
|
||
PROPERTY, PLANT AND EQUIPMENT — net
|
12,571
|
|
|
14,633
|
|
||
TRADEMARKS WITH INDEFINITE LIVES
|
5,989
|
|
|
6,533
|
|
||
BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES
|
6,000
|
|
|
6,689
|
|
||
GOODWILL
|
11,289
|
|
|
12,100
|
|
||
OTHER INTANGIBLE ASSETS
|
854
|
|
|
1,050
|
|
||
TOTAL ASSETS
|
$
|
90,093
|
|
|
$
|
92,023
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
9,660
|
|
|
$
|
9,234
|
|
Loans and notes payable
|
13,129
|
|
|
19,130
|
|
||
Current maturities of long-term debt
|
2,677
|
|
|
3,552
|
|
||
Accrued income taxes
|
331
|
|
|
400
|
|
||
Liabilities held for sale
|
1,133
|
|
|
58
|
|
||
TOTAL CURRENT LIABILITIES
|
26,930
|
|
|
32,374
|
|
||
LONG-TERM DEBT
|
28,407
|
|
|
19,063
|
|
||
OTHER LIABILITIES
|
4,301
|
|
|
4,389
|
|
||
DEFERRED INCOME TAXES
|
4,691
|
|
|
5,636
|
|
||
THE COCA-COLA COMPANY SHAREOWNERS' EQUITY
|
|
|
|
||||
Common stock, $0.25 par value; Authorized — 11,200 shares;
Issued — 7,040 and 7,040 shares, respectively
|
1,760
|
|
|
1,760
|
|
||
Capital surplus
|
14,016
|
|
|
13,154
|
|
||
Reinvested earnings
|
65,018
|
|
|
63,408
|
|
||
Accumulated other comprehensive income (loss)
|
(10,174
|
)
|
|
(5,777
|
)
|
||
Treasury stock, at cost — 2,716 and 2,674 shares, respectively
|
(45,066
|
)
|
|
(42,225
|
)
|
||
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY
|
25,554
|
|
|
30,320
|
|
||
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
210
|
|
|
241
|
|
||
TOTAL EQUITY
|
25,764
|
|
|
30,561
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
90,093
|
|
|
$
|
92,023
|
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
(In millions)
|
|
|
|
||||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Consolidated net income
|
$
|
7,366
|
|
|
$
|
7,124
|
|
|
$
|
8,626
|
|
Depreciation and amortization
|
1,970
|
|
|
1,976
|
|
|
1,977
|
|
|||
Stock-based compensation expense
|
236
|
|
|
209
|
|
|
227
|
|
|||
Deferred income taxes
|
73
|
|
|
(40
|
)
|
|
648
|
|
|||
Equity (income) loss — net of dividends
|
(122
|
)
|
|
(371
|
)
|
|
(201
|
)
|
|||
Foreign currency adjustments
|
(137
|
)
|
|
415
|
|
|
168
|
|
|||
Significant (gains) losses on sales of assets — net
|
(374
|
)
|
|
831
|
|
|
(670
|
)
|
|||
Other operating charges
|
929
|
|
|
761
|
|
|
465
|
|
|||
Other items
|
744
|
|
|
149
|
|
|
234
|
|
|||
Net change in operating assets and liabilities
|
(157
|
)
|
|
(439
|
)
|
|
(932
|
)
|
|||
Net cash provided by operating activities
|
10,528
|
|
|
10,615
|
|
|
10,542
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Purchases of investments
|
(15,831
|
)
|
|
(17,800
|
)
|
|
(14,782
|
)
|
|||
Proceeds from disposals of investments
|
14,079
|
|
|
12,986
|
|
|
12,791
|
|
|||
Acquisitions of businesses, equity method investments and nonmarketable securities
|
(2,491
|
)
|
|
(389
|
)
|
|
(353
|
)
|
|||
Proceeds from disposals of businesses, equity method investments and nonmarketable securities
|
565
|
|
|
148
|
|
|
872
|
|
|||
Purchases of property, plant and equipment
|
(2,553
|
)
|
|
(2,406
|
)
|
|
(2,550
|
)
|
|||
Proceeds from disposals of property, plant and equipment
|
85
|
|
|
223
|
|
|
111
|
|
|||
Other investing activities
|
(40
|
)
|
|
(268
|
)
|
|
(303
|
)
|
|||
Net cash provided by (used in) investing activities
|
(6,186
|
)
|
|
(7,506
|
)
|
|
(4,214
|
)
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Issuances of debt
|
40,434
|
|
|
41,674
|
|
|
43,425
|
|
|||
Payments of debt
|
(37,738
|
)
|
|
(36,962
|
)
|
|
(38,714
|
)
|
|||
Issuances of stock
|
1,245
|
|
|
1,532
|
|
|
1,328
|
|
|||
Purchases of stock for treasury
|
(3,564
|
)
|
|
(4,162
|
)
|
|
(4,832
|
)
|
|||
Dividends
|
(5,741
|
)
|
|
(5,350
|
)
|
|
(4,969
|
)
|
|||
Other financing activities
|
251
|
|
|
(363
|
)
|
|
17
|
|
|||
Net cash provided by (used in) financing activities
|
(5,113
|
)
|
|
(3,631
|
)
|
|
(3,745
|
)
|
|||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS
|
(878
|
)
|
|
(934
|
)
|
|
(611
|
)
|
|||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
||||||
Net increase (decrease) during the year
|
(1,649
|
)
|
|
(1,456
|
)
|
|
1,972
|
|
|||
Balance at beginning of year
|
8,958
|
|
|
10,414
|
|
|
8,442
|
|
|||
Balance at end of year
|
$
|
7,309
|
|
|
$
|
8,958
|
|
|
$
|
10,414
|
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
(In millions except per share data)
|
|
|
|
||||||||
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY
|
|
|
|
|
|
||||||
NUMBER OF COMMON SHARES OUTSTANDING
|
|
|
|
|
|
||||||
Balance at beginning of year
|
4,366
|
|
|
4,402
|
|
|
4,469
|
|
|||
Purchases of treasury stock
|
(86
|
)
|
|
(98
|
)
|
|
(121
|
)
|
|||
Treasury stock issued to employees related to stock compensation plans
|
44
|
|
|
62
|
|
|
54
|
|
|||
Balance at end of year
|
4,324
|
|
|
4,366
|
|
|
4,402
|
|
|||
COMMON STOCK
|
$
|
1,760
|
|
|
$
|
1,760
|
|
|
$
|
1,760
|
|
CAPITAL SURPLUS
|
|
|
|
|
|
||||||
Balance at beginning of year
|
13,154
|
|
|
12,276
|
|
|
11,379
|
|
|||
Stock issued to employees related to stock compensation plans
|
532
|
|
|
526
|
|
|
569
|
|
|||
Tax benefit (charge) from stock compensation plans
|
94
|
|
|
169
|
|
|
144
|
|
|||
Stock-based compensation
|
236
|
|
|
209
|
|
|
227
|
|
|||
Other activities
|
—
|
|
|
(26
|
)
|
|
(43
|
)
|
|||
Balance at end of year
|
14,016
|
|
|
13,154
|
|
|
12,276
|
|
|||
REINVESTED EARNINGS
|
|
|
|
|
|
||||||
Balance at beginning of year
|
63,408
|
|
|
61,660
|
|
|
58,045
|
|
|||
Net income attributable to shareowners of The Coca-Cola Company
|
7,351
|
|
|
7,098
|
|
|
8,584
|
|
|||
Dividends (per share — $1.32, $1.22 and $1.12 in 2015, 2014 and 2013, respectively)
|
(5,741
|
)
|
|
(5,350
|
)
|
|
(4,969
|
)
|
|||
Balance at end of year
|
65,018
|
|
|
63,408
|
|
|
61,660
|
|
|||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
||||||
Balance at beginning of year
|
(5,777
|
)
|
|
(3,432
|
)
|
|
(3,385
|
)
|
|||
Net other comprehensive income (loss)
|
(4,397
|
)
|
|
(2,345
|
)
|
|
(47
|
)
|
|||
Balance at end of year
|
(10,174
|
)
|
|
(5,777
|
)
|
|
(3,432
|
)
|
|||
TREASURY STOCK
|
|
|
|
|
|
||||||
Balance at beginning of year
|
(42,225
|
)
|
|
(39,091
|
)
|
|
(35,009
|
)
|
|||
Stock issued to employees related to stock compensation plans
|
696
|
|
|
891
|
|
|
745
|
|
|||
Purchases of treasury stock
|
(3,537
|
)
|
|
(4,025
|
)
|
|
(4,827
|
)
|
|||
Balance at end of year
|
(45,066
|
)
|
|
(42,225
|
)
|
|
(39,091
|
)
|
|||
TOTAL EQUITY ATTRIBUTABLE TO SHAREOWNERS OF
THE COCA-COLA COMPANY
|
$
|
25,554
|
|
|
$
|
30,320
|
|
|
$
|
33,173
|
|
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
|
|
|
|
||||||
Balance at beginning of year
|
$
|
241
|
|
|
$
|
267
|
|
|
$
|
378
|
|
Net income attributable to noncontrolling interests
|
15
|
|
|
26
|
|
|
42
|
|
|||
Net foreign currency translation adjustment
|
(18
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|||
Dividends paid to noncontrolling interests
|
(31
|
)
|
|
(25
|
)
|
|
(58
|
)
|
|||
Acquisition of interests held by noncontrolling owners
|
—
|
|
|
—
|
|
|
(34
|
)
|
|||
Contributions by noncontrolling interests
|
—
|
|
|
—
|
|
|
6
|
|
|||
Business combinations
|
(3
|
)
|
|
(22
|
)
|
|
25
|
|
|||
Deconsolidation of certain entities
|
—
|
|
|
—
|
|
|
(89
|
)
|
|||
Other activities
|
6
|
|
|
—
|
|
|
—
|
|
|||
TOTAL EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
$
|
210
|
|
|
$
|
241
|
|
|
$
|
267
|
|
•
|
beverage concentrates, sometimes referred to as "beverage bases," and syrups, including fountain syrups (we refer to this part of our business as our "concentrate business" or "concentrate operations"); and
|
•
|
finished sparkling and still beverages (we refer to this part of our business as our "finished product business" or "finished product operations").
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
Balance at beginning of year
|
$
|
331
|
|
|
$
|
61
|
|
|
$
|
53
|
|
Net charges to costs and expenses
1
|
45
|
|
|
308
|
|
|
30
|
|
|||
Write-offs
|
(10
|
)
|
|
(13
|
)
|
|
(14
|
)
|
|||
Other
2
|
(14
|
)
|
|
(25
|
)
|
|
(8
|
)
|
|||
Balance at end of year
|
$
|
352
|
|
|
$
|
331
|
|
|
$
|
61
|
|
1
|
The increase in 2014 was primarily related to concentrate sales receivables from our bottling partner in Venezuela. See Hyperinflationary Economies discussion below for additional information.
|
|
June 12, 2015
|
|
|
Equity investment in Monster
|
$
|
3,066
|
|
Expansion of distribution territories
|
1,035
|
|
|
Monster non-energy drink business
|
95
|
|
|
Total assets and business acquired
|
$
|
4,196
|
|
|
December 31, 2015
|
|
|
December 31, 2014
|
|
|
||
Cash, cash equivalents and short-term investments
|
$
|
143
|
|
|
$
|
30
|
|
|
Trade accounts receivable, less allowances
|
485
|
|
|
100
|
|
|
||
Inventories
|
276
|
|
|
54
|
|
|
||
Prepaid expenses and other assets
|
83
|
|
|
7
|
|
|
||
Equity method investments
|
92
|
|
|
141
|
|
|
||
Other assets
|
25
|
|
|
3
|
|
|
||
Property, plant and equipment — net
|
2,021
|
|
|
303
|
|
|
||
Bottlers' franchise rights with indefinite lives
|
1,020
|
|
|
410
|
|
|
||
Trademarks
|
—
|
|
|
43
|
|
|
||
Goodwill
|
333
|
|
|
46
|
|
|
||
Other intangible assets
|
115
|
|
|
36
|
|
|
||
Allowance for reduction of assets held for sale
|
(693
|
)
|
|
(494
|
)
|
|
||
Total assets
|
$
|
3,900
|
|
1
|
$
|
679
|
|
3
|
Accounts payable and accrued expenses
|
$
|
712
|
|
|
$
|
48
|
|
|
Current maturities of long-term debt
|
12
|
|
|
—
|
|
|
||
Accrued income taxes
|
4
|
|
|
—
|
|
|
||
Long-term debt
|
74
|
|
|
—
|
|
|
||
Other liabilities
|
79
|
|
|
6
|
|
|
||
Deferred income taxes
|
252
|
|
|
4
|
|
|
||
Total liabilities
|
$
|
1,133
|
|
2
|
$
|
58
|
|
4
|
1
|
Consists of total assets relating to CCEP of
$2,894 million
, North America refranchising of
$589 million
, Coca-Cola Beverages Africa Limited of
$398 million
and other assets held for sale of
$19 million
, which are included in the Europe, North America, Eurasia and Africa, Bottling Investments and Corporate operating segments.
|
2
|
Consists of total liabilities relating to CCEP of
$924 million
, North America refranchising of
$123 million
and Coca-Cola Beverages Africa Limited of
$86 million
, which are included in the Europe, North America, Eurasia and Africa, and Bottling Investments operating segments.
|
3
|
Consists of total assets relating to North America refranchising of
$223 million
, Coca-Cola Beverages Africa Limited of
$333 million
, the Monster Transaction of
$43 million
and other assets held for sale of
$80 million
, which are included in the North America, Eurasia and Africa, Bottling Investments and Corporate operating segments.
|
4
|
Consists of total liabilities relating to North America refranchising of
$22 million
and Coca-Cola Beverages Africa Limited of
$36 million
, which are included in the North America, Eurasia and Africa, and Bottling Investments operating segments.
|
December 31,
|
2015
|
|
|
2014
|
|
||
Marketable securities
|
$
|
229
|
|
|
$
|
315
|
|
Other assets
|
93
|
|
|
94
|
|
||
Total trading securities
|
$
|
322
|
|
|
$
|
409
|
|
|
|
|
Gross Unrealized
|
|
Estimated Fair Value
|
||||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
|||||||||
2015
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities:
1
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
3,573
|
|
|
$
|
485
|
|
|
$
|
(84
|
)
|
|
$
|
3,974
|
|
Debt securities
|
4,593
|
|
|
64
|
|
|
(25
|
)
|
|
4,632
|
|
||||
Total
|
$
|
8,166
|
|
|
$
|
549
|
|
|
$
|
(109
|
)
|
|
$
|
8,606
|
|
2014
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities:
1
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
2,687
|
|
|
$
|
1,463
|
|
|
$
|
(29
|
)
|
|
$
|
4,121
|
|
Debt securities
|
3,796
|
|
|
68
|
|
|
(106
|
)
|
2
|
3,758
|
|
||||
Total
|
$
|
6,483
|
|
|
$
|
1,531
|
|
|
$
|
(135
|
)
|
|
$
|
7,879
|
|
1
|
Refer to
Note 16
for additional information related to the estimated fair value.
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
Gross gains
|
$
|
103
|
|
|
$
|
38
|
|
|
$
|
12
|
|
Gross losses
|
(42
|
)
|
|
(21
|
)
|
|
(24
|
)
|
|||
Proceeds
|
4,043
|
|
|
4,157
|
|
|
4,212
|
|
December 31,
|
2015
|
|
|
2014
|
|
||
Cash and cash equivalents
|
$
|
361
|
|
|
$
|
43
|
|
Marketable securities
|
4,040
|
|
|
3,350
|
|
||
Other investments
|
3,280
|
|
|
3,512
|
|
||
Other assets
|
925
|
|
|
974
|
|
||
Total
|
$
|
8,606
|
|
|
$
|
7,879
|
|
|
Available-for-Sale Securities
|
||||||
|
Cost
|
|
|
Fair Value
|
|
||
Within 1 year
|
$
|
2,496
|
|
|
$
|
2,496
|
|
After 1 year through 5 years
|
1,709
|
|
|
1,728
|
|
||
After 5 years through 10 years
|
111
|
|
|
122
|
|
||
After 10 years
|
277
|
|
|
286
|
|
||
Equity securities
|
3,573
|
|
|
3,974
|
|
||
Total
|
$
|
8,166
|
|
|
$
|
8,606
|
|
December 31,
|
2015
|
|
|
2014
|
|
||
Raw materials and packaging
|
$
|
1,564
|
|
|
$
|
1,615
|
|
Finished goods
|
1,032
|
|
|
1,134
|
|
||
Other
|
306
|
|
|
351
|
|
||
Total inventories
|
$
|
2,902
|
|
|
$
|
3,100
|
|
|
|
|
Fair Value
1,2
|
||||||
Derivatives Designated as Hedging Instruments
|
Balance Sheet Location
1
|
|
December 31,
2015 |
|
|
December 31,
2014 |
|
||
Assets:
|
|
|
|
|
|
||||
Foreign currency contracts
|
Prepaid expenses and other assets
|
|
$
|
572
|
|
|
$
|
923
|
|
Foreign currency contracts
|
Other assets
|
|
246
|
|
|
346
|
|
||
Commodity contracts
|
Prepaid expenses and other assets
|
|
1
|
|
|
—
|
|
||
Interest rate contracts
|
Prepaid expenses and other assets
|
|
20
|
|
|
14
|
|
||
Interest rate contracts
|
Other assets
|
|
62
|
|
|
146
|
|
||
Total assets
|
|
|
$
|
901
|
|
|
$
|
1,429
|
|
Liabilities:
|
|
|
|
|
|
||||
Foreign currency contracts
|
Accounts payable and accrued expenses
|
|
$
|
51
|
|
|
$
|
24
|
|
Foreign currency contracts
|
Other liabilities
|
|
75
|
|
|
249
|
|
||
Commodity contracts
|
Accounts payable and accrued expenses
|
|
—
|
|
|
1
|
|
||
Interest rate contracts
|
Accounts payable and accrued expenses
|
|
53
|
|
|
11
|
|
||
Interest rate contracts
|
Other liabilities
|
|
231
|
|
|
35
|
|
||
Total liabilities
|
|
|
$
|
410
|
|
|
$
|
320
|
|
1
|
All of the Company's derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to
Note 16
for the net presentation of the Company's derivative instruments.
|
2
|
Refer to
Note 16
for additional information related to the estimated fair value.
|
|
|
|
Fair Value
1,2
|
||||||
Derivatives Not Designated as Hedging Instruments
|
Balance Sheet Location
1
|
|
December 31,
2015 |
|
|
December 31,
2014 |
|
||
Assets:
|
|
|
|
|
|
||||
Foreign currency contracts
|
Prepaid expenses and other assets
|
|
$
|
105
|
|
|
$
|
44
|
|
Foreign currency contracts
|
Other assets
|
|
241
|
|
|
231
|
|
||
Commodity contracts
|
Prepaid expenses and other assets
|
|
2
|
|
|
9
|
|
||
Commodity contracts
|
Other assets
|
|
1
|
|
|
1
|
|
||
Other derivative instruments
|
Prepaid expenses and other assets
|
|
17
|
|
|
14
|
|
||
Other derivative instruments
|
Other assets
|
|
3
|
|
|
2
|
|
||
Total assets
|
|
|
$
|
369
|
|
|
$
|
301
|
|
Liabilities:
|
|
|
|
|
|
||||
Foreign currency contracts
|
Accounts payable and accrued expenses
|
|
$
|
59
|
|
|
$
|
33
|
|
Foreign currency contracts
|
Other liabilities
|
|
9
|
|
|
21
|
|
||
Commodity contracts
|
Accounts payable and accrued expenses
|
|
154
|
|
|
156
|
|
||
Commodity contracts
|
Other liabilities
|
|
19
|
|
|
17
|
|
||
Interest rate contracts
|
Other liabilities
|
|
1
|
|
|
2
|
|
||
Other derivative instruments
|
Accounts payable and accrued expenses
|
|
5
|
|
|
11
|
|
||
Other derivative instruments
|
Other liabilities
|
|
2
|
|
|
—
|
|
||
Total liabilities
|
|
|
$
|
249
|
|
|
$
|
240
|
|
1
|
All of the Company's derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to
Note 16
for the net presentation of the Company's derivative instruments.
|
2
|
Refer to
Note 16
for additional information related to the estimated fair value.
|
|
Gain (Loss)
Recognized
in Other
Comprehensive
Income ("OCI")
|
|
|
Location of Gain (Loss)
Recognized in Income
1
|
|
Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
|
|
|
Gain (Loss)
Recognized in Income
(Ineffective Portion and
Amount Excluded from
Effectiveness Testing)
|
|
|
|||
2015
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
949
|
|
|
Net operating revenues
|
|
$
|
618
|
|
|
$
|
12
|
|
|
Foreign currency contracts
|
60
|
|
|
Cost of goods sold
|
|
62
|
|
|
—
|
|
2
|
|||
Foreign currency contracts
|
18
|
|
|
Interest expense
|
|
(9
|
)
|
|
—
|
|
|
|||
Foreign currency contracts
|
(38
|
)
|
|
Other income (loss) — net
|
|
(40
|
)
|
|
—
|
|
|
|||
Interest rate contracts
|
(153
|
)
|
|
Interest expense
|
|
(3
|
)
|
|
1
|
|
|
|||
Commodity contracts
|
(1
|
)
|
|
Cost of goods sold
|
|
(3
|
)
|
|
—
|
|
|
|||
Total
|
$
|
835
|
|
|
|
|
$
|
625
|
|
|
$
|
13
|
|
|
2014
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
973
|
|
|
Net operating revenues
|
|
$
|
121
|
|
|
$
|
—
|
|
2
|
Foreign currency contracts
|
50
|
|
|
Cost of goods sold
|
|
34
|
|
|
—
|
|
2
|
|||
Foreign currency contracts
|
(218
|
)
|
|
Other income (loss) — net
|
|
(108
|
)
|
|
—
|
|
|
|||
Interest rate contracts
|
(180
|
)
|
|
Interest expense
|
|
—
|
|
|
—
|
|
|
|||
Commodity contracts
|
—
|
|
|
Cost of goods sold
|
|
3
|
|
|
—
|
|
|
|||
Total
|
$
|
625
|
|
|
|
|
$
|
50
|
|
|
$
|
—
|
|
|
2013
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
218
|
|
|
Net operating revenues
|
|
$
|
149
|
|
|
$
|
1
|
|
|
Foreign currency contracts
|
52
|
|
|
Cost of goods sold
|
|
32
|
|
|
—
|
|
2
|
|||
Interest rate contracts
|
169
|
|
|
Interest expense
|
|
(12
|
)
|
|
(3
|
)
|
|
|||
Commodity contracts
|
2
|
|
|
Cost of goods sold
|
|
(2
|
)
|
|
—
|
|
|
|||
Total
|
$
|
441
|
|
|
|
|
$
|
167
|
|
|
$
|
(2
|
)
|
|
1
|
The Company records gains and losses reclassified from AOCI into income for the effective portion and ineffective portion, if any, to the same line items in our consolidated statements of income.
|
2
|
Includes a de minimis amount of ineffectiveness in the hedging relationship.
|
Hedging Instruments and Hedged Items
|
Location of Gain (Loss)
Recognized in Income
|
Gain (Loss)
Recognized in Income
1
|
|
|
2015
|
|
|
||
Interest rate contracts
|
Interest expense
|
$
|
(172
|
)
|
Fixed-rate debt
|
Interest expense
|
169
|
|
|
Net impact to interest expense
|
|
$
|
(3
|
)
|
Foreign currency contracts
|
Other income (loss) — net
|
$
|
110
|
|
Available-for-sale securities
|
Other income (loss) — net
|
(131
|
)
|
|
Net impact to other income (loss) — net
|
|
$
|
(21
|
)
|
Net impact of fair value hedging instruments
|
|
$
|
(24
|
)
|
2014
|
|
|
||
Interest rate contracts
|
Interest expense
|
$
|
18
|
|
Fixed-rate debt
|
Interest expense
|
11
|
|
|
Net impact to interest expense
|
|
$
|
29
|
|
Foreign currency contracts
|
Other income (loss) — net
|
$
|
132
|
|
Available-for-sale securities
|
Other income (loss) — net
|
(165
|
)
|
|
Net impact to other income (loss) — net
|
|
$
|
(33
|
)
|
Net impact of fair value hedging instruments
|
|
$
|
(4
|
)
|
2013
|
|
|
||
Interest rate contracts
|
Interest expense
|
$
|
(193
|
)
|
Fixed-rate debt
|
Interest expense
|
240
|
|
|
Net impact to interest expense
|
|
$
|
47
|
|
Foreign currency contracts
|
Other income (loss) — net
|
$
|
24
|
|
Available-for-sale securities
|
Other income (loss) — net
|
(48
|
)
|
|
Net impact to other income (loss) — net
|
|
$
|
(24
|
)
|
Net impact of fair value hedging instruments
|
|
$
|
23
|
|
|
Notional Amount
|
|
Gain (Loss) Recognized in OCI
|
|||||||||||||
|
as of December 31,
|
|
Year Ended December 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
2013
|
|
|||||
Foreign currency contracts
|
$
|
1,347
|
|
$
|
2,047
|
|
|
$
|
661
|
|
$
|
80
|
|
$
|
61
|
|
Foreign currency denominated debt
|
10,912
|
|
—
|
|
|
(24
|
)
|
—
|
|
—
|
|
|||||
Total
|
$
|
12,259
|
|
$
|
2,047
|
|
|
$
|
637
|
|
$
|
80
|
|
$
|
61
|
|
Derivatives Not Designated
as Hedging Instruments
|
Location of Gain (Loss)
Recognized in Income
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||||
Foreign currency contracts
|
Net operating revenues
|
|
$
|
41
|
|
|
$
|
(6
|
)
|
|
$
|
5
|
|
Foreign currency contracts
|
Other income (loss) — net
|
|
(92
|
)
|
|
(85
|
)
|
|
162
|
|
|||
Foreign currency contracts
|
Cost of goods sold
|
|
3
|
|
|
—
|
|
|
2
|
|
|||
Commodity contracts
|
Net operating revenues
|
|
(16
|
)
|
|
(48
|
)
|
|
5
|
|
|||
Commodity contracts
|
Cost of goods sold
|
|
(209
|
)
|
|
(8
|
)
|
|
(122
|
)
|
|||
Commodity contracts
|
Selling, general and administrative expenses
|
|
(25
|
)
|
|
(79
|
)
|
|
7
|
|
|||
Interest rate contracts
|
Interest expense
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||
Other derivative instruments
|
Selling, general and administrative expenses
|
|
1
|
|
|
24
|
|
|
55
|
|
|||
Other derivative instruments
|
Other income (loss) — net
|
|
(37
|
)
|
|
39
|
|
|
—
|
|
|||
Total
|
|
|
$
|
(334
|
)
|
|
$
|
(163
|
)
|
|
$
|
111
|
|
Year Ended December 31,
1
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
Net operating revenues
|
$
|
47,498
|
|
|
$
|
52,627
|
|
|
$
|
53,038
|
|
Cost of goods sold
|
28,749
|
|
|
31,810
|
|
|
32,377
|
|
|||
Gross profit
|
$
|
18,749
|
|
|
$
|
20,817
|
|
|
$
|
20,661
|
|
Operating income
|
$
|
4,483
|
|
|
$
|
4,489
|
|
|
$
|
4,380
|
|
Consolidated net income
|
$
|
2,299
|
|
|
$
|
2,440
|
|
|
$
|
2,364
|
|
Less: Net income attributable to noncontrolling interests
|
65
|
|
|
74
|
|
|
62
|
|
|||
Net income attributable to common shareowners
|
$
|
2,234
|
|
|
$
|
2,366
|
|
|
$
|
2,302
|
|
Equity income (loss) — net
|
$
|
489
|
|
|
$
|
769
|
|
|
$
|
602
|
|
December 31,
|
2015
|
|
|
2014
|
|
||
Current assets
|
$
|
17,524
|
|
|
$
|
16,184
|
|
Noncurrent assets
|
36,498
|
|
|
40,080
|
|
||
Total assets
|
$
|
54,022
|
|
|
$
|
56,264
|
|
Current liabilities
|
$
|
11,820
|
|
|
$
|
12,477
|
|
Noncurrent liabilities
|
14,467
|
|
|
16,657
|
|
||
Total liabilities
|
$
|
26,287
|
|
|
$
|
29,134
|
|
Equity attributable to shareowners of investees
|
$
|
26,854
|
|
|
$
|
26,363
|
|
Equity attributable to noncontrolling interests
|
881
|
|
|
767
|
|
||
Total equity
|
$
|
27,735
|
|
|
$
|
27,130
|
|
Company equity investment
|
$
|
12,318
|
|
|
$
|
9,947
|
|
December 31,
|
2015
|
|
|
2014
|
|
||
Land
|
$
|
717
|
|
|
$
|
972
|
|
Buildings and improvements
|
4,914
|
|
|
5,541
|
|
||
Machinery, equipment and vehicle fleet
|
16,723
|
|
|
18,745
|
|
||
|
$
|
22,354
|
|
|
$
|
25,258
|
|
Less accumulated depreciation
|
9,783
|
|
|
10,625
|
|
||
Property, plant and equipment — net
|
$
|
12,571
|
|
|
$
|
14,633
|
|
December 31,
|
2015
|
|
|
2014
|
|
||
Trademarks
1
|
$
|
5,989
|
|
|
$
|
6,533
|
|
Bottlers' franchise rights
2,3
|
6,000
|
|
|
6,689
|
|
||
Goodwill
|
11,289
|
|
|
12,100
|
|
||
Other
|
164
|
|
|
170
|
|
||
Indefinite-lived intangible assets
|
$
|
23,442
|
|
|
$
|
25,492
|
|
2
|
The decrease in 2015 was primarily related to North America refranchising and the transfer of intangible assets to assets held for sale as a result of our entering into an agreement to merge our German bottling operations to form CCEP. These decreases were partially offset by the acquisition of the Company's rights to distribute Monster products in expanded territories as a result of the Monster Transaction. The carrying value of these rights as of December 31, 2015 was
$640 million
. These distribution rights are governed by an agreement with an initial term of
20 years
, after which it will continue to remain in effect unless otherwise terminated by either party and there are no future costs of renewal. The Company anticipates that these assets will be used indefinitely. Refer to
Note 2
for additional information.
|
|
Eurasia &
Africa
|
|
|
Europe
|
|
|
Latin
America
|
|
|
North
America
|
|
|
Asia Pacific
|
|
|
Bottling
Investments
|
|
|
Total
|
|
|||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance as of January 1
|
$
|
36
|
|
|
$
|
822
|
|
|
$
|
156
|
|
|
$
|
10,572
|
|
|
$
|
117
|
|
|
$
|
609
|
|
|
$
|
12,312
|
|
Effect of foreign currency translation
|
(2
|
)
|
|
(60
|
)
|
|
(9
|
)
|
|
—
|
|
|
(2
|
)
|
|
(26
|
)
|
|
(99
|
)
|
|||||||
Acquisitions
1
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
16
|
|
|
3
|
|
|
30
|
|
|||||||
Adjustments related to the finalization
of purchase accounting
1
|
(4
|
)
|
|
(43
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
(61
|
)
|
|||||||
Divestitures, deconsolidations and other
1
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(79
|
)
|
|
—
|
|
|
—
|
|
|
(82
|
)
|
|||||||
Balance as of December 31
|
$
|
27
|
|
|
$
|
719
|
|
|
$
|
147
|
|
|
$
|
10,504
|
|
|
$
|
131
|
|
|
$
|
572
|
|
|
$
|
12,100
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance as of January 1
|
$
|
27
|
|
|
$
|
719
|
|
|
$
|
147
|
|
|
$
|
10,504
|
|
|
$
|
131
|
|
|
$
|
572
|
|
|
$
|
12,100
|
|
Effect of foreign currency translation
|
(7
|
)
|
|
(98
|
)
|
|
(24
|
)
|
|
—
|
|
|
2
|
|
|
(37
|
)
|
|
(164
|
)
|
|||||||
Acquisitions
1
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|||||||
Adjustments related to the finalization
of purchase accounting
1
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|||||||
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|||||||
Divestitures, deconsolidations and other
1,2
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(390
|
)
|
|
—
|
|
|
(281
|
)
|
|
(674
|
)
|
|||||||
Balance as of December 31
|
$
|
20
|
|
|
$
|
618
|
|
|
$
|
123
|
|
|
$
|
10,141
|
|
|
$
|
133
|
|
|
$
|
254
|
|
|
$
|
11,289
|
|
1
|
Refer to
Note 2
for information related to the Company's acquisitions and divestitures.
|
2
|
The decrease in 2015 for the North America operating segment was primarily due to the derecognition of goodwill as a result of the sale of our energy business to Monster and North America refranchising. The 2015 decrease in the Bottling Investments segment was primarily due to the transfer of our German bottling operations to assets held for sale as a result of the Company entering into an agreement to merge the operations to form CCEP. Refer to
Note 2
for additional information on these transactions.
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net
|
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net
|
|
||||||
Customer relationships
1
|
$
|
493
|
|
$
|
(199
|
)
|
$
|
294
|
|
|
$
|
597
|
|
$
|
(229
|
)
|
$
|
368
|
|
Bottlers' franchise rights
1
|
604
|
|
(412
|
)
|
192
|
|
|
664
|
|
(375
|
)
|
289
|
|
||||||
Trademarks
|
211
|
|
(44
|
)
|
167
|
|
|
222
|
|
(39
|
)
|
183
|
|
||||||
Other
|
97
|
|
(60
|
)
|
37
|
|
|
96
|
|
(56
|
)
|
40
|
|
||||||
Total
|
$
|
1,405
|
|
$
|
(715
|
)
|
$
|
690
|
|
|
$
|
1,579
|
|
$
|
(699
|
)
|
$
|
880
|
|
1
|
The decrease in 2015 was primarily due to the derecognition of intangible assets as a result of the North America refranchising and the transfer of our German bottling operations to assets held for sale as a result of the Company entering into an agreement to merge the operations to form CCEP. Refer to
Note 2
for additional information.
|
|
|
Amortization
Expense
|
|
|
2016
|
|
$
|
149
|
|
2017
|
|
113
|
|
|
2018
|
|
60
|
|
|
2019
|
|
57
|
|
|
2020
|
|
52
|
|
December 31,
|
2015
|
|
|
2014
|
|
||
Accrued marketing
|
$
|
2,186
|
|
|
$
|
2,103
|
|
Other accrued expenses
|
3,173
|
|
|
3,182
|
|
||
Trade accounts payable
|
2,795
|
|
|
2,089
|
|
||
Accrued compensation
|
936
|
|
|
997
|
|
||
Sales, payroll and other taxes
|
444
|
|
|
511
|
|
||
Container deposits
|
126
|
|
|
352
|
|
||
Accounts payable and accrued expenses
|
$
|
9,660
|
|
|
$
|
9,234
|
|
•
|
SFr
200 million
total principal amount of notes due October 2, 2017, at a fixed interest rate of
0.00 percent
;
|
•
|
SFr
550 million
total principal amount of notes due December 22, 2022, at a fixed interest rate of
0.25 percent
;
|
•
|
SFr
575 million
total principal amount of notes due October 2, 2028, at a fixed interest rate of
1.00 percent
;
|
•
|
€
2,000 million
total principal amount of notes due March 9, 2017, at a variable interest rate equal to the
three
-month Euro Interbank Offered Rate ("EURIBOR") plus
0.15 percent
;
|
•
|
€
2,000 million
total principal amount of notes due September 9, 2019, at a variable interest rate equal to the
three
-month EURIBOR plus
0.23 percent
;
|
•
|
€
1,500 million
total principal amount of notes due March 9, 2023, at a fixed interest rate of
0.75 percent
;
|
•
|
€
1,500 million
total principal amount of notes due March 9, 2027, at a fixed interest rate of
1.125 percent
;
|
•
|
€
1,500 million
total principal amount of notes due March 9, 2035, at a fixed interest rate of
1.625 percent
;
|
•
|
$750 million
total principal amount of notes due October 27, 2017, at a fixed interest rate of
0.875 percent
;
|
•
|
$1,500 million
total principal amount of notes due October 27, 2020, at a fixed interest rate of
1.875 percent
; and
|
•
|
$1,750 million
total principal amount of notes due October 27, 2025, at a fixed interest rate of
2.875 percent
.
|
•
|
$1,148 million
total principal amount of notes due November 15, 2017, at a fixed interest rate of
5.35 percent
; and
|
•
|
$891 million
total principal amount of notes due March 15, 2019, at a fixed interest rate of
4.875 percent
.
|
•
|
$1,000 million
total principal amount of notes due September 1, 2015, at a variable interest rate equal to the
three
-month London Interbank Offered Rate ("LIBOR") plus
0.01 percent
;
|
•
|
$1,015 million
total principal amount of euro notes due September 22, 2022, at a fixed interest rate of
1.125 percent
; and
|
•
|
$1,522 million
total principal amount of euro notes due September 22, 2026, at a fixed interest rate of
1.875 percent
.
|
•
|
$500 million
total principal amount of notes due March 5, 2015, at a variable interest rate equal to the
three
-month LIBOR minus
0.02 percent
;
|
•
|
$500 million
total principal amount of notes due November 1, 2016, at a variable interest rate equal to the
three
-month LIBOR plus
0.10 percent
;
|
•
|
$500 million
total principal amount of notes due November 1, 2016, at a fixed interest rate of
0.75 percent
;
|
•
|
$1,250 million
total principal amount of notes due April 1, 2018, at a fixed interest rate of
1.15 percent
;
|
•
|
$1,250 million
total principal amount of notes due November 1, 2018, at a fixed interest rate of
1.65 percent
;
|
•
|
$1,250 million
total principal amount of notes due November 1, 2020, at a fixed interest rate of
2.45 percent
;
|
•
|
$750 million
total principal amount of notes due April 1, 2023, at a fixed interest rate of
2.50 percent
; and
|
•
|
$1,500 million
total principal amount of notes due November 1, 2023, at a fixed interest rate of
3.20 percent
.
|
•
|
$225 million
total principal amount of notes due August 15, 2013, at a fixed interest rate of
5.0 percent
;
|
•
|
$675 million
total principal amount of notes due March 3, 2014, at a fixed interest rate of
7.375 percent
;
|
•
|
$900 million
total principal amount of notes due March 15, 2014, at a fixed interest rate of
3.625 percent
; and
|
•
|
$354 million
total principal amount of notes due March 1, 2015, at a fixed interest rate of
4.25 percent
.
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||
|
Amount
|
|
|
Average
Rate
1
|
|
|
Amount
|
|
|
Average
Rate
1
|
|
||
U.S. dollar notes due 2016–2093
|
$
|
15,899
|
|
|
2.1
|
%
|
|
$
|
17,433
|
|
|
1.8
|
%
|
U.S. dollar debentures due 2017–2098
|
2,122
|
|
|
3.9
|
|
|
2,157
|
|
|
3.9
|
|
||
U.S. dollar zero coupon notes due 2020
2
|
148
|
|
|
8.4
|
|
|
143
|
|
|
8.4
|
|
||
Euro notes due 2017–2027
3
|
11,364
|
|
|
0.6
|
|
|
2,468
|
|
|
3.7
|
|
||
Swiss franc notes due 2017–2028
3
|
1,291
|
|
|
0.9
|
|
|
—
|
|
|
—
|
|
||
Other, due through 2098
4
|
307
|
|
|
4.2
|
|
|
380
|
|
|
4.0
|
|
||
Fair value adjustment
5
|
(47
|
)
|
|
N/A
|
|
|
34
|
|
|
N/A
|
|
||
Total
6,7
|
$
|
31,084
|
|
|
1.7
|
%
|
|
$
|
22,615
|
|
|
2.2
|
%
|
Less current portion
|
2,677
|
|
|
|
|
|
3,552
|
|
|
|
|
||
Long-term debt
|
$
|
28,407
|
|
|
|
|
|
$
|
19,063
|
|
|
|
|
1
|
These rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effects of interest rate swap agreements, cross currency swap agreements and fair value adjustments, if applicable. Refer to
Note 5
for a more detailed discussion on interest rate management.
|
2
|
This amount is shown net of unamortized discounts of $
23 million
and $
28 million
as of
December 31, 2015
and
2014
, respectively.
|
3
|
This amount includes adjustments recorded due to changes in foreign currency exchange rates.
|
4
|
As of
December 31, 2015
, the amount shown includes $
156 million
of debt instruments that are due through
2031
.
|
5
|
Amount represents changes in fair value due to changes in benchmark interest rates. Refer to
Note 5
for additional information about our fair value hedging strategy.
|
6
|
As of
December 31, 2015
and
2014
, the fair value of our long-term debt, including the current portion, was $
31,308 million
and $
23,411 million
, respectively. The fair value of our long-term debt is estimated based on quoted prices for those or similar instruments.
|
7
|
The above notes and debentures include various restrictions, none of which is presently significant to our Company.
|
|
Maturities of
Long-Term Debt
|
|
|
2016
|
$
|
2,677
|
|
2017
|
3,368
|
|
|
2018
|
3,302
|
|
|
2019
|
2,294
|
|
|
2020
|
3,927
|
|
Year Ended December 31,
|
Operating Lease Payments
|
|
|
2016
|
$
|
171
|
|
2017
|
109
|
|
|
2018
|
89
|
|
|
2019
|
68
|
|
|
2020
|
59
|
|
|
Thereafter
|
220
|
|
|
Total minimum operating lease payments
1
|
$
|
716
|
|
1
|
Income associated with sublease arrangements is not significant.
|
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
Fair value of options at grant date
|
$
|
4.38
|
|
|
$
|
3.91
|
|
|
$
|
3.73
|
|
Dividend yield
1
|
3.1
|
%
|
|
2.7
|
%
|
|
2.8
|
%
|
|||
Expected volatility
2
|
16.0
|
%
|
|
16.0
|
%
|
|
17.0
|
%
|
|||
Risk-free interest rate
3
|
1.8
|
%
|
|
1.6
|
%
|
|
0.9
|
%
|
|||
Expected term of the option
4
|
6 years
|
|
|
5 years
|
|
|
5 years
|
|
1
|
The dividend yield is the calculated yield on the Company's stock at the time of the grant.
|
2
|
Expected volatility is based on implied volatilities from traded options on the Company's stock, historical volatility of the Company's stock and other factors.
|
3
|
The risk-free interest rate for the period matching the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant.
|
4
|
The expected term of the option represents the period of time that options granted are expected to be outstanding and is derived by analyzing historical exercise behavior.
|
1
|
Includes
1.0 million
stock option replacement awards in connection with our acquisition of Old CCE's North America business in 2010. These options had a weighted-average exercise price of $
16.26
and generally vest over
3
years and expire
10
years from the original date of grant.
|
1
|
Includes
70 percent
of the total 2015 award. The remaining
30 percent
of the 2015 award contained metrics that cannot be fully defined until 2017; therefore, these awards are not considered granted until all of the metrics are established.
|
2
|
The outstanding performance share units as of
December 31, 2015
, at the threshold award and maximum award levels were
5.0 million
and
20.9 million
, respectively.
|
1
|
The weighted-average grant date fair value is based on the fair values of the performance share units granted.
|
2
|
The nonvested restricted stock and stock units as of January 1, 2015 are presented at the performance share units' certified award level.
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
||||
Benefit obligation at beginning of year
1
|
$
|
10,346
|
|
|
$
|
8,845
|
|
|
$
|
1,006
|
|
|
$
|
946
|
|
Service cost
|
265
|
|
|
261
|
|
|
27
|
|
|
26
|
|
||||
Interest cost
|
379
|
|
|
406
|
|
|
37
|
|
|
43
|
|
||||
Foreign currency exchange rate changes
|
(309
|
)
|
|
(183
|
)
|
|
(14
|
)
|
|
(4
|
)
|
||||
Amendments
|
6
|
|
|
—
|
|
|
(10
|
)
|
|
(31
|
)
|
||||
Actuarial loss (gain)
|
(479
|
)
|
|
1,519
|
|
|
(54
|
)
|
|
88
|
|
||||
Benefits paid
2
|
(353
|
)
|
|
(522
|
)
|
|
(59
|
)
|
|
(62
|
)
|
||||
Business combinations
|
1
|
|
|
4
|
|
|
—
|
|
|
—
|
|
||||
Divestitures
3
|
(218
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Settlements
4
|
(499
|
)
|
|
(7
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Special termination benefits
|
21
|
|
|
5
|
|
|
2
|
|
|
—
|
|
||||
Other
|
(1
|
)
|
|
18
|
|
|
5
|
|
|
1
|
|
||||
Benefit obligation at end of year
1
|
$
|
9,159
|
|
|
$
|
10,346
|
|
|
$
|
940
|
|
|
$
|
1,006
|
|
Fair value of plan assets at beginning of year
|
$
|
8,902
|
|
|
$
|
8,746
|
|
|
$
|
246
|
|
|
$
|
243
|
|
Actual return on plan assets
|
(44
|
)
|
|
574
|
|
|
(3
|
)
|
|
2
|
|
||||
Employer contributions
|
121
|
|
|
214
|
|
|
—
|
|
|
—
|
|
||||
Foreign currency exchange rate changes
|
(322
|
)
|
|
(203
|
)
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
(270
|
)
|
|
(435
|
)
|
|
(3
|
)
|
|
(3
|
)
|
||||
Divestitures
3
|
(206
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Settlements
4
|
(486
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Other
|
(6
|
)
|
|
7
|
|
|
5
|
|
|
4
|
|
||||
Fair value of plan assets at end of year
|
$
|
7,689
|
|
|
$
|
8,902
|
|
|
$
|
245
|
|
|
$
|
246
|
|
Net liability recognized
|
$
|
(1,470
|
)
|
|
$
|
(1,444
|
)
|
|
$
|
(695
|
)
|
|
$
|
(760
|
)
|
1
|
For pension benefit plans, the benefit obligation is the projected benefit obligation. For other benefit plans, the benefit obligation is the accumulated postretirement benefit obligation. The accumulated benefit obligation for our pension plans was
$8,868 million
and
$10,028 million
as of
December 31, 2015
and
2014
, respectively.
|
2
|
Benefits paid to pension plan participants during
2015
and
2014
included
$83 million
and
$87 million
, respectively, in payments related to unfunded pension plans that were paid from Company assets. Benefits paid to participants of other benefit plans during
2015
and
2014
included
$56 million
and
$59 million
, respectively, that were paid from Company assets.
|
3
|
Divestitures are primarily related to the transfer of assets and liabilities associated with the Company's consolidated German bottling operations to assets held for sale and liabilities held for sale as of December 31, 2015. Refer to Note 2 for additional information.
|
4
|
Settlements are primarily related to the Company's productivity, restructuring and integration initiatives. Refer to Note 18.
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
December 31,
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
||||
Noncurrent asset
|
$
|
454
|
|
|
$
|
479
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Current liability
|
(72
|
)
|
|
(78
|
)
|
|
(21
|
)
|
|
(20
|
)
|
||||
Long-term liability
|
(1,852
|
)
|
|
(1,845
|
)
|
|
(674
|
)
|
|
(740
|
)
|
||||
Net liability recognized
|
$
|
(1,470
|
)
|
|
$
|
(1,444
|
)
|
|
$
|
(695
|
)
|
|
$
|
(760
|
)
|
December 31,
|
2015
|
|
|
2014
|
|
||
Projected benefit obligation
|
$
|
7,767
|
|
|
$
|
8,753
|
|
Fair value of plan assets
|
5,865
|
|
|
6,854
|
|
December 31,
|
2015
|
|
|
2014
|
|
||
Accumulated benefit obligation
|
$
|
7,537
|
|
|
$
|
8,501
|
|
Fair value of plan assets
|
5,846
|
|
|
6,820
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||
December 31,
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
||||
Cash and cash equivalents
|
$
|
222
|
|
|
$
|
186
|
|
|
$
|
54
|
|
|
$
|
75
|
|
Equity securities:
|
|
|
|
|
|
|
|
||||||||
U.S.-based companies
|
1,118
|
|
|
1,274
|
|
|
445
|
|
|
542
|
|
||||
International-based companies
|
398
|
|
|
558
|
|
|
419
|
|
|
505
|
|
||||
Fixed-income securities:
|
|
|
|
|
|
|
|
||||||||
Government bonds
|
442
|
|
|
455
|
|
|
295
|
|
|
411
|
|
||||
Corporate bonds and debt securities
|
1,037
|
|
|
1,379
|
|
|
136
|
|
|
187
|
|
||||
Mutual, pooled and commingled funds
1
|
713
|
|
|
863
|
|
|
410
|
|
|
400
|
|
||||
Hedge funds/limited partnerships
|
723
|
|
|
756
|
|
|
41
|
|
|
43
|
|
||||
Real estate
|
462
|
|
|
391
|
|
|
2
|
|
|
17
|
|
||||
Other
|
513
|
|
|
481
|
|
|
259
|
|
|
379
|
|
||||
Total pension plan assets
2
|
$
|
5,628
|
|
|
$
|
6,343
|
|
|
$
|
2,061
|
|
|
$
|
2,559
|
|
1
|
Mutual, pooled and commingled funds include investments in equity securities, fixed-income securities and combinations of both. There are a significant number of mutual, pooled and commingled funds from which investors can choose. The selection of the type of fund is dictated by the specific investment objectives and needs of a given plan. These objectives and needs vary greatly between plans.
|
2
|
Fair value disclosures related to our pension assets are included in
Note 16
. Fair value disclosures include, but are not limited to, the levels within the fair value hierarchy in which the fair value measurements in their entirety fall; a reconciliation of the beginning and ending balances of Level 3 assets; and information about the valuation techniques and inputs used to measure the fair value of our pension assets.
|
(1)
|
optimize the long-term return on plan assets at an acceptable level of risk;
|
(2)
|
maintain a broad diversification across asset classes and among investment managers; and
|
(3)
|
maintain careful control of the risk level within each asset class.
|
December 31,
|
2015
|
|
|
2014
|
|
||
Cash and cash equivalents
|
$
|
8
|
|
|
$
|
10
|
|
Equity securities:
|
|
|
|
||||
U.S.-based companies
|
116
|
|
|
114
|
|
||
International-based companies
|
6
|
|
|
7
|
|
||
Fixed-income securities:
|
|
|
|
||||
Government bonds
|
80
|
|
|
79
|
|
||
Corporate bonds and debt securities
|
8
|
|
|
9
|
|
||
Mutual, pooled and commingled funds
|
15
|
|
|
16
|
|
||
Hedge funds/limited partnerships
|
5
|
|
|
5
|
|
||
Real estate
|
3
|
|
|
3
|
|
||
Other
|
4
|
|
|
3
|
|
||
Total other postretirement benefit plan assets
1
|
$
|
245
|
|
|
$
|
246
|
|
1
|
Fair value disclosures related to our other postretirement benefit plan assets are included in
Note 16
. Fair value disclosures include, but are not limited to, the levels within the fair value hierarchy in which the fair value measurements in their entirety fall and information about the valuation techniques and inputs used to measure the fair value of our other postretirement benefit plan assets.
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|
2015
|
|
|
2014
|
|
|
2013
|
|
||||||
Service cost
|
$
|
265
|
|
|
$
|
261
|
|
|
$
|
280
|
|
|
$
|
27
|
|
|
$
|
26
|
|
|
$
|
36
|
|
Interest cost
|
379
|
|
|
406
|
|
|
378
|
|
|
37
|
|
|
43
|
|
|
42
|
|
||||||
Expected return on plan assets
1
|
(705
|
)
|
|
(713
|
)
|
|
(659
|
)
|
|
(11
|
)
|
|
(11
|
)
|
|
(9
|
)
|
||||||
Amortization of prior service cost (credit)
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(19
|
)
|
|
(17
|
)
|
|
(10
|
)
|
||||||
Amortization of actuarial loss
2
|
199
|
|
|
73
|
|
|
197
|
|
|
10
|
|
|
2
|
|
|
13
|
|
||||||
Net periodic benefit cost
|
$
|
136
|
|
|
$
|
25
|
|
|
$
|
194
|
|
|
$
|
44
|
|
|
$
|
43
|
|
|
$
|
72
|
|
Settlement charge
3
|
149
|
|
|
4
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Special termination benefits
3
|
20
|
|
|
5
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||||
Total cost recognized in statements of income
|
$
|
305
|
|
|
$
|
34
|
|
|
$
|
197
|
|
|
$
|
46
|
|
|
$
|
43
|
|
|
$
|
72
|
|
1
|
The Company has elected to use the actual fair value of plan assets as the market-related value of assets in the determination of the expected return on plan assets.
|
2
|
Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to
10 percent
of the greater of the pension benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the average future working lifetime of the pension plan participants.
|
3
|
The settlement charge and special termination benefits were primarily related to the Company's productivity, restructuring and integration initiatives. Refer to
Note 18
.
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
||||
Balance in AOCI at beginning of year
|
$
|
(3,069
|
)
|
|
$
|
(1,537
|
)
|
|
$
|
(67
|
)
|
|
$
|
13
|
|
Recognized prior service cost (credit)
|
(2
|
)
|
|
(2
|
)
|
|
(19
|
)
|
|
(17
|
)
|
||||
Recognized net actuarial loss (gain)
|
348
|
|
|
77
|
|
|
10
|
|
|
2
|
|
||||
Prior service credit (cost) arising in current year
|
(6
|
)
|
|
—
|
|
|
10
|
|
|
31
|
|
||||
Net actuarial (loss) gain arising in current year
|
(270
|
)
|
|
(1,658
|
)
|
|
40
|
|
|
(97
|
)
|
||||
Foreign currency translation gain (loss)
|
92
|
|
|
51
|
|
|
—
|
|
|
1
|
|
||||
Balance in AOCI at end of year
|
$
|
(2,907
|
)
|
|
$
|
(3,069
|
)
|
|
$
|
(26
|
)
|
|
$
|
(67
|
)
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
December 31,
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
||||
Prior service credit (cost)
|
$
|
3
|
|
|
$
|
10
|
|
|
$
|
93
|
|
|
$
|
100
|
|
Net actuarial loss
|
(2,910
|
)
|
|
(3,079
|
)
|
|
(119
|
)
|
|
(167
|
)
|
||||
Balance in AOCI at end of year
|
$
|
(2,907
|
)
|
|
$
|
(3,069
|
)
|
|
$
|
(26
|
)
|
|
$
|
(67
|
)
|
|
Pension Benefits
|
|
Other Benefits
|
||||
Amortization of prior service cost (credit)
|
$
|
(2
|
)
|
|
$
|
(19
|
)
|
Amortization of actuarial loss
|
181
|
|
|
7
|
|
||
Total
|
$
|
179
|
|
|
$
|
(12
|
)
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||
December 31,
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
Discount rate
|
4.25
|
%
|
|
3.75
|
%
|
|
4.25
|
%
|
|
3.75
|
%
|
Rate of increase in compensation levels
|
3.50
|
%
|
|
3.50
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|
2015
|
|
|
2014
|
|
|
2013
|
|
Discount rate
|
3.75
|
%
|
|
4.75
|
%
|
|
4.00
|
%
|
|
3.75
|
%
|
|
4.75
|
%
|
|
4.00
|
%
|
Rate of increase in compensation levels
|
3.50
|
%
|
|
3.50
|
%
|
|
3.50
|
%
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
Expected long-term rate of return on plan assets
|
8.25
|
%
|
|
8.25
|
%
|
|
8.25
|
%
|
|
4.75
|
%
|
|
4.75
|
%
|
|
4.75
|
%
|
December 31,
|
2015
|
|
|
2014
|
|
Health care cost trend rate assumed for next year
|
7.00
|
%
|
|
7.50
|
%
|
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
|
5.00
|
%
|
|
5.00
|
%
|
Year that the rate reaches the ultimate trend rate
|
2021
|
|
|
2020
|
|
Year Ended December 31,
|
2016
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
2020
|
|
|
2021–2025
|
|
||||||
Pension benefit payments
|
$
|
521
|
|
|
$
|
504
|
|
|
$
|
533
|
|
|
$
|
551
|
|
|
$
|
570
|
|
|
$
|
3,065
|
|
Other benefit payments
1
|
61
|
|
|
63
|
|
|
64
|
|
|
65
|
|
|
67
|
|
|
332
|
|
||||||
Total estimated benefit payments
|
$
|
582
|
|
|
$
|
567
|
|
|
$
|
597
|
|
|
$
|
616
|
|
|
$
|
637
|
|
|
$
|
3,397
|
|
1
|
The expected benefit payments for our other postretirement benefit plans are net of estimated federal subsidies expected to be received under the Medicare Prescription Drug, Improvement and Modernization Act of 2003. Federal subsidies are estimated to be
$4 million
for the period 2016–2020, and
$3 million
for the period 2021–2025.
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
United States
|
$
|
1,801
|
|
|
$
|
1,567
|
|
|
$
|
2,451
|
|
International
|
7,804
|
|
|
7,758
|
|
|
9,026
|
|
|||
Total
|
$
|
9,605
|
|
|
$
|
9,325
|
|
|
$
|
11,477
|
|
|
United States
|
|
|
State and Local
|
|
|
International
|
|
|
Total
|
|
||||
2015
|
|
|
|
|
|
|
|
||||||||
Current
|
$
|
711
|
|
|
$
|
69
|
|
|
$
|
1,386
|
|
|
$
|
2,166
|
|
Deferred
|
120
|
|
|
45
|
|
|
(92
|
)
|
|
73
|
|
||||
2014
|
|
|
|
|
|
|
|
||||||||
Current
|
$
|
867
|
|
|
$
|
81
|
|
|
$
|
1,293
|
|
|
$
|
2,241
|
|
Deferred
|
(97
|
)
|
|
(21
|
)
|
|
78
|
|
|
(40
|
)
|
||||
2013
|
|
|
|
|
|
|
|
||||||||
Current
|
$
|
713
|
|
|
$
|
102
|
|
|
$
|
1,388
|
|
|
$
|
2,203
|
|
Deferred
|
305
|
|
|
38
|
|
|
305
|
|
|
648
|
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|
Statutory U.S. federal tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
State and local income taxes — net of federal benefit
|
1.2
|
|
|
1.0
|
|
|
1.0
|
|
|
Earnings in jurisdictions taxed at rates different from the statutory U.S. federal rate
|
(12.7
|
)
|
1
|
(11.5
|
)
|
6,7
|
(10.3
|
)
|
10,11,12
|
Equity income or loss
|
(1.7
|
)
|
2
|
(2.2
|
)
|
|
(1.4
|
)
|
13
|
Other operating charges
|
1.2
|
|
3,4
|
2.9
|
|
8,9
|
1.2
|
|
14
|
Other — net
|
0.3
|
|
5
|
(1.6
|
)
|
|
(0.7
|
)
|
|
Effective tax rate
|
23.3
|
%
|
|
23.6
|
%
|
|
24.8
|
%
|
|
1
|
Includes a pretax charge of
$27 million
(or a
0.1 percent
impact on our effective tax rate) due to the remeasurement of the net monetary assets of our local Venezuelan subsidiary into U.S. dollars using the SIMADI exchange rate. Refer to Note 1 and Note 17.
|
2
|
Includes a tax benefit of
$5 million
on a pretax charge of
$87 million
(or a
0.3 percent
impact on our effective tax rate) related to our proportionate share of unusual or infrequent items recorded by our equity method investees. Refer to Note 17.
|
3
|
Includes a tax benefit of
$45 million
on a pretax charge of
$225 million
(or a
0.3 percent
impact on our effective tax rate) primarily due to an impairment of a Venezuelan trademark, a write-down of receivables from our bottling partner in Venezuela, a cash contribution to The Coca-Cola Foundation and charges associated with ongoing tax litigation. Refer to Note 1 and Note 17.
|
4
|
Includes a tax benefit of
$259 million
on pretax charges of
$983 million
(or a
0.9 percent
impact on our effective tax rate) primarily related to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to Note 18.
|
5
|
Includes tax expense of
$150 million
on pretax income of
$77 million
(or a
1.3 percent
impact on our effective rate) primarily due to the gain related to the Monster Transaction, offset by charges related to the refranchising of certain territories in North America and charges associated with the early extinguishment of long-term debt. Refer to Note 2 and Note 17.
|
6
|
Includes tax expense of $
6 million
on a pretax net charge of $
372 million
(or a
1.5 percent
impact on our effective tax rate) due to the remeasurement of the net monetary assets of our local Venezuelan subsidiary into U.S. dollars using the SICAD 2 exchange rate. Refer to Note 1.
|
7
|
Includes tax expense of
$18 million
(or a
0.2 percent
impact on our effective tax rate) related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions.
|
8
|
Includes tax expense of
$55 million
on a pretax charge of
$352 million
(or a
1.9 percent
impact on our effective tax rate) primarily due to an impairment of a Venezuelan trademark, a write-down on receivables from our bottling partner in Venezuela, a charge associated with certain of the Company's fixed assets, and 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 1 and Note 17.
|
9
|
Includes a tax benefit of
$191 million
on pretax charges of
$809 million
(or a
1 percent
impact on our effective tax rate) primarily related to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to Note 18.
|
10
|
Includes a tax benefit of
$26 million
(or a
0.2 percent
impact on our effective tax rate) related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions.
|
11
|
Includes tax expense of
$279 million
on pretax net gains of
$501 million
(or a
0.9 percent
impact on our effective tax rate) related to the deconsolidation of our Brazilian bottling operations upon their combination with an independent bottler and a loss due to the merger of four of the Company's Japanese bottling partners. Refer to Note 2 and
Note 17
.
|
12
|
Includes tax expense of
$3 million
(or a
0.5 percent
impact on our effective tax rate) related to a charge of
$149 million
due to the devaluation of the Venezuelan bolivar. Refer to Note 19.
|
13
|
Includes a tax benefit of
$8 million
on a pretax charge of
$159 million
(or a
0.4 percent
impact on our effective tax rate) related to our proportionate share of unusual or infrequent items recorded by our equity method investees. Refer to Note 17.
|
14
|
Includes a tax benefit of
$175 million
on pretax charges of
$877 million
(or a
1.2 percent
impact on our effective tax rate) primarily related to impairment charges recorded on certain of the Company's intangible assets and charges related to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to
Note 17
and
Note 18
.
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
Beginning balance of unrecognized tax benefits
|
$
|
211
|
|
|
$
|
230
|
|
|
$
|
302
|
|
Increase related to prior period tax positions
|
4
|
|
|
13
|
|
|
1
|
|
|||
Decrease related to prior period tax positions
|
(9
|
)
|
|
(2
|
)
|
|
(7
|
)
|
|||
Increase related to current period tax positions
|
5
|
|
|
11
|
|
|
8
|
|
|||
Decrease related to settlements with taxing authorities
|
(5
|
)
|
|
(5
|
)
|
|
(4
|
)
|
|||
Decrease due to lapse of the applicable statute of limitations
|
(23
|
)
|
|
(32
|
)
|
|
(59
|
)
|
|||
Increase (decrease) due to effect of foreign currency exchange rate changes
|
(15
|
)
|
|
(4
|
)
|
|
(11
|
)
|
|||
Ending balance of unrecognized tax benefits
|
$
|
168
|
|
|
$
|
211
|
|
|
$
|
230
|
|
December 31,
|
2015
|
|
|
2014
|
|
||
Deferred tax assets:
|
|
|
|
||||
Property, plant and equipment
|
$
|
192
|
|
|
$
|
96
|
|
Trademarks and other intangible assets
|
68
|
|
|
68
|
|
||
Equity method investments (including foreign currency translation adjustment)
|
694
|
|
|
462
|
|
||
Derivative financial instruments
|
161
|
|
|
134
|
|
||
Other liabilities
|
1,056
|
|
|
1,082
|
|
||
Benefit plans
|
1,541
|
|
|
1,673
|
|
||
Net operating/capital loss carryforwards
|
413
|
|
|
729
|
|
||
Other
|
175
|
|
|
196
|
|
||
Gross deferred tax assets
|
$
|
4,300
|
|
|
$
|
4,440
|
|
Valuation allowances
|
(477
|
)
|
|
(649
|
)
|
||
Total deferred tax assets
1,2
|
$
|
3,823
|
|
|
$
|
3,791
|
|
Deferred tax liabilities:
|
|
|
|
||||
Property, plant and equipment
|
$
|
(1,887
|
)
|
|
$
|
(2,342
|
)
|
Trademarks and other intangible assets
|
(3,422
|
)
|
|
(4,020
|
)
|
||
Equity method investments (including foreign currency translation adjustment)
|
(1,441
|
)
|
|
(1,038
|
)
|
||
Derivative financial instruments
|
(687
|
)
|
|
(457
|
)
|
||
Other liabilities
|
(216
|
)
|
|
(110
|
)
|
||
Benefit plans
|
(367
|
)
|
|
(487
|
)
|
||
Other
|
(726
|
)
|
|
(944
|
)
|
||
Total deferred tax liabilities
3
|
$
|
(8,746
|
)
|
|
$
|
(9,398
|
)
|
Net deferred tax liabilities
|
$
|
(4,923
|
)
|
|
$
|
(5,607
|
)
|
1
|
Noncurrent deferred tax assets of $
360 million
and $
319 million
were included in the line item other assets in our consolidated balance sheets as of
December 31, 2015
and
2014
, respectively.
|
2
|
Current deferred tax assets of $
151 million
and $
160 million
were included in the line item prepaid expenses and other assets in our consolidated balance sheets as of
December 31, 2015
and
2014
, respectively.
|
3
|
Current deferred tax liabilities of $
743 million
and $
450 million
were included in the line item accounts payable and accrued expenses in our consolidated balance sheets as of
December 31, 2015
and
2014
, respectively.
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
Balance at beginning of year
|
$
|
649
|
|
|
$
|
586
|
|
|
$
|
487
|
|
Additions
|
42
|
|
|
104
|
|
|
169
|
|
|||
Decrease due to transfer to assets held for sale
|
(163
|
)
|
|
—
|
|
|
—
|
|
|||
Deductions
|
(51
|
)
|
|
(41
|
)
|
|
(70
|
)
|
|||
Balance at end of year
|
$
|
477
|
|
|
$
|
649
|
|
|
$
|
586
|
|
December 31,
|
2015
|
|
|
2014
|
|
||
Foreign currency translation adjustment
|
$
|
(9,167
|
)
|
|
$
|
(5,226
|
)
|
Accumulated derivative net gains (losses)
|
696
|
|
|
554
|
|
||
Unrealized net gains (losses) on available-for-sale securities
|
288
|
|
|
972
|
|
||
Adjustments to pension and other benefit liabilities
|
(1,991
|
)
|
|
(2,077
|
)
|
||
Accumulated other comprehensive income (loss)
|
$
|
(10,174
|
)
|
|
$
|
(5,777
|
)
|
|
Year Ended December 31, 2015
|
||||||||
|
Shareowners of
The Coca-Cola Company
|
|
Noncontrolling
Interests
|
|
Total
|
|
|||
Consolidated net income
|
$
|
7,351
|
|
$
|
15
|
|
$
|
7,366
|
|
Other comprehensive income:
|
|
|
|
||||||
Net foreign currency translation adjustment
|
(3,941
|
)
|
(18
|
)
|
(3,959
|
)
|
|||
Net gain (loss) on derivatives
1
|
142
|
|
—
|
|
142
|
|
|||
Net unrealized gain (loss) on available-for-sale securities
2
|
(684
|
)
|
—
|
|
(684
|
)
|
|||
Net change in pension and other benefit liabilities
3
|
86
|
|
—
|
|
86
|
|
|||
Total comprehensive income
|
$
|
2,954
|
|
$
|
(3
|
)
|
$
|
2,951
|
|
1
|
Refer to
Note 5
for additional information related to the net gain or loss on derivative instruments designated and qualifying as cash flow hedging instruments.
|
2
|
Refer to
Note 3
for information related to the net unrealized gain or loss on available-for-sale securities.
|
3
|
Refer to
Note 13
for additional information related to the Company's pension and other postretirement benefit liabilities.
|
|
Before-Tax Amount
|
|
|
Income Tax
|
|
|
After-Tax Amount
|
|
|||
2015
|
|
|
|
|
|
||||||
Foreign currency translation adjustments:
|
|
|
|
|
|
||||||
Translation adjustment arising during the year
|
$
|
(4,626
|
)
|
|
$
|
243
|
|
|
$
|
(4,383
|
)
|
Reclassification adjustments recognized in net income
|
63
|
|
|
(14
|
)
|
|
49
|
|
|||
Unrealized gains (losses) on net investment hedges arising during the year
|
637
|
|
|
(244
|
)
|
|
393
|
|
|||
Net foreign currency translation adjustment
|
(3,926
|
)
|
|
(15
|
)
|
|
(3,941
|
)
|
|||
Derivatives:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the year
|
853
|
|
|
(314
|
)
|
|
539
|
|
|||
Reclassification adjustments recognized in net income
|
(638
|
)
|
|
241
|
|
|
(397
|
)
|
|||
Net gain (loss) on derivatives
1
|
215
|
|
|
(73
|
)
|
|
142
|
|
|||
Available-for-sale securities:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the year
|
(973
|
)
|
|
328
|
|
|
(645
|
)
|
|||
Reclassification adjustments recognized in net income
|
(61
|
)
|
|
22
|
|
|
(39
|
)
|
|||
Net change in unrealized gain (loss) on available-for-sale securities
2
|
(1,034
|
)
|
|
350
|
|
|
(684
|
)
|
|||
Pension and other benefit liabilities:
|
|
|
|
|
|
||||||
Net pension and other benefits arising during the year
|
(169
|
)
|
|
43
|
|
|
(126
|
)
|
|||
Reclassification adjustments recognized in net income
|
337
|
|
|
(125
|
)
|
|
212
|
|
|||
Net change in pension and other benefit liabilities
3
|
168
|
|
|
(82
|
)
|
|
86
|
|
|||
Other comprehensive income (loss) attributable to The Coca-Cola Company
|
$
|
(4,577
|
)
|
|
$
|
180
|
|
|
$
|
(4,397
|
)
|
1
|
Refer to
Note 5
for additional information related to the net gain or loss on derivative instruments designated and qualifying as cash flow hedging instruments.
|
2
|
Includes reclassification adjustments related to divestitures of certain available-for-sale securities. Refer to
Note 3
for additional information related to these divestitures.
|
3
|
Refer to
Note 13
for additional information related to the Company's pension and other postretirement benefit liabilities.
|
|
Before-Tax Amount
|
|
|
Income Tax
|
|
|
After-Tax Amount
|
|
|||
2014
|
|
|
|
|
|
||||||
Foreign currency translation adjustments:
|
|
|
|
|
|
||||||
Translation adjustment arising during the year
|
$
|
(2,560
|
)
|
|
$
|
183
|
|
|
$
|
(2,377
|
)
|
Net foreign currency translation adjustment
|
(2,560
|
)
|
|
183
|
|
|
(2,377
|
)
|
|||
Derivatives:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the year
|
620
|
|
|
(231
|
)
|
|
389
|
|
|||
Reclassification adjustments recognized in net income
|
(50
|
)
|
|
18
|
|
|
(32
|
)
|
|||
Net gain (loss) on derivatives
1
|
570
|
|
|
(213
|
)
|
|
357
|
|
|||
Available-for-sale securities:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the year
|
1,139
|
|
|
(412
|
)
|
|
727
|
|
|||
Reclassification adjustments recognized in net income
|
(17
|
)
|
|
4
|
|
|
(13
|
)
|
|||
Net change in unrealized gain (loss) on available-for-sale securities
2
|
1,122
|
|
|
(408
|
)
|
|
714
|
|
|||
Pension and other benefit liabilities:
|
|
|
|
|
|
||||||
Net pension and other benefits arising during the year
|
(1,666
|
)
|
|
588
|
|
|
(1,078
|
)
|
|||
Reclassification adjustments recognized in net income
|
60
|
|
|
(21
|
)
|
|
39
|
|
|||
Net change in pension and other benefit liabilities
3
|
(1,606
|
)
|
|
567
|
|
|
(1,039
|
)
|
|||
Other comprehensive income (loss) attributable to The Coca-Cola Company
|
$
|
(2,474
|
)
|
|
$
|
129
|
|
|
$
|
(2,345
|
)
|
1
|
Refer to
Note 5
for additional information related to the net gain or loss on derivative instruments designated and qualifying as cash flow hedging instruments.
|
2
|
Includes reclassification adjustments related to divestitures of certain available-for-sale securities. Refer to
Note 3
for additional information related to these divestitures.
|
3
|
Refer to
Note 13
for additional information related to the Company's pension and other postretirement benefit liabilities.
|
|
Before-Tax Amount
|
|
|
Income Tax
|
|
|
After-Tax Amount
|
|
|||
2013
|
|
|
|
|
|
||||||
Foreign currency translation adjustments:
|
|
|
|
|
|
||||||
Translation adjustment arising during the year
|
$
|
(1,046
|
)
|
|
$
|
56
|
|
|
$
|
(990
|
)
|
Reclassification adjustments recognized in net income
|
(194
|
)
|
|
—
|
|
|
(194
|
)
|
|||
Net foreign currency translation adjustment
|
(1,240
|
)
|
|
56
|
|
|
(1,184
|
)
|
|||
Derivatives:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the year
|
425
|
|
|
(173
|
)
|
|
252
|
|
|||
Reclassification adjustments recognized in net income
|
(167
|
)
|
|
66
|
|
|
(101
|
)
|
|||
Net gain (loss) on derivatives
1
|
258
|
|
|
(107
|
)
|
|
151
|
|
|||
Available-for-sale securities:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the year
|
(134
|
)
|
|
42
|
|
|
(92
|
)
|
|||
Reclassification adjustments recognized in net income
|
12
|
|
|
—
|
|
|
12
|
|
|||
Net change in unrealized gain (loss) on available-for-sale securities
2
|
(122
|
)
|
|
42
|
|
|
(80
|
)
|
|||
Pension and other benefit liabilities:
|
|
|
|
|
|
||||||
Net pension and other benefits arising during the year
|
1,490
|
|
|
(550
|
)
|
|
940
|
|
|||
Reclassification adjustments recognized in net income
|
198
|
|
|
(72
|
)
|
|
126
|
|
|||
Net change in pension and other benefit liabilities
3
|
1,688
|
|
|
(622
|
)
|
|
1,066
|
|
|||
Other comprehensive income (loss) attributable to The Coca-Cola Company
|
$
|
584
|
|
|
$
|
(631
|
)
|
|
$
|
(47
|
)
|
1
|
Refer to
Note 5
for additional information related to the net gain or loss on derivative instruments designated and qualifying as cash flow hedging instruments.
|
2
|
Includes reclassification adjustments related to divestitures of certain available-for-sale securities. Refer to
Note 3
for additional information related to these divestitures.
|
3
|
Refer to
Note 13
for additional information related to the Company's pension and other postretirement benefit liabilities.
|
Description of AOCI Component
|
Financial Statement Line Item
|
Amount Reclassified from
AOCI into Income
|
|
|
Foreign currency translation adjustments:
|
|
|
||
Divestitures, deconsolidations and other
|
Other income (loss) — net
|
$
|
63
|
|
|
Income before income taxes
|
$
|
63
|
|
|
Income taxes
|
(14
|
)
|
|
|
Consolidated net income
|
$
|
49
|
|
Derivatives:
|
|
|
||
Foreign currency contracts
|
Net operating revenues
|
$
|
(630
|
)
|
Foreign currency and commodity contracts
|
Cost of goods sold
|
(59
|
)
|
|
Foreign currency contracts
|
Other income (loss) — net
|
40
|
|
|
Foreign currency and interest rate contracts
|
Interest expense
|
11
|
|
|
|
Income before income taxes
|
$
|
(638
|
)
|
|
Income taxes
|
241
|
|
|
|
Consolidated net income
|
$
|
(397
|
)
|
Available-for-sale securities:
|
|
|
||
Sale of securities
|
Other income (loss) — net
|
$
|
(61
|
)
|
|
Income before income taxes
|
$
|
(61
|
)
|
|
Income taxes
|
22
|
|
|
|
Consolidated net income
|
$
|
(39
|
)
|
Pension and other benefit liabilities:
|
|
|
||
Recognized net actuarial loss (gain)
|
*
|
$
|
358
|
|
Recognized prior service cost (credit)
|
*
|
(21
|
)
|
|
|
Income before income taxes
|
$
|
337
|
|
|
Income taxes
|
(125
|
)
|
|
|
Consolidated net income
|
$
|
212
|
|
*
|
This component of AOCI is included in the Company's computation of net periodic benefit cost and is not reclassified out of AOCI into a single line item in our consolidated statements of income in its entirety. Refer to
Note 13
for additional information.
|
•
|
Level 1 — Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2 — Observable inputs other than quoted prices included in Level 1. We value assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.
|
•
|
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
|
|
December 31, 2015
|
|
||||||||||||||||||
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Netting
Adjustment
1
|
|
|
Fair Value
Measurements
|
|
|
|||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading securities
2
|
$
|
183
|
|
|
$
|
135
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
322
|
|
|
Available-for-sale securities
2
|
3,913
|
|
|
4,574
|
|
|
119
|
|
3
|
—
|
|
|
8,606
|
|
|
|||||
Derivatives
4
|
2
|
|
|
1,268
|
|
|
—
|
|
|
(638
|
)
|
5
|
632
|
|
7
|
|||||
Total assets
|
$
|
4,098
|
|
|
$
|
5,977
|
|
|
$
|
123
|
|
|
$
|
(638
|
)
|
|
$
|
9,560
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives
4
|
$
|
24
|
|
|
$
|
635
|
|
|
$
|
—
|
|
|
$
|
(488
|
)
|
6
|
$
|
171
|
|
7
|
Total liabilities
|
$
|
24
|
|
|
$
|
635
|
|
|
$
|
—
|
|
|
$
|
(488
|
)
|
|
$
|
171
|
|
|
1
|
Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to
Note 5
.
|
2
|
Refer to Note 3 for additional information related to the composition of our trading securities and available-for-sale securities.
|
3
|
Primarily related to long-term debt securities that mature in 2018.
|
4
|
Refer to
Note 5
for additional information related to the composition of our derivative portfolio.
|
5
|
The Company is obligated to return
$184 million
in cash collateral it has netted against its derivative position.
|
6
|
The Company has the right to reclaim
$17 million
in cash collateral it has netted against its derivative position.
|
7
|
The Company's derivative financial instruments are recorded at fair value in our consolidated balance sheet as follows: $
79 million
in the line item prepaid expenses and other assets; $
553 million
in the line item other assets; and $
171 million
in the line item other liabilities. Refer to Note 5 for additional information related to the composition of our derivative portfolio.
|
|
December 31, 2014
|
|
||||||||||||||||||
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Netting
Adjustment
1
|
|
|
Fair Value
Measurements
|
|
|
|||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading securities
2
|
$
|
228
|
|
|
$
|
177
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
409
|
|
|
Available-for-sale securities
2
|
4,116
|
|
|
3,627
|
|
|
136
|
|
3
|
—
|
|
|
7,879
|
|
|
|||||
Derivatives
4
|
9
|
|
|
1,721
|
|
|
—
|
|
|
(437
|
)
|
|
1,293
|
|
5
|
|||||
Total assets
|
$
|
4,353
|
|
|
$
|
5,525
|
|
|
$
|
140
|
|
|
$
|
(437
|
)
|
|
$
|
9,581
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives
4
|
$
|
2
|
|
|
$
|
558
|
|
|
$
|
—
|
|
|
$
|
(437
|
)
|
|
$
|
123
|
|
5
|
Total liabilities
|
$
|
2
|
|
|
$
|
558
|
|
|
$
|
—
|
|
|
$
|
(437
|
)
|
|
$
|
123
|
|
|
1
|
Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to
Note 5
.
|
2
|
Refer to Note 3 for additional information related to the composition of our trading securities and available-for-sale securities.
|
3
|
Primarily related to long-term debt securities that mature in 2018.
|
4
|
Refer to
Note 5
for additional information related to the composition of our derivative portfolio.
|
5
|
The Company's derivative financial instruments are recorded at fair value in our consolidated balance sheet as follows: $
567 million
in the line item prepaid expenses and other assets; $
726 million
in the line item other assets; $
14 million
in the line item accounts payable and accrued expenses; and $
109 million
in the line item other liabilities. Refer to Note 5 for additional information related to the composition of our derivative portfolio.
|
|
Gains (Losses)
|
|
||||||
December 31,
|
2015
|
|
|
2014
|
|
|
||
Assets held for sale
1
|
$
|
(980
|
)
|
|
$
|
(494
|
)
|
|
Intangible assets
|
(473
|
)
|
2
|
(18
|
)
|
2
|
||
Investment in formerly unconsolidated subsidiary
|
(19
|
)
|
3
|
—
|
|
|
||
Valuation of shares in equity method investee
|
(6
|
)
|
4
|
(32
|
)
|
4
|
||
Total
|
$
|
(1,478
|
)
|
|
$
|
(544
|
)
|
|
1
|
The Company is required to record assets and liabilities that are held for sale at the lower of carrying value or fair value less any costs to sell based on the agreed-upon sale price. These charges primarily related to refranchising activities in North America. The charges were calculated based on Level 3 inputs. Refer to Note 2.
|
2
|
The Company recognized losses of
$473 million
and
$18 million
during the years ended
December 31, 2015
and
2014
, respectively, due to impairment charges on certain intangible assets. The charges incurred during
2015
included
$418 million
of impairment charges primarily due to the discontinuation of the energy products in the glacéau portfolio as a result of the Monster Transaction and a
$55 million
impairment charge on a Venezuelan trademark. The charges were determined by comparing the fair value of the assets to the current carrying value. The fair value of the assets was derived using discounted cash flow analyses based on Level 3 inputs. Refer to Note 1, Note 2 and Note 17.
|
3
|
The Company recognized a loss of
$19 million
on our previously held investment in a South African bottler, which had been accounted for under the equity method of accounting prior to our acquisition of the bottler in February 2015. U.S. GAAP requires the acquirer to remeasure its previously held noncontrolling equity interest in the acquired entity to fair value as of the acquisition date and recognize any gains or losses in earnings. The Company remeasured our equity interest in the South African bottler based on Level 3 inputs. Refer to Note 2.
|
4
|
In 2014, the Company recognized an estimated loss of
$32 million
as a result of the owners of the majority interest in a Brazilian bottling entity exercising their option to acquire from us a
10 percent
interest in the entity's outstanding shares. The exercise price was lower than our carrying value. The transaction closed in January 2015, and the Company recorded an additional loss of
$6 million
during the year ended
December 31, 2015
, calculated based on the final option price. These losses were determined using Level 3 inputs. Refer to Note 2 and Note 17.
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||||||||||||||
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
||||||||
Cash and cash equivalents
|
$
|
128
|
|
|
$
|
148
|
|
|
$
|
—
|
|
|
$
|
276
|
|
|
$
|
161
|
|
|
$
|
100
|
|
|
$
|
—
|
|
|
$
|
261
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S.-based companies
|
1,562
|
|
|
—
|
|
|
1
|
|
|
1,563
|
|
|
1,793
|
|
|
6
|
|
|
17
|
|
|
1,816
|
|
||||||||
International-based companies
|
802
|
|
|
5
|
|
|
10
|
|
|
817
|
|
|
1,050
|
|
|
13
|
|
|
—
|
|
|
1,063
|
|
||||||||
Fixed-income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Government bonds
|
—
|
|
|
736
|
|
|
1
|
|
|
737
|
|
|
—
|
|
|
863
|
|
|
3
|
|
|
866
|
|
||||||||
Corporate bonds and debt securities
|
—
|
|
|
1,171
|
|
|
2
|
|
|
1,173
|
|
|
—
|
|
|
1,533
|
|
|
33
|
|
|
1,566
|
|
||||||||
Mutual, pooled and commingled funds
|
77
|
|
|
1,046
|
|
|
—
|
|
|
1,123
|
|
|
98
|
|
|
1,134
|
|
|
31
|
|
|
1,263
|
|
||||||||
Hedge funds/limited partnerships
|
—
|
|
|
205
|
|
|
559
|
|
|
764
|
|
|
—
|
|
|
215
|
|
|
584
|
|
|
799
|
|
||||||||
Real estate
|
—
|
|
|
—
|
|
|
464
|
|
|
464
|
|
|
—
|
|
|
16
|
|
|
392
|
|
|
408
|
|
||||||||
Other
|
—
|
|
|
15
|
|
|
757
|
|
1
|
772
|
|
|
—
|
|
|
14
|
|
|
846
|
|
1
|
860
|
|
||||||||
Total
|
$
|
2,569
|
|
|
$
|
3,326
|
|
|
$
|
1,794
|
|
|
$
|
7,689
|
|
|
$
|
3,102
|
|
|
$
|
3,894
|
|
|
$
|
1,906
|
|
|
$
|
8,902
|
|
1
|
Includes purchased annuity contracts and insurance-linked securities.
|
|
Fixed-Income Securities
|
|
|
Hedge
Funds/Limited
Partnerships
|
|
|
Real Estate
|
|
|
Equity
Securities
|
|
|
Mutual,
Pooled and
Commingled
Funds
|
|
|
Other
|
|
|
Total
|
|
|||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at beginning of year
|
$
|
89
|
|
|
$
|
353
|
|
|
$
|
251
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
584
|
|
|
$
|
1,292
|
|
Actual return on plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Related to assets still held at the reporting date
|
17
|
|
|
(17
|
)
|
|
29
|
|
|
1
|
|
|
—
|
|
|
50
|
|
|
80
|
|
|||||||
Related to assets sold during the year
|
(2
|
)
|
|
42
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47
|
|
|||||||
Purchases, sales and settlements — net
|
(41
|
)
|
|
198
|
|
|
106
|
|
|
1
|
|
|
31
|
|
|
241
|
|
|
536
|
|
|||||||
Transfers in or out of Level 3 — net
|
(27
|
)
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|||||||
Foreign currency translation
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(31
|
)
|
|||||||
Balance at end of year
|
$
|
36
|
|
|
$
|
584
|
|
|
$
|
392
|
|
|
$
|
17
|
|
|
$
|
31
|
|
|
$
|
846
|
|
1
|
$
|
1,906
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at beginning of year
|
$
|
36
|
|
|
$
|
584
|
|
|
$
|
392
|
|
|
$
|
17
|
|
|
$
|
31
|
|
|
$
|
846
|
|
|
$
|
1,906
|
|
Actual return on plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Related to assets still held at the reporting date
|
1
|
|
|
(14
|
)
|
|
32
|
|
|
(6
|
)
|
|
—
|
|
|
42
|
|
|
55
|
|
|||||||
Related to assets sold during the year
|
(4
|
)
|
|
45
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47
|
|
|||||||
Purchases, sales and settlements — net
|
(6
|
)
|
|
(74
|
)
|
|
32
|
|
|
—
|
|
|
(2
|
)
|
|
(76
|
)
|
2
|
(126
|
)
|
|||||||
Transfers in or out of Level 3 — net
|
(24
|
)
|
|
21
|
|
|
2
|
|
|
—
|
|
|
(29
|
)
|
|
(3
|
)
|
|
(33
|
)
|
|||||||
Foreign currency translation
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
|
(55
|
)
|
|||||||
Balance at end of year
|
$
|
3
|
|
|
$
|
559
|
|
|
$
|
464
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
757
|
|
1
|
$
|
1,794
|
|
1
|
Includes purchased annuity contracts and insurance-linked securities.
|
2
|
Includes the transfer of assets associated with the Company's consolidated German bottling operations to assets held for sale and liabilities held for sale as of December 31, 2015. Refer to Note 2 for additional information.
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||||||||||||||
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
1
|
|
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
1
|
|
|
Total
|
|
||||||||
Cash and cash equivalents
|
$
|
1
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
9
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S.-based companies
|
116
|
|
|
—
|
|
|
—
|
|
|
116
|
|
|
114
|
|
|
—
|
|
|
—
|
|
|
114
|
|
||||||||
International-based companies
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||||||
Fixed-income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Government bonds
|
77
|
|
|
3
|
|
|
—
|
|
|
80
|
|
|
76
|
|
|
3
|
|
|
—
|
|
|
79
|
|
||||||||
Corporate bonds and debt securities
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||||||
Mutual, pooled and commingled funds
|
10
|
|
|
5
|
|
|
—
|
|
|
15
|
|
|
10
|
|
|
6
|
|
|
—
|
|
|
16
|
|
||||||||
Hedge funds/limited partnerships
|
—
|
|
|
1
|
|
|
4
|
|
|
5
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|
5
|
|
||||||||
Real estate
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
||||||||
Total
|
$
|
210
|
|
|
$
|
24
|
|
|
$
|
11
|
|
|
$
|
245
|
|
|
$
|
216
|
|
|
$
|
20
|
|
|
$
|
10
|
|
|
$
|
246
|
|
1
|
Level 3 assets are not a significant portion of other postretirement benefit plan assets.
|
|
Severance Pay
and Benefits
|
|
|
Outside Services
|
|
|
Other
Direct Costs
|
|
|
Total
|
|
||||
2013
|
|
|
|
|
|
|
|
||||||||
Accrued balance as of January 1
|
$
|
12
|
|
|
$
|
6
|
|
|
$
|
8
|
|
|
$
|
26
|
|
Costs incurred
|
188
|
|
|
59
|
|
|
247
|
|
|
494
|
|
||||
Payments
|
(113
|
)
|
|
(59
|
)
|
|
(209
|
)
|
|
(381
|
)
|
||||
Noncash and exchange
|
1
|
|
|
—
|
|
|
(28
|
)
|
|
(27
|
)
|
||||
Accrued balance as of December 31
|
$
|
88
|
|
|
$
|
6
|
|
|
$
|
18
|
|
|
$
|
112
|
|
2014
|
|
|
|
|
|
|
|
||||||||
Costs incurred
|
$
|
277
|
|
|
$
|
77
|
|
|
$
|
247
|
|
|
$
|
601
|
|
Payments
|
(103
|
)
|
|
(79
|
)
|
|
(220
|
)
|
|
(402
|
)
|
||||
Noncash and exchange
|
(2
|
)
|
|
—
|
|
|
(24
|
)
|
|
(26
|
)
|
||||
Accrued balance as of December 31
|
$
|
260
|
|
|
$
|
4
|
|
|
$
|
21
|
|
|
$
|
285
|
|
2015
|
|
|
|
|
|
|
|
||||||||
Costs incurred
|
$
|
269
|
|
|
$
|
56
|
|
|
$
|
366
|
|
|
$
|
691
|
|
Payments
|
(200
|
)
|
|
(47
|
)
|
|
(265
|
)
|
|
(512
|
)
|
||||
Noncash and exchange
|
(185
|
)
|
1
|
(5
|
)
|
|
(70
|
)
|
|
(260
|
)
|
||||
Accrued balance as of December 31
|
$
|
144
|
|
|
$
|
8
|
|
|
$
|
52
|
|
|
$
|
204
|
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
Concentrate operations
1
|
37
|
%
|
|
38
|
%
|
|
38
|
%
|
Finished product operations
2
|
63
|
|
|
62
|
|
|
62
|
|
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
1
|
Includes concentrates sold by the Company to authorized bottling partners for the manufacture of fountain syrups. The bottlers then typically sell the fountain syrups to wholesalers or directly to fountain retailers.
|
2
|
Includes fountain syrups manufactured by the Company, including consolidated bottling operations, and sold to fountain retailers or to authorized fountain wholesalers or bottling partners who resell the fountain syrups to fountain retailers.
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
United States
|
$
|
20,360
|
|
|
$
|
19,763
|
|
|
$
|
19,820
|
|
International
|
23,934
|
|
|
26,235
|
|
|
27,034
|
|
|||
Net operating revenues
|
$
|
44,294
|
|
|
$
|
45,998
|
|
|
$
|
46,854
|
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
United States
|
$
|
8,266
|
|
|
$
|
8,683
|
|
|
$
|
8,841
|
|
International
|
4,305
|
|
|
5,950
|
|
|
6,126
|
|
|||
Property, plant and equipment — net
|
$
|
12,571
|
|
|
$
|
14,633
|
|
|
$
|
14,967
|
|
|
Eurasia &
Africa
|
|
|
Europe
|
|
|
Latin
America
|
|
|
North
America
|
|
|
Asia Pacific
|
|
|
Bottling
Investments
|
|
|
Corporate
|
|
|
Eliminations
|
|
|
Consolidated
|
|
|||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Third party
|
$
|
2,423
|
|
|
$
|
4,543
|
|
|
$
|
3,999
|
|
|
$
|
21,784
|
|
|
$
|
4,707
|
|
|
$
|
6,682
|
|
|
$
|
156
|
|
|
$
|
—
|
|
|
$
|
44,294
|
|
Intersegment
|
36
|
|
|
585
|
|
|
75
|
|
|
18
|
|
|
545
|
|
|
49
|
|
|
10
|
|
|
(1,318
|
)
|
|
—
|
|
|||||||||
Total net revenues
|
2,459
|
|
|
5,128
|
|
|
4,074
|
|
|
21,802
|
|
|
5,252
|
|
|
6,731
|
|
|
166
|
|
|
(1,318
|
)
|
|
44,294
|
|
|||||||||
Operating income (loss)
|
987
|
|
|
2,888
|
|
|
2,169
|
|
|
2,490
|
|
|
2,189
|
|
|
—
|
|
|
(1,995
|
)
|
|
—
|
|
|
8,728
|
|
|||||||||
Interest income
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
604
|
|
|
—
|
|
|
613
|
|
|||||||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
856
|
|
|
—
|
|
|
856
|
|
|||||||||
Depreciation and amortization
|
44
|
|
|
59
|
|
|
41
|
|
|
1,217
|
|
|
85
|
|
|
367
|
|
|
157
|
|
|
—
|
|
|
1,970
|
|
|||||||||
Equity income (loss) — net
|
14
|
|
|
25
|
|
|
(7
|
)
|
|
(17
|
)
|
|
9
|
|
|
425
|
|
|
40
|
|
|
—
|
|
|
489
|
|
|||||||||
Income (loss) before income taxes
|
1,004
|
|
|
2,919
|
|
|
2,164
|
|
|
1,475
|
|
|
2,207
|
|
|
454
|
|
|
(618
|
)
|
|
—
|
|
|
9,605
|
|
|||||||||
Identifiable operating assets
1
|
1,148
|
|
|
3,008
|
|
2
|
1,627
|
|
|
32,042
|
|
|
1,639
|
|
|
7,042
|
|
2
|
27,799
|
|
|
—
|
|
|
74,305
|
|
|||||||||
Investments
3
|
1,061
|
|
|
77
|
|
|
657
|
|
|
118
|
|
|
158
|
|
|
8,073
|
|
|
5,644
|
|
|
—
|
|
|
15,788
|
|
|||||||||
Capital expenditures
|
19
|
|
|
35
|
|
|
70
|
|
|
1,341
|
|
|
81
|
|
|
735
|
|
|
272
|
|
|
—
|
|
|
2,553
|
|
|||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Third party
|
$
|
2,730
|
|
|
$
|
4,844
|
|
|
$
|
4,597
|
|
|
$
|
21,462
|
|
|
$
|
5,257
|
|
|
$
|
6,972
|
|
|
$
|
136
|
|
|
$
|
—
|
|
|
$
|
45,998
|
|
Intersegment
|
—
|
|
|
692
|
|
|
60
|
|
|
17
|
|
|
489
|
|
|
67
|
|
|
—
|
|
|
(1,325
|
)
|
|
—
|
|
|||||||||
Total net revenues
|
2,730
|
|
|
5,536
|
|
|
4,657
|
|
|
21,479
|
|
|
5,746
|
|
|
7,039
|
|
|
136
|
|
|
(1,325
|
)
|
|
45,998
|
|
|||||||||
Operating income (loss)
|
1,084
|
|
|
2,852
|
|
|
2,316
|
|
|
2,447
|
|
|
2,448
|
|
|
9
|
|
|
(1,448
|
)
|
|
—
|
|
|
9,708
|
|
|||||||||
Interest income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
594
|
|
|
—
|
|
|
594
|
|
|||||||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
483
|
|
|
—
|
|
|
483
|
|
|||||||||
Depreciation and amortization
|
47
|
|
|
75
|
|
|
56
|
|
|
1,195
|
|
|
96
|
|
|
315
|
|
|
192
|
|
|
—
|
|
|
1,976
|
|
|||||||||
Equity income (loss) — net
|
35
|
|
|
31
|
|
|
10
|
|
|
(16
|
)
|
|
12
|
|
|
691
|
|
|
6
|
|
|
—
|
|
|
769
|
|
|||||||||
Income (loss) before income taxes
|
1,125
|
|
|
2,892
|
|
|
2,319
|
|
|
1,633
|
|
|
2,464
|
|
|
715
|
|
|
(1,823
|
)
|
|
—
|
|
|
9,325
|
|
|||||||||
Identifiable operating assets
1
|
1,298
|
|
|
3,358
|
|
2
|
2,426
|
|
|
33,066
|
|
|
1,793
|
|
|
6,975
|
|
2
|
29,482
|
|
|
—
|
|
|
78,398
|
|
|||||||||
Investments
3
|
1,081
|
|
|
90
|
|
|
757
|
|
|
48
|
|
|
157
|
|
|
8,781
|
|
|
2,711
|
|
|
—
|
|
|
13,625
|
|
|||||||||
Capital expenditures
|
30
|
|
|
54
|
|
|
55
|
|
|
1,293
|
|
|
76
|
|
|
628
|
|
|
270
|
|
|
—
|
|
|
2,406
|
|
|||||||||
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Third party
|
$
|
2,763
|
|
|
$
|
4,645
|
|
|
$
|
4,748
|
|
|
$
|
21,574
|
|
|
$
|
5,372
|
|
|
$
|
7,598
|
|
|
$
|
154
|
|
|
$
|
—
|
|
|
$
|
46,854
|
|
Intersegment
|
—
|
|
|
689
|
|
|
191
|
|
|
16
|
|
|
497
|
|
|
78
|
|
|
—
|
|
|
(1,471
|
)
|
|
—
|
|
|||||||||
Total net revenues
|
2,763
|
|
|
5,334
|
|
|
4,939
|
|
|
21,590
|
|
|
5,869
|
|
|
7,676
|
|
|
154
|
|
|
(1,471
|
)
|
|
46,854
|
|
|||||||||
Operating income (loss)
|
1,087
|
|
|
2,859
|
|
|
2,908
|
|
|
2,432
|
|
|
2,478
|
|
|
115
|
|
|
(1,651
|
)
|
|
—
|
|
|
10,228
|
|
|||||||||
Interest income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
534
|
|
|
—
|
|
|
534
|
|
|||||||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
463
|
|
|
—
|
|
|
463
|
|
|||||||||
Depreciation and amortization
|
42
|
|
|
86
|
|
|
58
|
|
|
1,192
|
|
|
130
|
|
|
335
|
|
|
134
|
|
|
—
|
|
|
1,977
|
|
|||||||||
Equity income (loss) — net
|
22
|
|
|
24
|
|
|
13
|
|
|
2
|
|
|
19
|
|
|
524
|
|
|
(2
|
)
|
|
—
|
|
|
602
|
|
|||||||||
Income (loss) before income taxes
|
1,109
|
|
|
2,923
|
|
|
2,920
|
|
|
2,434
|
|
|
2,494
|
|
|
679
|
|
|
(1,082
|
)
|
|
—
|
|
|
11,477
|
|
|||||||||
Identifiable operating assets
1
|
1,273
|
|
|
3,713
|
|
2
|
2,918
|
|
|
33,964
|
|
|
1,922
|
|
|
7,011
|
|
2
|
27,742
|
|
|
—
|
|
|
78,543
|
|
|||||||||
Investments
3
|
1,157
|
|
|
106
|
|
|
545
|
|
|
49
|
|
|
143
|
|
|
9,424
|
|
|
88
|
|
|
—
|
|
|
11,512
|
|
|||||||||
Capital expenditures
|
40
|
|
|
34
|
|
|
63
|
|
|
1,374
|
|
|
117
|
|
|
643
|
|
|
279
|
|
|
—
|
|
|
2,550
|
|
1
|
Principally cash and cash equivalents, short-term investments, marketable securities, trade accounts receivable, inventories, goodwill, trademarks and other intangible assets, and property, plant and equipment — net.
|
2
|
Property, plant and equipment — net in Germany represented
10 percent
of consolidated property, plant and equipment — net in
2015
,
10 percent
in
2014
and
11 percent
in
2013
. The
2015
amount includes property, plant and equipment — net classified as held for sale.
|
3
|
Principally equity method investments and other investments in bottling companies.
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by $
16 million
for Eurasia and Africa, $
7 million
for Latin America, $
384 million
for North America, $
2 million
for Asia Pacific, $
353 million
for Bottling Investments and $
246 million
for Corporate due to the Company's productivity and reinvestment program as well as other restructuring initiatives. Operating income (loss) and income (loss) before income taxes were increased by $
25 million
for Europe due to the refinement of previously established accruals related to the Company's productivity and reinvestment program. Refer to
Note 18
.
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by
$418 million
for Corporate primarily due to an impairment charge primarily related to the discontinuation of the energy products in the glacéau portfolio as a result of the Monster Transaction. Refer to Note 2 and
Note 17
.
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by
$100 million
for Corporate as a result of a cash contribution to The Coca-Cola Foundation. Refer to
Note 17
.
|
•
|
Income (loss) before income taxes was increased by
$1,403 million
for Corporate as a result of the Monster Transaction. Refer to Note 2 and
Note 17
.
|
•
|
Income (loss) before income taxes was reduced by
$1,006 million
for North America due to the refranchising of certain territories in North America. Refer to Note 2 and
Note 17
.
|
•
|
Income (loss) before income taxes was reduced by
$320 million
for Corporate due to charges the Company recognized on the early extinguishment of certain long-term debt. Refer to Note 10 and
Note 17
.
|
•
|
Income (loss) before income taxes was reduced by
$33 million
for Latin America and
$105 million
for Corporate due to the remeasurement of the net monetary assets of our local Venezuelan subsidiary into U.S. dollars using the SIMADI exchange rate, an impairment of a Venezuelan trademark, and a write-down the Company recorded on receivables from our bottling partner in Venezuela. Refer to Note 1 and
Note 17
.
|
•
|
Income (loss) before income taxes was reduced by
$19 million
for Corporate as a result of the remeasurement of our previously held equity interest in a South African bottler to fair value upon our acquisition of the bottling operations. Refer to Note 2.
|
•
|
Income (loss) before income taxes was reduced by
$6 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 2 and
Note 17
.
|
•
|
Income (loss) before income taxes was increased by $
3 million
for Eurasia and Africa and reduced by
$7 million
for Europe and
$83 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
.
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by $
26 million
for Eurasia and Africa, $
111 million
for Europe,
$20 million
for Latin America, $
281 million
for North America, $
36 million
for Asia Pacific, $
211 million
for Bottling Investments and $
124 million
for Corporate due to charges related to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to
Note 18
.
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by
$42 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
.
|
•
|
Income (loss) before income taxes was reduced by
$2 million
for Europe and
$16 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
.
|
•
|
Income (loss) before income taxes was reduced by
$799 million
for North America due to the refranchising of certain territories. Refer to Note 2 and
Note 17
.
|
•
|
Income (loss) before income taxes was reduced by
$275 million
for Latin America and
$411 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, an impairment of a Venezuelan trademark, and a write-down the Company recorded on the concentrate sales receivables from our bottling partner in Venezuela. Refer to
Note 1
and
Note 17
.
|
•
|
Income (loss) before income taxes was increased by
$25 million
for Bottling Investments due to the elimination of intercompany profits resulting from a write-down we recorded on the concentrate sales receivables from our bottling partner in Venezuela, an equity method investee, partially offset by our proportionate share of their remeasurement loss. Refer to
Note 1
.
|
•
|
Income (loss) before income taxes was reduced by
$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 2 and
Note 17
.
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by
$2 million
for Eurasia and Africa,
$57 million
for Europe,
$282 million
for North America,
$26 million
for Asia Pacific,
$194 million
for Bottling Investments and
$121 million
for Corporate due to charges related to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to
Note 18
.
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by
$195 million
for Corporate due to impairment charges recorded on certain of the Company's intangible assets. Refer to
Note 17
.
|
•
|
Operating income (loss) and income (loss) before income taxes were reduced by
$22 million
for Asia Pacific due to charges associated with certain of the Company's fixed assets. Refer to
Note 17
.
|
•
|
Income (loss) before income taxes was increased by
$615 million
for Corporate due to a gain the Company recognized on the deconsolidation of our Brazilian bottling operations as a result of their combination with an independent bottling partner. Refer to
Note 17
.
|
•
|
Income (loss) before income taxes was reduced by
$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
.
|
•
|
Income (loss) before income taxes was reduced by a net
$114 million
for Corporate due to the merger of four of the Company's Japanese bottling partners in which we held equity method investments prior to their merger into CCEJ. Refer to
Note 17
.
|
•
|
Income (loss) before income taxes was increased by
$139 million
for Corporate due to a gain the Company recognized as a result of Coca-Cola FEMSA issuing additional shares of its own stock during the year at a per share amount greater than the carrying value of the Company's per share investment. Refer to
Note 17
.
|
•
|
Income (loss) before income taxes was reduced by a net
$159 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
.
|
•
|
Income (loss) before income taxes was reduced by
$53 million
for Corporate due to charges the Company recognized on the early extinguishment of certain long-term debt, including the hedge accounting adjustments reclassified from accumulated other comprehensive income to earnings. Refer to Note 10.
|
Year Ended December 31,
|
2015
|
|
|
2014
|
|
|
2013
|
|
|||
(Increase) decrease in trade accounts receivable
|
$
|
(212
|
)
|
|
$
|
(253
|
)
|
|
$
|
28
|
|
(Increase) decrease in inventories
|
(250
|
)
|
|
35
|
|
|
(105
|
)
|
|||
(Increase) decrease in prepaid expenses and other assets
|
123
|
|
|
194
|
|
|
(163
|
)
|
|||
Increase (decrease) in accounts payable and accrued expenses
|
1,004
|
|
|
(250
|
)
|
|
(158
|
)
|
|||
Increase (decrease) in accrued taxes
|
(306
|
)
|
|
151
|
|
|
22
|
|
|||
Increase (decrease) in other liabilities
|
(516
|
)
|
|
(316
|
)
|
|
(556
|
)
|
|||
Net change in operating assets and liabilities
|
$
|
(157
|
)
|
|
$
|
(439
|
)
|
|
$
|
(932
|
)
|
|
|
||
Inventories
|
$
|
4
|
|
Prepaid expenses and other assets
|
1
|
|
|
Property, plant and equipment — net
|
62
|
|
|
Bottlers' franchise rights with indefinite lives
|
273
|
|
|
Goodwill
|
10
|
|
|
Other intangible assets
|
13
|
|
|
Allowance for reduction of assets held for sale
|
(296
|
)
|
|
Total assets
|
$
|
67
|
|
Accounts payable and accrued expenses
|
$
|
1
|
|
Other liabilities
|
1
|
|
|
Deferred income taxes
|
19
|
|
|
Total liabilities
|
$
|
21
|
|
|
|
|
Muhtar Kent
|
|
Kathy N. Waller
|
Chairman of the Board of Directors
and Chief Executive Officer
February 25, 2016
|
|
Executive Vice President
and Chief Financial Officer
February 25, 2016
|
|
|
|
|
|
|
James R. Quincey
|
|
Larry M. Mark
|
President and Chief Operating Officer
February 25, 2016 |
|
Vice President and Controller
February 25, 2016
|
|
|
|
|
|
|
|
|
Mark Randazza
|
|
|
Vice President and Assistant Controller
February 25, 2016 |
|
First
Quarter
|
|
|
Second
Quarter
|
|
|
Third
Quarter
|
|
|
Fourth
Quarter
|
|
|
Full Year
|
|
|
|||||
(In millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net operating revenues
|
$
|
10,711
|
|
|
$
|
12,156
|
|
|
$
|
11,427
|
|
|
$
|
10,000
|
|
|
$
|
44,294
|
|
|
Gross profit
|
6,608
|
|
|
7,408
|
|
|
6,850
|
|
|
5,946
|
|
|
26,812
|
|
|
|||||
Net income attributable to shareowners of
The Coca-Cola Company
|
1,557
|
|
|
3,108
|
|
|
1,449
|
|
|
1,237
|
|
|
7,351
|
|
|
|||||
Basic net income per share
|
$
|
0.36
|
|
|
$
|
0.71
|
|
|
$
|
0.33
|
|
|
$
|
0.29
|
|
|
$
|
1.69
|
|
|
Diluted net income per share
|
$
|
0.35
|
|
|
$
|
0.71
|
|
|
$
|
0.33
|
|
|
$
|
0.28
|
|
|
$
|
1.67
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net operating revenues
|
$
|
10,576
|
|
|
$
|
12,574
|
|
|
$
|
11,976
|
|
|
$
|
10,872
|
|
|
$
|
45,998
|
|
|
Gross profit
|
6,493
|
|
|
7,755
|
|
|
7,346
|
|
|
6,515
|
|
|
28,109
|
|
|
|||||
Net income attributable to shareowners of
The Coca-Cola Company
|
1,619
|
|
|
2,595
|
|
|
2,114
|
|
|
770
|
|
|
7,098
|
|
|
|||||
Basic net income per share
|
$
|
0.37
|
|
|
$
|
0.59
|
|
|
$
|
0.48
|
|
|
$
|
0.18
|
|
|
$
|
1.62
|
|
|
Diluted net income per share
|
$
|
0.36
|
|
|
$
|
0.58
|
|
|
$
|
0.48
|
|
|
$
|
0.17
|
|
|
$
|
1.60
|
|
1
|
1
|
The sum of the quarterly net income per share amounts does not agree to the full year net income per share amounts. 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.
|
•
|
Charge of $320 million due to the early extinguishment of debt. Refer to Note 10 and Note 17.
|
•
|
Charges of $135 million due to the remeasurement of the net monetary assets of our local Venezuelan subsidiary into U.S. dollars using the SIMADI exchange rate, an impairment of a Venezuelan trademark and a write-down the Company recorded on receivables from our bottling partner in Venezuela. Refer to Note 1 and Note 17.
|
•
|
Charges of $125 million due to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to Note 17 and Note 18.
|
•
|
Charges of $73 million due to the Company's proportionate share of unusual or infrequent items recorded by certain of our equity method investees. Refer to Note 17.
|
•
|
Charge of $21 million due to the refranchising of certain territories in North America. Refer to Note 2 and Note 17.
|
•
|
Benefit of $1,402 million as a result of the Monster Transaction. Refer to Note 2 and Note 17.
|
•
|
Charge of $380 million due to an impairment primarily related to the discontinuation of the energy products in the glacéau portfolio as a result of the Monster Transaction. Refer to Note 2 and Note 17.
|
•
|
Charges of $186 million due to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to Note 17 and Note 18.
|
•
|
Charge of $100 million as a result of a cash contribution to The Coca-Cola Foundation. Refer to Note 17.
|
•
|
Charge of $12 million due to the refranchising of certain territories in North America. Refer to Note 2 and Note 17.
|
•
|
Charge of $794 million due to the refranchising of certain territories in North America. Refer to Note 2 and Note 17.
|
•
|
Charges of $216 million due to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to Note 17 and Note 18.
|
•
|
Charge of $38 million related to an impairment on a trademark in the glacéau portfolio, primarily as a result of foreign currency exchange rate fluctuations that impacted the fair value of the asset. Refer to Note 2 and Note 17.
|
•
|
Charge of $3 million related to an impairment charge on a Venezuelan trademark. Refer to Note 1.
|
•
|
Charges of $456 million due to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to Note 17 and Note 18.
|
•
|
Charge of $179 million due to the refranchising of certain territories in North America. Refer to Note 2 and Note 17.
|
•
|
Benefit of $1 million as a result of the Monster Transaction. Refer to Note 2 and Note 17.
|
•
|
Charges of $247 million 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.
|
•
|
Charges of $128 million due to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to Note 17 and Note 18.
|
•
|
Charges of $155 million due to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to Note 17 and Note 18.
|
•
|
Charge of $140 million due to the refranchising of certain territories in North America. Refer to Note 2 and Note 17.
|
•
|
Charge of $21 million as a result of a write-down of receivables related to sales of concentrate to our bottling partner in Venezuela due to limited government-approved exchange rate conversion mechanisms. Refer to Note 1 and Note 17.
|
•
|
Charge of $270 million due to the refranchising of certain territories in North America. Refer to Note 2 and Note 17.
|
•
|
Charges of $118 million due to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to Note 17 and Note 18.
|
•
|
Charges of $408 million due to the Company's productivity and reinvestment program as well as other restructuring initiatives. Refer to Note 17 and Note 18.
|
•
|
Charge of $389 million due to the refranchising of certain territories in North America. Refer to Note 2 and Note 17.
|
•
|
Charge of $275 million due to the write-down of concentrate sales receivables from our bottling partner in Venezuela. Refer to Note 1 and Note 17.
|
•
|
Charge of $164 million 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.
|
•
|
Benefit of $46 million 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 1 and Note 17.
|
•
|
Charge of $32 million 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.
|
(a)
|
The following documents are filed as part of this report:
|
•
|
should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;
|
•
|
may have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;
|
•
|
may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and
|
•
|
were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.
|
3.1
|
|
Certificate of Incorporation of the Company, including Amendment of Certificate of Incorporation, dated July 27, 2012 — incorporated herein by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 28, 2012.
|
|
3.2
|
|
By-Laws of the Company, as amended and restated through September 2, 2015 — incorporated herein by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed on September 3, 2015.
|
|
4.1
|
|
As permitted by the rules of the SEC, the Company has not filed certain instruments defining the rights of holders of long-term debt of the Company or consolidated subsidiaries under which the total amount of securities authorized does not exceed 10 percent of the total assets of the Company and its consolidated subsidiaries. The Company agrees to furnish to the SEC, upon request, a copy of any omitted instrument.
|
|
4.2
|
|
Amended and Restated Indenture, dated as of April 26, 1988, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-3 (Registration No. 33-50743) filed on October 25, 1993.
|
|
4.3
|
|
First Supplemental Indenture, dated as of February 24, 1992, to Amended and Restated Indenture, dated as of April 26, 1988, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.2 to the Company's Registration Statement on Form S-3 (Registration No. 33-50743) filed on October 25, 1993.
|
|
4.4
|
|
Second Supplemental Indenture, dated as of November 1, 2007, to Amended and Restated Indenture, dated as of April 26, 1988, as amended, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on March 5, 2009.
|
|
4.5
|
|
Form of Note for 5.350% Notes due November 15, 2017 — incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on October 31, 2007.
|
|
4.6
|
|
Form of Note for 4.875% Notes due March 15, 2019 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on March 5, 2009.
|
|
4.7
|
|
Form of Note for 3.150% Notes due November 15, 2020 — incorporated herein by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed on November 18, 2010.
|
|
4.8
|
|
Form of Exchange and Registration Rights Agreement among the Company, the representatives of the initial purchasers of the Notes and the other parties named therein — incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on August 8, 2011.
|
|
4.9
|
|
Form of Note for 1.80% Notes due September 1, 2016 — incorporated herein by reference to Exhibit 4.13 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.
|
|
4.10
|
|
Form of Note for 3.30% Notes due September 1, 2021 — incorporated herein by reference to Exhibit 4.14 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.
|
|
4.11
|
|
Form of Note for 1.650% Notes due March 14, 2018 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on March 14, 2012.
|
|
4.12
|
|
Form of Note for 1.150% Notes due 2018 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on March 5, 2013.
|
|
4.13
|
|
Form of Note for 2.500% Notes due 2023 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on March 5, 2013.
|
|
4.14
|
|
Form of Note for Floating Rate Notes due 2016 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
|
4.15
|
|
Form of Note for 0.750% Notes due 2016 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
|
4.16
|
|
Form of Note for 1.650% Notes due 2018 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
|
4.17
|
|
Form of Note for 2.450% Notes due 2020 — incorporated herein by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
|
4.18
|
|
Form of Note for 3.200% Notes due 2023 — incorporated herein by reference to Exhibit 4.8 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
4.19
|
|
Form of Note for Floating Rate Notes due 2015 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on March 7, 2014.
|
|
4.20
|
|
Form of Note for 1.875% Notes due 2026 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-A filed on September 19, 2014.
|
|
4.21
|
|
Form of Note for 1.125% Notes due 2022 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-A filed on September 19, 2014.
|
|
4.22
|
|
Form of Note for Floating Rate Notes due 2017 — incorporated herein by reference to Exhibit 4.4 to the Company's Registration Statement on Form 8-A filed on March 6, 2015.
|
|
4.23
|
|
Form of Note for Floating Rate Notes due 2019 — incorporated herein by reference to Exhibit 4.5 to the Company's Registration Statement on Form 8-A filed on March 6, 2015.
|
|
4.24
|
|
Form of Note for 0.75% Notes due 2023 — incorporated herein by reference to Exhibit 4.6 to the Company's Registration Statement on Form 8-A filed on March 6, 2015.
|
|
4.25
|
|
Form of Note for 1.125% Notes due 2027 — incorporated herein by reference to Exhibit 4.7 to the Company's Registration Statement on Form 8-A filed on March 6, 2015.
|
|
4.26
|
|
Form of Note for 1.625% Notes due 2035 — incorporated herein by reference to Exhibit 4.8 to the Company's Registration Statement on Form 8-A filed on March 6, 2015.
|
|
4.27
|
|
Form of Note for 0.875% Notes due 2017 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on October 27, 2015.
|
|
4.28
|
|
Form of Note for 1.875% Notes due 2020 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on October 27, 2015.
|
|
4.29
|
|
Form of Note for 2.875% Notes due 2025 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on October 27, 2015.
|
|
10.1
|
|
Performance Incentive Plan of the Company, as amended and restated as of February 16, 2011 — incorporated herein by reference to Exhibit 10.7 to the Company's Current Report on Form 8-K filed on February 17, 2011.*
|
|
10.2
|
|
The Coca-Cola Company 1999 Stock Option Plan, as amended and restated through February 20, 2013 (the "1999 Stock Option Plan") — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 20, 2013.*
|
|
10.2.1
|
|
Form of Stock Option Agreement in connection with the 1999 Stock Option Plan — incorporated herein by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K filed on February 14, 2007.*
|
|
10.2.2
|
|
Form of Stock Option Agreement in connection with the 1999 Stock Option Plan, as adopted December 12, 2007 — incorporated herein by reference to Exhibit 10.8 to the Company's Current Report on Form 8-K filed on February 21, 2008.*
|
|
10.2.3
|
|
Form of Stock Option Agreement in connection with the 1999 Stock Option Plan, as adopted February 18, 2009 — incorporated herein by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on February 18, 2009.*
|
|
10.3
|
|
The Coca-Cola Company 2002 Stock Option Plan, amended and restated through February 18, 2009 (the "2002 Stock Option Plan") — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 18, 2009.*
|
|
10.3.1
|
|
Form of Stock Option Agreement in connection with the 2002 Stock Option Plan, as amended — incorporated herein by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K filed on December 8, 2004.*
|
|
10.3.2
|
|
Form of Stock Option Agreement in connection with the 2002 Stock Option Plan, as adopted December 12, 2007 — incorporated herein by reference to Exhibit 10.9 to the Company's Current Report on Form 8-K filed on February 21, 2008.*
|
|
10.3.3
|
|
Form of Stock Option Agreement in connection with the 2002 Stock Option Plan, as adopted February 18, 2009 — incorporated herein by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on February 18, 2009.*
|
|
10.4
|
|
The Coca-Cola Company 2008 Stock Option Plan, as amended and restated, effective February 20, 2013 (the "2008 Stock Option Plan") — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 20, 2013.*
|
|
10.4.1
|
|
Form of Stock Option Agreement for grants under the 2008 Stock Option Plan — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on July 16, 2008.*
|
|
10.4.2
|
|
Form of Stock Option Agreement for grants under the 2008 Stock Option Plan, as adopted February 18, 2009 — incorporated herein by reference to Exhibit 10.7 to the Company's Current Report on Form 8-K filed on February 18, 2009.*
|
10.4.3
|
|
Form of Stock Option Agreement for grants under the 2008 Stock Option Plan, as adopted February 19, 2014— incorporated herein by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on February 19, 2014.*
|
|
10.5
|
|
The Coca-Cola Company 1983 Restricted Stock Award Plan, as amended and restated through February 16, 2011 (the "1983 Restricted Stock Award Plan") — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 17, 2011.*
|
|
10.6
|
|
The Coca-Cola Company 1989 Restricted Stock Award Plan, as amended and restated through February 19, 2014 (the "1989 Restricted Stock Award Plan") — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 19, 2014.*
|
|
10.6.1
|
|
Form of Restricted Stock Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 17, 2010 — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 18, 2010.*
|
|
10.6.2
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) in connection with the 1989 Restricted Stock Award Plan, as adopted February 17, 2010 — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 18, 2010.*
|
|
10.6.3
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) for France in connection with the 1989 Restricted Stock Award Plan, as adopted February 17, 2010 — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 18, 2010.*
|
|
10.6.4
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) in connection with the 1989 Restricted Stock Award Plan, as adopted February 16, 2011 — incorporated herein by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on February 17, 2011.*
|
|
10.6.5
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) for France in connection with the 1989 Restricted Stock Award Plan, as adopted February 16, 2011 — incorporated herein by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on February 17, 2011.*
|
|
10.6.6
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 15, 2012 — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 15, 2012.*
|
|
10.6.7
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 15, 2012 — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 15, 2012.*
|
|
10.6.8
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 15, 2012 — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 15, 2012.*
|
|
10.6.9
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 15, 2012 — incorporated herein by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on February 15, 2012.*
|
|
10.6.10
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) in connection with the 1989 Restricted Stock Award Plan, as adopted February 15, 2012 — incorporated herein by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on February 15, 2012.*
|
|
10.6.11
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) for France in connection with the 1989 Restricted Stock Award Plan, as adopted February 15, 2012 — incorporated herein by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on February 15, 2012.*
|
|
10.6.12
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) in connection with the 1989 Restricted Stock Award Plan, as adopted February 20, 2013 — incorporated herein by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on February 20, 2013.*
|
|
10.6.13
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) in connection with the 1989 Restricted Stock Award Plan, as adopted February 20, 2013 — incorporated herein by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on February 20, 2013.*
|
|
10.6.14
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 20, 2013 — incorporated herein by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on February 20, 2013.*
|
|
10.6.15
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 20, 2013 — incorporated herein by reference to Exhibit 10.7 to the Company's Current Report on Form 8-K filed on February 20, 2013.*
|
|
10.6.16
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) in connection with the 1989 Restricted Stock Award Plan, as adopted February 19, 2014 — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 19, 2014.*
|
10.6.17
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 19, 2014 — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 19, 2014.*
|
|
10.7
|
|
The Coca-Cola Company 2014 Equity Plan (the "2014 Equity Plan") — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 23, 2014.*
|
|
10.7.1
|
|
Form of Performance Share Agreement for grants under the 2014 Equity Plan, as adopted February 18, 2015 — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 18, 2015.*
|
|
10.7.2
|
|
Form of Performance Share Agreement alternate for grants under the 2014 Equity Plan, as adopted February 18, 2015 — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 18, 2015.*
|
|
10.7.3
|
|
Form of Stock Option Agreement for grants under the 2014 Equity Plan, as adopted February 18, 2015 — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 18, 2015.*
|
|
10.7.4
|
|
Form of Restricted Stock Unit Agreement for grants under the 2014 Equity Plan, as adopted February 18, 2015 — incorporated herein by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on February 18, 2015.*
|
|
10.8
|
|
The Coca-Cola Company Compensation Deferral & Investment Program of the Company, as amended (the "Compensation Deferral & Investment Program"), including Amendment Number Four, dated November 28, 1995 — incorporated herein by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K for the year ended December 31, 1995.*
|
|
10.8.1
|
|
Amendment Number Five to the Compensation Deferral & Investment Program, effective as of January 1, 1998 — incorporated herein by reference to Exhibit 10.8.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 1997.*
|
|
10.8.2
|
|
Amendment Number Six to the Compensation Deferral & Investment Program, dated as of January 12, 2004, effective January 1, 2004 — incorporated herein by reference to Exhibit 10.9.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2003.*
|
|
10.9
|
|
The Coca-Cola Company Supplemental Pension Plan, Amended and Restated effective January 1, 2010 (the "Supplemental Pension Plan") — incorporated herein by reference to Exhibit 10.10.6 to the Company's Annual Report on Form 10-K for the year ended December 31, 2009.*
|
|
10.9.1
|
|
Amendment One to the Supplemental Pension Plan, effective December 31, 2012, dated December 6, 2012 — incorporated herein by reference to Exhibit 10.10.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.9.2
|
|
Amendment Two to the Supplemental Pension Plan, effective April 1, 2013, dated March 19, 2013 — incorporated herein by reference to Exhibit 10.10 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 29, 2013.*
|
|
10.10
|
|
The Coca-Cola Company Supplemental 401(k) Plan (f/k/a the Supplemental Thrift Plan of the Company), Amended and Restated Effective January 1, 2012, dated December 14, 2011 — incorporated herein by reference to Exhibit 10.11 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.11
|
|
The Coca-Cola Company Supplemental Cash Balance Plan, effective January 1, 2012 (the "Supplemental Cash Balance Plan") — incorporated herein by reference to Exhibit 10.12 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.11.1
|
|
Amendment One to the Supplemental Cash Balance Plan, dated December 6, 2012 — incorporated herein by reference to Exhibit 10.12.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.11.2
|
|
Amendment Two to the Supplemental Cash Balance Plan, dated June 15, 2015 — incorporated herein by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended July 3, 2015.*
|
|
10.12
|
|
The Coca-Cola Company Directors' Plan, amended and restated on December 13, 2012, effective January 1, 2013 — incorporated herein by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.13
|
|
Deferred Compensation Plan of the Company, as amended and restated December 8, 2010 — incorporated herein by reference to Exhibit 10.16 to the Company's Annual Report on Form 10-K for the year ended December 31, 2010.*
|
|
10.14
|
|
The Coca-Cola Export Corporation Employee Share Plan, effective as of March 13, 2002 — incorporated herein by reference to Exhibit 10.31 to the Company's Annual Report on Form 10-K for the year ended December 31, 2002.*
|
10.15
|
|
The Coca-Cola Company Benefits Plan for Members of the Board of Directors, as amended and restated through April 14, 2004 (the "Benefits Plan for Members of the Board of Directors") — incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2004.*
|
|
10.15.1
|
|
Amendment Number One to the Benefits Plan for Members of the Board of Directors, dated December 16, 2005 — incorporated herein by reference to Exhibit 10.31.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2005.*
|
|
10.16
|
|
The Coca-Cola Company Severance Pay Plan, As Amended and Restated, Effective January 1, 2012, dated December 14, 2011 — incorporated herein by reference to Exhibit 10.22 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.17
|
|
Order Instituting Cease-and-Desist Proceedings, Making Findings and Imposing a Cease-and-Desist Order Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934 — incorporated herein by reference to Exhibit 99.3 to the Company's Current Report on Form 8-K filed on April 18, 2005.
|
|
10.18
|
|
Offer of Settlement of The Coca-Cola Company — incorporated herein by reference to Exhibit 99.2 to the Company's Current Report on Form 8-K filed on April 18, 2005.
|
|
10.19
|
|
Share Purchase Agreement among Coca-Cola South Asia Holdings, Inc. and San Miguel Corporation, 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 to the Company's Current Report on Form 8-K filed on December 29, 2006.
|
|
10.20
|
|
Cooperation Agreement between Coca-Cola South Asia Holdings, Inc. and San Miguel Corporation in connection with the Company's purchase of Coca-Cola Bottlers Philippines, Inc., dated December 23, 2006 — incorporated herein by reference to Exhibit 99.2 to the Company's Current Report on Form 8-K filed on December 29, 2006.
|
|
10.21
|
|
Offer Letter, dated July 20, 2007, from the Company to Joseph V. Tripodi, including Agreement on Confidentiality, Non-Competition and Non-Solicitation, dated July 20, 2007 — incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 28, 2007.*
|
|
10.21.1
|
|
Agreement between the Company and Joseph V. Tripodi, dated December 15, 2008 — incorporated herein by reference to Exhibit 10.47.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2008.*
|
|
10.21.2
|
|
Separation Agreement and Full and Complete Release and Agreement on Competition, Trade Secrets and Confidentiality between The Coca-Cola Company and Joseph V. Tripodi, dated December 5, 2014.*
|
|
10.22
|
|
Letter, dated July 17, 2008, to Muhtar Kent — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on July 21, 2008.*
|
|
10.23
|
|
Letter of Understanding between the Company and Ceree Eberly, dated October 26, 2009, including Agreement on Confidentiality, Non-Competition and Non-Solicitation, dated November 1, 2009 — incorporated herein by reference to Exhibit 10.47 to the Company's Annual Report on Form 10-K for the year ended December 31, 2009.*
|
|
10.24
|
|
The Coca-Cola Export Corporation Overseas Retirement Plan, as amended and restated, effective October 1, 2007 — incorporated herein by reference to Exhibit 10.55 to the Company's Annual Report on Form 10-K for the year ended December 31, 2008.*
|
|
10.24.1
|
|
Amendment Number One to The Coca-Cola Export Corporation Overseas Retirement Plan, as Amended and Restated, Effective October 1, 2007, dated September 29, 2011 — incorporated herein by reference to Exhibit 10.34.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.24.2
|
|
Amendment Number Two to The Coca-Cola Export Corporation Overseas Retirement Plan, as Amended and Restated, Effective October 1, 2007, dated November 14, 2011 — incorporated herein by reference to Exhibit 10.34.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.24.3
|
|
Amendment Number Three to The Coca-Cola Export Corporation Overseas Retirement Plan, as Amended and Restated, Effective October 1, 2007, dated September 27, 2012 — incorporated herein by reference to Exhibit 10.11 to the Company's Quarterly Report on Form 10-Q filed on September 28, 2012.*
|
|
10.25
|
|
The Coca-Cola Export Corporation International Thrift Plan, as Amended and Restated, Effective January 1, 2011 — incorporated herein by reference to Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q for the quarter ended April 1, 2011.*
|
|
10.25.1
|
|
Amendment Number One to The Coca-Cola Export Corporation International Thrift Plan, as Amended and Restated, Effective January 1, 2011, dated September 20, 2011 — incorporated herein by reference to Exhibit 10.35.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
10.25.2
|
|
Amendment Number Two to The Coca-Cola Export Corporation International Thrift Plan, as Amended and Restated, Effective January 1, 2011, dated September 27, 2012 — incorporated herein by reference to Exhibit 10.10 to the Company's Quarterly Report on Form 10-Q filed on September 28, 2012.*
|
|
10.26
|
|
The Coca-Cola Export Corporation Mobile Employees Retirement Plan, effective January 1, 2012.*
|
|
10.27
|
|
Letter Agreement, dated as of June 7, 2010, between The Coca-Cola Company and Dr Pepper Seven-Up, Inc. — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 7, 2010.
|
|
10.28
|
|
Coca-Cola Enterprises Inc. 2001 Stock Option Plan — incorporated herein by reference to Exhibit 99.4 to the Company's Registration Statement on Form S-8 (Registration No. 333-169722) filed on October 1, 2010.*
|
|
10.29
|
|
Coca-Cola Enterprises Inc. 2004 Stock Award Plan — incorporated herein by reference to Exhibit 99.5 to the Company's Registration Statement on Form S-8 (Registration No. 333-169722) filed on October 1, 2010.*
|
|
10.30
|
|
Coca-Cola Enterprises Inc. 2007 Incentive Award Plan — incorporated herein by reference to Exhibit 99.6 to the Company's Registration Statement on Form S-8 (Registration No. 333-169722) filed on October 1, 2010.*
|
|
10.30.1
|
|
Form of 2007 Stock Option Agreement (Senior Officers) under the Coca-Cola Enterprises Inc. 2007 Incentive Award Plan — incorporated herein by reference to Exhibit 10.32 to Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Annual Report on Form 10-K for the year ended December 31, 2007.*
|
|
10.30.2
|
|
Form of Stock Option Agreement (Chief Executive Officer and Senior Officers) under the Coca-Cola Enterprises Inc. 2007 Incentive Award Plan for Awards after October 29, 2008 — incorporated herein by reference to Exhibit 10.16.4 to Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Annual Report on Form 10-K for the year ended December 31, 2008.*
|
|
10.30.3
|
|
Form of 2007 Restricted Stock Unit Agreement (Senior Officers) under the Coca-Cola Enterprises Inc. 2007 Incentive Award Plan — incorporated herein by reference to Exhibit 10.16.7 to Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Annual Report on Form 10-K for the year ended December 31, 2008.*
|
|
10.30.4
|
|
Form of 2007 Performance Share Unit Agreement (Senior Officers) under the Coca-Cola Enterprises Inc. 2007 Incentive Award Plan — incorporated herein by reference to Exhibit 10.16.10 to Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Annual Report on Form 10-K for the year ended December 31, 2008.*
|
|
10.30.5
|
|
Form of Performance Share Unit Agreement (Chief Executive Officer and Senior Officers) under the Coca-Cola Enterprises Inc. 2007 Incentive Award Plan for Awards after October 29, 2008 — incorporated herein by reference to Exhibit 10.16.12 to Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Annual Report on Form 10-K for the year ended December 31, 2008.*
|
|
10.31
|
|
Coca-Cola Refreshments USA, Inc. Supplemental Matched Employee Savings and Investment Plan (Amended and Restated Effective January 1, 2010) — incorporated herein by reference to Exhibit 10.2 to Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Annual Report on Form 10-K for the year ended December 31, 2009.*
|
|
10.31.1
|
|
First Amendment to the Coca-Cola Refreshments USA, Inc. Supplemental Matched Employee Savings and Investment Plan (Amended and Restated Effective January 1, 2010), dated September 24, 2010 — incorporated herein by reference to Exhibit 10.45.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2010.*
|
|
10.31.2
|
|
Second Amendment to the Coca-Cola Refreshments USA, Inc. Supplemental Matched Employee Savings and Investment Plan (Amended and Restated Effective January 1, 2010), dated November 3, 2010 — incorporated herein by reference to Exhibit 10.45.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2010.*
|
|
10.31.3
|
|
Third Amendment to the Coca-Cola Refreshments USA, Inc. Supplemental Matched Employee Savings and Investment Plan, Effective January 1, 2010, dated February 15, 2011 — incorporated herein by reference to Exhibit 10.45.4 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.31.4
|
|
Fourth Amendment to the Coca-Cola Refreshments USA, Inc. Supplemental Matched Employee Savings and Investment Plan, effective December 31, 2011, dated December 14, 2011 — incorporated herein by reference to Exhibit 10.45.5 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.32
|
|
Coca-Cola Refreshments Executive Pension Plan, dated December 13, 2010 (Amended and Restated, Effective January 1, 2011) — incorporated herein by reference to Exhibit 10.46 to the Company's Annual Report on Form 10-K for the year ended December 31, 2010.*
|
|
10.32.1
|
|
Amendment Number One to the Coca-Cola Refreshments Executive Pension Plan (Amended and Restated, Effective January 1, 2011), dated as of July 14, 2011 — incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.*
|
10.32.2
|
|
Amendment Number Two to the Coca-Cola Refreshments Executive Pension Plan, effective December 31, 2011, dated December 14, 2011 — incorporated herein by reference to Exhibit 10.46.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.33
|
|
Amendment to certain Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Employee Benefit Plans and Equity Plans, effective December 6, 2010 — incorporated herein by reference to Exhibit 10.49 to the Company's Annual Report on Form 10-K for the year ended December 31, 2010.*
|
|
10.34
|
|
Letter, dated September 11, 2012, from the Company to Ahmet Bozer — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on September 14, 2012.*
|
|
10.34.1
|
|
Separation Agreement and Full and Complete Release and Agreement on Competition, Trade Secrets and Confidentiality between The Coca-Cola Company and Ahmet Bozer, dated August 12, 2015 — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on August 13, 2015.*
|
|
10.35
|
|
Letter, dated September 11, 2012, from the Company to Brian Smith — incorporated herein by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on September 14, 2012.*
|
|
10.36
|
|
Letter, dated September 11, 2012, from the Company to J. Alexander Douglas, Jr. — incorporated herein by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on September 14, 2012.*
|
|
10.37
|
|
Letter, dated September 11, 2012, from the Company to Nathan Kalumbu — incorporated herein by reference to Exhibit 10.8 to the Company's Current Report on Form 8-K filed on September 14, 2012.*
|
|
10.38
|
|
Coca-Cola Refreshments Supplemental Pension Plan (Amended and Restated Effective January 1, 2011), dated December 13, 2010 — incorporated herein by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 30, 2012.*
|
|
10.38.1
|
|
Amendment Number One to the Coca-Cola Refreshments Supplemental Pension Plan, dated December 14, 2011 — incorporated herein by reference to Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 30, 2012.*
|
|
10.38.2
|
|
Amendment Two to the Coca-Cola Refreshments Supplemental Pension Plan, dated December 6, 2012 — incorporated herein by reference to Exhibit 10.59.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.38.3
|
|
Amendment Three to the Coca-Cola Refreshments Supplemental Pension Plan, adopted March 19, 2013 — incorporated herein by reference to Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 29, 2013.*
|
|
10.38.4
|
|
Amendment Four to the Coca-Cola Refreshments Supplemental Pension Plan, dated June 15, 2015 — incorporated herein by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the quarter ended July 3, 2015.*
|
|
10.39
|
|
Coca-Cola Refreshments Severance Pay Plan for Exempt Employees, effective as of January 1, 2012 — incorporated herein by reference to Exhibit 10.60.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.39.1
|
|
Amendment One to the Coca-Cola Refreshments Severance Pay Plan for Exempt Employees, effective January 1, 2012, dated May 24, 2012 — incorporated herein by reference to Exhibit 10.60.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.39.2
|
|
Amendment Two to the Coca-Cola Refreshments Severance Pay Plan for Exempt Employees, dated December 6, 2012 — incorporated herein by reference to Exhibit 10.60.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.39.3
|
|
Amendment Three to the Coca-Cola Refreshments Severance Pay Plan for Exempt Employees, adopted March 19, 2013 — incorporated herein by reference to Exhibit 10.9 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 29, 2013.*
|
|
10.40
|
|
Letter, dated December 16, 2013, from the Company to Irial Finan — incorporated herein by reference to Exhibit 10.46 to the Company's Annual Report on Form 10-K for the year ended December 31, 2013.*
|
|
10.40.1
|
|
Letter, dated April 29, 2015, from the Company to Irial Finan — incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on July 29, 2015.*
|
|
10.41
|
|
Letter, dated April 24, 2014, from the Company to Kathy N. Waller — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 25, 2014.*
|
|
10.42
|
|
Letter, dated October 15, 2014, from the Company to Atul Singh — incorporated herein by reference to Exhibit 10.46 to the Company's Annual Report on Form 10-K for the year ended December 31, 2014.*
|
|
10.43
|
|
Letter, dated December 16, 2014, from the Company to Marcos de Quinto — incorporated herein by reference to Exhibit 10.47 to the Company's Annual Report on Form 10-K for the year ended December 31, 2014.*
|
10.44
|
|
Letter, dated February 12, 2015, from the Company to Ed Hays — incorporated herein by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on April 30, 2015.*
|
|
10.45
|
|
Letter, dated April 29, 2015, from the Company to Julie Hamilton — incorporated herein by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on July 29, 2015.*
|
|
10.46
|
|
Letter, dated August 12, 2015, from the Company to James Quincey — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 13, 2015.*
|
|
10.47
|
|
Separation Agreement and Full and Complete Release and Agreement on Competition, Trade Secrets and Confidentiality between The Coca-Cola Company and Alex Cummings, dated December 23, 2015.*
|
|
10.48
|
|
Letter, dated October 14, 2015, from the Company to Bernhard Goepelt.*
|
|
12.1
|
|
Computation of Ratios of Earnings to Fixed Charges for the years ended December 31, 2015, 2014, 2013, 2012 and 2011.
|
|
21.1
|
|
List of subsidiaries of the Company as of December 31, 2015.
|
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm.
|
|
24.1
|
|
Powers of Attorney of Officers and Directors signing this report.
|
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification, executed by Muhtar Kent, Chairman of the Board of Directors and Chief Executive Officer of The Coca-Cola Company.
|
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification, executed by Kathy N. Waller, Executive Vice President and Chief Financial Officer of The Coca-Cola Company.
|
|
32.1
|
|
Certifications required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350), executed by Muhtar Kent, Chairman of the Board of Directors and Chief Executive Officer of The Coca-Cola Company and by Kathy N. Waller, Executive Vice President and Chief Financial Officer of The Coca-Cola Company.
|
|
101
|
|
The following financial information from The Coca-Cola Company's Annual Report on Form 10-K for the year ended December 31, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Income for the years ended December 31, 2015, 2014 and 2013, (ii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, 2014 and 2013, (iii) Consolidated Balance Sheets as of December 31, 2015 and 2014, (iv) Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013, (v) Consolidated Statements of Shareowners' Equity for the years ended December 31, 2015, 2014 and 2013 and (vi) the Notes to Consolidated Financial Statements.
|
*
|
Management contracts and compensatory plans and arrangements required to be filed as exhibits pursuant to Item 15(b) of Form 10-K.
|
|
THE COCA-COLA COMPANY
|
|
|||
|
(Registrant)
|
|
|||
|
By:
|
|
/s/ MUHTAR KENT
|
|
|
|
|
|
Muhtar Kent
Chairman of the Board of Directors
and Chief Executive Officer
|
|
|
|
|
|
Date:
|
February 25, 2016
|
|
*
|
|
*
|
Evan G. Greenberg
Director
|
|
Maria Elena Lagomasino
Director
|
|
|
|
February 25, 2016
|
|
February 25, 2016
|
|
|
|
*
|
|
*
|
Alexis M. Herman
Director |
|
Sam Nunn
Director
|
|
|
|
February 25, 2016
|
|
February 25, 2016
|
|
|
|
*
|
|
*
|
Robert A. Kotick
Director
|
|
David B. Weinberg
Director
|
|
|
|
February 25, 2016
|
|
February 25, 2016
|
|
|
|
*By:
|
|
/s/ GLORIA K. BOWDEN
|
|
|
Gloria K. Bowden
Attorney-in-fact
|
|
|
|
|
|
February 25, 2016
|
3.1
|
|
Certificate of Incorporation of the Company, including Amendment of Certificate of Incorporation, dated July 27, 2012 — incorporated herein by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 28, 2012.
|
|
3.2
|
|
By-Laws of the Company, as amended and restated through September 2, 2015 — incorporated herein by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed on September 3, 2015.
|
|
4.1
|
|
As permitted by the rules of the SEC, the Company has not filed certain instruments defining the rights of holders of long-term debt of the Company or consolidated subsidiaries under which the total amount of securities authorized does not exceed 10 percent of the total assets of the Company and its consolidated subsidiaries. The Company agrees to furnish to the SEC, upon request, a copy of any omitted instrument.
|
|
4.2
|
|
Amended and Restated Indenture, dated as of April 26, 1988, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-3 (Registration No. 33-50743) filed on October 25, 1993.
|
|
4.3
|
|
First Supplemental Indenture, dated as of February 24, 1992, to Amended and Restated Indenture, dated as of April 26, 1988, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.2 to the Company's Registration Statement on Form S-3 (Registration No. 33-50743) filed on October 25, 1993.
|
|
4.4
|
|
Second Supplemental Indenture, dated as of November 1, 2007, to Amended and Restated Indenture, dated as of April 26, 1988, as amended, between the Company and Deutsche Bank Trust Company Americas, as successor to Bankers Trust Company, as trustee — incorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on March 5, 2009.
|
|
4.5
|
|
Form of Note for 5.350% Notes due November 15, 2017 — incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on October 31, 2007.
|
|
4.6
|
|
Form of Note for 4.875% Notes due March 15, 2019 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on March 5, 2009.
|
|
4.7
|
|
Form of Note for 3.150% Notes due November 15, 2020 — incorporated herein by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed on November 18, 2010.
|
|
4.8
|
|
Form of Exchange and Registration Rights Agreement among the Company, the representatives of the initial purchasers of the Notes and the other parties named therein — incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on August 8, 2011.
|
|
4.9
|
|
Form of Note for 1.80% Notes due September 1, 2016 — incorporated herein by reference to Exhibit 4.13 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.
|
|
4.10
|
|
Form of Note for 3.30% Notes due September 1, 2021 — incorporated herein by reference to Exhibit 4.14 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.
|
|
4.11
|
|
Form of Note for 1.650% Notes due March 14, 2018 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on March 14, 2012.
|
|
4.12
|
|
Form of Note for 1.150% Notes due 2018 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on March 5, 2013.
|
|
4.13
|
|
Form of Note for 2.500% Notes due 2023 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on March 5, 2013.
|
|
4.14
|
|
Form of Note for Floating Rate Notes due 2016 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
|
4.15
|
|
Form of Note for 0.750% Notes due 2016 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
|
4.16
|
|
Form of Note for 1.650% Notes due 2018 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
|
4.17
|
|
Form of Note for 2.450% Notes due 2020 — incorporated herein by reference to Exhibit 4.7 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
|
4.18
|
|
Form of Note for 3.200% Notes due 2023 — incorporated herein by reference to Exhibit 4.8 to the Company's Current Report on Form 8-K filed on November 1, 2013.
|
4.19
|
|
Form of Note for Floating Rate Notes due 2015 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on March 7, 2014.
|
|
4.20
|
|
Form of Note for 1.875% Notes due 2026 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-A filed on September 19, 2014.
|
|
4.21
|
|
Form of Note for 1.125% Notes due 2022 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-A filed on September 19, 2014.
|
|
4.22
|
|
Form of Note for Floating Rate Notes due 2017 — incorporated herein by reference to Exhibit 4.4 to the Company's Registration Statement on Form 8-A filed on March 6, 2015.
|
|
4.23
|
|
Form of Note for Floating Rate Notes due 2019 — incorporated herein by reference to Exhibit 4.5 to the Company's Registration Statement on Form 8-A filed on March 6, 2015.
|
|
4.24
|
|
Form of Note for 0.75% Notes due 2023 — incorporated herein by reference to Exhibit 4.6 to the Company's Registration Statement on Form 8-A filed on March 6, 2015.
|
|
4.25
|
|
Form of Note for 1.125% Notes due 2027 — incorporated herein by reference to Exhibit 4.7 to the Company's Registration Statement on Form 8-A filed on March 6, 2015.
|
|
4.26
|
|
Form of Note for 1.625% Notes due 2035 — incorporated herein by reference to Exhibit 4.8 to the Company's Registration Statement on Form 8-A filed on March 6, 2015.
|
|
4.27
|
|
Form of Note for 0.875% Notes due 2017 — incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on October 27, 2015.
|
|
4.28
|
|
Form of Note for 1.875% Notes due 2020 — incorporated herein by reference to Exhibit 4.5 to the Company's Current Report on Form 8-K filed on October 27, 2015.
|
|
4.29
|
|
Form of Note for 2.875% Notes due 2025 — incorporated herein by reference to Exhibit 4.6 to the Company's Current Report on Form 8-K filed on October 27, 2015.
|
|
10.1
|
|
Performance Incentive Plan of the Company, as amended and restated as of February 16, 2011 — incorporated herein by reference to Exhibit 10.7 to the Company's Current Report on Form 8-K filed on February 17, 2011.*
|
|
10.2
|
|
The Coca-Cola Company 1999 Stock Option Plan, as amended and restated through February 20, 2013 (the "1999 Stock Option Plan") — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 20, 2013.*
|
|
10.2.1
|
|
Form of Stock Option Agreement in connection with the 1999 Stock Option Plan — incorporated herein by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K filed on February 14, 2007.*
|
|
10.2.2
|
|
Form of Stock Option Agreement in connection with the 1999 Stock Option Plan, as adopted December 12, 2007 — incorporated herein by reference to Exhibit 10.8 to the Company's Current Report on Form 8-K filed on February 21, 2008.*
|
|
10.2.3
|
|
Form of Stock Option Agreement in connection with the 1999 Stock Option Plan, as adopted February 18, 2009 — incorporated herein by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on February 18, 2009.*
|
|
10.3
|
|
The Coca-Cola Company 2002 Stock Option Plan, amended and restated through February 18, 2009 (the "2002 Stock Option Plan") — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 18, 2009.*
|
|
10.3.1
|
|
Form of Stock Option Agreement in connection with the 2002 Stock Option Plan, as amended — incorporated herein by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K filed on December 8, 2004.*
|
|
10.3.2
|
|
Form of Stock Option Agreement in connection with the 2002 Stock Option Plan, as adopted December 12, 2007 — incorporated herein by reference to Exhibit 10.9 to the Company's Current Report on Form 8-K filed on February 21, 2008.*
|
|
10.3.3
|
|
Form of Stock Option Agreement in connection with the 2002 Stock Option Plan, as adopted February 18, 2009 — incorporated herein by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on February 18, 2009.*
|
|
10.4
|
|
The Coca-Cola Company 2008 Stock Option Plan, as amended and restated, effective February 20, 2013 (the "2008 Stock Option Plan") — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 20, 2013.*
|
|
10.4.1
|
|
Form of Stock Option Agreement for grants under the 2008 Stock Option Plan — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on July 16, 2008.*
|
|
10.4.2
|
|
Form of Stock Option Agreement for grants under the 2008 Stock Option Plan, as adopted February 18, 2009 — incorporated herein by reference to Exhibit 10.7 to the Company's Current Report on Form 8-K filed on February 18, 2009.*
|
10.4.3
|
|
Form of Stock Option Agreement for grants under the 2008 Stock Option Plan, as adopted February 19, 2014— incorporated herein by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on February 19, 2014.*
|
|
10.5
|
|
The Coca-Cola Company 1983 Restricted Stock Award Plan, as amended and restated through February 16, 2011 (the "1983 Restricted Stock Award Plan") — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 17, 2011.*
|
|
10.6
|
|
The Coca-Cola Company 1989 Restricted Stock Award Plan, as amended and restated through February 19, 2014 (the "1989 Restricted Stock Award Plan") — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 19, 2014.*
|
|
10.6.1
|
|
Form of Restricted Stock Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 17, 2010 — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 18, 2010.*
|
|
10.6.2
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) in connection with the 1989 Restricted Stock Award Plan, as adopted February 17, 2010 — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 18, 2010.*
|
|
10.6.3
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) for France in connection with the 1989 Restricted Stock Award Plan, as adopted February 17, 2010 — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 18, 2010.*
|
|
10.6.4
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) in connection with the 1989 Restricted Stock Award Plan, as adopted February 16, 2011 — incorporated herein by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on February 17, 2011.*
|
|
10.6.5
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) for France in connection with the 1989 Restricted Stock Award Plan, as adopted February 16, 2011 — incorporated herein by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on February 17, 2011.*
|
|
10.6.6
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 15, 2012 — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 15, 2012.*
|
|
10.6.7
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 15, 2012 — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 15, 2012.*
|
|
10.6.8
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 15, 2012 — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 15, 2012.*
|
|
10.6.9
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 15, 2012 — incorporated herein by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on February 15, 2012.*
|
|
10.6.10
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) in connection with the 1989 Restricted Stock Award Plan, as adopted February 15, 2012 — incorporated herein by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on February 15, 2012.*
|
|
10.6.11
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) for France in connection with the 1989 Restricted Stock Award Plan, as adopted February 15, 2012 — incorporated herein by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on February 15, 2012.*
|
|
10.6.12
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) in connection with the 1989 Restricted Stock Award Plan, as adopted February 20, 2013 — incorporated herein by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on February 20, 2013.*
|
|
10.6.13
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) in connection with the 1989 Restricted Stock Award Plan, as adopted February 20, 2013 — incorporated herein by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on February 20, 2013.*
|
|
10.6.14
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 20, 2013 — incorporated herein by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on February 20, 2013.*
|
|
10.6.15
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 20, 2013 — incorporated herein by reference to Exhibit 10.7 to the Company's Current Report on Form 8-K filed on February 20, 2013.*
|
|
10.6.16
|
|
Form of Restricted Stock Agreement (Performance Share Unit Agreement) in connection with the 1989 Restricted Stock Award Plan, as adopted February 19, 2014 — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 19, 2014.*
|
|
10.6.17
|
|
Form of Restricted Stock Unit Agreement in connection with the 1989 Restricted Stock Award Plan, as adopted February 19, 2014 — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 19, 2014.*
|
10.7
|
|
The Coca-Cola Company 2014 Equity Plan (the "2014 Equity Plan") — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 23, 2014.*
|
|
10.7.1
|
|
Form of Performance Share Agreement for grants under the 2014 Equity Plan, as adopted February 18, 2015 — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 18, 2015.*
|
|
10.7.2
|
|
Form of Performance Share Agreement alternate for grants under the 2014 Equity Plan, as adopted February 18, 2015 — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 18, 2015.*
|
|
10.7.3
|
|
Form of Stock Option Agreement for grants under the 2014 Equity Plan, as adopted February 18, 2015 — incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on February 18, 2015.*
|
|
10.7.4
|
|
Form of Restricted Stock Unit Agreement for grants under the 2014 Equity Plan, as adopted February 18, 2015 — incorporated herein by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on February 18, 2015.*
|
|
10.8
|
|
The Coca-Cola Company Compensation Deferral & Investment Program of the Company, as amended (the "Compensation Deferral & Investment Program"), including Amendment Number Four, dated November 28, 1995 — incorporated herein by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K for the year ended December 31, 1995.*
|
|
10.8.1
|
|
Amendment Number Five to the Compensation Deferral & Investment Program, effective as of January 1, 1998 — incorporated herein by reference to Exhibit 10.8.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 1997.*
|
|
10.8.2
|
|
Amendment Number Six to the Compensation Deferral & Investment Program, dated as of January 12, 2004, effective January 1, 2004 — incorporated herein by reference to Exhibit 10.9.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2003.*
|
|
10.9
|
|
The Coca-Cola Company Supplemental Pension Plan, Amended and Restated effective January 1, 2010 (the "Supplemental Pension Plan") — incorporated herein by reference to Exhibit 10.10.6 to the Company's Annual Report on Form 10-K for the year ended December 31, 2009.*
|
|
10.9.1
|
|
Amendment One to the Supplemental Pension Plan, effective December 31, 2012, dated December 6, 2012 — incorporated herein by reference to Exhibit 10.10.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.9.2
|
|
Amendment Two to the Supplemental Pension Plan, effective April 1, 2013, dated March 19, 2013 — incorporated herein by reference to Exhibit 10.10 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 29, 2013.*
|
|
10.10
|
|
The Coca-Cola Company Supplemental 401(k) Plan (f/k/a the Supplemental Thrift Plan of the Company), Amended and Restated Effective January 1, 2012, dated December 14, 2011 — incorporated herein by reference to Exhibit 10.11 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.11
|
|
The Coca-Cola Company Supplemental Cash Balance Plan, effective January 1, 2012 (the "Supplemental Cash Balance Plan") — incorporated herein by reference to Exhibit 10.12 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.11.1
|
|
Amendment One to the Supplemental Cash Balance Plan, dated December 6, 2012 — incorporated herein by reference to Exhibit 10.12.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.11.2
|
|
Amendment Two to the Supplemental Cash Balance Plan, dated June 15, 2015 — incorporated herein by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended July 3, 2015.*
|
|
10.12
|
|
The Coca-Cola Company Directors' Plan, amended and restated on December 13, 2012, effective January 1, 2013 — incorporated herein by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.13
|
|
Deferred Compensation Plan of the Company, as amended and restated December 8, 2010 — incorporated herein by reference to Exhibit 10.16 to the Company's Annual Report on Form 10-K for the year ended December 31, 2010.*
|
|
10.14
|
|
The Coca-Cola Export Corporation Employee Share Plan, effective as of March 13, 2002 — incorporated herein by reference to Exhibit 10.31 to the Company's Annual Report on Form 10-K for the year ended December 31, 2002.*
|
|
10.15
|
|
The Coca-Cola Company Benefits Plan for Members of the Board of Directors, as amended and restated through April 14, 2004 (the "Benefits Plan for Members of the Board of Directors") — incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2004.*
|
10.15.1
|
|
Amendment Number One to the Benefits Plan for Members of the Board of Directors, dated December 16, 2005 — incorporated herein by reference to Exhibit 10.31.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2005.*
|
|
10.16
|
|
The Coca-Cola Company Severance Pay Plan, As Amended and Restated, Effective January 1, 2012, dated December 14, 2011 — incorporated herein by reference to Exhibit 10.22 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.17
|
|
Order Instituting Cease-and-Desist Proceedings, Making Findings and Imposing a Cease-and-Desist Order Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934 — incorporated herein by reference to Exhibit 99.3 to the Company's Current Report on Form 8-K filed on April 18, 2005.
|
|
10.18
|
|
Offer of Settlement of The Coca-Cola Company — incorporated herein by reference to Exhibit 99.2 to the Company's Current Report on Form 8-K filed on April 18, 2005.
|
|
10.19
|
|
Share Purchase Agreement among Coca-Cola South Asia Holdings, Inc. and San Miguel Corporation, 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 to the Company's Current Report on Form 8-K filed on December 29, 2006.
|
|
10.20
|
|
Cooperation Agreement between Coca-Cola South Asia Holdings, Inc. and San Miguel Corporation in connection with the Company's purchase of Coca-Cola Bottlers Philippines, Inc., dated December 23, 2006 — incorporated herein by reference to Exhibit 99.2 to the Company's Current Report on Form 8-K filed on December 29, 2006.
|
|
10.21
|
|
Offer Letter, dated July 20, 2007, from the Company to Joseph V. Tripodi, including Agreement on Confidentiality, Non-Competition and Non-Solicitation, dated July 20, 2007 — incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 28, 2007.*
|
|
10.21.1
|
|
Agreement between the Company and Joseph V. Tripodi, dated December 15, 2008 — incorporated herein by reference to Exhibit 10.47.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2008.*
|
|
10.21.2
|
|
Separation Agreement and Full and Complete Release and Agreement on Competition, Trade Secrets and Confidentiality between The Coca-Cola Company and Joseph V. Tripodi, dated December 5, 2014.*
|
|
10.22
|
|
Letter, dated July 17, 2008, to Muhtar Kent — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on July 21, 2008.*
|
|
10.23
|
|
Letter of Understanding between the Company and Ceree Eberly, dated October 26, 2009, including Agreement on Confidentiality, Non-Competition and Non-Solicitation, dated November 1, 2009 — incorporated herein by reference to Exhibit 10.47 to the Company's Annual Report on Form 10-K for the year ended December 31, 2009.*
|
|
10.24
|
|
The Coca-Cola Export Corporation Overseas Retirement Plan, as amended and restated, effective October 1, 2007 — incorporated herein by reference to Exhibit 10.55 to the Company's Annual Report on Form 10-K for the year ended December 31, 2008.*
|
|
10.24.1
|
|
Amendment Number One to The Coca-Cola Export Corporation Overseas Retirement Plan, as Amended and Restated, Effective October 1, 2007, dated September 29, 2011 — incorporated herein by reference to Exhibit 10.34.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.24.2
|
|
Amendment Number Two to The Coca-Cola Export Corporation Overseas Retirement Plan, as Amended and Restated, Effective October 1, 2007, dated November 14, 2011 — incorporated herein by reference to Exhibit 10.34.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.24.3
|
|
Amendment Number Three to The Coca-Cola Export Corporation Overseas Retirement Plan, as Amended and Restated, Effective October 1, 2007, dated September 27, 2012 — incorporated herein by reference to Exhibit 10.11 to the Company's Quarterly Report on Form 10-Q filed on September 28, 2012.*
|
|
10.25
|
|
The Coca-Cola Export Corporation International Thrift Plan, as Amended and Restated, Effective January 1, 2011 — incorporated herein by reference to Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q for the quarter ended April 1, 2011.*
|
|
10.25.1
|
|
Amendment Number One to The Coca-Cola Export Corporation International Thrift Plan, as Amended and Restated, Effective January 1, 2011, dated September 20, 2011 — incorporated herein by reference to Exhibit 10.35.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.25.2
|
|
Amendment Number Two to The Coca-Cola Export Corporation International Thrift Plan, as Amended and Restated, Effective January 1, 2011, dated September 27, 2012 — incorporated herein by reference to Exhibit 10.10 to the Company's Quarterly Report on Form 10-Q filed on September 28, 2012.*
|
|
10.26
|
|
The Coca-Cola Export Corporation Mobile Employees Retirement Plan, effective January 1, 2012.*
|
|
10.27
|
|
Letter Agreement, dated as of June 7, 2010, between The Coca-Cola Company and Dr Pepper Seven-Up, Inc. — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 7, 2010.
|
10.28
|
|
Coca-Cola Enterprises Inc. 2001 Stock Option Plan — incorporated herein by reference to Exhibit 99.4 to the Company's Registration Statement on Form S-8 (Registration No. 333-169722) filed on October 1, 2010.*
|
|
10.29
|
|
Coca-Cola Enterprises Inc. 2004 Stock Award Plan — incorporated herein by reference to Exhibit 99.5 to the Company's Registration Statement on Form S-8 (Registration No. 333-169722) filed on October 1, 2010.*
|
|
10.30
|
|
Coca-Cola Enterprises Inc. 2007 Incentive Award Plan — incorporated herein by reference to Exhibit 99.6 to the Company's Registration Statement on Form S-8 (Registration No. 333-169722) filed on October 1, 2010.*
|
|
10.30.1
|
|
Form of 2007 Stock Option Agreement (Senior Officers) under the Coca-Cola Enterprises Inc. 2007 Incentive Award Plan — incorporated herein by reference to Exhibit 10.32 to Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Annual Report on Form 10-K for the year ended December 31, 2007.*
|
|
10.30.2
|
|
Form of Stock Option Agreement (Chief Executive Officer and Senior Officers) under the Coca-Cola Enterprises Inc. 2007 Incentive Award Plan for Awards after October 29, 2008 — incorporated herein by reference to Exhibit 10.16.4 to Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Annual Report on Form 10-K for the year ended December 31, 2008.*
|
|
10.30.3
|
|
Form of 2007 Restricted Stock Unit Agreement (Senior Officers) under the Coca-Cola Enterprises Inc. 2007 Incentive Award Plan — incorporated herein by reference to Exhibit 10.16.7 to Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Annual Report on Form 10-K for the year ended December 31, 2008.*
|
|
10.30.4
|
|
Form of 2007 Performance Share Unit Agreement (Senior Officers) under the Coca-Cola Enterprises Inc. 2007 Incentive Award Plan — incorporated herein by reference to Exhibit 10.16.10 to Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Annual Report on Form 10-K for the year ended December 31, 2008.*
|
|
10.30.5
|
|
Form of Performance Share Unit Agreement (Chief Executive Officer and Senior Officers) under the Coca-Cola Enterprises Inc. 2007 Incentive Award Plan for Awards after October 29, 2008 — incorporated herein by reference to Exhibit 10.16.12 to Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Annual Report on Form 10-K for the year ended December 31, 2008.*
|
|
10.31
|
|
Coca-Cola Refreshments USA, Inc. Supplemental Matched Employee Savings and Investment Plan (Amended and Restated Effective January 1, 2010) — incorporated herein by reference to Exhibit 10.2 to Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Annual Report on Form 10-K for the year ended December 31, 2009.*
|
|
10.31.1
|
|
First Amendment to the Coca-Cola Refreshments USA, Inc. Supplemental Matched Employee Savings and Investment Plan (Amended and Restated Effective January 1, 2010), dated September 24, 2010 — incorporated herein by reference to Exhibit 10.45.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2010.*
|
|
10.31.2
|
|
Second Amendment to the Coca-Cola Refreshments USA, Inc. Supplemental Matched Employee Savings and Investment Plan (Amended and Restated Effective January 1, 2010), dated November 3, 2010 — incorporated herein by reference to Exhibit 10.45.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2010.*
|
|
10.31.3
|
|
Third Amendment to the Coca-Cola Refreshments USA, Inc. Supplemental Matched Employee Savings and Investment Plan, Effective January 1, 2010, dated February 15, 2011 — incorporated herein by reference to Exhibit 10.45.4 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.31.4
|
|
Fourth Amendment to the Coca-Cola Refreshments USA, Inc. Supplemental Matched Employee Savings and Investment Plan, effective December 31, 2011, dated December 14, 2011 — incorporated herein by reference to Exhibit 10.45.5 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.32
|
|
Coca-Cola Refreshments Executive Pension Plan, dated December 13, 2010 (Amended and Restated, Effective January 1, 2011) — incorporated herein by reference to Exhibit 10.46 to the Company's Annual Report on Form 10-K for the year ended December 31, 2010.*
|
|
10.32.1
|
|
Amendment Number One to the Coca-Cola Refreshments Executive Pension Plan (Amended and Restated, Effective January 1, 2011), dated as of July 14, 2011 — incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.*
|
|
10.32.2
|
|
Amendment Number Two to the Coca-Cola Refreshments Executive Pension Plan, effective December 31, 2011, dated December 14, 2011 — incorporated herein by reference to Exhibit 10.46.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2011.*
|
|
10.33
|
|
Amendment to certain Coca-Cola Refreshments USA, Inc.'s (formerly known as Coca-Cola Enterprises Inc.) Employee Benefit Plans and Equity Plans, effective December 6, 2010 — incorporated herein by reference to Exhibit 10.49 to the Company's Annual Report on Form 10-K for the year ended December 31, 2010.*
|
|
10.34
|
|
Letter, dated September 11, 2012, from the Company to Ahmet Bozer — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on September 14, 2012.*
|
10.34.1
|
|
Separation Agreement and Full and Complete Release and Agreement on Competition, Trade Secrets and Confidentiality between The Coca-Cola Company and Ahmet Bozer, dated August 12, 2015 — incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on August 13, 2015.*
|
|
10.35
|
|
Letter, dated September 11, 2012, from the Company to Brian Smith — incorporated herein by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on September 14, 2012.*
|
|
10.36
|
|
Letter, dated September 11, 2012, from the Company to J. Alexander Douglas, Jr. — incorporated herein by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on September 14, 2012.*
|
|
10.37
|
|
Letter, dated September 11, 2012, from the Company to Nathan Kalumbu — incorporated herein by reference to Exhibit 10.8 to the Company's Current Report on Form 8-K filed on September 14, 2012.*
|
|
10.38
|
|
Coca-Cola Refreshments Supplemental Pension Plan (Amended and Restated Effective January 1, 2011), dated December 13, 2010 — incorporated herein by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 30, 2012.*
|
|
10.38.1
|
|
Amendment Number One to the Coca-Cola Refreshments Supplemental Pension Plan, dated December 14, 2011 — incorporated herein by reference to Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 30, 2012.*
|
|
10.38.2
|
|
Amendment Two to the Coca-Cola Refreshments Supplemental Pension Plan, dated December 6, 2012 — incorporated herein by reference to Exhibit 10.59.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.38.3
|
|
Amendment Three to the Coca-Cola Refreshments Supplemental Pension Plan, adopted March 19, 2013 — incorporated herein by reference to Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 29, 2013.*
|
|
10.38.4
|
|
Amendment Four to the Coca-Cola Refreshments Supplemental Pension Plan, dated June 15, 2015 — incorporated herein by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the quarter ended July 3, 2015.*
|
|
10.39
|
|
Coca-Cola Refreshments Severance Pay Plan for Exempt Employees, effective as of January 1, 2012 — incorporated herein by reference to Exhibit 10.60.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.39.1
|
|
Amendment One to the Coca-Cola Refreshments Severance Pay Plan for Exempt Employees, effective January 1, 2012, dated May 24, 2012 — incorporated herein by reference to Exhibit 10.60.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.39.2
|
|
Amendment Two to the Coca-Cola Refreshments Severance Pay Plan for Exempt Employees, dated December 6, 2012 — incorporated herein by reference to Exhibit 10.60.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.*
|
|
10.39.3
|
|
Amendment Three to the Coca-Cola Refreshments Severance Pay Plan for Exempt Employees, adopted March 19, 2013 — incorporated herein by reference to Exhibit 10.9 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 29, 2013.*
|
|
10.40
|
|
Letter, dated December 16, 2013, from the Company to Irial Finan — incorporated herein by reference to Exhibit 10.46 to the Company's Annual Report on Form 10-K for the year ended December 31, 2013.*
|
|
10.40.1
|
|
Letter, dated April 29, 2015, from the Company to Irial Finan — incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on July 29, 2015.*
|
|
10.41
|
|
Letter, dated April 24, 2014, from the Company to Kathy N. Waller — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 25, 2014.*
|
|
10.42
|
|
Letter, dated October 15, 2014, from the Company to Atul Singh — incorporated herein by reference to Exhibit 10.46 to the Company's Annual Report on Form 10-K for the year ended December 31, 2014.*
|
|
10.43
|
|
Letter, dated December 16, 2014, from the Company to Marcos de Quinto — incorporated herein by reference to Exhibit 10.47 to the Company's Annual Report on Form 10-K for the year ended December 31, 2014.*
|
|
10.44
|
|
Letter, dated February 12, 2015, from the Company to Ed Hays — incorporated herein by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed on April 30, 2015.*
|
|
10.45
|
|
Letter, dated April 29, 2015, from the Company to Julie Hamilton — incorporated herein by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on July 29, 2015.*
|
|
10.46
|
|
Letter, dated August 12, 2015, from the Company to James Quincey — incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 13, 2015.*
|
|
10.47
|
|
Separation Agreement and Full and Complete Release and Agreement on Competition, Trade Secrets and Confidentiality between The Coca-Cola Company and Alex Cummings, dated December 23, 2015.*
|
|
10.48
|
|
Letter, dated October 14, 2015, from the Company to Bernhard Goepelt.*
|
12.1
|
|
Computation of Ratios of Earnings to Fixed Charges for the years ended December 31, 2015, 2014, 2013, 2012 and 2011.
|
|
21.1
|
|
List of subsidiaries of the Company as of December 31, 2015.
|
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm.
|
|
24.1
|
|
Powers of Attorney of Officers and Directors signing this report.
|
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification, executed by Muhtar Kent, Chairman of the Board of Directors and Chief Executive Officer of The Coca-Cola Company.
|
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification, executed by Kathy N. Waller, Executive Vice President and Chief Financial Officer of The Coca-Cola Company.
|
|
32.1
|
|
Certifications required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350), executed by Muhtar Kent, Chairman of the Board of Directors and Chief Executive Officer of The Coca-Cola Company and by Kathy N. Waller, Executive Vice President and Chief Financial Officer of The Coca-Cola Company.
|
|
101
|
|
The following financial information from The Coca-Cola Company's Annual Report on Form 10-K for the year ended December 31, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Income for the years ended December 31, 2015, 2014 and 2013, (ii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, 2014 and 2013, (iii) Consolidated Balance Sheets as of December 31, 2015 and 2014, (iv) Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013, (v) Consolidated Statements of Shareowners' Equity for the years ended December 31, 2015, 2014 and 2013 and (vi) the Notes to Consolidated Financial Statements.
|
*
|
Management contracts and compensatory plans and arrangements required to be filed as exhibits pursuant to Item 15(b) of Form 10-K.
|
|
|
PAGE
|
ARTICLE I
|
DEFINITIONS
|
1
|
|
|
|
ARTICLE II
|
ELIGIBILITY AND APPROVAL FOR PARTICIPATION
|
5
|
|
|
|
ARTICLE III
|
PLAN ACCOUNTS AND CONTRIBUTIONS
|
6
|
|
|
|
ARTICLE IV
|
VESTING
|
6
|
|
|
|
ARTICLE V
|
PAYMENT OF ACCOUNTS
|
7
|
|
|
|
ARTICLE VI
|
CHANGE OR DISCONTINUANCE OF PLAN
|
9
|
|
|
|
ARTICLE VII
|
ADMINISTRATION OF PLAN
|
9
|
|
|
|
ARTICLE VIII
|
MISCELLANEOUS PROVISIONS
|
11
|
1.
|
Each Employee of the Company or of any Subsidiary who has performed International Service shall become a Member of this Plan as of the date upon which all the following conditions shall be met:
|
a.
|
Citizenship: He shall not be a citizen of the United States.
|
b.
|
International Service: He shall, on such date, be engaged in International Service working in a country other than his home location on a mobile assignment.
|
c.
|
He is employed 1) under the terms and conditions of the Global Mobility Long Term Assignment Policy on a headquarters or host-based assignment, 2) under the terms of the International Service Program, or 3) as an International Auditor.
|
d.
|
He shall not be a participant in any plan qualified pursuant to Section 401(k) of the Code.
|
2.
|
A Member shall continue to participate in the Plan until the earliest of: i) the date any of the conditions in Section 2.1 is no longer satisfied; ii) has a Separation from Service; or iii) is ineligible for continued participation under guidelines established by the Committee.
|
1.
|
Each Member shall have an Account administered in his name by the Plan Sponsor. Such Account shall be a bookkeeping entry only and no assets shall be placed in the Member’s name.
|
2.
|
Each Account shall be credited with hypothetical contributions allocated to such Account in accordance with Subsection 3.3 below and credited with hypothetical interest credits as provided in Subsection 3.5 below. Such an Account shall be maintained for a Member until the value of all hypothetical contributions or interest has been distributed to or on behalf of the Member.
|
3.
|
Except as provided in Section 3.4, and unless the Member is no longer eligible for contributions, the Plan Sponsor shall credit to each Member’s Account a hypothetical contribution equal to not more than 10% of the Member’s Compensation paid during each month. If Compensation is denominated in a
|
4.
|
Any Company Core Contribution in excess of 10% must be approved by the Committee or the Global Head of Total Rewards, or the person with similar title and responsibilities within 60 days of the Members’ first day of eligibility for the Plan; otherwise, the Company Core Contribution shall remain at or below 10%.
|
5.
|
A Member’s Account will be credited with an Interest Credit at the end of each month in a Plan Year. The Interest Credit shall equal the product of the Annual Interest Rate for the Plan Year (expressed as a monthly prorated rate) and the balance of the Member’s Account as of the first day of each month of such Plan Year. For example, the Annual Interest Rate for the Plan Year beginning January 1, 2012 and ending December 31, 2012, prorated monthly, will be multiplied by the Member’s Account as of January 1, 2012. The Interest Credit in this example would be credited to the Member’s Account as of January 31, 2012.
|
1.
|
The Member shall be 100% vested in the Company Core Contribution under the Plan at all times. A Member shall be vested in his Company Discretionary Contribution Subaccount(s) as follows:
|
a.
|
In the case of his Company Discretionary Contribution, in accordance with any schedule that the Company or the Compensation Committee, where applicable, establishes with respect to his Company Discretionary Contribution, provided that the vesting period for Company Discretionary Contributions shall be at least 12 months.
|
b.
|
In the case of his Company Discretionary Early Retirement Contribution, the earliest of 1) on the Member’s Earliest Retirement Date as that term is defined in the ORP, and 2) December 31, 2021.
|
c.
|
In the case of his Company Discretionary Early Retirement Sweepback Contribution, the later of 1) the date he satisfies the vesting requirements in Section 4.1(b) and 2) the date he satisfies the vesting requirements in Section 4.1(d). If one or both of these vesting requirements is not met, then the Company Discretionary Early Retirement Sweepback Contribution is forfeited.
|
d.
|
In the case of his Company Discretionary Sweepback Contribution, on the date on which the Member completes four years of International Service. If the Member cases to satisfy any of the conditions in Section 2.1 before attaining four years of International Service, then the Company Discretionary Sweepback Contribution is forfeited.
|
2.
|
Upon death or the Disability of a Member, or in the event of a Change of Control, the Member shall be 100% vested in his or her Company Discretionary Contribution Subaccounts, unless otherwise provided by the Company or Compensation Committee, where applicable, at the time the contribution to the applicable subaccount is made.
|
5.1
|
Form of payment
. All benefits under this Plan shall be paid in a single lump sum.
|
(a)
|
Separation from Service - U.S. Taxpayers. Upon a Member’s Separation from Service, his vested Account balance attributable to contributions received while a U.S. Taxpayer shall be paid to the Member on the last business day of the third month following the month in which the Member has a Separation from Service. Notwithstanding the foregoing, the Account of a Specified Employee shall be paid on the last business day of the sixth month following the month in which the Specified Employee has a Separation from Service.
|
(b)
|
Separation from Service - Non-U.S. Taxpayers. Upon a Member’s termination of employment from an Employer and an Affiliate, his vested Account balance shall be paid to the Member on the last business day of the third month following the month in which the Member has a Separation from Service. For example, if a Member terminates with an Employer and begins employment with an Affiliate, there is no Separation of Service until the Member is no longer providing services to an Affiliate. Notwithstanding the foregoing, the Account of a Specified Employee shall be paid on the last business day of the sixth month following the month in which the Specified Employee has a Separation from Service.
|
(c)
|
Death. In the event of a Member’s death, his vested Account balance shall be paid to his Beneficiary on the last business day of the second month following the month of the Member’s death.
|
(d)
|
Disability. In the event of a Member’s Disability, his vested Account balance shall be paid to the Member on the last business day of the third month following the month in which the Member is Disabled.
|
1.
|
Other terms and conditions of payment.
|
(a)
|
Neither Members nor any other persons shall have any rights to payments or benefits of any kind under this Plan until such payments or the payment of benefits have actually been made.
|
(b)
|
All payments shall be made in U.S. dollars. The payment may be made to the Member only in the Member’s country of residence (determined at the time of payment) unless a different location is required due to tax withholding requirements as determined by the Committee.
|
(c)
|
Benefits payable under this Plan shall be the obligation of the Plan Sponsor. All payments are paid from the general assets of the Plan Sponsor or Company.
|
(d)
|
A Member's failure to cash a benefit check within two years of issuance or attempted delivery of such payment shall result in a forfeiture of such payment to the Company.
|
1.
|
The Committee may at any time and from time to time amend, suspend or terminate this Plan in whole or with respect to any one or more employees of said Company or any other Employer.
|
2.
|
In the event the Plan should be so discontinued, the Committee shall determine the amount of benefits attributable under the Plan to the date of discontinuance. Actual payment of any such benefits shall be subject to approval of the Committee.
|
1.
|
Appointment of Committee
. The Company’s Vice President of Human Resources, or his designee, shall appoint a Committee of no less than three and no more than seven members, one of whom shall be designated by it as Chairman. Members of this Committee may be chosen without regard to whether they are directors, officers or employees of the Company or a Subsidiary. All members of the Committee shall serve at the pleasure of the Vice President of Human Resources of the Company or his designee. Vacancies on the Committee, arising for any reason whatsoever, shall be filled by the Vice President of Human Resources of the Company or his designee. Any member of the Committee may resign of his own accord by delivering his written resignation to the Vice President of Human Resources of the Company or his designee.
|
2.
|
Organization and Operation of Committee
. The Chairman present shall preside at meetings of the Committee. In his absence, those present will choose one of their number to act as Chairman. The Committee may appoint a Secretary, who shall keep the minutes of the meetings and perform such other duties as may be assigned to him by the Committee, together with such other officers as it shall deem necessary. Neither the Secretary nor any other officer appointed by the Committee need be members. The Committee shall act by the majority of members then in office at all meetings and may set up a procedure to act upon matters by vote in writing without a meeting. The Committee may authorize one or more of its
|
3.
|
Powers of the Committee
. The Committee shall administer the Plan and shall have the exclusive responsibility and complete discretionary authority to control the operation and administration of the Plan, with all powers necessary to enable it to properly carry out such responsibility, including but not limited to the power to approve or disapprove a Subsidiary’s adoption of this Plan, the power to construe the terms of the Plan, to determine status, coverage and eligibility for benefits and to resolve all interpretive, equitable, and other questions, including questions of fact, that shall arise in the operation and administration of the Plan. All actions or determinations of the Committee shall be final, conclusive and binding on all persons. The Committee shall appoint the Administrator to administer the Plan and to perform other related actions as may from time to time be agreed by the Committee.
|
4.
|
Expenses of Committee
. The Company shall pay all expenses of the Committee. Such expenses shall include any expenses incident to the functioning of the Committee, including, but not limited to, salaries of employees, fees for actuarial and other services, attorney’s fees, accounting charges and other costs of administering the Plan.
|
5.
|
Liability of Employer and Committee
. Neither the Employer nor any Committee member shall be liable for the loss or damage which may result in connection with the execution of his duties or the exercise of his discretion or from any other act or omission hereunder, except when due to his own negligence or willful misconduct.
|
6.
|
Claims Procedure
.
|
(a)
|
Right to Make Claim. An interested party who disagrees with a determination of his or her right to Plan benefits must submit a written claim and exhaust this claim procedure before legal recourse of any type is sought. The claim must include a description of the relevant evidence the interested party believes support the claim and must be submitted to the Committee. The Committee (or its designee) shall either approve or deny the claim.
|
(b)
|
Appeal of Denial and Final Review. The interested party may make a written appeal of the Committee's initial decision, and the Committee (or its designee) shall respond.
|
(c)
|
Time Frame. The initial claim, its review, appeal and final review shall be made in a timely fashion, subject to the following time table:
|
Action
|
Days to Respond From Last Action
|
|
|
Benefit is determined
|
N/A
|
Interested party files initial request
|
60 days (subject to subsection (d) below)
|
Committee's initial decision
|
90 days
|
Interested party requests final review
|
60 days
|
Committee's final decision
|
90 days
|
(a)
|
Limitation on Actions. Any claim must be brought within one year after (a) in the case of any lump-sum payment, the date on which the payment was made; or (b) for all other claims, the date on which the action complained of occurred, which is the date on which the Member became aware of the action complained of. Any suit must be brought within one year after the date the Committee (or its designee) has made a final denial (or deemed denial) of a claim for benefits. Notwithstanding any other provision herein, any suit must be brought within two years after the date the claim first arose (as described above).
|
1.
|
Subsidiaries
. In the event the Committee shall determine that a corporation has ceased to be a Subsidiary, such former Subsidiary shall be deemed to have withdrawn from the Plan as of the first day of the next succeeding month, following such determination of the Committee, or, in lieu thereof, as of such other date as the Committee shall determine. Thereupon, the Plan is deemed to have been discontinued with respect to the employees of said former Subsidiary.
|
2.
|
Limitation of Responsibility
. Neither the establishment of this Plan nor any modification thereof, nor the creation of any fund or account, nor the payment of any benefits, shall be construed as giving to any Member or other person any legal or equitable right against the Company, or of its Subsidiaries, or any officer or employee thereof, or the Committee, except as herein provided; and in no event shall the terms of employment of any Member be modified or in any way affected thereby.
|
3.
|
Restrictions on Alienation and Assignment
. Except as set forth in Section 8.6, the right of any Member or any other person to any benefit or to any payment hereunder or to any separate account shall not be subject to alienation or assignment, and if such Member or other person shall attempt to assign, transfer or dispose of such right, or should such right be subjected to attachment, execution, garnishment, sequestration or other legal, equitable or other process, it shall ipso facto pass to such one or more persons as may be selected by the Committee; provided, however, that the Committee in its sole discretion may reappoint the Member or other person to receive any payment thereafter authorized. The Committee may revoke any appointment made by the Committee hereunder at any time, and a further appointment made by it.
|
4.
|
Authority of Officers of the Company or of a Subsidiary
. Whenever the Company or a Subsidiary under the terms of this Plan is permitted or required to do or perform any act or matter or thing, it shall be done and performed by any officer thereunder duly authorized by its Board of Directors.
|
5.
|
Controlling Law
. This Plan shall be subject to the laws of the State of Delaware (except to the extent that Delaware conflicts of law rules would call for the application of the law of another jurisdiction) and any and all disputes arising under this Plan are to be resolved exclusively by courts sitting in Delaware. The parties hereby waive any claims of improper venue or lack of personal or subject matter jurisdiction as to any such disputes.
|
6.
|
Offset for Monies Owed
. The benefits provided hereunder will be offset for any monies that the Committee or its designee determines are owed to the Company or any Subsidiary.
|
MUHTAR KENT
|
|
ADDRESS REPLY TO:
|
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
|
|
PO BOX 1734
|
THE COCA-COLA COMPANY
|
|
ATLANTA, GA 30301
|
|
|
|
|
|
404 676-4082
|
|
|
FAX: 404 676-7121
|
1.
|
You will step down from your current position as Chief Administrative Officer, effective December 31, 2015. From January 1, 2016 through March 31, 2016, you will continue to work your normal schedule and assist with the transition of your responsibilities and related work as necessary. You will step down from your role as Executive Vice President and separate from the Company on March 31, 2016 (“Separation Date”).
|
2.
|
|
3.
|
If you sign the enclosed release, you will be eligible for a benefit under The Coca-Cola Company Severance Pay Plan equivalent to two years of base salary, based on your current annual salary. This amount will be paid in a lump sum shortly after your Separation Date. This amount is subject to all applicable tax and withholdings.
|
4.
|
You will receive an annual incentive award for 2015 and a prorated award for 2016 under the standard terms and conditions of the annual Performance Incentive Plan. The actual payment amount is contingent upon actual Company performance and your performance. Any such award will be paid at the same time such awards are paid to all other similar Company executives. Your participation and any award made to you shall be determined by the Compensation Committee.
|
5.
|
The Compensation Committee has extended to you the terms of the Special Equity Program with respect to all equity granted prior to 2013 on the same terms and conditions applicable to other eligible employees who are at least age 50 with at least 10 years of service. This is conditioned upon you signing the enclosed release. For equity awards granted in 2013 and after, the existing terms of the plans and related agreements apply. When you exercise your stock options or receive shares underlying PSU awards, you will be personally liable for paying any taxes owed except as expressly provided by the Company’s International Service Policy or Tax Equalization Policy. You will not receive any additional equity awards. Your equity awards will be treated as summarized below.
|
•
|
Your stock options continue to vest for up to four years following your Separation Date. You will have up to four years, or, if earlier, the normal date of expiration, to exercise all of your vested options.
|
•
|
|
•
|
You continue to be eligible for a payment, if any, under this program based on performance. However, please note that this plan is not currently expected to pay out.
|
•
|
|
•
|
The award shall be prorated for the number of months you work during the performance period (for example, 27/36ths for a Separation Date of March 31, 2016). The award remains subject to the performance criteria. The remaining shares will be forfeited.
|
•
|
|
•
|
Provided you remain employed at least through twelve months from the date of grant, the award shall be prorated for the number of months you work during the performance period (for example,15/36ths for a Separation Date of March 31, 2016). The award remains subject to the performance criteria. The remaining shares will be forfeited.
|
•
|
|
1.
|
Your retirement benefits will consist of those benefits you have accrued under the standard terms and conditions of the plans in which you participate and in which benefits are vested as of your Separation Date.
|
2.
|
You will continue to be reimbursed up to $10,000 per year in financial planning and related expenses incurred by you annually up through your Separation Date.
|
3.
|
The Company will provide at its expense outplacement services through a designated services provider.
|
4.
|
The terms and conditions in this letter are further conditioned upon your signing and adhering to the attached Full and Complete Release and Agreement on Competition, Trade Secrets and Confidentiality.
|
1.
|
this Agreement is in exchange for the payments and benefits under The Coca-Cola Company Severance Pay Plan, the payments and benefits described in the letter dated December 15, 2015, and other compensation to which I would otherwise not be entitled;
|
2.
|
I am hereby advised to consult with an attorney before signing this Agreement;
|
3.
|
I have 21 days from my receipt of this Agreement
within which to consider whether to sign it;
|
4.
|
I have seven days following my signature of this Agreement to revoke the Agreement; and
|
5.
|
this Agreement shall not become effective or enforceable until the revocation period of seven days has expired.
|
ALEXANDER B. CUMMINGS
|
|
ADDRESS REPLY TO:
|
EXECUTIVE VICE PRESIDENT AND
|
|
PO BOX 1734
|
CHIEF ADMINISTRATIVE OFFICER
|
|
ATLANTA, GA 30301
|
|
|
|
|
|
404 676-6926
|
|
|
FAX: 404 515-2411
|
|
Year Ended December 31,
|
||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
|||||
(In millions except ratios)
|
|
|
|||||||||||||
EARNINGS:
|
|
|
|
|
|
||||||||||
Income from continuing operations before income taxes and changes in accounting principles
|
$
|
9,605
|
|
$
|
9,325
|
|
$
|
11,477
|
|
$
|
11,809
|
|
$
|
11,458
|
|
Fixed charges
|
931
|
|
569
|
|
553
|
|
486
|
|
505
|
|
|||||
Less:
|
|
|
|
|
|
||||||||||
Capitalized interest, net
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
|||||
Equity (income) loss — net of dividends
|
(122
|
)
|
(371
|
)
|
(201
|
)
|
(426
|
)
|
(269
|
)
|
|||||
Adjusted earnings
|
$
|
10,413
|
|
$
|
9,522
|
|
$
|
11,828
|
|
$
|
11,868
|
|
$
|
11,693
|
|
FIXED CHARGES:
|
|
|
|
|
|
||||||||||
Gross interest incurred
|
$
|
857
|
|
$
|
484
|
|
$
|
464
|
|
$
|
398
|
|
$
|
418
|
|
Interest portion of rent expense
|
74
|
|
85
|
|
89
|
|
88
|
|
87
|
|
|||||
Total fixed charges
|
$
|
931
|
|
$
|
569
|
|
$
|
553
|
|
$
|
486
|
|
$
|
505
|
|
Ratios of earnings to fixed charges
|
11.2
|
|
16.7
|
|
21.4
|
|
24.4
|
|
23.2
|
|
Subsidiaries of The Coca-Cola Company
As of December 31, 2015
|
|
|
Organized Under
Laws of:
|
The Coca-Cola Company
|
Delaware
|
Subsidiaries:
|
|
ACCBC Holding Company LLC
|
Georgia
|
Atlantic Industries
|
Cayman Islands
|
Atlantic Manufacturing
|
Cayman Islands
|
Barlan, Inc.
|
Delaware
|
BCI Coca-Cola Bottling Company of Los Angeles
|
Delaware
|
Beverage Brands S.R.L.
|
Peru
|
Beverage Services Limited
|
United Kingdom
|
Bharat Coca-Cola Overseas Holdings Pte. Ltd.
|
Singapore
|
Caribbean Refrescos, Inc.
|
Delaware
|
CCHBC Grouping, Inc.
|
Delaware
|
Coca-Cola (China) Investment Limited
|
China
|
Coca-Cola (Japan) Company, Limited
|
Japan
|
Coca-Cola Africa (Proprietary) Limited
|
South Africa
|
Coca-Cola Beverages (Shanghai) Company Limited
|
China
|
Coca-Cola Beverages Asia Holdings SARL
|
Luxembourg
|
Coca-Cola Beverages Vietnam Ltd.
|
Vietnam
|
Coca-Cola China Industries Limited
|
Cook Islands
|
Coca-Cola de Chile S.A.
|
Chile
|
Coca-Cola Erfrischungsgetränke AG
|
Germany
|
Coca-Cola GmbH
|
Germany
|
Coca-Cola Holdings (Overseas) Limited
|
Delaware
|
Coca-Cola Holdings (United Kingdom) Limited
|
United Kingdom
|
Coca-Cola India Private Limited
|
India
|
Coca-Cola Indochina Pte Ltd
|
Singapore
|
Coca-Cola Industrias Limitada - Brazil
|
Brazil
|
Coca-Cola Industrias Limitada - Costa Rica
|
Costa Rica
|
Coca-Cola Midi S.A.S.
|
France
|
Coca-Cola Oasis LLC
|
Delaware
|
Coca-Cola Overseas Parent Limited
|
Delaware
|
Coca-Cola Refreshments Canada Company
|
Nova Scotia
|
Coca-Cola Refreshments USA, Inc.
|
Delaware
|
Coca-Cola Reinsurance Services Limited
|
Ireland
|
Coca-Cola South Asia (India) Holdings Limited
|
Hong Kong
|
Coca-Cola South Asia Holdings, Inc.
|
Delaware
|
Coca-Cola South Pacific Pty Limited
|
Australia
|
Conco Limited
|
Cayman Islands
|
Corporacion Inca Kola Peru S.R.L.
|
Peru
|
Dulux CBAI 2003 B.V.
|
Netherlands
|
Energy Brands Inc.
|
New York
|
European Refreshments
|
Ireland
|
Fresh Trading Limited
|
United Kingdom
|
Great Plains Coca-Cola Bottling Company
|
Oklahoma
|
Subsidiaries of The Coca-Cola Company
As of December 31, 2015
|
|
continued from page 1
|
|
|
Organized Under
Laws of:
|
Hindustan Coca-Cola Beverages Private Limited
|
India
|
Hindustan Coca-Cola Holdings Private Limited
|
India
|
Hindustan Coca-Cola Overseas Holdings Pte. Limited
|
Singapore
|
Luxembourg CB 2002 S.a.r.l.
|
Luxembourg
|
Middle Eastern Refreshments Holdings Ltd.
|
United Arab Emirates
|
Middle Eastern Refreshments Ltd.
|
United Arab Emirates
|
Odwalla, Inc.
|
California
|
Pacific Refreshments Pte. Ltd.
|
Singapore
|
Recofarma Industria do Amazonas Ltda.
|
Brazil
|
Red Life Reinsurance Limited
|
Bermuda
|
Red Re Captive Insurance Company, Inc.
|
Georgia
|
Refreshment Product Services, Inc.
|
Delaware
|
S.A. Coca-Cola Services N.V.
|
Belgium
|
Servicios Integrados de Administracion y Alta Gerencia, S. de R.L. de C.V.
|
Mexico
|
Servicios y Productos para Bebidas Refrescantes S.R.L.
|
Argentina
|
The Coca-Cola Export Corporation
|
Delaware
|
The Coca-Cola Trading Company LLC
|
Delaware
|
The Inmex Corporation
|
Florida
|
Varoise de Concentres S.A.S.
|
France
|
1
|
Registration Statement Number 2-88085 on Form S-8
|
2
|
Registration Statement Number 333-78763 on Form S-8
|
3
|
Registration Statement Number 2-58584 on Form S-8
|
4
|
Registration Statement Number 33-26251 on Form S-8
|
5
|
Registration Statement Number 33-45763 on Form S-3
|
6
|
Registration Statement Number 333-27607 on Form S-8
|
7
|
Registration Statement Number 333-35298 on Form S-8
|
8
|
Registration Statement Number 333-83270 on Form S-8
|
9
|
Registration Statement Number 333-83290 on Form S-8
|
10
|
Registration Statement Number 333-88096 on Form S-8
|
11
|
Registration Statement Number 333-123239 on Form S-8
|
12
|
Registration Statement Number 333-150447 on Form S-8
|
13
|
Registration Statement Number 333-169722 on Form S-8
|
14
|
Registration Statement Number 333-169724 on Form S-3
|
15
|
Registration Statement Number 333-170331 on Form S-3
|
16
|
Registration Statement Number 333-179707 on Form S-8
|
17
|
Registration Statement Number 333-186948 on Form S-8
|
18
|
Registration Statement Number 333-186949 on Form S-8
|
19
|
Registration Statement Number 333-186950 on Form S-8
|
20
|
Registration Statement Number 333-191953 on Form S-3
|
21
|
Registration Statement Number 333-194214 on Form S-8
|
22
|
Registration Statement Number 333-194215 on Form S-8
|
23
|
Registration Statement Number 333-195553 on Form S-8
|
24
|
Registration Statement Number 333-207643 on Form S-8
|
|
Date: February 25, 2016
|
|
/s/ MUHTAR KENT
|
|
Muhtar Kent
|
|
Chairman of the Board of Directors and Chief Executive Officer
|
|
Date: February 25, 2016
|
|
/s/ KATHY N. WALLER
|
|
Kathy N. Waller
|
|
Executive Vice President and Chief Financial Officer
|
|
/s/ MUHTAR KENT
|
|
Muhtar Kent
|
|
Chairman of the Board of Directors and Chief Executive Officer
|
|
February 25, 2016
|
|
|
|
/s/ KATHY N. WALLER
|
|
Kathy N. Waller
|
|
Executive Vice President and Chief Financial Officer
|
|
February 25, 2016
|