ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATATABLE OF CONTENTS
Page
Consolidated Statements of Income....................................................73Consolidated Balance Sheets..........................................................74Consolidated Statements of Cash Flows.................................................75Consolidated Statements of Shareowners’ Equity..........................................76Notes to Consolidated Financial Statements..............................................77Report of Management on Internal Control Over Financial Reporting..........................141Report of Independent Registered Public Accounting Firm..................................142Report of Independent Registered Public Accounting Firm on Internal Control Over FinancialReporting......................................................................143Quarterly Data (Unaudited)..........................................................144
72
THE COCA-COLA COMPANY AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
2008
20072006(In millions except per share data)
NET OPERATING REVENUES$31,944
$28,857$24,088Cost of goods sold
11,374
10,4068,164
GROSS PROFIT20,570
18,45115,924Selling, general and administrative expenses
11,774
10,9459,431Other operating charges
350
254185
OPERATING INCOME8,446
7,2526,308Interest income
333
236193Interest expense
438
456220Equity income (loss) — net
(874)
668102Other income (loss) — net
(28)
173195
INCOME BEFORE INCOME TAXES7,439
7,8736,578Income taxes
1,632
1,8921,498
NET INCOME$5,807
$5,981$5,080
BASIC NET INCOME PER SHARE$2.51
$2.59$2.16
DILUTED NET INCOME PER SHARE$2.49
$2.57$2.16
AVERAGE SHARES OUTSTANDING2,315
2,3132,348Effect of dilutive securities
21
182
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION2,336
2,3312,350
Refer to Notes to Consolidated Financial Statements.
73
THE COCA-COLA COMPANY AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS
December 31,
2008
2007(In millions except par value)
ASSETSCURRENT ASSETS
Cash and cash equivalents
$4,701
$4,093Marketable securities
278
215Trade accounts receivable, less allowances of $51 and $56, respectively
3,090
3,317Inventories
2,187
2,220Prepaid expenses and other assets
1,920
2,260
TOTAL CURRENT ASSETS12,176
12,105
INVESTMENTS
Equity method investments:Coca-Cola Hellenic Bottling Company S.A.
1,487
1,549Coca-Cola FEMSA, S.A.B. de C.V.
877
996Coca-Cola Amatil Limited
638
806Coca-Cola Enterprises Inc.
—
1,637Other, principally bottling companies and joint ventures
2,314
2,301Other investments, principally bottling companies
463
488
TOTAL INVESTMENTS5,779
7,777
OTHER ASSETS1,733
2,675
PROPERTY, PLANT AND EQUIPMENT — net8,326
8,493
TRADEMARKS WITH INDEFINITE LIVES6,059
5,153
GOODWILL4,029
4,256
OTHER INTANGIBLE ASSETS2,417
2,810
TOTAL ASSETS$40,519
$43,269
LIABILITIES AND SHAREOWNERS’ EQUITY CURRENT LIABILITIES
Accounts payable and accrued expenses
$6,205
$6,915Loans and notes payable
6,066
5,919Current maturities of long-term debt
465
133 Accrued income taxes
252
258
TOTAL CURRENT LIABILITIES12,988
13,225
LONG-TERM DEBT2,781
3,277
OTHER LIABILITIES3,401
3,133
DEFERRED INCOME TAXES877
1,890
SHAREOWNERS’ EQUITY
Common stock, $0.25 par value; Authorized — 5,600 shares;Issued—3,519 and 3,519 shares, respectively
880
880Capital surplus
7,966
7,378Reinvested earnings
38,513
36,235 Accumulated other comprehensive income (loss)
(2,674)
626Treasury stock, at cost — 1,207 and 1,201 shares, respectively
(24,213)
(23,375)
TOTAL SHAREOWNERS’ EQUITY20,472
21,744
TOTAL LIABILITIES AND SHAREOWNERS’ EQUITY$40,519
$43,269
Refer to Notes to Consolidated Financial Statements.
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Coca-Cola 10-K Item 08
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