ABS X fic 1. Using the financial data for the three years for The Coca-Cola Company discuss the company's: A B D E F H Below are We ratios (with excel formulas) calculated for Pepsi-Co, Inc. for you - all you need to do is calculate the Coca-Cola Company ratios 2. Pepsi-Co, Inc. The Coca-Cola Company 3 Selected Financial Data Selected Financial Data 4 For years ended December 31 For years ended December 31 5 2020 2019 2018 2020 2019 2018 6 Acid-test ratio (CA-inventery-prepaid)/CL 0.77 0.66 0.82 Current ratio 0.98 0.86 0.99 8 Debt ratio 0.85 0.81 9 Earnings per te 0.81 5.14 5.23 8.84 10 Inventory turnos er 8.47 9.32 11 Net income ($ in millions) 9.39 $ 7,120 12 Rate of return on assets $7,314 $ 12,515 10.97% 13 Receivables turnover 13.05% 13.40% 14 Return on assets 8.67 8.98 9.05 15 Operating income percentage 9.34% 10.31% 17.69% 14.32% 16 Revenues ($ in millions) 15.32% 15.64% 17 Times interest earned ratio $ 70,372 $ 64,661 18 Working capital ($ in millions) 9.04 10.96 8.54 19 (371) (2,816) (245) 20 $ 67,161 21 Notes: 22 Debt ratib = TL/TA 23 Inv. TO=CGS/Avg. Inv. 24 Rate of Return on Assets=EBIT/TA 25 Acciounts receivable TO=SALES/Avg. AR 26 Return on Assets=NI + {interest Expense * (1-Tax)} / Avg TA 27 Operating Income %=operating income /SALES REVENUE 28 TIE Ratio EBIT/Interest Exp. 29 WC-CA-CL 30 Inventory Turnover, Receivables Turnover, Return on Assets figures for 2018 use ONLY 2018 values in the denominator as we don't have 2017 numbers to average 31 32 Requirements 33 1. Using the financial data for the three years for The Coca-Cola Company discuss the company's: 34 35 a. Ability to pay current liabilities: Ratio calculations Pepsi balance sheet & income READY CocaCola balance sheet & Income e a e + 2 XD D E -2 Requirements +3 11. Using the financial data for the three years for The Coca-Cola Company discuss the company's: 34 39 a. Ability to pay current liabilities; 36 b. Ability to sell inventory and collect receivables; 37 c. Ability to pay long-term debt; and B8 d. Profitability 29 40 2. Using the financial data for the three years for PepsiCo, Inc., discuss the company's 41 42 a. Ability to pay current liabilities; 43 b. Ability to sell inventory and collect receivables; 44 c. Ability to pay long-term debt; and 45 d. Profitability. 46 47 3. Compare Coca Cola's financial position to PepsiCo's financial position throughout the three 48 years given. How do the two companies compare in the following areas? 49 a. Ability to pay current liabilities; 50 b. Ability to sell inventory and collect receivables; 51 c. Ability to pay long-term debt; and 52 d. Profitability. 53 54 4. What conclusions can you draw from your analysis of the two companies? Which company do 55 you think is in a stronger financial position? 56 57 58 59 60 61 62 ABA X fi TOTAL PepsiCo common shareholders' equity B Dec. 26, 2020 C D Dec. 28, 2019 Dec. 29, 2018 E $ 8,185 1,366 $ 5,509 229 Consolidated Balance Sheet - USD ($) shares in Millions, $ in Millions 2 ASSETS 3 Cash and cash equivalents 4 Short-term Investments Restricted Cash Accounts and notes receivable, net Inventories 8 Prepaid expenses and other current assets 9 Total current assets 10 Property, plant and Equipment, net 11 Amortizable Intangible Assets, net 12 Goodwill 13 Other indefinite-lived intangible Assets 14 Indefinite-lived Intangible Assets 15 Investments in Noncontrolled Affiliates 16 Deferred Income Taxes 0 0 8,404 4,172 874 23,001 21,369 1,703 18,757 17,612 36,369 2,792 4,372 3,312 92,918 7,822 3,338 747 17,645 19,305 1,433 15,501 14,610 30,111 2,683 4,359 3,011 78,547 $8,721 272 1,997 7,142 3,128 633 21,893 17,589 1644 14,808 14,181 28,989 2,409 4,364 760 77,648 17 Other Assets 18 Total Assets 19 LIABILITIES AND EQUITY 3,780 20 Short-term debt obligations 19,592 21 Accounts payable and other current liabilities 22 Total Current Liabities 23,372 23 Long-Term Debt Obligations 40,370 24 Deferred Income Taxes 4,284 25 Other Liabilities 11,340 26 Total liabilities 79,366 27 28 PepsiCo Common Shareholders' Equity Common stock, par value 12/30 per share (authorized 3,600 shares, issued, net of repurchased $ 23 29 common stock at par value: 1,380 and 1,391 shares, respectively) 30 Additional Paid in Capital, Common Stock 31 Retained Earnings (Accumulated Deficit) $ 3,910 32 Accumulated Other Comprehensive Income (Loss), Net of Tax 63,443 33 Treasury Stock, Value $(15,476) 34 TOTA PepsiCo common shareholders enuitv (38,446) Ratio calculations Pepsi balance sheet & income CocaCola balance sheet & Income $ 13.454 READY + 2,920 17,541 20,461 29,148 4,091 9,979 63,679 4,026 18,112 22,138 28,295 3,499 9,114 63,046 $ 23 23 3,953 $ 3,886 61,946 $ (14,300) (36,769) $14.786 59,947 $ (15,119) (34,286) $ 14.518 G X1 4 Ja TOTAL PepsiCo common shareholders' equity J K be Dec. 29, 2018 H . Consolidated Statement of Income - USD ($) shares in Millions, $ in Mil 12 Months Ended Dec. 26, 2020 Dec. 28, 2019 Income Statement [Abstract] Net Revenue 70,372 67,161 Cost of sales 31,797 30,132 Gross profit 38,575 37,029 Selling, general and administrative expenses 28,495 26,738 Operating Profit 10,080 10,291 Other pension and retiree medical benefits income/(expense) 117 (44) Net interest expense and other (1,128) (935) Income before income taxes 9,069 9,312 Provision for/(benefit from) income taxes (See Note 5) 1,894 1,959 Net income Less: Net income attributable to noncontrolling interests 7,175 7,353 55 Net Income Attributable to PepsiCo 39 Net Income Attributable to PepsiCo per Common Share 7,120 7,314 Basic Diluted 5.14 5.23 Weighted average common shares outstanding 5.12 5.20 Basic Diluted 1,385 1,399 NOTES: 1,392 1,407 Tax rate=/Provision for Income Taxes/ Income before taxes 0.2088 0.2104 64,661 29,381 35,280 25,170 10,110 298 (1,219) 9,189 (3,370) 12,559 44 12,515 8.84 8.78 1,415 1,425 0 FILE HOME AC603- Financial statement analysis ratios case study(1) (1) - M INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW X fx TOTAL PepsiCo common shareholders' equity A D B 11,340 79,366 9,979 63,679 9,114 63,046 $ 23 $ 23 25 Other Liabilities 26 Total Liabilities 27 28 PepsiCo Common Shareholders' Equity Common stock, par value 12/3C per share (authorized 3,600 shares, issued, net of repurchased 29 common stock at par value: 1,380 and 1,391 shares, respectively) 30 Additional Paid in Capital, Common Stock B1 Retained Earnings (Accumulated Deficit) 32 Accumulated Other Comprehensive Income (Loss), Net of Tax 33 Treasury Stock, Value 34 TOTAL PepsiCo common shareholders' equity 35 Norcontrolling interests 36 Total equity 37 Total liabilities and Equity 38 39 23 $ 3,910 63,443 $ (15,476) (38,446) $ 13,454 $3,886 61,946 $ (14,300) (36,769) $ 14,786 82 $ 14,868 78,547 3,953 59,947 $ (15,119) (34,286) $ 14,518 84 $ 14,602 77,648 98 $ 13,552 92,918 40 41 42 AC603- Financial statement analysis ratios case study(1) (1) - Mic FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW =H8+H9-H10+H11+H12 A B Dec. 31, 2020 D Dec. 31, 2018 Dec. 31, 2019 2 CURRENT ASSETS 3 Cash and cash equivalents 4 Short-term investments 5 TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS 6 Marketable securities Trade accounts receivable, less allowances of $524 and $501, respectively 8 Inventories 9 Prepaid expenses and other assets 10 TOTAL CURRENT ASSETS 11 EQUITY METHOD INVESTMENTS 12 OTHER INVESTMENTS 13 OTHER ASSETS 14 Deferred Tax Assets, Net, Noncurrent 15 PROPERTY, PLANT AND EQUIPMENT - net 16 TRADEMARKS WITH INDEFINITE LIVES 17 BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES 18 GOODWILL 19 OTHER INTANGIBLE ASSETS 20 TOTAL ASSETS 21 CURRENT LIABILITIES 22 Accounts payable and accrued expenses 23 Notes and Loans Payable, Current 24 Current maturities of long-term debt 25 Accrued income taxes 26 TOTAL CURRENT LIABILITIES 27 LONG-TERM DEBT 28 OTHER LIABILITIES 29 DEFERRED INCOME TAXES 30 THE COCA-COLA COMPANY SHAREOWNERS' EQUITY 31 Common stock, $0.25 par value; authorized 11,200 shares; issued 7,040 shares 32 Capital surplus 33 Reinvested earnings 34 Accumulated other comprehensive income (loss) 35 Treasury stock, at cost-2.760 and 2.772 shares, respectively Ratio calculations Pepsi balance sheet & income CocaCola halance sheet $ 6,795 1,771 8,566 2,348 3,144 3,266 1,916 19,240 19,273 812 6,184 2,460 10,777 10,395 0 17,506 649 87,296 $ 6,480 1,467 7,947 3,228 3,971 3,379 1,886 20,411 19,025 854 6,075 2,412 10,838 9,266 $ 9,077 2,025 11,102 5,013 3,685 3,071 2,059 24,930 19412 867 4,148 2,674 9,598 6,682 51 14,109 109 16,764 627 86,381 745 83,216 11,145 2,183 485 788 11,312 10,994 4,253 414 26,973 27,516 8,510 2,284 14,601 40,125 9,453 1,833 9,533 13,835 5,003 411 28,782 25,376 7,646 2,354 1,760 17,601 66,555 (14,601) (52.016) 1,760 17,154 65,855 (13,544) (52.244) 1,760 16,520 63,234 (12,814) (51.719) AC603- Financial statement analysis ratios case study(1) (1) - Micros HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW X fx =H8+H9-H10+H11+H12 4 A -H Accumulated other comprehensive income (loss) 35 Treasury stock, at cost - 2,760 and 2,772 shares, respectively 36 EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY 37 EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS 38 TOTAL EQUITY 39 TOTAL LIABILITIES AND EQUITY 40 A1 B (14,601) (52,016) 19,299 1,985 $ 21,284 $87,296 (13,544) (52,244) 18,981 2,117 $ 21,098 $ 86,381 D (12,814) (51,719) 16,981 2,077 $ 19,058 $ 83,216 43 44 45 46 47 48 49 W VIEW H K G CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions Revenues Cost of Goods and Services Sold GROSS PROFIT Selling, General and Administrative Expense Other Cost and Expense, Operating OPERATING INCOME Interest income Interest expense Equity income (loss) - net Other income (loss) - net INCOME BEFORE INCOME TAXES Income taxes CONSOLIDATED NET INCOME Net Income (Loss) Attributable to Noncontrolling Interest NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY Dec. 31, 2020 Dec 31, 2019 Dec. 31, 2018 33,014 37,266 34,300 13,433 14,619 13,067 19,581 22,647 21,233 9,731 12,103 11,002 853 458 1,079 8,997 10,086 9,152 370 563 689 1,437 946 950 978 1,049 1,008 841 34 (1,674) 9,749 10,786 8,225 1,981 1,801 1,749 7,768 8,985 6,476 21 65 42 7,747 8,920 6,434 1.8 1.51 1.5 BASIC NET INCOME PER SHARE (in dollars per share) DILUTED NET INCOME PER SHARE (in dollars per share) AVERAGE SHARES OUTSTANDING (in shares) Effect of dilutive securities (in shares) AVERAGE SHARES OUTSTANDING ASSUMING DILUTION (in shares) 2.09 2.07 4276 38 1.79 4295 28 4323 4259 40 4314 4299 NOTES: Tax rate= Provision for Income Taxes/ Income before taxes 0.2032 0.1670 0.2126 ABS X fic 1. Using the financial data for the three years for The Coca-Cola Company discuss the company's: A B D E F H Below are We ratios (with excel formulas) calculated for Pepsi-Co, Inc. for you - all you need to do is calculate the Coca-Cola Company ratios 2. Pepsi-Co, Inc. The Coca-Cola Company 3 Selected Financial Data Selected Financial Data 4 For years ended December 31 For years ended December 31 5 2020 2019 2018 2020 2019 2018 6 Acid-test ratio (CA-inventery-prepaid)/CL 0.77 0.66 0.82 Current ratio 0.98 0.86 0.99 8 Debt ratio 0.85 0.81 9 Earnings per te 0.81 5.14 5.23 8.84 10 Inventory turnos er 8.47 9.32 11 Net income ($ in millions) 9.39 $ 7,120 12 Rate of return on assets $7,314 $ 12,515 10.97% 13 Receivables turnover 13.05% 13.40% 14 Return on assets 8.67 8.98 9.05 15 Operating income percentage 9.34% 10.31% 17.69% 14.32% 16 Revenues ($ in millions) 15.32% 15.64% 17 Times interest earned ratio $ 70,372 $ 64,661 18 Working capital ($ in millions) 9.04 10.96 8.54 19 (371) (2,816) (245) 20 $ 67,161 21 Notes: 22 Debt ratib = TL/TA 23 Inv. TO=CGS/Avg. Inv. 24 Rate of Return on Assets=EBIT/TA 25 Acciounts receivable TO=SALES/Avg. AR 26 Return on Assets=NI + {interest Expense * (1-Tax)} / Avg TA 27 Operating Income %=operating income /SALES REVENUE 28 TIE Ratio EBIT/Interest Exp. 29 WC-CA-CL 30 Inventory Turnover, Receivables Turnover, Return on Assets figures for 2018 use ONLY 2018 values in the denominator as we don't have 2017 numbers to average 31 32 Requirements 33 1. Using the financial data for the three years for The Coca-Cola Company discuss the company's: 34 35 a. Ability to pay current liabilities: Ratio calculations Pepsi balance sheet & income READY CocaCola balance sheet & Income e a e + 2 XD D E -2 Requirements +3 11. Using the financial data for the three years for The Coca-Cola Company discuss the company's: 34 39 a. Ability to pay current liabilities; 36 b. Ability to sell inventory and collect receivables; 37 c. Ability to pay long-term debt; and B8 d. Profitability 29 40 2. Using the financial data for the three years for PepsiCo, Inc., discuss the company's 41 42 a. Ability to pay current liabilities; 43 b. Ability to sell inventory and collect receivables; 44 c. Ability to pay long-term debt; and 45 d. Profitability. 46 47 3. Compare Coca Cola's financial position to PepsiCo's financial position throughout the three 48 years given. How do the two companies compare in the following areas? 49 a. Ability to pay current liabilities; 50 b. Ability to sell inventory and collect receivables; 51 c. Ability to pay long-term debt; and 52 d. Profitability. 53 54 4. What conclusions can you draw from your analysis of the two companies? Which company do 55 you think is in a stronger financial position? 56 57 58 59 60 61 62 ABA X fi TOTAL PepsiCo common shareholders' equity B Dec. 26, 2020 C D Dec. 28, 2019 Dec. 29, 2018 E $ 8,185 1,366 $ 5,509 229 Consolidated Balance Sheet - USD ($) shares in Millions, $ in Millions 2 ASSETS 3 Cash and cash equivalents 4 Short-term Investments Restricted Cash Accounts and notes receivable, net Inventories 8 Prepaid expenses and other current assets 9 Total current assets 10 Property, plant and Equipment, net 11 Amortizable Intangible Assets, net 12 Goodwill 13 Other indefinite-lived intangible Assets 14 Indefinite-lived Intangible Assets 15 Investments in Noncontrolled Affiliates 16 Deferred Income Taxes 0 0 8,404 4,172 874 23,001 21,369 1,703 18,757 17,612 36,369 2,792 4,372 3,312 92,918 7,822 3,338 747 17,645 19,305 1,433 15,501 14,610 30,111 2,683 4,359 3,011 78,547 $8,721 272 1,997 7,142 3,128 633 21,893 17,589 1644 14,808 14,181 28,989 2,409 4,364 760 77,648 17 Other Assets 18 Total Assets 19 LIABILITIES AND EQUITY 3,780 20 Short-term debt obligations 19,592 21 Accounts payable and other current liabilities 22 Total Current Liabities 23,372 23 Long-Term Debt Obligations 40,370 24 Deferred Income Taxes 4,284 25 Other Liabilities 11,340 26 Total liabilities 79,366 27 28 PepsiCo Common Shareholders' Equity Common stock, par value 12/30 per share (authorized 3,600 shares, issued, net of repurchased $ 23 29 common stock at par value: 1,380 and 1,391 shares, respectively) 30 Additional Paid in Capital, Common Stock 31 Retained Earnings (Accumulated Deficit) $ 3,910 32 Accumulated Other Comprehensive Income (Loss), Net of Tax 63,443 33 Treasury Stock, Value $(15,476) 34 TOTA PepsiCo common shareholders enuitv (38,446) Ratio calculations Pepsi balance sheet & income CocaCola balance sheet & Income $ 13.454 READY + 2,920 17,541 20,461 29,148 4,091 9,979 63,679 4,026 18,112 22,138 28,295 3,499 9,114 63,046 $ 23 23 3,953 $ 3,886 61,946 $ (14,300) (36,769) $14.786 59,947 $ (15,119) (34,286) $ 14.518 G X1 4 Ja TOTAL PepsiCo common shareholders' equity J K be Dec. 29, 2018 H . Consolidated Statement of Income - USD ($) shares in Millions, $ in Mil 12 Months Ended Dec. 26, 2020 Dec. 28, 2019 Income Statement [Abstract] Net Revenue 70,372 67,161 Cost of sales 31,797 30,132 Gross profit 38,575 37,029 Selling, general and administrative expenses 28,495 26,738 Operating Profit 10,080 10,291 Other pension and retiree medical benefits income/(expense) 117 (44) Net interest expense and other (1,128) (935) Income before income taxes 9,069 9,312 Provision for/(benefit from) income taxes (See Note 5) 1,894 1,959 Net income Less: Net income attributable to noncontrolling interests 7,175 7,353 55 Net Income Attributable to PepsiCo 39 Net Income Attributable to PepsiCo per Common Share 7,120 7,314 Basic Diluted 5.14 5.23 Weighted average common shares outstanding 5.12 5.20 Basic Diluted 1,385 1,399 NOTES: 1,392 1,407 Tax rate=/Provision for Income Taxes/ Income before taxes 0.2088 0.2104 64,661 29,381 35,280 25,170 10,110 298 (1,219) 9,189 (3,370) 12,559 44 12,515 8.84 8.78 1,415 1,425 0 FILE HOME AC603- Financial statement analysis ratios case study(1) (1) - M INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW X fx TOTAL PepsiCo common shareholders' equity A D B 11,340 79,366 9,979 63,679 9,114 63,046 $ 23 $ 23 25 Other Liabilities 26 Total Liabilities 27 28 PepsiCo Common Shareholders' Equity Common stock, par value 12/3C per share (authorized 3,600 shares, issued, net of repurchased 29 common stock at par value: 1,380 and 1,391 shares, respectively) 30 Additional Paid in Capital, Common Stock B1 Retained Earnings (Accumulated Deficit) 32 Accumulated Other Comprehensive Income (Loss), Net of Tax 33 Treasury Stock, Value 34 TOTAL PepsiCo common shareholders' equity 35 Norcontrolling interests 36 Total equity 37 Total liabilities and Equity 38 39 23 $ 3,910 63,443 $ (15,476) (38,446) $ 13,454 $3,886 61,946 $ (14,300) (36,769) $ 14,786 82 $ 14,868 78,547 3,953 59,947 $ (15,119) (34,286) $ 14,518 84 $ 14,602 77,648 98 $ 13,552 92,918 40 41 42 AC603- Financial statement analysis ratios case study(1) (1) - Mic FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW =H8+H9-H10+H11+H12 A B Dec. 31, 2020 D Dec. 31, 2018 Dec. 31, 2019 2 CURRENT ASSETS 3 Cash and cash equivalents 4 Short-term investments 5 TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS 6 Marketable securities Trade accounts receivable, less allowances of $524 and $501, respectively 8 Inventories 9 Prepaid expenses and other assets 10 TOTAL CURRENT ASSETS 11 EQUITY METHOD INVESTMENTS 12 OTHER INVESTMENTS 13 OTHER ASSETS 14 Deferred Tax Assets, Net, Noncurrent 15 PROPERTY, PLANT AND EQUIPMENT - net 16 TRADEMARKS WITH INDEFINITE LIVES 17 BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES 18 GOODWILL 19 OTHER INTANGIBLE ASSETS 20 TOTAL ASSETS 21 CURRENT LIABILITIES 22 Accounts payable and accrued expenses 23 Notes and Loans Payable, Current 24 Current maturities of long-term debt 25 Accrued income taxes 26 TOTAL CURRENT LIABILITIES 27 LONG-TERM DEBT 28 OTHER LIABILITIES 29 DEFERRED INCOME TAXES 30 THE COCA-COLA COMPANY SHAREOWNERS' EQUITY 31 Common stock, $0.25 par value; authorized 11,200 shares; issued 7,040 shares 32 Capital surplus 33 Reinvested earnings 34 Accumulated other comprehensive income (loss) 35 Treasury stock, at cost-2.760 and 2.772 shares, respectively Ratio calculations Pepsi balance sheet & income CocaCola halance sheet $ 6,795 1,771 8,566 2,348 3,144 3,266 1,916 19,240 19,273 812 6,184 2,460 10,777 10,395 0 17,506 649 87,296 $ 6,480 1,467 7,947 3,228 3,971 3,379 1,886 20,411 19,025 854 6,075 2,412 10,838 9,266 $ 9,077 2,025 11,102 5,013 3,685 3,071 2,059 24,930 19412 867 4,148 2,674 9,598 6,682 51 14,109 109 16,764 627 86,381 745 83,216 11,145 2,183 485 788 11,312 10,994 4,253 414 26,973 27,516 8,510 2,284 14,601 40,125 9,453 1,833 9,533 13,835 5,003 411 28,782 25,376 7,646 2,354 1,760 17,601 66,555 (14,601) (52.016) 1,760 17,154 65,855 (13,544) (52.244) 1,760 16,520 63,234 (12,814) (51.719) AC603- Financial statement analysis ratios case study(1) (1) - Micros HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW X fx =H8+H9-H10+H11+H12 4 A -H Accumulated other comprehensive income (loss) 35 Treasury stock, at cost - 2,760 and 2,772 shares, respectively 36 EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY 37 EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS 38 TOTAL EQUITY 39 TOTAL LIABILITIES AND EQUITY 40 A1 B (14,601) (52,016) 19,299 1,985 $ 21,284 $87,296 (13,544) (52,244) 18,981 2,117 $ 21,098 $ 86,381 D (12,814) (51,719) 16,981 2,077 $ 19,058 $ 83,216 43 44 45 46 47 48 49 W VIEW H K G CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions Revenues Cost of Goods and Services Sold GROSS PROFIT Selling, General and Administrative Expense Other Cost and Expense, Operating OPERATING INCOME Interest income Interest expense Equity income (loss) - net Other income (loss) - net INCOME BEFORE INCOME TAXES Income taxes CONSOLIDATED NET INCOME Net Income (Loss) Attributable to Noncontrolling Interest NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY Dec. 31, 2020 Dec 31, 2019 Dec. 31, 2018 33,014 37,266 34,300 13,433 14,619 13,067 19,581 22,647 21,233 9,731 12,103 11,002 853 458 1,079 8,997 10,086 9,152 370 563 689 1,437 946 950 978 1,049 1,008 841 34 (1,674) 9,749 10,786 8,225 1,981 1,801 1,749 7,768 8,985 6,476 21 65 42 7,747 8,920 6,434 1.8 1.51 1.5 BASIC NET INCOME PER SHARE (in dollars per share) DILUTED NET INCOME PER SHARE (in dollars per share) AVERAGE SHARES OUTSTANDING (in shares) Effect of dilutive securities (in shares) AVERAGE SHARES OUTSTANDING ASSUMING DILUTION (in shares) 2.09 2.07 4276 38 1.79 4295 28 4323 4259 40 4314 4299 NOTES: Tax rate= Provision for Income Taxes/ Income before taxes 0.2032 0.1670 0.2126