Analyze three items on the balance sheet (or balance sheet-based financial ratios) for your base company for the last three years and discuss whether the companys performance related to these items appears to be improving, deteriorating, or remaining stable. Justify your answer.

Balance Sheet-based ratios:

• Asset turnover
• ART, INVT, PPET
• D/E ratio,
• Net working capital, Current ratio, Quick ratio

All data used in the income statement, balance sheet, and cash flow analysis MUST be taken directly from the financial statements. That is, for these sections you may not use data obtained from external (e.g. internet) sources the data must be sourced directly from the companys annual financial statements.

Thank you very much!!

L Page view A Read aloud 1 Ad 2020 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions except par value) 2020 2019 $ 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 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 16,764 736 S 86,381 December 31. ASSETS Current Assets Cash and cash equivalents Short-term investments Total Cash, Cash Equivalents and Short-Term Investments Marketable securities Trade accounts receivable, less allowances of $526 and $524, respectively Inventories Prepaid expenses and other assets Total Current Assets Equity method investments Other investments Other assets Deferred income tax assets Property, plant and equipment - net Trademarks with indefinite lives Goodwill Other intangible assets Total Assets LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses Loans and notes payable Current maturities of long-term debt Accrued income taxes Total Current Liabilities Long-term debt Other liabilities Deferred income tax liabilities The Coca-Cola Company Shareowners' Equity Common stock. $0.25 par value; authorized - 11.200 shares; issued 7.040 shares Capital surplus Reinvested earnings Accumulated other comprehensive income (loss) Treasury stock, at cost-2,738 and 2,760 shares, respectively Equity Attributable to Shareowners of The Coca-Cola Company Equity attributable to noncontrolling interests Total Equity Total Liabilities and Equity $ 11,145 2,183 485 788 14,601 40,125 9,453 1,833 S 11,312 10,994 4,253 414 26,973 27,516 8,510 2.284 1,760 17,601 66,555 (14,601) (52,016) 19,299 1,985 21,284 S $ 87,296 1,760 17,154 65,855 (13,544) (52,244) 18,981 2,117 21,098 $ 86,381 ACCT 3309 Refer to Notes to Consolidated Financial Statements. LG Page view Financial Statement Analysis Group Project 2019 2018 $ 8,985 1,365 201 (280) (421) 91 (467) 127 S 6,476 1,086 225 (413) (457) (50) 743 558 699 (1,240) 7,627 504 366 10,471 (4,704) 6,973 (5.542) (7.789) 14,977 (1.263) 2020 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - 2020 (In millions) Year Ended December 31. 2020 Operating Activities Consolidated net income S 7,768 Depreciation and amortization 1,536 Stock-based compensation expense 126 Deferred income taxes (18) Equity (income) loss-net of dividends (511) Foreign currency adjustments (88) Significant (gains) losses - net (914) Other operating charges 556 Other items 699 Net change in operating assets and liabilities 690 Net Cash Provided by Operating Activities 9,844 Investing Activities Purchases of investments (13,583) Proceeds from disposals of investments 13,835 Acquisitions of businesses, equity method investments and nonmarketable securities (1,052) Proceeds from disposals of businesses, equity method investments and nonmarketable securities 189 Purchases of property, plant and equipment (1,177) Proceeds from disposals of property, plant and equipment 189 Other investing activities 122 Net Cash Provided by (Used in) Investing Activities (1,477) ) Financing Activities Issuances of debt 26,934 Payments of debt (28,796) Issuances of stock 647 Purchases of stock for treasury (118) Dividends (7,047) Other financing activities 310 Net Cash Provided by (Used in) Financing Activities (8,070) Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 76 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the year 373 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 6,737 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year 7,110 Less: Restricted cash and restricted cash equivalents at end of year 315 Cash and Cash Equivalents at End of Year S 6,795 Refer to Notes to Consolidated Financial Statements. 429 (2,054) 978 (56) (3,976) 1,362 (1,548) 248 (60) 5.927 23,009 (24,850) 1,012 (1.103) (6,845) (227) (9.004) 27,605 (30,600) 1,476 (1,912) (6,644) (272) (10,347) (72) (262) ( (2,581) 9318 2,945 6,373 6,737 257 $ 6,480 9,318 241 $ 9,077 2019 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In millions except per share data) Year Ended December 31, Net Operating Revenues Cost of goods sold Gross Profit Selling, general and administrative expenses Other operating charges Operating Income Interest income Interest expense Equity income (loss) -- net Other income (loss) - net Income Before Income Taxes Income taxes Consolidated Net Income Less: Net income (loss) attributable to noncontrolling interests Net Income Attributable to Shareowners of The Coca-Cola Company Basic Net Income Per Share! Diluted Net Income Per Share Average Shares Outstanding - Basic Effect of dilutive securities Average Shares Outstanding - Diluted Calculated based on net income attributable to shareowners of The Coca-Cola Company Refer to Notes to Consolidated Financial Statements. 2019 $ 37,266 14,619 22,647 12,103 458 10,086 563 946 1,049 34 10,786 1,801 8,985 65 $ 8,920 $ $ 2.09 $ 2.07 $ 4,276 38 2018 34,300 13,067 21,233 11.002 1,079 9,152 689 950 1,008 (1,674) 8,225 1,749 2017 36,212 13,721 22,491 12,834 1,902 7.755 679 853 1,072 (1,763) 6,890 5,607 1,283 35 1,248 0.29 0.29 4,272 52 4,324 6,476 42 6,434 $ 1.51 $ 1.50 $ 4,259 40 4,299 4,314 2019 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions except par value) 2019 2018 December 31 ASSETS Current Assets Cash and cash equivalents Short-term investments Total Cash, Cash Equivalents and Short-Term Investments Marketable securities Trade accounts receivable, less allowances of $524 and $501, respectively Inventories Prepaid expenses and other assets 6,480 $ 1,467 7,947 3,228 3,971 3,379 1,886 9,077 2,025 11,102 5,013 3.685 3,071 2,059 PayPalSummary Partner Apply Proce.. 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Ti Texas DMV Pr N R7000 Success Pag... } Fshare - DriverPack... + 0 Add IL Page view A Read aloud 07 LEVCHICS Prepaid expenses and other assets 1,886 2,059 24.930 19,412 867 4.148 2,674 9,598 6,682 51 14.109 745 83,216 ACCT 3309 Financial Statement Analysis Group Project Total Current Assets 20,411 Equity method investments 19,025 Other investments 854 Other assets 6,075 Deferred income tax assets 2,412 Property, plant and equipment - net 10.838 Trademarks with indefinite lives 9,266 Bottlers' franchise rights with indefinite lives 109 Goodwill 16,764 Other intangible assets 627 Total Assets 86,381 $ LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses 11,312 S Loans and notes payable 10,994 Current maturities of long-term debt 4,253 Accrued income taxes 414 Total Current Liabilities 26,973 Long-term debt 27,516 Other liabilities 8,510 Deferred income tax liabilities The Coca-Cola Company Shareowners' Equity Common stock, $0.25 par value; authorized -- 11,200 shares; issued - 7,040 shares 1,760 Capital surplus 17,154 Reinvested earnings 65,855 Accumulated other comprehensive income (loss) (13,544) Treasury stock, at cost - 2,760 and 2,772 shares, respectively (52,244) Equity Attributable to Shareowners of The Coca-Cola Company 18,981 Equity attributable to noncontrolling interests 2,117 Total Equity 21,098 Total Liabilities and Equity S 86,381 $ Refer to Notes to Consolidated Financial Statements. 9.533 13,835 5,003 411 28,782 25,376 7,646 2,354 2,284 1,760 16,520 63,234 (12,814) (51,719) 16,981 2,077 19,058 83,216 2019 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Year Ended December 31 2019 2018 2017 PayPal Summary Partner Apply Proce... 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Fshare - DriverPack... 5 Fshare - DriverPack d Texas DMV = + + L Page view | A Read aloud 1 Add 2019 2018 2017 2019 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Year Ended December 31, Operating Activities Consolidated net income S Depreciation and amortization Stock-based compensation expense Deferred income taxes Equity (income) loss - net of dividends Foreign currency adjustments Significant (gains) losses - net Other operating charges Other items Net change in operating assets and liabilities 8,985 S 1,365 201 (280) (421) 91 (467) 127 504 366 6,476 $ 1,086 225 (413) (457) (50) 743 1,283 1,260 219 (1.252) (628) 292 1,459 1.218 (252) 3,442 558 699 (1.240) 7.041 (17.296) 16,694 (3,809) 3,821 (1.750) 108 (80) (2,312) 29.926 ACCT 3309 Financial Statement Analysis Group Project Net Cash Provided by Operating Activities 10,471 7,627 Investing Activities Purchases of investments (4,704) (7.789) Proceeds from disposals of investments 6,973 14,977 Acquisitions of businesses, equity method investments and nonmarketable securities (5,542) (1,263) Proceeds from disposals of businesses, equity method investments and nonmarketable securities 429 1,362 Purchases of property, plant and equipment (2,054) (1,548) Proceeds from disposals of property, plant and equipment 978 248 Other investing activities (56) (60) Net Cash Provided by (Used in) Investing Activities (3,976) ( 5.927 Financing Activities Issuances of debt 23,009 27.605 Payments of debt (24.850) (30,600) Issuances of stock 1,012 1.476 Purchases of stock for treasury (1,103) (1.912) Dividends (6,845) (6,644) Other financing activities (227) (272) Net Cash Provided by (Used in) Financing Activities (9,004) (10,347) Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (72) (262) Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the year (2,581) 2,945 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 9,318 6,373 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year 6,737 9,318 Less: Restricted cash and restricted cash equivalents at end of year 257 241 Cash and Cash Equivalents at End of Year S 6,480S 9,077 $ Referin Natre tonnenlinnated Financil Statrmente (28,871) 1,595 (3.682) (6,320) (95) (7,447) 241 (2,477) 8.850 6,373 271 6,102 PayPal: Summary Partner Apply Proce... > Quick, Draw! 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Fshare - DriverPack... th Texas DMV Pra + L Page view AS Read aloud T) Addt 2017 2016 S S 2018 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME Year Ended December 31, 2018 (In millions except per share data) NET OPERATING REVENUES $ 31,856 Cost of goods sold 11,770 GROSS PROFIT 20,086 Selling, general and administrative expenses 10,307 Other operating charges 1,079 OPERATING INCOME 8,700 Interest income 682 Interest expense 919 Equity income (loss) -- net 1,008 Other income (loss) - net (1,121) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 8,350 Income taxes from continuing operations 1,623 NET INCOME FROM CONTINUING OPERATIONS 6,727 Income (loss) from discontinued operations (net of income taxes of $126, $47 and $0, respectively) (251) CONSOLIDATED NET INCOME 6,476 35,410 13,255 22.155 12,654 1,902 7,599 677 841 1,071 (1.764) 41.863 16,465 25,398 15,370 1,371 8,657 642 733 835 (1,265) 6,742 5,560 1.182 8,136 1,586 6,550 101 1,283 6.550 ACCT 3309 Financial Statement Analysis Group Project Less: Net income attributable to noncontrolling interests 42 35 NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY $ 6,434 S 1,248 23 S 6,527 (0.07) Basie net income per share from continuing operations $ 1.58 $ 0.28 $ 1.51 Basic net income (loss) per share from discontinued operations 0.02 BASIC NET INCOME PER SHARE $ 1.51 $ 0.29 ES 1.51 Diluted net income per share from continuing operations $ 1.57 S 0.27 S 1.49 Diluted net income (loss) per share from discontinued operations (0.07) 0.02 DILUTED NET INCOME PER SHARE S 1.50 $ 0.29 $ 1.49 AVERAGE SHARES OUTSTANDING - BASIC 4,259 4,272 4,317 Effect of dilutive securities 40 52 50 AVERAGE SHARES OUTSTANDING - DILUTED 4,299 4,324 4,367 Calculated based on net income from continuing operations less net income from continuing operations attributable to noncontrolling interests Calculated based on net income (loss) from discontinued operations less net income from discontinued operations attributable to noncontrolling interests Per share amounts do not add due to rounding. + CD Page view | A Read aloud 1) Ade 2018 2017 S 8,926 2,025 10,951 5,013 3.396 2,766 1,962 2018 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, (In millions except par value) ASSETS CURRENT ASSETS Cash and cash equivalents Short-term investments TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Marketable securities Trade accounts receivable, less allowances of $489 and $477, respectively Inventories Prepaid expenses and other assets Assets held for sale Assets held for sale - discontinued operations TOTAL CURRENT ASSETS EQUITY METHOD INVESTMENTS OTHER INVESTMENTS OTHER ASSETS DEFERRED INCOME TAX ASSETS PROPERTY, PLANT AND EQUIPMENT - net TRADEMARKS WITH INDEFINITE LIVES BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES GOODWILL OTHER INTANGIBLE ASSETS TOTAL ASSETS LIABILITIES AND EQUITY - 6,546 30,634 19,407 867 4,139 2,667 8,232 6,682 51 10,263 274 83,216 $ 6,006 9,352 15,358 5,317 3,667 2,655 2,000 219 7,329 36,545 20,856 1,096 4,230 330 8,203 6,729 138 9,401 368 S $ 87,896 ACCT 3309 Financial Statement Analysis Group Project CURRENT LIABILITIES Accounts payable and accrued expenses s 8,932 Loans and notes payable 13,194 Current maturities of long-term debt 4,997 Accrued income taxes 378 Liabilities held for sale Liabilities held for sale discontinued operations 1,722 TOTAL CURRENT LIABILITIES 29,223 LONG-TERM DEBT 25,364 OTHER LIABILITIES 7,638 DEFERRED INCOME TAX LIABILITIES 1,933 THE COCA-COLA COMPANY SHAREOWNERS' EQUITY $ 8,748 13,205 3,298 410 37 1,496 27,194 31,182 8,021 2.522 + IL Page view A Read aloud T Ade 13,194 4,997 378 1,722 29.223 25,364 7,638 1,933 13,205 3,298 410 37 1,496 27,194 31,182 8,021 2,522 Loans and notes payable Current maturities of long-term debt Accrued income taxes Liabilities held for sale Liabilities held for sale discontinued operations TOTAL CURRENT LIABILITIES LONG-TERM DEBT OTHER LIABILITIES DEFERRED INCOME TAX LIABILITIES THE COCA-COLA COMPANY SHAREOWNERS' EQUITY Common stock, S0.25 par value; Authorized 11,200 shares: $ Issued -- 7,040 and 7,040 shares, respectively Capital surplus Reinvested earnings Accumulated other comprehensive income (loss) Treasury stock, at cost-2.772 and 2.781 shares, respectively EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS TOTAL EQUITY TOTAL LIABILITIES AND EQUITY Refer to Notes to Consolidated Financial Statements 1,760 16,520 63,234 (12,814) (51,719) 16,981 2,077 19,058 83,216 1.760 15,864 60,430 (10,305) (50,677) 17,072 1,905 18,977 $ 87,896 S 2017 2016 $ $ 6,550 6,550 1,787 258 2018 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2018 (In millions) OPERATING ACTIVITIES Consolidated net income S 6,476 (Income) loss from discontinued operations 251 Net income from continuing operations 6,727 Depreciation and amortization 1,086 Stock-based compensation expense 225 Deferred income taxes (450) Equity (income) loss - net of dividends (457) Foreign currency adjustments () (38) Significant (gains) losses on sales of assets - net 189 Other operating charges 558 Other items 682 Net change in operating assets and liabilities (1,202) Net cash provided by operating activities 7,320 INVESTING ACTIVITIES Purchases of investments (7,789) Proceeds from disposals of investments 14,977 Acquisitions of businesses, equity method investments and nonmarketable securities (1,040) Proceeds from disposals of businesses, equity method investments and nonmarketable securities 1,362 1,283 (101) 1.182 1.260 219 (1,256) (628) 281 1,459 1.218 (269) 3.464 6,930 (856) (449) 158 1,146 647 (224) (225) 8,792 (17.296) 16,694 (3,809) 3.821 (16,626) 17.842 (838) 1.035 (2.262) 150 (305) (1,004) 27,281 (25,615) 1,434 (3,681) (6,043) 79 (6,545) ACCT 3309 Financial Statement Analysis Group Project Purchases of property, plant and equipment (1.347) (1.675) Proceeds from disposals of property, plant and equipment 245 104 Other investing activities (60) (93) Net cash provided by (used in) investing activities 6,348 (2,254) FINANCING ACTIVITIES Issuances of debt 27,339 29,857 Payments of debt (30,568) (28,768) Issuances of stock 1,476 1.595 Purchases of stock for treasury (1,912) (3,682) Dividends (6,644) (6,320) Other financing activities (243) (91) Net cash provided by (used in) financing activities (10,552) (7,409) CASH FLOWS FROM DISCONTINUED OPERATIONS Net cash provided by (used in) operating activities from discontinued operations 307 111 Net cash provided by (used in) investing activities from discontinued operations (421) (58) Net cash provided by (used in) financing activities from discontinued operations 205 (38) Net cash provided by (used in) discontinued operations 91 15 EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS (262) 241 CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the year . 2,945 (2,477) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 6,373 8,850 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year 9.318 6,373 Less: Restricted cash and restricted cash equivalents at end of year 392 367 Cash and cash equivalents at end of year S 8,926 $ 6,006 Refer to Notes to Consolidated Financial Statements (5) 1.238 7,612 8,850 295 $ 8,555 L Page view A Read aloud 1 Ad 2020 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions except par value) 2020 2019 $ 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 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 16,764 736 S 86,381 December 31. ASSETS Current Assets Cash and cash equivalents Short-term investments Total Cash, Cash Equivalents and Short-Term Investments Marketable securities Trade accounts receivable, less allowances of $526 and $524, respectively Inventories Prepaid expenses and other assets Total Current Assets Equity method investments Other investments Other assets Deferred income tax assets Property, plant and equipment - net Trademarks with indefinite lives Goodwill Other intangible assets Total Assets LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses Loans and notes payable Current maturities of long-term debt Accrued income taxes Total Current Liabilities Long-term debt Other liabilities Deferred income tax liabilities The Coca-Cola Company Shareowners' Equity Common stock. $0.25 par value; authorized - 11.200 shares; issued 7.040 shares Capital surplus Reinvested earnings Accumulated other comprehensive income (loss) Treasury stock, at cost-2,738 and 2,760 shares, respectively Equity Attributable to Shareowners of The Coca-Cola Company Equity attributable to noncontrolling interests Total Equity Total Liabilities and Equity $ 11,145 2,183 485 788 14,601 40,125 9,453 1,833 S 11,312 10,994 4,253 414 26,973 27,516 8,510 2.284 1,760 17,601 66,555 (14,601) (52,016) 19,299 1,985 21,284 S $ 87,296 1,760 17,154 65,855 (13,544) (52,244) 18,981 2,117 21,098 $ 86,381 ACCT 3309 Refer to Notes to Consolidated Financial Statements. LG Page view Financial Statement Analysis Group Project 2019 2018 $ 8,985 1,365 201 (280) (421) 91 (467) 127 S 6,476 1,086 225 (413) (457) (50) 743 558 699 (1,240) 7,627 504 366 10,471 (4,704) 6,973 (5.542) (7.789) 14,977 (1.263) 2020 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - 2020 (In millions) Year Ended December 31. 2020 Operating Activities Consolidated net income S 7,768 Depreciation and amortization 1,536 Stock-based compensation expense 126 Deferred income taxes (18) Equity (income) loss-net of dividends (511) Foreign currency adjustments (88) Significant (gains) losses - net (914) Other operating charges 556 Other items 699 Net change in operating assets and liabilities 690 Net Cash Provided by Operating Activities 9,844 Investing Activities Purchases of investments (13,583) Proceeds from disposals of investments 13,835 Acquisitions of businesses, equity method investments and nonmarketable securities (1,052) Proceeds from disposals of businesses, equity method investments and nonmarketable securities 189 Purchases of property, plant and equipment (1,177) Proceeds from disposals of property, plant and equipment 189 Other investing activities 122 Net Cash Provided by (Used in) Investing Activities (1,477) ) Financing Activities Issuances of debt 26,934 Payments of debt (28,796) Issuances of stock 647 Purchases of stock for treasury (118) Dividends (7,047) Other financing activities 310 Net Cash Provided by (Used in) Financing Activities (8,070) Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 76 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the year 373 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 6,737 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year 7,110 Less: Restricted cash and restricted cash equivalents at end of year 315 Cash and Cash Equivalents at End of Year S 6,795 Refer to Notes to Consolidated Financial Statements. 429 (2,054) 978 (56) (3,976) 1,362 (1,548) 248 (60) 5.927 23,009 (24,850) 1,012 (1.103) (6,845) (227) (9.004) 27,605 (30,600) 1,476 (1,912) (6,644) (272) (10,347) (72) (262) ( (2,581) 9318 2,945 6,373 6,737 257 $ 6,480 9,318 241 $ 9,077 2019 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In millions except per share data) Year Ended December 31, Net Operating Revenues Cost of goods sold Gross Profit Selling, general and administrative expenses Other operating charges Operating Income Interest income Interest expense Equity income (loss) -- net Other income (loss) - net Income Before Income Taxes Income taxes Consolidated Net Income Less: Net income (loss) attributable to noncontrolling interests Net Income Attributable to Shareowners of The Coca-Cola Company Basic Net Income Per Share! Diluted Net Income Per Share Average Shares Outstanding - Basic Effect of dilutive securities Average Shares Outstanding - Diluted Calculated based on net income attributable to shareowners of The Coca-Cola Company Refer to Notes to Consolidated Financial Statements. 2019 $ 37,266 14,619 22,647 12,103 458 10,086 563 946 1,049 34 10,786 1,801 8,985 65 $ 8,920 $ $ 2.09 $ 2.07 $ 4,276 38 2018 34,300 13,067 21,233 11.002 1,079 9,152 689 950 1,008 (1,674) 8,225 1,749 2017 36,212 13,721 22,491 12,834 1,902 7.755 679 853 1,072 (1,763) 6,890 5,607 1,283 35 1,248 0.29 0.29 4,272 52 4,324 6,476 42 6,434 $ 1.51 $ 1.50 $ 4,259 40 4,299 4,314 2019 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions except par value) 2019 2018 December 31 ASSETS Current Assets Cash and cash equivalents Short-term investments Total Cash, Cash Equivalents and Short-Term Investments Marketable securities Trade accounts receivable, less allowances of $524 and $501, respectively Inventories Prepaid expenses and other assets 6,480 $ 1,467 7,947 3,228 3,971 3,379 1,886 9,077 2,025 11,102 5,013 3.685 3,071 2,059 PayPalSummary Partner Apply Proce.. 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Ti Texas DMV Pr N R7000 Success Pag... } Fshare - DriverPack... + 0 Add IL Page view A Read aloud 07 LEVCHICS Prepaid expenses and other assets 1,886 2,059 24.930 19,412 867 4.148 2,674 9,598 6,682 51 14.109 745 83,216 ACCT 3309 Financial Statement Analysis Group Project Total Current Assets 20,411 Equity method investments 19,025 Other investments 854 Other assets 6,075 Deferred income tax assets 2,412 Property, plant and equipment - net 10.838 Trademarks with indefinite lives 9,266 Bottlers' franchise rights with indefinite lives 109 Goodwill 16,764 Other intangible assets 627 Total Assets 86,381 $ LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses 11,312 S Loans and notes payable 10,994 Current maturities of long-term debt 4,253 Accrued income taxes 414 Total Current Liabilities 26,973 Long-term debt 27,516 Other liabilities 8,510 Deferred income tax liabilities The Coca-Cola Company Shareowners' Equity Common stock, $0.25 par value; authorized -- 11,200 shares; issued - 7,040 shares 1,760 Capital surplus 17,154 Reinvested earnings 65,855 Accumulated other comprehensive income (loss) (13,544) Treasury stock, at cost - 2,760 and 2,772 shares, respectively (52,244) Equity Attributable to Shareowners of The Coca-Cola Company 18,981 Equity attributable to noncontrolling interests 2,117 Total Equity 21,098 Total Liabilities and Equity S 86,381 $ Refer to Notes to Consolidated Financial Statements. 9.533 13,835 5,003 411 28,782 25,376 7,646 2,354 2,284 1,760 16,520 63,234 (12,814) (51,719) 16,981 2,077 19,058 83,216 2019 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Year Ended December 31 2019 2018 2017 PayPal Summary Partner Apply Proce... 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Fshare - DriverPack... 5 Fshare - DriverPack d Texas DMV = + + L Page view | A Read aloud 1 Add 2019 2018 2017 2019 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Year Ended December 31, Operating Activities Consolidated net income S Depreciation and amortization Stock-based compensation expense Deferred income taxes Equity (income) loss - net of dividends Foreign currency adjustments Significant (gains) losses - net Other operating charges Other items Net change in operating assets and liabilities 8,985 S 1,365 201 (280) (421) 91 (467) 127 504 366 6,476 $ 1,086 225 (413) (457) (50) 743 1,283 1,260 219 (1.252) (628) 292 1,459 1.218 (252) 3,442 558 699 (1.240) 7.041 (17.296) 16,694 (3,809) 3,821 (1.750) 108 (80) (2,312) 29.926 ACCT 3309 Financial Statement Analysis Group Project Net Cash Provided by Operating Activities 10,471 7,627 Investing Activities Purchases of investments (4,704) (7.789) Proceeds from disposals of investments 6,973 14,977 Acquisitions of businesses, equity method investments and nonmarketable securities (5,542) (1,263) Proceeds from disposals of businesses, equity method investments and nonmarketable securities 429 1,362 Purchases of property, plant and equipment (2,054) (1,548) Proceeds from disposals of property, plant and equipment 978 248 Other investing activities (56) (60) Net Cash Provided by (Used in) Investing Activities (3,976) ( 5.927 Financing Activities Issuances of debt 23,009 27.605 Payments of debt (24.850) (30,600) Issuances of stock 1,012 1.476 Purchases of stock for treasury (1,103) (1.912) Dividends (6,845) (6,644) Other financing activities (227) (272) Net Cash Provided by (Used in) Financing Activities (9,004) (10,347) Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (72) (262) Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the year (2,581) 2,945 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 9,318 6,373 Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year 6,737 9,318 Less: Restricted cash and restricted cash equivalents at end of year 257 241 Cash and Cash Equivalents at End of Year S 6,480S 9,077 $ Referin Natre tonnenlinnated Financil Statrmente (28,871) 1,595 (3.682) (6,320) (95) (7,447) 241 (2,477) 8.850 6,373 271 6,102 PayPal: Summary Partner Apply Proce... > Quick, Draw! 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Fshare - DriverPack... th Texas DMV Pra + L Page view AS Read aloud T) Addt 2017 2016 S S 2018 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME Year Ended December 31, 2018 (In millions except per share data) NET OPERATING REVENUES $ 31,856 Cost of goods sold 11,770 GROSS PROFIT 20,086 Selling, general and administrative expenses 10,307 Other operating charges 1,079 OPERATING INCOME 8,700 Interest income 682 Interest expense 919 Equity income (loss) -- net 1,008 Other income (loss) - net (1,121) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 8,350 Income taxes from continuing operations 1,623 NET INCOME FROM CONTINUING OPERATIONS 6,727 Income (loss) from discontinued operations (net of income taxes of $126, $47 and $0, respectively) (251) CONSOLIDATED NET INCOME 6,476 35,410 13,255 22.155 12,654 1,902 7,599 677 841 1,071 (1.764) 41.863 16,465 25,398 15,370 1,371 8,657 642 733 835 (1,265) 6,742 5,560 1.182 8,136 1,586 6,550 101 1,283 6.550 ACCT 3309 Financial Statement Analysis Group Project Less: Net income attributable to noncontrolling interests 42 35 NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY $ 6,434 S 1,248 23 S 6,527 (0.07) Basie net income per share from continuing operations $ 1.58 $ 0.28 $ 1.51 Basic net income (loss) per share from discontinued operations 0.02 BASIC NET INCOME PER SHARE $ 1.51 $ 0.29 ES 1.51 Diluted net income per share from continuing operations $ 1.57 S 0.27 S 1.49 Diluted net income (loss) per share from discontinued operations (0.07) 0.02 DILUTED NET INCOME PER SHARE S 1.50 $ 0.29 $ 1.49 AVERAGE SHARES OUTSTANDING - BASIC 4,259 4,272 4,317 Effect of dilutive securities 40 52 50 AVERAGE SHARES OUTSTANDING - DILUTED 4,299 4,324 4,367 Calculated based on net income from continuing operations less net income from continuing operations attributable to noncontrolling interests Calculated based on net income (loss) from discontinued operations less net income from discontinued operations attributable to noncontrolling interests Per share amounts do not add due to rounding. + CD Page view | A Read aloud 1) Ade 2018 2017 S 8,926 2,025 10,951 5,013 3.396 2,766 1,962 2018 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, (In millions except par value) ASSETS CURRENT ASSETS Cash and cash equivalents Short-term investments TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Marketable securities Trade accounts receivable, less allowances of $489 and $477, respectively Inventories Prepaid expenses and other assets Assets held for sale Assets held for sale - discontinued operations TOTAL CURRENT ASSETS EQUITY METHOD INVESTMENTS OTHER INVESTMENTS OTHER ASSETS DEFERRED INCOME TAX ASSETS PROPERTY, PLANT AND EQUIPMENT - net TRADEMARKS WITH INDEFINITE LIVES BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES GOODWILL OTHER INTANGIBLE ASSETS TOTAL ASSETS LIABILITIES AND EQUITY - 6,546 30,634 19,407 867 4,139 2,667 8,232 6,682 51 10,263 274 83,216 $ 6,006 9,352 15,358 5,317 3,667 2,655 2,000 219 7,329 36,545 20,856 1,096 4,230 330 8,203 6,729 138 9,401 368 S $ 87,896 ACCT 3309 Financial Statement Analysis Group Project CURRENT LIABILITIES Accounts payable and accrued expenses s 8,932 Loans and notes payable 13,194 Current maturities of long-term debt 4,997 Accrued income taxes 378 Liabilities held for sale Liabilities held for sale discontinued operations 1,722 TOTAL CURRENT LIABILITIES 29,223 LONG-TERM DEBT 25,364 OTHER LIABILITIES 7,638 DEFERRED INCOME TAX LIABILITIES 1,933 THE COCA-COLA COMPANY SHAREOWNERS' EQUITY $ 8,748 13,205 3,298 410 37 1,496 27,194 31,182 8,021 2.522 + IL Page view A Read aloud T Ade 13,194 4,997 378 1,722 29.223 25,364 7,638 1,933 13,205 3,298 410 37 1,496 27,194 31,182 8,021 2,522 Loans and notes payable Current maturities of long-term debt Accrued income taxes Liabilities held for sale Liabilities held for sale discontinued operations TOTAL CURRENT LIABILITIES LONG-TERM DEBT OTHER LIABILITIES DEFERRED INCOME TAX LIABILITIES THE COCA-COLA COMPANY SHAREOWNERS' EQUITY Common stock, S0.25 par value; Authorized 11,200 shares: $ Issued -- 7,040 and 7,040 shares, respectively Capital surplus Reinvested earnings Accumulated other comprehensive income (loss) Treasury stock, at cost-2.772 and 2.781 shares, respectively EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS TOTAL EQUITY TOTAL LIABILITIES AND EQUITY Refer to Notes to Consolidated Financial Statements 1,760 16,520 63,234 (12,814) (51,719) 16,981 2,077 19,058 83,216 1.760 15,864 60,430 (10,305) (50,677) 17,072 1,905 18,977 $ 87,896 S 2017 2016 $ $ 6,550 6,550 1,787 258 2018 - THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2018 (In millions) OPERATING ACTIVITIES Consolidated net income S 6,476 (Income) loss from discontinued operations 251 Net income from continuing operations 6,727 Depreciation and amortization 1,086 Stock-based compensation expense 225 Deferred income taxes (450) Equity (income) loss - net of dividends (457) Foreign currency adjustments () (38) Significant (gains) losses on sales of assets - net 189 Other operating charges 558 Other items 682 Net change in operating assets and liabilities (1,202) Net cash provided by operating activities 7,320 INVESTING ACTIVITIES Purchases of investments (7,789) Proceeds from disposals of investments 14,977 Acquisitions of businesses, equity method investments and nonmarketable securities (1,040) Proceeds from disposals of businesses, equity method investments and nonmarketable securities 1,362 1,283 (101) 1.182 1.260 219 (1,256) (628) 281 1,459 1.218 (269) 3.464 6,930 (856) (449) 158 1,146 647 (224) (225) 8,792 (17.296) 16,694 (3,809) 3.821 (16,626) 17.842 (838) 1.035 (2.262) 150 (305) (1,004) 27,281 (25,615) 1,434 (3,681) (6,043) 79 (6,545) ACCT 3309 Financial Statement Analysis Group Project Purchases of property, plant and equipment (1.347) (1.675) Proceeds from disposals of property, plant and equipment 245 104 Other investing activities (60) (93) Net cash provided by (used in) investing activities 6,348 (2,254) FINANCING ACTIVITIES Issuances of debt 27,339 29,857 Payments of debt (30,568) (28,768) Issuances of stock 1,476 1.595 Purchases of stock for treasury (1,912) (3,682) Dividends (6,644) (6,320) Other financing activities (243) (91) Net cash provided by (used in) financing activities (10,552) (7,409) CASH FLOWS FROM DISCONTINUED OPERATIONS Net cash provided by (used in) operating activities from discontinued operations 307 111 Net cash provided by (used in) investing activities from discontinued operations (421) (58) Net cash provided by (used in) financing activities from discontinued operations 205 (38) Net cash provided by (used in) discontinued operations 91 15 EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS (262) 241 CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the year . 2,945 (2,477) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 6,373 8,850 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year 9.318 6,373 Less: Restricted cash and restricted cash equivalents at end of year 392 367 Cash and cash equivalents at end of year S 8,926 $ 6,006 Refer to Notes to Consolidated Financial Statements (5) 1.238 7,612 8,850 295 $ 8,555