Compare and contrast the performance of Coca-Cola for the 2019 year using the DuPont disaggregation of return on equity (RoE) and return on net operating assets (RNOA). For any income tax adjustments, assume a tax rate of 21%.

THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (in millions except per share data) Year Ended December 31, 2019 Net Operating Revenues $ 37,266 $ Cost of goods sold 14,619 Gross Profit 22,647 Selling, general and administrative expenses 12,103 Other operating charges 458 Operating Income 10,086 Interest income 563 Interest expense 946 Equity income (loss) - net 1,049 Other income (loss) - net 34 Income Before Income Taxes 10,786 Income taxes 1,801 Consolidated Net Income 8,985 Less: Net income (loss) attributable to noncontrolling interests 65 Net Income Attributable to Shareowners of The Coca-Cola Company $ 8,920 $ Basic Net Income Per Share1 $ 2.09 $ Diluted Net Income Per Share1 $ 2.07 $ Average Shares Outstanding - Basic 4,276 Effect of dilutive securities 38 Average Shares Outstanding - Diluted 4,314 2018 34,300 $ 13,067 21,233 11,002 1,079 9,152 689 950 1,008 (1,674) 8,225 1,749 6,476 42 6,434 $ 1.51 $ 1.50 $ 4,259 40 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 4,299 2018 6,476 $ 2017 1,283 861 THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) Year Ended December 31, 2019 Consolidated Net Income $ 8,985 $ Other comprehensive income: Net foreign currency translation adjustments 74 Net gains (losses) on derivatives (54) Net change in unrealized gains (losses) on available-for-sale securities 18 Net change in pension and other benefit liabilities (159) Total Comprehensive Income 8,864 Less: Comprehensive income attributable to noncontrolling interests 110 Total Comprehensive Income Attributable to Shareowners of The Coca-Cola $ 8,754 $ Company (2,035) (7) (34) 29 4,429 (433) 188 322 2,221 73 95 4,334 $ 2,148 2019 2018 6,480 $ 1,467 7,947 3,228 9,077 2,025 11,102 5,013 3,971 3,685 THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions except par value) 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 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 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, 50.25 par value; authorized 11,200 shares; issued - 7,040 shares Capital surplus Reinvested earnings Accumulated other comprehensive income (loss) Treasury stock, at cost - 2,760 and 2,772 shares, respectively Equity Attributable to Shareowners of The Coca-Cola Company Equity attributable to noncontrolling interests Total Equity Total Liabilities and Equity $ 3,379 1,886 20,411 19,025 854 6,075 2,412 10,838 9,266 109 16,764 627 86,381 $ 3,071 2,059 24,930 19,412 867 4,148 2,674 9,598 6,682 51 14,109 745 83,216 9,533 11,312 $ 10,994 4,253 414 26,973 27,516 8,510 2,284 13,835 5,003 411 28,782 25,376 7,646 2,354 1,760 1,760 17,154 65,855 (13,544) (52,244) 18,981 2,117 21,098 86,381 $ 16,520 63,234 (12,814) (51,719) 16,981 2.072 19,058 83,216 2019 2018 2017 $ 8,985 $ 1,365 201 (280) (421) 91 (467) 127 504 366 10,471 6,476 $ 1,086 225 (413) (4571 (50) 743 558 699 (1,2401 7.627 1,283 1.260 219 (1,252) (628) 292 1.459 1,218 (252) 3,442 7,041 THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Year Ended December 31, Operating Activities Consolidated net income 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 Net Cash Provided by Operating Activities Investing Activities Purchases of investments Proceeds from disposals of investments Acquisitions of businesses, equity method investments and nonmarketable securities Proceeds from disposals of businesses, equity method investments and nonmarketable securities Purchases of property, plant and equipment Proceeds from disposals of property, plant and equipment Other investing activities Net Cash Provided by (Used in) Investing Activities Financing Activities Issuances of debt Payments of debt Issuances of stock Purchases of stock for treasury Dividends Other financing activities Net Cash Provided by Used in) Financing Activities Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 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 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year Less: Restricted cash and restricted cash equivalents at end of year Cash and Cash Equivalents at End of Year (4,704) 6,973 (5,542) 429 12,054) 978 (56) (3,976) 17,789) 14,977 {1,263) 1,362 (1,548) 248 (60) 5.927 (17,296) 16,694 (3,809) 3,821 (1,750) 108 (80) (2,312) 23,009 (24,850) 1,012 (1,103) 16,845) (227) 19,004) 172) 27.605 (30,600] 1,476 (1,912) (6,644) (272) (10,347) (262) 29,926 (28,871) 1,595 (3,682) (6,320) (95) (7,447] 241 12,581) 2.945 12.477) 9,318 6,737 257 6,480 S 6,373 9,318 241 9,077 $ 8,850 6,373 271 6,102 $