Dec. 31, 2017 Dec. 31, 2018 Dec.

31, 2019
Revenues 36,212 34,300 37,266
Cost of Goods and Services Sold 13,721 13,067 14,619
GROSS PROFIT 22,491 21,233 22,647

Selling, General and Administrative Expense 12,834 11,002 12,103

Other Cost and Expense, Operating 1,902 1,079 458
OPERATING INCOME 7,755 9,152 10,086
Interest income 679 689 563
Interest expense 853 950 946
Equity income (loss) - net 1,072 1,008 1,049
Other income (loss) - net -1,763 -1,674 34
INCOME BEFORE INCOME TAXES 6,890 8,225 10,786
Income taxes 5,607 1,749 1,801
CONSOLIDATED NET INCOME 1,283 6,476 8,985
Net Income (Loss) Attributable to Noncontrolling Interest 35 42 65
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY
1,248 6,434 8,920
BASIC NET INCOME PER SHARE (in dollars per share) 0.29 1.51 2.09
DILUTED NET INCOME PER SHARE (in dollars per share) 0.29 1.5 2.07
AVERAGE SHARES OUTSTANDING (in shares) 4,272 4,259 4,276
Effect of dilutive securities (in shares) 52 40 38
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION (in shares) 4,324 4,299 4,314
 39129 41086 43140
15350 16117 16923
23,779 24,968 26,217

12708 13344 14011

481 505 530
10,590 11,120 11,676
591 621 652
993 1043 1095
1101 1157 1214
36 37 39
11,325 11,892 12,486
1891.05 1985.6025 2084.8826
9,434 9,906 10,401
68 72 75
9,366 9,834 10,326
2.19 2.30 2.41
2.17 2.28 2.39
4,276 4,276 4,276

4,314 4,314 4,314

 Dec. 31, 2018 Dec. 31, 2019

CURRENT ASSETS
Cash and cash equivalents 9,077 6,480 14600
Short-term investments 2,025 1,467 1540
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS 11,102 7,947 16,141

Marketable securities 5,013 3,228 3389

Trade accounts receivable, less allowances of 524 and 501, respectively3,685 3,971 4170
Inventories 3,071 3,379 3548
Prepaid expenses and other assets 2,059 1,886 1980
TOTAL CURRENT ASSETS 24,930 20,411 29,228
EQUITY METHOD INVESTMENTS 19,412 19,025 19976
OTHER INVESTMENTS 867 854 897
OTHER ASSETS 4,148 6,075 6379
Deferred Tax Assets, Net, Noncurrent 2,674 2,412 2533
PROPERTY, PLANT AND EQUIPMENT - net 9,598 10,838 11380
TRADEMARKS WITH INDEFINITE LIVES 6,682 9,266 9729
BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES 51 109 114
GOODWILL 14,109 16,764 17602
OTHER INTANGIBLE ASSETS 745 627 658
TOTAL ASSETS 83,216 86,381 98,496

CURRENT LIABILITIES
Accounts payable and accrued expenses 9,533 11,312 11878
Notes and Loans Payable, Current 13,835 10,994 11544
Current maturities of long-term debt 5,003 4,253 4466
Accrued income taxes 411 414 435
TOTAL CURRENT LIABILITIES 28,782 26,973 28,322
LONG-TERM DEBT 25,376 27,516 28892
OTHER LIABILITIES 7,646 8,510 8936
DEFERRED INCOME TAXES 2,354 2,284 2398
THE COCA-COLA COMPANY SHAREOWNERS' EQUITY
Common stock, 0.25 par value; authorized — 11,200 shares; issued — 7,040
1,760 shares 1,760 1,760
Capital surplus 16,520 17,154 17,154
Reinvested earnings 63,234 65,855 75,221
Accumulated other comprehensive income (loss) -12,814 -13,544 -13,544
Treasury stock, at cost — 2,760 and 2,772 shares, respectively -51,719 -52,244 -52,244
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY 16,981 18,981 28,347
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS 2,077 2,117 2,185
TOTAL EQUITY 19,058 21,098 30,532
TOTAL LIABILITIES AND EQUITY 83,216 86,381 99,079
BS Tallying 0 0 -583
 23127 32079
1617 1698
24,744 33,777

3559 3737
4378 4597
3725 3912
2079 2183
38,485 48,206
20975 22024
942 989
6698 7033
2659 2792
11949 12546
10216 10727 -121
120 126
18482 19406
691 726
111,217 124,574

12471 13095
12121 12727
4689 4923
456 479 21
29,738 31,225
30336 31853
9382 9851
2518 2644

1,760 1,760
17,154 17,154
85,055 95,381
-13,544 -13,544
-52,244 -52,244
38,181 48,507
2,257 2,332
40,438 50,839
112,413 126,413
-1,195 -1,838
 CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ()
in Millions Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019
OPERATING ACTIVITIES
CONSOLIDATED NET INCOME 1,283 6,476 8,985
Depreciation and amortization 1,260 1,086 1,365
Stock-based compensation expense 219 225 201
Deferred income taxes -1,252 -413 -280
Equity (income) loss - net of dividends -628 -457 -421
Foreign currency adjustments 292 -50 91
Significant (gains) losses on sales of assets - net 1,459 743 -467
Other operating charges 1,218 558 127
Other items -252 699 504
Net change in operating assets and liabilities 3,442 -1,240 366
Prepaid expenses and other assets
Inventories
Trade Receivables
Accounts payable
Current maturities of long-term debt
Accrued income taxes
Net cash provided by operating activities 7,041 7,627 10,471

INVESTING ACTIVITIES
Purchases of investments -17,296 -7,789 -4,704
Proceeds from disposals of investments 16,694 14,977 6,973
Acquisitions of businesses, equity method investments and nonmarketable
-3,809 securities
-1,263 -5,542
Proceeds from disposals of businesses, equity method investments and nonmarkatable
3,821 1,362 securities429
Purchases of property, plant and equipment -1,750 -1,548 -2,054
Proceeds from disposals of property, plant and equipment 108 248 978
Other investing activities -80 -60 -56
Purchase of Other assets
Additions to intangibles
Net cash provided by (used in) investing activities -2,312 5,927 -3,976

FINANCING ACTIVITIES
Issuances of debt 29,926 27,605 23,009
Payments of debt -28,871 -30,600 -24,850
Issuances of stock 1,595 1,476 1,012
Purchases of stock for treasury -3,682 -1,912 -1,103
Dividends -6,320 -6,644 -6,845
Other financing activities -95 -272 -227
Net cash provided by (used in) financing activities -7,447 -10,347 -9,004

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS241 -262 -72
CASH AND CASH EQUIVALENTS
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted
-2,477 cash 2,945
equivalents during
-2,581 the year
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents8,850
at the Beginning
6,373 of the Year
9,318
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at the End of
6,373 the Year 6,737
9,318
Restricted Cash and Restricted Cash Equivalents not included in Cash and271 Cash Equivalents
241 on Balance 257Sheet
Cash and cash equivalents 6,102 9,077 6,480
9,434 9,906 10,401

-121 -127 -133

-838 -880 -924

-161 -169 -178
-94 -99 -104
-169 -177 -186
-199 -208 -219
1,115 1,171 1,230
213 223 234
21 22 23
8,314 8,730 9,166

-73 -77 -81

-994 -1,044 -1,096

-1,042 -1,094 -1,149

-304 -319 -335

-2,109 -2,215 -2,326

1376 1445 1517

114 120 126

426 447 469

 1,916 2,011 2,112

8,120 8,526 8,953

6,480 14,600 23,127
14,600 23,127 32,079