The Coca-Cola Company (KO) 10-K 26 Feb 10 2009 FY Annual report Financial data

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Millions, except Per Share data	12 Months Ended Dec. 31, 2009		12 Months Ended Dec. 31, 2008		12 Months Ended Dec. 31, 2007
NET OPERATING REVENUES	$30,990		$31,944		$28,857
Cost of goods sold	11,088		11,374		10,406
GROSS PROFIT	19,902		20,570		18,451
Selling, general and administrative expenses	11,358		11,774		10,945
Other operating charges	313		350		254
OPERATING INCOME	8,231		8,446		7,252
Interest income	249		333		236
Interest expense	355		438		456
Equity income (loss) - net	781		(874)		668
Other income (loss) - net	40		39		219
INCOME BEFORE INCOME TAXES	8,946		7,506		7,919
Income taxes	2,040		1,632		1,892
CONSOLIDATED NET INCOME	6,906		5,874		6,027
Less: Net income attributable to noncontrolling interests	82		67		46
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	$6,824		$5,807		$5,981
BASIC NET INCOME PER SHARE (in dollars per share)	2.95	[1]	2.51	[1]	2.59	[1]
DILUTED NET INCOME PER SHARE (in dollars per share)	2.93	[1]	2.49	[1]	2.57	[1]
AVERAGE SHARES OUTSTANDING (in shares)	2,314		2,315		2,313
Effect of dilutive securities (in shares)	15		21		18
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION (in shares)	2,329		2,336		2,331
[1]Basic net income per share and diluted net income per share are calculated based on net income attributable to shareowners of The Coca-Cola Company.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
CURRENT ASSETS
Cash and cash equivalents	$7,021	$4,701
Short-term investments	2,130
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	9,151	4,701
Marketable securities	62	278
Trade accounts receivable, less allowances of $55 and $51, respectively	3,758	3,090
Inventories	2,354	2,187
Prepaid expenses and other assets	2,226	1,920
TOTAL CURRENT ASSETS	17,551	12,176
EQUITY METHOD INVESTMENTS	6,217	5,316
OTHER INVESTMENTS, PRINCIPALLY BOTTLING COMPANIES	538	463
OTHER ASSETS	1,976	1,733
PROPERTY, PLANT AND EQUIPMENT - net	9,561	8,326
TRADEMARKS WITH INDEFINITE LIVES	6,183	6,059
GOODWILL	4,224	4,029
OTHER INTANGIBLE ASSETS	2,421	2,417
TOTAL ASSETS	48,671	40,519
CURRENT LIABILITIES
Accounts payable and accrued expenses	6,657	6,205
Loans and notes payable	6,749	6,066
Current maturities of long-term debt	51	465
Accrued income taxes	264	252
TOTAL CURRENT LIABILITIES	13,721	12,988
LONG-TERM DEBT	5,059	2,781
OTHER LIABILITIES	2,965	3,011
DEFERRED INCOME TAXES	1,580	877
THE COCA-COLA COMPANY SHAREOWNERS' EQUITY
Common stock, $0.25 par value; Authorized - 5,600 shares; Issued - 3,520 and 3,519 shares, respectively	880	880
Capital surplus	8,537	7,966
Reinvested earnings	41,537	38,513
Accumulated other comprehensive income (loss)	(757)	(2,674)
Treasury stock, at cost - 1,217 and 1,207 shares, respectively	(25,398)	(24,213)
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY	24,799	20,472
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS	547	390
TOTAL EQUITY	25,346	20,862
TOTAL LIABILITIES AND EQUITY	$48,671	$40,519

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Millions, except Per Share data	Dec. 31, 2009	Dec. 31, 2008
CONSOLIDATED BALANCE SHEETS
Trade accounts receivable, allowances (in dollars)	$55	$51
Common stock, par value (in dollars per share)	0.25	0.25
Common stock, shares authorized	5,600	5,600
Common stock, shares issued	3,520	3,519
Treasury stock, shares	1,217	1,207

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
OPERATING ACTIVITIES
Consolidated net income	$6,906	$5,874	$6,027
Depreciation and amortization	1,236	1,228	1,163
Stock-based compensation expense	241	266	313
Deferred income taxes	353	(360)	109
Equity income or loss, net of dividends	(359)	1,128	(452)
Foreign currency adjustments	61	(42)	9
Gains on sales of assets, including bottling interests	(43)	(130)	(244)
Other operating charges	134	209	166
Other items	221	153	99
Net change in operating assets and liabilities	(564)	(755)	(40)
Net cash provided by operating activities	8,186	7,571	7,150
INVESTING ACTIVITIES
Acquisitions and investments, principally beverage and bottling companies and trademarks	(300)	(759)	(5,653)
Purchases of other investments	(2,152)	(240)	(99)
Proceeds from disposals of bottling companies and other investments	240	479	448
Purchases of property, plant and equipment	(1,993)	(1,968)	(1,648)
Proceeds from disposals of property, plant and equipment	104	129	239
Other investing activities	(48)	(4)	(6)
Net cash provided by (used in) investing activities	(4,149)	(2,363)	(6,719)
FINANCING ACTIVITIES
Issuances of debt	14,689	4,337	9,979
Payments of debt	(12,326)	(4,308)	(5,638)
Issuances of stock	662	586	1,619
Purchases of stock for treasury	(1,518)	(1,079)	(1,838)
Dividends	(3,800)	(3,521)	(3,149)
Net cash provided by (used in) financing activities	(2,293)	(3,985)	973
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	576	(615)	249
CASH AND CASH EQUIVALENTS
Net increase (decrease) during the year	2,320	608	1,653
Balance at beginning of year	4,701	4,093	2,440
Balance at end of year	$7,021	$4,701	$4,093

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007	Dec. 31, 2006
Balance at beginning of year	$20,862	$0	$0
Consolidated net income	6,906	5,874	6,027
Balance at end of year	25,346	20,862	0	0
The Coca-Cola Company
Balance at beginning of year	20,472	21,744
Balance at end of year	24,799	20,472	21,744
COMMON STOCK
Balance at beginning of year	880	880	878
Balance at beginning of year (in shares)	2,312	2,318	2,318
Stock issued to employees exercising stock options (in shares)			8
Purchases of treasury stock (in shares)	(26)	(18)	(35)
Treasury stock issued to employees exercising stock options (in shares)	17	12	23
Treasury stock issued to former shareholders of glaceau (in shares)			4
Stock issued to employees related to stock compensation plans			2
Balance at end of year	880	880	880	878
Balance at end of year (in shares)	2,303	2,312	2,318	2,318
CAPITAL SURPLUS
Balance at beginning of year	7,966	7,378	5,983
Stock issued to employees related to stock compensation plans	339	324	1,001
Tax (charge) benefit from employees' stock option and restricted stock plans	(6)	(1)	(28)
Stock-based compensation	238	265	309
Stock purchased by former shareholders of glaceau			113
Balance at end of year	8,537	7,966	7,378	5,983
REINVESTED EARNINGS
Balance at beginning of year	38,513	36,235	33,468
Cumulative effect of the adoption of new accounting guidance for pension and other postretirement plans		(8)
Cumulative effect of the adoption of new accounting guidance for uncertain tax positions			(65)
Consolidated net income	6,824	5,807	5,981
Dividends (per share - $1.64, $1.52 and $1.36 in 2009, 2008 and 2007, respectively)	(3,800)	(3,521)	(3,149)
Balance at end of year	41,537	38,513	36,235	33,468
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balance at beginning of year	(2,674)	626	(1,291)
Net foreign currency translation adjustment	1,824	(2,285)	1,575
Net gain (loss) on derivatives	34	1	(64)
Net change in unrealized gain on available-for-sale securities	(52)	(44)	14
Net change in pension liability	111	(972)	392
Net other comprehensive income (loss)	1,917	(3,300)	1,917
Balance at end of year	(757)	(2,674)	626	(1,291)
TREASURY STOCK
Balance at beginning of year	(24,213)	(23,375)	(22,118)
Stock issued to employees related to stock compensation plans	333	243	428
Stock purchased by former shareholders of glaceau			66
Purchases of treasury stock	(1,518)	(1,081)	(1,751)
Balance at end of year	(25,398)	(24,213)	(23,375)	(22,118)
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Balance at beginning of year	390	342	333
Consolidated net income	82	67	46
Net foreign currency translation adjustment	49	(25)	1
Dividends paid to noncontrolling interests	(14)	(20)	(23)
Contributions by noncontrolling interests	40	31	41
Disposal of subsidiaries		(5)	(56)
Balance at end of year	547	390	342	333
COMPREHENSIVE INCOME
Consolidated net income	6,906	5,874	6,027
Net other comprehensive income (loss)	1,966	(3,325)	1,918
CONSOLIDATED COMPREHENSIVE INCOME	$8,872	$2,549	$7,945

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREOWNERS' EQUITY (PARENTHETICAL) (USD $)
	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Dividends per share	1.64	1.52	1.36

BUSINESS AND SUMMARY OF SIGNIFI

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1: BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business In these notes, the terms "The Coca-Cola Company," "Company," "we," "us" and "our" mean The Coca-Cola Company and all entities included in our consolidated financial statements. The Coca-Cola Company is the world's leading owner and marketer of nonalcoholic beverage brands and the world's largest manufacturer, distributor and marketer of concentrates and syrups used to produce nonalcoholic beverages. We own or license and market more than 500 nonalcoholic beverage brands, primarily sparkling beverages but also a variety of still beverages such as waters, enhanced waters, juices and juice drinks, ready-to-drink teas and coffees, and energy and sports drinks. Finished beverage products bearing our trademarks, sold in the United States since 1886, are now sold in more than 200 countries. Along with Coca-Cola, which is recognized as the world's most valuable brand, we own and market four of the world's top five nonalcoholic sparkling beverage brands, including Diet Coke, Fanta and Sprite. We manufacture beverage concentrates and syrups, which we sell to authorized bottling and canning operations (to which we typically refer as our "bottlers" or our "bottling partners") who use the concentrates and syrups to produce finished beverage products. We also manufacture, or authorize bottling partners to manufacture, fountain syrups, which we sell to fountain retailers such as restaurants and convenience stores, which use the fountain syrups to produce finished beverages for immediate consumption, or to fountain wholesalers or bottlers, which in turn sell and distribute the fountain syrups to fountain retailers. In addition, we manufacture certain finished beverages, such as juices and juice drinks and water products, which we sell to retailers directly or through wholesalers or other distributors, including bottling partners. While most of our branded beverage products are manufactured, sold and distributed by independently owned and managed bottling partners, from time to time we do acquire or take control of bottling or canning operations, often, but not always, in underperforming markets where we believe we can use our resources and expertise to improve performance. In addition, we have noncontrolling ownership interests in numerous beverage joint ventures, bottling partners and emerging beverage companies. The Company has had a significant increase in the number of consolidated bottling operations over the last several years, primarily due to acquisitions in 2008 and 2007. Refer to Note17 for additional information related to the Company's acquisition and investment activity. Net operating revenues generated by consolidated bottling operations are included in the Bottling Investments operating segment. Refer to Note18. Summary of Significant Accounting Policies Basis of Presentation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported

INVESTMENTS

INVESTMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
INVESTMENTS	NOTE 2: INVESTMENTS Trading Securities As of December31, 2009 and 2008, our trading securities had a fair value of approximately $61million and $49million, respectively, and were included in the line item marketable securities in our consolidated balance sheets. The Company had net unrealized losses on trading securities of approximately $16million, $32million and $1million as of December31, 2009, 2008 and 2007, respectively. Available-for-Sale and Held-to-Maturity Securities As of December31, 2009 and 2008, available-for-sale and held-to-maturity securities consisted of the following (in millions): Gross Unrealized Estimated Cost Gains Losses Fair Value 2009 Available-for-sale securities:1 Equity securities $231 $176 $(18 ) $389 Other securities 12 (3 ) 9 $243 $176 $(21 ) $398 Held-to-maturity securities: Bank and corporate debt $199 $ $ $199 2008 Available-for-sale securities:1 Equity securities $329 $193 $(7 ) $515 Other securities 12 (5 ) 7 $341 $193 $(12 ) $522 Held-to-maturity securities: Bank and corporate debt $74 $ $ $74 1Refer to Note13 for additional information related to the estimated fair value. The Company divested certain available-for-sale securities during the year ended December31, 2009. These divestitures were the result of both sales and a charitable donation. The sales of available-for-sale securities resulted in cash proceeds of $157million, gross realized gains of $44million and gross realized losses of $2million. In addition to the sale of available-for-sale securities, the Company donated certain available-for-sale securities to The Coca-Cola Foundation. The donated investments had a cost basis of $7million and a fair value of $106million at the date of donation. The net impact of this donation was an expense equal to our cost basis in the securities, which was recorded in other income (loss) net. The Company did not sell any available-for-sale securities during 2008 and 2007. For the year ended December31, 2008, the Company realized losses of approximately $81million due to other-than-temporary impairments of certain available-for-sale securities. Refer to Note14. The Company's available-for-sale and held-to-maturity securities were included in the following captions in our consolidated balance sheets (in millions): December31, 2009 December31, 2008 Available- for-Sale Securities Held-to- Maturity Securities Available- for-Sale Securities Held-to- Maturity Securities Cash and cash equivalents $ $198 $ $73 Marketable securities 1 228 1 Other investments, principally bottling companies 389 287 Other assets 9 7 $398 $199 $522 $74 The contractual maturities of these investments as of December31, 2009, were as follows (in millions): Av

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
EQUITY METHOD INVESTMENTS	NOTE 3: EQUITY METHOD INVESTMENTS Our consolidated net income includes our Company's proportionate share of the net income or loss of our equity method investees. When we record our proportionate share of net income, it increases equity income (loss) net in our consolidated statements of income and our carrying value in that investment. Conversely, when we record our proportionate share of a net loss, it decreases equity income (loss) net in our consolidated statements of income and our carrying value in that investment. The Company's proportionate share of the net income or loss of our equity method investees includes significant operating and nonoperating items recorded by our equity method investees. These items can have a significant impact on the amount of equity income (loss) net in our consolidated statements of income and our carrying value in those investments. The summarized financial information presented below includes the impact of significant operating and nonoperating items recorded by our equity method investees. Refer to Note14 for additional information related to significant operating and nonoperating items recorded by our equity method investees. The carrying values of our equity method investments are also impacted by our proportionate share of items impacting the equity investee's AOCI. We eliminate from our financial results all significant intercompany transactions, including the intercompany portion of transactions with equity method investees. Refer to Note14 and Note17 for information related to acquisitions and divestitures of equity method investments. Coca-Cola EnterprisesInc. CCE is a marketer, producer and distributor of bottle, can and fountain nonalcoholic beverages, operating in eight countries. As of December31, 2009, our Company owned approximately 34percent of the outstanding common stock of CCE. We account for our investment by the equity method of accounting and, therefore, our net income includes our proportionate share of CCE's net income or loss. As of December31, 2009, our proportionate share of the net assets of CCE exceeded our investment by approximately $271million. This difference is not amortized. A summary of financial information for CCE is as follows (in millions): Year Ended December31, 2009 2008 2007 Net operating revenues $21,645 $21,807 $20,936 Cost of goods sold 13,333 13,763 12,955 Gross profit $8,312 $8,044 $7,981 Operating income (loss) $1,527 $(6,299 ) $1,470 Net income (loss) $731 $(4,394 ) $711 December31, 2009 2008 Current assets $5,170 $4,583 Noncurrent assets 11,246 11,006 Total assets $16,416 $15,589 Current liabilities $4,588 $5,074 Noncurrent liabilities 10,946 10,524 Total liabilities $15,534 $15,598 Shareowners' equity (deficit) $859 $(31 ) Noncontrolling interest $23 $22 Total equity (deficit) $882 $(9 ) Company equity investment $25 $ The carrying value of our investment in CCE was reduced to zero as of December31, 2008, primarily as a result of recording our proportionate share of CCE's

HEDGING TRANSACTIONS AND DERIVA

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 4: HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company's financial performance and are referred to as "market risks." Our Company, when deemed appropriate, uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments are foreign currency exchange rate risk, commodity price risk and interest rate risk. The Company uses various types of derivative instruments including, but not limited to, forward contracts, commodity futures contracts, option contracts, collars and swaps. Forward contracts and commodity futures contracts are agreements to buy or sell a quantity of a currency or commodity at a predetermined future date, and at a predetermined rate or price. An option contract is an agreement that conveys the purchaser the right, but not the obligation, to buy or sell a quantity of a currency or commodity at a predetermined rate or price during a period or at a time in the future. A collar is a strategy that uses a combination of options to limit the range of possible positive or negative returns on an underlying asset or liability to a specific range, or to protect expected future cash flows. To do this, an investor simultaneously buys a put option and sells (writes) a call option. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. We do not enter into derivative financial instruments for trading purposes. All derivatives are carried at fair value in the consolidated balance sheets in the line items prepaid expenses and other assets or accounts payable and accrued expenses, as applicable. The carrying values of the derivatives reflect the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties. These master netting agreements allow the Company to net settle positive and negative positions (assets and liabilities) arising from different transactions with the same counterparty. The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationships. Derivatives can be designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The Company does not typically designate derivatives as fair value hedges. The changes in fair values of derivatives that have been designated and qualify as cash flow hedges or hedges of net investments in foreign operations are recorded in AOCI and are reclassified into the line item in the consolidated income statement in which the hedged items are recorded in the same period the hedged items affect earnings. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures being hedged, fluctuations in the value of the der

GOODWILL, TRADEMARKS AND OTHER

GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS	NOTE 5: GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS The following table summarizes information related to indefinite-lived intangible assets (in millions): December31, 2009 2008 Trademarks1 $6,183 $6,059 Goodwill 4,224 4,029 Bottlers' franchise rights2 1,953 1,840 Other 124 192 Indefinite-lived intangible assets3 $12,484 $12,120 1The increase in 2009 was primarily related to the acquisition of trademarks and brands of $54million and the effect of translation adjustments. None of the acquisitions was individually significant. 2The increase in 2009 was primarily related to the effect of translation adjustments. 3The Company does not have any significant indefinite-lived intangible assets subject to renewal or extension arrangements. The following table provides information related to the carrying value of our goodwill by operating segment (in millions): Eurasia Africa Europe Latin America North America Pacific Bottling Investments Total 2008 Balance as of January1 $36 $780 $207 $2,412 $30 $791 $4,256 Goodwill acquired during the year 4 56 49 109 Effect of foreign currency translation (45 ) (28 ) 2 (55 ) (126 ) Adjustments related to the finalization of purchaseaccounting (6 ) (305 )1 79 36 (196 ) Impairments Goodwill related to the sale of a business (5 ) (9 ) (14 ) Balance as of December31 $36 $739 $229 $2,156 $106 $763 $4,029 2009 Balance as of January1 $36 $739 $229 $2,156 $106 $763 $4,029 Goodwill acquired during the year 2 6 36 44 Effect of foreign currency translation 5 52 59 4 55 175 Adjustments related to the finalization of purchaseaccounting (4 ) (2 ) (14 ) (20 ) Impairments Goodwill related to the sale of a business (4 ) (4 ) Balance as of December31 $43 $797 $320 $2,154 $110 $800 $4,224 1These adjustments were primarily related to the finalization of purchase accounting for glacau and Fuze Beverage, LLC ("Fuze"), which resulted in a reclassification from goodwill to indefinite-lived trademarks. The following table summarizes information related to definite-lived intangible assets, which primarily consist of customer relationships and trademarks (in millions): December31, 2009 2008 Gross carrying amount1 $577 $560 Less accumulated amortization 233 175 Definite-lived intangible assets net $344 $385 1The increase in 2009 was primarily related to the effect of translation adjustments. Total amortization expense for intangible assets subject to amortization was approximately $63million, $54million and $33million for the years ended December31, 2009, 2008 and 2007, respectively. Based on the carrying value of amortized intangible assets as of December31, 2009, we estimate our amortization expense for the next five years will be as

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	NOTE 6: ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following (in millions): December31, 2009 2008 Accrued marketing $1,912 $1,694 Other accrued expenses 1,883 1,985 Trade accounts payable 1,410 1,370 Accrued compensation 720 548 Sales, payroll and other taxes 375 303 Container deposits 357 305 Accounts payable and accrued expenses $6,657 $6,205

DEBT AND BORROWING ARRANGEMENTS

DEBT AND BORROWING ARRANGEMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DEBT AND BORROWING ARRANGEMENTS	NOTE 7: DEBT AND BORROWING ARRANGEMENTS Short-Term Borrowings Loans and notes payable consist primarily of commercial paper issued in the United States. As of December31, 2009 and 2008, we had approximately $6,322million and $5,389million, respectively, outstanding in commercial paper borrowings. Our weighted-average interest rates for commercial paper outstanding were approximately 0.2percent and 1.7percent per year as of December31, 2009 and 2008, respectively. In addition, we had approximately $3,082million in lines of credit and other short-term credit facilities available as of December31, 2009, of which approximately $427million was outstanding. The outstanding amount was primarily related to our international operations. Included in the available credit facilities discussed above, the Company had $2,250million in lines of credit for general corporate purposes, including commercial paper backup. These backup lines of credit expire at various times from 2010 through 2012. There were no borrowings under these backup lines of credit during 2009. These credit facilities are subject to normal banking terms and conditions. Some of the financial arrangements require compensating balances, none of which is presently significant to our Company. Long-Term Debt On March6, 2009, the Company replaced a certain amount of commercial paper and short-term debt with longer-term debt. The Company issued long-term notes in the principal amounts of $900million at a rate of 3.625percent and $1,350million at a rate of 4.875percent due March15, 2014, and March15, 2019, respectively. On November1, 2007, the Company issued approximately $1,750million of notes due on November15, 2017. The proceeds from this debt issuance were used to repay short-term debt, including commercial paper issued to finance acquisitions during 2007. Refer to Note17. Long-term debt consisted of the following (in millions): December31, 2009 2008 53/4% U.S. dollar notes due 2009 $ $399 53/4% U.S. dollar notes due 2011 500 499 35/8% U.S. dollar notes due 2014 897 57/20% U.S. dollar notes due 2017 1,748 1,747 47/8% U.S. dollar notes due 2019 1,339 73/8% U.S. dollar notes due 2093 116 116 Other, due through 20181 510 485 Total2,3 $5,110 $3,246 Less current portion 51 465 Long-term debt $5,059 $2,781 1The weighted-average interest rate on outstanding balances was 5.3percent as of December31, 2009, and 6.5percent as of December31, 2008. 2As of December31, 2009 and 2008, the fair value of our long-term debt, including the current portion, was approximately $5,371million and $3,402million, respectively. The fair value of our long-term debt is estimated based on quoted prices for those or similar instruments. 3The above notes include various restrictions, none of which is presently significant to our Company. As of December31, 2009 and 2008, all of our long-term debt had fixed interest rates. The weighted-average interest rate on the outstanding balances of our Company's long-term debt was 5.0percent and 5.7

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
COMMITMENTS AND CONTINGENCIES	NOTE 8: COMMITMENTS AND CONTINGENCIES As of December31, 2009, we were contingently liable for guarantees of indebtedness owed by third parties in the amount of approximately $245million. These guarantees primarily are related to third-party customers, bottlers and vendors and have arisen through the normal course of business. These guarantees have various terms, and none of these guarantees was individually significant. The amount represents the maximum potential future payments that we could be required to make under the guarantees; however, we do not consider it probable that we will be required to satisfy these guarantees. On September3, 2008, we announced our intention to make cash offers to purchase China Huiyuan Juice Group Limited, a Hong Kong listed company which owns the Huiyuan juice business throughout China ("Huiyuan"). The Company had accepted irrevocable undertakings from three shareholders for acceptance of the offers, in aggregate representing approximately 66percent of the Huiyuan shares. The making of the offers was subject to preconditions relating to Chinese regulatory approvals. On March18, 2009, the Chinese Ministry of Commerce declined approval for the Company's proposed purchase of Huiyuan. Consequently, the Company was unable to proceed with the proposed cash offers, and the irrevocable undertakings terminated. We believe our exposure to concentrations of credit risk is limited due to the diverse geographic areas covered by our operations. The Company is involved in various legal proceedings. We establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Management has also identified certain other legal matters where we believe an unfavorable outcome is reasonably possible and/or for which no estimate of possible losses can be made. Management believes that any liability to the Company that may arise as a result of currently pending legal proceedings will not have a material adverse effect on the financial condition of the Company taken as a whole. During the period from 1970 to 1981, our Company owned Aqua-Chem,Inc., now known as Cleaver-Brooks,Inc. ("Aqua-Chem"). A division of Aqua-Chem manufactured certain boilers that contained gaskets that Aqua-Chem purchased from outside suppliers. Several years after our Company sold this entity, Aqua-Chem received its first lawsuit relating to asbestos, a component of some of the gaskets. In September 2002, Aqua-Chem notified our Company that it believed we were obligated for certain costs and expenses associated with its asbestos litigations. Aqua-Chem demanded that our Company reimburse it for approximately $10million for out-of-pocket litigation-related expenses. Aqua-Chem also demanded that the Company acknowledge a continuing obligation to Aqua-Chem for any future liabilities and expenses that are excluded from coverage under the applicable insurance or for which there is no insurance. Our Company disputes Aqua-Chem's claims, and we believe we have no obligation to Aqua-Chem for any of its past, present or future liabilities, costs or e

STOCK COMPENSATION PLANS

STOCK COMPENSATION PLANS
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
STOCK COMPENSATION PLANS	NOTE 9: STOCK COMPENSATION PLANS Our Company grants stock options and restricted stock awards to certain employees of the Company. Total stock-based compensation expense was approximately $241million in 2009, $266million in 2008 and $313million in 2007 and was included as a component of selling, general and administrative expenses in our consolidated statements of income. The total income tax benefit recognized in our consolidated statements of income for share-based compensation arrangements was approximately $68million, $72million and $91million for 2009, 2008 and 2007, respectively. As of December31, 2009, we had approximately $335million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under our plans. This cost is expected to be recognized over a weighted-average period of 1.7years as stock-based compensation expense. This expected cost does not include the impact of any future stock-based compensation awards. Stock Option Plans The fair value of our stock option grants is amortized over the vesting period, generally four years. The fair value of each option award is estimated on the grant date using a Black-Scholes-Merton option-pricing model. The weighted-average fair value of options granted during the past three years and the weighted-average assumptions used in the Black-Scholes-Merton option-pricing model for such grants were as follows: 2009 2008 2007 Fair value of options at grant date $6.38 $9.81 $8.46 Dividend yield1 3.4 % 2.3 % 2.6 % Expected volatility2 20.0 % 18.0 % 15.4 % Risk-free interest rate3 2.8 % 3.2 % 4.6 % Expected term of the option4 6years 6years 6years 1The dividend yield is the calculated yield on the Company's stock at the time of the grant. 2Expected volatility is based on implied volatilities from traded options on the Company's stock, historical volatility of the Company's stock, and other factors. 3The risk-free interest rate for the period matching the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. 4The expected term of the option represents the period of time that options granted are expected to be outstanding and is derived by analyzing historic exercise behavior. Stock options granted prior to 1999 and in December 2003 and thereafter expire 10years from the date of grant. Stock options granted from 1999 through July 2003 expire 15years from the date of grant. The shares of common stock to be issued, transferred and/or sold under the stock option plans are made available from authorized and unissued Company common stock or from the Company's treasury shares. In 2007, the Company began issuing common stock under these plans from the Company's treasury shares. The Company had the following active stock option plans as of December31, 2009: The 1999 Stock Option Plan (the "1999 Option Plan") was approved by shareowners in April 1999. Under the 1999 Option Plan, a maximum of 120million shares of our common stock was approved to be issued or transferred, through the grant of st

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	NOTE 10: PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Our Company sponsors and/or contributes to pension and postretirement health care and life insurance benefit plans covering substantially all U.S. employees. We also sponsor nonqualified, unfunded defined benefit pension plans for certain associates. In addition, our Company and its subsidiaries have various pension plans and other forms of postretirement arrangements outside the United States. Obligations and Funded Status The following table sets forth the changes in benefit obligations and the fair value of plan assets for our benefit plans (in millions): Pension Benefits Other Benefits 2009 2008 2009 2008 Benefit obligation at January1,1 $3,618 $3,517 $430 $438 Service cost 113 114 21 20 Interest cost 213 205 29 26 Foreign currency exchange rate changes 161 (141 ) 3 (3 ) Amendments 1 (13 ) (1 ) Actuarial loss (gain) 89 125 23 (20 ) Benefits paid2 (206 ) (199 ) (30 ) (27 ) Business combinations Settlements (2 ) (3 ) Curtailments (1 ) (1 ) (6 ) Special termination benefits 9 11 4 Other 3 5 2 Benefit obligation at December31,1 $3,996 $3,618 $483 $430 Fair value of plan assets at January1, $2,290 $3,428 $175 $246 Actual return on plan assets 501 (961 ) 20 (47 ) Employer contributions 269 96 1 Foreign currency exchange rate changes 121 (118 ) Benefits paid (149 ) (155 ) (26 ) (25 ) Business combinations Settlements (3 ) Other 3 3 1 Fair value of plan assets at December31, $3,032 $2,290 $173 $175 Net liability recognized $(964 ) $(1,328 ) $(310 ) $(255 ) 1For pension benefit plans, the benefit obligation is the projected benefit obligation. For other benefit plans, the benefit obligation is the accumulated postretirement benefit obligation. The accumulated benefit obligation for our pension plans was $3,657million and $3,209million as of December31, 2009 and 2008, respectively. 2Benefits paid to pension plan participants during 2009 and 2008 included approximately $57million and $44million, respectively, in payments related to unfunded pension plans that were paid from Company assets. Benefits paid to participants of other benefit plans during 2009 and 2008 included approximately $4million and $2million, respectively, that were paid from Company assets. Pension and other benefit amounts recognized in our consolidated balance sheets are as follows (in millions): Pension Benefits Other Benefits December31, 2009 2008 2009 2008 Noncurrent asset $65 $ 37 $ $ Current liability (42 ) (39 ) (1 ) Long-term liability (987 ) (1,326 ) (309 ) (255 ) Net liability recogn

INCOME TAXES

INCOME TAXES
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
INCOME TAXES	NOTE 11: INCOME TAXES Income before income taxes consisted of the following (in millions): Year Ended December31, 2009 2008 2007 United States $2,691 $519 1 $2,544 International 6,255 6,987 5,375 $8,946 $7,506 $7,919 1The decrease in 2008 was primarily attributable to impairment charges recorded by CCE during 2008, of which our Company's proportionate share was approximately $1.6billion. Income tax expense (benefit) consisted of the following for the years ended December31, 2009, 2008 and 2007 (in millions): UnitedStates StateandLocal International Total 2009 Current $509 $79 $1,099 $1,687 Deferred 322 18 13 353 2008 Current $690 $70 $1,232 $1,992 Deferred (320 ) (65 ) 25 (360 ) 2007 Current $664 $75 $1,044 $1,783 Deferred 98 (13 ) 24 109 We made income tax payments of approximately $1,534million, $1,942million and $1,596million in 2009, 2008 and 2007, respectively. A reconciliation of the statutory U.S. federal tax rate and effective tax rates is as follows: Year Ended December31, 2009 2008 2007 Statutory U.S. federal tax rate 35.0 % 35.0 % 35.0 % State and local income taxes net of federal benefit 0.7 0.8 0.6 Earnings in jurisdictions taxed at rates different from the statutory U.S. federal rate (11.6 )1 (14.5 )6,7,8 (10.9 )13,14 Equity income or loss (2.3 )2 0.2 9 (1.3 )15,16 Other operating charges 0.6 3 0.7 10 0.5 17 Other net 0.4 4,5 (0.5 )11,12 0.0 18 Effective tax rates 22.8 % 21.7 % 23.9 % 1Includes approximately $16million (or 0.2percent) tax benefit related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions. 2Includes approximately 0.1percent impact to our effective tax rate related to charges recorded by our equity method investments. Refer to Note14. 3Includes approximately 0.6percent impact to our effective tax rate related to restructuring charges and asset impairments. Refer to Note14 and Note15. 4Includes approximately (0.2) percent impact to our effective tax rate related to the sale of all or a portion of certain investments. Refer to Note14. 5Includes approximately 0.1percent impact to our effective tax rate related to an other-than-temporary impairment of a cost method investment. Refer to Note13 and Note14. 6Includes approximately $17million (or 0.2percent) tax charge related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties, in various international jurisdictions. 7Includes approximately 0.2percent impact on our effective tax rate related to impairments of assets and investments in our bottling operations. Refer to Note14. 8Includes approximately $

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
OTHER COMPREHENSIVE INCOME	NOTE 12: OTHER COMPREHENSIVE INCOME AOCI attributable to shareowners of The Coca-Cola Company is separately presented on our consolidated balance sheets as a component of The Coca-Cola Company's shareowners' equity, which also includes our proportionate share of equity method investees' AOCI. Other comprehensive income (loss) ("OCI") attributable to noncontrolling interests is allocated to, and included in, our balance sheets as part of the line item equity attributable to noncontrolling interests. AOCI attributable to the shareowners of The Coca-Cola Company consisted of the following (in millions): December31, 2009 2008 Foreign currency translation adjustment $130 $(1,694 ) Accumulated derivative net losses (78 ) (112 ) Unrealized net gain on available-for-sale securities 65 117 Adjustment to pension and other benefit liabilities (874 ) (985 ) Accumulated other comprehensive income (loss) $(757 ) $(2,674 ) OCI attributable to shareowners of The Coca-Cola Company, including our proportionate share of equity method investees' OCI, for the years ended December31, 2009, 2008 and 2007, is as follows (in millions): Before-Tax Amount Income Tax After-Tax Amount 2009 Net foreign currency translation adjustment $1,968 $(144 ) $1,824 Net gain (loss) on derivatives1 58 (24 ) 34 Net change in unrealized gain on available-for-sale securities2 (39 ) (13 ) (52 ) Net change in pension and other benefit liabilities 173 (62 ) 111 Other comprehensive income (loss) $2,160 $(243 ) $1,917 2008 Net foreign currency translation adjustment $(2,626 ) $341 $(2,285 ) Net gain (loss) on derivatives 2 (1 ) 1 Net change in unrealized gain on available-for-sale securities (56 ) 12 (44 ) Net change in pension and other benefit liabilities (1,561 ) 589 (972 ) Other comprehensive income (loss) $(4,241 ) $941 $(3,300 ) 2007 Net foreign currency translation adjustment $1,729 $(154 ) $1,575 Net gain (loss) on derivatives (109 ) 45 (64 ) Net change in unrealized gain on available-for-sale securities 24 (10 ) 14 Net change in pension and other benefit liabilities 605 (213 ) 392 Other comprehensive income (loss) $2,249 $(332 ) $1,917 1Refer to Note4 for information related to the net gain or loss on derivative instruments designated and qualifying as cash flow hedging instruments. 2Includes reclassification adjustments related to divestitures of certain available-for-sale securities. Refer to Note2 for additional information related to these divestitures.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FAIR VALUE MEASUREMENTS	NOTE 13: FAIR VALUE MEASUREMENTS Accounting principles generally accepted in the United States define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level1 Quoted prices in active markets for identical assets or liabilities. Level2 Observable inputs other than quoted prices included in Level1. We value assets and liabilities included in this level using dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. Level3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Recurring Fair Value Measurements In accordance with accounting principles generally accepted in the United States, certain assets and liabilities are required to be recorded at fair value on a recurring basis. For our Company, the only assets and liabilities that are adjusted to fair value on a recurring basis are investments in equity and debt securities classified as trading or available-for-sale and derivative instruments. The following tables summarize those assets and liabilities measured at fair value on a recurring basis as of December31, 2009 and 2008 (in millions): December31, 2009 Level1 Level2 Level3 Netting Adjustment 1 Fair Value Measurements Assets Trading securities $50 $8 $3 $ $61 Available-for-sale securities 393 5 398 Derivatives 10 184 2 (108 ) 88 Total assets $453 $197 $5 $(108 ) $547 Liabilities Derivatives $1 $110 $2 $(111 ) $2 Total liabilities $1 $110 $2 $(111 ) $2 1Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and also cash collateral held or placed with the same counterparties. Refer to Note4. December31, 2008 Level1 Level2 Level3 Netting Adjustment 1 Fair Value Measurements Assets Trading securities $39 $4 $6 $ $49 Available-for-sale securities 518 4 522 Derivatives 5 108 (108 ) 5 Total assets $562 $116 $6 $(108 ) $576 Liabilities Derivatives $6 $288 $34 $(117 ) $211 Total liabilities $6 $288 $34 $(117 ) $211 1Amou

SIGNIFICANT OPERATING AND NONOP

SIGNIFICANT OPERATING AND NONOPERATING ITEMS
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SIGNIFICANT OPERATING AND NONOPERATING ITEM	NOTE 14: SIGNIFICANT OPERATING AND NONOPERATING ITEMS Other Operating Charges Other operating charges incurred by operating segment were as follows (in millions): 2009 2008 2007 Eurasia Africa $4 $1 $37 Europe 7 33 Latin America 1 4 North America 31 56 23 Pacific 1 3 Bottling Investments 141 46 33 Corporate 129 246 121 Total other operating charges $313 $350 $254 In 2009, the Company incurred other operating charges of approximately $313million, which consisted of $166million related to restructuring charges, $107million attributable to the Company's ongoing productivity initiatives and $40million due to asset impairments. Refer to Note15 for additional information on the restructuring charges and productivity initiatives. The asset impairment charges were the result of a change in the expected useful life of an intangible asset and a change in disposal strategy related to a building that is no longer occupied. Refer to Note13 for additional fair value information related to these impairment charges. During 2008, the Company incurred other operating charges of approximately $350million, which consisted of $194million due to restructuring charges, $63million related to contract termination fees, $55million attributable to productivity initiatives and $38million as a result of asset impairments. Refer to Note15 for additional information on the restructuring charges and productivity initiatives. The contract termination fees were primarily the result of penalties incurred by the Company to terminate existing supply and co-packer agreements. Charges related to asset impairments were primarily due to the write-down of manufacturing lines that produce product packaging materials. In 2007, the Company incurred restructuring charges of approximately $237million and asset impairments of approximately $31million. Refer to Note15 for additional information on the restructuring charges. The asset impairments were primarily related to certain assets and investments in bottling operations, none of which was individually significant. Of this total, $254million was recorded in other operating charges and $14million was recorded in cost of goods sold. Other Nonoperating Items Equity Income (Loss) Net During 2009, the Company recorded charges of approximately $86million in equity income (loss) net. These charges primarily represent the Company's proportionate share of asset impairments and restructuring charges recorded by equity method investees. These charges impacted the Bottling Investments and Corporate operating segments. In 2008, the Company recognized a net charge to equity income (loss) net of approximately $1,686million, primarily due to our proportionate share of approximately $7.6billion pretax ($4.9billion after-tax) of charges recorded by CCE due to impairments of its North American franchise rights in the second quarter and fourth quarter of 2008. The Company's proportionate share of these charges was approximately $1.6billion. The decline in the estimated fair value of CCE's North American franchise rights during th

RESTRUCTURING COSTS

RESTRUCTURING COSTS
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
RESTRUCTURING COSTS	NOTE 15: RESTRUCTURING COSTS The following table summarizes the impact that productivity, integration, streamlining and other restructuring initiatives had on our operating segments (in millions): Year Ended December31, 2009 2008 2007 Eurasia Africa $4 $1 $36 Europe 7 33 Latin America 1 4 North America 31 30 23 Pacific 1 3 Bottling Investments 118 46 29 Corporate 112 171 109 Total $273 $249 $237 Productivity Initiatives During 2008, the Company announced a transformation effort centered on productivity initiatives that will provide additional flexibility to invest for growth. The initiatives are expected to impact a number of areas and include aggressively managing operating expenses supported by lean techniques; redesigning key processes to drive standardization and effectiveness; better leveraging our size and scale; and driving savings in indirect costs through the implementation of a "procure-to-pay" program. The Company has incurred total pretax expenses of approximately $162million related to these productivity initiatives since they commenced in the first quarter of 2008, which were recorded in the line item other operating charges in our consolidated statements of income and impacted the Eurasia and Africa, Europe, North America, Pacific and Corporate operating segments. Other direct costs included both internal and external costs associated with the development, communication, administration and implementation of these initiatives. The Company currently expects the total cost of these initiatives to be approximately $500million and anticipates recognizing the remainder of the costs by the end of 2011. The table below summarizes the balance of accrued expenses related to productivity initiatives and the changes in the accrued amounts for the years ended December31, 2009 and 2008 (in millions): Costs Incurred 2008 Payments Noncash and Exchange Accrued Balance December 31, 2008 Costs Incurred 2009 Payments Noncash and Exchange Accrued Balance December 31, 2009 Severance pay and benefits $15 $(1 ) $ $14 $41 $(37 ) $ $18 Outside services legal, outplacement, consulting 35 (32 ) 3 47 (41 ) 9 Other direct costs 5 (5 ) 19 (12 ) (3 ) 4 Total $55 $(38 ) $ $17 $107 $(90 ) $(3 ) $31 Integration Initiatives During 2009, the Company incurred approximately $110million of charges related to the integration of the 18 German bottling and distribution operations acquired in 2007. The Company began these integration initiatives in 2008 and has incurred total pretax expenses of approximately $131million since they commenced. The expenses recorded in connection with these integration activities have been primarily due to involuntary terminations. These charges were recorded in the line item other operating charges in our consolidated statements of income and impacted the Bottling Investments operating segment. The Company had approximately $46million and $17million accrued related to these integration

NET CHANGE IN OPERATING ASSETS

NET CHANGE IN OPERATING ASSETS AND LIABILITIES
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NET CHANGE IN OPERATING ASSETS AND LIABILITIES	NOTE 16: NET CHANGE IN OPERATING ASSETS AND LIABILITIES Net cash provided by (used in) operating activities attributable to the net change in operating assets and liabilities is composed of the following (in millions): Year Ended December31, 2009 2008 2007 (Increase) decrease in trade accounts receivable $(404 ) $148 $(406 ) (Increase) decrease in inventories (50 ) (165 ) (258 ) (Increase) decrease in prepaid expenses and other assets (332 ) 63 (244 ) Increase (decrease) in accounts payable and accrued expenses 319 (576 ) 762 Increase (decrease) in accrued taxes 81 (121 ) 185 Increase (decrease) in other liabilities (178 ) (104 ) (79 ) Net change in operating assets and liabilities $(564 ) $(755 ) $(40 )

ACQUISITIONS AND INVESTMENTS

ACQUISITIONS AND INVESTMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
ACQUISITIONS AND INVESTMENTS	NOTE 17: ACQUISITIONS AND INVESTMENTS For the year ended December31, 2009, our Company's acquisition and investment activities totaled approximately $300million. None of the acquisitions or investments was individually significant. Included in these investment activities was the acquisition of a minority interest in Fresh TradingLtd. Additionally, the Company and the existing shareowners of Fresh TradingLtd. entered into a series of put and call options for the Company to potentially acquire some or all of the remaining shares not already owned by the Company. The put and call options are exercisable in stages between 2010 and 2014. For the year ended December31, 2008, our Company's acquisition and investment activities totaled approximately $759million, primarily related to the purchase of trademarks, brands and licenses. Included in these investment activities was the acquisition of brands and licenses in Denmark and Finland from Carlsberg Group Beverages ("Carlsberg") for approximately $225million. None of the other acquisitions or investments was individually significant. For the year ended December31, 2007, our Company's acquisition and investment activity, including the acquisition of trademarks, totaled approximately $5,653million. In the fourth quarter of 2007, the Company and Coca-Cola FEMSA jointly acquired Jugos del Valle,S.A.B. de C.V. ("Jugos del Valle"), the second largest producer of packaged juices, nectars and fruit-flavored beverages in Mexico and the largest producer of such beverages in Brazil. The purchase price was approximately $370million plus the assumption of approximately $85million in debt and was split equally between the Company and Coca-Cola FEMSA. As of December31, 2009, the Company owned a 50percent interest in Jugos del Valle. The Company's investment in Jugos del Valle is accounted for under the equity method. Equity income (loss) net includes our proportionate share of the results of Jugos del Valle's operations beginning November 2007 and is included in the Latin America operating segment. In order to increase the efficiency of our bottling and distribution operations in the German market, the Company, through its consolidated German bottling operation Coca-Cola Erfrischungsgetraenke AG ("CCEAG"), acquired 18 German bottling and distribution operations on September1, 2007, for a total purchase price of approximately $547million plus transaction costs. Following the acquisition, the Company owns the franchise rights for all of the German market. The purchase price consisted of approximately 17percent of the outstanding shares of CCEAG valued at approximately $384million, approximately $151million in cash and assumed net debt of approximately $12million. The acquisition agreements also provide the former owners of the 18 German bottling and distribution operations a put option to sell their respective shares in CCEAG back to the Company on January2, 2014, with notification to the Company required by September30, 2013. In addition, the agreements provide the Company with a call option to repurchase the issued shares of CCEAG back from the former owners of the 18 German bottling and distribut

OPERATING SEGMENTS

OPERATING SEGMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
OPERATING SEGMENTS	NOTE 18: OPERATING SEGMENTS As of December31, 2009, our organizational structure consisted of the following operating segments: Eurasia and Africa; Europe; Latin America; North America; Pacific; Bottling Investments; and Corporate. Prior-period amounts have been reclassified to conform to the current operating structure. Segment Products and Services The business of our Company is nonalcoholic beverages. Our geographic operating segments (Eurasia and Africa; Europe; Latin America; North America and Pacific) derive a majority of their revenues from the manufacture and sale of beverage concentrates and syrups and, in some cases, the sale of finished beverages. Our Bottling Investments operating segment is comprised of our Company-owned or consolidated bottling operations, regardless of the geographic location of the bottler, and equity income from the majority of our equity method investments. Company-owned or consolidated bottling operations derive the majority of their revenue from the sale of finished beverages. Generally, bottling and finished product operations produce higher net revenues but lower gross profit margins compared to concentrate and syrup operations. Method of Determining Segment Income or Loss Management evaluates the performance of our operating segments separately to individually monitor the different factors affecting financial performance. Our Company manages income taxes and financial costs, such as interest income and expense, on a global basis within the Corporate operating segment. We evaluate segment performance based on income or loss before income taxes. Geographic Data (in millions) Year Ended December31, 2009 2008 2007 Net operating revenues: United States $8,011 $8,014 $7,556 International 22,979 23,930 21,301 Net operating revenues $30,990 $31,944 $28,857 December31, 2009 2008 2007 Property, plant and equipment net: United States $3,115 $3,161 $2,750 International 6,446 5,165 5,743 Property, plant and equipment net $9,561 $8,326 $8,493 Information about our Company's operations by operating segment for the years ended December31, 2009, 2008 and 2007, is as follows (in millions): Eurasia Africa Europe Latin America North America Pacific Bottling Investments Corporate Eliminations Consolidated 2009 Net operating revenues: Third party $1,977 $4,308 $3,700 $8,191 $4,533 1 $8,193 $88 $ $30,990 Intersegment 220 895 182 80 342 127 (1,846 ) Total net revenues 2,197 5,203 3,882 8,271 4,875 8,320 88 (1,846 ) 30,990 Operating income (loss) 810 2 2,946 2 2,042 1,699 2 1,887 2 179 2 (1,332 )2 8,231 Interest income 249 249 Interest expense 355 355 Depreciation and amortization

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS
	12 Months Ended Dec. 31, 2009 USD / shares
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SUBSEQUENT EVENTS	NOTE 19: SUBSEQUENT EVENT On February25, 2010, we entered into a definitive agreement with CCE that will result in the acquisition of the assets and liabilities of CCE's North American operations for consideration including the Company's current 34percent ownership interest in CCE valued at approximately $3.4billion, based upon a 30day trailing average as of February24, 2010, and the assumption of approximately $8.9billion of CCE debt. At closing, CCE shareowners other than the Company will exchange their current CCE common stock for common stock in a new entity, which will retain the name CCE and hold CCE's current European operations. This new entity initially will be 100percent owned by the CCE shareowners other than the Company. As a result of the transaction, the Company will not own any interest in the new CCE entity. The transaction is subject to CCE shareowners' approval and certain regulatory approvals. In a concurrent transaction, we reached an agreement in principle to sell our ownership interests in our Norway bottling operation, Coca-Cola Drikker AS, and our Sweden bottling operation, Coca-Cola Drycker Sverige AB, to the new CCE entity for approximately $822million in cash. The transactions are subject to certain regulatory approvals. We expect the transactions will close in the fourth quarter of 2010. In addition, we granted the new CCE entity the right to acquire our majority interest in our German bottling operation, CCEAG, 18 to 36months after closing of the North America transaction, at the then current fair value.

Document and Entity Information

Document and Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 22, 2010	Jul. 03, 2009
Document and Entity Information
Entity Registrant Name	COCA COLA CO
Entity Central Index Key	0000021344
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$107,556,224,589
Entity Common Stock, Shares Outstanding		2,305,123,938