-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Hy0xuLHJTLTSDckrPJXEYXJC6hlvysi8+DQc8o5Lohjx72meqRZmVp82Gbq6lDZ2 HaJS6hpuD9MtBlieGqeYGQ== 0000021344-94-000004.txt : 19940128 0000021344-94-000004.hdr.sgml : 19940128 ACCESSION NUMBER: 0000021344-94-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19940127 ITEM INFORMATION: 5 ITEM INFORMATION: 7 FILED AS OF DATE: 19940127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COCA COLA CO CENTRAL INDEX KEY: 0000021344 STANDARD INDUSTRIAL CLASSIFICATION: 2080 IRS NUMBER: 580628465 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 34 SEC FILE NUMBER: 001-02217 FILM NUMBER: 94503224 BUSINESS ADDRESS: STREET 1: ONE COCA COLA PLZ NW CITY: ATLANTA STATE: GA ZIP: 30313 BUSINESS PHONE: 4046762121 8-K 1 FORM 8-K; RESTATED FINANCIALS (SFAS 112) ------------------------------------------------------------ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (Date of earliest event reported) January 27, 1994 Commission File No. 1-2217 The Coca-Cola Company (Exact name of Registrant as specified in its Charter) Delaware 58-0628465 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) One Coca-Cola Plaza, N.W. 30313 Atlanta, Georgia (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code (404) 676-2121 --------------------------------------------- Item 5. Other Events The Coca-Cola Company and subsidiaries (the "Company") has retroactively adopted Statement of Financial Accounting Standards No. 112, "Employers' Accounting for Postemployment Benefits" (SFAS 112) as of January 1, 1993. Results for the first quarter of 1993 have been restated to include the recognition of a one-time, noncash, after-tax charge of $12 million related to consolidated operations. This amount is net of income tax benefits of $8 million. The transition effect charge consists primarily of health benefits for surviving spouses and disabled employees. The incremental impact of SFAS 112 on 1993 consolidated operations is immaterial and will be included in the results of operations for the fourth quarter of 1993. The adoption impact of SFAS 112 on the Company's bottling investees accounted for by the equity method is immaterial and, therefore, has not been included in the transition effect charge. Net income per share for the first quarter of 1993 has been reduced by $0.01 for the adoption of SFAS 112. 2 Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits (c) Exhibits: 99.1 Restated condensed consolidated financial statements (unaudited) of The Coca-Cola Company and subsidiaries for the three months ended March 31, 1993.* 99.2 Restated condensed consolidated financial statements (unaudited) of The Coca-Cola Company and subsidiaries for the three and six months ended June 30, 1993.* 99.3 Restated condensed consolidated financial statements (unaudited) of The Coca-Cola Company and subsidiaries for the three and nine months ended September 30, 1993.* * The notes to the unaudited condensed consolidated financial statements originally provided in the Company's 1993 quarterly reports on Form 10-Q that were not affected by the Company's adoption of the new accounting standard discussed in Item 5, "Other Events" have not been included herein. 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. THE COCA-COLA COMPANY (REGISTRANT) Date: January 27, 1994 By: /s/ James E. Chestnut ------------------------------------- James E. Chestnut Vice President and Controller (On behalf of the Registrant and as Chief Accounting Officer) 4 Exhibit Index Exhibit Number and Description Page 99.1 Restated condensed consolidated financial statements (unaudited) of The Coca-Cola Company and subsidiaries for the three months ended March 31, 1993.* 6 99.2 Restated condensed consolidated financial statements (unaudited) of The Coca-Cola Company and subsidiaries for the three and six months ended June 30, 1993.* 10 99.3 Restated condensed consolidated financial statements (unaudited) of The Coca-Cola Company and subsidiaries for the three and nine months ended September 30, 1993.* 14 * The notes to the unaudited condensed consolidated financial statements originally provided in the Company's 1993 quarterly reports on Form 10-Q that were not affected by the Company's adoption of the new accounting standard discussed in Item 5, "Other Events" have not been included herein. 5 EX-99.1 2 Exhibit 99.1 THE COCA-COLA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions except share data) ASSETS
March 31, 1993 December 31, (Restated) 1992 ----------- ------------ Current Cash and cash equivalents $ 774 $ 956 Marketable securities, at cost 90 107 ----------- ----------- 864 1,063 Trade accounts receivable, less allowances of $40 at March 31 and $33 at December 31 1,072 1,055 Finance subsidiary receivables 28 31 Inventories 1,071 1,019 Prepaid expenses and other assets 1,100 1,080 ----------- ----------- Total Current Assets 4,135 4,248 ----------- ----------- Investments and Other Assets Investments Coca-Cola Enterprises Inc. 517 518 Coca-Cola Amatil Limited 570 548 Other, principally bottling companies 1,077 1,097 Finance subsidiary receivables 89 95 Marketable securities and other assets 569 637 ----------- ----------- 2,822 2,895 ----------- ----------- Property, Plant and Equipment Land 214 203 Buildings and improvements 1,552 1,529 Machinery and equipment 3,203 3,137 Containers 363 374 ----------- ----------- 5,332 5,243 Less allowances for depreciation 1,755 1,717 ----------- ----------- 3,577 3,526 ----------- ----------- Goodwill and Other Intangible Assets 411 383 ----------- ----------- $ 10,945 $ 11,052 =========== ===========
6 THE COCA-COLA COMPANY AND SUBSIDIARIES LIABILITIES AND SHARE-OWNERS' EQUITY
March 31, 1993 December 31, (Restated) 1992 ---------- ------------ Current Accounts payable and accrued expenses $ 2,030 $ 2,253 Loans and notes payable 1,976 1,967 Finance subsidiary notes payable 103 105 Current maturities of long-term debt 11 15 Accrued taxes 1,017 963 ----------- ----------- Total Current Liabilities 5,137 5,303 ----------- ----------- Long-Term Debt 1,128 1,120 ----------- ----------- Other Liabilities 683 659 ----------- ----------- Deferred Income Taxes 47 82 ----------- ----------- Share-Owners' Equity Common stock, $.25 par value - Authorized: 2,800,000,000 shares; Issued: 1,697,059,216 shares at March 31; 1,696,202,840 shares at December 31 424 424 Capital surplus 893 871 Reinvested earnings 8,386 8,165 Unearned compensation related to outstanding restricted stock (95) (100) Foreign currency translation adjustment (350) (271) ----------- ----------- 9,258 9,089 Less treasury stock, at cost (391,989,441 common shares at March 31; 389,431,622 common shares at December 31) 5,308 5,201 ----------- ----------- 3,950 3,888 ----------- ----------- $ 10,945 $ 11,052 =========== =========== See Note to Condensed Consolidated Financial Statements.
7 THE COCA-COLA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions except per share data)
Three Months Ended March 31, ----------------------- 1993 (Restated) 1992 ----------- ----------- Net Operating Revenues $ 3,056 $ 2,772 Cost of goods sold 1,093 1,032 ----------- ----------- Gross Profit 1,963 1,740 Selling, administrative and general expenses 1,286 1,166 ----------- ----------- Operating Income 677 574 Interest income 35 40 Interest expense 46 42 Equity income 29 8 Other deductions - net 39 17 ----------- ----------- Income before Income Taxes and Changes in Accounting Principles 656 563 Income taxes 202 177 ----------- ----------- Income before Changes in Accounting Principles 454 386 Transition effects of changes in accounting principles Postemployment benefits (12) -- Postretirement benefits other than pensions Consolidated operations -- (146) Equity investments -- (73) ----------- ----------- Net Income $ 442 $ 167 =========== =========== Income per Share Before changes in accounting principles $ .35 $ .29 Transition effects of changes in accounting principles Postemployment benefits (.01) -- Postretirement benefits other than pensions Consolidated operations -- (.11) Equity investments -- (.05) ----------- ----------- Net Income per Share $ .34 $ .13 =========== =========== Dividends per Share $ .17 $ .14 =========== =========== Average Shares Outstanding 1,306 1,327 =========== =========== See Note to Condensed Consolidated Financial Statements.
8 THE COCA-COLA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In millions)
Three Months Ended March 31, ----------------------- 1993 (Restated) 1992 ----------- ----------- Operating Activities Net income $ 442 $ 167 Transition effects of changes in accounting principles 12 219 Depreciation and amortization 88 73 Deferred income taxes 16 2 Equity income, net of dividends (21) (5) Foreign currency adjustments 8 16 Other noncash items 16 5 Net change in operating assets and liabilities (302) (408) ----------- ----------- Net cash provided by operating activities 259 69 ----------- ----------- Investing Activities Additions to finance subsidiary receivables (5) (4) Collections of finance subsidiary receivables 14 233 Acquisitions and investments (64) (34) Proceeds from disposals of investments and other assets 87 35 Decrease (increase) in marketable securities 15 (22) Purchases of property, plant and equipment (209) (182) Proceeds from disposals of property, plant and equipment 17 21 All other investing activities -- 1 ----------- ----------- Net cash provided by (used in) investing activities (145) 48 ----------- ----------- Net cash provided by operations after reinvestment 114 117 ----------- ----------- Financing Activities Issuances of debt 268 208 Payments of debt (262) (2) Issuances of stock 15 33 Purchases of stock for treasury (107) (446) Dividends (200) -- ----------- ----------- Net cash used in financing activities (286) (207) ----------- ----------- Effect of Exchange Rate Changes on Cash and Cash Equivalents (10) (47) ----------- ----------- Cash and Cash Equivalents Net decrease during the period (182) (137) Balance at beginning of period 956 1,058 ----------- ----------- Balance at end of period $ 774 $ 921 =========== =========== Interest Paid $ 59 $ 50 =========== =========== Income Taxes Paid $ 178 $ 270 =========== =========== See Note to Condensed Consolidated Financial Statements.
9 EX-99.2 3 Exhibit 99.2 THE COCA-COLA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions except share data) ASSETS
June 30, 1993 December 31, (Restated) 1992 ----------- ------------ Current Cash and cash equivalents $ 933 $ 956 Marketable securities, at cost 147 107 ----------- ----------- 1,080 1,063 Trade accounts receivable, less allowances of $37 at June 30 and $33 at December 31 1,351 1,055 Finance subsidiary receivables 32 31 Inventories 1,115 1,019 Prepaid expenses and other assets 1,298 1,080 ----------- ----------- Total Current Assets 4,876 4,248 ----------- ----------- Investments and Other Assets Investments Coca-Cola Enterprises Inc. 516 518 Coca-Cola Amatil Limited 554 548 Other, principally bottling companies 1,086 1,097 Finance subsidiary receivables 97 95 Marketable securities and other assets 554 637 ----------- ----------- 2,807 2,895 ----------- ----------- Property, Plant and Equipment Land 224 203 Buildings and improvements 1,614 1,529 Machinery and equipment 3,333 3,137 Containers 374 374 ----------- ----------- 5,545 5,243 Less allowances for depreciation 1,816 1,717 ----------- ----------- 3,729 3,526 ----------- ----------- Goodwill and Other Intangible Assets 436 383 ----------- ----------- $ 11,848 $ 11,052 =========== ===========
10 THE COCA-COLA COMPANY AND SUBSIDIARIES LIABILITIES AND SHARE-OWNERS' EQUITY
June 30, 1993 December 31, (Restated) 1992 ---------- ------------ Current Accounts payable and accrued expenses $ 2,219 $ 2,253 Loans and notes payable 2,196 1,967 Finance subsidiary notes payable 116 105 Current maturities of long-term debt 11 15 Accrued taxes 1,169 963 ----------- ----------- Total Current Liabilities 5,711 5,303 ----------- ----------- Long-Term Debt 1,163 1,120 ----------- ----------- Other Liabilities 700 659 ----------- ----------- Deferred Income Taxes 28 82 ----------- ----------- Share-Owners' Equity Common stock, $.25 par value - Authorized: 2,800,000,000 shares; Issued: 1,701,470,836 shares at June 30; 1,696,202,840 shares at December 31 425 424 Capital surplus 1,034 871 Reinvested earnings 8,843 8,165 Unearned compensation related to outstanding restricted stock (91) (100) Foreign currency translation adjustment (328) (271) ----------- ----------- 9,883 9,089 Less treasury stock, at cost (400,372,136 common shares at June 30; 389,431,622 common shares at December 31) 5,637 5,201 ----------- ----------- 4,246 3,888 ----------- ----------- $ 11,848 $ 11,052 =========== =========== See Note to Condensed Consolidated Financial Statements.
11 THE COCA-COLA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions except per share data)
Three Months Ended June 30, Six Months Ended June 30, --------------------------- ------------------------- 1993 1993 1992 (Restated) 1992 ---------- ---------- ---------- ---------- Net Operating Revenues $ 3,899 $ 3,550 $ 6,955 $ 6,322 Cost of goods sold 1,464 1,373 2,557 2,405 ---------- ---------- ---------- ---------- Gross Profit 2,435 2,177 4,398 3,917 Selling, administrative and general expenses 1,476 1,345 2,762 2,511 ---------- ---------- ---------- ---------- Operating Income 959 832 1,636 1,406 Interest income 32 33 67 73 Interest expense 40 44 86 86 Equity income 39 15 68 23 Other deductions - net 10 12 49 29 ---------- ---------- ---------- ---------- Income before Income Taxes and Changes in Accounting Principles 980 824 1,636 1,387 Income taxes 302 259 504 436 ---------- ---------- ---------- ---------- Income before Changes in Accounting Principles 678 565 1,132 951 Transition effects of changes in accounting principles Postemployment benefits -- -- (12) -- Postretirement benefits other than pensions Consolidated operations -- -- -- (146) Equity investments -- -- -- (73) ---------- ---------- ---------- ---------- Net Income $ 678 $ 565 $ 1,120 $ 732 ========== ========== ========== ========== Income per Share Before changes in accounting principles $ .52 $ .43 $ .87 $ .72 Transition effects of changes in accounting principles Postemployment benefits -- -- (.01) -- Postretirement benefits other than pensions Consolidated operations -- -- -- (.11) Equity investments -- -- -- (.06) ---------- ---------- ---------- ---------- Net Income per Share $ .52 $ .43 $ .86 $ .55 ========== ========== ========== ========== Dividends per Share $ .17 $ .14 $ .34 $ .28 ========== ========== ========== ========== Average Shares Outstanding 1,303 1,318 1,304 1,322 ========== ========== ========== ========== See Note to Condensed Consolidated Financial Statements.
12 THE COCA-COLA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In millions)
Six Months Ended June 30, ----------------------- 1993 (Restated) 1992 ----------- ----------- Operating Activities Net income $ 1,120 $ 732 Transition effects of changes in accounting principles 12 219 Depreciation and amortization 173 160 Deferred income taxes (19) (34) Equity income, net of dividends (36) (7) Foreign currency adjustments (10) 4 Other noncash items 12 15 Net change in operating assets and liabilities (242) (490) ----------- ----------- Net cash provided by operating activities 1,010 599 ----------- ----------- Investing Activities Additions to finance subsidiary receivables (26) (8) Collections of finance subsidiary receivables 23 243 Acquisitions and investments (430) (169) Proceeds from disposals of investments and other assets 399 38 Increase in marketable securities (42) (24) Purchases of property, plant and equipment (398) (402) Proceeds from disposals of property, plant and equipment 24 81 All other investing activities (14) 1 ----------- ----------- Net cash used in investing activities (464) (240) ----------- ----------- Net cash provided by operations after reinvestment 546 359 ----------- ----------- Financing Activities Issuances of debt 436 540 Payments of debt (267) (92) Issuances of stock 121 41 Purchases of stock for treasury (436) (704) Dividends (422) (185) ----------- ----------- Net cash used in financing activities (568) (400) ----------- ----------- Effect of Exchange Rate Changes on Cash and Cash Equivalents (1) (30) ----------- ----------- Cash and Cash Equivalents Net decrease during the period (23) (71) Balance at beginning of period 956 1,058 ----------- ----------- Balance at end of period $ 933 $ 987 =========== =========== Interest Paid $ 96 $ 89 =========== =========== Income Taxes Paid $ 314 $ 581 =========== =========== See Note to Condensed Consolidated Financial Statements.
13 EX-99.3 4 Exhibit 99.3 THE COCA-COLA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions except share data) ASSETS
September 30, 1993 December 31, (Restated) 1992 ------------ ----------- Current Cash and cash equivalents $ 1,040 $ 956 Marketable securities, at cost 149 107 ----------- ----------- 1,189 1,063 Trade accounts receivable, less allowances of $38 at September 30 and $33 at December 31 1,151 1,055 Finance subsidiary receivables 46 31 Inventories 1,078 1,019 Prepaid expenses and other assets 988 1,080 ----------- ----------- Total Current Assets 4,452 4,248 ----------- ----------- Investments and Other Assets Investments Coca-Cola Enterprises Inc. 497 518 Coca-Cola Amatil Limited 539 548 Other, principally bottling companies 1,170 1,097 Finance subsidiary receivables 200 95 Marketable securities and other assets 657 637 ----------- ----------- 3,063 2,895 ----------- ----------- Property, Plant and Equipment Land 218 203 Buildings and improvements 1,573 1,529 Machinery and equipment 3,389 3,137 Containers 371 374 ----------- ----------- 5,551 5,243 Less allowances for depreciation 1,840 1,717 ----------- ----------- 3,711 3,526 ----------- ----------- Goodwill and Other Intangible Assets 439 383 ----------- ----------- $ 11,665 $ 11,052 =========== ===========
14 THE COCA-COLA COMPANY AND SUBSIDIARIES LIABILITIES AND SHARE-OWNERS' EQUITY
September 30, 1993 December 31, (Restated) 1992 ------------- ------------ Current Accounts payable and accrued expenses $ 2,138 $ 2,253 Loans and notes payable 1,387 1,967 Finance subsidiary notes payable 233 105 Current maturities of long-term debt 12 15 Accrued taxes 1,160 963 ----------- ----------- Total Current Liabilities 4,930 5,303 ----------- ----------- Long-Term Debt 1,479 1,120 ----------- ----------- Other Liabilities 712 659 ----------- ----------- Deferred Income Taxes 62 82 ----------- ----------- Share-Owners' Equity Common stock, $.25 par value - Authorized: 2,800,000,000 shares; Issued: 1,702,309,902 shares at September 30; 1,696,202,840 shares at December 31 426 424 Capital surplus 1,050 871 Reinvested earnings 9,211 8,165 Unearned compensation related to outstanding restricted stock (85) (100) Foreign currency translation adjustment (357) (271) ----------- ----------- 10,245 9,089 Less treasury stock, at cost (403,274,643 common shares at September 30; 389,431,622 common shares at December 31) 5,763 5,201 ----------- ----------- 4,482 3,888 ----------- ----------- $ 11,665 $ 11,052 =========== =========== See Note to Condensed Consolidated Financial Statements.
15 THE COCA-COLA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions except per share data)
Three Months Nine Months Ended September 30, Ended September 30, ------------------------ ------------------------ 1993 1993 1992 (Restated) 1992 ---------- ---------- ---------- ---------- Net Operating Revenues $ 3,629 $ 3,508 $ 10,584 $ 9,830 Cost of goods sold 1,343 1,386 3,900 3,791 ---------- ---------- ---------- ---------- Gross Profit 2,286 2,122 6,684 6,039 Selling, administrative and general expenses 1,457 1,356 4,219 3,867 ---------- ---------- ---------- ---------- Operating Income 829 766 2,465 2,172 Interest income 38 47 105 120 Interest expense 38 42 124 128 Equity income 24 34 92 57 Other income (deductions) - net 17 (18) (32) (47) ---------- ---------- ---------- ---------- Income before Income Taxes and Changes in Accounting Principles 870 787 2,506 2,174 Income taxes 280 247 784 683 ---------- ---------- ---------- ---------- Income before Changes in Accounting Principles 590 540 1,722 1,491 Transition effects of changes in accounting principles Postemployment benefits -- -- (12) -- Postretirement benefits other than pensions Consolidated operations -- -- -- (146) Equity investments -- -- -- (73) ---------- ---------- ---------- ---------- Net Income $ 590 $ 540 $ 1,710 $ 1,272 ========== ========== ========== ========== Income per Share Before changes in accounting principles $ .45 $ .41 $ 1.32 $ 1.13 Transition effects of changes in accounting principles Postemployment benefits -- -- (.01) -- Postretirement benefits other than pensions Consolidated operations -- -- -- (.11) Equity investments -- -- -- (.06) ---------- ---------- ---------- ---------- Net Income per Share $ .45 $ .41 $ 1.31 $ .96 ========== ========== ========== ========== Dividends per Share $ .17 $ .14 $ .51 $ .42 ========== ========== ========== ========== Average Shares Outstanding 1,300 1,314 1,303 1,319 ========== ========== ========== ========== See Note to Condensed Consolidated Financial Statements.
16 THE COCA-COLA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In millions)
Nine Months Ended September 30, ----------------------- 1993 (Restated) 1992 ----------- ----------- Operating Activities Net income $ 1,710 $ 1,272 Transition effects of changes in accounting principles 12 219 Depreciation and amortization 263 249 Deferred income taxes 19 (9) Equity income, net of dividends (44) (35) Foreign currency adjustments (7) (9) Other noncash items 33 22 Net change in operating assets and liabilities (108) (257) ----------- ----------- Net cash provided by operating activities 1,878 1,452 ----------- ----------- Investing Activities Additions to finance subsidiary receivables (157) (33) Collections of finance subsidiary receivables 36 249 Acquisitions and investments (568) (247) Proceeds from disposals of investments and other assets 645 67 Increase in current marketable securities (43) (21) Purchases of property, plant and equipment (582) (743) Proceeds from disposals of property, plant and equipment 129 87 All other investing activities (40) 1 ----------- ----------- Net cash used in investing activities (580) (640) ----------- ----------- Net cash provided by operations after reinvestment 1,298 812 ----------- ----------- Financing Activities Issuances of debt 424 385 Payments of debt (561) (227) Issuances of stock 138 59 Purchases of stock for treasury (562) (859) Dividends (643) (369) ----------- ----------- Net cash used in financing activities (1,204) (1,011) ----------- ----------- Effect of Exchange Rate Changes on Cash and Cash Equivalents (10) (18) ----------- ----------- Cash and Cash Equivalents Net increase (decrease) during the period 84 (217) Balance at beginning of period 956 1,058 ----------- ----------- Balance at end of period $ 1,040 $ 841 =========== =========== Interest Paid $ 150 $ 137 =========== =========== Income Taxes Paid $ 489 $ 790 =========== =========== See Note to Condensed Consolidated Financial Statements.
17 THE COCA-COLA COMPANY AND SUBSIDIARIES NOTE TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note - Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to consolidated financial statements included in the Annual Report on Form 10-K of The Coca-Cola Company (the Company) for the year ended December 31, 1992. In the opinion of Management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarterly and year-to-date periods ended March 31, 1993, June 30, 1993, and September 30, 1993 are not necessarily indicative of the results that may be expected for the year ending December 31, 1993. The Company filed a Form 8-K on February 17, 1993 restating the 1992 quarterly reports for the adoption of Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions" (SFAS 106) and Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" (SFAS 109). The impact of the restatement on the first quarter of 1992 includes the after-tax transition charge of $219 million related to SFAS 106. The Company retroactively adopted SFAS 109 by restating financial statements beginning in 1989. The effect of SFAS 109 for the first three quarters of 1992 for consolidated operations was not material. However, the income statements for the first, second and third quarters of 1992 have been restated for the impact of SFAS 109 on the Company's equity investees. Equity income has been increased by $12 million in the first quarter of 1992, reduced by $15 million in the second quarter of 1992 and increased by $6 million in the third quarter of 1992 for the impact of SFAS 109 on the Company's equity investees. Equity income was reduced $3 million in each of the first, second and third quarters of 1992 for the Company's proportionate share of additional postretirement benefits expense recognized by the Company's equity investees after transition to SFAS 106. 18 The Company has retroactively adopted Statement of Financial Accounting Standards No. 112, "Employers' Accounting for Postemployment Benefits" (SFAS 112) as of January 1, 1993. Results for the first quarter of 1993 have been restated to include the recognition of a one-time, noncash, after-tax charge of $12 million related to consolidated operations. This amount is net of income tax benefits of $8 million. The transition effect charge consists primarily of health benefits for surviving spouses and disabled employees. The incremental impact of SFAS 112 on 1993 consolidated operations is immaterial and will be included in the results of operations for the fourth quarter of 1993. The adoption impact of SFAS 112 on the Company's bottling investees accounted for by the equity method is immaterial and, therefore, has not been included in the transition effect charge. Net income per share for the first quarter of 1993 has been reduced by $0.01 for the adoption of SFAS 112. 19 -----END PRIVACY-ENHANCED MESSAGE-----