Investor Overview - Q3 2023
THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
Net Operating Profit After Taxes (NOPAT):
(UNAUDITED)
(In millions)
Operating income
Equity income (loss) - net
Net operating profit (Non-GAAP)
Items impacting comparability
Year Ended
December 31, 2022
$
10,909
1,472
12,381
1,470
$
13,851
Comparable net operating profit (Non-GAAP)
Comparable effective tax rate (Non-GAAP)
19.0%
Comparable net operating profit after taxes (NOPAT) (Non-GAAP) $
11,216
Invested Capital:
2022 Two-Year
Average
As of
December 31, 2021
As of
December 31, 2022
Loans and notes payable
$
Current maturities of long-term debt
2,840
869
$
3,307
$
2,373
1,338
399
Long-term debt
37,247
38,116
36,377
Total debt (Non-GAAP)
40,955
42,761
39,149
Total equity
25,343
24,860
25,826
Less:
Total cash, cash equivalents and short-term investments
Marketable securities
10,744
10,926
10,562
1,384
1,699
1,069
$
54,170 $
54,996 $
53,344
Invested capital (Non-GAAP)
2022 Return on Invested Capital (ROIC):
Return on invested capital (ROIC) (Non-GAAP) 1
20.7%
1 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital.
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