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, 2015
$
8,787
489
9,276
1,556
$
10,832
Comparable net operating profit (Non-GAAP)
Comparable effective tax rate (Non-GAAP)
22.5%
Comparable net operating profit after taxes (NOPAT) (Non-GAAP) $
8,395
Invested Capital:
2015 Two-Year
Average
As of
As of
December 31, 2014
December 31, 2015
Loans and notes payable
$
16,130 $
19,130 $
13,129
Current maturities of long-term debt
3,113
3,550
2,676
Long-term debt
23,661
19,010
28,311
Total debt (Non-GAAP)
42,903
41,690
44,116
Total equity
28,163
30,561
25,764
Less:
Total cash, cash equivalents and short-term investments
16,821
18,010
15,631
Marketable securities
Invested capital (Non-GAAP)
3,967
3,665
4,269
$
50,278 $
50,576 $
49,980
1
2015 Return on Invested Capital (ROIC):
Return on invested capital (ROIC) (Non-GAAP) 1
16.7%
Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital.
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