Coca-Cola Files Q2 2024 10-Q

TL;DR

Coca-Cola's Q2 2024 10-Q is in. Check financials.

AI Summary

Coca-Cola Co. filed its 10-Q for the period ending June 28, 2024. The company's fiscal year ends on December 31st. The filing was made on July 29, 2024, and it provides financial information for the second quarter of 2024.

Why It Matters

This filing provides investors with the latest financial performance data for Coca-Cola, crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing from a large, established company with a stable business model.

Key Players & Entities

• COCA COLA CO (company) — Filer
• 0000021344 (company) — Central Index Key
• 20240628 (date) — Period of Report
• 20240729 (date) — Filing Date

FAQ

Key Financial Figures

• $0.25 — ange on which registered Common Stock, $0.25 Par Value KO New York Stock Exchange 1

Filing Documents

• ko-20240628.htm (10-Q) — 2087KB
• a20240628ex-103.htm (EX-10.3) — 215KB
• a20240628ex-104.htm (EX-10.4) — 212KB
• a20240628ex-105.htm (EX-10.5) — 216KB
• a20240628ex-311.htm (EX-31.1) — 10KB
• a20240628ex-312.htm (EX-31.2) — 10KB
• a20240628ex-321.htm (EX-32.1) — 6KB
• ko-20240628_g1.jpg (GRAPHIC) — 230KB
• 0000021344-24-000044.txt ( ) — 13645KB
• ko-20240628.xsd (EX-101.SCH) — 60KB
• ko-20240628_cal.xml (EX-101.CAL) — 171KB
• ko-20240628_def.xml (EX-101.DEF) — 386KB
• ko-20240628_lab.xml (EX-101.LAB) — 802KB
• ko-20240628_pre.xml (EX-101.PRE) — 615KB
• ko-20240628_htm.xml (XML) — 2542KB

Forward-Looking Statements

Forward-Looking Statements 1

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements 2 Consolidated Statements of Income — Three and Six Months Ended June 28 , 2024 and June 30 , 2023 2 Consolidated Statements of Comprehensive Income — Three and Six Months Ended June 28, 2024 and J une 30 , 2023 3 Consolidated Balance Sheets — June 28 , 2024 and December 31, 2023 4 Consolidated Statements of Cash Flows — Six Months Ended June 28 , 2024 and June 30 , 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4.

Controls and Procedures

Controls and Procedures 49

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 5. Other Information 52 Item 6. Exhibits 52

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains information that may constitute "forward-looking statements." Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to volume growth, share of sales and net income per share growth, and statements expressing general views about future operating results — are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause our Company's actual results to differ materially from historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, the possibility that the assumptions used to calculate our estimated aggregate incremental tax and interest liability related to the potential unfavorable outcome of the ongoing tax dispute with the U.S. Internal Revenue Service could significantly change; those described in Part II, "Item 1A. Risk Factors" and elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2023; and those described from time to time in our future reports filed with the Securities and Exc

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In millions except per share data) Three Months Ended Six Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Net Operating Revenues $ 12,363 $ 11,972 $ 23,663 $ 22,952 Cost of goods sold 4,812 4,912 9,047 9,229 Gross Profit 7,551 7,060 14,616 13,723 Selling, general and administrative expenses 3,549 3,321 6,900 6,506 Other operating charges 1,370 1,338 2,943 1,449 Operating Income 2,632 2,401 4,773 5,768 Interest income 275 224 521 392 Interest expense 418 374 800 746 Equity income (loss) — net 537 538 891 813 Other income (loss) — net 2 91 1,515 706 Income Before Income Taxes 3,028 2,880 6,900 6,933 Income taxes 627 359 1,314 1,299 Consolidated Net Income 2,401 2,521 5,586 5,634 Less: Net income (loss) attributable to noncontrolling interests ( 10 ) ( 26 ) ( 2 ) ( 20 ) Net Income Attributable to Shareowners of The Coca-Cola Company $ 2,411 $ 2,547 $ 5,588 $ 5,654 Basic Net Income Per Share 1 $ 0.56 $ 0.59 $ 1.30 $ 1.31 Diluted Net Income Per Share 1 $ 0.56 $ 0.59 $ 1.29 $ 1.30 Average Shares Outstanding — Basic 4,309 4,325 4,309 4,325 Effect of dilutive securities 10 16 12 18 Average Shares Outstanding — Diluted 4,319 4,341 4,321 4,343 1 Calculated based on net income attributable to shareowners of The Coca-Cola Company. Refer to Notes to Consolidated Financial Statements. 2 THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Three Months Ended Six Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Consolidated Net Income $ 2,401 $ 2,521 $ 5,586 $ 5,634 Other Comprehensive Income: Net foreign currency translation adjustments ( 1,014 ) 252 ( 1,317 ) 801 Net gains (losses) on derivatives 118 ( 25 ) 167 ( 95 ) Net change in unrealized gains (losses) on available-for-sale debt securities ( 27 ) 1 ( 22 ) 9 Net change in pension and other p

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") 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 U.S. GAAP 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 for the year ended December 31, 2023. When used 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. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 28, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Sales of our ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters typically accounting for the highest sales volumes. The volume of sales in the beverage business may be affected by weather conditions. Each of our quarterly reporting periods, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The second quarter of 2024 and the second quarter of 2023 ended on June 28, 2024 and June 30, 2023, respectively. Our fourth quarter and our fiscal year end on December 31 regardless of the day of the week on which December 31 falls. Advertising Costs The Company's accounting policy related to advertising costs for annu

View Full Filing

View this 10-Q filing on SEC EDGAR