Company Quick10K Filing
⚲
Coca Cola
Financials
Price55.35 EPS2
Shares4,314 P/E27
MCap238,780 P/FCF23
Net Debt34,816 EBIT11,664
TEV273,596 TEV/EBIT23
TTM 2019-12-31, in MM, except price, ratios
Filings
10-Q 2020-06-26 Filed 2020-07-22
10-Q 2020-03-27 Filed 2020-04-24
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-27 Filed 2019-10-24
10-Q 2019-06-28 Filed 2019-07-25
10-Q 2019-03-29 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-28 Filed 2018-10-30
10-Q 2018-06-29 Filed 2018-07-26
10-Q 2018-03-30 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-29 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-07-01 Filed 2016-07-28
10-Q 2016-04-01 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-10-02 Filed 2015-10-28
10-Q 2015-07-03 Filed 2015-07-29
10-Q 2015-04-03 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-26 Filed 2014-10-29
10-Q 2014-06-27 Filed 2014-07-30
10-Q 2014-03-28 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-27 Filed 2013-10-24
10-Q 2013-06-28 Filed 2013-07-25
10-Q 2013-03-29 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-28 Filed 2012-10-25
10-Q 2012-06-29 Filed 2012-07-26
10-Q 2012-03-30 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-07-01 Filed 2011-08-01
10-Q 2011-04-01 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-10-01 Filed 2010-10-29
10-Q 2010-07-02 Filed 2010-08-02
10-Q 2010-04-02 Filed 2010-04-29
10-K 2009-12-31 Filed 2010-02-26
Reports
8-K 2020-08-28 Exit Costs, Officers, Other Events, Exhibits
8-K 2020-08-20 Officers, Other Events, Exhibits
8-K 2020-07-21 Earnings, Exhibits
8-K 2020-04-29
8-K 2020-04-22
8-K 2020-04-21
8-K 2020-03-20
8-K 2020-03-20
8-K 2020-01-30
8-K 2020-01-14
8-K 2019-10-18
8-K 2019-09-20
8-K 2019-09-04
8-K 2019-07-23
8-K 2019-06-28
8-K 2019-04-24
8-K 2019-04-23
8-K 2019-04-05
8-K 2019-04-01
8-K 2019-03-08
8-K 2019-02-25
8-K 2019-02-18
8-K 2019-02-14
8-K 2019-01-03
8-K 2018-12-06
8-K 2018-10-30
8-K 2018-10-17
8-K 2018-08-31
8-K 2018-07-25
8-K 2018-04-25
8-K 2018-04-24
8-K 2018-04-03
8-K 2018-02-16
8-K 2018-02-15

KO 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Note 1: Summary of Significant Accounting Policies
Note 2: Acquisitions and Divestitures
Note 3: Revenue Recognition
Note 4: Investments
Note 5: Inventories
Note 6: Hedging Transactions and Derivative Financial Instruments
Note 7: Debt and Borrowing Arrangements
Note 8: Commitments and Contingencies
Note 9: Other Comprehensive Income
Note 10: Changes in Equity
Note 11: Significant Operating and Nonoperating Items
Note 12: Productivity and Reinvestment Program
Note 13: Pension and Other Postretirement Benefit Plans
Note 14: Income Taxes
Note 15: Fair Value Measurements
Note 16: Operating Segments
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
Exhibits
EX-3.2 a20200626ex-32.htm
EX-10.1 a20200626ex-101.htm
EX-31.1 a20200626ex-311.htm
EX-31.2 a20200626ex-312.htm
EX-32.1 a20200626ex-321.htm

Coca Cola Earnings 2020-06-26

Balance SheetIncome StatementCash Flow
1008060402002011201420172021
Assets, Equity
 1511740-22011201420172021
Rev, G Profit, Net Income
 3.92.10.3-1.4-3.2-5.02011201420172021
Ops, Inv, Fin
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 26, 2020
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                    to                                     
Commission File Number 001-02217
ko-20200626_g1.jpg
COCA COLA CO
(Exact name of Registrant as specified in its charter)
Delaware 58-0628465
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One Coca-Cola Plaza
AtlantaGeorgia30313
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (404) 676-2121
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.25 Par ValueKONew York Stock Exchange
0.000% Notes Due 2021KO21BNew York Stock Exchange
Floating Rate Notes Due 2021KO21CNew York Stock Exchange
1.125% Notes Due 2022KO22New York Stock Exchange
0.125% Notes Due 2022KO22BNew York Stock Exchange
0.75% Notes Due 2023KO23BNew York Stock Exchange
0.500% Notes Due 2024KO24New York Stock Exchange
1.875% Notes Due 2026KO26New York Stock Exchange
0.750% Notes Due 2026KO26CNew York Stock Exchange
1.125% Notes Due 2027KO27New York Stock Exchange
1.250% Notes Due 2031KO31New York Stock Exchange
1.625% Notes Due 2035KO35New York Stock Exchange
1.100% Notes Due 2036KO36New York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒    No ☐


Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer ☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark if the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.
Class of Common Stock  Shares Outstanding as of July 20, 2020
$0.25 Par Value 4,295,438,919


THE COCA-COLA COMPANY AND SUBSIDIARIES
Table of Contents
  Page
 
Item 1.
    Three and Six Months Ended June 26, 2020 and June 28, 2019
    Three and Six Months Ended June 26, 2020 and June 28, 2019
    June 26, 2020 and December 31, 2019
    Six Months Ended June 26, 2020 and June 28, 2019
Item 2.
Item 3.
Item 4.
 
Item 1.
Item 1A.
Item 2.
Item 6.


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 earnings 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. We undertake 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 actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, 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, 2019, and those described from time to time in our future reports filed with the Securities and Exchange Commission.
1

Part I. Financial Information
Item 1.  Financial Statements (Unaudited)
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In millions except per share data)
Three Months EndedSix Months Ended
June 26,
2020		June 28,
2019		June 26,
2020		June 28,
2019
Net Operating Revenues$7,150  $9,997  $15,751  $18,691  
Cost of goods sold3,013  3,921  6,384  7,286  
Gross Profit4,137  6,076  9,367  11,405  
Selling, general and administrative expenses1,983  2,996  4,631  5,763  
Other operating charges173  92  375  219  
Operating Income1,981  2,988  4,361  5,423  
Interest income100  142  212  275  
Interest expense274  236  467  481  
Equity income (loss) — net176  329  343  462  
Other income (loss) — net214  (174) 758  (405) 
Income Before Income Taxes2,197  3,049  5,207  5,274  
Income taxes 438  421  653  943  
Consolidated Net Income1,759  2,628  4,554  4,331  
Less: Net income (loss) attributable to noncontrolling interests(20) 21  —  46  
Net Income Attributable to Shareowners of The Coca-Cola
Company		$1,779  $2,607  $4,554  $4,285  
Basic Net Income Per Share1
$0.41  $0.61  $1.06  $1.00  
Diluted Net Income Per Share1
$0.41  $0.61  $1.05  $1.00  
Average Shares Outstanding4,295  4,269  4,292  4,270  
Effect of dilutive securities21  36  29  35  
Average Shares Outstanding Assuming Dilution4,316  4,305  4,321  4,305  
1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.
Refer to Notes to Condensed Consolidated Financial Statements.


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THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(In millions)
Three Months EndedSix Months Ended
June 26,
2020		June 28,
2019		June 26,
2020		June 28,
2019
Consolidated Net Income$1,759  $2,628  $4,554  $4,331  
Other Comprehensive Income:  
Net foreign currency translation adjustments(714) (645) (3,335) 281  
Net gains (losses) on derivatives(26) (24) (10) (16) 
 Net change in unrealized gains (losses) on available-for-sale debt
securities		(11) 15  (19) 30  
Net change in pension and other benefit liabilities41  37  47  68  
Total Comprehensive Income1,049  2,011  1,237  4,694  
Less: Comprehensive income (loss) attributable to noncontrolling interests
34  60  (401) 57  
Total Comprehensive Income Attributable to Shareowners
of The Coca-Cola Company		$1,015  $1,951  $1,638  $4,637  

Refer to Notes to Condensed Consolidated Financial Statements.



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THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions except par value)
June 26,
2020		December 31,
2019
ASSETS
Current Assets 
Cash and cash equivalents$10,037  $6,480  
Short-term investments7,551  1,467  
Total Cash, Cash Equivalents and Short-Term Investments17,588  7,947  
Marketable securities2,228  3,228  
Trade accounts receivable, less allowances of $549 and $524, respectively
3,849  3,971  
Inventories3,501  3,379  
Prepaid expenses and other assets2,205  1,886  
Total Current Assets29,371  20,411  
Equity method investments18,189  19,025  
Other investments746  854  
Other assets5,875  6,075  
Deferred income tax assets2,366  2,412  
Property, plant and equipment, less accumulated depreciation of
    $8,539 and $8,083, respectively
10,695  10,838  
Trademarks with indefinite lives10,172  9,266  
Bottlers' franchise rights with indefinite lives103  109  
Goodwill16,617  16,764  
Other intangible assets555  627  
Total Assets$94,689  $86,381  
LIABILITIES AND EQUITY
Current Liabilities  
Accounts payable and accrued expenses$11,668  $11,312  
Loans and notes payable9,423  10,994  
Current maturities of long-term debt5,181  4,253  
Accrued income taxes576  414  
Total Current Liabilities26,848  26,973  
Long-term debt37,729  27,516  
Other liabilities8,954  8,510  
Deferred income tax liabilities1,969  2,284  
The Coca-Cola Company Shareowners' Equity  
Common stock, $0.25 par value; authorized — 11,200 shares; issued — 7,040 shares
1,760  1,760  
Capital surplus17,367  17,154  
Reinvested earnings66,888  65,855  
Accumulated other comprehensive income (loss)(16,460) (13,544) 
Treasury stock, at cost — 2,745 and 2,760 shares, respectively
(52,071) (52,244) 
Equity Attributable to Shareowners of The Coca-Cola Company17,484  18,981  
Equity attributable to noncontrolling interests1,705  2,117  
Total Equity19,189  21,098  
Total Liabilities and Equity$94,689  $86,381  
Refer to Notes to Condensed Consolidated Financial Statements.
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THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In millions)
 Six Months Ended
 June 26,
2020		June 28,
2019
Operating Activities  
Consolidated net income$4,554  $4,331  
Depreciation and amortization748  602  
Stock-based compensation expense36  88  
Deferred income taxes(39) (163) 
Equity (income) loss — net of dividends(212) (254) 
Foreign currency adjustments(67) 37  
Significant (gains) losses — net(901) 247  
Other operating charges341  93  
Other items52  180  
Net change in operating assets and liabilities(1,726) (660) 
Net Cash Provided by Operating Activities2,786  4,501  
Investing Activities  
Purchases of investments(8,294) (2,935) 
Proceeds from disposals of investments2,649  3,395  
Acquisitions of businesses, equity method investments and nonmarketable securities(984) (5,353) 
Proceeds from disposals of businesses, equity method investments and nonmarketable securities46  265  
Purchases of property, plant and equipment(536) (767) 
Proceeds from disposals of property, plant and equipment112  43  
Other investing activities40  (10) 
Net Cash Provided by (Used in) Investing Activities(6,967) (5,362) 
Financing Activities 
Issuances of debt19,775  14,518  
Payments of debt(10,304) (14,278) 
Issuances of stock444  602  
Purchases of stock for treasury(93) (689) 
Dividends(1,761) (1,709) 
Other financing activities(16) 124  
Net Cash Provided by (Used in) Financing Activities8,045  (1,432) 
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
(172) 2  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
during the period		3,692  (2,291) 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period6,737  9,318  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Period10,429  7,027  
Less: Restricted cash and restricted cash equivalents at end of period392  296  
Cash and Cash Equivalents at End of Period$10,037  $6,731  
Refer to Notes to Condensed Consolidated Financial Statements.

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THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited condensed 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, 2019.
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 condensed 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 26, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Sales of our nonalcoholic 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 interim reporting periods, other than the fourth interim reporting period, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The second quarter of 2020 and the second quarter of 2019 ended on June 26, 2020 and June 28, 2019, respectively. Our fourth interim reporting period 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 annual reporting purposes is to expense production costs of print, radio, television and other advertisements as of the first date the advertisements take place. All other marketing expenditures are expensed in the annual period in which the expenditure is incurred.
For interim reporting purposes, we allocate our estimated full year marketing expenditures that benefit multiple interim periods to each of our interim reporting periods. We use the proportion of each interim period's actual unit case volume to the estimated full year unit case volume as the basis for the allocation. This methodology results in our marketing expenditures being recognized at a standard rate per unit case. At the end of each interim reporting period, we review our estimated full year unit case volume and our estimated full year marketing expenditures that benefit multiple interim periods in order to evaluate if a change in estimate is necessary. The impact of any changes in these full year estimates is recognized in the interim period in which the change in estimate occurs. Our full year marketing expenditures are not impacted by this interim accounting policy.
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents or restricted cash equivalents, as applicable. Restricted cash and restricted cash equivalents generally consist of amounts held by our captive insurance companies, which are included in the line item other assets in our consolidated balance sheet. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties and procedures to monitor our concentrations of credit risk.
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The following tables provide a summary of cash, cash equivalents, restricted cash and restricted cash equivalents that constitute the total amounts shown in the condensed consolidated statements of cash flows (in millions):
June 26,
2020		December 31,
2019
Cash and cash equivalents$10,037  $6,480  
Cash and cash equivalents included in other assets1
392  257  
Cash, cash equivalents, restricted cash and restricted cash equivalents $10,429  $6,737  
1 Amounts represent cash and cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of
our European and Canadian pension plans. Refer to Note 4.
June 28,
2019		December 31,
2018
Cash and cash equivalents$6,731  $9,077  
Cash and cash equivalents included in other assets1
296  241  
Cash, cash equivalents, restricted cash and restricted cash equivalents$7,027  $9,318  
1 Amounts represent cash and cash equivalents in our solvency capital portfolio set aside primarily to cover pension obligations in certain of our European and Canadian pension plans. Refer to Note 4.
Recently Issued Accounting Guidance
In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating taxes during the quarters and the recognition of deferred tax liabilities for outside basis differences. This guidance also simplifies aspects of the accounting for franchise taxes and changes in tax laws or rates, as well as clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for the Company beginning January 1, 2021 and would require us to recognize a cumulative effect adjustment to the opening balance of reinvested earnings, if applicable. We are currently evaluating the impact that ASU 2019-12 may have on our consolidated financial statements.
NOTE 2: ACQUISITIONS AND DIVESTITURES
Acquisitions
During the six months ended June 26, 2020, our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $984 million, which primarily related to the acquisition of the remaining equity ownership interest in fairlife, LLC ("fairlife").
During the six months ended June 28, 2019, our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $5,353 million, which primarily related to the acquisition of Costa Limited ("Costa"), the remaining equity ownership interest in C.H.I. Limited ("CHI") and controlling interests in bottling operations in Zambia.
fairlife, LLC
In January 2020, the Company acquired the remaining 57.5 percent interest in, and now owns 100 percent of, fairlife. fairlife offers a broad portfolio of products in the value-added dairy category across North America. A significant portion of fairlife's revenues was already reflected in our consolidated financial statements, as we have operated as the sales and distribution organization for certain fairlife products. Upon consolidation, we recognized a gain of $902 million resulting from the remeasurement of our previously held equity interest in fairlife to fair value. The fair value of our previously held interest was determined using a discounted cash flow model based on Level 3 inputs. The gain was recorded in the line item other income (loss) — net in our condensed consolidated statement of income. We acquired the remaining interest in exchange for $979 million of cash, net of cash acquired, and effectively settled our $306 million note receivable from fairlife at the recorded amount. Under the terms of the agreement, we are subject to making future milestone payments which are contingent on fairlife achieving certain financial targets through 2024, and if achieved, are payable in 2021, 2023 and 2025. These milestone payments are based on agreed-upon formulas related to fairlife's operating results, the resulting value of which is not subject to a ceiling. Under the applicable accounting guidance, we recorded a $270 million liability representing our best estimate of the fair value of this contingent consideration. The fair value of this contingent consideration was determined using a Monte Carlo valuation model based on Level 3 inputs. We will be required to remeasure this liability to fair value quarterly with any changes in the fair value recorded in income until the final milestone payments are made. During the three and six months ended June 26, 2020, we recorded charges of $18 million and $29 million, respectively, related to this remeasurement in the line item other operating charges in our condensed consolidated statements of income. As of June 26, 2020, $1.3 billion of the purchase price was preliminarily allocated to the fairlife trademark and $0.8 billion was preliminarily allocated to goodwill. The goodwill
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recognized as part of this acquisition is primarily related to synergistic value created from the opportunity for additional expansion. It also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce. The goodwill is not tax deductible and has been preliminarily assigned to the North America operating segment. The preliminary allocation of the purchase price is subject to refinement when valuations are finalized. As of June 26, 2020, the valuations that have not been finalized primarily relate to the trademark and other intangible assets; and operating lease right-of-use ("ROU") assets and operating lease liabilities. The final purchase price allocation will be completed no later than the first quarter of 2021.
Costa Limited
In January 2019, the Company acquired Costa in exchange for $4.9 billion of cash, net of cash acquired. Costa is a coffee business with retail outlets in more than 30 countries, the Costa Express vending system and a state-of-the-art roastery. We believe this acquisition will allow us to increase our presence in the hot beverage market as Costa has a scalable platform across multiple formats and channels, including opportunities to introduce ready-to-drink products. Upon finalization of purchase accounting, $2.4 billion of the purchase price was allocated to the Costa trademark and $2.5 billion was allocated to goodwill. The goodwill recognized as part of this acquisition is primarily related to synergistic value created from the opportunity for additional expansion as well as our ability to market and distribute Costa in ready-to-drink form throughout our bottling system. It also includes certain other intangible assets that do not qualify for separate recognition, such as an assembled workforce. The goodwill is not tax deductible and has been assigned to the Global Ventures operating segment, except for $108 million, which has been assigned to the Europe, Middle East and Africa operating segment.
C.H.I. Limited
In January 2019, the Company acquired the remaining 60 percent interest in CHI, a Nigerian producer of value-added dairy and juice beverages and iced tea, in exchange for $260 million of cash, net of cash acquired, under the terms of the agreement for our original investment in CHI. Upon consolidation, we recognized a net charge of $121 million during the six months ended June 28, 2019, which included the remeasurement of our previously held equity interest in CHI to fair value and the reversal of the related cumulative translation adjustments. The fair value of our previously held equity investment was determined using a discounted cash flow model based on Level 3 inputs. The net charge was recorded in the line item other income (loss) — net in our condensed consolidated statement of income.
Divestitures
During the six months ended June 26, 2020, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $46 million, which primarily related to the sale of a portion of our ownership interest in one of our equity method investments. We recognized a net gain of $18 million as a result of the sale, which was recorded in the line item other income (loss) — net in our condensed consolidated statement of income.
During the six months ended June 28, 2019, proceeds from disposals of businesses, equity method investments and nonmarketable securities totaled $265 million, which primarily related to the sale of a portion of our equity method investment in Embotelladora Andina S.A. ("Andina"). We recognized a gain of $39 million as a result of the sale, which was recorded in the line item other income (loss) — net in our condensed consolidated statement of income. We continue to account for our remaining interest in Andina as an equity method investment as a result of our representation on Andina's Board of Directors and other governance rights.
Coca-Cola Beverages Africa Proprietary Limited
Due to the Company's original intent to refranchise Coca-Cola Beverages Africa Proprietary Limited ("CCBA"), CCBA was accounted for as held for sale and a discontinued operation from October 2017, when the Company became the controlling shareowner of CCBA, through the first quarter of 2019. While the Company had discussions with a number of potential partners throughout the period CCBA was held for sale, during the second quarter of 2019, the Company updated its plans for CCBA and now intends to maintain its controlling stake in CCBA for the foreseeable future. As a result, CCBA no longer qualifies as held for sale or as a discontinued operation, and CCBA's financial results are now presented within the Company's continuing operations. The financial results for prior periods have also been retrospectively reclassified herein. As of the date we changed our plans, the Company was required to measure CCBA's property, plant and equipment and definite-lived intangible assets at the lower of their current fair values or their carrying amounts before they were classified as held for sale, adjusted for depreciation and amortization expense that would have been recognized had the business been classified as held and used during the period that CCBA was classified as held for sale. As a result, the Company reallocated the allowance for reduction of assets held for sale balance that was originally recorded during the third quarter of 2018 to reduce the carrying value of CCBA's property, plant and equipment by $225 million and CCBA's definite-lived intangible assets by $329 million based on the relative amount of depreciation and amortization that would have been recognized during the periods they were held for sale. We also recorded a $160 million adjustment to reduce the carrying value of CCBA's property, plant and equipment and definite-lived intangible assets by an additional $34 million and $126 million, respectively, during the three and
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six months ended June 28, 2019. These additional adjustments were included in the line item other income (loss) — net in our condensed consolidated statements of income.
NOTE 3: REVENUE RECOGNITION
The following tables present net operating revenues disaggregated between the United States and International and further by line of business (in millions):
United StatesInternationalTotal
Three Months Ended June 26, 2020
Concentrate operations$1,270  $2,945  $4,215  
Finished product operations1,313  1,622  2,935  
Total $2,583  $4,567  $7,150  
Three Months Ended June 28, 2019
Concentrate operations$1,415  $4,163  $5,578  
Finished product operations1,688  2,731  4,419  
Total $3,103  $6,894  $9,997  
United StatesInternationalTotal
Six Months Ended June 26, 2020
Concentrate operations$2,594  $6,410  $9,004  
Finished product operations2,796  3,951  6,747  
Total $5,390  $10,361  $15,751  
Six Months Ended June 28, 2019
Concentrate operations$2,600  $7,756  $10,356  
Finished product operations3,148  5,187  8,335  
Total $5,748  $12,943  $18,691  
Refer to Note 16 for additional revenue disclosures by operating segment and Corporate.
NOTE 4: INVESTMENTS
Equity Securities
The carrying values of our equity securities were included in the following line items in our condensed consolidated balance sheets (in millions):