Coca Cola : Reconciliation of Non-GAAP Financial Measures for 2019 Consumer Analyst Group of New York (CAGNY) Conference

THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions)

Net Operating Revenues:

Reported (GAAP)

Items Impacting Comparability: Other Items

Comparable (Non-GAAP)

Reported (GAAP)

Items Impacting Comparability: Other Items

Comparable (Non-GAAP)

• % Change - Reported (GAAP)

• % Currency Impact

• % Change - Currency Neutral (Non-GAAP)

• % Acquisitions, Divestitures and Structural Items

• % Impact of Accounting Changes1

• % Change - Organic Revenues (Non-GAAP)

Year Ended	Year Ended	Year Ended
December 31, 2018	December 31, 2017	December 31, 2016

$	31,856	$	35,410	$	41,863
(9)	6	(9)
$	31,847	$	35,416	$	41,854
Year Ended	Year Ended	Year Ended

$	35,410	$	41,863	$	44,294
6	(9)	(37)
$	35,416	$	41,854	$	44,257
Year Ended	Year Ended	Year Ended

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided. 1 Impact of adoption of new revenue recognition accounting standard

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THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

Operating Margin:

Reported Operating Margin (GAAP)

Items Impacting Comparability (Non-GAAP) Comparable Operating Margin (Non-GAAP)

Comparable Currency Impact (Non-GAAP)

Comparable Currency Neutral Operating Margin (Non-GAAP)

Structural Impact on Comparable Currency Neutral Operating Margin (Non-GAAP)

Comparable Currency Neutral Operating Margin After Structural Impact (Non-GAAP)

Impact of Accounting Changes1 on Comparable Currency Neutral Operating Margin After Structural Impact (Non-GAAP) Underlying Operating Margin (Non-GAAP)

Year Ended December 31, 2018	Year Ended December 31, 2017	Basis Point Growth
27.31% (3.48%) 30.79% (0.90%) 31.69% 0.08% 31.61% (0.70%) 32.31%	21.46% (5.48%) 26.94% 0.00% 26.94% (3.68%) 30.62% 0.00% 30.62%	585 385 475 99 169

1 Impact of adoption of new revenue recognition accounting standard

Reported Operating Margin (GAAP)

Items Impacting Comparability (Non-GAAP)

Comparable Operating Margin (Non-GAAP)

Year Ended December 31, 2016

20.68% (2.85%) 23.53%

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THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions)

Net Operating Profit After Taxes (NOPAT):

Operating income

Equity income (loss) - net Total

Year Ended

December 31, 2018

$8,700 1,008

9,708

Effective tax rate

19.4%

Net operating profit after taxes (NOPAT) (Non-GAAP)

Comparable NOPAT:

Comparable operating income (Non-GAAP) Comparable equity income (loss) - net (Non-GAAP) Total

Comparable effective tax rate (Non-GAAP)

Comparable net operating profit after taxes (NOPAT) (Non-GAAP)

Invested Capital:

Total debt (Non-GAAP) 1

Total equity

Less:

Total Cash, Cash Equivalents and Short-Term Investments Marketable securities

Invested capital (Non-GAAP) Less:

Assets held for sale - discontinued operations Liabilities held for sale - discontinued operations

Net assets held for sale - discontinued operations (Non-GAAP)

Invested capital less net assets held for sale - discontinued operations (Non-GAAP)

2018 Return on Invested Capital (ROIC):

Return on invested capital (ROIC) (Non-GAAP) 2

2018 Two-Year Average	As of December 31, 2017	As of December 31, 2018
$45,620 19,018 13,155 5,165 $46,318 6,938 1,609 5,329 $40,990	$47,685 18,977 15,358 5,317 $45,987 7,329 1,496 5,833 $40,154	$43,555 19,058 10,951 5,013 $46,649 6,546 1,722 4,824 $41,825

• 1 Total debt is the sum of loans and notes payable, current maturities of long-term debt, and long-term debt.

  $7,825

  21.7%

• 2 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital less net assets held for sale - discontinued operations.

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THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions)

Net Operating Profit After Taxes (NOPAT):

Operating income

Equity income (loss) - net Total

Year Ended

December 31, 2017

$7,599 1,071

8,670

Effective tax rate

82.5%

Net operating profit after taxes (NOPAT) (Non-GAAP)

Comparable NOPAT:

Comparable operating income (Non-GAAP) Comparable equity income (loss) - net (Non-GAAP) Total

Comparable effective tax rate (Non-GAAP)

Comparable net operating profit after taxes (NOPAT) (Non-GAAP)

Invested Capital:

Total debt (Non-GAAP) 1

Total equity

Less:

Total Cash, Cash Equivalents and Short-Term Investments Marketable securities

Invested capital (Non-GAAP) Less:

Assets held for sale - discontinued operations Liabilities held for sale - discontinued operations

Net assets held for sale - discontinued operations (Non-GAAP)

Invested capital less net assets held for sale - discontinued operations (Non-GAAP)

2017 Return on Invested Capital (ROIC):

Return on invested capital (ROIC) (Non-GAAP) 2

2017 Two-Year Average	As of December 31, 2016	As of December 31, 2017
$46,697 21,099 16,754 4,684 $46,357 3,665 748 2,917 $43,440	$45,709 23,220 18,150 4,051 $46,728 - - - $46,728	$47,685 18,977 15,358 5,317 $45,987 7,329 1,496 5,833 $40,154

• 1 Total debt is the sum of loans and notes payable, current maturities of long-term debt, and long-term debt.

  $1,520

  18.7%

• 2 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital less net assets held for sale - discontinued operations.

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THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions)

Net Operating Profit After Taxes (NOPAT):
Year Ended
December 31, 2016
Operating income	$8,657
Equity income (loss) - net	835
Total	9,492
Effective tax rate	19.5%
Net operating profit after taxes (NOPAT) (Non-GAAP)	$7,641
Comparable NOPAT:
Comparable operating income (Non-GAAP)	$9,850
Comparable equity income (loss) - net (Non-GAAP)	896
Total	10,746
Comparable effective tax rate (Non-GAAP)	22.5%
Comparable net operating profit after taxes (NOPAT) (Non-GAAP)	$8,328
Invested Capital:
Total debt (Non-GAAP) 1
Total equity
Less:
Total Cash, Cash Equivalents and Short-Term Investments
Marketable securities
Invested capital (Non-GAAP)
2016 Return on Invested Capital (ROIC):
Return on invested capital (ROIC) (Non-GAAP) 2	17.2%

2016 Two-Year Average	As of December 31, 2015	As of December 31, 2016
$44,913 24,492 16,891 4,160 $48,354	$44,116 25,764 15,631 4,269 $49,980	$45,709 23,220 18,150 4,051 $46,728

• 1 Total debt is the sum of loans and notes payable, current maturities of long-term debt, and long-term debt.

• 2 Return on invested capital is calculated by dividing comparable net operating profit after taxes by invested capital.

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