Coca Cola : Reconciliation of Non-GAAP Financial Measures for the Investor Overview - November 2018

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)

• % Change - Reported (GAAP)

• % Currency Impact

• % Change - Currency Neutral (Non-GAAP)

• % Acquisitions, Divestitures and Structural Items

• % Change - Organic Revenues (Non-GAAP)

Year Ended December 31, 2015	Year Ended December 31, 2016	Year Ended December 31, 2017
$44,294	$41,863	$35,410
(37) $44,257	(9) $41,854	6 $35,416

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

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

(UNAUDITED)

(In millions)

Operating Income:

Reported (GAAP)

Items Impacting Comparability: Asset Impairments/Restructuring Productivity & Reinvestment Productivity Initiatives

CCE Transaction Transaction Gains/Losses Other Items

Comparable (Non-GAAP)

• % Change - Reported (GAAP)

• % Currency Impact

• % Change - Currency Neutral Reported (Non-GAAP)

• % Structural Impact

• % Change - Currency Neutral (Structurally Adjusted) (Non-GAAP)

• % Impact of Items Impacting Comparability (Non-GAAP)

• % Change - Comparable (Non-GAAP)

• % Comparable Currency Impact (Non-GAAP)

• % Change - Comparable Currency Neutral (Non-GAAP)

• % Comparable Structural Impact (Non-GAAP)

• % Change - Comparable Currency Neutral (Structurally Adjusted) (Non-GAAP)

Year Ended December 31, 2013	Year Ended December 31, 2014	Year Ended December 31, 2015	Year Ended December 31, 2016
$10,228	$9,708	$8,728	$8,626
383 494 (2) (2) 68 91 $11,260	208 601 - - 22 415 $10,954	292 691 - - 448 214 $10,373	393 352 - - 456 131 $9,958

Year Ended December 31, 2014	Year Ended December 31, 2015	Year Ended December 31, 2016
(5) (6) 1 (3) 4	(10) (12) 2 (1) 3	(1) (8) 7 (5) 13

(2) (3) (6) 3 (3) 6

(5) (5) (11) 6 (1) 7

3 (4) (7) 3 (6) 10

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

Operating Income Revised to Reflect Adoption of New Accounting Standard:1

Reported (GAAP)

Items Impacting Comparability: Asset Impairments/Restructuring Productivity & Reinvestment Transaction Gains/Losses Other Items

Comparable (Non-GAAP)

• % Change - Reported (GAAP)

• % Currency Impact

• % Change - Currency Neutral Reported (Non-GAAP)

• % Structural Impact

• % Change - Currency Neutral (Structurally Adjusted) (Non-GAAP)

• % Impact of Items Impacting Comparability (Non-GAAP)

• % Change - Comparable (Non-GAAP)

• % Comparable Currency Impact (Non-GAAP)

• % Change - Comparable Currency Neutral (Non-GAAP)

• % Comparable Structural Impact (Non-GAAP)

• % Change - Comparable Currency Neutral (Structurally Adjusted) (Non-GAAP)

Year Ended December 31, 2016	Year Ended December 31, 2017
$8,657	$7,599
393 352 317 131 $9,850	737 534 302 368 $9,540

Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

1 Accounting Standards Update 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

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(UNAUDITED)

Operating Margin:

Reported (GAAP)

Items Impacting Comparability (Non-GAAP)

Comparable Operating Margin (Non-GAAP)

Year Ended December 31, 2017	Year Ended December 31, 2015	Basis Point Growth
21.46% (5.48%) 26.94%	19.70% (3.74%) 23.44%	176 350

(In millions)

Net Operating Profit After Taxes (NOPAT):
Year Ended
December 31, 2015
Operating income	$8,787
Equity income (loss) - net	489
Total	9,276
Effective tax rate	23.3%
Net operating profit after taxes (NOPAT) (Non-GAAP)	$7,114
Comparable NOPAT:
Comparable operating income (Non-GAAP)	$10,256
Comparable equity income (loss) - net (Non-GAAP)	576
Total	10,832
Comparable effective tax rate (Non-GAAP)	22.5%
Comparable net operating profit after taxes (NOPAT) (Non-GAAP)	$8,395
Invested Capital:
Total debt (Non-GAAP) 1
Total equity
Less:
Total Cash, Cash Equivalents and Short-Term Investments
Marketable securities
Invested capital (Non-GAAP)
2015 Return on Invested Capital (ROIC):
Return on invested capital (ROIC) (Non-GAAP) 2	16.7%

2015 Two-Year Average	As of December 31, 2014	As of December 31, 2015
$42,903 28,163 16,821 3,967 $50,278	$41,690 30,561 18,010 3,665 $50,576	$44,116 25,764 15,631 4,269 $49,980

• 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.

(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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