For year-end 2014, what amounts were reported by Coca-Cola and PepsiCo as (1) gross deferred tax assets
Question:
Question: The financial statements of Coca-Cola and PepsiCo ...
The financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. The companies' complete annual reports, including the notes to the financial statements, are available online.
THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME | |||
Year Ended December 31, | 2014 | 2013 | 2012 |
(In millions except per share data) | |||
NET OPERATING REVENUES | $ 45,998 | $ 46,854 | $ 48,017 |
Cost of goods sold | 17,889 | 18,421 | 19,053 |
GROSS PROFIT | 28,109 | 28,433 | 28,964 |
Selling, general and administrative expenses | 17,218 | 17,310 | 17,738 |
Other operating charges | 1,183 | 895 | 447 |
OPERATING INCOME | 9,708 | 10,228 | 10,779 |
Interest income | 594 | 534 | 471 |
Interest expense | 483 | 463 | 397 |
Equity income (loss) — net | 769 | 602 | 819 |
Other income (loss) — net | (1,263) | 576 | 137 |
INCOME BEFORE INCOME TAXES | 9,325 | 11,477 | 11,809 |
Income taxes | 2,201 | 2,851 | 2,723 |
CONSOLIDATED NET INCOME | 7,124 | 8,626 | 9,086 |
Less: Net income attributable to noncontrolling interests | 26 | 42 | 67 |
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY | $ 7,098 | $ 8,584 | $ 9,019 |
BASIC NET INCOME PER SHARE1 | $ 1.62 | $ 1.94 | $ 2.00 |
DILUTED NET INCOME PER SHARE1 | $ 1.60 | $ 1.90 | $ 1.97 |
AVERAGE SHARES OUTSTANDING | 4,387 | 4,434 | 4,504 |
Effect of dilutive securities | 63 | 75 | 80 |
AVERAGE SHARES OUTSTANDING ASSUMING DILUTION | 4,450 | 4,509 | 4,584 |
1Calculated based on net income attributable to shareowners of The Coca-Cola Company.
THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Year Ended December 31, | 2014 | 2013 | 2012 |
(In millions) | |||
CONSOLIDATED NET INCOME | $ 7,124 | $ 8,626 | $ 9,086 |
Other comprehensive income: | |||
Net foreign currency translation adjustment | (2,382) | (1,187) | (182) |
Net gain (loss) on derivatives | 357 | 151 | 99 |
Net unrealized gain (loss) on available-for-sale securities | 714 | (80) | 178 |
Net change in pension and other benefit liabilities | (1,039) | 1,066 | (668) |
TOTAL COMPREHENSIVE INCOME | 4,774 | 8,576 | 8,513 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 21 | 39 | 105 |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY | $ 4,753 | $ 8,537 | $ 8,408 |
THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||
December 31, | 2014 | 2013 |
(In millions except par value) | ||
ASSETS | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $ 8,958 | $ 10,414 |
Short-term investments | 9,052 | 6,707 |
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | 18,010 | 17,121 |
Marketable securities | 3,665 | 3,147 |
Trade accounts receivable, less allowances of $331 and $61, respectively | 4,466 | 4,873 |
Inventories | 3,100 | 3,277 |
Prepaid expenses and other assets | 3,066 | 2,886 |
Assets held for sale | 679 | — |
TOTAL CURRENT ASSETS | 32,986 | 31,304 |
EQUITY METHOD INVESTMENTS | 9,947 | 10,393 |
OTHER INVESTMENTS | 3,678 | 1,119 |
OTHER ASSETS | 4,407 | 4,661 |
PROPERTY, PLANT AND EQUIPMENT — net | 14,633 | 14,967 |
TRADEMARKS WITH INDEFINITE LIVES | 6,533 | 6,744 |
BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES | 6,689 | 7,415 |
GOODWILL | 12,100 | 12,312 |
OTHER INTANGIBLE ASSETS | 1,050 | 1,140 |
TOTAL | $92,023 | $ 90,055 Pepsico, Inc. is a leading global food and beverage company with a complementary portfolio of enjoyable brands, including Frito-Lay, Gatorade, Pepsi-Cola, Quaker, and Tropicana. Through its operations, authorized bottlers, contract manufacturers, and other third parties, PepsiCo makes, markets, distributes, and sells a wide variety of convenient and enjoyable beverages, foods, and snacks, serving customers and consumers in more than 200 countries and territories. To access PepsiCo's complete annual report, including notes to the financial statements, follow these steps: Go to http://www.pepsico.com/Investors. Select SEC Filings and then the 10K, dated 2/12/2015 (select the pdf version). Select Entire document. The Notes to Consolidated Financial Statements begin on page 73. Consolidated Statement of Income PepsiCo, Inc. and Subsidiaries Fiscal years ended December 27, 2014, December 28, 2013 and December 29, 2012 (in millions except per share amounts |
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield