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Business Context and Reporting Period

This Form 8-K, filed on September 20, 2019, by The Coca-Cola Company, addresses significant changes in accounting treatment and operating segment reporting. The filing updates historical consolidated financial information and disclosures from the 2018 Form 10-K to reflect strategic shifts regarding Coca-Cola Beverages Africa (CCBA) and the establishment of a new operating segment.

Key Financial Metrics

The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it details the structural reclassification of financial data:

• CCBA Reclassification: Coca-Cola Beverages Africa (CCBA) is no longer classified as "held for sale" or a "discontinued operation." Its results are now presented within continuing operations.
• Segment Realignment: CCBA is now included in the Bottling Investments operating segment.
• New Segment: A new "Global Ventures" operating segment was established effective January 1, 2019.

Material Changes Versus Prior Period

Material changes involve the reclassification of historical data rather than new operational performance metrics for the current period:

• CCBA Status Change: Previously accounted for as held for sale from October 2017 through Q1 2019, CCBA is now maintained as a controlling stake for the foreseeable future. Consequently, its financial results are integrated into continuing operations starting in Q2 2019.
• Global Ventures Formation: The new Global Ventures segment now includes results from Costa Limited (acquired Jan 3, 2019), innocent, doTadán, and fees from distribution coordination agreements with Monster Beverage Corporation.
• Historical Restatement: Results for innocent, doTadán, and Monster fees have been transferred from the Europe, Middle East & Africa, Latin America, North America, Asia Pacific, and Corporate segments to Global Ventures in updated historical disclosures.

Guidance, Outlook, and Management Commentary

Management commentary focuses on the strategic decision to retain CCBA and the organizational restructuring to better reflect the company's portfolio:

• Strategic Intent: The Company updated its plans in Q2 2019 to maintain its controlling stake in CCBA, abandoning the original intent to refranchise.
• Disclosure Updates: The filing updates forward-looking statements and risk factors in the 2018 Form 10-K to align with the new segment structure and CCBA's inclusion in continuing operations.
• Reference for Recent Developments: For material developments occurring after the 2018 Form 10-K but prior to this filing, investors are directed to the Quarterly Reports on Form 10-Q for periods ended March 29, 2019, and June 28, 2019.

Important Facts for Investor Verification

• Verify the impact of reclassifying CCBA from discontinued operations to continuing operations on year-over-year growth comparisons.
• Review the updated segment reporting in the revised 2018 Form 10-K (Exhibit 99.1) to understand the composition of the new Global Ventures segment.
• Confirm that historical financial data for 2016, 2017, and 2018 has been restated in the iXBRL filings (Exhibit 101) to reflect these changes.
• Note that this filing does not contain new operational results for the third quarter of 2019; it solely updates historical context and segment definitions.