U.S. Tax Court Enters Decision in Ongoing Dispute Between The Coca-Cola Company and the U.S. Internal Revenue Service
2024年8月2日 - 10:25PM
ビジネスワイヤ(英語)
Coca-Cola to Move Forward with
Appeal
The U.S. Tax Court today completed the next step in the legal
process by entering a decision in the ongoing tax case between The
Coca-Cola Company and the U.S. Internal Revenue Service. The
decision reflects a liability of approximately $2.7 billion. With
applicable interest, the total amount is anticipated to be
approximately $6.0 billion.
Coca-Cola strongly believes the IRS and the Tax Court
misinterpreted and misapplied the applicable regulations involved
in the case and will vigorously defend its position on appeal. The
company has 90 days to file a notice of appeal to the U.S. Court of
Appeals for the Eleventh Circuit. The company looks forward to the
opportunity to begin the appellate process and, as part of that
process, will pay the agreed-upon liability and interest to the
IRS.
On Sept. 17, 2015, the company received a notice from the IRS
seeking approximately $3.3 billion of additional federal income tax
for years 2007 through 2009. In the notice, the IRS stated its
intent to reallocate over $9 billion of income to the U.S. parent
company from certain of its foreign affiliates retroactively,
rejecting a previously agreed upon methodology without prior notice
to the company.
On Oct. 15, 2015, the IRS designated this matter for litigation,
precluding the company from any, and all, alternative means of
resolution other than going to court. On November 18, 2020, the Tax
Court issued an opinion in which it predominantly sided with the
IRS. On Nov. 8, 2023, the Tax Court issued a second related opinion
also siding with the IRS on the remaining issue.
The company believes it will prevail on appeal with respect to
the issues raised in both the 2020 and 2023 Tax Court opinions. In
line with the company’s goal to be as transparent as possible, the
company has also provided guidance on the potential outcome should
it not to be successful on appeal. This guidance and other details
about the tax case are available in the Company’s Securities and
Exchange Commission (“SEC”) filings, including the Form 10-Q filed
on July 29, 2024.
The company continues to believe it will prevail in the case and
will continue to vigorously defend its position.
FORWARD LOOKING STATEMENTS
This press release may contain statements, estimates or
projections that constitute “forward-looking statements” as defined
under U.S. federal securities laws. Generally, the words “believe,”
“expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and
similar expressions identify forward-looking statements, which
generally are not historical in nature. Forward-looking statements
are subject to certain risks and uncertainties that could cause The
Coca-Cola Company’s actual results to differ materially from its
historical experience and our present expectations or projections.
These risks include, but are not limited to, increases in income
tax rates, changes in income tax laws or the unfavorable resolution
of tax matters, including the outcome of our ongoing tax dispute or
any related disputes with the IRS; the possibility that the
assumptions used to calculate our estimated aggregate incremental
tax and interest liability related to the potential unfavorable
outcome of the ongoing tax dispute with the IRS could significantly
change; increased or new indirect taxes; and other risks discussed
in our filings with the SEC, including our Annual Report on Form
10-K for the year ended December 31, 2023, and our subsequently
filed Quarterly Reports on Form 10-Q, which filings are available
from the SEC. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. We undertake no obligation to publicly update or revise
any forward-looking statements.
About The Coca-Cola
Company
The Coca-Cola Company (NYSE: KO) is a total beverage company
with products sold in more than 200 countries and territories. Our
company’s purpose is to refresh the world and make a difference. We
sell multiple billion-dollar brands across several beverage
categories worldwide. Our portfolio of sparkling soft drink brands
includes Coca-Cola, Sprite and Fanta. Our water, sports, coffee and
tea brands include Dasani, smartwater, vitaminwater, Topo Chico,
BODYARMOR, Powerade, Costa, Georgia, Gold Peak and Ayataka. Our
juice, value-added dairy and plant-based beverage brands include
Minute Maid, Simply, innocent, Del Valle, fairlife and AdeS. We’re
constantly transforming our portfolio, from reducing sugar in our
drinks to bringing innovative new products to market. We seek to
positively impact people’s lives, communities and the planet
through water replenishment, packaging recycling, sustainable
sourcing practices and carbon emissions reductions across our value
chain. Together with our bottling partners, we employ more than
700,000 people, helping bring economic opportunity to local
communities worldwide. Learn more at www.coca-colacompany.com and
follow us on Instagram, Facebook and LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20240802893315/en/
Investors and Analysts: Robin
Halpern, koinvestorrelations@coca-cola.com Media: Scott Leith, sleith@coca-cola.com
Coca Cola (NYSE:KO)
過去 株価チャート
から 8 2024 まで 9 2024
Coca Cola (NYSE:KO)
過去 株価チャート
から 9 2023 まで 9 2024