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The Coca-Cola Company Reports Full-Year And Fourth Quarter 2013 Results

As a combined productivity and reinvestment program, the Company anticipates generating annualized savings of $550 million to $650 million. In February 2014, we announced the expansion of this program to drive an incremental $1 billion in productivity by 2016 that will be redirected primarily into increased media investments.

Productivity Initiatives

During the year ended December 31, 2013, the Company reversed charges of $2 million. During the three months and year ended December 31, 2012, the Company reversed charges of $1 million and $10 million, respectively. These reversals were related to previously established accruals associated with our 2008-2011 productivity initiatives. These initiatives were focused on providing additional flexibility to invest for growth and impacted a number of areas, including aggressively managing operating expenses supported by lean techniques; redesigning key processes to drive standardization and effectiveness; better leveraging our size and scale; and driving savings in indirect costs.

Equity Investees

During the three months and year ended December 31, 2013, the Company recorded net charges of $134 million and $159 million, respectively. During the three months and year ended December 31, 2012, the Company recorded net charges of $25 million and net gains of $8 million, respectively. These amounts represent the Company‚Äôs proportionate share of unusual or infrequent items recorded by certain of our equity method investees.

CCE Transaction

During the year ended December 31, 2013, the Company reversed charges of $2 million. During the three months and year ended December 31, 2012, the Company reversed charges of $1 million and $6 million, respectively. These reversals were related to previously established accruals associated with the Company's integration of CCE's former North America business.

Transaction Gains/Losses

During the year ended December 31, 2013, the Company recorded a gain of $615 million related to the deconsolidation of our Brazilian bottling operations upon their combination with an independent bottler. Subsequent to this transaction, the Company accounts for our investment in the newly combined Brazilian bottling operations under the equity method of accounting.

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