Faster, stronger, better. Annual report 2019 creating more smiles with every sip

Other Tax Matters
On May 19, 2019, a public referendum held in Switzerland passed the TRAF, effective January 1, 2020. The 
enactment of certain provisions of the TRAF in 2019 resulted in adjustments to our deferred taxes. During 
2019, we recorded net tax expense of $24 million related to the impact of the TRAF. Enactment of the TRAF 
provisions subsequent to December 28, 2019 is expected to result in adjustments to our consolidated financial 
statements and related disclosures in future periods. The future impact of the TRAF cannot currently be 
reasonably estimated; we will continue to monitor and assess the impact the TRAF may have on our business 
and financial results. 
In 2018, we reorganized certain of our international operations, including the intercompany transfer of certain 
intangible assets. As a result, we recognized other net tax benefits of $4.3 billion ($3.05 per share) in 2018. 
The related deferred tax asset of $4.4 billion is being amortized over a period of 15 years beginning in 2019. 
Additionally, the reorganization generated significant net operating loss carryforwards and related deferred 
tax assets that are not expected to be realized, resulting in the recording of a full valuation allowance.

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95
Deferred tax liabilities and assets are comprised of the following:
2019
2018
Deferred tax liabilities
Debt guarantee of wholly-owned subsidiary
$
578 $
578
Property, plant and equipment
1,583
1,303
Recapture of net operating losses
335
414
Right-of-use assets
345
—
Other
167
71
Gross deferred tax liabilities
3,008
2,366
Deferred tax assets
Net carryforwards
4,168
4,353
Intangible assets other than nondeductible goodwill