Total purchase price
$
3,343
Goodwill is calculated as the excess of the aggregate of the fair value of the consideration transferred over
the fair value of the net assets recognized. The goodwill recorded as part of the acquisition of SodaStream
primarily reflects the value of expected synergies from our product portfolios and is not deductible for tax
purposes.
Refranchising in Thailand
In 2018, we refranchised our beverage business in Thailand by selling a controlling interest in our Thailand
bottling operations to form a joint venture, where we now have an equity method investment. We recorded
a pre-tax gain of $144 million ($126 million after-tax or $0.09 per share) in selling, general and administrative
expenses in our APAC segment as a result of this transaction.
Refranchising in Czech Republic, Hungary, and Slovakia
In 2018, we refranchised our entire beverage bottling operations and snack distribution operations in CHS.
We recorded a pre-tax gain of $58 million ($46 million after-tax or $0.03 per share) in selling, general and
administrative expenses in our Europe segment as a result of this transaction.
Refranchising in Jordan
In 2017, we refranchised our beverage business in Jordan by selling a controlling interest in our Jordan
bottling operations to form a joint venture, where we now have an equity method investment. We recorded
a pre-tax gain of $140 million ($107 million after-tax or $0.07 per share) in selling, general and administrative
expenses in our AMESA segment as a result of this transaction.
Inventory Fair Value Adjustments and Merger and Integration Charges
In 2019, we recorded inventory fair value adjustments and merger and integration charges of $55 million
($47 million after-tax or $0.03 per share), including $46 million in our Europe segment, $7 million in our
AMESA segment and $2 million in corporate unallocated expenses. These charges are primarily related to
fair value adjustments to the acquired inventory included in SodaStream’s balance sheet at the acquisition
date, recorded in cost of sales, as well as merger and integration charges, including employee-related costs,
recorded in selling, general and administrative expenses.
In 2018, we recorded merger and integration charges of $75 million ($0.05 per share), including $57 million
in our Europe segment and $18 million in corporate unallocated expenses, related to our acquisition of
SodaStream, recorded in selling, general and administrative expenses. These charges include closing costs,
advisory fees and employee-related costs.
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