Coca-Cola Co. said Friday it will pay $6 billion in back taxes and interest to the Internal Revenue Service while it appeals a final federal tax court decision in a case dating back 17 years.
The Atlanta beverage giant said it will continue to fight and believes it will win the legal dispute stemming from taxes and interest the IRS maintains the company owes from 2007, 2008 and 2009.
“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,” it said in a statement. Coca-Cola spokesperson Scott Leith declined additional comment to The Associated Press.
U.S. Tax Court Judge Albert Lauber on Friday issued a two-sentence decision and order ending his look at the case. The dispute reached court in December 2015, shortly after the company said it notified the IRS that it owed $3.3 billion more in federal taxes and interest for those three years.
In its Friday statement, Coca-Cola accused the IRS of changing how it let the company calculate U.S. income based on profits amounting to more than $9 billion from foreign licensees and affiliates.
An IRS spokesperson did not immediately respond Friday to a telephone message from AP about the case.
In a Securities and Exchange Commission filing in 2015, Coca-Cola said it had been following the same method to calculate its taxable U.S. income from foreign affiliates for nearly 30 years.
In a company quarterly report filed with SEC on Monday, which included guidance to investors, the company said it believes the IRS and Lauber “misinterpreted and misapplied the applicable regulations in reallocating income earned by the company’s foreign licensees.”
The publicly traded company said it expected that “some or all of (the $6 billion), plus accrued interest, would be refunded” if Coca-Cola wins its appeal. It has 90 days to file appeal documents.
Last week, the company raised its full-year sales guidance after reporting a stronger-than-expected second quarter, boosted by product price increases.
FILE - The Coca-Cola logo adorns the side of a delivery truck May 15, 2024, in southeast Denver. Coca-Cola reports earnings on Tuesday, July 23, 2024. Coca-Cola Co. said Friday, Aug. 2, 2024, it will pay a back tax bill amounting to $6 billion to the Internal Revenue Service while it appeals a federal tax court judge's latest ruling in a case dating back 17 years. (AP Photo/David Zalubowski, File)
MANCHESTER, England (AP) — Erling Haaland moved to 99 goals for Manchester City after scoring twice in a 2-1 win against Brentford in the English Premier League on Saturday.
The Norwegian’s double maintained City’s 100% start to the league after Yoane Wissa fired Brentford ahead with just 22 seconds on the clock.
Liverpool lost for the first time under new manager Arne Slot, to Nottingham Forest by a shock 1-0 at Anfield.
Manchester United won at Southampton 3-0 to end its two-game losing streak.
Haaland scored his 98th and 99th goals in his 103rd City appearance in all competitions. And he was the width of the post away from his third consecutive hat trick after trebles against Ipswich and West Ham.
“He's been really, really good. Yeah, I would say he's the best (he's been), but it's only four fixtures (this season),” City manager Pep Guardiola said.
Haaland, who has been nominated for the Ballon d’Or, has nine goals in four league games. He has topped the league scoring charts in each of his two seasons at City since joining from Borussia Dortmund in 2022 for $63 million.
Haaland’s first goal after 19 minutes evened the game following Wissa’s opener, which stunned the Etihad Stadium crowd. Haaland turned and swept a shot past goalkeeper Mark Flekken after a slight deflection off Ethan Pinnock.
He was then too strong for Pinnock when shaking off the defender and running through for his second in the 32nd.
He was inches away in the 81st; the shot came back off the post after beating the keeper.
Slot suffered his first setback in English soccer after Callum Hudson-Odoi fired Forest to a stunning win at Anfield.
Hudson-Odoi struck in the 72nd with a curling effort from the edge of the box and beyond goalkeeper Alisson.
Liverpool had been the only team other than City to have a 100% winning record after the first three rounds, including a memorable 3-0 win against Man United before the international break.
"Far too many times we lost the ball around the area, it was not good enough,” Slot said. “We have to be better with the ball. Our decisions and execution wasn’t good enough.”
Marcus Rashford snapped a 12-game barren run in front of goal as United beat Southampton.
Rashford doubled United’s lead at Saint Mary’s after Matthijs de Ligt’s scored his first for the club. Substitute Alejandro Garnacho scored a third in the sixth minute of stoppage time.
The win came after back-to-back defeats for United.
Rashford hadn’t scored since March in United’s win over Liverpool in the FA Cup quarterfinals. He curled in a shot from the edge of the area to put Erik ten Hag’s team 2-0 up at Southampton in the 41st minute.
Ten Hag said it could be a turning point for the forward.
“For every striker, they want to be on the scoring list. Once the first is in, more is coming. Like a ketchup bottle, once it’s going, it’s coming more,” he said.
De Ligt, who joined United from Bayern Munich in the offseason, headed in from Bruno Fernandes’ cross in the 35th.
It could have been a different story if Cameron Archer converted a penalty for Southampton in the 33rd. Instead, his effort was saved by goalkeeper Andre Onana.
Newly promoted Southampton was reduced to 10 men when Jack Stephens was sent off in the 79th for a high challenge on Garnacho.
Jean-Philippe Mateta converted a stoppage time penalty to salvage a 2-2 draw for Crystal Palace against Leicester.
Leicester led 2-0 at Selhurst Park after goals from Jamie Vardy and Stephy Mavididi.
But Mateta sparked Palace’s response with a goal in the 47th, a minute after Mavididi doubled Leicester’s advantage.
Conor Coady fouled Ismaili Sarr in the box right near fulltime and Mateta was cool enough to convert.
West Ham left it even later to salvage a point in a 1-1 draw at Fulham.
Danny Ings struck in the fifth minute of added time after Raul Jimenez’s goal looked like earning Fulham the win.
Brighton boss Fabian Hurzeler, the manager of the month for August, was frustrated as his team was held to 0-0 at home by Ipswich.
James Robson is at https://twitter.com/jamesalanrobson
AP soccer: https://apnews.com/hub/soccer
Liverpool's players react after Nottingham Forest's Callum Hudson-Odoi scoring during the English Premier League soccer match between Liverpool and Nottingham Forest at Anfield Stadium in Liverpool, England, Saturday, Sept. 14, 2024. (AP Photo/Rui Vieira)
Liverpool's manager Arne Slot holds a ball during the English Premier League soccer match between Liverpool and Nottingham Forest at Anfield Stadium in Liverpool, England, Saturday, Sept. 14, 2024. (AP Photo/Rui Vieira)
Nottingham Forest's Callum Hudson-Odoi celebrates scoring his side's opening goal during the English Premier League soccer match between Liverpool and Nottingham Forest at Anfield Stadium in Liverpool, England, Saturday, Sept. 14, 2024. (AP Photo/Rui Vieira)
Manchester City's Erling Haaland wipes sweat from his face during the English Premier League soccer match between Manchester City and Brentford at the Etihad Stadium in Manchester, England, Saturday, Sept. 14, 2024. (AP Photo/Scott Heppel)
Manchester City's Erling Haaland, front, duels for the ball with Brentford's Ethan Pinnock during the English Premier League soccer match between Manchester City and Brentford at the Etihad Stadium in Manchester, England, Saturday, Sept. 14, 2024. (AP Photo/Scott Heppel)
Manchester City's Erling Haaland runs during the English Premier League soccer match between Manchester City and Brentford at the Etihad Stadium in Manchester, England, Saturday, Sept. 14, 2024. (AP Photo/Scott Heppel)
Manchester City's Erling Haaland reacts during the English Premier League soccer match between Manchester City and Brentford at the Etihad Stadium in Manchester, England, Saturday, Sept. 14, 2024. (AP Photo/Scott Heppel)
Manchester United's goalkeeper Andre Onana save a penalty from Southampton's Cameron Archer during the English Premier League soccer match between Southampton and Manchester United at St. Mary's stadium in Southampton, England, Saturday, Sept. 14, 2024. (AP Photo/Alastair Grant)
Southampton's Jan Bednarek speaks to Manchester United's head coach Erik ten Hag during the English Premier League soccer match between Southampton and Manchester United at St. Mary's stadium in Southampton, England, Saturday, Sept. 14, 2024. (AP Photo/Alastair Grant)
Southampton's Flynn Downes, right, and Manchester United's Joshua Zirkzee battle for the ball during the English Premier League soccer match between Southampton and Manchester United at St. Mary's stadium in Southampton, England, Saturday, Sept. 14, 2024. (AP Photo/Alastair Grant)
Manchester United's Bruno Fernandes reacts after not getting a corner during the English Premier League soccer match between Southampton and Manchester United at St. Mary's stadium in Southampton, England, Saturday, Sept. 14, 2024. (AP Photo/Alastair Grant)
Manchester United's Marcus Rashford, center, celebrates after scoring his side's second goal during the English Premier League soccer match between Southampton and Manchester United at St. Mary's stadium in Southampton, England, Saturday, Sept. 14, 2024. (AP Photo/Alastair Grant)
Manchester United's Marcus Rashford, center, takes a shot during the English Premier League soccer match between Southampton and Manchester United at St. Mary's stadium in Southampton, England, Saturday, Sept. 14, 2024. (AP Photo/Alastair Grant)
