EXHIBIT 12.1 The Coca-Cola Company and Subsidiaries Computation of Ratios of Earnings to Fixed Charges (IN MILLIONS EXCEPT RATIOS)
Year Ended December 31, ---------------------------------------------------------------------- 1999 1998 1997 1996 1995 ---------------------------------------------------------------------- Earnings: Income from continuing operations before income taxes and changes in accounting principles $ 3,819 $ 5,198 $ 6,055 $ 4,596 $ 4,328 Fixed charges 386 320 300 324 318 Less: Capitalized interest, net (18) (17) (17) (7) (9) Equity income, net of dividends 292 31 (108) (89) (25) -------------------------------------------------------------------- Adjusted earnings $ 4,479 $ 5,532 $ 6,230 $ 4,824 $ 4,612 ==================================================================== Fixed charges: Gross interest incurred $ 355 $ 294 $ 275 $ 293 $ 281 Interest portion of rent expense 31 26 25 31 37 -------------------------------------------------------------------- Total fixed charges $ 386 $ 320 $ 300 $ 324 $ 318 ==================================================================== Ratios of earnings to fixed charges 11.6 17.3 20.8 14.9 14.5 ==================================================================== The Company is contingently liable for guarantees of indebtedness owed by third parties in the amount of $409 million, of which $7 million related to independent bottling licensees. Fixed charges for these contingent liabilities have not been included in the computation of the above ratios as the amounts are immaterial and, in the opinion of Management, it is not probable that the Company will be required to satisfy the guarantees.