Exhibit 12.1
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Three Months Ended March 31, 2017

Year Ended December 31,
 
2016

2015

2014

2013

2012

(In millions except ratio)
 
 
 
 
 
 
EARNINGS:
 
 
 
 
 
 
  Income from continuing operations before income taxes
$
1,507

$
8,136

$
9,605

$
9,325

$
11,477

$
11,809

  Fixed charges
210

804

931

569

553

486

  Less:
 
 
 
 
 
 
    Capitalized interest, net
(1
)
(3
)
(1
)
(1
)
(1
)
(1
)
    Equity (income) loss — net of dividends
(89
)
(449
)
(122
)
(371
)
(201
)
(426
)
  Adjusted earnings
$
1,627

$
8,488

$
10,413

$
9,522

$
11,828

$
11,868

FIXED CHARGES:
 
 
 
 
 
 
  Gross interest incurred
$
193

$
736

$
857

$
484

$
464

$
398

  Interest portion of rent expense
17

68

74

85

89

88

  Total fixed charges
$
210

$
804

$
931

$
569

$
553

$
486

  Ratio of earnings to fixed charges
7.7

10.6

11.2

16.7

21.4

24.4

As of March 31, 2017, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of $578 million. 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. The interest amount in the above table does not include interest expense associated with unrecognized tax benefits.