Exhibit 12.1
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Six Months Ended June 29, 2018

Year Ended December 31,
 
2017

2016

2015

2014

2013

(In millions except ratio)
 
 
 
 
 
 
EARNINGS:
 
 
 
 
 
 
  Income from continuing operations before income taxes
$
4,716

$
6,742

$
8,136

$
9,605

$
9,325

$
11,477

  Fixed charges
502

902

804

931

569

553

  Less:
 
 
 
 
 
 
    Capitalized interest, net
(3
)
(5
)
(3
)
(1
)
(1
)
(1
)
    Equity (income) loss — net of dividends
(147
)
(628
)
(449
)
(122
)
(371
)
(201
)
  Adjusted earnings
$
5,068

$
7,011

$
8,488

$
10,413

$
9,522

$
11,828

FIXED CHARGES:
 
 
 
 
 
 
  Gross interest incurred
$
474

$
846

$
736

$
857

$
484

$
464

  Interest portion of rent expense
28

56

68

74

85

89

  Total fixed charges
$
502

$
902

$
804

$
931

$
569

$
553

  Ratio of earnings to fixed charges
10.1

7.8

10.6

11.2

16.7

21.4

As of June 29, 2018, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of $627 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.