Exhibit 12
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In millions except ratios)
Three Months
Ended Year Ended December 31,
March 31, ----------------------------------------------
1995 1994 1993 1992 1991 1990
---- ---- ---- ---- ---- ----
EARNINGS:
Income before
income taxes
and changes
in accounting
principles $ 931 $ 3,728 $ 3,185 $ 2,746 $ 2,383 $ 2,014
Fixed charges 67 236 213 207 222 255
Less:
Capitalized
interest, net (2) (5) (16) (10) (8) (8)
Equity income,
in excess of
dividends (23) (4) (35) (30) (16) (94)
----- ------- ------- ------- ------- -------
Adjusted earnings $ 973 $ 3,955 $ 3,347 $ 2,913 $ 2,581 $ 2,167
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FIXED CHARGES:
Gross interest
incurred $ 59 $ 204 $ 184 $ 181 $ 200 $ 238
Interest portion of
rent expense 8 32 29 26 22 17
----- ------- ------- ------- ------- -------
Total fixed charges $ 67 $ 236 $ 213 $ 207 $ 222 $ 255
===== ======= ======= ======= ======= =======
Ratios of earnings
to fixed charges 14.5 16.8 15.7 14.1 11.6 8.5
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The Company is contingently liable for guarantees of indebtedness of
independent bottling companies and others (approximately $179 million at
March 31, 1995). Fixed charges for these contingent liabilities have not
been included in the computations 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.