Exhibit 12 THE COCA-COLA COMPANY AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (In millions except ratios)
Six Months Ended Year Ended December 31, June 30, ------------------------------------------------ 1995 1994 1993 1992 1991 1990 -------- -------- -------- -------- -------- -------- EARNINGS: Income before income taxes and changes in accounting principles $ 2,235 $ 3,728 $ 3,185 $ 2,746 $ 2,383 $ 2,014 Fixed charges 146 236 213 207 222 255 Less: Capitalized interest, net (3) (5) (16) (10) (8) (8) Equity income, net of dividends (8) (4) (35) (30) (16) (94) -------- -------- -------- -------- -------- -------- Adjusted earnings $ 2,370 $ 3,955 $ 3,347 $ 2,913 $ 2,581 $ 2,167 ======== ======== ======== ======== ======== ======== FIXED CHARGES: Gross interest incurred $ 129 $ 204 $ 184 $ 181 $ 200 $ 238 Interest portion of rent expense 17 32 29 26 22 17 -------- -------- -------- -------- -------- -------- Total fixed charges $ 146 $ 236 $ 213 $ 207 $ 222 $ 255 ======== ======== ======== ======== ======== ======== Ratios of earnings to fixed charges 16.2 16.8 15.7 14.1 11.6 8.5 ======== ======== ======== ======== ======== ======== The Company is contingently liable for guarantees of indebtedness of independent bottling companies and others (approximately $186 million at June 30, 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.