Exhibit 12
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In millions except ratios)
Nine Months
Ended Year Ended December 31,
September 30, ---------------------------------------------
1995 1994 1993 1992 1991 1990
---- ---- ---- ---- ---- ----
EARNINGS:
Income before
income taxes and
changes in
accounting
principles $3,403 $3,728 $3,185 $2,746 $2,383 $2,014
Fixed charges 223 236 213 207 222 255
Less:
Capitalized
interest, net (6) (5) (16) (10) (8) (8)
Equity income,
net of dividends (64) (4) (35) (30) (16) (94)
------ ------ ------ ------ ------ ------
Adjusted earnings $3,556 $3,955 $3,347 $2,913 $2,581 $2,167
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FIXED CHARGES:
Gross interest
incurred $ 198 $ 204 $ 184 $ 181 $ 200 $ 238
Interest portion of
rent expense 25 32 29 26 22 17
------ ------ ------ ------ ------ ------
Total fixed charges $ 223 $ 236 $ 213 $ 207 $ 222 $ 255
====== ====== ====== ====== ====== ======
Ratios of earnings
to fixed charges 15.9 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 $219 million at
September 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.