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, ---------------------------------------------
1996 1995 1994 1993 1992 1991
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Earnings:
Income before income
taxes and changes in
accounting principles $2,555 $4,328 $3,728 $3,185 $2,746 $2,383
Fixed charges 164 318 236 213 207 222
Adjustments:
Capitalized
interest, net (2) (9) (5) (16) (10) (8)
Equity income,
net of dividends (19) (25) (4) (35) (30) (16)
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Adjusted earnings $2,698 $4,612 $3,955 $3,347 $2,913 $2,581
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Fixed Charges:
Gross interest
incurred $ 145 $ 281 $ 204 $ 184 $ 181 $ 200
Interest portion of
rent expense 19 37 32 29 26 22
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Total fixed charges $ 164 $ 318 $ 236 $ 213 $ 207 $ 222
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Ratios of earnings
to fixed charges 16.5 14.5 16.8 15.7 14.1 11.6
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The Company is contingently liable for guarantees of indebtedness of
independent bottling companies and others (approximately $196 million
at June 30, 1996). 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.