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, ------------------------------------------------
1997 1996 1995 1994 1993 1992
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EARNINGS:
Income before income
taxes and changes
in accounting
principles $ 1,431 $ 4,596 $ 4,328 $ 3,728 $ 3,185 $ 2,746
Fixed charges 78 324 318 236 213 207
Adjustments:
Capitalized
interest, net (2) (7) (9) (5) (16) (10)
Equity (income) loss,
net of dividends
received 29 (89) (25) (4) (35) (30)
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Adjusted earnings $ 1,536 $ 4,824 $ 4,612 $ 3,955 $ 3,347 $ 2,913
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FIXED CHARGES:
Gross interest
incurred $ 70 $ 293 $ 281 $ 204 $ 184 $ 181
Interest portion
of rent expense 8 31 37 32 29 26
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Total fixed charges $ 78 $ 324 $ 318 $ 236 $ 213 $ 207
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Ratios of earnings
to fixed charges 19.7 14.9 14.5 16.8 15.7 14.1
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At March 31, 1997, the Company is contingently liable for guarantees of
indebtedness owed by third parties in the amount of $274 million. 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.