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, ------------------------------------------------
1997 1996 1995 1994 1993 1992
---------- -------- -------- -------- -------- --------
EARNINGS:
Income before income
taxes and changes in
accounting principles $ 3,366 $ 4,596 $ 4,328 $ 3,728 $ 3,185 $ 2,746
Fixed charges 152 324 318 236 213 207
Adjustments:
Capitalized
interest, net (6) (7) (9) (5) (16) (10)
Equity (income) loss,
net of dividends
received (71) (89) (25) (4) (35) (30)
---------- -------- -------- -------- -------- --------
Adjusted earnings $ 3,441 $ 4,824 $ 4,612 $ 3,955 $ 3,347 $ 2,913
========== ======== ======== ======== ======== ========
FIXED CHARGES:
Gross interest
incurred $ 136 $ 293 $ 281 $ 204 $ 184 $ 181
Interest portion of
rent expense 16 31 37 32 29 26
---------- -------- -------- -------- -------- --------
Total fixed charges $ 152 $ 324 $ 318 $ 236 $ 213 $ 207
========== ======== ======== ======== ======== ========
Ratios of earnings
to fixed charges 22.6 14.9 14.5 16.8 15.7 14.1
========== ======== ======== ======== ======== ========
At June 30, 1997, the Company is contingently liable for guarantees of
indebtedness owed by third parties in the amount of $294 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.