EXHIBIT 12.1
The Coca-Cola Company and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges
(IN MILLIONS EXCEPT RATIOS)
YEAR ENDED DECEMBER 31,
--------------------------------------------
2001 2000 1999 1998 1997
--------------------------------------------
Earnings:
Income from continuing operations before income
taxes and changes in accounting principles... $ 5,670 $ 3,399 $ 3,819 $ 5,198 $ 6,055
Fixed charges................................... 327 489 386 320 300
Less: Capitalized interest, net................. (8) (11) (18) (17) (17)
Equity income or loss, net of
dividends............................... (54) 380 292 31 (108)
--------------------------------------------
Adjusted earnings............................... $ 5,935 $ 4,257 $ 4,479 $ 5,532 $ 6,230
============================================
Fixed charges:
Gross interest incurred......................... $ 297 $ 458 $ 355 $ 294 $ 275
Interest portion of rent expense................ 30 31 31 26 25
--------------------------------------------
Total fixed charges............................. $ 327 $ 489 $ 386 $ 320 $ 300
============================================
Ratios of earnings to fixed charges............. 18.1 8.7 11.6 17.3 20.8
============================================
The Company is contingently liable for guarantees of indebtedness owed
by third parties in the amount of $436 million, of which $10 million related to
the Company's equity investee bottlers. Fixed charges for these contingent
liabilities have not been included in the computation 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.