EXHIBIT 12
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In millions except ratios)
| Three Months Ended March 31, |
Year Ended December 31, |
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| 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||
| EARNINGS: | ||||||||||||||||||||
| Income before income taxes and changes in accounting principles |
$ 1,512 | $ | 5,495 | $ | 5,499 | $ | 5,670 | $ | 3,399 | $ | 3,819 | |||||||||
| Fixed charges | 55 | 220 | 236 | 327 | 489 | 386 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Capitalized interest, net | — | (1 | ) | (1 | ) | (8 | ) | (11 | ) | (18 | ) | |||||||||
| Equity income or loss, net of dividends | (53 | ) | (294 | ) | (256 | ) | (54 | ) | 380 | 292 | ||||||||||
| Adjusted earnings | $ 1,514 | $ | 5,420 | $ | 5,478 | $ | 5,935 | $ | 4,257 | $ | 4,479 | |||||||||
| FIXED CHARGES: | ||||||||||||||||||||
| Gross interest incurred | $ 44 | $ | 179 | $ | 200 | $ | 297 | $ | 458 | $ | 355 | |||||||||
| Interest portion of rent expense | 11 | 41 | 36 | 30 | 31 | 31 | ||||||||||||||
| Total fixed charges | $ 55 | $ | 220 | $ | 236 | $ | 327 | $ | 489 | $ | 386 | |||||||||
| Ratios of earnings to fixed charges | 27.5 | 24.6 | 23.2 | 18.1 | 8.7 | 11.6 | ||||||||||||||
At March 31, 2004, our Company is contingently liable for guarantees of indebtedness owed by third parties in the amount of $310 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 our Company will be required to satisfy the guarantees.