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.