Exhibit 12.1
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
Year Ended December 31,
 
2011

2010

2009

2008

2007

(In millions except ratios)
 
 
 
 
 
EARNINGS:
 
 
 
 
 
Income from continuing operations before income taxes and changes in accounting principles
$
11,439

$
14,243

$
8,946

$
7,506

$
7,919

  Fixed charges
505

792

422

513

524

  Less:
 
 
 
 
 
    Capitalized interest, net
(1
)
(1
)
(4
)
(7
)
(12
)
    Equity (income) loss - net of dividends
(269
)
(671
)
(359
)
1,128

(452
)
  Adjusted earnings
$
11,674

$
14,363

$
9,005

$
9,140

$
7,979

FIXED CHARGES:
 
 
 
 
 
  Gross interest incurred
$
418

$
734

$
359

$
445

$
468

  Interest portion of rent expense
87

58

63

68

56

  Total fixed charges
$
505

$
792

$
422

$
513

$
524

  Ratios of earnings to fixed charges
23.1

18.1

21.3

17.8

15.2

As of December 31, 2011, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of $654 million. 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. The interest amount in the above table does not include interest expense associated with unrecognized tax benefits.