Exhibit 12.1
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
Year Ended December 31,
 
2015

2014

2013

2012

2011

(In millions except ratios)
 
 
EARNINGS:
 
 
 
 
 
Income from continuing operations before income taxes and changes in accounting principles
$
9,605

$
9,325

$
11,477

$
11,809

$
11,458

  Fixed charges
931

569

553

486

505

  Less:
 
 
 
 
 
    Capitalized interest, net
(1
)
(1
)
(1
)
(1
)
(1
)
    Equity (income) loss — net of dividends
(122
)
(371
)
(201
)
(426
)
(269
)
  Adjusted earnings
$
10,413

$
9,522

$
11,828

$
11,868

$
11,693

FIXED CHARGES:
 
 
 
 
 
  Gross interest incurred
$
857

$
484

$
464

$
398

$
418

  Interest portion of rent expense
74

85

89

88

87

  Total fixed charges
$
931

$
569

$
553

$
486

$
505

  Ratios of earnings to fixed charges
11.2

16.7

21.4

24.4

23.2


As of December 31, 2015, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of $572 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.