Exhibit 12.1
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
Year Ended December 31,
 
2016

2015

2014

2013

2012

(In millions except ratios)
 
 
EARNINGS:
 
 
 
 
 
Income from continuing operations before income taxes and changes in accounting principles
$
8,136

$
9,605

$
9,325

$
11,477

$
11,809

  Fixed charges
804

931

569

553

486

  Less:
 
 
 
 
 
    Capitalized interest, net
(3
)
(1
)
(1
)
(1
)
(1
)
    Equity (income) loss — net of dividends
(449
)
(122
)
(371
)
(201
)
(426
)
  Adjusted earnings
$
8,488

$
10,413

$
9,522

$
11,828

$
11,868

FIXED CHARGES:
 
 
 
 
 
  Gross interest incurred
$
736

$
857

$
484

$
464

$
398

  Interest portion of rent expense
68

74

85

89

88

  Total fixed charges
$
804

$
931

$
569

$
553

$
486

  Ratios of earnings to fixed charges
10.6

11.2

16.7

21.4

24.4


As of December 31, 2016, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of $587 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.