QuickLinks -- Click here to rapidly navigate through this document

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,
 
 
  2006
  2005
  2004
  2003
  2002
 
Earnings:                                
 
Income from continuing operations before income taxes and changes in accounting principles

 

$

6,578

 

$

6,690

 

$

6,222

 

$

5,495

 

$

5,499

 
  Fixed charges     271     281     232     220     236  
  Less: Capitalized interest, net     (10 )   (3 )   (1 )   (1 )   (1 )
      Equity income, net of dividends     124     (446 )   (476 )   (294 )   (256 )
   
 
 
 
 
 
    Adjusted earnings   $ 6,963   $ 6,522   $ 5,977   $ 5,420   $ 5,478  
   
 
 
 
 
 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
Gross interest incurred

 

$

230

 

$

243

 

$

197

 

$

179

 

$

200

 
  Interest portion of rent expense     41     38     35     41     36  
   
 
 
 
 
 
    Total fixed charges   $ 271   $ 281   $ 232   $ 220   $ 236  
   
 
 
 
 
 
    Ratios of earnings to fixed charges     25.7     23.2     25.8     24.6     23.2  
   
 
 
 
 
 

The Company is contingently liable for guarantees of indebtedness owed by third parties in the amount of $270 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.




QuickLinks

The Coca-Cola Company and Subsidiaries Computation of Ratios of Earnings to Fixed Charges (IN MILLIONS EXCEPT RATIOS)