EXHIBIT 12.1

 

THE COCA-COLA COMPANY AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

 

 

Year Ended December 31,

 

(In millions except ratios)

 

2008

 

2007

 

2006

 

2005

 

2004

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes and changes in accounting principles

 

$

7,439

 

$

7,873

 

$

6,578

 

$

6,690

 

$

6,222

 

Fixed charges

 

513

 

524

 

271

 

281

 

232

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest, net

 

(7

)

(12

)

(10

)

(3

)

(1

)

Equity (income) loss, net of dividends

 

1,128

 

(452

)

124

 

(446

)

(476

)

Adjusted earnings

 

$

9,073

 

$

7,933

 

$

6,963

 

$

6,522

 

$

5,977

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

Gross interest incurred

 

$

445

 

$

468

 

$

230

 

$

243

 

$

197

 

Interest portion of rent expense

 

68

 

56

 

41

 

38

 

35

 

Total fixed charges

 

$

513

 

$

524

 

$

271

 

$

281

 

$

232

 

Ratios of earnings to fixed charges

 

17.7

 

15.1

 

25.7

 

23.2

 

25.8

 

 

As of December 31, 2008, the Company was contingently liable for guarantees of indebtedness owed by third parties in the amount of approximately $238 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.