Exhibit 12.1
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
Nine Months
Ended
September 30,
2011

Year Ended December 31,
 
2010

2009

2008

2007

2006

(In millions except ratios)
 
 
 
 
 
 
EARNINGS:
 
 
 
 
 
 
  Income from continuing operations before income taxes and changes in accounting principles
$
9,228

$
14,243

$
8,946

$
7,506

$
7,919

$
6,628

  Fixed charges
359

792

422

513

524

271

  Less:
 
 
 
 
 
 
    Capitalized interest, net
(1
)
(1
)
(4
)
(7
)
(12
)
(10
)
    Equity (income) loss - net of dividends
(172
)
(671
)
(359
)
1,128

(452
)
124

  Adjusted earnings
$
9,414

$
14,363

$
9,005

$
9,140

$
7,979

$
7,013

FIXED CHARGES:
 
 
 
 
 
 
  Gross interest incurred
$
314

$
734

$
359

$
445

$
468

$
230

  Interest portion of rent expense
45

58

63

68

56

41

  Total fixed charges
$
359

$
792

$
422

$
513

$
524

$
271

  Ratios of earnings to fixed charges
26.2

18.1

21.3

17.8

15.2

25.9

As of September 30, 2011, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of approximately $652 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.