Exhibit 12.1
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
Six Months
Ended
June 29,
2012

Year Ended December 31,
 
2011

2010

2009

2008

2007

(In millions except ratios)
 
As Adjusted
EARNINGS:
 
 
 
 
 
 
  Income from continuing operations before income taxes
$
6,348

$
11,458

$
14,207

$
8,902

$
7,525

$
7,943

  Fixed charges
246

505

792

422

513

524

  Less:
 
 
 
 
 
 
    Capitalized interest, net
(1
)
(1
)
(1
)
(4
)
(7
)
(12
)
    Equity (income) loss — net of dividends
(143
)
(269
)
(671
)
(359
)
1,128

(452
)
  Adjusted earnings
$
6,450

$
11,693

$
14,327

$
8,961

$
9,159

$
8,003

FIXED CHARGES:
 
 
 
 
 
 
  Gross interest incurred
$
201

$
418

$
734

$
359

$
445

$
468

  Interest portion of rent expense
45

87

58

63

68

56

  Total fixed charges
$
246

$
505

$
792

$
422

$
513

$
524

  Ratios of earnings to fixed charges
26.2

23.2

18.1

21.2

17.9

15.3

As of June 29, 2012, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of $687 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.