Exhibit 12.1
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
Three Months
Ended
March 29,
2013

Year Ended December 31,
 
2012

2011

2010

2009

2008

(In millions except ratios)
 
 
 
 
 
 
EARNINGS:
 
 
 
 
 
 
  Income from continuing operations before income taxes
$
2,344

$
11,809

$
11,458

$
14,207

$
8,902

$
7,525

  Fixed charges
125

486

505

792

422

513

  Less:
 
 
 
 
 
 
    Capitalized interest, net
—

(1
)
(1
)
(1
)
(4
)
(7
)
    Equity (income) loss — net of dividends
(77
)
(426
)
(269
)
(671
)
(359
)
1,128

  Adjusted earnings
$
2,392

$
11,868

$
11,693

$
14,327

$
8,961

$
9,159

FIXED CHARGES:
 
 
 
 
 
 
  Gross interest incurred
$
102

$
398

$
418

$
734

$
359

$
445

  Interest portion of rent expense
23

88

87

58

63

68

  Total fixed charges
$
125

$
486

$
505

$
792

$
422

$
513

  Ratios of earnings to fixed charges
19.1

24.4

23.2

18.1

21.2

17.9

As of March 29, 2013, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of $632 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.