Exhibit 12.1
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Six Months
Ended
June 27,
2014

Year Ended December 31,
 
2013

2012

2011

2010

2009

(In millions except ratio)
 
 
 
 
 
 
EARNINGS:
 
 
 
 
 
 
  Income from continuing operations before income taxes
$
5,589

$
11,477

$
11,809

$
11,458

$
14,207

$
8,902

  Fixed charges
277

553

486

505

792

422

  Less:
 
 
 
 
 
 
    Capitalized interest, net
—

(1
)
(1
)
(1
)
(1
)
(4
)
    Equity (income) loss — net of dividends
(124
)
(201
)
(426
)
(269
)
(671
)
(359
)
  Adjusted earnings
$
5,742

$
11,828

$
11,868

$
11,693

$
14,327

$
8,961

FIXED CHARGES:
 
 
 
 
 
 
  Gross interest incurred
$
231

$
464

$
398

$
418

$
734

$
359

  Interest portion of rent expense
46

89

88

87

58

63

  Total fixed charges
$
277

$
553

$
486

$
505

$
792

$
422

  Ratio of earnings to fixed charges
20.7

21.4

24.4

23.2

18.1

21.2

As of June 27, 2014, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of $549 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.