Exhibit 12.1
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Nine Months Ended October 2, 2015

Year Ended December 31,
 
2014

2013

2012

2011

2010

(In millions except ratio)
 
 
 
 
 
 
EARNINGS:
 
 
 
 
 
 
  Income from continuing operations before income taxes
$
8,067

$
9,325

$
11,477

$
11,809

$
11,458

$
14,207

  Fixed charges
778

569

553

486

505

792

  Less:
 
 
 
 
 
 
    Capitalized interest, net
(1
)
(1
)
(1
)
(1
)
(1
)
(1
)
    Equity (income) loss — net of dividends
(150
)
(371
)
(201
)
(426
)
(269
)
(671
)
  Adjusted earnings
$
8,694

$
9,522

$
11,828

$
11,868

$
11,693

$
14,327

FIXED CHARGES:
 
 
 
 
 
 
  Gross interest incurred
$
714

$
484

$
464

$
398

$
418

$
734

  Interest portion of rent expense
64

85

89

88

87

58

  Total fixed charges
$
778

$
569

$
553

$
486

$
505

$
792

  Ratio of earnings to fixed charges
11.2

16.7

21.4

24.4

23.2

18.1

As of October 2, 2015, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of $502 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.