Exhibit 12 THE COCA-COLA COMPANY AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (In millions except ratios)
Three Months Ended Year Ended December 31, March 31, --------------------------------------------- 1994 1993 1992 1991 1990 1989 ------------ -------- --------- -------- -------- ------- Earnings: Income from continuing operations before income taxes and changes in accounting principles $ 760 $ 3,185 $2,746 $2,383 $2,014 $1,764 Fixed charges 51 213 207 222 255 326 Less capitalized interest, net (1) (16) (10) (8) (8) (7) Equity income, net of dividends -- (35) (30) (16) (94) (55) ------ -------- ------- ------- ------- ------- Adjusted earnings $ 810 $ 3,347 $2,913 $2,581 $2,167 $2,028 ====== ======== ======= ======= ======= ======= Fixed Charges: Gross interest incurred $ 44 $ 184 $ 181 $ 200 $ 238 $ 315 Interest portion of rent expense 7 29 26 22 17 11 ------ -------- ------- ------ ------- ------- Total fixed charges $ 51 $ 213 $ 207 $ 222 $ 255 $ 326 ====== ======== ======= ======= ======= ======= Ratios of earnings to fixed charges 15.9 15.7 14.1 11.6 8.5 6.2 ====== ======== ======= ======= ======= ======= The Company is contingently liable for guarantees of indebtedness of independent bottling companies and others (approximately $143 million at March 31, 1994). Fixed charges for these contingent liabilities have not been included in the computations 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.