Exhibit 12 THE COCA-COLA COMPANY AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (In millions except ratios)
Six Months Ended Year Ended December 31, June 30, --------------------------------------------- 1994 1993 1992 1991 1990 1989 --------- -------- --------- -------- -------- -------- EARNINGS: Income from continuing operations before income taxes and changes in accounting principles $1,867 $3,185 $2,746 $2,383 $2,014 $1,764 Fixed charges 110 213 207 222 255 326 Less capitalized interest, net (2) (16) (10) (8) (8) (7) Equity income, net of dividends 59 (35) (30) (16) (94) (55) ------- -------- -------- -------- -------- -------- Adjusted earnings $2,034 $3,347 $2,913 $2,581 $2,167 $2,028 ======== ======== ======== ======== ======== ======== FIXED CHARGES: Gross interest incurred $ 95 $ 184 $ 181 $ 200 $ 238 $ 315 Interest portion of rent expense 15 29 26 22 17 11 ------- -------- -------- -------- -------- -------- Total fixed charges $ 110 $ 213 $ 207 $ 222 $ 255 $ 326 ======== ======== ======== ======== ======== ======== Ratios of earnings to fixed charges 18.5 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 $162 million at June 30, 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.