EXHIBIT 12 THE COCA-COLA COMPANY AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (In millions except ratios)
Nine Months Ended Year Ended December 31, September 30, ------------------------------------------------ 1997 1996 1995 1994 1993 1992 ------- -------- -------- -------- -------- -------- EARNINGS: Income before income taxes and changes in accounting principles $4,871 $ 4,596 $ 4,328 $ 3,728 $ 3,185 $ 2,746 Fixed charges 224 324 318 236 213 207 Adjustments: Capitalized interest, net (12) (7) (9) (5) (16) (10) Equity income, net of dividends (103) (89) (25) (4) (35) (30) ------- -------- -------- -------- -------- -------- Adjusted earnings $4,980 $ 4,824 $ 4,612 $ 3,955 $ 3,347 $ 2,913 ======= ======== ======== ======== ======== ======== FIXED CHARGES: Gross interest incurred $ 200 $ 293 $ 281 $ 204 $ 184 $ 181 Interest portion of rent expense 24 31 37 32 29 26 ------- -------- -------- -------- -------- -------- Total fixed charges $ 224 $ 324 $ 318 $ 236 $ 213 $ 207 ======= ======== ======== ======== ======== ======== Ratios of earnings to fixed charges 22.2 14.9 14.5 16.8 15.7 14.1 ======= ======== ======== ======== ======== ======== At September 30, 1997, the Company is contingently liable for guarantees of indebtedness owed by third parties in the amount of $360 million. 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.