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, -------------------------------------------------------------- 1999 1998 1997 1996 1995 1994 ---- ---- ---- ---- ---- ---- EARNINGS: Income before income taxes and changes in accounting principles $ 2,448 $ 5,198 $ 6,055 $ 4,596 $ 4,328 $ 3,728 Fixed charges 178 320 300 324 318 236 Adjustments: Capitalized interest, net (10) (17) (17) (7) (9) (5) Equity (income) loss, net of dividends 126 31 (108) (89) (25) (4) -------- -------- -------- -------- -------- -------- Adjusted earnings $ 2,742 $ 5,532 $ 6,230 $ 4,824 $ 4,612 $ 3,955 ======== ======== ======== ======== ======== ======== FIXED CHARGES: Gross interest incurred $ 165 $ 294 $ 275 $ 293 $ 281 $ 204 Interest portion of rent expense 13 26 25 31 37 32 -------- -------- -------- -------- -------- -------- Total fixed charges $ 178 $ 320 $ 300 $ 324 $ 318 $ 236 ======== ======== ======== ======== ======== ======== Ratios of earnings to fixed charges 15.4 17.3 20.8 14.9 14.5 16.8 ======== ======== ======== ======== ======== ======== At June 30, 1999, our Company is contingently liable for guarantees of indebtedness owed by third parties in the amount of $440 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 our Company will be required to satisfy the guarantees.