Exhibit 12.1

THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

    Six Months
Ended
  Year Ended December 31,
 
    June 29,
2007
  2006   2005   2004   2003   2002  

 
(In millions except ratios)                          
EARNINGS:                          
  Income from continuing operations before income
    taxes and changes in accounting principles
  $  4,137   $  6,578   $  6,690   $  6,222   $  5,495   $  5,499  
  Fixed charges   201   271   281   232   220   236  
  Less:                          
    Capitalized interest, net   (7 ) (10 ) (3 ) (1 ) (1 ) (1 )
    Equity income, net of dividends   (82 ) 124   (446 ) (476 ) (294 ) (256 )

 
  Adjusted earnings   $  4,249   $  6,963   $  6,522   $  5,977   $  5,420   $  5,478  

 
FIXED CHARGES:                          
  Gross interest incurred   $     180   $     230   $     243   $     197   $     179   $     200  
  Interest portion of rent expense   21   41   38   35   41   36  

 
  Total fixed charges   $     201   $     271   $     281   $     232   $     220   $     236  

 
  Ratios of earnings to fixed charges   21.1   25.7   23.2   25.8   24.6   23.2  

 

        As of June 29, 2007, the Company is contingently liable for guarantees of indebtedness owed by third parties in the amount of $263 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.