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Exhibit 12.1


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

    Six Months
Ended
July 1,
  Year Ended December 31,    

    2011     2010     2009     2008     2007     2006  
   

(In millions except ratios)

                                     

EARNINGS:

                                     

    Income from continuing operations before income taxes and changes in accounting principles

    $  6,305     $  14,243     $  8,946     $  7,506     $  7,919     $  6,628  

    Fixed charges

    227     792     422     513     524     271  

    Less:

                                     

        Capitalized interest, net

        (1 )   (4 )   (7 )   (12 )   (10 )

        Equity (income) loss — net of dividends

    (26 )   (671 )   (359 )   1,128     (452 )   124  
   

    Adjusted earnings

    $  6,506     $  14,363     $  9,005     $  9,140     $  7,979     $  7,013  
   

FIXED CHARGES:

                                     

    Gross interest incurred

    $     197     $       734     $     359     $     445     $     468     $     230  

    Interest portion of rent expense

    30     58     63     68     56     41  
   

    Total fixed charges

    $     227     $       792     $     422     $     513     $     524     $     271  
   

    Ratios of earnings to fixed charges

    28.7     18.1     21.3     17.8     15.2     25.9  
   

As of July 1, 2011, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of approximately $693 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.




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