The Coca-Cola Company (KO) 10-Q 2014 Q3 Quarterly report

Exhibit 12.1

THE COCA-COLA COMPANY AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Nine Months Ended September 26, 2014			Year Ended December 31,
				2013			2012			2011			2010			2009
(In millions except ratio)
EARNINGS:
Income from continuing operations before income taxes	$	8,249		$	11,477		$	11,809		$	11,458		$	14,207		$	8,902
Fixed charges	413			553			486			505			792			422
Less:
Capitalized interest, net	(1		)	(1		)	(1		)	(1		)	(1		)	(4		)
Equity (income) loss — net of dividends	(259		)	(201		)	(426		)	(269		)	(671		)	(359		)
Adjusted earnings	$	8,402		$	11,828		$	11,868		$	11,693		$	14,327		$	8,961
FIXED CHARGES:
Gross interest incurred	$	344		$	464		$	398		$	418		$	734		$	359
Interest portion of rent expense	69			89			88			87			58			63
Total fixed charges	$	413		$	553		$	486		$	505		$	792		$	422
Ratio of earnings to fixed charges	20.3			21.4			24.4			23.2			18.1			21.2

As of September 26, 2014, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of $527 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.