The Coca-Cola Company (KO) 10-Q 2017 Q3 Quarterly report

Exhibit 12.1

THE COCA-COLA COMPANY AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Nine Months Ended September 29, 2017			Year Ended December 31,
				2016			2015			2014			2013			2012
(In millions except ratio)
EARNINGS:
Income from continuing operations before income taxes	$	5,805		$	8,136		$	9,605		$	9,325		$	11,477		$	11,809
Fixed charges	686			804			931			569			553			486
Less:
Capitalized interest, net	(4		)	(3		)	(1		)	(1		)	(1		)	(1		)
Equity (income) loss — net of dividends	(559		)	(449		)	(122		)	(371		)	(201		)	(426		)
Adjusted earnings	$	5,928		$	8,488		$	10,413		$	9,522		$	11,828		$	11,868
FIXED CHARGES:
Gross interest incurred	$	635		$	736		$	857		$	484		$	464		$	398
Interest portion of rent expense	51			68			74			85			89			88
Total fixed charges	$	686		$	804		$	931		$	569		$	553		$	486
Ratio of earnings to fixed charges	8.6			10.6			11.2			16.7			21.4			24.4

As of September 29, 2017, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of $690 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.