Exhibit 12.1
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Nine Months Ended September 28, 2018 | Year Ended December 31, | |||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
| (In millions except ratio) | ||||||||||||||||||
| EARNINGS: | ||||||||||||||||||
| Income from continuing operations before income taxes | $ | 7,563 | $ | 6,742 | $ | 8,136 | $ | 9,605 | $ | 9,325 | $ | 11,477 | ||||||
| Fixed charges | 724 | 902 | 804 | 931 | 569 | 553 | ||||||||||||
| Less: | ||||||||||||||||||
| Capitalized interest, net | (5 | ) | (5 | ) | (3 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||
| Equity (income) loss — net of dividends | (385 | ) | (628 | ) | (449 | ) | (122 | ) | (371 | ) | (201 | ) | ||||||
| Adjusted earnings | $ | 7,897 | $ | 7,011 | $ | 8,488 | $ | 10,413 | $ | 9,522 | $ | 11,828 | ||||||
| FIXED CHARGES: | ||||||||||||||||||
| Gross interest incurred | $ | 682 | $ | 846 | $ | 736 | $ | 857 | $ | 484 | $ | 464 | ||||||
| Interest portion of rent expense | 42 | 56 | 68 | 74 | 85 | 89 | ||||||||||||
| Total fixed charges | $ | 724 | $ | 902 | $ | 804 | $ | 931 | $ | 569 | $ | 553 | ||||||
| Ratio of earnings to fixed charges | 10.9 | 7.8 | 10.6 | 11.2 | 16.7 | 21.4 | ||||||||||||
As of September 28, 2018, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of $560 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.