The Coca-Cola Company (KO) 10-Q 2018 Q3 Quarterly report

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.