The Coca-Cola Company (KO) 10-Q 2009 Q3 Quarterly report

QuickLinks -- Click here to rapidly navigate through this document

Exhibit 12.1

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

			Nine Months Ended October 2,		Year Ended December 31,
			2009			2008		2007		2006		2005		2004
(In millions except ratios)
EARNINGS:
	Income from continuing operations before income taxes and changes in accounting principles		$  6,986			$  7,506		$  7,942		$  6,628		$  6,723		$  6,238
	Fixed charges		326			513		524		271		281		232
	Less:
		Capitalized interest, net	(3	)		(7	)	(12	)	(10	)	(3	)	(1	)
		Equity (income) loss, net of dividends	(428	)		1,128		(452	)	124		(446	)	(476	)
	Adjusted earnings		$  6,881			$  9,140		$  8,002		$  7,013		$  6,555		$  5,993
FIXED CHARGES:
	Gross interest incurred		$     274			$     445		$     468		$     230		$     243		$     197
	Interest portion of rent expense		52			68		56		41		38		35
	Total fixed charges		$     326			$     513		$     524		$     271		$     281		$     232
	Ratios of earnings to fixed charges		21.1			17.8		15.3		25.9		23.3		25.8

As of October 2, 2009, the Company was contingently liable for guarantees of indebtedness owed by third parties in the amount of approximately $217 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.

QuickLinks

Exhibit 12.1

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