The Coca-Cola Company (KO) 10-Q 2010 Q3 Quarterly report

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Exhibit 12.1

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

	Nine Months Ended October 1,		Year Ended December 31,
	2010			2009		2008		2007		2006		2005
(In millions except ratios)
EARNINGS:
Income from continuing operations before income taxes and changes in accounting principles	$  8,002			$  8,946		$  7,506		$  7,919		$  6,628		$  6,723
Fixed charges	295			422		513		524		271		281
Less:
Capitalized interest, net	(1	)		(4	)	(7	)	(12	)	(10	)	(3	)
Equity (income) loss, net of dividends	(567	)		(359	)	1,128		(452	)	124		(446	)
Adjusted earnings	$  7,729			$  9,005		$  9,140		$  7,979		$  7,013		$  6,555
FIXED CHARGES:
Gross interest incurred	$     247			$     359		$     445		$     468		$     230		$     243
Interest portion of rent expense	48			63		68		56		41		38
Total fixed charges	$     295			$     422		$     513		$     524		$     271		$     281
Ratios of earnings to fixed charges	26.2			21.3		17.8		15.2		25.9		23.3

As of October 1, 2010, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain VIEs, in the amount of approximately $402 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.

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Exhibit 12.1

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