The Coca-Cola Company (KO) 10-Q 2011 Q2 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

	Six Months Ended July 1,		Year Ended December 31,
	2011			2010		2009		2008		2007		2006
(In millions except ratios)
EARNINGS:
Income from continuing operations before income taxes and changes in accounting principles	$  6,305			$  14,243		$  8,946		$  7,506		$  7,919		$  6,628
Fixed charges	227			792		422		513		524		271
Less:
Capitalized interest, net	—			(1	)	(4	)	(7	)	(12	)	(10	)
Equity (income) loss — net of dividends	(26	)		(671	)	(359	)	1,128		(452	)	124
Adjusted earnings	$  6,506			$  14,363		$  9,005		$  9,140		$  7,979		$  7,013
FIXED CHARGES:
Gross interest incurred	$     197			$       734		$     359		$     445		$     468		$     230
Interest portion of rent expense	30			58		63		68		56		41
Total fixed charges	$     227			$       792		$     422		$     513		$     524		$     271
Ratios of earnings to fixed charges	28.7			18.1		21.3		17.8		15.2		25.9

As of July 1, 2011, the Company was contingently liable for guarantees of indebtedness owed by third parties, including certain variable interest entities, in the amount of approximately $693 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