The Coca-Cola Company (KO) 10-Q2006 Q2 Quarterly report

Filed: 27 Jul 06, 12:00am

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New words: added, attribute, Canadian, caption, carryforward, Castle, charitable, Chestnut, consumption, Cup, cutoff, denied, departure, derecognition, discrete, drove, Elmore, Empowerment, exceed, factor, forced, Fund, Gaetan, home, Icecek, ingredient, Ivester, Jack, knowingly, LaValla, leave, low, Martin, misleadingly, misrepresented, modified, ongoing, personal, Philadelphia, prospective, rationalize, rationalizing, reassured, Reconsideration, regular, relaunch, repeated, replead, selected, sense, single, slightly, slower, Sokenbicha, sought, spot, Stahl, summer, taxable, threshold, trend, uncertainty, unneeded, unwanted, upcoming, Vicinity, weak, Wednesday, Welfare, withdrawn, write

Removed: abnormal, APB, application, applied, apply, approach, breach, Bulletin, challenging, civil, clarification, conduct, decided, enactment, energy, error, euro, evaluate, facility, formula, FSP, handling, hearing, idle, impacting, impracticable, injunctive, lack, law, Philippine, practical, preliminary, principle, reduce, reinvestment, relief, replacement, requirement, Research, resolving, retrospective, spoilage, unrest, unusual, voluntary, wasted, water

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EXHIBIT 12.1

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

(In millions except ratios)

	Six
	Months
	Ended
	June 30,			Year Ended December 31,
	2006			2005			2004			2003			2002			2001
EARNINGS:
Income from continuing operations before income taxes and changes in accounting principles	$	3,866		$	6,690		$	6,222		$	5,495		$	5,499		$	5,670
Fixed charges	148			281			232			220			236			327
Less:
Capitalized interest, net	(3		)	(3		)	(1		)	(1		)	(1		)	(8		)
Equity income, net of dividends	(206		)	(446		)	(476		)	(294		)	(256		)	(54		)

Adjusted earnings	$	3,805		$	6,522		$	5,977		$	5,420		$	5,478		$	5,935
FIXED CHARGES:
Gross interest incurred	$	129		$	243		$	197		$	179		$	200		$	297
Interest portion of rent expense	19			38			35			41			36			30

Total fixed charges	$	148		$	281		$	232		$	220		$	236		$	327

Ratios of earnings to fixed charges	25.7			23.2			25.8			24.6			23.2			18.1

As of June 30, 2006, the Company is contingently liable for guarantees of indebtedness owed by third parties in the amount of $275 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.