Exhibit 12
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In millions except ratios)
Three Months
Ended Year Ended December 31,
March 31, ---------------------------------------------
1994 1993 1992 1991 1990 1989
------------ -------- --------- -------- -------- -------
Earnings:
Income from
continuing
operations
before income
taxes and
changes in
accounting
principles $ 760 $ 3,185 $2,746 $2,383 $2,014 $1,764
Fixed charges 51 213 207 222 255 326
Less capitalized
interest, net (1) (16) (10) (8) (8) (7)
Equity income,
net of dividends -- (35) (30) (16) (94) (55)
------ -------- ------- ------- ------- -------
Adjusted earnings $ 810 $ 3,347 $2,913 $2,581 $2,167 $2,028
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Fixed Charges:
Gross interest
incurred $ 44 $ 184 $ 181 $ 200 $ 238 $ 315
Interest portion
of rent expense 7 29 26 22 17 11
------ -------- ------- ------ ------- -------
Total fixed charges $ 51 $ 213 $ 207 $ 222 $ 255 $ 326
====== ======== ======= ======= ======= =======
Ratios of earnings
to fixed charges 15.9 15.7 14.1 11.6 8.5 6.2
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<FN>
The Company is contingently liable for guarantees of indebtedness of
independent bottling companies and others (approximately $143 million at
March 31, 1994). Fixed charges for these contingent liabilities have not
been included in the computations 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.