EX-12.1 4 fy2013_q1x10qxex121.htm STATEMENT REGARDING RATIO OF EARNINGS TO FIXED CHARGES FY2013_Q1_10Q_EX12.1


Exhibit 12.1
THE WALT DISNEY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN MILLIONS, EXCEPT RATIOS)
 
 
Quarter Ended
 
Fiscal Year Ended
 
Dec. 29, 2012
 
Dec. 31, 2011
 
2012
 
2011
 
2010
 
2009
 
2008
EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
2,028

 
$
2,241

 
$
9,260

 
$
8,043

 
$
6,627

 
$
5,658

 
$
7,402

Equity in the income of investees
(110
)
 
(145
)
 
(627
)
 
(585
)
 
(440
)
 
(577
)
 
(581
)
Cash distributions received from equity investees
192

 
161

 
663

 
608

 
473

 
505

 
476

Interest expense, amortization of debt discounts and premiums on all indebtedness and amortization of capitalized interest
110

 
129

 
525

 
497

 
514

 
649

 
768

Imputed interest on operating leases (1)
78

 
67

 
288

 
273

 
247

 
205

 
183

TOTAL EARNINGS
$
2,298

 
$
2,453

 
$
10,109

 
$
8,836

 
$
7,421

 
$
6,440

 
$
8,248

 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense and amortization of debt discounts and premiums on all indebtedness
$
92

 
$
116

 
$
472

 
$
435

 
$
456

 
$
588

 
$
712

Capitalized interest
14

 
23

 
92

 
91

 
82

 
57

 
62

Imputed interest on operating leases (1)
78

 
67

 
288

 
273

 
247

 
205

 
183

TOTAL FIXED CHARGES
$
184

 
$
206

 
$
852

 
$
799

 
$
785

 
$
850

 
$
957

RATIO OF EARNINGS TO FIXED CHARGES (2)
12.5

 
11.9

 
11.9

 
11.1


9.5

 
7.6

 
8.6

 
(1) 
The portion of operating rental expense which management believes is representative of the interest component of rent expense
(2) 
The ratio does not adjust for interest on unrecognized tax benefits that are recorded as a component of income tax expense