EX-12.1 5 fy2015_q2x10qxex121.htm RATIO OF EARNINGS TO FIXED CHARGES FY2015_Q2_10Q_EX12.1


Exhibit 12.1
THE WALT DISNEY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN MILLIONS, EXCEPT RATIOS)
 
 
Six Months Ended
 
Fiscal Year Ended
 
Mar. 28, 2015
 
Mar. 29, 2014
 
2014
 
2013
 
2012
 
2011
 
2010
EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
6,682

 
$
6,115

 
$
12,246

 
$
9,620

 
$
9,260

 
$
8,043

 
$
6,627

Equity in the income of investees
(418
)
 
(456
)
 
(854
)
 
(688
)
 
(627
)
 
(585
)
 
(440
)
Cash distributions received from equity investees
349

 
361

 
718

 
694

 
663

 
608

 
473

Interest expense, amortization of debt discounts and premiums on all indebtedness and amortization of capitalized interest
168

 
180

 
360

 
415

 
525

 
497

 
514

Imputed interest on operating leases (1)
145

 
148

 
294

 
292

 
288

 
273

 
247

TOTAL EARNINGS
$
6,926

 
$
6,348

 
$
12,764

 
$
10,333

 
$
10,109

 
$
8,836

 
$
7,421

 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense and amortization of debt discounts and premiums on all indebtedness
$
135

 
$
148

 
$
294

 
$
349

 
$
472

 
$
435

 
$
456

Capitalized interest
47

 
31

 
73

 
77

 
92

 
91

 
82

Imputed interest on operating leases (1)
145

 
148

 
294

 
292

 
288

 
273

 
247

TOTAL FIXED CHARGES
$
327

 
$
327

 
$
661

 
$
718

 
$
852

 
$
799

 
$
785

RATIO OF EARNINGS TO FIXED CHARGES (2)
21.2

 
19.4

 
19.3

 
14.4

 
11.9


11.1

 
9.5

 
(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.