EX-12.1 5 d405160dex121.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of earnings to fixed charges

Exhibit 12.1

THE WALT DISNEY COMPANY

RATIO OF EARNINGS TO FIXED CHARGES

(AMOUNTS IN MILLIONS, EXCEPT RATIOS)

 

     Fiscal Year Ended  
     2012     2011     2010     2009     2008     2007  

EARNINGS

             

Income from continuing operations before income taxes

    $ 9,260      $ 8,043      $ 6,627      $ 5,658      $ 7,402      $ 7,725   

Equity in the income of investees

      (627 )      (585 )      (440 )      (577 )      (581 )      (485 ) 

Dividends from equity method investees

      663        608        473        505        476        420   

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

      525        497        514        649        768        801   

Imputed interest on operating leases (1)

      288        273        247        205        183        161   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL EARNINGS

    $ 10,109      $ 8,836      $ 7,421      $ 6,440      $ 8,248      $ 8,622   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

FIXED CHARGES

             

Interest expense and amortization of debt discounts and premium on all indebtedness

    $ 472      $ 435      $ 456      $ 588      $ 712      $ 746   

Capitalized interest

      92        91        82        57        62        37   

Imputed interest on operating leases(1)

      288        273        247        205        183        161   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL FIXED CHARGES

    $ 852      $ 799      $ 785      $ 850      $ 957      $ 944   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

RATIO OF EARNINGS TO FIXED CHARGES (2)

      11.9        11.1        9.5        7.6        8.6        9.1   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

The portion of operating rental expenses 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