EX-12.1 7 d458593dex121.htm EX-12.1 EX-12.1

Comcast Corporation

Statement Regarding Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

     Exhibit 12.1   

 

Year Ended December 31 (in millions)   2012      2011      2010      2009      2008  

Computation of Earnings:(1)

              

Pretax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees

   $ 10,650       $ 8,242       $ 6,245       $ 5,170       $ 4,097   

Fixed charges

     2,798         2,755        2,366        2,529        2,649  

Distributed income of equity investees

     195        311        20        48        16  

Less: Preference security dividend requirements of consolidated subsidiaries

     (155 )       (166 )       (173 )       (145 )       (167 ) 

Total Earnings

   $ 13,488       $  11,142       $  8,458       $  7,602       $  6,595   

Computation of Fixed charges:(1)

              

Interest expensed and capitalized

   $ 2,508       $ 2,477       $ 2,134       $ 2,267       $ 2,384   

Amortized premiums, discounts and capitalized expenses related to indebtedness

     13        28        22        81        55  

Less: preferred dividends in interest expense

     (105 )       (104 )       (103 )       (102 )       (101 ) 

Portion of rents representative of an interest factor

     227        188        140        138        144  

Preference security dividend requirements of consolidated subsidiaries

     155        166        173        145        167  

Total Fixed Charges

   $ 2,798       $ 2,755       $ 2,366       $ 2,529       $ 2,650   

Ratio of earnings to fixed charges(1)

     4.82x         4.04x         3.57x         3.01x         2.49x   

 

(1)  

For purposes of calculating the ratio of earnings to fixed charges, earnings is the amount resulting from (1) adding (a) pretax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees, (b) fixed charges, (c) amortization of capitalized interest, (d) distributed income of equity investees and (e) our share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges and (2) subtracting (i) interest capitalized, (ii) preference security dividend requirements of consolidated subsidiaries and (iii) the noncontrolling interest in pretax income of subsidiaries that have not incurred fixed charges. Fixed charges is the sum of (w) interest expensed and capitalized, (x) amortized premiums, discounts and capitalized expenses related to indebtedness, (y) an estimate of the interest within rental expense and (z) preference security dividend requirements of our consolidated subsidiaries. Preferred security dividend is the amount of pretax earnings that is required to pay the dividends on outstanding preference securities. Interest associated with our uncertain tax positions is a component of income tax expense.

 

 

    Comcast 2012 Annual Report on Form 10-K