EX-12 2 0002.txt EXHIBIT 12.1 EXHIBIT 12.1 TIME WARNER ENTERTAINMENT COMPANY, L.P. RATIO OF EARNINGS TO FIXED CHARGES (in millions, except ratios)
Years Ended December 31, ---------------------------------------- 2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- Earnings: Income before income taxes and extraordinary items................ $ 910 $2,909 $ 418 $ 722 $ 280 Interest expense.................................................. 656 561 566 490 475 Amortization of capitalized interest.............................. 4 5 14 48 36 Portion of rents representative of an interest factor............. 79 77 72 72 68 Preferred stock dividend requirements of majority-owned subsidiaries.................................................... - 5 20 19 - Adjustment for partially owned subsidiaries and 50% owned companies....................................................... 188 420 300 323 219 Undistributed (earnings) losses of less than 50% owned companies....................................................... 3 10 34 (13) 21 ------ ------ ------ ------ ------ Total earnings................................................ $1,840 $3,987 $1,424 $1,661 $1,099 ====== ====== ====== ====== ====== Fixed charges: Interest expense.................................................. $ 656 $ 561 $ 566 $ 490 $ 475 Capitalized interest.............................................. 5 5 4 33 39 Portion of rents representative of an interest factor............. 79 77 72 72 68 Preferred stock dividend requirements of majority-owned subsidiaries.................................................... - 5 20 19 - Adjustment for partially owned subsidiaries and 50% owned companies....................................................... 112 85 60 22 22 ------ ------ ------ ------ ------ Total fixed charges........................................... $ 852 $ 733 $ 722 $ 636 $ 604 ====== ====== ====== ====== ====== Ratio of earnings to fixed charges..................................... 2.2x 5.4x 2.0x 2.6x 1.8x ==== === === === ===