EX-12.1 2 fy2013_q4x10kxex121.htm RATIO OF EARNINGS TO FIXED CHARGES FY2013_Q4_10K_EX12.1
Exhibit 12.1

THE WALT DISNEY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN MILLIONS, EXCEPT RATIOS)
 
 
Fiscal Year Ended
 
2013
 
2012
 
2011
 
2010
 
2009
EARNINGS
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
9,620

 
$
9,260

 
$
8,043

 
$
6,627

 
$
5,658

Equity in the income of investees
(688
)
 
(627
)
 
(585
)
 
(440
)
 
(577
)
Cash distributions received from equity investees
694

 
663

 
608

 
473

 
505

Interest expense, amortization of debt discounts and premiums on all indebtedness and amortization of capitalized interest
415

 
525

 
497

 
514

 
649

Imputed interest on operating leases (1)
292

 
288

 
273

 
247

 
205

TOTAL EARNINGS
$
10,333

 
$
10,109

 
$
8,836

 
$
7,421

 
$
6,440

 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 
 
 
 
 
 
 
 
Interest expense and amortization of debt discounts and premiums on all indebtedness
$
349

 
$
472

 
$
435

 
$
456

 
$
588

Capitalized interest
77

 
92

 
91

 
82

 
57

Imputed interest on operating leases (1)
292

 
288

 
273

 
247

 
205

TOTAL FIXED CHARGES
$
718

 
$
852

 
$
799

 
$
785

 
$
850

RATIO OF EARNINGS TO FIXED CHARGES (2)
14.4

 
11.9

 
11.1


9.5

 
7.6

 
(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.