EX-12.1 2 fy2017_q3x10qxex121.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12.1
THE WALT DISNEY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN MILLIONS, EXCEPT RATIOS)
 
 
Nine Months Ended
 
Fiscal Year Ended
 
Jul. 1,
2017
 
Jul. 2,
2016
 
2016
 
2015
 
2014
 
2013
 
2012
EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
11,094

 
$
11,987

 
$
14,868

 
$
13,868

 
$
12,246

 
$
9,620

 
$
9,260

Equity in the income of investees
(327
)
 
(776
)
 
(926
)
 
(814
)
 
(854
)
 
(688
)
 
(627
)
Cash distributions received from equity investees
584

 
594

 
799

 
752

 
718

 
694

 
663

Interest expense, amortization of debt discounts and premiums on all indebtedness and amortization of capitalized interest
430

 
294

 
433

 
325

 
360

 
415

 
525

Imputed interest on operating leases (1)
215

 
209

 
282

 
286

 
294

 
292

 
288

TOTAL EARNINGS
$
11,996

 
$
12,308

 
$
15,456

 
$
14,417

 
$
12,764

 
$
10,333

 
$
10,109

 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense and amortization of debt discounts and premiums on all indebtedness
$
370

 
$
235

 
$
354

 
$
265

 
$
294

 
$
349

 
$
472

Capitalized interest
67

 
119

 
139

 
110

 
73

 
77

 
92

Imputed interest on operating leases (1)
215

 
209

 
282

 
286

 
294

 
292

 
288

TOTAL FIXED CHARGES
$
652

 
$
563

 
$
775

 
$
661

 
$
661

 
$
718

 
$
852

RATIO OF EARNINGS TO FIXED CHARGES (2)
18.4

 
21.9

 
19.9

 
21.8

 
19.3


14.4

 
11.9

 
(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.