EX-12.1 3 fy2018_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
 
Jun. 30,
2018
 
Jul. 1,
2017
 
2017
 
2016
 
2015
 
2014
 
2013
EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
11,527

 
$
11,094

 
$
13,788

 
$
14,868

 
$
13,868

 
$
12,246

 
$
9,620

Equity in the income of investees
(122
)
 
(327
)
 
(320
)
 
(926
)
 
(814
)
 
(854
)
 
(688
)
Cash distributions received from equity investees
587

 
584

 
788

 
799

 
752

 
718

 
694

Interest expense, amortization of debt discounts and premiums on all indebtedness and amortization of capitalized interest
566

 
430

 
589

 
433

 
325

 
360

 
415

Imputed interest on operating leases (1)
230

 
215

 
289

 
282

 
286

 
294

 
292

TOTAL EARNINGS
$
12,788

 
$
11,996

 
$
15,134

 
$
15,456

 
$
14,417

 
$
12,764

 
$
10,333

 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense and amortization of debt discounts and premiums on all indebtedness
$
493

 
$
370

 
$
507

 
$
354

 
$
265

 
$
294

 
$
349

Capitalized interest
85

 
67

 
87

 
139

 
110

 
73

 
77

Imputed interest on operating leases (1)
230

 
215

 
289

 
282

 
286

 
294

 
292

TOTAL FIXED CHARGES
$
808

 
$
652

 
$
883

 
$
775

 
$
661

 
$
661

 
$
718

RATIO OF EARNINGS TO FIXED CHARGES (2)
15.8

 
18.4

 
17.1

 
19.9

 
21.8


19.3

 
14.4

 
(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.