EX-12.1 5 a2201292zex-12_1.htm EX-12.1

EXHIBIT 12.1

 

THE WALT DISNEY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
FIVE YEARS ENDED
OCTOBER 2, 2010
(AMOUNTS IN MILLIONS, EXCEPT RATIOS)

 

 

 

Fiscal Year Ended

 

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

EARNINGS

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

6,627

 

$

5,658

 

$

7,402

 

$

7,725

 

$

5,324

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in the income of investees

 

(440

)

(577

)

(581

)

(485

)

(473

)

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

473

 

505

 

476

 

420

 

458

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

514

 

649

 

768

 

801

 

769

 

 

 

 

 

 

 

 

 

 

 

 

 

Imputed interest on operating leases (estimated to be one-third of rental expense)

 

216

 

205

 

183

 

161

 

152

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL EARNINGS

 

$

7,390

 

$

6,440

 

$

8,248

 

$

8,622

 

$

6,230

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortization of debt discounts and premium on all indebtedness

 

$

456

 

$

588

 

$

712

 

$

746

 

$

706

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

82

 

57

 

62

 

37

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

Imputed interest on operating leases

 

216

 

205

 

183

 

161

 

152

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL FIXED CHARGES

 

$

754

 

$

850

 

$

957

 

$

944

 

$

888

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

9.8

 

7.6

 

8.6

 

9.1

 

7.0