Exhibit 12.1

THE WALT DISNEY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN MILLIONS, EXCEPT RATIOS)

	Six Months Ended						Fiscal Year Ended
	Apr. 2, 2016			Mar. 28, 2015			2015			2014			2013			2012			2011
EARNINGS
Income from continuing operations before income taxes	$	7,804		$	6,682		$	13,868		$	12,246		$	9,620		$	9,260		$	8,043
Equity in the income of investees	(624		)	(418		)	(814		)	(854		)	(688		)	(627		)	(585		)
Cash distributions received from equity investees	383			349			752			718			694			663			608
Interest expense, amortization of debt discounts and premiums on all indebtedness and amortization of capitalized interest	185			168			325			360			415			525			497
Imputed interest on operating leases (1)	142			145			286			294			292			288			273
TOTAL EARNINGS	$	7,890		$	6,926		$	14,417		$	12,764		$	10,333		$	10,109		$	8,836
FIXED CHARGES
Interest expense and amortization of debt discounts and premiums on all indebtedness	$	147		$	135		$	265		$	294		$	349		$	472		$	435
Capitalized interest	74			47			110			73			77			92			91
Imputed interest on operating leases (1)	142			145			286			294			292			288			273
TOTAL FIXED CHARGES	$	363		$	327		$	661		$	661		$	718		$	852		$	799
RATIO OF EARNINGS TO FIXED CHARGES (2)	21.7			21.2			21.8			19.3			14.4			11.9			11.1

(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.