EX-12.1 5 ex121-12312017.htm EXHIBIT 12.1 Exhibit

Exhibit 12.1

Comcast Corporation

Statement Regarding Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

Year Ended December 31 (in millions)
 
2017
 
2016
 
2015
 
2014
 
2013
Computation of Earnings: (a)
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees
 
$
15,215

 
$
14,457

 
$
13,697

 
$
12,368

 
$
11,201

Fixed charges
 
3,405

 
3,349

 
3,047

 
2,910

 
2,882

Distributed income of equity investees
 
95

 
85

 
168

 
104

 
120

Less: Preference security dividend requirements of consolidated subsidiaries
 
(95
)
 
(224
)
 
(223
)
 
(204
)
 
(211
)
Less: Capitalized Interest
 
(51
)
 
(40
)
 
—

 
—

 
—

Total earnings
 
$
18,569

 
$
17,627


$
16,689


$
15,178


$
13,992

Computation of Fixed Charges: (a)
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
3,095

 
$
2,956

 
$
2,660

 
$
2,609

 
$
2,559

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
43

 
26

 
65

 
8

 
15

Less: preferred dividends in interest expense
 
(105
)
 
(103
)
 
(102
)
 
(102
)
 
(106
)
Portion of rents representative of an interest factor
 
277

 
246

 
201

 
191

 
203

Preference security dividend requirements of consolidated subsidiaries
 
95

 
224

 
223

 
204

 
211

Total fixed charges
 
$
3,405

 
$
3,349


$
3,047


$
2,910


$
2,882

Ratio of earnings to fixed charges(a)
 
5.45x

 
5.26x

 
5.48x


 
5.22x

 
4.85x


(a)
For purposes of calculating the ratio of earnings to fixed charges, earnings is the amount resulting from (1) adding (a) pretax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees, (b) fixed charges, (c) amortization of capitalized interest, (d) distributed income of equity investees and (e) our share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges and (2) subtracting (i) interest capitalized, (ii) preference security dividend requirements of consolidated subsidiaries and (iii) the noncontrolling interest in pretax income of subsidiaries that have not incurred fixed charges. Fixed charges is the sum of (w) interest expensed and capitalized, (x) amortized premiums, discounts and capitalized expenses related to indebtedness, (y) an estimate of the interest within rental expense and (z) preference security dividend requirements of our consolidated subsidiaries. Preferred security dividend is the amount of pretax earnings that is required to pay the dividends on outstanding preference securities. Interest associated with our uncertain tax positions is a component of income tax expense.