EX-12.1 5 d262998dex121.htm STATEMENT OF EARNINGS TO FIXED CHARGES Statement of Earnings to Fixed Charges

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)   2011      2010      2009      2008      2007  

Computation of Earnings:(1)

              

Pretax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees

  $ 8,242       $ 6,245       $ 5,170       $ 4,097       $ 4,412   

Fixed charges

    2,755         2,368         2,529         2,649         2,488   

Distributed income of equity investees

    311         20         48         16         63   

Less: Preference security dividend requirements of consolidated subsidiaries

    (166 )       (175 )       (145 )       (167 )       (182 ) 

Less: Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges

    —         —         —         —         (1 ) 

Total Earnings

  $ 11,142       $ 8,458       $ 7,602       $ 6,595       $ 6,780   

Computation of Fixed charges:(1)

              

Cash interest expense

  $ 2,477       $ 2,134       $ 2,267       $ 2,384       $ 2,255   

Amortized premiums, discounts and capitalized expenses related to indebtedness

    28         22         81         55         34   

Less: Preferred dividends included in interest expense

     (104 )       (103 )       (102 )       (101 )       (101 ) 

Portion of rents representative of an interest factor

    188         140         138         144         118   

Preference security dividend requirements of consolidated subsidiaries

    166         175         145         167         182   

Total Fixed Charges

  $ 2,755       $ 2,368       $ 2,529       $ 2,649       $ 2,488   

Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred dividends(1)

     4.04x         3.57x         3.01x         2.49x         2.73x   

 

(1)  

We have no issued or outstanding Comcast preferred stock and, as a result, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred dividends. For purposes of calculating the ratios, 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. Preference security dividend requirements are the amount of pretax earnings required to pay the dividends on outstanding preference securities. Interest associated with our uncertain tax positions is a component of income tax expense.