Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WARNER MEDIA, LLC | g26617e8vk.htm |
EXHIBIT
12.1
Time Warner Inc.
Ratio of Earnings to Fixed Charges
(Dollars in millions)
Ratio of Earnings to Fixed Charges
(Dollars in millions)
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Earnings: |
||||||||||||||||||||
Net Income (Loss) from continuing operations before income taxes,
discontinued operations and cumulative effect of accounting change |
$ | 3,919 | $ | 3,237 | $ | (4,397 | ) | $ | 2,746 | $ | 3,165 | |||||||||
Interest expense(2)(3) |
1,277 | 1,521 | 2,499 | 2,565 | 2,019 | |||||||||||||||
Amortization of capitalized interest |
1 | 2 | 3 | 2 | 1 | |||||||||||||||
Portion of rents representative of an interest factor(4) |
138 | 176 | 234 | 239 | 238 | |||||||||||||||
Adjustment for equity earnings or losses of investee companies,
net of cash distributions |
38 | 74 | 21 | 49 | 62 | |||||||||||||||
Total
earnings (loss) |
$ | 5,373 | $ | 5,010 | $ | (1,640 | ) | $ | 5,601 | $ | 5,485 | |||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expense(2)(3) |
$ | 1,277 | $ | 1,521 | $ | 2,499 | $ | 2,565 | $ | 2,019 | ||||||||||
Capitalized interest(5) |
2 | 1 | 1 | 15 | 17 | |||||||||||||||
Portion of rents representative of an interest factor(4) |
138 | 176 | 234 | 239 | 238 | |||||||||||||||
Total fixed charges |
$ | 1,417 | $ | 1,698 | $ | 2,734 | $ | 2,819 | $ | 2,274 | ||||||||||
Ratio of earnings to fixed charges |
3.8 | x | 3.0 | x | — | (1) | 2.0 | x | 2.4 | x | ||||||||||
| (1) | For the ratio of earnings to fixed charges to equal 1.00, earnings must increase by $4.374 billion. | |
| (2) | Earnings and fixed charges exclude accrued interest on uncertain tax positions that is included in income tax expense. | |
| (3) | For the years ended December 31, 2010, 2009, 2008, 2007 and 2006, amounts include $0 million, $218 million, $970 million, $916 million and $593 million, respectively, related to discontinued operations. | |
| (4) | For the years ended December 31, 2010, 2009, 2008, 2007 and 2006, amounts include $0 million, $29 million, $78 million, $80 million and $67 million, respectively, related to discontinued operations. | |
| (5) | For the years ended December 31, 2010, 2009, 2008, 2007 and 2006, amounts include $0 million, $0 million, $1 million, $5 million and $2 million, respectively, related to discontinued operations. |