Attached files

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EX-23 - CONSENT OF PRICEWATERHOUSECOOPERS LLP - WALT DISNEY CO/fy2015_q4x10kxex23.htm
EX-21 - SUBSIDIARIES OF THE COMPANY - WALT DISNEY CO/fy2015_q4x10kxex21.htm
EX-32.A - SECTION 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER - WALT DISNEY CO/fy2015_q4x10kxex32a.htm
EX-31.B - SECTION 302 CERTIFICATION OF CHIEF FINANCIAL OFFICER - WALT DISNEY CO/fy2015_q4x10kxex31b.htm
EX-32.B - SECTION 906 CERTIFICATION OF CHIEF FINANCIAL OFFICER - WALT DISNEY CO/fy2015_q4x10kxex32b.htm
10-K - FORM 10-K - WALT DISNEY CO/fy2015_q4x10k.htm
EX-31.A - SECTION 302 CERTIFICATION OF CHIEF EXECUTIVE OFFICER - WALT DISNEY CO/fy2015_q4x10kxex31a.htm
Exhibit 12.1

THE WALT DISNEY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN MILLIONS, EXCEPT RATIOS)
 
 
Fiscal Year Ended
 
2015
 
2014
 
2013
 
2012
 
2011
EARNINGS
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
13,868

 
$
12,246

 
$
9,620

 
$
9,260

 
$
8,043

Equity in the income of investees
(814
)
 
(854
)
 
(688
)
 
(627
)
 
(585
)
Cash distributions received from equity investees
752

 
718

 
694

 
663

 
608

Interest expense, amortization of debt discounts and premiums on all indebtedness and amortization of capitalized interest
325

 
360

 
415

 
525

 
497

Imputed interest on operating leases (1)
286

 
294

 
292

 
288

 
273

TOTAL EARNINGS
$
14,417

 
$
12,764

 
$
10,333

 
$
10,109

 
$
8,836

 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 
 
 
 
 
 
 
 
Interest expense and amortization of debt discounts and premiums on all indebtedness
$
265

 
$
294

 
$
349

 
$
472

 
$
435

Capitalized interest
68

 
73

 
77

 
92

 
91

Imputed interest on operating leases (1)
286

 
294

 
292

 
288

 
273

TOTAL FIXED CHARGES
$
619

 
$
661

 
$
718

 
$
852

 
$
799

RATIO OF EARNINGS TO FIXED
   CHARGES (2)
23.3

 
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.