Walt Disney 10-Q 2013 Q3 Quarterly report

Exhibit 12.1

THE WALT DISNEY COMPANY

RATIO OF EARNINGS TO FIXED CHARGES

(AMOUNTS IN MILLIONS, EXCEPT RATIOS)

	Nine Months Ended						Fiscal Year Ended
	June 29, 2013			June 30, 2012			2012			2011			2010			2009			2008
EARNINGS
Income from continuing operations before income taxes	$	7,396		$	7,146		$	9,260		$	8,043		$	6,627		$	5,658		$	7,402
Equity in the income of investees	(527		)	(452		)	(627		)	(585		)	(440		)	(577		)	(581		)
Cash distributions received from equity investees	526			501			663			608			473			505			476
Interest expense, amortization of debt discounts and premiums on all indebtedness and amortization of capitalized interest	321			395			525			497			514			649			768
Imputed interest on operating leases (1)	222			201			288			273			247			205			183
TOTAL EARNINGS	$	7,938		$	7,791		$	10,109		$	8,836		$	7,421		$	6,440		$	8,248
FIXED CHARGES
Interest expense and amortization of debt discounts and premiums on all indebtedness	$	268		$	357		$	472		$	435		$	456		$	588		$	712
Capitalized interest	54			71			92			91			82			57			62
Imputed interest on operating leases (1)	222			201			288			273			247			205			183
TOTAL FIXED CHARGES	$	544		$	629		$	852		$	799		$	785		$	850		$	957
RATIO OF EARNINGS TO FIXED CHARGES (2)	14.6			12.4			11.9			11.1			9.5			7.6			8.6

⁽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.