Walt Disney 10-Q 2014 Q2 Quarterly report

Exhibit 12.1

THE WALT DISNEY COMPANY

RATIO OF EARNINGS TO FIXED CHARGES

(AMOUNTS IN MILLIONS, EXCEPT RATIOS)

	Six Months Ended						Fiscal Year Ended
	Mar. 29, 2014			Mar. 30, 2013			2013			2012			2011			2010			2009
EARNINGS
Income from continuing operations before income taxes	$	6,115		$	4,303		$	9,620		$	9,260		$	8,043		$	6,627		$	5,658
Equity in the income of investees	(456		)	(295		)	(688		)	(627		)	(585		)	(440		)	(577		)
Cash distributions received from equity investees	361			367			694			663			608			473			505
Interest expense, amortization of debt discounts and premiums on all indebtedness and amortization of capitalized interest	180			212			415			525			497			514			649
Imputed interest on operating leases (1)	148			158			292			288			273			247			205
TOTAL EARNINGS	$	6,348		$	4,745		$	10,333		$	10,109		$	8,836		$	7,421		$	6,440
FIXED CHARGES
Interest expense and amortization of debt discounts and premiums on all indebtedness	$	148		$	175		$	349		$	472		$	435		$	456		$	588
Capitalized interest	31			37			77			92			91			82			57
Imputed interest on operating leases (1)	148			158			292			288			273			247			205
TOTAL FIXED CHARGES	$	327		$	370		$	718		$	852		$	799		$	785		$	850
RATIO OF EARNINGS TO FIXED CHARGES (2)	19.4			12.8			14.4			11.9			11.1			9.5			7.6

⁽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.