Walt Disney 10-Q 2015 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. 28, 2015			Mar. 29, 2014			2014			2013			2012			2011			2010
EARNINGS
Income from continuing operations before income taxes	$	6,682		$	6,115		$	12,246		$	9,620		$	9,260		$	8,043		$	6,627
Equity in the income of investees	(418		)	(456		)	(854		)	(688		)	(627		)	(585		)	(440		)
Cash distributions received from equity investees	349			361			718			694			663			608			473
Interest expense, amortization of debt discounts and premiums on all indebtedness and amortization of capitalized interest	168			180			360			415			525			497			514
Imputed interest on operating leases (1)	145			148			294			292			288			273			247
TOTAL EARNINGS	$	6,926		$	6,348		$	12,764		$	10,333		$	10,109		$	8,836		$	7,421
FIXED CHARGES
Interest expense and amortization of debt discounts and premiums on all indebtedness	$	135		$	148		$	294		$	349		$	472		$	435		$	456
Capitalized interest	47			31			73			77			92			91			82
Imputed interest on operating leases (1)	145			148			294			292			288			273			247
TOTAL FIXED CHARGES	$	327		$	327		$	661		$	718		$	852		$	799		$	785
RATIO OF EARNINGS TO FIXED CHARGES (2)	21.2			19.4			19.3			14.4			11.9			11.1			9.5

⁽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.