Walt Disney 10-Q2017 Q1 Quarterly report

Filed: 7 Feb 17, 12:00am

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New words: Anniversary, Beast, Beauty, Bridge, celebration, closed, critical, deficiency, delivered, Doctor, Edition, eliminated, eliminating, fixed, gave, Hurricane, Matthew, Moana, pay, point, portion, repayment, Rogue, Signature, source, Story, Strange, stronger, waived, worldwide

Removed: absence, achievement, Additionally, Big, building, calendar, capped, collected, complex, console, converted, cumulative, designed, dilution, dining, district, eligible, equal, essentially, Europe, eventual, Galaxy, Hero, HKDL, improved, Inside, jurisdiction, leading, Maker, Maleficent, mandatory, monetary, NASCAR, North, offer, offering, Pudong, recapitalization, repaid, replaced, restated, shareholder, simplify, subscription, syndication, tender, typically, unsubscribed, weighting

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Exhibit 12.1

THE WALT DISNEY COMPANY

RATIO OF EARNINGS TO FIXED CHARGES

(AMOUNTS IN MILLIONS, EXCEPT RATIOS)



	Quarter Ended						Fiscal Year Ended
	Dec. 31, 2016			Jan. 2, 2016			2016			2015			2014			2013			2012
EARNINGS
Income from continuing operations before income taxes	$	3,725		$	4,358		$	14,868		$	13,868		$	12,246		$	9,620		$	9,260
Equity in the income of investees	(118		)	(474		)	(926		)	(814		)	(854		)	(688		)	(627		)
Cash distributions received from equity investees	203			206			799			752			718			694			663
Interest expense, amortization of debt discounts and premiums on all indebtedness and amortization of capitalized interest	139			86			433			325			360			415			525
Imputed interest on operating leases ⁽¹⁾	70			72			282			286			294			292			288
TOTAL EARNINGS	$	4,019		$	4,248		$	15,456		$	14,417		$	12,764		$	10,333		$	10,109

FIXED CHARGES
Interest expense and amortization of debt discounts and premiums on all indebtedness	$	121		$	66		$	354		$	265		$	294		$	349		$	472
Capitalized interest	21			34			139			110			73			77			92
Imputed interest on operating leases ⁽¹⁾	70			72			282			286			294			292			288
TOTAL FIXED CHARGES	$	212		$	172		$	775		$	661		$	661		$	718		$	852
RATIO OF EARNINGS TO FIXED CHARGES ⁽²⁾	19.0			24.7			19.9			21.8			19.3			14.4			11.9


⁽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.

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