Exhibit 12.1
News Corporation
Computation of Ratio of Earnings to Fixed Charges
(in Millions, Except Ratio Amounts)
(Unaudited)
For the three months ended September 30, |
For the fiscal years ended June 30, | |||||||||||||||||||||||
2012 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) before income tax expense | $ | 2,555 | $ | 2,212 | $ | 4,177 | $ | 3,323 | $ | (5,539 | ) | $ | 7,321 | |||||||||||
Add: | ||||||||||||||||||||||||
Equity (earnings) losses from affiliates | (190 | ) | (730 | ) | (462 | ) | (448 | ) | 309 | (327 | ) | |||||||||||||
Dividends received from affiliates | 18 | 466 | 310 | 317 | 298 | 342 | ||||||||||||||||||
Fixed charges, excluding capitalized interest | 319 | 1,245 | 1,188 | 1,214 | 1,152 | 1,081 | ||||||||||||||||||
Amortization of capitalized interest | 12 | 96 | 56 | 73 | 50 | 33 | ||||||||||||||||||
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Total earnings (losses) available for fixed charges | $ | 2,714 | $ | 3,289 | $ | 5,269 | $ | 4,479 | $ | (3,730 | ) | $ | 8,450 | |||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest on debt and finance lease charges | $ | 267 | $ | 1,034 | $ | 966 | $ | 991 | $ | 927 | $ | 882 | ||||||||||||
Capitalized interest | 8 | 42 | 44 | 44 | 55 | 44 | ||||||||||||||||||
Interest element on rental expense | 52 | 211 | 222 | 223 | 225 | 199 | ||||||||||||||||||
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Total fixed charges | $ | 327 | $ | 1,287 | $ | 1,232 | $ | 1,258 | $ | 1,207 | $ | 1,125 | ||||||||||||
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Ratio of earnings to fixed charges | 8.3 | 2.6 | 4.3 | 3.6 | ** | 7.5 | ||||||||||||||||||
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** | Earnings did not cover fixed charges by $4.9 billion during the fiscal year ended June 30, 2009 due to non-cash impairment charges of $8.9 billion ($7.2 billion net of tax) consisting of a write-down of the Company’s indefinite-lived intangible assets (primarily FCC licenses in the Television segment) of $4.6 billion, a write-down of $4.1 billion of goodwill and a write-down of the Publishing segment’s fixed assets of $185 million. |