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Exhibit 12.1
Twenty-First Century Fox, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in Millions, Except Ratio Amounts)
(Unaudited)
| Fiscal years ended June 30, |
| |||||||||||||||||
| 2014 |
|
| 2013 |
|
| 2012 |
|
| 2011 |
|
| 2010 |
| |||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense | $ | 5,189 |
|
| $ | 8,736 |
|
| $ | 4,463 |
|
| $ | 3,098 |
|
| $ | 2,762 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity earnings from affiliates |
| (622 | ) |
|
| (655 | ) |
|
| (636 | ) |
|
| (352 | ) |
|
| (353 | ) |
Dividends received from affiliates |
| 358 |
|
|
| 324 |
|
|
| 281 |
|
|
| 252 |
|
|
| 239 |
|
Fixed charges, excluding capitalized interest |
| 1,267 |
|
|
| 1,217 |
|
|
| 1,186 |
|
|
| 1,125 |
|
|
| 1,163 |
|
Amortization of capitalized interest |
| 40 |
|
|
| 42 |
|
|
| 37 |
|
|
| 44 |
|
|
| 62 |
|
Total earnings available for fixed charges | $ | 6,232 |
|
| $ | 9,664 |
|
| $ | 5,331 |
|
| $ | 4,167 |
|
| $ | 3,873 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on debt and finance lease charges | $ | 1,121 |
|
| $ | 1,063 |
|
| $ | 1,032 |
|
| $ | 962 |
|
| $ | 999 |
|
Capitalized interest |
| 28 |
|
|
| 41 |
|
|
| 42 |
|
|
| 44 |
|
|
| 44 |
|
Interest element on rental expense |
| 146 |
|
|
| 154 |
|
|
| 154 |
|
|
| 163 |
|
|
| 164 |
|
Total fixed charges | $ | 1,295 |
|
| $ | 1,258 |
|
| $ | 1,228 |
|
| $ | 1,169 |
|
| $ | 1,207 |
|
Ratio of earnings to fixed charges |
| 4.8 |
|
|
| 7.7 |
|
|
| 4.3 |
|
|
| 3.6 |
|
|
| 3.2 |
|