EXHIBIT 12.1
TIME WARNER ENTERTAINMENT COMPANY, L.P.
RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
Years Ended December 31,
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1999 1998 1997 1996 1995
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Earnings:
Income before income taxes and extraordinary items................$2,909 $ 418 $ 722 $ 280 $ 183
Interest expense.................................................. 561 566 490 475 571
Amortization of capitalized interest.............................. 5 14 48 36 33
Portion of rents representative of an interest factor............. 77 72 72 68 58
Preferred stock dividend requirements of majority-owned
subsidiaries.................................................... 5 20 19 - -
Adjustment for partially owned subsidiaries and 50% owned
companies....................................................... 420 300 323 219 175
Undistributed (earnings) losses of less than 50% owned
companies....................................................... 10 34 (13) 21 76
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Total earnings................................................$3,987 $1,424 $1,661 $1,099 $1,096
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Fixed charges:
Interest expense..................................................$ 561 $ 566 $ 490 $ 475 $ 571
Capitalized interest.............................................. 5 4 33 39 33
Portion of rents representative of an interest factor............. 77 72 72 68 58
Preferred stock dividend requirements of majority-owned
subsidiaries.................................................... 5 20 19 - -
Adjustment for partially owned subsidiaries and 50% owned
companies....................................................... 85 60 22 22 27
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Total fixed charges...........................................$ 733 $ 722 $ 636 $ 604 $ 689
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Ratio of earnings to fixed charges..................................... 5.4x 2.0x 2.6x 1.8x 1.6x
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