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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2000 1999 1998 1997 1996
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Earnings:
Income before income taxes and extraordinary items................ $ 910 $2,909 $ 418 $ 722 $ 280
Interest expense.................................................. 656 561 566 490 475
Amortization of capitalized interest.............................. 4 5 14 48 36
Portion of rents representative of an interest factor............. 79 77 72 72 68
Preferred stock dividend requirements of majority-owned
subsidiaries.................................................... - 5 20 19 -
Adjustment for partially owned subsidiaries and 50% owned
companies....................................................... 188 420 300 323 219
Undistributed (earnings) losses of less than 50% owned
companies....................................................... 3 10 34 (13) 21
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Total earnings................................................ $1,840 $3,987 $1,424 $1,661 $1,099
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Fixed charges:
Interest expense.................................................. $ 656 $ 561 $ 566 $ 490 $ 475
Capitalized interest.............................................. 5 5 4 33 39
Portion of rents representative of an interest factor............. 79 77 72 72 68
Preferred stock dividend requirements of majority-owned
subsidiaries.................................................... - 5 20 19 -
Adjustment for partially owned subsidiaries and 50% owned
companies....................................................... 112 85 60 22 22
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Total fixed charges........................................... $ 852 $ 733 $ 722 $ 636 $ 604
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Ratio of earnings to fixed charges..................................... 2.2x 5.4x 2.0x 2.6x 1.8x
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