Exhibit 12.1
TIME WARNER ENTERTAINMENT COMPANY, L.P.
RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
Time Warner Entertainment Company, L.P. Years Ended December 31,
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2001 2000 1999 1998 1997
Historical Historical Historical Historical Historical
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Earnings:
Income (loss) before income taxes and
cumulative effect of accounting change $ (905) $ 910 $ 2,909 $ 418 $ 722
Interest expense 575 656 561 566 490
Amortization of capitalized interest 4 4 5 14 48
Portion of rents representative of an interest factor 78 79 77 72 72
Preferred stock dividend requirements of majority-owned
subsidiaries - - 5 20 19
Adjustment for partially owned subsidiaries and 50%
owned companies 290 188 420 300 323
Undistributed (earnings) losses of less than 50% owned
companies 22 3 10 34 (13)
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Total earnings $ 64 $ 1,840 $ 3,987 $ 1,424 $ 1,661
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Fixed charges:
Interest expense $ 575 $ 656 $ 561 $ 566 $ 490
Capitalized interest 4 5 5 4 33
Portion of rents representative of an interest factor 78 79 77 72 72
Preferred stock dividend requirements of majority-owned
subsidiaries - - 5 20 19
Adjustment for partially owned subsidiaries and 50% owned
companies 100 112 85 60 22
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Total fixed charges $ 757 $ 852 $ 733 $ 722 $ 636
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Ratio of earnings to fixed charges (deficiency in the coverage
of fixed charges by earnings before fixed charges) $ (693) 2.2x 5.4x 2.0x 2.6x
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