Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WARNER MEDIA, LLC | d361193d8k.htm |
Exhibit 12.1
Time Warner Inc.
Ratio of Earnings to Fixed Charges
(Dollars in millions)
| Three Months Ended March 31, |
Year Ended December 31, |
|||||||||||||||||||||||||||||||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||||||||
| Earnings: |
||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income (Loss) from continuing operations before income taxes, discontinued operations and cumulative effect of accounting change |
$ | 927 | $ | 4,366 | $ | 3,919 | $ | 3,237 | $ | (4,397 | ) | $ | 2,746 | |||||||||||||||||||||||||||||||||||||
| Interest expense(1)(2) |
348 | 1,321 | 1,277 | 1,521 | 2,499 | 2,565 | ||||||||||||||||||||||||||||||||||||||||||||
| Amortization of capitalized interest |
— | 1 | 1 | 2 | 3 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
| Portion of rents representative of an interest factor(3) |
36 | 147 | 138 | 176 | 234 | 239 | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustment for equity earnings or losses of investee companies, net of cash distributions |
15 | 95 | 38 | 74 | 21 | 49 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Total earnings |
$ | 1,326 | $ | 5,930 | $ | 5,373 | $ | 5,010 | $ | (1,640 | ) | $ | 5,601 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Fixed Charges: |
||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense(1)(2) |
$ | 348 | $ | 1,321 | $ | 1,277 | $ | 1,521 | $ | 2,499 | $ | 2,565 | ||||||||||||||||||||||||||||||||||||||
| Capitalized interest(4) |
2 | 4 | 2 | 1 | 1 | 15 | ||||||||||||||||||||||||||||||||||||||||||||
| Portion of rents representative of an interest factor(3) |
36 | 147 | 138 | 176 | 234 | 239 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Total fixed charges |
$ | 386 | $ | 1,472 | $ | 1,417 | $ | 1,698 | $ | 2,734 | $ | 2,819 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Ratio of earnings to fixed charges |
x | 3.4 | x | 4.0 | x | 3.8 | x | 3.0 | x | — | (5) | 2.0 | x | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| (1) | Earnings and fixed charges exclude accrued interest on uncertain tax positions that is included in income tax expense. |
| (2) | For the three months ended March 31, 2012, and the years ended December 31, 2011, 2010, 2009, 2008, and 2007, amounts include $0 million, $0 million, $0 million, $218 million, $970 million, and $916 million, respectively, related to discontinued operations. |
| (3) | For the three months ended March 31, 2012, and the years ended December 31, 2011, 2010, 2009, 2008, and 2007, amounts include $0 million, $0 million, $0 million, $29 million, $78 million, and $80 million, respectively, related to discontinued operations. |
| (4) | For the three months ended March 31, 2012, and the years ended December 31, 2011, 2010, 2009, 2008, and 2007, amounts include $0 million $0 million, $0 million, $0 million, $1 million, and $5 million, respectively, related to discontinued operations. |
| (5) | For the ratio of earnings to fixed charges to equal 1.00, earnings must increase by $4.374 billion. Net loss from continuing operations before income taxes and discontinued operations for 2008 includes $7.139 billion of noncash impairments related to goodwill and identifiable intangible assets of Time Warner’s publishing segment. |