Attached files
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| 8-K - 8-K - WARNER MEDIA, LLC | d729924d8k.htm |
EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
| Three Months Ended March 31, 2014 |
Year Ended December 31, | |||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
| Earnings(1): |
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| Net Income from continuing operations before income taxes, discontinued operations and cumulative effect of accounting change |
$ | 1,692 | $ | 5,343 | $ | 4,553 | $ | 4,459 | $ | 4,038 | $ | 3,310 | ||||||||||||
| Interest expense(2)(3) |
329 | 1,287 | 1,363 | 1,324 | 1,279 | 1,523 | ||||||||||||||||||
| Amortization of capitalized interest |
— | 1 | 1 | 1 | 1 | 2 | ||||||||||||||||||
| Portion of rents representative of an interest factor(4) |
42 | 147 | 164 | 148 | 140 | 178 | ||||||||||||||||||
| Adjustment for equity earnings or losses of investee companies that are 50% or less owned on a voting basis, net of cash distributions |
41 | 226 | 188 | 86 | (29 | ) | 48 | |||||||||||||||||
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| Total earnings |
$ | 2,104 | $ | 7,004 | $ | 6,269 | $ | 6,018 | $ | 5,429 | $ | 5,061 | ||||||||||||
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| Fixed Charges(1): |
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| Interest expense(2)(3) |
$ | 329 | $ | 1,287 | $ | 1,363 | $ | 1,324 | $ | 1,279 | $ | 1,523 | ||||||||||||
| Capitalized interest |
2 | 6 | 5 | 4 | 2 | 1 | ||||||||||||||||||
| Portion of rents representative of an interest factor(4) |
42 | 147 | 164 | 148 | 140 | 178 | ||||||||||||||||||
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| Total fixed charges |
$ | 373 | $ | 1,440 | $ | 1,532 | $ | 1,476 | $ | 1,421 | $ | 1,702 | ||||||||||||
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| Ratio of earnings to fixed charges |
5.6 | x | 4.9 | x | 4.1 | x | 4.1 | x | 3.8 | x | 3.0 | x | ||||||||||||
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| (1) | Earnings and fixed charges include 100% of amounts related to unconsolidated subsidiaries for which the Company holds more than 50% of the voting interests. |
| (2) | Interest expense excludes accrued interest on uncertain tax positions that is included in income tax expense. |
| (3) | For the three months ended March 31, 2014 and the year ended December 31, 2013, 2012, 2011, 2010, and 2009, amounts include $0 million, $0 million, $0 million, $0 million, $0 million, and $218 million, respectively, related to discontinued operations. |
| (4) | For the three months ended March 31, 2014 and the year ended December 31, 2013, 2012, 2011, 2010, and 2009, amounts include $0 million, $0 million, $0 million, $0 million, $0 million, and $29 million, respectively, related to discontinued operations. |