SEC Filings

8-K
TIME WARNER INC. filed this Form 8-K on 11/29/2016
Entire Document
 
EX-12.1

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

 

    Nine Months
Ended
September 30, 2016
       

Year Ended December 31,

 

            2015                 2014                 2013                 2012                 2011          

Earnings(1):

                       

Net Income from continuing operations before income taxes, discontinued operations and cumulative effect of accounting change

  $ 4,844        $     5,527        $     4,769        $     5,008        $     4,138        $     3,892     

Interest expense(2)(3)(4)

    1,069          1,395          1,358          1,287          1,363          1,324     

Amortization of capitalized interest

    2          -            -            -            -            -       

Portion of rents representative of an interest factor(5)

    84          133          151          147          164          148     

Adjustment for equity earnings or losses of investee companies that are 50% or less owned on a voting basis, net of cash distributions

    57          27          77          224          184          92     
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Total earnings

  $ 6,056        $ 7,082        $ 6,355        $ 6,666        $ 5,849        $ 5,456     
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Fixed Charges(1):

                       

Interest expense(2)(3)(4)

  $ 1,069        $ 1,395        $ 1,358        $ 1,287        $ 1,363        $ 1,324     

Capitalized interest

    22          10          6          6          5          4     

Portion of rents representative of an interest factor(5)

    84          133          151          147          164          148     
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Total fixed charges

  $ 1,175        $ 1,538        $ 1,515        $ 1,440        $ 1,532        $ 1,476     
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

Ratio of earnings to fixed charges

    5.2      x     4.6      x     4.2      x     4.6      x     3.8      x     3.7      x
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

   

 

 

 

(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 nine months ended September 30, 2016 and the year ended December 31, 2015, 2014, 2013, 2012 and 2011, amounts include $0 million, $0 million, $1 million, $2 million, $2 million and $2 million, respectively, related to discontinued operations.
(4)  For the nine months ended September 30, 2016 and the year ended December 31, 2015 and 2014, amounts include $21 million, $10 million, and $1 million, respectively, of interest charges related to guaranteed debt of an equity method investee with a net loss.
(5)  For the nine months ended September 30, 2016 and the year ended December 31, 2015, 2014, 2013, 2012 and 2011, amounts include $0 million, $0 million, $15 million, $35 million, $36 million and $38 million, respectively, related to discontinued operations.