Comcast 2014 Annual Report Download - page 373

Statement Regarding Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings
to Combined Fixed Charges and Preferred Dividends
Comcast Corporation
Exhibit 12.1
Year Ended December 31 (in millions)
2014
2013
2012
2011
2010
Computation of Earnings:
Pretax income from continuing operations before adjustment for
noncontrolling interests in consolidated subsidiaries or income or loss
from equity investees
$
12,368
$
11,201
$
10,650
$
8,242
$
6,245
Fixed charges
2,910
2,882
2,798
2,755
2,366
Distributed income of equity investees
104
120
195
311
20
Less: Preference security dividend requirements of consolidated
subsidiaries
(204
)
(211
)
(155
)
(166
)
(173
)
Total earnings
$
15,178
$
13,992
$
13,488
$
11,142
$
8,458
Computation of Fixed Charges:
Interest expensed and capitalized
$
2,609
$
2,559
$
2,508
$
2,477
$
2,134
Amortized premiums, discounts and capitalized expenses related to
indebtedness
8
15
13
28
22
Less: preferred dividends in interest expense
(102
)
(106
)
(105
)
(104
)
(103
)
Portion of rents representative of an interest factor
191
203
227
188
140
Preference security dividend requirements of consolidated subsidiaries
204
211
155
166
173
Total fixed charges
$
2,910
$
2,882
$
2,798
$
2,755
$
2,366
Ratio of earnings to fixed charges
5.22x
4.85x
4.82x
4.04x
3.57x
(a)
For purposes of calculating the ratio of earnings to fixed charges, earnings is the amount resulting from (1) adding (a) pretax income from continuing operations before
adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees, (b) fixed charges, (c) amortization of capitalized interest,
(d) distributed income of equity investees and (e) our share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges
and (2) subtracting (i) interest capitalized, (ii) preference security dividend requirements of consolidated subsidiaries and (iii) the noncontrolling interest in pretax income of
subsidiaries that have not incurred fixed charges. Fixed charges is the sum of (w) interest expensed and capitalized, (x) amortized premiums, discounts and capitalized
expenses related to indebtedness, (y) an estimate of the interest within rental expense and (z) preference security dividend requirements of our consolidated subsidiaries.
Preferred security dividend is the amount of pretax earnings that is required to pay the dividends on outstanding preference securities. Interest associated with our
uncertain tax positions is a component of income tax expense.
Comcast 2014 Annual Report on Form 10
-
K
(a)
(a)
(a)