EX-12.1 6 d290430dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Comcast Corporation

Statement Regarding Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

 

Year Ended December 31 (in millions)

   2016     2015     2014     2013     2012  

Computation of Earnings: (a)

          

Pretax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees

   $ 14,457      $ 13,697      $ 12,368      $ 11,201      $ 10,650   

Fixed charges

     3,349        3,047        2,910        2,882        2,798   

Distributed income of equity investees

     85        168        104        120        195   

Less: Preference security dividend requirements of consolidated subsidiaries

     (224     (223     (204     (211     (155

Less: Capitalized Interest

     (40     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ 17,627      $ 16,689      $ 15,178      $ 13,992      $ 13,488   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Computation of Fixed Charges: (a)

          

Interest expensed and capitalized

   $ 2,956      $ 2,660      $ 2,609      $ 2,559      $ 2,508   

Amortized premiums, discounts and capitalized expenses related to indebtedness

     26        65        8        15        13   

Less: preferred dividends in interest expense

     (103     (102     (102     (106     (105

Portion of rents representative of an interest factor

     246        201        191        203        227   

Preference security dividend requirements of consolidated subsidiaries

     224        223        204        211        155   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 3,349      $ 3,047      $ 2,910      $ 2,882      $ 2,798   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges(a)

     5.26x        5.48x        5.22x        4.85x        4.82x   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
(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.