EX-12.1 2 ex12_1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ex12_1.htm

EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges

   
Six
months ended
   
Fiscal years ended
 
   
July 4,
 2010
   
January 3,
 2010
   
December 28,
 2008
   
December 30,
 2007
   
December 31,
 2006
   
January 1,
 2006
 
   
(In thousands, except ratios)
 
Computation of earnings:
                                   
Income (loss) before provision for income taxes
  $ 681,769     $ 503,801     $ (1,952,374 )   $ 352,658     $ 403,355     $ 613,307  
Fixed charges excluding capitalized interest
    44,553       81,630       67,821       65,081       39,287       1,801  
Distributed earnings from 50%-or-less-owned affiliates
 
      (392 )     (3,604 )     (5,840 )     (2,498 )     (718 )
Adjusted earnings
  $ 726,322     $ 585,039     $ (1,888,157 )   $ 411,899     $ 440,144     $ 614,390  
Computation of fixed charges:
                                               
Interest expense
  $ 35,795     $ 70,205     $ 65,207     $ 62,097     $ 36,859     $ 17  
Interest relating to lease guarantee of 50%-or-less-owned affiliates
    7,609       8,898    
      615    
      538  
Interest portion of operating lease expense
    1,149       2,527       2,614       2,369       2,428       1,246  
Fixed charges
  $ 44,553     $ 81,630     $ 67,821     $ 65,081     $ 39,287     $ 1,801  
Ratio of earnings to fixed charges (1)
    16.3 x     7.2 x  
      6.3 x     11.2 x     341.1 x
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(1)  
Computed by dividing (i) income (loss) before provision for income taxes adjusted for fixed charges by (ii) fixed charges which include interest expense plus amortization of debt issuance costs, the portion of rent expense under operating leases deemed to be representative of the interest factor and interest relating to lease guarantees of 50%-or-less-owned affiliates.  In fiscal year 2008, earnings were insufficient to cover fixed charges by $1.96 billion.