EX-12.1 5 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

For the Three Months ended March 31, 2009, the Years ended December 31, 2008 and 2007,

the Periods from May 24, 2006 to December 31, 2006 and January 1, 2006 to May 23, 2006 and the

Years ended December 31, 2005 and 2004

 

     Successor          Predecessor  

(IN MILLIONS)

   Three months
ended March 31,
2009
    Year ended
December 31,
2008
    Year ended
December 31,
2007
    May 24 -
December 31,
2006
         January 1 -
May 23,

2006
   Year ended
December 31,
2005
    Year ended
December 31,
2004
 

Fixed charges

                   

Interest expense

   $ 163     $ 639     $ 650     $ 386         $ 49    $ 133     $ 192  

Interest capitalized

     1       2       1       —             —        1       4  

Appropriate portion of rental expense representative of the interest factor

     8       36       37       27           17      47       51  
                                                           

Total fixed charges

   $ 172     $ 677     $ 688     $ 413         $ 66    $ 181     $ 247  

Earnings

                   

(Loss)/income from continuing operations before income taxes and equity in net (loss)/income of affiliates

   $ —       $ (510 )   $ (266 )   $ (390 )       $ 19    $ 194     $ 310  

Fixed charges per above

     172       677       688       413           66      181       247  

Amortization of capitalized interest

     1       2       1       1           1      1       —    

Dividends received from affiliates

     4       11       8       4           8      11       11  

(Income)/loss attributable to noncontrolling interests

     (1 )     —         —         —             —        —         5  

Interest capitalized

     (1 )     (2 )     (1 )     —             —        (1 )     (4 )
                                                           

Total earnings

   $ 175     $ 178     $ 430     $ 28         $ 94    $ 386     $ 569  
                                                           

Ratio of earnings to fixed charges

     1.0       (a )     (a )     (a )         1.4      2.1       2.3  

 

(a) Earnings for the years ended December 31, 2008 and 2007 and for the successor period of May 24, 2006 to December 31, 2006 were inadequate to cover fixed charges by $499 million, $258 million and $385 million, respectively.