EX-12.1 7 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Computation of Ratio Earnings to Fixed Charges

For the three months ended March 31, 2011, the years ended December 31, 2010, 2009, 2008 and 2007

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

 

    Successor         Predecessor  
    Three Months
Ended
March 31,
2011		     Year Ended
December  31,
2010		     Year Ended
December  31,
2009		     Year Ended
December  31,
2008		     Year Ended
December  31,
2007		     May 24-
December  31,
2006		          January 1-
May  23,
2006		  

(IN MILLIONS)

                  

Fixed Charges

                  

Interest expense

   $ 136      $ 660      $ 656      $ 639      $ 648      $ 372          $ 48   

Interest capitalized

     —          —          1        2        —          —              —     

Appropriate portion of rental expense representative of the interest factor

     9        32        36        36        37        27            17   
                                                           

Total fixed charges

   $ 145      $ 692      $ 693      $ 677      $ 685      $ 399          $ 65   
 

Earnings

                  
 

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

     (308 )      102        (600 )      (184 )      (280 )      (398 )          2   

Fixed charges per above

     145        692        693        677        685        399            65   

Amortization of capitalized interest

     —          —          1        2        1        1            1   

Dividends received from affiliates

     4        11        11        11        8        4            8   

Income attributable to noncontrolling interests

     1        2        2        —          —          —              —     

Interest capitalized

       —          (1 )      (2 )      —          —              —     
                                                           

Total earnings

   $ (158 )    $ 807      $ 106      $ 504      $ 414      $ 6          $ 76   
                                                           

Ratio of earnings to fixed charges

     (a )      1.2        (a )      (a )      (a )      (a )          1.2   

 

(a) Earnings for the three months ended March 31, 2011, the years ended December 31, 2009, 2008 and 2007 and for the Successor period of May 24, 2006 to December 31, 2006 were inadequate to cover fixed charges by $303 million, $587 million, $173 million, $271 million and $393 million, respectively.