EX-12.1 6 dex121.htm EXHIBIT 12.1 EXHIBIT 12.1

EXHIBIT 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions, except ratio amounts)

 

     Year-to-date ended
  
     September 10,
2004
     September 12,
2003
  

Income (loss) from continuing operations before income taxes

    $ (84 )   $ (134 )

Add (deduct):

                 

Fixed charges

      420       407  

Capitalized interest

      (2 )     (1 )

Amortization of capitalized interest

      4       5  

Minority interest in consolidated affiliates

      (2 )     (11 )

Net (gains) losses related to certain 50% or less owned affiliates

      12       13  

Distributions from equity investments

      1       3  

Dividends on preferred stock

      (28 )     (27 )
    
 

Adjusted earnings

    $ 321     $ 255  
    
 

Fixed charges:

                 

Interest on indebtedness and amortization of deferred financing costs

    $ 357     $ 324  

Capitalized interest

      2       2  

Dividends on convertible preferred securities of subsidiary trust

      —         22  

Dividends on preferred stock

      28       27  

Portion of rents representative of the interest factor

      33       32  
    
 

Total fixed charges and preferred stock dividends

    $ 420     $ 407  
    
 

Deficiency of earnings to fixed charges and preferred stock dividends (1)

    $ (99 )   $ (152 )
    
 

 

(1) For year-to-date September 10, 2004 and September 12, 2003, deficiency of earnings to fixed charges and preferred stock dividends includes depreciation expense of $250 million and $247 millions, respectively.