EX-12 3 f73175ex12.htm STATEMENT RE COMPUTATION OF EARNINGS ex12

EXHIBIT 12

COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO
FROM CONTINUING OPERATIONS
(IN THOUSANDS OF DOLLARS, EXCEPT RATIO DATA)

                                             
Year Ended

December 31, December 26, December 27, December 28, December 29,
2000 1999 1998 1997 1996





FIXED CHARGES COMPUTATION
Interest Expense:
Net Interest Expense $ 114,422 $ 92,247 $ 101,420 $ 97,286 $ 66,740
Plus Capitalized Interest 2,230 5,197 4,516 5,376 6,397





Gross Interest Expense 116,652 97,444 105,936 102,662 73,137
Proportionate Share of Interest Expense of 50% Owned Persons 1,948 17,941
Interest Component of Rent Expense 8,774 8,229 7,688 6,671 5,787





Total Fixed Charges $ 125,426 $ 105,673 $ 113,624 $ 111,281 $ 96,865





EARNINGS COMPUTATION
Pretax Earnings $ 525,290 $ 568,015 $ 507,916 $ 693,852 $ 310,209
Add: Fixed Charges 125,426 105,673 113,624 111,281 96,865
Less: Capitalized
           Interest
(2,230 ) (5,197 ) (4,516 ) (5,376 ) (6,397 )
Less: Distribution in
           Excess of (less
           than) Earnings
           of Investees
16,700 (8,934 ) (16,693 ) (7,675 ) (12,962 )





Total Earnings as Adjusted $ 665,186 $ 659,557 $ 600,331 $ 792,082 $ 387,715





Ratio of Earnings to Fixed Charges 5.3:1 6.2:1 5.3:1 7.1:1 4.0:1