EX-12 7 file005.txt EXHIBIT 12
COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO Exhibit 12 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: DISTRIBUTIONS IN EXCESS OF (LESS THAN) EARNINGS OF INVESTEES 55,315 (8,934) (16,693) (7,675) (12,962) ------------ ------------ ------------ ------------ ------------ TOTAL EARNINGS AS ADJUSTED $ 703,801 $ 659,557 $ 600,331 $ 792,082 $ 387,715 ============ ============ ============ ============ ============ RATIO OF EARNINGS TO FIXED CHARGES 5.6:1 6.2:1 5.3:1 7.1:1 4.0:1 ============ ============ ============ ============ ============