EX-12 4 ex12.htm EXHIBIT 12

Exhibits

Exhibit 12

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

 

 

YEAR ENDED

 

 

 

 

 

 

Dec. 28,
2003

 

Dec. 29,
2002

 

Dec. 30,
 2001

 

Dec. 31,
 2000

 

Dec. 26,
 1999

 

 

 

 

 

 

 

 

FIXED CHARGES COMPUTATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST EXPENSE

 

$

68,715

 

$

74,251

 

$

98,872

 

$

114,422

 

$

92,247

 

PLUS CAPITALIZED INTEREST

 

 

2,079

 

 

718

 

 

1,961

 

 

2,230

 

 

5,197

 

 

 

 

 

 

 

 

GROSS INTEREST EXPENSE

 

 

70,794

 

 

74,969

 

 

100,833

 

 

116,652

 

 

97,444

 

 

 

 

 

 

 

 

PROPORTIONATE SHARE OF INTEREST EXPENSE OF 50% OWNED PERSONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST COMPONENT OF RENT EXPENSE

 

 

8,219

 

 

8,671

 

 

8,641

 

 

8,774

 

 

8,229

 

 

 

 

 

 

 

 

TOTAL FIXED CHARGES

 

$

79,013

 

$

83,640

 

$

109,474

 

$

125,426

 

$

105,673

 

 

 

 

 

 

 

 

EARNINGS COMPUTATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRE-TAX EARNINGS

 

$

463,014

 

$

448,670

 

$

307,399

 

$

525,290

 

$

568,015

 

ADD: FIXED CHARGES

 

 

79,013

 

 

83,640

 

 

109,474

 

 

125,426

 

 

105,673

 

LESS: CAPITALIZED INTEREST

 

 

(2,079

)

 

(718

)

 

(1,961

)

 

(2,230

)

 

(5,197

)

ADD: DISTRIBUTIONS IN EXCESS OF (LESS THAN) EARNINGS OF INVESTEES

 

 

2,018

 

 

57,418

 

 

32,519

 

 

1,505

 

 

2,506

 

 

 

 

 

 

 

 

TOTAL EARNINGS AS ADJUSTED

 

$

541,966

 

$

589,010

 

$

447,431

 

$

649,991

 

$

670,997

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

 

6.9:1

 

 

7.0:1

 

 

4.1:1

 

 

5.2:1

 

 

6.3:1