EX-12.1 3 d516043dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

 

Computation of Ratio of Earnings to Fixed Charges

(In millions, except ratios)

 

Ratio of Earnings to Fixed Charges:

 

     Fiscal Year Ended
  
     Dec 29,
2012
     Dec 31,
2011
     Dec 25,
2010
      Dec 26,
2009
     Dec 27,
2008
  

Interest expense

    $ 175      $ 180      $ 199       $ 438      $ 391   

Capitalized interest

      —          —          —           1        9   

Estimated interest portion of rent expense

      14        16        16         20        28   

Class B preferred accretion

      —          —          —           72        —     
    
 
 
  
 

Fixed charges

    $ 189      $ 196      $ 215       $ 531      $ 428   
    
 
 
  
 

Income (loss) from continuing operations before equity income (loss) and dilution in investees, income taxes and noncontrolling interest

    $ (1,217 )    $ (1 )    $ 971       $ 408      $ (2,344 ) 

Fixed charges

      189        196        215         531        428   

Less: Class B preferred accretion

      —          —          —           (72 )      —     

Less: interest charges capitalized

      —          —          —           (1 )      (9 ) 
    
 
 
  
 

Earnings (loss)

    $ (1,028 )    $ 195      $ 1,186       $ 866      $ (1,925 ) 
    
 
 
  
 

Ratio of earnings to fixed charges

      *        *        5.52         1.63        *   

 

* For the years ended December 29, 2012, December 31, 2011 and December 27, 2008, earnings were insufficient to cover fixed charges by approximately $1.0 billion, $1 million and $2.4 billion, respectively.