EX-12.1 3 d766815dex121.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     Six Months Ended  
     Dec. 28,
2013
    Dec. 29,
2012
    Dec. 31,
2011
    Dec. 25,
2010
     Dec. 26,
2009
    Jun. 28,
2014
    Jun. 29,
2013
 

Interest expense

   $ 177      $ 175      $ 180      $ 199       $ 438      $ 93      $ 86   

Capitalized interest

     0        0        0        0         1        0        0   

Estimated interest portion of rent expense

     14        14        16        16         20        6        9   

Class B preferred accretion

     0        0        0        0         72        0        0   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Fixed charges

   $ 191      $ 189      $ 196      $ 215       $ 531      $ 99      $ 95   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

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

   $ (74   $ (1,217   $ (1   $ 971       $ 408      $ (50   $ (215

Fixed charges

     191        189        196        215         531        99        95   

Less: Class B preferred accretion

     0        0        0        0         (72     0        0   

Less: interest charges capitalized

     0        0        0        0         (1     0        0   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Earnings (loss)

   $ 117      $ (1,028   $ 195      $ 1,186       $ 866      $ 49      $ (120
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     *        *        *        5.52         1.63        *        *   

 

* For the years ended December 28, 2013, December 29, 2012 and December 31, 2011, earnings were insufficient to cover fixed charges by approximately $74 million, $1.2 billion and $1 million, respectively. For the six-months ended June 28, 2014 and June 29, 2013, earnings were insufficient to cover fixed charges by approximately $50 million and $215 million, respectively.