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Year Ended December 31
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(in millions)
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2010
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2009
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2008
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2007
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2006
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Loss from continuing operations before provision for income taxes
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$ | (561 | ) | $ | (117 | ) | $ | (874 | ) | $ | (257 | ) | $ | (582 | ) | |||||
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Adjustments:
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Undistributed (earnings) loss of equity method
investees
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- | - | - | (1 | ) | (7 | ) | |||||||||||||
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Interest expense
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149 | 119 | 108 | 143 | 262 | |||||||||||||||
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Interest component of rental expense (1)
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32 | 36 | 39 | 43 | 53 | |||||||||||||||
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Amortization of capitalized interest
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2 | 2 | 2 | 9 | 43 | |||||||||||||||
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Earnings as adjusted
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$ | (378 | ) | $ | 40 | $ | (725 | ) | $ | (63 | ) | $ | (231 | ) | ||||||
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Fixed charges:
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Interest expense
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149 | 119 | 108 | 143 | 262 | |||||||||||||||
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Interest component of rental expense (1)
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32 | 36 | 39 | 43 | 53 | |||||||||||||||
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Capitalized interest
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1 | 2 | 3 | 2 | 3 | |||||||||||||||
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Total fixed charges
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$ | 182 | $ | 157 | $ | 150 | $ | 188 | $ | 318 | ||||||||||
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Ratio of earnings to fixed charges
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* | ** | *** | **** | ***** | |||||||||||||||
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(1)
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Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor.
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*
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Earnings for the year ended December 31, 2010 were inadequate to cover fixed charges. The coverage deficiency was $560 million.
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**
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Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiency was $117 million.
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***
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Earnings for the year ended December 31, 2008 were inadequate to cover fixed charges. The coverage deficiency was $875 million.
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****
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Earnings for the year ended December 31, 2007 were inadequate to cover fixed charges. The coverage deficiency was $251 million.
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*****
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Earnings for the year ended December 31, 2006 were inadequate to cover fixed charges. The coverage deficiency was $549 million.
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