EX-12.1 3 d122127dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

In millions of dollars

 

     Quarter     Fiscal Year     Fiscal Year     Fiscal Year     Fiscal Year     Fiscal Year  
     Ended     Ended     Ended     Ended     Ended     Ended  
     3/29/2015     12/28/2014     12/29/2013     12/30/2012     12/25/2011     12/26/2010  

Earnings Available for Fixed Charges:

             

Income from operations, before income taxes, as reported

    $ 188      $ 1,356      $ 559      $ 670      $ 653      $ 846   

Add: Noncontrolling interest and income from unconsolidated equity investees

      (5 )      (166 )      (46 )      (24 )      (11 )      (17 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income from operations, before income taxes, as adjusted

   183      1,190      513      646      642      829   

Add: Fixed charges

   76      293      195      171      196      205   

Add: Amortization of capitalized interest

   —        2      2      2      2      2   

Add: Distributed income of equity investees

   9      186      54      39      44      51   

Less: Interest capitalized

   —        —        —        —        —        (1 ) 

Less: Preferred returns

   —        (1 )    (1 )    (1 )    (2 )    (7 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings available for fixed charges

 $ 268    $ 1,670    $ 763    $ 857    $ 882    $ 1,079   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

Interest on indebtedness, net of capitalized interest

 $ 71    $ 273    $ 176    $ 150    $ 173    $ 173   

Capitalized interest

   —        —        —        —        —        1   

Preferred returns to noncontrolling interest shareholders in consolidated subsidiaries

   —        1      1      1      2      7   

Portion of rents representative of interest factor

   5      19      18      20      21      24   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

 $ 76    $ 293    $ 195    $ 171    $ 196    $ 205   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges (A) (B)

   3.5      5.7      3.9      5.0      4.5      5.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(A) Interest expense related to unrecognized tax benefits is recorded as a component of income tax expense and is excluded from both fixed charges and pretax income.
(B) This ratio reflects TEGNA’s earnings and fixed charges when it included the operations of Gannett SpinCo, which TEGNA distributed 98.5% on June 29, 2015. Had TEGNA removed the discontinued operations of Gannett SpinCo from the amounts presented above, the ratio of earnings to fixed charges would be 2.7 for the quarter ended March 29, 2015 and 4.5, 1.7 and 2.5 for the fiscal years ended December 28, 2014, December 29, 2013 and December 30, 2012, respectively.