Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31, | 2007 | Nine Months Ended | ||||||||||||||||||||||||||
2003 | 2004 | 2005 | 2006 | Sept 29 2007 |
Sept 27 2008 |
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(In thousands, except ratios) | ||||||||||||||||||||||||||||
Earnings |
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Earnings before income taxes |
$ | 69,978 | $ | 1,725,891 | $ | 2,027,083 | $ | 2,692,435 | $ | 2,253,315 | $ | 1,706,802 | $ | 2,641,064 | ||||||||||||||
Plus: minority interests |
23,904 | 80,840 | 110,650 | 219,121 | 293,501 | 214,653 | 255,920 | |||||||||||||||||||||
Plus/(Less): losses/(earnings) from equity investments |
97 | (4,070 | ) | (476 | ) | 17,690 | 24,618 | 17,188 | 16,340 | |||||||||||||||||||
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense) |
27,151 | 30,645 | 36,571 | 40,351 | 55,381 | 38,614 | 110,228 | |||||||||||||||||||||
Plus: amortization of capitalized interest |
— | 108 | 216 | 216 | 216 | 162 | 162 | |||||||||||||||||||||
Plus: distributed income of equity investees |
— | — | — | 3,172 | 8,072 | 3,724 | 19,740 | |||||||||||||||||||||
Less: interest capitalized |
(850 | ) | (1,310 | ) | — | — | (3,700 | ) | (1,670 | ) | (8,180 | ) | ||||||||||||||||
Less: minority interests in subsidiaries that have not incurred fixed charges |
(23,904 | ) | (80,840 | ) | (110,650 | ) | (219,121 | ) | (293,604 | ) | (214,304 | ) | (255,091 | ) | ||||||||||||||
$ | 96,376 | $ | 1,751,264 | $ | 2,063,394 | $ | 2,753,864 | $ | 2,337,799 | $ | 1,765,169 | $ | 2,780,183 | |||||||||||||||
Fixed charges |
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Interest expense and amortization of bond issuance and settled swaps |
27,151 | 30,645 | 36,571 | 40,351 | 55,052 | 38,396 | 109,153 | |||||||||||||||||||||
Estimated interest on rent expense |
— | — | — | — | 329 | 218 | 1,075 | |||||||||||||||||||||
Total Fixed Charges |
27,151 | 30,645 | 36,571 | 40,351 | 55,381 | 38,614 | 110,228 | |||||||||||||||||||||
Ratio of earnings to fixed charges |
3.55 | 57.15 | 56.42 | 68.25 | 42.21 | 45.71 | 25.22 |