EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

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
 
   (In thousands, except ratios)  

Earnings

              

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

              

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