EX-12.1 6 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Computation of Ratio Earnings to Fixed Charges

For the nine months ended September 30, 2010, the years ended December 31, 2009, 2008 and 2007,

the Periods from May 24, 2006 to December 31,2006

and January 1, 2006 to May 23, 2006 and the Year ended December 31, 2005

 

     Successor           Predecessor  
     Nine Months
Ended
September 30,
2010
     Year Ended
December 31,
2009
    Year Ended
December 31,
2008
    Year Ended
December 31,
2007
    May 24-
December 31,
2006
          January 1-
May 23,
2006
     Year ended
December 31,
2005
 

(IN MILLIONS)

                     

Fixed Charges

                     

Interest expense

   $ 491       $ 655      $ 723      $ 717      $ 410           $ 49       $ 130   

Interest capitalized

     —           1        2        —          —               —           1   

Appropriate portion of rental expense representative of the interest factor

     24         36        36        37        27             17         47   
                                                               

Total fixed charges

   $ 515       $ 692      $ 761      $ 754      $ 437           $ 66       $ 178   
 

Earnings

                     
 

Income/(loss) from continuing operations before income taxes and equity in net income/(loss) of affiliates

     160         (603     (271     (354     (407          2         140   

Fixed charges per above

     515         692        761        754        437             66         178   

Amortization of capitalized interest

     —           1        2        1        1             1         1   

Dividends received from affiliates

     10         11        11        8        4             8         11   

Income attributable to noncontrolling interests

     1         2        —          —          —               —           —     

Interest capitalized

     —           (1     (2     —          —               —           (1
                                                               

Total earnings

   $ 686       $ 102      $ 501      $ 409      $ 35           $ 77       $ 329   
                                                               

Ratio of earnings to fixed charges

     1.3         (a     (a     (a     (a          1.2         1.8   

 

(a) Earnings for the years ended December 31, 2009, 2008 and 2007 and for the Successor period of May 24, 2006 to December 31, 2006 were inadequate to cover fixed charges by $590 million, $260 million, $345 million and $402 million, respectively.