EX-12.1 2 d132572dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

Our consolidated ratios of earnings to fixed charges for each of the periods indicated are as follows:

 

     Fiscal Year  
     2015     2014     2013     2012     2011  
     (In millions)  

Earnings(1)

           

Loss from continuing operations before income taxes

    $ (108.1 )    $ (36.9 )    $ (27.4 )    $ (8.7 )    $ (144.2 ) 

Interest capitalized during the period

      (1.9 )      (2.1 )      (1.9 )      (1.5 )      (3.2 ) 

Total fixed charges

      302.1        305.9        322.8        330.1        328.7   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted earnings

    $ 192.1      $ 266.9      $ 293.5      $ 319.9      $ 181.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

           

Interest expense

    $ 285.4      $ 289.2      $ 306.1      $ 311.8      $ 307.6   

Interest capitalized during the period

      1.9        2.1        1.9        1.5        3.2   

Interest portion of rent expense

      14.8        14.6        14.8        16.8        17.9   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

    $ 302.1      $ 305.9      $ 322.8      $ 330.1      $ 328.7   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      N/A        N/A        N/A        N/A        N/A   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Coverage deficiency

    $ 110.0      $ 39.0      $ 29.3      $ 10.2      $ 147.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Rent expense, net of sublease income

    $ 44.3      $ 43.9      $ 44.3      $ 50.4      $ 53.7   

Interest factor

      33 %      33 %      33 %      33 %      33 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Interest in rent expense

    $ 14.8      $ 14.6      $ 14.8      $ 16.8      $ 17.9   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) In computing the ratio of earnings to fixed charges: (a) earnings consist of income (loss) before income taxes and fixed charges (exclusive of interest capitalized) and (b) fixed charges consist of interest expense (including amounts capitalized) and the estimated interest portion of rents.