EX-12.1 7 d485385dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Earnings to Fixed Charges

 

           Fiscal years ended  

(in millions, except ratios)

   Six months ended
September 30, 2017
    March 31,
2017
    April 1,
2016
    April 3,
2015
    March 28,
2014
    March 29,
2013
 

Earnings:

            

Pre-tax (loss) income from continuing operations before adjustment for income or loss from equity investees

   $ 572     $ (174   $ 10     $ (671   $ 694     $ (249

Fixed charges

     283       166       271       172       193       235  

Less: Preference security dividend requirements of consolidated subsidiaries

     (1     (1     (2     (3     (2     —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings as adjusted

   $ 854     $ (9   $ 279     $ (502   $ 885     $ (14
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

            

Interest expense

   $ 154     $ 117     $ 123     $ 126     $ 128     $ 165  

Loss on early extinguishment of debt

     —         —         97       —         —         —    

Portion of rental expense representative of the interest factor

     129       49       51       46       65       70  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed Charges

   $ 283     $ 166     $ 271     $ 172     $ 193     $ 235  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Combined fixed charges and preference dividends:

            

Interest expense

   $ 154     $ 117     $ 123     $ 126     $ 128     $ 165  

Loss on early extinguishment of debt

     —         —         97       —         —         —    

Portion of rental expense representative of the interest factor

     129       49       51       46       65       70  

Preference security dividend requirements of consolidated subsidiaries

     1       1       2       3       2       —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Combined fixed charges and preference dividends

   $ 284     $ 167     $ 273     $ 175     $ 195     $ 235  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios:

            

Ratio of earnings to fixed charges

     3       —         1       —         4.6       —    

Ratio of earnings to combined fixed charges and preference dividends

     3       —         1       —         4.5       —    

Earnings were insufficient to cover both fixed charges and combined fixed charges and preference dividends during fiscal 2013, 2015 and 2017

            

fixed charges

       175         674         249  

combined fixed charges and pref. dividends

       176         677         249